Leading with Confidence

Transcription

1 Leading with Confidence CapitaMall Trust Annual Report 2014

2 Corporate Profile Vision CapitaMall Trust (CMT) is the first Real Estate Investment Trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) in July CMT is also the largest REIT in Singapore by market capitalisation - approximately S$7.1 billion as at 31 December CMT owns and invests in quality income-producing assets which are used, or predominantly used, for retail purposes primarily in Singapore. As at 31 December 2014, CMT s portfolio comprised a diverse list of over 3,000 leases with local and international retailers and achieved a committed occupancy of 98.8%. CMT s 16 quality shopping malls are strategically located in the suburban areas and downtown core of Singapore. Creating Value Maximising Returns Transforming Experiences CMT s vision embraces all our stakeholders. We rely on the continued and combined support of our Unitholders, business partners, tenants, shoppers and employees to achieve this vision and, in return, share with them the fruits of our success. Mission To deliver stable distributions and sustainable total returns to Unitholders. CMT also owns million units in CapitaRetail China Trust, the first China shopping mall REIT listed on SGX-ST in December CMT has been assigned an A2 issuer rating by Moody s Investors Service on 19 March This is the highest rating assigned to a Singapore REIT. CMT is managed by an external manager, CapitaMall Trust Management Limited, which is an indirect wholly-owned subsidiary of CapitaLand Limited, one of Asia s largest real estate companies headquartered and listed in Singapore. Contents 02 Financial Highlights 04 Letter to Unitholders 10 Trust Structure 11 Organisation Structure 12 Growth Strategies 14 Property Portfolio 16 Our Tenants 18 Our Shoppers 20 Board of Directors 31 Year in Brief Trust Management Team 33 Property Management Team 34 Corporate Governance 54 Enterprise Risk Management 58 Operations Review 69 Financial Review 73 Capital Management 78 Independent Retail Market Overview 85 Marketing & Promotions 93 Investor & Media Relations 96 Unit Price Performance 100 Singapore REIT Sector 102 Sustainability 108 People & Talent Management 112 Portfolio Summary 114 Portfolio Details 130 CapitaRetail China Trust 131 Financial Statements 214 Interested Person Transactions 216 Unitholders Statistics 219 Mall Directory IBC Corporate Information

3 Leading with Confidence As Singapore s first and largest REIT, CMT is leading the retail real estate industry with its strong portfolio of quality shopping malls and extensive network of tenants. CMT combines its expertise in mall and asset management with robust capital management practices to sustain its performance through different economic cycles; and continually enhances value for and strengthens the confidence of its Unitholders. The strength of its corporate profile and management enable CMT to achieve sustainable growth and expand its leadership in Singapore s retail landscape. Highlights of 2014 Distribution Per Unit cents Total Deposited Property S$10.6 billion Distributable Income S$375.3 million Market Capitalisation S$7.1 billion 16 properties Extensive Network of Tenants Portfolio Occupancy Rate Annual Shopper Traffic >3,000 leases Aggregate Leverage 98.8% million Credit Rating 33.8% A2 issuer rating by Moody s Investors Service Leading with Confidence 01

4 Financial Highlights Gross Revenue 1 (S$ million) Net Property Income 1 (S$ million) CMT Joint ventures 2 (For information only) CMT Joint ventures 2 (For information only) Distributable Income (S$ million) Total Assets 1 (S$ million) , , , , , With the adoption of Financial Reporting Standards 111 Joint Arrangements from 1 January 2014, CMT s 40.00% interest in RCS Trust and 30.00% interest in Infinity Mall Trust and Infinity Office Trust (collectively, the Infinity Trusts) are accounted for as investments in joint ventures using equity method. For comparison purpose, 2010 to 2013 have been restated to exclude CMT s 40.00% interest in RCS Trust and CMT s 30.00% interest in Infinity Trusts. 2 Joint ventures refer to CMT s 40.00% interest in RCS Trust and CMT s 30.00% interest in Infinity Trusts. Westgate, which is owned by Infinity Mall Trust, commenced operations on 2 December CapitaMall Trust Annual Report 2014

5 Group 1 For the Financial Year Selected Statement of Total Return and Distribution Data (S$ million) Gross Rental Income Car Park Income Other Income Gross Revenue Net Property Income Distributable Income Selected Statement of Financial Position Data (S$ million) Total Deposited Property 2 8, , , , ,610.5 Total Assets 7, , , , ,858.3 Total Borrowings 3 2, , , , ,238.7 Net Asset Value Per Unit 4 (S$) Unitholders Funds 4, , , , ,282.4 Market Capitalisation 6 6, , , , ,062.8 Portfolio Property Valuation 6, , , , ,510.0 Key Financial Indicators Earnings Per Unit (cents) Distribution Per Unit (cents) Management Expense Ratio 7 (%) Unencumbered Assets as % of Total Assets (%) Aggregate Leverage (%) Net Debt / EBITDA 9 (times) Interest Coverage (times) Average Term to Maturity 10 (years) Average Cost of Debt (%) From 1 January 2014, as a result of Financial Reporting Standards 111 Joint Arrangements, CMT and its subsidiaries (CMT Group) has changed its accounting policy for its interests in joint arrangements and the consolidated results of CMT Group are based on equity accounting. For comparison purpose, the numbers for 2010 to 2013 had been restated. Consequently, the affected key financial indicators (except Aggregate Leverage) have also been restated accordingly. 2 Total Deposited Property refers to the total assets in respect of CMT, CMT s 40.00% interest in RCS Trust, CMT s 30.00% interest in Infinity Mall Trust and Infinity Office Trust. 3 Amounts include foreign currency denominated notes which have been swapped into Singapore dollars. 4 Excluding the distribution to be paid for the last quarter of the respective financial year ,665,000 and 125,000,000 new units in CMT with gross proceeds of S$250.0 million each were issued via private placement exercises on 10 November 2011 and 30 November 2012 respectively. 6 Based on the closing unit price of S$1.95 on 31 December 2010, S$1.70 on 30 December 2011, S$2.13 on 31 December 2012, S$1.905 on 31 December 2013 and S$2.040 on 31 December Refers to the expenses of the Trust, excluding property expenses and finance costs but including performance component of CapitaMall Trust Management Limited s management fees, expressed as a percentage of weighted average net assets. 8 Higher in 2012 mainly due to the repayment of commercial mortgage backed securities (CMBS) borrowings under Silver Maple Investment Corporation Ltd of S$783.0 million on 31 October Following the repayment, the properties mortgaged under the CMBS borrowings namely Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Bugis Junction, Sembawang Shopping Centre and JCube were discharged and released. Higher in 2013 mainly due to the redemption and cancellation of the remaining S$98.25 million in principal amount of S$650.0 million 1.0% convertible bonds due 2013 (Convertible Bonds due 2013) at % of the principal amount upon maturity. Following the redemption and cancellation, the legal mortgage over The Atrium@Orchard had been discharged and released. 9 Net Debt comprises gross debt less temporary cash intended for refinancing and capital expenditure. EBITDA refers to earnings before interest, tax, depreciation and amortisation. In 2014, EBITDA excluded the profit from sale of office strata units in Westgate Tower. 10 In 2010, it was assumed that bondholders of Convertible Bonds due 2013 would exercise the put option in July In 2011 and 2012, it was assumed that bondholders of the Convertible Bonds due 2013 would hold to maturity on 2 July Higher in 2012 mainly due to the long tenures of between six to 12 years for four series of Euro-Medium Term Notes and one series of Medium Term Notes issued under CMT MTN Pte. Ltd. (CMT MTN) in Higher in 2014 mainly due to the long tenures of between seven to 10.5 years for three series of Medium Term Notes issued under CMT MTN in 2014, partially offset by the redemption of the S$350.0 million in principal amount of the convertible bonds due Leading with Confidence 03

6 Letter to Unitholders (Left) Danny Teoh Leong Kay, Chairman (Right) Tan Wee Yan, Wilson, Chief Executive Officer CMT s distribution per unit for 2014 grew 5.6% to cents. Strong portfolio of strategically located malls that serve large population catchment areas and cater predominantly to necessity shopping. Dear Unitholders, CapitaMall Trust (CMT) delivered another set of good results and increased its distributions to Unitholders in Distribution per unit (DPU) was cents, 5.6% higher than the DPU of cents for Based on CMT s closing price of S$2.040 per unit on 31 December 2014, the distribution yield was 5.3%, approximately 300 basis points higher than the yield for the 10-year Singapore Government bond. For the financial year ended 31 December 2014, gross revenue grew 3.3% year-on-year to S$658.9 million, while net property income increased 2.2% year-on-year to S$448.4 million. Our share of gross revenue and net property income in the joint ventures increased by 25.9% and 27.7% over the preceding year to S$115.3 million and S$81.7 million respectively. This was mainly due to the full year contributions from Westgate, which commenced operations in December CMT is the first and largest real estate investment trust by market capitalisation in Singapore. CMT s scale and leading position in the retail real estate industry enables us to establish and maintain strong partnerships with our extensive network of tenants and cater to a wide range of shoppers in Singapore. We combine our expertise in mall and asset management with robust capital management practices to deliver consistent and sustained performance through different economic cycles. 04 CapitaMall Trust Annual Report 2014

7 We will continue to drive sustainable growth for our Unitholders through active asset management and asset enhancement initiatives, while continuing to explore opportunities for acquisitions and greenfield developments. Steady Operational Performance Our malls are mostly strategically located near transportation hubs and large population catchment areas, which enabled them to attract shopper traffic of about 330 million last year. They have maintained consistently high occupancy rates. This is attributable to our extensive network of local and international retailers across more than 3,000 leases, underpinned by our industry expertise and in-depth understanding of their business needs. As at 31 December 2014, our portfolio displayed a healthy and diversified trade mix with a high occupancy rate of 98.8%, an increase from 98.5% a year ago. Our tenants are integral to the success of our malls and we regularly engage them through a host of seminars, workshops and networking activities. In 2014, we organised four Biz+ Series events to add value to our tenants businesses and partner them on their journey of growth. The topics were centred on developing service excellence and improving productivity to help tenants address challenges in the retail industry. These events were well received and served as a good platform for our tenants to network and share their knowledge on current industry trends. Committed to offering a holistic shopping experience to our shoppers, we have rolled out free Wi-Fi in seven malls and implemented several digital innovations to enhance interaction between our malls and shoppers, such as the social media walls in Westgate and JCube. As at 31 December 2014, CAPITASTAR - our card-less loyalty programme which enables shoppers to enjoy benefits over and above credit card and in-store rewards - had over 654,000 members. Reaping Benefits from Asset Enhancements We continually reinvent our malls so that they remain attractive to shoppers. For 2014, there were various asset enhancement initiatives (AEIs) at JCube, Bugis Junction, IMM Building, Bukit Panjang Plaza, Sembawang Shopping Centre, Clarke Quay and Tampines Mall. To enhance JCube s position as a leisure and entertainment mall catering to the young and trendy, the mall embarked on an AEI that involved reconfiguring its Level 2 to create J.Avenue - a retail zone housing 85 trendy shops offering chic and affordable merchandise and featuring a vibrant street shopping ambience. The asset enhancement works commenced in the second quarter of 2014 and the newly added shops at J.Avenue opened progressively from September In addition, part of JCube s Basement 1 was reconfigured to increase the number of kiosks and offer a wider range of food and beverage (F&B) options. Over at Bugis Junction, the mall added new specialty stores comprising popular local and foreign brands by converting space recovered from an anchor tenant. Bugis Junction now boasts an even wider selection of merchandise, an enhanced shopping experience and improved utilisation of its retail space, further strengthening its position as a place for the young, hip and trendy. IMM Building completed the first phase of its repositioning exercise into a value-focused mall in 2013 and the outlet stores have been trading well since. To enhance IMM Building s position as Singapore s largest outlet mall, we have embarked on the next phase of asset enhancement works to house more outlet stores. Bukit Panjang Plaza s AEI involved creating a new two-storey F&B block on Level 2, where the roof garden used to be located. The F&B block was completed at the end of 2014, introducing yet more popular dining choices. Works to relocate the roof garden to Level 4 to complement the public library and a new childcare centre are ongoing. In addition, we created more space in Sembawang Shopping Centre for a childcare centre, which commenced operations in January This enhancement improved the mall s offerings and position as a one-stop family-oriented necessity shopping destination. At Clarke Quay, we embarked on reconfiguration works for Block A to introduce new F&B and entertainment concepts, which will reinforce Clarke Quay s attractiveness as a destination for locals and tourists to wine, dine and have a good time. The AEI at Tampines Mall is progressing well and is expected to be completed in the fourth quarter of Leading with Confidence 05

8 Letter to Unitholders Extracting Value from Investment Activities Westgate, an integrated retail and office development, commenced mall operations on 2 December As at 31 December 2014, Westgate s committed occupancy was 97.7%, up from 85.8% a year ago. The mall enjoys an average monthly shopper traffic of 2.8 million. On 23 January 2014, a consortium exercised its options to purchase Westgate Tower for a total consideration of approximately S$579.4 million (CMT s 30.00% share amounted to S$173.8 million). Westgate Tower obtained the temporary occupation permit on 9 October 2014 and CMT registered a net gain of approximately S$47.5 million. Strong Balance Sheet and Financial Flexibility In 2014, we raised about S$820.3 million through issuances of retail bonds and a series of notes. In February, we issued S$350.0 million seven-year retail bonds at an interest rate of 3.08% per annum. The retail bond offering generated keen interest from both retail and institutional investors. The initial public offer of S$150.0 million was approximately 2.8 times subscribed, while the initial placement tranche of S$50.0 million was approximately 2.4 times subscribed. To meet the strong demand, the size of the bond offer was increased from the initial S$200.0 million to the maximum issue size of S$350.0 million. For the notes issuances, we tapped the debt markets in Japan, Hong Kong and Singapore and issued notes with debt tenures ranging from seven to 10.5 years. As a result, we extended CMT s average term to debt maturity to 4.7 years, compared to 3.8 years at the end of We swapped the notes into Singapore dollars at fixed rates to eliminate currency and interest rate risks. During the year, we fully redeemed S$350.0 million in convertible bonds due in April 2014 and redeemed S$150.0 million in fixed rate notes due in September On 5 February 2015 and 9 February 2015, we issued HK$1.104 billion 12-year fixed rate medium term notes and 8.6 billion 8-year floating rate medium term notes which were swapped into S$192.8 million and S$100.0 million at fixed rates of 3.25% and 2.85% per annum respectively. As at 31 December 2014, CMT s debt profile remained healthy with an aggregate leverage of 33.8% and an average borrowing cost of 3.5% per annum. All of CMT s borrowings were unsecured, giving us financial flexibility. In addition, all the borrowings are on fixed interest rates, which provide certainty of interest expense while minimising our exposure to interest rate fluctuations. Winning Accolades CMT is committed to creating and maximising value for our Unitholders. In doing our best, we are heartened by the industry recognition of our corporate governance, investor relations and green efforts. In October 2014, CMT was the winner of both the Singapore Corporate Governance Award and Most Transparent Company Award in the REITs & Business Trusts category at the Securities Investors Association (Singapore) Investors Choice Awards In December 2014, CMT also clinched a Certificate of Excellence in Investor Relations at the IR Magazine South East Asia Awards As a committed corporate citizen, we are pleased that we continued to make improvements in achieving sustainable development and operations. In September 2014, CMT was rated a Regional Sector Leader for the 2014 Global Real Estate Sustainability Benchmark (GRESB) Survey for Asia/ Retail/Large Cap. At the mall level, Bugis Junction and Raffles City Singapore were awarded the Green Mark Platinum and the Green Mark Gold awards respectively by the Building and Construction Authority. We will continue to improve in our environmental performance in resource utilisation and waste management. Looking Ahead Singapore s Ministry of Trade and Industry expects the domestic economy to grow between 2.0% and 4.0% in The labour market in Singapore is expected to remain tight with a low unemployment rate. The competition from e-commerce and a stringent foreign worker policy could weigh on some retailers expansion plans and result in the possible consolidation of their businesses. 06 CapitaMall Trust Annual Report 2014

9 The progressive wage model implemented by the labour movement has also partly contributed to an increase in cleaning and security expenses. We will continue to manage the cost pressures by increasing productivity and harnessing cost-saving technologies. With our portfolio of predominantly necessity shopping malls, we are confident that CMT is wellpositioned to sustain our performance through different economic cycles. Acknowledgements Mr Ho Chee Hwee Simon stepped down from the Board of CapitaMall Trust Management Limited as a Non-Executive Non-Independent Director of the Company and as a member of the Corporate Disclosure Committee, Executive Committee and Investment Committee on 22 December We would like to thank him for his invaluable contributions to the Board over the past years. We welcome Mr Jason Leow Juan Thong, who joined us on 22 December 2014 as a Non-Executive Non-Independent Director of the Company and as a member of the Corporate Disclosure Committee, Executive Committee and Investment Committee. We would like to express our deepest appreciation to the Directors and our dedicated employees for their service and hard work towards the mission of maximising the value of CMT. Last but not least, we would like to express our sincere gratitude to our supportive Unitholders, business partners, retailers and shoppers for their continued confidence and support. Danny Teoh Leong Kay Chairman Tan Wee Yan, Wilson Chief Executive Officer 2 March 2015 Leading with Confidence 07

10 致单位持有人函 2014 年, 凯德商用新加坡信托每单位分发金增长 5.6% 至 新分 强大的购物中心资产组合所处位置具有策略优势, 位于人口密集的地区并主要提供日常购物 尊敬的单位持有人, 2014 年, 凯德商用新加坡信托再创佳绩, 并增加向单位持有人派付的分发金 每单位分发金 (DPU) 为 新分, 比 2013 年分发的 新分高 5.6% 按凯德商用新加坡信托于 2014 年 12 月 31 日 新元的单位收市价计算, 投资收益率为 5.3%, 比 10 年期新加坡政府债券收益率高约 300 个基点 于截至 2014 年 12 月 31 日的财政年度, 总收入按年增长 3.3% 至 亿新元, 同时净物业收入按年增长 2.2% 至 亿新元 我们从合营企业获取的总收入及净物业收入较去年分别增加 25.9% 及 27.7% 至 亿新元及 8,170 万新元 这主要是由于来自 2013 年 12 月开业的西城 (Westgate) 的全年贡献 凯德商用新加坡信托是新加坡第一个及按市值计算最大的房地产投资信托基金 凯德商用新加坡信托在零售房地产行业的规模及领先地位使我们能够与庞大的租户网络建立及保持强大的伙伴关系, 并满足新加坡广大购物者的需求 我们把我们在购物中心及资产管理方面的专业知识与完善的资本管理作法相结合, 在不同的经济周期取得持续的业绩 我们将继续藉由积极的资产管理及资产改良计划, 为我们的单位持有人创造可持续的增长, 同时继续寻求收购及新开发项目的机会 稳定的经营业绩我们的购物中心所处位置大多具有策略优势, 靠近交通枢纽及人口密集地区, 去年吸引购物者高达 3.3 亿人次 我们的购物中心一直保持高出租率 这主要归功于我们通过 3,000 多份租约所建立的广泛的本地及国际零售商网络 我们所拥有的行业专业知识及对其商业需求的深入了解加强我们与零售商的关系 截至 2014 年 12 月 31 日, 我们的资产组合呈现出稳健及多元化的商户组合, 出租率高达 98.8%, 高于去年的 98.5% 租户对我们的购物中心的成功而言是不可或缺的, 因此我们定期藉由举行研讨会 工作坊及交流活动等与他们保持联系 2014 年, 我们组办了四次 商 + 系列 (Biz+ Series) 活动, 为我们的租户的业务增值并助力他们成长 活动主题集中于优化服务质量及提升生产力, 以帮助租户应对零售行业的挑战 这些活动的反应良好, 为我们的租户建立关系网及分享其对现时行业趋势的认识创建了一个良好平台 我们致力向购物者提供全方位的购物体验, 已于七家购物中心推出免费无线网络服务, 并施行多项数码科技的创新 ( 如西城及裕冰坊 (JCube) 的社交媒体墙 ), 加强我们的购 物中心与购物者之间的互动 我们的无卡式购物奖励计划凯德购物星可让其会员享有除信用卡及商家奖励外, 额外的购物奖励 截至 2014 年 12 月 31 日, 此奖励计划已拥有超过 654,000 名会员 资产改良取得成果我们继续更新我们的购物中心, 使其对购物者保持吸引力 于 2014 年, 裕冰坊 白沙浮广场 (Bugis Junction) IMM 大厦 武吉班让购物中心 (Bukit Panjang Plaza) 三巴旺购物中心 (Sembawang Shopping Centre) 克拉码头 (Clarke Quay) 和淡滨尼广场 (Tampines Mall) 实施多项资产改良计划 为提升裕冰坊作为迎合年轻人与时尚一族需求的休闲娱乐购物中心的定位, 该购物中心着手进行资产改良计划 有关计划涉及对二楼进行空间重整, 以腾出空间打造 J.Avenue, 一个拥有 85 个时尚商铺 出售既时尚又实惠的商品并营造热闹购物街氛围的零售区 资产改良工程于 2014 年第二季展开,J.Avenue 新增的商铺也于 2014 年 9 月陆续开业 此外, 部分裕冰坊地下一层也进行了空间重整, 以增加摊档数目, 并提供更多种类的餐饮选择 在白沙浮广场, 该购物中心通过将从主力租户回收的部分面积进行空间重整, 新增本地和国外知名品牌的新专卖店 白沙浮广场如今拥有种类更为丰富的商品 提升了购物体验并提高了零售空间的使用效率, 从而进一步巩固其作为集时尚与年轻活力的购物中心的定位 IMM 大厦已于 2013 年完成将其重新定位为实惠型的购物中心的第一期工程, 自此其品牌特价店业绩表现良好 为巩固 IMM 大厦作为新加坡最大的品牌特价购物中心的地位, 我们已着手第二期的资产改良工程, 以招揽更多品牌进驻开设特价店 武吉班让购物中心的资产改良计划涉及把原有的二楼屋顶花园改造成为一个新的双层餐饮区 餐饮区已于 2014 年底完工, 提供更多受欢迎的用餐选择 将屋顶花园迁至四楼以助益公众图书馆及新增的托儿所的工程正在进行中 此外, 我们在三巴旺购物中心辟出更多空间开设一间托儿所, 该托儿所已于 2015 年 1 月开始营运 此改良计划增加了购物中心所提供的服务, 并提升了其作为以家庭为导向的一站式日常购物点的地位 在克拉码头, 我们已着手进行 A 座的空间重整工程, 以引入新的餐饮及娱乐概念, 进一步增强克拉码头作为本地人及游客饮酒 聚餐及休闲热点的吸引力 淡滨尼广场的资产改良计划进展顺利, 预期将于 2015 年第四季完成 08 CapitaMall Trust Annual Report 2014

11 从投资活动获得价值西城是集零售与办公大楼的综合发展项目, 其购物中心于 2013 年 12 月 2 日开业 截至 2014 年 12 月 31 日, 西城的承诺出租率为 97.7%, 较一年前的 85.8% 有所提升 该购物中心的月平均客流量为 280 万人次 于 2014 年 1 月 23 日, 一个财团已行使其期权, 以总代价约 亿新元 ( 凯德商用新加坡信托分占 30.00% 相等于 亿新元 ) 购买西城大厦 (Westgate Tower) 西城大厦于 2014 年 10 月 9 日取得临时入伙证后, 凯德商用新加坡信托录得约 4,750 万新元的净收益 强劲的资产负债表和财务灵活性于 2014 年, 我们通过发行零售债券和一系列票据筹得约 亿新元的资金 于 2 月, 我们按年利率 3.08% 发行 亿新元的七年期零售债券 发售的零售债券引起了个人和机构投资者的浓厚兴趣 首次公开发售的债券总额为 亿新元, 约获 2.8 倍的超额认购, 而首批配售债券的总额为 5,000 万新元, 约获 2.4 倍的超额认购 为满足强劲需求, 债券发行规模由起初的两亿新元增发至 亿新元, 既该债券可发行的最大数额 票据发行方面, 我们通过日本 香港和新加坡的债务市场, 发行债务年期介乎七至 10.5 年不等的票据 因此, 我们将凯德商用新加坡信托的债务到期平均期限, 从 2013 年年底的 3.8 年延长至 4.7 年 我们已将外币票据转换为新元定息票据, 以抵销货币及利率风险 年内, 我们已全数赎回 2014 年 4 月到期的 亿新元的可换股债券, 并赎回 年 9 月到期的 亿新元的定息票据 于 2015 年 2 月 5 日及 2015 年 2 月 9 日, 我们发行 亿港元的 12 年期定息中期票据及 86 亿日圆的八年期浮息中期票据, 分别按固定年利率 3.25% 及 2.85% 兑换为 亿新元及一亿新元 截至 2014 年 12 月 31 日, 凯德商用新加坡信托的债务状况维持稳健, 资产负债比率为 33.8%, 平均贷款成本为每年 3.5% 凯德商用新加坡信托的所有贷款为无抵押贷款, 为我们提供了财务灵活性 此外, 所有贷款均按固定利率计息, 在最大程度降低我们面临的利率波动风险的同时, 也确保了相对固定的利息开支 奖项与荣誉凯德商用新加坡信托致力于为我们的单位持有人创造价值并使价值最大化 在竭尽全力做到最好的过程中, 我们于企业管治 投资者关系及环保方面的努力获得业界肯定, 令我们倍受鼓舞 于 2014 年 10 月, 凯德商用新加坡信托于 2014 年新加坡证券投资会投资者选择奖中分别于 新加坡企业治理奖 及 最透明企业奖 ( 房地产投资信托及商业信托类别 ) 获第一名 于 2014 年 12 月, 凯德商用新加坡信托还获得 投资者关系 杂志颁发 2014 年东南亚地区投资者关系优秀表现奖 作为一名致力于履行职责的企业公民, 我们在实现可持续发展及经营方面继续取得进步, 这令我们甚感欣慰 于 2014 年 9 月, 凯德商用新加坡信托在 2014 年全球房地产永续标准 (GRESB) 亚洲 / 零售 / 大型市值公司调查中被评为区域行业领先者 (Regional Sector Leader) 于购物中心层面, 白沙浮广场及新加坡来福士城 (Raffles City Singapore) 分别获新加坡建设局颁发绿色建筑标志白金奖及绿色建筑标志金奖 我们将继续推进环保工作, 提升能源利用率及废弃物管理水平 展望新加坡贸易与工业部预期 2015 年新加坡经济增长介乎 2.0% 至 4.0% 之间 预期新加坡劳工需求将持续紧绷, 失业率偏低 电子商务行业的竞争及紧收的外籍劳工政策可能打压部分零售商的扩充计划, 并可能导致其进行业务合并 由劳工运动推出的渐进式薪金模式也从某种程度上导致了清洁及保安开支的增加 我们将继续通过提高生产力, 使用可节省成本的技术, 以应对成本压力 凭藉我们主要为日常购物中心的资产组合, 我们相信凯德商用新加坡信托已作好准备, 可于不同的经济周期保持业绩表现 致谢何志辉先生于 2014 年 12 月 22 日卸任凯德商用新加坡信托管理有限公司的公司非执行非独立董事以及公司信息披露委员会 执行委员会及投资委员会成员 我们谨藉此机会感谢他过去几年一直给予董事会的宝贵贡献 我们热忱欢迎廖茸桐先生 ( 于 2014 年 12 月 22 日加盟本公司 ) 担任公司非执行非独立董事以及公司信息披露委员会 执行委员会及投资委员会成员 我们谨藉此机会对董事及我们的员工致力履行职责, 为凯德商用新加坡信托创造更高价值致以诚挚的谢意 最后, 我们衷心感谢我们的单位持有人 业务伙伴 零售商及购物者一路以来给予我们的信心及支持 趙亮溪主席 陈伟渊首席执行官 2015 年 3 月 2 日 Leading with Confidence 09

12 Trust Structure Unitholders Investment in CapitaMall Trust Distributions Manager CapitaMall Trust Management Limited Asset Management Services Asset Management Fees Represents Interests of Unitholders Trustee s Fees Trustee HSBC Institutional Trust Services (Singapore) Limited Ownership of Assets Net Property Income Property Managers CapitaLand Retail Management Pte Ltd CapitaLand (RCS) Property Management Pte. Ltd. 1 Property Management Services Property Management Fees CMT Portfolio Tampines Mall Junction 8 Funan DigitaLife Mall IMM Building Plaza Singapura Bugis Junction Sembawang Shopping Centre JCube Lot One Shoppers Mall Bukit Panjang Plaza (90 out of 91 strata lots) Rivervale Mall The Atrium@Orchard Clarke Quay Bugis+ Raffles City Singapore (40.00% interest) Westgate (30.00% interest) 1 CapitaLand (RCS) Property Management Pte. Ltd. only manages Raffles City Singapore. 10 CapitaMall Trust Annual Report 2014

13 Organisation Structure CapitaMall Trust Management Limited (CMTML) Board of Directors Audit Committee Chief Executive Officer Head Finance Head Investment & Asset Management Assistant Vice President Investor Relations CapitaLand Retail Management Pte Ltd (CRMPL) Head Retail Management Group Services General Manager Tampines Mall Rivervale Mall Centre Manager Lot One Shoppers Mall Bukit Panjang Plaza Leasing Marketing Communications Operations General Manager IMM Building JCube Westgate Centre Manager Clarke Quay General Manager Plaza Singapura The General Manager Bugis Junction Bugis+ Management Committee Raffles City Singapore Centre Manager Junction 8 Sembawang Shopping Centre General Manager Raffles City Singapore General Manager Funan DigitaLife Mall Leading with Confidence 11

14 Growth Strategies Integrated Retail Real Estate Business Platform Corporate Governance Net Property Income Distributions Retail Real Estate Unitholders Ownership Investment Retail Real Estate Management Retail Real Estate Capital Management Property Management Retail Management & Operational Leasing Strategic Marketing Design & Development Management Asset Management Strategic Planning & Investment Fund Structuring & Management Integrated Retail Real Estate Platform We are able to tap on CapitaLand s unique integrated retail real estate platform, combining the best of retail real estate management and capital management capabilities. Through this platform, we can call upon a professional and experienced team of operations, project and asset managers who work closely and seamlessly with each other to: Formulate medium and long-term strategies and initiatives to deliver sustainable returns Enhance shopping experiences to attract and increase shopper traffic Review space usage to optimise space productivity and income Manage lease renewals and new leases diligently to minimise rental voids Manage and monitor rental arrears to minimise bad debts Intrinsic Growth Active asset management is important for us to capture opportunities for intrinsic growth. CMT s intrinsic growth has been achieved through: Step-up rent Gross turnover rent, which is typically about 5.0% of CMT s gross revenue. This is a useful management tool which aligns CMT s interests with those of our tenants. Most of the leases at CMT s properties follow a rental structure which encompasses step-up rent plus a small component of gross turnover rent or a larger component of gross turnover rent only, whichever is higher Non-rental income from car parks, atrium space, advertisement panel space, casual leasing, vending machines and customer service counters Improved rental rates for lease renewals and new leases Manage projects to ensure timely completion within budgets Manage and monitor property expenses to maximise net property income Address all key operational issues to ensure alignment with the strategies of the manager of CMT 12 CapitaMall Trust Annual Report 2014

15 Innovative Asset Enhancement Initiatives Creative asset planning unlocks the potential value of CMT s malls to further propel growth by enhancing the retail environment and improving the attractiveness of the malls to shoppers and retailers. Diverse ways to increase the yield and productivity of CMT s retail space include: Decantation whereby lower-yield space is converted into higher-yield space Reconfiguration of retail units to optimise space efficiency Maximising the use of common areas, such as bridge space, and converting mechanical and electrical areas into leasable space Upgrading amenities, adding play and rest areas, providing advice on shop front design and creating better shopper circulation to enhance the attractiveness of our malls Inviting Experiences To stay ahead of consumer trends, we constantly reinvent retail experiences with innovative shopping, dining and entertainment combinations, which help to maximise the sales of the tenants and generate growth through improved rental income. The increase in shopper traffic is generated through: Alignment of tenant mix with current market trends which ensures a consistently good combination of attractive and popular retail outlets in CMT s malls New retail concepts which generate fresh excitement and positive sales Enhancing shoppers experiences with a more pleasant, comfortable and exciting environment by improving connectivity between floors, installing electronic car park guidance systems and social media walls, upgrading restroom facilities, baby nursing rooms, children s playgrounds, designated water play areas with interactive features for children, and alfresco dining areas Instrumental Investments The ability to identify value-adding acquisitions, investments and greenfield development projects to add to the portfolio and further enhance its value is central to CMT s long-term sustainable growth. Our investments must satisfy the investment criteria of: Potential for growth in yield Rental sustainability Potential for value creation CMT s 14.82% interest in CapitaRetail China Trust provides some exposure to the growth in the China retail real estate market without significantly changing the asset profile of CMT. In May 2011, CMT took a 30.00% stake in a joint venture to develop a prime site at Jurong Gateway, marking its first foray into greenfield developments. The mall opened on 2 December 2013 and Westgate Tower was divested with a net gain of approximately S$47.5 million upon obtaining its temporary occupation permit on 9 October Intensive Capital & Risk Management We seek to optimise returns to Unitholders while maintaining a strong capital base and credit rating to support CMT s growth. Regular assessments of capital management policies are undertaken to ensure that they are adaptable to changes in economic conditions and the risk characteristics of CMT. We also monitor our exposures to various risk elements by closely adhering to well-established management policies and procedures. As part of our proactive capital management, we are diversifying our sources of funding, extending the debt maturity profile and reducing the quantum due for refinancing in any one year. Innovative marketing and promotional events to draw in the crowds Attractive shop fronts and visual merchandising design ideas Leading with Confidence 13

16 Property Portfolio CMT s portfolio of 16 quality shopping malls is well-diversified in the suburban areas and downtown core of Singapore. The portfolio includes Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Bugis Junction, Sembawang Shopping Centre, JCube, Raffles City Singapore (40.00% interest), Lot One Shoppers Mall, Bukit Panjang Plaza, Rivervale Mall, The Atrium@Orchard, Clarke Quay, Bugis+ and Westgate (30.00% interest). Majority of the shopping malls are well-connected to public transportation nodes such as Mass Rapid Transit (MRT) / Light Rail Transit (LRT) stations and bus interchanges. They are strategically located either in areas with large population catchments or within Singapore s popular shopping and tourist destinations. The Manager continues to strive to ensure that each shopping mall in CMT s portfolio optimises its financial performance, strengthens its market position as the leading mall serving its respective community, as well as provides the ideal shopping experience for its shoppers. This is achieved through a combination of active tenant remixing, asset enhancements, stringent mall maintenance standards as well as unique mall-centric marketing and promotional activities. Map of Singapore CapitaMall Trust Annual Report 2014

17 1. Bugis+ 2. Bugis Junction 3. Bukit Panjang Plaza 4. Clarke Quay 5. Funan DigitaLife Mall 6. JCube 7. IMM Building 8. Junction 8 9. Lot One Shoppers Mall 10. Plaza Singapura 11. Raffles City Singapore 12. Rivervale Mall 13. Sembawang Shopping Centre 14. Tampines Mall 15. The Atrium@Orchard 16. Westgate Picture 1: Anna Mercier Rene, CapitaLand Building People Photography Competition 2013 Pictures 3, 14: An artist s impression of the new building facade Picture 4: Paul Chew, CapitaLand Building People Photography Competition 2012 Picture 5: Liew Tong Leng, CapitaLand Building People Photography Competition 2013 Picture 11: Ng Hock How, CapitaLand Building People Photography Competition 2012 Picture 13: Kenny Teo Seng Chye, CapitaLand Building People Photography Competition 2012 Leading with Confidence 15

18 Our Tenants Mr Alden Tan Managing Director KOPITIAM We opened in Plaza Singapura in the 1990s and have since enjoyed a fantastic partnership with CapitaMall Trust. CapitaMall Trust has always stayed ahead of retail trends and is one of the first few shopping mall owners to introduce asset enhancement initiatives. These initiatives help to ensure that CapitaMall Trust s shopping malls remain relevant over the years and have greatly benefitted our business. CapitaMall Trust has a professional and efficient team whom we enjoy working with. Mr Katsuharu Inamoto Managing Director BHG BHG currently operates three of our six Singapore stores in CapitaMall Trust s malls. In 2014, we renovated our flagship store in Bugis Junction, which received positive feedback from our customers. With the rise of e-commerce and entry of new shopping malls and foreign brands, BHG needs to continually improve, differentiate and focus on our target customers needs to provide them with better merchandise, brands, service and shopping environment. We are very happy to have partnered CapitaLand for the last 20 years. We look forward to an even deeper and stronger working relationship in the years to come. Mr Angelo Augustus Managing Director HARVEY NORMAN CapitaMall Trust has a firm understanding of the local retail scene, the varied needs of different retailers and the type of support we need at different stages of development and market cycle. It has also been proactive in engaging us on ways to improve our businesses and grow together. We are glad to have a strong partnership with CapitaMall Trust and look forward to many more good years of collaboration. Mr Take Umiyama Managing Director OWNDAYS CapitaMall Trust is the largest shopping mall owner in Singapore with a business model that benefits both tenants and shoppers. In 2013, we opened our first Singapore store in Plaza Singapura and have since added four more stores in shopping malls under CapitaMall Trust, namely Raffles City Singapore, Bugis+, IMM Building and JCube. CapitaMall Trust s in-depth industry knowledge, strong support for its tenants and strategic mall locations have helped us to successfully grow our brand in Singapore. We look forward to working closely with CapitaMall Trust as we expand our presence in Singapore. 16 CapitaMall Trust Annual Report 2014

19 Mr Mark Shaw Executive Vice President SHAW THEATRES Our theatres are located in Bugis Junction, JCube and Lot One Shoppers Mall, which are all strategically located at or near transportation hubs to deliver convenience to our movie goers. CapitaMall Trust has always been supportive of our business and we look forward to a long-standing and strong partnership. Mr Takamitsu Ohara Managing Director DAISO JAPAN We opened our first Singapore store in IMM Building in 2002, and since then, we have been expanding our business with CapitaLand s malls. Our partnership extends beyond CapitaMall Trust s malls in Singapore to CapitaLand s malls in Malaysia, China and Japan. We have enjoyed an excellent relationship with CapitaMall Trust and CapitaLand for the last 13 years. During this period, we faced some difficulties at certain points, but CapitaLand was always there to provide support in our expansion plans. We look forward to further strengthening our relationship with CapitaMall Trust and to continue expanding with CapitaLand s malls in Singapore and overseas. Ms Jean Yip Chairman JEAN YIP GROUP We have established a strong relationship with CapitaMall Trust since its listing. CapitaMall Trust has been very supportive of its tenants through both good and challenging times and has also worked hard to continually improve its malls over the years with asset enhancement initiatives and innovative marketing activities. We have certainly benefitted from its expertise in proactive mall management. Looking ahead, we hope to work even more closely with CapitaMall Trust to further develop our brand and business. Mr Daniel Lim Executive Director SOO KEE GROUP Soo Kee Group has partnered with CapitaLand for over 20 years, since the opening of Tampines Mall. We are happy to have grown from strength to strength with CapitaMall Trust, a trusted partner who values its relationship with tenants and is always staying ahead of business trends. CapitaMall Trust is constantly seeking new ways to engage its tenants and enhance shoppers satisfaction. Through CapitaMall Trust s strong retail network and in-depth market knowledge and expertise, we have expanded our retail footprint in Singapore and overseas markets, through the introduction of new brands and concepts for different groups of customers. Leading with Confidence 17

20 Our Shoppers Desmond BUGIS JUNCTION The shopping environment here at Bugis Junction is very pleasant and it is very accessible as it is connected to Bugis MRT Interchange Station. My family and I enjoy coming here due to the wide variety of restaurants. We visit the mall every Sunday. With the CapitaCard, it makes shopping even more enjoyable. The mall is also very clean. Xin Ee and friends CLARKE QUAY We visit Clarke Quay almost every week, for the nice ambience and good food. It is a place where we gather for all sorts of occasions. An awesome place by the river! Kian Yew and wife BUKIT PANJANG PLAZA We usually visit Bukit Panjang Plaza once a week. Our favourite stores are McDonald s, Popular, NTUC and Kopitiam. We stay in the neighbourhood and this is a convenient mall for us. Pamela and Nicole JUNCTION 8 It s great shopping here! So convenient for meeting up with friends! Our favourite spot is at Coffee Bean where fabulous coffee can be found. 18 CapitaMall Trust Annual Report 2014

21 Zakiah and Nadiah PLAZA SINGAPURA We visit this mall at least twice a month. We love this mall as it is a direct train ride from where we live in Punggol. The revamped mall is impressive as there is a greater variety of shops which we frequent. Shameena and family TAMPINES MALL Tampines Mall is a very child-friendly mall. It is always very crowded but I enjoy my shopping experience here. There are many shops that I like, for example shops for my child, as well as the food court, which provides me with many food options. I visit Tampines Mall at least once a week. Amiira and friend RAFFLES CITY SINGAPORE I love the vibrancy and the beautiful ambience of the mall. The large group of shoppers around makes the shopping experience enjoyable for me. Beautiful outlook and nice excellent food at the basement. Steve and friend WESTGATE The design is interesting and unique, allowing us to explore the whole place. The selection of tenants gives us much more choices, makes every trip here a new experience. Leading with Confidence 19

22 Board of Directors Danny Teoh Leong Kay Chairman & Non-Executive Independent Director 2 Lim Ming Yan Deputy Chairman & Non-Executive Non-Independent Director 3 Fong Kwok Jen Non-Executive Independent Director 4 Gay Chee Cheong Non-Executive Independent Director 5 Lee Khai Fatt, Kyle Non-Executive Independent Director 6 Jason Leow Juan Thong Non-Executive Non-Independent Director 7 Richard Rokmat Magnus Non-Executive Independent Director 8 Maj-Gen (NS) Ng Chee Khern Non-Executive Independent Director 9 Tan Kian Chew Non-Executive Non-Independent Director 10 Tan Wee Yan, Wilson Chief Executive Officer & Executive Non-Independent Director 20 CapitaMall Trust Annual Report 2014

23 Danny Teoh Leong Kay, 59 Chairman Non-Executive Independent Director Polytechnic Diploma in Accountancy with Distinction, Newcastle Upon Tyne Polytechnic Associate Member, Institute of Chartered Accountants in England and Wales Date of first appointment as a director: 1 November 2012 Date of appointment as Chairman: 17 April 2013 Length of service as a director (as at 31 December 2014): 2 years 2 months Board committees served on Corporate Disclosure Committee (Chairman) Investment Committee (Member) Present directorships in other listed companies DBS Group Holdings Ltd Keppel Corporation Limited Present principal commitments (other than directorships in other listed companies) Changi Airport Group (Singapore) Pte. Ltd. (Director) DBS Bank (China) Limited (Director) DBS Bank Ltd. (Director) DBS Foundation Ltd (Director) JTC Corporation (Board Member) Background and working experience Managing Partner of KPMG LLP, Singapore (From October 2005 to September 2010) Partner of KPMG LLP, Singapore and KPMG (From October 1989 to September 2005) Leading with Confidence 21

24 Board of Directors Lim Ming Yan, 52 Deputy Chairman Non-Executive Non-Independent Director Bachelor of Engineering (Mechanical) and Economics (First Class Honours), University of Birmingham, UK Date of first appointment as a director: 1 January 2013 Date of appointment as Deputy Chairman: 1 January 2013 Length of service as a director (as at 31 December 2014): 2 years Board committees served on Corporate Disclosure Committee (Member) Executive Committee (Chairman) Investment Committee (Chairman) Present directorships in other listed companies Ascott Residence Trust Management Limited (manager of Ascott Residence Trust) (Deputy Chairman) CapitaCommercial Trust Management Limited (manager of CapitaCommercial Trust) (Deputy Chairman) CapitaLand Limited CapitaRetail China Trust Management Limited (manager of CapitaRetail China Trust) (Deputy Chairman) Present principal commitments (other than directorships in other listed companies) Building and Construction Authority (Board Member) Business China (Director) CapitaLand China Holdings Pte Ltd (Chairman) CapitaLand Hope Foundation (Director) CapitaLand Limited (President & Group CEO) CapitaLand Regional Investments Limited (Chairman) CapitaLand Singapore Limited (Chairman) CapitaMalls Asia Limited 1 (Chairman) CTM Property Trust, Steering Committee (Chairman) LFIE Holding Limited (Co-Chairman) Shanghai YiDian Holding (Group) Company (Director) Singapore-China Foundation Ltd. (Governor) Singapore Tourism Board (Board Member) The Ascott Limited (Chairman) Directorship in other listed companies held over the preceding three years Central China Real Estate Limited Background and working experience Chief Operating Officer of CapitaLand Limited (From May 2011 to December 2012) CEO of The Ascott Limited (From July 2009 to February 2012) CEO of CapitaLand China Holdings Pte Ltd (From July 2000 to June 2009) Awards Outstanding Chief Executive (Overseas) at the Singapore Business Awards 2006 Magnolia Award by the Shanghai Municipal Government in 2003 and Delisted on 22 July CapitaMall Trust Annual Report 2014

25 Fong Kwok Jen, 65 Non-Executive Independent Director Bachelor of Laws (Honours), University of Singapore Advocate and Solicitor Date of first appointment as a director: 1 November 2012 Length of service as a director (as at 31 December 2014): 2 years 2 months Board committee served on Audit Committee (Member) Present directorship in other listed companies Xpress Group Limited Present principal commitment (other than directorships in other listed companies) Equity Law LLC (Executive Director) Directorships in other listed companies held over the preceding three years CapitaCommercial Trust Management Limited (manager of CapitaCommercial Trust) WBL Corporation Limited Background and working experience Partner of Fong Partners (From 1995 to June 2004) Chairman, Disciplinary Committee of Singapore Exchange Securities Trading Limited (From 1994 to 2007) Member of Securities Industry Council (From 1992 to 2003) Council Member of The Law Society of Singapore (From 1990 to 1992) Deputy Senior State Counsel/Senior State Counsel of Attorney-General s Chambers (From 1982 to 1989) Deputy Public Prosecutor of Attorney-General s Chambers (From 1972 to 1982) Others Government Legal Officer s Course under Colombo Plan Award, United Kingdom (1976/77) NITA (National Institute of Trial Advocates) Advocacy Programme at Harvard Law School (1986) Leading with Confidence 23

26 Board of Directors Gay Chee Cheong, 58 Non-Executive Independent Director Bachelor of Science in Engineering (Honours), Royal Military College of Science Bachelor of Science (Economics), University of London Masters of Business Administration, National University of Singapore Date of first appointment as a director: 1 November 2012 Length of service as a director (as at 31 December 2014): 2 years 2 months Board committee served on Audit Committee (Member) Present directorship in other listed companies Hyflux Ltd Present principal commitments (other than directorships in other listed companies) Heliconia Capital Management Pte. Ltd. (Director) National University of Singapore (Member, Entrepreneurship Committee) The UWCSEA Foundation Limited (Director) Temasek Polytechnic (Member, Board of Governors, Chairman, Investment Committee, Deputy Chairman, Administration Committee) Background and working experience Deputy Chairman & CEO of 2G Capital Pte Ltd (From 2001 to 2006) Group Executive Director of JIT Electronics Pte Ltd (From 1997 to 2000) 24 CapitaMall Trust Annual Report 2014

27 Lee Khai Fatt, Kyle, 63 Non-Executive Independent Director Bachelor of Arts in Business Studies (Honours), Council for National Academic Awards Polytechnic of the South Bank Master of Science in International Management (Distinction), University of London, The School of Oriental and African Studies Master of Business Administration and Diploma in Management, University of London, Imperial College of Science, Technology and Medicine Fellow of the Institute of Chartered Accountants in England and Wales and Institute of Singapore Chartered Accountants Date of first appointment as a director: 1 November 2012 Length of service as a director (as at 31 December 2014): 2 years 2 months Board committees served on Audit Committee (Chairman) Investment Committee (Member) Present directorships in other listed companies FEO Hospitality Asset Management Pte. Ltd. (manager of Far East Hospitality Real Estate Investment Trust) FEO Hospitality Trust Management Pte. Ltd. (trustee-manager of Far East Hospitality Business Trust) Great Eastern Holdings Limited MFS Technology Ltd Present principal commitment (other than directorships in other listed companies) The Great Eastern Life Assurance Company Limited (Director) Directorship in other listed companies held over the preceding three years WBL Corporation Limited Background and working experience Partner of PricewaterhouseCoopers LLP and Price Waterhouse (From June 1990 to June 2010) Leading with Confidence 25

28 Board of Directors Jason Leow Juan Thong, 48 Non-Executive Non-Independent Director Executive Master in Business Administration, Fudan University Chartered Accountant of Singapore and a member of the Institute of Singapore Chartered Accountants Advanced Management Program, Harvard Business School Date of first appointment as a director: 22 December 2014 Length of service as a director (as at 31 December 2014): 10 days Board committees served on Corporate Disclosure Committee (Member) Executive Committee (Member) Investment Committee (Member) Present directorships in other listed companies CapitaMalls Malaysia REIT Management Sdn. Bhd. (manager of CapitaMalls Malaysia Trust) Central China Real Estate Limited Present principal commitment (other than directorships in listed companies) CapitaMalls Asia Limited (CEO) Directorship in other listed companies held over the preceding three years Lai Fung Holdings Limited Background and working experience CEO of CapitaLand China Holdings Pte. Ltd. (From July 2009 to September 2014) Deputy CEO of CapitaLand China Holdings Pte. Ltd. (From July 2005 to June 2009) General Manager, Business Development of CapitaLand Residential Limited (From July 2002 to June 2005) 26 CapitaMall Trust Annual Report 2014