CapitaMall Trust Report to Unitholders 2009

Leading the way Strong portfolio committed occupancy Vision Delivering solid performance Achieving 1 99.8% Creating Value since listing in 2002 strong results Maximising Returns in 2009 Transforming Experiences

CapitaMall Trust’s vision embraces all our stakeholders. We rely on the continued and combined support of our Unitholders, business partners, tenants, shoppers and employees to achieve this vision Market capitalisation up 7.7 times Gross revenue and, in return, share with them the fruits of our success. increased by 8.2%

2 to S$552.7 million Distributable income up 5.2 times S$5,722.7 million Mission S$282.0 million Distributable income To deliver stable distributions and increased by 18.3% sustainable total returns to Unitholders. to S$282.0 million

Total net lettable area up 5.6 times Net property income increased by 10.4% to S$376.8 million

4,542,598 sq ft Unitholders’ funds increased by 21.8% to S$4,969.6 million

Number of leases up 5.3 times Total assets up 7.5 times Contents 01 Corporate Profi le 56 Tenants Speak 02 Financial Highlights 58 Shoppers Speak 04 Letter to Unitholders 60 Corporate Social Responsibility 2,304 S$7,423.0 million 12 Key Milestones in 2009 64 Human Capital 14 Leading the Way 65 Corporate Governance 22 Growth Strategies 75 Singapore REIT Sector 24 Independent Retail Market 76 Investor & Media Relations Overview 78 Unit Price Performance 28 Operations Review 81 Portfolio at a Glance 33 Marketing & Promotions 82 Portfolio Summary 36 Financial Review 84 Portfolio Details 40 Risk & Capital Management 112 CapitaRetail China Trust 43 Trust Structure 114 Mall Directory 44 Board of Directors 115 Corporate Information 50 Present Directorships 116 Financial Statements 52 Organisation Structure 168 Unitholders’ Statistics 53 Trust Management Team 170 Interested Person Transactions 1 All data as at 31 December 2009, compared to 31 December 2002. 55 Property Management Team 171 Notice of Annual General Meeting 2 2002 fi gure is based on annualised distributable income for the period, 16 July 2002 to 31 December 2002. Corporate Profi le

CapitaMall Trust (CMT) is the fi rst Real Estate Investment Trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) in July 2002. CMT is also the largest REIT by market capitalisation and asset size in Singapore, with a market capitalisation and asset size of approximately S$5.7 billion and S$7.4 billion respectively as at 31 December 2009.

CMT owns and invests in quality income-producing assets which are used, or predominantly used, for retail purposes primarily in Singapore. As at 31 December 2009, CMT’s portfolio comprised a diverse list of over 2,300 leases with local and international retailers and achieved an average committed occupancy of close to 100.0%. CMT’s portfolio comprises 14 quality retail properties which are strategically located in the suburban areas and downtown core of Singapore – Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Bugis Junction, Sembawang Shopping Centre, Jurong Entertainment Centre, Hougang Plaza, Raffl es City Singapore (40.00% interest), Lot One Shoppers’ Mall, Bukit Panjang Plaza (90 out of 91 strata lots), Rivervale Mall and The Atrium@Orchard.

CMT also owns approximately 19.70% stake in CapitaRetail China Trust, the fi rst China shopping mall REIT listed on the SGX-ST in December 2006.

CMT has been assigned an ‘A2’ rating by Moody’s Investors Service. The ‘A2’ rating is the highest rating assigned to a Singapore REIT. CMT is the only REIT constituent of the Straits Times (ST) Index and is also a constituent of various key global indices which include the FTSE4Good Global Index, FTSE/ASEAN Index, FTSE European Public Real Estate Association (EPRA)/National Association of Real Estate Investment Trusts (NAREIT) Global Real Estate Index, FTSE ST Index and its sub-indices, Global Property Research (GPR) General Index and its sub-indices, GPR 250 Index and its sub-indices, GPR 250 REIT Index and its sub-indices, Morgan Stanley Capital International (MSCI) Singapore Standard, MSCI World Standard Index, Standard and Poors (S&P) BMI Global Index, S&P Global Property and S&P Global REIT Index.

CMT is managed by an external manager, CapitaMall Trust Management Limited, which is an indirect wholly-owned subsidiary of CapitaMalls Asia Limited, one of Asia’s largest listed shopping mall developers, owners and managers.

1 CapitaMall Trust Report to Unitholders 2009 Financial Highlights

Gross Revenue (S$ million) Distributable Income (S$ million) S$552.7 million S$282.0 million +8.2% +18.3% Increase due to full-year contribution Rise mainly due to increase from The Atrium@Orchard which was in gross revenue arising from acquired on 15 August 2008; and the completion of asset completion of asset enhancement enhancement works; and works at six of CMT’s properties. lower operating costs.

8.2% 18.3% 18.3% 12.9% 30.2% 24.7%

36.4% 33.6%

243.1 331.7 431.9 510.9 552.7 126.8 169.4 211.2 238.4 282.0

2005 2006 2007 2008 2009 2005 2006 2007 2008 2009

Unitholders’ Funds (S$ million) Market Capitalisation (S$ million) S$4,969.6 million S$5,722.7 million +21.8% +115.9% Rise mainly due to the repayment Improvement mainly due to of debts. higher unit price and greater number of units in issue.

26.6% 115.9%

21.8%

47.0% 9.6% 25.1%

30.3% -53.9%

2,283.9 2,975.8 3,721.8 4,079.6 4,969.6 3,090.5 4,543.8 5,751.9 2,650.3 5,722.7

2005 2006 2007 2008 2009 2005 2006 2007 2008 2009

2 CapitaMall Trust Report to Unitholders 2009 2005 2006 2007 2008 2009 Trust & its Trust & its Associate1 Investees2 Group3 Group3 Group3 Selected Statement of Total Return and Distribution Data Gross Rental Income (S$ million) 223.5 307.3 399.2 473.6 513.7 Car Park Income (S$ million) 7.6 8.9 12.0 13.7 14.3 Other Income (S$ million) 12.0 15.5 20.7 23.6 24.7 Gross Revenue (S$ million) 243.1 331.7 431.9 510.9 552.7 Net Property Income (S$ million) 154.1 217.6 287.8 341.1 376.8 Distributable Income (S$ million) 126.8 169.4 211.2 238.4 282.0 Selected Balance Sheet Data Total Assets (S$ million) 3,483.6 4,811.3 5,957.3 7,509.0 7,423.04 Total Borrowings 5 (S$ million) 1,093.0 1,695.2 2,052.2 3,216.4 2,243.0 Net Asset Value Per Unit6 (S$) 1.64 1.87 2.21 2.41 1.54 Unitholders’ Funds (S$ million) 2,283.9 2,975.8 3,721.8 4,079.6 4,969.6 Market Capitalisation7 (S$ million) 3,090.5 4,543.8 5,751.9 2,650.3 5,722.7 Portfolio Property Valuation (S$ million) 3,365.0 4,575.1 5,777.9 7,174.0 6,920.5 Key Financial Ratios Earnings Per Unit8 (cents) 33.24 29.17 38.52 33.70 (2.23) Distribution Per Unit (cents) 10.23 11.69 13.34 14.29 8.85 Borrowings to Total Assets9 (Gearing) (%) 31.6 35.6 34.7 43.2 30.5 Interest Cover (Times) 6.0 5.0 4.2 3.4 3.6 Management Expense Ratio10 (%) 0.9 0.9 0.7 0.7 0.7 After Restatement for the Effect of Rights Issue11 Net Asset Value Per Unit6 (S$) 1.20 1.35 1.54 1.65 1.54 Earnings Per Unit8(cents) 27.02 23.71 31.32 27.40 (2.23) Distribution Per Unit (cents) 4.60 5.72 6.83 7.52 8.85

1 As at 31 December 2005, the Trust and its associate include accounting of its associate, CapitaRetail Singapore Limited (CRS). 2 As at 31 December 2006, the Trust and its investees include proportionate consolidation of the 40.00% interest in Raffl es City Singapore (RCS), through the RCS Trust, the special purpose vehicle that holds RCS, and equity accounting of its associate, CRS. 3 As at 31 December 2007, 31 December 2008 and 31 December 2009, CMT Group includes the proportionate consolidation of the 40.00% interest in RCS, through the RCS Trust, the special purpose vehicle that holds RCS, consolidation of 100.00% interest in CRS (with effect from 1 June 2007) and CMT MTN Pte. Ltd. (CMT MTN) (with effect from 13 April 2007) and equity accounting of its associate, CapitaRetail China Trust (CRCT) (with effect from 1 April 2007). 4 The decrease in total assets as at 31 December 2009 as compared to 31 December 2008 is mainly due to the revaluation defi cit on investment properties, offset by the increase in cash and cash equivalent mainly from the balance of net proceeds of the underwritten renounceable 9-for-10 rights issue (Rights Issue). 5 Excludes unamortised transaction costs. As at 31 December 2008 and 31 December 2009, the total borrowings include S$650.0 million Convertible Bonds stated at the principal amount. The fi nal redemption price upon maturity on 2 July 2013 is equal to 109.31% of the principal amount. The Convertible Bonds may be redeemed in whole or in part, at the option of the bondholder on 2 July 2011 at 105.43% of the principal amount. 6 Excludes outstanding distributable income as at end of each period. 7 Based on the closing unit price of S$2.24 on 30 December 2005, S$2.91 on 29 December 2006, S$3.46 on 31 December 2007, S$1.59 on 31 December 2008 and S$1.80 on 31 December 2009. 8 With the introduction of Financial Reporting Standards (FRS) 40: Investment Property with effect from 1 January 2007, Earnings Per Unit (EPU) are computed based on total return for the period after tax. Prior to this, EPU were computed based on net income after tax. Comparative EPU have been restated to be consistent with the presentation. 9 Total assets excluding outstanding distributable income as at end of each period. 10 Refers to the expenses of the Trust, excluding property expenses and interest expense but including performance component of CapitaMall Trust Management Limited’s management fees, expressed as a percentage of weighted average net assets. 11 The fi gures have been restated for the effect of the Rights Issue. On 2 April 2009, 1,502,358,923 units were issued pursuant to the Rights Issue.

3 CapitaMall Trust Report to Unitholders 2009 Letter to Unitholders

Left to right 从左到右: Simon Ho Chee Hwee 何志辉, Chief Executive Offi cer 总裁 James Koh Cher Siang 许慈祥, Chairman 董事长

4 CapitaMall Trust Report to Unitholders 2009 “Against the backdrop of In 2009, the global economy endured its worst recession a very challenging economic since World War II. Policy makers around the world climate, CMT’s quality portfolio responded with massive fi scal intervention and this unprecedented and coordinated action helped economies of predominantly necessity around the world to stabilise more rapidly than expected. shopping malls again Singapore’s economy was not spared and it registered demonstrated its resilience, a contraction of 2.0% in 2009. This was, however, a much enabling it to report a good set less adverse outcome than the 6.0% to 9.0% contraction of fi nancial results for the year anticipated at the onset of the year1. ended 31 December 2009.” Delivering in Challenging Times Against the backdrop of a very challenging economic climate, CapitaMall Trust’s (CMT) quality portfolio of predominantly necessity shopping malls again demonstrated its resilience, enabling it to report a good set of fi nancial results for the year ended 31 December 2009. CMT achieved a distributable income of S$282.0 million which was S$43.6 million or 18.3% higher than its distributable income of S$238.4 million for 2008. The improved performance was mainly due to the full-year contribution from The Atrium@Orchard which was acquired in August 2008, Sembawang Shopping Centre which re-opened in December 2008 and the completion of the asset enhancement works at Lot One Shoppers’ Mall. Positive reversions from new leases and the renewal of existing leases also contributed to CMT’s improved year-on-year results.

CMT’s distribution per unit (DPU) for 2009 amounted to 8.85 cents which was 17.7% higher than the restated DPU of 7.52 cents in 2008 which took into account the effects of a rights issue completed on 3 April 2009.

As at 31 December 2009, CMT’s unit price closed at S$1.80, up 13.2% from S$1.59 as at 31 December 2008, as global equity markets rebounded on the back of record low interest rates and fi nancial liquidity from stimulus packages. Based on the closing price of S$1.80 per unit, CMT’s DPU of 8.85 cents for 2009 translates to a distribution yield of 4.92%. This was approximately 220 basis points higher than the 10-year Singapore Government bond yield.

1 Source: Ministry of Trade and Industry

5 CapitaMall Trust Report to Unitholders 2009 Letter to Unitholders

CMT’s malls are strategically located in catchment Jurong Entertainment Centre areas with an established or growing population and Asset enhancement works for JEC have commenced are well-connected to public transportation systems. and the new larger mall is slated to be ready in the fi rst As such, despite the challenging operating environment quarter of 2012. One of its main attractions will be an in 2009, shopper traffi c at CMT’s malls declined Olympic-sized ice skating rink to be located on the third marginally by 1.2% compared to 2008. The gross retail storey of the building. The new mall will also feature a turnover of CMT’s tenants has also dipped slightly by cineplex, supermarket and food court. 2.7% in 2009 versus 2008. Upon completion of asset enhancement works, JEC will Optimising Asset Performance have retail fl oor space measuring over 200,000 sq ft in In the fourth quarter of 2009, CMT commenced asset NLA – almost double the size of the original JEC building. enhancement works at Raffl es City Singapore (RCS) The new mall will also benefi t from the Government’s and Jurong Entertainment Centre (JEC). These two plans to transform the Jurong area into a vibrant projects are expected to contribute to DPU growth in commercial hub and regional centre within the next 2011 and 2012 respectively. 10 to 15 years. The capital expenditure for this initiative is estimated at S$200.3 million. It will produce an expected Raffl es City Singapore incremental NPI of approximately S$16.1 million per The enhancement works at RCS involves the annum, which translates to an ungeared ROI of 8.0%. re-confi guration of the Basement 1 space. We will also connect the existing City Hall mass rapid transit (MRT) Enhancing Financial Flexibility station to the new Esplanade MRT station via a seamless To strengthen our balance sheet, CMT took the lead shopping experience through Basements 1 and 2 and was the fi rst Singapore real estate investment trust of RCS. The Basement 2 link will provide a short (S-REIT) in the year to undertake a rights issue to reduce underground connection between City Hall MRT station our debt in February 2009. The fully underwritten and the Esplanade MRT station. When this connection renounceable 9-for-10 rights issue was over-subscribed is completed, there will be three train lines bringing with approximately 116.1% take-up rate, including excess shoppers to RCS. rights applications. Through the capital raising exercise, which raised net proceeds of approximately S$1.2 billion, Of the additional 12,180 square feet (sq ft) of net lettable CMT’s gearing was reduced from 43.2% as at area (NLA) which will be created in the Basement 2 link, 31 December 2008 to 30.5% as at 31 December 2009. an estimated 63.0% of the area has already been pre-committed as at end-January 2010. The enhancement Engaging Tenants works will result in CMT incurring capital expenditure of To help our tenants tide through the recession, we worked approximately S$33.2 million and are expected to generate closely with them and aligned the trade mix in some of additional net property income (NPI) of approximately our malls in response to changes in consumer demands. S$2.7 million per annum. This would enable CMT to achieve When the Singapore Government announced a 40.0% an expected ungeared return on investment (ROI) of 8.0%. property tax rebate for commercial landlords, we passed on the full rebate to our tenants. We also implemented a host of measures to help our tenants, ranging from restructuring of leases, reviewing of space effi ciency to working with tenants on various marketing and promotional activities to drive sales in our malls.

6 CapitaMall Trust Report to Unitholders 2009 In 2009, our property management team also The acquisition at a property yield of 5.9%2 is organised fi ve Biz+ Series events for our tenants. expected to be yield-accretive, thereby allowing The objective of the events was to provide our tenants Unitholders to enjoy a higher DPU due to the acquisition with regular bite-sized programmes such as talks, of Clarke Quay at a price refl ective of the attractive seminars and events that can improve and add value cash fl ows that it generates. It will enlarge CMT’s asset to our tenants’ businesses. The Biz+ Series events size to approximately S$7.6 billion3 from S$7.4 billion included talks on how to leverage on the Singapore as at 31 December 2009, strengthening CMT’s lead as Government’s S$600.0 million SPUR (Skills Programme Singapore’s largest REIT by asset size. for Upgrading and Resilience) training programmes; how to tap on fi nancing under the Government’s Bridging An extraordinary general meeting will be held on Loan Programme; how to make use of alternative 14 April 2010 to seek Unitholders’ approval for the fi nancing through funds provided by venture capitalists proposed acquisition. interested in investing in retail businesses; and tapping on the power of branding and marketing for retailers in Leading the Way times of economic slowdown. The fi fth Biz+ Series A year on, business sentiment has improved and the programme was an overseas study trip for our food & general mood in Singapore is one of cautious optimism. beverage tenants to Chengdu, Shanghai and Beijing. Global economic developments suggest that the The Biz+ Series programmes were well received by recession has ended in many countries. Nonetheless, our tenants and we will continue to organise more of the recovery in the advanced economies remains fragile, such value-adding events. and the return towards pre-crisis levels of economic activity is likely to be gradual. Shopper traffi c at CMT’s malls remained strong in 2009, with many of the malls enjoying high monthly footfalls Singapore’s Ministry of Trade and Industry expects the of between 2.0 million and 3.0 million. For the full year, economy to grow by 4.5% to 6.5% in 2010 and there are approximately 214.4 million shoppers passed through increasing signs that the retail sector has turned the CMT’s malls. CMT’s committed portfolio occupancy corner. The improving economy and the opening of was 99.8% as at 31 December 2009, a tangible sign two integrated resorts in 2010, which are likely to bring that CMT’s malls remained popular with retailers. Rental in more tourists, will have a positive impact on the retail renewal rates for CMT’s overall portfolio also registered sector. The opening of additional Circle Line MRT stations a growth of 2.3% over preceding rental rates, despite the this year will also benefi t CMT’s malls such as Junction 8, challenging operating conditions in 2009. Plaza Singapura and RCS which are located near Circle Line MRT stations. Growing the Portfolio On 9 February 2010, CMT announced the proposed In 2010, we will focus on sustaining CMT’s organic acquisition of Clarke Quay for $268.0 million. Clarke Quay growth by actively managing lease renewals as well as is an integrated food and beverage, entertainment and carrying out the asset enhancement works at RCS and lifestyle riverfront development. It is located along the JEC. We will also continue to explore opportunities for Singapore River, and at the fringe of Singapore’s Central yield-accretive acquisitions. In addition, with CMT’s Business District. It is within walking distance of the deposited property of approximately S$7.4 billion as at Clarke Quay MRT station, making it easily accessible 31 December 2009, we also have the option to invest up by public transportation. to S$740.0 million in greenfi eld development projects.

2 The property yield is computed by dividing Clarke Quay’s annualised net property income from 1 July 2010 to 31 December 2010 by the purchase consideration of S$268.0 million. 3 Excludes CMT’s outstanding distributable income as at 31 December 2009.

7 CapitaMall Trust Report to Unitholders 2009 Letter to Unitholders

“As the fi rst and largest REIT by Since its initial public offering in 2002, CMT has led the market capitalisation and asset way in creating value from retail properties. As the fi rst size in Singapore, we believe that and largest REIT by market capitalisation and asset size in Singapore, we believe that CMT has the winning CMT has the winning combination combination of scale, quality portfolio and proactive asset of scale, quality portfolio and management. This has put CMT in a good position to proactive asset management.” capitalise on growth opportunities which may arise from the economic recovery.

Acknowledgements Mr Lui Chong Chee and Mr Olivier Lim stepped down as Non-Executive Director and member of the Audit Committee respectively on 23 February 2010. Mr Lim remains as a Director on our Board. We would like to thank them for their contributions.

Mr Lim Beng Chee also stepped down as Chief Executive Offi cer and Executive Director on 25 November 2009. We would like to thank Mr Lim who has guided CMT since 1 November 2008 and helped it to successfully ride through the fi nancial crisis in 2009. We are glad that Mr Lim has agreed to continue to be a Director on our Board.

We would also like to record our appreciation to our Board of Directors for their wise leadership and Unitholders, business partners, tenants and shoppers for their continual support which has enabled us to successfully navigate through a very diffi cult 2009.

James Koh Cher Siang Chairman

Simon Ho Chee Hwee Chief Executive Offi cer

10 March 2010

8 CapitaMall Trust Report to Unitholders 2009 致单位持有人函

“尽管面对极具挑战性的经济环境， 2009年，全球经济经历了二战以来最严重的衰退。为积极应 对，各国政府均出台相关政策，进行大规模的财政干预。这 嘉茂信托凭借主打生活必需品的优质 种全球性的联合行动史无前例，有力地协助全球经济走向稳 购物中心资产组合，再次展现其良好 定，其速度之快，大大超出预期。在全球经济衰退的影响下， 韧性，使其在截至2009年12月31日 新加坡亦未能幸免，2009年经济萎缩达2.0%，但却远远低于 年初预期的6.0%至9.0%1。 的财政年度中取得出色的财务业绩。” 在困难时期取得骄人的业绩 尽管面对极具挑战性的经济环境，嘉茂信托凭借主打生活必 需品的优质购物中心资产组合，再次展现其良好韧性，使其 在截至2009年12月31日的财政年度中取得出色的财务业绩。 嘉茂信托的可分配收益为2.8亿新元，比2008年的2.4亿新元增 长4,360万新元或18.3%。业绩的改善主要来自于2008年8月 收购的乌节爱特岭大厦的全年贡献、2008年12月重新开业的 三巴旺购物中心，以及第一乐广场资产增值工程的竣工。此 外，新租约及现有租约续约租金率的提高，也对同比业绩的 改善起到促进作用。

2009年嘉茂信托的每单位分发金为8.85分，较2008年调整后 的7.52分提高17.7%。该调整是在考虑了2009年4月3日完成 的新单位配售效应后做出的。

由于实施经济刺激配套措施，全球股票市场在创纪录的低利 率和财务流动性背景下强力回弹，致使2009年年底，嘉茂信托 每单位的闭市价达1.80新元，比2008年12月31日的1.59新元 增长13.2%。基于每单位1.80新元的闭市价，以及嘉茂信托 2009年8.85分的每单位分发金，投资收益率可达4.92%，即 比十年期新加坡政府债券的收益率高出约220个基本点。

嘉茂信托旗下的购物中心，多位于人口稠密, 交通便利的优越 地理位置。因此，尽管2009年经营环境艰难，嘉茂信托旗下 购物中心的客流量仅比2008年下跌1.2%，其租户的零售总 额，2009年与2008年相比，也只是略微减少2.7%。

优化资产表现 2009年第四季度，我们启动了新加坡来福士广场和裕廊娱乐 中心的资产增值工程。这两个工程预计将分别于2011年和 2012年有效的推动每单位分发金的增长。

新加坡来福士广场 新加坡来福士广场的资产增值工程，主要是对地下一层空间进 行重新配置。此外，我们还通过位于来福士广场地下一、二层 的购物区域将现有的政府大厦地铁站和新的滨海中心地铁站通 过无缝的购物体验衔接在一起。地下二层连道将是政府大厦地

1 来源: 贸易及工业部

9 CapitaMall Trust Report to Unitholders 2009 致单位持有人函

铁站和滨海中心地铁站之间的一条短距通道。该通道完工后， 期安排小型活动，如座谈会、研讨会以及可提高和增加租户价 将有三条地铁线将购物者带到新加坡来福士广场。 值的活动。这些商业系列活动包括如何利用新加坡政府6.0亿 新元的技能提升与应变计划 (Skills Programme for Upgrading 地下二层通道将增加12,180平方英尺的可出租净面积，其中 and Resilience); 如何利用政府过渡性贷款计划 (Bridging Loan 约63.0%的面积已于2010年1月底被预租。此项扩建工程将需 Programme) 进行融资；如何利用有意投资于零售企业的风险 要约3,320万新元的资本开支，预计每年可额外带来约270万 投资家提供的资金进行另类融资，以及如何在经济衰退时期发 新元的净物业收益，从而为嘉茂信托投资者带来8.0%的无债 挥品牌和市场营销的力量等。第五次活动是安排餐饮业租户赴 务资本回报率。 成都、上海、北京进行海外学习考察。这些商业系列活动深受 租户欢迎。我们将继续举办更多的此类增值活动。 裕廊娱乐中心 裕廊娱乐中心的资产增值工程已开始动工，面积更大的新购物 2009年嘉茂信托购物中心保持强劲的客流量，许多购物中 中心定于2012年第一季度竣工。其吸引人的主要设施之一， 心每月客流量达200万到300万人次。全年光顾嘉茂信托 将是位于大厦三层的奥林匹克标准溜冰场。此外，该新购物 购物中心的顾客约达2.1亿人次。截止2009年12月31日, 中心还将设有电影城、超市及美食广场等。 嘉茂信托的已承诺出租率为99.8%，证明了嘉茂信托购物中 心依然广受零售商的欢迎。尽管2009年经营环境充满挑战， 资产增值工程完成后，裕廊娱乐中心的可出租净面积将超过 嘉茂信托整个资产组合的续约租金率却比2008年的租金率 20万平方英尺，几乎是裕廊娱乐中心之前的面积的一倍。此 提高了2.3%。 外，政府计划在接下来的10至15年内将裕廊地区打造为充满 生机的商业中心和区域中心，新娱乐中心也将因此而得益。 增加资产组合 此项工程的资本开支估计为2.0亿新元。它每年预计将带来 2010年2月9日，嘉茂信托宣布拟以2.7亿新元的价格收购克拉 约1,610万新元的净物业收入和可实现8.0%的无债务资本回 码头。克拉码头是集餐饮、娱乐、休闲于一体的河畔物业。它 报率。 位于新加坡河畔，新加坡中央商务区的边缘，距离克拉码头地 铁站只有数步之遥，乘搭公共交通十分方便。 提高财务的灵活性 为了改善我们的资产负债情况，嘉茂信托率先采取行动，于 该收购是以反映其具吸引力之现金流量的价格进行。按当前 2009年2月成为该年度首个配售新单位以减少债务的新加坡房 5.9%2的物业收益率计算，此项收购预计可产生增值性收益， 地产投资信托。此次配售采用完全包销，每10个单位配9个单 单位持有人也因此将享有更高的每单位分发金。此举将使嘉 位，并获得超额认购，包括申请超额附加单位在内的认购率约 茂信托资产规模由2009年12月31日的74亿新元增至76亿新 为116.1%。通过该项集资活动，嘉茂信托筹得约12亿新元的 元3，从而巩固嘉茂信托作为新加坡资产规模和市值最大的房 资金，从而使其资产负债比率由2008年12月31日的43.2%下 地产投资信托公司的领先地位。 降到2009年12月31日的30.5%。 2010年4月14日，我们将召开嘉茂信托特别股东大会，以寻 与租户进行密切合作 求单位持有人对该收购提议的批准。 为了帮助我们的租户渡过困境，我们同他们密切合作， 在我们某些购物中心调整业态组合，以应对消费需求的变化。 遥遥领先 当新加坡政府宣布为工商业主提供40.0%的产业税回扣时， 一年来，商业景气度已有所改善，审慎乐观的氛围主导了新 我们把全部回扣转给租户。此外，我们还采取了一系列措施 加坡市场。全球经济的发展，预示许多国家的经济衰退已经 为租户提供帮助，包括调整租赁合同、提高租赁空间的使用 结束。尽管如此，先进国家的经济复苏的根基仍然脆弱，经 效率，与租户合作开展各种营销、促销活动，以提高购物中 济活动要恢复到危机前的水平，不可能一蹴而就。 心的销售量。 新加坡贸工部预计2010年的经济增长率将介于4.5%至6.5%之 2009年，我们的物业管理团队还为租户组织了五次商业系列 间，而且越来越多的迹象表明零售业已迎来拐点。经济前景的 (Biz+ Series) 活动。开展这些活动的目的，是为我们的租户定 改善和2010年两个综合娱乐城的开业，可能吸引更多游客的

2 物业收益率的计算方法，是用2010年7月1日至2010年12月31日克拉码头的年率化物业净收益除以2.7亿新元的购买价。 3 不含截至2009年12月31日尚未偿付的嘉茂信托可分配收益。

10 CapitaMall Trust Report to Unitholders 2009 “作为新加坡首个、同时也 是市值 到来，从而对零售业的发展产生正面影响。今年新增地铁环线 和资产规模最大的房地产投资信托， 站点的开通，也将使碧山第八站，狮城大厦 和新加坡来福士广 场等毗邻地铁环线站点的嘉茂信托购物中心受益匪浅。 我们确信，嘉茂信托在资产规模、 优质资产组合以及积极的资产管理方 2010年，我们将积极管理续租工作，同时进行新加坡来福士 广场和裕廊娱乐中心的资产增值工程，以此专注于使嘉茂信 面，拥有得天独厚的 优势。” 托取得持续的有机增长。我们还将继续发掘具有增值潜力的 收购机会。此外，鉴于嘉茂信托截至2009年12月31日托管 的物业总值约达74亿新元，我们还可选择对规模不超过7.4亿 新元的开发项目进行投资。

自2002年首次公开招股以来，嘉茂信托一直在从零售物业中 创造价值方面，遥遥领先。作为新加坡首个、同时也是市值 和资产规模最大的房地产投资信托，我们确信，嘉茂信托在 资产规模、优质资产组合以及积极的资产管理方面，拥有得 天独厚的优势。这使它能够把握和利用经济复苏可能带来的 各种增长机遇。

鸣谢 雷崇志先生和林之高先生于2010年2月23日分别卸下非执行 董事和审计委员会委员的职务。林之高先生将继续留任董事 会成员。我们对他们的贡献表现感谢。

林明志先生于2009年11月25日卸任总裁兼执行董事一职。 对于他自2008年11月1日以来领导嘉茂信托成功渡过2009年 的金融危机，我们谨此表示衷心感谢。我们很欣慰，林先生 同意继续担任董事会的董事。此外，我们还要感谢董事会的 英明领导，以及单位持有人、业务伙伴、租户及顾客给予我 们的一贯的鼎立支持，正是这些支持，才使我们得以成功地 走过了艰难的2009年。

许慈祥 董事长

何志辉 总裁

2010年3月10日

11 CapitaMall Trust Report to Unitholders 2009 Key Milestones in 2009

Roof garden with playground at Lot One Shoppers’ Mall

January CMT’s distributable income for the August CMT’s distributable income exceeded period 1 January 2009 to 31 March 2009 Rivervale Mall saw the completion of asset distribution forecast1 for the period was 8.0% higher than that for the period enhancement works. 1 October 2008 to 31 December 2008 1 January 2008 to 31 March 2008. by 2.0%. CMT paid a distribution per unit of CMT won a Gold award for ‘Best Annual 2.13 cents to Unitholders for the period February Report – REITs & Business Trusts’ at the 1 April 2009 to 30 June 2009. Moody’s Investors Service affi rmed CMT’s Singapore Corporate Awards 2009. A2 corporate family rating and A3 senior September unsecured debt rating. May CapitaMall Trust Management Limited Lot One Shoppers’ Mall saw the completion (CMTML) announced the appointment of CMT paid a distribution per unit of of asset enhancement works. Simon Ho Chee Hwee as Deputy Chief 3.65 cents to Unitholders for the period Executive Offi cer with effect from 1 October 2008 to 31 December 2008. CMT paid a distribution per unit of 1 September 2009. 1.97 cents to Unitholders for the period April 1 January 2009 to 31 March 2009. October CMT issued 1,502,358,923 rights units Raffl es City Shopping Centre clinched the through an underwritten renounceable July Silver Award for Development and Design 9-for-10 rights issue that was 1.16 times CMT’s distributable income for the period (Renovation or Expansion of an Existing over-subscribed. The exercise raised net 1 April 2009 to 30 June 2009 was 15.8% Project) from the International Council of proceeds of approximately S$1.2 billion. higher than that for the period 1 April 2008 Shopping Centers (ICSC) Asia. to 30 June 2008.

1 Based on forecast, together with accompanying assumptions shown in announcement of CMT on 22 January 2008 (in respect of malls held by CMT), as well as the forecast, together with accompanying assumptions shown in the joint announcement with CapitaCommercial Trust on 9 June 2008 (in respect of Raffl es City Singapore Trust).

12 CapitaMall Trust Report to Unitholders 2009 Raffl es City Shopping Centre

CMT took the runner-up award for and Director of CMTML with effect December ‘Most Transparent Company’ (REITs from 25 November 2009. CMTML also CMT clinched a Certifi cate of Excellence at category) at the Securities Investors announced the appointment of the Investor Relations (IR) Magazine Awards Association Singapore (SIAS) Investors’ Jesline Goh Hwee Peng as Deputy Chief 2009 (South East Asia). Choice Awards 2009. Executive Offi cer of CMTML with effect from 25 November 2009. CMT MTN Pte. Ltd., a wholly-owned CMT’s distributable income for the period subsidiary of CMT, increased the limit of the 1 July 2009 to 30 September 2009 CMT paid a distribution per unit of S$1.0 billion Multicurrency Medium Term was 23.3% higher than that for the period 2.35 cents to Unitholders for the period Note Programme to S$2.5 billion. 1 July 2008 to 30 September 2008. 1 July 2009 to 30 September 2009.

November CMT commenced asset enhancement CMTML announced the resignation of works to re-confi gure the Basement 1 Lim Beng Chee as Chief Executive Offi cer space of Raffl es City Singapore and with effect from 25 November 2009. construct a new underground link at He remains a Director and a member of Basement 2. the Executive Committee of CMTML. Concurrently, CMTML announced the CMT commenced asset enhancement resignation of Simon Ho Chee Hwee as works for Jurong Entertainment Centre. Deputy Chief Executive Offi cer and his appointment as Chief Executive Offi cer

13 CapitaMall Trust Report to Unitholders 2009 CAPITAMALL TRUST

RELIABLE FUNDAMENTALS

FOCUS ON RETAIL PROPERTIES IN SINGAPORE

STRONG SPONSOR

CLOSE RELATIONSHIPS WITH TENANTS

14 CapitaMall Trust Report to Unitholders 2009 LEADING THE WAY

STELLAR SOUND PERFORMANCE EXECUTION

GROWING NUMBERS DESPITE MANAGEMENT’S TRACK ECONOMIC RECESSION RECORD

ACCUMULATING ASSETS DISCIPLINED CAPITAL MANAGEMENT

IMPROVING PORTFOLIO PERFORMANCE

15 CapitaMall Trust Report to Unitholders 2009 RELIABLE FUNDAMENTALS

16 CapitaMall Trust Report to Unitholders 2009 FOCUS ON RETAIL PROPERTIES STRONG SPONSOR CLOSE RELATIONSHIPS IN SINGAPORE Being in the same family as CapitaMalls WITH TENANTS By staying focused and leveraging Asia, one of Asia’s largest listed Our proactive stance in helping our our scale, portfolio of largely necessity shopping mall developers, owners and tenants through the recession enabled shopping malls and market leadership, managers, allows us to have access us to implement a slew of initiatives that we are ready to ride on the next wave to its expertise, resources and a wide ranged from restructuring of leases, of recovery in a market that is known network of local and international reviewing of space effi ciency to working for its strong sovereign creditworthiness. retailers. with tenants on various promotional fronts so as to drive sales in our malls.

17 CapitaMall Trust Report to Unitholders 2009 STELLAR PERFORMANCE

18 CapitaMall Trust Report to Unitholders 2009 GROWING NUMBERS DESPITE ACCUMULATING ASSETS IMPROVING PORTFOLIO ECONOMIC RECESSION CMT’s portfolio has grown from three PERFORMANCE CMT’s strong set of fi nancial results retail malls at listing in 2002 to 14, Through proactive asset management, is largely attributable to a quality with property valuation rising from shopper traffi c at CMT’s malls portfolio of necessity shopping malls. S$0.9 billion in FY2002 to S$6.9 billion remained strong in 2009, with many Distributable income increased by in FY2009. This cements CMT’s of the malls enjoying a high monthly 18.3% year-on-year to S$282.0 million position as Singapore’s largest REIT by footfall of between 2.0 million and in FY2009. market capitalisation and asset size. 3.0 million. CMT’s portfolio registered committed occupancy of 99.8% as at 31 December 2009.

19 CapitaMall Trust Report to Unitholders 2009 SOUND EXECUTION

20 CapitaMall Trust Report to Unitholders 2009 MANAGEMENT’S TRACK RECORD DISCIPLINED CAPITAL Since 2002, we have consistently MANAGEMENT delivered stable and sustainable In 2009, CMT was the fi rst REIT in distributions to our Unitholders by Singapore to undertake a rights issue. driving steady growth through asset Part of the net proceeds from the rights enhancement strategies, acquisitions issue was used to reduce our gearing and active leasing management. We from 43.2% as at 31 December 2008 have also established an outstanding to 30.5% as at 31 December 2009, retail real estate management platform enhancing our fi nancial fl exibility to take and developed an extensive network advantage of new opportunities. of local and international retailers, allowing us to emerge stronger from this global economic downturn.

21 CapitaMall Trust Report to Unitholders 2009 Growth Strategies

Integrated Retail Real Estate Business Platform

CORPORATE GOVERNANCE

Net Property Income Distributions Retail Fund Vehicle Investors Real Estate Ownership Investment

RETAIL REAL ESTATE MANAGEMENT RETAIL REAL ESTATE CAPITAL MANAGEMENT

Mall Design & Strategic Fund Property management Strategic Asset development planning & structuring & management & operational marketing management management investment management leasing

(1) Integrated Retail Real Estate Platform (2) Intrinsic Organic Growth (3) Innovative Asset Enhancement Initiatives We leverage on CapitaMalls Asia’s unique We constantly explore new avenues for integrated retail real estate platform, stable and sustainable revenue growth Creative asset planning unlocks the combining the best of retail real estate from CMT’s retail properties. A major potential value of CMT’s properties to management and capital management component of CMT’s organic growth has further spur growth by enriching the capabilities. In addition, we have a been achieved through: retail environment and enhancing the professional and experienced team of attractiveness of our properties to operations, project and asset managers • Step-up rent shoppers and retailers. Diverse ways who work closely and seamlessly with • Gross turnover (GTO) rent, which to increase the yield and productivity of each other to: makes up about 2.0% to 4.0% of our retail space include: CMT’s gross revenue. This is a useful • Formulate medium- and long-term management tool which aligns CMT’s • Decantation whereby lower-yield strategies and initiatives to deliver interests with those of our tenants. spaces are converted into higher-yield sustainable returns We are gradually moving leases to a spaces • Enhance the shopping experience to rental structure which encompasses • Reconfi guration of retail units to attract and increase shopper traffi c step-up rent plus a small component optimise space effi ciency • Review space usage to optimise space of GTO rent or a larger component of • Maximising the use of common areas, productivity and income GTO rent only, whichever is higher such as bridge space, and converting • Manage lease renewals and new leases • Non-rental income from car parks, mechanical and electrical areas into diligently to minimise rental voids vending machines, casual leasing, leasable space • Manage and monitor rental arrears to customer service counters and • Upgrading amenities, adding play and minimise bad debts advertisement panel spaces rest areas, providing design advisory • Manage projects to ensure timely • Improved rental rates for lease renewals on shopfront design and creating better completion within budgets and new leases shopper circulation to enhance the • Manage and monitor property expenses attractiveness of our malls to maximise net property income • Address all key operational issues to ensure alignment with the Manager’s strategies

22 CapitaMall Trust Report to Unitholders 2009 Innovative events such as IMM Building’s foam and bubble party enhance retail experiences for shoppers

(4) Instrumental Investments (5) Inviting Experiences (6) Intensive Capital & Risk Management The ability to identify yield-accretive Staying ahead of consumer trends, we acquisitions, investments and local constantly reinvent the retail experience We review our capital management policies development projects to add to the with innovative shopping, dining and leisure regularly so as to optimise CMT’s funding portfolio and further enhance their value combinations which help to maximise the structure. We also monitor our exposure to is key to CMT’s growth. sales of the tenants and generate growth various risk elements by closely adhering to through improved rental income. The clearly established management policies • Our investments must satisfy the increase in shopper traffi c is generated and procedures. investment criteria of: through: (1) yield accretion, (2) rental sustainability, and • Alignment of tenancy mix with current (3) potential for value creation market trends which ensures a • Our approximate 19.70% interest in continuous good mix of attractive and CapitaRetail China Trust (CRCT) popular retail outlets in our malls provides some exposure to the • New retail concepts which generate tremendous growth in the China retail fresh excitement and positive sales real estate market without signifi cantly • Enhancing shoppers’ experience with changing the asset profi le of CMT a more pleasant, comfortable and exciting environment by improving connectivity between fl oors, installing electronic car park guidance systems, upgrading restroom facilities, baby nursing rooms, children playgrounds, designated water play area with interactive features for children and alfresco dining areas • Innovative marketing and promotional events to draw in the crowds • Attractive shop fronts and visual merchandising design ideas

23 CapitaMall Trust Report to Unitholders 2009 Independent Retail Market Overview

Economic Growth in global demand caused by the global After having recorded impressive economic economic slowdown saw infl ation decline growth fi gures of around 8.0% per annum to 0.2% in 2009. This included an between 2004 and 2007, Singapore’s real eight-month period of defl ation from April Gross Domestic Product (GDP) growth to December 2009. slowed to 1.1% in 2008 and -2.0% in 2009 as a result of the slowdown in the global Increasing global commodity prices, economy. However, the economic brought on by the expected economic contraction in 2009 was smaller than recovery, will lead to infl ationary pressure, initially expected, partly due to the in particular to the cost of housing and unprecedented policy response from the transport. Consensus Economics forecast Singapore Government which spurred infl ation of 2.5% in 2010, moderating to domestic demand. 2.1% in 2011 and 1.9% in 2012.

Global economic developments seem to Population suggest that the worst of the global fi nancial In 2009, according to Government data, crisis has passed, with most major Singapore had a population of just under economies in Asia registering positive 5.0 million people. Of this population, growth in the fourth quarter of 2009 (Japan 3.7 million were either citizens or permanent being the notable exception). Looking residents. The remaining 25.1% of the towards 2010, the Singapore Government population, known as non-residents, are expects growth of between 4.5% and 6.5%, mainly expatriate workers on long term being an upgrade from its earlier forecast working visas. These workers include both of 3.0% to 5.0%. Consensus Economics skilled professionals and unskilled workers forecasts growth of 5.7% in 2010, in manufacturing and construction. continuing at 5.1% in 2011 and 2012. Looking forward, overall population growth Although the economic prospects for is forecast to average 2.0% through to 2012. Singapore in 2010 are good, there are Growth in the non-resident population, still risks present in the Singapore and at 3.3% per annum, is expected to be global economies, as highlighted by the higher than growth in the resident current concerns over Greece’s ability to population (1.5%), due to the creation of repay its sovereign debt. A default by more employment opportunities as the Greece or another of Europe’s struggling economy expands. The greater diversity in economies, while considered unlikely, population enhances the need for a greater would throw global fi nancial markets into variety of retail brands, to adequately disarray once more, and it is likely that meet the needs of a wider variety of Singapore would be adversely affected as consumer tastes. a result due to its high level of integration with the global economy. Tourism Due to the global economic downturn and In an attempt to broaden the nation’s the outbreak of H1N1 infl uenza, total tourist economic base, the Singapore Government arrivals in 2009 reduced by 9.6% from the has outlined an ambitious plan to increase previous year to 9.7 million. However, this productivity by 2.0% to 3.0% per year for trend is not expected to continue. The UN the next 10 years, moving the economy to World Tourism Organisation says that higher skilled industries. This plan involves international tourism arrivals will grow by a number of tax breaks, grants and 3.0% to 4.0% this year. Asia is expected subsidies to the value of S$1.1 billion per to lead this growth trend with a growth rate year for fi ve years aimed at encouraging of at least 5.0%. This bodes well for investment in high-skilled, knowledge- Singapore. based industries. As productivity increases, so will average incomes, which will have Looking ahead, there are many tourism a multiplier effect on the economy due to product offerings in the pipeline such as the higher consumption. two integrated resorts (including Universal Studios Singapore), the new International Infl ation Cruise Terminal, Gardens by the Bay, The Singapore Consumer Price Index the National Art Gallery, and the launch grew by 6.5% in 2008 due to high global of various events. As such, Singapore commodities prices. However, a reduction Tourism Board (STB) expects 11.5 million to 12.5 million visitor arrivals in 2010.

24 CapitaMall Trust Report to Unitholders 2009 In 2009, tourism receipts are estimated Retail Property Performance to be in the range of S$12.0 million to The retail property sector underwent a S$12.5 million. STB expects this to grow challenging time in 2009. The economic to S$17.5 billion to S$18.5 billion in 2010. slowdown, which caused a drop in tourist Typically tourists account for around 15.0% arrivals and a degree of caution in domestic of retail turnover in Singapore. This is quite consumers, made trading conditions a large number by international standards diffi cult. Approximately 2.2 million square and highlights the importance of tourism feet (sq ft) of new shopping centre fl oor to the retail sector in Singapore. space entering the market put considerable downward pressure on rentals and Retail Sales occupancy rates. After a sustained period of strong growth in retail sales, the retail sector experienced Average prime rentals for Orchard Road a widely expected contraction in sales in in 2009 were S$36 per sq ft per month, 2009. As a result of cautious consumer down 10.0% on the previous year, while sentiment and a decline in tourist arrivals, prime rents for suburban centres were retail sales contracted by 2.1% in 2009. S$31 per sq ft per month, a reduction of Whilst this contraction was not ideal, it is 2.0% on 2008. Suburban malls performed not of the same magnitude as experienced relatively better due to their focus on in the 1998 or 2003 downturns. necessity shopping and lower reliance on tourist spending. In the fourth quarter Looking forward, 2010 is expected to be of 2009, average vacancy rates were a better year, with nominal retail sales 5.8% for Orchard Road and 7.3% for growth forecast to be 3.4%. This recovery suburban centres. will be fuelled by a return of consumer confi dence, brought about by improving Retail Supply economic conditions, and strong growth The total amount of retail net lettable area in tourist arrivals. Retail sales are expected in Singapore as at 31 December 2009 to improve further in 2011 and 2012, was 52.8 million sq ft. Around 41.9% of with forecast growth of above 5.0% this space, equivalent to 22.1 million sq ft, per annum. is estimated to be in shopping centres.

Singapore Retail Floor Space Supply (million sq ft)

Others 28.3 28.7 29.7 30.1 30.4 30.7 31.0 31.3 31.6

Shopping Centres 15.4 16.5 18.2 18.6 19.9 22.1 23.5 25.2 25.7

2004 2005 2006 2007 2008 2009 2010 2011 2012

Source: Urbis

25 CapitaMall Trust Report to Unitholders 2009 Independent Retail Market Overview

Estimated Total Retail Floor Space Per Capita (sq ft)

10.8 11.1 11.8 12.9 13.8 14.4 16.4 22.6 45.2

Singapore Singapore Hong China UK South Japan Australia USA (2009) (2012F) Kong Korea

Source: Urbis

CMT is the largest shopping centre owner The total amount of shopping centre fl oor in Singapore with 18.0% of the major space is forecast to reach 25.7 million sq ft shopping centre fl oor space in Singapore by 2012. Consumers can look forward to (major shopping centres being those over more variety and shopping locations given 100,000 sq ft in size). the amount of retail space in the pipeline.

A signifi cant amount of shopping centre Retail Floor Space Per Capita fl oor space, totalling 2.2 million sq ft, was The total amount of retail fl oor space per added to the market in 2009. The majority capita in 2009 is estimated at 10.8 sq ft. of this space, some 1.3 million sq ft, was This provision is forecast to grow only added on Orchard Road, including the slightly to reach 11.1 sq ft per person by new centres ION Orchard, Orchard Central 2012. At this level, Singapore’s retail fl oor and 313@Somerset. space provision remains low compared to other developed Asian economies, such In the pipeline, there is a further 3.6 million as Hong Kong, South Korea and Japan. sq ft of shopping centre fl oor space This suggests that, despite the large expected to enter the retail landscape amount of new supply entering the market, over the next three years. The majority of Singapore should be able to comfortably the new space (around 40.0%) will be absorb this additional space. added in the central area, including an aggregate 1.1 million sq ft in the two new Retail Rental Outlook integrated resorts. Major suburban projects Despite improving economic conditions, include the 617,000 sq ft centre at an aggregate 16.1% increase in shopping Serangoon Central (expected to be centre fl oor space over the next three years completed in early 2011) and a 220,000 sq ft should ensure that the trading environment centre at Changi Business Park (scheduled remains highly competitive in the near term. for completion in 2012).

26 CapitaMall Trust Report to Unitholders 2009 Rental Growth Outlook (%) Rental Growth Outlook (%) Orchard Road Suburban

4.0 4.0

2.0 2.0

0 0

-2.0 -2.0

-4.0 -4.0

-6.0 -6.0 -4.0 0.0 3.0 0.0 2.0 4.0

2010 2011 2012 2010 2011 2012

Orchard Road rents are forecast to on retail sales in Singapore. With the continue to decline by a further 4.0% in opening of several new shopping malls, 2010 due to the new retail fl oor space that especially on Orchard Road and in the entered the market in 2009 along with the integrated resorts, Singapore will present opening of the integrated resorts in 2010. an exciting mix of retail offerings, which will After these new retail fl oor space are fully hopefully encourage higher retail spending absorbed into the market, we can expect from locals and tourists alike. The new to see a stabilisation of rents in 2011 and supply of retail fl oor space, however, will a return to positive growth thereafter. limit rental growth in 2010. Nonetheless, with Singapore’s relatively low retail space On the suburban front, rents are expected per capita, we believe the supply will be to remain relatively stable in 2010, before comfortably absorbed by the market over increasing in 2011 and 2012. Although we the next two years and rental growth is expect to see the completion of several expected to resume by then. new shopping malls in the suburban market, the community-based nature and accessibility of suburban malls means they continue to be popular with shoppers. Therefore, we are of the view that suburban rents could grow by 2.0% in 2011 and Peter Holland 4.0% in 2012. Director Urbis Summary & Conclusions As the global economy continues to recover from the economic crisis, increased consumer expenditure and an improved tourism market should have a positive effect

27 CapitaMall Trust Report to Unitholders 2009 Operations Review

(1) Asset Enhancement Initiatives interchange station via Raffl es City Asset enhancement works remained a Singapore’s Basement 1. Construction value creation driver for CMT in 2009. The started in November 2009 and is following is a summary of the enhancement scheduled to be completed by the end works executed in 2009. of 2010. Meanwhile, the new link at Basement 2 is expected to be ready in Rivervale Mall successfully reconfi gured July 2010, in time for the opening of the several units on Level 1 to accommodate Esplanade MRT station. a new food court with external access, thereby giving residents and patrons more Asset enhancement works at Jurong food and beverage choices outside of the Entertainment Centre (JEC) also mall’s normal operating hours. The space commenced in the fourth quarter of 2009. vacated by the food court on Level 2 was When completed in the fi rst quarter of 2012, replaced by Daiso. As a result of this, JEC will boast more than 200,000 square average monthly shopper traffi c at Rivervale feet (sq ft) of net lettable area (NLA) spread Mall leapt by almost 12.1% year-on-year over fi ve retail levels, and an Olympic-sized in the last four months of 2009, after the ice skating rink. asset enhancement works were completed in August 2009. (2) Lease Renewals and New Leases On a portfolio basis, renewal rates for the Approval was obtained in July 2009 to CMT portfolio edged up by 2.3% compared proceed with the creation of a new to preceding rates. This translates to an underground link at Basement 2 of Raffl es annual average growth rate of 0.8% over City Singapore to provide connectivity a typical three-year lease term, which was between Esplanade mass rapid transit key to helping our tenants cope with the (MRT) station and City Hall MRT economic crisis in 2009.

Summary of Renewals/New Leases (from 1 January to 31 December 2009) (excluding newly created units)

Increase/(Decrease) in Net Lettable Area Current Rental Rates VS Preceding Rental Rates Average Number of Retention Percentage (typically committed Growth Rate Renewals/ Rate Area of Mall 3 years ago) Per Year2 Property New Leases1 % (sq ft) % % % Tampines Mall 45 60.0 43,741 13.3 4.3 1.4 Junction 8 57 91.2 78,880 32.0 2.7 0.9 Funan DigitaLife Mall 85 87.1 89,006 29.9 (0.2) (0.1) IMM Building3 104 83.7 124,516 30.5 2.3 0.8 Plaza Singapura 84 66.7 228,131 45.7 5.4 1.8 Bugis Junction 77 79.2 84,400 20.0 2.1 0.7 Other Assets4 10 90.0 70,095 34.4 (14.9) (5.2) Raffl es City Singapore5 74 66.2 175,315 43.5 1.1 0.4 Lot One Shoppers’ Mall 20 60.0 25,428 11.7 (5.0) (1.7) Bukit Panjang Plaza 41 75.6 40,520 27.3 3.4 1.1 Rivervale Mall 17 52.9 11,159 13.8 4.3 1.4 CMT Portfolio 614 76.1 971,191 29.8 2.3 0.8

1 Includes only retail leases, excluding JEC which has ceased operations for asset enhancement works and The Atrium@Orchard. 2 Based on compounded annual growth rate. 3 Including only renewal of retail units. 4 Including Hougang Plaza and Sembawang Shopping Centre but excluding JEC which has ceased operations. 5 Based on Raffl es City Singapore’s retail leases.

28 CapitaMall Trust Report to Unitholders 2009 (3) Lease Expiry Profi le Our tenants typically have three-year lease terms. The portfolio lease expiry profi le remained well spread out as at 31 December 2009, with 32.7% and 26.0% of the leases by gross rental income due for renewal in 2010 and 2011 respectively.

Portfolio Lease Expiry Profi le (as at 31 December 2009)1

Gross Rental Income for the month of Number of December 2009 Year Leases % of Total 2010 772 32.7 2011 635 26.0 2012 753 32.3 2013 103 5.1 2014 and beyond 28 3.9

1 Includes Raffl es City Singapore’s offi ce and retail components. Does not include Raffl es City Hotels and Convention Centre which is on a 20-year master lease expiring in 2016, with an option to renew for a further term to extend to 31 December 2036.

Portfolio Lease Expiry Profi le for 2010 (as at 31 December 2009)

% of Mall Number of % of Mall Gross Rental Property Leases NLA Income1 Tampines Mall 60 42.8 40.0 Junction 8 71 40.5 40.4 Funan DigitaLife Mall 55 38.2 32.7 IMM Building2 244 49.5 47.7 Plaza Singapura 66 13.4 20.5 Bugis Junction 84 17.9 27.7 Other Assets3 10.10.4 Raffl es City Singapore2 85 29.1 33.4 Lot One Shoppers’ Mall 23 7.1 12.4 Bukit Panjang Plaza 44 29.6 32.8 Rivervale Mall 28 45.5 42.7 The Atrium@Orchard2 11 53.9 49.3 CMT Portfolio 772 32.7 32.7

1 For the month of December 2009. 2 Includes offi ce leases (for Raffl es City Singapore, The Atrium@Orchard and IMM Building) and warehouse leases (for IMM Building only). For Raffl es City Singapore, units affected by asset enhancement works on Basement 1 and Basement 2 link are excluded. 3 Includes Hougang Plaza and Sembawang Shopping Centre, excludes JEC which has ceased operations for asset enhancement works.

29 CapitaMall Trust Report to Unitholders 2009 Operations Review

(4) Top 10 Tenants 1 CMT’s gross rental income is well 10 Largest Tenants by Total Gross Rental distributed within its portfolio of more than (as at 31 December 2009) 2,300 leases. As at 31 December 2009, % of Gross no single tenant contributed more than Tenant Trade Sector Rental Income 3.6% of total gross rental. Collectively, the ten largest tenants accounted for RC Hotels (Pte) Ltd Hotel 3.6 about 23.8% of the portfolio gross rental BHG (Singapore) Pte. Ltd Department Store 2.9 income. Cold Storage Singapore (1983) Pte Ltd Supermarket/Beauty & Health/ 2.9 (5) Trade Sector Analysis Services/Warehouse CMT’s portfolio is well diversifi ed and Temasek Holdings (Private) Limited Offi ce 2.6 relies on many different trade sectors for rental income. As at 31 December 2009, NTUC Fairprice Co-operative Ltd Supermarket/Beauty & Health/ 2.5 food & beverage remained the largest Food Court/Warehouse contributor to gross rental income, at Barclays Capital Services Ltd Offi ce 2.4 23.5% of the total portfolio. The fashion trade was the second largest contributor Kopitiam Investment Pte Ltd Food Court/Food & Beverage 1.9 to gross rental income at 14.0%, while occupying only 6.5% of the NLA. Wing Tai Holdings Ltd Fashion/Food & Beverage 1.9 Golden Village Multiplex Pte Ltd Leisure & Entertainment 1.7 Best Denki (S) Pte Ltd Electronics/Warehouse 1.4

1 Includes CMT’s 40.00% interest in Raffl es City Singapore and excludes JEC. Based on committed gross rental income for the month of December 2009 and excludes gross turnover rental.

Trade Sector by Net Lettable Area1 (%) Trade Sector by Gross Rent1,2 (%) (as at 31 December 2009) (as at 31 December 2009)

Office 18.1 Food & Beverage 23.5 Food & Beverage 15.0 Fashion 14.0 Others3 12.5 Office 9.1 Department Store 9.8 Beauty & Health 8.6 Supermarket 7.9 Services 6.9 Fashion 6.5 Department Store 5.8 Leisure & Entertainment 5.4 Supermarket 5.2 Beauty & Health 4.6 Gifts/Toys & Hobbies/Books/ 4.6 Gifts/Toys & Hobbies/Books/ 3.9 Sporting Goods Sporting Goods Leisure & Entertainment 3.6 Electrical & Electronics 3.6 Jewellery & Watches 3.4 Houseware & Furnishings 3.5 Electrical & Electronics 3.3 Services 3.4 Houseware & Furnishings 3.2 Information Technology 3.3 Shoes & Bags 3.1 Shoes & Bags 1.5 Others3 2.9 Jewellery & Watches 1.0 Information Technology 2.8

1 Includes CMT’s 40.00% interest in Raffl es City Singapore (only retail and offi ce leases, excluding hotel lease) and excludes JEC. 2 Based on committed gross rental income for the month of December 2009 and excludes gross turnover rental. 3 Others include Warehouse, Education and Art Gallery.

30 CapitaMall Trust Report to Unitholders 2009 (6) Portfolio Gross Turnover Gross Turnover by Quarter (S$ psf) Gross Turnover by Financial Year (S$ psf) In 2009, the Gross Turnover (GTO) per square foot of CMT’s retail tenants fell by 2.7%, compared to 2008, but remained 2.9% above 2007. In the fourth quarter of 2009, GTO registered a year-on-year 100 100 decline of 2.4%. Nonetheless, the pace of decline in GTO has moderated since 80 80 the start of the year.

(7) Retail Sales Performance by Trade 60 60 Supermarkets continued to register a healthy growth rate of 7.1% in terms of GTO per square foot. More discretionary 40 40 trades like leisure and entertainment, health and beauty, as well as sporting goods, were also able to generate better sales in 20 20 2009 vis-à-vis 2008.

0 0 4Q 4Q 3Q 4Q FY2007 FY2008 FY2009 2007 2008 2009 2009

Retail Sales Performance of CMT Portfolio by Trade Category (%) (FY2009 vs FY2008)

10

5

0

-5

-10

-15

-20

-25 7.1 3.5 1.5 0.2 0.0 -1.1 -2.0 -3.7 -7.2 -8.1 -8.4 -8.5 -9.2 -9.4 -12.0 -14.0 -17.1 -20.9 1 Store Bags Home Video Health Gifts & Toys & Food & Goods Fashion Music & Shoes & Hobbies Books & Sporting Watches Beauty & Services Leisure & Telecom- Beverage Souvenirs Stationery Furnishing Electronics Electrical & Jewellery & Information Department munications Technology Supermarket Entertainment

1 Services include convenience stores, bridal shops, optical stores, DIY stores, fi lm processing outlets, fl orists, magazine stores, pet shops, travel agencies, cobblers/locksmiths, laundromats and clinics.

31 CapitaMall Trust Report to Unitholders 2009 Operations Review

(8) Occupancy Cost CMT’s portfolio occupancy cost remained healthy at 16.7%, as our tenants adapted to the diffi cult operating conditions in 2009 and employed a variety of innovative and value-driven marketing strategies to encourage shopper spending.

(9) Shopper Traffi c Despite diffi cult economic conditions, shopper traffi c for the portfolio remained strong and fell by only 1.2% year-on-year. Since August, however, shopper traffi c has exhibited a consistent uptrend in line with the general recovery of the Singapore economy.

Year-on-year Changes in Shopper Traffi c1 (%)

4

2

0

-2

-4

-6 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009

1 For comparable basis, the chart includes the entire CMT portfolio of malls, except JEC which ceased operations in preparation for asset enhancement works and the following for which traffi c data was not available: Hougang Plaza, Sembawang Shopping Centre and The Atrium@Orchard.

32 CapitaMall Trust Report to Unitholders 2009 Marketing & Promotions

Appearances of Hong Kong movie superstars, Jackie Chan and Daniel Wu, at Plaza Singapura

Portfolio-wide Activities shoppers to credit amounts ranging from Mall-centred Activities Despite the recession in 2009, we S$20 to S$999, and can be used at any In addition to our portfolio-wide marketing continued to invest in strategic group-level local retailer who accepts VISA. Other than efforts, each CMT mall also cultivates its marketing campaigns to drive shopper the standard CapitaGift Card, a variety of unique positioning and brand identity by traffi c and sales to tenants at CMT’s malls. ‘Limited Edition’ designed CapitaGift Cards creating memorable brand experiences have also been launched as collectibles. for consumers through their own The membership base of CapitaCard, In 2009, a 179.0% year-on-year increase in promotional activities. a credit and debit card loyalty programme sales of CapitaGift Cards was achieved. that aims to retain and encourage repeat Plaza Singapura shopper spending at CMT’s malls, has Another key loyalty programme is the During the year, celebrity casts from the grown signifi cantly to over 142,000 CapitaVoucher, which helps to generate movies ‘Shinjuku’, ‘The Storm Warriors’ cardmembers as at 31 December 2009. sales for CMT’s tenants. CapitaVoucher and ‘The Treasure Hunters’ made special The CapitaCard programme saw an 11.5% is positioned as the perfect gift for all appearances at Plaza Singapura. The year-on-year increase in card spend to occasions as it is widely accepted at over presence of superstars Jackie Chan, S$180.9 million in 2009. This programme 1,500 participating stores across 12 of Daniel Wu and Aaron Kwok, created not only provides cardmembers with instant CMT’s malls and two of CapitaMalls Asia’s much excitement among shoppers and cash rebates, but also offers a host of malls. In 2009, sales of CapitaVouchers movie fans. exclusive treats in CMT’s malls such as achieved a year-on-year growth of 7.7% complimentary parking, as well as access to S$13.4 million. Plaza Singapura worked with two school to priority queues and special previews publications, ‘Little Red Dot’ and ‘Thumbs during tenants’ sales. In September 2009, shoppers also sampled Up’, to host a talent competition for primary a culinary spread of exquisite mooncakes school students aged nine to 12 years. The CapitaGift Card programme also and tea during the annual ‘Mid Autumn Fair’ The competition featured a wide variety of offers convenience for shoppers who want held at eight of CMT’s malls. The fair performances, including singing, dancing, to have the fl exibility to choose their own featured more than 100 kiosk tenants, guitar-playing, wushu martial arts and gifts. The Card is a disposable prepaid garnering a total of S$3.8 million in gross gymnastics. The event received a strong stored value VISA card which allows sales over two weeks. response, with participants from

33 CapitaMall Trust Report to Unitholders 2009 Marketing & Promotions

‘In Living Colours’ fashion show at Bugis Junction

a total of 30 primary schools. Shopper watched six shortlisted couples vie for the fi fth year running, saw a 10.8% increase traffi c on the day of the event rose by title of ‘Goldheart Glam Couple 2009’. in footfall compared to the average Friday 12.1%, compared to the same day the traffi c in 2009. year before. Raffl es City Singapore Arts programming is an integral part of Funan DigitaLife Mall Bugis Junction Raffl es City Singapore’s (RCS) marketing In line with its positioning as Singapore’s Bugis Junction held a four-day ‘In Living mix. The mall holds regular concerts and leading gaming and information technology Colours’ fashion campaign, which featured community interactive arts events as part (IT) destination, Funan supported an fashion shows, make-up demonstrations of its ‘Arts In The City’ programme. In 2009, exclusive launch of Microsoft Windows 7 and the grand fi nals of its iconic ‘Code RCS partnered the National Arts Council software at the store of its key tenant, JEANius’ event. The grand fi nals saw to showcase the Singapore Writers Festival, Challenger. Although the launch was contestants transforming used jeans into Singapore Art Show as well as youth bands scheduled to start at midnight, many new denim creations on the spot. Shoppers from NOISE Singapore. In an inaugural enthusiastic fans of Windows 7 had already who spent during this campaign stood collaboration with Esplanade’s ‘Dan:s started to form long queues at the store in a chance to win the top prize of a trip to Festival’, shoppers in RCS were presented the afternoon. Shoppers also took the Hollywood for a behind-the-scenes look with a pleasant surprise in the form of fl ash opportunity to snap up numerous IT at how the Academy Award-winning mob dances within the mall which garnered products at promotional prices during the Amalgamated Dynamics Studios created extensive television coverage of the launch event. the character effects of the movie ‘X-Men performances. Origins: Wolverine’. Rivervale Mall RCS also participated in the iconic Great Rivervale Mall held a mall-wide party in For the third consecutive year, Bugis Singapore Sale (GSS) and partnered with November after completing asset Junction partnered its tenants, Goldheart MasterCard and SilkAir/Tradewinds for the enhancements to overhaul its look. During Jewelry and Shaw Cinema, to organise a fi rst time to present a host of super buys, the party, special guests such as local search for Singapore’s most glamourous attractive voucher giveaways and luxurious television artistes Aunty Lucy and Anna Lin, couple in conjunction with Valentine’s Day. holiday getaways. ‘Retail Therapy by kept shoppers entertained and shared with Romance was in the air as the audience Moonlight’, a Friday late-night shopping them the new shops at the mall. event held in conjunction with GSS for the

34 CapitaMall Trust Report to Unitholders 2009 Special hour-buys and instant rebate promotions drew crowds at IMM Building

Rivervale Mall also hosted the semi-fi nals Shopper traffi c increased by nearly 5.0% Junction 8 of Agri-Food & Veterinary Authority’s (AVA) during the GSS, compared to the same Junction 8 organised two nights of shopping fi rst-ever ‘Frozen Meat Culinary Challenge’ period last year. sprees in December when shops opened which was held in collaboration with a radio until 11 pm. Shoppers were attracted by station, 100.3FM. The event was also Tampines Mall a slew of attractive deals, instant reward educational as it was part of AVA’s drive to In collaboration with the Singapore Science promotions, a charity auction and a grand encourage more people to buy and cook Centre, Tampines Mall hosted an ‘X-ploring lucky draw. Children were also delighted by frozen meat. Dino Trails’ event. The activity-packed magical craft workshops, free candy fl oss carnival featured stage shows and and popcorn. The two-day event increased IMM Building workshops to spark the imagination of shopper traffi c by 40.0%, compared to the IMM Building (IMM) organised Singapore’s children. Visitors also had the opportunity to same period in the previous year. fi rst foam and bubble party in a mall, view interactive ‘prehistoric’ exhibits, fossils providing bubbly fun for children and their and huge robotic dinosaurs, and get their Junction 8 also hosted Singapore’s fi rst parents. Bubbles of all shapes and sizes hands dirty in fossil rubbing and casting ‘Calendar Babies’ competition which were created by a foam cannon and giant workshops. attracted many baby participants and their bubble maker. Shoppers also participated proud parents. in stage games and shows during the event. During the year-end school holidays, Tampines Mall held a month-long ice IMM held a number of weekend promotions skating show and workshop at its open during the GSS. Multiple tenants participated plaza area. The workshop was open to in the mall-wide event by offering very children aged six to 12 years and they were exclusive and attractive hourly deals to given a 45-minute basic introduction to ice shoppers. During the GSS, shoppers were skating. The workshop attracted many also rewarded with instant rebates through children and during the one-month period, CapitaVouchers and retailers’ shopping the mall enjoyed a 8.4% growth in shopper vouchers when they shopped at IMM. traffi c compared to the same period in the previous year.

35 CapitaMall Trust Report to Unitholders 2009 Financial Review

(1) Gross Revenue Gross Revenue by Property (S$ million) Gross revenue for the Financial Year (FY) ended 31 December 2009 was S$552.7 million, an increase of S$41.8 million or 8.2% over S$510.9 million 63.7 for the FY ended 31 December 2008. Tampines Mall 61.6 S$19.4 million of the increase was due Junction 8 48.5 to The Atrium@Orchard (Atrium), which Funan DigitaLife Mall 29.3 47.4 was acquired on 15 August 2008 while the 29.2 IMM Building 73.9 balance was attributed to higher gross Plaza Singapura 73.2 revenues from Tampines Mall, IMM Building Bugis Junction 75.4 (IMM), Plaza Singapura, Bugis Junction, Sembawang Shopping Centre, 72.0 Sembawang Shopping Centre (SSC) and Jurong Entertainment Centre and 68.9 Lot One Shoppers’ Mall mainly due to the Hougang Plaza1 65.5 completion of asset enhancement initiatives 15.5 Raffles City Singapore (40.00% interest) 11.3 (AEI) and partially offset by a decrease in Lot One Shoppers’ Mall, 80.1 78.3 gross revenue from Jurong Entertainment Bukit Panjang Plaza and Centre (JEC) as it has ceased operations for 67.6 Rivervale Mall 62.0 AEI. On a comparable mall basis (excluding 2 The Atrium@Orchard 29.8 10.4 SSC, JEC and Atrium), gross revenue for FY2009 was S$18.0 million or 3.6% higher 552.7 510.9 than FY2008. FY2009 FY2008

1 JEC has ceased operations for AEI. SSC re-opened in December 2008 after the completion of its major AEI. 2 The acquisition of Atrium was completed on 15 August 2008.

Gross Revenue

Variance FY2009 FY2008 PropertyS$’000 S$’000 S$’000 % Tampines Mall 63,738 61,591 2,147 3.5 Junction 8 48,524 47,403 1,121 2.4 Funan DigitaLife Mall 29,334 29,218 116 0.4 IMM Building 73,882 73,196 686 0.9 Plaza Singapura 75,427 72,012 3,415 4.7 Bugis Junction 68,895 65,536 3,359 5.1 Sembawang Shopping Centre, 15,436 11,344 4,092 36.1 Jurong Entertainment Centre and Hougang Plaza1 Raffl es City Singapore 80,051 78,251 1,800 2.3 (40.00% interest) Lot One Shoppers’ Mall, Bukit 67,621 61,988 5,633 9.1 Panjang Plaza and Rivervale Mall The Atrium@Orchard2 29,792 10,362 19,430 N.M.3 Total 552,700 510,901 41,799 8.2

1 JEC has ceased operations for AEI. SSC re-opened in December 2008 after the completion of its major AEI. 2 The acquisition of Atrium was completed on 15 August 2008. 3 Not meaningful.

36 CapitaMall Trust Report to Unitholders 2009 (2) Net Property Income Net Property Income by Property (S$ million) As a result of the higher gross revenue, net property income (NPI) of S$376.8 million was S$35.7 million or 10.4% higher than the S$341.1 million 45.6 for the FY ended 31 December 2008. Tampines Mall 33.1 43.3 Similarly, this was mainly due to Atrium Junction 8 19.5 which was acquired on 15 August 2008, Funan DigitaLife Mall 31.9 SSC which re-opened in late December IMM Building 48.9 18.6 2008 as a one-stop family-oriented Plaza Singapura 47.2 necessity shopping centre; and higher Bugis Junction 54.8 NPI from Tampines Mall, IMM Building, Sembawang Shopping Centre, 51.2 Plaza Singapura, Bugis Junction and Jurong Entertainment Centre and 46.6 Lot One Shoppers’ Mall mainly due to Hougang Plaza1 the completion of AEI. 7.0 43.2 Raffles City Singapore (40.00% interest) 6.4 Lot One Shoppers’ Mall, 56.5 53.9 Bukit Panjang Plaza and Rivervale Mall 43.7 2 38.7 The Atrium@Orchard 21.1 6.7 376.8 341.1

FY2009 FY2008

1 JEC has ceased operations for AEI. SSC re-opened in December 2008 after the completion of its major AEI. 2 The acquisition of Atrium was completed on 15 August 2008.

Net Property Income

Variance FY2009 FY2008 PropertyS$’000 S$’000 S$’000 % Tampines Mall 45,635 43,259 2,376 5.5 Junction 8 33,106 31,924 1,182 3.7 Funan DigitaLife Mall 19,542 18,568 974 5.2 IMM Building 48,939 47,228 1,711 3.6 Plaza Singapura 54,822 51,171 3,651 7.1 Bugis Junction 46,599 43,170 3,429 7.9 Sembawang Shopping Centre, 6,857 6,422 435 6.8 Jurong Entertainment Centre and Hougang Plaza1 Raffl es City Singapore 56,458 53,939 2,519 4.7 (40.00% interest) Lot One Shoppers’ Mall, Bukit 43,708 38,704 5,004 12.9 Panjang Plaza and Rivervale Mall The Atrium@Orchard2 21,102 6,745 14,357 N.M.3 Total 376,768 341,130 35,638 10.4

1 JEC has ceased operations for AEI. SSC re-opened in December 2008 after the completion of its major AEI. 2 The acquisition of Atrium was completed on 15 August 2008. 3 Not meaningful.

37 CapitaMall Trust Report to Unitholders 2009 Financial Review

Distribution Per Unit (cents)

3.65

3.64

2.40 1 October 2009 to 31 December 2009 1.93 1 July 2009 to 30 September 2009 1 April 2009 to 30 June 2009 2.35 3.52 1.91 1 January 2009 to 31 March 2009 1 October 2008 to 31 December 2008 2.13 1.85 1 July 2008 to 30 September 2008 1 April 2008 to 30 June 2008 3.48 1.97 1 January 2008 to 31 March 2008 1.83

8.85 7.52 14.29

FY2009 FY2008 FY2008 (Adjusted for (Before Rights Issue) adjustment for Rights Issue)

(3) Distributions 1 January 2008 to 31 March 2008, 1 April On 2 April 2009, CMT issued 1,502,358,923 2008 to 30 June 2008, 1 July 2008 to new units pursuant to an underwritten 30 September 2008 and 1 October 2008 to renounceable 9-for-10 rights issue 31 December 2008 respectively. Overall, (Rights Issue). In FY2009, CMT declared the total distribution of 8.85 cents per unit distributions of 8.85 cents to the enlarged for the FY ended 31 December 2009 was number of units which comprised 1.97 an increase of 17.7% over the total adjusted cents, 2.13 cents, 2.35 cents and 2.40 cents distribution of 7.52 cents per unit for the for the periods 1 January 2009 to 31 March FY ended 31 December 2008. 2009, 1 April 2009 to 30 June 2009, 1 July 2009 to 30 September 2009 and 1 October (4) Assets 2009 to 31 December 2009 respectively. As at 31 December 2009, the total assets of CMT Group were S$7,423.0 million In FY2008, CMT distributed 14.29 cents compared with S$7,509.0 million as at which comprised 3.48 cents, 3.52 cents, 31 December 2008. The decrease of 3.64 cents and 3.65 cents for the periods S$86.0 million was mainly due to 1 January 2008 to 31 March 2008, revaluation defi cit of S$302.2 million, 1 April 2008 to 30 June 2008, 1 July 2008 offset by the capitalised capital expenditure to 30 September 2008 and 1 October 2008 of S$48.7 million and the increase in cash to 31 December 2008 respectively. and cash equivalents of S$182.5 million The distribution adjusted for the effects mainly from balance of the net proceeds of the Rights Issue was 7.52 cents, which from the Rights Issue. comprised 1.83 cents, 1.85 cents, 1.91 cents and 1.93 cents for the periods

38 CapitaMall Trust Report to Unitholders 2009 Valuations and Valuation Capitalisation Rates

Valuation per Net Lettable Capitalisation Capitalisation Valuation as at Valuation as at Area as at Rate1 as at Rate1 as at 31 Dec 2009 1 Dec 2008 Variance 31 Dec 2009 31 Dec 2009 1 Dec 2008 Property S$ million S$ million S$ million S$ per sq ft % % Tampines Mall 777.0 775.0 2.0 2,371 5.75 5.65 Junction 8 570.0 585.0 (15.0) 2,310 5.75 5.65 Funan DigitaLife Mall 326.0 341.0 (15.0) 1,095 5.90 5.85 IMM Building 650.0 658.0 (8.0) 1,4012 Retail – 6.60 Retail – 6.50 Offi ce – 6.85 Offi ce – 6.75 Warehouse – 7.85 Warehouse – 7.75 Plaza Singapura 1,000.0 1,000.0 – 2,005 5.50 5.40 Bugis Junction 798.0 798.0 – 1,893 5.75 5.65 Other Assets3 297.5 310.0 (12.5) 8624 5.95-6.00 5.90-6.00 CMT before Raffl es 4,418.5 4,467.0 (48.5) 1,757 N.A. N.A. City Singapore (40.00% interest), CRS Portfolio5 and The Atrium@Orchard Raffl es City Singapore 1,020.0 1,078.0 (58.0) N.M.6 Retail – 5.60 Retail – 5.50 (40.00% interest) Offi ce – 4.50 Offi ce – 4.50 Hotel – 5.85 Hotel – 5.75 CMT before 5,438.5 5,545.0 (106.5) 1,7557 N.A. N.A. CRS Portfolio and The Atrium@Orchard Bukit Panjang Plaza 248.0 256.0 (8.0) 1,670 5.85 5.75 Lot One Shoppers’ Mall 428.0 433.0 (5.0) 1,966 5.75 5.65 Rivervale Mall 92.0 90.0 2.0 1,134 6.00 6.00 Total CMT Portfolio 6,206.5 6,324.0 (117.5) 1,7497 N.A N.A excluding The Atrium@Orchard The Atrium@Orchard 714.0 850.0 (136.0) 1,911 Retail – 5.50 Retail – 5.40 Offi ce – 4.40 Offi ce – 4.40 Total CMT Portfolio 6,920.5 7,174.0 (253.5) 1,7677 N.A. N.A. Less additions during (48.7) the period Net decrease in valuations (302.2)

1 Capitalisation rate adopted by the independent valuers to derive the market values of each property. 2 Valuation per sq ft based on the retail portion of IMM only. 3 Comprising SSC, Hougang Plaza and JEC. 4 Valuation per sq ft excludes JEC which has ceased operations for AEI. 5 CRS portfolio comprises Bukit Panjang Plaza, Lot One Shoppers’ Mall and Rivervale Mall. 6 Not meaningful because Raffl es City Singapore (RCS) comprises retail, offi ce, hotels and convention centre. 7 Valuation per sq ft excludes JEC and RCS.

39 CapitaMall Trust Report to Unitholders 2009 Risk & Capital Management

(1) Risk Management rates. CMT Group proactively seeks to Key Statistics Effective enterprise-wide risk management minimise the level of interest rate risk by is a fundamental part of CMT’s business locking in most of its borrowings at fi xed strategy. The potential risks are identifi ed interest rates. As at 31 December 2009, the Interest cover1,2 and key controls to mitigate these risks are risk is minimal as 94.3% of its borrowings established to protect Unitholders’ interests are based on fi xed rates. 3.6 times and value. Currency Risk Key Risks & Control Measures As the assets of CMT Group are currently Average cost of debt2 Operational Risk based in Singapore, there is little or no To mitigate and manage operational foreign exchange exposure from operations. 3.5% risks, CMT Group has integrated risk CMT borrows in Singapore dollars from management into the day-to-day activities a special purpose vehicle, Silver Maple across all functions. These include planning Investment Corporation Ltd (Silver Maple). Debt rating (CMBS3) and control systems, group-wide guidelines, RCS Trust, for which CMT has a 40.00% information technology systems, and interest, borrows in Singapore dollars from operational reporting and monitoring another special purpose vehicle, Silver Oak “AAA” procedures involving the executive Ltd (Silver Oak). Both Silver Maple and management committee and Board of Silver Oak issued foreign denominated Directors. The risk management system notes at fl oating rates and are able to obtain CMT’s corporate rating4 is regularly monitored and examined to attractive spreads by borrowing from ensure effectiveness. overseas markets. They were swapped into “A2” fi xed rates and Singapore dollars. The risk management framework is designed to ensure appropriate processes There is no foreign exchange risk from the 1 Based on the net income before tax (excluding net change in fair value of fi nancial derivatives and and procedures are in place to prevent, S$2.5 billion Multicurrency Medium Term investment properties), and interest expense (excluding manage and mitigate any operational risk. Note Programme (CMT MTN programme) cost of raising debt) for the period from 1 October 2009 to 31 December 2009. as the loans on-lent to CMT are in 2 Includes S$650.0 million Convertible Bonds (CB) with Investment Risk Singapore dollars. yield-to-maturity of 2.75%. 3 CMBS means Commercial Mortgage Backed Security. One of the main sources of growth for 4 Moody’s has affi rmed a corporate rating of “A2” with CMT Group is the acquisition of properties Credit Risk a negative outlook to CMT on 10 February 2009. and asset enhancement initiatives (AEI). Credit risk is the potential earnings The risks involved in such investment volatility caused by tenants’ inability and/or activities are managed through a rigorous unwillingness to fulfi ll their contractual lease set of investment criteria which includes obligations, as and when they fall due. yield accretion, rental sustainability, growth There is a stringent collection policy in place potential, CMT’s portfolio fi t and market to ensure that credit risk is minimised. catchment. The key fi nancial projection Other than the collection of security assumptions are reviewed and sensitivity deposits, which amount to an average analyses are conducted on key variables. of three months’ rent in the form of cash or bankers’ guarantee, CMT Group also The potential risks associated with has a vigilant monitoring and debt collection proposed projects and the issues that procedures. Debt turnover of CMT Group may prevent their smooth implementation as at 31 December 2009 of 2.8 days or projected outcomes are identifi ed at has marginally improved, compared with evaluation stage. This enables us to 3.3 days as at 31 December 2008. determine actions that need to be taken to manage or mitigate risks as early Liquidity Risk as possible. CMT Group actively monitors its cash fl ow position to ensure that there are suffi cient Interest Rate Risk liquid reserves in terms of cash and credit The Group’s exposure to changes in interest facilities to fi nance its operation. The Group rates relates primarily to interest-bearing diligently monitors and observes bank fi nancial liabilities. Interest rate risk is covenants for borrowings. managed on an ongoing basis with the primary objective of limiting the extent to Financing Risk which net interest expense could be The global fi nancial crisis that began in affected by adverse movements in interest the third quarter of 2008 severely reduced liquidity. During the year, loans backed by real estate became increasingly diffi cult to

40 CapitaMall Trust Report to Unitholders 2009 obtain, and where obtainable, rates have increased and terms have become more Funding and Borrowings onerous. Despite the macro conditions, S$ million CMT weathered the crisis, strengthened its balance sheet and enhanced its Term loan from Silver Maple 908.0 fi nancial fl exibility through the issuance of Convertible Bond 650.01 1,502,358,923 rights units pursuant to a underwritten renounceable 9-for-10 rights Unsecured loans from CMT MTN 315.0 issue (Rights Issue). Total borrowings at CMT level 1,873.0 CMT will continue to proactively manage Term loan and Revolving Credit Facility at 370.02 its capital structure by spreading out its RCS Trust level from Silver Oak debt due for refi nancing for each year to Total borrowings at CMT group 2,243.0 a manageable size and maintaining an optimal gearing level. 1 Based on the principal amount of the CB due 2013. The fi nal redemption price upon maturity on 2 July 2013 is equal to 109.31% of the principal amount. The CB may be redeemed in whole or in part, at the option of the bondholders on 2 July 2011 at 105.43% of the principal amount. (2) Capital Management 2 CMT’s 40.00% interest in RCS Trust. On 2 April 2009, CMT raised net proceeds of approximately S$1.2 billion from the Rights Issue which were used principally to repay bank borrowings due in 2009 and to pay for committed AEI, with the balance to be used for general corporate and In summary, the total borrowings of CMT As at 31 December 2009, 19.6% or working capital purposes. Group as at 31 December 2009 was S$440.0 million of CMT Group’s debt will S$2,243.0 million, with gearing at 30.5%. mature in 2010. CMT has suffi cient internal Under the facility agreement between Silver The gearing has been signifi cantly reduced resources and existing bank facilities to Maple and CMT, Silver Maple has granted due to the repayment of the loans due cover the repayments due in 2010. The and loaned CMT a total term loan facility of in 2009 from the net proceeds of the Manager of CMT will continue to adopt a S$908.0 million. This was after CMT repaid Rights Issue. rigorous and focused approach to capital S$335.0 million term loan under the facility management. on 2 August 2009. The loan maturity profi le for CMT Group as at 31 December 2009 was as follows: Average cost of borrowing for CMT Group During the Financial Year (FY) ended for the FY ended 31 December 2009 has 31 December 2009, CMT repaid increased slightly to 3.50% per annum S$80.0 million unsecured term loans from CMT Group – Loan Maturity Profi le compared with 3.40% per annum for the CMT MTN Pte. Ltd.(CMT MTN). As at (as at 31 December 2009) FY ended 31 December 2008 mainly due 31 December 2009, total borrowings from to repayment of the loans upon maturity CMT MTN amounted to S$315.0 million. which have lower interest rates. CMT MTN is a wholly-owned subsidiary of CMT which provides treasury services, Cash Flows and Liquidity including on-lending to CMT the proceeds CMT Group takes a proactive role in from issuances of notes under an monitoring its cash and liquid reserves to unsecured multicurrency medium term ensure adequate funding is available for note programme. distribution to the Unitholders as well as to meet any short-term liabilities. CMT has a 40.00% interest in RCS Trust. Under the facility agreement between Silver Oak and RCS Trust, Silver Oak has granted a total facility of S$1,030.0 million, consisting of a S$866.0 million term loan and a S$164.0 million Revolving Credit S$ million % of Debt Facility (RCF). RCS Trust drew down the Within 1 year 440.0 19.6 S$866.0 million term loan in September After 1 year but 1,803.0 80.4 2006 and as at 31 December 2009, within 5 years S$59.0 million has been drawn down from the RCF. CMT Group’s 40.00% interest thereof is S$346.4 million and S$23.6 million of term loans and RCF respectively.

41 CapitaMall Trust Report to Unitholders 2009 Risk & Capital Management

Debt Maturity Profi le (S$ million) (as at 31 December 2009)

Fixed rate term loan from Silver Maple under CMBS1 685.33 Fixed rate term loan from Silver Oak under CMBS1 – 40.00% interest in RCS Trust 433.0 Revolving credit facility of RCS Convertible bonds due 2013 with put option in 2011 160.0 23.6 Fixed rate notes issued under CMT MTN Pte. Ltd. 155.0 346.42 350.0 Floating rate notes issued under CMT MTN Pte. Ltd. 125.0

440.0 1,055.3 783.0 710.53

2010 2011 2012 2013

1 CMBS means Commercial Mortgage Backed Security. 2 CMT’s 40.00% share of CMBS debt taken at RCS Trust level to part fi nance the Raffl es City Singapore acquisition. Of the total CMBS of S$866.0 million, S$136.0 million (CMT’s 40.00% share thereof is S$54.4 million) is “AA” rated, the balance is “AAA” rated. 3 The principal amount of the CB due 2013 is S$650.0 million. The fi nal redemption price upon maturity on 2 July 2013 is equal to 109.31% of the principal amount. The CB may be redeemed in whole or in part, at the option of bondholders on 2 July 2011 at 105.43% of the principal amount.

Operating Activities Financing Activities Operating net cash fl ow for the FY ended CMT Group continued to adopt a rigorous 31 December 2009 was S$355.6 million, and focused approach to monitor the cash an increase of S$7.7 million over the position and level of borrowings with the operating cash fl ow of S$347.9 million in view of strengthening its capital structure the preceding FY. This was mainly due and competitive position. to higher NPI offset by higher working capital. NPI grew 10.4% or S$35.7 million Cash And Cash Equivalents from S$341.1 million in FY ended As at 31 December 2009, the value of 31 December 2008 to S$376.8 million, cash and cash equivalents of CMT Group largely attributed to the full-year impact stood at S$350.8 million, compared with of the acquisition of The Atrium@Orchard S$168.4 million as at 31 December 2008. and CMT Group’s ability to execute its asset This was mainly due to the balance of the enhancement strategies for Tampines Mall, net proceeds from the Rights Issue. IMM Building, Plaza Singapura, Bugis Junction, Sembawang Shopping Centre (3) Accounting Policies and Lot One Shoppers’ Mall. The fi nancial statements have been prepared in accordance with the Statement Investing Activities of Recommended Accounting Practice Given the tough market environment in (RAP) 7 “Reporting Framework for Unit 2009, the Group has become more prudent Trusts” issued by the Institute of Certifi ed in its capital requirements for new Public Accountants of Singapore, and the acquisitions and AEI. CMT Group will applicable requirements of the Code on constantly look out for new acquisition Collective Investment Schemes (the CIS opportunities. Code) issued by the Monetary Authority of Singapore (MAS) and the provisions of the Trust Deed.

42 CapitaMall Trust Report to Unitholders 2009 Trust Structure

CapitaMall Trust Structure

Unitholders

Investment in Distributions CapitaMall Trust

Asset Management Represents Interests Trustee Manager Services of Unitholders HSBC Institutional CapitaMall Trust Trust Services Management (Singapore) Limited Limited Asset Management Trustee’s Fees as the Trustee of Fees CapitaMall Trust

Ownership of Assets Net Property Income

Property Property Managers Management Services CapitaLand Retail Management Pte Ltd CMT Portfolio CapitaLand (RCS) Property Property Management Management Pte Ltd1 Fees

Tampines Mall Junction 8 Funan DigitaLife Mall IMM Building Plaza Singapura Bugis Junction Sembawang Shopping Centre Jurong Entertainment Centre Hougang Plaza Lot One Shoppers’ Mall Bukit Panjang Plaza Rivervale Mall The Atrium@Orchard Raffl es City Singapore (40.00% Interest)

1 CapitaLand (RCS) Property Management Pte Ltd manages only Raffl es City Singapore.

43 CapitaMall Trust Report to Unitholders 2009 Board of Directors

Left to right: Kee Teck Koon, Non-Executive Director S. Chandra Das, Independent Non-Executive Director Simon Ho Chee Hwee, Chief Executive Offi cer & Executive Director James Koh Cher Siang, Chairman & Independent Non-Executive Director Liew Mun Leong, Deputy Chairman & Non-Executive Director

44 CapitaMall Trust Report to Unitholders 2009 Left to right: Lim Beng Chee, Non-Executive Director Lim Tse Ghow Olivier, Non-Executive Director James Glen Service, Independent Non-Executive Director David Wong Chin Huat, Independent Non-Executive Director Lui Chong Chee*, Non-Executive Director

* Mr Lui Chong Chee has resigned from the Board with effect from 23 February 2010.

45 CapitaMall Trust Report to Unitholders 2009 Board of Directors

James Koh Cher Siang Liew Mun Leong Chairman & Independent Deputy Chairman & Non-Executive Director Non-Executive Director

Mr James Koh joined the Board on Mr Liew Mun Leong joined the Board on 1 January 2009. He is also Chairman 5 June 2002. He is also Chairman of of Audit Committee and Corporate Executive Committee and a member of Disclosure Committee. Corporate Disclosure Committee.

Concurrently, Mr Koh is a Non-Executive Mr Liew is a Director of CapitaLand Limited Independent Director on the Board of (listed on the SGX-ST) and President and CapitaLand Limited (CapitaLand) since CEO of CapitaLand Group. He is also 1 July 2005 and was last re-elected as Chairman of CapitaMalls Asia Limited (listed Director at CapitaLand’s Annual General on the SGX-ST), CapitaLand Residential Meeting on 23 April 2009. He is Chairman Singapore Pte Ltd, CapitaLand China of CapitaLand’s Risk Committee and Holdings Pte Ltd, CapitaLand Commercial Corporate Disclosure Committee; and a Limited, CapitaLand Financial Limited and Member of CapitaLand’s Audit Committee. CapitaLand ILEC Pte. Ltd. He is Deputy He is also a Director of CapitaLand Hope Chairman of The Ascott Limited, Foundation, the CapitaLand Group’s CapitaCommercial Trust Management philanthropic arm. Limited (the manager of CapitaCommercial Trust listed on the SGX-ST), CapitaRetail Mr Koh is presently Chairman of Housing China Trust Management Limited (the & Development Board, Singapore Deposit manager of CapitaRetail China Trust listed Insurance Corporation Limited, Governing on the SGX-ST) and Ascott Residence Board for the Mechanobiology Research Trust Management Limited (the manager Centre of Excellence and Singapore of Ascott Residence Trust listed on the Island Country Club. He sits on the SGX-ST). He is also a Director of Boards of Singapore Airlines Limited, CapitaLand Hope Foundation, the UOL Group Limited and Pan Pacifi c Hotels CapitaLand Group’s philanthropic arm. Group Limited (all listed on the Singapore Exchange Securities Trading Limited Mr Liew is presently Chairman of Changi (SGX-ST)). He is also a Director of Airport Group (Singapore) Pte Ltd and a Singapore Cooperation Enterprise. Director of Singapore Exchange Limited (listed on the SGX-ST). From 1997 to 2005, Mr Koh served as Chief Executive Offi cer (CEO) of the Inland In 2006, Mr Liew was named Outstanding Revenue Authority of Singapore. In that CEO of the Year in the Singapore Business capacity, he was both Commissioner of Awards. In 2007, he was conferred the Inland Revenue and Commissioner of CEO of the Year award (for fi rms with Charities. Prior to these appointments, market value of S$500 million or more) in Mr Koh was the Permanent Secretary in The Business Times’ Singapore Corporate the Ministries of National Development, Awards. In 2008, Mr Liew was named Community Development and Education. Asia’s Best Executive of 2008 (Singapore) Mr Koh has substantial experience in by Asiamoney and Best CEO in Asia public administration having served in (Property) by Institutional Investor. the Ministries of Finance, National Development, Community Development, Mr Liew graduated from the University Education and the Prime Minister’s Offi ce. of Singapore with a Civil Engineering He was awarded the Public Administration degree and is a registered professional Medal (Gold) in 1983 and the Meritorious civil engineer. Service Medal in 2002.

Mr Koh is a graduate of Oxford University, UK with a Bachelor of Arts (Honours) and a Master of Arts in Philosophy, Political Science and Economics. He also holds a Master in Public Administration from Harvard University, USA.

46 CapitaMall Trust Report to Unitholders 2009 Simon Ho Chee Hwee James Glen Service David Wong Chin Huat Chief Executive Offi cer & Independent Non-Executive Director Independent Non-Executive Director Executive Director

Mr Simon Ho joined the Board on Mr James Glen Service joined the Board Mr David Wong joined the Board on 25 November 2009. on 18 October 2001. He is also a member 17 January 2003. He is also a member of Audit Committee. of Audit Committee. Mr Ho has more than 20 years of experience in real estate investment In addition, Mr Service is the Executive Mr Wong is also currently a Non-Executive and management and was responsible Chairman of JG Service Pty Limited, a Director of ComfortDelgro Corporation for managing the operations of 17 retail specialist property consulting company. Limited, SBS Transit Ltd and Asia properties in Singapore as well as the He is the independent Deputy Chairman Enterprises Holding Limited. operations of CapitaMalls Asia Limited’s of Australand Holdings Limited, a subsidiary regional retail portfolio in China, India, of CapitaLand, which is listed on the A senior partner of Ramdas and Wong, Japan and Malaysia prior to assuming Australian Stock Exchange. He is a former Mr Wong has been a lawyer in private the CEO post for CapitaMall Trust Group Chairman of Advance Bank, a former practice with more than 30 years Management Limited in November 2009. Director of Challenger Financial Services experience in real estate, banking, He was previously the Deputy CEO of Group Ltd., and a former National President consumer fi nance and corporate law. CapitaMalls Asia Limited. of the Property Council of Australia. He presently serves as a member of the Public Service Commission and the Mr Ho holds a Master of Real Estate Mr Service has 20 years of experience Singapore Labour Foundation and was and a Bachelor of Science (Estate in fund management and property trusts. also the Chairman of the Bedok Citizens’ Management) (Honours) from the He was awarded the honour of Offi cer in Consultative Committee from 1989 till National University of Singapore. the General Division for the Order of 2007. A Justice of the Peace, he was Australia in 2004, a Silver Jubilee Medal in awarded the Public Service Star (BBM) 1975 and Canberra Citizen of the Year 2001. in 1991 and the BBM(L) in 2005. Mr Service is a Fellow of the Chartered Institute of Secretaries, a Life Fellow of the Mr Wong is a graduate of the University Australian Institute of Building, a Fellow of of Singapore, with a Bachelor of Laws. the Australian Society of Certifi ed Practicing He also holds a Master of Laws from the Accountants and a Member of the Institute University of London. of Chartered Accountants.

47 CapitaMall Trust Report to Unitholders 2009 Board of Directors

S. Chandra Das Kee Teck Koon Independent Non-Executive Director Non-Executive Director

Mr S. Chandra Das joined the Board on Mr Kee Teck Koon joined the Board on 5 June 2002. 2 April 2003.

Mr Das is also a Non-Executive Director Mr Kee is also currently a Non-Executive of Ascott Residence Trust Management Director of Changi Airports International Limited (the manager of Ascott Residence Pte Ltd and NTUC First Campus Trust listed on the SGX-ST). He is Co-Operative Ltd. He retired as the concurrently the Managing Director of Chief Investment Offi cer of CapitaLand NUR Investment & Trading Pte Ltd and Limited on 1 July 2009, a position he Singapore’s Non-Resident Ambassador assumed since February 2007. Between to Turkey. He has over 36 years of April 2003 and January 2007, he was experience primarily in companies involved responsible for overseeing the CapitaLand in the trading and manufacturing industries. group’s Financial, Commercial and Retail Currently, Mr Das hold Directorships in businesses. Prior to that, he was the various private and public listed companies. Managing Director and CEO of The Ascott He also serves as Pro-Chancellor of Group Limited from November 2000 to Nanyang Technological University. April 2003. Mr Kee has held senior management appointments with several Previously, Mr Das was a Non-Executive other organisations. He started his career Director of The Ascott Group Limited in 1979 with the Singapore Armed Forces from 1999 to 2008. He served as the and the Ministry of Defence where he Singapore Trade Representative to the remained until 1991. USSR from 1970 to 1971, Chairman of the Trade Development Board from 1983 to Mr Kee holds a Master of Arts in 1986 and Chairman of NTUC Fairprice Engineering Science from the University Co-operative Ltd from 1993 to 2005. of Oxford, United Kingdom. He was also a Member of Parliament in Singapore from 1980 to 1996.

Mr Das has been conferred numerous awards, such as the President’s Medal by the Singapore Australian Business Council in 2000, and the Distinguished Service (Star) Award by National Trades Union Congress in 2005.

Mr Das received his Bachelor of Arts (Honours) from the University of Singapore in 1965.

48 CapitaMall Trust Report to Unitholders 2009 Lim Tse Ghow Olivier Lim Beng Chee Non-Executive Director Non-Executive Director

Mr Olivier Lim joined the Board on 1 July Mr Lim Beng Chee joined the Board on 2005. He is also a member of Executive 1 November 2008. He is also a member and Corporate Disclosure Committees. of Executive Committee.

Concurrently, Mr Olivier Lim is the Group Mr Lim has more than 10 years of real Chief Financial Offi cer of CapitaLand estate investment and asset management Limited. He is also a Non-Executive experience. He previously held various Director of CapitaMalls Asia Limited, positions within the CapitaLand group CapitaCommercial Trust Management of companies since 2000 and has been Limited, Australand Holdings Limited, CapitaMalls Asia Limited’s CEO since Raffl es Medical Group Ltd, and a member 1 November 2008. Mr Lim has played of the Board of both Sentosa Development an instrumental role in the creation of Corporation and Accounting and CapitaMalls Asia Limited’s retail real estate Corporate Regulatory Authority. funds and retail real estate investment trusts. Mr Lim was appointed Prior to joining CapitaLand Limited, as the Deputy CEO of CapitaMall Trust he was Director and Head of the Real Management Limited in March 2005 until Estate Unit, Corporate Banking in Citibank December 2006. He then led the team Singapore. He has more than 20 years which spearheaded the listing of of work experience in diverse areas CapitaRetail China Trust, Singapore’s including corporate banking, investment fi rst pure-play China retail real estate banking, corporate fi nance and real estate investment trust and was appointed as fi n a n c i a l p r o d u c t s . CEO of CapitaRetail China Trust Management Limited in December 2006 In 2007, Mr Lim was named Chief Financial until September 2008 during which time Offi cer of the Year (for fi rms with market he was mostly stationed in Beijing. Mr Lim value of S$500 million or more) in The then returned to Singapore and assumed Business Times’ Singapore Corporate his appointment as CEO for both Awards. In 2009, he was awarded Best CapitaMalls Asia Limited and CapitaMall Investor Relations by a CFO by IR Magazine Trust Management Limited in November in its South East Asia Awards. Mr Lim holds 2008. Mr Lim stepped down as CEO a First Class Honours degree in Civil of CapitaMall Trust Management Limited Engineering from the Imperial College on 25 November 2009 upon the listing of Science, Technology and Medicine, of CapitaMalls Asia Limited. United Kingdom. Mr Lim holds a Master of Business Administration (Accountancy) from the Nanyang Technological University of Singapore and a Bachelor of Arts in Physics (Honours) from the University of Oxford, United Kingdom.

49 CapitaMall Trust Report to Unitholders 2009 Present Directorships

As at 3 March 2010, other present directorships held by the Directors are as follows:

James Koh Cher Siang Simon Ho Chee Hwee James Glen Service CapitaLand Hope Foundation Capita Card Pte. Ltd. Australand Property Group CapitaLand Limited CapitaLand Retail (BJ) Investments Australand Property Limited Governing Board for the Mechanobiology Pte. Ltd. Australand Investments Limited Research Centre of Excellence CapitaLand Retail Malaysia Sdn. Bhd. Foxlow Pty Ltd (Chairman) CapitaLand Retail Management J G Service Pty Ltd. Housing & Development Board Kabushiki Kaisha JGS Advisory Pty Ltd (Chairman) CapitaLand Retail Management Pte Ltd Lee Kuan Yew School of Public Policy CapitaLand Retail (MY) Pte. Ltd. David Wong Chin Huat (Adjunct Professor) CapitaLand Retail Prestige Mall Asia Enterprises Holding Limited Pan Pacifi c Hotels Group Limited Management Private Limited ComfortDelgro Corporation Limited Presidential Council for Religious Harmony CapitaLand Retail Project Management Ingenuo Pte Ltd (Member) Pte. Limited Leisure Challenge Pte Ltd Singapore Airlines Limited CapitaLand Retail Property Management OMB Pte. Ltd. Singapore Cooperation Enterprise India Private Limited Ramdas and Wong Singapore Deposit Insurance CapitaRetail Gurney Sdn Bhd (Senior Partner) Corporation Limited CapitaRetail India Fund Management SBS Transit Ltd Singapore Island Country Club Pte. Ltd. Singapore Labour Foundation (Chairman) CapitaRetail Singapore Limited (Director) UniSIM School of Business Advisory Panel CRMT MTN Berhad Zanddrift Investments International (Member) Flicker Projects Private Limited Pte Ltd UOL Group Limited Francolin Infrastructure Private Limited Gain 888 Investments Pte. Ltd. S. Chandra Das Liew Mun Leong Luxury Ace Sdn. Bhd. Action Information Management Pte Ltd Ascott Residence Trust Management Limited Nunlet Projects Private Limited Arrow Asia Opportunity Fund Limited CapitaCommercial Trust Management Limited Orchard Turn Retail Investment Pte. Ltd. Ascott Residence Trust CapitaLand China Holdings Pte Ltd Orchard Turn Retail Investment Pte. Ltd. Management Limited CapitaLand Commercial Limited (Alternate) Cougar Logistics Corporation Ltd. CapitaLand Financial Services Limited Orchard Turn Residential Development Goodpack Inda Pte Ltd CapitaLand Financial Limited Pte. Ltd. Hongguo International Holdings Ltd CapitaLand Hope Foundation Orchard Turn Developments Pte. Ltd. Myanmar Singapore Plantation Limited CapitaLand ILEC Pte. Ltd. Orchard Turn Developments Pte. Ltd. Nera Telecommunications Ltd CapitaLand Limited (Alternate) NUR Investment & Trading Pte. Ltd. CapitaLand Residential Singapore Pte Ltd Orchard Turn Holding Pte. Ltd. SICAL Distriparks Limited CapitaLand UK Holdings Limited Prestige Garden Constructions Southern Africa Investments Pte Ltd CapitaMalls Asia Limited Private Limited Tamil Murasu Limited CapitaRetail China Trust Management Prestige Mangalore Retail Ventures UON, Singapore Pte. Ltd. Limited Private Limited Yeo Hiap Seng Ltd Changi Airport Group (Singapore) Pte. Ltd. Prestige Mysore Retail Ventures YHS (Singapore) Pte Ltd China Club Investment Pte Ltd Private Limited NUS Business School Prestige Whitefi eld Investment and (Management Advisory Board Member) Developers Private Limited Singapore-China Foundation Ltd. Pronto Investment One Pte. Ltd. Singapore Exchange Limited Retail Galaxy Pte. Ltd. T.C.C. Capital Land Limited The Ascott Limited

50 CapitaMall Trust Report to Unitholders 2009 Kee Teck Koon Lim Beng Chee Changi Airports International Pte. Ltd. Albert Complex Pte Ltd NTUC First Campus Co-Operative Ltd BCH Retail Investment Pte Ltd (in liquidation – members’ voluntary Lim Tse Ghow Olivier winding up) Accounting and Corporate Regulatory Bugis City Holdings Pte Ltd Authority (ACRA) Board (in liquidation – members’ voluntary (Member) winding up) Areca Investment Pte Ltd Capita Card Pte. Ltd. Ascott Serviced Residence (China) CapitaLand SZITIC (Shenzhen) Property Fund Management Pte. Ltd. Management Co., Ltd. Australand Holdings Limited CapitaMalls Asia Limited Australand Property Limited CapitaRetail China Fund Management Australand Investments Limited Pte. Ltd. Ausprop Holdings Limited CapitaRetail China Trust Management Austvale Holdings Ltd Limited CapitaCommercial Trust CapitaRetail India Fund Management Management Limited Pte. Ltd. CapitaLand AIM Pte. Ltd. CapitaRetail Japan Fund Management CapitaLand China Holdings Pte Ltd Private Limited CapitaLand Commercial Limited CapitaRetail Malaysia REIT Management CapitaLand Corporate Investments Sdn. Bhd. Pte Ltd CapitaRetail Zhengzhou Real Estate CapitaLand Financial Limited Co., Ltd. CapitaLand Financial Services Limited CapitaLand Retail (SI) Investments Pte. Ltd. CapitaLand GCC Holdings Pte. Ltd. CapitaLand Retail (BJ1) Holdings Pte. Ltd. CapitaLand ILEC Pte. Ltd. CapitaLand Retail India Pte. Ltd. CapitaLand Industrial & Logistics CapitaLand Retail Investments (SY) Pte. Ltd. Holdings Limited CapitaLand Retail Japan Investments CapitaLand Residential Limited Pte. Ltd. CapitaLand Residential Singapore CapitaLand Retail Management Pte Ltd Pte Ltd CapitaLand Retail (MY) Pte. Ltd. CapitaLand Treasury Limited CapitaLand Retail Singapore Investments CapitaMalls Asia Limited Pte. Ltd. Hotels & Resorts (UK) Limited CapitaLand Retail Singapore Investments Lucid Investments Ltd Two Pte. Ltd. Mubadala CapitaLand Real Estate - LLC Clarke Quay Pte Ltd Raffl es Holdings Limited CMT MTN Pte. Ltd. Raffl es Medical Group Ltd One Trustee Pte. Ltd. RHL Capital Pte. Ltd. Orchard Turn Holding Pte. Ltd. RHL (Management) Pte. Ltd. Orchard Turn Residential Development Sentosa Development Corporation Pte. Ltd. (Member) Orchard Turn Retail Investment Pte. Ltd. Sentosa Leisure Holdings Pte. Ltd. Orchard Turn Developments Pte. Ltd. Somerset Capital Pte Ltd Plaza Singapura (Private) Limited Somerset Land Pte Ltd Premier Healthcare Services International The Ascott Limited Pte Ltd Pronto Two Limited Pyramex Investments Pte Ltd

51 CapitaMall Trust Report to Unitholders 2009 Organisation

Structure Board of Directors CapitaMall Trust Audit Management Limited Committee (CMTML) Chief Executive Offi cer

Deputy Chief Executive Offi cer

Senior Head, Head, Head, Manager, Asset Finance Investment Investor Management Relations

CapitaLand Retail

Management Pte Ltd Chief (CRMPL) Executive CMTML Offi cer Investment and Asset Managers CapitaMalls Asia’s Integrated Retail Real Estate Business Platform Country Group General Services Manager

Centre Manager General Manager Marketing Tampines Mall Sembawang Shopping Centre Communications Hougang Plaza Lot One Shoppers’ Mall Rivervale Mall Bukit Panjang Plaza

General Manager General Manager Junction 8 Leasing IMM Building Plaza Singapura Jurong Entertainment Centre The Atrium@Orchard

Tenancy Design & Centre Manager Centre Manager Co-ordination Funan DigitaLife Mall Bugis Junction

Project Design, Management Development & Committee Management Raffl es City Singapore

Engineering Design & General Manager Technical Services Raffl es City Singapore

52 CapitaMall Trust Report to Unitholders 2009 Trust Management Team (CMTML)

Simon Ho Chee Hwee Richard Ng Chief Executive Offi cer and Head, Asset Management Executive Director Richard oversees the asset management Please refer to description under the section department and is responsible for the on ‘Board of Directors’. overall performance of CMT’s assets. He has over 17 years of real estate Jesline Goh experience including property investment, Deputy Chief Executive Offi cer asset management, property development Jesline has over 13 years of experience and property management. He was part in investment and corporate fi nance, of of the team that launched CMT in 2002. which more than eight years were in real He has also previously covered the Russian estate investment management, asset and Malaysian markets. He holds a Master management and creation of private real of Science (Real Estate) and a Bachelor of estate funds. She has been with the Science (Estate Management) (Honours) CapitaLand Group for close to nine years. from the National University of Singapore. In addition to her appointment as Deputy Chief Executive Offi cer for CMTML, she is Looi Keng also the Deputy Country Head, Singapore Vice President, Asset Management for CapitaMalls Asia Limited. Jesline is Looi Keng has over 18 years of real estate a Chartered Financial Analyst and holds a experience. Her extensive experience Bachelor of Business Administration ranges from managing public housing, (First Class Honours) from the National private residential, commercial, industrial to University of Singapore. retail properties. Prior to joining CMTML, she was the Centre Manager of Tampines Tan Lei Keng Mall and Plaza Singapura, where she was Head, Finance responsible for the day-to-day management Lei Keng is responsible for the sourcing of the malls. She holds a Bachelor of and management of funds for CMT. Science (Estate Management) from the She also provides support in areas of National University of Singapore and has treasury, accounting, compliance and all completed the Executive Development fi nance-related matters in line with CMT’s Program at The University of Chicago investment strategy and its mall portfolio School of Business. management with a focus on driving revenue and delivering investment returns Ellina Chia for CMT. Prior to joining CMTML, Lei Keng Senior Manager, Asset Management had extensive regional experience in Ellina has over 12 years of real estate fi nance with locally-listed as well as experience in lease administration, American listed companies. She holds investment and asset management. a Master of Business Administration from She previously managed a private equity the University of South Florida and a fund which invests solely in Japan retail Bachelor of Accountancy from the properties. Prior to joining CMTML, University of Singapore. she was seconded to Lend Lease Japan for eighteen months to work on the FINANCE TEAM MEMBERS acquisition of non-performing loans. Cindy Chew She holds a Bachelor of Business Deputy Head, Finance (Marketing) (Honours) from the Nanyang Oh Sok Cheng Technological University, Singapore. Sharon Lam Audrey Tan Belina Low Kate Wong Senior Manager, Asset Management Cindy, Sok Cheng, Sharon, Audrey and Belina has over 11 years of real estate Kate are managers from CapitaMalls Asia experience in resort property sales, Limited, actively supporting the fi nancial retail leasing and retail marketing reporting function of CMT. communications. Prior to joining CMTML, she was Head of Marketing Communications, Singapore of CRMPL. She holds a Bachelor of Science in Business Administration from the University of Wales.

53 CapitaMall Trust Report to Unitholders 2009 Trust Management Team (CMTML)

Marjorie Ong Lee Xin Rui Manager, Asset Management Senior Executive, Investment and Marjorie has over nine years of real estate Asset Management experience including land-use planning, Xin Rui has over four years of real estate research, and asset management with experience in investment analysis and holds the public and private sectors. She holds a Bachelor of Social Science in Economics a Master in Design Studies (Distinction), (Honours) from the National University of specialising in real estate and urban Singapore. development, from Harvard University, and a Master in Architecture from the National Zheng Han University of Singapore. Senior Executive, Investment and Asset Management Adrian Tan Zheng Han has over three years of real Manager, Asset Management estate experience and holds a Bachelor Adrian has two years of real estate of Engineering (Mechanical Engineering) experience in investment and asset (Honours) from the National University management. Prior to joining CMTML, of Singapore. he covered the Russian, Malaysian and Vietnamese markets, and also worked Jeanette Pang in the public sector in the fi elds of trade Senior Manager, Investor Relations and investment promotion. He holds Jeanette has more than 14 years of a Bachelor of Business Administration experience in investor relations, journalism (Honours) from the National University and equity research support. Prior to joining of Singapore. CMTML, she handled investor relations for another real estate investment trust. Roy Lim She holds a Bachelor of Arts & Social Manager, Asset Management Science Degree from the National University Roy has two years of real estate experience of Singapore. She is also a Chartered in investment and asset management. Financial Analyst. Prior to joining CMTML, he worked in the public sector in the fi elds of creative industries and law. He holds a Master in Engineering from the University of Cambridge, United Kingdom.

Lim Chai Hoon Manager, Corporate Planning and Research Chai Hoon has over eight years of real estate experience in property valuation and research. Prior to joining CMTML, she was a Research Manager of CapitaLand Limited. She holds a Bachelor of Science (Real Estate) (Honours) from the National University of Singapore.

54 CapitaMall Trust Report to Unitholders 2009 Property Management Team (CRMPL)

Teresa Teow Pang Chee Seng General Manager, Singapore and Deputy Head, Engineering Design & Head, Leasing & Marketing Technical Services Communications, Singapore Chee Seng oversees the review of Teresa has more than 20 years of mechanical and electrical services designs experience in real estate management and in the various asset enhancement initiatives currently oversees the operations of 18 retail at CMT’s malls. He also develops design properties in Singapore. She is responsible guidelines to ensure that services designs for delivering investment returns as well as are complied with the local authorities’ achieving operational effi ciency of the malls. requirements. He works closely with the She also leads the Singapore Leasing and centre management teams to implement Marketing Communications teams. Teresa facility management policies, which holds a Bachelor of Business (Business include standard operation procedures, Administration) degree from the Royal optimisation of plant & equipment, Melbourne Institute of Technology, Australia. maintenance planning, bulk procurement, technical training and use of latest Carol Tan technology products. Chee Seng has over Head, Tenancy Design & 20 years of experience in property and Co-ordination, Singapore facilities management. He holds a Bachelor Carol is responsible for the review and of Commerce (Property) degree from Curtin approval of designs for shop fi t-outs in the University of Technology, Australia. shopping malls owned by CMT. She also develops retail design and merchandising guidelines to ensure that high standards of design, layout and visual merchandising are maintained in the malls and, is also involved in the conceptualisation of asset enhancement initiatives and feasibility studies. Carol has over 10 years of experience in retail design and project management. She holds an Industrial Technical Certifi cate in Mechanical Engineering Drawing & Design from Singapore Technical Institute and a Certifi cate for Management Studies from the Singapore Institute of Management.

Tan Boon Seng Head, Project Design, Development & Management, Singapore Boon Seng is responsible for all asset enhancement and development projects at CMT’s malls. One of his key roles is to create greater asset value through design and project management. Boon Seng is a registered Architect with over 22 years of experience in design, project management, contract administration and property development. He was previously the Chief Project Manager for the development of Changi Airport’s Terminal 3, Singapore. He holds a Bachelor of Arts (Architecture studies) and Bachelor of Architecture degree from the National University of Singapore.

55 CapitaMall Trust Report to Unitholders 2009 Tenants Speak

“CapitaMall Trust has established itself as a successful and trusted “Over the years, OSIM has developed a strong working relationship brand name. Charles & Keith is proud to be a tenant of CapitaMall with CapitaMall Trust. As a tenant, we appreciate landlords who Trust as the management team understands our business and has engage the tenants continuously and have good understanding of been very supportive in many ways to help make our business a their business. We strongly believe that with our combined efforts, success. We are confi dent that they can take the retail business to we will continue to grow and embrace the challenges ahead.” a higher level and look forward to continuing our long-standing partnership that is mutually rewarding.” Mr Ron Sim Chairman & CEO, OSIM International Ltd Mr Charles Wong Managing Director, Charles & Keith International Pte Ltd

“Kopitiam and CapitaMall Trust have had a long established “Home-Fix D.I.Y. has benefi ted signifi cantly from CapitaMall Trust’s relationship over the years. We are proud to be the partner of expertise and inputs on retail management. We believe that the a pro-active management team who is well-versed with the retail success of a shopping mall is dependent on the quality of its dynamics and our business. We look forward to working further management and we are impressed by the proactive management with CapitaMall Trust as we expand our business in the near future.” style and strong engagement of tenants by CapitaMall Trust. They will always be our trusted long-term partner.” Mr Alden Tan Siang Hin Managing Director, Kopitiam Investment Pte Ltd Mr Low Cheong Kee Managing Director, Home-Fix D.I.Y. Pte Ltd

56 CapitaMall Trust Report to Unitholders 2009 “We enjoy the relationship we have with CapitaMall Trust’s “Aston started our fi rst restaurant in a shopping mall with CapitaMall management team. They are a dedicated and professional retail Trust and it was defi nitely an investment in the right place with the mall management team who listens and understands the needs right people. We are impressed with the synergy that the of their tenants. CapitaMall Trust has established itself as a trusted management has created from its marketing miracles and tenants brand name throughout the years and Paradise Group sees our like us can benefi t from those innovative events and promotions working relationship going a long way towards the success of which drive sales. There are also many networking activities which our business.” allow us to explore expansion opportunities. ”

Mr Eldwin Chua Mr Aston Soon Chief Executive Offi cer, Paradise Group Holdings Pte Ltd Director, Aston Food & Beverage Specialities Pte Ltd

“Dickson’s reputable brands have benefi ted from the innovative “As a global luxury leather goods house, Bally is happy to be marketing strategies of CapitaMall Trust’s management team. positioned in a premium mall like Raffl es City Singapore which They constantly seek to push the frontier in developing exciting enjoys a prime location and strong traffi c fl ow. CapitaMall Trust and vibrant retail environments to attract both quality tenants has done a good job in implementing the strategic positioning of the and shoppers. We are pleased to be working with a team of mall and we appreciate their proactive efforts to engage tenants. professional retail managers who frequently communicates with us We look forward to strengthening our relationship with them.” and understands our needs.” Mr Rolf Kambli Ms Loh Ju Li CEO Asia Pacifi c, Bally Greater China Retail Ltd Executive Director, Dickson Trading (S) Pte Ltd

57 CapitaMall Trust Report to Unitholders 2009 Shoppers Speak

“I like Plaza Singapura and will visit the mall at least once a week to “We are in Singapore for holiday during this period and the mall is shop for groceries at Carrefour. This is such a convenient location quite close to where we are staying. Although it is not a very big for me as I live and work nearby. Besides Carrefour, I also patronise shopping mall, we can still fi nd a good selection of shops here. the food & beverage outlets and my hair stylist at the mall.” Furthermore, it is just next to the MRT station which makes it more convenient for us to travel here.” Ms Christie Scollon at Plaza Singapura Ms Jordan and sister at Junction 8

“The mall is located just next to Bugis MRT station and is really “Our family has migrated to Australia but we used to live near convenient for my friends to meet here. We like the wide range Tampines Mall. We remember the good times here, but it is a more of shops and great variety of food & beverage choices. The lively bustling environment now. There is a wide variety of food choices atmosphere with the nice festive decorations add a nice touch to and we love the al-fresco dining experience.” our shopping experience.” Mr Kevin Hoon and family Ms Stephanie Leong and friends at Tampines Mall at Bugis Junction

58 CapitaMall Trust Report to Unitholders 2009 “My shopping experience in Raffl es City Singapore has always been “I am a frequent shopper here as I like the wide variety of IT pleasurable. The wide window displays at the shops are attractive products available at the mall. The product prices are listed clearly and make my shopping decisions easier. I also like the good mix of and I do not have to haggle with the shop owners. I can shop at mid-range brands at affordable prices. This is defi nitely my preferred ease without having to deal with touting.” one-stop shopping and dining destination.” Mr Sukor Surip Ms Celine Goh at Funan DigitaLife Mall at Raffl es City Singapore

“For many years, my family has been shopping at the mall at least “My family visits the mall very often as my children love to eat once a week. We frequent the supermarket and food and beverage at Astons Specialities. We do most of our necessity shopping at outlets and there is always something for everyone. The recent the mall especially in outlets such as Giant Hypermarket and Daiso. renovation has improved the layout and made the mall brighter, Besides necessity shopping, I also visit the mall frequently for my cleaner and more comfortable.” beauty services.”

Mr Gurusamy Intrany and family Ms Chou Chui Yuen at Lot One Shoppers’ Mall at Sembawang Shopping Centre

59 CapitaMall Trust Report to Unitholders 2009 Corporate Social Responsibility

Mercy Relief’s charity concert and roadshow at Bugis Junction

Our Commitment to Our Community counters. For every S$2 that was received, We believe that it is an important part of a LEGO brick went towards the building our mission to give back to our community, of a LEGO structure of Singapore. especially in tough fi nancial times. Making a positive difference, building strong At an event held at Junction 8, Singapore community relationships and working Idol’s top seven fi nalists rallied together to together, provide the motivation for CMT request for donations toward the ‘We are malls’ community involvement. One’ charity initiative. They received a resounding response from their supporters In 2009, CMT partnered several government and shoppers. agencies, grassroot organizations and schools to hold civic and community events The charity donation drive which spanned at its malls. One of the major community two months, eventually raised more than events held during the year was the S$500,000 in donations. ‘We are One’ charity initiative organised with MediaCorp in aid of the President’s In September, Mercy Relief, a charitable Challenge 2009 and the Community Chest organisation, held a charity concert cum of Singapore. The donation drive was roadshow at Bugis Junction to raise funds offi cially launched by President S.R. Nathan. for those affected by Typhoon Morakot in Taiwan and the Philippines. The concert Ten of CMT’s malls, together with Raffl es featured musical performances by artistes City Singapore, Clarke Quay, ION Orchard such as local celebrities Kelvin Chen Wei and LEGO Singapore, jointly supported the Lian and Joi Cai Chun Jia. The public was initiative by encouraging the public to make also able to learn more about Mercy Relief’s donations at our malls’ customer service humanitarian work through an exhibition and on-site displays.

60 CapitaMall Trust Report to Unitholders 2009 Very Special Arts Singapore’s annual charity exhibition at Raffl es City Singapore

Tampines Mall’s open landscaped plaza Raffl es City Singapore (RCS) supported A ‘Spin for Life’ event organised by the hosted many community and social events Very Special Arts Singapore, a charitable Breast Cancer Foundation was held at during the year. The mall hosted the launch organisation, by sponsoring the venue for Plaza Singapura to encourage more people of an online digital community portal for its annual charity exhibition. The event was to enjoy cycling and experience its health Tampines East and a ‘Be Fab and Smoke a platform to showcase the artistic talents benefi ts. Each participant in the cycling Free’ fashion event organised by the Health of people with disabilities and to help these event was presented with a t-shirt and Promotion Board. The mall also supported artists achieve fi nancial independence goodie bag. Prizes were also given to the the Singapore Cancer Society’s roadshow through sales of their artwork. fi rst 10 who completed the race. activities during the Colorectal Cancer Awareness Week. Tampines Mall also During the festive season, RCS also Plaza Singapura also held community worked with TOUCH Young Arrows, hosted ‘The Little Christmas Hat Project’ events such as the Singapore Red Cross a volunteer group that looks after needy which raised funds through the sale of (SRC) 60th Anniversary photo exhibition and disadvantaged children aged between Little Christmas Hats, handmade by local and ‘World Animal Day’. The photo six and 12, to treat the needy children to housewives with low or no incomes. exhibition featured 200 to 250 photos an ice skating workshop at the mall. The The sales brought in an income for these depicting the history of SRC, their past group of children enjoyed play time at housewives and S$1 from the sale of each work, local humanitarian efforts, overseas Tampines Mall’s TimeZone arcade which Hat was donated to SingHealth Foundation relief work, as well as an exhibit of sponsored game cards for the children. which is a not-for-profi t organisation memorabilia from past and present. The A few mall tenants such as Lee Wee & committed to raising funds to support ‘World Animal Day’ was an event organised Brothers’ and Polar Puffs and Cakes also healthcare programmes. Sixty hats were by Animal Concerns Research and sponsored meals for the children. eventually adopted by shoppers at RCS Education Society which hopes to save and donated to patients at KK Women’s sharks through fund-raising efforts and Children’s Hospital. and creating public awareness.

61 CapitaMall Trust Report to Unitholders 2009 Corporate Social Responsibility

‘Back to School’ event at Sembawang Shopping Centre

In collaboration with CapitaLand Hope encouraged our tenants to participate in Foundation, Sembawang Shopping Centre Earth Hour by sending specially-designed played host to 200 underprivileged children Earth Hour posters to them. for a ‘Back to School’ event in June. The children were given CapitaVouchers and In 2009, two of our malls, Bukit Panjang eco-friendly bags to shop for their school Plaza and Lot One Shoppers’ Mall, were and daily necessities in preparation for their awarded the Building and Construction new school terms. The day ended off with Authority of Singapore (BCA) Green Mark a guided tour of Sembawang Shopping certifi cation. The BCA Green Mark is a Centre where the children learnt about the green building rating system used to green features of the environmentally- evaluate a building on its environmental friendly mall and had fun playing at the impact and performance. It is endorsed mall’s splash park. and supported by Singapore’s National Environment Agency. Our Commitment to Our Environment We adopt eco-friendly practices and aim to A third mall, Sembawang Shopping Centre, create vibrant and environmentally friendly achieved a BCA Green Mark Gold award for settings at CMT’s malls, as part of our its resource-effi cient features. These include commitment to environmental sustainability. energy-effi cient air-conditioning, use of solar energy, natural ventilation and daylight We supported the global ‘Earth Hour’ for carparks, and use of environmentally campaign to fi ght global warming. On friendly materials such as cool paint. 28 March 2009, our malls marked Earth Hour by turning off their facade and Active water conservation efforts at two non-essential lights for one hour. We also of our malls, Raffl es City Singapore and The Atrium@Orchard, paid off with the

62 CapitaMall Trust Report to Unitholders 2009 Sembawang Shopping Centre has been conferred the BCA Green Mark Gold Award 2009

award of ‘Water Effi cient Building’ certifi cates by the Public Utilities Board Building Awards during the year. CMT’s other malls which have already been awarded the certifi cate include Tampines Mall, Junction 8, Bukit Panjang Plaza BCA Green Mark Certifi ed Funan DigitaLife Mall, IMM Building, Building and Construction Authority Plaza Singapura, Bugis Junction, Lot One Shoppers’ Mall, Bukit Panjang Plaza and Lot One Shoppers’ Mall BCA Green Mark Certifi ed Rivervale Mall. Our property management Building and Construction Authority team will continue to seek new ways to Raffl es City Singapore Fire Safety Excellence Award 2009 reduce water usage. Fire Safety Council We remain committed to maintain high Water Effi cient Building Award 2009 performance at CMT’s malls while Public Utilities Board upholding our green objectives. Through Silver Award 2009 ongoing staff training, onsite monitoring Development and Design: Renovation and regular internal audits, we strive to or Expansion of an Existing Project improve our eco-friendly practices in International Council of Shopping Centers managing the malls. (ICSC) Asia Sembawang Shopping Centre Gold Award 2009 BCA Green Mark Building and Construction Authority The Atrium@Orchard Water Effi cient Building Award 2009 Public Utilities Board

63 CapitaMall Trust Report to Unitholders 2009 Human Capital

Training session in creative thinking for staff

People are our greatest asset and it is their We also work closely with CapitaLand compensation strategies ensure that passion, professionalism, talent and Institute of Management and Business we remain competitive and continue to commitment that form the backbone of our (CLIMB) to provide staff with a wide range attract and retain talent. success. Recognising that people make the of professional and personal development ultimate difference in the success of our courses in areas such as communication, Engaging Our People business, we adopt an integrated human innovation, real estate management, Beyond providing our people with exciting capital strategy to recruit, develop and fi nance, investment and leadership and challenging careers, we believe that it is motivate employees. development. equally important to cultivate an open work culture that facilitates communication and Talent Management Strategy Overseas study visits constitute one of our teamwork, and promotes the open We are relentless in seeking outstanding key iconic development programmes as exchange of ideas. talents both internally and externally to they enable staff to widen their exposure strengthen our bench strength and to and gain insights into overseas retail mall In line with our staff engagement strategy, support our growth in Singapore. As part of management and unique retail concepts. senior management conducts regular staff our talent management strategy, talents are This year, we organised three study trips to communication sessions to share key recruited at different points in their careers, Beijing, one to Hong Kong and Shenzhen, fi nancial results and strategic business from fresh graduates to young, mid-career as well as one to London. thrusts, and to engage staff in open professionals, and industry veterans. exchange of ideas and suggestions for Through our comprehensive and systematic business improvements. We are committed to staff development and staff development programme, we are able continuous training. A comprehensive to groom more talents to drive and support Caring For Our People – Total Well Being development programme is developed for our business growth and operations in Key to our human resource management staff at all levels to acquire relevant Singapore. philosophy is total wellness for our knowledge and skills to perform at their employees. Workplace total wellness best. This includes sponsorships of Competitive Compensation & Benefi ts initiatives in 2009 included regular talks and diploma, degree, masters and executive We motivate and reward employees outdoor recreational activities such as a development programmes, as well as with comprehensive and competitive soccer tournament, rafting and a fun walk at rotations across different malls or functions compensation and benefi ts which are Hort Park, to promote healthy lifestyles and to gain exposure and learn new skills. contingent on achieving performance work-life harmony. targets. The incentive plan includes At the core of our development programme short-term cash bonuses and long-term We believe our success is shaped by our is a systematic 5 to 10-day immersion equity-based reward plans such as people and we will continue to manage and programme for all new hires to gain insights restricted shares and performance share develop our human capital. into our business operations, strategies, plans. Regular benchmarking against core values and management philosophy. different markets and innovation in

64 CapitaMall Trust Report to Unitholders 2009 Corporate Governance

Our Role Monetary Authority of Singapore (MAS) Our primary role as the manager of CMT and the tax rulings issued by the Inland (Manager) is to set the strategic direction Revenue Authority of Singapore on the of CMT and make recommendations to taxation of CMT and its Unitholders. HSBC Institutional Trust Services (Singapore) Limited, in its capacity as trustee of CMT • Attending to all regular communications (Trustee), on the acquisition, divestment with Unitholders. or enhancement of the assets of CMT in accordance with its stated investment • Supervising CapitaLand Retail strategy. The research, evaluation and Management Pte Ltd (CRMPL) (Property analysis required for this purpose is Manager), which performs the day-to- co-ordinated and carried out by us as day property management functions the Manager. We are also responsible for (including leasing, accounting, marketing, the risk management of CMT. promotion, coordination and property management) for the CMT malls namely, As the Manager, we have general powers Tampines Mall, Junction 8, Funan of management over the assets of CMT. DigitaLife Mall, IMM Building, Plaza Our primary responsibility is to manage the Singapura, Bugis Junction, Sembawang assets and liabilities of CMT for the benefi t Shopping Centre, Hougang Plaza, of Unitholders. We do this with a focus on Jurong Entertainment Centre, Lot One generating rental income and enhancing Shoppers’ Mall, Bukit Panjang Plaza, asset value over time so as to maximise Rivervale Mall and The Atrium@Orchard the returns from the investments, and pursuant to the property management ultimately the distributions and total return agreements signed for each mall. to Unitholders. With regard to Raffl es City Singapore (RCS), which is held by CMT and Our internal review procedures encompass CapitaCommercial Trust (CCT) in proactive measures for avoiding situations the proportions of 40.00% and 60.00% of confl ict and potential confl icts of interest, respectively, the Property Manager including prioritising the interests of holds 40.00% interest in CapitaLand Unitholders over the Manager’s and ensuring (RCS) Property Management Pte. Ltd. that applicable laws and regulations are which provides property management complied with, so that Unitholders’ interests services to RCS. CapitaLand Commercial are best served at all times. Management Pte Ltd, which is the property manager of the properties Our other functions and responsibilities as owned by CCT, holds the other 60.00%. the Manager include: As a result of its interest in CapitaLand (RCS) Property Management Pte. Ltd., • Using our best endeavours to carry on the Property Manager is able to play and conduct CMT’s business in a proper a key role in directing the property and effi cient manner and to conduct all management function for RCS. transactions with, or on behalf of, CMT at arm’s length. CMT, constituted as a trust, is externally managed by the Manager and therefore • Preparing property plans on an annual has no personnel of its own. The Manager basis for review by our Directors, including appoints experienced and well qualifi ed forecasts on revenue, net income and management to run its day-to-day capital expenditure, explanation of major operations. All Directors and employees variances, to previous years’ numbers, of the Manager are remunerated by the written commentary on key issues and Manager and not CMT. underlying assumptions on rental rates, operating expenses and any other CapitaMall Trust Management Limited relevant assumptions. These plans (CMTML) is appointed as the Manager explain the performance of CMT’s assets. in accordance with the terms of the Trust Deed dated 29 October 2001 as amended • Ensuring compliance with relevant laws by the First Supplemental Deed dated and regulations, including the Listing 26 December 2001, the Second Manual of the SGX-ST (Listing Manual), Supplemental Deed dated 28 June 2002, the Code on Collective Investment the Amending and Restating Deed dated Schemes (the CIS Code) issued by the 29 April 2003, the Fourth Supplemental

65 CapitaMall Trust Report to Unitholders 2009 Corporate Governance

Deed dated 18 August 2003, the Second Governance 2005 (Code) in the discharge The Board meets regularly to discuss Amending and Restating Deed dated 9 July of our responsibilities as the Manager in and review the Manager’s key activities, 2004, the Sixth Supplemental Deed dated our dealings with Unitholders and the other including its business strategies and policies 18 March 2005, the Seventh Supplemental stakeholders. The following paragraphs for CMT. Board meetings are scheduled in Deed dated 21 July 2005, the Eighth describe our corporate governance policies advance, and are held at least once every Supplemental Deed dated 13 October and practices in 2008 as the Manager, quarter, to deliberate on the strategic 2005, the Ninth Supplemental Deed dated with specifi c references to the Code. They policies of CMT, including any signifi cant 20 April 2006, the Third Amending and encompass proactive measures adopted acquisitions and disposals, review the Restating Deed dated 25 August 2006, by us for avoiding situations of confl ict annual budget, review the performance the Eleventh Supplemental Deed dated and potential confl ict of interest, including of the business, review the fi nancial 15 February 2007, the Twelfth Supplemental prioritising the interests of Unitholders over performance of the Manager and CMT Deed dated 31 July 2007 and the Thirteenth the Manager’s and ensuring that applicable and approve the release of the quarterly Supplemental Deed dated 20 May 2008 laws and regulations are complied with. For and full-year results. The Board also reviews (collectively, the Trust Deed). ease of reference, the relevant provisions the risks to the assets of CMT and acts of the Code under discussion are identifi ed upon any comments from the auditors of The Trust Deed outlines certain circumstances in italics. CMT. Additional Board meetings are held, under which the Manager can be removed, where necessary, to address signifi cant by notice in writing given by the Trustee, in (A) Board Matters transactions or issues. The Articles of favour of a corporation appointed by the The Board’s Conduct of Affairs Association of the Manager permit Trustee upon the occurrence of certain Principle 1: Board meetings to be held by way of events, including by a resolution passed Every company should be headed by teleconference and videoconference. by a simple majority of Unitholders present an effective Board to lead and control and voting at a meeting of Unitholders duly the company. The Board works with In the discharge of its functions, the Board convened and held in accordance with the Management to achieve this and is supported by specialty Board committees provisions of the Trust Deed. the Management remains accountable that provide independent oversight of to the Board. management, and which also serve to Our Corporate Governance Culture ensure that there are appropriate checks Strong corporate governance has The Board of Directors of the Manager and balances. These Board committees are always been our priority as the Manager. (the Board) is responsible for overall the Audit Committee, Executive Committee We recognise that an effective corporate managing and governing the Manager and Corporate Disclosure Committee. governance culture is critical to our and CMT in the best interests and for Each of these Board committees operate performance and, consequently, to the benefi t of Unitholders. under delegated authority from the Board. the success of CMT. As such, corporate Other committees may be formed as governance will always be at the top of The Board provides leadership to the dictated by business imperatives and/or our agenda. Manager, sets strategic directions and to promote operational effi ciency. oversees competent management of Our Achievements CMT, including necessary fi nancial and The number of Board and committee Our commitment towards strong corporate human resources, to meet its objectives. meetings held in the year, as well as the governance was affi rmed with CMT The Board establishes goals for management attendance of their membership, are set garnering awards for ‘Most Transparent and monitors the achievement of these out on page 69. Information on the Audit Company’ Award (REITs category) at the goals. It ensures that proper and effective Committee can be found in the section Securities Investors Association Singapore controls are in place to assess and manage ‘Audit Committee’ below. The Executive (SIAS) Investors’ Choice Awards for the business risk, and compliance with Committee oversees the day-to-day sixth consecutive year in 2009. CMT also applicable laws. It also sets the disclosure activities of the Manager on behalf of clinched a Certifi cate of Excellence at the and transparency standards for CMT and the Board including, to: Investor Relations (IR) Magazine Awards ensures that obligations to Unitholders and 2009 (South East Asia). At the Singapore other stakeholders are understood and met. • Approve or make recommendations Corporate Awards 2009, CMT won the to the Board on new investments, prestigious Gold award for ‘Best Annual Each Director must act honestly, with due acquisitions, fi nancing offers and Report – REITS & Business Trusts’. This care and diligence, and in the best interests banking facilities. Gold award recognises the most outstanding of Unitholders. This obligation ties in with annual report based on criterion such as the Manager’s prime responsibility in • Approve or make recommendations to transparency, adequacy of disclosure and managing the assets and liabilities of CMT the Board on divestments and write-offs presentation of information. for the benefi t of Unitholders. Decisions are of property assets/equity stakes. taken objectively in the interests of CMT. We are committed to high standards of The Manager has adopted guidelines, • Approve specifi c budgets for capital corporate governance and transparency details of which are set out on pages 72 to expenditure for development projects, in our management of CMT, and operate 74 for Interested Person Transactions (as acquisitions and enhancements/ in the spirit of the Code of Corporate defi ned herein) and dealing with confl icts upgrading of properties. of interest.

66 CapitaMall Trust Report to Unitholders 2009 • Review management reports and Board Composition and Guidance Chairman and Chief Executive Offi cer operating budgets. Principle 2: Principle 3: There should be a strong and There should be clear division of • Award contracts for development independent element on the Board, responsibilities at the top of the company projects. which is able to exercise objective – the working of the Board and the judgement on corporate affairs executive responsibility of the company’s • Recommend changes to the fi nancial independently, in particular, from business – which will ensure a balance limits for investment, etc. Management. No individual or small of power and authority, such that no one group of individuals should be allowed to individual represents a considerable • Report to the Board on decisions made dominate the Board’s decision-making. concentration of power. by the Executive Committee. Currently, the Board consists of nine The roles of Chairman and Chief Executive • Perform such other functions as varied Directors of whom three are Independent Offi cer are separate and the positions are or delegated by the Board. Non-Executive Directors. The majority of held by two separate persons. This is to the Board members are Non-Executive with ensure an appropriate balance of power, The members of the Executive Committee one-third of the Board being independent. increased accountability and greater capacity also meet informally during the course of the Non-Executive Directors actively participate of the Board for independent decision year. The Corporate Disclosure Committee in setting and developing strategies and making. The division of responsibilities reviews corporate disclosure matters goals for management, and reviewing and between the Chairman and the Chief relating to CMT, including announcements assessing management’s performance. Executive Offi cer facilitates effective to the SGX-ST, and pursues best practices This enables management to benefi t from oversight and a clear segregation of duties. in terms of transparency. their external and objective perspective of The Chairman and the Chief Executive issues that are brought before the Board. Offi cer are not related to each other. The Board has adopted a set of internal It also enables the Board to interact and controls which sets out approval limits for, work with management through a healthy The Chairman leads the Board to ensure amongst others, capital expenditure, new exchange of ideas and views to help shape the effectiveness on all aspects of its investments and divestments, operating the strategic process. Coupled with a clear role and sets its agenda. He ensures of bank accounts, bank borrowings and separation of the roles of the Chairman and that the members of the Board receive cheque signatories’ arrangements at Board the Chief Executive Offi cer, this provides a accurate, clear and timely information, level. Apart from matters that specifi cally healthy professional relationship between facilitates the contribution of Non-Executive require the Board’s approval – such as the the Board and management with clarity Directors, encourages constructive relations issue of new Units, income distributions and of roles and robust deliberation on the between Executive Directors, Non-Executive other returns to Unitholders – the Board business activities of CMT. Directors and management, ensures approves transactions exceeding certain effective communication with Unitholders threshold limits, while delegating authority A Director is considered independent if and promotes a high standard of for transactions below those limits to Board he has no relationship with the Manager corporate governance. committees. Appropriate delegation of or its offi cers that could interfere, or be authority and approval sub-limits are also reasonably perceived to interfere, with The Chairman also ensures that the Board provided at management level to facilitate the exercise of the Director’s independent works together with management with operational effi ciency. business judgment in the best interests integrity, competency and moral authority, of CMT. The Chairman of the Board, James and to engage management in constructive The Manager issues formal letters upon Koh Cher Siang, James Glen Service, debate on strategy, business operations appointment of new Directors. Newly David Wong Chin Huat and S. Chandra Das and enterprise risks. appointed Directors are briefed on the are considered to be Independent Directors. business activities of CMT, its strategic The Chief Executive Offi cer has full directions and policies, the regulatory The Board is of the view that its current executive responsibilities over the business environment in which CMT operates, composition comprises persons who, directions and operational decisions of the Manager’s corporate governance as a group, provide the necessary core managing CMT. practices, and their statutory and other competencies and that the current Board duties and responsibilities as Directors. size is appropriate, taking into consideration Board Membership and Board Directors are routinely updated on the nature and scope of CMT’s operations. Performance developments and changes in the The profi les of the Directors are set out on Principle 4: operating environment, including revisions pages 46 to 49 of this Report. There should be a formal and transparent to accounting standards, and laws and process for the appointment of new regulations affecting the Manager and/or directors to the Board. CMT. Directors are also encouraged Principle 5: to participate in industry conferences, There should be a formal assessment of seminars and training programmes in the effectiveness of the Board as a whole connection with their duties. and the contribution by each director to the effectiveness of the Board.

67 CapitaMall Trust Report to Unitholders 2009 Corporate Governance

As the Manager is not itself a listed entity, The independence of each Director is Access to Information and the Manager does not consider it necessary reviewed upon appointment, and thereafter Accountability for the Board to establish a nominating annually, by the Board. Reviews of Board Principle 6: committee as it believes that the performance performance as appropriate are informal. In order to fulfi l their responsibilities, of the Manager, and hence, its Board, is Renewal or replacement of Board members Board members should be provided refl ected in the long term success of CMT. do not necessarily refl ect their contributions with complete, adequate and timely Thus, the Board performs the functions that to date, but may be driven by the need to information prior to board meetings and such a committee would otherwise perform, position and shape the Board in line with on an on-going basis. namely, it administers nominations to the the medium term needs of CMT and its Principle 10: Board, reviews the structure, size and business. The fi nancial indicators, set out The Board should present a balanced composition of the Board, and reviews in the Code as guides for the evaluation and understandable assessment of the the independence of Board members. of the Board and its Directors, are in the company’s performance, position and Manager’s opinion more of a measurement prospects. Directors of the Manager are not subject of management’s performance and therefore to periodic retirement by rotation. The less applicable to Directors. In any case, Management provides the Board with composition of the Board is reviewed such fi nancial indicators provide a snapshot complete and adequate information in a regularly to ensure that the Board has the of CMT’s performance, and do not fully timely manner. This is done through regular appropriate size and mix of expertise and measure the sustainable long term wealth updates on fi nancial results, market trends experience. In particular, the Manager strives and value creation of CMT. The Manager and business developments. Changes to ensure the Board as a whole has the believes that Board performance and that to regulations, policies and accounting requisite blend of background, experience of individual Board members would perhaps standards are also monitored closely. and knowledge in business, fi nance and be better refl ected in, and evidenced by, To keep pace with regulatory changes, management skills critical to CMT’s proper guidance, diligent oversight and where these changes have an important businesses, and that each Director with able leadership, and the support that it and signifi cant bearing on CMT and its his special contribution brings to the Board lends to management in steering CMT disclosure obligations, the Directors are an independent and objective perspective in the appropriate direction, and the long briefed by management during Board to enable balanced and well-considered term performance of CMT whether under meetings, at specially convened sessions or decisions to be made. A Director with favourable or challenging market conditions. via circulation of Board papers. Information multiple board representations is expected This is ultimately refl ected in safeguarding provided to the Board include explanatory to ensure that suffi cient attention is given the interests of CMT and maximising background relating to matters to be to the affairs of the Manager and CMT. Unitholder value. brought before the Board, budgets, forecasts and management accounts. In relation to The composition of the Board, including Contributions by an individual Board budgets, any material variance between the selection of candidates for new member can also take other forms, projections and actual results are disclosed appointments to the Board as part of the including providing objective perspectives and explained. Board’s renewal process, is determined of issues, facilitating business opportunities using the following principles: and strategic relationships, and accessibility The Secretary of the Manager works with to management outside of a formal the Chairman and management to ensure • The Chairman of the Board should be an environment of Board and/or Board that Board papers and agenda are provided Independent Non-Executive Director. committee meetings. to each Director in advance of Board meetings so that they can familiarise • The Board should comprise Directors The matrix of Board members’ participation themselves with the matters prior to the with a broad range of commercial and attendance record at meetings of the Board meetings. Senior executives who can experience, including expertise in funds Board and the specialty Board committees provide additional insights into matters to be management, the property industry and during the fi nancial year is provided below. discussed are requested to also attend the in the banking and legal fi elds. This also refl ects a Board member’s Board meetings so as to be at hand to additional responsibilities and special answer questions. Board meetings are • At least one-third of the Board should focus on the respective Board committees. usually half-a-day affairs and include comprise Independent Directors. presentations by senior executives, external Board and Board Committees consultants and experts on strategic issues The selection of candidates is evaluated Composition relating to specifi c business areas. taking into account various factors including Six Board meetings were held in 2009. The the current and mid-term needs and goals tables contain the attendance record of The Board has separate and independent of CMT, and hence, the Manager, as well as Directors at Board meetings and committee access to the Manager’s senior management the relevant expertise of the candidates and meetings during the year, and details of their and the Secretary, and vice versa. The their potential contributions. Candidates memberships in the Board and committees. Secretary will give the Board the necessary may be put forward or sought through assistance and is also responsible for contacts and recommendations. assisting the Chairman in ensuring that

68 CapitaMall Trust Report to Unitholders 2009 Board procedures are followed and that Composition the applicable laws and regulations are complied with. Corporate Audit Executive Disclosure Under the direction of the Chairman, the Board Members Committee Committee Committee Secretary’s responsibilities include ensuring James Koh Cher Siang Chairman – Chairman good information fl ows within the Board and its committees and between senior Liew Mun Leong – Chairman Member management and Non-Executive Directors Simon Ho Chee Hwee1 –––as well as facilitating orientation and assisting with professional development James Glen Service Member – – as required. The Secretary attends Board David Wong Chin Huat Member – – meetings and committee meetings to take minutes. The appointment and removal of S. Chandra Das – – – the Secretary is a Board reserved matter. Kee Teck Koon – – – Where necessary, the Manager will, upon Lim Tse Ghow Olivier Member Member Member the request of Directors (whether as a group Lim Beng Chee2 – Member – or individually), provide them with independent professional advice, at the Manager’s Lui Chong Chee – – – expense, to enable them to discharge their duties. The Secretary assists the Directors in obtaining such advice.

The Manager has implemented quarterly fi nancial reporting for CMT since inception. Meeting Attendance Financial results and other price sensitive public announcements are presented in a Audit balanced and understandable assessment Board Committee of CMT’s performance, position and Number of Number of prospects. The Manager also provides Meetings Meetings the Directors with management accounts Board Members Held: 6 Held: 4 on a monthly basis to enable Directors to keep abreast of CMT’s fi nancial James Koh Cher Siang 6 4 performance, position and prospects. Liew Mun Leong 4 N.A. (B) Remuneration Matters 1 Simon Ho Chee Hwee N.A. N.A. Procedures for Developing James Glen Service 5 3 Remuneration Policies Principle 7: David Wong Chin Huat 6 4 There should be a formal and transparent S. Chandra Das 6 N.A. procedure for developing policy on executive remuneration and for fi xing the Kee Teck Koon 5 N.A. remuneration packages of individual Lim Tse Ghow Olivier 5 1 directors. No director should be involved in deciding his own remuneration. Lim Beng Chee2 6 N.A. Lui Chong Chee 5 N.A. Level and Mix of Remuneration Principle 8: The level of remuneration 1 Simon Ho was appointed as a Director of the Board and Chief Executive Offi cer of the Manager with effect from should be appropriate to attract, retain 25 November 2009. and motivate the directors needed 2 Lim Beng Chee resigned as the Chief Executive Offi cer of the Manager with effect from 25 November 2009 but remains as a Director of the Board. to run the company successfully but companies should avoid paying more than is necessary for this purpose. A signifi cant proportion of executive directors’ remuneration should be structured so as to link rewards to corporate and individual performance.

69 CapitaMall Trust Report to Unitholders 2009 Corporate Governance

Disclosure on Remuneration Principle 9: Directors’ Remuneration for FY2009 Each company should provide clear FY2009 FY2008 disclosure of its remuneration policy, Director’s Director’s level and mix of remuneration, and the Board Members Fees1 Fees1 procedure for setting remuneration in the company’s annual report. It should James Koh Cher Siang S$131,000 – provide disclosure in relation to its Liew Mun Leong S$5,7005 – remunerative policies to enable investors to understand the link between remuneration Simon Ho Chee Hwee2 –– paid to directors and key executives, James Glen Service S$84,400 S$92,700 and performance. David Wong Chin Huat S$72,000 S$69,000 The remuneration of Directors and staff S. Chandra Das S$48,000 S$46,000 of the Manager is paid by the Manager, and not by CMT. The Manager adopts Kee Teck Koon3 S$17,0003 – the remuneration policies and practices 5 of its holding company, CapitaMalls Asia Lim Tse Ghow Olivier S$6,700 – Limited (CMA), which has a remuneration Lim Beng Chee4 –– committee that determines and 5 recommends to the CMA board of directors, Lui Chong Chee S$3,600 – the framework of remuneration, terms of 1 Inclusive of attendance fees of (a) S$2,000 (local director) and S$5,000 (foreign director) per meeting attendance in person, engagement, compensation and benefi ts (b) S$1,700 per meeting attendance via tele-conference or video conference, and (c) S$1,000 per meeting attendance at project for senior executives of CMA and its and verifi cation meetings subject to a maximum of S$10,000 per Director per annum. Directors’ fees are subject to the approval of the Manager’s shareholder. subsidiaries, which include the Chief 2 Simon Ho was appointed as a Director of the Board and Chief Executive Offi cer of the Manager with effect from Executive Offi cer of the Manager and 25 November 2009. members of its senior management team. 3 Kee Teck Koon retired from CapitaLand Limited on 1 August 2009 and is entitled to Director’s fees for the period of 1 August 2009 to 31 December 2009. It is hence not necessary for the Manager 4 Lim Beng Chee resigned as the Chief Executive Offi cer of the Manager with effect from 25 November 2009 but remains as to have a remuneration committee. a Director of the Board. 5 Director’s fees are payable to CapitaLand Limited from 25 November 2009, the date CapitaMalls Asia Limited ceased to be a wholly-owned subsidiary of CapitaLand Limited. Since CMT does not bear the remuneration of the Manager’s Board and staff, the Manager does not consider it necessary to include a report on remuneration of its Directors (other than as set out below) and (C) Accountability and Audit audit reports to ensure that where its key executives. Audit Committee defi ciencies in internal controls have Principle 11: been identifi ed, appropriate and prompt The remuneration of Directors for FY2009 The Board should establish an Audit remedial action is taken by management. is shown in the table below. The Chief Committee with written terms of reference Executive Offi cer and representatives which clearly set out its authority and • Reviewing the quality and reliability of of CMA on the Board of the Manager do duties. information prepared for inclusion in not receive directors’ fees. Non-Executive the fi nancial reports and approving Directors have no service contracts with The Audit Committee is established by the fi nancial statements and the audit the Manager. They receive a basic fee, an the Board from among the Directors of report before recommending to the additional fee for serving on any of the the Manager and comprises four members, Board for approval. committees and an attendance fee for all non-executive, the majority of whom participation in meetings of the Board and (including the Chairman of the Audit • Reviewing the adequacy and effectiveness any of the committees, project meetings Committee) are independent. of the internal audit function. and verifi cation meetings. In determining the quantum of such fees, factors such The Manager is of the view that the Audit • Monitoring the procedures established as frequency of meetings, time spent and Committee members have the relevant to regulate Interested Person responsibilities of directors are taken into expertise to discharge the functions of an Transactions (as defi ned below), account. The Chairman and members of Audit Committee. The Audit Committee has including ensuring compliance with the Audit Committee receive additional a set of terms of reference defi ning its scope Chapter 9 of the Listing Manual on fees to take into account the nature of of authority which includes, in relation to its interested person transactions, their responsibilities and the greater management of CMT: transactions between CMT and an frequency of meetings. ‘interested person’, and compliance • Monitoring and evaluating the with the provisions of the Property Funds effectiveness of the Manager’s internal Appendix in Appendix 2 of the CIS Code control process (including fi nancial, (the Property Funds Appendix) relating operational and compliance controls and to transactions between CMT and an risk management policies and systems) ‘interested party’. through reviewing internal and external

70 CapitaMall Trust Report to Unitholders 2009 • Reviewing the appointment and and payable to the external auditors for To ensure that the internal audits are re-appointment of auditors (including FY2009 amount to S$164,000. performed by competent professionals, remuneration and terms of engagement) CLIA recruits and employs suitably before recommending them to the Board Audit Committee meetings are generally qualifi ed staff. for recommendation to Unitholders at held after the end of every quarter of every each annual general meeting and fi nancial year. Four Audit Committee In order that their technical knowledge reviewing the adequacy of existing audits meetings were held during the year. remains current and relevant, CLIA identifi es in respect of cost, scope and and provides training and development performance. Internal Controls opportunities to its staff. The internal audit Principle 12: function provided by CLIA has incorporated • Reviewing the scope and results of The Board should ensure that the auditing standards developed by the IIA the audit and its cost effectiveness, and Management maintains a sound system into its audit practices and meets with the the independence and objectivity of the of internal controls to safeguard the standards set by the IIA. CLIA is headed external auditors and non-audit services shareholders’ investments and the by a senior manager, who reports directly provided by the external auditors and company’s assets. to the Audit Committee on audit matters confi rming that they would not, in the and to the Chief Executive Offi cer of Audit Committee’s opinion, impair the Internal Audit the Manager on administrative matters. independence of the auditors. Principle 13: The Audit Committee reviews the internal The company should establish an internal audit reports and activities on an on-going • Monitoring the procedures in place audit function that is independent of the basis. The Audit Committee also reviews to ensure compliance with applicable activities it audits. and approves the annual internal audit plan legislation, the Listing Manual and the with respect to CMT. The Audit Committee Property Funds Appendix. The Audit The Audit Committe reviews, at least once is of the view that the internal audit Committee is authorised to investigate a year, the effectiveness of the Manager’s department is adequately resourced to any matters within its terms of reference. material internal controls, including fi nancial, perform its functions and have, to the best The Audit Committee has full access to operational and compliance controls, and of its ability, maintained its independence and co-operation of the management risk management, taking into account from the activities that it audits. and the internal auditors and has full recommendations from CMT’s external discretion to invite any executive director auditors and internal auditors. Material (D) Communication with Unitholders or offi cer to attend its meetings. non-compliance and internal control Principle 14: weaknesses noted during the audit are Companies should engage in regular, The internal auditors and CMT’s external reported to the Audit Committee. effective and fair communication with auditors, have unrestricted access to the The Board is satisfi ed that the Manager’s shareholders. Audit Committee. Reasonable resources internal controls are adequate. The Manager Principle 15: have been made available to the Audit has in place an internal audit function Companies should encourage greater Committee to enable it to discharge its duties. supported by CapitaLand’s Internal Audit shareholder participation at AGMs, and Department (CLIA) in relation to CMT since allow shareholders the opportunity to The Audit Committee meets CMT’s external inception. A majority of the CLIA staff are communicate their views on various auditors, and with the internal auditors, members of the Singapore branch of the matters affecting the company. without the presence of management, at Institute of Internal Auditors, Inc. (IIA), which least annually. In its review of the audited has its headquarters in the United States. The Listing Manual requires that a listed fi nancial statements for FY2009, the Audit CLIA subscribes to, and is guided by, the entity disclose to the market matters that Committee discussed with management Standards for the Professional Practice of could, or might be expected to, have a and external auditors the accounting Internal Auditing developed by the IIA and material effect on the price of the entity’s principles that were applied. Based on the has incorporated these standards into its securities. In line with CMT’s disclosure review and discussions with management audit practices. obligations, the Board’s policy is to inform and the external auditors, the Audit Unitholders, in a timely manner, of all major Committee is of the view that the fi nancial The standards set by the IIA cover developments that impact CMT. During the statements are fairly presented, and requirements in respect of the following: year, a continuous disclosure process was conform to generally accepted accounting in place to ensure that compliance with principles in all material aspects. • Independence such obligations was constantly adhered to.

The Audit Committee has also conducted • Professional profi ciency CMT believes that it should engage in a review of all non-audit services provided regular, effective, unbiased and transparent by the external auditors during the fi nancial • Scope of work communication with Unitholders. The year and is satisfi ed that the nature and Manager communicates information on extent of such services will not prejudice • Performance of audit work CMT to Unitholders and the investing the independence and objectivity of the community through announcements that external auditors. The non-audit fee paid • Management of the Internal are released to the SGXST via SGXNET. Audit Department

71 CapitaMall Trust Report to Unitholders 2009 Corporate Governance

Such announcements include the quarterly GPR General Quoted Far East ex-Japan an archive of CMT’s announcements, press and full-year results, material transactions, Index, GPR General Quoted Singapore releases, annual reports and operational and other developments relating to the Index, GPR 250 Index, GPR 250 ex-US details. The latest information is posted on CMT requiring disclosure under the Index, GPR 250 Asia Index, GPR 250 Asia the website as soon as it is released on the corporate disclosure policy of the SGX-ST. ex-Japan Index, GPR 250 Asia Pacifi c SGX-ST and the media. Communication channels with Unitholders Index, GPR 250 Asia Pacifi c ex-Japan are also made accessible via: Index, GPR 250 South-Eastern Asia Index, All Unitholders are sent a copy of the CMT GPR 250 Singapore Index, GPR 250 REIT Annual Report prior to the AGM. As and • Media and analysts’ briefi ngs (with Index, GPR 250 REIT ex-US Index, GPR when an EGM of the Unitholders is to be ‘LIVE’ webcast available for viewing 250 REIT Asia Index, GPR 250 REIT Asia held, each Unitholder is sent a copy of on CMT’s website). ex-Japan Index, GPR 250 REIT Asia Pacifi c a circular to Unitholders which contains Index, GPR 250 REIT Asia Pacifi c ex-Japan details of the matters to be proposed for • One-on-one/group meetings or Index, GPR 250 REIT South-Eastern Asia Unitholders’ consideration and approval. conference calls, investor luncheons, Index, GPR 250 REIT Singapore Index, local/overseas roadshows and Morgan Stanley Capital International Notices for the general meetings of conferences. (MSCI) Singapore Standard, MSCI World Unitholders setting out all items of business Standard Index, Standard and Poor’s (S&P) to be transacted at the general meeting, are • Annual Reports. BMI Global index, S&P Global Property also announced on SGXNET and advertised and S&P Global REIT index – all of which in the newspapers. Members of the Board, • Press releases on major developments are widely tracked and referred to by the Manager’s senior management and the of CMT. international fund managers as performance external auditors of CMT are in attendance benchmarks in the selection and monitoring at such general meetings, and Unitholders • Notices of, and explanatory memoranda of investments. are given the opportunity to air their views for, annual general meetings (AGMs) and and ask questions regarding the matters extraordinary general meetings (EGMs). With majority of Units held by institutional to be tabled at the general meetings. investors, the Manager considers meetings Resolutions put to the general meeting are • CMT’s website at www.capitamall.com with local and foreign fund managers an separate unless they are interdependent (An email alerts option is available to integral part of investor relations. During and linked, and the reasons and material subscribers who wish to be notifi ed the year under review, the Manager met implications are explained. A Unitholder is of newly posted announcements, with institutional investors from Singapore, allowed to appoint one or two proxies to press releases, presentations and Hong Kong, Japan, the United Kingdom, attend and vote at the general meetings in publications). During the “LIVE” the United States, various European his/her stead. webcasts of media and analysts’ countries and Australia. These meetings briefi ngs, viewers are also given the and roadshows with investors enabled (E) Additional Information opportunity to send in their queries the Manager to update potential and Dealings With Interested Person online. The queries received are usually current Unitholders on CMT’s signifi cant Review Procedures for Interested responded by the Manager during developments and its medium to long term Person Transactions the Webcast’s question and answer strategies. CMT also participates in various segment, time permitting. The Manager local and overseas conferences as part of In general, the Manager has established will then separately address the queries its efforts to build interest in the Singapore internal control procedures to ensure not addressed during the webcast. REIT market. The Manager will continue that all future transactions involving the to pursue opportunities to educate and Trustee and a related party of the Manager CMT is the only Singapore REIT included keep retail investors informed of the (Interested Person Transactions) are in the Straits Times Index (STI), the primary latest developments in the Singapore undertaken on an arm’s length basis and Singapore equity market barometer. It is REIT industry, through relevant seminars on normal commercial terms, which are also included in other key indices such and conferences. generally no more favourable than those as the FTSE4Good Global Index, FTSE/ extended to unrelated third parties. In ASEAN Index, FTSE European Public Real Unitholders and potential stakeholders respect of such transactions, the Manager Estate Association (EPRA) /NAREIT Global have 24-hour access to CMT’s website for would have to demonstrate to the Audit Real Estate Index, FTSE STI, FTSE Straits information on CMT’s major developments, Committee that the transactions are Times All Share Index, FTSE ST Financials property descriptions, announcements and undertaken on normal commercial terms Index, FTSE ST Real Estate Index, FTSE other corporate information. which may include obtaining (where ST REIT, Global Property Research (GPR) practicable) quotations from parties General Index, GPR General ex-US Index, CMT’s unit price information (20 minutes unrelated to the Manager, or obtaining GPR General Far East Index, GPR General lag-time) is also made available on the valuations from independent valuers Far East ex-Japan Index, GPR General website. In addition, the public can pose (in accordance with the Property Funds Singapore Index, GPR General Quoted questions via a dedicated ‘Ask Us’ email Appendix). Index, GPR General Quoted ex-US Index, address, and have their queries addressed GPR General Quoted Far East Index, accordingly. Also available on the website is

72 CapitaMall Trust Report to Unitholders 2009 In addition, the following procedures are relating to the transaction in question. Details of all Interested Person Transactions generally followed: Further, the Trustee has the ultimate (equal to or exceeding S$100,000 each discretion under the Trust Deed to decide in value) entered into by CMT during the • Transactions (either individually or as whether or not to enter into a transaction fi nancial year are disclosed on page 170 of part of a series or if aggregated with involving an interested person of the this Report. other transactions involving the same Manager. If the Trustee is to sign any interested person during the same contract with a related party of the Dealings with Confl icts of Interest fi nancial year) equal to or exceeding Manager, the Trustee will review the The following procedures have been S$100,000 in value, but below 3.0% contract to ensure that it complies with established to deal with potential confl icts of CMT’s net tangible assets, will be applicable requirements relating to of interest which the Manager (including its subject to review and approval by the interested party transactions Directors, executive offi cers and employees) Audit Committee. in the Property Funds Appendix (as may may encounter in managing CMT: be amended from time to time) and the • Transactions (either individually or as provisions of the Listing Manual relating • The Manager will be a dedicated part of a series or if aggregated with to interested person transactions (as may manager to CMT and will not manage other transactions involving the same be amended from time to time) as well as any other REIT or be involved in any interested person during the same other guidelines as may from time to time other real property business. fi nancial year) equal to or exceeding be prescribed by the MAS and the SGX-ST 3.0%, but below 5.0% of CMT’s net or other relevant authority to apply to REITs. • All executive offi cers of the Manager tangible assets, will be subject to the will be employed by the Manager. review and approval of the Audit Role of the Audit Committee for Committee. Interested Person Transactions • All resolutions at meetings of the All Interested Person Transactions are Board of Directors of the Manager in • Transactions (either individually or as subject to regular periodic reviews by the relation to matters concerning CMT part of a series or if aggregated with Audit Committee. The Manager’s internal must be decided by a majority vote of other transactions involving the same control procedures are intended to ensure the Directors, including at least one interested person during the same that Interested Person Transactions are Independent Director. fi nancial year) equal to or exceeding conducted at arm’s length and on normal 5.0% of CMT’s net tangible assets commercial terms and are not prejudicial • In respect of matters in which CL and/or will be reviewed and approved by the to Unitholders’ interests. The Manager its subsidiaries have an interest, direct Audit Committee which may as it deems maintains a register to record all Interested or indirect, any nominees appointed by fi t request advice on the transaction Person Transactions which are entered CL and/or its subsidiaries to the Board from independent sources or advisors, into by CMT (and the basis, including will abstain from voting. including the obtaining of valuations from the quotations obtained to support such professional valuers. Further, under the basis, on which they are entered into). • If the Manager is required to decide Listing Manual and the Property Funds The Manager then incorporates into its whether or not to take any action against Appendix, such transactions would have internal audit plan a review of all Interested any person in relation to any breach to be approved by the Unitholders of Person Transactions entered into by CMT. of any agreement entered into by the CMT at a meeting of Unitholders. The Audit Committee reviews the internal Trustee for and on behalf of CMT with audit reports to ascertain that the guidelines an affi liate of the Manager, the Manager • Audit Committee’s approval shall and procedures established to monitor shall be obliged to consult with a only be given if the transactions are Interested Person Transactions have been reputable law fi rm (acceptable to on arm’s length commercial terms complied with. In addition, the Trustee will the Trustee) which shall provide legal and consistent with similar types of also review such audit reports to ascertain advice on the matter. If the said law fi rm transactions undertaken by the Trustee, that the Property Funds Appendix have is of the opinion that the Trustee, on with third parties which are unrelated been complied with. behalf of CMT, has a prima facie case to the Manager. against the party allegedly in breach The Audit Committee periodically reviews under such agreements, the Manager Where matters concerning CMT relate to Interested Person Transactions to ensure is obliged to pursue the appropriate transactions entered into, or to be entered compliance with the internal control remedies under such agreements. The into, by the Trustee for and on behalf of procedures and the relevant provisions Directors of the Manager will have a duty CMT with an interested person of the of the Listing Manual and the Property to ensure that the Manager complies Manager, the Trustee is required to ensure Funds Appendix. The review includes the with the aforesaid. Notwithstanding the that such transactions are conducted on examination of the nature of the transaction foregoing, the Manager shall inform the normal commercial terms, and will not be and its supporting documents or such Trustee as soon as it becomes aware of prejudicial to the interest of CMT and the other data deemed necessary by the any breach of any agreement entered Unitholders, and in accordance with the Audit Committee. If a member of the Audit into by the Trustee for and on behalf of applicable requirements of the Property Committee has an interest in a transaction, CMT with an affi liate of the Manager, Funds Appendix and/or the Listing Manual he is to abstain from participating in the and the Trustee may take such action review and approval process in relation to that transaction.

73 CapitaMall Trust Report to Unitholders 2009 Corporate Governance

as it deems necessary to protect the profi le the current and future risks facing, Dealings in Securities rights of Unitholders and/or which is their areas of responsibility. This risk The Manager has voluntarily issued in the interests of Unitholders. Any information is consolidated and used guidelines to its Directors and employees decision by the Manager not to take as key input into the corporate strategy which prohibit them from dealing in CMT action against an affi liate of the Manager sessions attended by management and units while in possession of material shall not constitute a waiver of the the Property Manager. Such sessions are unpublished price-sensitive information Trustee’s right to take such action held regularly to review CMT’s strategic and during the period commencing from: as it deems fi t against such affi liate. direction in detail, and include specifi c (i) two weeks before the release of CMT’s focus on the identifi cation of key business quarterly results and • The Board shall include at least two and fi nancial risks which could prevent CMT (ii) one month before the release of CMT’s Independent Directors. The Directors from achieving its objectives. Management full-year results to the date of the release of the Manager are under a fi duciary is then required to ensure that appropriate of the relevant results to the SGX-ST. duty to CMT to act in its best interests controls are in place to effectively manage in relation to decisions affecting CMT those risks, and such risks and controls Under these guidelines, Directors and when they are voting as members of are monitored by the Board on a regular employees have been directed to refrain the Board. In addition, the Directors basis. The internal audit plan is developed from dealing in CMT units on short-term and executive offi cers of the Manager in conjunction with the risk management considerations. They are also made aware are expected to act with integrity and programme and is focused on ensuring the of the applicability of the insider trading honesty at all times. operation of internal controls and assessing laws at all times. the effectiveness and effi ciency of the Additionally, the Trustee has been granted control environment. Whistle-blowing a right of fi rst refusal by CMA over all retail The Audit Committee has put in place income-producing properties located The Board generally meets quarterly, procedures to provide employees of the in Singapore with certain specifi ed or more often if necessary to review the Manager with well defi ned and accessible characteristics which may in the future fi nancial performance of the Manager and channels to report on suspected fraud, be identifi ed and targeted for acquisition CMT against a previously approved budget. corruption, dishonest practices or other by CMA or any of its subsidiaries. The Board also reviews the risks to the similar matters relating to CMT and the assets of CMT and acts upon any Manager, and for the independent Under the Trust Deed, in respect of voting comments by the auditors of CMT. In investigation of any reports by employees rights where the Manager would face a assessing business risk, the Board and appropriate follow up action. The confl ict between its own interest and that considers the economic environment and aim of the whistle-blowing policy is to of the Unitholders, the Manager shall cause the property industry risk. The Board and its encourage the reporting of such matters such voting rights to be exercised according Executive Committee review and approve in good faith, with the confi dence that to the discretion of the Trustee. all investment decisions. Management employees making such reports will be meets regularly to review the operations of treated fairly, and to the extent possible, Risk Assessment and Management the Manager and CMT and discuss be protected from reprisal. On an ongoing of Business Risk continuous disclosure issues. basis, the whistle blowing policy is Effective risk management is a fundamental covered during staff training to promote part of CMT’s business strategy. The Manager has determined that fraud awareness. Recognising and managing risk is central to signifi cant risk for CMT will most likely arise the business and to protecting Unitholders’ when making property investment decisions. interests and value. CMT operates within Accordingly, the Manager has established overall guidelines and specifi c parameters procedures to be followed when making set by the Board. Each transaction is such decisions. In accordance with this comprehensively analysed to understand policy, the Board requires comprehensive the risk involved. Responsibility for managing due diligence to be carried out in relation risk lies initially with the business unit to the proposed investment and a suitable concerned, working within the overall determination is made as to whether strategy outlinedby the Board. the anticipated return on investment is appropriate, having regard to the level The Manager’s focus on risk management of risk. recognises that risk management is, prima facie, an issue for management. The risk In addition, the Board requires that each management framework supports this major proposal submitted to the Board focus but provides a structured context for for decision is accompanied by a those personnel to undertake a half-yearly comprehensive risk assessment and, review of the past performance of, and to where required, management’s proposed mitigation strategies.

74 CapitaMall Trust Report to Unitholders 2009 Singapore REIT Sector

forced S-REITs to restrict their previous Asian REITs’ Annual Total Returns (%) aggressive asset acquisition programmes and focus on survival and tenant retention in REITs 2005 2006 2007 2008 2009 a diffi cult market. Many S-REITs have also Singapore 22.2 58.0 2.8 (56.1) 82.2 reduced their capital expenditure plans and development pipelines. Japan 13.5 29.7 (2.3) (49.0) 6.1 Hong Kong 2.0 9.8 10.4 (28.9) 67.3 Changes in Regulations To allay market concerns over write-downs N.A N.A 17.8 (14.8) 30.7* Malaysia in asset values, the Monetary Authority of Source: Standard & Poor’s Index Services Singapore (MAS) announced in January * Data through 18 September 2009. 2009 that S-REITs would not be considered to have breached leverage limits should their S-REITs Not Spared from aggregate leverage rise due to a decline in Economic Crisis property values. The MAS also clarifi ed that The Singapore real estate investment trust refi nancing of existing debts by a REIT is not (S-REIT) sector was not spared by the to be construed as additional borrowings. economic crisis in 2009, with the FTSE REIT Index declining by 74.8% from its The Income Tax Act was amended in June 2007 peak to its March 2009 trough 2009 to allow distributions by a S-REIT to before recovering by 120.8% as at be made in the form of units of the S-REIT, 31 December 2009. However, the index rather than cash, without affecting the was still 44.4% off from its peak in 2007, tax transparency treatment granted to as at 31 December 2009. the S-REIT, subject to certain conditions being met. This concession applies only In the fi rst few months of 2009, S-REITs to distributions made during the period were caught in a vicious cycle of from 1 July 2009 to 31 December 2010. expectations of asset value declines that led to refi nancing diffi culties. The closure of The MAS has also introduced a requirement the commercial mortgage backed securities for S-REITs to hold annual general meetings market and reluctance of banks to extend (AGMs) once every calendar year, with fi nancing exacerbated the situation further. effect from 1 January 2010. This is intended This drove several S-REITs to seek to enhance corporate governance by refi nancing through equity fund raising providing an important channel for exercises, with CMT leading the way communication between REIT managers forward. Due to massive recapitalisation and unitholders. AGMs will provide a regular activities, the total market capitalisation of opportunity for REIT managers to engage S-REITs surged by 137.7% to S$29.6 billion their unitholders. in 2009 from S$12.4 billion in the previous year. S-REITs successfully raised an In February 2010, the government estimated S$4.8 billion from the equity announced positive Budget measures market, mainly through rights issue for the S-REIT sector. This included the exercises in 2009. renewal of income tax, stamp duty and goods and services tax concessions till Market sentiment began to stabilise in 31 March 2015. The benefi ts include a March 2009, when governments around concessionary income tax rate of 10.0% for the world pumped fresh liquidity into the non-resident non-individual investors, and banking system and interest rates around stamp duty remission on transferring a the world fell to multi-year lows. With a Singapore immovable property to a REIT. rebound in unit prices, the average dividend yield of S-REITs has compressed to 6.5% Better Year Ahead as at 31 December 2009 from 12.0% as at Credit spreads are expected to decline 31 December 2008. This was approximately further as the economy continues to 380 basis points above the Singapore recover. An easing of the credit environment government 10-year bond yield of 2.7% coupled with recapitalised balance sheets as at 31 December 2009. and compressing dividend yields are expected to revive acquisitions and project In a comparison of annual total returns development in the S-REIT sector in 2010. of Asian REITs, gains in the REIT markets ranged from 6.1% in Japan to 82.2% in As equity market conditions continue to Singapore in 2009. improve, more REIT listings are expected. Some initial public offerings that had been In 2009, a limited availability of debt delayed may come to market as S-REIT fi nancing and unit price corrections have valuations continue to be attractive.

75 CapitaMall Trust Report to Unitholders 2009 Investor & Media Relations

Effective communication with the fi nancial Approximately 14,000 registered Awards and community and media is an indispensable Unitholders owned CMT units as at part of any corporate strategy. During times 31 December 2009 and about 58.78% of Accolades 2009 of uncertainty in the global fi nancial the units were held by institutional investors. markets, fundamental investor relations (IR) The CapitaLand Group owns a combined Gold, Best Annual Report – and media communication practices are interest of about 29.90% of the units in REITs & Business Trusts even more important than ever. We believe issue while retail investors constitute the Singapore Corporate Awards 2009 that communications with investors and the remaining 11.32%. media should be consistent, responsive Runner Up, Most Transparent and credible at all times. We host combined analyst and media Company Award (REITs Category) results briefi ngs every six months to Securities Investors Association In recognition of its corporate transparency provide an update on CMT’s half-year and Singapore (SIAS) Investors’ Choice efforts, CMT took the runner-up award full-year fi nancial and operational Awards 2009 for ‘Most Transparent Company’ (REITs performance. The briefi ngs are webcast category) at the Securities Investors ‘live’ and viewers of the webcasts can Certifi cate of Excellence Association Singapore (SIAS) Investors’ send in questions online to be addressed Investor Relations (IR) Magazine Choice Awards in 2009. CMT also clinched by CMT’s management team on the spot. Awards 2009 (South East Asia) a Certifi cate of Excellence at the IR In accordance with our commitment to Magazine Awards 2009 (South East Asia). deliver accurate, timely and transparent At the Singapore Corporate Awards 2009, information to Unitholders and the general CMT won the prestigious Gold award for public, the results announcements are ‘Best Annual Report – REITs & Business made within 30 days from the end of Trusts’. This Gold award recognises the each quarter. most outstanding annual report based on criteria such as transparency, adequacy of General information on CMT including disclosure and presentation of information. annual reports, property portfolio details and investor presentations are updated Investor Relations Activities regularly on the website for investors CMT’s management team meets existing and the general public. Mall tours are and potential investors frequently at occasionally conducted for analysts and one-on-one or group meetings, local and investors who are keen to visit CMT’s overseas conferences, corporate days and properties to better understand the post-results investor luncheons. In 2009, performance of the various malls and some of the conferences that we took part the asset enhancement initiatives which in included the Citigroup Asean Corporate were completed. Day (Singapore), Nomura Global Real Estate Forum (Tokyo), CLSA Investors’ Successful Rights Issue Forum (Hong Kong) and Asian Convertible At the beginning of 2009, CMT was the fi rst Ms Tan Lei Keng, Head of Finance, receiving Bonds Conference (Singapore). S-REIT to announce plans for a rights issue CMT’s Gold Award at the Singapore Corporate to refi nance its debts and reduce CMT’s Awards 2009 During the year, we met or held conference gearing. To allay Unitholders’ concerns calls with about 290 institutional investors over the exercise, we communicated the based in Singapore, Hong Kong, Japan, rationale and merits for the rights issue United Kingdom, United States, various with investors and met them on local and European countries and Australia. We also overseas roadshows. On 2 March 2009, reached out to retail investors by we held an extraordinary general meeting participating in SIAS’ Asian Investment (EGM) to seek Unitholders’ approval for the Conference, which aimed to educate proposed rights issue. The resolution was investors on fi nancial and investment unanimously passed by Unitholders. The markets. Retail investors also had the rights issue was eventually over-subscribed opportunity to learn more about CMT at by 1.16 times, demonstrating investors’ an Investors Open Day event that we confi dence in CMT. organised in August. Currently, 19 local and foreign brokerage fi rms have research coverage on CMT.

76 CapitaMall Trust Report to Unitholders 2009 Investor Relations & Media Activities 2009 UNITHOLDERS ENQUIRIES

Dates Activities If you have any enquiries or would like to fi nd out more about CMT, 22 January Media & Analysts’ Results Briefi ng cum ‘LIVE’ Webcast for Full Year please contact: 2008 Results Post-Full Year 2008 Results Investors’ Lunch hosted by UBS The Manager Ms Jeanette Pang 9 February Media & Analysts’ Briefi ng on Rights Issue Investor Relations 10 to 20 February DBS and JP Morgan Rights Issue Roadshow (Hong Kong, Europe and United States) Mr Lim Seng Jin Corporate Communications 17 April Post-1Q 2009 Results Investors’ Lunch hosted by Daiwa 11 May CIMB-GK Non-deal Kuala Lumpur Roadshow Tel: (65) 6536 1188 Fax: (65) 6536 3884 16 & 17 June JP Morgan Non-deal Debt Hong Kong Roadshow Email: [email protected] 18 & 19 July SIAS Asian Investment Conference (Singapore) Website: www.capitamall.com

24 July Media & Analysts’ Results Briefi ng cum ‘LIVE’ Webcast for Half-Year The Unitholder Registrar 2009 Results Boardroom Corporate & Advisory Post-Half-Year 2009 Results Investors’ Lunch hosted by UBS Services Pte. Ltd. 50 Raffl es Place 28 July Post-Half-Year 2009 Results Presentation for High Net Worth #32-01 Singapore Land Tower Individuals (Singapore) Singapore 048623 13 August Citigroup Asean Corporate Day (Singapore) Tel: (65) 6536 5355 Fax: (65) 6536 1360 22 August CMT Investors Open Day for Retail Investors (Singapore) Website: www.boardroomlimited.com 3 & 4 September Nomura Global Real Estate Forum (Tokyo) For depository-related matters such 22 to 24 September CLSA Investors’ Forum (Hong Kong) as change of details pertaining to 30 September Asian Convertible Bonds Conference (Singapore) Unitholders’ investment records, please contact: 22 October Breakfast Meeting with Analysts for 3Q 2009 Results Post-3Q 2009 Results Investors’ Lunch hosted by Macquarie The Central Depository (Pte) Limited 4 Shenton Way #02-01 SGX Centre 2 Singapore 068807 Tel: (65) 6535 7511 Financial Calendar Fax: (65) 6535 0775 Email: [email protected] 2009 2010 Website: www.cdp.com.sg (Tentative) First Quarter Results Announcement 17 April 2009 April 2010 First Quarter Distribution to Unitholders 28 May 2009 May 2010 Second Quarter Results Announcement 24 July 2009 July 2010 Second Quarter Distribution to Unitholders 28 August 2009 August 2010 Third Quarter Results Announcement 22 October 2009 October 2010 Third Quarter Distribution to Unitholders 26 November 2009 November 2010 Full Year Results Announcement 22 January 2010 January 2011 Final Distribution to Unitholders 26 February 2010 February 2011

77 CapitaMall Trust Report to Unitholders 2009 Unit Price Performance

Financial markets worldwide started 2009 CMT’s unit price under pressure during the on a sombre note as the global recession fi rst quarter of 2009. The exercise which deepened. By December 2009, as global was announced in early February 2009, equities gained back much of their losses was subsequently approved by Unitholders from 2008, CMT’s unit price strengthened during an extraordinary general meeting to close at S$1.80 on 31 December 2009. in March. This was 13.2% higher than the closing unit price of S$1.59 on 31 December 2008. Following the completion of the rights The Singapore stock market ended the issue, CMT’s unit price traded above its year 64.5% higher on emerging signs of a theoretical ex-rights price1 of S$1.15 for recovery in the local and global economies. the rest of the year. CMT’s stock liquidity almost doubled, registering a 85.0% jump Market concerns over a share overhang due in trading volume from 1.4 billion units in to a proposed underwritten renounceable 2008 to 2.6 billion units in 2009. 9-for-10 rights issue (Rights Issue) kept

Trading Data by Year

Unit Price (S$) 2003 2004 2005 2006 2007 2008 2009 Highest 1.43 1.76 2.66 2.93 4.32 3.75 1.87 Lowest 1.00 1.36 1.73 2.01 2.76 1.38 0.98 Average Closing 1.17 1.58 2.25 2.40 3.64 2.78 1.50 Last Done 1.43 1.76 2.24 2.91 3.46 1.59 1.80 Trading Volume (million units) 261.4 307.5 353.7 549.6 1,111.6 1,380.6 2,554.8

CMT Monthly Trading Performance in 2009

400 2.00

300 1.50

200 1.00

100 0.50

0 0 Trading Volume (million units) 147 140 377 269 291 234 208 169 185 262 160 112 Closing Unit 1.60 1.43 1.32 1.25 1.33 1.40 1.58 1.63 1.85 1.60 1.72 1.80 Price (S$)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009

1. Computation of theoretical ex-rights price is based on the closing unit price of CMT on 6 February 2009.

78 CapitaMall Trust Report to Unitholders 2009 Comparative Price Trends

CMT STI FTSE ST RE FTSE ST REIT Closing Closing Closing Closing unit price at Percentage index Percentage index Percentage index Percentage month-end change value at change value at change value at change (S$) % month-end % month-end % month-end % Dec 2008 1.59 100.00 1761.56 100.00 371.53 100.00 364.72 100.00 Jan 2009 1.60 100.63 1746.47 99.14 340.04 91.52 372.49 102.13 Feb 2009 1.43 89.94 1594.87 90.54 313.23 84.31 320.98 88.01 Mar 2009 1.32 83.02 1699.99 96.50 344.36 92.69 343.01 94.05 Apr 2009 1.25 78.62 1920.28 109.01 385.31 103.71 362.43 99.37 May 2009 1.33 83.65 2329.08 132.22 525.93 141.56 437.78 120.03 Jun 2009 1.40 88.05 2333.14 132.45 520.87 140.20 436.90 119.79 Jul 2009 1.58 99.37 2659.20 150.96 576.67 155.21 505.30 138.54 Aug 2009 1.63 102.52 2592.90 147.19 575.77 154.97 508.59 139.45 Sep 2009 1.85 116.35 2672.57 151.72 604.48 162.70 564.42 154.75 Oct 2009 1.60 100.63 2651.13 150.50 627.10 168.79 556.60 152.61 Nov 2009 1.72 108.18 2732.12 155.10 636.35 171.28 570.78 156.50 Dec 2009 1.80 113.21 2897.62 164.49 677.03 182.23 617.67 169.35

Comparative Price Trends (% change in unit price/index value)

175

150

125

100

75

50 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2008 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 CMT STI FTSE ST RE FTSE ST REIT

Source: Bloomberg STI refers to Straits Times Index. FTSE ST RE refers to FTSE ST Real Estate Index. FTSE ST REIT refers to FTSE ST Real Estate Investment Trust Index.

79 CapitaMall Trust Report to Unitholders 2009 Unit Price Performance

CONSTITUENT OF KEY INDICES Changes in CMT’s Unit Price and Index Values (from 31 December 2008 to 31 December 2009) FTSE4Good Global Index FTSE/ASEAN Index % FTSE EPRA1/NAREIT2 Global Real Estate Index CMT 13.2 FTSE Straits Times (ST) Index STI 64.5 FTSE ST All Share Index FTSE ST Financials Index FTSE ST RE 82.2 FTSE ST Real Estate Index FTSE ST REIT 69.4 FTSE ST REIT3

GPR4 General Index GPR4 General ex-US Index GPR4 General Far East Index CMT’s Total Returns1 GPR4 General Far East ex-Japan Index GPR4 General Singapore Index % GPR4 General Quoted Index Since listing on 17 July 20022 to 31 December 2009 150.1 GPR4 General Quoted ex-US Index GPR4 General Quoted Far East Index From 31 December 2008 to 31 December 2009 53.7 GPR4 General Quoted Far East 1 Sum of distribution yield and capital appreciation, taking into account the effects of the Rights Issue. ex-Japan Index 2 Based on CMT’s closing unit price on its fi rst trading day of S$0.99 per unit on 17 July 2002. GPR4 General Quoted Singapore Index

GPR4 250 Index GPR4 250 ex-US Index Comparative Yields (%) GPR4 250 Asia Index 4 (as at 31 December 2009 ) Based on GPR 250 Asia ex-Japan Index Net Yield for: historical gross GPR4 250 Asia Pacifi c Index Individual: dividend yield GPR4 250 Asia Pacifi c ex-Japan Index 4.9% (0% tax) of past 12 months 4 Corporate Overseas: GPR 250 South-Eastern Asia Index 2.2% Yield 4.4% (10% tax) GPR4 250 Singapore Index spread over 10-year Bond Corporate Local: 4.1% (17% tax) GPR4 250 REIT Index GPR4 250 REIT ex-US Index GPR4 250 REIT Asia Index GPR4 250 REIT Asia ex-Japan Index GPR4 250 REIT Asia Pacifi c Index GPR4 250 REIT Asia Pacifi c ex-Japan Index GPR4 250 REIT South-Eastern Asia Index GPR4 250 REIT Singapore Index 4.9 2.7 1.3 2.5 0.5 2.9 4.0 MSCI5 Singapore Standard MSCI5 World Standard Index CMT 10-year 5-year CPF 12-month STI FTSTRE 2009 Govt Bond Govt Bond Ordinary Fixed (S$) Yield6 Yield7 Yield1 Yield2 Yield3 Account4 Deposit5 S&P6 BMI Global index S&P6 Global Property Source: Bloomberg, CapitaMall Trust Management Limited and Central Provident Fund (CPF) Board. S&P6 Global REIT index 1 Based on FY2009 distribution per unit of 8.85 cents and the unit closing price of S$1.80 as at 31 December 2009. 2 Singapore Government 10-year bond yield as at 31 December 2009. 3 Singapore Government 5-year bond yield as at 31 December 2009. ST Index 4 Prevailing CPF-Ordinary Account savings rate. 5 Average 12-month S$ fi xed deposit savings rate as at 31 December 2009. 6 Average 12-month gross dividend yield of Straits Times Index stocks as at 31 December 2009. 7 Average 12-month gross dividend yield of Straits Times Real Estate Index as at 31 December 2009.

1 European Public Real Estate Association 2 National Association of Real Estate Investment Trusts 3 Real Estate Investment Trust 4 Global Property Research 5 Morgan Stanley Capital International 6 Standard & Poor’s

80 CapitaMall Trust Report to Unitholders 2009 Portfolio at a Glance

CMT’s portfolio of 14 quality properties are population catchments. The opening of well-diversifi ed in the suburban areas and additional Circle Line MRT stations in 2010 downtown core of Singapore. The portfolio will benefi t CMT’s malls such as Junction 8, includes Tampines Mall, Junction 8, Funan Plaza Singapura and Raffl es City Singapore DigitaLife Mall, IMM Building, Plaza which are located near these MRT stations. Singapura, Bugis Junction, Sembawang Shopping Centre, Jurong Entertainment The Manager continues to strive to ensure Centre, Hougang Plaza, Raffl es City that each mall in CMT’s portfolio optimises Singapore (40.00% interest), Lot One its fi nancial performance, strengthens its Shoppers’ Mall, Bukit Panjang Plaza, market position as the leading mall serving Rivervale Mall and The Atrium@Orchard. its respective target market, as well as provides the ideal shopping experience These largely suburban properties are for its shoppers. This is achieved through strategically located close to public a combination of active tenant remixing transportation nodes such as Mass Rapid and asset enhancements, stringent mall Transit (MRT)/Light Rail Transit (LRT) maintenance standards, and unique mall- stations and bus interchanges with captive centric marketing and promotional activities.

Property Portfolio Summary (as at 31 December 2009)

Portfolio Property Valuation S$6,920.5 million Net Lettable Area 4,542,598 sq ft Portfolio Committed Occupany Rate 99.8% Number of Leases 2,3041 Total Annual Shopper Traffi c 214.4 million2

1. Excludes Jurong Entertainment Centre (JEC) which has ceased operations in preparation for asset enhancement works. 2. Excludes Hougang Plaza and The Atrium@Orchard as shopper traffi c fi gures are not available, and JEC. North South Line East West Line North East Line Circle Line (Under construction) Sembawang Station CMT’s properties

Sembawang Shopping Centre

Sengkang Rivervale Mall Lot One Station Shoppers’ Mall Choa Chu Kang Station Bukit Panjang Plaza Hougang Hougang Plaza Station

Junction 8 Tampines Tampines Mall Station Bishan Interchange IMM Building Jurong East Interchange Jurong Entertainment Centre Bugis Dhoby Ghaut Interchange Station The Atrium@Orchard Bugis Junction Plaza Singapura Raffl es City City Hall Interchange Singapore

Funan DigitaLife Mall

81 CapitaMall Trust Report to Unitholders 2009 Portfolio Summary

Funan Plaza Tampines Mall Junction 8 DigitaLife Mall IMM Building Singapura Bugis Junction Net Lettable Area (sq ft) 327,637 246,721 297,698 Retail: 498,679 421,539 (as at 31 December 2009) 408,128 Non-Retail: 534,020 Total: 942,148 Number of Leases 176 165 189 Retail: 229 231 (as at 31 December 2009) 240 Non-Retail: 382

Car Park Lots 632 327 339 1,313 (cars) 699 648 (as at 31 December 2009) 90 (heavy vehicles) Title Leasehold Leasehold Leasehold Leasehold Freehold Leasehold tenure of tenure of tenure of tenure of tenure of 99 years with 99 years with 99 years with 30+30 years 99 years with effect from effect from effect from with effect from effect from 1 September 1 September 12 December 23 January 10 September 1992 1991 1979 1989 1990 Purchase Price 409.0 295.0 191.0 247.4 710.0 605.82 (S$ million)

Market Valuation 777.0 570.0 326.0 650.0 1,000.0 798.0 (S$ million) (as at 31 December 2009)

Gross Revenue 63.7 48.5 29.3 73.9 75.4 68.9 (S$ million) Net Property Income 45.6 33.1 19.5 48.9 54.8 46.6 (S$ million) Committed Occupancy 100.0% 100.0% 99.3% Retail: 100.0% 100.0% (as at 31 December 2009) 99.7% Non-Retail: 97.6% Total: 98.7% Shopper Traffi c in 2009 25.4 28.8 9.6 17.8 24.2 36.4 (million) Key Tenants NTUC FairPrice, NTUC FairPrice, Challenger, Giant Carrefour, BHG, Isetan, BHG, Harvey Norman, Hypermarket, Golden Village, Food Junction, Golden Village, Best Denki, Food Junction, Best Denki, Spotlight, Cold Storage, Kopitiam Food Junction South Asia Kopitiam, Best Denki Virtualand and Courts and Golden Computer Daiso and Yamaha and Shaw Village and Inforcom and Bagus Music School Cinemas Technologies

1 Not applicable as Jurong Entertainment Centre has ceased operations in preparation for asset enhancement works. 2 Comprises purchase price of S$580.8 million paid for the acquisition of Bugis Junction in October 2005, and a sum of S$25.0 million paid to Seiyu (Singapore) Private Limited (now known as BHG (Singapore) Pte. Ltd.) in respect of its surrender of 74,299 sq ft of net lettable area at Bugis Junction. 3 Figures are not available. 4 Retail tenants only.

82 CapitaMall Trust Report to Unitholders 2009 Sembawang Jurong Shopping Entertainment Raffl es City Lot One Bukit Panjang Rivervale The Atrium@ Centre Centre Hougang Plaza Singapore Shoppers’ Mall Plaza Mall Orchard 128,320 NA1 75,353 Retail: 217,713 148,469 81,130 Retail: 403,209 16,318 Offi ce: Offi ce: 380,310 357,354 Total: Total: 783,519 373,672 84 NA1 10 Retail: 200 154 109 68 Retail: 8 Offi ce: 46 Offi ce: 12 Hotels & Convention Centre: 1 161 NA1 154 1,065 318 332 178 106

Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold tenure of tenure of tenure of tenure of tenure of tenure of tenure of tenure of 999 years with 99 years with 99 years with 99 years 99 years with 99 years with 99 years with 99 years with effect from effect from effect from with effect from effect from effect from effect from effect from 26 March 1 March 1 March 16 July 1 December 1 December 6 December 15 August 1885 1991 1991 1979 1993 1994 1997 2008 78.0 68.0 49.1 866.4 243.8 161.3 65.2 839.8 (40.00% interest) 2,166.0 (100.00% interest) 136.5 122.0 39.0 1,020.0 428.0 248.0 92.0 714.0 (40.00% interest) 2,550.0 (100.00% interest) 15.4 80.1 67.6 29.8 (40.00% interest) 6.9 56.5 43.7 21.1 (40.00% interest) 99.5% NA 1 100.0% Retail: 99.9% 99.8% 100.0% 99.1% 100.0% Offi ce: 98.6% Total: 99.3% 4.5 NA 1 NA3 31.4 17.2 12.1 7.0 NA3

Giant NA 1 Kopitiam, Robinson & NTUC FairPrice, NTUC FairPrice, NTUC FairPrice, Temasek Hypermarket, Novena Company, Courts, Kopitiam, NTUC Foodfare, Holdings, Kopitiam, Furnishing Wing Tai Retail, Food Junction, Harvey Norman, Daiso, Barclays, Daiso, Centre, Jay Gee BHG and McDonald’s United Overseas HSBC, Challenger Woodball Enterprises, Shaw Cinemas and Tang Dian Bank and TCC – and Association, Cold Storage Wang McDonald’s The Coffee Esprit Outlet K-Box and and Food Connoisseur Shop N Save Junction 4 and FIL Skin

83 CapitaMall Trust Report to Unitholders 2009 Portfolio Details

TAMPINES MALL

Tampines Mall, located in the densely populated residential area of Tampines, is one of Singapore’s leading suburban malls. It is conveniently situated within the Tampines Regional Centre, the fi rst and most developed regional centre in Singapore, and enjoys easy access via the Tampines MRT station and bus interchange.

To meet the needs of middle-income consumers living and working around the bustling Tampines Regional Centre, Tampines Mall provides a varied mix of shopping, dining and entertainment options for families, professionals and young adults.

The mall has fi ve retail levels, including a basement level, as well as two levels of basement car park. Key tenants include NTUC FairPrice (supermarket), Isetan (department store), Golden Village (cineplex), Kopitiam (food court) and Courts (electronics store).

84 CapitaMall Trust Report to Unitholders 2009 Centre Management Tampines Mall Property Information Melissa Ang Net Lettable Area (NLA) 327,637 sq ft Centre Manager (as at 31 December 2009) Jessica Lee Number of Leases 176 Senior Leasing Executive (as at 31 December 2009) Car Park Lots 632 Dennis Cheong (as at 31 December 2009) Marcom Manager Title Leasehold tenure of 99 years with effect from Eddie Lim 1 September 1992 Operations Manager Market Valuation S$777.0 million (as at 31 December 2009) Gross Revenue S$63.7 million (for the year ended 31 December 2009) Net Property Income S$45.6 million (for the year ended 31 December 2009) Committed Occupancy 100.0% (as at 31 December 2009) Shopper Traffi c in 2009 25.4 million Key Tenants NTUC FairPrice, Isetan, Golden Village, Kopitiam and Courts

Lease Expiry Profi le (%) Trade Sector Analysis Trade Sector Analysis (as at 31 December 2009)1 by Gross Rental Income (%) by Net Lettable Area (%) (for the month of December 2009)1 (as at 31 December 2009)1

2010 42.8

40.0

2011 29.4

30.6

2012 11.5

18.4

2013 13.8 Food & Beverage 27.5 Food & Beverage 23.3 Fashion 20.3 Leisure & Entertainment/Music & Video 11.9 8.3 Beauty & Health 9.9 Department Store 11.6 Services 7.9 Fashion 11.0 2014 & Gifts/Toys & Hobbies/Books/ 6.7 Supermarket 10.8 beyond 2.5 Sporting Goods Gifts/Toys & Hobbies/Books/ 9.2 2.7 Supermarket 6.2 Sporting Goods Department Store 5.8 Beauty & Health 5.5 Jewellery & Watches 5.0 Services 5.0 % of Total Net Lettable Area Leisure & Entertainment/Music & Video 4.8 Others2 4.9 % of Total Gross Rental Income Electrical & Electronics 2.2 Electrical & Electronics 3.3 Others2 2.0 Jewellery & Watches 2.3 Shoes & Bags 0.9 Shoes & Bags 0.6 Houseware & Furnishings 0.4 Houseware & Furnishings 0.4 Information Technology 0.4 Information Technology 0.2

1 Based on committed leases as at 31 December 2009. 2 Others include Warehouse, Education and Art Gallery.

85 CapitaMall Trust Report to Unitholders 2009 Portfolio Details

JUNCTION 8

Junction 8 is located in the densely populated residential area of Bishan. It is well served by the existing Bishan MRT interchange station and bus interchange. Its excellent accessibility by public transport extends its reach well beyond its immediate vicinity. Since the opening of the fi rst fi ve stations of the Circle Line in May 2009, Junction 8’s catchment extended further eastwards to include Lorong Chuan, Serangoon and Bartley.

As the only shopping mall in Bishan, Junction 8 is positioned as a one-stop shopping, dining and entertainment destination catering to the needs of residents from the surrounding housing estates, offi ce workers in the area and students from nearby schools.

The prime suburban mall comprises fi ve retail fl oors, including a basement level and two levels of basement car park. Key tenants include NTUC FairPrice (supermarket), BHG (department store), Best Denki (electronics store), Food Junction (food court) and Golden Village (cineplex).

86 CapitaMall Trust Report to Unitholders 2009 Centre Management Junction 8 Property Information Pauline Yeh Net Lettable Area (NLA) 246,721 sq ft General Manager (as at 31 December 2009) Ivy Ang Number of Leases 165 Centre Manager (as at 31 December 2009) Car Park Lots 327 Irene Lee (as at 31 December 2009) Leasing Manager Title Leasehold tenure of 99 years with effect from Vivian Kok 1 September 1991 Marcom Manager Market Valuation S$570.0 million (as at 31 December 2009) Patricia Tan Operations Manager Gross Revenue S$48.5 million (for the year ended 31 December 2009) Net Property Income S$33.1 million (for the year ended 31 December 2009) Committed Occupancy 100.0% (as at 31 December 2009) Shopper Traffi c in 2009 28.8 million Key Tenants NTUC FairPrice, BHG, Best Denki, Food Junction and Golden Village

Lease Expiry Profi le (%) Trade Sector Analysis Trade Sector Analysis (as at 31 December 2009)1 by Gross Rental Income (%) by Net Lettable Area (%) (for the month of December 2009)1 (as at 31 December 2009)1

2010 40.5

40.4

2011 27.7

29.3

2012 18.9

24.1

2013 12.9 Food & Beverage 28.1 Food & Beverage 21.6 Fashion 19.5 Leisure & Entertainment/Music & Video 13.5 6.2 Beauty & Health 9.2 Department Store 12.7 Leisure & Entertainment/Music & Video 6.7 Fashion 10.3 2014 & Gifts/Toys & Hobbies/Books/ 6.6 Supermarket 10.1 beyond 0.0 Sporting Goods Electrical & Electronics 9.2 0.0 Services 6.2 Gifts/Toys & Hobbies/Books/ 8.3 Electrical & Electronics 6.1 Sporting Goods Supermarket 5.5 Beauty & Health 5.8 % of Total Net Lettable Area Department Store 5.3 Services 4.0 % of Total Gross Rental Income Shoes & Bags 2.7 Shoes & Bags 1.4 Jewellery & Watches 2.5 Others2 1.2 Houseware & Furnishings 0.8 Jewellery & Watches 1.1 Others2 0.6 Houseware & Furnishings 0.6 Information Technology 0.2 Information Technology 0.2

1 Based on committed leases as at 31 December 2009. 2 Others include Warehouse, Education and Art Gallery.

87 CapitaMall Trust Report to Unitholders 2009 Portfolio Details

FUNAN DIGITALIFE MALL

Funan DigitaLife Mall (Funan) enjoys an excellent location in the downtown core and tourist belt of Singapore. It is within walking distance to the City Hall MRT interchange station and the Clarke Quay MRT station, which puts it in close proximity to the riverside food & beverage (F&B) and entertainment precincts such as Clarke Quay and Boat Quay.

Together with a unique mix of reputable retailers that offer genuine products and quality customer service, Funan is one of Singapore’s choice destinations for IT, gaming, digital and lifestyle products. All this makes it hugely popular with professionals, managers, executives and businessmen (PMEBs) and tourists alike.

Funan has seven retail fl oors, including one basement level, and three levels of basement car park. Key tenants include Challenger (digital and electronics store), Harvey Norman (electronics store), Food Junction (food court), South Asia Computer (computer store) and Inforcom Technologies (computer store).

88 CapitaMall Trust Report to Unitholders 2009 Centre Management Funan DigitaLife Mall Property Information Jeffrey Goh Net Lettable Area (NLA) 297,698 sq ft Centre Manager (as at 31 December 2009) Eleanor Jane Number of Leases 189 Leasing Manager (as at 31 December 2009) Car Park Lots 339 Zen Lee (as at 31 December 2009) Marcom Manager Title Leasehold tenure of 99 years with effect from Fong Lie Ling 12 December 1979 Operations Manager Market Valuation S$326.0 million (as at 31 December 2009) Gross Revenue S$29.3 million (for the year ended 31 December 2009) Net Property Income S$19.5 million (for the year ended 31 December 2009) Committed Occupancy 99.3% (as at 31 December 2009) Shopper Traffi c in 2009 9.6 million Key Tenants Challenger, Harvey Norman, Food Junction, South Asia Computer and Inforcom Technologies

Lease Expiry Profi le (%) Trade Sector Analysis Trade Sector Analysis (as at 31 December 2009)1 by Gross Rental Income (%) by Net Lettable Area (%) (for the month of December 2009)1 (as at 31 December 2009)1

2010 38.2

32.7

2011 18.8

25.3

2012 39.2

39.3

2013 3.8 Information Technology 42.3 Information Technology 45.9 Food & Beverage 16.3 Food & Beverage 15.7 2.7 Electrical & Electronics 10.4 Electrical & Electronics 9.7 Beauty & Health 6.2 Others2 8.0 2014 & Services 6.1 Gifts/Toys & Hobbies/Books/ 6.0 beyond 0.0 Gifts/Toys & Hobbies/Books/ 5.1 Sporting Goods 0.0 Sporting Goods Beauty & Health 4.2 Others2 4.8 Services 3.0 Jewellery & Watches 2.0 Houseware & Furnishings 2.3 % of Total Net Lettable Area Houseware & Furnishings 1.7 Supermarket 1.6 % of Total Gross Rental Income Shoes & Bags 1.6 Fashion 1.0 Fashion 1.2 Leisure & Entertainment/Music & Video 1.0 Leisure & Entertainment/Music & Video 1.2 Jewellery & Watches 0.8 Supermarket 1.1 Shoes & Bags 0.8

1 Based on committed leases as at 31 December 2009. 2 Others include Warehouse, Education and Art Gallery.

89 CapitaMall Trust Report to Unitholders 2009 Portfolio Details

IMM BUILDING

IMM Building (IMM) is located in the western part of Singapore, just a fi ve-minute walk from the Jurong East MRT interchange station and bus interchange. Shoppers to IMM enjoy the convenience of free parking for the fi rst three hours, as well as a free shuttle bus that plies between the mall and Jurong East MRT interchange station. On weekdays, the shuttle service also serves the International Business Park during lunch hour.

Besides its proximity to the surrounding residential estates, IMM is close to major offi ce and industrial developments such as the International Business Park and JTC Summit. Together with its fi ve distinct retail clusters – Home Furnishings, IT & Appliances, Children, Fashion and Food & Beverage (F&B) – IMM is uniquely positioned to cater to both the needs of families and busy PMEBs. With its growing list of outlet concept stores, IMM has also become popular with bargain hunters.

The fi ve-storey mixed development comprises retail, offi ce and warehouse space. It has fi ve levels of covered and one level of open-air car park space. Key tenants include Giant Hypermarket, Best Denki (electronics store), Kopitiam (food court), Daiso (value store) and Bagus (halal food court).

90 CapitaMall Trust Report to Unitholders 2009 Centre Management IMM Building Property Information Callie Yah Net Lettable Area (NLA) Retail: 408,128 sq ft; Non-Retail: 534,020 sq ft General Manager (as at 31 December 2009) Total: 942,148 sq ft Yvonne Tham Number of Leases Retail: 240; Non-Retail: 382 Leasing Manager (as at 31 December 2009) Car Park Lots 1,313 (cars) Maggie Chua (as at 31 December 2009) 90 (heavy vehicles) Marcom Manager Title Leasehold tenure of 30+30 years with effect from Desmond Ng 23 January 1989 Operations Manager Market Valuation S$650.0 million (as at 31 December 2009) Gross Revenue S$73.9 million (for the year ended 31 December 2009) Net Property Income S$48.9 million (for the year ended 31 December 2009) Committed Occupancy Retail: 99.7%; Non-Retail: 97.6% (as at 31 December 2009) Total: 98.7% Shopper Traffi c in 2009 17.8 million Key Tenants Giant Hypermarket, Best Denki, Kopitiam, Daiso and Bagus

Lease Expiry Profi le (%) Trade Sector Analysis Trade Sector Analysis (as at 31 December 2009)1 by Gross Rental Income (%) by Net Lettable Area (%) (for the month of December 2009)1 (as at 31 December 2009)1

2010 49.5

47.7

2011 17.3

12.3

2012 22.4

35.9

2013 2 1.5 Food & Beverage 20.2 Others 48.7 Houseware & Furnishings 11.8 Supermarket 8.5 2.5 Others2 11.8 Food & Beverage 8.4 Fashion 9.3 Office 7.5 2014 & Beauty & Health 7.6 Houseware & Furnishings 7.0 beyond 9.3 Supermarket 7.2 Electrical & Electronics 3.9 1.6 Services 6.8 Fashion 3.4 Gifts/Toys & Hobbies/Books/ 5.4 Gifts/Toys & Hobbies/Books/ 2.7 Sporting Goods Sporting Goods % of Total Net Lettable Area Electrical & Electronics 5.4 Department Store 2.6 % of Total Gross Rental Income Office 3.6 Beauty & Health 2.4 Jewellery & Watches 3.5 Services 2.3 Shoes & Bags 2.8 Information Technology 1.1 Information Technology 2.2 Shoes & Bags 0.8 Department Store 1.8 Jewellery & Watches 0.5 Leisure & Entertainment/Music & Video 0.6 Leisure & Entertainment/Music & Video 0.2

1 Based on committed leases as at 31 December 2009. 2 Others include Warehouse, Education and Art Gallery.

91 CapitaMall Trust Report to Unitholders 2009 Portfolio Details

PLAZA SINGAPURA

Plaza Singapura is located along Orchard Road, Singapore’s main shopping belt. This prime freehold property boasts a direct Basement 2 link to the Dhoby Ghaut MRT interchange station, which connects three main train lines, including the upcoming Circle Line which is expected to commence operations in 2010.

The mall’s broad-based positioning, coupled with its strong focus on basic consumer goods and services, differentiates itself from other malls along Orchard Road, and allows it to attract a wide range of shoppers – families, youths and working adults – from all over Singapore.

Plaza Singapura has nine levels of retail space, including two basement levels. In addition, it has a multi-storey car park which provides direct access into the mall at levels 2 to 7. Key tenants include Carrefour (hypermarket), Golden Village (cineplex), Spotlight (home furnishing), Best Denki (electronics store) and Yamaha Music School.

92 CapitaMall Trust Report to Unitholders 2009 Centre Management Plaza Singapura Property Information Pauline Yeh Net Lettable Area (NLA) 498,679 sq ft General Manager (as at 31 December 2009) Carie Yip Number of Leases 229 Assistant Centre Manager (as at 31 December 2009) Car Park Lots 699 Lun Hwee Hsien (as at 31 December 2009) Leasing Manager Title Freehold June Ang Market Valuation S$1000.0 million Marcom Manager (as at 31 December 2009) Chin Yew Leong Gross Revenue S$75.4 million Operations Manager (for the year ended 31 December 2009) Net Property Income S$54.8 million (for the year ended 31 December 2009) Committed Occupancy 100.0% (as at 31 December 2009) Shopper Traffi c in 2009 24.2 million Key Tenants Carrefour, Golden Village, Spotlight, Best Denki and Yamaha Music School

Lease Expiry Profi le (%) Trade Sector Analysis Trade Sector Analysis (as at 31 December 2009)1 by Gross Rental Income (%) by Net Lettable Area (%) (for the month of December 2009)1 (as at 31 December 2009)1

2010 13.4

20.5

2011 24.3

27.0

2012 41.6

40.5

2013 2.2 Food & Beverage 21.2 Supermarket 16.4 Fashion 14.4 Food & Beverage 15.0 2.9 Beauty & Health 11.0 Leisure & Entertainment/Music & Video 13.3 Services 9.6 Houseware & Furnishings 10.7 2014 & Supermarket 7.9 Fashion 8.2 beyond 18.5 Houseware & Furnishings 7.2 Beauty & Health 7.7 9.1 Leisure & Entertainment/Music & Video 6.8 Services 5.4 Shoes & Bags 5.2 Department Store 5.2 Gifts/Toys & Hobbies/Books/ 4.7 Electrical & Electronics 4.8 % of Total Net Lettable Area Sporting Goods Gifts/Toys & Hobbies/Books/ 4.4 % of Total Gross Rental Income Jewellery & Watches 3.4 Sporting Goods Electrical & Electronics 3.4 Others2 4.3 Department Store 2.7 Shoes & Bags 3.5 Others2 2.5 Jewellery & Watches 1.1

1 Based on committed leases as at 31 December 2009. 2 Others include Warehouse, Education and Art Gallery.

93 CapitaMall Trust Report to Unitholders 2009 Portfolio Details

BUGIS JUNCTION

Located in the heart of Singapore’s Civic and Cultural District, Bugis Junction enjoys direct connectivity to the Bugis MRT station from the basement level, and is well served by major public bus routes.

In line with its close proximity to the Singapore Management University, LASALLE College of the Arts and School of the Arts (SOTA), Bugis Junction is positioned as a modern fashion, dining and entertainment destination mall targeted at young adults and PMEBs.

Bugis Junction is also Singapore’s fi rst and only air-conditioned sky-lit shopping arcade to be fl anked by charming historic shophouses, representing a showcase of new- and old-world integration. It has fi ve retail levels, including a basement level. Key tenants include BHG (department store), Food Junction (food court), Cold Storage (supermarket), Virtualand (arcade) and Shaw Cinemas (cineplex).

94 CapitaMall Trust Report to Unitholders 2009 Centre Management Bugis Junction Property Information Pauline Tan Net Lettable Area (NLA) 421,539 sq ft Centre Manager (as at 31 December 2009) Foo Chai Hong Number of Leases 231 Leasing Manager (as at 31 December 2009) Car Park Lots 648 Christopher Ang (as at 31 December 2009) Marcom Manager Title Leasehold tenure of 99 years with effect from Chee Hiang Chuan 10 September 1990 Operations Manager Market Valuation S$798.0 million (as at 31 December 2009) Gross Revenue S$68.9 million (for the year ended 31 December 2009) Net Property Income S$46.6 million (for the year ended 31 December 2009) Committed Occupancy 100.0% (as at 31 December 2009) Shopper Traffi c in 2009 36.4 million Key Tenants BHG, Food Junction, Cold Storage, Virtualand and Shaw Cinemas

Lease Expiry Profi le (%) Trade Sector Analysis Trade Sector Analysis (as at 31 December 2009)1 by Gross Rental Income (%) by Net Lettable Area (%) (for the month of December 2009)1 (as at 31 December 2009)1

2010 17.9

27.7

2011 57.7

40.2

2012 21.0

25.6

2013 3.4 Food & Beverage 29.9 Department Store 41.3 Fashion 21.1 Food & Beverage 20.0 6.0 Department Store 17.3 Fashion 10.6 Beauty & Health 7.4 Leisure & Entertainment / Music & Video 9.8 2014 & Leisure & Entertainment/Music & Video 5.2 Beauty & Health 5.7 beyond 0.0 Services 4.3 Supermarket 3.6 0.5 Shoes & Bags 4.0 Gifts/Toys & Hobbies/Books/ 3.5 Jewellery & Watches 3.8 Sporting Goods Gifts/Toys & Hobbies/Books/ 3.7 Services 2.1 % of Total Net Lettable Area Sporting Goods Shoes & Bags 1.8 % of Total Gross Rental Income Supermarket 2.2 Jewellery & Watches 1.2 Information Technology 0.7 Electrical & Electronics 0.2 Electrical & Electronics 0.4 Information Technology 0.2

1 Based on committed leases as at 31 December 2009.

95 CapitaMall Trust Report to Unitholders 2009 Portfolio Details

SEMBAWANG SHOPPING CENTRE

Sembawang Shopping Centre (SSC) is situated in close proximity to Yishun and Sembawang MRT stations. The mall provides a free shuttle bus service which plies between SSC and the Yishun and Sembawang MRT stations. On weekdays, SSC also operates a free lunch-time shuttle bus to the nearby industrial estate.

With its positioning as a one-stop family- oriented necessity shopping destination, SSC appeals to residents from the surrounding estates, uniformed personnel from nearby military camps, as well as workers from the neighbouring industrial parks.

Re-developed and re-opened in December 2008, the mall houses four levels of retail space, including a basement level, as well as three fl oors of car park. Key tenants include Giant Hypermarket, Kopitiam (food court), Daiso (value store), Challenger (digital and electronics store) and Esprit Outlet (fashion).

96 CapitaMall Trust Report to Unitholders 2009 Centre Management Sembawang Shopping Centre Property Information Chew Hock Chye Net Lettable Area (NLA) 128,320 sq ft General Manager (as at 31 December 2009) Andrew Yong Number of Leases 84 Assistant Centre Manager (as at 31 December 2009) Car Park Lots 161 Sonia Choo (as at 31 December 2009) Leasing Executive Title Leasehold tenure of 999 years with effect from Doreen Yeo 26 March 1885 Marcom Manager Market Valuation S$136.5 million (as at 31 December 2009) Wong Yeap Wai Operations Manager Committed Occupancy 99.5% (as at 31 December 2009) Shopper Traffi c in 2009 4.5 million Key Tenants Giant Hypermarket, Kopitiam, Daiso, Challenger and Esprit Outlet

Lease Expiry Profi le (%) Trade Sector Analysis Trade Sector Analysis (as at 31 December 2009)1 by Gross Rental Income (%) by Net Lettable Area (%) (for the month of December 2009)1 (as at 31 December 2009)1

2010 0.2

0.5

2011 1.1

2.3

2012 93.0

91.6

2013 3.0 Food & Beverage 28.7 Supermarket 29.3 Supermarket 15.7 Food & Beverage 27.1 4.0 Beauty & Health 13.2 Department Store 8.9 Fashion 9.9 Beauty & Health 7.9 2014 & Services 9.8 Gifts/Toys & Hobbies/Books/ 6.8 beyond 2.7 Gifts/Toys & Hobbies/Books/ 5.9 Sporting Goods 1.6 Sporting Goods Fashion 5.7 Department Store 4.2 Services 5.3 Electrical & Electronics 3.2 Electrical & Electronics 4.0 % of Total Net Lettable Area Jewellery & Watches 3.1 Houseware & Furnishings 1.6 % of Total Gross Rental Income Houseware & Furnishings 2.6 Leisure & Entertainment/Music & Video 1.5 Leisure & Entertainment/Music & Video 2.4 Jewellery & Watches 1.1 Shoes & Bags 1.3 Shoes & Bags 0.8

1 Based on committed leases as at 31 December 2009.

97 CapitaMall Trust Report to Unitholders 2009 Portfolio Details

HOUGANG PLAZA

Hougang Plaza is strategically located in Hougang Central, within walking distance from the Hougang MRT station and bus interchange. The three-storey mall is positioned as a neighbourhood mall catering to the basic shopping and entertainment needs of residents in the vicinity.

Major tenants include Kopitiam (food court), Novena Furnishing Centre, Woodball Association (recreation club), K-Box (karaoke) and Shop N Save (supermarket). There are also pushcarts and promotional space vendors that add variety to the existing tenant mix, providing more options to shoppers.

98 CapitaMall Trust Report to Unitholders 2009 Centre Management Hougang Plaza Property Information Melissa Ang Net Lettable Area (NLA) 75,353 sq ft Centre Manager (as at 31 December 2009) Sabrina Lai Number of Leases 10 Assistant Centre Manager (as at 31 December 2009) Car Park Lots 154 Jessica Lee (as at 31 December 2009) Senior Leasing Executive Title Leasehold tenure of 99 years with effect from Dennis Cheong 1 March 1991 Marcom Manager Market Valuation S$39.0 million (as at 31 December 2009) Eddie Lim Operations Manager Committed Occupancy 100.0% (as at 31 December 2009) Shopper Traffi c in 2009 NA* Key Tenants Kopitiam, Novena Furnishing Centre, Woodball Association, K-Box and Shop N Save

* Figure is not available.

Lease Expiry Profi le (%) Trade Sector Analysis Trade Sector Analysis (as at 31 December 2009)1 by Gross Rental Income (%) by Net Lettable Area (%) (for the month of December 2009)1 (as at 31 December 2009)1

2010 0.0

0.0

2011 0.0

0.0

2012 59.7

76.9

2013 40.3 Food & Beverage 39.2 Leisure & Entertainment/Music & Video 40.2 Leisure & Entertainment/Music & Video 23.1 Houseware & Furnishings 28.5 23.1 Houseware & Furnishings 17.3 Food & Beverage 20.3 Supermarket 6.9 Supermarket 4.2 2014 & Services 6.1 Gifts/Toys & Hobbies/Books/ 4.1 beyond 0.0 Gifts/Toys & Hobbies/Books/ 5.5 Sporting Goods 0.0 Sporting Goods Services 2.0 Beauty & Health 1.9 Beauty & Health 0.7

% of Total Net Lettable Area % of Total Gross Rental Income

1 Based on committed leases as at 31 December 2009.

99 CapitaMall Trust Report to Unitholders 2009 Portfolio Details

RAFFLES CITY SINGAPORE

Raffl es City Singapore (RCS) is a large integrated development in Singapore. A prime landmark, it is located in the downtown core, at the fringe of Singapore’s Central Business District, and within the Civic and Cultural District.

RCS is directly connected to the City Hall MRT interchange station, and its connectivity will be further enhanced with the opening of a Basement 2 link to the upcoming Esplanade MRT station by the third quarter of 2010.

The mixed-use development comprises the four-storey Raffl es City Shopping Centre, Raffl es City Convention Centre, 42-storey Raffl es City Tower, 73-storey Swissôtel The Stamford and the 28-storey twin towers that make up the Fairmont Singapore.

CapitaCommercial Trust (CCT) and CMT jointly own the integrated development through the RCS Trust, the special purpose vehicle that holds RCS. RCS Trust was constituted on 18 July 2006 and is 60.00% owned by CCT and 40.00% owned by CMT.

100 CapitaMall Trust Report to Unitholders 2009 Centre Management Raffl es City Singapore Property Information Margaret Khoo Net Lettable Area (NLA) Retail: 403,209 sq ft; Offi ce: 380,310 sq ft General Manager (as at 31 December 2009) Total: 783,519 sq ft Eugenie Yap Number of Leases Retail: 200 Deputy General Manager & Head, Leasing (as at 31 December 2009) Offi ce: 46 Hotels & Convention Centre: 1 Poon Chiew Foo Car Park Lots 1,065 Deputy General Manager & Head, (as at 31 December 2009) Property Management Title Leasehold tenure of 99 years with effect from Wendy Soh 16 July 1979 Head, Marcom Market Valuation S$1,020.0 million (as at 31 December 2009) (40.00% interest) Gross Revenue S$80.1 million (for the year ended 31 December 2009) (40.00% interest) Net Property Income S$56.5 million (for the year ended 31 December 2009) (40.00% interest) Committed Occupancy Retail: 100.0%; Offi ce: 98.6% (as at 31 December 2009) Total: 99.3% Shopper Traffi c in 2009 31.4 million Key Tenants1 Robinson & Company, Wing Tai Retail, Jay Gee Enterprises, Cold Storage and Food Junction

1 Only retail tenants.

Raffl es City Singapore Raffl es City Singapore Raffl es City Shopping Centre Lease Expiry Profi le Major Usage Mix Trade Sector Analysis by Gross Rental Income (%) by Gross Rental Income (%) by Gross Rental Income (%) (for the month of December 2009)1 (for the month of December 2009)1 (for the month of December 2009)1

2010 12.0

7.5

2011 7.8

1.8

2012 11.0

8.2

2013 1.5 Retail 44.2 Fashion 28.4 Hotels & Convention Centre 36.8 Food & Beverage 22.5 0.9 Office 19.0 Department store 15.8 Shoes & Bags 9.3 2014 & Jewellery, Watches & Pens 6.0 beyond 6.3 Beauty & Health Related 5.8 1.4 Sundry & Services 4.0 Supermarket 2.9 41.6 Gifts & Souvenirs 2.8 Others2 2.5 Retail Office Hotels & Convention Centre

1 Based on committed leases as at 31 December 2009. 2 Others include Electrical & Electronics, Houseware & Furnishings, Art Gallery, Books & Stationery, Toys & Hobbies and Sport Goods & Apparel.

101 CapitaMall Trust Report to Unitholders 2009 Portfolio Details

LOT ONE SHOPPERS’ MALL

Lot One Shoppers’ Mall (Lot One) is situated in the heart of the Choa Chu Kang housing estate, in the north-western region of Singapore. The mall is well connected by major arterial roads and is next to the Choa Chu Kang MRT/LRT stations and bus interchange. The six-storey retail mall enjoys a large shopper catchment, comprising residents in the Choa Chu Kang, Bukit Panjang, Bukit Batok and Upper Bukit Timah precincts, uniformed personnel from military camps in the vicinity, as well as students from nearby schools.

Positioned to appeal to middle-income families, key tenants in Lot One include NTUC FairPrice (supermarket), Courts (electronics store), Food Junction (food court), BHG (department store) and Shaw Cinemas (cineplex).

102 CapitaMall Trust Report to Unitholders 2009 Centre Management Lot One Shoppers’ Mall Property Information Chew Hock Chye Net Lettable Area (NLA) 217,713 sq ft General Manager (as at 31 December 2009) Cheryl Ng Number of Leases 154 Senior Leasing Executive (as at 31 December 2009) Car Park Lots 318 Doreen Yeo (as at 31 December 2009) Marcom Manager Title Leasehold tenure of 99 years with effect from Shirley Lim 1 December 1993 Operations Manager Market Valuation S$428.0 million (as at 31 December 2009) Committed Occupancy 99.9% (as at 31 December 2009) Shopper Traffi c in 2009 17.2 million Key Tenants NTUC FairPrice, Courts, Food Junction, BHG and Shaw Cinemas

Lease Expiry Profi le (%) Trade Sector Analysis Trade Sector Analysis (as at 31 December 2009)1 by Gross Rental Income (%) by Net Lettable Area (%) (for the month of December 2009)1 (as at 31 December 2009)1

2010 7.1

12.4

2011 37.3

50.2

2012 31.3

25.8

2013 3.1 Food & Beverage 32.1 Food & Beverage 24.6 Fashion 17.6 Others2 11.8 4.3 Beauty & Health 12.5 Fashion 11.1 Services 7.1 Leisure & Entertainment/Music & Video 10.9 2014 & Gifts/Toys & Hobbies/Books/ 4.8 Beauty & Health 8.7 beyond 21.2 Sporting Goods Electrical & Electronics 6.8 7.3 Jewellery & Watches 4.7 Supermarket 6.3 Leisure & Entertainment/Music & Video 4.4 Gifts/Toys & Hobbies/Books/ 5.8 Supermarket 4.0 Sporting Goods % of Total Net Lettable Area Electrical & Electronics 3.6 Department Store 5.7 % of Total Gross Rental Income Department Store 3.5 Services 4.3 Shoes & Bags 2.7 Shoes & Bags 1.9 Others2 2.1 Jewellery & Watches 1.4 Information Technology 0.5 Information Technology 0.4 Houseware & Furnishings 0.4 Houseware & Furnishings 0.3

1 Based on committed leases as at 31 December 2009. 2 Others include Warehouse, Education and Art Gallery.

103 CapitaMall Trust Report to Unitholders 2009 Portfolio Details

BUKIT PANJANG PLAZA

Bukit Panjang Plaza (BPP) is located in the high-density residential area of Bukit Panjang New Town, in the north-western region of Singapore. Besides the surrounding estates of Bukit Panjang, Cashew Park, Chestnut Drive and Hillview, BPP also caters to families and residents in Teck Whye, Choa Chu Kang and Upper Bukit Timah.

The four-storey mall, with two levels of basement car park, is conveniently located between the Bukit Panjang and Senja LRT stations, and adjacent to the Bukit Panjang bus interchange. Key tenants include NTUC FairPrice (supermarket), Kopitiam (food court), Harvey Norman (electronics store), McDonald’s (fast food) and Tang Dian Wang (Chinese restaurant).

104 CapitaMall Trust Report to Unitholders 2009 Centre Management Bukit Panjang Plaza Property Information Chew Hock Chye Net Lettable Area (NLA) 148,469 sq ft General Manager (as at 31 December 2009) Mustafa Bin Abdul Rahim Number of Leases 109 Centre Manager (as at 31 December 2009) Car Park Lots 332 Claris Soh (as at 31 December 2009) Leasing Executive Title Leasehold tenure of 99 years with effect from Doreen Yeo 1 December 1994 Marcom Manager Market Valuation S$248.0 million (as at 31 December 2009) Jeffrey Low Operations Manager Committed Occupancy 99.8% (as at 31 December 2009) Shopper Traffi c in 2009 12.1 million Key Tenants NTUC FairPrice, Kopitiam, Harvey Norman, McDonald’s and Tang Dian Wang

Lease Expiry Profi le (%) Trade Sector Analysis Trade Sector Analysis (as at 31 December 2009)1 by Gross Rental Income (%) by Net Lettable Area (%) (for the month of December 2009)1 (as at 31 December 2009)1

2010 29.6

32.8

2011 26.8

26.5

2012 14.6

17.6

2013 20.0 Food & Beverage 36.5 Food & Beverage 28.4 Beauty & Health 15.7 Electrical & Electronics 11.5 21.5 Services 10.7 Beauty & Health 11.3 Supermarket 6.6 Supermarket 10.6 2014 & Fashion 5.3 Others2 9.0 beyond 9.0 Department Store 5.0 Department Store 8.1 1.6 Electrical & Electronics 4.5 Gifts/Toys & Hobbies/Books/ 6.5 Gifts/Toys & Hobbies/Books/ 4.4 Sporting Goods Sporting Goods Services 6.4 % of Total Net Lettable Area Jewellery & Watches 3.8 Fashion 2.8 % of Total Gross Rental Income Shoes & Bags 2.4 Leisure & Entertainment/Music & Video 1.8 Leisure & Entertainment/Music & Video 2.1 Jewellery & Watches 1.4 Others2 1.6 Shoes & Bags 1.4 Houseware & Furnishings 1.1 Houseware & Furnishings 0.6 Information Technology 0.3 Information Technology 0.2

1 Based on committed leases as at 31 December 2009. 2 Others include Warehouse, Education and Art Gallery.

105 CapitaMall Trust Report to Unitholders 2009 Portfolio Details

RIVERVALE MALL

Rivervale Mall is located at the junction of Rivervale Drive and Rivervale Crescent in Sengkang New Town. The mall is strategically situated beside the Rumbia LRT station, which is linked to the Sengkang MRT station. In addition, Rivervale Mall provides a free shuttle bus service that plies two routes within the Sengkang, Anchorvale and Compassvale estates.

With its accessible location, the three-storey mall is a popular and convenient shopping destination for residents living in the vicinity. In 2009, shopper traffi c was boosted with the opening of Daiso in August 2009. A new food court located at Level 1 also gives shoppers more F&B options outside of the mall’s normal operating hours.

Key tenants include NTUC FairPrice (supermarket), NTUC Foodfare (food court), Daiso (value store), United Overseas Bank and McDonald’s (fast food).

106 CapitaMall Trust Report to Unitholders 2009 Centre Management Rivervale Mall Property Information Melissa Ang Net Lettable Area (NLA) 81,130 sq ft Centre Manager (as at 31 December 2009) Sabrina Lai Number of Leases 68 Assistant Centre Manager (as at 31 December 2009) Car Park Lots 178 Jessica Lee (as at 31 December 2009) Senior Leasing Executive Title Leasehold tenure of 99 years with effect from Dennis Cheong 6 December 1997 Marcom Manager Market Valuation S$92.0 million (as at 31 December 2009) Eddie Lim Operations Manager Committed Occupancy 100.0% (as at 31 December 2009) Shopper Traffi c in 2009 7.0 million Key Tenants NTUC FairPrice, NTUC Foodfare, Daiso, United Overseas Bank and McDonald’s

Lease Expiry Profi le (%) Trade Sector Analysis Trade Sector Analysis (as at 31 December 2009)1 by Gross Rental Income (%) by Net Lettable Area (%) (for the month of December 2009)1 (as at 31 December 2009)1

2010 45.5

42.7

2011 15.0

18.0

2012 38.3

39.3

2013 1.2 Services 26.7 Supermarket 27.3 Food & Beverage 26.6 Food & Beverage 18.7 0.0 Supermarket 16.6 Services 18.4 Beauty & Health 12.0 Department Store 15.1 2014 & Department Store 6.9 Beauty & Health 9.4 beyond 0.0 Others2 4.9 Others2 7.1 0.0 Fashion 2.4 Fashion 1.4 Shoes & Bags 1.6 Shoes & Bags 1.2 Gifts/Toys & Hobbies/Books/ 0.8 Gifts/Toys & Hobbies/Books/ 0.8 % of Total Net Lettable Area Sporting Goods Sporting Goods % of Total Gross Rental Income Electrical & Electronics 0.8 Jewellery & Watches 0.3 Jewellery & Watches 0.7 Electrical & Electronics 0.3

1 Based on committed leases as at 31 December 2009. 2 Others include Warehouse, Education and Art Gallery.

107 CapitaMall Trust Report to Unitholders 2009 Portfolio Details

THE ATRIUM@ORCHARD

The Atrium@Orchard (Atrium) is currently a mixed-use development comprising two Grade A offi ce towers, ground fl oor retail space and two levels of basement car park. The development enjoys direct connectivity to the Dhoby Ghaut MRT interchange station, which connects three main train lines, including the upcoming Circle Line which is expected to commence operations in 2010.

Existing F&B tenants on the ground fl oor include TCC – The Coffee Connoisseur, Jalan Kayu Prata Café, Pondok Jawa Timur (Indonesian restaurant) and Xiang Xue Hai (Chinese steamboat).

108 CapitaMall Trust Report to Unitholders 2009 Centre Management The Atrium@Orchard Property Information Pauline Yeh Net Lettable Area (NLA) Retail: 16,318 sq ft; Offi ce: 357,354 sq ft General Manager (as at 31 December 2009) Total: 373,672 sq ft Carie Yip Number of Leases Retail: 8 Assistant Centre Manager (as at 31 December 2009) Offi ce: 12 Car Park Lots 106 Lun Hwee Hsien (as at 31 December 2009) Leasing Manager Title Leasehold tenure of 99 years with effect from June Ang 15 August 2008 Marcom Manager Market Valuation S$714.0 million (as at 31 December 2009) Pek Kok Hin Operations Manager Gross Revenue S$29.8 million (for the year ended 31 December 2009) Net Property Income S$21.1 million (for the year ended 31 December 2009) Committed Occupancy 99.1% (as at 31 December 2009) Shopper Traffi c in 2009 NA* Key Tenants Temasek Holdings, Barclays, HSBC, TCC – The Coffee Connoisseur and FIL Skin

* Figure is not available.

Lease Expiry Profi le (%) Trade Sector Analysis Trade Sector Analysis (as at 31 December 2009)1 by Gross Rental Income (%) by Net Lettable Area (%) (for the month of December 2009)1 (as at 31 December 2009)1

2010 53.9

49.3

2011 4.8

11.8

2012 41.3

38.9

2013 0.0 Office 91.2 Office 95.7 Food & Beverage 4.4 Food & Beverage 2.9 0.0 Services 2.9 Services 0.9 Beauty & Health 1.5 Beauty & Health 0.5 2014 & beyond 0.0

0.0

% of Total Net Lettable Area % of Total Gross Rental Income

1 Based on committed leases as at 31 December 2009.

109 CapitaMall Trust Report to Unitholders 2009 Portfolio Details

JURONG ENTERTAINMENT CENTRE

Jurong Entertainment Centre (JEC) is situated in the heart of the Jurong East Regional Centre. The site is strategically located next to the Jurong East MRT interchange station and bus interchange, offering convenient access for shoppers in the western region of Singapore.

JEC has ceased operations in preparation for asset enhancement works. Initially put on hold due to escalating construction costs, the works commenced in the fourth quarter of 2009. When completed in the fi rst quarter of 2012, JEC will boast more than 200,000 square feet of net lettable area spread over fi ve retail levels, including a basement level. It will also house an Olympic-sized ice-skating rink.

Together with its distinctive and iconic facade, JEC will add more vibrancy to the proposed Jurong Lake District.

110 CapitaMall Trust Report to Unitholders 2009 Centre Management Jurong Entertainment Centre Property Information Callie Yah Gross Floor Area (GFA)1 281,081 General Manager Net Lettable Area (NLA)2 204,153 Elsie Goh Title Leasehold tenure of 99 years with effect from Assistant Centre Manager 1 March 1991 Maggie Chua Market Valuation S$122.0 million Marcom Manager (as at 31 December 2009) Incremental Gross Revenue S$23.8 million Desmond Ng Per Annum2 Operations Manager Incremental Net Property Income S$16.1 million Per Annum2 Capital Expenditure Required2 S$200.3 million Capital Value of AEI S$267.8 million (based on 6% capitalisation rate)1 Increase in Value2 S$67.5 million

1 Includes Green Mark bonus area. 2 Forecasts based on Manager’s estimates as at 31 December 2009.

111 CapitaMall Trust Report to Unitholders 2009 CapitaRetail China Trust

CMT holds 122.7 million units in via major transportation routes or access Left column: CapitaRetail China Trust (CRCT), which points. A signifi cant portion of the Xizhimen Mall, Beijing Wangjing Mall, Beiljing translate to an approximate 19.70% stake. properties’ tenancies consists of major Jiulong Mall, Beijing The fair value of CMT’s investment in international and domestic retailers such Anzhen Mall, Beijing CRCT represents 2.12% of CMT Group’s as Wal-Mart, Carrefour and Beijing Hualian total asset size as at 31 December 2009. Group (BHG) under master leases or long- Right column: Qibao Mall, Shanghai Through its investment in CRCT, CMT’s term leases, which provide unitholders with Zhengzhou Mall, Zhengzhou, Henan Province Unitholders are provided with an stable and sustainable returns. The anchor Saihan Mall, Huhhot, Inner Mongolia opportunity to enjoy the upside from tenants are complemented by popular Xinwu Mall, Wuhu, Anhui Province China’s growth potential without CMT’s specialty brands such as Vero Moda, risk profi le being signifi cantly altered. ZARA, Sephora, Watsons, KFC, Pizza Hut, BreadTalk and other fashion, services and CRCT is the fi rst China shopping mall REIT food and beverage tenants. in Singapore. It was listed on the Singapore Exchange Securities Trading Limited on CRCT has long-term growth potential 8 December 2006. It is established with from its right of fi rst refusal arrangements the objective of investing in a diversifi ed to acquire assets held by CapitaRetail portfolio of income-producing real estate China Development Funds I and II and used primarily for retail purposes and CapitaRetail China Incubator Fund, which located primarily in the People’s Republic are private retail property funds sponsored of China, Hong Kong and Macau. by CapitaLand Limited, as well as CapitaMalls Asia Limited, one of the largest CRCT’s current portfolio of eight shopping listed shopping mall developers, owners malls is located in fi ve cities in China. and managers in China. The properties are Xizhimen Mall, Wangjing Mall, Jiulong Mall and Anzhen Mall in CRCT delivered a strong set of results in Beijing, Qibao Mall in Shanghai, Zhengzhou FY2009, where gross revenue and net Mall in Zhengzhou, Henan Province, Saihan property income were S$120.3 million and Mall in Huhhot, Inner Mongolia, and Xinwu S$77.1 million, up 10.5% and 11.0% Mall in Wuhu, Anhui Province. As at respectively from FY2008. The total income 31 December 2009, the total asset size distributed to unitholders after retention of CRCT is approximately S$1.2 billion. of S$0.55 million for working capital and capital expenditure purposes was All the malls in the portfolio are positioned S$50.6 million, an increase of 10.4% over as one-stop family-oriented shopping, FY2008’s distribution. The DPU for FY2009 dining and entertainment destinations for was 8.14 cents, an increase of 8.1% over the sizeable population catchment areas in FY2008. which they are located, and are accessible

112 CapitaMall Trust Report to Unitholders 2009 113 CapitaMall Trust Report to Unitholders 2009 Mall Directory

Mall Contact Website Bugis Junction 200 Victoria Street, Singapore 188021 www.bugisjunction-mall.com.sg Tel (65) 6557 6557 Fax (65) 6338 1783 Bukit Panjang Plaza 1 Jelebu Road, Singapore 677743 www.capitamallsasia.com/malls_sg_bpp.html Tel (65) 6314 6388 Fax (65) 6763 4829 Funan DigitaLife Mall 109 North Bridge Road, Singapore 179097 www.funan.com.sg Tel (65) 6336 8327 Fax (65) 6333 4275 Hougang Plaza 1189 Upper Serangoon Road, Singapore 534785 www.capitamallsasia.com/malls_sg_hgp.html Tel (65) 6385 3641 Fax (65) 6385 7338 IMM Building 2 Jurong East Street 21, Singapore 609601 www.imm.sg Tel (65) 6665 8268 Fax (65) 6562 3933 Junction 8 9 Bishan Place, Singapore 579837 www.junction8.com.sg Tel (65) 6354 2955 Fax (65) 6354 2977 Lot One Shoppers’ Mall 21 Choa Chu Kang Avenue 4, Singapore 689812 www.capitamallsasia.com/malls_sg_lotone.html Tel (65) 6314 6288 Fax (65) 6763 2405 Plaza Singapura 68 Orchard Road, Singapore 238839 www.plazasingapura.com.sg Tel (65) 6332 9298 Fax (65) 6339 5006 Raffl es City Singapore Retail www.raffl escity.com.sg 252 North Bridge Road, Singapore 179103 Offi ce 250 North Bridge Road, Singapore 179101 Hotel Swissôtel The Stamford Singapore 2 Stamford Road, Singapore 178882 Fairmont Singapore 80 Bras Basah Road, Singapore 189560 Tel (65) 6338 7766 Fax (65) 6337 3618 Rivervale Mall 11 Rivervale Crescent, Singapore 545082 www.capitamallsasia.com/malls_sg_river.html Tel (65) 6489 1954 Fax (65) 6489 1956 Sembawang Shopping Centre 604 Sembawang Road, Singapore 758459 www.capitamallsasia.com/malls_sg_ssc.html Tel (65) 6757 8000 Fax (65) 6257 1463 Tampines Mall 4 Tampines Central 5, Singapore 529510 www.tampinesmall.com.sg Tel (65) 6788 8370 Fax (65) 6787 0995 The Atrium@Orchard 60A/B Orchard Road, Singapore 238890/238891 www.capitamallsasia.com/malls_sg_Atrium.html Tel (65) 6332 9770 Fax (65) 6339 5006

114 CapitaMall Trust Report to Unitholders 2009 Corporate Information as at 1 March 2010

CapitaMall Trust The Manager

Registered Address Registered Address Executive Commitee HSBC Institutional Trust Services CapitaMall Trust Management Limited Mr Liew Mun Leong (Singapore) Limited 39 Robinson Road Mr Lim Beng Chee 21 Collyer Quay #18-01 Robinson Point Mr Lim Tse Ghow Olivier #14-01 HSBC Building Singapore 068911 Singapore 049320 Tel: (65) 6536 1188 Audit Commitee Tel: (65) 6534 1900 Fax: (65) 6536 3884 Mr James Koh Cher Siang Fax: (65) 6533 1077 Mr James Glen Service Directors of The Manager Mr David Wong Chin Huat Website & Email Address Mr James Koh Cher Siang www.capitamall.com Chairman & Corporate Disclosure Committee [email protected] Independent Non-Executive Director Mr James Koh Cher Siang Mr Liew Mun Leong Trustee Mr Liew Mun Leong Mr Lim Tse Ghow Olivier HSBC Institutional Trust Services Deputy Chairman & (Singapore) Limited Non-Executive Director Company Secretary 21 Collyer Quay Ms Kannan Malini #10-01 HSBC Building Mr Simon Ho Chee Hwee Singapore 049320 Chief Executive Offi cer & Tel: (65) 6534 1900 Executive Director Fax: (65) 6533 1077 Mr James Glen Service Auditor Independent Non-Executive Director KPMG LLP Public Accountants and Mr David Wong Chin Huat Certifi ed Public Accountants Independent Non-Executive Director 16 Raffl es Quay #22-00 Hong Leong Building Mr S. Chandra Das Singapore 048581 Independent Non-Executive Director Tel: (65) 6213 3388 Fax: (65) 6225 0984 Mr Kee Teck Koon Partner-In-Charge: Mr Ronald Tay Non-Executive Director (Since the fi nancial period ended 31 December 2007) Mr Lim Tse Ghow Olivier Non-Executive Director Unit Registrar Boardroom Corporate & Advisory Mr Lim Beng Chee Services Pte. Ltd. Non-Executive Director 50 Raffl es Place #32-01 Singapore Land Tower Singapore 048623 Tel: (65) 6536 5355 Fax: (65) 6536 1360

115 CapitaMall Trust Report to Unitholders 2009 Financial Statements

Contents 117 Report of The Trustee 118 Statement by The Manager 119 Independent Auditors’ Report 120 Balance Sheets 121 Statements of Total Return 122 Distribution Statements 123 Statements of Movements in Unitholders’ Funds 124 Portfolio Statements 127 Cash Flow Statements 129 Notes to The Financial Statements Report of the Trustee

HSBC Institutional Trust Services (Singapore) Limited (the “Trustee”) is under a duty to take into custody and hold the assets of CapitaMall Trust (the “Trust”) and its subsidiaries (the “Group”) in trust for the holders (“Unitholders”) of units in the Trust (the “Units”). In accordance with, inter alia, the Securities and Futures Act, Chapter 289 of Singapore, its subsidiary legislation and the Code on Collective Investment Schemes and the Listing Manual (collectively referred to as the “laws and regulations”), the Trustee shall monitor the activities of CapitaMall Trust Management Limited (the “Manager”) for compliance with the limitations imposed on the investment and borrowing powers as set out in the trust deed dated 29 October 2001 (as amended) (the “Trust Deed”) between the Manager and the Trustee in each annual accounting period and report thereon to Unitholders in an annual report which shall contain the matters prescribed by the laws and regulations as well as the recommendations of the Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of the Certifi ed Public Accountants of Singapore and the provisions of the Trust Deed.

To the best knowledge of the Trustee, the Manager has, in all material respects, managed the Trust during the period covered by these fi nancial statements, set out on pages 120 to 167, comprising the Balance Sheets, Statements of Total Return, Distribution Statements, Statements of Movements in Unitholders’ Funds, Portfolio Statements, Cash Flow Statements and Notes to the Financial Statements, in accordance with the limitations imposed on the investment and borrowing powers set out in the Trust Deed, laws and regulations and otherwise in accordance with the provisions of the Trust Deed.

For and on behalf of the Trustee, HSBC Institutional Trust Services (Singapore) Limited

Johannes Van Verre Director

Singapore 26 February 2010

117 CapitaMall Trust Report to Unitholders 2009 Statement by the Manager

In the opinion of the directors of CapitaMall Trust Management Limited, the accompanying fi nancial statements set out on pages 120 to 167 comprising the Balance Sheets, Statements of Total Return, Distribution Statements, Statements of Movements in Unitholders’ Funds, Portfolio Statements, Cash Flow Statements and a summary of signifi cant accounting policies and other explanatory notes of CapitaMall Trust and its subsidiaries (the “Group”) and of the Trust, are drawn up so as to present fairly, in all material respects, the fi nancial position of the Group and of the Trust as at 31 December 2009, the total return, distributable income, movements in Unitholders’ funds and cash fl ows of the Group and of the Trust for the year then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certifi ed Public Accountants of Singapore and the provisions of the Trust Deed. At the date of this statement, there are reasonable grounds to believe that the Group and the Trust will be able to meet their fi nancial obligations as and when they materialise.

For and on behalf of the Manager, CapitaMall Trust Management Limited

Ho Chee Hwee Simon Director

Singapore 26 February 2010

118 CapitaMall Trust Report to Unitholders 2009 Independent Auditors’ Report Unitholders of CapitaMall Trust (Established in the Republic of Singapore pursuant to a Trust Deed dated 29 October 2001 (as amended))

We have audited the accompanying fi nancial statements of CapitaMall Trust (the “Trust”) and its subsidiaries (the “Group”), which comprise the Balance Sheets and Portfolio Statements of the Group and the Trust as at 31 December 2009, and the Statements of Total Return, Distribution Statements, Statements of Movements in Unitholders’ Funds and Cash Flow Statements of the Group and the Trust for the year then ended, and a summary of signifi cant accounting policies and other explanatory notes, as set out on pages 120 to 167.

Manager’s responsibility for the fi nancial statements

The Manager of the Trust is responsible for the preparation and fair presentation of these fi nancial statements in accordance with Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certifi ed Public Accountants of Singapore. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of fi nancial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ responsibility

Our responsibility is to express an opinion on these fi nancial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the fi nancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the fi nancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Trust’s preparation and fair presentation of the fi nancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Manager of the Trust, as well as evaluating the overall presentation of the fi nancial statements.

We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated fi nancial statements of the Group and the fi nancial statements of the Trust present fairly, in all material respects, the fi nancial position of the Group and of the Trust as at 31 December 2009, the total return, distributable income, movements in Unitholders’ funds and cash fl ows of the Group and the Trust for the year then ended in accordance with the Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certifi ed Public Accountants of Singapore.

KPMG LLP Public Accountants and Certifi ed Public Accountants

Singapore 26 February 2010

119 CapitaMall Trust Report to Unitholders 2009 Balance Sheets As at 31 December 2009

GROUP TRUST 2009 2008 2009 2008 Note $’000 $’000 $’000 $’000

Non-current assets Plant and equipment 3 2,383 2,165 1,535 1,403 Investment properties 4 6,920,500 7,174,000 5,132,500 5,317,000 Subsidiaries 5 – – 149,620 356,220 Associate and joint venture 6 137,062 143,919 670,230 665,351 Deferred tax asset 13 – 1,774 – – 7,059,945 7,321,858 5,953,885 6,339,974

Current assets Inventories 195 179 – – Trade and other receivables 7 12,036 13,806 592,773 23,964 Financial derivatives 8 – 4,793 – – Cash and cash equivalents 9 350,825 168,355 315,147 141,424 363,056 187,133 907,920 165,388

Current liabilities Financial derivatives 8 353 – 353 – Trade and other payables 10 103,477 119,821 76,570 87,467 Current portion of security deposits 43,710 37,016 31,882 29,221 Interest-bearing borrowings 11 440,000 987,930 440,000 645,000 Current tax payable 1,387 1,552 – – 588,927 1,146,319 548,805 761,688

Net current liabilities (225,871) (959,186) 359,115 (596,300)

Non-current liabilities Interest-bearing borrowings 11 1,150,669 1,576,923 781,338 1,220,786 Convertible bonds 12 616,048 592,042 616,048 592,042 Non-current portion of security deposits 64,038 68,793 49,237 51,177 Financial derivatives 8 33,706 45,308 33,706 34,059 1,864,461 2,283,066 1,480,329 1,898,064

Net assets 4,969,613 4,079,606 4,832,671 3,845,610

Represented by:

Unitholders’ funds 4,969,613 4,079,606 4,832,671 3,845,610

Units in issue (’000) 14 3,179,268 1,666,831 3,179,268 1,666,831

$$$$

Net asset value per unit 1.56 2.44 1.52 2.30

The accompanying notes form an integral part of these fi nancial statements.

120 CapitaMall Trust Report to Unitholders 2009 Statements of Total Return Year ended 31 December 2009

GROUP TRUST 2009 2008 2009 2008 Note $’000 $’000 $’000 $’000

Gross revenue 15 552,700 510,901 405,028 370,662 Property operating expenses 16 (175,932) (169,771) (128,426) (122,175) Net property income 376,768 341,130 276,602 248,487

Interest income 17 1,038 1,881 33,569 22,081 Investment income 18 – – 51,205 46,442 Asset management fees 19 (34,178) (31,020) (25,453) (22,614) Professional fees 20 (3,419) (1,990) (3,239) (1,526) Trustee’s fees (1,066) (815) (777) (527) Audit fees (356) (377) (229) (262) Other expenses (863) (1,255) (604) (1,052) Foreign exchange gain 3,402 – – – Finance costs 21 (105,029) (102,531) (85,958) (74,032) Net income before share of profi t of associate 236,297 205,023 245,116 216,997 Share of profi t of associate 4,138 8,384 – – Net income 240,435 213,407 245,116 216,997 Net change in fair value of fi nancial derivatives (1,534) 25,545 6,567 25,545 Net change in fair value of investment properties (302,187) 323,227 (212,463) 273,509 Total return for the year before income tax (63,286) 562,179 39,220 516,051 Income tax expense 22 (1,899) (1,277) – –

Total return for the year (65,185) 560,902 39,220 516,051

Earnings per unit (cents) 23

Basic (2.23) 27.401 1.34 25.201

Fully diluted (2.23) 25.781 1.34 23.681

1 The fi gures have been restated for the effect of underwritten renounceable 9-for-10 rights issue (“Rights Issue”). On 2 April 2009, 1,502,358,923 units were issued pursuant to Rights Issue.

The accompanying notes form an integral part of these fi nancial statements.

121 CapitaMall Trust Report to Unitholders 2009 Distribution Statements Year ended 31 December 2009

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Amount available for distribution to Unitholders at beginning of year 62,172 39,801 62,172 39,801 Net income before share of profi t of associate 236,297 205,023 245,116 216,997 Net tax adjustments (Note A) 41,561 27,141 36,850 21,360 Distribution income from associate 10,258 7,180 – – Net profi t from subsidiaries (6,150) (987) – – 281,966 238,357 281,966 238,357 Amount available for distribution to Unitholders 344,138 278,158 344,138 278,158

Distribution to Unitholders during the year: Distribution of 2.34 cents per unit for period from 7/11/2007 to 31/12/2007 – (38,900) – (38,900) Distribution of 3.48 cents per unit for period from 1/1/2008 to 31/3/2008 – (57,883) – (57,883) Distribution of 3.52 cents per unit for period from 1/4/2008 to 30/6/2008 – (58,583) – (58,583) Distribution of 3.64 cents per unit for period from 1/7/2008 to 30/9/2008 – (60,620) – (60,620) Distribution of 3.65 cents per unit for period from 1/10/2008 to 31/12/2008 (60,839) – (60,839) – Distribution of 1.97 cents per unit for period from 1/1/2009 to 31/3/2009 (62,481) – (62,481) – Distribution of 2.13 cents per unit for period from 1/4/2009 to 30/6/2009 (67,629) – (67,629) – Distribution of 2.35 cents per unit for period from 1/7/2009 to 30/9/2009 (74,676) – (74,676) – (265,625) (215,986) (265,625) (215,986) Amount available for distribution to Unitholders at end of the year 78,513 62,172 78,513 62,172

Note A – Net tax adjustments comprise:

Non-tax deductible/(chargeable) items: – asset management fees paid/payable in units 13,342 14,187 8,464 9,294 – trustee’s fees 910 661 777 527 – amortisation of transaction costs on borrowings and convertible bonds 25,019 13,789 24,559 13,247 – other items 8,805 2,475 8,565 2,263

Tax deductible item: – capital allowances/balancing allowances (6,515) (3,971) (5,515) (3,971) Net tax adjustments 41,561 27,141 36,850 21,360

The accompanying notes form an integral part of these fi nancial statements.

122 CapitaMall Trust Report to Unitholders 2009 Statements of Movements in Unitholders’ Funds Year ended 31 December 2009

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Net assets at beginning of the year 4,079,606 3,721,814 3,845,610 3,531,450

Operations Total return for the year (65,185) 560,902 39,220 516,051

Hedging reserve Effective portion of changes in fair value of cash fl ow hedges 7,731 (8,629) (95) (259)

Movement in foreign currency translation reserve (668) 7,145 – –

Movement in general reserve 193 6 – –

Unitholders’ transactions Creation of units – asset management fees paid/payable in units 8,464 9,294 8,464 9,294 – units issued in respect of RCS Trust’s asset management fees 4,879 4,797 4,879 4,797 – Rights Issue 1,231,934 – 1,231,934 – Issue expenses (Note 24) (31,716) 263 (31,716) 263 Distribution to Unitholders (265,625) (215,986) (265,625) (215,986) Net increase/(decrease) in net assets resulting from Unitholders’ transactions 947,936 (201,632) 947,936 (201,632) Net assets at end of the year 4,969,613 4,079,606 4,832,671 3,845,610

The accompanying notes form an integral part of these fi nancial statements.

123 CapitaMall Trust Report to Unitholders 2009 124

CapitaMall Trust Report toUnitholders 2009 Portfolio Statements As at 31 December 2009

GROUP

Committed Occupancy Rates Percentage of Remaining as at 31 December At Valuation Total Net Assets Description Tenure Term Term Existing 2009 2008 2009 2008 2009 2008 of Property of Land of Lease of Lease Location Use % % $’000 $’000 % %

Investment properties in Singapore

Tampines Mall Leasehold 99 years 82 years 4 Tampines Central 5, Singapore Commercial 100.0 100.0 777,000 775,000 15.6 19.0

Junction 8 Leasehold 99 years 81 years 9 Bishan Place, Singapore Commercial 100.0 100.0 570,000 585,000 11.5 14.3

Funan DigitaLife Mall Leasehold 99 years 69 years 109 North Bridge Road, Singapore Commercial 99.3 99.8 326,000 341,000 6.6 8.4

IMM Building Leasehold 60 years 39 years 2 Jurong East Street 21, Singapore Commercial 99.7 99.1 650,000 658,000 13.1 16.1 Warehouse 97.6 98.1

Plaza Singapura Freehold – – 68 Orchard Road, Singapore Commercial 100.0 99.8 1,000,000 1,000,000 20.1 24.5

Hougang Plaza Leasehold 99 years 80 years 1189 Upper Serangoon Road, Singapore Commercial 100.0 100.0 39,000 50,000 0.8 1.2

Sembawang Shopping Leasehold 999 years 874 years 604 Sembawang Road, Singapore Commercial 99.5 NA 1 136,500 137,000 2.7 3.4 Centre

Jurong Entertainment Leasehold 99 years 80 years 2 Jurong East Central 1, Singapore Commercial NA 2 NA 2 122,000 123,000 2.4 3.0 Centre

Bugis Junction Leasehold 99 years 80 years 200 Victoria Street, Singapore Commercial 100.0 100.0 798,000 798,000 16.1 19.6

The Atrium@Orchard Leasehold 99 years 98 years 60A & 60B Orchard Road, Singapore Commercial 99.1 98.0 714,000 850,000 14.4 20.8

Bukit Panjang Plaza Leasehold 99 years 84 years 1 Jelebu Road, Singapore Commercial 99.8 100.0 248,000 256,000 5.0 6.3

Lot One Shoppers’ Mall Leasehold 99 years 83 years 21 Choa Chu Kang Avenue 4, Singapore Commercial 99.9 99.3 428,000 433,000 8.6 10.6

Rivervale Mall Leasehold 99 years 87 years 11 Rivervale Crescent, Singapore Commercial 100.0 100.0 92,000 90,000 1.9 2.2

40.0% interest in Leasehold 99 years 69 years 250 & 252 North Bridge Road, Retail 100.0 100.0 1,020,000 1,078,000 20.5 26.4 Raffl es City 2 Stamford Road and 80 Bras Offi ce 98.6 99.7 Basah Road, Singapore Hotel 3 NA NA

Investment properties, at valuation 6,920,500 7,174,000 139.3 175.8 Investment in associate (Note 6) 137,062 143,919 2.7 3.5 7,057,562 7,317,919 142.0 179.3 Other assets and liabilities (net) (2,087,949) (3,238,313) (42.0) (79.3) Net assets 4,969,613 4,079,606 100.0 100.0

The accompanying notes form an integral part of these fi nancial statements. 125

CapitaMall Trust Report toUnitholders 2009 Portfolio Statements As at 31 December 2009

TRUST

Committed Occupancy Rates Percentage of Remaining as at 31 December At Valuation Total Net Assets Description Tenure Term Term Existing 2009 2008 2009 2008 2009 2008 of Property of Land of Lease of Lease Location Use % % $’000 $’000 % %

Investment properties in Singapore

Tampines Mall Leasehold 99 years 82 years 4 Tampines Central 5, Singapore Commercial 100.0 100.0 777,000 775,000 16.1 20.1

Junction 8 Leasehold 99 years 81 years 9 Bishan Place, Singapore Commercial 100.0 100.0 570,000 585,000 11.8 15.2

Funan DigitaLife Mall Leasehold 99 years 69 years 109 North Bridge Road, Singapore Commercial 99.3 99.8 326,000 341,000 6.7 8.9

IMM Building Leasehold 60 years 39 years 2 Jurong East Street 21, Singapore Commercial 99.7 99.1 650,000 658,000 13.5 17.1 Warehouse 97.6 98.1

Plaza Singapura Freehold – – 68 Orchard Road, Singapore Commercial 100.0 99.8 1,000,000 1,000,000 20.7 26.0

Hougang Plaza Leasehold 99 years 80 years 1189 Upper Serangoon Road, Singapore Commercial 100.0 100.0 39,000 50,000 0.8 1.3

Sembawang Shopping Leasehold 999 years 874 years 604 Sembawang Road, Singapore Commercial 99.5 NA 1 136,500 137,000 2.8 3.6 Centre

Jurong Entertainment Leasehold 99 years 80 years 2 Jurong East Central 1, Singapore Commercial NA 2 NA 2 122,000 123,000 2.5 3.2 Centre

Bugis Junction Leasehold 99 years 80 years 200 Victoria Street, Singapore Commercial 100.0 100.0 798,000 798,000 16.5 20.7

The Atrium@Orchard Leasehold 99 years 98 years 60A & 60B Orchard Road, Singapore Commercial 99.1 98.0 714,000 850,000 14.8 22.1

Investment properties, at valuation 5,132,500 5,317,000 106.2 138.2 Investment in subsidiaries, associate and joint venture (Notes 5 & 6) 819,850 1,021,571 17.0 26.6 5,952,350 6,338,571 123.2 164.8 Other assets and liabilities (net) (1,119,679) (2,492,961) (23.2) (64.8) Net assets 4,832,671 3,845,610 100.0 100.0

NA Not Applicable 1 Occupancy rate is not applicable as Sembawang Shopping Centre major asset enhancement initiatives were completed in late December 2008. 2 Occupancy rate is not applicable as Jurong Entertainment Centre was closed in November 2008 for asset enhancement works. 3 The two hotels are on a long term master lease to RC Hotels (Pte) Ltd.

The accompanying notes form an integral part of these fi nancial statements. 126

CapitaMall Trust Report toUnitholders 2009 Portfolio Statements As at 31 December 2009

On 31 December 2009, independent valuations of Tampines Mall, IMM Building, Hougang Plaza and Jurong Entertainment Centre were undertaken by CB Richard Ellis (Pte) Ltd (“CBRE”) while the independent valuations of Junction 8, Funan DigitaLife Mall, Plaza Singapura, Sembawang Shopping Centre, Bugis Junction and The Atrium@Orchard were undertaken by Knight Frank Pte Ltd (“Knight Frank”). The Manager believes that the independent valuers have appropriate professional qualifi cations and recent experience in the location and category of the properties being valued. The valuations were based on investment method and discounted cash fl ow approaches for Knight Frank and capitalisation and discounted cash fl ow approaches for CBRE. The net change in fair value of the properties has been taken to the Statement of Total Return.

On 31 December 2009, independent valuation of Raffl es City was undertaken by Knight Frank. The Manager believes that the independent valuer has appropriate professional qualifi cations and recent experience in the location and category of the property being valued. The valuation was based on investment method and discounted cash fl ow approaches. The valuation adopted was $2,550,000,000 and the Trust’s proportionate interest in the property value is $1,020,000,000. The net change in fair value of the property has been taken to the Statement of Total Return.

On 31 December 2009, independent valuations of Bukit Panjang Plaza, Lot One Shoppers’ Mall and Rivervale Mall were undertaken by CBRE. The Manager believes that the independent valuer has appropriate professional qualifi cations and recent experience in the location and category of the property being valued. The valuations were based on capitalisation and discounted cash fl ow approaches. The net change in fair value of the properties has been taken to the Statement of Total Return.

The carrying amounts of Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Hougang Plaza, Sembawang Shopping Centre, Jurong Entertainment Centre and Bugis Junction as at 1 December 2008 were based on independent valuations undertaken by CBRE. The carrying amounts of Plaza Singapura, The Atrium@Orchard, Bukit Panjang Plaza, Lot One Shoppers’ Mall, Rivervale Mall and Raffl es City as at 1 December 2008 were based on independent valuations undertaken by Knight Frank. The valuations were based on investment method and discounted cash fl ow approaches for Knight Frank and capitalisation and discounted cash fl ow approaches for CBRE.

Investment properties comprise commercial properties that are leased to external customers. Generally, the leases contain an initial non-cancellable period of three years. Subsequent renewals are negotiated with the lessee. Contingent rents recognised in the Statement of Total Return of the Group and in the Statement of Total Return of the Trust amounted to $28,635,000 (2008: $30,614,000) and $17,917,000 (2008: $17,500,000) respectively.

The accompanying notes form an integral part of these fi nancial statements. Cash Flow Statements Year ended 31 December 2009

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Operating activities

Net income 240,435 213,407 245,116 216,997 Adjustments for: Asset management fees paid/payable in units 13,342 14,187 8,464 9,294 Depreciation and amortisation 1,021 1,020 647 628 Finance costs 105,029 102,531 85,958 74,032 Interest income (1,038) (1,881) (33,569) (22,081) Investment income – – (51,205) (46,442) Asset written off 17 10 16 10 Foreign exchange gain – realised (3,402) – – – Receivables written off 78 34 10 33 Share of profi t of associate (4,138) (8,384) – – Operating income before working capital changes 351,344 320,924 255,437 232,471 Changes in working capital: Inventories (16) 3 – – Trade and other receivables 1,576 (4,618) 92 (2,501) Trade and other payables 1,036 21,101 4,133 19,775 Security deposits 1,941 11,332 721 7,543 Income tax paid (288) (864) – – Cash fl ows from operating activities 355,593 347,878 260,383 257,288

Investing activities

Capital expenditure on investment properties (64,459) (224,491) (43,010) (173,751) Distribution received from associate 10,258 7,180 10,258 7,180 Interest received 1,018 1,881 28,180 25,694 Investment income received – – 40,303 35,547 Investment in associate – (37,543) – (37,543) Net cash outfl ow on purchase of investment property (including – (847,250) – (847,250) acquisition charges) (see Note A below) Loan to subsidiary – – (350,000) – Proceeds from sale of plant and equipment 3 – 3 – Purchase of plant and equipment (1,124) (1,440) (677) (833) Cash fl ows from investing activities (54,304) (1,101,663) (314,943) (990,956)

Balance carried forward 301,289 (753,785) (54,560) (733,668)

The accompanying notes form an integral part of these fi nancial statements.

127 CapitaMall Trust Report to Unitholders 2009 Cash Flow Statements Year ended 31 December 2009

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Balance brought forward 301,289 (753,785) (54,560) (733,668)

Financing activities Distribution to Unitholders (265,625) (215,986) (265,625) (215,986) Interest paid (80,012) (80,891) (61,310) (58,354) Payment of issue and fi nancing expenses (31,716) (14,112) (31,716) (11,061) Proceeds from interest-bearing borrowings 17,800 1,014,543 – 662,543 Proceeds from issuance of convertible bonds – 650,000 – 650,000 Proceeds from issue of new units 1,231,934 – 1,231,934 – Cash pledge 1 (15,000) – (15,000) – Repayment of interest-bearing borrowings (991,200) (500,332) (645,000) (187,543) Cash fl ows from fi nancing activities (133,819) 853,222 213,283 839,599

Net increase in cash and cash equivalents 167,470 99,437 158,723 105,931 Cash and cash equivalents at beginning of the year 168,355 68,918 141,424 35,493 Cash and cash equivalents at end of the year 2 (Note 9) 335,825 168,355 300,147 141,424

1 $15,000,000 cash pledge is intended to be used to repay in part the next tranche of the term loan from Silver Maple Investment Corporation Ltd due in 2010. 2 Exclude $15,000,000 cash pledge.

Note:

(A) Net Cash Outfl ow on Purchase of Investment Property (including acquisition charges)

Net cash outfl ow on purchase of investment property (including acquisition charges) is set out below:

GROUP AND TRUST 2008 $’000 Investment properties 839,800 Plant and equipment – Cash and cash equivalents 326 Other assets – Trade and other payables – Security deposits (326) Net identifi able assets and liabilities acquired 839,800 Acquisition charges 10,005 Cash acquired (326) Less: Accruals (989) Less: Rental income collected by vendor on behalf of the Trust (1,240) Net cash outfl ow 847,250

(B) Signifi cant Non-Cash Transaction

During the fi nancial year, 11,002,930 (2008: 6,176,275) units were issued or will be issued as payment for the asset management fees payable in units, amounting to a value of $13,342,000 (2008: $14,091,000).

The accompanying notes form an integral part of these fi nancial statements.

128 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

These notes form an integral part of the fi nancial statements.

The fi nancial statements were authorised for issue by the Manager and the Trustee on 26 February 2010.

1 GENERAL CapitaMall Trust (the “Trust”) is a Singapore-domiciled unit trust constituted pursuant to the trust deed dated 29 October 2001 (as amended) (the “Trust Deed”) between CapitaMall Trust Management Limited (the “Manager”) and HSBC Institutional Trust Services (Singapore) Limited (the “Trustee”). The Trust Deed is governed by the laws of the Republic of Singapore. The Trustee is under a duty to take into custody and hold the assets of the Trust in trust for the holders (“Unitholders”) of units in the Trust (the “Units”).

The Trust was formally admitted to the Offi cial List of the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 17 July 2002 (“Listing Date”) and was included under the Central Provident Fund (“CPF”) Investment Scheme on 13 September 2002.

The principal activity of the Trust is to invest in income producing real estate, which is used or substantially used for retail purposes with the primary objective of achieving an attractive level of return from rental income and for long-term capital growth. The principal activities of the subsidiaries, associate and joint venture are set out in Notes 5 and 6.

The consolidated fi nancial statements relate to the Trust and its subsidiaries (the “Group”) and the Group’s interest in its associate and joint venture.

The Trust has entered into several service agreements in relation to management of the Trust and its property operations. The fee structures of these services are as follows:

1.1 Property management fees

Under the Property Management Agreements, property management fees are charged as follows:

(a) 2.00% per annum of the gross revenue of the properties;

(b) 2.00% per annum of the net property income of the properties; and

(c) 0.50% per annum of the net property income of the properties, in lieu of leasing commissions.

The property management fees are payable quarterly in arrears.

1.2 Asset management fees Pursuant to the Trust Deed, the asset management fees shall not exceed 0.70% per annum of the Deposited Property or such higher percentage as may be fi xed by an Extraordinary Resolution at a meeting of Unitholders. Deposited Property refers to all the assets of the Trust, including all its Authorised Investments (as defi ned in the Trust Deed) for the time being held or deemed to be held upon the trusts of the Trust Deed.

On 1 October 2006, the asset management fees were revised and adopted to comprise:

(a) in respect of Authorised Investments which are in the form of real estate, a base component of 0.25% per annum of Deposited Property and a performance component of 2.85% per annum of gross revenue of the Trust for each fi nancial year; and

(b) in respect of all other Authorised Investments which are not in the form of real estate, 0.5% per annum of the investment value of the Authorised Investment, unless such Authorised Investment is an interest in a property fund (either a real estate investment trust or private property fund) wholly managed by a wholly-owned subsidiary of CapitaLand Limited, in which case no asset management fee shall be payable in relation to such Authorised Investment.

In respect of all Authorised Investments which are in the form of Real Estate acquired by the Trust: –

(a) the base component shall be paid to the Manager in the form of cash and/or Units (as the Manager may elect); and

(b) the performance component shall be paid to the Manager in the form of cash, in the form of Units or a combination of both (as the Manager may elect).

When paid in the form of Units, the Manager shall be entitled to receive such number of Units as may be purchased for the relevant amount of the asset management fee at the market price (as defi ned in the Trust Deed).

The asset management fees are payable quarterly in arrears.

129 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

1.3 Trustee’s fees Pursuant to the Trust Deed, the Trustee’s fees shall not exceed 0.10% per annum of the Deposited Property (subject to a minimum sum of $6,000 per month) payable out of the Deposited Property of the Trust. The Trustee is also entitled to reimbursement of expenses incurred in the performance of its duties under the Trust Deed.

The Trustee’s fees are payable quarterly in arrears.

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2.1 Basis of preparation The fi nancial statements have been prepared in accordance with the Statement of Recommended Accounting Practice (“RAP”) 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certifi ed Public Accountants of Singapore, and the applicable requirements of the Code on Collective Investment Schemes (the “CIS Code”) issued by the Monetary Authority of Singapore (“MAS”) and the provisions of the Trust Deed.

The fi nancial statements are prepared on the historical cost basis, except for investment properties, derivative fi nancial instruments and certain fi nancial assets and fi nancial liabilities which are measured at fair value.

The fi nancial statements are presented in Singapore dollars, which is the Group’s functional currency. All fi nancial information presented in Singapore dollars has been rounded to the nearest thousand, unless otherwise stated.

The preparation of fi nancial statements in conformity with RAP 7 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

In particular, information about signifi cant areas of estimation, uncertainty and critical judgements in applying accounting policies that have the most signifi cant effect on the amount recognised in the fi nancial statements is described in the following notes:

• Note 4 – Valuation of investment properties

• Note 26 – Valuation of fi nancial instruments

Accounting for borrowing costs Arising from the adoption of FRS 23 Borrowing Costs (2007), borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset for which the commencement date for capitalisation is on or after 1 January 2009, will be capitalised as part of the cost of that asset. Previously, the Trust immediately recognised all borrowing costs as an expense. In accordance with the transitional provisions of such standard, comparative fi gures have not been restated.

During the year, there were no borrowing costs capitalised with respect to investment properties.

Determination and presentation of operating segments As of 1 January 2009, the Group determines and presents operating segments based on the information that is internally provided to the Group’s Chief Operating Decision Makers (“CODMs”). This change in accounting policy is due to the adoption of FRS 108 Operating Segments. Previously operating segments were determined and presented in accordance with FRS 14 Segment Reporting. The new accounting policy in respect of operating segment disclosures is presented at Note 2.14 and has no material impact on comparative segment information and earnings per unit.

Disclosure of contractual maturity analysis The Group applies the amendments to FRS 107 Financial Instruments: Disclosures, which became effective as of 1 January 2009. As a result, the Group discloses the maximum amount of issued fi nancial guarantees in the earliest time period for which the guarantees could be called upon in the contractual maturity analysis.

FRS 107 does not require comparative information to be restated and therefore, the contractual maturity analysis for the comparative period has not been represented. Since the change in accounting policy only impacts presentation and disclosure aspects, there is no impact on earnings per unit.

The accounting policies set out below have been applied consistently to all periods presented in these fi nancial statements, and have been applied consistently by the Group entities, except as explained above, which addresses changes in accounting policies.

130 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

2.2 Consolidation Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group has the power to govern the fi nancial and operating policies of an entity so as to obtain benefi ts from its activities. In assessing control, potential voting rights that presently are exercisable are taken into account. The fi nancial statements of subsidiaries are included in the consolidated fi nancial statements from the date that control commences until the date that control ceases.

Associate and joint venture Associate is an entity in which the Group has a signifi cant infl uence, but not control, over the fi nancial and operating policies. In the fi nancial statements of the Group, the interest in an associate is accounted for using the equity method. The consolidated fi nancial statements include the Group’s share of the income and expenses of the associate, after adjustments to align the accounting policies with those of the Group, from the date that signifi cant infl uence commences until the date that signifi cant infl uence ceases. When the Group’s share of losses exceeds its interest in an associate, the carrying amount of that interest (including any long-term investments) is reduced to zero and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payment on behalf of the associate.

Joint venture is an entity over whose activities the Trust has joint control, established by contractual agreement and requiring unanimous consent for strategic fi nancial and operating decisions. In the fi nancial statements of the Group, the interest in joint venture is accounted for by including its proportionate share of the jointly-controlled entity’s assets, liabilities, income and expenses with the similar item, line by line, in its fi nancial statements. The consolidated fi nancial statements include the assets that the Group controls and the liabilities that it incurs in the course of pursuing the joint venture, share of the income and expenses of the joint venture, after adjustments to align the accounting policies with those of the Group, from the date that joint control commences until the date that joint control ceases.

Transactions eliminated on consolidation Intra-group balances, and any unrealised income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated fi nancial statements. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

Accounting for subsidiaries, associate and joint venture by the Trust Investments in subsidiaries, associate and joint venture are stated in the Trust’s balance sheet at cost less accumulated impairment losses.

2.3 Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset.

When parts of an item of plant and equipment have different useful lives, they are accounted for as separate items (major components) of plant and equipment.

The cost of replacing part of an item of plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefi ts embodied within the part will fl ow to the Group and its cost can be measured reliably. The costs of the day-to-day servicing of plant and equipment are recognised in the Statement of Total Return as incurred.

Depreciation is provided on a straight-line basis so as to write off items of plant and equipment, and major components that are accounted for separately, over their estimated useful lives as follows:

Furniture, fi ttings and equipment – 2 to 5 years

Gains or losses arising from the retirement or disposal of plant and equipment are determined as the difference between the estimated net disposal proceeds and the carrying amount of the asset and are recognised in the Statement of Total Return on the date of retirement or disposal.

Depreciation methods, useful lives and residual values are reviewed, and adjusted as appropriate, at each reporting date.

131 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

2.4 Investment properties Investment properties are properties held either to earn rental income or capital appreciation or both. Investment properties are accounted for as non-current assets and are stated at initial cost on acquisition and at fair value thereafter. The cost of a purchased property comprises its purchase price and any directly attributable expenditure including capitalised borrowing costs. Transaction costs shall be included in the initial measurement. Fair value is determined in accordance with the Trust Deed, which requires the investment properties to be valued by independent registered valuers in the following events:

• in such manner and frequency required under the CIS Code issued by MAS; and

• at least once in each period of 12 months following the acquisition of each parcel of real estate property.

Any increase or decrease on revaluation is credited or charged to the Statement of Total Return as a net change in fair value of the investment properties.

When an investment property is disposed of, the resulting gain or loss recognised in the Statement of Total Return is the difference between net disposal proceeds and the carrying amount of the property.

Investment properties are not depreciated. The properties are subject to continued maintenance and regularly revalued on the basis set out above. For income tax purposes, the Group and the Trust may claim capital allowances on assets that qualify as plant and machinery under the Income Tax Act.

2.5 Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of the Group at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date on which the fair value was determined.

Foreign currency differences arising on retranslation are recognised in the Statement of Total Return, except for differences arising on the retranslation of monetary items that in substance form part of the Group’s net investment in a foreign operation, available-for-sale equity instruments and fi nancial liabilities designated as hedges of the net investment in a foreign operation.

2.6 Financial instruments Non-derivative fi nancial instruments Non-derivative fi nancial instruments comprise trade and other receivables, cash and cash equivalents, trade and other payables, interest- bearing borrowings and security deposits.

Non-derivative fi nancial instruments are recognised initially at fair value plus, for instruments not at fair value through profi t or loss, any directly attributable transaction costs. Subsequent to initial recognition, non-derivative fi nancial instruments are measured at amortised cost using the effective interest method, less any impairment losses.

A fi nancial instrument is recognised if the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised if the Group’s contractual rights to the cash fl ows from the fi nancial assets expire or if the Group transfers the fi nancial asset to another party without retaining control or transfers substantially all the risks and rewards of the asset. Regular way purchases and sales of fi nancial assets are accounted for at trade date, i.e., the date that the Group commits itself to purchase or sell the asset. Financial liabilities are derecognised if the Group’s obligations specifi ed in the contract expire or are discharged or cancelled.

Cash and cash equivalents comprise cash balances and bank deposits.

132 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

Derivative fi nancial instruments and hedging activities The Group holds derivative fi nancial instruments to hedge its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related, a separate instrument with the same terms as the embedded derivative would meet the defi nition of a derivative, and the combined instrument is not measured at fair value through the Statement of Total Return. Multiple embedded derivatives in a single instrument are treated as a single compound embedded derivative if they share the same underlying risk exposures, are interdependent of each other and are not readily separable.

Derivatives are recognised initially at fair value; attributable transaction costs are recognised in the Statement of Total Return when incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are accounted for as described below.

Cash fl ow hedges

Changes in the fair value of the derivative hedging instrument designated as a cash fl ow hedge are recognised directly in Unitholders’ funds to the extent that the hedge is effective. To the extent that the hedge is ineffective, changes in fair value are recognised in the Statement of Total Return.

If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in equity remains there until the forecast transaction occurs. If the forecast transaction is no longer expected to occur, any related cumulative gain or loss is recognised in the Statement of Total Return. When the hedged item is a non-fi nancial asset, the amount recognised in Unitholders’ funds is transferred to the carrying amount of the asset when it is recognised. In other cases the amount recognised in Unitholders’ funds is transferred to the Statement of Total Return in the same period that the hedged item affects the Statement of Total Return.

Economic hedges

Hedge accounting is not applied to derivative instruments that economically hedge monetary assets and liabilities denominated in foreign currencies. Changes in the fair value of such derivatives are recognised in the Statement of Total Return.

Separable embedded derivatives

Changes in the fair value of separable embedded derivatives are recognised in the Statement of Total Return.

Convertible bonds The convertible bonds comprise a liability for the interest and principal amount and a derivative liability. The derivative liability is recognised at fair value at inception. The carrying amount of the convertible bonds at initial recognition is the difference between the gross proceeds from the convertible bonds issue and the fair value of the derivative liability. Any directly attributable transaction costs are allocated to the convertible bonds and derivative liability in proportion to their initial carrying amounts.

Subsequent to initial recognition, the convertible bonds are measured at amortised cost using effective interest method. The derivative liability is measured at fair value through the Statement of Total Return.

Impairment of fi nancial assets A fi nancial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A fi nancial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash fl ows of that asset.

An impairment loss in respect of a fi nancial asset measured at amortised cost is calculated as the difference between its carrying amount, and the present value of the estimated future cash fl ows discounted at the original effective interest rate.

Individually signifi cant fi nancial assets are tested for impairment on an individual basis. The remaining fi nancial assets are assessed collectively in groups that share similar credit risk characteristics.

All impairment losses are recognised in the Statement of Total Return.

An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For fi nancial assets measured at amortised cost, the reversal is recognised in the Statement of Total Return.

133 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

Intra-group fi nancial guarantees Financial guarantees are classifi ed as fi nancial liabilities.

Financial guarantees are recognised initially at fair value. Subsequent to initial measurement, the fi nancial guarantees are stated at the higher of the initial fair value less cumulative amortisation and the amount that would be recognised if they were accounted for as contingent liabilities. When fi nancial guarantees are terminated before their original expiry date, the carrying amount of the fi nancial guarantees is transferred to the Statement of Total Return.

2.7 Impairment – non-fi nancial assets The carrying amounts of the Group’s non-fi nancial assets other than investment properties and deferred tax assets, are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated at each balance sheet date.

An impairment loss is recognised in the Statement of Total Return whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. A cash-generating unit is the smallest identifi able asset group that generates cash fl ows that largely are independent from other assets and groups. Impairment losses are recognised in the Statement of Total Return unless it reverses a previous revaluation, credited to Unitholders’ funds, in which case it is charged to Unitholders’ funds. Impairment losses recognised in respect of cash-generating units are allocated fi rst to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.

The recoverable amount is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash fl ows are discounted to their present value using a pre-tax discount rate that refl ects current market assessments of the time value of money and the risks specifi c to the asset or cash-generating unit.

Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists.

An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognised.

2.8 Interest-bearing borrowings Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest- bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Statement of Total Return over the period of the borrowings on an effective interest basis.

2.9 Unitholders’ funds Unitholders’ funds are classifi ed as equity. Incremental cost, directly attributable to the issuance of additional units in the Trust are deducted directly against Unitholders’ funds.

2.10 Revenue recognition Rental income from operating leases Rental income receivable under operating leases is recognised in the Statement of Total Return on a straight-line basis over the term of the lease, except where an alternative basis is more representative of the pattern of benefi ts to be derived from the leased assets. Lease incentives granted are recognised as an integral part of the total rental to be received. Contingent rentals, which include gross turnover rental, are recognised as income in the accounting period on an accrual basis. No contingent rentals are recognised if there are uncertainties due to the possible return of amounts received.

Car park income Car park income is recognised on a time apportionate basis.

Interest income Interest income is recognised as it accrues, using the effective interest method.

Investment income Investment income is recognised when the right to receive distribution income from associate and joint venture is established.

134 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

2.11 Expenses Property operating expenses Property operating expenses consist of quit rents, property taxes, utilities, property management fees, property management reimbursements, advertising and promotion, maintenance and other property outgoings in relation to investment properties where such expenses are the responsibility of the Group.

Property management fees are recognised on an accrual basis based on the applicable formula stipulated in Note 1.1.

Asset management fees Asset management fees are recognised on an accrual basis using the applicable formula, stipulated in Note 1.2.

Trustee’s fees The Trustee’s fees are recognised on an accrual basis using the applicable formula stipulated in Note 1.3.

2.12 Finance costs Finance costs comprise interest expense on borrowings and convertible bonds, amortisation of borrowings and convertible bonds related transaction costs and accretion of convertible bonds interest which are recognised in the Statement of Total Return using the effective interest method over the period of borrowings and the convertible bonds. Finance costs also include gain/loss on remeasurement of fi nancial derivatives.

2.13 Income tax expense Income tax expense comprises current and deferred tax. Income tax is recognised in the Statement of Total Return except to the extent that it relates to items directly related to Unitholders’ funds, in which case it is recognised in Unitholders’ funds.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for fi nancial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profi t, and differences relating to investments in subsidiaries and joint ventures to the extent that it is probable that they will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profi ts will be available against which the temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefi t will be realised.

The Inland Revenue Authority of Singapore (the “IRAS”) has issued a tax ruling on the income tax treatment of the Trust. Subject to meeting the terms and conditions of the tax ruling which includes a distribution of at least 90.0% of the taxable income of the Trust, the Trustee is not subject to tax on the taxable income of the Trust. Instead, the distributions made by the Trust out of such taxable income are subject to tax in the hands of Unitholders, unless they are exempt from tax on the Trust’s distributions. This treatment is known as the tax transparency treatment.

Individuals and qualifying Unitholders, i.e. companies incorporated and tax resident in Singapore, Singapore branches of foreign companies that have obtained waiver from the IRAS from tax deducted at source in respect of the distributions from the Trust, and bodies of persons registered or constituted in Singapore, are entitled to gross distributions from the Trust. For distributions made to foreign non-individual Unitholders, the Trustee is required to withhold tax at the reduced rate of 10.0% in respect of distributions made during the period of 18 February 2005 to 17 February 2010. It was announced in the Singapore Budget 2010 that the existing income tax concession for listed Real Estate Investment Trusts on distributions made to non-resident non-individual investors will be renewed for the period 18 February 2010 to 31 March 2015. Based on this, the reduced rate of 10.0% in respect of distributions made to foreign non-individual Unitholders during the period 18 February 2010 to 31 March 2015 will continue to apply. For other types of Unitholders, the Trustee is required to withhold tax at the prevailing corporate tax rate on the distributions made by the Trust. Such other types of Unitholders are subject to tax on the regrossed amounts of the distributions received but may claim a credit for the tax deducted at source at the prevailing corporate tax rate by the Trustee.

The Trust has a distribution policy to distribute at least 90.0% of its taxable income, other than gains from the sale of real estate properties that are determined by the IRAS to be trading gains. For the taxable income that is not distributed, referred to as retained taxable income, tax will be assessed on the Trustee. Where such retained taxable income is subsequently distributed, the Trustee need not deduct tax at source.

135 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

2.14 Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. All operating segments’ operating results are reviewed regularly by the Group’s CODMs to make decisions about resources to be allocated to the segments and assess its performance and for which discrete fi nancial information is available.

3 PLANT AND EQUIPMENT

Furniture, fi ttings and equipment 2009 2008 $’000 $’000 GROUP

Cost

At 1 January 3,684 2,360 Additions 1,124 1,440 Disposals (43) (106) Assets written off (255) (10) At 31 December 4,510 3,684

Accumulated depreciation

At 1 January 1,519 985 Charge for the year 886 640 Disposals (40) (106) Assets written off (238) – At 31 December 2,127 1,519

Carrying amount

At 1 January 2,165 1,375 At 31 December 2,383 2,165

TRUST

Cost

At 1 January 2,419 1,702 Additions 674 833 Disposals (34) (106) Assets written off (128) (10) At 31 December 2,931 2,419

Accumulated depreciation

At 1 January 1,016 767 Charge for the year 525 355 Disposals (33) (106) Assets written off (112) – At 31 December 1,396 1,016

Carrying amount

At 1 January 1,403 935 At 31 December 1,535 1,403

136 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

4 INVESTMENT PROPERTIES

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

At 1 January 7,174,000 5,777,900 5,317,000 4,021,000 Acquisition of investment properties – 839,800 – 839,800 Acquisition charges capitalised – 10,005 – 10,005 Capital expenditure capitalised 48,687 223,068 27,963 172,686 7,222,687 6,850,773 5,344,963 5,043,491 Net change in fair value of investment properties (302,187) 323,227 (212,463) 273,509 At 31 December 6,920,500 7,174,000 5,132,500 5,317,000

Some of the investment properties have been mortgaged to secure credit facilities for the Trust and the Group (Note 11) and as security for the convertible bonds of the Trust (Note 12). Plaza Singapura is unencumbered and the encumbrances over each of the three properties under CapitaRetail Singapore Limited (namely Lot One Shoppers’ Mall, Rivervale Mall and Bukit Panjang Plaza) have been discharged as of 1 January 2010.

Investment properties are stated at fair value based on valuations performed by independent professional valuers. In determining the fair value, the valuers have used valuation methods which involve certain estimates. The Manager is of the view that the valuation methods and estimates are refl ective of the current market condition. The key assumptions used to determine the fair value of investment properties include market-corroborated capitalisation yield, terminal yield and discount rate.

The fair values are based on market values, being the estimated amount for which a property could be exchanged on the date of the valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.

5 SUBSIDIARIES

TRUST 2009 2008 Note $’000 $’000 Non-current assets Unquoted equity at cost 149,540 143,140 Loan to subsidiaries 80 213,080 149,620 356,220

Current assets Loan to subsidiary 7 563,000 –

Details of the subsidiaries are as follows:

Effective equity interest held Place of by the Trust incorporation/ 2009 2008 Name of subsidiaries business % %

CapitaRetail Singapore Limited 1 Singapore 100 100

CMT MTN Pte. Ltd. 1 Singapore 100 100

1 Audited by KPMG Singapore

137 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

CapitaRetail Singapore Limited The Trust has invested $213,000,000 (2008: $213,000,000) in the Junior Bond (“Junior Bond”) (2008: Junior Bond (“Junior Bond”)) and 852 (2008: 852) attached Redeemable Preference Shares in CapitaRetail Singapore Limited (“CRSL”), representing 100% (2008: 100%) of the Junior Bond (2008: Junior Bond) and Redeemable Preference Shares, respectively, issued by CRSL.

The principal activity of CRSL is that of an investment holding company. CRSL is a special purpose vehicle, whose main objectives are to own all the issued units in CapitaRetail BPP Trust (“CRBPPT”), CapitaRetail Lot One Trust (“CRLOT”) and CapitaRetail Rivervale Trust (“CRRT”), obtain borrowings and issue bonds to extend mortgage loans to CRBPPT, CRLOT and CRRT. CRBPPT, CRLOT and CRRT in turn own Bukit Panjang Plaza, Lot One Shoppers’ Mall and Rivervale Mall (collectively, “CRSL Properties”) respectively.

The salient terms of the Junior Bonds are as follows:

(i) Junior Bonds issued by the CRSL are constituted by the Junior Bonds Trust Deed dated 27 February 2008.

(ii) Junior Bonds bear an interest rate of 15% per annum, payable quarterly in arrear. In the event of failure to pay the 15% interest on Junior Bonds, the rights of holder of Junior Bonds to unpaid interest will be extinguished and such failure does not constitute an event of default.

(iii) The payment of interest on Junior Bonds is subordinated to the payment of interest on the term loans and revolving credit facility; and

(iv) The redemption of Junior Bonds are subordinate to the payment of the term loans and revolving credit facility.

(v) Junior Bonds matures in 2018.

Junior Bonds are secured on the following:

(i) Second ranking debentures creating fi xed and fl oating charges over the assets of CRSL and its subsidiaries;

(ii) Second fl oating charge over the bank and other operating accounts of CRSL and its subsidiaries;

(iii) Second assignment of the rights, title and interest of the subsidiaries in the following: – Property management agreements relating to CRSL Properties; – Tenancy and tenancy-related agreements and other sale and purchase agreements relating to the CRSL Properties; and – Insurances effected over CRSL Properties;

(iv) Second ranking mortgages over each of the CRSL Properties.

On 8 April 2009, the Trust provided an interest-bearing loan of $350,000,000 to CRSL. The loan bears interest at 5.788% per annum, payable quarterly in arrears, is non-trade in nature and unsecured. The loan was used to repay $320,000,000 fi xed rate term loan, $26,200,000 revolving credit facility and certain committed asset enhancement initiatives of CRSL.

Pursuant to an internal restructuring exercise disclosed at Note 30, the $213,000,000 Junior Bonds and $350,000,000 interest-bearing loan have been classifi ed as current assets as at 31 December 2009.

CMT MTN Pte. Ltd. On 23 January 2007, CMT MTN Pte. Ltd. (“CMT MTN”), a wholly-owned subsidiary comprising of $1 of 1 ordinary share was incorporated. The principal activity of this subsidiary is provision of treasury services, including on lending to the Trust the proceeds from issuances of notes under an unsecured multicurrency medium term note programme.

The Trust has provided a loan to CMT MTN amounting to $80,000 (2008: $80,000) which is non-trade in nature, unsecured and interest- free. The settlement of the amount is neither planned nor likely to occur in the foreseeable future. As this amount is, in substance, part of the Trust’s net investment in CMT MTN, it is stated at cost.

138 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

6 ASSOCIATE AND JOINT VENTURE

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000 Investment in joint venture – – 539,394 534,515 Investment in associate 137,062 143,919 130,836 130,836 137,062 143,919 670,230 665,351

Details of the associate and joint venture are as follows:

Effective equity interest held Place of by the Trust incorporation/ 2009 2008 Name of associate and joint venture business % % Associate

CapitaRetail China Trust 1 Singapore 19.7 19.8 Joint venture

RCS Trust 1 Singapore 40.0 40.0

1 Audited by KPMG Singapore

Associate CapitaRetail China Trust CapitaRetail China Trust (“CRCT”) is a real estate investment trust constituted in Singapore by a trust deed dated 23 October 2006 (as amended). CRCT was formally admitted to the Offi cial List of the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 8 December 2006. CRCT is established with the objective of investing on a long term basis in a divested portfolio of income producing real estate and primarily for retail purposes and located primarily in the People’s Republic of China.

On a recurring basis, as the results of CRCT are not expected to be announced in suffi cient time to be included in the Group’s results for the same calendar quarter, the Group will equity account the results of CRCT based on a 3 month lag time.

At the balance sheet date, the fair value of both the Group’s and the Trust’s investment in CRCT is $157,062,000 (2008: $73,623,000).

Joint Venture RCS Trust RCS Trust is an unlisted special purpose trust established under a trust deed (“RCS Trust Trust Deed”) dated 18 July 2006 entered into between HSBC Institutional Trust Services (Singapore) Limited as trustee-manager of RCS Trust (“RCS Trust Trustee-Manager”), HSBC Institutional Trust Services (Singapore) Limited as trustee of CapitaCommercial Trust (“CCT”), the Trustee, CapitaCommercial Trust Management Limited (as Manager of CCT) and the Manager. RCS Trust is 40.0% owned by the Trust and 60.0% owned by CCT.

RCS Trust has entered into several service agreements in relation to management of the trust and its property operations. The fee structures of these services are as follows:

(a) Property management fees Under the property management agreement, property management fees are charged as follows: (i) 2.00% per annum of the property income of the property; and (ii) 2.50% per annum of the net property income of the property. The property management fees are payable monthly in arrears.

(b) Asset management fees Pursuant to the RCS Trust Trust Deed, the asset management fees comprise a base component of 0.25% per annum of the value of Deposited Property of RCS Trust and a performance component of 4.00% per annum of the net property income of RCS Trust, including all its Authorised Investments for the time being held or deemed to be held upon the trusts of the RCS Trust Trust Deed.

The asset management fees shall be paid entirely in the form of units or, with the unanimous approval of the Manager and CapitaCommercial Trust Management Limited (as Manager of CCT), either partly in units and partly in cash or wholly in cash.

The asset management fees are payable quarterly in arrears.

139 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

(c) Trustee-Manager’s fees Pursuant to the RCS Trust Trust Deed, the Trustee-Manager’s fees shall not exceed 0.10% per annum of the value of Deposited Property of RCS Trust, as defi ned in the RCS Trust Trust Deed (subject to a minimum sum of $15,000 per month), payable out of the Deposited Property of RCS Trust. The RCS Trust Trustee-Manager is also entitled to reimbursement of expenses incurred in the performance of its duties under the RCS Trust Trust Deed.

The Trustee-Manager’s fees are payable quarterly in arrears.

The summarised fi nancial information relating to the associate is not adjusted for the percentage of ownership held by the Group. The summarised fi nancial information of the joint venture represents the Group’s share.

The fi nancial information of the associate and the Trust’s interests in the joint venture are as follows:

Associate Joint venture 2009 1 2008 2 2009 2008 $’000 $’000 $’000 $’000

Assets and Liabilities

Non-current assets 1,020,305 1,078,441 Current assets 10,781 6,410 Total assets 1,227,612 1,227,131 1,031,086 1,084,851

Non-current liabilities 374,420 362,954 Current liabilities 19,788 17,745 Total liabilities 515,601 499,374 394,208 380,699

Results Revenue 122,396 96,659 80,054 78,286 Expenses (43,815) (44,808) Revaluation (defi cit)/surplus (68,087) 26,470 Total return for the year 22,472 47,840 (31,848) 59,948

The Group’s share of joint venture capital commitment 17,617 23,361

1 As the results of CRCT for the fourth quarter ended 31 December 2009 are not announced in suffi cient time to be included in the Group’s results for the same calendar quarter, the assets and liabilities recorded were based on CRCT’s unaudited fi nancial statements and distribution announcement for the third quarter ended 30 September 2009 dated 23 October 2009. The fi nancial results recorded were based on CRCT’s unaudited fi nancial statement and distribution announcements for the period from 1 October 2008 to 30 September 2009.

2 As the results of CRCT for the fourth quarter ended 31 December 2008 are not announced in suffi cient time to be included in the Group’s results for the same calendar quarter, the fi nancial information recorded was based on CRCT’s unaudited fi nancial statements and distribution announcements for the third quarter ended 30 September 2008 dated 29 October 2008.

7 TRADE AND OTHER RECEIVABLES

GROUP TRUST 2009 2008 2009 2008 Note $’000 $’000 $’000 $’000

Trade receivables 4,353 4,656 3,665 3,313 Allowance for doubtful receivables (78) – – – Net Trade Receivables 4,275 4,656 3,665 3,313

Deposits 6,327 6,353 4,293 4,299 Interest receivable 19 – 10,902 5,514 Loan to subsidiaries 5 – – 563,000 – Amount due from related parties 362 127 10,425 9,525 Other receivables 644 2,322 189 1,137 Loans and receivables 11,627 13,458 592,474 23,788

Prepayments 409 348 299 176 12,036 13,806 592,773 23,964

140 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

Concentration of credit risk relating to trade receivables is limited due to the Group’s many varied tenants. These tenants comprise retailers engaged in a wide variety of consumer trades. The Group’s historical experience in the collection of accounts receivable falls within the recorded allowances. Due to these factors, the Manager believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Group’s trade receivables.

The maximum exposure to credit risk for trade receivables at the reporting date (by type of consumers) is:

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Retail customers 4,218 4,492 3,554 3,182 Warehouse 57 68 58 69 Offi ce – 96 53 62 4,275 4,656 3,665 3,313

The Group’s most signifi cant tenant, accounts for $185,000 (2008: $337,000) of the trade receivables carrying amount as at the balance sheet date.

Impairment losses The ageing of receivables at the reporting date is:

GROUP TRUST Impairment Impairment Gross losses Gross losses $’000 $’000 $’000 $’000

2009

Not past due 3,493 (12) 2,973 – Past due 31 – 60 days 585 (4) 551 – Past due 61 – 90 days 91 (28) 77 – Over 90 days 184 (34) 64 – 4,353 (78) 3,665 –

2008

Not past due 3,541 – 2,554 – Past due 31 – 60 days 803 – 637 – Past due 61 – 90 days 237 – 65 – Over 90 days 75 – 57 – 4,656 – 3,313 –

The change in impairment loss in respect of trade receivables during the year is as follows:

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

As at 1 January – – – – Allowance made during the year 78 – – – As at 31 December 78 – – –

The Manager believes that no impairment allowance is necessary in respect of the remaining trade receivables as these receivables are mainly arising from tenants that have good records with the Group and have suffi cient security deposits as collateral.

141 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

8 FINANCIAL DERIVATIVES

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Current asset

Cross currency swap – 4,793 – –

Current liabilities

Interest rate swaps 353 – 353 –

Non-current liabilities

Interest rate swaps 5,873 11,508 5,873 259 Derivative liability portion of convertible bonds 27,833 33,800 27,833 33,800 33,706 45,308 33,706 34,059

Cross currency swap On 27 February 2008, the Group had entered into a cross currency swap with a notional contract amount of US$138,000,000 with the effect of swapping US dollars with fl oating rate interest obligations to Singapore dollars with fl oating rate interest obligations based on 3 month Swap Offer Rate (“SOR”). Under the swap agreement, the swap matures on 27 August 2009. The cross currency swap was terminated on 9 April 2009 following the repayment of CRSL Loans (see Note 11).

Interest rate swaps The Group entered into contracts to exchange, at specifi ed intervals, the difference between fl oating rate and fi xed rate interest amounts calculated by reference to the agreed notional principal amounts of the term loans. Under the swap agreement, the swap matures on 27 August 2014. At balance sheet date, the Group has an interest rate swap with a notional contract amount of $320,000,000 (2008: $320,000,000).

The Group had designated the interest rate swap of notional amount $320,000,000 (2008: $320,000,000) a cash fl ow hedge in 2008. Following the repayment of the CRSL Loans, the interest rate swap was novated to the Trust and hedge accounting was terminated.

On 22 October 2008, the Trust has entered into an interest rate swap contract to exchange, at specifi ed intervals, the difference between fl oating rate and fi xed rate interest amounts on the $60,000,000 CMT MTN Floating Rate Notes. Under the swap agreement, the swap matures on 30 April 2010. At balance sheet date, the Trust has an interest rate swap with a notional contract amount of $60,000,000 (2008: $60,000,000). The Group has designated the interest rate swap as a cash fl ow hedge.

142 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

Derivative liability portion of convertible bonds The changes in fair value of the derivative liability portion of the convertible bonds are recognised in the Statement of Total Return.

The following table indicates the periods in which the cash fl ows associated with fi nancial derivatives that are cash fl ow hedges are expected to impact the Statement of Total Return:

Cash fl ows Carrying Contractual Within Within More than amount cash fl ows 1 year 1 to 5 years 5 years $’000 $’000 $’000 $’000 $’000

GROUP

2009

Interest rate swaps (6,226) (5,115) (5,184) 69 –

2008

Cross currency swaps 4,793 5,050 5,050 – – Interest rate swaps (11,508) (12,007) (4,463) (7,229) (315) (6,715) (6,957) 587 (7,229) (315)

TRUST

2009

Interest rate swap (6,226) (5,115) (5,184) 69 –

2008

Interest rate swap (259) (261) (285) 24 –

9 CASH AND CASH EQUIVALENTS

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Cash at bank and in hand 12,463 19,118 8,318 8,264 Fixed deposits with fi nancial institutions 338,362 149,237 306,829 133,160 Cash and cash equivalents 350,825 168,355 315,147 141,424 Cash pledge (15,000) – (15,000) – Cash and cash equivalents in the cash fl ow statement 335,825 168,355 300,147 141,424

Included in cash and cash equivalents is an amount of $15,000,000 (2008: $Nil) which is pledged with Silver Maple Investment Corporation Ltd (“Silver Maple”) as a cash collateral to unencumber Plaza Singapura. The cash pledge is mainly placed in fi xed deposits with a bank.

The weighted average effective interest rates relating to cash and cash equivalents at the balance sheet date for the Group and Trust are 0.31% (2008: 0.61%) and 0.33% (2008: 0.66%) per annum respectively. Interest rates reprice at intervals of 1 month.

143 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

10 TRADE AND OTHER PAYABLES

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Trade payables and accrued operating expenses 78,868 93,904 59,972 71,592 Amounts due to related parties (trade) 9,062 8,692 6,363 5,631 Deposits and advances 10,004 10,074 7,451 7,548 Interest payables 5,543 7,151 2,784 2,696 103,477 119,821 76,570 87,467

Included in amounts due to related parties is an amount due to the Manager of $4,737,000 (2008: $3,439,000) and an amount due to the property manager of $1,522,000 (2008: $1,795,000). Included in trade payables and accrued operating expenses is an amount due to the Trustee of $265,000 (2008: $268,000).

11 INTEREST-BEARING BORROWINGS

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Current liabilities

Term loans (secured) 125,000 658,402 125,000 335,000 Unamortised transaction cost – (1,672) – – 125,000 656,730 125,000 335,000 Revolving credit facility (secured) – 21,200 – – Revolving credit and bridge loan facilities (unsecured) – 230,000 – 230,000 Term loans (unsecured) 315,000 80,000 315,000 80,000 440,000 987,930 440,000 645,000

Non-current liabilities

Term loans (secured) 1,129,400 1,254,400 783,000 908,000 Unamortised transaction cost (2,331) (3,277) (1,662) (2,214) 1,127,069 1,251,123 781,338 905,786 Revolving credit facility (secured) 23,600 10,800 – – Term loans (unsecured) – 315,000 – 315,000 1,150,669 1,576,923 781,338 1,220,786

Total interest-bearing borrowings 1,590,669 2,564,853 1,221,338 1,865,786

Maturity of interest-bearing borrowings: – Within 1 year 440,000 987,930 440,000 645,000 – After 1 year but within 5 years 1,150,669 1,576,923 781,338 1,220,786 1,590,669 2,564,853 1,221,338 1,865,786

144 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

Terms and debt repayment schedule Terms and conditions of outstanding interest-bearing borrowings are as follows:

2009 2008 Nominal Year of Face Carrying Face Carrying interest rate maturity value amount value amount % $’000 $’000 $’000 $’000

GROUP

Secured SGD fi xed rate term loan 3.13 – 3.84 2012 783,000 781,338 783,000 780,786 SGD fi xed rate term loan 3.35 2009 ––335,000 335,000 SGD fi xed rate term loan 2.76 2010 125,000 125,000 125,000 125,000 SGD SOR 1 + 0.30 Floating rate term loans LIBOR 2 + 0.30 2009 ––323,402 321,730 SGD fl oating rate revolving credit facilities SGD SOR 1 + 0.30 2009 ––21,200 21,200 SGD fi xed rate term loan 4.17 – 4.21 2011 346,400 345,731 346,400 345,337 SGD fl oating rate revolving credit facility 0.86 – 1.29 2011 23,600 23,600 10,800 10,800

Unsecured SGD fi xed rate term loan 3.25 2010 155,000 155,000 155,000 155,000 SGD fi xed rate term loan 2.80 2009 ––80,000 80,000 SGD fl oating rate term loan SGD SOR 1 + 1.65 2010 160,000 160,000 160,000 160,000 SGD fl oating rate revolving credit and bridge loan facilities 3.13 – 4.68 2009 ––230,000 230,000 1,593,000 1,590,669 2,569,802 2,564,853

TRUST

Secured SGD fi xed rate term loan 3.13 – 3.84 2012 783,000 781,338 783,000 780,786 SGD fi xed rate term loan 3.35 2009 ––335,000 335,000 SGD fi xed rate term loan 2.76 2010 125,000 125,000 125,000 125,000

Unsecured SGD fi xed rate term loan 3.25 2010 155,000 155,000 155,000 155,000 SGD fi xed rate term loan 2.80 2009 ––80,000 80,000 SGD fl oating rate term loan SGD SOR 1 + 1.65 2010 160,000 160,000 160,000 160,000 SGD fl oating rate revolving credit and bridge loan facilities 3.13 – 4.68 2009 ––230,000 230,000 1,223,000 1,221,338 1,868,000 1,865,786

1 SGD SOR – Singapore Dollar Swap Offer Rate 2 LIBOR – London Interbank Offered Rate

145 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

The following are the expected contractual undiscounted cash outfl ows of fi nancial liabilities including interest payments and excluding the impact of netting agreements:

Cash fl ows Carrying Contractual Within Within More than amount cash fl ows 1 year 1 to 5 years 5 years $’000 $’000 $’000 $’000 $’000

GROUP

2009

Non-derivative fi nancial liabilities

Secured SGD fi xed rate term loans 1,252,069 1,357,168 168,141 1,189,027 – Convertible bonds 616,048 733,256 6,500 726,756 – SGD fl oating rate revolving credit facilities 23,600 24,098 293 23,805 –

Unsecured SGD fi xed rate term loans 155,000 156,256 156,256 – – SGD fl oating rate term loan 160,000 161,266 161,266 – – Trade and other payables 103,477 103,477 103,477 – – Security deposits 107,748 107,748 43,710 64,038 – 2,417,942 2,643,269 639,643 2,003,626 –

2008

Non-derivative fi nancial liabilities

Secured SGD fi xed rate term loans 1,586,123 1,743,666 386,498 1,357,168 – Convertible bonds 592,042 739,756 6,500 733,256 – Floating rate term loans 321,730 328,587 328,587 – – SGD fl oating rate revolving credit facilities 32,000 32,718 21,568 11,150 –

Unsecured SGD fi xed rate term loans 235,000 242,079 85,823 156,256 – SGD fl oating rate term loan 160,000 167,272 5,473 161,799 – SGD fl oating rate revolving credit and bridge loan facilities 230,000 231,401 231,401 – – Trade and other payables 119,821 119,821 119,821 – – Security deposits 105,809 105,809 37,016 68,793 – 3,382,525 3,711,109 1,222,687 2,488,422 –

146 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

Cash fl ows Carrying Contractual Within Within More than amount cash fl ows 1 year 1 to 5 years 5 years $’000 $’000 $’000 $’000 $’000

TRUST

2009

Non-derivative fi nancial liabilities

Secured SGD fi xed rate term loans 906,338 986,141 153,666 832,475 – Convertible bonds 616,048 733,256 6,500 726,756 –

Unsecured SGD fi xed rate term loans 155,000 156,256 156,256 – – SGD fl oating rate term loan 160,000 161,266 161,266 – – Trade and other payables 76,570 76,570 76,570 – – Security deposits 81,119 81,119 31,882 49,237 – 1,995,075 2,194,608 586,140 1,608,468 –

2008

Non-derivative fi nancial liabilities

Secured SGD fi xed rate term loans 1,240,786 1,358,164 372,023 986,141 – Convertible bonds 592,042 739,756 6,500 733,256 –

Unsecured SGD fi xed rate term loans 235,000 242,079 85,823 156,256 – SGD fl oating rate term loan 160,000 167,272 5,473 161,799 – SGD fl oating rate revolving credit and bridge loan facilities 230,000 231,401 231,401 – – Trade and other payables 87,467 87,467 87,467 – – Security deposits 80,398 80,398 29,221 51,177 – 2,625,693 2,906,537 817,908 2,088,629 –

The interest-bearing borrowings comprise the following:

(1) Secured term loans of the Trust The secured term loans and revolving credit facility drawn down by the Trust were granted by a special purpose company, Silver Maple.

Under the facility agreement between Silver Maple and the Trustee, Silver Maple has granted the Trust a total term loan facility of $908.0 million (2008: $1,243.0 million).

The total facility drawn down by the Trust from Silver Maple as at 31 December 2009 is $908.0 million (2008: $1,243.0 million), consisting of:

(i) $125.0 million (2008: $125.0 million) term loan at a fi xed interest rate of 2.76% (2008: 2.76%) per annum, fully repayable on 26 December 2011. Under the facility agreement, the Trust has to prepay the loan in full on 26 June 2010, failing which the interest rate of 2.91% (2008: 2.91%) above the SIBOR repriced every three months, will be applicable for the period from 26 June 2010 to 26 December 2011;

(ii) $Nil (2008: $335.0 million) term loan at a fi xed interest rate of 3.35% (2008: 3.35%) per annum for the period from 2 August 2007 to 2 August 2009. The term loan is fully repayable on 2 February 2011. Under the facility agreement, the Trust has to prepay the loan in full on 2 August 2009, failing which the interest rate of 0.87% above the SIBOR repriced every three months, will be applicable for the period from 2 August 2009 to 2 February 2011. The term loan was repaid on 2 August 2009;

147 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

(iii) $433.0 million (2008: $433.0 million) term loan at a fi xed interest rate of 3.13% (2008: 3.13%) per annum, fully repayable on 30 April 2014. Under the facility agreement, the Trust has to prepay the loan in full on 31 October 2012, failing which the interest rate of 1.00% (2008: 1.00%) above the SIBOR repriced every three months, will be applicable for the period from 31 October 2012 to 30 April 2014;

(iv) $350.0 million (2008: $350.0 million) term loan at a fi xed interest rate of 3.84% (2008: 3.84%) per annum, fully repayable on 30 April 2014. Under the facility agreement, the Trust has to prepay the loan in full on 31 October 2012, failing which the interest rate of 1.00% (2008: 1.00%) above the SIBOR repriced every three months, will be applicable for the period from 31 October 2010 to 30 April 2014; and

as security for credit facilities granted by Silver Maple to the Trust, the Trust has granted in favour of Silver Maple the following:

(i) a mortgage over certain properties (“Properties”);

(ii) an assignment and charge of the rental proceeds and tenancy agreements of units in the Properties;

(iii) an assignment of the insurance policies relating to the Properties;

(iv) an assignment of the agreements relating to the management of the Properties;

(v) a charge creating a fi xed and fl oating charge over certain assets of the Trust relating to the Properties; and

(vi) $15.0 million cash pledge.

Silver Maple has a $2.0 billion (2008: $2.0 billion) Medium Term Note Programme (“MTN Programme”). Under this MTN Programme, Silver Maple may, subject to compliance with all relevant laws, regulations and directives, from time to time issue fi xed or fl oating interest rate notes (the “Notes”). The maximum aggregate principal amount of the Notes to be issued shall be $2.0 billion. The Notes will be secured by the Notes Debentures (which are made from time to time between Silver Maple and the Notes Trustee to create fi xed and fl oating charges over the assets of Silver Maple).

To fund the loans to the Trust of $908.0 million (2008: $1,243.0 million) fi xed rate term loans, Silver Maple has raised funds through the following:

(i) US$72.1 million (2008: US$72.1 million) Floating Rate Notes at fl oating interest rate of 0.62% (2008: 0.62%) above the US dollar LIBOR repriced every three months, for the period from 26 June 2003 to 26 June 2010. In the event that the Floating Rate Notes are not redeemed by Silver Maple on 26 June 2010, interest will accrue at the rate of 2.30% (2008: 2.30%) above the US dollar LIBOR repriced every three months, for the period from 26 June 2010 to date of redemption on 26 December 2011;

(ii) US$Nil (2008: US$195.5 million) Floating Rate Notes at fl oating interest rate of 0.32% (2008: 0.32%) above the US dollar LIBOR repriced every three months, for the period from 2 August 2004 to 2 February 2011. In the event that the Floating Rate Notes are not redeemed by Silver Maple on 2 August 2009, interest will accrue at the rate of 0.80% (2008: 0.80%) above the US dollar LIBOR repriced every three months, for the period from 2 August 2009 to date of redemption on 2 February 2011. The Floating Rate Notes were redeemed by Silver Maple on 2 August 2009;

(iii) US$255.5 million (2008: US$255.5 million) Floating Rate Notes at fl oating interest rate of 0.24% (2008: 0.24%) above the US dollar LIBOR repriced every three months, for the period from 31 October 2005 to 31 October 2012. In the event that the Floating Rate Notes are not redeemed by Silver Maple on 31 October 2012, interest will accrue at the rate of 1.0% (2008: 1.0%) above the US dollar LIBOR repriced every three months, for the period from 31 October 2012 to date of redemption on 30 April 2014;

(iv) €175.0 million (2008: €175.0 million) Floating Rate Notes at fl oating interest rate of 0.16% (2008: 0.16%) above the Euro Interbank Offered Rate (“EURIBOR”) repriced every three months for the period from 26 February 2007 (date of fi rst issue of Floating Rate Notes) to 31 October 2012. In the event that the Floating Rate Notes are not redeemed by Silver Maple on 31 October 2012, interest will accrue at the rate of 1.0% (2008: 1.0%) above 3 month EURIBOR, for the period from 31 October 2012 to date of redemption on 30 April 2014.

148 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

(2) Unsecured term loans of CMT MTN With effect from 29 December 2009, the Group has increased the programme limit of the $1,000,000,000 Multicurrency Medium Term Note Programme (“CMT MTN Programme”) under CMT MTN to $2,500,000,000. Under the CMT MTN Programme, CMT MTN may, subject to compliance with all relevant laws, regulations and directives, from time to time issue notes in series or tranches in Singapore dollars, United States dollars or any other currency (the “CMT MTN Notes”).

Each series or tranche of notes may be issued in various amounts and tenors, and may bear fi xed, fl oating or variable rates of interest. Hybrid notes or zero coupon notes may also be issued under the CMT MTN Programme.

The notes shall constitute direct, unconditional, unsecured and unsubordinated obligations of CMT MTN ranking pari passu, without any preference or priority among themselves and pari passu with all other present and future unsecured obligations at CMT MTN. All sum payable in respect of the notes will be unconditionally and irrevocably guaranteed by the Trustee.

The total facility drawn down by the Trust from CMT MTN as at 31 December 2009 is $315.0 million (2008: $395.0 million), consisting of:

(i) $155.0 million (2008: $155.0 million) Fixed Rate Notes Due 2010. The $155.0 million CMT MTN Notes will mature on 1 April 2010 and will bear an interest rate of 3.25% per annum payable semi-annually in arrears.

(ii) $160.0 million (2008: $160.0 million) Floating Rate Notes Due 2010. The $160.0 million CMT MTN Notes will mature on 30 April 2010 and will bear an interest rate equal to the sum of 1.65% per annum and 6-month SGD SOR payable semi-annually in arrears.

(iii) $Nil (2008: $80.0 million) Fixed Rate Notes Due 2009. The $80.0 million CMT MTN Notes matured on 8 May 2009 and bear an interest rate of 2.80% per annum payable semi-annually in arrears.

CMT MTN has on-lent the proceeds from the issuance of the above CMT MTN Notes to the Trust, who in turn use such proceeds to refi nance short term borrowings and to fi nance asset enhancement works of the Trust.

(3) Unsecured revolving credit and bridge loan facilities of the Trust As at 31 December 2008, the total unsecured revolving credit and bridge loan facilities drawn down by the Trust amounted to $230.0 million.

The facilities were fully repaid during the fi nancial year.

(4) Secured facilities of CRSL The secured facilities drawn down by CRSL refers to the $350.0 million facilities granted under the facility agreement dated 22 February 2008, comprising a term loan facility of $320.0 million and revolving credit facility of $30.0 million (“CRSL Loans”), both commencing from the initial drawdown date of 27 February 2008.

The CRSL loans were secured on the following:

(i) First ranking debentures creating fi xed and fl oating charges over the assets of CRSL and its subsidiaries;

(ii) First fl oating charge over the bank and other operating accounts of CRSL and its subsidiaries;

(iii) First assignment of the rights, title and interest of the subsidiaries in the following:

– Property management agreements relating to the CRSL Properties;

– Tenancy and tenancy-related agreements and other sale and purchase agreements relating to the CRSL Properties; and

– Insurances effected over the CRSL Properties;

(iv) Mortgages over each of the CRSL Properties.

In April 2009, the secured facilities of CRSL, comprising term loans of $125,075,000 (2008: $125,075,000) and US$138,000,000 (2008: US$138,000,000) bearing interest at 0.30% per annum above SGD SOR and LIBOR respectively and revolving credit facility of $26,200,000 (2008: $21,200,000) bearing interest at 0.30% per annum above SGD SOR were repaid. The above fi rst ranking encumbrances were discharged following the repayment of the CRSL loans.

149 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

(5) Secured term loans of RCS Trust The secured term loans drawn down by the Group included a 40.0% share in the term loans drawn under the term loan facilities of $866.0 million granted to RCS Trust by a special purpose company, Silver Oak Ltd (“Silver Oak”). Under the facility agreement between Silver Oak and the RCS Trust Trustee-Manager, Silver Oak has granted RCS Trust a fi ve-year facility comprising the term loan facility of $866.0 million (2008: $866.0 million) and revolving credit facility of $164.0 million (2008: $164.0 million) commencing from initial drawn down date of 13 September 2006.

The term loan facility drawn down by RCS Trust as at 31 December 2009 is $866.0 million (2008: $866.0 million), consisting of:

(i) $670.0 million (2008: $670.0 million) term loan at a fi xed interest rate of 4.17% (2008: 4.17%) per annum, fully repayable on 13 September 2011;

(ii) $60.0 million (2008: $60.0 million) term loan at a fi xed interest rate of 4.21% (2008: 4.21%) per annum, fully repayable on 13 September 2011; and

(iii) $136.0 million (2008: $136.0 million) term loan at a fi xed interest rate of 4.21% (2008: 4.21%) per annum, fully repayable on 13 September 2011.

The term loan facilities were used to fi nance the acquisition of Raffl es City.

As at 31 December 2009, RCS Trust has drawn down $59,000,000 (2008: $27,000,000) from the revolving credit facility granted by Silver Oak.

As security for the facilities granted by Silver Oak to the RCS Trust Trustee-Manager, the RCS Trust Trustee-Manager has granted in favour of Silver Oak the following:

(i) a mortgage over Raffl es City;

(ii) an assignment of the insurance policy relating to Raffl es City;

(iii) an assignment of the agreements relating to the management of Raffl es City;

(iv) an assignment and charge of the rental proceeds and tenancy agreements of units in Raffl es City; and

(v) a fi xed and fl oating charge over certain assets of RCS Trust relating to Raffl es City.

To fund the term loans to RCS Trust amounting to $866.0 million (2008: $866.0 million), Silver Oak has raised funds through issuance of the following Floating Rate Notes (collectively, the “Notes”):

(i) US$427,000,000 Class A1 Secured Floating Rate Notes at fl oating interest rate of 0.19% above the LIBOR repriced every three months, for the period from 13 September 2006 to 13 September 2011. In the event that the Class A1 Floating Rate Notes are not redeemed by Silver Oak on 13 September 2011, interest will accrue at the rate of 1.19% above the US dollar LIBOR repriced every three months, for the period from 13 September 2011 to date of redemption on 13 September 2013;

(ii) €30,000,000 Class A2 Floating Rate Notes at fl oating interest rate of 0.23% above the EURIBOR repriced every three months, for the period from 13 September 2006 to 13 September 2011. In the event that the Class A2 Floating Rate Notes are not redeemed by Silver Oak on 13 September 2011, interest will accrue at the rate of 1.23% above the EURIBOR repriced every three months, for the period from 13 September 2011 to date of redemption on 13 September 2013; and

(iii) US$86,500,000 Class B Floating Rate Notes at fl oating interest rate of 0.28% above the US dollar LIBOR repriced every three months, for the period from 13 September 2006 to 13 September 2011. In the event that the Class B Floating Rate Notes are not redeemed by Silver Oak on 13 September 2011, interest will accrue at the rate of 1.28% above the US dollar LIBOR repriced every three months, for the period from 13 September 2011 to date of redemption on 13 September 2013.

As security for the Notes, Silver Oak has created a fi xed and fl oating charge over the assets of RCS Trust in favour of the Silver Oak Notes’ Trustee under the Notes Debenture. The proceeds from the issue of the Notes were approximately $866,000,000.

The Group’s 40.0% share of term loans and the amount drawn down under revolving credit facility are $346,400,000 (2008: $346,400,000) and $23,600,000 (2008: $10,800,000) respectively.

150 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

12 CONVERTIBLE BONDS

GROUP AND TRUST 2009 2008 $’000 $’000

Carrying amount of debt component at 1 January 592,042 – Proceeds from issuance of convertible bonds – 650,000 Transaction costs – (11,324) 592,042 638,676 Amount classifi ed as derivative liability – (59,345) Amortisation of issue expenses 1,897 1,960 Interest accretion 22,109 10,751 Carrying amount of debt component at 31 December 616,048 592,042

On 2 July 2008, the Trust issued $650.0 million principal amount of Convertible Bonds (the “Convertible Bonds”) due 2013 which carry a coupon interest at 1.0% per annum. As at 31 December 2008, the Convertible Bonds are convertible by bondholders into Units at a conversion price of $3.39 (adjusted on 2 April 2009 pursuant to the Rights Issue (Note 14) from the initial conversion price of $4.36) at any time up to 3.00 p.m. on 22 June 2013 (at the place where the certifi cate evidencing such Convertible Bonds is deposited for conversion). The Trustee has the option to pay cash in lieu of issuing new Units on conversion of any Convertible Bonds.

The Convertible Bonds may be redeemed in whole or in part, at the option of the bondholder on 2 July 2011 at 105.43% of the principal amount together with any accrued (if any) interest up to the date of redemption.

The Convertible Bonds may also be redeemed, in whole, or in part, at the option of the Trustee on or at any time after 2 July 2011 but not less than 7 business days prior to 2 July 2013 (subject to the satisfaction of certain conditions).

Unless previously redeemed by the bondholders on 2 July 2011 or by the Trustee at any time on or after 2 July 2011 and not less than 7 business days prior to 2 July 2013, the fi nal redemption date of the Convertible Bonds is 2 July 2013. The redemption price upon maturity is equal to 109.31% of the principal amount, together with any accrued interest (if any) up to the fi nal redemption date.

13 DEFERRED TAX

Recognised in Recognised in As at Statement of Unitholders’ As at 1 January Total Return funds 31 December $’000 $’000 $’000 $’000

GROUP

2009

Deferred tax asset

Financial derivatives 1,774 (1,774) – –

2008

Deferred tax liability

Financial derivatives (177) 121 1,830 1,774

151 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

14 UNITS IN ISSUE

TRUST 2009 2008 $’000 $’000

Units in issue: At 1 January 1,666,831 1,662,393 Units created: – rights issue 1,502,359 – – asset management fees paid in units 6,778 2,797 – settlement of asset management fees in relation to the Trust’s 40.0% interest in Raffl es City through RCS Trust 3,300 1,641 At 31 December 3,179,268 1,666,831

Units to be issued: – asset management fees payable in units 925 1,738 Total issued and issuable units at 31 December 3,180,193 1,668,569

On 2 April 2009, 1,502,358,923 units were issued pursuant to Rights Issue. The issue price was $0.82 per each new Unit (the “Rights Units”). The Rights Units were listed on the SGX-ST on 3 April 2009.

Each unit in the Trust represents an undivided interest in the Trust. The rights and interests of Unitholders are contained in the Trust Deed and include the right to:

• Receive income and other distributions attributable to the units held;

• Participate in the termination of the Trust by receiving a share of all net cash proceeds derived from the realisation of the assets of the Trust less any liabilities, in accordance with their proportionate interests in the Trust. However, a Unitholder has no equitable or proprietary interest in the underlying assets of the Trust and is not entitled to the transfer to it of any assets (or part thereof) or of any estate or interest in any asset (or part thereof) of the Trust;

• Attend all Unitholders meetings. The Trustee or the Manager may (and the Manager shall at the request in writing of not less than 50 Unitholders or one-tenth in number of the Unitholders, whichever is lesser) at any time convene a meeting of Unitholders in accordance with the provisions of the Trust Deed; and

• One vote per unit.

The restrictions of a Unitholder include the following:

• A Unitholder’s right is limited to the right to require due administration of the Trust in accordance with the provisions of the Trust Deed; and

• A Unitholder has no right to request the Manager to redeem his units while the units are listed on SGX-ST.

A Unitholder’s liability is limited to the amount paid or payable for any units in the Trust. The provisions of the Trust Deed provide that no Unitholders will be personally liable for indemnifying the Trustee or any creditor of the Trustee in the event that liabilities of the Trust exceed its assets.

15 GROSS REVENUE

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Gross rental income 513,710 473,587 375,920 343,071 Car park income 14,317 13,738 9,934 9,415 Others 24,673 23,576 19,174 18,176 552,700 510,901 405,028 370,662

152 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

16 PROPERTY OPERATING EXPENSES

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Land rental 137 148 137 148 Property tax 49,283 48,549 35,451 34,115 Utilities 30,145 31,377 22,057 23,444 Property management fees 20,839 19,090 15,245 13,848 Property management reimbursements 21,974 21,952 16,200 16,297 Advertising and promotion 17,000 14,830 13,480 11,441 Maintenance 33,879 30,621 23,892 20,994 Others 2,675 3,204 1,964 1,888 175,932 169,771 128,426 122,175

17 INTEREST INCOME

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Interest income: – subsidiary – – 32,553 20,398 – fi nancial institution 1,038 1,881 1,016 1,683 1,038 1,881 33,569 22,081

18 INVESTMENT INCOME

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Distribution income from: – joint venture – – 40,947 39,262 – associate – – 10,258 7,180 – – 51,205 46,442

19 ASSET MANAGEMENT FEES Included in the asset management fees is an aggregate of $8,464,000 (2008: $8,478,000) relating to management fees paid/payable in units of the Trust that have been or will be issued to the Manager as payment of the performance component of management fees.

Asset management fees for RCS Trust of $4,879,000 (2008: $4,893,000) are paid in units.

20 PROFESSIONAL EXPENSES Included in professional expenses is non-audit fees paid to auditors of the Group and the Trust of $100,000 (2008: $145,000) in respect of services provided.

153 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

21 FINANCE COSTS

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Interest paid/payable: – subsidiaries – – 10,780 13,277 – term loans 63,918 76,656 37,006 41,792 – secured bonds – 2,104 – – – convertible bonds 6,500 3,304 6,500 3,304 – revolving credit and/or bridge loan facilities 2,014 1,642 1,669 1,180 – loss on remeasurement of fi nancial derivatives – 670 – – – realised loss on fi nancial derivatives 5,938 869 4,931 18 Accreted interest of convertible bonds 22,109 10,751 22,109 10,751 Amortisation of transaction costs 3,821 5,218 2,450 2,496 Others 729 1,317 513 1,214 105,029 102,531 85,958 74,032

22 INCOME TAX EXPENSE

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Current tax expense Current year 149 314 – – (Over)/under provision in prior years (24) 1,084 – – 125 1,398 – –

Deferred tax expenses Movement in temporary difference 1,774 (121) – – Income tax expense 1,899 1,277 – –

Reconciliation of effective tax rate

Net income 240,435 213,407 245,116 216,997

Tax calculated using Singapore tax rate of 17% (2008: 18%) 40,874 38,413 41,670 39,059 Effect of change in tax rate 99 – – – Non-tax chargeable items (665) (502) – – Non-tax deductible items 9,545 5,198 6,264 3,845 Income not subject to tax (28) (22) – – Tax transparency (47,933) (42,904) (47,934) (42,904) (Over)/underprovision in prior years (24) 1,084 – – Others 31 10 – – 1,899 1,277 – –

154 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

23 EARNINGS PER UNIT (a) Basic earnings per unit The calculation of basic earnings per unit is based on the weighted average number of units during the year and total return for the year.

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Total return for the year (65,185) 560,902 39,220 516,051

TRUST Number of Units 2009 2008 ’000 ’000

Issued units at beginning of the year 1,754,009 1,662,393 Effect of creation of new units: – rights issue 1,160,727 – – issued as satisfaction of asset management fees in relation to the Trust’s 40.0% interest in Raffl es City through RCS Trust 1,811 812 – issued and issuable as payment of asset management fees paid in units 4,071 1,375 – adjustment for effect of rights issue – 382,8541 Weighted average number of units at the end of the year 2,920,618 2,047,4341

1 The fi gures have been restated for the effect of Rights Issue.

(b) Fully diluted earnings per unit In calculating diluted earnings per unit, the total return for the year and weighted average number of units during the year are adjusted for the effects of all dilutive potential units:

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Total return for the year (65,185) 560,902 39,220 516,051 Impact of conversion of the dilutive potential units 24,540 (9,530) 24,540 (9,530) Adjusted total return for the year (40,645) 551,372 63,760 506,521

TRUST Number Number of Units of Units 2009 20081 ’000 ’000

Weighted average number of units used in calculation of basic earnings per unit 2,920,618 2,047,434 Weighted average number of unissued units from convertible bonds 191,740 91,685 Weighted average number of units in issue (diluted) 3,112,358 2,139,119

1 The fi gures have been restated for the effect of Rights Issue.

For the year ended 31 December 2009, the impact of conversion of the convertible bonds were anti-dilutive and were excluded from the calculation of diluted earnings per unit.

155 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

24 ISSUE EXPENSES

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Underwriting and selling commissions 31,754 (251) 31,754 (251) Professional fees – (12) – (12) Miscellaneous expenses (38) – (38) – 31,716 (263) 31,716 (263)

These expenses are deducted directly against the Unitholders’ funds. Included in issue expenses is non-audit fees paid to auditors of the Group and the Trust of $64,000 (2008: $Nil) in respect of services provided.

25 RELATED PARTIES For the purposes of these fi nancial statements, parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control the party or exercise signifi cant infl uence over the party in making fi nancial and operating decisions, or vice versa, or where the Group and the party are subject to common signifi cant infl uence. Related parties may be individuals or other entities. The Manager, Project Manager (CapitaLand Retail Project Management Pte Ltd), Property Manager (CapitaLand Retail Management Pte Ltd) and Property Manager of RCS Trust (CapitaLand (RCS) Property Management Pte Ltd) are indirect subsidiaries of a substantial Unitholder of the Trust.

In the normal course of the operations of the Trust, asset management fees and trustee’s fees have been paid or are payable to the Manager and Trustee respectively. The property management fees and property management reimbursement are payable to the Property Manager.

During the fi nancial year, other than those disclosed elsewhere in the fi nancial statements, there were the following signifi cant related party transactions, which were carried out in the normal course of business on arm’s length commercial terms:

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Asset enhancement works and consultancy fees paid/payable to a related company of the Manager 1,266 1,894 489 1,299 Rental and related income received/receivable from related companies of the Manager 541 295 434 282 Underwriting, advisory and acquisition fees paid/payable to the Manager – 8,398 – 8,398

26 FINANCIAL RISK MANAGEMENT Capital management The Board of the Manager proactively reviews the Group’s and the Trust’s capital and debt management cum fi nancing policy regularly so as to optimise the Group’s and the Trust’s funding structure. The Board also monitors the Group’s and the Trust’s exposure to various risk elements and externally imposed requirements by closely adhering to clearly established management policies and procedures.

The Trust and its subsidiaries are subject to the aggregate leverage limit as defi ned in the Property Fund Guidelines of the CIS code. The CIS code stipulates that the total borrowings and deferred payments (together the “Aggregate Leverage”) of a property fund should not exceed 35.0% of the fund’s deposited property. The aggregate leverage of a property fund may exceed 35.0% of the fund’s deposited property (up to a maximum of 60.0%) only if a credit rating of the property fund from Fitch Inc., Moody’s or Standard and Poor’s is obtained and disclosed to the public. The property fund should continue to maintain and disclose a credit rating so long as its aggregate leverage exceeds 35.0% of the fund’s deposited property.

The Trust has maintained its corporate rating of ‘A2’. The Group and the Trust have complied with the Aggregate Leverage limit of 60.0% during the fi nancial year. There were no changes in the Group’s approach to capital management during the fi nancial year.

156 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

Overview of risk management Risk management is integral to the whole business of the Group. The Group has a system of controls in place to create an acceptable balance between the cost of risks occurring and the cost of managing the risks. The Manager continually monitors the Group’s risk management process to ensure that an appropriate balance between risk and control is achieved. Risk management policies and systems are reviewed regularly to refl ect changes in market conditions and the Group’s activities.

The Audit Committee oversees how the Manager monitors compliance with the Group’s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Audit Committee is assisted in its oversight role by Internal Audit. Internal Audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee.

Credit risk Credit risk is the potential fi nancial loss resulting from the failure of a customer or a counterparty to settle its fi nancial and contractual obligations to the Group, as and when they fall due.

The Manager has established credit limits for customers and monitors their balances on an ongoing basis. Credit evaluations are performed by the Manager before lease agreements are entered into with tenants.

The Manager establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade and other receivables. The main component of this allowance is a specifi c loss component that relates to the individually signifi cant exposure.

The allowance account in respect of trade and other receivables is used to record impairment losses unless the Group is satisfi ed that no recovery of the amount owing is possible. At that point, the fi nancial asset is considered irrecoverable and the amount charged to the allowance account is written off against the carrying amount of the impaired fi nancial asset.

Cash and fi xed deposits are placed with fi nancial institutions which are regulated. The Group limits its credit risk exposure in respect of investments by only investing in liquid securities and only with counterparties that have sound credit ratings. Given these high credit ratings, management does not expect any counterparty to fail to meet its obligations.

At 31 December 2009 and 2008, there were no signifi cant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying value of each fi nancial asset on the balance sheet.

Liquidity risk The Manager monitors and maintains a level of cash and cash equivalents deemed adequate by management to fi nance the Group’s operations and to mitigate the effects of fl uctuations in cash fl ows. Typically, the Group ensures that it has suffi cient cash on demand to meet expected operational expenses for a period of 60 days, including the servicing of fi nancial obligations.

Market risk Market risk is the risk that changes in market prices, such as interest rates, foreign exchange rates and equity prices will affect the Group’s income or the value of its holdings of fi nancial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk.

Foreign currency risk The Group was exposed to foreign currency risk on interest-bearing borrowings that were denominated in a currency other than the functional currency of the Group. The currency giving rise to this risk was USD. The Group hedged this risk by entering into a cross currency swap.

A cross currency swap which was denominated in USD, was entered into to manage the foreign exchange risks in the previous fi nancial year. The Group had a cross currency swap with a notional contract amount of US$138,000,000. The cross currency swap was terminated on 9 April 2009 following the repayment of the CRSL loans.

Following the repayment of the CRSL loans, the Group does not have exposure to foreign currency risk at 31 December 2009.

157 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

Sensitivity analysis A 10.0% strengthening of Singapore dollar against the following foreign currencies at the reporting date would increase/(decrease) the Unitholders’ Funds and the Statement of Total Return as at 31 December 2009 by the amounts shown below. This analysis assumes that all other variables, in particular, interest rates, remain constant.

Statement of Unitholders’ Total Return Funds $’000 $’000

GROUP

2009

US dollar ––

2008

US dollar – (181)

A 10.0% weakening of Singapore dollar against the above currencies would have had an equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant.

Interest rate risk The Group’s exposure to changes in interest rates relates primarily to interest-bearing fi nancial liabilities. Interest rate risk is managed on an ongoing basis with the primary objective of limiting the extent to which net interest expense could be affected by adverse movements in interest rates.

At 31 December 2009, the Group has interest rate swaps with total notional contract amount of $380,000,000 (2008: $380,000,000) whereby the Group has agreed with counterparties to exchange, at specifi ed intervals, the difference between fl oating rate and fi xed rate interest amounts calculated by reference to the agreed notional principal amounts of the secured and unsecured term loans.

The net fair value of the above swaps at 31 December 2009 is $6,226,000 (2008: $6,715,000) comprising assets of $Nil (2008: $4,793,000), current liabilities of $353,000 (2008: $Nil) and non-current liabilities of $5,873,000 (2008: $11,508,000). These are for interest rate swaps with notional contract amount of $60,000,000 (2008: $60,000,000) and $320,000,000 (2008: $320,000,000) respectively.

Sensitivity analysis An increase of 100 bp in interest rate at the reporting date would increase/(decrease) Statement of Total Return and Unitholders’ Funds by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant.

Statement of Unitholders’ Total Return Funds $’000 $’000

GROUP

2009

Interest-bearing borrowings (fl oating rate) (1,836) – Interest rate swaps 15,573 197 13,737 197

2008

Interest-bearing borrowings (fl oating rate) (4,900) – Interest rate swaps 3,182 18,057 (1,718) 18,057

A decrease of 100 bp in interest rate at the reporting date would have had an equal but opposite effect to the amounts shown above, on the basis that all other variables remain constant.

158 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

Estimation of fair values The following summarises the signifi cant methods and assumptions used in estimating the fair values of fi nancial instruments of the Group.

Derivative fi nancial instruments The fair value of interest rate swaps, cross currency swap and derivative liability portion of the convertible bonds are based on broker quotes/third party quotes. These quotes are tested for reasonableness by discounting estimated future cash fl ows based on the terms and maturity of each contract and using market interest rates for a similar instrument at the measurement date.

Non-derivative fi nancial liabilities Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash fl ows, discounted at the market rate of interest at the reporting date.

Intra-group fi nancial guarantees The value of fi nancial guarantees provided by the Trust to its subsidiaries is determined by reference to the difference in the interest rates, by comparing the actual rates charged by the bank with these guarantees made available, with the estimated rates that the banks would have charged had these guarantees not been available.

Other fi nancial assets and liabilities The carrying amounts of fi nancial assets and liabilities with a maturity of less than one year (including trade and other receivables, cash and cash equivalents, current portion of security deposits and trade and other payables) are assumed to approximate their fair values because of the short period to maturity. All other fi nancial assets and liabilities are discounted to determine their fair values.

Interest rates used in determining fair values The interest rates used to discount estimated cash fl ows, where applicable, are based on the forward yield curve at 31 December plus an adequate constant credit spread, and are as follows:

2009 2008 % % Security deposits 3.22 – 3.40 3.3 Interest-bearing borrowings 0.98 – 3.52 1.45 – 3.98 Convertible bonds 3.83 3.98

The fair values of recognised liabilities which are carried at cost or amortised cost in the balance sheets at 31 December are represented in the following table:

2009 2008 Carrying Fair Carrying Fair amount value amount value $’000 $’000 $’000 $’000

GROUP

Financial liabilities

At cost: Security deposits 64,038 59,895 68,793 64,447

At amortised cost: Interest-bearing borrowings 1,127,069 1,134,343 1,406,123 1,418,530 Convertible bonds 616,048 719,114 592,042 718,267 1,807,155 1,913,352 2,066,958 2,201,244

Unrecognised loss (106,197) (134,286)

159 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

2009 2008 Carrying Fair Carrying Fair amount value amount value $’000 $’000 $’000 $’000

TRUST

Financial liabilities

At cost: Security deposits 49,237 46,216 51,177 47,940

At amortised cost: Interest-bearing borrowings 781,338 780,917 1,060,786 1,049,626 Convertible bonds 616,048 719,114 592,042 718,267 1,446,623 1,546,247 1,704,005 1,815,833

Unrecognised loss (99,624) (111,828)

Fair value hierarchy The table below analyses fi nancial instruments carried at fair value, by valuation model. The different levels have been defi ned as follows:

• Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and • Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable data).

Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000

GROUP AND TRUST

2009

Interest rate swaps – 6,226 – 6,226 Derivative liability portion of convertible bonds – – 27,833 27,833 – 6,226 27,833 34,059

The following table presents the changes in Level 3 instruments for the fi nancial year ended 31 December 2009:

GROUP AND TRUST 2009 $’000

Derivative liability portion of convertible bond

Opening balance 33,800 Transfer into level 3 – Purchases – Gains recognised in the Statement of Total Return (5,967) Closing balance 27,833

160 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

27 OPERATING SEGMENTS

For the purpose of making resource allocation decisions and the assessment of segment performance, the Group’s CODMs reviews internal/management reports of its investment properties. This forms the basis of identifying the operating segments of the Group under FRS 108 Operating Segments.

Segment revenue comprises mainly of income generated from its tenants. Segment net property income represents the income earned by each segment after allocating property operating expenses. This is the measure reported to the CODMs for the purpose of assessment of segment performance. In addition, the CODMs monitor the non-fi nancial assets as well as fi nancial assets attributable to each segment when assessing segment performance.

Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly income-earning assets and revenue, interest-bearing borrowings and expenses, related assets and expenses. Segment capital expenditure is the total cost incurred during the year to acquire segment assets that are expected to be used for more than one year.

Information regarding the Group’s reportable segments is presented in the tables below. Amounts reported for the prior year have been represented to conform to the requirements of FRS 108.

Geographical segments Segment information in respect of the Group’s geographical segments is not presented, as the Group’s activities for the year ended 31 December 2009 and 31 December 2008 related wholly to properties located in Singapore.

161 CapitaMall Trust Report to Unitholders 2009 162

CapitaMall Trust Report toUnitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

Reportable segments

Funan Other 40.0% interest Tampines DigitaLife IMM Plaza Bugis The Atrium Investment Subsidiaries in RCS Trust Mall Junction 8 Mall Building Singapura Junction @Orchard Properties1 portfolio2 – Raffl es City3 Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

2009

Gross rental income 58,377 44,028 25,789 69,579 70,408 66,095 28,301 13,343 61,589 76,201 513,710 Car park income 2,543 1,420 1,881 679 2,312 – 321 779 2,300 2,082 14,317 Others 2,818 3,076 1,664 3,624 2,707 2,800 1,170 1,314 3,732 1,768 24,673 Gross revenue 63,738 48,524 29,334 73,882 75,427 68,895 29,792 15,436 67,621 80,051 552,700

Segment net property income 45,635 33,106 19,542 48,939 54,822 46,599 21,102 6,857 43,708 56,458 376,768

Interest income 1,038 Finance cost (105,029) Unallocated expenses (36,480) Share of profi t of associate 4,138 Net income 240,435

Net change in fair value of fi nancial derivatives (1,534) Net change in fair value of investment properties 898 (15,466) (14,361) (10,497) (1,895) (6,600) (135,742) (28,801) (21,636) (68,087) (302,187) Total return for the year before income tax (63,286) Income tax expense (1,899) Total return for the year (65,185) 163

CapitaMall Trust Report toUnitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

Funan Other 40.0% interest Tampines DigitaLife IMM Plaza Bugis The Atrium Investment Subsidiaries in RCS Trust Mall Junction 8 Mall Building Singapura Junction @Orchard Properties1 portfolio2 – Raffl es City3 Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

2009

Assets and liabilities

Segment assets 778,802 571,559 327,292 651,975 1,001,516 798,655 714,231 298,581 796,864 1,031,085 6,970,560 Investment in associate and joint venture 137,062 Unallocated assets 315,379 Total assets 7,423,001

Segment liabilities 21,610 15,717 11,323 27,028 26,765 27,417 5,245 12,520 345,046 394,209 886,880

Unallocated liabilities: – interest-bearing borrowings 906,338 – interest payables 2,784 – asset management fees payable 4,737 – convertible bonds 616,048 – derivative liability 34,059 – others 2,542 1,566,508 Total liabilities 2,453,388

Other segmental information

Depreciation and amortisation 109 70 35 182 82 66 3 100 133 241 1,021

Plant and equipment: – Capital expenditure 34 117 14 63 46 68 – 332 347 103 1,124

Investment properties: – Capital expenditure 1,102 466 (639) 2,497 1,895 6,600 (258) 16,301 10,636 10,087 48,687

Receivables written off –––37––––616 164

CapitaMall Trust Report toUnitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

Reportable segments

Funan Other 40.0% interest Tampines DigitaLife IMM Plaza Bugis The Atrium Investment Subsidiaries in RCS Trust Mall Junction 8 Mall Building Singapura Junction @Orchard Properties1 portfolio2 – Raffl es City3 Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

2008

Gross rental income 56,349 43,015 25,661 68,847 67,323 62,538 9,747 9,591 56,063 74,453 473,587 Car park income 2,403 1,376 1,856 704 2,295 – 85 696 2,257 2,066 13,738 Others 2,839 3,012 1,701 3,645 2,394 2,998 530 1,057 3,668 1,732 23,576 Gross revenue 61,591 47,403 29,218 73,196 72,012 65,536 10,362 11,344 61,988 78,251 510,901

Segment net property income 43,259 31,924 18,568 47,228 51,171 43,170 6,745 6,422 38,704 53,939 341,130

Interest income 1,881 Finance cost (102,531) Unallocated expenses (35,457) 205,023 Share of profi t of associate 8,384 Net income 213,407

Net change in fair value of fi nancial derivatives 25,545 Net change in fair value of investment properties 50,259 60,596 (33,988) 47,764 72,934 55,920 – 20,024 23,248 26,470 323,227 Total return for the year before income tax 562,179 Income tax expense (1,277) Total return for the year 560,902 165

CapitaMall Trust Report toUnitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

Funan Other 40.0% interest Tampines DigitaLife IMM Plaza Bugis The Atrium Investment Subsidiaries in RCS Trust Mall Junction 8 Mall Building Singapura Junction @Orchard Properties1 portfolio2 – Raffl es City3 Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

2008

Assets and liabilities

Segment assets 776,565 586,156 341,947 660,356 1,001,510 798,540 850,688 310,543 811,400 1,084,851 7,222,556 Investment in associate and joint venture 143,919 Unallocated assets 142,516 Total assets 7,508,991

Segment liabilities 20,346 17,257 13,588 34,005 25,781 26,508 5,491 16,732 783,868 380,699 1,324,275

Unallocated liabilities: – interest-bearing borrowings 1,470,786 – interest payables 2,696 – asset management fees payable 3,439 – convertible bonds 592,042 – derivative liability 34,059 – others 2,088 2,105,110 Total liabilities 3,429,385

Other segmental information

Depreciation and amortisation 155 45 43 140 47 81 1 115 81 312 1,020

Plant and equipment: – Capital expenditure 234 207 11 137 116 98 5 25 287 320 1,440

Investment properties: – Capital expenditure 4,741 3,404 70,488 10,236 5,066 22,080 195 56,476 33,252 17,130 223,068

Receivables written off 15 – 4 14––––1–34

1 Other investment properties comprise Sembawang Shopping Centre, Hougang Plaza and Jurong Entertainment Centre. 2 Subsidiaries portfolio comprises Bukit Panjang Plaza, Lot One Shoppers’ Mall and Rivervale Mall under CRSL and CMT MTN. 3 The joint acquisition of Raffl es City through RCS Trust by CMT (40.0%) and CCT (60.0%) was completed on 1 September 2006. Notes to the Financial Statements Year ended 31 December 2009

28 COMMITMENTS

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000

Capital commitments: – contracted but not provided for 36,797 63,871 15,547 37,535 – authorised but not contracted for 185,119 36,486 183,112 20,913 221,916 100,357 198,659 58,448

Operating lease commitments

(i) Operating lease rental payable Future minimum lease payments for the Group on non-cancellable operating leases with a term of more than one year are as follows:

2009 2008 $’000 $’000 Within 1 year 285 285 After 1 year but within 5 years 1,139 1,139 After 5 years 527 812 1,951 2,236

(ii) Operating lease rental receivable The Group leases out its investment properties. Non-cancellable operating lease rentals are receivable as follows:

GROUP TRUST 2009 2008 2009 2008 $’000 $’000 $’000 $’000 Within 1 year 426,013 434,029 315,315 323,078 After 1 year but within 5 years 443,885 444,108 319,953 310,573 More than 5 years 3,394 6,847 327 949 873,292 884,984 635,595 634,600

29 CONTINGENT LIABILITY Pursuant to the tax transparency ruling from IRAS, the Trustee has provided a tax indemnity for certain types of tax losses, including unrecovered late payment penalties, that may be suffered by IRAS should IRAS fail to recover from Unitholders tax due or payable on distributions made to them without deduction of tax, subject to the indemnity amount agreed with the IRAS. This indemnity is applicable to distributions made out of the Trust’s income for the period from the date of the listing of the Trust to 1 August 2004. The amount of indemnity, as agreed with IRAS for any one year is limited to the higher of $500,000 or 1.0% of the taxable income of the Trust for that year. Each yearly indemnity has a validity period of the earlier of seven years from the end of the relevant year of assessment and three years from the termination of the Trust.

166 CapitaMall Trust Report to Unitholders 2009 Notes to the Financial Statements Year ended 31 December 2009

30 SUBSEQUENT EVENTS On 1 January 2010, pursuant to an internal restructuring exercise (“Restructuring”), Lot One Shoppers’ Mall, 90 out of 91 strata lots in Bukit Panjang Plaza, and Rivervale Mall (the “CRSL Properties”) are now held directly by the Trust. Prior to that, the Trust had held 100.0% of the benefi cial interest in the property portfolio of CRSL which comprised the CRSL Properties. In connection with the Restructuring, the CRSL Properties have been unencumbered.

On 28 January 2010, CMT MTN issued S$100,000,000 5 year fi xed rate notes through the S$2,500,000,000 Multicurrency Medium Term Note Programme at 3.288% which was on lent to CMT.

31 FINANCIAL RATIOS

2009 2008 % % Expenses to weighted average net assets 1 – including performance component of Manager’s management fees 0.65 0.70 – excluding performance component of Manager’s management fees 0.47 0.45

Portfolio turnover rate 2 – –

1 The annualised ratios are computed in accordance with the guidelines of Investment Management Association of Singapore. The expenses used in the computation relate to expenses of the Trust, excluding property expenses and fi nance costs. 2 The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Group expressed as a percentage of daily average net asset value.

167 CapitaMall Trust Report to Unitholders 2009 Unitholders’ Statistics

STATISTICS OF UNITHOLDINGS As at 3 March 2010

Issued and Fully Paid Units 3,180,895,775 units (voting rights : 1 vote per unit) Market Capitalisation $5,789,230,311 (based on closing unit price of S$1.82 on 3 March 2010)

DISTRIBUTION OF UNITHOLDINGS

No. of Size of Holdings Unitholders % No. of Units % 1 – 999 243 1.87 47,570 0.00 1,000 – 10,000 9,019 69.21 41,619,504 1.31 10,001 – 1,000,000 3,728 28.61 170,213,914 5.35 1,000,001 and above 41 0.31 2,969,014,787 93.34 13,031 100.00 3,180,895,775 100.00

LOCATION OF UNITHOLDERS

No. of Country Unitholders % No. of Units % Singapore 12,728 97.68 3,176,339,561 99.86 Malaysia 140 1.07 2,063,901 0.06 Others 163 1.25 2,492,313 0.08 13,031 100.00 3,180,895,775 100.00

TWENTY LARGEST UNITHOLDERS

Number of S/No Name Units %

1 CITIBANK NOMINEES SINGAPORE PTE LTD 646,224,218 20.32 2 PYRAMEX INVESTMENTS PTE LTD 570,417,150 17.93 3 DBSN SERVICES PTE LTD 473,851,062 14.90 4 ALBERT COMPLEX PTE LTD 279,300,000 8.78 5 HSBC (SINGAPORE) NOMINEES PTE LTD 257,908,947 8.11 6 DBS NOMINEES PTE LTD 198,441,221 6.24 7 UNITED OVERSEAS BANK NOMINEES PTE LTD 132,987,609 4.18 8 NTUC FAIRPRICE CO-OPERATIVE LTD 125,880,000 3.96 9 PREMIER HEALTHCARE SERVICES INTERNATIONAL PTE LTD 62,700,000 1.97 10 ALPHAPLUS INVESTMENTS PTE LTD 48,127,000 1.51 11 CAPITAMALL TRUST MANAGEMENT LIMITED 38,659,996 1.22 12 BNP PARIBAS SECURITIES SERVICES SINGAPORE 29,847,386 0.94 13 RAFFLES NOMINEES (PTE) LTD 26,557,300 0.83 14 DB NOMINEES (S) PTE LTD 8,908,185 0.28 15 TM ASIA LIFE SINGAPORE LTD-PAR FUND 7,500,000 0.24 16 MORGAN STANLEY ASIA (SINGAPORE) SECURITIES PTE LTD 7,373,653 0.23 17 BNP PARIBAS NOMINEES SINGAPORE PTE LTD 6,905,450 0.22 18 DBS VICKERS SECURITIES (S) PTE LTD 4,729,100 0.15 19 MERRILL LYNCH (SINGAPORE) PTE LTD 3,628,841 0.11 20 PHILLIP SECURITIES PTE LTD 3,589,836 0.11 2,933,536,954 92.23

168 CapitaMall Trust Report to Unitholders 2009 Unitholders’ Statistics

LIST OF DIRECTORS’ INTEREST As at 21 January 2010

Name No. of CMT Units Held

James Koh Cher Siang 342,000 (Direct)

Liew Mun Leong 633,479 (Direct) 970,319 (Deemed)

Simon Ho Chee Hwee 119,700 (Direct) 119,000 (Deemed)

David Wong Chin Huat 114,000 (Direct) 57,000 (Deemed)

Lim Beng Chee 66,500 (Direct) 74,100 (Deemed)

Lui Chong Chee 1 1,000,000 (Direct) 817,000 (Deemed)

Note: 1 Resigned from the Board with effect from 23 February 2010.

NUMBER OF UNITS OWNED BY EACH SUBSTANTIAL UNITHOLDER As at 3 March 2010

Direct Interest Deemed Interest Number Number Total Number Name of Substantial Unitholders of Units % of Units % of Units Held %

Temasek Holdings (Private) Limited (1) – – 954,036,175 29.99% 954,036,175 29.99% CapitaLand Limited – – 951,077,146 (2) 29.90% 951,077,146 (2) 29.90% CapitaMalls Asia Limited (3) – – 951,077,146 (2) 29.90% 951,077,146 (2) 29.90% Pyramex Investments Pte Ltd (4) 570,417,150 17.93% – – 570,417,150 17.93% Albert Complex Pte Ltd (4) 279,300,000 8.78% – – 279,300,000 8.78% NTUC Fairprice Co-operative Limited (5) 125,880,000 3.96% 48,127,000 (6) 1.51% 174,007,000 5.47% The Capital Group Companies, Inc. (7) – – 278,949,492 8.77% 278,949,492 8.77%

(1) Based on the information provided by Temasek Holdings (Private) Limited. (2) 279,300,000 units held by Albert Complex Pte Ltd, 570,417,150 units held by Pyramex Investments Pte Ltd, 62,700,000 units held by Premier Healthcare Services International Pte Ltd and 38,659,996 units held by the Manager. (3) A subsidiary of CapitaLand Limited. CapitaLand Limited holds a direct interest of 65.50% in CapitaMalls Asia Limited. (4) A wholly-owned subsidiary of CapitaMalls Asia Limited. (5) Based on the information provided by NTUC Fairprice Co-operative Limited. (6) Held by Alphaplus Investments Pte Ltd, a wholly-owned subsidiary of NTUC Fairprice Co-operative Limited. (7) Based on the information provided by The Capital Group Companies, Inc.

Based on information made available to the Manager, approximately 55.68% of the units in CMT were held in the hands of the public as at 3 March 2010. Accordingly, Rule 723 of the Listing Manual of the SGX-ST has been complied with.

169 CapitaMall Trust Report to Unitholders 2009 Interested Person Transactions The transactions entered into with interested persons during the fi nancial year, which fall under the listing manual and the property fund guidelines, are as follows:

Aggregate value of all interested person transactions during the fi nancial period under review (excluding transactions of less than S$100,000 each) Name of Interested Person S$’000 CapitaLand Limited and its subsidiaries or associates – Management fees 1 34,178 – Property management fees & reimbursement 42,813 – Project management and consultancy fees for asset enhancement works 4,199 – Rental and service income 610

Temasek Holdings (Private) Limited and its associates – Rental and service income 30,611 – General Maintenance 110

The Hongkong and Shanghai Banking Corporation Limited and its associates – Rental and service income 1,246 – Trustee fees 1,066

1 For the purposes of Rule 907 of the Listing Manual of the SGX-ST, in arriving at this fi gure, the market price of the CMT Units (being the closing price of the Units traded on the SGX-ST on the relevant date of issue of the Units) issued to the Manager for the performance component of its management fees, was used to determine the amount of the aggregate asset management fees paid to the Manager for the period from 1 January 2009 to 31 December 2009. A total of 9,249,159 CMT Units amounting to an aggregate of S$14,080,604 have been or will be issued to the Manager as payment of the performance component of the asset management fees (as computed pursuant to the Trust Deed) for the period from 1 January 2009 to 31 December 2009. In respect of the period from 1 January 2009 to 31 March 2009, a total of 3,407,907 CMT Units at issue prices of S$1.185 per Unit, were issued on 5 May 2009 to the Manager. The market price at the date of issue was S$1.34 per Unit and the aggregate market value of these Units was S$4,566,595 based on this market price. In respect of the period from 1 April 2009 to 30 June 2009, a total of 2,638,640 CMT Units at issue prices of S$1.3546 per Unit, were issued on 4 August 2009 to the Manager. The market price at the date of issue was S$1.56 per Unit and the aggregate market value of these Units was S$4,116,278 based on this market price. In respect of the period from 1 July 2009 to 30 September 2009, a total of 1,574,714 CMT Units at issue prices of S$1.8138 per Unit, were issued on 6 November 2009 to the Manager. The market price at the date of issue was S$1.66 per Unit and the aggregate market value of these Units was S$2,614,025 based on this market price. In respect of the period from 1 October 2009 to 31 December 2009, a total of 1,627,898 CMT Units at issue prices of S$1.7653 per Unit, were issued on 2 February 2010 to the Manager. The market price at the date of issue was S$1.71 per Unit and the aggregate market value of these Units was S$2,783,706 based on this market price.

Save as disclosed above, there were no additional Interested Person Transactions (excluding transactions of less than S$100,000 each) entered into during the fi nancial period under review.

On 10 February 2004, the SGX-ST has granted a waiver to CMT from Rules 905 and 906 of the SGX-ST’s Listing Manual in relation to payments for management fees, payments for acquisition and divestment fees, payments of property management fees, reimbursements to the property manager in respect of payroll and related expenses as well as payments of trustee’s fees. Such payments are not to be included in the aggregated value of total related party transactions as governed by Rules 905 and 906 of the SGX-ST’s Listing Manual.

Please also see Signifi cant Related Party Transactions on note 25 in the fi nancial statements.

Subscription of CMT Units For the fi nancial year ended 31 December 2009, an aggregate of 1,512,436,674 * CMT units were issued and subscribed for. As at 31 December 2009, 3,179,267,877 CMT units were in issue and outstanding. On 2 February 2010, 1,627,898 CMT units were issued to the Manager as part payment of the performance component of its asset management fees for the fourth quarter of 2009.

* On 2 April 2009, CMT issued 1,502,358,923 new units pursuant to an underwritten renounceable 9-for-10 rights issue.

170 CapitaMall Trust Report to Unitholders 2009 Notice of Annual General Meeting CAPITAMALL TRUST (Constituted in the Republic of Singapore pursuant to a trust deed dated 29 October 2001 (as amended))

NOTICE IS HEREBY GIVEN that the Annual General Meeting (“AGM”) of the holders of units of CapitaMall Trust (“CMT”, and the holders of units of CMT, “Unitholders”) will be held at the STI Auditorium, 168 Robinson Road, Level 9, Capital Tower, Singapore 068912 on Wednesday, 14 April 2010 at 10.00 a.m. to transact the following business:

(A) AS ORDINARY BUSINESS

1. To receive and adopt the Report of HSBC Institutional Trust Services (Singapore) Limited, as trustee (Ordinary Resolution 1) of CMT (the “Trustee”), the Statement by CapitaMall Trust Management Limited, as manager of CMT (the “Manager”), and the Audited Financial Statements of CMT for the fi nancial year ended 31 December 2009 and the Auditors’ Report thereon.

2. To re-appoint KPMG LLP as Auditors of CMT to hold offi ce until the conclusion of the next AGM of (Ordinary Resolution 2) CMT, and to authorise the Manager to fi x their remuneration.

(B) AS SPECIAL BUSINESS

To consider and, if thought fi t, to pass with or without any modifi cations, the following resolutions as Ordinary Resolutions:

3. That authority be and is hereby given to the Manager, to: (Ordinary Resolution 3)

(a) (i) issue units in CMT (“Units”) whether by way of rights, bonus or otherwise; and/or

(ii) make or grant offers, agreements or options (collectively, “Instruments”) that might or would require Units to be issued, including but not limited to the creation and issue of (as well as adjustments to) securities, warrants, debentures or other instruments convertible into Units,

at any time and upon such terms and conditions and for such purposes and to such persons as the Manager may in its absolute discretion deem fi t; and

(b) issue Units in pursuance of any Instrument made or granted by the Manager while this Resolution was in force (notwithstanding that the authority conferred by this Resolution may have ceased to be in force at the time such Units are issued),

provided that:

(1) the aggregate number of Units to be issued pursuant to this Resolution (including Units to be issued in pursuance of Instruments made or granted pursuant to this Resolution) shall not exceed fi fty per cent. (50%) of the total number of issued Units (excluding treasury Units, if any) (as calculated in accordance with sub-paragraph (2) below), of which the aggregate number of Units to be issued other than on a pro rata basis to Unitholders shall not exceed twenty per cent. (20%) of the total number of issued Units (excluding treasury Units, if any) (as calculated in accordance with sub-paragraph (2) below);

(2) subject to such manner of calculation as may be prescribed by Singapore Exchange Securities Trading Limited (the “SGX-ST”) for the purpose of determining the aggregate number of Units that may be issued under sub-paragraph (1) above, the total number of issued Units (excluding treasury Units, if any) shall be based on the number of issued Units (excluding treasury Units, if any) at the time this Resolution is passed, after adjusting for:

(a) any new Units arising from the conversion or exercise of any Instruments which are outstanding at the time this Resolution is passed; and

(b) any subsequent bonus issue, consolidation or subdivision of Units;

(3) in exercising the authority conferred by this Resolution, the Manager shall comply with the provisions of the Listing Manual of the SGX-ST for the time being in force (unless such compliance has been waived by the SGX-ST) and the trust deed constituting CMT (as amended) (the “Trust Deed”) for the time being in force (unless otherwise exempted or waived by the Monetary Authority of Singapore);

(4) (unless revoked or varied by the Unitholders in a general meeting) the authority conferred by this Resolution shall continue in force until (i) the conclusion of the next AGM of CMT or (ii) the date by which the next AGM of CMT is required by applicable regulations to be held, whichever is earlier;

171 CapitaMall Trust Report to Unitholders 2009 Notice of Annual General Meeting

(5) where the terms of the issue of the Instruments provide for adjustment to the number of Instruments or Units into which the Instruments may be converted, in the event of rights, bonus or other capitalisation issues or any other events, the Manager is authorised to issue additional Instruments or Units pursuant to such adjustment notwithstanding that the authority conferred by this Resolution may have ceased to be in force at the time the Instruments or Units are issued; and

(6) the Manager and the Trustee be and are hereby severally authorised to complete and do all such acts and things (including executing all such documents as may be required) as the Manager or, as the case may be, the Trustee may consider expedient or necessary or in the interest of CMT to give effect to the authority conferred by this Resolution.

(Please see Explanatory Notes)

4. That, contingent on the passing of Resolution 3 above, authority be and is hereby given to the (Ordinary Resolution 4) Manager to fi x the issue price for Units that may be issued by way of placement pursuant to the twenty per cent. (20%) sub-limit on a non pro rata basis referred to in Resolution 3 above, at a discount exceeding ten per cent. (10%) but not more than twenty per cent. (20%) of the price as determined in accordance with the Listing Manual of the SGX-ST, until 31 December 2010 or such later date as may be determined by the SGX-ST.

(Please see Explanatory Notes)

(C) AS OTHER BUSINESS

5. To transact such other business as may be transacted at an AGM.

BY ORDER OF THE BOARD CapitaMall Trust Management Limited (Company Registration No. 200106159R) as manager of CapitaMall Trust

Kannan Malini Company Secretary Singapore 24 March 2010

Notes: 1. A Unitholder entitled to attend and vote at the AGM is entitled to appoint not more than two proxies to attend and vote in his/her stead. A proxy need not be a Unitholder. 2. Where a Unitholder appoints more than one proxy, the appointments shall be invalid unless he/she specifi es the proportion of his/her holding (expressed as a percentage of the whole) to be represented by each proxy. 3. The proxy form must be lodged at the Manager’s registered offi ce at 39 Robinson Road, #18-01 Robinson Point, Singapore 068911 not later than 12 April 2010 at 10.00 a.m. being 48 hours before the time fi xed for the AGM.

172 CapitaMall Trust Report to Unitholders 2009 Notice of Annual General Meeting

Explanatory notes:

1. Ordinary Resolution 3 Ordinary Resolution 3 above, if passed, will empower the Manager from the date of the AGM until (i) the conclusion of the next AGM of CMT or (ii) the date by which the next AGM of CMT is required by the applicable regulations to be held, whichever is earlier, to issue Units and to make or grant instruments (such as securities, warrants or debentures) convertible into Units and issue Units pursuant to such instruments, up to a number not exceeding 50% of which up to 20% may be issued other than on a pro rata basis to Unitholders (excluding treasury Units, if any).

For determining the aggregate number of Units that may be issued, the percentage of issued Units will be calculated based on the issued Units at the time Ordinary Resolution 3 above is passed, after adjusting for new Units arising from the conversion or exercise of any Instruments which are outstanding at the time this Resolution is passed and any subsequent bonus issue, consolidation or subdivision of Units.

Fund raising by issuance of new Units may be required in instances of property acquisitions or debt repayments. In any event, if the approval of Unitholders is required under the Listing Manual of the SGX-ST and the Trust Deed or any applicable laws and regulations in such instances, the Manager will then obtain the approval of Unitholders accordingly.

2. Ordinary Resolution 4 Ordinary Resolution 4 above, if passed, will authorise the Manager to fi x the issue price for Units that are issued by way of placement pursuant to the twenty per cent. (20%) sub-limit on a non pro rata basis referred to in Ordinary Resolution 3 above at a discount exceeding 10% but not more than 20% of the price as determined in accordance with the Listing Manual of the SGX-ST (the “Reference Price”), being the weighted average price of Units for trades done on the SGX-ST (calculated in the manner as may be prescribed by the SGX-ST). The authority for Ordinary Resolution 4 is proposed pursuant to the SGX-ST news release of 19 February 2009 which introduced certain measures to accelerate and facilitate listed issuers’ fund raising efforts, which permits this authority to be effective until 31 December 2010. The effectiveness of this measure will be reviewed by the SGX-ST at the end of the period.

Without Ordinary Resolution 4, under the Listing Manual of the SGX-ST, the Manager may only fi x the issue price for Units that are issued by way of placement on a non pro rata basis to Unitholders referred to in Ordinary Resolution 3 above at a discount not exceeding 10% of the Reference Price.

173 CapitaMall Trust Report to Unitholders 2009 IMPORTANT: PLEASE READ THE NOTES TO PROXY FORM BELOW

Notes to Proxy Form 1. A unitholder of CMT (“Unitholder”) entitled to attend and vote at the Annual General Meeting is entitled to appoint one or two proxies to attend and vote in his/her stead. 2. Where a Unitholder appoints more than one proxy, the appointments shall be invalid unless he/she specifi es the proportion of his/her holding (expressed as a percentage of the whole) to be represented by each proxy. 3. A proxy need not be a Unitholder. 4. A Unitholder should insert the total number of Units held. If the Unitholder has Units entered against his/her name in the Depository Register maintained by The Central Depository (Pte) Limited (“CDP”), he/she should insert that number of Units. If the Unitholder has Units registered in his/her name in the Register of Unitholders of CMT, he/she should insert that number of Units. If the Unitholder has Units entered against his/her name in the said Depository Register and registered in his/her name in the Register of Unitholders, he/she should insert the aggregate number of Units. If no number is inserted, this proxy form will be deemed to relate to all the Units held by the Unitholder. 5. The instrument appointing a proxy or proxies (the “Proxy Form”) must be deposited at the Manager’s registered offi ce at 39 Robinson Road, #18-01 Robinson Point, Singapore 068911, not less than 48 hours before the time set for the Annual General Meeting. 6. The Proxy Form must be executed under the hand of the appointor or of his/her attorney duly authorised in writing. Where the Proxy Form is executed by a corporation, it must be executed either under its common seal or under the hand of its attorney or a duly authorised offi cer. 7. Where the Proxy Form is signed on behalf of the appointor by an attorney or a duly authorised offi cer, the power of attorney or other authority (if any) under which it is signed, or a notarially certifi ed copy of such power or authority must (failing previous registration with the Manager) be lodged with the Proxy Form, failing which the Proxy Form may be treated as invalid. 8. The Manager shall be entitled to reject a Proxy Form which is incomplete, improperly completed or illegible or where the true intentions of the appointor are not ascertainable from the instructions of the appointor specifi ed on the Proxy Form. In addition, in the case of Units entered in the Depository Register, the Manager may reject a Proxy Form if the Unitholder, being the appointor, is not shown to have Units entered against his/her name in the Depository Register as at 48 hours before the time appointed for holding the Annual General Meeting, as certifi ed by CDP to the Manager. 9. All Unitholders will be bound by the outcome of the Annual General Meeting regardless of whether they have attended or voted at the Annual General Meeting. 10. At any meeting, a resolution put to the vote of the meeting shall be decided on a show of hands unless a poll is (before or on the declaration of the result of the show of hands) demanded by the Chairman or by fi ve or more Unitholders present in person or by proxy, or holding or representing one-tenth in value of the Units represented at the meeting. Unless a poll is so demanded, a declaration by the Chairman that such a resolution has been carried or carried unanimously or by a particular majority or lost shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution. 11. On a show of hands, every Unitholder who (being an individual) is present in person or by proxy or (being a corporation) is present by one of its offi cers as its proxy shall have one vote. On a poll, every Unitholder who is present in person or by proxy shall have one vote for every Unit of which he/she is the Unitholder. A person entitled to more than one vote need not use all his/her votes or cast them the same way. IMPORTANT CAPITAMALL TRUST 1. For investors who have used their CPF monies to buy units in CapitaMall Trust, (Constituted in the Republic of Singapore this Annual Report is forwarded to them at the request of their CPF Approved Nominees and is sent FOR INFORMATION ONLY. pursuant to a trust deed dated 29 October 2001 (as amended)) 2. This Proxy Form is not valid for use by CPF investors and shall be ineffective for all intents and purposes if used or is purported to be used by them. 3. CPF Investors who wish to attend the Annual General Meeting as observers Proxy Form have to submit their requests through their CPF Approved Nominees within the time frame specifi ed. If they also wish to vote, they must submit their voting instructions to the CPF Approved Nominees within the time frame specifi ed to Annual General Meeting enable them to vote on their behalf. 4. PLEASE READ THE NOTES TO THE PROXY FORM.

I/We, (Name(s) and NRIC no./Passport no./Company Registration no.) of (Address) being a unitholder/unitholders of CapitaMall Trust (“CMT”), hereby appoint:

Proportion of Unitholdings Name Address NRIC/Passport No. No. of Units %

and/or (delete as appropriate)

Proportion of Unitholdings Name Address NRIC/Passport No. No. of Units %

or, both of whom failing, the Chairman of the Annual General Meeting as my/our proxy/proxies to attend and to vote for me/us on my/our behalf and if necessary, to demand a poll, at the Annual General Meeting of CMT to be held at the STI Auditorium, 168 Robinson Road, Level 9, Capital Tower, Singapore 068912 on Wednesday, 14 April 2010 at 10.00 a.m. and at any adjournment thereof. I/We direct my/our proxy/proxies to vote for or against the resolutions to be proposed at the Annual General Meeting as indicated hereunder. If no specifi c direction as to voting is given, the proxy/proxies will vote or abstain from voting at his/her/their discretion, as he/she/they may on any other matter arising at the Annual General Meeting.

To be used on a show of hands To be used in the event of a poll No. of Votes No. of Votes No. Ordinary Resolutions: For * Against * For ** Against ** Ordinary business 1 To receive and adopt the Trustee’s Report, the Manager’s Statement, the Audited Financial Statements of CMT for the fi nancial year ended 31 December 2009 and the Auditors’ Report thereon. 2 To re-appoint KPMG LLP as Auditors and authorise the Manager to fi x the Auditors’ remuneration. Special business 3 To authorise the Manager to issue Units and to make or grant convertible instruments. 4 To authorise the Manager to fi x the issue price per Unit that may be issued by way of a placement at a discount exceeding 10% but not more than 20%. Other business 5 To transact any other business as may be transacted at an annual general meeting.

* If you wish to exercise all your votes “For” or “Against”, please tick [√] within the box provided. ** If you wish to exercise all your votes “For” or “Against”, please tick [√] within the box provided. Alternatively, please indicate the number of votes as appropriate.

Dated this day of 2010. Total number of Units held

Signature(s) of unitholder(s) / Common Seal

IMPORTANT: PLEASE READ NOTES TO PROXY FORM ON REVERSE PAGE 3rd fold here, glue along the dotted line and fold fl ap

Affi x postage stamp

The Company Secretary CapitaMall Trust Management Limited (as manager of CapitaMall Trust) 39 Robinson Road #18-01 Robinson Point Singapore 068911

2nd fold here

1st fold here strategic communicator and visual creator greymatter williams and phoa (asia)

Printed by Colourscan Pte Ltd CapitaMall Trust Management Limited As Manager of CapitaMall Trust 39 Robinson Road #18-01 Robinson Point Singapore 068911 Tel: (65) 6536 1188 Fax: (65) 6536 3884 Email: [email protected] www.capitamall.com

Company Registration Number: 200106159R