CapitaLand Investors’ Day Presentation by Lee Chee Koon CEO, The Ascott Limited

1 6 June 2013 Disclaimer

This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward- looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward looking statements, which are based on current view of management on future events.

2 Content

• Overview • Businesses Model • Real Estate • Hospitality Management • Recent Transactions and 1Q 2013 Highlights • Outlook

3 Overview

Ascott Huai Hai Road , 4 World’s Largest International Serviced Residence Owner-Operator

Belgium UK ~31,700 Units

France 220 Properties South Korea 22 China 78 UAE >5,000 Employees >22,300 Operating Units

Australia

5 Track Record of Robust Growth

Owned/ Leased: 18,020 units Managed for 3rd Party: 13,750 units

6 6 Company Structure

Assets on balance sheet S$3.0 B (as at 31 Mar ‘13)

Owns 45.0% Owns 36.1% Real Estate Investments S$0.7 B S$0.2 B S$1.6 B

Ascott China Owned 3rd Party Fund (ACF) Properties Properties

Portfolio: Portfolio: S$2.8 B S$1.1 B

Properties Managed by

Ascott International Management (wholly owned subsidiaries of TAL)

7 Organisation

Geographical Sectors Global Operations

Investments, Operations, Provides HQ support to Asset management geographical sectors

Singapore HQ Brand & Marketing Singapore & Malaysia Procurement Philippines & Thailand Indonesia & InfoComm Systems Vietnam & India Service Quality & Innovation North Asia Customer Service NorthGCC Asia Product & Technical Service

8 Serviced Residences An Attractive Asset Class

Apartments for Serviced Residences Rent

Lease Structure Long-term leases . Hybrid between hotels and Short-term accommodation apartments/condominiums & Terms . Variable lease terms

No service Limited services provided Full range of hospitality services Range of provided . Role and involvement of property . Including food & beverage (F&B) Services manager less intensive compared to . Role and involvement of property hotels manager most intensive

. Low investment . Low investment cost . High investment cost cost - High building efficiency - Land (premium location) - Unfurnished - No F&B outlets - Lower building efficiency (more - Less common . Low operating costs common facilities) facilities - Less intensive staffing . High operating costs Cost Structure . Low operating requirements as only limited services - More intensive staffing requirements costs are provided due to complete range of services - Minimal staffing - Lower marketing and - High maintenance due to significant maintenance costs as average wear and tear length of stay is longer

Dependent on . Some seasonality of hospitality . Seasonal nature of industry general property industry, though longer lease terms . Highly correlated with the tourism sector conditions provide certain level of rental industry support Seasonality . Correlated to GDP growth and FDI inflows

9 Our Business Model

Citadines Suites Louvre 10 Ascott’s Value Add

Real Estate Value + Hospitality Fee Income

Enhanced Brand Value

Development stage Operations stage Divestment stage • Product quality • Branding, Marketing • Stronger cash through design & Sales to achieve flow = higher • Cost discipline higher revenue real estate • Efficient operations value = to ensure higher higher margins divestment • Higher fee income gains

11 Ascott’s Business Model

Real Estate Every $1 million Hospitality • Capital intensive of EBITDA • Operational improvement creates ~$20 capabilities • Significant million of real profits from estate value* • Drives real estate divestment gains value creation

• Real Estate and Hospitality Operations are mutually reinforcing • BOTH are integral to our business • Combination sets us apart from pure real estate developers and asset light hospitality operators

*Assumes cap rate of 5% 12 Real Estate

Ascott Singapore 13 Optimising Real Estate Value

Capital Recycling

Completed/ Origination: Pipeline of Process Development Operational Properties SRs

Private Equity REITs Holding Funds Directly Held Joint Ventures Vehicle (Ascott China Fund)

14 Ascott Residence Trust – 45.0% Ownership

Ascott Residence Trust (Ascott Reit) invests primarily in real estate and real estate related assets, which are income-producing and used Business Overview predominantly as serviced residences or rental housing properties.

• Listed on SGX-ST in March 2006 • Initial portfolio of 12 Asia Pacific properties from Sponsor, Ascott Listing Info • Asia Pacific mandate extended to Global investment mandate in 2010

Owns 8,632 apartments in 32 cities across 12 countries in Asia Pacific Portfolio and Europe Operates under Ascott, Citadines and Somerset Brands

S$2.8 billion Portfolio Value as at 31 March 2013

S$1.7 billion Market Cap as at 31 May 2013

15 Divestment of Assets to Ascott Reit

S$3.2 billion Assets divested to Ascott Reit since 2006

• 40.0% stake in Somerset Roppongi • 36.1% stake in Somerset Heping (S$21 million) Shenyang2 (S$31 million) 1 • 36.1% stake in Citadines Biyun Shanghai2 (S$23 million) • 40.2% stake in Somerset • 2 Asian and 26 European • Citadines Xinghai Suzhou2 Chancellor Court Ho Chi Minh properties (S$1.39 billion) (S$23 million) (S$28 million) • 11 Rental Housing Properties in Japan2 (S$102 million) • 70% stake in Somerset West Lake (S$21 million)

2006 2007 2008 2009 2010 2011 2012 2013

1 Ascott Reit IPO • Ascott Raffles Place Singapore, • 12 properties in 5 countries Ascott , New Cairnhill (S$856 million) SR3 (S$711 million)

1. Ascott , Somerset Grand Fortune Garden Property Beijing, Somerset Xu Hui Shanghai, Ascott , 57.43% stake in Somerset Grand Citra Jakarta, Woods Jakarta, Somerset Millennium Makati, Somerset Salcedo Makati, Somerset Grand Cairnhill Singapore, Somerset Property Singapore, 69% stake in Somerset , 76.4% stake in Somerset Grand 2. As announced on 2 May 2013 and to be completed in Q2 2013 3. To be completed in 2017 16 Ascott China Fund (ACF) - 36.1% ownership

• US$500 m private equity fund to invest in serviced residence projects in China • Fund is fully invested • Portfolio of 11 properties with about 2,215 apartment units – Mainly in 2nd tier cities including Tianjin, , , Shenyang, , Wuhan and Xi’an • Maiden divestment of Citadines Biyun Shanghai for S$53.8m and Somerset Heping Shenyang for S$59.4m to Ascott Reit expected to be completed by 2Q 2013 Citadines Central Xi’an

17 Hospitality Management

Somerset Liang Court Singapore 18 Ascott’s Edge - Scale

Leverage on scale to extend our pole position in the SR industry • Large offering to customers - Apartment types - Geography • First and only SR company to have its own GDS code - Ascott Direct Channels account for ~40% of Total Revenue - More than 73,000 corporate clients and 1,400 global accounts - 4 reservation centres operating in Asia & Europe • First SR company to offer ‘Best Rate Guarantee’ • First SR company to partner airline loyalty programmes 19 Award Winning Hospitality Brand

More than 100 awards since 2008

 Best Serviced Apartment Company - Business Traveller UK , 2007 – 2012  Best Serviced Residence: Somerset Serviced Residence - Business Traveller , 2010  Best Serviced Residence Brand in China - Business Traveller China, 2005 - 2012  Best Serviced Residence/ Residence Operator - DestinAsian Readers’ Choice Awards, 2008 - 2013  Best Serviced Residence Operator - TTG Travel Awards, 2005 - 2012

20 Recent Transactions and 1Q 2013 Highlights

Capital Tower, Singapore 21 Recent Transactions

• Divestment of 3 China properties and 11 Japan properties to Ascott Reit CHINA - Divestment proceeds of $92 mil - Divestment gain of $15 mil • Ascott will continue to manage the properties • Expected completion in 2Q 2013 Citadines Citadines Somerset Heping Biyun Xinghai Shenyang Shanghai Suzhou

JAPAN Actus Big Palace Kita Grand Grand Gravis Court Gravis Gravis Court Grand Grand Grand Grand Hakata 14jo Mire Miyamachi Mire Kakomachi Court Nishi- E’terna E’terna Saga E’terna E’terna V-Tower Shintera Kokutaiji haraekimae Saga Idaidori Nijojomae Chioninmae

22 1Q 2013 Business Highlights

• Secured 4 new management contracts - >600 units across China, Vietnam and Malaysia • Opened 2 properties - >200 units across Paris and Indonesia • Overall RevPAU remained stable at S$109 - Growth across China (+4%), Europe (+2%), and Gulf region and India (+2%)

Citadines Rasuna Jakarta Somerset West Central Hanoi

23 1Q 2013 Business Highlights– cont’d

• Entered into strategic alliance with Yuexiu Property to drive expansion plans in China - Yuexiu Property will acquire and develop serviced residences in China, and Ascott will manage the serviced residences

• Increased Ascott’s profile in North America through marketing partnerships in the U.S. with AKA

Somerset Riviera Guangzhou

24 1Q 2013 Business Highlights– cont’d

• Strengthened leadership position in Indonesia - Opened first Citadines in Indonesia • Opened first boutique-style luxury residence under the Citadines Suites label - 51-unit Citadines Suites Louvre Paris

Citadines Suites Louvre Paris - Exclusive Suite Citadines Suites Louvre Paris - Royale Suite

25 Outlook

Capital Tower, Singapore 26 Outlook

• Active portfolio management of owned properties – S$1.1 billion of operating assets* with more than 6,800 apartment units – About SS$0.9 billion assets under development* with about 1,900 apartment units • Continue to grow Ascott Reit – Platform for holding stable yielding assets • Improve the quality of portfolio through new investments and asset enhancement initiatives Citadines Prestige Trafalgar Square – Focus on growing in existing markets to deepen presence e.g. Indonesia, Malaysia, key cities in Europe – Study new markets – Explore more PE funds to accelerate investments in key markets • Leverage on brand equity to increase hospitality Citadines Montparnasse Paris fee income

* Ascott’s share of asset values for properties owned directly. Includes properties which are 100% owned, majority owned and 27 properties which Ascott has a minority stake in. 2013 and beyond Continue Recycling Capital for Optimal Returns Growth through Leverage on investments brand equity and MA in existing and new markets Target By 2015: 40,000 units Enhance products and branding 31,608 units

28 Thank You

29 CapitaLand Investors’ Day Presentation by Jason Leow CEO, CapitaLand China

6 June 2013 Disclaimer

This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward looking statements, which are based on current view of management on future events.

1 Content • Overview • Key Businesses Update . Residential/Trading . Mixed Developments . Strategic Capital Partnership • Business Model • Going Forward

2 Overview

Raffles City Chengdu, China 3 CapitaLand Group Business and Structure 凯德集团 中国驰名商标

• Financial Products & Services • Regional Investments*

Singapore China CMA Ascott

• Singapore residential & • China residential & • • Serviced Residence commercial projects commercial projects - CMT - ART • Malaysia projects • Raffles City China & - CRCT - CMMT • CCT mixed developments • QCT

*Include Australand, Surbana, StorHub, Vietnam, India, Japan, GCC and UK.

4 CapitaLand China Overview ~ 31 Mar 2013

• Developer of residences & commercial properties since 1994 • Management in 4 main regions across China • StrategicCapital Partnerships Employed with Central China Real EstateCommercial Limited and Lai Fung Holdings Limited Others $765m, 51% $120m, 8%

Residential/ • 21 residential projects • Total pipeline GFA of >3 m sqm, ~ 27k units Trading • Built & handed over >19k quality homes

• 8 Raffles City Mixed North China Developments • 3m sqm CFA/ 2.2m sqm GFA Beijing • 4 operational/ 4 under development Central China East China • 2 commercial projects Southwest Zhengzhou Commercial • 111k sqm GFA China Shanghai • 1 operational/ 1 under development Chengdu

Strategic • 6 real estate funds/JVs Guangzhou Capital Partnership • Total Fund size: US$3.8b South China

5 CLC contributed 28% of CapitaLand’s EBIT* ~ 31 March 2013

Total Assets – Mar 2013 EBIT – Mar 2013

CL Group = $35.4b** CL Group = $386.1m CLC = $7.8b CLC = $109.1m

CLC , $7.8b, CLC, 22% $109.1m, 28%

Rest of CL Rest of CL Group , Group , $27.6b, 78% $277.0m, 72%

* EBIT – Earnings before interest and tax 6 ** Excluding Treasury cash Strong Financials and Healthy Balance Sheet ~ 31 Mar 2013

Revenue Under Mgt Earnings Before Interest & Tax (EBIT) $138m $109m 40% YoY 106% YoY

Total Assets Net Debt/Equity

$7.8b Net Cash

7 Assets Breakdown ~ 31 Mar 2013

73% of property value^ in Total Assets ~ $7.8b 1st tier cities*

Wuhan Hongkong Strategic Chongqing 2% 1% Foshan 4% Partnerships 3% 8% Kunshan 4% Ningbo 1%

Tianjin Shanghai Residential/ 9% 37% Trading Assets Investment 55% Properties Shenzhen 9% 37%

Beijing 7% Hangzhou 11%

Guangzhou 7% Chengdu 5% ^Property Value refers to the carrying amount of Investment Property, Properties under Development and Development Properties for Sale *First tier cities include Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin and Chongqing 8 Note: Based on effective stake held by CLC and total property value in China Strategic Partnerships

• 20% stake, invested since 2006 • 27% stake, invested since 2006 • Market capitalization: HK$3.2b* • Market capitalization: HK$6.0b* • Quality assets in 1st tier cities ~ • ~16m sqm of land reserves in Central Shanghai and Guangzhou China • Total GFA of 1.3m sqm

* As at 29 May 2013

Dolce Vita, Guangzhou CapitaLandAscott Huai Limited Hai, Shanghai 1Q2013 Results Champagne*26 April 2013* Garden, Zhengzhou Century City, Luo Yang One of the few real estate companies with a Complete Value Chain

Investor

Fund Developer Manager

Capital Asset Management Manager

Operator

10 Key Businesses

Raffles City Chengdu, China 11 Residential /Trading Portfolio

Raffles City Beijing, China 12 North China Residential/Trading Portfolio Pipeline sufficient for the next 4 to 5 years • 21 Residential Projects • Pipeline of > 27k units and GFA of > 3 m sqm • 86% of launched units sold

Beaufort, Beijing SouthWest China BEIJING/TIANJIN Beaufort Tianjin International Trade Centre Vermont Hills East China SHANGHAI The Pinnacle The Loft, Chengdu The Paragon CHENGDU 99 Heng Shan Road The Loft Floravale KUNSHAN Wanxiang Site II The Metropolis NINGBO WUHAN Summit Residences Lakeside HANGZHOU Imperial Bay Gongshu Site

Dolce Vita FOSHAN GUANGZHOU The Riviera Dolce Vita Riverside Ville South China Rivervale Beau Residences 13 Panyu Site La Cité Foshan The Paragon Residential/Trading Sales & Completion Status 86% of launched units sold

Average Total Units CL % Launch Expected Expected 2 TOP for Selling of Units Effective Sold Completion Completion PROJECT launched Price5 in 2Q 2013 in 2H 2013 Project/ As at Mar units 4 (Rmb per Launched Stake % (Units) (Units) Phase 2013 sqm) SHANGHAI The Pinnacle – South Plot 539 539 1 80% 99% 2012 - 2013 35,268 177 120 The Paragon 271 116 99% 48% 2013 99,999 116 - KUNSHAN The Metropolis 5,744 1,541 70% 81% 2011 - 2014 11,922 - 88 HANGZHOU Imperial Bay 462 388 50% 76% 2013 - 2014 25,294 - 190 NINGBO The Summit Executive Apartments 180 180 1 50% 13% 2013 24,524 - 180 BEIJING Beaufort – Phase 2 220 220 1 50% 99% 2013 39,126 - 220 Beaufort – Phase 3 228 228 1 50% 100% 2013 45,269 - 228 TIANJIN International Trade Centre 1,305 399 100% 31% 2014 18,294 - - GUANGZHOU Dolce Vita 2,796 1,061 3 48% 97% 2012 - 2014 17,414 - 248 FOSHAN Riverside Ville 758 758 1 100% 92% 2011 11,585 - - The Riviera 208 208 1 100% 99% 2011 16,582 - - Beau Residences 648 648 1 100% 87% 2012 7,058 - - La Cite Foshan 879 254 100% 34% 2013 9,293 - 254 SHENZHEN i Park – Phase 1 448 448 1 73% 96% 2013 - 2014 35,658 - 240 CHENGDU The Loft 4,446 3,324 3 56% 94% 2010 - 2013 8,579 445 309 TOTAL 19,132 10,312 86% 738 2,077

1 Project/Phase fully launched. 2 % sold: units sold (Options issued as of 31 Mar 2013) against units launched. 3 Launches from existing projects in 1Q 2013, namely The Loft: 309 units and Dolce Vita: 126 units. 4 TOP for launched units refers to the year of completion of the units launched. 5 Average selling price per sqm is denoted in Rmb and is derived using the area sold and sales value achieved (including options issued) in the quarter. 14 * Includes Raffles City strata apartments. Residential/ Trading Sales Performance

CapitaLand China residential sales continued to improve in 1Q 2013 with demand from first time home buyers and up-graders in China

Units Sold in 1Q up 275% YoY Sales Value in 1Q up 338% YoY 1,500 2,000

1,500 1,000

1,000 1,891 500 955

500 Residential Units Residential 255 432 0 million) (RMBValue Sales 0 1Q 2012 1Q 2013 1Q 2012 1Q 2013

Notes: Units sold includes options issued 15 *Transacted value include sales value for commercial and carpark

New Launches after 1Q 2013

The Loft – Block 25 (131 units) • Launched on 21 Apr 2013 • Sales rate - 92%* • Sales value - RMB 98m • ASP : RMB 8,814/sqm

16 * As at 28 May 2013, include options issued New Launches after 1Q 2013 The Metropolis - Block 12 (79 units) • Re-launched on 12 May 2013 • Sales rate of 53%* • Sales value of RMB 51m • ASP : RMB 13,159/sqm

17 * As at 28 May 2013, include options issued 2013 Residential Launch-Ready Projects ~ 3,500 units*, estimated value RMB5b

Summit Residences, Ningbo

The Loft, Chengdu

Lakeside, Wuhan

18 * From Apr to Dec 2013 and includes Raffles City strata apartments. Residential Projects Status The Paragon, Shanghai Beaufort , Beijing

Dolce Vita, Guangzhou The Loft, Chengdu

19 2013 Projects/Phases to be completed

~ 3,000 units

iPark , Shenzhen

The Loft, Chengdu

Beaufort, Beijing

20 * Includes Raffles City strata apartments. Simplify the organisation On 1 Jan 2013, merge 4 residential projects in China previously under CapitaValue Homes to CapitaLand China

The Floravale, Shanghai Wanxiang Site II, Shanghai

The Lakeside, Wuhan

WUHAN SHANGHAI

GUANGZHOU

21 The Rivervale, Guangzhou The Floravale, Shanghai

Project Brief Location Wanxiang Town, Lingang New City Pudong , Shanghai No. of residential units/ GFA ~ 1,000 units/ ~ 90,000 sqm

RCS

Floravale

22 Wanxiang Site II, Shanghai

Project Brief Location Wanxiang Town, Lingang New City Pudong District, Shanghai No. of residential units/ GFA ~ 800 units/ ~ 85,000 sqm

RCS

Wanxiang II

23 The Lakeside, Wuhan

Project Brief Location Houguan Lake Eco-City Caidian District, Wuhan No. of residential units/ GFA ~ 2,500 units/ ~ 220,000 sqm

3rd Ring Rd 2nd Ring Rd

24 The Rivervale, Guangzhou

Project Brief Location Lanhe Town Nansha District, Guangzhou No. of residential units/ GFA ~ 2,000 units/ ~ 232,000 sqm

广州南站 番禺区

20 mins

桥南 20 mins 10 mins

The Rivervale

佛山顺德区

25 Restructuring of Surbana • On 1 Apr 13, Surbana restructured Previous structure

its residential & consultancy CapitaLand Temasek businesses 40% 60%

• Residential business is now Surbana integrated into CapitaLand China Corporation

• Shareholders of both business Residential Consultancy remains the same business business

New Structure

CapitaLand Temasek CapitaLand Temasek

40% 60% 40% 60%

Residential Consultancy business business 26

Integration of 5 Residential Projects in 4 cities Pipeline ~ GFA 4.1m sqm / CLC share ~ 699k sqm

Chengdu (2003) Shenyang, Chengdu (2011) The Botanica Liaoning Long Quan Yi – Parc Botanica GFA – 1.0 sqm (86% launch) (2007) GFA – 354k sqm (Not launched) CLC Effective Share: 6% CLC Effective Share: 22% Xi’an Shanxi (2006) Wuxi, Jiangsu (2005) Chengdu, Sichuan (2003,2011)

Wuxi (2005) Xian (2006) Shenyang (2007) Central Park City La Botanica Lake Botanica GFA – 655k sqm (56% launch) GFA – 2.9m sqm (23% launch) GFA – 1.1m sqm (14% launch) CLC Effective Share: 6% CLC Effective Share: 15% CLC Effective Share: 24%

27 CapitaLand China Residential

• With the integration of Surbana, CL China expands its operations from 13 cities to 16 cities. • Increased its residential portfolio under management pipeline GFA from 3.4m sqm to 7.6m sqm (100% basis)

Southwest East 9% 17%

South 22%

North 52%

28 Mixed Developments

Raffles City Beijing, China 29 The Raffles City Franchise

Building one of China’s largest mixed used developments

Unique product proposition, leverage on CapitaLand’s core competencies of integration across real estate product types

Distinct competitive advantage in China; given project scale, strategic location and transportation hub accessibility

Generate portfolio of stable leasing income

30 Raffles City Portfolio • 8 Raffles City projects • 4 operational, 4 under development • Total construction floor area ~ 3m sqm • Aggregate portfolio value ~ RMB62b (~$12b)

Raffles City Shanghai

Beijing

Raffles City Beijing CHINA Raffles City Chengdu Shanghai Chengdu Hangzhou Raffles City Changning Chongqing Ningbo

Shenzhen

Raffles City Hangzhou Raffles City Ningbo

Raffles City Shenzhen Cities with Raffles City projects 31 Raffles City Enters Prime Time in 2012

31 Aug 2012 23 Sep 2012 Ground Breaking of Opening of Raffles City Chengdu Raffles City Shenzhen

28 Sep 2012 29 Sep 2012 Ground Breaking of Opening of Raffles City Ningbo 32 Raffles City Chongqing Newly Operational Assets Ramping Up Well

• Over 90% committed retail leasing for Raffles City Chengdu and Raffles City Ningbo retail malls

Raffles City Chengdu Shoppers attracted to iconic structure and events at RC Chengdu

Raffles City Ningbo Shoppers attracted by the diversified retail mix and events at RC Ningbo

33 Raffles City Developments

Raffles City Hangzhou ~26 % project completion. Reached Level 8 Target Opening in 2015 for podium and Level 15 & 14 for Tower 1 & 2, respectively

Raffles City Changning Excavation & shoring system, 14.5% project completion Target Opening in 2016 (steel binding and concrete casting) in progress

34 Raffles City Developments – cont’d

Raffles City Shenzhen Excavation and shoring system Target Opening in 2016 in progress

Raffles City Chongqing Site clearance in progress Target Opening in 2018

35 Continuous growth of quality assets with stable leasing income Stabilized Newly opened Under construction

Raffles City Changning Raffles City Chengdu Raffles City Chongqing

Raffles City Beijing Raffles City Ningbo Raffles City Hangzhou Raffles City Shenzhen

Year 2012 2015/2016 2018 Portfolio Value RMB 17b RMB 40b RMB 62b

Construction Floor Area 0.8m sqm 1.9m sqm 3.0m sqm 36 Gross Floor Area 0.6m sqm 1.4m sqm 2.2m sqm

Raffles City ~ A Proven Concept

Raffles City Shanghai Valuation: RMB mil 6,438 mil 500 20% • Tapping the strong 400 16% economic 300 12% fundamentals Valuation: 200 2,817 mil 8%

100 4%

- 0% • Continuous increase 2004 2005 2006 2007 2008 2009 2010 2011 2012

in leasing income NPI (RMB mil) NPI Yield on Cost stream Raffles City Beijing Valuation: • Stable valuation RMB mil 3,360 mil Yield 250 12% growth, backed by 200 8% rising net property 150 Valuation: income 100 2,600 mil 4% 50 0% 0 -50 2009 2010 2011 2012 -4% NPI (RMB mil) NPI Yield on Cost

37 Strategic Capital Partnership

Raffles City Beijing, China 38 Strategic Capital Partnership • Strong partnership with capital partners through Private Equity Funds and Joint Ventures • Total Fund size of US$3.8b

Residential Funds a) CapitaLand China Development Fund b) CapitaLand China Development Fund II c) CapitaLand China Value Housing Fund Commercial Funds/JV a) Raffles City China Fund b) Raffles City Changning c) Raffles City Chongqing

39

Business Model

Raffles City Chengdu, China 40 Business model

• Build to sell Residential • Product offering from mass to high-end • Deliver premier quality homes

• Build to hold Mixed • Iconic developments Development / • Lifestyle center • Design, build, lease and manage Commercial • Active asset management to enhance yields

41 Going Forward

Raffles City Chengdu, China 42 The sustainable strategy forward… Improving Long Term ROE

How to build a sustainable and competitive Where to focus? business? Focus on Target real demand Continue to build and for residential hone Mixed Use Optimal Mix Key cities development First time capabilities Trading and Investment Assets home Exposure to Tier 1 Enhance operational and Tier 2/3 Cities buyers & competence and 50:50 scale economies, as more mixed use 70:30 up graders projects are completed 43

43 2013 Key Focus

1) Actively seeking new investments 2) Residential -  Launch ready ~ 4,000* residential units  Handover ~ 3,000* residential units 3) Raffles City - Active asset management for operational projects to enhance yield  RC Chengdu – Complete construction of serviced apartments  RC Shenzhen, RC Hangzhou and RC Changning – continue construction to meet target opening dates  RC Chongqing - Commence Excavation & Lateral Support

44 * Includes Raffles City strata apartments. Concluding Remarks…..

• China – A Market with Depth and Breath • CapitaLand China is well positioned to ride the market • Urbanization will continue to drive demand for homes • Residential sales remain steady • Raffles City portfolio continues to see positive growth • Continue to work with Capital Partners for growth

45 Thank You

46 CapitaLand Investors’ Day Presentation by Wen Khai Meng CEO, CapitaLand Singapore

6 June 2013

0 Content

• Overview • Our Key Businesses • Business Update • Singapore Residential Market • Singapore Commercial Market • Malaysia Iskandar Region • CapitaLand Singapore’s Strategy

1 CapitaLand Presentation *June 2013* CapitaLand Singapore Organisation

CapitaLand Singapore

Residential Commercial Malaysia

CapitaCommercial Trust (CCT) (32% owned)

Quill Capita Trust (30% owned by CCT)

2 CapitaLand Presentation *June 2013* CLS contributed 29% of CapitaLand’s EBIT (1)

Total Assets as at 31 March 2013 EBIT as at 31 March 2013 CL Group = $35.4b CL Group = $386.1m CLS = $6.2b CLS = $110.8m

CLS , $6.2b, 18%

CLS , $110.8m, 29%

Rest of CL Rest of CL Group, Group , $29.2b, 82% $275.3m, 71%

Note: (1) EBIT – Earnings before interest and tax 3 CapitaLand Presentation * June 2013* Our Key Businesses

The Wharf Residence, Singapore 4 CapitaLand Singapore

Homes Leading developer of distinctive and quality homes

Completed > 7,000 homes since 2000 (1) Sky Habitat, Pipeline of 2,200 homes or 3.3 mil sq ft GFA d’Leedon, Singapore Singapore

Commercial & Mixed Developments One of Singapore's largest office landlords and managers

Owns/manages 13 offices and mixed-use developments or > 5 million sq ft of NLA (2) CapitaGreen, , Sponsor of CCT (32% owned) Singapore Singapore Notes: (1) Information as at 19 May 2013 (2) CCT = CapitaCommercial Trust, a Singapore listed REIT

5 CapitaLand Presentation *June 2013* CapitaCommercial Trust (Singapore) First Listed Commercial REIT in Singapore

~S$4.87b# Market Capitalisation

Capital Tower One George Street Wilkie Edge 10 Properties in CBD

~S$6.95b* Asset Size HSBC Building (60% stake) ~3m sq ft NLA

CapitaGreen Twenty Anson (40% stake)

Golden Shoe Bugis Village Car Park

# Market Cap Figure as at 30 April 2013 * Asset Size Figure as at 31 March 2013 6 CapitaLand Presentation *June 2013* Business Update

Capital Tower, Singapore 7 Sales Performance of Residential Projects

• Achieved S$1.3b sales in 1Q 2013 vs S$1.3b in 2012 - 544 units (1Q 2013) vs 57 units (1Q 2012)

d’Leedon

d’Leedon

No of Units Sold Units of No The Interlace

8 CapitaLand Presentation *May*June 2013* 2013* Singapore Residential - Sales and Construction Progress1 % Launch Sold % Completed Units PROJECT Total Units Launched As at Mar 2013 As at Mar 2013

Launched in 2007 175 175 95% 100% Launched in 2008 The Wharf Residence 186 186 97% 100% Latitude 127 127 100% 100% Launched in 2009 The Interlace 1040 1040 75% 90% Urban Suites 165 165 100% 92% Launched in 2010 d'Leedon 1715 1500 88% 53% Launched in 2011 Urban Resort 64 34 85% 100% Bedok Residences 583 583 96% 14% Launched in 2012 Sky Habitat 509 250 61% 21%

1 Figures might not correspond with income recognition

9 CapitaLandCapitaLand PresentationPresentation *June*June 2013*2013* Residential Outlook

• Healthy pipeline with projects in # sought-after locations Pipeline includes: - 2,200 units (~ 3.3m sq ft GFA) The Interlace ~ 250 d’Leedon ~ 400 • Target to launch Marine Point and Sky Habitat ~ 350 Bishan St 14 in 2H 2013 Marine Point (new) ~ 120 Bishan St 14 (new) ~ 700 • Continue to bid for well-located sites via GLS tenders and private collective sales # Based on total available units as at end Mar 2013

10 CapitaLand Presentation *June 2013* Singapore Office Portfolio Performance

• CCT signed new leases and renewals of approx 409,900 sqft for 1Q 2013 (12% new leases) compared to 459,500 sqft for FY2012 (54% new leases) • CCT’s portfolio occupancy at 95.3% vs market occupancy rate of 93.2%

$9.00 $8.73 $8.64 $8.50

$8.00 $7.94 $7.83 $7.84 $7.64 $7.79 $7.53

$psf $7.66 $7.50 $7.45 $7.39

$7.00

$6.50 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Upward trend of CCT’s monthly average office portfolio rent

11 CapitaLand Presentation *June 2013* Commercial Projects Update

CapitaGreen

• Target completion – 4Q 2014

• Commenced marketing with opening of CapitaGreen show suite

CapitaGreen

Westgate

• Target completion – Office: 4Q 2014

• Pre-leased: 52% Westgate Tower (office)

Westgate

12 CapitaLand Presentation * June 2013* CapitaLand’s First Foray Into Iskandar, Malaysia – Danga Bay A2 Island

• Total GDV: RM8.1 bil (~S$3.2 bil) • A premier waterfront residential community comprising high rise

and landed homes with a central A2 Island waterfront hub with a marina, shoppingArtist’s impression mall, subject to changeF&B outlets, serviced residences, offices and recreational facilities • Freehold net land: RM811 mil (~S$324 mil) • Estimated total GFA: 11 mil sq ft (Land cost RM74 psf ppr) Master-planning in progress. Expected launch 1H2014

13 CapitaLandCapitaLand Presentation Presentation * * June 2013* Singapore Residential Market

RiverGate, Singapore 14 Private Home Prices Stabilising URA Price Index increased 0.6% QoQ in 1Q 2013, compared with the 1.8% increase in the previous quarter 220.0 213.2

200.0

181.4 177.5 180.0

160.0 140.4 140.0 133.3 120.0 112.4 100.0 100.0 80.0

60.0

Source: URA

15 CapitaLand Presentation*June 2013* Private Home Sales halved to 1,375 units in April

. Apr-13 developer sales and launches (ex. ECs) moderated, down 51% and 76% MoM, to 1,375 units and 806 units, respectively, after a record high Mar-13

Units . OCR (mass market) remained the main driver of sales with 53% of total units sold 3,000 8 Dec 2011: 6 Oct 2012: 12 Jan 2013: +292% ABSD Cooling 6th Cooling 7th Cooling Measure Measures Measures 2,500

2,000

+43% 1,500 -51% 2,793 2,621 2,497 2,417 2,393 +30%

1,000 2,028 1,872 1,946 1,948 1,704 -65% 1,371 1,427 1,410 1,375

500 1,087

632 712

0 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13

Source: URA 16 CapitaLand Presentation*June 2013* Sales Breakdown By Market Segment

. OCR transactions continues to lead new home sales, accounting for 61% of total YTD sales of 6,787 units, compared to 73% registered for the whole 2012 total new homes sales

. As a percentage of total new home sales, OCR transactions for the 4-year period 2009 to 2012 was 58% per quarter

Units 14,688 16,292 15,904 22,197 6,787

7,000 6,526 5,916 6,000 5,412 5,578 5,402

5,000 4,654 4,444 4,353 4,380 4,241 4,262 2,525 4,033 5,275 4,000 1,375 3,638 4,367 3,383 1,728 3,595 3,603 3,737 1,624 2,239 3,000 2,596 2,732 2,756 1,766 1,916 3,108 1,826 1,860 725 2,618 2,000 1,867 1,637 1,375 523 1,710 1,008 1,350 1,356 1,098 1,134 846 1,000 473 1,927 1,221 987 727 716 1,453 1,186 918 791 1,113 864 994 470 699 516 581 578 444 703 610 679 0 243 236 194 138 178 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Apr-13 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013

Source: URA CCR RCR OCR Overall Note: Sales figures based on statistics released by URA every quarter, figures will differ from monthly sales figures due to timing of submissions by developers Breakdown by Market Segment Core Central Rest of Central Outside Central Overall Region Region Region Quarterly Average for 2009 – 2012 710 1,112 2,495 4,318 Quarterly Average for 2013 (Jan to Mar) 679 1,350 3,383 5,412 17 Observations

• Given low interest rate environment, residential property still provides a positive carry and a decent yield • Under provision of HDB flats in last decade created housing under-supply situation • High HDB resale prices provide price support for private housing • Singapore remains attractive to foreign buyers

18 CapitaLand Presentation*June 2013* Residential Strategy

• To continue to bid for land sales – sites strategically located near MRT stations or – sites with attractive attributes such as close proximity to schools, public amenities, etc

• To broaden product range (from premium to mass) to tap wider market demand

19 CapitaLand Presentation*June 2013* Singapore Commercial Market

One George Street, Singapore 20 Singapore’s island-wide office supply

Region Area (sq ft) % of total stock CBD Core 27.5 mil 43% - Grade A office 14.6 mil stock Rest of Central Area 10.2 mil 16% 5.1 mil 8% 3.8 mil 6% Decentralised Areas 17.3 mil 27%

Source: Jones Lang LaSalle (4Q 2012)

21 CapitaLand Presentation *June 2013* Focus on sites in CBD and developing new regional centres

East West Line North South Line North East Line Circle Line Downtown Line 1, 2, 3 Thomson Line 1, 2, 3

(Completion 2013, 2015, 2017) (Completion 2019, 2020, 2021) Regional Centre • Woodlands Westgate Woodlands Regional Centre • Tampines • Changi Business Park • Punggol Punggol

Toa Tampines Payoh

Jurong East Paya Lebar Newton Sub-Regional Centre Dhoby Bugis Ghaut Stadium • Paya Lebar Regional Centre One-North Raffles Place • Kallang • Jurong East • Marine Parade • Buona Vista / One-North Tanjong Pagar Marina Bay • Toa Payoh / Bishan CBD Fringe Core Central Business District (CBD) • Orchard / Dhoby Ghaut • Raffles Place / Tanjong Pagar • Novena / Newton • Marina Bay • Bugis / Beach Road / Middle Road CapitaGreen and

22 other CCT properties Island-wide new office supply not excessive; CBD new supply back-end loaded

Net supply in CBD Forecast average annual new 3.5 supply (2013 to 2017): 1.3 mil sq ft 2.9 3.0 2.5 2.5

2.0 1.8 1.5 1.5

0.9 0.8 1.0 0.7

sq ftmillion sq 0.6 0.5 0.3 0.1 0.0 2007 2008 2009 2010 2011 2012 2013F 2014F 2015F 2016F 2017F -0.5 -0.4 -1.0 CBD net supply CBD forecast new supply Central Business District (CBD) Average annual net supply 1.1 mil sq ft (1993 – 2012) Average annual net absorption 1.0 mil sq ft (1993 – 2012) 1.6 mil sq ft (2010 – 2012) Note:

Source: CBRE Decentralized Office Market Report 2013 and CBRE 1Q 2013 Market Report for CBD supply

23 CapitaLand Presentation *June 2013* Island-wide new office supply not excessive; Decentralized new supply declining

Net supply in Decentralised Area (1) 3.50 Forecast average annual 3.00 new supply (2013 to 2016): 2.50 0.5 mil sq ft 2.00

1.50 1.3 sq ftmillion sq 1.00 0.7 0.6 0.4 0.4 0.50 0.2 0.04 0.07 0.09 0.00 2007 2008 2009 2010 2011 2012 2013F 2014F 2015F

Decentralised Area net supply Decentralised Area forecast new supply

Decentralised Area

Average annual net supply 0.3 mil sq ft (2007 – 2012) Average annual net absorption 0.3 mil sq ft (2007 – 2012)

Note: (1) Decentralized office market supply projections exclude JEM and strata developments.

Source: CBRE Decentralized Office Market Report 2013

24 CapitaLand Presentation *June 2013*

Singapore office market rent stabilising 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13* Mthly rent 10.60 10.10 9.80 9.58 9.55 $20 (S$ / sq ft ) S$18.80 % change -3.6% -4.7% -3.0% -2.2% -0.3%

$18

$16

$14 S$11.06 Prime Grade A $12 S$9.55 S$8.00 $10

$8 S$7.50 S$4.48 $6

$4 S$4.00

Monthly gross rent by per square foot square per by rent gross Monthly Global Euro-zone $2 Post-SARs, Dot.com crash financial crisis crisis $0

*No historical data for Grade A rents prior to 2002. Source of data: CB Richard Ellis (Pte) Ltd (figures as at end of each quarter). CBRE no longer tracks prime rents from 3Q 2011.

25 CapitaLand Presentation * June 2013* Commercial Strategy

• To broaden product mix and geographical spread – Office, SOHO, Business Park, Medical Suites, Mixed-use developments • To adapt “Build & Sell” to complement “Build & Hold” strategy • To grow CapitaCommercial Trust through acquisitions from CapitaLand and third parties

26 CapitaLand Presentation *June 2013* Malaysia Iskandar Region

Raffles City Singapore 27 Iskandar Malaysia – 5 Flagship Zones

Senai-Skudai

Johor Bahru City Centre Eastern Gate Nusajaya Development

Western Gate Development

28 CapitaLandCapitaLand PresentationPresentation *June*June 2013*2013* Greater Connectivity between Singapore and Johor

• Iskandar Regional Mass Transit Network will commence construction latest by year 2015 • Expected to ease the travelling time and convenience between Singapore and Johor • Enhance proximity of Singapore and Malaysia

29 CapitaLandCapitaLand PresentationPresentation *June*June 2013*2013* CapitaLand’s JV development Location : Danga Bay A2 Island – 8 km West of Singapore-Johor Causeway

Danga Bay A2 Island

30 CapitaLandCapitaLand PresentationPresentation *June*June 2013*2013* CapitaLand’s JV in Danga Bay A2 Island Strategy 1. Supply and Demand  Control and manage timing and supply  10 – 12 years mixed development 2. Value Creation  Enjoy value appreciation of plots in later development as township precinct matures 3. Capitalise on Development Danga Bay A2 Island will feature a premier Capability & Synergy waterfront residential community comprising high rise and landed homes  Leverage on CapitaLand Group’s with a central waterfront hub with a marina, development capability of malls & shopping mall, F&B outlets, serviced serviced residences operation residences, offices and recreational management facilities

31 CapitaLandCapitaLand PresentationPresentation *June*June 2013*2013* Malaysia Strategy • To focus primarily on Iskandar region (leveraging on proximity to Singapore)

Penang

Kuala Lumpur

Iskandar

32 CapitaLand Presentation *June 2013* CapitaLand Singapore’s Strategy

Six Battery Road, Singapore 33 CapitaLand Singapore’s Strategy

• Residential Property – Actively participating in land sales – To broaden product range • Commercial Property – To broaden product mix and geographical reach – To adapt “Build & Sell” to complement “Build and Hold” strategy – To grow CCT through acquisitions • Malaysia – To focus on Iskandar region

34 Thank You

35 Positioning CapitaLand’s Financials For Growth

Arthur Lang, Group CFO 6 June 2013 Disclaimer

This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward looking statements, which are based on current view of management on future events.

2 Overview Balance Sheet And Capital Management

Sustainable ROE With A Robust Capital

Structure PATMI Counter-Cyclical Considerations Investing

3 Balance Sheet And Capital Management: Initial Thoughts

Diversify debt Optimise sources finance costs maturities and currencies

Make capital Monitor more efficient total group and “flexible” debt

. Sustainable Capital Structure

. An implied “A-area” rating company

4 PATMI Considerations: Some Initial Thoughts

. Focus on long-term, 3 year rolling ROE ROE . Comparable to peers . Meets, or exceeds, investor expectations

. Profitability largely from business fundamentals and operations (realised vs unrealised PATMI) PATMI . One-off cost cutting efforts help, but only Composition in the short term . Stable income stream helps to buffer any volatility (trading vs. non-trading)

5 Our Performance - PATMI & ROE

S$M % 2800 Average 2005-2012 ROE : 10.3% 35 (ex-2007, post -2004) 31.9

2400 30

2000 25

1600 20

14.5 12.2 1200 15 12.5 10.5 800 8.7 10 7.3 5.4 6.2 4.6 400 5 1.7

0 0

(4.3) -400 -5

PATMI ROE * Restated due to change in accounting policy and adoption of new accounting standards

6 Historical PATMI Composition

Components Of PATMI (2007 – 2012) 100% 22% 30% 39% 80% 46%

73% 60% 20% 50% 93% 21% 21% 40%

50% 20% 40% 17% 33% 28% 62% 9% 0%

-55% -20% FY 2007 FY 2008 FY 2009 FY 2010* FY 2011 FY 2012

Operating Profits Portfolio gains Revaluations/Impairments

Expected To Increase Contribution From Operating Profits

7 Counter- Cyclical Investing: Some Initial Thoughts

. Growth cannot stop

. Strategic overlay in investing

. Long gestation period for properties under development (PUDs VS. IP)

. Continue to invest even during market downturn

8 Factors for Consideration

Project Hurdle Rate Strategic Returns Overlay

. Project must generate . Must be realistic . Reflects Group’s high enough IRRs to strategy meet hurdle rate and . Not too high…. hence achieve target - reduce . Senior management ROE competitiveness decision to invest counter-cyclically . Not too low… • ROE targets

Framework To Support Management’s Ultimate Investment Decision & Strategic Direction

9 Summary

. Increased cash “fluidity” and diversified debt give more visibility for lower cash buffer and increased capital allocation to profitable projects

. Operating profits to have a higher contribution of PATMI

. Good mix of PUD with IP ensure steady pipeline for future growth

. Maintain a sustainable and flexible capital structure

Positioning CapitaLand For Growth

10 Thank You

11

Sharpening CapitaLand’s Competitive Edge

Lim Ming Yan, President & Group CEO 6 June 2013 Disclaimer

This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward looking statements, which are based on current view of management on future events.

2 Agenda

. Latest Update

. Summary Of SBU’s Strategic Thrusts

. Improving Long-term ROE

. Conclusion

3

1. Latest Update

4 Streamlined Organisation Structure 凯德集团 中国驰名商标

• Financial Products & Services • Regional Investments*

Singapore China CMA Ascott

• Singapore residential • China residential & • Shopping mall • Serviced Residence & commercial commercial - CMT - ART projects projects - CRCT • Malaysia projects • Raffles City China - CMMT • CCT & mixed development • QCT *Include Australand, Surbana, StorHub, Vietnam, India, Japan, GCC and UK

5 Process Update

Jan 3, Key Tasks Desired 2013 Outcome

Reduce organisational complexity  Improve visibility, clarity and • Streamlined 4 SBUs profitability on Announcement • Improved resource mobility across core businesses of New SBUs Review businesses  Improve long-term Organisational ROE Structure Set clear KPIs

Improve processes Re-emphasize Innovation

6

Update On Other Markets And Businesses

. Australand - Financial investment undergoing strategic review - Strong market leader in C&I,in Australia - Residential portfolio focused on affordable segment; more than 90% of portfolio in Sydney, and - Experienced management team with deep bench

. Vietnam - Vista, Mulberry Lane, Parc Spring Phase 2 – to continue with development and sales - Remaining 3 sites to hold and develop only when market is ready - Explore new opportunities for first-time home buyers - Good on-ground execution capability

. Post-restructuring, Surbana Consultancy (40% stake): financial investment

. Japan - Shinjuku office – continue to hold - Nishi Azabu – sold 107 units, ahead of original plan

. UK, GCC, India

7 Focus on Singapore and China

Total Assets @ Mar 2013 : $35.4b1 Group EBIT @ Mar 2013 : $386.1m (73% of Group Assets in Singapore & China) (82% of Group EBIT from Singapore & China)

Europe Other Asia** $25.2, 8% Other Asia** $1.1B, 3% $2.8B, 8% Others*** $47.1m, 12% China* Australia $137.2, 36% $5.6B, 16%

China* $13.6B, 38% Singapore Singapore $12.3B, 35% $176.6m, 46%

1 Excluding treasury cash *China including Hong Kong ** Excludes Singapore & China and includes projects in GCC *** Includes Australia and Europe Singapore And China Will Continue To Be Key Drivers Of CapitaLand’s Business

8 CapitaLand Limited 1Q2012 Results *30 April 2012* 2. Summary Of SBUs’ Strategic Thrusts

One George Street, Singapore 9 CapitaLand Singapore . Residential: - Continue to participate in land tenders - Increase value to customers - Economies of scale in procurement

. Office: - Be opportunistic and aim for best value

. REITs: - Look for opportunities for growth . Compete as one integrated platform . Develop superior market sensing by tracking and dissecting policy directions more closely . Malaysia: to focus primarily on Iskandar region

d’ Leedon CapitaGreen Iskandar – Draft Master Plan 10 CapitaLand China

. Focus on key cities in China . Residential strategy: - Target first-time home buyers and upgraders - Leverage on branding of integrated developments and convenient access to amenities - Open to larger projects with multiple launch phases - Review of existing mass housing projects in China . Compete as an integrated platform – One CapitaLand local team . Build scale and brand awareness

Summit Residences, Ningbo Raffles City Chongqing Dolce Vita, Guangzhou

11 CapitaLand China – Mixed Used Developments

. Build a core holding in China with steady recurring income stream and potential for capital appreciation

Raffles City Raffles City Raffles City Raffles City Shanghai Beijing Chengdu Hangzhou

Raffles City Raffles City Raffles City Changning Raffles City Chongqing Ningbo Shenzhen

Mixed Used Developments Leverage On CapitaLand’s Multi-product Expertise To Build Competitive Advantage

12 CapitaMalls Asia

. Strengthen leadership position in Singapore . Continue to deepen presence in key cities in China

PIPELINE OF MALLS OPENING (No. Of Properties As At 25 April 2013) Target to be Target to be Target to be opened in Operational Total opened in 2013 opened in 2014 2015 & beyond

81 5 3 13 102

13 Ascott Limited . Growth through investments and M&A in existing and new markets . Enhance products and branding . Leverage on brand equity . Continue recycling capital for optimal returns

40,000

35,000

30,000

25,000

20,000 2012 2013 2014 2015 Target To Reach 40,000 units* By 2015

14 3. Improving Long-term ROE

Six Battery Road, Singapore 15 Strategic Road Map

. Leverage On CapitaLand’s Core Strengths • Singapore / China • Shopping Malls / Serviced Residences • Deep Market Understanding • Prudent Capital Management • Strong Balance Sheet

Make capital more efficient and “flexible”. Hunt As A Pack . Find Good Opportunities/ Projects . Build scale in key clusters . Attract and develop talents

Improve Long-term ROE

16 Focus On Execution

. To track each project progress closely at the Monitor Project Corporate level Profitability . Explore ways to improve product design and time- to-market

. Design and project management Focus On Core . Capital management – Funds and REITs Competency . Mall and serviced residences’ operations . Mixed used developments

Multi-sector Expertise In Mixed . Explore ways to enhance CapitaLand’s competitive edge in Design and Project Management Development

Gain Access To . Develop superior marketing sensing through market Good Sites research and intelligence work

17 Capital Management

. Broaden pool of capital partners Increase Assets . Enhance synergies across Fund and REIT Under platforms Management . Reaching out to existing and new investors

Diversifying . Raise balance sheet efficiency Sources of . Optimise funding cost Capital

18 Improving Long-Term ROE

CapitaLand’s Four Key Businesses

CL Singapore CL China CMA Ascott

Clear Performance Metrics

Drive Operational Performance & Profitability

CL Group ROE

19 4. Conclusion

Raffles City Chengdu, China 20 Summary

. Positive outlook for our businesses

. Simplified organisation helps us scale-up

. Focus on execution excellence to capture more value

. Disciplined capital management will help CapitaLand to grow, even in volatile times

. Efficient cost management to optimise resources

We Are Well-Positioned For 2013 And Beyond

21 Thank You

22