#1Keppel INVESTOR DAY, 14 AUG 2023 Assets for a sustainable world Ms Christina Tan CEO, Fund Management and CIO#2Creating enduring value for stakeholders Extensive suite of quality investment products' including listed REITs and a business trust, as well as private funds in sectors where we have deep operating capabilities. Listed REITs & Business Trust Private Funds Keppel REIT Keppel DC REIT KIT INFRASTRUCTURE Keppel Pacific Oak KEPPEL TRUST US REIT PRIME US REIT One of Asia's leading REITs with a portfolio of prime commercial assets in Asia Pacific's key business districts First pure-play data centre REIT listed in Asia on the Singapore Exchange The largest diversified Business Trust with a portfolio of strategic infrastructure assets US REIT with offices and business campuses in key growth markets driven by innovation and technology US REIT with Grade A office assets in primary markets Private equity managers focusing on real estate in global gateway cities, and alternative asset classes, including senior living, education, infrastructure and private credit funds Includes Keppel Capital Alternative Asset, Alpha Investment Partners and Pierfront Capital Fund Management (50% interest); as well as 100% interests in Keppel Corporation Keppel REIT Management (Manager of Keppel REIT), Keppel DC REIT Management (Manager of Keppel DC REIT) and Keppel Infrastructure Fund Management (Trustee-Manager of Keppel Infrastructure Trust); and 50% interest in Keppel Pacific Oak US REIT Management (Manager of Keppel Pacific Oak US REIT); and 30% interest in KBS US Prime Property Management Pte. Ltd. (Manager of Prime US REIT). 2#3We are in the right space, at the right time ... Infrastructure Real Estate Connectivity well positioned amidst macrotrends Energy transition & climate change We are in the business of providing clean water, clean environment and clean energy solutions Focusing on renewables, decarbonisation and environmental solutions Rapid urbanisation & ageing population ☐ We are in the business of providing sustainable urban renewal solutions, giving ageing buildings a new lease of life, making them smart, connected and sustainable Shaping the future of real estate, providing best-in-class, innovative urban space solutions Digitalisation ■ ■ We are in the business of providing digital infrastructure With generative Al, there is growing demand for data centres, subsea cables and connectivity solutions Keppel Corporation 3#4Combining capabilities and providing solutions across investment strategies DEBT Debt Uniquely positioned to scale Core EQUITY Core+ Value Add ✓ Deploy capital across the capital stack (perpetual vehicles, private funds or bespoke mandates) in real assets Offer investors multiple access points across the risk- return spectrum Flagship 212 Opportunistic China Logistics Property Fund Keppel Vietnam Fund Keppel Data Centre Funds 費 K Private Credit Fund Flagship # Keppel Corporation Flagship Separate Accounts Keppel Sustainable Urban Renewal Fund Keppel Asia Macro Trends Fund Series Keppel REIT Keppel Pacific Oak US REIT Prime US REIT 4 K Indo Logistics Fund Keppel Flagship 費 Keppel Education Asset Fund Keppel Asia Infrastructure Funds Keppel Core Infrastructure Fund Keppel DC REIT Infrastructure Trust Keppel India Office Fund Illustrative Risk-Return Profile 4 Real Estate Infrastructure Connectivity Listed Private#5Keppel Ke QUARE Keppel PMOD Keppel Corporation Keppel DO B The Keppel difference: Our deep operating capabilities Infrastructure Real Estate Connectivity 5#6Infrastructure Real Estate Over 30 years of infrastructure investment, development and management track record Global solutions Leveraging Keppel's strong technical expertise and proven operating capabilities to provide solutions for the world's most pressing challenges Connectivity 1. SINGAPORE Keppel Marina East Desalination Plant Singapore Integrated Waste Management Facility (IWMF) Keppel Sakra Cogen Plant City Energy Keppel Merlimau Cogen Plant Senoko WTE Plant Keppel Seghers Tuas WTE Plant Keppel Seghers Ulu Pandan NEWater Plant SingSpring Desalination Plant 800 Super Bifrost Subsea Cable Gimi FLNG Vessel Keppel District Heating & Cooling Systems assets Keppel Corporation 5. INDIA Cleantech Solar Asia - C&I Solar 2. SAUDI ARABIA • Aramco Gas Pipelines Company DOHA ⚫ Domestic Solid Waste Management Center 6. SWEDEN, NORWAY & GERMANY • Onshore and offshore wind farm MANCHESTER Greater Manchester Energy-from-Waste Plant POLAND Bialystok Energy-from-Waste Plant 3. THE PHILIPPINES Philippine Coastal Storage & Pipeline Corporation SOUTH KOREA Eco Management Korea CHINA & HONG KONG ⚫ Bao An Waste-to-Energy Plant IWMF Hong Kong 4. AUSTRALIA & NEW ZEALAND Ixom Water treatment & chemical distribution Kwinana Energy-from-Waste Plant#7Infrastructure Real Estate Connectivity Keppel Seghers Keppel Seghers solutions for a cleaner Future Greening cities with waste, water & wastewater solutions 40% of Singapore's municipal waste Treat ~40% of Singapore's municipal incinerable waste, and diverting waste from landfill >75,000 tpd of incineration capacity Integrated waste management provider, with services diversified across solid waste management, liquid waste management and landfill >100 WTE projects & 150 WTE lines Developer and operator, as well as provider of proprietary technology packages for projects across 17 countries and 4 continents 876,263m³/day waste & wastewater production Provider of a comprehensive suite of water solutions covering all phases of the water cycle Supplying ~25% of Singapore's water demand Capable of processing up to 25% of desalinated water and 26% of NEWater supply in Singapore Keppel Corporation 7#8Infrastructure Real Estate Growing our energy & environment business ~4.9 GWi Total generation capacity on a gross basis, of which 64% is operational while 36% is under development ✓ Expanding sources of stable recurring income ✓ Strong deal flow pipeline in well-established markets, with best-in-class operators ✓ Tapping 3rd party funds for growth Renewables ~3.0 GW Solar 65% Connectivity ~4.9 GW Conventional energy 1.9 GW Quality portfolio of diverse renewable energy projects Wind 32% European onshore and offshore South Korean waste wind energy assets management services platform Environmental services company in Singapore Keppel Corporation On a gross basis and includes projects under development Hydro 3% Singapore's first hydrogen-ready power plant 8#9Infrastructure Real Estate Connectivity Advancing into an asset-light urban space solutions provider Accelerating landbank monetisation Working to substantially monetise landbank, including through injection into Keppel-managed funds . Pivoting towards real estate-as-a-service with focus on growing recurring income Exploring pipeline of sustainable urban renewal and senior living projects across key markets Keppel Corporation Includes those under development 130 years of experience ~39,000 residential units in landbank 1.7m sqm of commercial GFA' 9#10Infrastructure Real Estate Connectivity We provide sustainable and innovative urban space solutions Sterling portfolio of residential developments and integrated townships Growing commercial portfolio in key Asian cities. The Reef at King's Dock, Singapore Waterfront Residences, Tianjin Keppel Bay Tower, Singapore SAIGONCENTRE Keppe Saigon Sports City, Ho Chi Minh City Celesta Heights, Ho Chi Minh City Saigon Centre, Ho Chi Minh City Park Avenue Central, Shanghai Keppel Corporation 10#11Infrastructure Real Estate We are a trusted partner for data centre solutions Strong international presence with over 30 data centres across Asia-Pacific & Europe Connectivity We provide our clients with not just data storage services but also green electrons to support their net zero ambitions Net Lettable Area (million sq ft) ~30% CAGR 1.65 1.38 1.40 0.94 0.56 3.33 2.76 2.50 4.61 2014 2015 2016 2017 2018 2019 2020 2021 2022 Keppel Corporation * Data as at end-Dec 2022 Floating data centre module Datapark+ Powered by clean energy Energy efficient cooling H₂ 2 11#12Infrastructure Real Estate Connectivity We are developing and operating the world's largest capacity high-speed optical cable across the Pacific Ocean Bifrost Cable System First subsea fibre cable system directly connecting Singapore to the West Coast of North America via Indonesia through the Java Sea and Celebes Sea Length: >15,000km Keppel's share of total project cost: ~US$350m Completion: 2024 CHINA HONG KONG South Chino Sea JAPAN SOUTH KOREA North Pacific Ocean PHILIPPINES TURS www SINGAPORE Celebes Sea INDONESIA © Java Sea To Japan GUAM O Strategic landing in Guam for cross-connectivity with other cable systems to Japan and Australia To Australia NORTH AMERICA BIFROST CABLE SYSTEM & ROUTE TRADITIONAL TRANS-PACIFIC ROUTE Keppel Corporation AUSTRALIA 12#13Keppel Corporation Driving growth for our stakeholders 13#143 Driving growth through a virtuous investment cycle Fund Management Platform 1 Platform Operating (2 Keppel Corporation Investm Platform { Raising capital and gathering assets Managing and optimising portfolio 1 These will in turn boost fund raising 2 Creating deal flow funnel and building quality pipeline and asset gathering > at speed and scale Converting deals into quality investments with attractive risk-adjusted returns towards Keppel's $200b FUM target Adding value with operating expertise 3 Driving superior asset performance and investment outcomes 14#15Scaling up FUM and asset management fees Funds Under Management Asset Management Fees ■Real Estate Infrastructure $25b ~4x $100b ~2x $53.2b Connectivity ■Real Estate ■Infrastructure $200b $128m ~2x Connectivity $267m 1H23 2026 Target 2030 Target 2016 2022 2016 Keppel Corporation Multiple avenues of growth ☑ Aligned and incentivised team Hunt as OneKeppel Scale existing flagship products Invest in new growth engines Deliver strong investment performance Build recurring income 15#16Multi-asset portfolios in sectors fuelled by macrotrends Category No Funds / SMAS 1 Keppel Asia Infra Fund (KAIF) Infrastructure 2 K Private Credit Fund 3 Alpha Asia Macro Fund Trends Fund (AAMTF) III 4 Alpha Asia Macro Fund Trends Fund (AAMTF) IV 5 Alpha Asia Separate Account 6 German RE SMA 7 Korean RE GP Program 8 China SUR Program Real Estate 9 China Residential Program 10 K Indo Logistics Fund 11 Keppel Vietnam Fund 12 China Logistics Property fund 13 US Senior Living GP Program 14 Keppel Education Asset Fund (KEAF) 15 Alpha Data Centre Fund 16 Connectivity Keppel Corporation " Includes co-investment capital in parallel funds/side cars. Keppel DC Fund II Gross asset value on leveraged basis when fund is fully invested. As at 30 June 2023. FUM $5.6b $20.3b $4.6b 16#17Listed REITs and business trust No Listed REITs/Trust 1 Keppel REIT Market capitalisation AUM No of assets $3.4b $9.2b 2 Keppel DC REIT $3.6b $3.7b Geographic presence Singapore, Australia, 12 South Korea, Japan 23 23 3 Keppel Infrastructure Trust $2.9b $7.3b 12 Singapore, Australia, China, Malaysia, Germany, Ireland, Italy, The Netherlands, United Kingdom Singapore, Germany, Norway & Sweden, Kingdom of Saudi Arabia, The Philippines, South Korea, Australia & New Zealand 4 Keppel Pacific Oak US REIT US$329m US$1.42b 13 The United States 5 Prime US REIT US$249m US$1.55b 14 The United States Keppel Corporation Gross asset value on leveraged basis when fund is fully invested. As at 30 June 2023. Includes co-investment capital in parallel funds/side cars. 17#18Well-positioned to create strong value $ Strong investment track record Differentiated value proposition for investors Capturing growth ❀ from long-term secular trends ☐ Optimised structure for growth Over 20 years track record in managing private funds with seasoned management team Global alternative real asset manager with strong operating capabilities, creating solutions for a sustainable future Well positioned to seize opportunities from energy transition, urbanisation and digitalisation Three platforms to drive value creation across horizontally- integrated infrastructure, real estate and connectivity segments Keppel Corporation 18#19Keppel Corporation We are connecting investors with strategic real assets across infrastructure, real estate and connectivity that produce strong inflation-protected cashflows amidst the volatile global environment. 11: 19#20Disclaimer 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. Keppel Corporation 20