1(a) GROUP PROFIT AND LOSS ACCOUNT 2. 1(b) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 5. 1(c)(i) BALANCE SHEETS 6

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1 FULL YEAR 2013 FINANCIAL STATEMENTS ANNOUNCEMENT UNAUDITED RESULTS FOR THE FULL YEAR ENDED 31 DECEMBER 2013 TABLE OF CONTENTS Page 1(a) GROUP PROFIT AND LOSS ACCOUNT 2 1(b) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 5 1(c)(i) BALANCE SHEETS 6 1(c)(ii) GROUP S BORROWINGS AND DEBT SECURITIES 8 1(d)(i) STATEMENTS OF CHANGES IN EQUITY 9 1(d)(ii) SHARE CAPITAL 12 1(e) CONSOLIDATED CASH FLOW STATEMENT 13 2 AUDIT 19 3 AUDITOR S REPORT 19 4 ACCOUNTING POLICIES 19 5 CHANGES IN THE ACCOUNTING POLICIES 20 6 EARNINGS PER ORDINARY SHARE 20 7 NET ASSET VALUE 20 8 REVIEW OF GROUP PERFORMANCE 21 9 VARIANCE FROM FORECAST STATEMENT PROSPECTS BUSINESS DYNAMICS AND RISK FACTORS DIVIDENDS SEGMENTAL ANALYSIS REVIEW OF SEGMENTAL PERFORMANCE BREAKDOWN OF SALES INTERESTED PERSON TRANSACTIONS REPORT OF PERSONS OCCUPYING MANAGERIAL POSITIONS WHO ARE RELATED TO A DIRECTOR, CHIEF EXECUTIVE OFFICER OR SUBSTANTIAL SHAREHOLDER 31 Appendix SEGMENTAL RESULTS - QUARTERLY BREAKDOWN 32 Keppel Land Limited, Page 1 of 33

2 1. UNAUDITED RESULTS FOR THE FULL YEAR ENDED 31 DECEMBER 2013 The Directors of Keppel Land Limited announce the following unaudited results of the Group for the full year ended 31 December 2013: 1(a) GROUP PROFIT AND LOSS ACCOUNT for the Full Year Ended 31 December 2013 Fourth Quarter Full Year Note /(-) /(-) $'000 $'000 % $'000 $'000 % Sales 505, , ,461, , Cost of sales (376,355) (328,974) 14.4 (1,047,143) (624,673) 67.6 Gross profit 129, ,948 (9.5) 413, , Distribution costs 1 (3,742) (2,941) 27.2 (22,888) (13,637) 67.8 Administrative and other expenses 2 (41,353) (34,790) 18.9 (146,500) (120,248) 21.8 Other income 3 172,102 22, ,551 79, Other losses 4 (2,443) (321) (2,443) (23,459) (89.6) Investment income ,495 (79.0) 11,510 4, Interest income 6 7,270 10,546 (31.1) 30,959 39,528 (21.7) Interest expense 6 (3,586) (5,769) (37.8) (28,309) (40,263) (29.7) Share of results of associated companies and jointly controlled entities 7 43,464 98,034 (55.7) 226, ,832 (39.3) Pre-tax profit before fair value gain on investment properties 301, , , , Fair value gain on investment properties 8 331, ,495 (11.4) 331, ,495 (11.4) Pre-tax profit after fair value gain on investment properties 9 632, , ,000, , Taxation 9, 10 (48,246) (60,732) (20.6) (96,819) (122,226) (20.8) Profit for the quarter/year 584, , , , Profit attributable to: Shareholders of the Company 9 567, , , , Non-controlling interests 9 17,095 18,311 (6.6) 18,062 26,714 (32.4) 584, , , , Basic earnings per share (cents) before fair value gain on investment properties after fair value gain on investment properties Diluted earnings per share (cents) before fair value gain on investment properties after fair value gain on investment properties Return on equity (%) before fair value gain on investment properties nm nm after fair value gain on investment properties nm nm Pre-tax profit is arrived at after charging/(crediting) the following: Depreciation charge^ 3,847 4,042 15,052 10,951 Loss on sale of fixed assets Allowance/(write-back of allowance) for foreseeable losses on properties held for sale 1,547 (3,083) 1,383 (6,656) Write-back of allowance for doubtful debts (1,673) (1,575) (1,267) (1,525) Bad debts written off Cost of share-based payments - Cash-settled Equity-settled 1,255 1,475 3,311 4,419 Foreign exchange losses 3,115 2,169 3,056 5,549 Fair value loss/(gain) on foreign currency forward contracts 232 (26) 2,253 (3,298) Under/(over) provision of tax in respect of previous years (30,122) (8,703) Employee emoluments^ 44,638 25, , ,894 nm - not meaningful ^ Depreciation charge and employee emoluments are included in cost of sales, distribution costs, and administrative and other expenses. Keppel Land Limited, Page 2 of 33

3 Notes to Group Profit and Loss Account 1. The increase in distribution costs for 2013 was in line with higher sales. 2. Administrative and other expenses included staff costs, cost of share-based payments, depreciation charge, office overheads and exchange gains/losses. The increase of $26.3 million in 2013 was due primarily to higher staff costs ($27.1 million), depreciation charge ($3.5 million) and fair value loss on foreign currency forward contracts ($5.6 million), partly offset by lower exchange losses ($2.4 million) and higher capitalisation of costs by project development companies. The increase in staff costs was attributable mainly to lower write-back of staff cost provisions, and lower recovery of costs. The increase was also due to higher headcount as well as the consolidation of the results of Kingsdale Development Pte Ltd ( Kingsdale ) group following the Group s acquisition of an additional 36% interest in it in September Prior to the acquisition, the Group held 50% interest in Kingsdale group and had accounted for the investment as an associated company. 3. Other income comprised the following: Full Year Note $'000 $'000 Gains from divestment of: - Jakarta Garden City 160,789 - (i) - Hotel Sedona Manado, Indonesia 3,316 - (ii) % effective interests in Saigon Centre Phases 1 and 2-20,919 - PT Purosani Sri Persada - 3,129 Gain on remeasurement of previously held equity interest in Kingsdale group at fair value - 23,129 Fair value gain on call option 3,700 1,700 Other items 18,746 30,741 (iii) 186,551 79,618 (i) The gain arose from the divestment of the Group s 51% interests in PT Mitra Sindo Sukses ( PTMSS ) and PT Mitra Sindo Makmur ( PTMSM ) through its wholly-owned subsidiary companies, Le-Vision Pte Ltd and Castlehigh Pte. Ltd., respectively. The divestment gain from this transaction, after accounting for withholding tax, was approximately $148.5 million. (ii) The gain arose from the divestment of a wholly-owned subsidiary company, Montfort Development Pte Ltd ( Montfort ), which has a 50% indirect interest in Hotel Sedona Manado in Indonesia. (iii) Other items comprised net lease income from Keppel Towers and GE Tower pending redevelopment and write-back of excess costs accruals no longer required. 4. Other losses comprised the following: Full Year $'000 $'000 Loss on change in interest in an associated company (2,443) (321) Impairment loss on goodwill arising from acquisition of additional interest in Kingsdale group - (23,138) (2,443) (23,459) 5. The increase in investment income for 2013 was due primarily to higher dividend income received from the Group s investments in the funds managed by the wholly-owned Alpha Investment Partners Limited ( Alpha ). Keppel Land Limited, Page 3 of 33

4 Notes to Group Profit and Loss Account continued 6. The decrease in interest income for 2013 was due largely to lower interest income earned from deposits in line with lower cash balances of the Group, partly offset by higher interest income earned from loans extended to the associated companies. The lower interest expense for 2013 was mainly because of higher capitalisation of interest expenses by the project development companies. 7. The lower profits from associated companies and jointly controlled entities for 2013 were due primarily to lower contributions from Reflections at Keppel Bay, Marina Bay Suites and Central Park City in Wuxi. In 2012, a higher profit was recognised for Reflections at Keppel Bay following the handover of units sold under the deferred payment scheme to the purchasers. The lower profits were partly mitigated by the profits recognition from Corals at Keppel Bay which was launched in May 2013, and Plot R5A of The Botanica in Chengdu which was completed in March There were also improved contributions from Marina Bay Financial Centre Tower 3 and Keppel REIT. 8. The fair value gain on investment properties consisted of: Tax and Non- Tax and Noncontrolling controlling Gross Interests Net Gross Interests Net $'000 $'000 $'000 $'000 $'000 $'000 Fair value gain: Completed properties 321,488 (28,439) 293, ,479 (4,812) 351,667 Properties under construction 9,573 (386) 9,187 17,016 (7,194) 9,822 Total 331,061 (28,825) 302, ,495 (12,006) 361, The Group s full year profit from operations and fair value gain on investment properties were as follows: Fair Value Fair Value Operations Gain Total Operations Gain Total $'000 $'000 $'000 $'000 $'000 $'000 Pre-tax profit 669, ,061 1,000, , , ,308 Taxation (90,877) (5,942) (96,819) (118,141) (4,085) (122,226) 578, , , , , ,082 Non-controlling interests 4,821 (22,883) (18,062) (18,793) (7,921) (26,714) Profit attributable to shareholders 583, , , , , , Taxation for 2013 was lower than 2012, due mainly to a lower share of taxation from associated companies and jointly controlled entities as well as a write-back of tax following finalisation of prior years tax of several companies in Singapore. Keppel Land Limited, Page 4 of 33

5 1(b) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the Full Year Ended 31 December 2013 Fourth Quarter Full Year Note $'000 $'000 $'000 $'000 Profit for the quarter/year 584, , , ,082 Items that may be reclassified subsequently to profit or loss: Available-for-sale financial assets - Net fair value change (10,330) (7,169) (5,867) (1,922) Cash flow hedges - Net fair value change 1 4,901-4,901 - Foreign exchange translation - Exchange differences on consolidation 2 9,005 20, ,314 (126,748) - Exchange differences transferred to profit and loss account 3 21,789 (2,173) 24, Share of other comprehensive income of associated companies and jointly controlled entities - Net fair value change of available-for-sale financial assets Fair value change of available-for-sale financial assets transferred to profit and loss account Cash flow hedges 4 (3,703) (6,503) - Foreign exchange translation 5 (5,720) (1,969) (19,301) (20,039) Item that will not be reclassified subsequently to profit or loss: Share of other comprehensive income of jointly controlled entities - Revaluation surplus - 14,479-14,479 Other comprehensive income for the quarter/year, net of tax 16,527 24, ,594 (139,646) Total comprehensive income for the quarter/year 600, ,474 1,029, ,436 Total comprehensive income attributable to: Shareholders of the Company 574, ,704 1,000, ,979 Non-controlling interests 26,605 17,770 29,214 4,457 Notes to Consolidated Statement of Comprehensive Income 600, ,474 1,029, , These represented the effective portion of the net change in the fair value of interest rate swaps used to hedge exposure to interest rate risk for bank borrowings with floating interest rates. 2. These exchange differences arose from the translation of financial statements of foreign operations with functional currencies different from that of the Group s presentation currency as well as from the translation of foreign currency loans that formed part of the Group s net investment in foreign operations. The translation gain for 2013 was due largely to the appreciation of the United States dollar, Renminbi and Vietnamese dong against the Singapore dollar. For 2012, the translation loss arose mainly from the strengthening of Singapore dollar against United States dollar, Renminbi, Vietnamese dong and Indonesian rupiah. 3. These represented exchange differences which were transferred to the profit and loss account upon the disposal or liquidation of foreign operations. 4. These represented the Group s share of Keppel REIT s cash flow hedge (losses)/gains. 5. The share of foreign exchange translation losses arose mainly from the strengthening of the Singapore dollar against Australian dollar. Keppel Land Limited, Page 5 of 33

6 1(c)(i) BALANCE SHEETS as at 31 December 2013 GROUP COMPANY Note $'000 $'000 $'000 $'000 Share capital 2,398,336 2,392,820 2,398,336 2,392,820 Reserves 4,591,083 3,776,321 2,200,139 2,257,425 Share capital and reserves 1 6,989,419 6,169,141 4,598,475 4,650,245 Non-controlling interests 2 496, , Total equity 7,485,587 6,646,455 4,598,475 4,650,245 Represented by: Non-current assets Fixed assets 325, , Investment properties 3 1,568,209 1,301, Amounts owing by associated companies and jointly controlled entities 4 652, , Other non-current asset 109, , Investments Subsidiary companies - - 1,318,266 1,318,267 Associated companies and jointly controlled entities 5 2,917,588 2,566,520 70,099 70,380 Long-term investments 123, ,874 10,931 9,744 3,040,799 2,709,394 1,399,296 1,398,391 5,696,259 5,076,024 1,399,322 1,398,422 Current assets Properties held for sale 6 6,391,786 4,377, Stocks 5,009 4, Debtors 6 388, ,823 10,960 4,431 Amounts owing by holding company and related parties 4 55,480 45,278 6,605,581 5,605,711 Cash and cash equivalents 8 1,285,350 1,596,504 3,764 3,780 Less: Current liabilities 8,126,268 6,384,919 6,620,305 5,613,922 Creditors 7 1,785,640 1,458,980 20,436 53,824 Tax provision 149, ,011 1,743 9,075 Short-term borrowings 8 283, ,643 14, ,609 Amounts owing to holding company and related parties 7,881 8, , ,796 2,226,061 2,315, , ,304 Net current assets 5,900,207 4,069,588 5,929,302 4,642,618 Less: Non-current liabilities Long-term borrowings 8 3,869,749 2,348,613 2,729,164 1,388,824 Deferred taxation 182, , ,971 Other non-current liability 59, ,110,879 2,499,157 2,730,149 1,390,795 Net assets 7,485,587 6,646,455 4,598,475 4,650,245 Group net debt ($ 000) 8 2,867,674 1,466,752 Group net debt-equity ratio (times) Net asset value per share ($) Keppel Land Limited, Page 6 of 33

7 Review of Financial Position 1. Share capital and reserves for the Group grew by $820.3 million, due largely to the profits retained for the year and an increase in foreign currency translation reserves arising from the strengthening of the United States dollar, Renminbi and Vietnamese dong against the Singapore dollar, partly offset by payment of dividend in May As a result of the higher share capital and reserves, the Group s net asset value per share increased to $4.52 as at 31 December 2013 from $3.99 as at 31 December The increase in non-controlling interests was due primarily to additional capital contribution received from non-controlling shareholders, mainly for the Tianjin Eco-City project, partly offset by non-controlling interests deconsolidated upon the divestment of the Group s 51% interest in Jakarta Garden City. 3. The increase in investment properties arose mainly from fair value gains recognised in current year as well as the inclusion of the investment property held by Parksville Development Pte Ltd ( Parksville ) following the Group s acquisition of remaining 50% interest in it. The Group previously held a 50% interest in Parksville and had accounted for the investment as an associated company. 4. The comparative amounts for amounts owing by associates companies and jointly control entities as at 31 December 2012 had been reclassified from current to non-current to conform with current year s presentation. 5. The increase in the investments of associated companies and jointly controlled entities was on account of the share of current year s results (including fair value gains) and additional equity injection into the associated companies, partly reduced by dividends received from the associated companies. In 2013, the Group acquired a 42.5% interest in Equity Rainbow II Pte Ltd (which has a 80% indirect interest in Jinqiao, a retail mall in Shanghai, China) through its wholly-owned subsidiary, Hillsvale Resort Pte Ltd. 6. The increase in properties held for sale was due to the acquisition of the sites in Singapore and China, and development expenditures incurred for the Group s on-going residential developments. Certain amounts included in the comparative amounts for debtors as at 31 December 2012 had been reclassified to properties held for sale to conform with current year s presentation. 7. The increase in creditors was attributable mainly to purchase consideration payable in relation to the acquisition of a residential site in Sheshan area in Shanghai as well as increase in progress billings for projects accounted for under the completion of construction method. 8. The Group s net debt-equity ratio increased to 0.38 at end-december 2013 from 0.22 at end-december This was attributed mainly to the land payments for the residential developments in Singapore and China, equity injection into a project company in Chengdu, payments for the acquisitions of 42.5% interest in Equity Rainbow II Pte Ltd and the remaining 50% interest in Parksville, dividend payment, and partly offset by proceeds received from the divestment of the Group s 51% interest in Jakarta Garden City. Keppel Land Limited, Page 7 of 33

8 1(c)(ii) GROUP'S BORROWINGS AND DEBT SECURITIES Amount Repayable in One Year or Less, or on Demand As at As at Secured Unsecured Secured Unsecured $'000 $'000 $'000 $' ,590 97, , ,043 Amount Repayable after One Year As at As at Secured Unsecured Secured Unsecured $'000 $'000 $'000 $' ,518 3,150, ,672 2,004,941 In addition to funds from internal sources and related companies, the Group obtained its funds from the capital market and banks either on a bilateral or on a syndicated basis. At end-december 2013, about 58% of the Group s borrowings were on fixed rate basis. Details of Any Collateral Certain subsidiaries of the Company pledged their assets in order to obtain loans from financial institutions. The net book value of properties and other assets mortgaged to financial institutions amounted to $2,793.2 million ( : $1,303.4 million). Keppel Land Limited, Page 8 of 33

9 1(d)(i) STATEMENTS OF CHANGES IN EQUITY for the Full Year Ended 31 December 2013 Foreign Currency Non- Share Capital Translation Revenue controlling Total Capital Reserves Account Reserves Total Interests Equity $'000 $'000 $'000 $'000 $'000 $'000 $'000 GROUP Balance at 1 January ,392,820 75,609 (173,467) 3,874,179 6,169, ,314 6,646,455 Total comprehensive income for the year Profit for the year , ,892 18, ,954 Other comprehensive income * - (594) 115, ,442 11, ,594 Total comprehensive income for the year - (594) 115, ,892 1,000,334 29,214 1,029,548 Transactions with owners, recognised directly in equity Contributions by and distributions to owners Issue of shares - Under the Keppel Land Restricted Share Plan 2,717 (2,717) Under the Keppel Land Performance Share Plan 1,101 (1,101) Under the Keppel Land Share Option Scheme 1, ,098-1,098 - Upon the conversion of bonds due Cost of share-based payments - 3, ,311-3,311 Capital contribution ,114 65,114 Dividend paid (185,497) (185,497) (16,481) (201,978) Total contributions by and distributions to owners 5,516 (507) - (185,497) (180,488) 48,633 (131,855) Changes in ownership interests in subsidiary companies Disposal of subsidiary companies (59,443) (59,443) Disposal of interest in a subsidiary company without loss of control Total changes in ownership interests in subsidiary companies (58,993) (58,993) Total transactions with owners 5,516 (507) - (185,497) (180,488) (10,360) (190,848) Other reserves - Share of capital reserve of an associated company Balance at 31 December ,398,336 74,940 (58,431) 4,574,574 6,989, ,168 7,485,587 * Details of other comprehensive income have been included in the consolidated statement of comprehensive income. Keppel Land Limited, Page 9 of 33

10 1(d)(i) STATEMENTS OF CHANGES IN EQUITY - continued for the Full Year Ended 31 December 2013 Foreign Currency Non- Share Capital Translation Revenue controlling Total Capital Reserves Account Reserves Total Interests Equity $'000 $'000 $'000 $'000 $'000 $'000 $'000 GROUP Balance at 1 January ,219,880 70,317 (49,041) 3,334,158 5,575, ,680 5,870,994 Total comprehensive income for the year Profit for the year , ,368 26, ,082 Other comprehensive income * - 7,037 (124,426) - (117,389) (22,257) (139,646) Total comprehensive income for the year - 7,037 (124,426) 838, ,979 4, ,436 Transactions with owners, recognised directly in equity Contributions by and distributions to owners Issue of shares - Under the Dividend Reinvestment Scheme 168, , ,828 - Under the Keppel Land Restricted Share Plan 2,261 (2,261) Under the Keppel Land Share Option Scheme 1, ,816-1,816 - Upon the conversion of bonds due Share issuance expenses (165) (165) - (165) Cost of share-based payments - 4, ,419-4,419 Capital reduction (1,267) (1,267) Dividend paid - Cash (129,395) (129,395) (4,166) (133,561) - Shares (168,828) (168,828) - (168,828) Transfer from revenue reserves to capital reserves (124) Total contributions by and distributions to owners 172,940 2,282 - (298,347) (123,125) (5,433) (128,558) Changes in ownership interests in subsidiary companies Acquisition of subsidiary companies , ,401 Acquisition of non-controlling interests - (5,073) - - (5,073) (11,273) (16,346) Disposal of subsidiary companies (31,518) (31,518) Total changes in ownership interests in subsidiary companies - (5,073) - - (5,073) 182, ,537 Total transactions with owners 172,940 (2,791) - (298,347) (128,198) 177,177 48,979 Other reserves - Share of capital reserve of an associated company - 1, ,046-1,046 Balance at 31 December ,392,820 75,609 (173,467) 3,874,179 6,169, ,314 6,646,455 * Details of other comprehensive income have been included in the consolidated statement of comprehensive income. Keppel Land Limited, Page 10 of 33

11 1(d)(i) STATEMENTS OF CHANGES IN EQUITY - continued for the Full Year Ended 31 December 2013 Share Capital Revenue Total Capital Reserves Reserves Equity $'000 $'000 $'000 $'000 COMPANY Balance at 1 January ,392,820 70,043 2,187,382 4,650,245 Total comprehensive income for the year Profit for the year , ,630 Other comprehensive income - 6,088-6,088 Total comprehensive income for the year - 6, , ,718 Transactions with owners, recognised directly in equity Contributions by and distributions to owners Issue of shares - Under the Keppel Land Restricted Share Plan 2,717 (2,717) Under the Keppel Land Performance Share Plan 1,101 (1,101) Under the Keppel Land Share Option Scheme 1, ,098 - Upon the conversion of bonds due Cost of share-based payments - 3,311-3,311 Dividend paid - - (185,497) (185,497) Total transactions with owners 5,516 (507) (185,497) (180,488) Balance at 31 December ,398,336 75,624 2,124,515 4,598,475 Balance at 1 January ,219,880 66,507 1,503,019 3,789,406 Total comprehensive income for the year Profit for the year , ,586 Other comprehensive income - 1,378-1,378 Total comprehensive income for the year - 1, , ,964 Transactions with owners, recognised directly in equity Contributions by and distributions to owners Issue of shares - Under the Dividend Reinvestment Scheme 168, ,828 - Under the Keppel Land Restricted Share Plan 2,261 (2,261) Under the Keppel Land Share Option Scheme 1, ,816 - Upon the conversion of bonds due Share issuance expenses (165) - - (165) Cost of share-based payments - 4,419-4,419 Dividend paid - Cash - - (129,395) (129,395) - Shares - - (168,828) (168,828) Total transactions with owners 172,940 2,158 (298,223) (123,125) Balance at 31 December ,392,820 70,043 2,187,382 4,650,245 Keppel Land Limited, Page 11 of 33

12 1(d)(ii) SHARE CAPITAL Share Capital and Treasury Shares There was no issuance of shares during the quarter. The share capital of the Company as at 31 December 2013 comprised 1,545,913,168 ordinary shares ( : 1,544,312,013 ordinary shares). As at 31 December 2013, the Company did not hold any treasury shares ( : Nil). Outstanding Share Options and Convertible Bonds As at 31 December 2013, there were unexercised options for 1,977,120 ( : 3,063,596) of unissued ordinary shares under the Keppel Land Share Option Scheme. In addition, the $500 million 1.875% Convertible Bonds due 2015, after adjusting for the conversion of $200,000 by a bondholder in 2012, could be converted into 74,375,000 shares ( : 74,375,000 shares) at the conversion price of $6.72 per share ( : $6.72 per share). Restricted Share Plan and Performance Share Plan At the extraordinary general meeting of the Company held on 23 April 2010, the Company s shareholders approved the adoption of two new share plans, namely the Keppel Land Restricted Share Plan ( KLL RSP ) and Keppel Land Performance Share Plan ( KLL PSP ), with effect from the date of termination of the Keppel Land Share Option Scheme ( the Scheme ). The Scheme was terminated on 30 June Options granted and outstanding prior to the termination would continue to be valid and subject to the terms and conditions of the Scheme. The movements in the number of shares under KLL RSP and KLL PSP are as follows: Number of Shares Date of Grant At Contingent Awards Granted Adjustment upon Release Vested Cancelled At KLL RSP (1) 272, (229,400) (43,400) (1) 576, (253,600) (78,200) 244, (1) 1,053, (318,900) (111,200) 622, (2) - 1,078, (18,000) 1,060,000 1,902,500 1,078,000 - (801,900) (250,800) 1,927,800 KLL PSP ,000 - (63,900) (312,100) (280,000) (3) 524, (224,000) 300, (3) 480, (140,000) 340, (3) - 370, ,000 1,660, ,000 (63,900) (312,100) (644,000) 1,010,000 Notes: (1) As at 31 December 2013, there were 867,800 ( : 849,500) restricted shares that were released but not vested. (2) Depending on the achievement of pre-determined performance targets, the actual number of restricted shares to be released can be zero or the number stated. (3) Depending on the achievement of pre-determined performance targets, the actual number of performance shares to be released can range from zero to 150% of the numbers stated. Keppel Land Limited, Page 12 of 33

13 1(e) CONSOLIDATED CASH FLOW STATEMENT for the Full Year Ended 31 December 2013 Fourth Quarter Full Year Note $'000 $'000 $'000 $'000 Operating activities: Pre-tax profit 632, ,338 1,000, ,308 Adjustments for: Depreciation charge 3,847 4,042 15,052 10,951 Loss on sale of fixed assets Allowance/(write-back of allowance) for foreseeable losses on properties held for sale 1,547 (3,083) 1,383 (6,656) Write-back of allowance for doubtful debts (1,673) (1,575) (1,267) (1,525) Bad debts written off Cost of share-based payments 1,481 1,920 3,814 5,006 Interest and investment income (7,795) (13,041) (42,469) (43,787) Interest expense 3,586 5,769 28,309 40,263 Share of results of associated companies and jointly controlled entities (43,464) (98,034) (226,927) (373,832) Loss on change in interest in an associated company 2, , Gain from disposal of subsidiary and associated companies (160,789) (7,372) (164,105) (24,048) Gain on remeasurement of previously held equity interest in associated companies at fair value (23,129) Impairment loss on goodwill arising from acquisition ,138 Fair value gain on call option (3,700) (1,700) (3,700) (1,700) Fair value gain on investment properties (331,061) (373,495) (331,061) (373,495) Operating cash flows before changes in working capital 97, , , ,842 Working capital changes: Debtors 21,137 (19,173) (11,750) 52,465 Creditors (39,745) 32,574 (56,356) (14,870) Stocks 463 1,026 (745) 1,053 Properties held for sale (38,771) (296,242) (1,522,746) (869,758) Cash flows from/(used in) operations 40,652 (161,690) (1,308,680) (612,268) Interest received 7,270 10,546 30,959 39,528 Interest paid (2,484) (2,858) (20,530) (28,763) Income taxes paid (17,991) (5,391) (68,987) (45,590) Net cash flows from/(used in) operating activities 27,447 (159,393) (1,367,238) (647,093) Investing activities: Acquisition of subsidiary companies 1 - (73,726) (71,985) (283,194) Disposal of subsidiary companies 2 218,306 15, ,247 43,669 Disposal of an associated company Investment in associated companies (4,514) (6,382) (168,465) (52,419) Investment in investee companies - (37,615) - (37,615) Purchase of fixed assets (25,974) (5,714) (52,616) (22,749) Expenditure on investment properties (15,804) (9,782) (35,076) (14,490) Proceeds from sale of fixed assets Redemption of shares by investee companies 2,782 12,370 13,772 18,580 Dividends received from associated companies 88,616 40, , ,832 Dividends received from investee companies 525 2,495 11,510 4,259 Net cash flows from/(used in) investing activities 263,948 (61,258) 116,136 (50,120) Keppel Land Limited, Page 13 of 33

14 1(e) CONSOLIDATED CASH FLOW STATEMENT - continued for the Full Year Ended 31 December 2013 Fourth Quarter Full Year Note $'000 $'000 $'000 $'000 Financing activities: Proceeds from issuance of shares, net of expenses in relation to Dividend Reinvestment Scheme ,098 1,651 Drawdown of loans 453, ,964 3,058,638 1,014,973 Repayment of loans (311,151) (199,101) (2,119,077) (470,016) (Repayment of loans to)/loans from related companies (9,513) 1,081 (8,547) 2,367 Advances/repayment from associated companies and jointly controlled entities 27,502 9, ,652 42,551 Advances/repayment to associated companies and jointly controlled entities (45,657) (14,768) (151,184) (78,536) Dividends paid to shareholders - - (185,497) (129,395) Proceeds from disposal of interest in a subsidiary company without loss of control ,513 - Acquisition of non-controlling interests (16,346) Advances from non-controlling shareholders 1,296 16,855 8,228 33,137 Advances to non-controlling shareholders (3,128) (6,534) (34,947) (18,134) (Return of capital to)/contribution from non-controlling shareholders - (1,267) 65,114 (1,267) Dividends paid to non-controlling shareholders (1,899) (722) (16,481) (4,166) Net cash flows from financing activities 110, , , ,819 Net increase/(decrease) in cash and cash equivalents 401, ,556 (331,592) (320,394) Cash and cash equivalents at beginning of quarter/year 900,401 1,486,231 1,596,504 1,941,937 Exchange adjustments (17,044) 1,717 20,438 (25,039) Cash and cash equivalents at end of quarter/year 1,285,350 1,596,504 1,285,350 1,596,504 Keppel Land Limited, Page 14 of 33

15 Notes to Consolidated Cash Flow Statement 1. During the financial year, the Group made the following acquisitions: (a) (b) In 2Q2013, the Group acquired the remaining 50% interest in Parksville through a wholly-owned subsidiary company, Denton Investment Pte Ltd. Parksville owns 34 units in a 10-storey development in Singapore known as Nassim Woods. Prior to this acquisition, the Group held 50% of the issued share capital of Parksville. In 3Q2013, the Group completed the acquisition of 100% interest in Shanghai Jinju Real Estate Development Co., Ltd ( Shanghai Jinju ) through a wholly-owned subsidiary company, Shanghai Hongda Property Development Co., Ltd. Shanghai Jinju owns a 17.5 hectares residential site in Sheshan, Songjiang District in Shanghai for the development of landed homes. In 2012, the Group made the following acquisitions: (a) (b) (c) In 1Q2012, the Group acquired an interest in Aether Pte Ltd ( Aether Singapore ) through a whollyowned subsidiary company, Triumph Jubilee Limited. Aether Singapore indirectly owns 51% interest in Beijing Aether Property Development Ltd which is a property development company involved in a commercial project in Beijing, China. In 3Q2012, the Group acquired an additional 36% interest in Kingsdale group through an indirect wholly-owned subsidiary company, Kingsley Investment Pte Ltd. Kingsdale owns 80% interest in Spring City Golf & Lake Resort Co Ltd which operates an integrated resort comprising two golf courses and resort homes for sale in Kunming, China. Prior to the acquisition, the Group owned 50% of the total issued share capital of Kingsdale. In 4Q2012, the Group through its wholly-owned subsidiary company, Chengdu Hillwest Development Co Ltd, entered into a conditional share purchase agreement to acquire 100% interest in Chengdu Shengshi Jingwei Real Estate Investment Co Ltd ( Chengdu Shengshi Jingwei ). Chengdu Shengshi Jingwei owns a 28.7 hectares prime residential site in the Xinjin County of Chengdu in China. This acquisition was completed in December In addition, the Group completed the acquisition of 60% interest in Keppel C T Developments (Private) Limited (formerly known as C T Properties G S (Pvt) Limited) which owns an approximately 0.51 hectares site in the Kotahena district of Colombo, Sri Lanka. Keppel Land Limited, Page 15 of 33

16 Notes to Consolidated Cash Flow Statement - continued The net assets of the subsidiary companies acquired and the net cash outflow were as follows: Fourth Quarter Full Year $'000 $'000 $'000 $'000 Investment properties , ,409 Fixed assets ,998 Properties held for sale - 140, , ,484 Stocks ,067 Debtors ,017 2,017 Cash and cash equivalents - - 3,043 33,059 Creditors - (1,441) (2,660) (272,922) Amounts due to related companies - (446) (2,023) (82,356) Shareholders' loans - (114,569) (122,911) (142,489) Bank borrowings - - (38,000) - Taxation - - (203) (6,695) Deferred taxation - - (51,269) (134,503) Total net identifiable assets at fair value - 24, , ,069 Non-controlling interests measured at non-controlling interests' proportionate share of the net assets - (602) - (225,401) Amount previously accounted for as an associated company - - (45,498) (10,546) Net assets acquired - 23, , ,122 Assumption of shareholders' loans - 114, , ,489 Gain on remeasurement of previously held equity interest at fair value at acquisition date (23,129) Goodwill arising from acquisition ,138 Total purchase consideration - 138, , ,620 Less: Deferred payments - (64,367) (247,779) (64,367) Cash and cash equivalents acquired - - (3,043) (33,059) Net cash outflow on acquisition - 73,726 71, ,194 Keppel Land Limited, Page 16 of 33

17 Notes to Consolidated Cash Flow Statement - continued 2. During the financial year, the Group made the following disposals: (a) (b) In 3Q2013, the Group disposed of its interest in a wholly-owned subsidiary company, Montfort, for an aggregate consideration of US$7 million (approximately $8.9 million). Montfort owns 50% interest in PT Pantai Indah Tateli, a company incorporated in Indonesia which owns Hotel Sedona Manado in Indonesia. In 4Q2013, the Group through its wholly-owned subsidiary companies, Le-Vision Pte Ltd and Castlehigh Pte. Ltd., disposed of its 51% interests in PTMSS and PTMSM to PT Modernland Realty Tbk for a consideration of Rp. 2,294,360 million (approximately $249 million). PTMSS and PTMSM are jointly developing a township development Jakarta Garden City in Jakarta, Indonesia. In 3Q2012 and 4Q2012, the Group completed the divestment of 22.7% effective interests in Saigon Centre Phases 2 and 1 to Toshin Development Co., Ltd ( Toshin ), respectively. The net assets of the subsidiary companies disposed of and the net cash inflow were as follows: Fourth Quarter Full Year $'000 $'000 $'000 $'000 Investment properties - 81,710-81,710 Investment in associated company - - 2,886 - Fixed assets 9, ,284 21,646 Properties held for sale 123, ,156 16,776 Stocks Debtors 16,073 1,114 16,073 4,707 Amount due from related companies Amount due from associated company Cash and cash equivalents 30,697 2,802 30,697 4,079 Creditors (58,320) (3,875) (58,320) (5,504) Amounts due to related companies - (20,964) - (16,241) Taxation 421 (805) 421 (805) Deferred taxation - (8,344) - (8,344) Non-controlling interests deconsolidated (59,443) (16,709) (59,443) (31,518) Net assets 61,870 35,505 64,884 66,977 Less: equity interests retained as jointly controlled entities - (23,646) - (44,606) Net assets disposed 61,870 11,859 64,884 22,371 Sales consideration 249,003 18, ,944 47,748 Less: cash and cash equivalents disposed (30,697) (2,802) (30,697) (4,079) Net cash inflow on disposal 218,306 15, ,247 43, In 2Q2013, the Group disposed of its 30% interest in a wholly-owned subsidiary company, Sherwood Development Pte Ltd ( Sherwood ), to Wkdeveloper Sig I Private Limited, a wholly-owned subsidiary company of Vanke Property (Hong Kong) Company Limited for a consideration of $135.5 million (including assignment of shareholders loans of $135 million). Following completion of the transaction, the Group s interest in Sherwood was reduced to 70%. There was no gain or loss arising from this disposal as the 30% interest was sold at its net carrying value. 4. In 3Q2012, the Group acquired a 49% interest in Alverno Investments Limited ( Alverno ) from PVPF 6 Limited, a wholly-owned subsidiary company of PRUPIM Vietnam Property Fund Limited, for a consideration of US$13.3 million (approximately $16.3 million). The excess of the consideration paid over the net book value of assets acquired amounting to $5.1 million was taken to equity. Keppel Land Limited, Page 17 of 33

18 Review of Cash Flows for 4Q2013 (i) Net cash flows from/(used in) operating activities The Group s net cash generated from operating activities was $27.4 million compared with an outflow of $159.4 million for 4Q2012, as a result of higher net proceeds from the Group s properties held for sale. Progress billings received in 4Q2013 were mainly from The Springdale and 8 Park Avenue in Shanghai, Stamford City in Jiangyin and Park Avenue Heights in Chengdu, as well as The Lakefront Residences and The Glades in Singapore. The development expenditures were primarily for several on-going projects in China and The Lakefront Residences. In 4Q2012, the development expenditures were largely for Seasons Park in Tianjin Eco-City, The Springdale and 8 Park Avenue as well as partial land payment for The Glades. The progress billings for 4Q2012 came mainly from The Luxurie in Singapore, The Estella in Ho Chi Minh City ( HCMC ) and The Springdale. (ii) Net cash flows from/(used in) investing activities Net cash inflow of $263.9 million was generated from the investing activities compared with an outflow of $61.3 million for 4Q2012. The divestment of the Group s 51% interest in Jakarta Garden City was completed in November 2013 with a net inflow of $218.3 million. Dividends from the Group s associated companies in 4Q2013 amounted to $88.6 million, mainly from Keppel REIT, Marina Bay Suites and The Botanica in Chengdu. These inflows were partly offset by additional capital expenditures incurred for a commercial project in Beijing and International Financial Centre Jakarta, and for the extension of Sedona Hotel Yangon in Myanmar. The net outflows for 4Q2012 consisted mainly of payments for the acquisition of Chengdu Shengshi Jingwei and Keppel C T Developments (Private) Limited, and capital injection into a fund managed by Alpha, partly offset by proceeds from the divestment of the Group s 22.7% effective interest in Saigon Centre Phase 1 in HCMC and dividends received from the Group s associated companies (mainly from Keppel REIT). (iii) Net cash flows from financing activities The net cash inflow from the financing activities was $110.6 million compared with $329.2 million for 4Q2012. This was due largely to a lower net drawdown of loans of $142 million in 4Q2013 compared with $324.9 million for 4Q2012. In addition, higher net advances were made to the non-controlling shareholders, associated companies and jointly controlled entities in 4Q2013. Overall, the net increase in cash and cash equivalents was $402 million compared with $108.6 million for 4Q2012. Review of Cash Flows for 2013 (i) Net cash flows used in operating activities The Group s net cash used in the operating activities was $1,367.2 million compared with $647.1 million for 2012, on account of higher net cash incurred for the Group s properties held for sale. The higher development expenditures in 2013 were mainly because of the land payments for The Glades and the site at Kim Tian Road in Singapore, and a site in Shanghai. This was partly offset by higher progress billings received from The Springdale, 8 Park Avenue, Stamford City and Park Avenue Heights as well as The Lakefront Residences and The Luxurie. In 2012, the cash outlays were mainly for the partial land payment for The Glades and a residential development in Nanxiang Town in Shanghai, as well as additional costs incurred for the on-going residential developments in Singapore and China. The progress billings received in 2012 were mainly from Madison Residences, The Lakefront Residences, The Luxurie, The Springdale, The Estella and Jakarta Garden City. Keppel Land Limited, Page 18 of 33

19 Review of Cash Flows for continued (ii) Net cash flows from/(used in) investing activities Net cash of $116.1 million was generated from investing activities compared with $50.1 million used in The major inflows for 2013 were the dividends received from the associated companies (mainly from Reflections at Keppel Bay, Marina Bay Suites, The Botanica and Keppel REIT) as well as proceeds from the divestment of the Group s 51% interest in Jakarta Garden City and a 50% indirect interest in Hotel Sedona Manado in Indonesia. These were partly offset by payments for several acquisitions, viz a 100% interest in Shanghai Jinju, remaining 50% interest in Parksville and a 42.5% interest in Equity Rainbow II Pte Ltd (which has an 80% indirect interest in Jinqiao in Shanghai). In 2013, the Group also made additional investment in associated companies, mainly for the Sino-Singapore Tianjin Eco-City project, and incurred additional capital expenditures for a commercial project in Beijing, International Financial Centre Jakarta and for the extension of Sedona Hotel Yangon in Myanmar. The major outflows for 2012 were mainly for the acquisition of interest in Aether Singapore group, an additional 36% interest in Kingsdale group, a 100% interest in Chengdu Shengshi Jingwei and a 60% interest in Keppel C T Developments (Private) Limited. The major inflows for 2012 consisted of dividends received from the associated companies (mainly from Reflections at Keppel Bay and Keppel REIT) and proceeds from the divestment of the Group s 22.7% effective interests in Saigon Centre Phases 1 and 2. (iii) Net cash flows from financing activities The net cash inflow from the financing activities was $919.5 million compared with $376.8 million for This was attributable mainly to a higher net drawdown of loans of $939.6 million in 2013 compared with $545 million for 2012, and proceeds from the divestment of 30% interest in Sherwood. In addition, there were higher contribution from the non-controlling shareholders (mainly for the Tianjin Eco-City project), higher net advances from the associated companies and jointly controlled entities, and absence of the payment for the acquisition of 49% interest in Alverno as mentioned earlier. These were partly reduced by a net repayment to non-controlling shareholders and higher cash dividends paid to the shareholders of the Company. Overall, there was a net decrease in cash and cash equivalents of $331.6 million compared with $320.4 million for AUDIT The figures have not been audited nor reviewed by the Company s auditors. 3. AUDITOR S REPORT Not applicable. 4. ACCOUNTING POLICIES Except as disclosed in Section 5 below, the Group has applied the same accounting policies and methods of computation in the financial statements for the current financial year compared with those for the audited financial statements as at 31 December Keppel Land Limited, Page 19 of 33

20 5. CHANGES IN THE ACCOUNTING POLICIES The Group adopted the following revised Financial Reporting Standards ( FRS ) that are relevant and effective for annual periods beginning on or after 1 January 2013: Amendments to FRS 1 Presentation of Items of Other Comprehensive Income Revised FRS 19 Employee Benefits FRS 113 Fair Value Measurement Amendments to FRS 107 Disclosures Offsetting Financial Assets and Financial Liabilities Improvements to FRSs Amendments to FRS 1 Presentation of Financial Statements - Amendments to FRS 16 Property, Plant and Equipment - Amendments to FRS 32 Financial Instruments: Presentation The adoption of the above FRSs did not result in any substantial change to the Group s accounting policies nor any significant impact on the financial statements of the Group, except for the following: Amendments to FRS 1 Presentation of Items of Other Comprehensive Income The Amendments to FRS 1 change the grouping of items presented in other comprehensive income. Items that can be reclassified to profit or loss at a future point in time will be presented separately from items which will never be reclassified. As the amendments only affect the presentations of items that are already recognised in other comprehensive income, there is no impact on the Group s financial position and financial performance upon adoption of these amendments. FRS 113 Fair Value Measurements FRS 113 provides a single source of guidance for all fair value measurements. FRS 113 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under FRS when fair value is required or permitted by FRS. From 1 January 2013, in accordance with the transitional provisions of FRS 113, the Group has applied the new fair value measurement guidance prospectively, and has not provided any comparative information for new disclosures. The change had no impact on the measurements of the Group s assets and liabilities. 6. EARNINGS PER ORDINARY SHARE G R O U P Full Year /(-) % Earnings per ordinary share of the Group based on net profit attributable to shareholders: (i) Based on the weighted average number of shares (cents) Weighted average number of shares ('000) 1,545,592 1,509, (ii) On a fully diluted basis (cents) Adjusted weighted average number of shares ('000) 1,547,939 1,512, NET ASSET VALUE G R O U P Net asset value per share based on issued share capital at the end of the period ($) Keppel Land Limited, Page 20 of 33

21 8. REVIEW OF GROUP PERFORMANCE Group Overview ($'000) 4Q2013 4Q2012 Change Change (%) (%) Revenue 505, , ,461, , Pre-tax profit after fair value gain on investment properties 632, , ,000, , Net profit 567, , , , Q2013 vs. 4Q2012 The Group s revenue for 4Q2013 rose by $33.8 million or 7.2% compared with 4Q2012, due primarily to increased revenue from the Property Trading segment of $34.4 million. The improvement from the Group s trading projects arose mainly from higher revenue recognition for The Lakefront Residences and The Luxurie in Singapore as well as Riviera Cove in HCMC. Moreover, there were new revenue streams from The Glades in Singapore which was launched in September 2013, Phases 4 and 5 of 8 Park Avenue in Shanghai which were launched in June 2013 as well as revenue recognition from Plots 2-1 and 3-4 of The Springdale in Shanghai which were completed in September 2013 and December 2013, respectively. These were partly offset by a decrease in revenue from Seasons Park at Tianjin Eco-City and The Estella in HCMC. At pre-tax level, the Group s profit grew by $26.3 million, or 4.3% over that for the same quarter last year. This was boosted mainly by a pre-tax gain of $160.8 million from the divestment of the Group s 51% interest in Jakarta Garden City in November 2013, partly reduced by lower net fair value gain on investment properties of $42.4 million and lower contributions of $54.6 million from the Group s associated companies (mainly Reflections at Keppel Bay, Marina Bay Suites and Central Park City in Wuxi). There were also lower contributions from the Fund Management and Others segments. After accounting for taxes and non-controlling interests share of profits, the Group s net profit was $567.3 million, an increase of 7.6% from $527.3 million reported in 4Q2012. Excluding the net fair value gain on investment properties and non-recurring gains/(losses), earnings from overseas represented about 41.6% of the Group s net profit compared with 34.2% for 4Q vs The Group s revenue for 2013 increased by $522.2 million or 55.6% compared with 2012, as a result of improvement from most of the business segments. Property Trading segment contributed $506.1 million of the growth, on account of improved performance from several projects such as The Lakefront Residences and The Luxurie in Singapore, 8 Park Avenue and The Springdale in Shanghai. This was partly offset by lower revenue from Seasons Park at Tianjin Eco-City. Despite the much higher revenue, the Group registered a marginal increase in pre-tax profit of $13.5 million or 1.4% against The gain from the divestment of Jakarta Garden City and the improved contributions from the Property Trading, and Hotels and Resorts segments were partly offset by lower net fair value gain on investment properties, absence of gains from the divestment of the Group s 22.7% effective interests in Saigon Centre Phases 1 and 2 in 2012 as well as lower contribution from Reflections at Keppel Bay. In 2012, a substantial profit was recognised for this project upon the handover of units sold under the deferred payment scheme to the purchasers. After accounting for taxes and non-controlling interests share of profits, the Group s net profit was $885.9 million, an increase of 5.7% from $838.4 million reported in The net profit for 2013 included a write-back of tax following finalisation of prior years tax of several companies in Singapore. Excluding the net fair value gain on investment properties and non-recurring gains/(losses), earnings from overseas represented about 32.8% of the Group s net profit compared with 19% for Keppel Land Limited, Page 21 of 33