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2011 Bonus Issue - Cost Basis Information

(Applicable only to Keppel ADR for U.S. Income Tax Purposes)

Bonus Share Issue Announcement

On January 25, 2011, Keppel Corporation Limited announced a proposed bonus issue of 1 bonus share for every 10 existing shares which is subject to certain conditions, including shareholders' approval of the general share issue mandate at the Annual General Meeting ("AGM"). At the AGM of Keppel Corporation Limited held on April 21, 2011, its shareholders approved the general share issue mandate. As a result, new ADRs will be issued in the ratio of one new ADR for every 10 ADRs held as of record date. Fractional entitlements will be disregarded. Note below the record date:

4/28/2011 - Record Date for the 10% bonus issue on the ADRs

Tax Consequences

Keppel Corporation Limited's bonus issue is being treated as a nontaxable event for U.S. income tax purposes. In addition, the bonus distribution is non-taxable in Singapore.

Quantitative Effect of Bonus Distribution

The quantitative effect of the nontaxable bonus distribution is that 90.9091% of the original tax cost basis in an ADR must be allocated to all ADRs held after the distribution on a per ADR basis.


Investors are urged to consult independent tax advisors regarding the consequences of the bonus share issue in light of their particular circumstances.

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