Microsoft Word - KLL_Triangle _Completion Announcement (Rev 16 Dec 14) (Amended by BP 5PM) (marked) KEPPEL LAND LIMITED (Co. Reg. No. 189000001) (Incorporated in Singapore) COMPLETION OF DIVESTMENT OF ONE-THIRD INTEREST IN MARINA BAY FINANCIAL CENTRE TOWER 3


Keppel Land Limited (the "Company") is pleased to announce that the divestment by its indirect wholly-owned subsidiary, Bayfront Development Pte. Ltd. ("Bayfront"), of its one-third interest in Marina Bay Financial Centre Tower 3 via the sale of the 200 fully paid-up ordinary shares held by Bayfront in the issued share capital of Central Boulevard Development Pte. Ltd. ("CBD") to Keppel
REIT (the "Transaction"), has been completed today.

1

The net proceeds received by the Group
from the Transaction is about S$665.9 million (after
deducting rental support of S$49.2 million), of which S$185 million was in the form of 152,213,000

2

new units of Keppel REIT ("Consideration Units") , and the balance S$480.9 million was in cash.
The net divestment gain realised from the Transaction is about S$94.5 million.

3

Following the receipt of the Consideration Units, the Group's unitholding interest
in Keppel REIT has
increased to 44.93% (comprising 1,419,904,054 units) from 42.14% (comprising 1,267,691,054 units). Arising from such increase, the Group expects to recognise a gain of about S$23 million for the three months ending 31 December 2014.
With the completion of the Transaction, Bayfront ceased to be a shareholder of CBD. Bayfront continues, however, to have a one-third effective interest in Marina Bay Suites Pte. Ltd. ("MBSPL"), the owner and developer of Marina Bay Suites. MBSPL, a wholly-owned subsidiary of CBD, was excluded from the Transaction.
Date: 16 December 2014

1 The Company together with its subsidiaries.

2 The Consideration Units were issued at an issue price of S$1.2154 each. The issue price was determined based on the volume weighted average price for a Keppel REIT unit for all trades on the Singapore Exchange Securities Trading Limited for the period of 10 business days immediately preceding 16 December 2014. The number of Consideration Units issued was rounded downwards to the nearest board lot.

3 Percentage of Keppel REIT unitholding following the receipt of the Consideration Units is computed based on

3,160,570,501 issued Keppel REIT units as at the date of this Announcement.

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