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CapitaMalls Asia Full Year FY 2011 Results *Feb 2012*

Singapore • China • Malaysia • Japan • India

Presentation Slides for Europe/US NDR

Mar 2012

CapitaMalls Asia Limited

Asia’s Leading Mall

Developer, Owner and Manager


Disclaimer

1

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 CapitaMalls Asia (“CMA”) 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 CMA is not indicative of the future performance of CMA.

The value of shares in CMA (“Shares”) and the income derived from them may fall as well as rise. Shares are not

obligations of, deposits in, or guaranteed by, CMA or any of its affiliates. An investment in Shares is subject to investment

risks, including the possible loss of the principal amount invested.


Contents

2

Introduction to CMA

Highlights

Operational Updates

Our Key Markets

Management Fee Business

Revaluation

Financial Performance

Capital Management

Corporate Social Responsibility & Awards

Moving Forward

Appendix

CapitaMalls Asia Full Year FY 2011 Results *Feb 2012* Raffles City Beijing, Beijing, China Introduction to CMA


CMA is the Leading Asian Shopping Mall

Developer, Owner and Manager Pan Asian footprint across 51 cities in 5 countries of Singapore, China, Malaysia, Japan and India

Note:

Above data as at 31 Dec 2011. Market capitalisation as at 24 Feb 2012.

5 Countries

97 Malls

87.4 million sq ft

Gross Floor Area

S$29.4 billion

Property Value

~3,500 Employees

4

Market Capitalisation

of S$6.1 billion


CMA’s Business Structure

Note: Effective interest s in CMT, CRCT & CMMT and Temasek‟s interest in CapitaLand are as at 31 Dec 2011

(1) Refers to 4 China funds. They are CapitaMalls China Income Fund, CapitaMalls China Development Fund II, CapitaMalls Incubator Fund and Raffles City China Fund.

Directly Held

Joint Ventures

REIT

Directly Held

Joint Ventures

REIT

Funds(1)

Directly Held

REIT

CapitaRetail

Japan Fund

CapitaRetail

India

Development

Fund

65.5%

40.4%

5

Singapore

China

Malaysia

Japan

India

28.5%

27.0%

35.7%

CapitaMalls Asia Full Year FY 2011 Results *Feb 2012* Highlights CapitaMall Guicheng, Foshan, China


PATMI

• 4Q 2011 of S$205.4 million; FY 2011 of S$456.0 million

EBIT FY 2011: S$601.9 million

Revaluation of S$320.3 million


• Assets Under Management: S$20.7 billion

• EBIT FY 2011: S$63.6 million

9.0% gross NTA growth

• Including dividends paid of 3.5 cents

• Increase from S$1.50 to S$1.60 per share over 2011

Proposed a final dividend of 1.5 cents, paying a total of 3.0 cents

dividend for FY 2011

Highlights

Financial Results for FY 2011

Tenant sales grew:

• Singapore: 5.5%

• China: 13.2%

Shopper traffic increased:

• Singapore: 2.2%

• China: 7.5%

Average 2 million shoppers pass through our malls daily

Operational Performance of Our Malls

7


Highlights

8

Cash balance of S$975.5 million

Net Debt/Equity of 3.9%

Opened the retail bond market in 2011 with a total of S$6002 million bonds

issued

Secured new financing and refinancing of over S$3.0 billion across the group

Successful dual listing of CMA on HKEx

Prudent Capital Management

5 in China (Wuhan, Shanghai, Suzhou & Chongqing)

2 in Singapore

1 in Kuantan, Malaysia

8 Acquisitions Totaling S$3.9 bil1 Adding 1.7 mil sqm of GFA

(1) CMA‟s direct stakes in the acquisitions including the REITs.

(2) Issued 1-year and 3-year bonds in 2011 and 10-year callable bonds in Jan 2012.

CapitaMalls Asia Full Year FY 2011 Results *Feb 2012* 9 Operational Updates Hongkou Plaza, Shanghai, China


Growth in Shopper Traffic & Tenant Sales

10

Malls

opened before

1 Jan 2010

FY 2011 FY 2011 vs

FY 2010 (%)*

NPI Yield

(%)1 on

valuation

as at

31 Dec 2011

Committed

Occupancy Rate

(%)2 as at

31 Dec 2011

Shopper

Traffic

Tenant

Sales

Singapore3 5.5 95.9 2.2 5.5

China4 5.6 97.4 7.5 13.2

Malaysia 6.5 97.6 1.5 -

Japan 4.2 93.0 2.6 0.8

India 7.1 96.2 0.1 13.6

* Notes on Shopper Traffic and Tenant Sales:

Singapore: Excludes JCube, Hougang Plaza, The Atrium@Orchard and Iluma.

China: Excludes 3 master leased malls under CRCT. Excludes tenant sales from supermarkets and department stores.

Malaysia: Point of sales system not ready. Excludes Queensbay Mall, whose acquisition by CMA was completed in Apr 2011,

and East Coast Mall, whose acquisition by CMMT was completed in Nov 2011.

Japan: Tenant sales for Vivit Square and Chitose Mall only.

Note: The above figures are on a 100% basis, where the NPI yield and occupancy of each mall are taken in their entirety regardless of CMA‟s

interest. This analysis takes into account all malls that were opened prior to 1 Jan 2010.

(1) Refers to weighted average yield of our operational malls.

(2) Refers to the weighted average committed occupancy rate.

(3) When excluding The Atrium@Orchard and Iluma, NPI yield is 5.8% and occupancy is 99.7%.

(4) Excluding CRCT, NPI yield on valuation as at 31 Dec 2011 is 5.2% and committed occupancy rate is 97.0%.


Same-Mall NPI Growth (100% basis)

11

Country Local

Currency

(mil)

FY 2011 FY 2010 Change

(%)

Singapore1 S$ 643 613 4.9

China2 RMB 1,330 1,102 20.7

Malaysia3 MYR 159 137 16.3

Japan JPY 1,535 1,437 6.9

India INR 149 138 7.9

Note: The above figures are on a 100% basis, where the NPI of each mall is taken in its entirety regardless of CMA‟s interest.

This analysis compares the performance of the same set of malls opened prior to 1 Jan 2010.

(1) Excludes JCube, which is undergoing redevelopment, Iluma, the acquisition of which by CMT was completed on 1 Apr 2011 and The Atrium@Orchard which is

undergoing AEI.

(2) Excludes CapitaMall Minzhongleyuan, the acquisition of which by CRCT was completed on 30 Jun 2011. Excluding CRCT, NPI grew by 25.4%.

(3) Includes new contribution from Gurney Plaza Extension. Excludes Queensbay Mall and East Coast Mall.


Highlights of New Retailers in Our Malls

Attracting New Retailers Through Our International Leasing Network

In Shanghai

In Singapore In Singapore

In Shanghai In Shanghai In Shanghai

12

In Penang

In Beijing

In Penang In Singapore

CapitaMalls Asia Full Year FY 2011 Results *Feb 2012* Our Key Markets ION Orchard, Singapore


8.6% 8.9%

16.4%

-2.6%

7.0%

10.5%

8.0%

10.9% 11.0%

7.8%

3.5%

8.4% 6.7%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

Retail Sales Index yoy change (%)

Singapore: Economy Remains Stable

Source: Singapore Tourism Board,

Ministry of Manpower, Singapore & Urbis

Positive Retail Sales Growth Lowest Unemployment Rate in 2011 in the

Last 14 years

3

3.1

2.7

2.1 2.2

3.0

2.2

2.0

1.5

1.7

1.9

2.1

2.3

2.5

2.7

2.9

3.1

3.3

2005 2006 2007 2008 2009 2010 2011

Economic Growth for 2012 is Expected to be Between 1.0% to 3.0%

1

Excludes motor vehicles sales, at current price

Strong Singapore Visitor Arrivals

2

14

(mil)

(%)

7.7 7.5 7.6

6.1

8.3 8.9

9.8 10.3 10.1

9.7

11.6

13.2 17.5%

-2.6%

1.3%

-19.7%

36.1%

7.2% 9.0% 6.2%

-1.9% -4.0%

20.2%

13.7%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

5

6

7

8

9

10

11

12

13

14

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Vistor Arrivals YOY Growth (%)


Singapore: Consumption Continues to Grow

Strong Sales Performance for Most Trade Categories

23.4%

16.2%

9.4% 7.5% 7.0% 7.0% 6.5% 6.2% 5.3% 5.0% 4.1% 3.6% 2.9% 2.6% 1.9% 1.6% 0.8%

-2.7% -5%

5%

15%

25%

35%

Te

leco

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un

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tio

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ech

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Bo

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d

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rvic

es

15

Source: CMTML, CMA


Singapore: Extending our Leadership Position

With 2 Acquisitions

(1) Target to open end 2013

Total GFA: 977,037 sq ft

Westgate1 Iluma

Total GFA: 297,396 sq ft

20 Malls in Singapore

16

1 2


Singapore: Prime Location of Integrated Mall

Attracts Strong Sales of Residences

More than

80% of

units sold!

Total GFA: 1,013,207 sq ft

Bedok Site


Source: National Bureau of Statistics of China

Low Unemployment Rate 1

3

China: Fundamentals Remain Strong

Strong Potential for Shopping Mall Sector

18

5,950 6,718

7,641 8,921

10,849

13,268

15,700

18,123

2004 2005 2006 2007 2008 2009 2010 2011

Retailers Continue to Enjoy Strong Sales 2

Rising Disposable Income per Capita (RMB)

Creating Stimulus for Consumption

RMB Mil

4.2%

4.1%

4.0%

4.2%

4.3%

4.1% 4.1%

2005 2006 2007 2008 2009 2010 2011

9,422 10,493

11,759

13,786

15,781 17,175

19,109

21,810

2004 2005 2006 2007 2008 2009 2010 2011

RMB


Minhang Plaza, Shanghai

China: Credit Tightening Presented

Opportunities

Hongkou Plaza, Shanghai

Suzhou site, Suzhou Chongqing site, Chongqing1

Total of 5 Acquisitions

19

2 1

3 4

CapitaMall Minzhongleyuan, Wuhan

5

(1) This design may be subject to change.


China: Opened 3 Malls

Minhang Plaza, Shanghai CapitaMall Crystal, Beijing

20

1 2 Committed

Occupancy1 of 99%

Committed

Occupancy1 of 81%

Hongkou Plaza, Shanghai

Committed

Occupancy1 of 94% 3

(1) As at 31 December 2011


China: Strong Growth in NPI Yields

of Operational Malls

21

100% Basis

Year of Opening NPI Yield

on Cost (%)

Yield

Improvement

Tenant Sales

Growth1

FY 2011 FY 2010 FY 2011 vs

FY 2010

FY 2011 vs

FY 2010

20052 4.7 3.5 34% 10.1%

20063 8.0 6.4 25% 16.2%

2007 8.1 6.5 25% 15.2%

2008 4.7 3.1 52% 12.2%

2009 5.8 3.7 57% 24.6%

2010 1.9 (1.0) n.m. n.a.

(1) Tenant sales are based on a same-mall basis (100%) and excludes sales from supermarkets and department stores.

(2) Excludes Raffles City Shanghai.

(3) Excludes malls under or previously under master lease namely CapitaMall Shuangjing, CapitaMall Anzhen, CapitaMall Erqi and CapitaMall Saihan.

(4) For malls that are opened as at 31 Dec 2009.

FY 2011 NPI Yield on Cost Gross Yield on Cost

China Portfolio4 6.8% 11.8%

For more information of our portfolio, please refer to our website: http://capitamallsasia.com/corporate/portfolio.aspx


Backed by rising disposable income and strong consumption, our malls in China

registered strong improvement in both their NPI yields and tenant sales.

For malls opened in 2005 to 2009, they registered strong increase in NPI yields from

25% to 57%. Tenant sales registered double digit growth, ranging from 10.1% to 24.6%.

Our China portfolio registered strong NPI yield on cost of 6.8% and a gross yield on cost

of 11.8% in 2011.

22

CapitaMalls Asia Full Year FY 2011 Results *Feb 2012* 23

Malaysia Retail Trade Sector Sales Value 2007 - 2012e

RM-

RM20

RM40

RM60

RM80

RM100

RM120

RM140

RM160

RM180

2007 2008 2009 2010 2011e 2012e

Sale

s V

alu

e (R

M b

illio

n)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0% Gro

wth

Rate (%

)

Retail Sales

Growth Rate (%)

Malaysia: Robust GDP and Retail Sales Outlook

Malaysia GDP Growth, 2007 - 2012F

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2007 2008 2009 2010 2011F 2012F

GD

P i

n C

on

sta

nt

Pri

ce (

RM

millio

n)

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00% Gro

wth

Ra

te (%

)

GDP (RM Mil)

Growth Rate (%)

(1) Source: 2007 – 2010 (Department of Statistics);

2011F – 2012F (Economic Report 2011/2012, Ministry of Finance

Malaysia)

(2) Source: 2007-2010 (Department of Statistics); 2011-2012(F) (CBRE

Research)

Healthy GDP Growth of 5.0 - 6.0%1

Forecasted for 2012

Strong Retail Sales Growth of

8.3%2 Forecasted for 2011 - 2015 1 2


East Coast Mall, Kuantan

Malaysia: Enhancing our Market Leader Position

with Acquisition of East Coast Mall in Kuantan


Queensbay Mall, Penang

Malaysia: Completed the Acquisition of

Queensbay Mall in Penang

CapitaMalls Asia Full Year FY 2011 Results *Feb 2012* CapitaMall Dongguan, Dongguan, China



27

(1) Including 3 listed REITs & 5 private funds.

(2) Earnings before interest and taxes.

10.0

15.0

20.0

31 Dec 09 31 Dec 10 31 Dec 11

S$ bil

+11.1%

+22.4%

• Manager of 3 Listed REITs & 5 Private Funds

• Assets Under Management of S$20.7 billion1

• EBIT2 FY 2011 of S$63.6 million

CapitaMalls Asia Full Year FY 2011 Results *Feb 2012* Revaluation

ION Orchard, Singapore


Operating Malls Contributed 64% of

Total FY 2011 Revaluation Gains

29

FY 2011 S$ mil Key highlights

Operating Malls

Singapore

China

Malaysia

Japan

128.5

80.4

13.7

(17.9)

CMT portfolio and ION Orchard underpinned by capitalisation

compression based on recent transactions, improvement in NPI and

strong retail growth.

CRCT, CMCIF, CRCIF and CRCDFII portfolios mainly due to opening of

Minhang and Hongkou in 1H 2011, strong retail sales growth and overall

improvement of NPI.

CMMT portfolio and Queensbay due mainly to capitalisation compression

based on recent transactions and improvement in NPI, as well as,

acquisition of East Coast Mall in 2H 2011 at lower acquisition price.

Weak market sentiment due to earthquake in 1H 2011.

Total – Operating Malls 204.7 64% of total valuation gain

Properties Under Development

Singapore

China

India

3.9

111.4

0.3

ION Orchard Link.

Tianfu and Luwan as project milestones were achieved and comparable

with surrounding projects.

Total – Properties Under

Development

115.6 36% of total valuation gain

Total 320.3

Revaluation Gains Supported by Improvement in NPI & Sustainable

Retail Growth in Singapore & China

CapitaMalls Asia Full Year FY 2011 Results *Feb 2012* Financial Performance Raffles City Singapore, Singapore


FY 2011 Financial Results

(S$ mil)

0.3

27.4

245.4

472.4

246.2

601.9

PATMI1

EBIT1

Revenue

10.5 1,359.1 1,501.4 Rev under mgt

7.4 10.9cts 11.7cts

NTA per share

146.8 129.8 320.3

EPS

FY 2011

456.0

FY 2010 (Previously Reported)

421.9

Change

%

8.1

245.4

603.4

1,359.1

13.9cts

129.8

FY 2010

(Restated)*

541.3

Revaluation

S$1.60 S$1.50 6.7 S$1.50

(1) Includes the provision for Hong Kong listing expenses of S$16.3 mil in FY 2011.

31

* The comparable FY 2010 results had been restated to take into account the reclassification of tax payable on distribution received from an

associated company to income tax expense to conform to current year‟s presentation, as well as the retrospective adjustments relating to INT

FRS 115 – Agreements for the Construction of Real Estate which accounted for the incremental PATMI impact of S$198.0 mil.


The Group‟s FY 2011 PATMI was S$456.0 mil, a 8.1% increase as compared to S$421.9 mil previously

reported in FY 2010. This was mainly attributable to the higher revaluation gains of properties by 146.8% or

S$190.5 mil from FY 2010 but partially offset by provision for Hong Kong listing expenses of S$16.3 mil,

higher staff costs attributable to an increase in headcount to support the growing business operations of the

Group and lower share of results from the Orchard Residences and higher finance cost of S$7.7 mil.

FY 2010 restated PATMI of S$541.3 mil was as a result of the adoption of INT FRS 115 by The Orchard

Residences. This adoption resulted in the full recognition of units sold under the deferred payment scheme

of S$198.0 mil as the project obtained TOP in 4Q 2010.

Revenue Under Management was 10.5% higher in FY 2011 mainly due to increase in contribution from

CMT/CMMT malls and malls from China Funds due to more malls openings in China.

Compared to the previously reported FY 2010, FY 2011 Revenue improved by 0.3% to S$246.2 mil, mainly

due to rental revenue from Queensbay Mall, higher contributions from the fund management entities and

higher property and project management fees. This was partially offset by the divestment of three Malaysia

malls to CMMT and Clarke Quay to CMT in July 2010.

EBIT in FY 2011 was 27.4% higher than previously reported of S$472.4 mil mainly due to higher revaluation

gains of properties of fair value gain on properties by S$264.6 mil partially offset by provision for Hong Kong

listing expenses of S$16.3 mil and higher staff costs attributable to an increase in headcount to support the

growing business operations of the Group.

EBIT in FY 2011 as compared to the restated S$603.4 mil for FY 2010 was lower primarily due to the

adoption of INT FRS 115 as mentioned above.

32


FY 2011 PATMI Contribution

33

(S$ mil)

FY 2011 Contribution by Country

S’pore China M’sia Japan India Total

Subs

EBIT

Property Income 0 15 12 0 0 27

Disposal / Dilution Gain 8 0 7 0 0 15

Revaluation 0 198 3 0 0 201

Management Fee Business 62 0 5 (3) 0 64

Foreign Exchange 0 8 (2) 1 0 7

Others 4 9 6 0 0 19

Subsidiaries’ Contribution to EBIT (A) 74 230 31 (2) 0 333

Assoc & JCE

Share of Results (net of interest and tax)

Property Income 124 (7) 19 2 (4) 134

Development Profits 5 0 0 0 0 5

Revaluation Excl REITs 97 58 0 (18) 0 137

Revaluation REITs 36 20 11 0 0 67

Foreign Exchange 0 6 0 0 0 6

Assoc & JCE Contribution to PATMI (B) 262 77 30 (16) (4) 349

EBIT (A) + (B) 336 307 61 (18) (4) 682

Less : Country Finance Cost, Tax and NCI (16) (101) (5) 0 0 (122)

PATMI by Country 320 206 56 (18) (4) 560

Less : Corporate and Treasury Finance Cost (104) *

Total PATMI 456

* Includes corporate costs of S$64 mil, treasury finance costs of S$24 mil and Hong Kong listing of S$16 mil.


FY 2011 PATMI contribution mainly from Singapore and China of S$320 mil and S$206 mil.

Singapore: $320 mil contributed by key drivers - revaluation gains of S$133 mil, strong

property income of S$124 mil and management fee business of S$62 mil.

China: Contribution primarily driven by revaluation gains from China Funds and CRCT of

S$78 mil and China own properties of S$198 mil.

Administrative Expenses:

FY 2011, the increase of 30.7% in administrative expenses from FY 2010 was mainly due

to the additional one-off provision for Hong Kong listing expenses of S$16.3 million,

absence of writeback of professional fees relating to CMMT listing of S$4.1 million in FY

2011 and higher staff costs. Excluding the Hong Kong listing expenses and the writeback

of professional fees for CMMT listing, administrative expenses would have been S$120.0

million, representing a 11.7% increase from FY 2010.

For more details, please refer to pages 3 & 4 in the „2011 Full Year Unaudited Financial

Statements Announcement‟.

34


Significant EBIT Contribution from

Singapore & China

35

SingaporeS$336 mil,

47%

ChinaS$307 mil,

44%

MalaysiaS$61 mil,

9%

Property Income

S$161 mil, 25%

Revaluation S$405 mil, 64%

Management Fee Business S$64 mil, 10%

Development Profit

S$5 mil, 1%

EBIT by Country Main Contributors to EBIT

Total: S$601.9 mil Total: S$601.9 mil

Note: Includes India (-S$4 mil), Japan (-S$18 mil),HK listing

expense (-S$16 mil) and HQ costs (- S$64 mil). Note: Includes HQ Costs, Others and Foreign Exchange


Total Assets in China Exceed Singapore in 2011

36

Singapore, S$2,836m,40%

China, S$3,456m,49%

Malaysia, S$561m,8%

Japan, S$117m,1%

India, S$133m,2%

Total: S$7,103 mil

Breakdown of Total Assets by Country (excl Cash holding)

CapitaMalls Asia Full Year FY 2011 Results *Feb 2012* Capital Management

Tampines Mall, Singapore


Healthy Balance Sheet & Liquidity Position

38

Change

7%

56%

35%

1%

5%

31 Dec 11

Net Debt/Equity

% Fixed Rate Debt

Ave Debt Maturity (Yr)

Cash (S$ mil)

Equity (S$ mil)

30 Sep 11

79%

6,477

976

3.9%

3.37

6,054

626

80%

6.0%

3.20

Gross Debt/Total Asset 19.7% 15.2% 12.7%


-

100

200

300

400

500

600

700

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Bank MTN and Other Capital Mkt Retail Bond

39

Group Debt Maturity Profile as at 31 Dec 2011

(1) Launched on 4 Jan 2012; Assuming the retail bonds would not be redeemed early, in whole or in part, prior to 2022.

S$400mil Bond 1

S$ million

10% NAV


CMA Group‟s liquidity continued to remain strong.

As at 31 December 2011, there is close to S$2 bil liquidity to meet our committed

investments.

The Group‟s debt remains well diversified with a good mix of bank and capital

market financing.

Debt maturity profile is also well spread out with not more than 10% of CMA

Group‟s net asset value (~S$650 mil) maturing in any year.

In January 2012, CMA has also issued a S$400 mil step-up callable 10-year retail

bonds which will further extend its average debt maturity.

With this new funding in place, CMA now has the advantage of funding flexibility

as well as the balance sheet capacity to continue to grow the business

confidently and capitalise on potential acquisition opportunities.

40


New and Differentiated Source of Funding

Opened the retail bond market

• Raised S$900 mil; 3 launches since 2011, despite

uncertain market

• Database of >25,000 bond investors

• >80% from retail and high-net worth individuals

• Established platform for future funding

S$400 mil step-up callable 10-year retail bonds (issued in Jan 2012)

Longest Tenure

(10 year)

Largest Amount Raised

(S$400 mil)

Callable Feature

(10 Non-Call 5)

• Sizable source of funding

• Debt management flexibility

• Extend debt maturity profile

41

CapitaMalls Asia Full Year FY 2011 Results *Feb 2012* Corporate Social Responsibility & Awards


“My Schoolbag” Program in 5 Countries

Benefitted close

to 19,000

underprivileged

children in 5

countries

43

Note: “My Schoolbag” is CMA‟s signature annual CSR program, under which the company donates schoolbags containing school and daily necessities to

underprivileged children.


Clinched a Total of 11 Green Awards for our

Buildings

JCube, Singapore

BCA Green Mark Platinum Award

CapitaMall Wusheng, Wuhan, China

BCA Green Mark Gold Award

44


No. Development Country Rating Achieved

1 JCube Singapore Green Mark Platinum

2 The Atrium@Orchard Singapore Green Mark Gold

3 Bugis Junction Singapore Green Mark Gold

4 Raffles City Singapore Singapore Green Mark Gold

5 CapitaMall Tianfu Chengdu, China Green Mark Gold (Provisional)

6 CapitaMall Jinniu – Phase II Chengdu, China Green Mark Certified (Provisional)

7 CapitaMall Wusheng Wuhan, China Green Mark Gold (Provisional)

8 Gurney Plaza Penang, Malaysia Green Mark Gold

9 Vivit Square Tokyo, Japan CASBEE „A‟

10 CapitaMall Xuefu Harbin, China Green Mark Certified (Provisional)

11 CapitaMall Aidemengdun Harbin, China Green Mark Certified


Awards and Accolades: 2011

46

Best Retail Developer in Asia by

Euromoney Real Estate Awards

Best Retail Developer in China by

Euromoney Real Estate Awards

Best Retail Developer in Singapore

by Euromoney Real Estate Awards

Best for Investor Relations by

Asiamoney Corporate Governance

Poll

CapitaMalls Asia Full Year FY 2011 Results *Feb 2012* Moving Forward

The Mines, Selangor, Malaysia


7 Malls in China & 2 Malls in Singapore

to Open in 2012

48

Countries

No. of Properties as at 31 Dec 2011

Operational Target to be

opened in

2012

Target to be

opened in

2013

Target to be

opened in

2014 & beyond

Total

Singapore 16 2 1 1 20

China 42 7 2 5 56

Malaysia 5 - - - 5

Japan 7 - - - 7

India 2 - 2 5 9

Total 72 9 5 11 97


2 Malls Opening in Singapore

The Star Vista

JCube

49

1

2


CapitaMall Rizhao, Rizhao

CapitaMall Taiyanggong,

Beijing

CapitaMall Xuefu, Harbin

Raffles City Ningbo, Ningbo

7 Malls Opening in China

3.

CapitaMall Xindicheng, Xi’an CapitaMall Wusheng, Wuhan

Raffles City Chengdu, Chengdu

7

1

2 3

6 5

4

50


Continue to Entrench into Key Cities & Regions

in China with Economies of Scale

Existing CMA malls

Locations of CMA offices

6 Regions in China

North

Northeast

East

Central

West

South

51

2005

2011

Number of cities present

7 cities 35 cities No. of employees

323 2,500

Number of malls

7 malls 56 malls Suzhou


20051 6%

20062 9%

2007: 3%

2008: 3%

2009: 4%

2010: 4%

20113 33%

2012 9%

2013 10%

2014 onwards

19%

52

China: Operational Malls Make Up More than

60% of NAV

Projects under development

Operational malls

NAV as at 31 Dec 2011: S$4.0 bil (Based on effective stakes)

Malls: 56

Operational Malls: 62% by NAV

Year of Opening

% of Portfolio by

Effective Stakes

(1) Includes Raffles City Shanghai and CapitaMall Minzhongleyuan.

(2) Includes malls under or previously under master lease namely CapitaMall Shuangjing, CapitaMall Anzhen, CapitaMall Erqi and CapitaMall Saihan.

(3) Includes additional 50% stakes in Hongkou Plaza and Minhang Plaza, the acquisition of which is pending completion.


Operational1 73%

2012 10%

2013 9%

2014: 3% >2014

6%

53

CMA: Operational Malls Make Up 73% of NAV

NAV as at 31 Dec 2011: S$7.1 bil (Based on effective stakes)

Malls: 97

Operational Malls: 73% by NAV

Year of Opening

% of Portfolio by

Effective Stakes

Operational malls

Projects under development

(1) Includes additional 50% stakes in Hongkou Plaza and Minhang Plaza, the acquisition of which is pending completion.

2012 to be Inflection Point for CMA


Moving into 2012: Cautiously Optimistic

2012 to be inflection point for CMA

Focus to deliver opening of 9 malls and ramping

up of operational malls

Expenses expected to track inflation and revenue

growth

Balance sheet and financing capacity for

selective acquisitions

54


Looking ahead, Asian countries will continue to lead world economic growth. Singapore is

forecasted to grow between 1.0% and 3.0%, while China is projected to grow 8.2% – nearly

seven times the expected average growth of the advanced economies. Malaysia is expected to

expand between 5.0% and 6.0%.

2012 will be an inflection point for CMA. Based on the NAV as at 31 Dec 2011 and including the

additional 50% stakes that CMA is acquiring in Minhang Plaza and Hongkou Plaza (both in

Shanghai), our operational China malls now make up more than 60% of China‟s NAV. On the

same NAV basis, for our entire portfolio of 97 malls, 73% are operational with the rest to open in

the next few years. Our operational malls will provide income stability and this ties in well with

our 2-thrust „investment and development strategy‟1.

We target to open nine malls this year – seven in China and two in Singapore.

Going forward, we expect our expenses to be in line with inflation and revenue growth as we

entrench in the cities and regions that we are currently in and achieve economies of scale.

With our strong balance sheet and gearing capacity, we remain ready and flexible for both

selective acquisitions as well as any challenges in the macro environment.

Note:

(1) Refers to rental income derived from our operational investment properties and developing of new malls in key markets.

55


Thank You

For enquiries from analysts/investors,

please contact:

Caroline Fong

Investor Relations

Tel: (65) 6536 1188

Fax: (65) 6536 3884

Email: [email protected]

http://www.capitamallsasia.com

56

Acknowledgements:

CapitaLand-National Geographic Channel „Building People‟ Photographic Contest 2011

Divider page of presentation: Clarke Quay by Olivia Koh Ai Lyn (Singapore), ION Orchard by Shanti Haniyarti (Indonesia), Tampines

Mall by Dennis Lee Her Meng (Singapore), The Mines, Selangor by Jennifer Thomas (Malaysia)


• FY 2011 financial results –

18 Jan 2012

• http://www.capitamall.com/ir

_financial_results.html

Financial Results of CMT, CRCT & CMMT


26 Jan 2012

• http://www.capitaretailchina.

com/ir_financial_result.html


19 Jan 2012

• http://www.capitamallsmala

ysia.com/financials.html

57

CapitaMalls Asia Full Year FY 2011 Results *Feb 2012* Appendix

Clarke Quay, Singapore


Geographical Segments (100% Basis)

59

49%

42%

5%

2% 2%

Singapore China Malaysia Japan India

(1) For projects under development, GFA is estimated.

(2) For committed projects whose acquisitions have not been completed, property value is based on deposits paid.

As at 31 Dec 2011 Singapore China Malaysia Japan India Total

GFA (mil sq ft)1 13.2 61.1 4.7 1.8 6.6 87.4

Property Value (S$ bil)2 14.5 12.5 1.4 0.6 0.4 29.4

No. of Malls 20 56 5 7 9 97

21%

58%

5%

7%

9%

GFA Property Value No. of Malls

16%

70%

5% 2%

7%


NPI Breakdown by Country (effective stake)

60

Note: The above figures are on the basis of CMA‟s effective stakes in the respective properties. This analysis takes into

account all malls that were open as at 31 Dec 2011 and 31 Dec 2010 respectively.

(1) Excludes JCube, which is undergoing redevelopment. Clarke Quay was monetised to CMT in Jul 2010,while Iluma was acquired by CMT in April 2011.

(2) The China portfolio includes Raffles City portfolio but excludes malls swapped out under the SZITIC Asset Swap arrangement announced by CapitaLand

Limited on 29 September 2009. The Asset Swap is assumed to be completed on 1 Jan 2010.

(3) Gurney Plaza, Sungei Wang Plaza and The Mines were monetised to CMMT in Jul 2010.

(4) Decrease in effective-stake basis NPI is due to pre-opening costs of Celebration Mall, Udaipur.

Country Local

Currency

(mil)

FY 2011 FY 2010

Singapore1 S$ 197 197

China2 RMB 354 264

Malaysia3 RM 94 99

Japan JPY 404 378

India4 INR 8 22


Review of Financial Performance By Country

Notes: figures are rounded for presentational purposes

(1) NAV is estimated based on CMA‟s proportionate share of property book value plus cash and less debt as at 31 Dec 2011.

Excludes additional 50% stakes in Minhang Plaza and Hongkou Plaza, the acquisition of which is pending completion.

(2) ROE is defined as PATMI divided by CMA‟s effective stake of NAV.

(3) Japan‟s loss mainly due to revaluation losses and India‟s loss mainly due to pre-operation expenses of Celebration Mall.

(4) HQ Corporate, treasury costs and Hong Kong listing expenses.

(5) Net Cash/(Debt) at Treasury and Country HQs.

In S$ mil Singapore China Malaysia Japan India HQ Total

FY 2011 PATMI 320 206 56 (18) (4) (104)4 456

Total NAV1 2,800 3,200 500 100 100 (400)5 6,300

- Completed Property 2,100 1,600 500 100 40 - 4,340

- Projects under

Development 700 1,600 - - 60 - 2,360

ROE2 based on Total NAV

11% 6% 11% (16%)3 (5%)3 - 7%

ROE2

based on Completed

Property NAV

15% 13% 11% (16%)3 (15%)3 - 11%

Healthy ROE and Strong Contribution from Singapore, China and Malaysia


4Q 2011 Financial Results

(S$ mil)

20.1

70.1

55.2

163.0

66.3

277.2

PATMI1

EBIT1

Revenue

15.1 347.8 400.2 Rev under mgt

43.2 3.7cts 5.3cts

NTA per share

60.5 110.3 177.0

EPS

4Q 2011

205.4

4Q 2010 (Previously Reported)

144.0

Change

%

42.6

55.2

363.6

347.8

8.8cts

110.3

4Q 2010

(Restated)*

342.0

Revaluation

S$1.60 S$1.50 6.7 S$1.50

(1) Includes the provision for Hong Kong listing expenses of S$3.3 mil in 4Q 2011.

62

* The comparable 4Q 2010 results had been restated to take into account the reclassification of tax payable on distribution received from an

associated company to income tax expense to conform to current period‟s presentation, as well as the retrospective adjustments relating

to INT FRS 115 – Agreements for the Construction of Real Estate which accounted for the incremental PATMI impact of S$198.0 mil.


4Q 2011 PATMI Contribution

(S$ mil) 4Q 2011 Contribution by Country

S’pore China M’sia Japan India Total

Subs

EBIT

Property Income 0 4 4 0 0 8

Dilution Gain 6 0 7 0 0 13

Revaluation 0 133 0 0 0 133

Management Fee Business 13 (4) 3 (1) 0 11


Others 3 0 1 0 0 4

Subsidiaries’ Contribution to EBIT (A) 22 145 16 0 0 183

Assoc & JCE

Share of Results (net of interest and tax)

Property Income 31 (4) 5 0 0 32

Development Profits (7)1 0 0 0 0 (7)

Revaluation Excl REITs 62 16 0 0 0 78

Revaluation REITs 11 8 2 0 0 21


Assoc & JCE Contribution to PATMI (B) 97 22 7 0 0 126

EBIT (A) + (B) 119 167 23 0 0 309

Less : Country Finance Cost, Tax and NCI (5) (59) (2) 0 0 (66)

PATMI by Country 114 108 21 0 0 243

Less : Corporate and Treasury Finance Cost (37) *

Total PATMI 206

63

(1) Includes expenses relating to the Bedok Residences launched in 4Q 2011 and finalisation of costs at The Orchard Residences.

* Includes corporate costs of S$29 mil, treasury finance costs of S$5 mil and Hong Kong listing expenses of S$3 mil.


Statement of Financial Position Subsidiaries (S$ mil) 31 Dec 2011 31 Dec 2010

5 China malls

(51% owned by CMA and

49% owned by CMCIF)

Queensbay Mall

One North

CapitaMall Tianfu

CapitaMall Luwan

JCEs & Associates

Orchard Residences

ION Orchard

Bedok Site,Westgate and others

CMT 1,527 1,513

CRCT 206 159

CMMT 285 251

Private Funds & Others 1,503 1,197

Cash & Cash Equivalents4 976 1,318

Others Investments 426 379

Other Assets 339 528

Total Assets 8,078

Other Liabilities 371 394

Debt5 1,230 700

Non-Controlling Interest 250 60

Equity attributable to owners 6,227 5,828

1,044

Other Assets

Liabilities

Jointly-Controlled Entities3

Associates

1,137

Investment Properties (IP)1 619 304

Properties Under Development (PUD)2 1,060 289

6,982

64


1. The increase was mainly due to acquisition of Queensbay Mall in Malaysia.

2. The increase was mainly due to acquisition of Luwan Integrated Development (Luwan),

development cost capitalised for The Star Vista and CapitaMall Tianfu (Tianfu) and

revaluation gain recognised for Luwan and Tianfu.

3. The increase was mainly due to loans to JCEs for Bedok and Westgate. This was partially

offset by repayment of shareholder‟s loan and dividend from Orchard Turn Holdings Pte

Ltd.

4. The decrease was mainly due to the loans extended out to JCEs for Westgate, payment for

acquisition of Raffles City Changning and Luwan and payment of dividends for 2010 and

2011.

5. The increase was mainly due to the issuance of S$200 mil of retail bonds, S$82 mil of

senior notes and a new loan drawn down of S$260 mil.

65


(1.9%)

3.6%

5.1% 6.1% 6.4%

8.0%

5.9%

300

700

1,100

1,500

1,900

2,300

2,700

3,100

3,500

3,900

-2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%

10.0%

2005 2006 2007 2008 2009 2010 2011

(1.4%) (0.8%) 0.9%

1.9%

3.1% 3.5%

4.7% 4.7%

400

600

800

1,000

1,200

1,400

(2.0%) (1.0%)

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%

10.0%

2005 2006 2007 2008 2009 2010 2011

NPI Yield on Cost

NPI Yield on Valuation

Tenant Sales Growth (FY 2011 vs FY 2010).Tenant sales are based on a same-mall basis (100%) and excludes sales from supermarkets and department stores.

20051

20062

10.1%

16.2%

+111%

+63% +13%

+34%

+42% +20%

+5%

+25%

Year of Opening Valuation Trend (100% basis, RMB mil)

Note: Please refer to our „Property Details Spreadsheet‟ for the details of our China malls. http://capitamallsasia.com/corporate/portfolio.aspx.

(1) Excludes Raffles City Shanghai

(2) Excludes malls under or previously under master lease namely CapitaMall Shuangjing, CapitaMall Anzhen, CapitaMall Erqi and CapitaMall

Saihan

66

NPI Growth Supported by Strong Tenant Sales (100% basis)



(0.03%)

4.7% 5.7%

6.5%

8.1%

5.9%

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

2005 2006 2007 2008 2009 2010 2011

Year of Opening

NPI Yield on Cost


2007 +21%

+14%


+25%

Valuation Trend (100% basis, RMB mil)



67

(0.6%)

2.7% 3.1%

4.7% 4.5%

2400

2600

2800

3000

3200

-0.02

-0.01

0

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

0.1

2005 2006 2007 2008 2009 2010 2011

2008

15.2%

12.2% +24%

+52%


1.9% 1.8%

2,500

2,525

2,550

2,575

2,600

2,625

2,650

2,675

2,700

-0.01

0

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

0.1

2005 2006 2007 2008 2009 2010 2011

(0.7%)

3.7%

5.8%

4.6%

3,500

3,750

4,000

4,250

4,500

4,750

5,000

5,250

-0.01

0

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

0.1

2005 2006 2007 2008 2009 2010 2011

Year of Opening

NPI Yield on Cost


2009

2010

24.6% +57%

(1.0%)

Valuation Trend (100% basis, RMB mil)

68





8.7% 8.9% 9.3% 9.8% 11.4%

2007 2008 2009 2010 2011

Case Study: CapitaMall Wangjing, Beijing

69

7.4 7.6 7.9 8.7 9.5

2007 2008 2009 2010 2011

Shopper traffic

(mil)

CAGR 7%

805 1,018 1,006 1,320

1,573

2007 2008 2009 2010 2011

Tenant sales psm

(RMB/sqm/m)

CAGR 18%

NPI yield

(On cost)

Valuation

(RMB mil)

1,193 1,220 1,239 1,362 1,506

2007 2008 2009 2010 2011

Gross

Yield

16.2%

11%

16%


Case Study: CapitaMall Guicheng, Foshan

70

Shopper traffic

(mil) 6.2 7.4 7.2 7.9 9.0

2007 2008 2009 2010 2011

CAGR 10%

Tenant sales psm

(RMB/sqm/m)

614 824 845 893 963

2007 2008 2009 2010 2011

CAGR 12%

333 334 351 370 460

2007 2008 2009 2010 2011

Valuation

(RMB mil)

NPI yield

(On cost) 2.9% 5.9% 6.5% 7.1%

8.7%

2007 2008 2009 2010 2011

Gross

Yield:

17.6%

24%

23%


CapitaMall Jinniu Phase II, Chengdu, China

Total GFA: 90,600 sqm

71

Opening in 2013


CapitaMall Tianfu, Chengdu, China

Total GFA: 197,064 sqm

Opening in 2013

72

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