Annual General Meeting

Presentation by

Mr Loh Chin Hua, CEO 19 April 2024

Transformed for growth

Delivered on strategy with strong shareholder returns.

2023: One of the most transformational years in Keppel's history

Total shareholder

Divested O&M business

Unlocking $9.4bi in value for shareholders over time

Accelerating growth

Renamed Keppel Ltd.

Announced strategic acquisition of

Started operating as one

leading European real estate

horizontally-integrated

manager, Aermont Capital

company

returns

Keppel:

Keppel: 61.1%

49.3%

Feb 2023

May 2023

Nov 2023

Dec 2023

Jan 2024

Embarked on

Exceeded asset

major transformation

monetisation target

Shed conglomerate structure and

$5.4b announced

advanced growth as a global asset

since Oct 2020, of which

manager and operator

$950m was in 2023

i As announced in the Company's 1Q23 business update.

STI:STI:

8.3% 4.7%

2022 2023

Source: Bloomberg

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Highest profit on record

Net Profit

Recurring Income

$4.1b

$4.1b

Achieved highest profit on record in FY23, more than quadruple that of FY22

$773m

$503m

687

+54% yoy

Reflecting Keppel's strategy, and our shift away from lumpy EPC and development profits

$927m

FY22

FY23

37.9%

ROE for FY23, compared to 8.1% for FY22

412

9186

FY22 FY23

Asset Mgmt Income

Operating Income

88%

Of net profit from continuing operations was recurring in FY23, vs 60% in FY22, underpinned by strong infrastructure earnings

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Rewarding shareholders

FY23 dividends

$2.19i/share

DIS of

SCM shares

$0.15/share

1H23 interim cash dividend

$0.167/share

DIS of

KREIT units

$0.19/share

FY23 final

cash dividend

~$2.70/share

Total

i The figure of $2.19 is rounded to the nearest two decimal places; calculated based on a division of (a) the cash equivalent amount of the dividend declared by the Company

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of $3,845,164,646.11, by (b) the Company's issued and paid-up share capital as at the Record Date of 1,751,959,918 Keppel Shares (excluding treasury shares).

Accelerating growth in asset management

Laser-focused to scale FUM to $100b by end-2026 and $200b by end-2030

Funds Under Managementi

+153%

$200b

+58%

$79b

$50b

As at end-2022 Pro Forma as at 2030 Target end-2023ii

Driving organic growth

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>$14b

Private funds/SMAs

New funds being

Deal flow pipeline

across infrastructure, real

planned for launch

estate and connectivity

Capturing inorganic opportunities

Exploring opportunities to acquire synergistic platforms in other areas such as infrastructure and connectivity

i Gross asset value of investments and uninvested capital commitments on a leveraged basis to project fully-invested FUM.

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ii Assumes that the acquisition of the first 50% stake in Aermont Capital was completed on 31 Dec 2023.

Note: Data as at end-2023.

Strong interest in Keppel's real assets

Increase in fundraising and dealmaking activities expected as inflation eases and interest rates stabilise in 2024.

Infrastructure

Real estate

Connectivity

Keppel Sakra Cogen Plant

  • Global energy transition and climate action driving demand for Keppel's renewables, clean energy, decarbonisation and environmental solutions
  • Developing Singapore's first hydrogen-ready and most advanced power plant

Keppel South Central

  • Pressing need to decarbonise real estate driving demand for more sustainable solutions
  • Incorporating differentiated Sustainable Urban Renewal solutions as part of new assets and asset enhancement initiatives strategy

DataPark+

  • Growing demand for more efficient and greener data centres amidst proliferation of Generative AI
  • Creating modular data centre campus among other leading edge solutions that harness cleaner energy sources

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Strategic acquisition of leading European asset manager

Acquisition of initial 50% stake in Aermont to be completed in 1H24

Immediate, significant foothold in Europe

Expands asset mgmt capabilities beyond Asia Pacific, bolstering Keppel's presence and value proposition to global LPs

Expanding network of blue-chip LPs

Through Aermont's longstanding relationships with over 50 global clients, many of whom are new to Keppel

Deepening talent pool

Experienced senior team with extensive track record and networks in Europe

Accelerating FUMi growth

$60b$200b

Potential to further grow

Aermont's FUM by up to 2.5x

$79b

$24b

Aermont FUM

Pro Forma as at

2030

end-2023ii

Target

i Gross asset value of investments and uninvested capital commitments on a leveraged basis to project fully-invested FUM.

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ii Assumes that the acquisition of the first 50% stake in Aermont Capital was completed on 31 Dec 2023.

Conclusion

  • Harnessed Keppel's deep industrial roots to transform the Company into a global asset manager and operator
  • Providing unparalleled value proposition to investors with our strong investment track record, operating capabilities and domain knowledge
    • Investors find Keppel's active value adding approach to creating superior returns appealing
  • Sharpened our focus on sustainability
  • Keppel's shareholders have benefited and will continue to benefit from our transformation

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Disclaimer

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION. THIS PRESENTATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL, SUBSCRIBE FOR OR BUY SECURITIES IN ANY JURISDICTION, INCLUDING IN THE UNITED STATES.

This presentation is for information purposes only and does not have regard to your specific investment objectives, financial situation or your particular needs. Any information in this presentation is not to be construed as investment or financial advice and does not constitute an invitation, offer or solicitation of any offer to acquire, purchase or subscribe for securities or other financial instruments in Keppel Ltd. ("Keppel"). The past performance of Keppel is not indicative of the future performance of Keppel. You should exercise judgment in your own financial decisions. If in doubt, please consult with your professional advisers.

Unless explicitly indicated otherwise, all monetary values denoted as '$' within this presentation are to be interpreted as referring to Singapore dollars.

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Keppel Corporation Ltd. published this content on 19 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 April 2024 13:42:09 UTC.