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Investor MeetingsAugust 2005

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Highlights

Introduction

Financial Highlights

Operations Review

Market Outlook

Going Forward

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Introduction

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One of the largest listed property companies in Singapore, property arm of Keppel Corporation– Total assets :S$4.8 bil – Shareholders’ funds :S$1.6 bil– Market capitalisation :S$2.4 bil (Share price of S$3.42 @ 19/8/05)

Established developer of quality housing and investment-grade offices

Diversified in Asia with focus in Singapore, China, Thailand, Vietnam, India and Indonesia

Part of MSCI and EPRA / NAREIT indices

Corporate Profile

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Continue property development for sale in the region

Unlock value of investment properties

Grow property fund management

Strategic Focus

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FocusSingapore, China, Thailand, Vietnam, India and IndonesiaSelectively acquire land for development for sale

ActiveHong Kong, Japan, S.Korea, Malaysia and PhilippinesMonitor markets for any future opportunities

Country Focus

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Entering new countries and new cities Launched first condo project and acquired second project in Bangalore, IndiaAcquired land for villa project in Tianjin, China

Developing residential townships in the regionLaunched first township in Chengdu, ChinaLaunching Saigon Sports City township in Ho Chi MinhCity, Vietnam Developing residential township in Jakarta, Indonesia

Expanding Drive

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BeijingBeijing(1,000)(1,000)

Shanghai Shanghai (1,500)(1,500)

Ho Chi Ho Chi Minh Minh CityCity(1,000)(1,000)

TianjinTianjin(160)(160)

ChengduChengdu(3,200)(3,200)

BangkokBangkok(600)(600)

JakartaJakarta(1,200)(1,200)

BangaloreBangalore(2,500)(2,500)

Overseas Pipeline Next 2-5 Years

Over 11,000 units to be launched

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Financial Highlights

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Financial Performance

S$m 1H2005 FY2004 FY2003

Turnover 238.6 476.2 678.8

EBITDA 84.8 125.1 141.6

Operating Profit 78.5 111.6 128.0

Pre-tax Profit 84.3 140.5 135.3

PATMI after EI 67.0 133.3 100.6

% of overseas PATMI 57.3 43.1 31.6

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Key Ratios

1H2005 FY2004 FY2003 FY2002

EPS (¢) 9.4 18.8 14.2 3.7

NTA/Share ($) 2.29 2.26 2.09 2.09

Debt/Equity Ratio 1.02 0.96 0.95 1.09

Annualised ROE (%) 8.3 8.6 8.5 6.3

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Net Profit - by Business Segment

1H2005 FY2004 FY2003Business Segment S$m S$m S$m

Property

Investment 14.9 32.4 32.1

Trading 55.8 97.2 103.3

Others

Hotels / Resorts (6.7) (6.2) (14.3)

Property Services / Others 3.0 9.9 5.3

PATMI after EI 67.0 133.3 100.6

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Net Profit - by Geographical Location

Geographical 1H2005 FY2004 FY2003Location S$m % S$m % S$m %

Singapore 28.6 42.7 75.8 56.9 86.5 68.4

Other Countries 38.4 57.3 57.5 43.1 39.9 31.6

PATMI after EI 67.0 133.3 100.6

Achieved >50% earnings from overseas

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Operations Review

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Operations Review

Singapore

Capitalised on recent positive sentiment by launching new phases

The Belvedere (82% of 120 launched units sold)Caribbean (87% of 160 launched units sold)

Secured blue-chip tenants for new landmark office development One Raffles Quay

ABN AMRO, Deutsche Bank and UBS among anchor tenants

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Singapore

Unlocked value by divesting Bugis Junction retail mall and consolidating office tower into investment portfolio to enhance divestment options

KLL’s office portfolio in Singapore: Attributable gross lettable area of 1.5m sf

Announced intention to set up an office REIT

Operations Review

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Singapore

Won the 3.55-ha Business & Financial Centre (BFC) site at New Downtown with Cheung Kong and Hongkong Land

Keppel Land-Harrah’s JV to bid for world-class Integrated Resorts at MarinaBayfront and Sentosa

Bayfront MRT Station

Landmark MRT Station

Integrated Resort & Casino

One Marina Boulevard

One Raffles Quay

The Sail @ Marina Bay

Operations Review

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Closer look at BFC

Total GFA : 4.7m sfAt least 60% for office use, remaining 40% can be for residential / retail use

Strategic locationWithin new downtown area, close to future Integrated ResortLinked to Raffles Place MRT station and future Landmark and Bayfront MRT stations

Flexible development approachPhase 1 minimum GFA 100,000 smOption period for future phases can be 6, 8 and 10 years

One Raffles Quay provides relevant experience for BFC

Allows KLL to capitalise on expertise and experience for the development of waterfront homes and offices

Operations Review

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Overseas

Even as KLL acquired new sites in India and China, it soft-launched condominium Elita Promenade in Bangalore and sold 68% of 230 launched units within a short period

Sales of residential projects in China continue to progress :

8 Park Avenue (Shanghai) : 81% of 456 launched units sold The Seasons (Beijing) : 92% of 932 launched units soldThe Waterfront (Chengdu) : 84% of 817 launched units soldThe Botanica township (Chengdu) : 86% of 970 launched units sold

Operations Review

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Fund Management

Rationale : Tap on strong interest from institutions from US andEurope in Asian property markets

Two funds set up - Asia No. 1 Property Fund (Asia 1) and Alpha Core Plus Real Estate Fund (ACPREF)

Asia 1 achieved total equity size of US$243m, about 50% investedInvestments made in Japan, South Korea, Hong Kong and Singapore

ACPREF raised US$165m in the first closing, about 30% invested Investments in income-generating assets in more developed Asian countries

Total assets under management will be about US$1 billion when the two funds are fully invested

Operations Review

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Recent Awards

Recognition for Corporate Transparency

Only property developer in Top 20 among 630 companies in Business Times - Corporate Transparency Index in 2005

Top five among Singapore listed companies in a study by Standard & Poor’s and NUS in 2004

First among real estate companies and sixth among Singapore companies in a survey by Institutional Shareholder Services and Business Week in 2004

Recognition for Excellence in Product Quality

Prudential Tower - Winner in the Office / Industrial category of the FIABCI Prix d’Excellence Award in 2004

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Recognition for Excellence in Product Quality

8 Park Avenue, Shanghai - 2005 Shanghai Top 10 International-grade Residential Property by People’s Daily

The Seasons, Beijing - 2004 China Innovative New Project Award by Sina.com

The Waterfront, Chengdu - Recommended Project with Good Investment Value by Chengdu Housing Bureau in 2005

The Botanica township, Chengdu - 2005 Project with Good Investment Value by Chengdu Real Estate Brand Promotion Centre

Spring City Golf and Lake Resort, Kunming - No. 1 Golf Course in China in 2005 by US Golf Digest

Ria Bintan Golf Club, Bintan - Best Golf Course in Asia 2004 (2nd Runner - up) by Asian Golf Monthly

Recent Awards

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Market Outlook

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Residential

Residential market improvedOver 4,000 new units (completed and uncompleted) sold in 1H05, 60%higher than same period last year Prices rose 2.4% from 1H04

Market poised to improve further with positive measuresHome prices to edge up with increased volumeGreater affordability due to reduced cash outlay with higher mortgage quantumMore foreigners entering market (about 15% or 543 of 3,646 buyers of new uncompleted units in 1H05, three times more than 1H04)

Market Outlook - Singapore

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Residential

Demand and prices on an upward trend

0500

1,0001,5002,0002,5003,0003,5004,0004,500

1Q01

2Q01

3Q01

4Q01

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

100

105

110

115

120

125

130Total Primary Demand

Price Index

Market Outlook - Singapore

Source : URA

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Office

Positive outlook for prime office space due to rising demand

Singapore becoming major international hub for businesses and services Steady GDP growth of 4% in 1H05; full year GDP forecast of 3.5 - 4.5% Islandwide occupancy rose from 82.7% at end-1H04 to 85.7% at end-1H05 (Source : URA)Grade A CBD occupancy stands at 91% (Source : CBRE)Average Grade A rentals at S$4.90 psf (Source : CBRE)

Market Outlook - Singapore

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Expected Completion

Proposed Office Projects NFA (sf) Total NFA (sf)

2005 No new supply - -2006 3 Church Street 292,781

Parakou Building 63,723One Raffles Quay 1,310,000VisionCrest 148,000SIF Redevelopment 68,000 1,882,504

2007 No new supply - -2008 Central 411,167 411,1672009 No new supply - -Total 2,293,671

Source : CB Richard Ellis Global Research & Consulting

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Limited new supply of Grade A space for next few yearsBFC (Phase 1) ready only in 2010

Office Supply (2005 - 2009)

Market Outlook - Singapore

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Office

Rentals and occupancy improved further

Market Outlook - Singapore

Source : URA

78

80

82

84

86

88

90

92

1Q01

2Q01

3Q01

4Q01

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

0.01.02.03.04.05.06.07.08.0

Islandwide Occupancy

Prime Rentals

% S$psf/mth

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Ranking City US$/sf/annum Ranking City US$/sf/annum1 London (West End), England 178.67 27 New York - Midtown Manhattan 53.692 Tokyo (Inner Central), Japan 131.10 33 Rome, Italy 45.623 Tokyo (Outer Central), Japan 123.39 35 New Delhi, India 43.064 London (City), England 119.11 37 Washington DC (CBD) 41.845 Paris, France 89.58 39 Ho Chi Minh City, Vietnam 41.697 Dublin, Ireland 81.18 41 Amsterdam, Netherlands 40.728 Hong Kong 75.85 43 Shanghai (Pudong), China 40.499 Edinburgh, Scotland 75.80 44 Sydney, Australia 40.4515 Frankfurt, Germany 63.57 45 Boston (CBD) 39.6519 Seoul, South Korea 61.74 47 Shanghai (Puxi), China 38.8320 Milan, Italy 60.99 50 Ottawa, Canada 37.6223 Mumbai (Bombay), India 56.43 63 Singapore 33.71(S$4.70psf/mth)Source: CB Richard Ellis USD:SGD=1.67

Global 50 Index (by occupation cost in US$ psf per annum)

Office

Attractive office rental rates compared with other major cities

Market Outlook - Singapore

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Market Outlook - SingaporeRemaking Singapore into a world-class city

Large-scale projects to position Singapore as Global City of the 21st century eg. Integrated Resorts

Development of vibrant new downtown at Marina Bayfront

Source : Jones Lang LaSalle

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Asian demand for quality homes and well-planned residential townships to grow at sustained pace in countries especially China, Vietnam, Thailand, India and Indonesia

Housing demand underpinned by economic growth, urbanisation, favourable demographics trends and positive government policies

Market Outlook - Asia

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Going Forward

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Singapore

Launch and develop residential projects from landbank of about 3,000 units according to market demand

Seek development opportunities with good potential returns eg. Integrated Resort

Set up an office REIT initially with some of office buildings in KLL’s portfolio

Going Forward

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Units to

Project Location Launch

Cluny Hill Bungalow Plots * Cluny Hill 3

Caribbean at Keppel Bay * Keppel Bay Drive 222#

Urbana * River Valley Rd 40

The Belvedere * Meyer Rd 69

Park Infinia at Wee Nam (Ph1) ^ Wee Nam Rd 200

Devonshire Rd (60% stake) ^ Devonshire Rd 160

* Balance units^ New launches# Excluding 168 units set aside for corporate leasing

Possible Residential LaunchesSingapore 2005

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Overseas

Keep up expansion drive in Asia in promising countries, cities and market segments

Launch residential and township projects from pipeline of over 11,000 units in China, Thailand, Vietnam, India and Indonesia

Going Forward

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Units to LaunchProject Launch Commencement

China8 Park Avenue, Shanghai * 576 2H2005The Seasons, Beijing * 1,002 2H2005The Waterfront, Chengdu * 454 2H2005Great Town Harbour, Fuzhou (Ph1) * 335 2H2005The Botanica (Phase 1), Chengdu * 131 2H2005The Botanica (Phase 2), Chengdu ^ 1,476 1H2006Xujing Villas, Shanghai ^ 186 1H2006Tianjin Villas, Tianjin ^ 160 2H2006The Botanica (Phase 3), Chengdu ^ 927 2H2007Park Avenue Central, Shanghai ^ 708 2H2007* Balance units^ New launches

Overseas Residential Projects

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Units to LaunchProject Launch Commencement

Vietnam Villa Riviera, Ho Chi Minh City * 99 2H2005Saigon Sports City (Phase 1), HCMC ^ 782 1H2006

ThailandVilla Arcadia at Srinakarin, Bangkok * 326 2H2005Villa Arcadia at Watcharapol, Bangkok ^ 270 1H2006

IndiaElita Promenade in JP Nagar , Bangalore * 1,416 2H2005Condominium in Kanakapura, Bangalore ^ 1,064 2H2006

IndonesiaCakung Township (Phase 1), Jakarta ^ 1,156 2H2006* Balance units^ New launches

Overseas Residential Projects

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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 in the current views of Management on future developments

and events.

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Extra Slides

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Singapore Residential Landbank

Residential landbank of about 2.1 mil sf of attributable gross floor area

Site Location Tenure Attributable Attributable Total

Land Area GFA Units(sf) (sf)

The Tresor Duchess Road 999-yr 80,504 112,689 62Park Infinia at Wee Nam Wee Nam Road Freehold 233,934 663,228 486Devonshire Road (60%)^* Devonshire Road Freehold 47,793 130,917 163Avenue Park (52%)* Sixth Avenue Freehold 89,866 122,333 193Crest @ Cairnhill Cairnhill Road Freehold 11,183 31,310 15Naga Court Bukit Timah Road Freehold 49,168 103,254 70Keppel Bay Plots 1,3, 5 & 6 (30%)* Keppel Bay Drive 99-yr 577,934 849,982 1,723#

Keppel Bay Plot 4(11.7%)* Keppel Bay Drive 99-yr 36,830 40,300 204#

Total 1,127,212 2,054,013 2,916

* Percentage denotes KLL’s shareholding# Estimate^ Based on amalgamated site

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Singapore Projects

The Belvedere

Caribbean at Keppel Bay

Urbana

42The Botanica

Xujing Villas

Elita Promenade, Bangalore

Overseas Projects

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Singapore among world’s friendliest countries in immigration laws and talent management policies in PricewaterhouseCoopers(PwC) survey of 131 MNCs

Market Outlook - Singapore

Source : PwC

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Market Outlook - SingaporeOffice

Improved cost competitiveness, ranking 92nd among 113 cities in 44 countries

World’s top location for outsourcing in 60 country survey by EIUHighest number of offshore projects relative to population4th overall ahead of Hong Kong, Philippines and Thailand

City US$ City US$London (West End) 19,330 New York City (Downtown) 7,760

Paris 15,520 Moscow 7,240Washington D.C. 14,250 Mumbai 6,670

Frankfurt 13,640 New Delhi 5,140Tokyo (Central 5 Wards) 13,400 Perth 4,980

Munich 12,010 Dubai 4,780Edinburgh 9,680 Taipei 4,570

Hong Kong 9,320 Beijing 4,290Seoul 9,320 Shanghai (Puxi) 4,150

Sydney 7,790 Singapore 3,970Source: DTZ

Global Office Occupancy Costs (in US$ per workstation per annum)

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OfficeSafe place to do business in Asia

Lowest in terms of social and political risks in Asian countries

Socio-political Risks in Asia*

3.34.0 4.1

5.0 5.26.0

2.0

6.0 6.55.75.0

5.9

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*Grades range from zero to ten, w ith zero being the least risk Source: Political & Economic Risk Consultancy Ltd

Market Outlook - Singapore

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OfficeBest Asian country and fourth in the world in terms of business reputation

Reputation of country as a Business Location*

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Market Outlook - Singapore