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DnB NOR Markets1st Asian Investor Conference 2009

4 November 2009

Teo Soon HoeSenior Executive Director & Group Finance Director

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Keppel’s Businesses &

Financial Highlights

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Improving Economies

• Some signs of recovery in global economy

� China expected to grow beyond 8%� US 3Q09 GDP grew 3.5%, first expansion since 3Q07

� Europe looks on track to exit recession� Singapore GDP forecast revised upwards to -2.5% to -2%

• Cautious optimism for modest near term growth

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Offshore & Marine

Offshore rig design,

construction, repair and

upgrading

Ship conversions and

repair

Specialised shipbuilding

Offshore & Marine

Offshore rig design,

construction, repair and

upgrading

Ship conversions and

repair

Specialised shipbuilding

Property

Property development

Manager of property funds

Property

Property development

Manager of property funds

Infrastructure

Environmental

engineering

Power generation

Logistics and data

centres

Infrastructure

Environmental

engineering

Power generation

Logistics and data

centres

Core Competencies

4

3

9M09 Financial Performance

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PATMI* 11% to S$922m

EPS 10% to 57.9 cts

Annualised ROE From 22.4% to 23.0%

EVA* S$101m to S$715m

Free Cash Flow 46% to S$1,001m

Net Cash From 0.04x to 0.12x

* Excludes Exceptional Gains

666

Financial Highlights

S$m 9M 2009 9M 2008 % Change

Revenue 9,218 8,071 14

EBITDA 1,211 949 28

Operating Profit 1,092 848 29

Profit Before Tax 1,353 1,200 13

PATMI* 922 843 11

EPS (cents) 57.9 52.4 10

* Excludes Exceptional Gains of S$422m

4

777

PATMI by Segments

S$m 9M 2009 % 9M 2008 % % Change

Offshore & Marine

609 66 484 58 26

Property 133 14 116 14 15

Infrastructure 81 9 41 5 98

Investments 99 11 193 23 (49)

Total 922 100 834 100 11

8

237 277366

510

228287

385

516

262285

299318

273 319

263

'04 '05 '06 '07 '08 '09

Consistent Earnings Growth

1H 2H

PATMI (S$m) EPS (Cents)

465 29.9

564 36.1

751 47.7

1Q:

1,026 64.9

1Q:

1,097 69.0

2Q: 2Q:

3Q: 3Q:

4Q:4Q:

1Q: 1Q:

922 57.9

2Q:2Q:

3Q: 3Q:

5

999

Business Review

101010

Offshore & Marine

6

1111

Recovering Global Oil Demand

Sources: International Energy Agency (IEA), Goldman Sachs Research

Rebound in GDP growth should drive oil demand recovery

1212

Oil & Gas Outlook Picking Up

Near-Term:

• Oil prices hovering at US$70 to $80/bbl

• IEA raised forecast in oil demand for 2009 and 2010

• Average planning price has dropped to US$55/bbl, down from US$70/bbl in 2008

• Good likelihood that E&P spending will go up

Longer-Term:

• Delay in investment might lead to oil supply crunch from 2012 onwards

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1313

Sound Long-Term Fundamentals

Sources: 2006 – Energy Information Administration (EIA) International Energy Annual 2006 (Jun-Dec 2008)

Projections – EIA, World Energy Projections Plus (2009)

World Energy Consumption, 2006 – 2030

1414

Provider of Choice

Solutions Provider Of Choice in

Offshore & Marine

Solutions Provider Of Choice in

Offshore & Marine

Near Market, Near Customer

Global network of 20 yards

Near Market, Near Customer

Global network of 20 yards

Execution Excellence

Proven track record

Execution Excellence

Proven track record

Commitment to Technology Development

New products and new solutions

Commitment to Technology Development

New products and new solutions

Meeting Customers’ NeedsForging partnerships and long-term relationships

with customers

Meeting Customers’ NeedsForging partnerships and long-term relationships

with customers

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151515

Focusing on Execution Excellence

$6b net orderbook with deliveries into 2012

Completed YTD Sep 09

Completed YTD Sep 09

For completion4Q09

For completion4Q09

� 3 semis

� 7 jackups

� 1 FSO

� 4 major conversions/upgrades

� 9 specialised vessels

� 2 semis

� 3 jackups

� 1 semi completion

� 2 major conversions/upgrades

� 9 specialised vessels

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Strengthening Competitive Edge

Enhancing productivity and strengthening cost

management

Continued emphasis on safety

Focusing on and

growing core business

Stepping up technology R&D efforts

Multi-Pronged Approach

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FloaTEC signed Letter ofIntent for P-61 TLWPfor Petrobras

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Recent New Projects

Rowan’s fourth jackupconfirmed at Keppel AmFELS in Brownsville

181818

Property

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Improved Market Sentiments

SingaporeSingapore OverseasOverseas

• Sales volume in China remains high

• In Vietnam, sentiments continue to improve

• Some signs of recovery in Indonesia and India

• Private home prices grew 15.9% q-on-q in 3Q09

• Record sales volume expected

• Growing business confidence stemmed decline in office rentals

2020

Healthy Sales Volume

Project Sales in 3Q09

The Promont 7

Madison Residences 45

Caribbean at Keppel Bay 109

Reflections at Keppel Bay 23

Singapore

Overseas

Country Sales in 3Q09

China 900

Vietnam 63

Indonesia 109

India 64

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Creating Lifestyle Propositions

Reflections Reflections (1,129 units (1,129 units –– 60% 60% sold)sold) Caribbean

(Sold 109 units in 3Q09)

Landmark cable-stayed bridge

170-berth world-class marina

KEPPEL BAY (32-ha)

Developing waterfront projects and marinas regionally

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Capturing Growth Opportunities

Keppel Land Rights Issue

• Raised S$707.6m

• Strengthened balance sheet

• Enhanced financial flexibility

Delisting of Evergo

• Strengthen position in China

• Combine expertise, industry knowledge and extensive network

K-REIT Asia Rights Issue

• To raise about S$620m

• Enhance funding capacity for acquisitions

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Sino-Singapore Tianjin Eco-City

� Keppel is leader of Singapore Consortium

(which holds 50% of Eco-City)

� 30km2 land to be transferred in phases at

pre-agreed price by end 2018

� Major infrastructure provided by the Chinese government

� Revenue from land sales and property developments

� Developments comprise mainly residential,

some commercial and business parks

� Keppel developing 36.8-ha site of about 5,000 residential units

Legend

A socially harmonious, environmentally friendly & resource-efficient city

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Infrastructure

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25

Good Growth Potential

Environmental Engineering

Power Generation Logistics and Data Centres

● A leading third party logistics companies in the Asia Pacific region

● Growing data centre business

• Track record of developing, owning and operating power plants in Brazil, China, The Philippines and Singapore

• Own and operate 500MW Cogen plant in Singapore

• Leading provider of environmental solutions and services

• Targetting projects in Asia, Middle East and Europe

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Building on Track Record

Leveraging core competencies in WTE & Water Reuse technologies

Keppel-SeghersTuas

WTE Plant

Ulu Pandan NEWater Plant

(completed in 2007)

$1.7b Domestic Solid Waste Mgt

Facility

$1.5b Doha North Wastewater

Treatment Facility

2004 2005 2006 2007

Singapore Qatar

2009

UK$518m Greater Manchester WTE

Plant

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27

Securing Stable Income Stream

Acquisition of SenokoIncineration Plant

� Only private operator of incineration plants for municipal solid waste in Singapore

� Generates strong cash flow and recurring earnings

� Seed asset for Keppel Green Trust

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Looking Ahead

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Focused on Product and Execution Excellence

for Value Creation

Looking Ahead

• Continue to strengthen competitive edge

• Working hard to secure new contracts

Offshore & Marine

• Accelerating projects for sale

• Seeking acquisitions in Singapore and overseas

Property

• Securing stable and recurring income stream

• Seizing growth opportunitiesInfrastructure

303030

Thank You

Q&A

DnB NOR Markets 1st Asian Investor Conference 2009