UNAUDITED RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2013

THIRD QUARTER 2013 FINANCIAL STATEMENTS ANNOUNCEMENT UNAUDITED RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2013 TABLE OF CONTENTS Page 1(a) GROUP PROFIT AND LOSS ACCOUNT 2 1(b) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 4 1(c)(i) BALANCE SHEETS 5 1(c)(ii) GROUP S BORROWINGS AND DEBT SECURITIES 7 1(d)(i) STATEMENTS OF CHANGES IN EQUITY 8 1(d)(ii) SHARE CAPITAL 13 1(e) CONSOLIDATED CASH FLOW STATEMENT 14 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 24 10 PROSPECTS 24 11 BUSINESS DYNAMICS AND RISK FACTORS 25 12 DIVIDENDS 25 13 SEGMENTAL ANALYSIS 26 14 REVIEW OF SEGMENTAL PERFORMANCE 28 15 BREAKDOWN OF SALES 28 16 INTERESTED PERSON TRANSACTIONS 29 - CONFIRMATION BY THE BOARD 30 Appendix SEGMENTAL RESULTS - QUARTERLY BREAKDOWN 31 Keppel Land Limited, Page 1 of 32

1. UNAUDITED RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2013 The Directors of Keppel Land Limited announce the following unaudited results of the Group for the nine months ended 30 September 2013: 1(a) GROUP PROFIT AND LOSS ACCOUNT for the Nine Months Ended 30 September 2013 Third Quarter Nine Months Note 30.09.13 30.09.12 +/(-) 30.09.13 30.09.12 +/(-) $'000 $'000 % $'000 $'000 % Sales 417,871 166,413 151.1 955,310 466,934 104.6 Cost of sales (297,608) (120,090) 147.8 (670,788) (295,699) 126.8 Gross profit 120,263 46,323 159.6 284,522 171,235 66.2 Distribution costs 1 (6,241) (3,027) 106.2 (19,146) (10,696) 79.0 Administrative and other expenses 2 (43,593) (18,126) 140.5 (105,147) (85,458) 23.0 Other income 3 7,408 44,408 (83.3) 14,449 56,977 (74.6) Other loss 4 - (23,138) nm - (23,138) nm Investment income 5 8,485 102 nm 10,985 1,764 522.7 Interest income 6 14,640 10,324 41.8 37,072 28,982 27.9 Interest expense 6 (11,823) (11,621) 1.7 (38,106) (34,494) 10.5 Share of results of associated companies and jointly controlled entities 7 67,666 47,660 42.0 183,463 275,798 (33.5) Profit before taxation 156,805 92,905 68.8 368,092 380,970 (3.4) Taxation 8 (29,802) (14,349) 107.7 (48,573) (61,494) (21.0) Profit for the period 127,003 78,556 61.7 319,519 319,476 - Profit attributable to: Shareholders of the Company 126,436 74,496 69.7 318,552 311,073 2.4 Non-controlling interests 567 4,060 (86.0) 967 8,403 (88.5) 127,003 78,556 61.7 319,519 319,476 - Basic earnings per share (cents) 8.2 4.9 20.6 20.6 Diluted earnings per share (cents) 8.2 4.9 20.6 20.6 Annualised return on equity (%) nm nm 7.0 6.8 Profit before taxation is arrived at after charging/ (crediting) the following: Depreciation charge^ 4,010 2,242 11,205 6,909 Loss/(profit) on sale of fixed assets 45 (6) 207 (8) Write-back of allowance for foreseeable losses on properties held for sale (164) - (164) (3,573) Allowance for doubtful debts 231 2 406 50 Cost of share-based payments - Cash-settled 175 103 277 143 - Equity-settled 1,256 1,475 2,056 2,944 Foreign exchange (gain)/losses (1,190) 5 (59) 3,380 Fair value loss/(gain) on foreign currency forward contracts 233 (1,375) 2,021 (3,272) Overprovision of tax in respect of previous years (6,551) (225) (31,015) (9,488) Employee emoluments^ 34,638 21,024 103,304 89,630 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 32

Notes to Group Profit and Loss Account 1. The increase in distribution costs in YTD 3Q2013 was in line with the 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 $19.7 million in YTD 3Q2013 was due primarily to higher staff costs ($9.4 million), depreciation charge ($3.6 million) and fair value loss on foreign currency forward contracts ($5.3 million). The increase in staff costs was attributable to higher headcount, absence of a write-back of excess staff cost provisions recorded in 3Q2012 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 2012. Prior to the acquisition, the Group held 50% interest in Kingsdale group and had accounted for the investment as an associated company. These increases were partly offset by higher capitalisation of costs by project development companies. 3. Other income comprised the following: Nine Months 30.09.13 30.09.12 Note $'000 $'000 Gain from disposal of subsidiary companies 3,316 16,676 (i) Gain on remeasurement of previously held equity interest in Kingsdale group at fair value - 23,129 Others 11,133 17,172 (ii) 14,449 56,977 (i) The gain in YTD 3Q2013 arose from the divestment of a wholly-owned subsidiary company, Montfort Development Pte Ltd, which has a 50% indirect interest in Hotel Sedona Manado in Indonesia. The corresponding gain in YTD 3Q2012 arose from the Group s divestment of a 22.7% effective interest in Saigon Centre Phase 2 in Ho Chi Minh City ( HCMC ). (ii) Others for YTD 3Q2013 comprised net lease income from Keppel Towers and GE Tower ( KTGE ) pending its redevelopment. Others for YTD 3Q2012 was made up of net lease income from KTGE and a write-back of excess costs accruals no longer required. 4. Other loss for YTD 3Q2012 related to an impairment loss on goodwill arising from the acquisition of additional interest in Kingsdale group. 5. The increase in investment income 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 ). 6. The increase in interest income for YTD 3Q2013 was due largely to higher interest income earned from loans extended to the associated companies as well as interest income received from the late investors of a fund managed by Alpha. The higher interest expense for YTD 3Q2013 arose mainly from higher borrowings of the Group, partly offset by higher capitalisation of interest expenses by project development companies. 7. The lower profits from associated companies and jointly controlled entities for YTD 3Q2013 were due primarily to lower contribution from Reflections at Keppel Bay. In YTD 3Q2012, a higher profit was recognised for this project following the handover of units sold under the deferred payment scheme to the purchasers. The lower profit was partly mitigated by the profit 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 2013. There were also improved contributions from Marina Bay Suites which obtained Temporary Occupation Permit in June 2013, Marina Bay Financial Centre Tower 3 and Keppel REIT. 8. Taxation for YTD 3Q2013 was lower than YTD 3Q2012, 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 3 of 32

1(b) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the Nine Months Ended 30 September 2013 Third Quarter Nine Months Note 30.09.13 30.09.12 30.09.13 30.09.12 $'000 $'000 $'000 $'000 Profit for the period 127,003 78,556 319,519 319,476 Items that may be reclassified subsequently to profit or loss : Available-for-sale financial assets - Net fair value change 1,859 (1) 4,463 5,247 Foreign exchange translation - Exchange differences on consolidation 1 9,245 (111,777) 112,309 (147,372) - Exchange differences transferred to profit and loss account 2 (97) 2,275 (97) 2,275 Share of other comprehensive income of associated companies and jointly controlled entities - Net fair value change of available-for-sale financial assets (333) 443 (446) 385 - Fair value change on available-for-sale assets transferred to profit and loss account - - - 392 - Cash flow hedges 3 1,371 725 3,934 (7,371) - Foreign exchange translation 4 (8,639) (12,659) (13,581) (18,070) - Exchange differences transferred to profit and loss account 2 2,485-2,485 - Other comprehensive income for the period, net of tax 5,891 (120,994) 109,067 (164,514) Total comprehensive income for the period 132,894 (42,438) 428,586 154,962 Total comprehensive income attributable to : Shareholders of the Company 138,979 (28,980) 425,977 168,275 Non-controlling interests (6,085) (13,458) 2,609 (13,313) 132,894 (42,438) 428,586 154,962 Notes to Consolidated Statement of Comprehensive Income 1. These exchange differences arose from the translation of financial statements of foreign operations whose functional currencies are different from that of the Group s presentation currency as well as from the translation of foreign currency loans that form part of the Group s net investment in foreign operations. The translation gains in the current periods were due largely to the appreciation of the United States dollar, Renminbi and Vietnamese dong against the Singapore dollar. The translation losses for the corresponding periods were due mainly to the strengthening of Singapore dollar against United States dollar, Renminbi, Vietnamese dong and Indonesian rupiah. 2. These represented exchange differences which were transferred to the profit and loss account upon the disposal or liquidation of foreign operations. 3. These represented the Group s share of Keppel REIT s cash flow hedge gains/(losses). 4. The share of foreign exchange translation losses arose mainly from the strengthening of the Singapore dollar against Australian dollar, partly offset by the appreciation of Renminbi and Vietnamese dong against the Singapore dollar. Keppel Land Limited, Page 4 of 32

1(c)(i) BALANCE SHEETS as at 30 September 2013 GROUP COMPANY Note 30.09.13 31.12.12 30.09.13 31.12.12 $'000 $'000 $'000 $'000 Share capital 2,398,336 2,392,820 2,398,336 2,392,820 Reserves 4,015,039 3,776,321 2,176,361 2,257,425 Share capital and reserves 1 6,413,375 6,169,141 4,574,697 4,650,245 Non-controlling interests 2 530,905 477,314 - - Total equity 6,944,280 6,646,455 4,574,697 4,650,245 Represented by: Non-current assets Fixed assets 315,903 289,217 27 31 Investment properties 3 1,443,348 1,301,527 - - Amounts owing by associated companies and jointly controlled entities 4 675,329 670,286 - - Other non-current asset 105,600 105,600 - - Investments Subsidiary companies - - 1,317,816 1,318,267 Associated companies and jointly controlled entities 5 2,720,840 2,566,520 70,380 70,380 Long-term investments 136,325 142,874 10,906 9,744 2,857,165 2,709,394 1,399,102 1,398,391 5,397,345 5,076,024 1,399,129 1,398,422 Current assets Properties held for sale 6 6,401,787 4,377,046 - - Stocks 5,476 4,268 - - Debtors 6 440,469 361,823 4,916 4,431 Amounts owing by holding company and related parties 4 44,056 45,278 6,232,125 5,605,711 Cash and cash equivalents 8 900,401 1,596,504 3,882 3,780 Less: Current liabilities 7,792,189 6,384,919 6,240,923 5,613,922 Creditors 7 1,959,170 1,458,980 23,319 53,824 Tax provision 101,655 133,011 1,855 9,075 Short-term borrowings 8 300,192 714,643-511,609 Amounts owing to holding company and related parties 46,592 8,697 405,187 396,796 2,407,609 2,315,331 430,361 971,304 Net current assets 5,384,580 4,069,588 5,810,562 4,642,618 Less: Non-current liabilities Long-term borrowings 8 3,636,245 2,348,613 2,633,518 1,388,824 Deferred taxation 201,400 150,544 1,476 1,971 3,837,645 2,499,157 2,634,994 1,390,795 Net assets 6,944,280 6,646,455 4,574,697 4,650,245 Group net debt ($ 000) 8 3,036,036 1,466,752 Group net debt-equity ratio (times) 8 0.44 0.22 Net asset value per share ($) 1 4.15 3.99 Keppel Land Limited, Page 5 of 32

Review of Financial Position 1. Share capital and reserves for the Group grew by $244.2 million, due largely to the profits retained for the period 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 2013. As a result of the higher share capital and reserves, the Group s net asset value per share increased to $4.15 as at 30 September 2013 from $3.99 as at 31 December 2012. 2. The increase in non-controlling interests was due primarily to an additional capital contribution received from non-controlling shareholders, mainly for the Tianjin Eco-City project. 3. The increase in investment properties arose mainly from the inclusion of the investment properties 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 have 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 arose largely from the Group s acquisition of 42.5% interest in Equity Rainbow II Pte Ltd (which has a 80% indirect interest in Lifehub @ 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 largely to the recent 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 have 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, and a loan extended by a non-controlling shareholder of a subsidiary company. 8. The Group s net debt-equity ratio increased to 0.44 at end-september 2013 from 0.22 at end-december 2012, due mainly to the partial land payments for the residential developments in Singapore and China, equity injection into a project company in Chengdu, payment for the acquisition of 42.5% interest in Equity Rainbow II Pte Ltd and the remaining 50% interest in Parksville, as well as dividend payment. Keppel Land Limited, Page 6 of 32

1(c)(ii) GROUP'S BORROWINGS AND DEBT SECURITIES Amount Repayable in One Year or Less, or on Demand As at 30.09.13 As at 31.12.12 Secured Unsecured Secured Unsecured $'000 $'000 $'000 $'000 201,550 98,642 158,600 556,043 Amount Repayable after One Year Secured $'000 As at 30.09.13 As at 31.12.12 Unsecured Secured $'000 $'000 Unsecured $'000 412,045 3,224,200 343,672 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-september 2013, about 39% 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 $2,080.3 million (31.12.12: $1,303.4 million). Keppel Land Limited, Page 7 of 32

1(d)(i) STATEMENTS OF CHANGES IN EQUITY for the Nine Months Ended 30 September 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 2013 2,392,820 75,609 (173,467) 3,874,179 6,169,141 477,314 6,646,455 Total comprehensive income for the period Profit for the period - - - 192,116 192,116 400 192,516 Other comprehensive income * - 5,054 89,828-94,882 8,294 103,176 Total comprehensive income for the period - 5,054 89,828 192,116 286,998 8,694 295,692 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 - - - 1,098-1,098 - Upon the conversion of bonds due 2013 600 - - - 600-600 Cost of share-based payments - 800 - - 800-800 Capital contribution - - - - - 45,925 45,925 Dividend paid - - - (185,497) (185,497) (13,666) (199,163) Total contributions by and distributions to owners 5,516 (3,018) - (185,497) (182,999) 32,259 (150,740) Changes in ownership interests in subsidiary companies Disposal of interest in a subsidiary company without loss of control - - - - - 450 450 Total changes in ownership interests in subsidiary companies - - - - - 450 450 Total transactions with owners 5,516 (3,018) - (185,497) (182,999) 32,709 (150,290) Balance at 30 June 2013 2,398,336 77,645 (83,639) 3,880,798 6,273,140 518,717 6,791,857 Total comprehensive income for the period Profit for the period - - - 126,436 126,436 567 127,003 Other comprehensive income * - 2,898 9,645-12,543 (6,652) 5,891 Total comprehensive income for the period - 2,898 9,645 126,436 138,979 (6,085) 132,894 Transactions with owners, recognised directly in equity Contributions by and distributions to owners Cost of share-based payments - 1,256 - - 1,256-1,256 Capital contribution - - - - - 19,189 19,189 Dividend paid - - - - - (916) (916) Total transactions with owners - 1,256 - - 1,256 18,273 19,529 Balance at 30 September 2013 2,398,336 81,799 (73,994) 4,007,234 6,413,375 530,905 6,944,280 * Details of other comprehensive income have been included in the consolidated statement of comprehensive income. Keppel Land Limited, Page 8 of 32

1(d)(i) STATEMENTS OF CHANGES IN EQUITY - continued for the Nine Months Ended 30 September 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 2012 2,219,880 70,317 (49,041) 3,334,158 5,575,314 295,680 5,870,994 Total comprehensive income for the period Profit for the period - - - 236,577 236,577 4,343 240,920 Other comprehensive income * - (2,516) (36,806) - (39,322) (4,198) (43,520) Total comprehensive income for the period - (2,516) (36,806) 236,577 197,255 145 197,400 Transactions with owners, recognised directly in equity Contributions by and distributions to owners Issue of shares - Under the Dividend Reinvestment Scheme 168,828 - - - 168,828-168,828 - Under the Keppel Land Restricted Share Plan 2,173 (2,173) - - - - - - Under the Keppel Land Share Option Scheme 1,573 - - - 1,573-1,573 - Upon the conversion of bonds due 2015 200 - - - 200-200 Share issuance expenses (165) - - - (165) - (165) Cost of share-based payments - 1,469 - - 1,469-1,469 Dividend paid - Cash - - - (129,395) (129,395) (3,184) (132,579) - Shares - - - (168,828) (168,828) - (168,828) Transfer from revenue reserves to capital reserves - 124 - (124) - - - Total contributions by and distributions to owners 172,609 (580) - (298,347) (126,318) (3,184) (129,502) Changes in ownership interests in subsidiary companies Acquisition of subsidiary companies - - - - - 187,342 187,342 Total changes in ownership interests in subsidiary companies - - - - - 187,342 187,342 Total transactions with owners 172,609 (580) - (298,347) (126,318) 184,158 57,840 Other reserves - Share of capital reserve of an associated company - 1,059 - - 1,059-1,059 Balance at 30 June 2012 2,392,489 68,280 (85,847) 3,272,388 5,647,310 479,983 6,127,293 Keppel Land Limited, Page 9 of 32

1(d)(i) STATEMENTS OF CHANGES IN EQUITY - continued for the Nine Months Ended 30 September 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 30 June 2012 2,392,489 68,280 (85,847) 3,272,388 5,647,310 479,983 6,127,293 Total comprehensive income for the period Profit for the period - - - 74,496 74,496 4,060 78,556 Other comprehensive income * - 1,168 (104,644) - (103,476) (17,518) (120,994) Total comprehensive income for the period - 1,168 (104,644) 74,496 (28,980) (13,458) (42,438) Transactions with owners, recognised directly in equity Contributions by and distributions to owners Issue of shares - Under the Keppel Land Share Option Scheme 100 - - - 100-100 Cost of share-based payments - 1,475 - - 1,475-1,475 Dividend paid - - - - - (260) (260) Total contributions by and distributions to owners 100 1,475 - - 1,575 (260) 1,315 Changes in ownership interests in subsidiary companies Acquisition of subsidiary companies - - - - - 37,457 37,457 Acquisition of non-controlling interests - (5,073) - - (5,073) (11,273) (16,346) Disposal of subsidiary companies - - - - - (14,809) (14,809) Total changes in ownership interests in subsidiary companies - (5,073) - - (5,073) 11,375 6,302 Total transactions with owners 100 (3,598) - - (3,498) 11,115 7,617 Balance at 30 September 2012 2,392,589 65,850 (190,491) 3,346,884 5,614,832 477,640 6,092,472 * Details of other comprehensive income have been included in the consolidated statement of comprehensive income. Keppel Land Limited, Page 10 of 32

1(d)(i) STATEMENTS OF CHANGES IN EQUITY - continued for the Nine Months Ended 30 September 2013 Share Capital Revenue Total Capital Reserves Reserves Equity $'000 $'000 $'000 $'000 COMPANY Balance at 1 January 2013 2,392,820 70,043 2,187,382 4,650,245 Total comprehensive income for the period Profit for the period - - 60,333 60,333 Other comprehensive income - 617-617 Total comprehensive income for the period - 617 60,333 60,950 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 2015 600 - - 600 Cost of share-based payments - 800-800 Dividend paid - - (185,497) (185,497) Total transactions with owners 5,516 (3,018) (185,497) (182,999) Balance at 30 June 2013 2,398,336 67,642 2,062,218 4,528,196 Total comprehensive income for the period Profit for the period - - 44,700 44,700 Other comprehensive income - 545-545 Total comprehensive income for the period - 545 44,700 45,245 Transactions with owners, recognised directly in equity Contributions by and distributions to owners Cost of share-based payments - 1,256-1,256 Total transactions with owners - 1,256-1,256 Balance at 30 September 2013 2,398,336 69,443 2,106,918 4,574,697 Keppel Land Limited, Page 11 of 32

1(d)(i) STATEMENTS OF CHANGES IN EQUITY - continued for the Nine Months Ended 30 September 2013 Share Capital Revenue Total Capital Reserves Reserves Equity $'000 $'000 $'000 $'000 COMPANY Balance at 1 January 2012 2,219,880 66,507 1,503,019 3,789,406 Total comprehensive income for the period Profit for the period - - 185,873 185,873 Other comprehensive income - 722-722 Total comprehensive income for the period - 722 185,873 186,595 Transactions with owners, recognised directly in equity Contributions by and distributions to owners Issue of shares - Under the Dividend Reinvestment Scheme 168,828 - - 168,828 - Under the Keppel Land Restricted Share Plan 2,173 (2,173) - - - Under the Keppel Land Share Option Scheme 1,573 - - 1,573 - Upon the conversion of bonds due 2015 200 - - 200 Share issuance expenses (165) - - (165) Cost of share-based payments - 1,469-1,469 Dividend paid - Cash - - (129,395) (129,395) - Shares - - (168,828) (168,828) Total transactions with owners 172,609 (704) (298,223) (126,318) Balance at 30 June 2012 2,392,489 66,525 1,390,669 3,849,683 Total comprehensive income for the period Profit for the period - - 10,334 10,334 Total comprehensive income for the period - - 10,334 10,334 Transactions with owners, recognised directly in equity Contributions by and distributions to owners Issue of shares - Under the Keppel Land Share Option Scheme 100 - - 100 Cost of share-based payments - 1,475-1,475 Total transactions with owners 100 1,475-1,575 Balance at 30 September 2012 2,392,589 68,000 1,401,003 3,861,592 Keppel Land Limited, Page 12 of 32

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 30 September 2013 comprised 1,545,913,168 ordinary shares (31.12.12: 1,544,312,013 ordinary shares). As at 30 September 2013, the Company did not hold any treasury shares (30.09.12: Nil). Outstanding Share Options and Convertible Bonds As at 30 September 2013, there were unexercised options for 1,977,120 (30.09.12: 3,106,096) 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 (30.09.12: 74,375,000 shares) at the conversion price of $6.72 per share (30.09.12: $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 2010. Options granted and outstanding prior to the termination will 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 01.01.13 Contingent Awards Granted Adjustment upon Release Vested Cancelled At 30.09.13 KLL RSP 30.06.10 (1) 272,800 - - (229,400) (43,400) - 30.06.11 (1) 576,700 - - (253,600) (75,200) 247,900 29.06.12 (1) 1,053,000 - - (318,900) (105,200) 628,900 28.03.13 (2) - 1,078,000 - - (9,000) 1,069,000 1,902,500 1,078,000 - (801,900) (232,800) 1,945,800 KLL PSP 30.06.10 656,000 - (63,900) (312,100) (280,000) - 30.06.11 (3) 524,000 - - - (224,000) 300,000 29.06.12 (3) 480,000 - - - (140,000) 340,000 28.03.13 (3) - 370,000 - - - 370,000 1,660,000 370,000 (63,900) (312,100) (644,000) 1,010,000 Notes: (1) As at 30 September 2013, there were 876,800 (30.09.12: 884,300) 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 13 of 32

1(e) CONSOLIDATED CASH FLOW STATEMENT for the Nine Months Ended 30 September 2013 Third Quarter Nine Months Note 30.09.13 30.09.12 30.09.13 30.09.12 $'000 $'000 $'000 $'000 Operating activities: Profit before taxation 156,805 92,905 368,092 380,970 Adjustments for: Depreciation charge 4,010 2,242 11,205 6,909 Loss/(profit) on sale of fixed assets 45 (6) 207 (8) Write-back of allowance for foreseeable losses on properties held for sale (164) - (164) (3,573) Allowance for doubtful debts 231 2 406 50 Cost of share-based payments 1,431 1,578 2,333 3,087 Interest and investment income (23,125) (10,426) (48,057) (30,746) Interest expense 11,823 11,621 38,106 34,494 Share of results of associated companies and jointly controlled entities (67,666) (47,660) (183,463) (275,798) Gain from disposal of subsidiary companies (3,316) (16,676) (3,316) (16,676) Gain on remeasurement of previously held equity interest in associated companies at fair value - (23,129) - (23,129) Impairment loss on goodwill arising from acquisition - 23,138-23,138 Operating cash flows before changes in working capital 80,074 33,589 185,349 98,718 Working capital changes: Debtors (11,853) (47,765) (32,917) 149,892 Creditors 117,233 54,674 (16,611) (47,444) Properties held for sale (548,959) (100,186) (1,483,975) (651,771) Stocks (17) 193 (1,208) 27 Cash flows used in operations (363,522) (59,495) (1,349,362) (450,578) Interest received 14,640 10,324 37,072 28,982 Interest paid (10,728) (8,718) (31,429) (25,905) Income taxes paid (6,474) (5,935) (50,996) (40,199) Net cash flows used in operating activities (366,084) (63,824) (1,394,715) (487,700) Investing activities: Acquisition of subsidiary companies 1 (27,524) (42,539) (71,985) (209,468) Disposal of subsidiary companies 2 8,941 28,186 8,941 28,186 Return of capital by/(investment in) associated companies 1,069 (4,988) (163,951) (46,037) Purchase of fixed assets (18,384) (5,581) (26,642) (17,035) Expenditure on investment properties (10,040) (2,713) (19,272) (4,708) Proceeds from sale of fixed assets 38 88 41 117 Redemption of shares by investee companies 1,426 1,864 10,990 6,210 Dividends received from associated companies 38,036 46,609 103,111 252,109 Dividends received from investee companies 8,485 102 10,985 1,764 Net cash flows from/(used in) investing activities 2,047 21,028 (147,782) 11,138 Keppel Land Limited, Page 14 of 32

1(e) CONSOLIDATED CASH FLOW STATEMENT - continued for the Nine Months Ended 30 September 2013 Third Quarter Nine Months Note 30.09.13 30.09.12 30.09.13 30.09.12 $'000 $'000 $'000 $'000 Financing activities: Proceeds from issuance of shares, net of expenses in relation to Dividend Reinvestment Scheme - 100 1,098 1,508 Drawdown of loans 729,127 130,820 2,594,750 491,009 Repayment of loans (475,781) (139,473) (1,807,926) (270,915) Loans from/(repayment of loans to) related companies 573 (254) 966 1,286 Advances/repayment from associated companies and jointly controlled entities 64,281 12,088 139,150 32,995 Advances/repayment to associated companies and jointly controlled entities (77,476) (16,605) (105,527) (63,768) Dividends paid to shareholders - - (185,497) (129,395) Proceeds from disposal of interest in a subsidiary company without loss of control 3 - - 135,513 - Acquisition of non-controlling interests 4 - (16,346) - (16,346) Advances from non-controlling shareholders 1,483 3,026 17,672 16,282 Advances to non-controlling shareholders (812) - (31,819) (11,600) Contribution from non-controlling shareholders 19,189-65,114 - Dividends paid to non-controlling shareholders (916) (260) (14,582) (3,444) Net cash flows from/(used in) financing activities 259,668 (26,904) 808,912 47,612 Net decrease in cash and cash equivalents (104,369) (69,700) (733,585) (428,950) Cash and cash equivalents at beginning of period 982,436 1,577,659 1,596,504 1,941,937 Exchange adjustments 22,334 (21,728) 37,482 (26,756) Cash and cash equivalents at end of period 900,401 1,486,231 900,401 1,486,231 Keppel Land Limited, Page 15 of 32

Notes to Consolidated Cash Flow Statement 1. On 30 April 2013, the Group acquired the remaining 50% interest in Parksville through a wholly-owned subsidiary company, Denton Investment Pte Ltd. Prior to this acquisition, the Group held 50% of the issued share capital of Parksville. During the quarter ended 30 September 2013, 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 ha residential site in Sheshan, Songjiang District in Shanghai for the development of landed homes. During the quarter ended 31 March 2012, the Group acquired an interest in Aether Pte Ltd ( Aether Singapore ) through a wholly-owned 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. On 25 September 2012, the Group acquired 36% interest in Kingsdale group through an indirect whollyowned subsidiary company, Kingsley Investment Pte Ltd. Prior to the acquisition, the Group owned 50% of the total issued share capital of Kingsdale. The net assets of the subsidiary companies acquired and the net cash outflow were as follows: Third Quarter Nine Months 30.09.13 30.09.12 30.09.13 30.09.12 $'000 $'000 $'000 $'000 Investment properties - - 133,420 732,409 Fixed assets 4 109,804 28 109,998 Properties held for sale 324,952 93,383 324,952 93,383 Stocks - 2,067-2,067 Debtors 942 1,357 1,017 1,536 Cash and cash equivalents 6 32,767 3,043 33,059 Creditors - (51,456) (2,660) (271,481) Amounts due to related companies - (38,652) (2,023) (81,910) Shareholders' loans (120,911) (27,920) (122,911) (27,920) Bank borrowings - - (38,000) - Taxation - (6,695) (203) (6,695) Deferred taxation (50,595) (19,275) (51,269) (134,503) Total net identifiable assets at fair value 154,398 95,380 245,394 449,943 Non-controlling interests measured at non-controlling interests' proportionate share of the net assets - (37,457) - (224,799) Amount previously accounted for as an associated company - (10,546) (45,498) (10,546) Net assets acquired 154,398 47,377 199,896 214,598 Assumption of shareholders' loans 120,911 27,920 122,911 27,920 Gain on remeasurement of previously held equity interest at fair value at acquisition date - (23,129) - (23,129) Goodwill arising from acquisition - 23,138-23,138 Total purchase consideration 275,309 75,306 322,807 242,527 Less: Deferred payments (247,779) - (247,779) - Cash and cash equivalents acquired (6) (32,767) (3,043) (33,059) Net cash outflow on acquisition 27,524 42,539 71,985 209,468 Keppel Land Limited, Page 16 of 32

Notes to Consolidated Cash Flow Statement - Continued 2. On 10 September 2013, the Group disposed of its interest in a wholly-owned subsidiary company, Montfort Development Pte Ltd ( 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. During the quarter ended 30 September 2012, the Group completed the divestment of a 22.7% effective interest in Saigon Centre Phase 2 to Toshin Development Co., Ltd. The net assets of the subsidiary companies disposed of and the net cash inflow were as follows: Third Quarter Nine Months 30.09.13 30.09.12 30.09.13 30.09.12 $'000 $'000 $'000 $'000 Investment in associated company 2,886-2,886 - Fixed assets - 21,541-21,541 Properties held for sale - 16,776-16,776 Debtors - 3,593-3,593 Cash and cash equivalents - 1,277-1,277 Amounts due from related companies - 4,723-4,723 Amount due from associated company 128-128 - Creditors - (1,629) - (1,629) Non-controlling interests deconsolidated - (14,809) - (14,809) Net assets 3,014 31,472 3,014 31,472 Less: equity interests retained as jointly controlled entities - (20,960) - (20,960) Net assets disposed 3,014 10,512 3,014 10,512 Sales consideration 8,941 29,463 8,941 29,463 Less: cash and cash equivalents disposed - (1,277) - (1,277) Net cash inflow on disposal 8,941 28,186 8,941 28,186 3. On 16 April 2013, 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. On 14 September 2012, 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 32

Review of Cash Flows for 3Q2013 (i) Net cash flows used in operating activities The Group s net cash used in the operating activities was $366.1 million compared with $63.8 million for 3Q2012, as a result of higher net cash outlays for the Group s properties held for sale. Higher development expenditures were incurred in 3Q2013, due primarily to the land payment for the site at Kim Tian Road in Singapore. This was partly offset by higher progress billings received from several trading projects in China, namely The Springdale and 8 Park Avenue in Shanghai, and Park Avenue Heights in Chengdu. In 3Q2012, the development expenditures were largely for the on-going development of Seasons Park in Tianjin Eco-City in China as well as The Lakefront Residences and The Luxurie in Singapore. The progress billings for 3Q2012 came mainly from The Lakefront Residences, The Luxurie and The Springdale. (ii) Net cash flows from investing activities Net cash inflow of $2 million was generated from the investing activities compared with $21 million for 3Q2012. Major inflows for 3Q2013 comprised largely dividends from the Group s associated companies (mainly Keppel REIT) and equity investments. In addition, the Group received $8.9 million from the divestment of its 50% indirect interest in Hotel Sedona Manado in Indonesia. These inflows were partly offset by the partial payment for the acquisition of a 100% interest in Shanghai Jinju of $27.5 million and 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 inflows for 3Q2012 consisted mainly of dividends from the Group s associated companies as well as proceeds from the divestment of the Group s 22.7% effective interest in Saigon Centre Phase 2, partly reduced by the cash outlay for the acquisition of an additional 36% interest in Kingsdale group. (iii) Net cash flows from/(used in) financing activities The net cash inflow from the financing activities was $259.7 million compared with an outflow of $26.9 million for 3Q2012. There was a net drawdown of loans of $253.3 million in 3Q2013 compared with a net repayment of $8.7 million for 3Q2013. The non-controlling shareholders contributed $19.2 million in 3Q2013, mainly for the Tianjin Eco-City project. In 3Q2012, the Group acquired a 49% interest in Alverno for a consideration of $16.3 million. Overall, the net decrease in cash and cash equivalents was $104.4 million compared with $69.7 million for 3Q2012. Review of Cash Flows for YTD 3Q2013 (i) Net cash flows used in operating activities The Group s net cash used in the operating activities was $1,394.7 million compared with $487.7 million for YTD 3Q2012, on account of higher net cash incurred for the Group s properties held for sale. The higher development expenditures in YTD 3Q2013 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, Jakarta Garden City, The Lakefront Residences and The Luxurie. In YTD 3Q2012, there were partial land payments for two residential developments in Wuxi and Nanxiang Town in Shanghai. The progress billings received in YTD 3Q2012 were mainly from Madison Residences, The Lakefront Residences, The Luxurie, The Estella in HCMC and Jakarta Garden City. Keppel Land Limited, Page 18 of 32

Review of Cash Flows for YTD 3Q2013 - continued (ii) Net cash flows (used in)/from investing activities Net cash of $147.8 million was used in the investing activities compared with $11.1 million generated for YTD 3Q2012. The major outflows for YTD 3Q2013 were for the acquisition of 100% interest in Shanghai Jinju as mentioned above, and the acquisition of the remaining 50% interest in Parksville as well as the acquisition of a 42.5% interest in Equity Rainbow II Pte Ltd (which has an 80% indirect interest in Lifehub @ Jinqiao in Shanghai). 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 YTD 3Q2012 were mainly for the acquisition of interest in Aether Pte Ltd group and an additional 36% interest in Kingsdale group. Higher dividends were received from the associated companies in YTD 3Q2012, mainly from the Reflections at Keppel Bay project. (iii) Net cash flows from financing activities The net cash inflow from the financing activities was $808.9 million compared with $47.6 million for YTD 3Q2012. The net drawdown of loans of $786.8 million was $566.8 million higher than that for YTD 3Q2012. Included in the YTD 3Q2013 inflows were the proceeds from the divestment of 30% interest in Sherwood to a wholly-owned subsidiary of China Vanke Co., Ltd and the contribution from noncontrolling shareholders (mainly for the Tianjin Eco-City project). There was a net drawdown of loans from the associated companies and jointly controlled entities in YTD 3Q2013 compared with a net advance to these entities in YTD 3Q2013. The higher inflows for YTD 3Q2013 were partly reduced by higher cash dividends paid to the shareholders of the Company and non-controlling shareholders of certain non-wholly owned subsidiary companies. Overall, there was a net decrease in cash and cash equivalents of $733.6 million compared with $429 million for YTD 3Q2012. 2. AUDIT The figures have not been audited nor reviewed by the Company s auditors. 3. AUDITOR S REPORT Not applicable. 4. ACCOUNTING POLICIES (a) The Group s policy is to revalue its investment properties on an annual basis. An update to the fair values will be done at the end of the financial year. (b) 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 period compared with those for the audited financial statements as at 31 December 2012. Keppel Land Limited, Page 19 of 32

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 2012 - 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. As the Group s policy is to revalue its investment properties on an annual basis, the Group is currently determining the impact of this new standard on the Group s financial statements. 6. EARNINGS PER ORDINARY SHARE G R O U P Nine Months 30.09.13 30.09.12 +/(-) % Earnings per ordinary share of the Group based on net profit attributable to shareholders: (i) Based on the weighted average number of shares (cents) 20.6 20.6 - - Weighted average number of shares ('000) 1,545,592 1,509,930 2.4 (ii) On a fully diluted basis (cents) 20.6 20.6 - - Adjusted weighted average number of shares ('000) 1,547,099 1,511,955 2.3 7. NET ASSET VALUE G R O U P 30.09.13 31.12.12 Net asset value per share based on issued share capital at the end of the period ($) 4.15 3.99 Keppel Land Limited, Page 20 of 32

8. REVIEW OF GROUP PERFORMANCE Group Overview ($'000) 3Q2013 3Q2012 Change YTD YTD Change (%) 3Q2013 3Q2012 (%) Revenue 417,871 166,413 151.1 955,310 466,934 104.6 Profit before taxation 156,805 92,905 68.8 368,092 380,970 (3.4) Net profit 126,436 74,496 69.7 318,552 311,073 2.4 3Q2013 vs. 3Q2012 The Group s revenue for 3Q2013 rose by $251.5 million or 151.1% compared with 3Q2012, due primarily to increased revenue from the Property Trading segment of $247.1 million. The improvement from the Group s trading projects arose mainly from higher revenue recognition for The Lakefront Residences and The Luxurie in Singapore, Seasons Park at Tianjin Eco-City and Jakarta Garden City in Indonesia. Moreover, there was new revenue stream from Phases 4 and 5 of 8 Park Avenue in Shanghai which were launched in June 2013 as well as revenue recognition from Plot 2-1 of The Springdale in Shanghai which was completed in September 2013. At pre-tax level, the Group s profit grew by $63.9 million, or 68.8% over that for the same quarter last year, on the back of higher profits from the above trading projects and commencement of profit recognition for Corals at Keppel Bay which was launched in May 2013. There were also higher contributions from the Property Investment, Fund Management and Hotels and Resorts segments. These increases were partly reduced by lower contribution from Marina Bay Suites which was completed in June 2013. After accounting for taxes and non-controlling interests share of profits, the Group s net profit was $126.4 million, an increase of 69.7% from $74.5 million reported in 3Q2012. Excluding the non-recurring gains/(losses), earnings from overseas represented about 36.1% of the Group s net profit compared with 7.3% for 3Q2012. YTD 3Q2013 vs. YTD 3Q2012 The Group s revenue for YTD 3Q2013 increased by $488.4 million or 104.6% compared with YTD 3Q2012, as a result of improvement from most of the business segments. Property Trading segment contributed $471.8 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. Despite the much higher revenue, the Group registered a lower pre-tax profit of $368.1 million for YTD 3Q2013 due primarily to lower contribution from Reflections at Keppel Bay. In YTD 3Q2012, a substantial profit was recognised upon the handover of units sold under the deferred payment scheme to the purchasers. In addition, there was a gain from the divestment of the Group s 22.7% effective interest in Saigon Centre Phase 2 in YTD 3Q2012. These declines were partly cushioned by higher profits from the above trading projects as well as The Botanica in Chengdu. There were also improved contributions from the Property Investment, and Hotels and Resorts segments. After accounting for taxes and non-controlling interests share of profits, the Group s net profit was $318.6 million, an increase of 2.4% from $311.1 million reported in YTD 3Q2012. The net profit for YTD 3Q2013 included a write-back of tax following finalisation of prior years tax of several companies in Singapore. Excluding the non-recurring gains/(losses), earnings from overseas represented about 29.5% of the Group s net profit compared with 10.9% for YTD 3Q2012. Keppel Land Limited, Page 21 of 32

8. REVIEW OF GROUP PERFORMANCE - continued Segmental Performance Property Trading ($'000) 3Q2013 3Q2012 Change YTD YTD Change (%) 3Q2013 3Q2012 (%) Revenue 362,415 115,278 214.4 782,978 311,189 151.6 Net profit 89,698 32,918 172.5 207,872 230,668 (9.9) Revenues for the current periods increased substantially compared with corresponding periods last year, driven by higher progressive revenue recognition for The Lakefront Residences and The Luxurie in Singapore, as a result of higher percentage of physical completion achieved. The increase was also contributed by the new revenue stream from Phases 4 and 5 of 8 Park Avenue in Shanghai which was launched in June 2013 and higher revenue recognition from The Springdale in Shanghai arising from the handover of units at the newly completed Plot 2-1 as well as Plots 3-2 and 3-3 which were completed in December 2012. There was also revenue recognition from the handover of units for Phases 1-1 and 1-2 of Seasons Park at Tianjin Eco- City which were completed in December 2012. These increases were partly offset by lower revenue from Phase 1A of The Seasons in Shenyang which was completed in September 2012, and absence of revenues from Madison Residences in Singapore and Plot 3-1 of The Springdale, which were completed in June 2012 and March 2012, respectively. Net profit for 3Q2013 increased compared with 3Q2012, due primarily to the higher profits from 8 Park Avenue and The Springdale, and maiden contribution from Corals at Keppel Bay which was launched in May 2013, partly reduced by lower profit from Marina Bay Suites which was completed in June 2013. On a year-to-date basis, net profit decreased compared with that for the same period last year, attributable primarily to the lower contribution from Reflections at Keppel Bay. Higher profit was recognised for this project last year following the handover of units sold under the deferred payment scheme to the purchasers. The decline was partly mitigated by higher contributions from those trading projects mentioned above. The net profit for YTD 3Q2013 also included the contribution from Plot R5A of The Botanica in Chengdu which was completed in March 2013. Property Investment ($'000) 3Q2013 3Q2012 Change YTD YTD Change (%) 3Q2013 3Q2012 (%) Revenue 12,895 14,065 (8.3) 36,155 42,053 (14.0) Net profit 39,994 36,594 9.3 91,356 74,944 21.9 Rental income for the current periods had decreased, attributable largely to the cessation of rental income from Saigon Centre Phase 1 in HCMC, following the Group s de-consolidation of this asset after the divestment of the Group s 22.7% effective interest to Toshin Development Co. Ltd in December 2012. Despite lower revenues reported and absence of one-off gain of $16.7 million from the divestment of the Group s 22.7% effective interest in Saigon Centre Phase 2, higher net profits were recorded for the current periods as a result of the improved performance from Keppel REIT and Marina Bay Financial Centre Tower 3 due to improved rental yields. There were also higher dividends received from the Group s equity investments. Keppel Land Limited, Page 22 of 32