SUNWAY REIT FINANCIAL RESULTS 3 rd Quarter ended 31 March 2012 (FYE - - PowerPoint PPT Presentation

SLIDE 1

STRICTLY PRIVATE & CONFIDENTIAL

SUNWAY REIT

FINANCIAL RESULTS

3rd Quarter ended 31 March 2012

(FYE 30 June 2012)

SLIDE 2

STRICTLY PRIVATE & CONFIDENTIAL

DISCL CLAIME AIMER

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STRICTLY PRIVATE & CONFIDENTIAL

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STRICTLY PRIVATE & CONFIDENTIAL

CONTE TENTS NTS

• Highligh

lights ts & K Key Updates es

• 3Q 2012 Finan

ancial ial Results ts

• 3Q 2012 Portfolio
• lio Perfor
• rman

ance

• 3Q 2012 Property Perform

rman ance

• Market

t Outlook

• ok
• Investor
• r Relation

ions

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STRICTLY PRIVATE & CONFIDENTIAL

SLIDE 4

STRICTLY PRIVATE & CONFIDENTIAL

HIGHLIG LIGHTS TS & KEY UPDATES S

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STRICTLY PRIVATE & CONFIDENTIAL

Note : The financial results should be read in conjunction with the 3Q 2012 announcement to Bursa Malaysia Securities Berhad

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STRICTLY PRIVATE & CONFIDENTIAL

Dividend Distribution Details

Distribution period 1 Jan 2012 - 31 March 2012 Distribution Per Unit (DPU) (sen) 1.87 Notice of Entitlement 25 Apr 2012 Ex-Dividend Date 9 May 2012 Book Closure Date 11 May 2012 Payment Date 24 May 2012

DISTR TRIB IBUTIO TION N DETAILS

4

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STRICTLY PRIVATE & CONFIDENTIAL

1 Proposed income distribution for 3Q 2012 : 1.87 sen (comprising taxable and non-taxable amount of 1.21 sen and 0.66 sen per unit respectively.)

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STRICTLY PRIVATE & CONFIDENTIAL

FINANC ANCIA IAL HIGHL HLIG IGHTS HTS

1 Sunway Putra Place comprises three properties ie a shopping mall, hotel and office. 2 Realized EPU for 3Q 2012 is 1.77 sen (3Q 2011 : Realized EPU is 1.61 sen) 3 Increase in MER due to manager fee and legal expenses for Sunway Putra Place. 5

STRICTLY PRIVATE & CONFIDENTIAL

Highlights

3Q 2012 3Q 2011 Change %

• No. of Properties1

11 8 37.5% Property Value (RM'billion) 4.390 3.730 17.6%

• No. of Units in circulation

2,694,194,700 2,684,679,000 0.4% Unit Price as at 31 Mar (RM) 1.25 1.06 17.9% Market Capitalisation (RM'billion) 3.368 2.846 18.3% Net Asset Value (NAV) per unit (RM)

(After income distribution)

1.0137 0.9737 4.1% Premium/ (Discount) to NAV 23.3% 8.9% 161.8% Earnings Per Unit (EPU) (sen)2 1.76 1.63 8.0% Distribution Per Unit (DPU) (sen) 1.87 1.70 10.0% Annualised Distribution Yield

(based on market price as at 31 March )

Management Expense Ratio 3 0.96% 0.79% 21.5% YTD total return 18.6% 24.2%

• 23.1%

Gearing 36.1% 27.9% 29.3% 6.0% 6.4%

• 6.7%

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STRICTLY PRIVATE & CONFIDENTIAL

70.3 78.7 74.3 223.3 55.2 62.8 61.0 179.0

• 50.0

100.0 150.0 200.0 250.0 Q1 Q2 Q3 YTD

Net Property Income

FYE 2012 FYE 2011 21.8 %

95.1 110.7 98.1 303.9 72.5 85.3 82.3 240.1

• 50.0

100.0 150.0 200.0 250.0 300.0 350.0 Q1 Q2 Q3 YTD

Gross Revenue

FYE 2012 FYE 2011 19.2 %

1 The financial results reported refers to the period from 20 May 2010, being the date Sunway REIT was constituted, to 31 March 2011. The

acquisition of the properties was completed on listing date, 8 July 2010 and therefore the results for YTD 2011 is lesser by 7 days.

1 1

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STRICTLY PRIVATE & CONFIDENTIAL

RM’ million RM’ million

FINANC ANCIA IAL HIGHL HLIG IGHTS HTS

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STRICTLY PRIVATE & CONFIDENTIAL

44.3 50.7 47.5 142.5 38.4 44.7 43.2 126.3

• 20.0

40.0 60.0 80.0 100.0 120.0 140.0 160.0 Q1 Q2 Q3 YTD

Income Before Taxation (Realised)

FYE 2012 FYE 2011 10.0%

1.75 1.99 1.87 5.61 1.51 1.75 1.70 4.96

• 1.00

2.00 3.00 4.00 5.00 6.00 Q1 Q2 Q3 YTD

DPU

FYE 2012 FYE 2011

10.0%

1 The financial results reported refers to the period from 20 May 2010, being the date Sunway REIT was constituted, to 31 March 2011. The acquisition of

the properties was completed on listing date, 8 July 2010 and therefore the results for YTD 2011 is lesser by 7 days.

1 1

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STRICTLY PRIVATE & CONFIDENTIAL

RM’ million RM’ Sen

FINANC ANCIA IAL HIGHL HLIG IGHTS HTS

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STRICTLY PRIVATE & CONFIDENTIAL

KEY UPDATE ATES

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STRICTLY PRIVATE & CONFIDENTIAL

7-year Commercial Paper Programme of up to RM 1.6 billion in nominal value (“CP Programme”) rated P1 (S) by RAM

• SC’s approval received on 14 March 2012
• Information Memorandum issued on 26 March 2012

Sunway Putra Place

• The previous owner’s application for leave to appeal to the Federal Court

for an appeal against the decision of the High Court which ordered that it deliver possession and control of Sunway Putra Place to OSK Trustees Berhad and the Manager (Sunway REIT Management Sdn Bhd), was heard and dismissed on 20 February 2012. Pursuant to the establishment of the CP Programme, the Board of Directors of the manager of Sunway REIT has decided not to proceed with the proposed medium term note programme of up to RM 3 billion in nominal value which was approved by Securities commission on 12 October 2011 and announced on 14 October 2011.

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STRICTLY PRIVATE & CONFIDENTIAL

3Q 2012 FINANCIA ANCIAL L RESULTS

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STRICTLY PRIVATE & CONFIDENTIAL

Note : The financial results should be read in conjunction with the 3Q 2012 announcement to Bursa Malaysia Securities Berhad

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STRICTLY PRIVATE & CONFIDENTIAL

3Q 2012 3Q 2011 YTD 2012 YTD 2011 1 Actual Actual Change Actual Actual Change RM'000 RM'000 % RM'000 RM'000 % Gross Revenue 98,092 82,346 19.1% 303,868 240,124 26.5% Less : Property operating expenses (23,734) (21,366) 11.1% (80,534) (61,095) 31.8% Net property income 74,358 60,980 21.9% 223,334 179,029 24.7% Change in fair value of investment properties

• 272,339
• 100.0%

Interest & other income 543 820

• 33.8%

909 1,948

• 53.3%

Manager's fee (5,574) (4,642) 20.1% (16,796) (13,697) 22.6% Trustee's fee and other expenses 2 (1,142) (455) 151.0% (3,313) (1,377) 140.6% Finance costs 3 (20,631) (12,971) 59.1% (61,955) (38,636) 60.4% Income before taxation/ Profit for the period 47,554 43,732 8.7% 142,179 399,606

• 64.4%

Total comprehensive income for the period comprise the following: Realised

• Initial 8 IPO assets

47,097 43,152 9.1% 141,326 126,242 11.9%

• Sunway Putra Place

446

• 100.0%

1,185

• 100.0%

Total realised 47,543 43,152 10.2% 142,511 126,242 12.9% Unrealised 11 580

• 98.1%

(332) 273,364

• 100.1%

Total net income for the period 47,554 43,732 8.7% 142,179 399,606

• 64.4%
• No. of Units in circulation (million)

2,694 2,685 0.3% 2,694 2,685 0.3% EPU (sen)

• realised

1.77 1.61 9.9% 5.30 4.70 12.7%

• unrealised
• 0.02
• 100.0%

(0.01) 10.18

• 100.1%

Total EPU 1.77 1.63 8.6%

• 14.88
• 100.0%

Proposed/declared distribution 50,381 45,639 10.4% 151,009 133,050 13.5% Proposed/declared distribution per unit (sen) 1.87 1.70 10.0% 5.61 4.96 13.1%

Consoli lidat dated ed Statement ent of Comprehe ehensive nsive Income e – 3Q 2012

1 The financial results reported refers to the period from 20 May 2010, being the date Sunway REIT was constituted, to 31 March 2011. The acquisition of the properties was completed on listing date, 8 July 2010 and therefore the results for YTD 2011 is lesser by 7 days. 2 Higher trust expenses for the quarter ended 31 March of RM 0.6 m and YTD of RM 1.9 m was mainly due to legal expenses incurred in relation to Sunway Putra Place. 3 Higher finance costs for the quarter ended 31 March of RM 7.6 m and YTD RM 23.4 m was mainly due to finance cost incurred in relation to Sunway Putra Place. 10 10

STRICTLY PRIVATE & CONFIDENTIAL

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STRICTLY PRIVATE & CONFIDENTIAL

CONSO SOLI LIDA DATE TED D STATEMENT ENT OF FINANCIAL NCIAL POSIT ITIO ION

11 11

STRICTLY PRIVATE & CONFIDENTIAL

31.03.2012 30.6.2011 RM'000 RM'000 ASSETS Non-current assets Plant and equipment 351 122 Investment properties 4,389,882 4,379,000 Derivative financial instrument 28

• 4,390,261

4,379,122 Current assets Receivables, deposits & prepayments 21,418 14,461 Deposits, bank & cash balances 104,618 58,606 Derivative financial instrument

• 706

126,036 73,773 4,516,297 4,452,895 FINANCED BY: Unitholders' capital 2,358,700 2,350,437 Distributable income 422,664 420,613 Total Unitholders' fund 2,781,364 2,771,050 Non-current liabilities Borrowings 465,519 1,502,025 Long term liabilities 52,930 52,029 518,449 1,554,054 Current liabilities Borrowings 1,162,450 59,350 Trade and other payables 54,034 68,441 1,216,484 127,791 4,516,297 4,452,895

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STRICTLY PRIVATE & CONFIDENTIAL

Fixed rate 43% Floating rate 57%

Fixed versus floating rate mix (term loan)

Recon for borrowings RM’mil Term loan 1,556.8 Revolving credit 75.0 1,631.8 Less: Unamortised transaction costs

• 3.9

1,627.9 Represented by: Short term borrowings 1,166.4 Long term borrowings 461.5 1,627.9

DEBT PROFILE ILE – 31 March h 2012

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STRICTLY PRIVATE & CONFIDENTIAL

1

Term Loan (RM'million) 1,631.8 Average Cost of Debt 4.42% Debt service cover ratio (DSCR) 5.0 Gearing Ratio 36.1%

240 160 307 925

• 100

200 300 400 500 600 700 800 900 1,000 Due April 2012 Due June 2012 Due June 2013 Due Feb 2015

Term Loan Maturity Profile (RM'mil)

Floating rate Fixed rate

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STRICTLY PRIVATE & CONFIDENTIAL

3Q 2012 PORTFOLIO OLIO PERFOR ORMANCE MANCE

13 13

STRICTLY PRIVATE & CONFIDENTIAL

Note : The financial results should be read in conjunction with the 3Q 2012 announcement to Bursa Malaysia Securities Berhad

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STRICTLY PRIVATE & CONFIDENTIAL

58.9 7.4 1.1 6.0 6.5 4.8 0.7 2.0 4.0 4.3 2.4

54.8 6.5 1.0

• 6.2

4.3 1.1

• 4.1

4.3

• 10.0

20.0 30.0 40.0 50.0 60.0 70.0 Sunway Pyramid Sunway Carnival SCI Hyper- market Sunway Putra Mall SRH & Spa Pyramid Tower SHSJ Sunway Putra Hotel Menara Sunway Sunway Tower Sunway Putra Tower

3Q 2012 REVENUE E CONTRIB RIBUTIO TION

Retail Office Hotel

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STRICTLY PRIVATE & CONFIDENTIAL

3Q 2012 (RM'mil) 98.1 3Q 2011 (RM'mil) 82.3

* SHSJ’s performance is lower compared to preceding year corresponding period due to ongoing refurbishment.

*

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STRICTLY PRIVATE & CONFIDENTIAL

Retail 75% Hotel 14% Office 11%

By sector

Selangor 76% Ipoh 1% Penang 8% Kuala Lumpur 15%

By location

Sunway Pyramid 60% Sunway Carnival 8% SCI Hyper- market 1% Sunway Putra Mall 6% SRH & Spa 7% Pyramid Tower 5% SHSJ 1% Sunway Putra Hotel 2% Menara Sunway 4% Sunway Tower 4% Sunway Putra Tower 2%

By property

3Q 2012 REVENUE E CONTRIB RIBUTION TION

15 15

STRICTLY PRIVATE & CONFIDENTIAL

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STRICTLY PRIVATE & CONFIDENTIAL

170.8 20.9 3.4 24.9 25.9 17.3 3.4 5.1 12.1 12.7 7.4

154.3 18.2 3.0

• 22.4

14.5 3.6

• 11.5

12.6

• 20.0

40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 Sunway Pyramid Sunway Carnival SCI Hyper- market Sunway Putra Mall SRH & Spa Pyramid Tower SHSJ Sunway Putra Hotel Menara Sunway Sunway Tower Sunway Putra Tower

YTD 3Q 2012 REVENUE CONTRIB IBUTIO TION

Retail Office Hotel

1 The financial results reported refers to the period from 20 May 2010, being the date Sunway REIT was constituted, to 31 March 2011. The acquisition

• f the properties was completed on listing date, 8 July 2010 and therefore the results for YTD2011 is lesser by 7 days.

16 16

STRICTLY PRIVATE & CONFIDENTIAL

YTD (RM'mil) 303.9 LYTD1 (RM'mil) 240.1

* SHSJ’s performance is lower compared to preceding year due to ongoing refurbishment.

*

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STRICTLY PRIVATE & CONFIDENTIAL

Sunway Pyramid 56% Sunway Carnival 7% SCI Hyper- market 1% Sunway Putra Mall 8% SRH & Spa 9% Pyramid Tower 6% SHSJ 1% Sunway Putra Hotel 2% Menara Sunway 4% Sunway Tower 4% Sunway Putra Tower 2%

By property

Selangor 74% Ipoh 1% Penang 8% Kuala Lumpur 17%

By location

Retail 72% Hotel 17% Office 11%

By sector

YTD 3Q 2012 REVENUE CONTRIB IBUTION TION

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STRICTLY PRIVATE & CONFIDENTIAL

SLIDE 19

STRICTLY PRIVATE & CONFIDENTIAL

3Q 2012 NPI CONTRIB IBUTIO TION

18 18

Retail Office Hotel Sunway Pyramid Sunway Carnival SCI Hyper- market Sunway Putra Mall SRH & Spa Pyramid Tower SHSJ Sunway Putra Hotel Menara Sunway Sunway Tower Sunway Putra Tower 3Q 2012 RM'million 43.5 4.3 1.0 4.3 6.3 4.7 0.6 1.7 3.2 3.2 1.5 3Q 2011 RM'million 38.7 3.9 1.0

• 5.9

4.2 1.0

• 2.7

3.6

• 3Q 2012 NPI margin (%)

73.9% 58.1% 90.9% 71.7% 96.9% 97.9% 85.7% 85.0% 80.0% 74.4% 62.5% 3Q 2011 NPI margin (%) 70.6% 60.0% 100.0%

• 95.2%

97.7% 90.9%

• 65.9%

83.7%

• 5.0

10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0

NPI Margin 3Q 2012 (RM'mil) 74.3 75.7% 3Q 2011 (RM'mil) 61.0 74.1%

* SHSJ’s performance is lower compared to preceding year corresponding period due to ongoing refurbishment. ** Sunway Tower’s NPI is lower compared to preceding year corresponding period mainly due to reduction in billing for extra air-conditioner hours.

* **

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STRICTLY PRIVATE & CONFIDENTIAL

Sunway Pyramid 59% Sunway Carnival 6% SCI Hyper- market 1% Sunway Putra Mall 6% SRH & Spa 9% Pyramid Tower 6% SHSJ 1% Sunway Putra Hotel 2% Menara Sunway 4% Sunway Tower 4% Sunway Putra Tower 2%

By property

Retail 71% Hotel 18% Office 11%

By sector

3Q 2012 NPI CONTRIB IBUTION TION

19 19 Selangor 78% Ipoh 1% Penang 7% Kuala Lumpur 14%

By location

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STRICTLY PRIVATE & CONFIDENTIAL

Retail Office Hotel

YTD 3Q 2012 NPI CONTRIB IBUTIO TION

20 20

1 The financial results reported refers to the period from 20 May 2010, being the date Sunway REIT was constituted, to 31 March 2011.The acquisition of the

properties was completed on listing date, 8 July 2010 and therefore the results for YTD2011 is lesser by 7 days.

NPI Margin YTD 2012 (RM'mil) 223.3 73.5% YTD 2011 1 (RM'mil) 179.0 74.6%

Sunway Pyramid Sunway Carnival SCI Hyper- market Sunway Putra Mall SRH & Spa Pyramid Tower SHSJ Sunway Putra Hotel Menara Sunway Sunway Tower Sunway Putra Tower YTD RM'million 121.8 11.8 3.1 13.5 25.1 17.0 3.2 4.8 9.0 9.6 4.4 LYTD RM'million 109.2 9.8 2.9

• 21.5

14.2 3.4

• 8.2

9.8

• YTD NPI margin (%)

71.3% 56.5% 91.2% 54.2% 96.9% 98.3% 94.1% 94.1% 74.4% 75.6% 59.5% LYTD NPI margin (%) 70.8% 53.8% 96.7%

• 96.0%

97.9% 94.4%

• 71.3%

77.8%

• 20.0

40.0 60.0 80.0 100.0 120.0 140.0

* SHSJ’s performance is lower compared to preceding year due to ongoing refurbishment. ** Sunway Tower’s performance is lower compared to preceding year due to downsizing by a tenant since August 2011. The space had been taken by an existing tenant with effect from Mar 2012.

* **

SLIDE 22

STRICTLY PRIVATE & CONFIDENTIAL

Selangor 77% Ipoh 1% Penang 7% Kuala Lumpur 15%

By location

Retail 67% Hotel 23% Office 10%

By sector

Sunway Pyramid 55% Sunway Carnival 5% SCI Hyper- market 1% Sunway Putra Mall 6% SRH & Spa 11% Pyramid Tower 8% SHSJ 2% Sunway Putra Hotel 2% Menara Sunway 4% Sunway Tower 4% Sunway Putra Tower 2%

By property

YTD 3Q 2012 NPI CONTRIB IBUTION TION

21 21

SLIDE 23

STRICTLY PRIVATE & CONFIDENTIAL

RESILIENT INCOM OME STREAM Well spread ad-ou

• ut

t lease expiry y profile and diverse se tenan ant t base

22 22

WALE as at 31 March 2012 –2.71 years

Projected tenanc ncy y expiry y of portfolio(1) Top ten tenant nts contribut ution n as 19.2% of total revenue ue

Top 10 tenants comprise approximat ately 19.2%

(1) Calculated using NLA for the Retail and Office Properties and GFA for the Hospitality Properties. Note: Data as at 31 March 2012 Exclude Hotel Master Leases and carpark tenancies

5.5% 15.4% 29.0% 43.9% 1.7%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0%

FY2012 FY2013 FY2014 After FY 2014 Monthly Tenancy

Expiring tenancies as % of total NLA

0.7% 0.7% 0.8% 1.2% 1.5% 1.5% 1.6% 1.8% 3.8% 5.6% 19.2% 0% 5% 10% 15% 20% 25% Pyramid Bowl Sdn Bhd Sunway Management Sdn Bhd Alcatel-Lucent Malaysia Sdn Bhd TGV Cinemas Sdn Bhd GCH Retail (Malaysia) Sdn Bhd Suruhanjaya Koperasi Malaysia Sunway Resort Hotel Sdn Bhd (Convention Centre) Aeon Co (M) Bhd Ranhill Worley Parsons Parkson Corporation Sdn Bhd Total Top 10 Tenants

SLIDE 24

STRICTLY PRIVATE & CONFIDENTIAL

YTD 3Q 2012 RENTAL REVERSIO ION

23 23

Note: The hotel properties are under a 10-year hotel master lease (HML). HML for Sunway Resort Hotel & Spa, Pyramid Tower Hotel and Sunway Hotel Seberang Jaya will be due in July 2020. As for Sunway Putra Hotel, HML will be due in Sept 2021.

Sunway Pyramid 182 294,968 316,256 93.3% 17.2%

Sunway Carnival

32 57,880 65,373 88.5% 4.0% Menara Sunway 9 30,354 83,035 36.6% 5.5% Sunway Tower 2 4,945 240,282 2.1% 6.3% Sunway Putra Tower 1 3,654 189,857 1.9% 17.9% Total Portfolio 226 391,801 894,803 43.8% 15.8%

Properties Total increase in 3 years % NLA renewed NLA due for renewal in FYE 2012 NLA renewed sq.ft.

• No. of

renewed tenancies

SLIDE 25

STRICTLY PRIVATE & CONFIDENTIAL

3Q 2012 PROPERT RTY PERFOR ORMANCE MANCE

24 24

STRICTLY PRIVATE & CONFIDENTIAL

SLIDE 26

STRICTLY PRIVATE & CONFIDENTIAL

RETAI AIL L PROPERTIES – SUNWAY AY PYRAMID SHOPPING MALL

Occup upanc ncy y rates Projected lease expiry y schedul ule

Note: Average monthly rental of expiring tenancies excludes promotional and service charges.

25 25

1.2% 18.4% 62.5% 14.8% 0.9% 15.31 9.41 9.10 11.39 34.31

5 10 15 20 25 30 35 0% 10% 20% 30% 40% 50% 60% 70% FY2012 FY2013 FY2014 After FY 2014 Monthly tenancy 92.3% 97.9% 99.3% 98.5% 98.5% 98.7% 70.0% 75.0% 80.0% 85.0% 90.0% 95.0% 100.0%

Jun-08 Jun-09 Jun-10 Jun-11 Ytd 3Q 2011 Ytd 3Q 2012

Average occupancy rate

SLIDE 27

STRICTLY PRIVATE & CONFIDENTIAL

RETAI AIL L PROPERTIES – SUNWAY PYRAMID SHOPPING MALL (Cont’d)

Tenant nt Mix

Note: Based on gross rental income for the month of March 2012.

Top 10 tenant nts

26 26

37.8% 21.7% 3.5% 5.3% 4.4% 6.5% 20.8% Fashion & Footwear Food & Beverage Department Store Leisure & Entertainment Electronics Education & Services Others

0.7% 0.9% 0.9% 0.9% 1.0% 1.0% 1.7% 1.7% 2.3% 2.5% 13.6%

0% 2% 4% 6% 8% 10% 12% 14% 16%

Sunway Leisure Services Sdn Bhd (Pyramid Ice) JV Fitness Concept Sdn Bhd Elite Trax Marketing Sdn Bhd (Harvey Norman) Padini Dot Com Sdn Bhd Pyramid Bowl Sdn Bhd Pereguine Technology Sdn Bhd (Digital Centre) TGV Cinemas Sdn Bhd Parkson Corporation Sdn Bhd Sunway Resort Hotel Sdn Bhd (Convention Centre) Aeon Co (M) Bhd Total Top 10 Tenants

SLIDE 28

STRICTLY PRIVATE & CONFIDENTIAL

RETAI AIL L PROPERTIES – SUNWAY AY CARNIVAL VAL SHOPPING MALL

Occup upanc ncy y rates

1 Slight drop in average occupancy during the period due to downsizing

• f GCH Retail (M) Sdn Bhd (Giant) and Ampsquare –Karaoke. The
• ccupancy as at Apr 2012 is 94% with addition of new tenants.

Projected lease expiry y schedul ule

Note: Average monthly rental of expiring tenancies excludes promotional and service charges.

27 27

2.7% 34.2% 45.0% 9.6% 8.99 4.75 3.06 4.32

• 1

2 3 4 5 6 7 8 9 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% FY2012 FY2013 FY2014 After FY 2014 Expiring tenancies as % of NLA Avg monthly net rental of expiring tenancies

86.8% 91.8% 93.6% 90.6% 91.9% 90.1% 70.0% 75.0% 80.0% 85.0% 90.0% 95.0% 100.0%

Jun 08 Jun 09 Jun 10 Jun 11 Ytd 3Q 2011 Ytd 3Q 2012

Average occupancy rate

1

SLIDE 29

STRICTLY PRIVATE & CONFIDENTIAL

RETAI AIL L PROPERTIES – SUNWAY CARNIVAL SHOPPING MALL (Cont’d)

Tenant nt Mix Top 10 tenant nts

Note: Based on gross rental income for the month of March 2012.

28 28

27.1% 16.2% 15.9% 6.0% 4.3% 9.7% 20.8%

Fashion & Footwear Food & Beverage Department Store Leisure & Entertainment Electronics Education & Services Others

1.4% 1.4% 1.5% 1.5% 1.6% 1.7% 1.8% 3.2% 3.8% 12.1% 30.0%

0% 5% 10% 15% 20% 25% 30% 35%

Esprit De Corp (M) Sdn Bhd RSH (M) Sdn Bhd Golden Screen Cinemas Sdn Bhd Life Habitat Sdn Bhd Sushi Kin Sdn Bhd Jet Line Avenue Sdn Bhd Cheah Chyuan Yong (M) Sdn Bhd Sunway Hotel Seberang Jaya Sdn Bhd GCH Retail (Malaysia) Sdn Bhd Parkson Corporation Sdn Bhd Total Top 10 tenants (Convention Centre)

SLIDE 30

STRICTLY PRIVATE & CONFIDENTIAL

RETAI AIL L PROPERTIES – SUNCITY Y IPOH HYPERMAR ARKE KET

Occup upanc ncy rates es

Suncity Ipoh Hypermarket is tenanted to a single tenant, a major hypermarket and retailer chain operating under the “Giant” brand in Malaysia, Singapore, Indonesia and Brunei Darulsalam. The tenancy expires in FY2014.

29 29

100% 100% 100% 100% 100% 100% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0%

Jun-08 Jun-09 Jun-10 Jun-11 Ytd 3Q 2011 Ytd 3Q 2012

Average occupancy rate

SLIDE 31

STRICTLY PRIVATE & CONFIDENTIAL

RETAIL L PROPERTIES – SUNWAY PUTRA MALL

Occup upanc ncy y rates

30 30

Projected lease expiry y schedul ule

Note: Average monthly rental of expiring tenancies excludes promotional and service charges.

3.5% 49.7% 6.6% 17.3%

3.36 3.11 8.13 6.19

• 2.00

4.00 6.00 8.00 10.00 0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

FY2012 FY2013 FY2014 Monthly tenancy

Expiring tenancies as % of NLA Avg monthly net rental of expiring tenancies

17.6% 77.6% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0%

Jun-11 Ytd 3Q 2012

Average occupancy rate

SLIDE 32

STRICTLY PRIVATE & CONFIDENTIAL

RETAI AIL L PROPERTIES – SUNWAY AY PUTRA MALL

Note: Based on gross rental income for the month of March 2012.

Top 10 tenant nts

31 31

Tenant nt Mix 12.7% 9.2% 44.0% 1.0% 6.7% 7.2% 19.2% Fashion & Footwear Food & Beverage Department Store Leisure & Entertainment Electronics Education & Services Others

0.9% 1.0% 1.0% 1.1% 1.2% 1.2% 1.4% 1.6% 1.8% 44.0% 55.2% 0% 10% 20% 30% 40% 50% 60% Baley Concept (M) Sdn Bhd Secret Recipe Cakes & Café Sdn Bhd Berjaya Starbucks Coffee Co Sdn Bhd Hol Chain Store (M) Sdn Bhd Kumpulan Voir Sdn Bhd Discovery Concept Sdn Bhd Watson's Personal Store Pizza Hut Restaurant Sdn Bhd Golden Arches Restaurant Sdn Bhd Parkson Corporation Sdn Bhd Total Top 10 tenants

SLIDE 33

STRICTLY PRIVATE & CONFIDENTIAL

HOSPITALI LITY PROPERTIES – SUNWAY RESORT HOTEL & SPA

Occupa pancy y rates (Q on Q compa parison)

Occup upanc ncy rates es Customer contribut ution (Room revenue) ue)

Corporate 70.9% Leisure 29.1%

32 32

71.6% 77.5% 70.8% 82.0% 62.7% 71.5% 68.4% 77.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0%

1Q 2011 1Q 2012 2Q 2011 2Q 2012 3Q 2011 3Q 2012 Ytd 3Q2011 Ytd 3Q2012

Avg occupancy rate (%)

78.0% 61.0% 66.7% 69.4% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% Jun 08 Jun 09 Jun 10 Jun 11

Avg occupancy rate (%)

Avg occupancy rate (%)

SLIDE 34

STRICTLY PRIVATE & CONFIDENTIAL

HOSPITALI LITY PROPERTIES – PYRAMID D TOWER HOTEL

Occupa pancy y rates (Q on Q compa parison)

Occup upanc ncy y rates Customer contribut ution (Room revenue) ue)

Corporate 85.1% Leisure 14.9%

33 33

79.9% 83.0% 86.3% 90.2% 74.9% 79.5% 80.4% 84.3% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0%

1Q 2011 1Q 2012 2Q 2011 2Q 2012 3Q 2011 3Q 2012 Ytd 3Q2011 Ytd 3Q2012

Avg occupancy rate (%)

82.1% 78.8% 81.3% 80.9% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% Jun 08 Jun 09 Jun 10 Jun 11

Avg occupancy rate (%)

Avg occupancy rate (%)

SLIDE 35

STRICTLY PRIVATE & CONFIDENTIAL

HOSPITALI LITY PROPERTIES – SUNWAY HOTEL SEBERANG G JAYA

Occupa pancy y rates (Q on Q compa parison)

Occup upanc ncy rates es Customer er contribut ution (Room revenue) ue)

Corporate 90.6% Leisure 9.4%

34 34

• 1. Lower occupancy was due to on going refurbishment at hotel functions

room; hence sales of residential package and meeting group dropped.

74.2% 75.3% 83.8% 75.7% 79.1% 63.7% 79.1% 71.6% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 1Q 2011 1Q 2012 2Q 2011 2Q 2012 3Q 2011 3Q 2012 Ytd 3Q2011 Ytd 3Q2012 Avg occupancy rate (%)

1

81.2% 78.8% 77.0% 80.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% Jun 08 Jun 09 Jun 10 Jun 11

Avg occupancy rate (%)

Avg occupancy rate (%)

SLIDE 36

STRICTLY PRIVATE & CONFIDENTIAL

HOSPITALI LITY PROPERTIES – SUNWAY PUTRA HOTEL

Occup upanc ncy rates es Customer er contribut ution (Room revenue) ue)

35 35

• 1. For the period representing full possession and control on

28 Sept 2011 to 31 Mar 2012.

75.8% 24.2%

Corporate Leisure 59.5% 55.0% 57.3% 52.0% 53.0% 54.0% 55.0% 56.0% 57.0% 58.0% 59.0% 60.0% 2Q 2012 3Q 2012 Ytd 3Q 2012

1

SLIDE 37

STRICTLY PRIVATE & CONFIDENTIAL

OFFICE CE PROPERTIES – MENARA SUNWAY

Occup upanc ncy y rates

(1) Drop in occupancy was due to lot vacated by a tenant and taken by another tenant wef May’12.

Projected lease expiry y schedul ule

Note: Average net monthly rental of expiring tenancies excludes service charges.

36 36

17.2% 4.5% 76.6%

2.61 3.10 3.81

• 0.50

1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0%

FY2012 FY2013 FY2014

Expiring tenancies as % of NLA Avg monthly net rental of expiring tenancies 94.0% 97.3% 97.7% 99.7% 100.0% 98.7% 90.0% 92.0% 94.0% 96.0% 98.0% 100.0% 102.0%

Jun-08 Jun-09 Jun-10 Jun-11 Ytd 3Q 2011 Ytd 3Q 2012

Average occupancy rate

1

SLIDE 38

STRICTLY PRIVATE & CONFIDENTIAL

OFFICE CE PROPERTIES – MENARA SUNWAY (Cont’d)

Tenant nt mix

Note: Based on gross rental income for the month of March 2012.

Top 10 tenant nts

37 37

25.5% 20.0% 14.1% 12.5% 9.0% 3.1% 3.1% 3.1% 9.6% Management services Property Communication Construction Medical Technology Trading Leasing Others

3.1% 3.1% 3.1% 3.9% 6.2% 7.1% 10.0% 13.3% 13.6% 15.7% 79.1% 0% 50% 100% Sunway Computer Services Sdn Bhd Sunway Leasing Sdn Bhd Sunway Marketing Sdn Bhd Dekon Sdn Bhd Sunway Shared Services Sdn Bhd Merck Sdn Bhd Sunway Construction Sdn Bhd Sunway Integrated Properties Maxis Mobile Sdn Bhd Sunway Management Sdn Bhd Total top 10 tenants

SLIDE 39

STRICTLY PRIVATE & CONFIDENTIAL

OFFICE CE PROPERTIES – SUNWAY TOWER

Occup upanc ncy y rates

(1) Drop in occupancy was due to downsizing by a tenant since August 2011. The space had been taken by an existing tenant with effect from Mar 2012.

Projected lease expiry y schedul ule

Note: Average net monthly rental of expiring tenancies excludes service charges.

38 38

83.5% 7.6% 5.9%

4.44 4.58 4.82 4.20 4.30 4.40 4.50 4.60 4.70 4.80 4.90 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0%

FY2012 FY2013 After FY2014

Expiring tenancies as % of NLA Avg monthly net rental of expiring tenancies

70.1% 67.1% 95.6% 97.0% 97.0% 94.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0%

Jun-08 Jun-09 Jun-10 Jun-11 Ytd 3Q 2011 Ytd 3Q 2012

Average occupancy rate

1

SLIDE 40

STRICTLY PRIVATE & CONFIDENTIAL

OFFICE CE PROPERTIES –SUNWAY TOWER (Cont’d)

Tenant nt mix

Note: Based on gross rental income for the month of March 2012.

Top 10 tenant nts

39 39

0.4% 0.4% 0.6% 1.5% 1.9% 2.6% 3.8% 4.3% 14.3% 69.8% 99.6%

0% 20% 40% 60% 80% 100% 120%

Sunway Leisure Services Sdn Bhd Sunway Health Lifestyle Sdn Bhd San Francisco Coffee Sdn Bhd Zhuojian Associates S/B WRP Asia Pacific Sdn Bhd Royal Danish Embassy ACCA Malaysia Sdn Bhd WorleyParsons Services Sdn Bhd Alcatel-Lucent Malaysia Sdn Bhd Ranhill Worley Parsons Total Top 10 tenants

72.9% 15.1% 4.0% 2.7% 2.0% 1.5% 1.8% Consultancy (oil & gas) Communication Accounting Embassy Glove manufacturer Consultancy (Finance) Others

SLIDE 41

STRICTLY PRIVATE & CONFIDENTIAL

98.7% 86.9% 80.0% 85.0% 90.0% 95.0% 100.0%

Jun-11 Ytd 3Q 2012

Average occupancy rate

OFFICE CE PROPERTIES – SUNWAY PUTRA TOWER

Occup upanc ncy y rates Projected lease expiry y schedul ule

Note: Average net monthly rental of expiring tenancies excludes service charges. (1) Drop in occupancy was due to non renewal by Kementerian Pelancongan Malaysia since Jan 2012 with NLA of 38,943 sq ft; which has moved to Putrajaya.

40 40

4.5% 56.8% 17.4% 1.3%

2.05 1.92 1.85 1.55

• 0.50

1.00 1.50 2.00 2.50 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0%

FY2012 FY2013 FY2014 After FY 2014

Expiring tenancies as % of NLA Avg monthly net rental of expiring tenancies

1

SLIDE 42

STRICTLY PRIVATE & CONFIDENTIAL

OFFICE CE PROPERTIES – SUNWAY PUTRA TOWER

Tenant nt mix Top 10 tenant nts

Note: Based on gross rental income for the month of March 2012.

41 41

3.1% 3.2% 6.6% 79.3% 1.4% 1.7% 2.1% 2.6% Advisory Communication Education Government Agency Leisure and Entertainment Manufacturing (Food & Beverage) Medical Marketing

1.4% 1.7% 1.7% 2.1% 3.1% 3.2% 4.3% 6.6% 19.5% 55.5% 99.1% 0% 20% 40% 60% 80% 100% 120% Lexis Hotel & Resort Sdn Bhd Pacific Inter-Link Sdn Bhd Intelek Jauhari Sdn Bhd Chini Enterprise (M) Sdn Bhd Pricewaterhouse Cooper Raffcomm Sdn Bhd Suruhanjaya Syarikat Malaysia President Academy Sdn Bhd Kementerian Perdagangan Dlm Negeri Suruhanjaya Koperasi Malaysia Top 10 tenants Kementerian Perdagangan Dalam Negeri KoperasiDan Penggunaan Malaysia

SLIDE 43

STRICTLY PRIVATE & CONFIDENTIAL

MARKET ET OUTLOO OOK

42 42

STRICTLY PRIVATE & CONFIDENTIAL

Note : The financial results should be read in conjunction with the 3Q 2012 announcement to Bursa Malaysia Securities Berhad

SLIDE 44

STRICTLY PRIVATE & CONFIDENTIAL

GENERA RAL L OUTLOO OOK

Global economic outlook remains mixed with growth disparity between U.S. and Asia coupled with volatile European sovereign debt crisis. Growth in advanced economy is challenged by high unemployment and fiscal issues while Asian economy experiences weaker external demand in addition to concerns of China moving into a soft landing. Malaysia will inevitably experience slower growth in 2012. Bank Negara Malaysia (BNM) expects real private investment to moderate from 14.4% in 2011 to 6.9% in 2012 or RM106 billion. In view of the anticipated slower private investment growth, BNM revised its annual GDP growth forecast to 4.0%-5.0% for 2012 compared to earlier forecast of 5.0%-6.0% back in October 2011. Malaysia economy expanded by 5.1% in 2011. Monetary policy expectation remains accommodative for 2012. In the recent Monetary Policy Meeting, BNM maintained the overnight policy rate (OPR) at 3.0% citing that headline inflation is expected to moderate in 2012. However, BNM cautioned on the upside risk to inflation arising from surging commodity prices.

43 43

SLIDE 45

STRICTLY PRIVATE & CONFIDENTIAL

GENERA RAL L OUTLOO OOK

With the outlook above mentioned, the Manager is confident of the prospects

• f Sunway REIT’s asset portfolio performance, of which 7 out of 11 assets are

strategically located in vibrant townships master planned and developed by the Sponsor with inherent captive markets. The captive market element is crucial in providing strong resiliency in times

• f

uncertain economic

• environment. The Manager expects sustainable performance.

The Manager is committed to distribute 100% of its distributable net income for the financial year ending June 2012.

44 44

SLIDE 46

STRICTLY PRIVATE & CONFIDENTIAL

RETAI AIL

Malaysia retail sales is projected to grow at 6.0% to RM86.9 billion in 2012 supported by low unemployment rate, rising disposable income and strong tourism

• industry. Malaysia aspires to become one of Asia’s top retail destinations, matching

Hong Kong and Singapore. Sunway Pyramid Shopping Mall average occupancy rate remained high at 98.7% for YTD 3Q FYE June 2012. The mall continued to enjoy strong rental reversion of 17.2% over a period of three years with approximately 294,968 sq. ft. of retail space renewed. Average occupancy rate at Sunway Carnival Shopping Mall improved from 89.5% for YTD 2Q FYE June 2012 to 90.1% in YTD 3Q FYE June 2012. Occupancy rate has improved to 94.0% in April 2012 following inclusion of new tenants. YTD 3Q FYE June 2012, approximately 57,880 sq. ft. of retail space was renewed at rental reversion rate of 4.0% over a period of three years. For the financial year ending June 2012, the Manager expects the retail properties to perform better than last financial year.

45 45

SLIDE 47

STRICTLY PRIVATE & CONFIDENTIAL

HOTEL

The Malaysian Tourism Industry forecasts international tourist arrivals in Malaysia to grow at a CAGR of approximately 8% for the period 2011 – 2013 and tourism receipts from overseas tourists are expected to surpass RM70 billion. Apart from the ASEAN countries, tourist arrivals from China and Middle East is expected to grow significantly during this period. Average occupancy rate for Sunway Resort Hotel & Spa slipped to 71.5% in 3Q FYE June 2012 from 82.0% in 2Q FYE June 2012 as this quarter is traditionally a low season due to slower leisure activities and lesser corporate and banquet business. On a y-o-y basis, average occupancy rate improved to 77.0% for YTD 3Q FYE June 2012 compared to 68.4% in the corresponding period in the preceding year mainly due to improvement in commercial meeting groups, leisure wholesale and overall improvement in the commercial FIT. Similarly, average occupancy rate for Pyramid Tower Hotel slid to 79.5% in 3Q FYE June 2012 from 90.2% in 2Q FYE June 2012. On a y-o-y basis, average occupancy rate improved to 84.3% for YTD 3Q FYE June 2012 compared to 80.4% for YTD 3Q FYE June 2011. This was attributable to improvement in commercial meeting groups, wholesale and commercial FIT.

46 46

SLIDE 48

STRICTLY PRIVATE & CONFIDENTIAL

HOTEL

Sunway Hotel Seberang Jaya experienced a drop in average occupancy rate due to ongoing refurbishment activities. As a result, average occupancy rate slipped to 63.7% in 3Q FYE June 2012 versus 75.7% in 2Q FYE June 2012. The drop in occupancy is temporary and we expect business to recover upon completion of the refurbishment. On a y-o-y basis, YTD 3Q FYE June 2012 average occupancy stood at 71.6% compared to 79.1% for the same period in the preceding year arising from drop in residential package sales and group meetings due to refurbishment. In view of the traditionally low season in this quarter, the Manager expects the hotel business performance to improve slightly in the coming quarter. For the full year ending June 2012, the Manager expects the hotel business to remain steady and positive.

47 47

SLIDE 49

STRICTLY PRIVATE & CONFIDENTIAL

OFFICE FICE

The Klang Valley office market outlook remains cautious / challenging with more than 12 million sq. ft. of new supply coming on stream by 2014. The abundance of supply inevitably will lead to intense competition and rental pressures. Average occupancy rate for Menara Sunway eased marginally to 98.7% for YTD 3Q FYE June 2012 vis-à-vis 99.4% for YTD 2Q FYE June 2012 due to a tenancy vacated by a tenant. However, the vacated tenancy will be occupied by an existing tenant by May 2012. Meanwhile, average occupancy rate at Sunway Tower remained steady at 94.0% for YTD 3Q FYE June 2012 compared to YTD 2Q FYE June 2012. The progress for the two major tenancies which are due for renewal in FYE June 2012 is work-in-progress. The Manager expects the performance to be maintained due to

• ur

competitive pricing and service standards despite the incoming supply of

• ffice space.

48 48

SLIDE 50

STRICTLY PRIVATE & CONFIDENTIAL

SUNWAY WAY PUTRA RA PLACE CE

The Manager continued its business operations on Sunway Putra Place to be in line with the overall business strategies and directions of the Manager. Sunway Putra Mall’s average occupancy rate slipped to 77.6% for YTD 3Q FYE June 2012 from 84.0% for YTD FYE June 2012. This declining trend is expected ahead of commencement of the refurbishment exercise for the mall scheduled in 2013. Sunway Putra Hotel’s average occupancy rate slipped marginally to 57.3% for YTD 3Q FYE June 2012 versus 59.5% for YTD 2Q FYE June 2012 as this quarter is traditionally a low season due to slower leisure activities and lesser corporate bookings. Sunway Putra Tower’s average occupancy rate slipped to 86.9% for YTD 3Q FYE June 2012 from 90.4% for YTD 2Q FYE June 2012. The Manager is consciously changing the tenancy mix from government centric to a more balanced mix of government and private sector tenants. Overall, business performance of Sunway Putra Place is expected to maintain at the prevailing levels.

49 49

SLIDE 51

STRICTLY PRIVATE & CONFIDENTIAL

INVES ESTOR TOR RELATIO IONS NS

50 50

STRICTLY PRIVATE & CONFIDENTIAL

SLIDE 52

STRICTLY PRIVATE & CONFIDENTIAL

Unit it Price ce Performa formance ce (IPO O to 3Q FYE June e 2012) )

Source: Bloomberg

Performance Statistics* Price (as at 8/7/2010) RM0.90 Closing Price (as at 31/3/2012) : RM1.25 Highest Price : RM1.31 Lowest Price : RM0.88 Daily Average Volume : 2.25mil units % Change in Unit Price : 41.2% % Change in FBM KLCI : 21.3% Sunway REIT vs FBM KLCI (8 Jul 2010 – 31 Mar 2012)

Source: Bloomberg *Computed for the period 8 Jul 2010 – 31 Mar 2012

0.70 0.75 0.80 0.85 0.90 0.95 1.00 1.05 1.10 1.15 1.20 1.25 1.30 1.35 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 Unit Price (RM) FBM KLCI FBM KLCI Sunway REIT

51 51

SLIDE 53

STRICTLY PRIVATE & CONFIDENTIAL

Unit Price e Perform rman ance ce (Finan ancia cial l YTD for 3Q 2012 )

Source: Bloomberg Source: Bloomberg *Computed for the period 1 Jul 2011 – 31 Mar 2012

Sunway REIT vs FBM KLCI (30 June 2011 – 31 Mar 2012) Performance Statistics* Price (as at 30/6/2011) RM1.11 Closing Price (as at 31/3/2012) : RM1.25 Highest Price : RM1.31 Lowest Price : RM1.06 Daily Average Volume : 1.32mil units % Change in Unit Price : 12.6% % Change in FBM KLCI : 1.09%

1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 0.70 0.80 0.90 1.00 1.10 1.20 1.30 1.40 Unit Price (RM) FBM KLCI Sunway REIT FBM KLCI

52 52

SLIDE 54

STRICTLY PRIVATE & CONFIDENTIAL

Unit ithold

• lders

ers’ Composition – As at 31 Mar 2012

Total number of unit holders as at 31 March 2012: 6,375 (6,127 as at 31 Dec 2011) Sunway Berhad 37% Institutions 56% Individual 7% Domestic 79% Foreign 21%

53 53

SLIDE 55

STRICTLY PRIVATE & CONFIDENTIAL

Tradi ding g Performan formance ce Compariso parison n of M-REITs ITs and S-REITs ITs

Key Players Financial Year Ending Market Capitalisation Total Asset Value Gearing Market Price (31/3/12) Market Price (30/6/11) Capital Gains (FY6/12) Annualised DPU Distribution yield Total Return NAV After Distribution NAV Premium MER (RM mil) (RM mil) (%) (RM) (RM) (%) (sen) (%) (%) (RM) (%) (%) (S$ mil) (S$ mil) (%) (S$) (S$) (%) (cents) (%) (%) (S$) (%) (%) M-REIT Sunway REIT 30 Jun 2012 3,367.7 4,516.3 36.1 1.25 1.11 12.6 7.5 6.0 18.6 1.0137 23.3 0.96 Pavilion REIT 31 Dec 2012 3,450.7 3,632.41 19.1 1.15 0.902 27.8 6.23 5.4 33.2 0.94004 22.3 0.905 CapitaMall Malaysia 31 Dec 2012 2,432.5 2,906.71 28.7 1.38 1.24 11.3 8.53 6.12 17.4 1.09594 25.9 1.105 Axis REIT 31 Dec 2012 1,238.9 1,298.41 24.0 2.73 2.45 11.4 18.03 6.6 18.0 2.06644 32.1 1.165 S-REIT CapitaMall Trust 31 Dec 2012 6,007.8 9,172.21 38.4 1.81 1.87

• 3.48

9.63 5.3 1.8 1.56004 15.7 0.705 CapitaCommercial Trust 31 Dec 2012 3,456.0 6,753.9

1

30.2 1.22 1.45

• 15.86

7.0

3

5.7

• 10.1

1.5700

4

• 22.3

0.50

5

Suntec 31 Dec 2012 2,789.3 7,516.71 37.3 1.25 1.50

• 16.67

8.03 6.4

• 10.3

1.96204

• 36.3

0.505 Source: Company's Website, Bursa Malaysia

1 Based on published information as at 31 December 2011 2 Based on Pavilion REIT's listing price of RM0.90 3 Based on consensus forecast for FY2012. 4 Based on published information as at 31 December 2011 5 Based on published information as at 31 December 2011

54 54

SLIDE 56

STRICTLY PRIVATE & CONFIDENTIAL

Comparat parativ ive e Yield lds s for Variou

• us

s Assets sets

Note:

• 1. Annualised dividend yield based on DPU declared for the period 1/7/2011-31/3/2012
• 2. Information as at 31 March 2012 (Source: Bloomberg)
• 3. Information as at 31 March 2012(Source: Bloomberg)
• 4. 12-Month Fixed Deposit rates offered by commercial banks as at 31 March 2012(Source: BNM)
• 5. Dividend yield declared by Employees Provident Funds for the year 2011

6.0% 1 7.0% 2 3.3% 3 3.2% 4 6.0% 5 3.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% Sunway REIT M-REIT 10-Year MGS Fixed Deposit EPF Yield OPR

55 55

SLIDE 57

THAN ANK K YOU