“The successful execution of our business strategies has resulted in a substantial increase in shareholder value.”

Dear Shareholders,
The Group celebrated its fifth anniversary in 2005 and recorded its highest profit ever. The profit doubled to S$750.5 million from S$305.7 million in 2004. The revenue for the year was S$3.8 billion, 21 per cent more than the S$3.2 billion achieved in 2004. The underlying performance of our remaining core businesses was very strong. Excluding the gains related to the divestment of PREMAS and the hotel business, and the profit and loss impact of end of year revaluations of investment properties, the profit was S$387.6 million or 16.4 per cent higher than the S$333.1 million achieved a year ago. The Directors are pleased to propose a first and final dividend of 18 cents per share, comprising an ordinary dividend of 6 cents, which is up 20 per cent from 2004, and a special dividend of 12 cents, for the financial year ended 31 December 2005.

Over the last five years, we have grown to be ranked among the top companies in Singapore by market capitalisation. Our financial strength has improved considerably, giving the Group capacity to seek and secure numerous opportunities in our chosen markets. We have also developed a strong global network of long term investors, with blue-chip companies choosing us as preferred partners. The successful execution of our business strategies has resulted in a substantial increase in shareholder value. Our share price appreciated more than 62 per cent as at end-December 2005 compared to a year ago.