DISCLOSURE IN COMPLIANCE WITH RULE 704(29) OF THE LISTING MANUAL - GRANT OF CONTINGENT AWARDS OF SHARES PURSUANT TO THE KCL RESTRICTED SHARE PLAN

In accordance with Rule 704(29) of the Listing Manual, Keppel Corporation Limited (the "Company") hereby discloses the details of the grant of contingent awards of shares ("Awards") pursuant to the KCL Restricted Share Plan ("RSP") as follows:

1.

Date of grant of Awards

31 March 2014

2.

Number of shares which are the subject of the Awards

4,750,386 shares

3.

Market price of the Company's securities on the date of grant

S$10.89

4.

Vesting and Release of the Awards

33⅓% in 2015, 33⅓% in 2016 and

33⅓% in 2017

The release of shares which are the subject of the Awards is subject to the achievement of certain pre-determined Performance Conditions and time conditions as determined by the Remuneration Committee or otherwise in accordance with the rules of the RSP

5.

Number of shares which are the subject of the Awards granted to eligible participants are as follows:

(i) Employees of the Company

4,600,386 shares

(ii) Directors of the Company

150,000 shares to Loh Chin Hua

(iii) Controlling Shareholders (and their associates) of the Company

Nil

By Order of the Board
Caroline Chang/Kenny Lee
Company Secretaries
31 March 2014

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