CAPITAMALLS MALAYSIA TRUST

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1 CAPITAMALLS MALAYSIA TRUST Malaysia s Largest Pure-Play Shopping Mall REIT 4Q 2010 Financial Results 21 January 2011

2 Disclaimer The information in this presentation is qualified in its entirety by, and is subject to, the more detailed information set out in the Prospectus dated 28 June 2010 registered with the Securities Commission of Malaysia and any subsequent announcements released by CMMT thereafter. The past performance of CMMT is not indicative of the future performance of CMMT. Similarly, the past performance of CapitaMalls Malaysia REIT Management Sdn. Bhd. (formerly known as CapitaRetail Malaysia REIT Management Sdn. Bhd. (the Manager ) is not indicative of the future performance of the Manager. The value of units in CMMT (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 the Manager to redeem their Units while the Units are listed. It is intended that holders of Units may only deal in their Units through trading on Bursa Securities. Listing of the Units on Bursa Securities does not guarantee a liquid market for the Units. These materials may contain forward-looking statements that involve 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 similar developments, shifts in expected levels of property rental income, changes in operating expenses, including employee wages, benefits and training, property expenses and governmental and public policy changes. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager s current view of future events. 2

3 Contents Key Highlights Financial Results Portfolio Update Improvement Works 3

4 Key Highlights 4

5 2010 in Review Listing of CMMT on Bursa Malaysia on 16 July 2010 Malaysia s largest pure-play shopping mall REIT Added liquidity to REIT market in Malaysia Strong trading performance since listing CMMT unit price increased 14% 1 7.4% distribution yield 2 for unitholders who bought CMMT at listing date Proposed acquisition of Gurney Plaza Extension Strengthens CMMT s position as the largest pure-play shopping mall REIT in Malaysia Acquisition of Queensbay Mall by Sponsor, CapitaMalls Asia (CMA) Queensbay Mall to form seed asset for CMA s planned RM1.0 billion Malaysia retail property fund Fund will provide pipeline of assets for CMMT to acquire 1 Based on CMMT s IPO retail price of RM0.98 and closing price of RM1.12 on 30 December Based on CMMT s IPO retail price of RM0.98 and actual annualised DPU of 7.26 sen for the period 14 July 2010 to 31 December

6 2011 Outlook Malaysia s GDP projected to grow 5.3% in Higher than projected 4.2% growth in world economy in Domestic demand as driver of growth Inflation to trend upwards but remain manageable CPI estimated to increase 2.1% in Retail sales expected to grow 5.0% in Supported by low unemployment rate, rising disposable income and strong tourism CMMT positioned to ride on retail sales growth Proposed acquisition of Gurney Plaza Extension extends CMMT s market leadership in Penang Continue to explore yield-accretive acquisitions Pro-active asset management and enhancement Optimise capital management 1 International Monetary Fund, World Economic Outlook, October Consensus forecast of private sector economists, 6 December Retail Group Malaysia, as reported in New Straits Times (Business Times) 1 December

7 4Q 2010 DPU exceeds forecast by 3.4% 4Q 2010 Financial Period 2010 Actual 1 Forecast 2 Change Actual 1 Forecast 2 Change (Unaudited) % (Unaudited) % Distributable income (RM '000) 24,818 24, ,910 45, DPU 3 (sen) DPU (sen) - annualised Distribution yield (%) (Based on IPO price of RM0.98 on 16 July 2010) Distribution yield (%) (Based on market price of RM1.12 on 30 Dec 2010) Distribution yield (%) (Based on market price of RM1.10 on 19 Jan 2011) Q and Financial Period ( FP ) 2010 actual results refer to the period from 1 October 2010 to 31 December 2010 and 14 July 2010 to 31 December 2010 respectively. 2 4Q and FP 2010 forecast refer to the period from 1 October 2010 to 31 December 2010 and 14 July 2010 to 31 December 2010 respectively. The forecast is extracted from the profit forecast for 8-month period ending 31 December 2010 for the relevant period as disclosed in the prospectus of CapitaMalls Malaysia Trust ( CMMT ) dated 28 June 2010 ( the Prospectus ). 3 CMMT will distribute 100% of its income available for distribution to its unitholders. CMMT s first distribution after the listing date, 16 July 2010, will be for the period from the completion date of the sale and purchase agreements of the properties i.e. 14 July 2010 to 31 December

8 Distribution Details Distribution period 14 July to 31 December 2010 Distribution per unit (sen) 3.40 Distribution timetable Notice of book closure date 21 January 2011 Last day of trading on cum basis 2 February 2011 Ex-date 7 February 2011 Book closure date 9 February 2011 Distribution payment date 25 February

9 Attractive Yield versus Other Investments 6.5% 5.7% 4.0% 3.0% 3.2% CMMT 2010 Yield Source: Bloomberg (30 December 2010) 1 12-month FD rate 10 year Malaysia Govt. Bond KLCI dividend yield (2010) EPF dividend yield (2009) 1 Based on annualised distribution per unit of 7.26 sen for the period 1 July to 31 December 2010 and the unit closing price of RM1.12 on 30 December

10 Financial Results 10

11 Distribution Statement - 4Q 2010 Distribution Statement 4Q 2010 Actual 1 Forecast 2 Variance (RM '000) (RM '000) (%) Gross revenue 51,251 50, Less: Property operating expenses (15,733) (15,349) 2.5 Net property income 35,518 35, Interest income Fair value gain of investment properties 5, Manager s management fee (3,527) (3,459) 2.0 Trustee's fee (108) (117) (7.7) Auditors' fee (63) (28) Tax agent's fee (10) (38) (73.7) Valuation fee (15) (75) (80.0) Finance costs (9,398) (9,783) (3.9) Other non-operating expenses (299) (118) Profit before taxation 28,111 21, Taxation Profit for the period 28,111 21, Distribution adjustments (3,293) 2,346 N.M. Distributable income 24,818 24, DPU (sen) CMMT was established on 7 June 2010 and registered with the Securities Commission of Malaysia on 9 June The acquisition by CMMT of the properties was completed on 14 July 2010 and CMMT was listed on the Main Market of Bursa Malaysia Securities Berhad on 16 July Q 2010 actual financial results refers to the period from 1 October 2010 to 31 December Q 2010 forecast refers to the period from 1 October 2010 to 31 December 2010 and is extracted from the profit forecast for 8-month period ending 31 December 2010 for the relevant period as disclosed in the Prospectus. 3 N.M. : Not meaningful 11

12 Distribution Statement Financial Period Ended 31 December 2010 Distribution Statement Financial Period 2010 Actual 1 Forecast 2 Variance (RM '000) (RM '000) (%) Gross revenue 94,636 93, Less: Property operating expenses (28,811) (28,447) 1.3 Net property income 65,825 65, Interest income Fair value gain of investment properties 81,347 76, Manager s management fee (6,506) (6,404) 1.6 Trustee's fee (199) (216) (7.9) Auditors' fee (100) (51) 96.1 Tax agent's fee (21) (70) (70.0) Valuation fee (30) (140) (78.6) Finance costs (17,319) (18,030) (3.9) Other non-operating expenses (14,555) (14,218) 2.4 Profit before taxation 109, , Taxation Profit for the period 109, , Distribution adjustments (63,486) (57,573) 10.3 Distributable income 45,910 45, DPU (sen) Financial Period ( FP ) 2010 financial results refers to the period from 14 July 2010 to 31 December FP 2010 forecast refers to the period from 14 July 2010 to 31 December 2010 and is extracted from the profit forecast for 8-month period ending 31 December 2010 for the relevant period as disclosed in the Prospectus. 12

13 4Q 2010 Gross Revenue Delivering Results CMMT Portfolio 51,251 50,554 Gurney Plaza 19,592 19,346 Sungei Wang Plaza 17,244 17,089 4Q 2010 Actual 4Q 2010 Forecast The Mines 14,415 14, ,000 40,000 60,000 RM '000 13

14 4Q 2010 Property Operating Expense Delivering Results CMMT Portfolio 15,733 15,349 Gurney Plaza 6,042 5,893 Sungei Wang Plaza 3,948 3,945 4Q 2010 Actual 4Q 2010 Forecast The Mines 5,743 5, ,000 10,000 15,000 20,000 RM '000 14

15 4Q 2010 Net Property Income Delivering Results CMMT Portfolio 35,518 35,205 Gurney Plaza 13,550 13,453 Sungei Wang Plaza 13,296 13,144 4Q 2010 Actual 4Q 2010 Forecast The Mines 8,672 8, ,000 20,000 30,000 40,000 RM '000 15

16 Debt Maturity Profile (as at 31 December 2010) No near term re-financing risk Loan Profile Debt Maturity Profile Floating 30% RM million Fixed 70%

17 Healthy Balance Sheet As at 31 Dec 2010 RM million Non-current Assets 2,144 NAV (RM million) Current Assets before income distribution 1,435 Total Assets 2,278 - after income distribution 1,389 Current Liabilities 75 Non-current Liabilities 768 NAV per unit (RM) Total Liabilities before income distribution 1.06 Net Assets 1,435 - after income distribution 1.03 Total Unitholders' Funds 1,435 Number of Units in Circulation (in million units) 1,350 17

18 Valuation and Property Yield CMMT Portfolio Acquisition costs Valuation 1 Valuation 2 Increase / Property yield 3 Cap rate 4 14 Jul Jul Dec 2010 (Decrease) Forecast Actual 31 Dec 2010 RM 'mil RM 'mil RM 'mil RM 'mil Gurney Plaza % 6.3% 7.0% Sungei Wang Plaza % 7.0% 7.5% The Mines % 6.3% 7.5% Portfolio 2,054 2,130 2, % 6.6% Less: Additions during the period 5 (8) Fair value gain in 4Q Based on the valuation of Gurney Plaza, Sungei Wang Plaza and The Mines as at 28 February 2010, 31 March 2010 and 31 March 2010, respectively, commissioned by AmTrustee Berhad, Trustee of CMMT. 2 Based on the valuation of Gurney Plaza, Sungei Wang Plaza and The Mines as at 31 December 2010, commissioned by the Trustee. 3 Property yield is calculated by dividing annualised NPI for the period by the independent valuation of the property. 4 Cap rate refers to the capitalisation rate adopted by the independent valuers to derive the market values of each property as at 31 December Additions refer to asset enhancement works and regular capital expenditure incurred by Gurney Plaza and The Mines during the financial period, as well as registration fee payable to the state authority for transfer of Gurney Plaza's land title. 18

19 Portfolio Update 19

20 Portfolio Shopper Traffic Grew 16% 15,000 13,113 Shopper Traffic ( 000) 12,000 9,000 6,000 3,000 11, % 0 4Q Q

21 Portfolio Vehicular Traffic Grew 2% 2,000 Vehicular Tra affic ( 000) 1,750 1,500 1,250 1, ,450 1, % 4Q Q

22 Positive Rental Reversions From 1 Jan 2010 to 31 Dec 2010 (Excluding Newly Created and Reconfigured Units) Property No. of Renewals (plus new leases) Retention Rate Net Lettable Area Area (sq ft) Percentage of Mall Increase in Current Rental vs Preceding Rental 1 Gurney Plaza % 186, % 6.1% Sungei Wang Plaza % 88, % 2.8% The Mines % 143, % 6.6% CMMT Portfolio % 419, % 4.9% 1 The % is computed based on the increase in the 1 st year rental of the renewed term over last year rental of the preceding term 22

23 Portfolio Lease Expiry Profile (By Year) EXPIRY PROFILE As of 31 Dec 2010 Leases Net Lettable Area Monthly Gross Rental Income % 41.6% 39.9% % 32.4% 30.7% 2013 onwards % 26.0% 29.4% Total 1, %6 100% 100% 23

24 Occupancy Rate Close to 100% 3Q 2010 As at 30 Sep 10 4Q 2010 As at 31 Dec 10 Gurney Plaza 98.0% 98.2% Sungei Wang Plaza 98.7% 98.3% The Mines 98.3% 98.6% CMMT Portfolio 98.3% 98.3% 24

25 Improvement Works 25

Installation of parking guiding system Central cashier supplements autopay

26 Sungei Wang Plaza Upgrading of Car park Installation of new autopay parking machines New autopay parking machines Upgrading of car park exhaust system Installation of parking guiding system Central cashier supplements autopay machines Resurfacing of car park flooring with epoxy coating Upgrading of lift lobbies at car park 26

27 The Mines - Upgrading of Corridor Tiles Corridor tiles upgraded to integrate interior design of extension block and original shopping mall Improve ambience and create delightful shopping experience for shoppers Before After 27

28 Gurney Plaza and The Mines: Upgrading of Chillers Installation of new environmentally friendly chillers New chillers at Gurney Plaza New chillers at The Mines 28

29 Thank You For enquiries, please contact: Lee Hui Yeow Tel: lee.huiyeow@capitaland.com Low Peck Chen Tel: low.peckchen@capitaland.com Fax:

CAPITAMALLS MALAYSIA TRUST (CMMT)

CAPITAMALLS MALAYSIA TRUST (CMMT) Malaysia s Largest Pure-Play Shopping Mall REIT Asian Investment Conference & Exhibition, Singapore AICE 23 2011 July *23 July 2011 2011* Disclaimer The information in