Financial Year 2007 ResultsFinancial Year 2007 Results29 Jan 2008

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Content

• Financial Performance

• Operations Review

• Market Outlook

• Going Forward

3

Financial Performance

4

PATMI more than tripled to $779.7 m

FY07 Financial Achievements

NTA / Share up 44% to $3.18

ROE of 46.2%

Net debt to equity ratio falls 60.6% to 0.41

* Excluding revaluation gains on investment properties

ROE of 25.8%*a new high

5

Financial Highlights

$m FY2007 FY2006 % Chg

Turnover 1,407.9 948.0 48.5

EBITDA 321.9 215.3 49.5

Operating Profit 312.3 204.1 53.0

Pre-tax Profit 531.7 263.4 101.9

PATMI 779.7* 200.3 289.3

* Includes corporate restructuring surplus / enbloc property sales ($235.2m) less impairment provision ($78.5m), and net gain on revaluation of investment properties ($343.6m)

6

Key Ratios

$m FY2007 FY2006 % Chg

EPS (¢) 108.3 27.9 288.2

NTA Per Share ($) 3.18 2.21 43.9

Net Debt / Equity Ratio (x) 0.41 1.04 (60.6)

ROE (%) 46.2 12.8 260.9

ROE (%) 25.8* 12.8 101.6

Dividend Per Share 20 6 233.3

Final Dividend (¢) 8 6 33.3Special Dividend (¢) 12 - -

* Excluding revaluation gains on investment properties

7

Net Profit – By Business SegmentBusiness FY2007 FY2006 % CommentsSegment $m $m ChgTrading 274.9 150.7 82.4

Investment 30.9 27.6 12.0

Fund Management 14.1 9.6 46.9Hotels / Resorts (1.1) (4.0) nmLess Interest and Overheads 39.4 29.6 nmSurplus from corporate 156.7 46.0 240.7

restructuring less impairment provision

PATMI before revaluation 436.1 200.3 117.7Net gain on revaluation of 343.6 - nm

investment properties

PATMI after revaluation 779.7 200.3 289.3

Higher due mainly to contributions from Reflections at Keppel Bay, Marina Bay Residences and Sixth Avenue Residences in Singapore; Villa Riviera, The Seasons and The Arcadia in China; and Elita Promenade in India

Surplus from ownership restructuring of One Raffles Quay less diminution in value of Myanmar hotels and Indonesian Rupiah

Higher interest and overhead costs

Higher due mainly to write-back of tax provisions

Share of revaluation gains from office portfolio

Smaller loss due to lower depreciation

Including contribution from K-REIT Asia

8

Net Profit – By Geographical LocationGeographical FY2007 FY2006 % CommentsLocation $m % $m % ChgSingapore 168.8 60.4 56.2 36.4 200.4

Other countries 110.6 39.6 98.1 63.6 12.7

Surplus from 156.7 46.0 240.7corp. restructuringless impairment provision

PATMI before 436.1 200.3 117.7revaluationNet gain on 343.6 - nm

revaluation of investment properties

PATMI after 779.7 200.3 289.3revaluation

Higher due mainly to contributions from Reflections at Keppel Bay, Marina Bay Residences and Sixth Avenue ResidencesHigher due to contributions from The Seasons, Villa Riviera and The Arcadia in China and Elita Promenade in India

Share of revaluation gains from office portfolio

Surplus from ownership restructuring of One Raffles Quay less diminution in value of Myanmar hotels and Indonesian Rupiah

9

Notes on Profit RecognitionProject % of % of Profit Recognised

Sales Completion in FY2007 ($m)

SINGAPOREMarina Bay Residences (428 units) 100 17.4 30.0Park Infinia at Wee Nam (486 units) 92 79 69.0Urbana (126 units) 100 100 15.5Reflections at Keppel Bay (1,129 units) 51.3 7.3 18.6

OVERSEASThe Seasons, Beijing, China (1,859 units)

Ph 1 (990 units) 100 100 38.2Ph 2 (869 units) 99.6 93.8

8 Park Avenue, Shanghai, China (946 units)Ph 1 (85 units) 100 100 19.3Ph 2 (371 units) 100 99.7Ph 3 (96 units) 89.8 77.1

Villa Riviera, Shanghai, China (168 units)Ph 1 (42 units) 100 96.4 13.4Ph 2 (46 units) 57.1 93.9

Elita Promenade, Bangalore, India (1,573 units)Ph 1 (944 units) 91.7 71.6 10.2Ph 2 (629 units) 28.5 20.5

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Operations Review

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Singapore Residential Sold About 760 Units in 2007

Reflections at Keppel Bay

Park Infinia at Wee Nam

Reflections at Keppel Bay

• 1,129 units• Ph 1 (620 units) fully sold

Park Infinia at Wee Nam

• 486 units• 100% of 434 launched units sold

Other Projects Fully Sold

• The Suites at Central (157 units)• Freesia Woods (129 units)• Urbana (126 units)• The Linc (51 units)• The Elysia (40 units)

12

Singapore Commercial 3.8m sf NLA Under Development in CBD and New Downtown

• Both phases >50% pre-committed by major financial institutions

Marina Bay Financial CentreMarina Bay Financial Centre

Ocean Financial CentreOcean Financial Centre

• 43-storey Grade A office building

• 850,000 sf NLA

• Up to 23,000 sf column-free floor plates

• Completion : 2011

Marina Bay Financial Centre

Ocean Financial Centre

NLA Anchor Tenant Completion

Ph 1 1.6m sf (0.5m sf) 2010

Ph 2 1.3m sf (0.7m sf) 2012

13

Singapore Commercial Completed Sale of 1/3 ORQ Stake to K-REIT Asia

• Unlocking value and recycling capital into projects with higher returns

• Surplus of $235.2 m from restructuring of one-third stake in One Raffles Quay

• Gearing reduced substantially to 0.41

One Raffles Quay

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Singapore Commercial K-REIT Asia Continues to Outperform

• Distribution Per Unit (DPU) of 8.82 cents, up 30.5% from FY2006

• Asset size up 210% from $677m to $2.1b, with ORQ (1/3 interest)

• Portfolio’s net lettable area up 57% from 73,108 sm to 114,426 sm

• Full committed occupancy as at 31 Dec 2007

• K-REIT to raise up to $700 m through rights issue– KCL and KLL undertake to take up :

respective allocations of the Units and

any Units not subscribed for by minority Unitholders

15

IndiaIndia

Overseas Good Response to New Launches and Releases

ChinaChina

• Central Park City, Wuxi (4,700 units)- 80% of 728 launched units sold

• The Botanica Ph 3, Chengdu (1,048 units)- 91% of 788 launched units sold

• 8 Park Avenue, Shanghai (946 units)- 92% of latest 96 units released sold

• Elita Garden Vista, Kolkata (1,376 units)- 62% of 351 launched units sold

The Botanica (Ph 3), Chengdu

Elita Garden Vista, Kolkata

Central Park City, Wuxi

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Overseas Sold About 2,800 Units Overseas in 2007,

Mostly in China and IndiaChinaChina

• Beijing– The Seasons (1,859 units) : 100% sold

• Chengdu– The Botanica Ph 2 (1,476 units) : 100% sold– The Waterfront (1,143 units) : 100% sold

• Shanghai– Villa Riviera (168 units)

- 82 units launched : 90% sold

IndiaIndia

VietnamVietnam

• Bangalore– Elita Promenade (1,573 units)

- 1,437 units launched : 82% sold

• Ho Chi Minh City– Villa Riviera (101 units) : 100% sold

The Seasons, Beijing

The Botanica (Ph 2), Chengdu

The Waterfront, Chengdu

Villa Riviera, HCMC

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Overseas Expanded Presence in China

• 26.4-ha site in Xinchang Town• 3,000 homes comprising terrace

houses and apartment blocks• Launch : 2009

• 24-ha site in Shenbei New District• 5,400 units• Launch : 2009

Residential Development,Nanhui, Shanghai

Residential Development,Nanhui, Shanghai

Residential Township,Shenbei, Shenyang

Residential Township,Shenbei, Shenyang

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Overseas Secured Eight Residential Projects in Vietnam in 2007

Project Site Location

No. of Units Launch

The Estella(prime condo)

An Phu Ward, District 2 1,500 2008

Luxury waterfront

condo

Binh Thanh District 549 2008

Luxury waterfront

condoDistrict 7 2,394 2008

Waterfront township

Dong Nai Province 14,000 2010

Prime condo District 2 1,500 2009

Villa development District 9 204 2009

Prime condo District 9 1,939 2009

Luxury villa District 9 139 2009

Total No. of New Units 22,225

1

2

3

4

5

6

7

8

2 1

3

5

6 7

4 Dong Nai township

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HCMC

Sixfold increase in landbank to 53 mil sf GFA Sixfold increase in landbank to 53 mil sf GFA Existing Keppel Land developments

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Overseas Entered the Middle East Market

• 3.6-ha waterfront site in prestigious North Corniche residential precinct

• 1,000 luxury seafront apartments

• Launch : 2008

Jeddah, Saudi ArabiaJeddah, Saudi Arabia

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Overseas Scale Up Residential Township Developments

The BotanicaChengdu, China

(8,200 units)

Jakarta Garden CityJakarta, Indonesia

(7,000 units)

Saigon Sports CityHCMC, Vietnam

(3,000 units)

Central Park CityWuxi, China(4,700 units)

Residential TownshipShenyang, China

(5,400 units)

Residential TownshipDong Nai, Vietnam

(14,000 units)

20032003

20042004

20052005

20072007

20062006

Spread over 6 cities in 3 countries in the regionSpread over 6 cities in 3 countries in the region

21* When fully leveraged and invested^ Current portfolio

• Portfolio value up to S$2.1 bn with acquisition of one-third stake in One Raffles Quay

Total Assets Under Management of S$6.1 bn *Total Assets Under Management of S$6.1 bn *

Fund Management Growth

K-REIT AsiaK-REIT Asia

AlphaAlphaFunds Committed % No. of

Equity Invested CountriesInvested in

AIB Alpha Japan Fund US$172m 26% 1(set up in 2007) (S$258m)

Alpha Core Plus Real US$437m 100% 4Estate Fund (S$720m)

Asia No. 1 Property Fund US$243m 100% 5(S$400m)

Islamic Shariah Fund US$119m ^ 100% 4(S$180m)

US$0.6bn (S$1.0bn)

US$1.4bn (S$2.3bn)

US$4.0bn (S$6.1bn)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2004 2005 2006 2007

Total Assets Under Management *

Alpha K-REIT Asia

US$2.3bn(S$3.7bn)

b

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Recent Corporate Awards

• BT Corporate Transparency Index (22 Jan 2008)– Ranked 4th out of 675 companies

• SIAS Investors’ Choice Awards 2007– Runner-up or Most Transparent Company Award in

Property category

• Finance Asia Best Managed Companies– Among Top Five in Singapore for :

Best Managed Company Most Committed to Corporate Governance Best Investor Relations

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• BCA Green Mark Award– Gold Award for Marina Bay Residences (2007)

• Vietnam Economic Times Golden Dragon Award 2007– Sedona Suites Hanoi

• The Guide Awards - Suave Choice Apartments 2007 – Sedona Suites Hanoi– Sedona Suites HCMC

• Asian Golf Monthly Awards 2007– Best Golf Resort in Asia (1st runner-up) - Spring City Golf &

Lake Resort, Kunming– Best Golf Course in Indonesia - Ria Bintan (Ocean Course)

Recent Awards for Product Excellence

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Market Outlook

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Singapore Residential Market

• Private residential prices up 31.2% in 2007 (URA)

• Record take-up of 14,826 new units in 2007, up 33% from 2006 (URA)

• High-end prices depend on outcome of US sub-prime problems

• Middle to mass market prices should move up gradually

Prices up 31% in 2007Prices up 31% in 2007Private Residential Take-up

and Price Index

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Units

80

100

120

140

160

180

IndexSecondary Take-up

Primary Take-up

Price Index

Source : URA and CBRE

Looking AheadLooking Ahead

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Singapore Office Market

• Grade A average rental of $17.15 psf at end-07, up 96.5% from $8.73 psf at end-06 (CBRE)

• Grade A occupancy of 99.8% at end-07 (CBRE)

• Take-up of 2.07m sf in 2007

• Strong demand from financial institutions, services and oil & gas companies

Rentals and Occupancy Continue to Rise Rentals and Occupancy Continue to Rise Office Rental and Occupancy

80

84

88

92

96

100

4Q04

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

0

2

4

6

8

10

12

14

16

18

20Islandwide OccupancyGrade A OccupancyPrime RentalGrade A Rental

Source : URA and CBRE

% S$psf/mth

Looking AheadLooking Ahead

• With limited supply of 1.7m sf p.a. over next few years and good demand, rentals should continue to trend upwards

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HomeOwnershipAspirations

Promising residential markets in Asia and Middle EastPromising residential markets in Asia and Middle East

Overseas Residential Market

Economic Growth

Rising Affluence

Growing Middle Class and Expatriates

FavourableDemographics

Urbanisation Trends

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Going Forward

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Going Forward

SINGAPORESelectively acquire

commercial and residential sites

FUND MGTGrow funds under

management through Alpha and K-REIT Asia

OVERSEASContinue to pursue

residential and township developments

Recycle capital into new projects with higher returns

Unlock value from commercial assets in Singapore and overseas

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Singapore Redefining the Skyline and Waterfront Living

Marina Bay SuitesMarina Bay Residences

Ocean Financial CentreOne Raffles QuayMarina Bay Financial Centre Marina Bay SuitesMarina Bay Suites

• Stunning 65-storey tower

• 221 bay-view luxury apartments

• Unit sizes : 1,500 - 2,500 sf

• First residential showcase in Asia of world celebrated master architect Daniel Libeskind

• Launch more units at Reflections

Reflections at Keppel BayReflections at Keppel Bay Reflections at Keppel Bay

Marina at Keppel Bay

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Project Location Units to Launch

Reflections at Keppel Bay (30% stake) * Keppel Bay 400Park Infinia at Wee Nam * Wee Nam Rd 52Marina Bay Suites (33.3% stake) Marina Bay 221The Crest @ Cairnhill Cairnhill Circle 15The Tresor * Duchess Rd 34Madison Residences Bukit Timah Rd 56* Planned balance units

Singapore Residential Launches 2008

The Crest @ Cairnhill The Tresor Madison Residences

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* Balance units^ New launches

Project Launch Schedule Units to Launch2008 2009 2010

China8 Park Avenue, Shanghai * 138 197 67Villa Riviera, Shanghai * 94 - -The Botanica, Chengdu * 1360 1000 1000The Arcadia, Tianjin ^ 138 - -Central Park City, Wuxi * 862 801 829Mixed Development, Jiangyin ^ 458 760 -Residential Township, Shenyang ^ - 1146 572Residential Devt., Nanhui, Shanghai ^ - 608 699

The Arcadia, Tianjin Mixed Development, Jiangyin Central Park City, Wuxi

Overseas Residential Launches

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Project Launch Schedule Units to Launch2008 2009 2010

VietnamSaigon Sports City (Ph 1), HCMC ^ - 205 300The Estella, HCMC ^ 900 450 150Waterfront condo, Binh Thanh District, HCMC ^ 350 199 -Waterfront condo, District 7, HCMC ^ 550 275 475Waterfront township (Ph 1), Dong Nai Province ^ - - 300Prime condo, District 2, HCMC ^ - 410 410Villa devt., District 9, HCMC ^ - 100 104Prime condo, District 9, HCMC ^ - 300 350Luxury villa devt., District 9, HCMC ^ - 100 39

ThailandVilla Arcadia at Srinakarin, Bangkok * 50 50 50Villa Arcadia at Watcharapol, Bangkok ^ 40 40 40

IndiaElita Promenade, Bangalore * 388 - -Elita Horizon, Bangalore ^ 650 492 -Elita Garden Vista, Kolkata * 684 475 -

IndonesiaJakarta Garden City, Jakarta ^ 994 682 787

Middle EastSeafront condo devt., Jeddah, Saudi Arabia ^ 180 300 300

PhilippinesPalmdale Heights (Ph 2), Pasig City ^ 316 474 474SM-KL residential devt., Manila ^ - 430 -

* Balance units^ New launches

Overseas Residential Launches

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Launching about 8,200 units in 2008Launching about 8,200 units in 2008

Seafront Apartments (1,000 units)Jeddah, Saudi ArabiaSeafront Apartments (1,000 units)Jeddah, Saudi Arabia

The Arcadia, (168 units) Tianjin, China The Arcadia, (168 units) Tianjin, China

The Estella (1,500 units) HCMC, Vietnam The Estella (1,500 units) HCMC, Vietnam

Elita Horizon (1,142 units) Bangalore, India Elita Horizon (1,142 units) Bangalore, India

Overseas Residential Launches

35

Thank You

36

This release may contain statements which are subject to risks and uncertainties that could cause actual results to differ materially from such

statements. You are cautioned not to place undue reliance on such statements, which are based in the current views of Management on

future developments and events.