CapitaMalls Asia Limited

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1 NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, CapitaMalls Asia Limited Proposed Secondary Listing in Hong Kong 28 March 2011

2 Disclaimer NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, This presentation has been prepared solely for use in connection with the proposed secondary listing of CapitaMalls Asia Limited (the "Company") in Hong Kong. This presentation is for information purposes only and does not constitute or form part of an offer, solicitation or invitation of any offer, to buy or subscribe for any securities, nor should it or any part of it form the basis of, or be relied in any connection with, any contract or commitment whatsoever. This presentation should not be relied upon as the basis of an investment decision in the Shares. 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 the Company nor 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. This presentation may contain forward-looking statements that involve risks, uncertainties and other factors. Actual results, performance or achievements of the Company may be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company s present and future business strategies and the environment in which the Company will operate in the future, and must be read together with such assumptions. Predictions, projections or forecasts of the economy or economic trends of the markets are not necessarily indicative of the future or likely performance of the Company. Past performance is not necessarily indicative of future performance. The future financial performance of the Company is not guaranteed. You are cautioned not to place undue reliance on these forward-looking statements. Neither this presentation nor any copy or portion of it may be sent or taken, transmitted or distributed, directly or indirectly, into the United States of America, the United Kingdom, Australia, Japan or Canada. This presentation is not an offer for sale of the securities in the United States. Shares in CapitaMalls Asia Limited may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended. Any public offering of securities of CapitaMalls Asia Limited in the United States would be made by means of a prospectus that would contain detailed information about the company and its management, as well as financial statements. CapitaMalls Asia Limited does not intend to register any portion of the offering in the United States or to conduct a public offering of securities in the United States.This presentation may not be forwarded or distributed to any other person and may not be copied or reproduced in any manner whatsoever. Failure to comply with this directive may result in a violation of applicable laws of other jurisdictions. 2

3 Agenda NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, 1 Proposed Secondary Listing in Hong Kong 2 Focused Expansion Strategy in China 3 China Malls Operational Update 3

4 Proposed Secondary Listing in Hong Kong NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, Given the growing importance of CMA s China business going forward, CMA intends to explore a secondary listing in Hong Kong Proposed secondary listing in Hong Kong will complement its Focused Expansion Strategy in China 4

5 Rationale of Secondary Listing in Hong Kong 1 Widen investor base + CMA will have a primary listing on SGX-ST and a secondary listing on HKEx + Provides a platform for CMA to widen its investor base + Enhances CMA s attractiveness to investors in Hong Kong and China 2 Enhance CMA s research coverage, profile and liquidity + Will likely attract more research coverage on CMA + Enhanced profile and market visibility is expected to result in greater trading liquidity 3 Additional avenues of financing + Establish financing platform in two different leading global capital markets + Access to additional sources of capital from financial institutions within Hong Kong and China CMA has sufficient resources to fund its expansion and has no immediate need to raise equity 5

6 Resolutions to be Tabled at EGM for Proposed Secondary Listing 1 The proposed adoption of the New Articles by the Company in connection with the HKEx Listing 2 The proposed adoption of the Chinese name " 凯德商用产业有限公司 " as the Company's secondary name by the Company in connection with the HKEx Listing 6

7 Key Dates NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, Target notice of EGM date 30 th March Target lodgment of proxy forms: 19 th April Target date of EGM (Similar to AGM date): 21 st April 7

8 Agenda NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, 1 Proposed Secondary Listing in Hong Kong 2 Focused Expansion Strategy in China 3 China Malls Operational Update 8

CMA is the Leading Asian Shopping Mall Developer, Owner and Manager NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, Pan Asian footprint across 49 cities in 5 countries of Singapore, China, Malaysia,

9 CMA is the Leading Asian Shopping Mall Developer, Owner and Manager NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, Pan Asian footprint across 49 cities in 5 countries of Singapore, China, Malaysia, Japan and India March 2011 Harbin 92 retail properties 73.7mm sq ft GFA S$23.7bn property value Jalandhar Udaipur India Nagpur Huhhot Beijing China Tianjin Dalian Anyang Weifang Xinxiang Zibo Rizhao Kobe Zhengzhou Osaka Mianyang Xi an Yangzhou Wuhu Deyang Kunshan, Shanghai Yiyang Ningbo, Hangzhou Chengdu Wuhan Chongqing Yibin Nanchang Changsha Quanzhou Zhaoqing Maoming Foshan Dongguan Zhangzhou Japan Hokkaido Tokyo Zhanjiang Hyderabad retail properties 2.4mm sq ft GFA S$1.8bn property value Mangalore Bangalore Mysore Cochin Malaysia Penang Kuala Lumpur Selangor Singapore 9 Note: property value and GFA on a 100% basis

and Intends to Capitalize on Asian Consumption Growth - Our Strategies in Key Markets Singapore Malaysia China Extend our leadership position Market leader with 19 malls Customized approach Continue

10 and Intends to Capitalize on Asian Consumption Growth - Our Strategies in Key Markets Singapore Malaysia China Extend our leadership position Market leader with 19 malls Customized approach Continue to selectively pursue strategic acquisitions and development opportunities to extend market leadership Consolidate shopping mall industry 4 malls and established CMMT, the largest Pure-play retail REIT Customized approach Selectively acquire properties to expand out footprint Enhance our early mover advantage Early mover with 53 malls Two-pronged approach: Customized and modular To further enhance early-mover advantage in China by executing a Focused Expansion strategy 10

11 China, in Particular, Presents Significant Growth Opportunities for the Retail Property Sector 1 Rising urbanization rate (%) 3 Strong investment in transportation (RMB bn) 41.8% 43.0% 43.9% 44.9% 45.7% 46.6% + Growing urbanization + Rising income and retail sales Strong investment in transportation + Strong potential for shopping mall sector in China Rising income creating stimulus for consumption Disposable income per Capita (RMB) 4 Retailers continue to enjoy strong sales (RMB bn) 10,493 11,760 13,786 15,013 16,439 18,001 6,718 7,641 8,921 11,483 13,268 15, Source: DTZ China

12 Given an Established Track Record in China 2010 Number of malls 7 malls 53 malls 2005 Number of cities present 7 cities 34 cities GFA coverage (sqft) 3.7mm 48.6mm No. of employees 323 2,235 12

13 CMA will Adapt a Two-pronged Approach to Extend its Early Mover Advantage. A 1 Continue to create landmark and differentiated projects The Customized approach Leverage on Singapore experience 2 Capture inner city and developed locations with ready catchment 3 Near transportation hubs (similar to Singapore) B 1 Lower risk/higher return strategy The Modular approach Leverage on China scale and synergy 2 Shorter conversion cycle (faster and cheaper construction and faster lease up) 3 Ability to benefit from economies of scale 13

and a Focused Expansion Strategy to Entrench Presence in Existing Markets in China Further entrench using established sourcing capabilities and network 6 regional business units North Beijing

14 and a Focused Expansion Strategy to Entrench Presence in Existing Markets in China Further entrench using established sourcing capabilities and network 6 regional business units North Beijing Northeast Beijing East Shanghai Central Wuhan West Chengdu South Shenzhen Over 2,235 employees including 6 regional heads and over 30 investment professionals Strong network and good relationships with local governments and communities Locations of CMA offices Existing CMA malls Goal is to increase portfolio of China malls to 100 in 3 5 years 14

3G Mall Concept - an Evolution of CMA s Learning and Experiences in China via the Modular Approach

February 2007 August 2009 Shopper traffic (million) GTO sales (RMB million) CAGR 22% CAGR 30% Growth

8 2007 2008 2009 2010 2008 2009 2010 2009 2010 CAGR 33% CAGR 43% Growth 68% 312.6 417.8 513.8 315.

15 3G Mall Concept - an Evolution of CMA s Learning and Experiences in China via the Modular Approach Jinniu Mall, Chengdu Fucheng Mall, Mian Yang Jingyang Mall, Deyang Date launched September 2006 February 2007 August 2009 Shopper traffic (million) GTO sales (RMB million) CAGR 22% CAGR 30% Growth 31% CAGR 33% CAGR 43% Growth 68% NPI yield 2.3% 2.7% 5.3% 7.1% 1.2% 3.8% 4.8% (0.3)% 6.7%

16 A Solid Foundation to Execute Focused Expansion Strategy in China NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, Growth Opportunities Vast opportunities in China Substantial room for growth and development for retail malls in China Extensive experiential knowledge base Skillsets Sourcing / Development and operational and capital management expertise Brand equity Established Retail Operator with extensive tenant base Franchise Advantage Scale Mall and tenant network Track record Knowledge base of retail skillsets Capital Capital management expertise 16

17 Agenda NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, 1 Proposed Secondary Listing in Hong Kong 2 Focused Expansion Strategy in China 3 China Malls Operational Update 17

18 Operational Malls: <40% of China Portfolio By Effective Interest NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, By Property Value : S$4.0bn By Net Asset Value (NAV) (*) : S$2.4bn Year of Opening No of Malls % of Portfolio by Effective Property Interest malls 19% > malls 19% malls 12% Walmart Anchored, 22 malls 15% malls 15% Others 16 malls 20% 2013, 7% > % (1) % % (2) % (3) % % % % % Malls: 53 Operational Malls: 35% by value Malls: 53 Operational Malls: 38% by NAV 18 Projects under development. Property value is calculated based on total estimated project cost. Operational malls as at 31 Dec 2010 (i.e. malls opened in 2010 and before) Note: The weighted average age by effective property interest of our operational malls is 3 years (from year of opening). (1) Includes S$450m of capital commitment for Luwan project and Raffles City Changning (2) Includes Raffles City Shanghai (3) Includes malls under or previously under master lease namely Jiulong Mall, Anzhen Mall, Zhengzhou Mall and Saihan Mall (*) Numbers and percentages are rounded for presentation purposes

19 Malls Exhibit Robust Net Property Income Growth Momentum and Potential % 3.9% +5.4% 4% 1 of NAV -1.7% -0.7% 1.1% +91% 2.1% +57% 3.3% +15% +9% +23% % +48% 4.3% 5.3% 5.8% 5.1% +22.3% 8% 2 of NAV -1.7% Year of Opening Net Property Income Yield on Cost Tenant Sales Growth (FY10 vs. FY09). Tenants sales are Net Property Income Yield on Valuation calculated on a same-mall basis (100%) and excludes (31 Dec 2010) sales from supermarkets and department stores. (1) Excludes Raffles City Shanghai (2) Excludes malls under or previously under master lease namely Jiulong Mall, Anzhen Mall, Zhengzhou Mall and Saihan Mall

20 Malls Exhibit Robust Net Property Income Growth Momentum and Potential +16% +25% % 5.5% 4.4% 4% of NAV 6.4% 5.6% -0.05% -0.05% % of NAV Dalian s asset enhancement in , expected to complete in mid % 2.5% 2.9% 2.7% +34.1% -1.0% Year of Opening Tenant Sales Growth (FY10 vs. FY09). Tenants sales are calculated on a same-mall basis (100%) and excludes sales from supermarkets and department stores. Net Property Income Yield on Cost Net Property Income Yield on Valuation (31 Dec 2010)

21 Malls Exhibit Robust Net Property Income Growth Momentum and Potential % 3.0% 6% of NAV -0.4% % of NAV -1.0% % Year of Opening Net Property Income Yield on Cost Net Property Income Yield on Valuation (31 Dec 2010) 21

22 Overview of Financial Performance By Country Singapore & Malaysia continue to contribute strongly, while China ramping up with strong growth potential (In S$ mil) Singapore China Malaysia Japan India Total 2010 PATMI (9) (5) 422 (1) Total NAV (2)(*) 3,000 2, ,100 (3) - Completed Property (*) 1, ,200 - Projects Under Development (*) 1,100 1, ,900 ROE (4) (based on Total NAV) 11% 3% 9% (9%) (5%) 7% ROE (4) (based on NAV Completed Property) 17% 7% 16% (9%) (50%) 13% Notes: (1) See Slide Breakdown of PATMI for breakdown (2) The above NAV is based on CMA s effective stake basis, as at 31 December 2010 and includes S$450m of capital commitment for Luwan project and Raffles City Changning (3) See Slide Computation of NAV for breakdown (4) ROE is defined as PATMI divided by CMA s effective stake of NAV (*) Numbers are rounded for presentation purposes 22

23 Appendices 23

24 Sufficient Capacity to Support Growth NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, S$2.3 b S$1.0b of potential debt based on ~30% Debt/Equity for future acquisitions ^S$1.0 b S$1.1 b S$1.3 b Dec 10 Others Gurney Plaza Queensbay Bedok Project One North Current Cash + Dec'10 Potential Debt^ Outstanding Equity Commitment 24

25 Breakdown of PATMI Subsidiaries JCE & Associates NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, (S$ mil) FY2010 Contribution by Country Singapore China Malaysia Japan India Total Property Income Disposal Gains/(Losses) Revaluation Management Fee Business 57 8 (1) (2) 0 62 Foreign Exchange Others (44) (31) EBIT (2) Less: - Finance cost (8) (8) (9) 0 (0) (26) - Taxation (6) (9) (2) (0) (0) (17) - Non Controlling Interest 0 (7) (7) Subsidiaries' Contribution to PATMI (A) (2) (0) 84 Share of Results (After interest and taxes) Development Profits Property Income 114 (12) 7 2 (3) 108 Revaluation Excl REITs (9) (2) 84 Revaluation REITs Foreign Exchange JCE & Associates' Contribution to PATMI (B) (7) (5) 338 PATMI (A) + (B) (9) (5)

26 Computation of Net Asset Value NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, FY 2010 Consolidated Balance Sheet Group (S$bn) Total Assets 7.0 Less: Debt 0.7 Other Current Assets (Net) 0.1 Non Controlling Interest 0.1 Group NAV 6.1 Notes: (1) Total assets, debt, current assets and non controlling interest are from FY2010 Audited Financial Statements 26

27 Thank You For enquiries from analysts/investors, please contact: Caroline Fong Investor Relations Tel: (65) Fax: (65)

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