REPORT TO SHAREHOLDERS 2011
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CONTENTS
1    Key Figures for 2011
2    Group Financial Highlights
3    Five-Year Group Financial Profile
4    Group Quarterly Results
5    Corporate Profile
6    Chairman's Statement
12  Board of Directors
18  Senior Management
20  Key Personnel
24  Investor Relations
28  Corporate Milestones
29  Awards and Accolades
32  Special Feature
- Creating Urban Vitality through Sustainable Mixed-Use Developments
38  Operations and Market Review
Overview
Singapore
- Residential
- Commercial
- Property Fund Management
Overseas
- China
- Vietnam
- India
- Indonesia
- Saudi Arabia
- The Philippines
- Thailand
- Malaysia
Regional Network
- Asia Pacific and Middle East
- Singapore
98   Financial Review
104 Property Portfolio Analysis
106 Sensitivity Analysis
107 Economic Value Added
108 Value Added Statement
110 Productivity Analysis
112 Corporate Liquidity and
      Capital Resources

114 Business Dynamics and
      Risk Factors

115 Critical Accounting Policies
117 Sustainability Report
Sustaining Growth
- Corporate Governance
- Risk Management
- Environment
Empowering Lives
- Health and Safety
- People Matter
Nurturing Communities
- Community and Society
154 Directors' Report
162 Statement by Directors
163 Independent Auditors' Report
164 Consolidated Profit and
      Loss Account

165 Consolidated Statement of
      Comprehensive Income

166 Balance Sheets
167 Statements of Changes
      in Equity

170 Consolidated Cash Flow
      Statement

172 Notes to the Financial
      Statements

240 Significant Subsidiary and
      Associated Companies

246 Corporate Information
247 Profile of Directors and
      Senior Management

256 Calendar of Financial Events
257 Corporate Structure
262 Property Portfolio
280 Statistics of Shareholdings
282 Notice of Annual General
      Meeting

288 Share Transaction Statistics

      Proxy Form