CAPITARETAIL CHINA TRUST (CRCT)

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1 CAPITARETAIL CHINA TRUST (CRCT) First and Only China Shopping Mall S-REIT Financial Results for 4Q January 2012

2 Important Notice and Disclaimer This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other developments or companies, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events. The information contained in this presentation has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Neither CapitaRetail China Trust Management Limited (the Manager ) or any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation. The past performance of CapitaRetail China Trust ( CRCT ) is not indicative of the future performance of CRCT. Similarly, the past performance of the Manager is not indicative of the future performance of the Manager. The value of units in CRCT ( Units ) and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the Manager redeem or purchase their Units while the Units are listed. It is intended that holders of Units (Unitholders) may only deal in their Units through trading on Singapore Exchange Securities Trading Limited (the SGX-ST ). Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for Units. 1

3 Contents Year in Review Financial Highlights Financial Results Portfolio Update Market Outlook 2

4 CapitaMall Qibao, Shanghai Financial Results for XQ 2011 * DD Month Year 2011* in Review

5 Year in Review Stellar financial results for 4Q th consecutive quarter of double-digit growth in tenant sales (27.1%) and NPI (17.1%) DPU growth of 10.1% to 2.28 cents Strong growth in FY 2011 NPI growth of 15.9%; 11.7% excl. CapitaMall Minzhongleyuan Positive rental reversion of 11.5% DPU growth of 4.1% to 8.70 cents NAV up 13.7% to S$1.33 Prudent capital management No major refinancing in 2012 Gearing at low of 28.0% 4 100% unencumbered assets

6 Drivers of Growth in 2011 CapitaMall Xizhimen and CapitaMall Wangjing Double-digit y-o-y NPI growth from portfolio s two largest assets Close to 100% occupancy Increase in revenue from tenant sales component CapitaMall Xizhimen: 37% y-o-y CapitaMall Wangjing: 57% y-o-y Double-digit rental reversions Enlarged portfolio with acquisition of CapitaMall Minzhongleyuan 5

7 Drivers of Growth in 2011 (cont d) CapitaMall Wuhu, CapitaMall Qibao and CapitaMall Saihan Robust NPI growth momentum - CapitaMall Wuhu: 37.6% y-o-y - CapitaMall Qibao: 60.8% y-o-y - CapitaMall Saihan: 91.7% y-o-y Strong rental reversion Increasing contribution to portfolio s NPI 6

8 CapitaMall Saihan, Huhhot Financial Results for XQ 2011 * DD Financial Month 2011* Highlights

9 4Q 2011 DPU up 10.1% y-o-y to 2.28 cents 4Q 2011 Actual 4Q 2010 Actual Change Gross Revenue (RMB 000) 181, , % NPI (RMB 000) 113,526 96, % DPU (Singapore cents) % Annualised Distribution Yield (Based on unit price of S$1.150 on 30 Dec 2011) 7.9% N.M. N.M. Annualised Distribution Yield (Based on unit price of S$1.140 on 26 Jan 2012) 7.9% N.M. N.M. 8

10 4Q 2011 DPU Exceeds Forecast by 6.0% 4Q 2011 Actual 4Q 2011 Forecast 1 Change Gross Revenue (RMB 000) 181, , % NPI (RMB 000) 113, , % DPU (Singapore cents) % Annualised Distribution Yield (Based on unit price of S$1.150 on 30 Dec 2011) 7.9% N.M. N.M. Annualised Distribution Yield (Based on unit price of S$1.140 on 26 Jan 2012) 7.9% N.M. N.M. 1. The forecast is based on the forecast shown in the CRCT Circular dated 30 May

11 Strong FY 2011 NPI Growth of 15.9% FY 2011 Actual FY 2010 Actual Change Gross Revenue (RMB 000) 680, , % NPI (RMB 000) 443, , % DPU (Singapore cents) % Annualised Distribution Yield (Based on unit price of S$1.150 on 30 Dec 2011) 7.6% N.M. N.M. Annualised Distribution Yield (Based on unit price of S$1.140 on 26 Jan 2012) 7.6% N.M. N.M. 10

12 Strong Balance Sheet NAV per unit up 13.7% year-on-year to S$1.33 As at 31 Dec 2011 S$ 000 Investment Properties 1,440,620 Net assets attributable to Other Assets 12,284 unitholders (S$ 000) 913,839 Financial Derivatives Assets 13,249 Cash & Cash Equivalents 70,115 Units In Issue ( 000 units) 688,830 Total Assets 1,536,268 Interest-bearing Borrowings 432,572 Deferred Tax Liabilities 90,282 Net Asset Value (NAV) per unit 1.33 Financial Derivatives Liabilities 3,117 Adjusted NAV per unit Other Liabilities 77,054 (net of distribution) 1.28 Total Liabilities 603,025 Non-controlling Interest 19,404 11

13 Distribution Details Distribution Period For 30 June 2011 to 31 December 2011 Distribution Per Unit 4.42 cents Distribution Timetable Last Day of Trading on cum Basis Ex-Date Book Closure Date Distribution Payment Date 6 March 2012, 5.00 pm 7 March 2012, 9.00 am 9 March 2012, 5.00 pm 28 March

14 CapitaMall Wangjing, Beijing Financial Results for XQ 2011 * DD Month Financial 2011* Results

15 Property Gross Revenue (in RMB 000): 4Q 2011 vs 4Q 2010 CRCT Portfolio 153, , % CapitaMall Xizhimen CapitaMall Wangjing 49,978 45,083 38,753 36,783 CapitaMall Anzhen 19,904 19,709 CapitaMall Erqi 12,273 12,153 Higher revenue from CapitaMall Shuangjing CapitaMall Minzhongleyuan CapitaMall Qibao - 10,542 10,308 13,503 19,356 15,459 Contribution from CapitaMall Minzhongleyuan Growth across all malls CapitaMall Saihan 9,171 6,985 CapitaMall Wuhu 8,309 6,990-20,000 40,000 60,000 80, , , , , , ,000 Actual 4Q 11 Actual 4Q 10 14

16 Net Property Income (in RMB 000): 4Q 2011 vs 4Q 2010 CRCT Portfolio 96, , % CapitaMall Xizhimen CapitaMall Wangjing 32,203 29,319 25,268 24,442 CapitaMall Anzhen 16,317 16,250 CapitaMall Erqi CapitaMall Shuangjing CapitaMall Minzhongleyuan CapitaMall Qibao CapitaMall Saihan CapitaMall Wuhu - 9,855 9,837 8,298 8,077 7,984 6,810 4,517 3,305 2,031 3,486 2,506-20,000 40,000 60,000 80, ,000 Actual 4Q 11 Actual 4Q 10 15

17 Property Gross Revenue (in RMB 000): FY 2011 vs FY 2010 CRCT Portfolio 589, , % CapitaMall Xizhimen 193, ,496 CapitaMall Wangjing 153, ,266 CapitaMall Anzhen 79,169 78,391 Higher revenue from CapitaMall Erqi CapitaMall Shuangjing CapitaMall Minzhongleyuan CapitaMall Qibao - 49,045 48,492 42,001 40,998 27,087 72,087 60,718 Contribution from CapitaMall Minzhongleyuan Rental growth, higher occupancies, higher rental income from tenant sales registered across multi-tenanted malls CapitaMall Saihan 33,421 23,409 CapitaMall Wuhu 30,923 25, , , , , , , , FY 2011 FY 2010

18 Net Property Income (in RMB 000): FY 2011 vs FY 2010 CRCT Portfolio 382, , % CapitaMall Xizhimen 131, ,711 CapitaMall Wangjing 107,799 96,664 CapitaMall Anzhen 64,921 65,566 CapitaMall Erqi CapitaMall Shuangjing CapitaMall Minzhongleyuan CapitaMall Qibao - 39,423 39,381 33,164 32,641 15,824 24,134 15,009 Double-digit NPI growth of ~ 12% from CapitaMall Xizhimen and CapitaMall Wangjing Strong growth momentum from CapitaMall Wuhu, CapitaMall Qibao and CapitaMall Saihan CapitaMall Saihan 14,547 7,588 CapitaMall Wuhu 12,072 8, , , , , , , , , ,000 FY 2011 FY 2010

19 Debt Maturity Profile (31 Dec 2011) SGD million No major refinancing in S$433.0million Variable Rate 29.5% Refinancing secured for S$138 million debt due in February 2012 Anzhen Unsecured- Onshore Loan Trust - Unsecured Money Market Line Fixed Rate 70.5% 2.6* * Total Borrowings Trust - Unsecured Term Loan Variable Rate Fixed Rate 18 * Amortisation of Anzhen unsecured onshore loan.

20 Key Financial Indicators 4Q Q 2011 Unencumbered Assets as % of Total Assets 100.0% 100.0% Gearing 28.0% 31.4% Net Debt / EBITDA (x) Interest Coverage Average Term to Maturity (Years) Average Cost of Debt 2.60% 2.70% 1. The average term to maturity will be extended to 2.37 years upon the refinancing of S$138 million debt in February

21 Portfolio Valuation Increased 3.5% Valuation increase across portfolio underpinned by strong operating performance at malls Current Valuation (31 Dec 2011) RMB million Previous Valuation (30 Jun 2011) RMB million Variance (%) NPI Yield 1 (%) Current Valuation (per sq m of GRA) RMB CapitaMall Xizhimen 2,230 2, ,843 CapitaMall Wangjing 1,506 1, ,144 CapitaMall Anzhen ,292 CapitaMall Erqi ,226 CapitaMall Shuangjing ,614 CapitaMall Minzhongleyuan ,235 CapitaMall Qibao ,991 CapitaMall Saihan ,392 CapitaMall Wuhu ,624 Total 7,079 6, N.M Based on FY 2011 NPI and valuation as at 31 December N.M. not meaningful

22 CapitaMall Xizhimen, Beijing Financial Results for XQ 2011 * DD Month Portfolio 2011* Update

23 Consistently High Occupancy Rates 31 Dec Mar Jun Sep Dec 11 1 CapitaMall Xizhimen 99.5% 99.1% 98.5% 98.5% 98.4% 2 CapitaMall Wangjing 98.7% 100% 100% 99.4% 99.8% CapitaMall Anzhen 100% 100% 100% 100% 100% CapitaMall Erqi 100% 100% 100% 100% 100% CapitaMall Shuangjing 100% 100% 100% 100% 100% CapitaMall Minzhongleyuan % 94.7% CapitaMall Qibao 91.3% 92.1% 91.8% 92.6% 94.4% CapitaMall Saihan 97.7% 98.6% 99.4% 97.6% 98.1% CapitaMall Wuhu 97.8% 98.0% 95.8% 95.3% 96.3% CRCT Portfolio 98.1% 98.4% 98.1% 97.7% 98.1% 1. Based on committed leases. 2. Including Phase II of CapitaMall Xizhimen. If Phase II was excluded, CapitaMall Xizhimen s occupancy as at 31 Dec 2011 was 99.9%. 22

24 Positive Momentum in Rental Reversion From 1 Oct to 31 Dec 2011 Property No. of new leases/renewals Var. over preceding rental 1, 2 (%) CapitaMall Xizhimen % CapitaMall Wangjing % CapitaMall Minzhongleyuan % CapitaMall Qibao % CapitaMall Saihan % CapitaMall Wuhu % CRCT Portfolio % 1. Excluding gross turnover component. 2. Majority of leases have rental escalation clause. 23

25 Strong Rental Reversion of 11.5% in FY 2011 From 1 Jan to 31 Dec 2011 Property No. of new leases/renewals Var. over preceding rental 1, 2 (%) CapitaMall Xizhimen % CapitaMall Wangjing % CapitaMall Minzhongleyuan % CapitaMall Qibao % CapitaMall Saihan % CapitaMall Wuhu % CapitaMall Shuangjing % CRCT Portfolio % 1. Excluding gross turnover component. 2. Majority of leases have rental escalation clause. 3. Including Phase II new committed leases. 24

26 Portfolio Lease Expiry (By Year) As at 31 December 2011 No. of Leases 1 Gross Rental Income RMB 000 % of total (Dec 11) , , , , Beyond , CRCT Portfolio By Gross Rent By Gross Rentable Area Weighted average lease term to expiry 5.8 years 8.8 years 1. Based on all committed leases as at 31 December As percentage of total gross rental income for the month of December

27 Portfolio Lease Expiry Profile for 2012 As at 31 December 2011 No. of Leases 1 Gross Rentable Area Sq m % of total Gross Rental Income RMB 000 % of total (Dec 11) 2 CapitaMall Xizhimen , % 5, % CapitaMall Wangjing 120 9, % 3, % CapitaMall Minzhongleyuan , % 3, % CapitaMall Qibao 62 4, % 1, % CapitaMall Saihan , % 1, % CapitaMall Wuhu 127 5, % % CapitaMall Shuangjing % % 1. Based on all committed leases as at 31 December As percentage of total gross rental income for the month of December

6% Y-o-Y increase if CapitaMall Minzhongleyuan was included Y-o-Y 6.7% Y-o-Y 9.8% Q-o-Q 2.0% 1.

28 Healthy Portfolio Shopper Traffic Shopper traffic 1 (4Q 2011 vs 4Q 2010) Shopper traffic 1 (FY 2011 vs FY 2010) Ave. Daily No. of Shoppers 22.3% Y-o-Y increase if CapitaMall Minzhongleyuan was included Ave. Daily No. of Shoppers 10.6% Y-o-Y increase if CapitaMall Minzhongleyuan was included Y-o-Y 6.7% Y-o-Y 9.8% Q-o-Q 2.0% 1. Includes only shoppers at CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall Saihan, CapitaMall Qibao and CapitaMall Wuhu. 27

29 Strong Portfolio Tenant Sales Growth Tenant Sales 1 (4Q 2011 vs 4Q 2010) Tenant Sales 1 (FY 2011 vs FY 2010) Ave. Monthly Sales (RMB psm) Ave. Monthly Sales (RMB psm) Y-o-Y 27.1% Y-o-Y 26.1% Q-o-Q 13.2% 1. Includes only tenants at CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall Saihan, CapitaMall Qibao and CapitaMall Wuhu. 28

30 Top 10 Retailer Groups (as at 31 Dec 2011) Retailers Brand Names Trade Category % of Gross Rental Income (Dec 11) 北京华联综合超市股份有限公司 Beijing Hualian Supermarket Supermarket BHG( 北京 ) 百货有限公司 BHG Department Store Department Store 25.1% 华联咖世家 ( 北京 ) 餐饮管理有限公司 Costa Coffee Food & Beverages 1 上海联家超市有限公司 1 Carrefour Supermarket 4.3% 北京家乐福商业有限公司绫致时装 ( 天津 ) 有限公司 Only / Vero Moda/Jack & Jones / Selected Fashion & Accessories 2.8% 北京百安居装饰建材有限公司 B&Q Houseware & Furnishings 2.0% 百胜餐饮 ( 武汉 ) 有限公司 1 北京肯德基有限公司 1 上海肯德基有限公司 1 天津肯德基有限公司北京必胜客比萨饼有限公司北京为之味餐饮有限公司 1 北京兴宇班尼路服装服饰有限公司 1 上海海文班尼路服饰有限公司 1 KFC Pizza Hut 金汤玉线 / 川成元麻辣香锅 / 姑姑宴 / 夹拣成厨麻辣烫 / 港仔码头 Ebase ladies / 阿童木 /Calvin Klein Jeans/Baleno/IN-BASE Food & Beverages 1.7% Food & Beverages 1.2% Fashion & Accessories 1.0% 上海国美电器有限公司 Gome Electrical & Electronics 1.0% 上海颐盛商贸有限公司 Sport 100 Sporting Goods & Apparel 1.0% 沃尔玛购物广场 Walmart Supermarket 0.8% Based in same group.

Trade Sector Analysis Increasing contribution from

Store Supermarket Food & Beverages Fashion &

furnishings Beauty & Healthcare Sporting Goods &

1% 19.0% 16.1% 11.1% 7.2% 8.6% 1.3% 1.3% 4.0% 4.3% 8.

31 Trade Sector Analysis Increasing contribution from high yield trades such as Fashion & Accessories (25.9%) and Food & Beverages (16.1%) By Gross Rent 1 By Net Lettable Area 2 Department Store Supermarket Food & Beverages Fashion & Accessories Leisure & Entertainment Houseware & furnishings Beauty & Healthcare Sporting Goods & Apparel Shoes & Bags 1.6% 3.4% 6.4% 2.4% 4.0% 25.9% 10.1% 19.0% 16.1% 11.1% 7.2% 8.6% 1.3% 1.3% 4.0% 4.3% 8.7% 6.1% 26.8% 31.7% Others 1. For the month of Dec Percentage of committed NLA as at 31 Dec

32 CapitaMall Wuhu, Wuhu Financial Results for XQ 2011 * DD Month Market 2011* Outlook

33 China s Fundamentals Remain Strong Healthy GDP growth of 9.2% 1 and retail sales growth of 17.1% 1 in 2011 despite dismal global economic conditions China s 2012 GDP growth projected at 8.2% 2 - almost 7 times the advanced economies average of 1.2% Urban disposable income per capita expected to grow 15% per annum from 2011 to Urbanisation rate expected to reach 61.9% by 2030, from 47.0% in Real consumption estimated to reach US$4.8 trillion by 2020, making China the world s second largest consumer market after United States 5 1. National Bureau of Statistics of China 2. International Monetary Fund 3. China Institute for Reform and Development 4. United Nations 5. McKinsey&Company 32

34 Growth Drivers in 2012 Organic Growth Continue to optimise potential of existing malls Asset Enhancement Potential to convert master-leased malls into multi-tenanted malls Acquisitions Pipeline of shopping malls from CapitaMalls Asia Assess opportunities from third party vendors 33

35 First and Only China Shopping Mall S-REIT For enquiries, please contact: Mark Wai Ling (Ms) Investor Relations Tel: Fax:

CAPITARETAIL CHINA TRUST (CRCT)

CAPITARETAIL CHINA TRUST (CRCT) First China Shopping Mall S-REIT Financial Results for 4Q 2009 29 January 2010 Disclaimer This presentation shall be read in conjunction with paragraph 8 of CRCT s Unaudited