CAPITALAND MALL TRUST Full Year 2019 Financial Results 22 January 2020 Disclaimer This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other developments or companies, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events. The information contained in this presentation has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Neither CapitaLand Mall Trust Management Limited (the ‘Manager’) or any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation. The past performance of CapitaLand Mall Trust (‘CMT’) is not indicative of the future performance of CMT. Similarly, the past performance of the Manager is not indicative of the future performance of the Manager. The value of units in CMT (‘Units’) and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors should note that they will have no right to request the Manager to redeem or purchase their Units for so long as the Units are listed on the Singapore Exchange Securities Trading Limited (the ‘SGX-ST’). It is intended that unitholders of CMT may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for Units. CapitaLand Mall Trust Full Year 2019 Financial Results *January 2020* 2 Contents • FY 2019 Overview • Key Financial Highlights • Portfolio Updates • Striving for Excellence CapitaLand Mall Trust Full Year 2019 Financial Results *January 2020* 3 FY 2019 Overview 0.8% 1.4% 99.3% 1.4% Operational Y-o-Y as at end-Dec Y-o-Y Performance 2019 Rental Shopper Portfolio Occupancy Tenants’ Sales Reversion Traffic Rate Per Square Foot 1 Funan ► Officially opened on 27 December 2019, after welcoming shoppers in June 2019. ► Higher committed occupancy at 99.0% as at 31 December 2019. Asset Update 2 Lot One Shoppers’ Mall ► Rejuvenation works for library and cinema - expected to complete progressively from 2H 2020. CapitaLand Mall Trust Full Year 2019 Financial Results *January 2020* 4 Review of FY 2019 1 Issued 7-year S$100.0 million fixed rate notes at interest rate of 3.15%. Capital Issued 10-year US$300.0 million fixed rate notes which was swapped to S$407.1 million at interest Management 2 rate of 3.223%. 1 Secured first S$200.0 million green loan to finance Building and Construction Authority (BCA) Green Mark certified properties in October 2019. Sustainability 2 With Clarke Quay achieving the BCA Green Mark Award (Certified) on 23 December 2019, all 15 properties are now BCA Green Mark certified. CapitaLand Mall Trust Full Year 2019 Financial Results *January 2020* 5 Key Financial Highlights Plaza Singapura 4Q 2019 Distributable Income Up 6.0% Y-o-Y Distributable Income (S$ mil) Distributable Income Distribution Per Unit (DPU) 114.6 (1) (2) S$114.6 (1) 3.11 108.1 million cents 6.0% Y-o-Y 4.0% Y-o-Y 4Q 2019 4Q 2018 Annualised DPU Annualised Distribution Yield DPU (cents) 3.11 2.99 12.34 4.76 cents % 4.0% Y-o-Y (Based on closing unit price of S$2.590 on 21 January 2020) 4Q 2019 4Q 2018 (1) In 4Q 2019, CMT released the balance S$7.7 million of its taxable income available for distribution retained in 1H 2019 to Unitholders. (2) In 4Q 2018, CMT had on 7 November 2018 released the balance S$9.7 million of its taxable income available for distribution retained in 1H 2018 to Unitholders. Prior to the completion of the acquisition of the balance 70.0% of the units in Infinity Mall Trust (IMT) which holds Westgate (The Acquisition), CMT received capital distribution of S$11.1 million from IMT which had been retained for general corporate and working capital purposes. CapitaLand Mall Trust Full Year 2019 Financial Results *January 2020* 7 FY 2019 Distributable Income Up 7.5% Y-o-Y Distributable Income Distribution Per Unit (DPU) Distributable Income (S$ mil) 441.6 (1) 410.7 (2) S$441.6 (1) 11.97 million cents 7.5% Y-o-Y 4.1% Y-o-Y FY 2019 FY 2018 DPU (cents) DPU Distribution Yield 11.97 11.50 11.97 4.62 cents % 4.1% Y-o-Y (Based on closing unit price of S$2.590 on 21 January 2020) FY 2019 FY 2018 (1) For FY 2019, CMT received capital distribution and tax-exempt income distribution of S$13.6 million from CapitaLand Retail China Trust (CRCT) and capital distribution of S$6.7 million from Infinity Office Trust (IOT). Both distributions had been retained for general corporate and working capital purposes. (2) For FY 2018, CMT received capital distribution and tax-exempt income distribution of S$7.6 million from CRCT. In addition, prior to the completion of The Acquisition, CMT received capital distribution of S$11.1 million from IMT. Both distributions had been retained for general corporate and working capital purposes. CapitaLand Mall Trust Full Year 2019 Financial Results *January 2020* 8 Attractive Yield versus Other Investments As at 31 December 2019 Net Yield for: Individual: 4.5% (0% tax) Corporate Overseas: 4.1% (10% tax) Corporate Local: 3.7% (17% tax) 4.9 4.0 4.0 320 bps yield spread 2.5 Yield % 1.7 1.6 0.6 CMT 10Y Govt 5Y Govt CPF Ordinary 12-mth (S$) Straits Times Index FTSE Straits Times FY 2019 Bond Yield Bond Yield Account Savings Fixed Deposit 12-mth Yield Real Estate Index DPU Yield(1) 12-mth Yield Sources: Bloomberg, Central Provident Fund Board (CPF) and Monetary Authority of Singapore (1) Based on DPU of 11.97 cents for the period 1 January 2019 to 31 December 2019 and the closing unit price of S$2.460 on 31 December 2019. CapitaLand Mall Trust Full Year 2019 Financial Results *January 2020* 9 Steady Distributable Income Growth S$ million 441.6 410.7 392.0 394.3 395.8 375.3 356.2 316.9 294.8 301.6 282.0 238.4 211.2 169.4 126.8 98.1 64.9 2009 2019 2003 2004 2005 2006 2007 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018 (1) Based on compounded annual growth rate (CAGR). CapitaLand Mall Trust Full Year 2019 Financial Results *January 2020* 10 4Q 2019 Financial Performance Gross Revenue Net Property Income Distributable Income S$203.3 S$140.7 S$114.6 (1) million million million 12.7% Y-o-Y 13.1% Y-o-Y 6.0% Y-o-Y S$ million 4Q 2019 4Q 2018 203.3 180.4 140.7 124.4 (1) 114.6 108.1(2) Gross Revenue Net Property Income Distributable Income (1) In 4Q 2019, CMT released the balance S$7.7 million of its taxable income available for distribution retained in 1H 2019 to Unitholders. (2) In 4Q 2018, CMT had on 7 November 2018 released the balance S$9.7 million of its taxable income available for distribution retained in 1H 2018 to Unitholders. Prior to the completion of The Acquisition, CMT received capital distribution of S$11.1 million from IMT, which had been retained for general corporate and working capital purposes. CapitaLand Mall Trust Full Year 2019 Financial Results *January 2020* 11 FY 2019 Financial Performance Gross Revenue Net Property Income Distributable Income S$786.7 S$558.2 S$441.6(1) million million million 12.8% Y-o-Y 13.1% Y-o-Y 7.5% Y-o-Y S$ million FY 2019 FY 2018 786.7 697.5 558.2 493.5 (1) 441.6 410.7 (2) Gross Revenue Net Property Income Distributable Income (1) For FY 2019, CMT received capital distribution and tax-exempt income distribution of S$13.6 million from CRCT and capital distribution of S$6.7 million from IOT. Both distributions had been retained for general corporate and working capital purposes. (2) For FY 2018, CMT received capital distribution and tax-exempt income distribution of S$7.6 million from CRCT. In addition, prior to the completion of The Acquisition, CMT received capital distribution of S$11.1 million from IMT. Both distributions had been retained for general corporate and working capital purposes.