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SIAS-Keppel Briefing to Retail Shareholders 2023.pdf

KeppelCorporation
KeppelCorporation

Keppel has been transforming from a conglomerate structure into an integrated global asset manager and operator with three core platforms focused on infrastructure, real estate, and connectivity. It has divested non-core businesses and reorganized over the past several years. Keppel reported record net profits in 1H2023 and has announced over $4.8 billion in asset monetizations, exceeding its target. It aims to grow its funds under management to $100 billion by 2026 and $200 billion by 2030 by leveraging its deep operating expertise and connections to proprietary assets. Keppel provides investors access to high-quality infrastructure, real estate, and connectivity assets that produce strong cash flows.

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Briefing for Retail Shareholders Hosted by Securities Investors Association (Singapore) 17 August 2023
Keppel has been transforming to create value 2 Privatised Keppel Land and consolidated asset managers under Keppel Capital Privatised M1 and Keppel T&T Divested logistics and O&M businesses Removed conglomerate structure and reorganised Keppel as one integrated company 2015~2016 2018~2019 2022~2023
Creating solutions for a sustainable world One Keppel, One Purpose A GLOBAL ASSET MANAGER & OPERATOR Comprising three horizontally-integrated platforms: Fund Management Platform 1 Operating Platform 3 Investment Platform 2 with deep operating capabilities in Infrastructure, Real Estate and Connectivity 3
Investors increasing allocation to real assets Energy transition & climate change Rapid urbanisation & ageing populations Digitalisation 4.0 4.6 5.5 6.3 6.8 7.2 7.6 8.5 9.0 10.1 11.7 13.3 23.2 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2026F Alternatives AUM (US$ trillion) 1 2 3 4 5.8x We are in the right space, at the right time, seizing opportunities amidst macrotrends Source: Preqin 4
Strong results for 1H23 5 NET PROFIT RECURRING INCOME ASSET MONETISATION $3.6b 76% >$4.8b Highest on record in 55 years of net profit from continuing operations, vs 48% in 1H22 announced since Oct 2020; Target to reach $10~12b by 2026 and $17.5b eventually
6 STI: 9.62% Keppel: 118.0% STI Keppel 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 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 KCL Shares (excluding treasury shares). ii The final value of the dividend in-specie will be based on the price of Keppel REIT units on the date the Proposed Distribution is completed, which is subject to the approval of Keppel Corporations shareholders at an EGM to be held in due course. Significantly outperformed Straits Times Index over the 18-month period from 1 Jan 2022 to 30 Jun 2023 >12x FY22 final cash dividend of 18.0 cts/share paid in May23 1H23 interim cash dividend of 15.0 cts/share to be paid on 18 Aug23 Keppel Cash: ~4.6% cash dividend yield based on Keppels closing share price of $7.11 on 11 Aug 2023 $2.19i worth of SCM shares distributed in-specie in Mar23 for every Keppel share held Superior returns Total distributions in 2023 Total shareholder return 1 KREIT unitii for every 5 Keppel shares held Part of Keppels capital management initiatives KREIT will benefit from larger public float, wider investor base and higher liquidity 55th Anniversary Proposed Special Dividend in-Specie In-Specie: 33.0 cts/share Source: Bloomberg
The Keppel difference 7 Deep capabilities in engineering, developing, owning and operating specialised real assets as part of Keppels DNA Established asset manager with over 20 years of track record, seasoned management team and established LP network 17% IRR / 1.8x equity multiple average deal returns since 2002 $53.2b As at end-Jun 2023 Returns achieved FUM Capital deployed Funds raised $17.6b Investments completed over 3 years (2020-2022) $9.5b Capital raised over 3 years (2020-2022) Infrastructure Real Estate Connectivity I II
Connecting investors with Keppels proprietary assets Providing exclusive access to high-quality, strategic infrastructure, real estate and connectivity assets that produce strong inflation-protected cash flows, leveraging Keppels deep operating capabilities. 8 Keppel Data Centre Campus at Genting Lane First two buildings fully contracted; planning for more capacity Keppel Sakra Cogen Plant Singapores first hydrogen-ready and most efficient power plant Bifrost Subsea Cable System Worlds largest capacity high-speed optical cable across the Pacific Ocean Keppel South Central Next-generation smart, super low energy commercial building in Singapores CBD Park Avenue Central Prime office and retail development in the heart of downtown Shanghai
Accelerating growth in asset management 9 i Includes carrying values of identified assets on the balance sheet, as well as gross asset values of certain identified underlying assets held in joint ventures, that can be potentially converted into fee-bearing Funds Under Management (FUM). Notes receivables (vendor notes issued by Asset Co) amounting to c.$4.3b is included. >$13b of asset and M&A deals currently being pursued across Infrastructure, Real Estate and Connectivity Infrastructure 25% Real Estate 62% Connectivity 13% End-Jun 2023 $65.6b Infrastructure 22% Real Estate 62% Connectivity 16% End-Jun 2023 $53.2b AUMi FUM Includes ~$10b of dry powder Includes $12.4b of assets on Keppels balance sheet that can be potentially converted into future FUM >5 new funds for infrastructure, SUR, education, data centres and debt, etc., being raised and planned for launch in next 2 years Laser-focused to grow FUM to $100b by 2026 and $200b by 2030
With an established track record as an asset manager and the deep domain knowledge of an operator, Keppel is a preferred partner to our LPs. As we grow our recurring income and achieve our FUM and monetisation targets, Keppel aims to continue delivering superior returns to our shareholders. 10
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 Corporation Limited (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. 11

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SIAS-Keppel Briefing to Retail Shareholders 2023.pdf

  • 1. Briefing for Retail Shareholders Hosted by Securities Investors Association (Singapore) 17 August 2023
  • 2. Keppel has been transforming to create value 2 Privatised Keppel Land and consolidated asset managers under Keppel Capital Privatised M1 and Keppel T&T Divested logistics and O&M businesses Removed conglomerate structure and reorganised Keppel as one integrated company 2015~2016 2018~2019 2022~2023
  • 3. Creating solutions for a sustainable world One Keppel, One Purpose A GLOBAL ASSET MANAGER & OPERATOR Comprising three horizontally-integrated platforms: Fund Management Platform 1 Operating Platform 3 Investment Platform 2 with deep operating capabilities in Infrastructure, Real Estate and Connectivity 3
  • 4. Investors increasing allocation to real assets Energy transition & climate change Rapid urbanisation & ageing populations Digitalisation 4.0 4.6 5.5 6.3 6.8 7.2 7.6 8.5 9.0 10.1 11.7 13.3 23.2 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2026F Alternatives AUM (US$ trillion) 1 2 3 4 5.8x We are in the right space, at the right time, seizing opportunities amidst macrotrends Source: Preqin 4
  • 5. Strong results for 1H23 5 NET PROFIT RECURRING INCOME ASSET MONETISATION $3.6b 76% >$4.8b Highest on record in 55 years of net profit from continuing operations, vs 48% in 1H22 announced since Oct 2020; Target to reach $10~12b by 2026 and $17.5b eventually
  • 6. 6 STI: 9.62% Keppel: 118.0% STI Keppel 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 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 KCL Shares (excluding treasury shares). ii The final value of the dividend in-specie will be based on the price of Keppel REIT units on the date the Proposed Distribution is completed, which is subject to the approval of Keppel Corporations shareholders at an EGM to be held in due course. Significantly outperformed Straits Times Index over the 18-month period from 1 Jan 2022 to 30 Jun 2023 >12x FY22 final cash dividend of 18.0 cts/share paid in May23 1H23 interim cash dividend of 15.0 cts/share to be paid on 18 Aug23 Keppel Cash: ~4.6% cash dividend yield based on Keppels closing share price of $7.11 on 11 Aug 2023 $2.19i worth of SCM shares distributed in-specie in Mar23 for every Keppel share held Superior returns Total distributions in 2023 Total shareholder return 1 KREIT unitii for every 5 Keppel shares held Part of Keppels capital management initiatives KREIT will benefit from larger public float, wider investor base and higher liquidity 55th Anniversary Proposed Special Dividend in-Specie In-Specie: 33.0 cts/share Source: Bloomberg
  • 7. The Keppel difference 7 Deep capabilities in engineering, developing, owning and operating specialised real assets as part of Keppels DNA Established asset manager with over 20 years of track record, seasoned management team and established LP network 17% IRR / 1.8x equity multiple average deal returns since 2002 $53.2b As at end-Jun 2023 Returns achieved FUM Capital deployed Funds raised $17.6b Investments completed over 3 years (2020-2022) $9.5b Capital raised over 3 years (2020-2022) Infrastructure Real Estate Connectivity I II
  • 8. Connecting investors with Keppels proprietary assets Providing exclusive access to high-quality, strategic infrastructure, real estate and connectivity assets that produce strong inflation-protected cash flows, leveraging Keppels deep operating capabilities. 8 Keppel Data Centre Campus at Genting Lane First two buildings fully contracted; planning for more capacity Keppel Sakra Cogen Plant Singapores first hydrogen-ready and most efficient power plant Bifrost Subsea Cable System Worlds largest capacity high-speed optical cable across the Pacific Ocean Keppel South Central Next-generation smart, super low energy commercial building in Singapores CBD Park Avenue Central Prime office and retail development in the heart of downtown Shanghai
  • 9. Accelerating growth in asset management 9 i Includes carrying values of identified assets on the balance sheet, as well as gross asset values of certain identified underlying assets held in joint ventures, that can be potentially converted into fee-bearing Funds Under Management (FUM). Notes receivables (vendor notes issued by Asset Co) amounting to c.$4.3b is included. >$13b of asset and M&A deals currently being pursued across Infrastructure, Real Estate and Connectivity Infrastructure 25% Real Estate 62% Connectivity 13% End-Jun 2023 $65.6b Infrastructure 22% Real Estate 62% Connectivity 16% End-Jun 2023 $53.2b AUMi FUM Includes ~$10b of dry powder Includes $12.4b of assets on Keppels balance sheet that can be potentially converted into future FUM >5 new funds for infrastructure, SUR, education, data centres and debt, etc., being raised and planned for launch in next 2 years Laser-focused to grow FUM to $100b by 2026 and $200b by 2030
  • 10. With an established track record as an asset manager and the deep domain knowledge of an operator, Keppel is a preferred partner to our LPs. As we grow our recurring income and achieve our FUM and monetisation targets, Keppel aims to continue delivering superior returns to our shareholders. 10
  • 11. 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 Corporation Limited (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. 11