first quarter 2007 financial results - listed...
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MACQUARIE MEAG PRIME REIT
First Quarter 2007 Financial Results
23 April 2007
Macquarie MEAG Prime REIT 223 April 2007
Agenda
Financial Highlights
Portfolio Performance Update
Asset Enhancement Update
Acquisition Strategy and Update
Macquarie MEAG Prime REIT 323 April 2007
2.1%1.44 cents1.47 cents (1)DPU
2.7%$13.6 mil$14.0 milDistributable Income
Net Property Income
Gross Revenue
Period: 1 Jan - 31 Mar 2007
$17.3 mil
$23.4 mil
1Q 2007
$17.3 mil
$22.5 mil
1Q 2006 % Change
-
4.1%
1Q 2007 financial highlights
Note: 1. The computation of DPU is based on number of units entitled to distributions comprising: (a) number of units in issue as at 31 March 2007 of
948,375,699 units and (b) units issuable to the Manager as partial satisfaction of management fee (base fee) earned for 1Q 2007 of 932,968 units
DPU of 1.47 cents exceeded 1Q 2006 by 2.1%
Macquarie MEAG Prime REIT 423 April 2007
1Q 2007 DPU outperformed 1Q 2006
2.1%5.84 cents
4.79%5.96 cents
4.89%
Annualised DPU
Annualised distribution yield (based on unit price of $1.22 on 20 Apr 07)
1Q 2007 1Q 2006 OutperformanceDPU
1.47 cents
1.47 cents
1.44 cents
1.44 cents
1.44 cents
1Q 2007 (1 Jan – 31 Mar 2007)
4Q 2006 (1 Oct – 31 Dec 2006)
3Q 2006 (1 Jul – 30 Sep 2006)
2Q 2006 (1 Apr – 30 Jun 2006)
1Q 2006 (1 Jan – 31 Mar 2006)
Actual DPU
Macquarie MEAG Prime REIT 523 April 2007
1Q 2007 financial results
1Q 2007 gross revenue exceeded 1Q 2006 by 4.1% due to higher rental rates from renewals and new leases
Increase in non-tax deductibles due to the goodwill payment and depreciation charge for the installation of the new escalators at WA
2.7%13,61913,988Distributable Income
61.7%1,8883,053Add: Non-Tax Deductibles (3)
(6.8%)11,73110,935Net Income Before Tax
% Change1Q061Q07$’000
(58.6%)
-
7.1%
n.m.
(273)
(3,352)
(1,960)
-
(113)
(3,352)
(2,100)
(750)
Less: Fair Value Adjustment (1)
Borrowing Costs
Other Trust Expenses
Goodwill payment (2)
-17,31617,250Net Property Income
Less: Property Expenses
Gross Revenue
(6,128)
23,378
(5,148)
22,464
19.0%
4.1%
2.1%1.44 cents1.47 centsDPU
Notes: 1. Being accretion of tenancy deposit and retention sum stated at amortised cost in accordance with Financial
Reporting Standard 39. Such a financial adjustment has no impact on the DPU2. A goodwill payment to WA tenants for operating under circumstances arising from the temporary closure of the
Orchard MRT linkway3. Includes the adding back of the goodwill payment 4. n.m. - not meaningful
Macquarie MEAG Prime REIT 623 April 2007
4.894.52
2.66 2.50 2.45
0.83
-
1
2
3
4
5
6
MMP REITFY2006 yield
SREIT annualisedaverage yield (ex
MMP REIT)
10 Year SporeGovt Bond
CPF OrdinaryAcount
5 Year SporeGovt Bond
Bank FixedDeposit Rate (12
Month)
Attractive trading yield
Notes: 1. Based on MMP REIT’s closing price of $1.22 per unit as at 20 Apr 2007 and actual annualised distribution for 1Q 20072. SREITs 2007F DPU per IBES consensus as at 20 Apr 2007 and using last closing price as at 20 Apr 20073. As at 20 Apr 2007 (Source: Singapore Government Securities website)4. Based on interest paid on Central Provident Fund (CPF) ordinary account from Apr to Jun 2007 (Source: CPF website)5. As at 20 Apr 2007 (Source: DBS website)
2.45%2.66% 2.50%
0.83%
(5)
Difference of 4.06%
(4) (3)(3)(1)
4.52%
(2)
4.89%
Macquarie MEAG Prime REIT 723 April 2007
MMP REIT unit price and volume (IPO to Apr 07)
0.80
0.90
1.00
1.10
1.20
1.30
Sep-
05
Oct
-05
Nov
-05
Dec
-05
Jan-
06
Feb-
06
Mar
-06
Apr-
06
May
-06
Jun-
06
Jul-0
6
Aug-
06
Sep-
06
Oct
-06
Nov
-06
Dec
-06
Jan-
07
Feb-
07
Mar
-07
Apr-
07
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
Volume ('000) Last Price S$ (LHS)
Unit price performance
75.7%Estimated free float
$1,157 milMarket cap (20 Apr 07)
Last 3 months average daily trading volume (units)
Liquidity statistics
3.7 mil
24% unit price appreciation since IPO 2
1
Source: Bloomberg
Notes: 1. Excluding the 24.3% stake (approximately 230.5 million units) held by Macquarie Bank Limited as at 1 March 2007 2. By reference to MMP REIT’s closing price of $1.22 as at 20 Apr 2007 and IPO price of S$0.98
Macquarie MEAG Prime REIT 823 April 2007
Distribution timetable
27 April 2007, 9.00 amEx-Date
23 April 2007Notice of Books Closure Date
26 April 2007, 5.00 pmLast Day of Trading on “Cum” Basis
2 May 2007, 5.00 pmBooks Closure Date
30 May 2007Distribution Payment Date
1 January to 31 March 2007Distribution Period
1.47 cents per unitDistribution Amount
Distribution Timetable
Macquarie MEAG Prime REIT 923 April 2007
Debt profile
Gearing will increase to 34% with 100% debt funding for the Japan acquisitions
Capacity for up to $340 million worth of acquisitions without raising additional equity 2
97.7%Fixed Rate Debt (up to Sept 2010)
Sept 2010Debt Maturity - CMBS
$’000As at 31 Mar 2007
Baa1
3.2% p.a.
4.3 x
25.5%
389,000
9,000
380,000
MMP REIT corporate rating 3
Weighted Average Interest Rate
Interest Cover
Gearing Ratio 1
Total Debt
Revolving Credit Facilities
CMBS
Notes:1. Based on deposited property as defined in the Trust Deed2. Assuming optimal debt level of 45%3. By Moody’s Investors Service
Gearing below 35% including Japan acquisitions
Macquarie MEAG Prime REIT 1023 April 2007
23% increase in NAV per unit since IPO 1
Balance sheet
$’000As at 31 Mar 2007
948,375
1,096,583
(428,451)
(386,389)
(42,062)
1,525,034
23,935
1,501,099
Units In Issue (’000)
Net Assets
Total Liabilities
Non Current Liabilities
Current Liabilities
Total Assets
Current Assets
Non Current Assets
$1.14Adjusted NAV Per Unit (2)
(excluding distributable income)
$1.22Last traded price as at 20 Apr 07
NAV statistics
5.2%
7.0%
$1.16
Unit Price Premium/(Discount) To:NAV Per Unit
Adjusted NAV Per Unit
NAV Per Unit (as at 31 Mar 2007) (2)
Notes:1. NAV of $0.94 per unit at IPO2. The number of units used for computation of NAV per unit is 949,308,667. This comprises: (a) number of units in issue as at 31 March 2007 of 948,375,699
units; and (b) units issuable to the Manager as partial satisfaction of management fee (base fee) earned for 1Q 2007 of 932,968 units
Macquarie MEAG Prime REIT 1123 April 2007
Agenda
Financial Highlights
Portfolio Performance Update
Asset Enhancement Update
Acquisition Strategy and Update
Macquarie MEAG Prime REIT 1223 April 2007
WA Gross Revenue by Retail and Office (1Q07)
Retail87%
Office13%
Portfolio summary
Portfolio WA and NAC
NAC Gross Revenue by Retail and Office (1Q07)
Office19%
Retail81%
Gross Revenue by Property (1Q07)
NAC45%
WA55%
Gross Revenue by Retail and Office (1Q07)
Retail84%
Office16%
Macquarie MEAG Prime REIT 1323 April 2007
Portfolio Lease Expiry (as at 31 March 07)
18.3%
24.7%
11.6%
2.6%
21.4%
14.3%
3.2%
24.4%
0%
5%
10%
15%
20%
25%
30%
FY2007 FY2008 FY2009 FY2010
% o
f Tot
al
By NLA By Gross Rent
Portfolio lease expiry
Weighted average lease term of 3.2 and 3.0 Years (by NLA and gross rent respectively)
7,513
24,666
60,017
34,874
Retail
154,07294,055FY 2008
72,44747,781FY 2009
16,436
114,399
Total
8,923
79,525
Officesq ft
FY 2010
FY 2007
Macquarie MEAG Prime REIT 1423 April 2007
Portfolio top 10 tenants
Top 10 tenants contribute 51% of the Portfolio gross rent
1.2%1.7%7,782Nov 2011FashionWAFJ Benjamin Lifestyle PL (GAP)
3.7%2.4%23,121Sep 2011Food & Beverage
WAMWA PL (Food Republic)
% of Portfolio NLA (2)
% of Portfolio Gross Rent (1)
NLA (sq ft)
Lease ExpiryTrade SectorPropertyTenant
0.6%1.3%3,563Mar 2007, Oct 2007FashionWARSH (Singapore) PL
0.6%1.4%3,638Oct 2007, Mar 2008, Oct 2008FashionWAGamut Marketing PL
2.7%1.6%16,781Feb 2008LibraryNACNational Library Board
4.6%1.7%28,510Apr 2007OfficeNACMetro Holdings Ltd
0.7%2.0%4,112Sep 2007FashionWAFashion Retail PL
0.6%2.1%3,520May 2007, Aug 2007FashionWAG2000 Apparel (S) PL
2.7%4.4%17,104Mar 2007, May 2008, Oct 2008
FashionWAWing Tai Retail PL
36.2%32.8%225,969Jun 2013Master tenantNACToshin Development Co Ltd
Notes: 1. For the month of Mar 072. As at 31 Mar 07
Macquarie MEAG Prime REIT 1523 April 2007
Retail asset enhancement
Wisma Atria as the preferred fashion destination
Reconfiguring trade mix with higher fashion-related content
Strengthening retail mix for each level
Increasing turnover rent contribution and introducing more step rents
Retail Office
Macquarie MEAG Prime REIT 1623 April 2007
Retail occupancy consistently at 100%
Occupancy for retail remains strong at 100%
Supply of prime retail space continues to be tight in Orchard Road supported by buoyant demand
Retail Office
Retail - Occupancy Rates
100% 100%100% 100%100% 100%100%100%
50%
60%
70%
80%
90%
100%
NAC WAAs at 31 Mar 07 As at 31 Dec 06 As at 30 Sept 06 As at 30 Jun 06
Macquarie MEAG Prime REIT 1723 April 2007
Steady increase in turnover rent contribution
Introduction of more step-rent structures to deliver incremental growth over lease term
Scope for higher revenue as retailers boost sales and base rent not eroded
Turnover rent accounted for 3%1 of WA retail gross revenue in 1Q07
Retail Office
Lease structure (by % of WA retail NLA)
33%
53%
47%
66%
0%
10%
20%
30%
40%
50%
60%
70%
Higher of base/GTO; and step up Base rent plus GTO
Dec 05 Mar 07
Note: 1. Includes component of December 2006 turnover rent
Macquarie MEAG Prime REIT 1823 April 2007
Toshin88.3%
Library6.6%
Beauty & Wellness4.0%
General Trade0.5%Services
0.7%
Fashion57.3%
Beauty & Wellness2.3%
General Trade2.9%
Services3.6%
Jew eller/Timepieces4.7%
F&B29.2%
Diversified retail tenant base
WA trade mix – by % NLA(as at 31 March 2007)
NAC trade mix – by % NLA(as at 31 March 2007)
Retail Office
Macquarie MEAG Prime REIT 1923 April 2007
Strong retail fundamentals, particularly along prime Orchard Road space
The healthy momentum in the retail sector and the uptrend of prime rents continued into the first quarter of 2007
A record 825,000 visited Singapore in January 2007, a 7.4% y-o-y increase. Among Singaporeans, consumer sentiment was also encouraging. The MasterIndex of Consumer Confidence by MasterCard Worldwide revealed a score of 82.5 for the first half of 2007, higher than the score of 73.9 six months ago and 74.8 a year ago
Leasing interest continued to be strong as new players entered the market, while existing fashion retailers and F&B operators expanded
According to CBRE, modest quarterly growth was seen in average prime Orchard Road rents, which rose 1.0% to $34.80 psf pm. Orchard Road prime rents are likely to increase by 4-7% in 2007
Retail prospects remain bright against strong economic growth projections, with take-up of new retail space progressing well
Source: CBRE (1Q 2007)
Retail Office
Macquarie MEAG Prime REIT 2023 April 2007
Capitalising on strengthening office sector
Office strategy to increase rental with rising office market
Capitalising on robust office rental market and limited supply
Advanced leasing of large office spaces currently below market rents
Reducing tenancy turnaround time and costs
Retail Office
Macquarie MEAG Prime REIT 2123 April 2007
Office occupancy remains strong at 98%
Tightening office supply and rising office rents continued in 1Q07
Continue to ride on strengthening rents
Retail Office
Office - Occupancy Rates98.4%
95.2%97.8%97.5%98.4% 98.6%
96.7%95.9%
50%
60%
70%
80%
90%
100%
NAC WAAs at 31 Mar 07 As at 31 Dec 06 As at 30 Sept 06 As at 30 Jun 06
Macquarie MEAG Prime REIT 2223 April 2007
Pro-active office leasing
Total
Renewals
New Leases
WA and NAC
67%23%55,19016
60%3%7,0613
68%20%48,12913
% of total Portfolio NLAsq ft
Avg increase in current vs preceding rents
NLA
Number
Retail Office
Robust office market evident with average rental increase of 67% over preceding rents for renewals and new leases contracted in 1Q 2007
Orchard Road asking rents as high as $10.00 psf pm at the end of 1Q 2007
Rents are expected to strengthen further given limited supply and very high occupancy rates for prime Orchard Road office buildings
Macquarie MEAG Prime REIT 2323 April 2007
Diversified office tenant base
Portfolio office – by % NLA(as at 31 March 2007) Tenants
Retail Office
Trading24%
Medical3%
Beauty/ Health2%
Jew ellery2% Govt/Diplomatic
Off ice 1%
Investments4%
Banking & Fin Svcs5%
Aerospace6%
Travel & Leisure6%
Real Estate & Property Services
7%Oil/Chemical Trading
11%
Consultancy/ Services
14%
Others15%
Macquarie MEAG Prime REIT 2423 April 2007
Significant rent upside in 2007 given tight supply and strong demand
Opportunity for at least 60%rental uplift for 2007 renewals and new leases given robust office market outlook
Properties are well placed to take advantage of robust office market in 2008 and 2009
Orchard Road asking rents up to $10 psf/month in 1Q 2007 (Colliers, office asking rental guide, 1Q07)
Note:1. Average monthly gross rent rounded to nearest cent
$ psf/ monthNLA (sq ft)
Office Expiry (by NLA) - LHS Expiring Office Leases Ave Monthly Gross Rent ($ psf pm)(1)
Continue to capitalise on rising office rents
Retail Office
Portfolio Office Lease Expiry and Average Monthly Gross Rent
79,525
94,055
8,923
47,781
7.40
4.905.00
6.30
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
FY2007 FY2008 FY2009 FY20102
3
4
5
6
7
8
9
Macquarie MEAG Prime REIT 2523 April 2007
Robust office rentals continue
The leasing market remained active in the first quarter of 2007 despite the tight supply situation. Vacated pocket space was quickly taken up
Supply remains extremely tight in the CBD with vacancy under 5%
Vacancy of Grade A office space dropped even further from 0.8% in 4Q06 to 0.4% in 1Q07
According to CBRE, prime office rents rose 10.1% q-o-q and 53.6% y-o-y to average $8.60 psf pm. Grade A office rents averaged $10.60 psf pm, up 21.4% q-o-q and 76.7% y-o-y
There is greater fluidity in the market as tenants seek to contain occupancy costs
CBRE expects demand drivers to remain strong albeit demand levels in 2007 may lie below the exceptional 2.4 million sq ft in 2006 principally due to the constraints imposedby the lack of new supply as well as low vacancy
Source: CBRE (1Q 2007)
Retail Office
Macquarie MEAG Prime REIT 2623 April 2007
Agenda
Financial Highlights
Portfolio Performance Update
Asset Enhancement Update
Acquisition Strategy and Update
Macquarie MEAG Prime REIT 2723 April 2007
Planned 2007 Wisma Atria enhancements
Level 2 units will be reconfigured to create more shops with Orchard Road frontage by end Q2
$2,044,000$1,389,000Annualised Rental Revenue pa(on a stabilised basis)
4,711 sq ft4,711 sq ftNLA of affected units
After EnhancementCurrent
Before Reconfiguration After Reconfiguration
Orchard Road Orchard Road
Macquarie MEAG Prime REIT 2823 April 2007
Planned 2007 Wisma Atria enhancements
Artist impressions
Increasing the size of Orchard Road fronting units
Improving circulation and shop front visibility
Preparing for future connectivity with Orchard Turn
Level 2 Reconfiguration
Macquarie MEAG Prime REIT 2923 April 2007
Planned 2007 Wisma Atria enhancements
After Reconfiguration
Level 1 F&B unit expected to be converted and concierge counter relocated to improve retail offering by end Q3
Remixing of areas to create a more interesting retail offering
Macquarie MEAG Prime REIT 3023 April 2007 Potential zones for tenant remix
Planned 2007 Wisma Atria enhancements
Basement tenancies will be remixed to enhance casual lifestyle positioning
Introduce larger retail concepts that would anchor basement level positioningThe new retail mix complements Isetan Department Store’s upgraded basement floor (which was completed in December 2006), which features international cosmetics, skin care products and fashion accessories
Macquarie MEAG Prime REIT 3123 April 2007
Value creation initiatives
Target CompletionIndicative Timetable
2nd Quarter 2007L2 Reconfiguration
2nd and 3rd Quarter 2007
3rd Quarter 2007
Basement Remix
L1 Remix
* Forecast value creation based on the Manager’s estimates over a full year stabilised basis
15,600Capital value of initiative
(assumed at 5.5% capitalisation rate)
1,045Incremental Rent
860Incremental NPI
13,900
51%
1,700
WA Budget *
(S$‘000)
Increase in value (net of investment cost)
Return on investment
Capital Expenditure
Capital expenditure for asset enhancements will be recovered in just over 1 year
Macquarie MEAG Prime REIT 3223 April 2007
Agenda
Financial Highlights
Portfolio Performance Update
Asset Enhancement Update
Acquisition Strategy and Update
Macquarie MEAG Prime REIT 3323 April 2007
Other acquisitions work in progress after Japan deals
China
South Korea
Japan
Thailand
Malaysia
Taiwan
Indonesia
Philippines
Singapore
India
Australia
Note: Map not drawn to scale; meant as graphical representation only
Vietnam
Macquarie MEAG Prime REIT 3423 April 2007
Growth from other three non-master lease properties on short term leases of 2-3 years and right of lessor to pre-terminate master lease for FLEG America-Bashi Building after 3 years
Stable property income from three master lease properties under Fund Creation portfolio which expires in next 8-9 nine years
Income and geographical diversification with Japan assets representing 11% of MMP REIT’s enlarged asset base
Inherent upside with rising retail and real estate markets in Japan
Opportunity to develop long-term relationships with key market players in the Japanese real estate industry
Yield accretive by 0.108 cents per unit (or 1.8%) (1)
Key highlights of the Japan deals
The Japan acquisition marks the entry into the world’s second largest economy
Note: 1. Pro forma financial effect of the acquisitions for the financial year ended 31 December 2006
Macquarie MEAG Prime REIT 3523 April 2007
FLEG America-Bashi Building
Purchase Price: ¥8,727 mil (S$110.4 mil)Aggregate GFA: Approx. 3,800 sqmLand Tenure: FreeholdStatus: Income producing, completed propertiesVendor: Fund Creation Co., Ltd. (www.fundcreation.co.jp)Leases: Three properties under fixed rental master lease
Fund Creation Portfolio
High quality assets with oldest property completed in Aug 04
Purchase Price: ¥ 5,700 mil (S$72.1 mil)GFA: Approx. 2,700 sqmLand Tenure: FreeholdStatus: Under construction, completed by end Sept 07Vendor: F.L.E.G. International Co. Ltd (www.e-fleg.com)Lease: Master lease (5 years). Lessor can pre-terminate
after 3 years
Roppongi Primo FLEG Daikanyama FLEG Nakameguro
Holon L FLEG Harajyuku Secondo FLEG Roppongi Terzo
Property net yields range between 4% to 4.2%
Macquarie MEAG Prime REIT 3623 April 2007
Strategically located in Tokyo’s prime districts
Map of TokyoSource: Colliers Halifax
Meguro:1) FLEG Nakameguro
Ebisu:1) FLEG Daikanyama2) FLEG America-Bashi Building
Harajyuku:1) FLEG Harajyuku Secondo
Omotesando:1) HOLON L
Roppongi:1) Roppongi PRIMO2) FLEG Roppongi Terzo
Meguro
ShibuyaMinato
Note: Maps not drawn to scale; meant as graphical representations only
Macquarie MEAG Prime REIT 3723 April 2007
1Q 2007 results outperformed 1Q06 results
Delivered DPU of 1.47 cents in 1Q07, 2.1% higher than 1.44 cents in 1Q06
Increase DPU through active management of existing assets and through additional
acquisitions
In summary
Objectives for 2007
Reinforce NAC and WA retail positioning
Capitalise on strengthening office market
Pursue other acquisitions via multi-pronged strategies
Macquarie MEAG Prime REIT 3823 April 2007
References used in this presentation
1Q, 2Q, 3Q, 4Q means the periods between 1 January to 31 March; 1 April to 30 June; 1 July to 30 September; and 1 October to 31 December respectively
CMBS means Commercial Mortgaged Backed Securities
DPU means distribution per unit
FY means financial year for the period from 1 January to 31 December
GTO means gross turnover
IPO means initial public offering (MMP REIT was listed on the SGX-ST on 20 September 2005)
NLA means net lettable area
NPI means net property income
pm means per month
psf means per square foot
WA and NAC mean the Wisma Atria Property (74.23% of the total share value of Wisma Atria) and the Ngee Ann City Property (27.23% of the total share value of Ngee Ann City respectively). Collectively, known as the “Properties” or “Portfolio”
All values are expressed in Singapore currency unless otherwise stated
Macquarie MEAG Prime REIT 3923 April 2007
Disclaimer
This presentation has been prepared by Macquarie Pacific Star Prime REIT Management Limited (the “Manager”), solely in its capacity as Manager of Macquarie MEAG Prime Real Estate Investment Trust (“MMP REIT”). A press release has been made by the Manager and posted on SGXNET on 23 April 2007 (the “Announcements”). This presentation is qualified in its entirety by, and should be read in conjunction with the Announcement posted on SGXNET on 23 April 2007. Terms not defined in this document adopt the same meanings in the Announcements.
The information contained in this presentation has been compiled from sources believed to be reliable. Whilst every effort has been made to ensure the accuracy of this presentation, no warranty is given or implied. This presentation has been prepared without taking into account the personal objectives, financial situation or needs of any particular party. It is for information only and does not contain investment advice or constitute an invitation or offer to acquire, purchase or subscribe for MMP REIT units (“Units”). Potential investors should consult their own financial and/or other professional advisers.
This document may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions.
Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition fromsimilar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager’s view of future events.
The past performance of MMP REIT is not necessarily indicative of the future performance of MMP REIT. The value of Units and the income derived from them may fall as well as rise. The Units are not obligations of deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of theprincipal amount invested. Investors have no right to request that the Manager redeem their Units while the Units are listed. It is intended that unitholders of MMP REIT may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.
Macquarie Bank Limited ABN 46 008 583 542 (“MBL”) holds a 50% indirect interest in the Manager. MBL is authorised by The Australian Prudential Regulation Authority in the Commonwealth of Australia and The Financial Services Authority in the United Kingdom, to carry out banking business or to accept deposits in those respective jurisdictions. Members of the Macquarie Bank Group are not otherwise currently authorised to carry out banking business or to accept deposits in any other country. The Manager is not an authorized deposit-taking institution for the purposes of the Banking Act (Commonwealth of Australia) 1959 and the Manager’s obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of the Manager. MBL does not carry on banking business in Singapore. MBL does not hold a license under the Banking Act (Cap. 19) of Singapore and is therefore not subject to the supervision of the Monetary Authority of Singapore.
Macquarie MEAG Prime REIT 4023 April 2007
Macquarie Pacific Star Prime REIT Management Limited391B Orchard Road #21-08 Ngee Ann City Tower B
Singapore 238874
Investor, Analyst and Media Contact:Ms Mok Lai Siong
Vice PresidentTel : +65 6835 8633
Email : [email protected] us at : www.mmpreit.com
End of Presentation