citc ilt tcapitacommercial trust nomura asia...

C it C i l T tCapitaCommercial Trust Nomura Asia Equity Forumq y

7 & 8 July 2009

Important NoticeThis presentation shall be read in conjunction with CCT’s 2009 First Quarter Unaudited FinancialStatement Announcement.

The past performance of CCT is not indicative of the future performance of CCT. Similarly, the past performanceof CapitaCommercial Trust Management Limited, the manager of CCT is not indicative of the future performanceof the Manager.

Th l f i i CCT (CCT U i ) d h i d i d f h f ll ll i Th CCT U iThe value of units in CCT (CCT Units) and the income derived from them may fall as well as rise. The CCT Unitsare not obligations of, deposits in, or guaranteed by, the CCT Manager. An investment in the CCT Units issubject to investment risks, including the possible loss of the principal amount invested. Investors have no rightto request that the CCT Manager redeem or purchase their CCT Units while the CCT Units are listed. It isintended that holders of the CCT Units may only deal in their CCT Units through trading on Singapore Exchangeintended that holders of the CCT Units may only deal in their CCT Units through trading on Singapore ExchangeSecurities Trading Limited (SGX-ST). Listing of the CCT Units on the SGX-ST does not guarantee a liquidmarket for the CCT Units.

This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties.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-lookingstatements as a result of a number of risks, uncertainties and assumptions. Representative examples of thesefactors include (without limitation) general industry and economic conditions, interest rate trends, cost of capitaland capital availability, competition from other developments or companies, shifts in expected levels ofoccupancy rate, property rental income, charge out collections, changes in operating expenses (includingemployee wages, benefits and training costs), governmental and public policy changes and the continuedavailability of financing in the amounts and the terms necessary to support future business.

Y ti d t t l d li th f d l ki t t t hi h b d thYou are cautioned not to place undue reliance on these forward-looking statements, which are based on thecurrent view of the CCT Manager on future events.

2 CapitaCommercial Trust Presentation *July 2009*

Contents

1. Who We Are2 R b t Fi i l R lt (1Q 2009)2. Robust Financial Results (1Q 2009)3. Proactive Capital Managementp g4. Stable Portfolio Growth5. Market Outlook6. Focus on Fundamentals6. Focus on Fundamentals7. Raffles City Singapore 8. Supplementary Information


1 Who We Are1. Who We Are


Singapore’s First Listed Commercial REIT

Listing May 2004 on Singapore Exchange Securities Trading Limited

Portfolio 11 premier commercial assets in the Central Area of SingaporePortfolio - Singapore

11 premier commercial assets in the Central Area of Singapore (7% of total private stock)

Total Net Lettable Area

Total number of Tenants

3.4 million sq ft

More than 500

Investments 30% stake in Quill Capita Trust who owns ten commercial properties in Kuala Lumpur, Cyberjaya and Penang

7.4% stake in Malaysia Commercial Development Fund Pte. Ltd.- Malaysia

Total assets S$6.3 billion (US$4.4 billion)(proforma Deposited Property stated in announcement dated 3 July 2009)

Market cap S$2.3 billion (US$1.6 billion)Based on CCT’s closing price of S$0.825 on 3 July 2009 and total units

on issue 2 807 782 012on issue, 2,807,782,012


Gross Rental Income Predominantly Contributed by Grade A OfficesContributed by Grade A Offices

CCT’s Focus is Owning and Investing in Real Estate and Real Estate-related Assets, which are Income-producing and used, or Predominantly used, for Commercial Purposes

Major usage mix for CCT propertiesBy Gross Rental Income for the Month of March 2009By Gross Rental Income for the Month of March 2009

Office 72%Hotels &

ConventionConvention Centre

11%

Retail 17%

6

Note:(1) Excludes retail turnover rent

CapitaCommercial Trust Presentation *July 2009*

Almost 90% of 2009’s forecast gross rental income(1) locked-in with committed leases

7

Note:(1) Based on the Forecast Gross Rental Income for the “enlarged portfolio”, published in CCT’s circular to

unitholders dated 9 June 2008


Achieved Higher DPU Year-On-Year

10.59¢11.00¢

forecast

actual 5

18 7%

26.4%

8.55¢

0 59¢

8.70¢ 4

7.8%7.6%

18.7%

5.68¢6.31¢

7.02¢6.32¢

6.81¢ 7.33¢

1

2

3

15 May to 31 Dec 2004

(annualised)

FY 2005 FY 2006 FY 2007 FY 2008

1. Based on the forecast and the accompanying assumptions as shown in CCT’s Introductory Document dated 16 March 2004.2. Based on the forecast and the accompanying assumptions as shown in CCT’s Offer Information Statement dated 21 April 2005 in

relation to the acquisition of HSBC Building.3. Based on the forecast and the accompanying assumptions as shown the Circular dated 15 August 2006 for the equity fund raising to

(annualised)

3. Based on the forecast and the accompanying assumptions as shown the Circular dated 15 August 2006 for the equity fund raising to finance the acquisition of Raffles City Singapore.

4. Based on the forecast and the accompanying assumptions as shown in the Unitholder Circular dated 5 November 2007 for the acquisition of Wilkie Edge.

5. Based on the forecast and the accompanying assumptions as shown in the Circular dated 9 June 2008 for the acquisition of One George Street for the period 1 January 2008 to 31 December 2008 and adjusted for the actual date of acquisition of One GeorgeStreet on 11 July 2008. The acquisition of One George Street was assumed to be completed on 1 July 2008 in the Circular.


Attractive Yield Post-Rights

10.0%~790 bps

7.2%

~510 bps

790 bps

4.5%

5.6%

2 5%2.5%2.1%

0.3%

2 3 4 5 6CCT @ Rights

PriceCCT @ TERP FSTRE STI Yield CPF Ordinary 10-Yr Govt Bond 12-month Fixed

(S$) Deposit

1. Based on FY 2008 pro forma DPU adjusted for the effects of the Rights Issue divided by Rights Issue Price.

1

2 3 4 5 6

7

p j g y g2. Based on FY 2008 pro forma DPU adjusted for the effects of the Rights Issue divided by TERP.3. Gross 12-month dividend yield of FTSE Real Estate stocks as at 21 May 2009.4. Gross 12-month dividend yield of FTSE STI stocks as at 21 May 2009.5. Prevailing CPF-Ordinary account savings rate as at 21 May 2009.6. Singapore Government 10-Year bond yield as at 21 May 2009.7. Average S$12-month fixed deposit savings rate as at 21 May 2009.


Strategy for Driving DPU Growth

Distribution Per UnitDistribution Per Unit

Growth within portfolio

-Rental rate Asset Enhancement

Acquisitions / Development Projects

– Singapore -Occupancy & overseas

Proactive and prudent capital management


2 Robust Financial Results2. Robust Financial Results


1Q 2009 DPU Up 25.1% from 1Q 2008

25.1%

2 59¢

3.24¢

3.00¢

5 %

Contribution from acquisition of One2.59¢

2.00¢ 1Q 2009

acquisition of One George Street and Wilkie Edgeas well as higher rental income from existing 2.00¢

1Q 2008 1Q 2009 gproperties

1.00¢

0.00¢

Distribution Per Unit


1Q 2009 Gross Revenue Up by 36.9% Compared with 1Q 2008p

120 000

1Q 2008 1Q 2009

36 9%

S$’000

97,461100,000

120,000 36.9%

40.8%71,195

49,626

69,870

45,40460,000

80,000 26.6%

35,858,

20,000

40,000

0

Gross Revenue Net Property Income Distributable Income

Contribution from acquisitions as well as higher rental income from existing properties

Due to the two acquisitions and improved operating margin.

Higher net income off-setby higher trust expenses and borrowing cost due to increase in b i

13

borrowings


3 Proactive Capital Management3. Proactive Capital Management


Debt Profile as at 31 March 2009

S$ million

1,000

1,200 S$22 m RCS -secured term loan due Sep (0.8%)34%

$370mCCT -

Convertible CCT - 3-year

As at 31 March 2009

Total Gross Debt :

$650m

600

800

CCT -2-year

d

BondsPut option

in May (14%)

22%

$156m

CCT 3 yearsecured term loan

due in Jun (6%)

Total Gross Debt :S$2,632.8 million

Gearing(1) : 38.3%

Interest Service Coverage$520m

200

400

secured term loan

due in Jun (25%)

RCS- CMBS

due in Sep

CCT -Convertible

Bonds

$580m

CCT -3-year

d

14%CCT - short term loan due

in Jun (6%)

Interest Service Coverage Ratio(2) : 2.8 times

Average Cost of Debt: 3.6%

A Fi d R t T t$235m

$100m -

200

2009 2010 2011 2012 2013

$156m

CCT- MTN due in Jan

6%p

(20%)Bondsdue in May

(14%)

secured term loan due in Mar

Average Fixed Rate Term to Expiry(3) : 2.4 years

CCT- MTN (9%)$150m due in Mar$85m due in Aug

due in Jan(4%)

Notes:(1) Gross borrowings of CCT (inclusive of 60% interest in RCS Trust ) over total deposited properties of CCT (inclusive of 60% interest in RCS Trust )

15

(2) Ratio of net investment income before interest, tax and amortisation of CCT (inclusive of 60% interest in RCS Trust ) over interest expenses of CCT (inclusive of 60% interest in RCS Trust )

(3) Average fixed rate term to expiry of the loan profile


May 2009 ValuationUpdated

(S$’m) 22 May 2009 1 December 2008 Change (%)

Capital Tower 1,130.0 1,246.5 -9.4C p , 30 0 , 6 5 9

Six Battery Road 1,182.0 1,370.5 -13.8

One George Street 1,010.01 1,146.0 -11.9

Starhub Centre 295.0 332.8 -11.4

Robinson Point 195.0 226.6 -14.0

HSBC Building 317.0 355.0 -10.9g

Wilkie Edge 149.0 176.8 -15.7

Bugis Village 67.0 69.4 -3.6

G ld Sh C P k 102 0 109 6 0Golden Shoe Car Park 102.0 109.6 -7.0

Market Street Car Park 50.2 60.4 -16.9

Raffles City (60% interest) 1,532.4 1,617.0 -5.4

TOTAL 6,029.6 6,710.6 -10.1%

16

1. Open market value takes into consideration the yield protection provided to CCT for five years, from July 2008 to July 2013.


Key Rationale for the Rights IssueUpdated

Reduction of Borrowings Consistent with CCT’s Proactive Capital Management Strategy p g gy

Strengthen Balance Sheet and Enhance Financial Flexibility


Achieves Low End of Target Gearing RangeUpdated

45%

43.1%38.3%

Target Gearing Range

31.3%30% Result of loan repayment of $664 million from part of the rights issue proceeds

Pre-Rights Issue and After R l ti 2

Post-Rights Issue2,3

Pre-Rights Issue and

B f

1. Based on CCT’s Balance Sheet as at 31 March 2009.2. Based on the unaudited financial statements of CCT for the financial quarter ended 31 March 2009 as adjusted based on the latest valuation of

th CCT P ti f S$6 029 6 illi t 22 M 2009 hi h t d f S$681 0 illi ( i t l 10 1%) f th

Revaluation2Before Revaluation1

the CCT Properties of S$6,029.6 million as at 22 May 2009, which represents a decrease of S$681.0 million (or approximately 10.1%) from the valuation of the CCT Properties of S$6,710.6 million as at 1 December 2008.

3. Repayment of Loans comprising the two-year secured term loan maturing in June 2010 and the bridge loan facility maturing in August 2009.


Debt Profile as at 3 July 2009 (1)Updated

S$ million

1 200

1,000

1,200 S$32 m RCS -secured term loan due Sep (2%)

$370mCCT -

ConvertibleBonds

%

$

600

800

CCT- MTN

12% $580m

CCT -

BondsPut option

in May (19%)

36%

CCT - 3-yearsecured term loan

due in Jun (7%)

$235m

$520m

200

400

CCT- MTN $150m due in Mar$85m due in Aug

RCS- CMBS

due in Sep (26%)

CCT -Convertible

Bondsdue in

CCT 3-year

secured term loan

due in Mar (26%)

19%

$235m

$100m -

2009 2010 2011 2012 2013

$156m

CCT- MTN due in Jan

(5%)

( ) due in May

(19%)$143m

1. Per use of proceeds announcement on 3 July 2009 whereby S$664 million of the rights issue proceeds were used for repayment of loans comprising the two-year secured term loan maturing in June 2010 and the bridge loan facility maturing in August 2009

(5%)


Enhanced Financial FlexibilityUpdated

• Total number of unsecured assets : 8 out of 11• Value of unsecured assets : S$3 050 million (50 4% of• Value of unsecured assets : S$3,050 million (50.4% of

total value of investment properties)

Six Battery Road One George Street Robinson Point Starhub CentreSix Battery Road One George Street Robinson Point Starhub Centre

Bugis Village Golden Shoe Market Street Wilkie Edge

20

Bugis Village Golden Shoe Car Park

Market Street Car Park

Wilkie Edge

4 Stable Portfolio Growth4. Stable Portfolio Growth


Results of Proactive Leasing• Signed on new leases and renewals for an aggregate area of

335,800 square feet (approximately 10% of portfolio NLA) in the first four months of 2009– Tenants include Legg Mason, CapitaLand, BNI and Koufu

– Key sectors: government, retail, banking, insurance & financial services

Positive rental reversion on a weighted average basis at• Positive rental reversion on a weighted average basis at about 49% higher than previously signed rents

• Increased portfolio committed occupancy to 97 7% as at 30• Increased portfolio committed occupancy to 97.7% as at 30 April 2009 from 96.2% as at 31 December 2008


Portfolio Diversification with Focus on Qualityon Quality

About 80% of 1Q 2009 Net Property Income from G d A Offi d R ffl Cit

Golden Shoe Car Park, 2.8%

Wilkie Edge, 0.4%

Grade A Offices and Raffles City

Bugis Village, 2.9%

Market Street Car Park, 1.0%

(1)Raffles City, 28.4%Robinson Point, 3.6%

HSBC Building, 3.2%

Starhub Centre, 5.4%

Capital Tower, 11.5%

Six Battery Road, 23 3%

One George Street 17 5% 23.3%Street, 17.5%

23

Note:(1) Represents CCT’s 60.0% interest in Raffles City


Diverse Tenant Mix(1) in CCT’s Portfolio

Banking InsuranceLegal 2 5%

Car Park, 2.3%

Education, 1.8%

Department Store, 1.9%

Banking, Insurance & Financial Services,

36.0%Retail Services, 2.9%

Legal, 2.5% Education, 1.8%

R l E t t & P t

Others , 5.5%(2) Standard Chartered Bank

JPMorgan Chase

Real Estate & Property Services, 4.0%

Food & Beverage, 5.6%

JPMorgan Chase Bank, N.A.

Nomura Singapore Ltd

The Hongkong andGovernment & Government Linked

Office, 6.4%

The Hongkong and Shanghai Banking

Corporation Ltd

Lloyd’s of London (Asia) Pte Ltd

Energy, Business Consultancy, IT & Telecoms, 14.0%Hospitality, 10.3%

Fashion, 6.9%

Notes:

These five tenants account for 65% of the Banking, Insurance and Financial Services Group.

Pte Ltd

24

(1) Based on monthly gross rental income as at 31 Mar 2009 for the portfolio including car park income from Golden Shoe Car Park and Market Street Car Park

(2) Consists of other minor retail and office trades


Top Ten Blue-Chip Tenants(1) Enhance Stability -Contribute about 50% of monthly gross rental income

Weighted Average Lease Term to Expiry (by Floor Area) f T 10 T t t 31 M 2009 6 4

11.1% 10.8%for Top 10 Tenants as at 31 Mar 2009= 6.4 years

4.7% 4.6%

3.6%2.7% 2.6% 2.3%

2 0% 1 9%2.0% 1.9%

Standard Chartered Bank

RC Hotels (Pte) Ltd

Government of Singapore Investment Corporation

Private Limited

JPMorgan Chase Bank, N.A.

Nomura Singapore Limited

CapitaLand Group The Hongkong and Shanghai

Banking Corporation

Limited

Lloyd's of London (Asia) Pte Ltd

WongPartnership LLP

Robinson & Company

(Singapore) Private Limited

25

Note:(1) Based on monthly gross rental income contribution as at 31 March 2009 (excluding retail turnover rent)


Committed Occupancy Consistently Above Market LevelsAbove Market Levels

CCT's Committed Occupancy Since Inception

94.3%98.3% 99.7% 99.7%

96.2% 96.7%100% 97.7%

84.0%87.2% 89.7% 92.7% 91.2% 90.0%

(Islandwide)

60%End-Dec End-Dec End-Dec End-Dec End-Dec 1Q 30-Apr-09

2004 2005 2006 2007 2008 2009 2009

CCT Occupancy Rate URA Occupancy Index

Occupancy rate in Singapore’s core CBD is 93.1% and Grade A offices is 97.1% as at end-March 2009 1

p y p y

26

1. Source: CB Richard Ellis (as at 1Q 2009).


Almost Half of the Leases Expiring in 2009 have already been Renewed

Leases up for Renewal (by monthly gross rental income) as at 31 March 2009

have already been Renewed(1)

19.7%

17.5%

0.3%

as at 31 March 2009

19.7%

3.4%6.1%

7 7%

7.5%

3 4% 3 5%

8.9%

1.9%

7.7% 7.8%

3.9%

3.4% 3.5%

0.4%

2009 2010 2011 2012 2013 and Beyondy

Office Retail Hotels and Convention Centre

Renewed Forward LeasesRenewed Leases for 2009

27

Note:(1) Excludes turnover rent


Almost Half of the Office Leases Expiring in 2009 have already been Renewed2009 have already been Renewed

Office Leases Expiring as a percentage of monthly office gross rental income as at 31 March 2009g

0.4%

27.1% 27.2%24.2%8.5%

10.7% 10.8%

4.6%

2009 2010 2011 2012 2013 and

Renewed Leases for 2009 Renewed Forward Leases

Beyond


Potential Rental Upside from Lease Renewals in 2009

2009

Renewals in 2009

$16.00

$20.00 60%

G d A Offi A R t i Q1 2009 S$12 30 f / th (1)

$7.47 $6 77$8.00

$12.00

20%

40% Grade A Office Average Rent in Q1 2009: S$12.30 psf /month (1)

Prime Office Average Rent in Q1 2009: S$10.50 psf/month (1)

0.7% 2.6% 2.2% 1.7%

$5.89 $7.47 $6.77 $6.07

$

$4.00

0%

20%

$-0%Capital Tower Six Battery

RoadOne George

StreetRaffles City

Tower(2)

Notes:(1) Source: CBRE (as at Q1 2009)

Leases expiring as a percentage of monthly office gross rental income as at 31 March 2009

Ave Monthly Gross Rental Rate for Expiring Leases (S$ psf/month)

29

(1) Source: CBRE (as at Q1 2009)(2) Has embedded yield protection of 4.25% p.a., based on purchase consideration of S$1.165 billion until 10 July 2013 from

CapitaLand. This eliminates downside rental risk for One George Street during the yield protection period, but allows CCT to benefit from any upside in rental reversion.


Limited Percentage of Leases Expiring forthe Four Key Office Buildingsthe Four Key Office Buildings

Lowers the potential and downside risks associated withth Si Offi M k t th ti i dthe Singapore Office Market over these time periods

$20.00 60%2010

$20.00 60%2011

$6 58

$12.63 $10.40

$8.00

$12.00

$16.00

$

40%$16.11

$12.51 $14.36

$8.00

$12.00

$16.00

$ 0 00

40%

60%

(1) (1)

10.3%4.8% 4.9% 3.9%

$6.58 $6.46

$-

$4.00

$

0%

20%

Capital Tower

Six Battery Road

One George Street

Raffles City Tower

2.1%

13.2%5.7%

0.7%$4.46

$-

$4.00

$8.00

0%

20%

Capital T

Six Battery R d

One George St t

Raffles City T(1) (1)

Ave Monthly Gross Rental Rate for Expiring Leases(S$ psf/month)

Tower Road Street Tower Tower Road Street Tower

Leases expiring as a percentage of monthly office gross rental income as at 31 March 2009

Note:

30

(1) Has embedded yield protection of 4.25% p.a., based on purchase consideration of S$1.165 billion until 10 July 2013 from CapitaLand. This eliminates downside rental risk for One George Street during the yield protection period, but allows CCT to benefit from any upside in rental reversion.


Average CCT Office Portfolio Rent still Lower than Monthly Market Rentsthan Monthly Market Rents

3

$18.65$18.80 $18.80

3$16.00 $16.10 $16.10

$15.00$12.30

$16.00$12.90

$10.50

$5.98$6.75 $7.20 $7.44 $7.73

3Q 20082Q 2008 1Q 2009

CCT Office Portfolio Prime Office Average Rent Grade A Office Average Rent

Notes:

(1) (2)(2)

1Q 2008 4Q 20083Q 20082Q 2008 1Q 2009

31

Notes:(1) Average monthly passing rent for CCT’s office portfolio(2) Source for office market rent: CBRE (figures as at end of each quarter)


5 Market Outlook5. Market Outlook


Expects 2009 to be a Challenging Year

• Ministry of Trade and Industry (MTI) expects Singapore’s GDP to contract by 6 0 to 9 0 per cent inSingapore s GDP to contract by 6.0 to 9.0 per cent in 2009

• Singapore government has announced a set of• Singapore government has announced a set of expansionary budget measures – to stimulate the economy, and y,– to enhance the country’s capabilities and competitiveness in the

long term

• Global economies expected to remain weak


Singapore has only 6.7 mil sq ft of Grade A Office

Outside of Central Region

Grade A Office

Grade A

Fringe Area11.4 20%

g2.23%

Grade A Office, 6.7 mil sq ft

Downtown Core27.5

20%

Area in sq ft (mil)

Other Office

48%Rest of

Central Area11 7

Area in sq ft (mil) Office grades, 20.8 mil sq ft

Orchard Rd4.3 8%

11.7 21%

8%

• Singapore’s Total Office Stock: 72 mil sq ft • Total Private Office Stock: 57 mil sq ft (80%)

34

• Total Private Office Stock: 57 mil sq ft (80%)Source: CBRE, December 2008. Note: Downtown Core covers Raffles Place, Marina Centre, Shenton Way and Marina Bay


Uncertain Office Supply from 2011 Onwards – Delay in completion is evidenty p

• Some future supply have already been pre-committed, e.g. 1.9 mil sq ft in 2010 & 2012 (MBFC)

4 14 0

5.0

Singapore Private Office Space (Central Area) Ave annual supply = 2.4 mil sq ftAve annual demand during previous R

1.4

2.7

4.1

1 11 3

2.8 2.5

1.32.0

3.0

4.0

Office Spa

Post -Asian financial crisis and SARs-weak demand & undersupply

g pgrowth phase('93-'97)=2.1 mil sq ft

1.11.3

0.09

-1.0

0.0

1.0

ace (mil sq ft) Ave annual supply = 1.8 mil sq ft

-2.0

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

)

Ave annual annual demand =1.6 mil sq ft

Supply Demand Forecast supply as at Jun'08 Forecast supply as at Apr'09

Note: Central Area comprises ‘The Downtown Core’ ‘Orchard’ and ‘Rest of Central Area’ Please see details of

35

Note: Central Area comprises The Downtown Core , Orchard and Rest of Central Area . Please see details of supply forecast under Supplementary Information

Source: Consensus Compiled from CBRE &JLL (Apr 09)


More moderate rental decline Updated

From Q1 2009 to May 15

Grade A office rents in Raffles Place 8.7%

P i ffi i R fflPrime office in Raffles Place 6.6%

Source: Article titled, “Prime office rents check their slide” in The Business Times, 21 May 2009


6 Focus On Fundamentals6. Focus On Fundamentals


Customer Focus

• More than 500 tenants ( ffi d il)(office and retail)

• Tenant retentionT t i ti d• Tenant communication and support

• Managed by professionalManaged by professional property manager, CapitaLand

A d d ISO 14000– Awarded ISO 14000 certification

– Awarded Singapore Service Cl (S Cl ) tifi tiClass (S-Class) certification from Spring Singapore


Prime Assets

• Properties in good location, near to key MRT stationsy

• Owns commercial area of more than 3 million sq ft

• Lease to quality blue-chip tenantsMost properties are at least• Most properties are at least Green Mark certified by the Building and Construction

f SAuthority of Singapore


Our Premier Assets(1) In Singapore

Property Capital Tower Six Battery Road

One George Street

HSBC Building Raffles City (60% interest)

Description 52-storey Grade A office

42-storey Grade A office

23-storey Grade A office

21-storey prime office

42-storey prime office & 4 levels of retail

GFA (sq m) 95,505 66,408 51,714 27,061 320,738( q ) , , , , ,

NLA (sq m) 68,836 46,166 41,621 18,624 72,590

Car Park Lots 415 190 178 - 1,059

Title Leasehold t t i i

Leasehold t t i i

Leasehold t t i i

Leasehold t t i i

Leasehold t t i iestate expiring

31 Dec 2094estate expiring 19 Apr 2825

estate expiring 21 January 2102

estate expiring 18 Dec 2849

estate expiring 15 Jul 2078

Valuation(as at 1 Dec 2008)

S$1,246.5 mil S$1,370.5 mil S$1,146 mil S$355 mil S$2,695 mil (2)

Committed Occupancy (3)

99.9% 97.6% 100.0% 100.0% 98.9%

Notes:

40

(1) The information on Gross Floor Area, Net Lettable Area, and car park lots are as at 31 December 2008. (2) CCT’s 60% interest in Raffles City amounted to S$1,617 million(3) Committed Occupancy is as at 31 March 2009


Other Assets(1) In Singapore

Property Robinson Point

Starhub Centre

Bugis Village Golden Shoe Car Park

Market Street Car Park

Wilkie Edge

Description 21-storey 10-storey office 3-storey office 1 053 car park 704 car park lots Mixed useDescription 21-storey prime office

10-storey office & retail

3-storey office & retail

1,053 car park lots & retail/F&B outlets

704 car park lots & retail/F&B outlets

Mixed use (office & retail )

GFA (sq m) 15,724 30,915 12,762 7,366 7,822 20,412

NLA (sq m) 12 369 26 019 11 258 4 117 1 970 13 561NLA (sq m) 12,369 26,019 11,258 4,117 1,970 13,561

Car Park Lots 57 281 - 1,053 704 221

Title Freehold Leasehold estate expiring

Leasehold estate expiring



Leasehold estate expiring p g

31 Jan 2095p g

30 Mar 2088 (2)p g

31 Jan 2081p g

31 Mar 2073 p g

20 Feb 2105

Valuation (as at 1 Dec 2008)

S$226.6 mil S$332.8 mil S$69.4 mil (2) S$109.6 mil S$60.4 mil S$176.8 mil

Committed 95.9% 93.1% 96.6% 100.0% 69.9% 67.0%Committed Occupancy

95.9% 93.1% 96.6% 100.0% 69.9% 67.0%

Notes:(1) The information on Gross Floor Area, Net Lettable Area, and car park lots is as at 31 December 2008(2) Takes into account the right of the President of the Republic of Singapore as a lessor under the State Lease to terminate

41

(2) Takes into account the right of the President of the Republic of Singapore, as a lessor under the State Lease, to terminatethe State Lease on 1 April 2019 upon payment of S$6,610,208.53 plus accrued interest. As the date of this document,the CCT Manager is not aware of any intention on the part of the lessor to exercise such right


Investment in Malaysia through 30% interest in QCT30% interest in QCT

Property (1) Quill Building 1 -DHL 1

Quill Building 4 - DHL 2

Quill Building 2 -HSBC

Quill Building 3 - BMW

Wisma Technip

Description 4-storey office 4-storey office 4-storey office 4-storey office 12-storey office

NLA (sq ft) 92,284 99,183 184,453 117,198 233,021

No. of Tenants 1 1 1 1 7

Title Freehold Freehold Freehold Freehold Freehold

Valuation(2) RM 120 0 mil (3) RM 120 0 mil(3) RM 117 5 mil RM 66 9 mil RM 145 0 milValuation RM 120.0 mil (S$50.2 mil)

RM 120.0 mil(S$50.2 mil)

RM 117.5 mil (S$49.2 mil)

RM 66.9 mil (S$28.0 mil)

RM 145.0 mil (S$60.7 mil)

Committed Occupancy

100.0% 100.0% 100.0% 100.0% 100.0%

Notes:(1) The information are extracted from Quill Capita Trust’s annual report for year ended 2008 Valuation is as at 31 December 2008(2) S$1: Malaysian Ringgit 2.39

42

(3) The land plots of Quill Building 1 and Quill Building 4 have been amalgamated. Hence RM120 million represents the total value of both Quill Building 1 and Quill Building 4.


Investment in Malaysia through 30% interest in QCT30% interest in QCT

Property (1) Part of Plaza Mont’ Kiara

Quill Building 5 - IBM

Quill Building 8 -DHL (XPJ)

Quill Building 10 (Petaling Jaya) –

TESCO Building, Penang( ) ( g y )

HSBC (Section 13)g

Description Commercial units & car park

5-storey office 3-storey office with detached warehouse

4-storey office 3-storey commercial building

NLA (sq ft) 73,408 80,000 65,205 58,428 275,020

No. of Tenants 1 1 1 1 1

Titl F h ld F h ld F h ld F h ld F h ldTitle Freehold Freehold Freehold Freehold Freehold

Valuation(2) RM 105.0 mil (S$43.9 mil)

RM44.0 mil (S$18.4 mil)

RM 29.0 mil (S$12.1 mil)

RM 22.8 mil (S$9.5 mil)

RM 133.5 mil (S$55.9 mil)

Committed 100 0% 100 0% 100 0% 100 0% 100 0%Committed Occupancy

100.0% 100.0% 100.0% 100.0% 100.0%

Notes:

43

(1) The information are extracted from Quill Capita Trust’s annual report for year ended 2008(2) S$1: Malaysian Ringgit 2.39


7 Raffles City Singapore7. Raffles City Singapore

1Q 2009 Results


Performance of RCS Trust – 1Q 2009CCT’s 60% Interest RCS Trust

(100%)1Actual Forecast1 Actual

1Q 2009 S$'000

1Q 2008 S$'000

Change 1Q 2009 S$'000

Change 1Q 2009 S$'000% %% %

Gross Revenue 28,729 28,485 0.9 28,083 2.3 47,882

- Office 5,185 4,378 18.4 4,977 4.2 8,642

- Retail 12,595 12,071 4.3 11,481 9.7 20,992- Hotel 9 838 10 987 (10 5) 10 760 (8 6) 16 396(2)Hotel 9,838 10,987 (10.5) 10,760 (8.6) 16,396

- Others 1,111 1,049 5.9 865 28.4 1,852

N t P tNet Property Income 19,877 20,508 (3.1) 19,694 0.9 33,129

Notes:1. The forecast for RCS Trust is based on the forecast shown in the joint announcement with CapitaMall Trust (“CMT”) on 9 June 2008.2. The decline in hotel revenue is due to a decrease in hotel gross turnover as well as service charge.

45

Diverse Sector Mix

Sector Mix for RCS by 1Q 2009 Gross Rental Income

Office19%Hotel &

C ti 19%Convention Centre

36%

RetailRetail 45%

46

Occupancy and Renewals/New Leases

Renewals and New Leases Committed from 1 Jan 2009 to 31 Mar 2009

Renewed/New Increase in

Rental Committed OccupancyLeases as at

31 Mar 2009 vs

Preceding Rent

Occupancy as at

31 Mar 2009

Raffles City Tower(Office)

11,424 sq m38.9% 97.7%

(15 8%)( ) (15.8%)

Raffles City Shopping Centre

2,821 sq m0.8% 100.0%

(3.9%)Note:1. Based on the manager’s forecast and assumptions as shown in the joint announcement by CMT and CCT on 9 June 2008.

( )

47

Shopper TrafficVersus 1Q 2008 and 1Q 2007Versus 1Q 2008 and 1Q 2007

Shopper TrafficDecreased by 2.8% from 1Q 2008 and Increased by 8.5% from 1Q 2007 y y

rs

Shop

peon

)N

o of

(M

illio

48

Lease Expiry Profile R ffl Cit T (Offi )– Raffles City Tower (Office)

Leases up for Renewal as a % of Gross Rental Income as at 31 Mar 2009

46.3%

20 9%24.8%

20.9%

8.0%

0.0%

2009 2010 2011 2012 2013 and b dbeyond

Weighted Average Expiry by Gross Rental Income 1.71 Years

49

Lease Expiry Profile Raffles City Shopping Centre– Raffles City Shopping Centre

Leases up for Renewal as a % of Gross Rental Income1 as at 31 Mar 2009

45.9%

19 6% 18 8%13.3%

19.6% 18.8%

2.4%2.4%

2009 2010 2011 2012 2013 and beyond

Note: 1. Excludes retail turnover rent.

Weighted Average Expiry by Gross Rental Income 1.75 Years

50

More than 80% of 2009’s Forecast Gross Rental1

Has Been Locked-In with Committed Leases2Has Been Locked In with Committed Leases

84%

Notes:1. This refers to forecast gross rental of retail, office and hotel components, which includes forecast gross turnover rent and service charge. Based onthe manager’s forecast and assumptions as shown in the joint announcement by CMT and CMT on 9 June 2008.2. Based on actual revenue for 1Q 2009 and revenue from committed leases for the period 1 April 2009 to 31 December 2009. Assuming the remainingleases due for renewal in 2009 are not renewed and left vacant.

51

Top 10 Tenants1

Raffles City Tower (Office)– Raffles City Tower (Office)Tenant % of Gross Rental

IncomeEconomic Development Board 19.5%Accenture Pte Ltd 10.6%Phillip Securities Pte Ltd 9.0%Petro-Diamond Singapore (Pte) Ltd 4.5%AAPC Hotels Management Pte. Ltd. 3.4%Raffles International Limited 3.2%Chinaoil (Singapore) Int'l Pte Ltd 3.1%Lyondell South Asia Pte Ltd 2.9%Total Trading Asia Pte. Ltd. 2.7%Orix Investment & Management Private Limited 2 5%Orix Investment & Management Private Limited 2.5%

Top 10 Tenants 61.4%

Other Tenants 38.6%

TOTAL 100.0%

Note:1 Based on committed gross rental income as at 31 March 2009

52

1. Based on committed gross rental income as at 31 March 2009.

Top 10 Tenants1

Raffles City Shopping Centre– Raffles City Shopping CentreTenant % of Gross Rental

IncomeRobinson & Company (Singapore) Private Limited 13.5%

Wing Tai Retail Pte. Ltd. 4.6%

Jay Gee Enterprises (Pte) Ltd 2.7%

Cold Storage Singapore (1983) Pte Ltd 2.6%

Ossia International Limited 2.5%

Food Junction Management Pte Ltd 2 4%Food Junction Management Pte Ltd 2.4%

Esprit Retail Pte Ltd 2.3%

DBS Bank Ltd. 2.0%

Th iE C t Pt Ltd 1 9%ThaiExpress Concepts Pte. Ltd. 1.9%

Starbucks Coffee Singapore Pte Ltd 1.9%

Top 10 Tenants 36.4%

Note:1 Based on committed gross rental income (excluding retail turnover rent) as at 31 March 2009

Other Tenants 63.6%

TOTAL 100.0%

53

1. Based on committed gross rental income (excluding retail turnover rent) as at 31 March 2009.

Trade Mix Raffles City Tower (Office)– Raffles City Tower (Office)

Tenant Business Sector Analysis by Gross Rental Income as at 31 Mar 2009

Banking, Insurance & Financial

Services, 14.2%

Real Estate & Property Services, 8.7%

Services, 0.5%

,

Government & Government Linked

Office, 21.9%

Energy, Business Consultancy, IT &

Telecommunications, 43.5%

Others, 11.2%

43.5%

54

Trade Mix Raffles City Shopping Centre– Raffles City Shopping Centre

Tenant Business Sector Analysis by Gross Rental Income as at 31 Mar 2009Gift & S i Supermarket

Sporting Goods & Apparel, 3.6%

Gifts & Souvenirs, 3.0%

Supermarket, 2.6%

Others, 3.4%

Fashion, 25.7%

Beauty & Health Related 5 1%

Sundry & Services, 5.0%

Related, 5.1%

Jewellery/Watches/Pens, 5.4%

Food & Beverage, 23.1%

Shoes & Bags, 9.6%

Department store, 13.5%

Note:

55

Note:1. Others include Books & Stationary, Electrical & Electronics, Houseware &

Furnishings, Music & Video, Art Gallery and Toys & Hobbies.

Asset Enhancement Updates

56

Raffles City Shopping CentreU d t C l ti f L t t AEIUpdate on Completion of Latest AEI

Activity Completion DateCreation of New Restaurant and Outdoor Refreshment Area (ORA) at Level 1 Dec 2008( )

Creation of New Kiosks at Basement 1 Mar 2009

Over $1.1 million Incremental Gross Revenue Per Annum Has Been Achieved

57

Creation of New Restaurant and Outdoor Refreshment Area (ORA) at Level 1Refreshment Area (ORA) at Level 1

Menotti01-17170.00

British India01-16

Springfield01-19233.00

Cortefiel01-20/21521.00

Pedro del TimberlandLov

Kate Spade

01-30213.00 Levi’s

01-32251.00

Sticky Rice01 36D & 01 36G

Ode to Art01-36E & 01-

36F191 00

01 16124.00

233.00Hierro01-22102.00

HUE01-1293.00

Thomas Sabo01-3135.00

01-33117.00

Nine West

Coach01-34/35219.00

Dockers01-14146.00

DeGem01-13A39.00Raoul

01-13248.00

Love & Co01-1873.00 Guess Footwear

01-11107.00

New Restaurant and ORAStage01-25124.00Agnes b.

01-26117.00Aigner

01-2788.00 Bally

01-28/29143.00

01-23/24119.00

Polo Jeans

EQIQ01-1073.00

Swarovski01-36A50.00

AP/VC01-36B35.00

U-Boat &Bezel

01-36C46.00

01-36D & 01-36G46.00

191.00

01-3778.00

Omega

Cortina Watch01-36206.00

Starbucks Coffee01-15145.00

New Restaurant and ORA

Robinsons01-01/022,233.33

Guess01-0375.00

Polo Jeans& Co.

01-04/0583.00

Montblanc01-37A93.00Brooks Brothers

01-37B126.20

01-37C68.00

TommyHilfiger

01-38/39131.00

01-39A17.00 Prestat

01-40 40.00

Swatch01-4142.00

BodyShop01-42

MMA

01-4040.00

Anteprima Plastiq

Adidas76.00

Accessorize01-4366.00

L.S.D.01-43A20.00 Starbucks Coffee

01-46/47/48162.00

Café Cartel01-49/50/51

218.00

Spinelli01-45 82.00Spinelli

01-45A 50.00

01-44257.00

New Restaurant and ORA

58

58Extension of existing ORA at MRT entrance

Basement 1 New Kiosks

4 new kiosks were created at B14 new kiosks were created at B1

B1-44DManagement’s Office362.00 New Kiosk at Basement 1

Raffles DrycleanersB1-97

24.85

New Kiosk at Basement 1

New Kiosk at Basement 1

59

8 Supplementary Slides8. Supplementary Slides


1Q 2009 Gross Revenue (1) – By Asset

97,461 100,000

1Q 2008 1Q 2009

36.9%S$ ‘000

71,195 80,000

90,000 1Q 2008 1Q 2009

Due to the proposed redevelopment of MSCP announced in early 2008

50 000

60,000

70,000

0.9%

announced in early 2008 which has since been aborted in January 2009

28,485 28,729 30,000

40,000

50,000

11.7% 24.5%

3 2% 57.7% 64.9% 4.5% 1.8%17 7%

12,178 16,459

3 347 2 728

13,604

20,498

2 254 5,278 3 317 2 574 2 777

15,931

10,000

20,000

30,000 3.2% -17.7%

2,184 3,347 2,012 2,462 2,728 1,340 2,254 3,317 2,574 2,777 1,103 1,396 -

Capital Tower

Six Battery Road

HSBC Building

Starhub Centre

Robinson Point

Bugis Village

Golden Shoe Car

Park

Market Street Car

Park

One George Street

Wilkie Edge

60% Interest in

RCS

Gross Revenue

61

Note: (1) One George Street was acquired in July 2008 and Wilkie Edge was legally completed in December

2008. Hence, they do not contribute any revenue for 1Q 2008.CapitaCommercial Trust Presentation *July 2009*

1Q 09 Net Property Income (1) - By Asset

69 870

80,000

1Q 2008 1Q 2009

40.8%S$ ‘000 Higher property operating expense offset partially by increase in revenue. Increase in property operating expenses due to higher property tax, 69,870

60,000

70,000 utilities, maintenance & marketing expenses.

49,626

40,000

50,000

-3.1%

Due to the proposed redevelopment of MSCP announced in early 2008 and which has since been

Higher property operating expense offset partially by

20,508 19,877

30,000

,

12.1%

37.9%

4 0% 84.1% 104 1% 5 0% -0 8%

aborted in January 2009offset partially by increase in revenue

7,137

11,826

2 146 2 054 1 946 1 986

20,508

8,004

16,310

2 232 3,782 2 529 2 043 1 970

12,209

19,877

10,000

20,000 4.0% 104.1% 5.0% -0.8%

-17.5%

2,146 2,054 1,239 1,946 1,986 784 2,232 , 2,529 2,043 1,970 647 267 -

Capital Tower

Six Battery Road

HSBC Building

Starhub Centre

Robinson Point

Bugis Village

Golden Shoe Car

Park

Market Street Car

Park

One George Street

Wilkie Edge

60% Interest in

RCS

Net Property Income

62

Note: (1) One George Street was acquired in July 2008 and Wilkie Edge was legally completed in December

2008. Hence, they do not contribute any income for 1Q 2008.CapitaCommercial Trust Presentation *July 2009*

Consistently Healthy Occupancy Rates

2004 2005 2006 2007 2008 1Q 2009Capital Tower 94 5 100 0 100 0 100 0 99 9 99 9Capital Tower 94.5 100.0 100.0 100.0 99.9 99.9Six Battery Road 97.5 99.5 100.0 99.9 98.6 97.6Starhub Centre 98.1 100.0 100.0 99.0 93.1 93.1Robinson Point 85.2 99.1 100.0 100.0 90.9 95.9Bugis Village 92.9 92.1 95.3 99.1 96.6 96.6Golden Shoe Car Park 100 0 85 4 98 0 96 4 100 0 100 0Golden Shoe Car Park 100.0 85.4 98.0 96.4 100.0 100.0Market Street Car Park 100.0 0.0 (1) 95.6 95.4 82.8 69.9HSBC Building 100.0 100.0 100.0 100.0 100.0Raffles City 99.5 99.3 99.9 98.9Wilkie Edge(2) 52.5 67.0One George Street 100 0 100 0One George Street 100.0 100.0Portfolio Occupancy 95.2 99.1 99.6 99.6 96.2 96.7

Note: (1) Market Street Car Park’s retail space was closed in November 2005 for asset enhancement work

63

(1) Market Street Car Park s retail space was closed in November 2005 for asset enhancement work(2) Wilkie Edge is a new property legally completed in December 2008. The committed occupancy rate for

Wilkie Edge was announced to be close to 70% as at 20 January 2009.


Details of Forecast Office Supply for 2009

Expected Completion Development Location

Net Floor Area (sf)

Total Net Floor Area (sf)

60 Robinson Road (space (space addition toQ2

60 Robinson Road (space (space addition to former Overseas Union Bank Building ) Robinson Road 29,753

Q2EFG Bank Building ( 67 High Street - former Satnam House) High Street 70,200

Q32 Havelock Road (Additions & alterations to Apollo Centre) Havelock Road 20,000

Q3 78 Shenton Way (South Tower) Shenton Way 75,938A R d/ E

Q3 The Anson (Mapletree)Anson Road/ Enggor Street 320,000

Q3LPB at Scotts / - DB&B subsidiary- Sun Venture Scotts / Anthony Rd 126,163

Q4 Straits Trading Building redevelopment Battery Road 160,000Q4 71 Robinson Road Robinson Road 238,000

The Spazio (Additions & alterations to H2 Dapenso Building) Cecil Street 52,817

2009LPA at Scotts/ (Owner/Tenant: UOB-Kay Hian Trading Pte Ltd) Scotts / Anthony Rd 119,162Hotel / Office at Kong Cheow Street /

642009

Hotel / Office at Kong Cheow Street / Merchant Road / New Market Road (Park Regis)

Kong Cheow Street / Merchant Road / New Market Road 42,270 1,254,303

Details of Forecast Office Supply for 2010


Net Floor Area (sf)


Tokio Marine Centre (formerly Asia ChambersQ1

Tokio Marine Centre (formerly Asia Chambers redevelopment) McCallum St 133,000

Q1 Twenty Anson Anson Road 209,000

Q2Marina Bay Financial Centre (Phase 1) –65.6% pre-committed Marina Bay 1,600,000

Q350 Collyer Quay (OUH & CAAP

d l t) C ll Q 411 992Q3 redevelopment) Collyer Quay 411,992

Q3

Mapletree Business City (previously known as Alexandra Business Park – Office Block only) – some pre-commitment have been secured Alexandra/ Harbourfront 401,000p

2010North Bridge Road (Owner/Tenant: Kim Eng Holdings’ HQ) City Fringe 50,000 2,804,992


Details of Forecast Office Supply for 2011 - 20130 0 3


Net Floor Area (sf)


Q1 2011 Ocean Financial Centre Collyer Quay 850,000

2011 1 Raffles Place (OUB Centre Tower 2) Raffles Place 350,000

2011Hotel / Office at Upper Pickering Street (Hotel Plaza Group) Chinatown 70,084

Q3 2011 Marina View North Tower only Marina Bay 1,225,127 2,495,211

2012Marina Bay Financial Centre (Phase 2) – 55% pre-committed Marina Bay 1,300,000 1,300,000

2013Office / shopping development at Jalan Besar / L d St t

Jalan Besar / Lavendar 93 658 93 6582013 / Lavendar Street Street 93,658 93,658

TOTAL FORECAST SUPPLY (2009 – 2013) 7,948,164


C it C i l T t M t Li it dCapitaCommercial Trust Management Limited39 Robinson Road

#18-01 Robinson PointSingapore 068911Singapore 068911Tel: (65) 6536 1188 Fax: (65) 6533 6133

http://www cct com sghttp://www.cct.com.sg

For enquiries, please contact: Ms Ho Mei PengMs Ho Mei Peng

Head, Investor Relations & CommunicationsDirect: (65) 6826 5586

Email: [email protected]

67

a o e pe g@cap ta a d co


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