MASNET: Acquisition Of Units In K-REIT Asia

KEPPEL LAND LIMITED

Keppel Land Limited (the "Company") wishes to announce that its wholly-owned subsidiary, K-REIT Asia Management Limited ("KRAM") as manager of K-REIT Asia, has today acquired 334,949 units in K-REIT Asia ("Units") issued at a price of S$3.0707 per Unit in payment of 100% of its management fees for the period from 1 January 2007 to 31 March 2007.

This mode of payment of management fees to KRAM in the form of Units is provided for in the trust deed constituting K-REIT Asia.

With this transaction, the total number of Units held by the Company (through its wholly-owned subsidiaries), including the 334,949 new Units held through KRAM, is 98,675,114 Units which represent approximately 40.72% of the total number of issued Units as at 30 April 2007.

The above transaction is not expected to have any significant impact on the consolidated earnings per share and net tangible asset per share of the Company for the current financial year.