Keppel : Infrastructure Trust Unaudited Results For The Fourth Quarter And Full Year Ended 31 December 2016

MEDIA RELEASE‌

Keppel Infrastructure Fund Management Pte Ltd (as Trustee-Manager of Keppel Infrastructure Trust) (Co Reg No: 200803959H)

1 HarbourFront Avenue

#06-09 Keppel Bay Tower Singapore 098632

Tel: [phone]

Fax: [phone]

Website: www.kepinfratrust.com

KEPPEL INFRASTRUCTURE TRUST UNAUDITED RESULTS FOR THE FOURTH QUARTER AND FULL YEAR ENDED 31 DECEMBER 2016 23 January 2017

The Directors of Keppel Infrastructure Fund Management Pte Ltd, as Trustee-Manager of

Keppel Infrastructure Trust, advise the following results of Keppel Infrastructure Trust for the fourth quarter and full year ended 31 December 2016.

These figures have not been audited.

FY 2016 RESULTS HIGHLIGHTS

1. Distribution per unit ("DPU") of 0.93 Singapore cents was declared for the quarter ended 31 December 2016, bringing total DPU to 3.72 Singapore cents for FY 2016.

2. Revenue and distributable cash flows(1) for FY 2016 were S$581.1 million and S$149.5 million respectively. Corresponding amounts for FY 2015 were S$427.9 million and S$90.7 million respectively. These were mainly due to:

3. 12 months of results from KMC versus 6 months in FY 2015, as its acquisition was completed on 30 June 2015;

4. Crystal Assets contributed 12 months of results in FY 2016 versus 7.5 months in FY 2015, as its acquisition was completed on 18 May 2015;

5. The other assets of the Group reported 12 months of results in FY 2016 versus 9 months in FY 2015, due to the change in financial year end last year.

6. Net asset value per unit as at 31 December 2016 decreased to 32.5 Singapore cents from 35.3 Singapore cents as at 31 December 2015 primarily attributable to the marked-to-market movement of derivative instruments and distributions to Unitholders.

7. Gearing(2) as at 31 December 2016 was 37% compared to 35% as at 31 December 2015 as the Trust drew down loans to repay one of its subsidiaries and to fund the Senoko boiler upgrade.

8. (1) Excluding Basslink, consistent with previous results announcements

   (2) Defined as net debt over total assets

   Keppel Infrastructure Trust is a business trust constituted by a trust deed dated 05 January 2007 under the laws of Singapore. Business Trust Registration Number 2007001

   For more information, please contact:

   Media Mr Brian Higgs Assistant Manager Group Corporate Communications Keppel Corporation Limited Tel: [phone] Email: [e-mail]

   Investor Relations Ms Grace Chia Assistant General Manager Investor Relations & Communications Keppel Capital Tel: [phone] Email: [e-mail]

   This media release is also available at www.kepcorp.com , www.kepcapital.com and

   www.kepinfratrust.com.

   KEPPEL INFRASTRUCTURE TRUST

   Paragraph	Description	Page
   INTRODUCTION	1
   1(a)	INCOME STATEMENT AND STATEMENT OF OTHER COMPREHENSIVE INCOME	2-3
   1(b)(i)	STATEMENTS OF FINANCIAL POSITION	4
   1(b)(ii)	AGGREGATE AMOUNT OF BORROWINGS AND DEBT SECURITIES	5
   1(c)	CONSOLIDATED STATEMENT OF CASH FLOWS	6-7
   1(d)(i)	STATEMENTS OF CHANGES IN UNITHOLDERS' FUNDS	8-10
   1(d)(ii)	DETAILS OF ANY CHANGE IN THE UNITS	11
   1(d)(iii)	TOTAL NUMBER OF ISSUED UNITS EXCLUDING TREASURY UNITS AS AT THE END OF THE CURRENT FINANCIAL PERIOD, AND AS AT THE END OF THE IMMEDIATELY PRECEDING YEAR	11
   1(d)(iv)	STATEMENT OF ALL SALES, TRANSFERS, DISPOSAL, CANCELLATION AND/OR USE OF TREASURY UNITS AS AT THE END OF THE CURRENT FINANCIAL PERIOD REPORTED ON	11
   2	AUDIT	11
   3	AUDITORS' REPORT	11
   4	ACCOUNTING POLICIES	11
   5	CHANGES IN THE ACCOUNTING POLICIES	11
   6	EARNINGS PER UNIT	12
   7	NET ASSET VALUE PER UNIT	12
   8	REVIEW OF PERFORMANCE	12-14
   9	VARIANCE FROM FORECAST STATEMENT	14
   10	PROSPECTS	15
   11	DISTRIBUTIONS	16
   12	SEGMENT ANALYSIS	17-19
   13	REVIEW OF SEGMENT PERFORMANCE	19
   14	BREAKDOWN OF REVENUE	19
   15	BREAKDOWN OF TOTAL ANNUAL DISTRIBUTION	19

   FULL YEAR 2016 FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT TABLE OF CONTENTS

   16	INTERESTED PERSON TRANSACTIONS	20
   -	REPORT OF PERSONS OCCUPYING MANAGERIAL POSITIONS WHO ARE RELATED TO A DIRECTOR, CEO OR SUBSTANTIAL SHAREHOLDER	21
   -	CONFIRMATION THAT THE ISSUER HAS PROCURED UNDERTAKINGS FROM ALL OF ITS DIRECTORS AND EXECUTIVE OFFICERS (IN THE FORMAT SET OUT IN APPENDIX 7.7) UNDER RULE 720 (1)	21