9 Months 2004 Results Announcement 26 October 2004

9 Months 2004 Results Announcement 26 October, 2004

Scope of Briefing u Address by Executive Chairman u Group Financial Highlights u Business Review & Outlook

Group Financial Highlights 3

9 M 2004 Performance u PATMI of S$352 m, up 21% from 9 M 2003 u EPS of 45. 4 cents, up 21% from 9 M 2003 u Annualised ROE increased to 15. 6% u EVA improved by S$148 m over 9 M 2003 u Free cash flow of S$320 m u Divestments of S$160 m u 0. 74 x gearing 4

Earnings & EPS Growth S$m 9 M 2004 Turnover EBITDA Operating Profit Before Tax PATMI (excl. deferred tax adjustment) EPS (cents) 9 M 2003 % Change 2, 795 465 346 478 352 338 4, 731 536 368 399 290 (41) (13) (6) 20 21 17 45. 4 37. 5 21 Solid PATMI and EPS growth 5

Turnover by Segments S$m Offshore & Marine Property Infrastructure Sub Total Investments* Total 9 M 2004 % 9 M 2003 % % Change 1, 632 550 556 2, 738 57 2, 795 58 20 20 98 2 100 1, 035 611 618 2, 264 2, 467 4, 731 22 13 13 48 52 100 58 (10) 21 (98) (41) * Deconsolidation of SPC reduced Investments’ turnover 6

PATMI by Segments S$m Offshore & Marine Property Infrastructure Sub Total Investments Total* 9 M 2004 % 9 M 2003 143 89 33 265 87 352 41 25 9 75 25 100 112 69 45 226 64 290 % 39 24 15 78 22 100 % Change 28 29 (27) 17 36 21 * 9 M 2004 PATMI includes deferred tax adjustments of S$10 m in Offshore & Marine, S$3 m in Property and S$1 m in Investments 7

Consistent Growth PATMI (S$m) EPS (Cents) 51. 1 395 4 Q: 267 237 4 Q: 3 Q: 4 Q: 30. 7 3 Q: 2 Q: 4 Q: 3 Q: 2 Q: 1 Q: 2 Q: 1 Q: 3 Q: 34. 8 3 Q: 2 Q: 45. 4 2 Q: 3 Q: 1 Q: 46. 3 352 356 1 Q: 1 H 1 Q: 2 H 8

Positive EVA S$m ‘ 01 ‘ 02 ‘ 03 9 M ‘ 04 23 + S$148 m (125) + S$170 m (295) + S$370 m (665) 9

ROE above 15% * Annualised ROE 10

Healthy Free Cash Flow 9 M 2004 S$m Cash flow from operating activities Operating profit Depreciation & amortisation Working capital changes Interest & tax paid Net cash from operating activities Operational capex Proceeds from divestments Dividend income 346 116 462 (233) (42) 187 (75) 153 55 Net cash from investing activities 133 Free Cash Flow 320 Dividends paid (264) 11

Business Review & Outlook 12

3 Q Business Trends u. Higher price benchmark by oil majors u. Sustained momentum in E & P spending u. Overall improvement in rig utilisation u. Strong shipping and shipbuilding market u. Higher refining margins u. Stronger demand for regional residential properties u. Improving domestic property market

Offshore & Marine

Positive Market Fundamentals u Favourable factors supporting E&P activities • Additional secured supply needed to meet growing global demand for oil and gas • Sustained high oil and gas prices • Deeper and more challenging drilling requirements needing new rigs u Outlook for FPSO conversions and offshore support vessels is strong

Sustainable Offshore Cycle u Ageing rig fleet with current average of 23 years versus 4. 5 years in 1980 u Improving rig utilisation and charter rates u Number of rigs built still modest * Source: Rigzone, ODS-Petrodata (Utilisation rates as at Aug ’ 04) 16

Record contracts secured

Strong Job Prospects Products/Services Estimated Value S$b Jackups (Newbuildings/Repairs/Upgrading) 2. 2 Semi-submersibles (Newbuildings/Repairs/Upgrading) 0. 8 FPSOs (Conversions/Upgrades) 0. 5 Shipbuilding (AHTS/Tugs/Supply Vessels etc. ) 0. 6 Platforms/Topsides/Turrets etc. 0. 8 Total 4. 9 18

Property

Growth Strategy: Regional Thrust u Regional economies in industrialization phase u Rising affluence and middle income earners u Supportive government policies Growing pool of potential home owners * Source: Asian Development Bank, Apr ‘ 04 20

Indicative sales from regional launches 97% 92% 73% % Sold YTD Units Launched in 2004 52% 337 321 230 25

Overseas pipeline next two years 2, 778 2, 002 1, 423 1, 538 587 588 22

Domestic market turns the corner u Outlook for private residential properties expected to improve • Caribbean at Keppel Bay: 87% of 135 units launched in Aug ‘ 04 sold. Total % of Caribbean sold: 44% • Urbana: 78% of 65 units launched in Jul ’ 04 sold. Total % of project sold: 40% u Expected recovery in prime office properties, supported by limited new supply in next two years • Tenant took up 30% of South Tower at One Raffles Quay, largest office leasing transaction since 1998

Infrastructure

Infrastructure Outlook u Finalising Keppel Cogen power project u Alternatives for power barges under consideration u Continue to build up core competencies in Environmental Engineering • Enhancing technology capabilities • Strengthening marketing network • Developing strategic partnerships u Pursuing S$800 m new contracts

2004 Financial Targets ü Sustained growth ü EPS CAGR of 8 -12% through 2005 ü Maintain ROE of 15% ü Continued EVA improvement ü Maintain dividend payout ratio of 30 -35%

Keppel Corporation 9 M 2004 Results Thank You Q&A

Additional Info

Keppel Corporation

Financial Highlights – Keppel Corp S$m Turnover EBITDA Operating Profit Before Tax PATMI (excl. deferred tax adjustments) 1 Q 2004 896 147 109 148 132 118 1 Q 2003 1, 744 175 121 132 94 94 % Change (49) (16) (10) 12 40 26 30

Financial Highlights – Keppel Corp S$m Turnover EBITDA Operating Profit Before Tax PATMI 2 Q 2004 2 Q 2003 % Change 922 163 121 158 108 1, 476 172 120 122 98 (38) (5) 1 30 10 31

Financial Highlights – Keppel Corp S$m Turnover EBITDA Operating Profit Before Tax PATMI 3 Q 2004 977 155 116 172 112 3 Q 2003 1, 511 189 127 145 98 % Change (35) (18) (9) 19 14 32

Turnover by Customers 9 M 2004 Offshore & Marine Property Infrastructure Sub total Investments Total S$m 1, 632 550 556 2, 738 57 2, 795 Overseas % 88 32 61 71 Singapore % 12 68 39 29 71% of total turnover came from overseas customers 33

EBITDA by Segments S$m Offshore & Marine Property Infrastructure Sub Total Investments Total 9 M 2004 % 9 M 2003 217 160 72 449 16 465 47 34 16 97 3 100 197 137 90 424 112 536 % 37 25 17 79 21 100 % Change 10 17 (20) 6 (86) (13) 34

PATMI By Segments 21% growth S$290 m 17% growth S$352 m Offshore & Marine Property Infrastructure Investments Deferred Tax Adjustments Note: 9 M 2004 PATMI includes deferred tax adjustments of S$10 m in Offshore & Marine, S$3 m in Property and S$1 m in Investments 35

Capital/Gearing/ROE S$m 30 Sep 2004 31 Dec 2003 Shareholders' Funds 2, 969 2, 890 Capital Employed Net Debt Net Gearing 4, 067 3, 959 2, 994 0. 74 x 3, 040 0. 77 x ROE 15. 6%* * Annualised ROE 14. 1% 36

Offshore & Marine

Financial Highlights – Offshore & Marine S$m Turnover EBITDA Operating Profit Before Tax PATMI (excl. deferred tax adjustments) 9 M 2004 1, 632 217 174 175 143 133 9 M 2003 1, 035 197 144 143 112 % Change 58 10 21 22 28 19 38

Financial Highlights – Offshore & Marine S$m Turnover EBITDA Operating Profit Before Tax PATMI (excl. deferred tax adjustments) 1 Q 2004 1 Q 2003 % Change 547 82 68 70 72 62 393 65 49 48 36 36 39 26 39 46 100 72 39

Financial Highlights – Offshore & Marine S$m Turnover EBITDA Operating Profit Before Tax PATMI 2 Q 2004 2 Q 2003 % Change 498 63 49 48 34 332 64 47 47 38 50 (2) 4 2 (11) 40

Financial Highlights – Offshore & Marine S$m Turnover EBITDA Operating Profit Before Tax PATMI 3 Q 2004 3 Q 2003 587 72 57 57 37 310 68 48 48 38 % Change 89 6 19 19 (3) 41

Offshore & Marine Review u S$324 m contracts secured in 3 Q 2004: 1 JU newbuild, 2 JU repairs, 1 semi repair, TPG 500 suction cans, 1 derrick barge upgrade, 2 AHTS, 1 FSO conversion, 1 cruise vessel refurbishment u Major contract completions in 3 Q 2004: 1 floating dock upgrade, 1 derrick barge upgrade, 1 semi upgrade, 2 AHTS, 1 tender barge upgrade, 2 JU upgrades, 2 shuttle tanker conversions, 2 tugs

Offshore & Marine Orderbook For delivery in 2004 4 Jack Up Upgrades / Repairs / 1 Processing Platform S$m Contract Balance Value Order Clients 157 31 Ensco / GSF / JDC / Sedco / Petrovietnam 2 Semi Conversions / Upgrades / 2 FPSO Conversions 154 23 JCE Group / Diamond / Halliburton / Perenco 3 AHTS / 4 Tugs / 1 Support Vessel Refit / 1 Cement Carrier Conversion 122 29 Delba Maritima /CH Offshore / Hadi Hammam / Keppel Smit / PSA Marine / RFA / Windstor 659 240 BP / NDC / Ensco / Atwood / Boeing 363 272 Kvaener / easy. Cruise / Saipem / Technip / Maersk / Gulfmark Offshore / Pacific Richfield / Bourbon / Smit / Hadi Hammam / PSA Marine 871 819 Skeie / Ensco / Odfjell / Bourbon / Smit / Hadi Hammam 1, 073 Petrobras 1, 093 Petrobras For delivery in 2005 2 Jack Ups / 2 Jack Up Upgrades / Repairs / 1 Semi Modification 1 Cruise Vessel Lengthening / 1 Cruise Vessel Refurbishment / 1 Derrick Barge Upgrade / Suction Cans / 2 PSVs / 10 AHTS / 2 Tugs For delivery in 2006 4 Jack Ups / 3 AHTS For delivery in 2007 1 Semi (P 52) For delivery in 2008 1 Semi (P 51) TOTAL as at 30 Sep 2004 S$4. 5 b S$3. 6 b 43

Property

Financial Highlights - Property S$m Turnover EBITDA Operating Profit Before Tax PATMI (excl. deferred tax adjustments) 9 M 2004 9 M 2003 % Change 550 160 154 89 86 611 137 125 120 69 69 (10) 17 20 28 29 25 NB: Property segment includes all property related businesses of KCL 45

Financial Highlights – Property S$m Turnover EBITDA Operating Profit Before Tax PATMI (excl. deferred tax adjustments) 1 Q 2004 1 Q 2003 139 37 34 39 25 22 170 44 40 38 20 20 NB: Property segment includes all property related businesses of KCL % Change (18) (16) (15) 3 25 10 46

Financial Highlights – Property S$m Turnover EBITDA Operating Profit Before Tax PATMI 2 Q 2004 2 Q 2003 209 57 53 52 29 206 40 38 35 23 NB: Property segment includes all property related businesses of KCL % Change 1 43 39 49 26 47

Financial Highlights – Property S$m Turnover EBITDA Operating Profit Before Tax PATMI 3 Q 2004 3 Q 2003 % Change 202 66 63 63 35 235 53 47 47 26 (14) 25 34 34 35 NB: Property segment includes all property related businesses of KCL 48

Infrastructure

Financial Highlights – Infrastructure S$m Turnover EBITDA Operating Profit Before Tax PATMI 9 M 2004 9 M 2003 556 72 20 36 33 618 90 34 45 45 % Change (10) (20) (41) (20) (27) 50

Financial Highlights – Infrastructure S$m Turnover EBITDA Operating Profit Before Tax PATMI 1 Q 2004 1 Q 2003 187 27 11 15 15 183 33 14 15 19 % Change 2 (18) (21) 51

Financial Highlights – Infrastructure S$m Turnover EBITDA Operating Profit Before Tax PATMI 2 Q 2004 2 Q 2003 195 28 9 15 13 218 28 10 13 13 % Change (11) (10) 15 - 52

Financial Highlights – Infrastructure S$m Turnover EBITDA Operating Profit Before Tax PATMI 3 Q 2004 17 0 6 5 3 Q 2003 217 29 10 17 13 % Change (20) (41) (100) (65) (62) 53

Infrastructure Order Book & Job Prospects S$m Utilities Engineering Network Engineering Total Order Book 571 Job Prospects 770 48 30 619 800 54

Investments

Financial Highlights - Investments S$m Turnover EBITDA Operating Profit Before Tax PATMI (excl. deferred tax adjustments) 9 M 2004 57 16 2 113 87 86 9 M 2003 % Change 2, 467 112 65 91 64 64 (98) (86) (97) 24 36 34 56

Financial Highlights – Investments S$m Turnover EBITDA Operating Profit Before Tax PATMI (excl. deferred tax adjustments) 1 Q 2004 23 1 (4) 24 20 19 1 Q 2003 998 33 18 31 19 19 % Change (98) (97) NM (23) 5 - 57

Financial Highlights – Investments S$m Turnover EBITDA Operating Profit Before Tax PATMI 2 Q 2004 20 15 10 43 32 2 Q 2003 720 40 25 27 24 % Change (97) (63) (60) 59 33 58

Financial Highlights – Investments S$m Turnover EBITDA Operating Profit Before Tax PATMI 3 Q 2004 14 (4) 46 35 3 Q 2003 749 39 22 33 21 % Change (98) (100) NM 39 67 59

This release may contain forward-looking statements which are subject to risks and uncertainties that could cause actual results to differ materially from such statements. Such risks and uncertainties include industry and economic conditions, competition, and legal, governmental and regulatory changes. The forward-looking statements reflect the current views of Management on future trends and developments.