Disclaimer The value of Units and the income from them may fall as well as rise. The Units are not obligations of, deposits in, or guaranteed by, the Trustee-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 have no right to request the Trustee-Manager to redeem their Units while the Units are listed. It is intended that Unitholders 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 purposes only and does not constitute or form part of an offer, solicitation or invitation of any offer, to buy or subscribe for any securities, nor should it or any part of it form the basis of, or be relied in any connection with, any contract or commitment whatsoever. This presentation should not be relied upon as the basis of an investment decision in the Units. 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. None of the Trust, the Trustee-Manager or any of their respective 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. This presentation may contain forward-looking statements and forward looking financial information. Such statements and financial information are based on numerous assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Trust to be materially different from those expressed in these forward looking statements. Such forward- looking statements are based on numerous assumptions regarding Trust's or the Trustee-Manager's present and future business strategies and the environment in which the Trust will operate in the future, and must be read together with such 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 similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. Predictions, projections or forecasts of the economy or economic trends of the markets are not necessarily indicative of the future or likely performance of the Trust. The future financial performance of the Trust is not guaranteed and the Trustee-Manager does not undertake to revise forward looking statements to reflect future events or circumstances. Investors are cautioned not to place undue reliance on these forward-looking statements. 2 Contents 3 Key Messages for FY2012 Total Available DPU of 3.861 Singapore cents for FY2012 meets Forecast1: Available Distribution . 0.99 Singapore cents (Q4 2012) and Distribution per . 0.97 Singapore cents (Q3 2012) Unit (“DPU”) Meet . 0.96 Singapore cents (Q2 2012) 1 . 0.94 Singapore cents (Q1 2012) Forecast DPU of 3.86 Singapore cents translates to a distribution yield of 6.83%2. Net Profit for FY2012 of S$84.6 million was mainly contributed by fair value gain of S$60.3 million and amount drawn down from earn-out3 of S$21.9 million. Net Profit Driven Mainly The operating environment in Shenyang remains challenging. by Fair Value Gains With the Earn-Out arrangements4 in place till FY2014, the Trustee-Manager is committed to deliver a target annual Amount Available for Distribution of RMB227.0 million for FY2013 and FY2014. NAV per unit dropped from S$0.71 (as at 31 December 2011) to S$0.70 (as at 31 December 2012). Net Asset Value (“NAV”) per Unit Growth NAV per unit drop impacted by foreign exchange translation loss of 3 cents. Valuation gains recognised ‘As Is’ in 2012 NAV per unit of S$0.70. PCRT’s maiden issuance on 21 September 2012 of its S$130.0 million 6.375% Fixed Maiden MTN Notes Rate Notes due 2015 is now trading at between 5.1% to 5.3%, reflecting debt Trading Yield investors’ enhanced confidence in the issuer and the quality of its assets. 1. The Forecast was derived from the Projection Year 2012 disclosed in the Prospectus dated 27 May 2011. 2. Based on the unit closing price of S$0.565 as at 31 December 2012. 3. From the New Earn-Out Deed. 4. Comprising the Additional Earn-Out Deed and the New Earn-Out Deed. 4 Key Messages for FY2013 1 >90.0% of IPO Assets1 Development risk largely reduced for IPO assets . Completed Perennial Qingyang Mall in Chengdu, will complete construction in 2Q 2013 to 3Q 2013 Construction (one to two quarters ahead of schedule). Perennial Jihua Mall, Foshan Achieved leasing commitment of ~60.0%2 and expected to commence business in 2Q 2013. Secured anchor tenants Yonghui Superstore (supermarket) and Guangzhou Jinyi Media Corporation (cineplex), established international fashion retailers such as H&M, Monki (new to market brand by H&M), Zara, Zara Home, Massimo Dutti, Bershka, Stradivarius Leasing Progress of and Oysho, as well as F&B tenants such as Pizza Hut and KFC. Malls Slated to Open in FY2013 Perennial Qingyang Mall, Chengdu Achieved leasing commitment of ~33.0%2 and expected to commence business one to two quarters ahead of schedule in 4Q 2013 to 1Q 2014. Secured anchor tenants such as Yonghui Superstore (supermarket) and Guangzhou Jinyi Media Corporation (cineplex), specialty tenants such as Uniqlo, Zara, Pull & Bear, Bershka, Massimo Dutti, as well as F&B tenant including Starbucks. Monetise completed assets to unlock value and recycle capital for Unitholders. Pursue Initiatives to Strata-sale of non-block retail and other components in integrated developments, Unlock Value & Recycle similar in nature to the predominantly retail Beijing Tongzhou Integrated Development, to Capital generate cash flow & development profits. 1. Comprising Shenyang Red Star Macalline Furniture Mall, Shenyang Longemont Shopping Mall, Shenyang Longemont Offices, Perennial Jihua Mall, Foshan and Perennial Qingyang Mall, Chengdu. 2. Lease % includes committed leases and expected leases, for which documentation is pending execution by the prospective tenants. 5 6 1 A Sustainable Total Returns Vehicle . In line with PCRT’s Sustainable Total . Delivered Committed Distribution per Unit Return Strategy : Regular Distributions and Steady NAV per unit Growth DPU (S¢) and Distribution Yield (%) Delivered Distribution per Unit (“DPU”) 8.76%1 Distribution of 2.35 Singapore cents for FY2011 & Yield 6.83%2 3.86 Singapore cents for FY2012 as Distribution Yield committed at IPO. DPU 3.86 Singapore Cents 1 DPU 2.35 Distribution Yield of 8.76% for FY2011 Singapore Cents and 6.83%2 for FY2012. FY 2011 FY 2012 Net Asset Value (“NAV”) per unit (net of 0.71 0.70 0.67 Foreign Exchange (“FX”) translation & Earn-Out grew from S$0.68 (as at 0.02 0.05 31 Dec 2011) to S$0.72 (as at 31 Dec Earn-Out Deed 2012). 0.68 0.72 FX Translation 0.67 Unitholders' Funds (0.02) (0.04) Further NAV growth as development projects complete and are progressively IPO NAV (June 2011) 31 Dec 2011 NAV 31 Dec 2012 NAV IPO NAV (9 June 2011) 31 Dec 2011 NAV 31 Dec 2012 NAV recognised in the financials. 1. Distribution Yield is derived from using the annualised DPU of 4.16 Singapore Cents over the closing share price on 30 Dec 2011 (SGD0.475). 2. Distribution Yield is derived from using the actual DPU of 3.86 Singapore Cents over the closing share price on 31 Dec 2012 (SGD0.565). 7 Annual Committed Distribution of RMB227.0 million for FY2013 & FY2014 RMB (millions) 454.0 457.1 Additional 342.0 Earn-Out Deed3 227.0 227.0 New 115.1 Earn-Out Deed2 FY2013 (1) FY2014 (2) (1) + (2) Total Earn-out Funds Available . Total Amount Available for Distribution in FY2012 was RMB227 .01 million. Assuming the same target annual Amount Available for Distribution of RMB227.0 million for FY2013 and FY2014, PCRT’s Total Earn-out Funds available for Draw-Down are sufficient to deliver these target distributions. 1. The Projection was derived from the Projection Year 2012 disclosed in the Prospectus dated 27 May 2011. 2. New Earn-Out Deed is in connection with the expected acquisition of a 80.0% interest in Perennial Dongzhan Mall, Chengdu. 3. Additional Earn-Out Deed announced on 18 April 2012. 8 2 Strong Development Track Record . Development Risk Largely Reduced through Leveraging on Sponsor’s Real Estate . IPO Assets1 More than 90.0% Completed Integrated Platform & Strategic Partners’ Capabilities Majority of IPO Assets1 Completed GFA Completed Under Development 100.0% 9.4% Completed construction of Shenyang Longemont Shopping Mall, Shenyang 80.0% 37.1% Longemont Offices and Perennial 71.2% Jihua Mall in Foshan post-IPO. 60.0% 100.0% Perennial Qingyang Mall in Chengdu, 90.6% 40.0% is expected to complete construction in 62.9% 2Q 2013 – 3Q 2013. 20.0% 28.8% 0.0% IPO 2011 2012 2013E 1. Comprising Shenyang Red Star Macalline Furniture Mall, Shenyang Longemont Shopping Mall, Shenyang Longemont Offices, Perennial Jihua Mall, Foshan and Perennial Qingyang Mall, Chengdu. 9 Sponsor’s Fully In-house Integrated Real Estate Business Platform . The Sponsor of Perennial China Retail Trust has a fully in-house team of real estate professionals based in Singapore and China.