Contents Financial Performance Financial Performance Operations - PDF document

1Q 2010 Results 20 April 2010 Contents  Financial Performance Financial Performance  Operations Review  Market Outlook  Going Forward 2 1

Highlights  Net profit up 75.3% y ‐ o ‐ y to $64.7m Stronger Earnings  Annualised ROE up 25% y ‐ o ‐ y to 7.5% p y y  Good take ‐ up for Reflections at Keppel Bay Robust  Strong sales for township project in China Sales  Acquired waterfront township and villa sites in HCMC, Vietnam ill i i HCMC Vi Selective  K ‐ REIT Asia took 50% stake in Brisbane Acquisitions office building  Alpha’s fund acquired 77% stake in Katong Mall, Singapore 3 Financial Performance 4 2

Financial Performance –1Q2010 vs. 1Q2009 Net Profit up by 75.3% y ‐ o ‐ y 1Q 2010 1Q 2009 % Chg Turnover $158.8m $145.7m 9 EBITDA $48.7m $34.3m 42 Operating Profit $46.4m $31.9m 45.5 Pre ‐ tax Profit $88.7m $55.7m 59.2 Net Profit $64.7m $36.9m 75.3 5 Key Financial Ratios Gearing down by 53.8% y ‐ o ‐ y 1Q 2010 1Q 2009 % Chg 3.6 cts * EPS 4.5 cts 25 Annualised ROE 7.5% 6% 25 Net Debt/Equity Ratio / 0.24x 0.52x (53.8) NTA/Share $2.43 # $3.50 (30.6) * Restated to include the effect of the 9 ‐ for ‐ 10 rights issue in 2009 # Lower due to the effect of the rights issue 6 3

Breakdown of Net Profit – Business Segment Business Segment 1Q 2010 1Q 2009 % Chg Comments Higher due mainly to increased contributions from Reflections and Property Trading $48.7m $31.7m 53.6 Caribbean at Keppel Bay, and Marina Bay Suites in Singapore Higher due mainly to improved earnings of Property Investment $12.4m $9.6m 29.2 K ‐ REIT Asia Higher due to higher fee income from Alpha Fund Management $7.4m $4.6m 60.9 and K ‐ REIT Asia Management Hotels / Resorts $0.1m $0.1m ‐ Improved as a result of the write back of Others ($3.9m) ($9.1m) nm cost over ‐ provision Total $64.7m $36.9m 75.3 7 Breakdown of Net Profit ‐ Geographical Location Geographical 1Q 2010 1Q 2009 Comments Location Location Higher due mainly to higher trading Singapore $44.2m 68.3% $27.5m 74.5% profits, rental income and fee income Higher due mainly to increased Overseas $20.5m 31.7% $9.4m 25.5% profit contribution from China Total $64.7m 100% $36.9m 100% 8 4

Notes on Profit Recognition Profit % of % of Project Recognised Sales Completion in 1Q 2010 Caribbean at Keppel Bay (168 remaining units) 97.7% 100% $8.8m Reflections at Keppel Bay (1,129 units) 57.1% 42.4% $7.9m Marina Bay Residences (428 units) 100% 91.2% $6.8m Marina Bay Suites (221 units) 39.2% 18.5% $6.4m The Arcadia, Tianjin (168 units) 54.2% 100% $7m Villa Riviera, Shanghai (168 units) Villa Riviera Shanghai (168 units) Phase 1 (42 units) 100% 100% Phase 2 (46 units) 74.9% 99.9% $3.2m Phase 3 (80 units) 98.7% 95.6% 9 Healthy Balance Sheet 1Q 2010 1Q 2009 Net Debt N D b $0.93 bn $0 93 b $1 55 b $1.55 bn Avg Interest Rate of Borrowings 2.15% 2.44% % Fixed Rate Debt 34% 17% Avg Debt Maturity 2.34 years 1.32 years (1) (1) Interest Cover Ratio 15.7x 6.11x Profit Before Net Interest and Tax (1) Interest Cover Ratio = Net Interest Cost Expensed and Capitalised 10 5

Loan Maturity Profile Due in 2010 24% Due in 2011 18% Due in 2012 19% Due in 2013 22% Due in 2015 Due in 2015 6% 6% Rolling 11% Total Debt : $1.7 bn 11 Financial Management  Diversified Funding Base • Strong cash position : $0.8 billion as at end ‐ Mar 2010 Strong cash position : $0.8 billion as at end Mar 2010 • Funds from operations and related companies • Credit facilities and MTN programme (unutilised :US$456m)  Prudent Debt Management • Refinancing on track with improved debt maturity ‐ Well ‐ spread and lengthened maturity profile W ll d d l h d i fil • Higher proportion of fixed debt in low interest rate environment ‐ Increased from 26% to 34% • Low cost of funds : 2.15% as at end ‐ Mar 2010 12 6

Operations Review 13 Singapore 14 7

Singapore Residential Strong take ‐ up for new release at Reflections at Keppel Bay Reflections at Keppel Bay Resorts World Sentosa and Universal Studios  Capitalise on the opening of Resorts World Sentosa and Universal Studios  Total : 1,129 units • 97% of 760 launched units sold to date (1) (1) 98% of 740 units launched sold as at end ‐ Mar 2010 15 Singapore Commercial – MBFC and OFC Phase 1 of MBFC fully leased ahead of completion Ocean Financial Marina Bay Financial Centre Marina Bay Financial Centre Centre Marina Bay Financial Centre (MBFC) Ocean Financial Centre (OFC)  New take ‐ up  Total commitment : 31% • Barclays : Additional 250,000 sf • Prudential : Approx. 37,000 sf  Total NLA : 850,000 sf  Overall commitment : 78%  4 th generation building to rise at former • Phase 1 : 1.6m sf Ocean Building site ‐ Towers 1 & 2 : Fully leased* • Phase 2 : 1.3m sf  Completion : Mid ‐ 2011 ‐ Tower 3 : 55% 16 * Except for a small percentage of space reserved for existing tenants’ expansion 8

Singapore Commercial – K ‐ REIT Asia Stable income growth with selective acquisitions  Continued income growth 275 George Street • Distributable income : Up 13.8% y ‐ o ‐ y to $17.8m • Distribution per unit : 1.33 cents • Committed occupancy as at 1Q 2010 : 96% • Average portfolio rent in Mar 2010 : $8.30 psf (1)  Enlarged portfolio with quality assets • 50% stake in 275 George Street, Grade A commercial building, Brisbane’s CBD ‐ Portfolio asset size up from $2.1bn to $2.3bn  Low aggregate leverage of 25.2% provides capacity for acquisitions (1) The average rental of K ‐ REIT Asia’s portfolio of properties in Singapore, excluding 275 George Street in Brisbane, Australia 17 Overseas 18 9

Overseas – China Strong demand for townships The Botanica, Chengdu The Arcadia, Tianjin Phase 5 : 1,810 units Total : 168 units All 376 launched units sold in 88% of 115 launched units sold first weekend of April as at end ‐ Mar 2010 19 Overseas – Vietnam Steady demand for quality homes Riviera Cove, HCMC The Estella, HCMC Total : 96 villas Phase 1 : 719 units 83% of 82 launched units sold 61% of 719 units sold as at end ‐ Mar 2010 as at end ‐ Mar 2010 20 10

Overseas – India and Indonesia Continued sales as market sentiment improves Elita Promenade, Bangalore Elita Garden Vista, Kolkata Jakarta Garden City Total : 1,573 units Phase 1 : 688 units Phase 1 : 994 units 77% of 580 launched units 90% of 1,495 launched units 65% of 688 units sold sold as at end ‐ Mar 2010 as at end ‐ Mar 2010 sold as at end ‐ Mar 2010 21 Fund Management 22 11

Fund Management Increased AUM with selective acquisitions  Alpha Investment Partners : Alpha Asia Macro Trends Fund • Acquired 77% stake in Katong Mall, Singapore • Actively seeking new acquisitions in core Asia markets  K ‐ REIT Asia • Acquired 50% stake in 275 George Street , Brisbane, Australia No. of Committed Funds under Alpha % Invested Countries Equity Invested In Total AUM: Asia No. 1 Property Fund $400m 100% 4 Alpha Investment $10.0 bn Partners : Alpha Core Plus Real Estate Fund $7.7 bn (1) $720m 100% 4 AIB Alpha Japan Fund $259m 46% 1 K ‐ REIT Asia : $2.3 bn (2) Alpha Asia Macro Trends Fund $1.7bn 30% 5 (1) When fully leveraged and fully invested (2) Includes asset revaluation, Prudential Tower strata acquisition and 50% stake in 275 George Street, Brisbane, Australia 23 Awards 24 12

Awards Best Annual Report (Gold) at Singapore Corporate Awards • Market capitalisation of $1 bn and above Business Times revised Governance and Transparency Index (1) • Ranked top 2% out of 681 companies 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 ISO 14001 certification • Singapore property development and property management operations • Property development operations in China and Vietnam LEED (2) Award • Ocean Financial Centre – Platinum level LEED ‐ CS pre ‐ certification BCA Green Mark Awards • 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 devts) • Riviera Cove, HCMC – Gold • The Arcadia, Tianjin – Gold • The Springdale, Shanghai (Plots 1 and 3) – Gold • Spring City (Residential – La Quinta), Kunming – Gold (1) Replaced Business Times Corporate Transparency Index 25 (2) Leadership in Energy and Environmental Design Market Outlook 26 13