Investor MeetingsOctober - November 2003

KEPPEL LAND

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Presentation Highlights

Introduction

Financial Highlights

Operations Review

Market Outlook

– China

– Thailand

– Vietnam

Going Forward

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Corporate Profile

• Third largest listed property company in Singapore by total assets (about $4.6 billion as at 31 December 2002)

• Established developer of quality housing and investment-grade properties

• Recognition for good corporate governance and transparency

Awarded Best Annual Report five consecutive years

Runner-up for the SIAS Most Transparent Company Award under the Properties category for the fourth consecutive year

Ranked 6th among 285 listed companies in BT Corporate Transparency Index ranking for FY2002 results.

Geographically diversified in Asia, currently focusing in China, Thailand and Vietnam

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Strategic Focus

• Taking advantage of regional economic growth, focus on two core businesses :

– Property development for sale in Asia

Grow overseas earnings to 50% by 2005

(At end-3Q03, overseas contribution made up 32% of group earnings)

– Property fund management

(First closing of $180m for Asia No. 1 Property Fund in May 2003)

• Divest low-yielding assets and re-deploy resources into higher yielding core businesses and assets

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Regional Country Focus

Focus

China, Thailand and Vietnam

Selective land acquisition for immediate development for sale

Active Monitor

Hong Kong, India, Indonesia, Japan, S.Korea, Malaysia and

Philippines

Monitor markets for any future opportunities

Monitor

Australia and Myanmar

Keep watching brief of the markets

Financial Highlights

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Financial Performance

$m YTD Sept YTD Sept % 2003 2002 Change

Turnover 487.6 208.0 134.4

EBITDA 93.8 85.8 9.3

Operating Profit 83.1 73.1 13.7

Pre-tax Profit 89.2 78.4 13.8

Exceptional Item - 2.5* -

PATMI 78.5 61.1 28.5

*Sale of Bayswater Village

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Key Ratios

Key Ratios YTD Sept YTD Sept % 2003 2002 Change

EPS (¢) 11.1 8.6 29.1

NTA/Share ($) 2.18 2.40 (9.2)

Debt/Equity Ratio 0.95 1.11 (14.4)

Annualised ROE (%) 6.9 5.0 38.0

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Net Profit - by Business Segment

Business Segment YTD Sept YTD Sept2003 2002 %$m $m Change

PropertyInvestment 24.7 43.6 (43.3)Trading 53.7 11.2 379.5

OthersHotels/Resorts (11.7) (8.5) nmProperty Services / Etc. 11.8 12.3 (4.1)

Exceptional Item - 2.5* -

PATMI 78.5 61.1 28.5

* Sale of Bayswater Village

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Net Profit - by Geographical Location

Geographical Segment YTD Sept 2003 YTD Sept 2002 %

$m % $m % Change

Singapore 53.3 67.9 56.8 93.0 (6.2)

Other Countries 25.2 32.1 1.8 2.9 1,300.0

Exceptional Item - - 2.5* 4.1 -

PATMI 78.5 100.0 61.1 100.0 28.5

*Sale of Bayswater Village

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Notes on Profit Recognition

Singapore

To date, two plots at Cluny Hill sold (Profit recognition for one plot amounting to $5.2 million in 3Q2003)

Profit recognition of $7.7 million for Caribbean at Keppel Bay YTD, based on 34% sales and 58% completion (Profit recognition of $2.5 million in 3Q2003)

Overseas

One Park Avenue 100% sold. Profit recognition of $26 million YTD, based on 90% sales and 47% completion (Profit recognition of $13.1 million in 3Q2003)

Operations Review

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Operations Review

SingaporeSold two good class bungalow plots at Cluny Hill in exclusive residential enclave near Botanic Gardens

China

Formed CityOne Township Development Pte Ltd, a 50-50 JV with HDB Corporation, to develop residential townships in China starting with Chengdu and Shenyang

Thailand

Acquired a 12.5 ha site off Watcharapol Road for development of 278 units of landed detached houses

Market Outlook

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Market Outlook

Singapore

Residential - Market gradually turning positive. Demand expected to improve with economic recovery and job security

Office - Market bottoming out and demand expected to recover in tandem with economy

OverseasHealthy demand for housing with rising affluence and government incentives, low interest rates and urbanisation trends e.g. China, Thailand and Vietnam

Potential new markets like India with rising economic prospects and a sizeable middle income group offer opportunities for residential development

China

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Keppel Land’s presence in China

Beijing

Chengdu Shanghai

Kunming

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Sustainable demand drivers

• GDP growth of about 8%, leading to affluence and increased disposable income

• Increased business activity expected with China’s entry into WTO and the hosting of the 2008 Olympic Games and World Expo in 2010

• Government housing reforms (e.g. tax incentives, subsidies and low mortgage rates)

• Merging of foreign and domestic sales markets in Shanghai and Beijing

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Impact of PBOC Guidelines

• Eliminate property developers with poor standing– Check “problematic loans” to small developers who have

over-speculated in the property market

– Level the playing field among developers

• Banks may disburse buyers’ mortgage loan quantum to the developer upon structural completion, as opposed to the S&P stage previously

• Curb speculative activities in the housing market– High-end segment may moderate

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Impact of PBOC GuidelinesImpact to Keppel Land

• Minimal impact of guideline on project financing on Keppel Land

• Currently, projects in China not financed by Chinese banks.

• If required, most likely able to secure loans from Chinese banks as we do not need more than 70% financing

Thailand

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Sustainable demand drivers

• GDP growth of 4.5 - 5.5% backed by domestic consumption and exports

• Shortage of supply, especially in the landed housing market

• Government incentives ( tax breaks, rebates, and low mortgage rates)

• A relatively young growing population and household formation

Vietnam

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Sustainable demand drivers

• GDP growth of 7-7.5% supported by exports and foreign investments

• Rising affluence among households as evidenced by 35% per annum growth in auto sales and surge in demand for quality housing

• Change in laws allowing Viet Kieus to purchase property (US$3 billion p.a. repatriated from overseas)

Going Forward

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Going Forward

Singapore

Selectively launch residential projects

Continue to divest investment properties that are low yielding for re-investment into higher yielding core businesses and assets

OverseasPossible launches in Shanghai, Bangkok and Ho Chi Minh CityActively seek new opportunities in other promising cities in Asia (e.g. India) for residential development Continuing to selectively expand our presence in existing markets (e.g. Indonesia and Malaysia)

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Residential LaunchesSingapore

Project Location Total No. % Launchof Units Sold Date

LaunchedThe Callista 22 Mar Thoma Road 87 59% On-goingThe Elysia 6 Mar Thoma Road 40 18% On-goingThe Linc Lincoln Road 51 43% On-goingFreesia Woods Sunset Way 129 57% On-goingCluny Hill Bungalow Plots Cluny Hill 16 50% On-going

Possible Launches in 4Q2003*The Tresor Duchess Park 62 4Q2003Pinnacles @ Wee Nam Wee Nam Road 280 4Q2003Caribbean at Keppel Bay^(30%) Keppel Bay Drive 969 31% 4Q2003

As at 27 October 2003* Depending on market conditions^ Launches of balanced units

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Residential LaunchesOverseas

Project Total No. of Units Exp Launch DateChina

8 Park Avenue, Shanghai 947 condo units 4Q2003Wang Jing Project, Beijing 1,860 condo units 1Q2004Wang Jiang Garden, Chengdu 1,200 condo units 2Q2004Park Avenue Central, Shanghai 708 condo units 4Q2005Chengdu Township (Phase 1) 2,500 apartments 2Q2005

Thailand Villa Arcadia Srinakarin 360 detached houses 4Q2003Villa Arcadia Watcharapol 278 detached houses 3Q2004

Vietnam Villa Riviera, Ho Chi Minh City 113 villas 4Q2003Saigon Sports City (Phase 1) 250 apartments 2Q2005

As at 27 October 2003

Thank You

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.