1

Financial Year 2009 Results

25 Jan 2010

Contents

2

� Opening Remarks by Group CEO

� Financial Performance

� Operations Review

� Market Outlook

� Going Forward

2

3

Opening Remarks by Group CEO

4

Recovering Market

� PATMI up 23.1% to $280m

� Strong sales of the Group’s residential projects

in Singapore and overseas

� MBFC and OFC saw increased pre-commitments

on the back of a stabilising office market

� Strategic acquisitions in key growth cities in Asia

3

5

Primed For An Upswing

� Strong financial position � Keppel Land’s and K-REIT Asia’s successful

completion of the Rights Issue

� Substantial room for further investment from

Alpha’s two funds

� Healthy balance sheets facilitate acquisition of

quality investments

� Luxury residential projects and prime offices

positioned near both Integrated Resorts

� Time launches to capitalise on rebound of Asia

Positioning

for Upturn

Robust

Sales

6

Highlights

Stronger

Earnings

� Sold about 3,500 units in 2009

– Singapore : 384 units

– Overseas : About 3,100 units, mostly in China

�Keppel Land rights issue

�New acquisitions in China and Vietnam

�Delisting of Evergro Properties

�K-REIT Asia’s rights issue

� FY09 PATMI reached $280m

� FY09 PATMI up 23.1% over FY08

4

7

Financial Performance

8

FY2009 FY2008 % Chg

Turnover $923.9m $842.2m 9.7

EBITDA $211.4m $239.4m (11.7)

Operating Profit $201.9m $231.7m (12.9)

Pre-tax Profit $358.6m $314.0m 14.2

PATMI-Before Net Fair Value Gain/

Others*

- After Net Fair Value Gain/

Others*

$250.2m

$280.4m

$213.3m

$227.7m

17.3

23.1

Financial Performance – FY2009 vs. FY2008

*Net fair value gain on investment properties (after adjusting for tax and minority interests) and gain on acquisition of additional

interest in K-REIT Asia

5

9

4Q2009 4Q2008 % Chg

Turnover $300.5m $197.4m 52.2

EBITDA $61.8m $59.1m 4.6

Operating Profit $59.4m $56.7m 4.8

Pre-tax Profit $111.7m $95.1m 17.5

PATMI

-Before Net Fair Value Gain/ Others*

- After Net Fair Value Gain/ Others*

$76.6m

$106.9m

$61.5m

$68.5m

24.6

56.1

Financial Performance – 4Q2009 vs. 4Q2008

*Net fair value gain on investment properties (after adjusting for tax and minority interests) and gain on acquisition of additional

interest in K-REIT Asia

10

FY2009 FY2008 % Chg

EPS

- Before Net Fair Value Gain* 22.6cts 22.1cts(1) 2.3

- After Net Fair Value Gain* 24.2cts 22.4cts(1) 8

ROE

- Before Net Fair Value Gain* 9.4% 9.7% (3.1)

- After Net Fair Value Gain* 10.1% 9.9% 2

NTA / Share $2.36 (2) $3.39 (30.4)

Net Debt/Equity Ratio 0.22x 0.52x (57.7)

Key Financial Ratios

*Net fair value gain on investment properties (after adjusting for tax and minority interests)

(1) EPS has been restated to include the effect of the rights issue

(2) Lower due to the effect of the rights issue

6

11

Breakdown of PATMI- Business Segment

Business Segment FY2009 FY2008 % Chg Comments

Property

Trading$196.4m $160m 22.8

Higher due to increased contribution

from Singapore and overseas projects

Property

Investment$43.3m $46.6m (7.1)

Lower due mainly to a write-back of cost

in connection with the restructuring of

ORQ in 2008

Fund Management $21.5m $21.1m 1.9Higher due mainly to higher fee income

from Alpha and K-REIT Asia Management

Hotels / Resorts $4.2m ($0.4m) nmImproved due mainly to higher hotel occupancy rates

Others ($15.2m) ($14m) nmDue mainly to write-back of cost

provision and gain from sale of interest in

Singapore Computer Systems in 2008

Sub-total

Net fair value gain on investment properties

Gain on acquisition of additional interest in K-REIT Asia

Total $280.4m $227.7m 23.1

$250.2m $213.3m

$19.1m

$11.1m

$3.7m

$10.7m

17.3

416.2

3.7

12

Geographical

LocationFY2009 FY2008 Comments

Singapore $171.5m 68.5% $150.4m 70.5%

Higher due mainly to higher

trading profits and rental

income and profit

contribution from Alpha

Investment Partners and

K-REIT Asia

Overseas $78.7m 31.5% $62.9m 29.5%Higher due mainly to

increased profit contribution

from China and Vietnam

Sub-total

Net fair value gain on

investment properties

Gain on acquisition of

additional interest in

K-REIT Asia

100% 100%

Total $280.4m $227.7m

Breakdown of PATMI- Geographical Location

$250.2m $213.3m

$19.1m

$11.1m $10.7m

$3.7m-

-

-

-

- -

7

13

Project% of

Sales

% of

Completion

Profit

Recognised

in FY2009

Marina Bay Residences (428 units) 100% 86.7% $74.4m

Reflections at Keppel Bay (1,129 units) 56.4% 36.6% $20.5m

Caribbean at Keppel Bay (168 remaining units) 66.7% 100% $19.2m

The Sixth Avenue Residences (175 units) 100% 100% $18m

The Arcadia, Tianjin, China (168 units) 39.9% 100% $13.4m

The Botanica, Chengdu, China (9,400 units)

Ph 1 (970 units) 99.8% 100%

$12.1mPh 2 (1,476 units) 99.5% 100%

Ph 3 (1,048 units) 99.7% 90.7%

Ph 4 (1,028 units) 99% 85.1%

Villa Riviera, Shanghai (168 units)

Ph 1 (42 units) 100% 100%

$9.8mPh 2 (46 units) 74.9% 99.7%

Ph 3 (80 units) 80.9% 95%

Notes on Profit Recognition

FY2009 FY2008

Net Debt $0.8 bn $ 1.5bn

Avg Interest Rate of Borrowings 2.3% 2.5%

% Fixed Rate Debt 26% 15%

Avg Debt Maturity 1.49yrs 2.03yrs

Interest Cover Ratio(1)

12.7x 10.4x

(1) Interest Cover Ratio = Profit Before Interest and Tax

Net Interest Cost Expensed and Capitalised

14

Healthy Balance Sheet

8

15

Financial Management

Financial Flexibility

Rights issue raised gross proceeds : $708 million from 649.2m

shares issued

Healthy cash balances : $0.9 billion as at end-Dec 2009

Dividend reinvestment scheme conserve cash : 34.3m shares

Enlarged market capitalisation : $4.9 billion as at 22 Jan 2010

Gearing improved by more than 50% y-o-y

Source of Funds

MTN programme : US$800m (Unutilised US$569m)

• Recently refinanced $180m of debt by issuing 3 and 5 year notes

Funds from operations and related companies

Lines of credit

Debt Management

Capital and loan markets improving and refinancing on track

Convert more into fixed debt in low interest rate environment

• Increased fixed portion of debt from 15% to 26%

Low cost of funds : 2.3% as at end-Dec 2009

16

Operations Review

9

17

Singapore

Singapore Residential

Strong sales in 2009 : Sold 384 units

18

Main Projects No. of Units Sold in FY2009

Marina Bay Suites 89

Caribbean at Keppel Bay 141

Reflections at Keppel Bay 35

Madison Residences 54

Marina Bay Suites Caribbean at Keppel Bay Madison Residences

Positive sentiment spilled over to mid to higher-end segments

10

19

Higher pre-commitments at MBFC and OFC

Singapore Commercial – MBFC and OFC

Marina Bay Financial Centre (MBFC)

• New take-ups

- Nomura : About 102,000 sf

- BHP Billiton : Additional 89,000 sf

- Servcorp : About 22,000 sf

• Total take-up in 2009 : 213,000 sf

• Overall pre-commitment : 68%

• Ph 1 : 1.6m sf

- Towers 1 & 2 : 79% pre-leased

• Ph 2 : 1.3m sf

- Tower 3 : 55% pre-leased

Ocean Financial Centre (OFC)

• New take-ups

- Pre-leased 139,000 sf

• Total NLA : 850,000 sf

• 4th generation building to rise at

former Ocean Building site

T1

T3

T2

MBRMBS

20

Singapore Commercial

KLL’s Properties Valuations as at

Dec 2009

($/psf)

Valuations as at

Dec 2008

($/psf)

Equity Plaza $1,200 $1,275

Keppel Bay Tower $1,100 $1,050

K-REIT Asia’s

Properties

Valuations as

at Dec 2009

($/psf)

Valuations as

at Dec 2008

($/psf)

Prudential Tower $1,850 $2,065

Keppel Towers and

GE Tower

$1,260 $1,350

Bugis Junction

Towers

$1,200 $1,265

One Raffles Quay $2,100 $2,215

Slight fair value loss for completed investment properties

• Mainly from KREIT Asia’s portfolio

Offset by net fair value gain from investment properties under construction

Overall investment values have held

Prime Office Values Compared to : Valuations as at Dec 2009 ($/psf) Valuations as at Dec 2008 ($/psf)

CBRE $1,550 $2,600

Jones Lang LaSalle $1,700 $2,480

Portfolio valuation on psf basis at lower end of market valuation for prime office

11

21

Singapore Commercial – K-REIT Asia

Distributable income up 21.1% from y-o-y

• Distributable income for FY 2009: $70.5m

• DPU for FY09 : 5.28 cents

• Committed occupancy as at end-Dec 2009 : 95%

• Average portfolio rent in Dec 09 : $8.16 psf (1)

(1) $8.37 psf if not for lower income support from 1/3 interest in ORQ

(2) Assuming aggregate leverage of 30% to 40%, based on FY2009 AUM of $2.1 billion

Continued Income Growth

Strengthened balance sheet with rights issue

• Raise gross proceeds of about $620m

• Increase debt headroom by about $438.3m-$647.8m(2)

• Use of proceeds for :

- Repayment of borrowings

- Funding of potential acquisitions and asset enhancement

initiatives at Keppel Towers and GE Tower

RightsIssue

Enlarged Portfolio NLA

Total portfolio NLA up 5.5% y-o-y

• Completed first third-party acquisition of 6 floors in Prudential Tower

• Strategic acquisition resulting in a 73.4% controlling stake enabling

efficient management of the asset’s income

22

Overseas

12

Overseas – China

Western Region

Greater Bohai Rim Region

Yangtze River Delta Region

WuxiChangzhou

Chengdu

Tianjin

Jiangyin

Shanghai

Beijing

Shenyang

Kunming

Zhongshan

In China since early 1990s

• Secured first residential project,

One Park Avenue in Shanghai in 2000

Presence in 10 cities in key regions

• Total GFA : 7.2 million sm

• More than 30,000 homes in the pipeline

Types of development

• Condominiums

• Villas

• Townships

• Tianjin Eco-City

About 15% of assets invested in China

• About S$1 billion

23

Keppel Land Extensive Presence in China

24

Overseas – China

Strengthen position in China

Acquired waterfront township site in Shenyang

• Second township acquisition in Shenyang

• Total land area : 30.3 ha for about 6,000 units

Stronger growth platform with delisting of Evergro

• Maximise potential of existing portfolio

• Increased landbank by 3.2 million sm GFA

• Widened footprint in secondary cities

Consortium and project manager (35.4 ha) for

Tianjin Eco-City

• Commenced first development for Phase 1 (1,716 units)

• Total units in 35.4 ha of SUA : 5,033 units

• Potential to leverage on the total area of 30 sq km for

future developments

13

25

Strong sales of township and villa projects

Overseas – China

The Botanica,

Chengdu

Sold in 2009 :

1,237 units

Central Park

City, Wuxi

Sold in 2009 :

732 units

Villa Riviera,

Shanghai

Sold in 2009 :

71 units

The Arcadia,

Tianjin

Sold in 2009 :

41 units

Sold about 2,600 units in 2009 in key and secondary cities

26

Overseas – Vietnam

• Waterfront township development at South Rach Chiec , District 2

- Total site area : 30-ha

- Total : About 4,700 units

- Phase 1 launch : 2011

• Waterfront villa development, District 12

- Fronting Saigon River

- Total site area : 11-ha

- Total units : 175 villas

Acquired prime waterfront residential sites in HCMC

14

Overseas – Vietnam

27

Good responses for new and existing projects

New Launch – Riviera Cove, HCMC

Total units sold in 4Q09 : 49 units

82% of 60 launched units sold

Existing Project – The Estella, HCMC

Total units sold in 2009 : 149 units

67% of 633 launched units sold

Overseas – India and Indonesia

28

Improving sales in line with economic recovery

Elita Promenade, Bangalore

Sold in 4Q09 : 37 units

Total sold in 2009 : 69 units

90% of 1,457 launched units sold

Elita Garden Vista, Kolkata

Sold in 4Q09 : 31 units

Total sold in 2009 : 57 units

61% of 688 launched units sold

Jakarta Garden City, Indonesia

Sold in 4Q09 : 67 units

Total sold in 2009 : 190 units

66% of 570 launched units sold

15

29

Fund Management

Alpha Investment Partners

• 4 acquisitions by Alpha Asia Macro Trends Fund

- Two retail properties in Tokyo

- Office building in Gangnam, Seoul

- A portfolio of four service apartments in Hong Kong

K-REIT Asia : Enhanced funding capacity for acquisitions

• Acquisition of additional 6 strata floors of Prudential Tower : Increased stake to 73.4%

30

Fund Management

Alpha Investment Partners :

$7.7 bn (1)

K-REIT Asia : $2.1 bn (2)

AUM:

$9.8 bn (1)

Funds under AlphaCommitted

Equity

%

Invested

No. of Countries

Invested In

Asia No. 1 Property

Fund $400m 100% 5

Alpha Core Plus Real

Estate Fund $720m 100% 4

AIB Alpha Japan Fund$259m 46% 1

Alpha Asia Macro

Trends Fund $1.7bn 22% 4(1) When fully leveraged and fully invested

(2) Includes asset revaluation

Selective acquisitions from Alpha and K-REIT Asia

16

31

Awards

32

Best Annual Report (Gold) at Singapore Corporate Awards

• Market capitalisation of $1 bn and above

Business Times revised Governance and Transparency Index (1)

• Ranked 10th out of 697 companies

SIAS Investors’ Choice Awards 2009

• Runner-up award for Most Transparent Company (Properties Category)

Euromoney Real Estate Awards 2009

• Best Office Developer in Singapore

FIABCI Indonesia – BNI Prix d’Excellence Award 2009

• Jakarta Garden City – Best Middle Class Residential Development

• Shortlisted to represent Indonesia at the FIABCI World Congress

The Guide Magazine Award 2009

• Sedona Suites, HCMC – Voted the Best Business Serviced Apartment

Golden Dragon Award (Ministry of Planning & Investment, Vietnam) 2009

• The Estella, Riviera Cove and Sedona Suites HCMC and Hanoi

Awards

(1) Replaced Business Times Corporate Transparency Index

17

33

Green Awards

Sustainability Report

• Merit Award at ACCA Singapore Awards for Sustainability Reporting

ISO 14000 certification

• Singapore property development and property management operations

• China property development operations

- Central Park Wuxi, Villa Riviera and Pudong residential project

• Vietnam property development operations

Cityscape Asia Real Estate Awards

• Ocean Financial Centre - Best Green Development (Future)

LEEDS(1) award

• Ocean Financial Centre – Platinum Award

Audubon International

• Tianjin Pearl Beach International Country Club – World’s first Audubon Classic Sanctuary

• Spring City Golf and Lake Resort – Audubon Cooperative Sanctuary Programme for Golf

Courses (ACSP)

• Ria Bintan Golf Club – First in Indonesia to obtain ACSP for Golf Courses

(1) Leadership in Energy and Environmental Design

34

BCA Green Mark Awards

Singapore

• The Promont – Gold

• Marina Bay Suites – Gold

• Sixth Avenue Residences – Gold

• MBFC Phase 2 (Commercial) – Gold Plus

• One Raffles Quay – Gold

(First building to achieve Green Mark Award under guidelines for

existing developments)

Overseas

• Riviera Cove, HCMC – Gold

• The Arcadia, Tianjin – Gold

• Residential Development, Pudong, Shanghai (Plots 1 and 3) – Gold

• Spring City (Residential – La Quinta), Kunming – Gold

18

35

Market Outlook

• Office market to improve along with economic recovery

- 4Q 2009 take-up of about 301,000 sf, positive for the second

straight quarter after 32,000 sf achieved in 3Q 2009(1)

- Pace of rent decline eases

- Positive economic growth forecast of 3% to 5% in 2010

- Increasing expansion plans by financial institutions

• Delays in construction of some office projects and redevelopment

of office buildings to other uses help reduce supply

• Singapore remains key business destination and financial hub with

good corporate governance

36

Residential

• Strong buying sentiment to continue in 2010

- 2009 take-up of 14,688(1) units, second to record take-up of

14,811 units in 2007

• Prices continue on uptrend for high-end segment

• Demand from owner-occupiers and investors

• IRs to attract more interest from foreign buyers

Market Outlook – Singapore

Office

(1) Source : URA estimates

19

Economic

Growth

Favourable

Demographics

Growing

Middle ClassRising

Affluence

Urbanisation

Trends

Asia : Property markets stabilise as Asia gradually emerges from

the global recession

• Recovery drives sales and prices in emerging markets

• Government’s measures to prevent speculation and promote healthy

recovery of the property sector

• Long term fundamentals and growth to underpin demand

37

Market Outlook – Overseas

Home

Ownership

Aspirations

38

Going Forward

20

39

Going Forward

Seek acquisitions in Singapore and overseas with

continued focus on developing quality residential, office

and township projects

K-REIT Asia and Alpha to seek acquisitions of quality

assets in Singapore and overseas

Unlock value from non-core assets at appropriate time

40

Singapore Residential

Capitalise on positive sentiments to launch remaining units of the

Marina Bay Suites and Reflections at Keppel Bay

Well-positioned to benefit from the opening of the IRs

Expect to launch remaining residential units

Marina Bay Suites Reflections at Keppel Bay

21

41

Overseas Residential – China

• Total : 2,667 units

• Launch : Phase 1 (180 units) in 2Q 2010

• Nanhui designated as part of Pudong

• Close to World Expo 2010 and Disneyland

Capitalise on strong market in Shanghai for launches

• Remaining four blocks to be launched : 394 units

• Launch : 2H 2010

• Located at prime Jingan and entertainment

shopping belt

Residential Devt, Pudong, Shanghai 8 Park Avenue, Jingan, Shanghai

42

Overseas Residential – China

More launches of township projects in secondary cities

Tianjin Eco-City

Total : 5,033 units

Launch :

Phase 1 (1,716 units)

in 2Q 2010

The Seasons,

Shenyang

Total : 4,748 units

Launch :

Phase 1 (810 units)

in 2H 2010

The Botanica,

Chengdu

Launch :

Phase 5 (1,810 units)

in 2Q 2010

Central Park City,

Wuxi

Total in Phase 2 :

1,627 units

Launch : Stage 1

(342 units) in 2Q 2010

22

43

Overseas Residential – Vietnam

Expect to launch new project

Continue to sell remaining units of The Estella and Riviera Cove

Launch Riviera Point, District 7 in HCMC

• Total site area : 8.5-ha

• Total : 2,400 waterfront condos

• Launch : 2H 2010

Riviera PointRiviera CoveThe Estella

44

Thank You

23

45

Additional Slides

46

Attributable Attributable

Land Area GFA

(%) (sf) (sf)

Reflections at Keppel Bay (1)

Keppel Bay 30% 99-yr 269,930 624,521 1,129

Marina Bay Suites (1)

Marina Bay 33.3% 99-yr 19,015 156,462 221

The Promont (1) Cairnhill Circle 100% Freehold 11,183 31,310 15

Keppel Bay Plot 3 Keppel Bay 30% 99-yr 125,366 152,999 307

Keppel Bay Plot 4 Keppel Bay 11.7% 99-yr 36,114 40,300 234

Keppel Bay Plot 6 Keppel Bay 30% 99-yr 141,429 67,813 94

Total 603,037 1,073,405 2,000

Total

Units

Project Location KLL's

Stake

Tenure

Singapore Residential Landbank

(1) Includes units sold

24

China Residential Launches

Units to Launch 2010 2011 2012

8 Park Avenue, Shanghai (1) 130 264 -

Villa Riviera, Shanghai (1) 23 - -

The Botanica, Chengdu (1) 595 1,701 1,435

The Arcadia, Tianjin (1) 86 - -

Central Park City, Wuxi (1) 878 750 700

The Seasons, Shenyang(2) 220 420 1,300

Waterfront Township Devt, Shenyang(2) - 587 588

Residential Devt, Pudong, Shanghai (2) - 265 300

Integrated Marina Lifestyle Devt, Zhongshan (2) - 343 343

Stamford City, Jiangyin (1) 465 414 -

Summer Ville, Changzhou (1) 5 - -

Serenity Cove, Tianjin (Ph 3)(1) 70 102 102

Tianjin Eco-City (35.4 ha within SUA) (2) 617 881 1,284

Total 3,089 5,727 6,052

(1) Balance units

(2) New launches47

Other Overseas Residential Launches

Units to launch 2010 2011 2012

Vietnam

The Estella, Dist. 2, HCMC (1) 294 393 300

Waterfront Condo, Binh Thanh Dist, HCMC (2) - - 350

Riviera Point, Dist. 7, HCMC (2) 300 400 400

Prime Condo, Dist. 2, HCMC (2) - 350 350

Prime Condo, Dist. 9, HCMC (2) - - -

Riviera Cove (Villa Devt.), Dist. 9, HCMC (1) 47 - -

Villa Devt., Dist. 9, HCMC (2) - 76 101

Saigon Sports City, HCMC (2) - 355 408

Dong Nai Waterfront City (2) - 100 300

South Rach Chiec, Dist 2, HCMC(2) - 400 400

Waterfront Villa Development, Dist 12, HCMC (2) - 87 87

Thailand

Villa Arcadia at Srinakarin, Bangkok (1) 50 50 50

Villa Arcadia at Watcharapol, Bangkok (1) 30 30 30

India

Elita Promenade, Bangalore (1) 256 - -

Elita Horizon, Bangalore (2) - 187 400

Elita Garden Vista, Kolkata (1) 200 200 190

Indonesia

Jakarta Garden City (1) 254 251 112

Middle East

Waterfront Apartment Devt., Jeddah, Saudi Arabia (2) 350 300 300

Total 1,781 3,179 3,778

48

(1) Balance units

(2) New launches

25

49

China Residential Landbank

(1) Excludes commercial area

(2) Includes commercial area

Site LocationKLL's

Stake

Total

Land Area Total GFA

Remaining

Area for Sale

Remaining

Units for Sale

(%) (sm) (sm) (sm)

8 Park Avenue Shanghai 99% 33,432 133,393 65,424 394

Park Avenue Central Shanghai 99% 28,488 99,708 99,708 708

Villa Riviera Shanghai 99% 153,726 53,796 8,211 10

The Arcadia Tianjin 100% 127,970 74,826 40,270 86

Central Park City Wuxi 49.7% 352,534 670,510 (2) 415,207 (1) 3,537

The Botanica Chengdu 44.1% 419,775 1,042,846 (1) 445,987 (1) 4,930

Stamford City Jiangyin 82.9% 82,987 301,338 (2) 234,693 (2) 879

The Seasons Shenyang 100% 348,312 496,265 487,032 4,748

Waterfront Township Devt Shenyang 99.8% 302,681 756,580 752,080 (2) 5,695

Residential Devt, Pudong Shanghai 99% 264,090 323,458 (2) 317,659 (1) 2,667

Integrated Marina Lifestyle Devt Zhongshan 80% 827,641 408,274 402,774 2,855

Summer Ville Changzhou 100% 46,108 64,890 898 5

Serenity Cove (Ph 3) Tianjin 100% 128,685 80,000 79,800 340

Tianjin Eco-City (35.4 ha site in SUA) Tianjin 55% 354,174 684,500 684,500 5,033

Mixed Devt (A) Tianjin 100% 1,000,000 1,500,000 1,500,000 na

Mixed Devt (B) Tianjin 100% 666,665 1,666,665 1,666,665 na

Total 5,137,268 8,357,049 7,200,908 31,887

50

Other Overseas Residential Landbank

(1) Excludes commercial area

(2) Includes commercial area

Country Site

KLL's Total Land Area Total GFA

Remaining Area for

Sale

Remaining Units for

Sale

Stake (sm) (sm) (sm) Units

India Elita Promenade 51% 96,618 193,237 40,218 256

Elita Horizon 51% 79,177 150,680 150,680 1,138

Elita Garden Vista 37.7% 93,998 195,355 134,738 857

Sub-total 269,793 539,272 325,636 2,251

Indonesia Jakarta Garden City - Phase 1 51% 143,990 148,839 88,075 613

Jakarta Garden City – Remaining phases 827,914 999,890 999,890 7,403

Sub-total 971,904 1,148,729 1,087,965 8,016

Thailand Villa Arcadia at Srinakarin 45.5% 159,706 84,440 71,082 225

Villa Arcadia at Watcharapol 66.7% 124,912 68,314 80,860 257

Sub-total 284,618 152,754 151,942 482

Vietnam Saigon Sports City, HCMC 90% 640,477 713,222 (2) 290,100 (1) 2,318

The Estella, HCMC 55% 47,906 279,851 (2) 148,183 (1) 968

Waterfront Condo, Binh Thanh Dist, HCMC 60% 17,428 87,140 74,069 549

Riviera Point, Dist. 7, HCMC 75% 85,118 408,566 (2) 289,401 (1) 2,394

Dong Nai Waterfront City 50% 3,667,127 1,979,727 (2) 1,576,190 (1) 10,434

Prime Condo, Dist. 2, HCMC 60% 51,000 244,800 166,464 1,500

Villa Devt, Dist 9, HCMC 55% 135,142 55,746 74,328 177

Prime Condo, Dist. 9, HCMC 55% 62,727 250,908 213,272 1,777

Riviera Cove(Villa), Dist. 9, HCMC 60% 97,000 35,190 29,146 47

South Rach Chiec, Dist 2, HCMC 42% 300,000 755,000 641,750 4,700

Waterfront Villa Development, Dist 12, HCMC 60% 11,300 40,715 56,549 174

Sub-total 5,115,225 4,850,865 3,559,452 25,038

Middle East Waterfront apartment Devt., Jeddah, Saudi

Arabia 51% 36,236 253,652 253,652 993

36,236 253,652 253,652 993

Philippines Palmdale Heights(Ph2), Manila 30.9% 15,976 62,751 62,751 1,264

SM-KL Residential Devt. Manila 24.2% 7,068 56,000 56,000 430

Sub-total 23,044 118,751 118,751 1,694

Total 6,700,820 7,064,023 5,497,398 38,474

26

51

Geographical Breakdown

Asset Allocation – By Geographical Location

(31 Dec 2009)PATMI*- By Geographical Location

(31 Dec 2009)

Singapore, 68.6%

China, 22.3%

Indonesia, 1.4%

Vietnam, 6.5%

India, 1%

Others, 0.2%

Singapore

63%

China

15%

Indonesia

8%

Vietnam

9%

India

1%Others

4%

*Before net fair value gain on investment properties (after adjusting for tax and minority interests) and gain on acquisition of

additional interest in K-REIT Asia

52

Loan Maturity Profile

Due in 2010, 48%

Due in 2011-2012,

14%

Due in 2013, 16%

Rolling, 22%

Total Debt : $1.7 bn

27

53

Singapore Commercial

Tenant Business Sector by Net Lettable Area as at 31 Dec 2009

Diverse tenant mix reduces exposure to specific sector

54

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.