City Developments net profit jumped 78% in 1Q11

Net profit increased to $282 million and revenue rose 10% to $773.7 million.

According to DBS Vickers, the growth in net profit was due largely to $149.7 million gains from the sale of The
Corporate Office building and a strata unit at GB Building.

The improved performance was due to higher residential development contributions (+63% yoy to $337m) coming from Cliveden at Grange, One Shenton, The Residences at W, Solitaire, Volari, NV Residences and Livia as well as a lower effective tax rate of 11.5% due to an over-provision of $7.1m in prior years. Hotel PBT dipped 14.8%affected by the closure of 277 rooms at Seoul Millenium Hilton, redevelopment of Copthorne Orchid and increased
marketing expenses for The Glyndebourne project.

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