Keppel : SGXNET: Despatch of Notice Pursuant to Section 215(3) of the Companies Act (2 of 2)

1

What has happened so far?

• The Offer has closed.

• As of 31 March 2015, Keppel Corporation owns 95.1 per cent. of Keppel Land.

• The SGX-ST has suspended trading of all securities of Keppel Land.

• Keppel Corporation is taking steps to delist Keppel Land from the SGX-ST.

• As the Shares owned by Keppel Corporation comprise more than 90 per cent. of the total number of issued Shares, under and subject to Section 215(3) of the Companies Act, you have a right to require Keppel Corporation to acquire your Shares atS$4.38i

in cashfor each Share (the "Offer Price").

2

How do I exercise my right under Section 215(3) of the Companies Act? What do I get for my Shares?

• You may exercise your right under Section 215(3) of the Companies Act, by filling up

and returning the Relevant Acceptance Form in the enclosed pre-addressed envelope.

• You will receive S$4.38i in cash, within 10 daysafter the receipt by Keppel Corporation

of the valid Relevant Acceptance Form from you.

i. Please refer to Question 3 on the adjustment for Distributions.

3

How is the Offer Price adjusted for Distributionsii?

• In the event of any Distribution, the Offer Price may be reduced by an amount which is equal to the amount of Distribution depending on when settlement of your Shares occurs.

• For purely illustrative purposes only, the adjustment of the Offer Price for the FY2014

Dividendiii is as follows:

If the settlement of your Shares occurs on or before

5.00 p.m. on 7 May 2015iv, you will receive S$4.38 in cash per Share from Keppel Corporation.

15 April 2015 7 May 2015 15 July 2015

5.00 p.m. 5.30 p.m.

1 2 3

Despatch of Books Closure Date Deadline to submit

Form 58 Relevant

Acceptance Form

If the settlement of your Shares, occurs after 5.00 p.m. on 7 May 2015iv, you

will receive:

• S$4.24 in cashper Share from Keppel Corporation; and

• the FY2014 Dividend of S$0.14 in cashper Share from the Company.

4

Will I be able to receive S$4.60 if Keppel Corporation reaches the Compulsory Acquisition Threshold through Shares acquired pursuant to Section 215(3) of the Companies Act?

• No. The Compulsory Acquisition Threshold is only applicable during the Offer. The Offer has closed on 31 March 2015.

5

What will happen to my Shares if I do not exercise my right under Section

215(3) of the Companies Act?

• You will continue to be a shareholder of Keppel Land, which will be an unlisted company.

ii. For the avoidance of doubt, such adjustment for Distributions captures dividends declared, paid or made by the Company on or after the Offer Announcement Date, including but not limited to the proposed FY2014 Dividend.

iii. Assuming the proposed FY2014 Dividend is approved at the Annual General Meeting of the Company to be held on 30

April 2015.

iv. Being the Books Closure Date in respect of the proposed FY2014 Dividend.

1

Locate the Relevant Acceptance Form

• Look for the Relevant Acceptance Form in this package.

• CPFIS and SRS Investorswho wish to exercise their rights under Section 215(3) of the Companies Act should contact their respective CPF and SRS Agent Banks (namely, DBS, Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited).

2

Fill in your details and return the Relevant Acceptance Form

• Check your particulars and Securities Account Number.

• Under Part A, fill in the number of Shares in the "Free Balance" of your Securities Account in respect of which you wish to exercise your right under Section 215(3) of the Companies Act. You can choose to exercise your right for all, part or none of your Shares.

• Fill in the applicable date and proceed to sign off on the bottom right hand corner of

the Relevant Acceptance Form

2 PLEASE 3 PLEASE DATE SIGN

HERE HERE

Date Signature(s) / Thumbprint(s) of Depositor(s) / Joint Depositors.

For corporations, please sign as per your signing mandate and where appropriate, the Common Seal to be affixed in accordance with your Memorandum and Articles of Association or relevant constitutive documents.

• Return the completed Relevant Acceptance Form in the enclosed pre-addressed

envelope so as to arrive NO LATER THAN 5.30 p.m. (Singapore time) on 15 July 2015.