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Investor MeetingsInvestor MeetingsMarch 2008

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Content

• Introduction

• Strategic Focus

• Financial Performance

• Recent Awards

• Recent Developments in Singapore and Overseas

• Going Forward

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Introduction

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Manager of four funds and a pan-Asian commercial REIT

Total assets of $6.1 bil @ 31 Dec 07Market cap of $4 bil @ 3 Mar 08

Focus on residential and township developments in Singapore, China, Vietnam, India and Indonesia

Developer of One Raffles Quay and Marina Bay Financial Centre, the new financial hub in Singapore downtown

Premier property company

Leading prime office player

Asia’s quality home developer

Established property fund manager

Introduction

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Strategic Focus

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• Property Development

– Singapore : Commercial developments especially in the New Downtown and CBD

: Luxury waterfront and mid-tier housing

– Overseas : Residential townships and integrated lifestyle developments

• Property Fund Management

– Grow fee-based income with greater AUM

Focus On Two Core Businesses

Strategic Focus

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Strategic Focus

2002 - Sale of Capital Square

Recycle Capital To Take On Large-Scale Projects

• Acquisition of sites for residential township developments :

- Saigon Sports City, HCMC (2003)- The Botanica, Chengdu (2003)- Jakarta Garden City, Jakarta (2004)

• Successfully bidded for MBFC Ph 1

• Acquisition of site for residential township in Wuxi

• Broadened foothold in India to Kolkata

• Acquisition of site for residential development in Jiangyin

• Exercised option for MBFC Ph 2

• Acquisition of 8 residential sites in Vietnam

2007 - Sale of 1/3 stake in One Raffles Quay to K-REIT Asia

2005 - Sale of Bugis Junction Retail

2006 - Formation of K-REIT Asia with 4 buildings from KLL

- Sale of InterContinental Singapore- Sale of Ocean Towers, Shanghai

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Financial Performance

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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

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Financial Performance

$m 2007 2006 2005 2004 2003

PATMI 779.7* 200.3 155.7 132.7 100.4

Overseas Earnings (% of PATMI) 39.6 63.6^ 59.0^ 43.3 31.6

EPS (¢) 108.3 27.9 21.8 18.7 14.2

NTA Per Share ($) 3.18 2.21 2.35 2.26 2.09

Net Debt / Equity Ratio 0.41 1.04 1.14 0.96 0.95

ROE 46.2* 12.8 9.5 8.6 6.8

DPS after Tax (¢) 20# 6 5 4 3.1

* Includes corporate restructuring surplus / enbloc property sales less impairment provision, and net gain on revaluation of investment properties^ % of PATMI before gains from en bloc property sales and impairment provision# Comprises Final Dividend of 8 cents and Special Dividend of 12 cents

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• PATMI CAGR of 67%* (2003-2007)

• ROE up from 6.8% in 2003 to 46.2% in 2007

Growth in PATMI and ROE

* Includes corporate restructuring surplus / enbloc property sales less impairment provision, and net gain on revaluation of investment properties

132.7100.4

155.7

779.7*

200.3

46.2%

12.8%9.5%8.6%6.8%

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100

200

300

400

500

600

700

800

2003 2004 2005 2006 2007

$m

0%

10%

20%

30%

40%

50%

60%

%

PATMI ROE

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Recent Awards

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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

• Singapore Green Summit 2007– Finalist in Singapore Environmental and Social Reporting

Awards

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• BCA Green Mark Award (Environmental Excellence)– Gold Award for Marina Bay Residences (2007)– Gold Award for The Tresor (2006)

• 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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Recent Developmentsin Singapore and Overseas

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Singapore ResidentialSold 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)

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Singapore Commercial3.8m 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

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Singapore CommercialCompleted 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 CommercialK-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

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IndiaIndia

OverseasGood Response to New Launches and Releases

ChinaChina

• Central Park City, Wuxi (4,700 units)- 81% 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)- 94% of latest 96 units released sold

• Elita Garden Vista, Kolkata (1,376 units)- 66% of 351 launched units sold

The Botanica (Ph 3), Chengdu

Elita Garden Vista, Kolkata

Central Park City, Wuxi

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OverseasSold 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 : 83% 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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OverseasExpanded 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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OverseasSecured Eight Residential Projects in Vietnam in 2007

2009139District 9Luxury villa

201014,000Dong NaiProvince

Waterfront township

2009204District 9Villa development

20091,500District 2Prime condo

22,225

1,939

2,394

549

1,500

No. of Units

Total No. of New Units

Prime condo

Luxury waterfront

condo

Luxury waterfront

condo

The Estella(prime condo)

Project

2009District 9

District 7

Binh Thanh District

An Phu Ward, District 2

Site Location

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Launch

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2008

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2 1

3

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6 7

4 Dong Naitownship

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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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OverseasEntered the Middle East Market

• 3.6-ha waterfront site in prestigious North Cornicheresidential precinct

• 1,000 luxury seafront apartments

• Launch : 2008

Jeddah, Saudi ArabiaJeddah, Saudi Arabia

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OverseasScale 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

26* 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 GrowthK-REIT AsiaK-REIT Asia

AlphaAlpha

Funds Committed % No. ofEquity Invested Countries

Invested 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

• Managing 45 investments in 8 countries

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Market Review and Outlook

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Prices up 31% in 2007Prices up 31% in 2007

Singapore Residential Market

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

• Record take-up of 14,811 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 expected to move up gradually

Private Residential Take-up and Price Index

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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

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84

88

92

96

100

4Q04

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

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2

4

6

8

10

12

14

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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 expected to 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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SingaporeRedefining 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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221Marina BayMarina Bay Suites (33.3% stake)

56Bukit Timah RdMadison Residences34Duchess RdThe Tresor *15Cairnhill CircleThe Crest @ Cairnhill

52Wee Nam RdPark Infinia at Wee Nam *400Keppel BayReflections at Keppel Bay (30% stake) *

Units to LaunchLocationProject

* Planned balance units

SingaporeResidential Launches 2008

The Crest @ Cairnhill The Tresor Madison Residences

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* Balance units^ New launches

5721,146-Residential Township, Shenyang ^

-760458Mixed Development, Jiangyin ^

1,0001,0001,360The Botanica, Chengdu *--94Villa Riviera, Shanghai *

671971368 Park Avenue, Shanghai *

Units to Launch2008 2009 2010Project Launch Schedule

699608-Residential Devt., Nanhui, Shanghai ^

829801862Central Park City, Wuxi *--138The Arcadia, Tianjin ^

China

The Arcadia, TianjinMixed Development, JiangyinCentral Park City, Wuxi

OverseasResidential Launches

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300--Waterfront township (Ph 1), Dong Nai Province ^

104100-Villa devt., District 9, HCMC ^350300-Prime condo, District 9, HCMC ^

39100-Luxury villa devt., District 9, HCMC ^

Middle East300300180Seafront condo devt., Jeddah, Saudi Arabia ^

410410-Prime condo, District 2, HCMC ^

Indonesia-475684Elita Garden Vista, Kolkata *-492650Elita Horizon, Bangalore ^--388Elita Promenade, Bangalore *

India404040Villa Arcadia at Watcharapol, Bangkok ^505050Villa Arcadia at Srinakarin, Bangkok *

Thailand

787682994Jakarta Garden City, Jakarta ^

475275550Waterfront condo, District 7, HCMC ^ -199350Waterfront condo, Binh Thanh District, HCMC ^

150450900The Estella, HCMC ^300205-Saigon Sports City (Ph 1), HCMC ^

Units to LaunchProject Launch Schedule

-430-SM-KL residential devt., Manila ^474474316Palmdale Heights (Ph 2), Pasig City ^

Philippines

Vietnam201020092008

* Balance units^ New launches

OverseasResidential 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

OverseasResidential Launches

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Additional Information

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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

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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 436.1 200.3 117.7revaluation

Net gain on 343.6 - nmrevaluation 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 ElitaPromenade 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

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Singapore Residential Landbank

* Includes units and area sold

Attributable AttributableLand Area GFA

(%) (sf) (sf)

The Tresor * Duchess Rd 100% 999-yr 80,504 112,689 62Reflections at Keppel Bay * Keppel Bay 30% 99-yr 269,930 624,521 1,129Marina Bay Suites Marina Bay 33.3% 99-yr 19,015 155,720 221The Crest @ Cairnhill Cairnhill Circle 100% Freehold 11,183 31,310 15Madison Residences Bukit Timah Rd 100% Freehold 49,168 110,810 56Keppel Bay Plot 3 Keppel Bay 30% 99-yr 125,366 152,999 307Keppel Bay Plot 4 Keppel Bay 11.7% 99-yr 36,114 40,300 234Keppel Bay Plot 6 Keppel Bay 30% 99-yr 141,429 67,813 94Total 732,709 1,296,162 2,118

Project Location Tenure Total Units

KLL's Stake

About 1.3 mil sf (120,400 sm) of attributable GFA

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China Residential Landbank

* Excludes area and units sold^ Includes commercial area and units

Project Location Stake Land Area Total GFA Remaining Area Remaining Units (%) (sm) (sm) For Sale (sm) For Sale

8 Park Avenue Shanghai 99% 33,432 133,393 66,373 * 402 *Park Avenue Central Shanghai 99% 28,488 99,708 99,708 708Villa Riviera Shanghai 99% 153,726 53,796 25,573 * 94 *The Arcadia Tianjin 100% 133,400 61,687 50,671 * 138 *Central Park City Wuxi 49.7% 352,534 670,460 ^ 597,547 * 4,036 *The Botanica Chengdu 44.1% 417,139 1,035,542 654,438 * 5,327 *Mixed development Jiangyin 70.6% 82,987 248,782 247,733 1,218Residential township Shenyang 100% 235,530 471,488 ^ 439,747 3,914Residential devt., Nanhui Shanghai 99% 264,090 332,906 ^ 314,340 3,000Total 1,701,326 3,107,762 2,496,130 18,837

About 26.9 mil sf (2.5 mil sm) of saleable area

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* Estimates^ Excludes commercial area and office units

Evergro’s Residential Landbank

Site Location Evergro's Land Area Total GFA Remaining Area RemainingStake (%) (sm) (sm) For Sale (sm) Units For Sale

Residential Devt Tianjin-South Island 100% 545,928 240,000 * 208,660 * 711 *Mixed Devt Tianjin-South Island 100% 1,066,665 na na naMixed Devt Changzhou 100% 46,108 87,389 42,258 350Mixed Devt Jiangyin 44% 82,987 305,853 301,180 1,218 ^

Total 1,741,688 633,242 552,098 2,279

More than 5.9 mil sf (0.5 mil sm) of saleable area

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Other Overseas Residential Landbank

About 65.8 mil sf (6.1 mil sm) of saleable area (excluding China)Country Site KLL's Total Land Total GFA Remaining Area Remaining

Stake Area (sm) (sm) For Sale (sm) Units For SaleIndia Elita Promenade, Bangalore 51% 96,618 193,237 60,250 * 388 *

Elita Horizon, Bangalore 51% 79,177 158,354 158,354 1,142Elita Garden Vista, Kolkata 37.7% 99,998 199,497 181,360 * 1,159 *

Sub-total 275,793 551,088 399,964 2,689Indonesia Jakarta Garden City, Jakarta 51% 2,700,000 1,050,000 ^ 827,700 7,000

Sub-total 2,700,000 1,050,000 827,700 7,000Thailand Villa Arcadia at Srinakarin, Bangkok 45.5% 159,706 84,440 83,320 * 255 *

Villa Arcadia at Watcharapol, Bangkok 66.7% 124,912 68,314 83,901 * 263 *Sub-total 284,618 152,754 167,221 518

Vietnam Saigon Sports City, HCMC 90% 640,476 788,180 ^ 441,000 3,000The Estella, HCMC 55% 47,906 279,800 ^ 233,544 1,500Waterfront condo, Binh Thanh District, HCMC 60% 17,428 87,140 87,140 549Waterfront condo, District 7, HCMC 75% 85,118 408,566 ^ 340,472 2,394Waterfront township, Dong Nai Province 45% 5,090,000 2,743,000 ^ 2,688,140 14,000Prime condo, District 2, HCMC 60% 51,043 244,800 ^ 195,840 1,500Villa devt., District 9, HCMC 55% 129,739 53,510 53,510 204Prime condo, District 9, HCMC 55% 68,442 273,760 273,760 1,939Luxury villa devt., District 9, HCMC 60% 97,000 33,950 33,950 139

Sub-total 6,227,152 4,912,706 4,347,356 25,225Middle East Seafront condo devt., Jeddah, Saudi Arabia 51.0% 36,236 253,652 253,652 1,000

Sub-total 36,236 253,652 253,652 1,000Philippines Palmdale Heights (Ph 2), Pasig City 30.9% 15,976 62,751 62,751 1,264

SM-KL residential devt., Manila 24.2% 7,068 56,000 56,000 430Sub-total 23,044 118,751 118,751 1,694

Total 9,546,843 7,038,951 6,114,644 38,126

* Excludes area and units sold^ Includes commercial area and units

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Rising Occupancy for KLL’s Buildings

KLL's Office Occupancy Rates

81.1%89.6% 91.3% 94.8%

0%

20%

40%

60%

80%

100%

2004 2005 2006 2007

Including Ocean Towers, Equity Plaza and Keppel Bay Tower

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Singapore Economy

• Integrated Resorts – Marina Bay Sands IR: 1.2m sf GFA of exhibition and meeting space; ready in 2009– Resorts World at Sentosa: Universal Studios theme park; ready in 2010

• Formula One Night Race– Expected tourism receipts of about $100m p.a.– Commencing Sep-08

• Youth Olympics 2010– Businesses expected to benefit

• Singapore Flyer– Expected to draw 2.5m visitors in first year; opening Mar-08

Revenue GeneratorsRevenue Generators

Excellent InfrastructureExcellent Infrastructure

• Changi Airport Terminal 3 : opened in Jan-08 – Increased airport’s capacity by 45% to handle 70m passengers p.a.

• International Cruise Terminal at Marina South : ready by 2010

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Thank You

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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 on the current views of Management on

future developments and events.