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CapitaMall Trust Report to Unitholders 2009

Leading the way

Strong portfolio
committed occupancy

99.8%

Delivering solid performance
since listing in 20021

Vision
Creating Value
Maximising Returns
Transforming Experiences
CapitaMall Trust’s vision embraces all our stakeholders. We rely on
the continued and combined support of our Unitholders, business
partners, tenants, shoppers and employees to achieve this vision
and, in return, share with them the fruits of our success.

Market capitalisation up 7.7 times

Distributable income up 5.2 times2

Mission

S$5,722.7 million

Total net lettable area up 5.6 times

4,542,598 sq ft
Contents
01 Corporate Profile
02 Financial Highlights
04 Letter to Unitholders
12 Key Milestones in 2009
14 Leading the Way
22 Growth Strategies
24 Independent Retail Market
Overview
28 Operations Review
33 Marketing & Promotions
36 Financial Review
40 Risk & Capital Management
43 Trust Structure
44 Board of Directors
50 Present Directorships
52 Organisation Structure
53 Trust Management Team
55 Property Management Team

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112
114
115
116
168
170
171

Tenants Speak
Shoppers Speak
Corporate Social Responsibility
Human Capital
Corporate Governance
Singapore REIT Sector
Investor & Media Relations
Unit Price Performance
Portfolio at a Glance
Portfolio Summary
Portfolio Details
CapitaRetail China Trust
Mall Directory
Corporate Information
Financial Statements
Unitholders’ Statistics
Interested Person Transactions
Notice of Annual General Meeting

1
2

Number of leases up 5.3 times

Total assets up 7.5 times

2,304

S$7,423.0 million

All data as at 31 December 2009, compared to 31 December 2002.
2002 figure is based on annualised distributable income for the period, 16 July 2002 to 31 December 2002.

Gross revenue
increased by 8.2%
to S$552.7 million
Distributable income
increased by 18.3%
to S$282.0 million

S$282.0 million

To deliver stable distributions and
sustainable total returns to Unitholders.

Achieving
strong results
in 2009

Net property income
increased by 10.4%
to S$376.8 million
Unitholders’ funds
increased by 21.8%
to S$4,969.6 million

Corporate Profile

CapitaMall Trust (CMT) is the first Real Estate Investment Trust (REIT) listed
on Singapore Exchange Securities Trading Limited (SGX-ST) in July 2002.
CMT is also the largest REIT by market capitalisation and asset size
in Singapore, with a market capitalisation and asset size of approximately
S$5.7 billion and S$7.4 billion respectively as at 31 December 2009.
CMT owns and invests in quality income-producing assets which are
used, or predominantly used, for retail purposes primarily in Singapore.
As at 31 December 2009, CMT’s portfolio comprised a diverse list of
over 2,300 leases with local and international retailers and achieved
an average committed occupancy of close to 100.0%. CMT’s portfolio
comprises 14 quality retail properties which are strategically located in
the suburban areas and downtown core of Singapore – Tampines Mall,
Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Bugis
Junction, Sembawang Shopping Centre, Jurong Entertainment Centre,
Hougang Plaza, Raffles City Singapore (40.00% interest), Lot One Shoppers’
Mall, Bukit Panjang Plaza (90 out of 91 strata lots), Rivervale Mall and
The Atrium@Orchard.
CMT also owns approximately 19.70% stake in CapitaRetail China Trust,
the first China shopping mall REIT listed on the SGX-ST in December 2006.
CMT has been assigned an ‘A2’ rating by Moody’s Investors Service.
The ‘A2’ rating is the highest rating assigned to a Singapore REIT. CMT
is the only REIT constituent of the Straits Times (ST) Index and is also
a constituent of various key global indices which include the FTSE4Good
Global Index, FTSE/ASEAN Index, FTSE European Public Real Estate
Association (EPRA)/National Association of Real Estate Investment Trusts
(NAREIT) Global Real Estate Index, FTSE ST Index and its sub-indices,
Global Property Research (GPR) General Index and its sub-indices,
GPR 250 Index and its sub-indices, GPR 250 REIT Index and its sub-indices,
Morgan Stanley Capital International (MSCI) Singapore Standard, MSCI
World Standard Index, Standard and Poors (S&P) BMI Global Index, S&P
Global Property and S&P Global REIT Index.
CMT is managed by an external manager, CapitaMall Trust Management
Limited, which is an indirect wholly-owned subsidiary of CapitaMalls Asia
Limited, one of Asia’s largest listed shopping mall developers, owners
and managers.

1

CapitaMall Trust Report to Unitholders 2009

4% 243.3 5.721.2% 18.6 million S$5.3% 12.751.9% Rise mainly due to the repayment of debts.9 2.2 238.0 million +8.9 552. and lower operating costs.9 510.7 million +21.3% 8.079. and completion of asset enhancement works at six of CMT’s properties. Improvement mainly due to higher unit price and greater number of units in issue.283.090.6 3.2% 24.8 5.Financial Highlights Gross Revenue (S$ million) Distributable Income (S$ million) S$552.8% +115.0% 9.7% 33.969.650. 26.7 126.1% 30.6% 36. 18.969.9% 2 2.8 3.543.8% 47.7 million S$282.7 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 CapitaMall Trust Report to Unitholders 2009 . Rise mainly due to increase in gross revenue arising from the completion of asset enhancement works.6% 115.9 2.975.7 431.9% 30.4 211.8 169.5 4.0 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 Unitholders’ Funds (S$ million) Market Capitalisation (S$ million) S$4.6 4.1 331.722.9% 21.4 282.722.8 4.3% Increase due to full-year contribution from The Atrium@Orchard which was acquired on 15 August 2008.6% 25.2% +18.3% -53.

4 211. excluding property expenses and interest expense but including performance component of CapitaMall Trust Management Limited’s management fees.00% interest in RCS.052.3 5.7 1. On 2 April 2009.35 1.923 units were issued pursuant to the Rights Issue.69 13.87 2. S$3. the Trust and its investees include proportionate consolidation of the 40.9 7.64 1.2 2.7 431. the Trust and its associate include accounting of its associate.543.9 552.650.0 5.7 Portfolio Property Valuation (S$ million) 3.5 307.1 376. through the RCS Trust.6 513.04 Total Borrowings5 (S$ million) Selected Balance Sheet Data 1.8 341.969. As at 31 December 2008 and 31 December 2009. 6 Excludes outstanding distributable income as at end of each period.9 510.59 on 31 December 2008 and S$1.17 38. Comparative EPU have been restated to be consistent with the presentation.0 13.721.8 3.1 331.54 27.2 238.0 6.811.2 3.23) Distribution Per Unit (cents) 10. 9 Total assets excluding outstanding distributable income as at end of each period.2 30.54 1.0 1.6 4.722.41 1.85 9 31.5 33.02 23.29 8. 1.9 12.0 Net Asset Value Per Unit6 (S$) 1.365.23 11.6 8.71 31.34 14.0 15. Prior to this.00% interest in Raffles City Singapore (RCS).2 473.7 14.23) 4.2005 Trust & its Associate1 2006 Trust & its Investees2 2007 2008 2009 Group3 Group3 Group3 223.24 on 30 December 2005. CapitaRetail Singapore Limited (CRS).3 7.358.0 7. 10 Refers to the expenses of the Trust.423.483.7 43.43% of the principal amount.957. 11 The figures have been restated for the effect of the Rights Issue.70 (2.52 8. 5 Excludes unamortised transaction costs.6 35. The Convertible Bonds may be redeemed in whole or in part.6 24.83 7.8 4. 31 December 2008 and 31 December 2009.975.3 399.80 on 31 December 2009.3 5.8 169. 8 With the introduction of Financial Reporting Standards (FRS) 40: Investment Property with effect from 1 January 2007.509.85 7 Key Financial Ratios Earnings Per Unit8 (cents) Borrowings to Total Assets (Gearing) (%) After Restatement for the Effect of Rights Issue11 Net Asset Value Per Unit6 (S$) 8 Earnings Per Unit (cents) Distribution Per Unit (cents) 1 2 As at 31 December 2005.40 (2.751. at the option of the bondholder on 2 July 2011 at 105. CRS.502. S$2.9 0.60 5. As at 31 December 2006.4 3.8 5.31% of the principal amount.32 27.9 0. consolidation of 100.0 million Convertible Bonds stated at the principal amount. 3 CapitaMall Trust Report to Unitholders 2009 . CMT Group includes the proportionate consolidation of the 40.6 4.21 2.2 3.24 29.46 on 31 December 2007. (CMT MTN) (with effect from 13 April 2007) and equity accounting of its associate.174. CapitaRetail China Trust (CRCT) (with effect from 1 April 2007).243.6 Market Capitalisation (S$ million) 3.7 Net Property Income (S$ million) 154. and equity accounting of its associate. the special purpose vehicle that holds RCS.7 0.090.54 Unitholders’ Funds (S$ million) 2.093.6 Management Expense Ratio10 (%) 0.91 on 29 December 2006. The final redemption price upon maturity on 2 July 2013 is equal to 109. S$1.5 Interest Cover (Times) 6.1 5.4 2.7 7.777. 3 As at 31 December 2007. the total borrowings include S$650.72 6.3 12.9 2.0 4. EPU were computed based on net income after tax. offset by the increase in cash and cash equivalent mainly from the balance of net proceeds of the underwritten renounceable 9-for-10 rights issue (Rights Issue).8 Distributable Income (S$ million) 126.695.52 33.0 Total Assets (S$ million) 3.575.20 1.65 1.283.7 0.6 34.7 23.4 282. Ltd.00% interest in CRS (with effect from 1 June 2007) and CMT MTN Pte.5 20. expressed as a percentage of weighted average net assets.1 217. through the RCS Trust.216.7 Selected Statement of Total Return and Distribution Data Gross Rental Income (S$ million) Car Park Income (S$ million) Other Income (S$ million) Gross Revenue (S$ million) 243.0 4.920. the special purpose vehicle that holds RCS.6 287.079. 7 Based on the closing unit price of S$2. 4 The decrease in total assets as at 31 December 2009 as compared to 31 December 2008 is mainly due to the revaluation deficit on investment properties. Earnings Per Unit (EPU) are computed based on total return for the period after tax.5 4.9 2.

Chief Executive Officer 总裁 James Koh Cher Siang 许慈祥.Letter to Unitholders Left to right 从左到右: Simon Ho Chee Hwee 何志辉. Chairman 董事长 4 CapitaMall Trust Report to Unitholders 2009 .

80.7% higher than the restated DPU of 7. enabling it to report a good set of financial results for the year ended 31 December 2009.85 cents which was 17. The improved performance was mainly due to the full-year contribution from The Atrium@Orchard which was acquired in August 2008.6 million or 18. as global equity markets rebounded on the back of record low interest rates and financial liquidity from stimulus packages. CMT’s DPU of 8. Based on the closing price of S$1. Sembawang Shopping Centre which re-opened in December 2008 and the completion of the asset enhancement works at Lot One Shoppers’ Mall.3% higher than its distributable income of S$238. 1 5 Source: Ministry of Trade and Industry CapitaMall Trust Report to Unitholders 2009 . Policy makers around the world responded with massive fiscal intervention and this unprecedented and coordinated action helped economies around the world to stabilise more rapidly than expected.” In 2009. CMT’s unit price closed at S$1. This was approximately 220 basis points higher than the 10-year Singapore Government bond yield. however.0% contraction anticipated at the onset of the year1.0% in 2009.2% from S$1. Positive reversions from new leases and the renewal of existing leases also contributed to CMT’s improved year-on-year results. CMT’s quality portfolio of predominantly necessity shopping malls again demonstrated its resilience. enabling it to report a good set of financial results for the year ended 31 December 2009.“Against the backdrop of a very challenging economic climate. As at 31 December 2009. Singapore’s economy was not spared and it registered a contraction of 2. Delivering in Challenging Times Against the backdrop of a very challenging economic climate.80 per unit.52 cents in 2008 which took into account the effects of a rights issue completed on 3 April 2009.59 as at 31 December 2008.0 million which was S$43.0% to 9. the global economy endured its worst recession since World War II.92%. a much less adverse outcome than the 6. This was. CMT achieved a distributable income of S$282. CMT’s distribution per unit (DPU) for 2009 amounted to 8. CapitaMall Trust’s (CMT) quality portfolio of predominantly necessity shopping malls again demonstrated its resilience.4 million for 2008. up 13.85 cents for 2009 translates to a distribution yield of 4.

5% as at 31 December 2009. which raised net proceeds of approximately S$1. The new mall will also benefit from the Government’s plans to transform the Jurong area into a vibrant commercial hub and regional centre within the next 10 to 15 years. The new mall will also feature a cineplex. The fully underwritten renounceable 9-for-10 rights issue was over-subscribed with approximately 116.000 sq ft in NLA – almost double the size of the original JEC building. The capital expenditure for this initiative is estimated at S$200.0% property tax rebate for commercial landlords.7% in 2009 versus 2008. Enhancing Financial Flexibility To strengthen our balance sheet. Raffles City Singapore The enhancement works at RCS involves the re-configuration of the Basement 1 space. Optimising Asset Performance In the fourth quarter of 2009. The Basement 2 link will provide a short underground connection between City Hall MRT station and the Esplanade MRT station. we worked closely with them and aligned the trade mix in some of our malls in response to changes in consumer demands. supermarket and food court. CMT’s gearing was reduced from 43. We will also connect the existing City Hall mass rapid transit (MRT) station to the new Esplanade MRT station via a seamless shopping experience through Basements 1 and 2 of RCS.Letter to Unitholders CMT’s malls are strategically located in catchment areas with an established or growing population and are well-connected to public transportation systems. One of its main attractions will be an Olympic-sized ice skating rink to be located on the third storey of the building.3 million. despite the challenging operating environment in 2009. there will be three train lines bringing shoppers to RCS.2 million and are expected to generate additional net property income (NPI) of approximately S$2. These two projects are expected to contribute to DPU growth in 2011 and 2012 respectively. .0% of the area has already been pre-committed as at end-January 2010.0%. reviewing of space efficiency to working with tenants on various marketing and promotional activities to drive sales in our malls. The gross retail turnover of CMT’s tenants has also dipped slightly by 2. an estimated 63. We also implemented a host of measures to help our tenants. Engaging Tenants To help our tenants tide through the recession.2% as at 31 December 2008 to 30. As such. When this connection is completed. This would enable CMT to achieve an expected ungeared return on investment (ROI) of 8. which translates to an ungeared ROI of 8. CMT took the lead and was the first Singapore real estate investment trust (S-REIT) in the year to undertake a rights issue to reduce our debt in February 2009. Of the additional 12.2 billion. ranging from restructuring of leases. Upon completion of asset enhancement works. The enhancement works will result in CMT incurring capital expenditure of approximately S$33.7 million per annum.180 square feet (sq ft) of net lettable area (NLA) which will be created in the Basement 2 link.1 million per annum.2% compared to 2008. 6 CapitaMall Trust Report to Unitholders 2009 Jurong Entertainment Centre Asset enhancement works for JEC have commenced and the new larger mall is slated to be ready in the first quarter of 2012. we passed on the full rebate to our tenants. When the Singapore Government announced a 40. It will produce an expected incremental NPI of approximately S$16. JEC will have retail floor space measuring over 200. CMT commenced asset enhancement works at Raffles City Singapore (RCS) and Jurong Entertainment Centre (JEC).1% take-up rate.0%. Through the capital raising exercise. shopper traffic at CMT’s malls declined marginally by 1. including excess rights applications.

will have a positive impact on the retail sector. The fifth Biz+ Series programme was an overseas study trip for our food & beverage tenants to Chengdu. Shanghai and Beijing. Leading the Way A year on.6 billion3 from S$7. The opening of additional Circle Line MRT stations this year will also benefit CMT’s malls such as Junction 8.4 billion as at 31 December 2009. which are likely to bring in more tourists. Shopper traffic at CMT’s malls remained strong in 2009. Singapore’s Ministry of Trade and Industry expects the economy to grow by 4.0 million SPUR (Skills Programme for Upgrading and Resilience) training programmes. and the return towards pre-crisis levels of economic activity is likely to be gradual. The Biz+ Series events included talks on how to leverage on the Singapore Government’s S$600. 2 3 7 The acquisition at a property yield of 5. The property yield is computed by dividing Clarke Quay’s annualised net property income from 1 July 2010 to 31 December 2010 by the purchase consideration of S$268.5% in 2010 and there are increasing signs that the retail sector has turned the corner. CapitaMall Trust Report to Unitholders 2009 . The improving economy and the opening of two integrated resorts in 2010. how to make use of alternative financing through funds provided by venture capitalists interested in investing in retail businesses. The Biz+ Series programmes were well received by our tenants and we will continue to organise more of such value-adding events. and at the fringe of Singapore’s Central Business District. Clarke Quay is an integrated food and beverage. Plaza Singapura and RCS which are located near Circle Line MRT stations. An extraordinary general meeting will be held on 14 April 2010 to seek Unitholders’ approval for the proposed acquisition. It will enlarge CMT’s asset size to approximately S$7. In addition. It is within walking distance of the Clarke Quay MRT station.0 million and 3. The objective of the events was to provide our tenants with regular bite-sized programmes such as talks.0 million. Rental renewal rates for CMT’s overall portfolio also registered a growth of 2. Excludes CMT’s outstanding distributable income as at 31 December 2009. a tangible sign that CMT’s malls remained popular with retailers. strengthening CMT’s lead as Singapore’s largest REIT by asset size. approximately 214. with many of the malls enjoying high monthly footfalls of between 2.4 billion as at 31 December 2009. thereby allowing Unitholders to enjoy a higher DPU due to the acquisition of Clarke Quay at a price reflective of the attractive cash flows that it generates. we will focus on sustaining CMT’s organic growth by actively managing lease renewals as well as carrying out the asset enhancement works at RCS and JEC. CMT announced the proposed acquisition of Clarke Quay for $268. our property management team also organised five Biz+ Series events for our tenants.In 2009.0 million in greenfield development projects. seminars and events that can improve and add value to our tenants’ businesses.0 million. We will also continue to explore opportunities for yield-accretive acquisitions. with CMT’s deposited property of approximately S$7.5% to 6. In 2010. how to tap on financing under the Government’s Bridging Loan Programme.0 million. we also have the option to invest up to S$740. Nonetheless. despite the challenging operating conditions in 2009.4 million shoppers passed through CMT’s malls. making it easily accessible by public transportation. For the full year. CMT’s committed portfolio occupancy was 99. It is located along the Singapore River. the recovery in the advanced economies remains fragile. business sentiment has improved and the general mood in Singapore is one of cautious optimism. Growing the Portfolio On 9 February 2010. and tapping on the power of branding and marketing for retailers in times of economic slowdown. entertainment and lifestyle riverfront development.9%2 is expected to be yield-accretive. Global economic developments suggest that the recession has ended in many countries.8% as at 31 December 2009.3% over preceding rental rates.

As the first and largest REIT by market capitalisation and asset size in Singapore. Mr Lim Beng Chee also stepped down as Chief Executive Officer and Executive Director on 25 November 2009.Letter to Unitholders “As the first and largest REIT by market capitalisation and asset size in Singapore. Mr Lim remains as a Director on our Board. We would like to thank Mr Lim who has guided CMT since 1 November 2008 and helped it to successfully ride through the financial crisis in 2009. We are glad that Mr Lim has agreed to continue to be a Director on our Board. tenants and shoppers for their continual support which has enabled us to successfully navigate through a very difficult 2009. quality portfolio and proactive asset management. We would also like to record our appreciation to our Board of Directors for their wise leadership and Unitholders. James Koh Cher Siang Chairman Simon Ho Chee Hwee Chief Executive Officer 10 March 2010 8 CapitaMall Trust Report to Unitholders 2009 . This has put CMT in a good position to capitalise on growth opportunities which may arise from the economic recovery. we believe that CMT has the winning combination of scale. Acknowledgements Mr Lui Chong Chee and Mr Olivier Lim stepped down as Non-Executive Director and member of the Audit Committee respectively on 23 February 2010. quality portfolio and proactive asset management. we believe that CMT has the winning combination of scale. CMT has led the way in creating value from retail properties.” Since its initial public offering in 2002. business partners. We would like to thank them for their contributions.

4亿新元增 长4. 交通便利的优越 地理位置。因此,尽管2009年经营环境艰难,嘉茂信托旗下 购物中心的客流量仅比 2008 年下跌 1.59新元 增长13.8亿新元,比2008年的2.85分的每单位分发金,投资收益率可达4.0%1。 在困难时期取得骄人的业绩 尽管面对极具挑战性的经济环境,嘉茂信托凭借主打生活必 需品的优质购物中心资产组合,再次展现其良好韧性,使其 在截至2009年12月31日的财政年度中取得出色的财务业绩。 嘉茂信托的可分配收益为2.3%。业绩的改善主要来自于2008年8月 收购的乌节爱特岭大厦的全年贡献、2008年12月重新开业的 三巴旺购物中心,以及第一乐广场资产增值工程的竣工。此 外,新租约及现有租约续约租金率的提高,也对同比业绩的 改善起到促进作用。 2009年嘉茂信托的每单位分发金为8.52分提高17.致单位持有人函 “尽管面对极具挑战性的经济环境, 嘉茂信托凭借主打生活必需品的优质 购物中心资产组合,再次展现其良好 韧性,使其在截至2009年12月31日 的财政年度中取得出色的财务业绩。” 2009年,全球经济经历了二战以来最严重的衰退。为积极应 对,各国政府均出台相关政策,进行大规模的财政干预。这 种全球性的联合行动史无前例,有力地协助全球经济走向稳 定,其速度之快,大大超出预期。在全球经济衰退的影响下, 新加坡亦未能幸免,2009年经济萎缩达2.92%,即 比十年期新加坡政府债券的收益率高出约220个基本点。 嘉茂信托旗下的购物中心,多位于人口稠密.0%,但却远远低于 年初预期的6.80新元,比2008年12月31日的1.7%。该调整是在考虑了2009年4月3日完成 的新单位配售效应后做出的。 由于实施经济刺激配套措施,全球股票市场在创纪录的低利 率和财务流动性背景下强力回弹,致使2009年年底,嘉茂信托 每单位的闭市价达1.0%至9.360万新元或18.80新元的闭市价,以及嘉茂信托 2009年8.7%。 优化资产表现 2009年第四季度,我们启动了新加坡来福士广场和裕廊娱乐 中心的资产增值工程。这两个工程预计将分别于 2011 年和 2012年有效的推动每单位分发金的增长。 新加坡来福士广场 新加坡来福士广场的资产增值工程,主要是对地下一层空间进 行重新配置。此外,我们还通过位于来福士广场地下一、二层 的购物区域将现有的政府大厦地铁站和新的滨海中心地铁站通 过无缝的购物体验衔接在一起。地下二层连道将是政府大厦地 1 9 来源: 贸易及工业部 CapitaMall Trust Report to Unitholders 2009 .85分,较2008年调整后 的7.2% ,其租户的零售总 额,2009年与2008年相比,也只是略微减少2.2%。基于每单位1.

2%下 降到2009年12月31日的30.致单位持有人函 铁站和滨海中心地铁站之间的一条短距通道。该通道完工后, 将有三条地铁线将购物者带到新加坡来福士广场。 地下二层通道将增加12.0%的无债务资本回 报率。 提高财务的灵活性 为了改善我们的资产负债情况,嘉茂信托率先采取行动,于 2009年2月成为该年度首个配售新单位以减少债务的新加坡房 地产投资信托。此次配售采用完全包销,每10个单位配9个单 位,并获得超额认购,包括申请超额附加单位在内的认购率约 为116.0%的面积已于2010年1月底被预租。此项扩建工程将需 要约3.9%2的物业收益率计算,此项收购预计可产生增值性收益, 单位持有人也因此将享有更高的每单位分发金。此举将使嘉 茂信托资产规模由2009年12月31日的74亿新元增至76亿新 元3,从而巩固嘉茂信托作为新加坡资产规模和市值最大的房 地产投资信托公司的领先地位。 2010年4月14日,我们将召开嘉茂信托特别股东大会,以寻 求单位持有人对该收购提议的批准。 遥遥领先 一年来,商业景气度已有所改善,审慎乐观的氛围主导了新 加坡市场。全球经济的发展,预示许多国家的经济衰退已经 结束。尽管如此,先进国家的经济复苏的根基仍然脆弱,经 济活动要恢复到危机前的水平,不可能一蹴而就。 新加坡贸工部预计2010年的经济增长率将介于4.5%至6.0%的产业税回扣时, 我们把全部回扣转给租户。此外,我们还采取了一系列措施 为租户提供帮助,包括调整租赁合同、提高租赁空间的使用 效率,与租户合作开展各种营销、促销活动,以提高购物中 心的销售量。 2009年,我们的物业管理团队还为租户组织了五次商业系列 (Biz+ Series) 活动。开展这些活动的目的,是为我们的租户定 期安排小型活动,如座谈会、研讨会以及可提高和增加租户价 值的活动。这些商业系列活动包括如何利用新加坡政府6.7亿新元的价格收购克拉 码头。克拉码头是集餐饮、娱乐、休闲于一体的河畔物业。它 位于新加坡河畔,新加坡中央商务区的边缘,距离克拉码头地 铁站只有数步之遥,乘搭公共交通十分方便。 该收购是以反映其具吸引力之现金流量的价格进行。按当前 5.5%。 与租户进行密切合作 为了帮助我们的租户渡过困境,我们同他们密切合作, 在我们某些购物中心调整业态组合,以应对消费需求的变化。 当新加坡政府宣布为工商业主提供40.180平方英尺的可出租净面积,其中 约63. 嘉茂信托的已承诺出租率为99.1%。通过该项集资活动,嘉茂信托筹得约12亿新元的 资金,从而使其资产负债比率由2008年12月31日的43.0亿 新元的技能提升与应变计划 (Skills Programme for Upgrading and Resilience).0%的无债 务资本回报率。 裕廊娱乐中心 裕廊娱乐中心的资产增值工程已开始动工,面积更大的新购物 中心定于2012年第一季度竣工。其吸引人的主要设施之一, 将是位于大厦三层的奥林匹克标准溜冰场。此外,该新购物 中心还将设有电影城、超市及美食广场等。 资产增值工程完成后,裕廊娱乐中心的可出租净面积将超过 20万平方英尺,几乎是裕廊娱乐中心之前的面积的一倍。此 外,政府计划在接下来的10至15年内将裕廊地区打造为充满 生机的商业中心和区域中心,新娱乐中心也将因此而得益。 此项工程的资本开支估计为 2.8%,证明了嘉茂信托购物中 心依然广受零售商的欢迎。尽管2009年经营环境充满挑战, 嘉茂信托整个资产组合的续约租金率却比 2008 年的租金率 提高了2.7亿新元的购买价。 不含截至2009年12月31日尚未偿付的嘉茂信托可分配收益。 10 CapitaMall Trust Report to Unitholders 2009 .610万新元的净物业收入和可实现8.320万新元的资本开支,预计每年可额外带来约270万 新元的净物业收益,从而为嘉茂信托投资者带来8.0 亿新元。它每年预计将带来 约1.5%之 间,而且越来越多的迹象表明零售业已迎来拐点。经济前景的 改善和2010年两个综合娱乐城的开业,可能吸引更多游客的 2 3 物业收益率的计算方法,是用2010年7月1日至2010年12月31日克拉码头的年率化物业净收益除以2.3%。 增加资产组合 2010年2月9日,嘉茂信托宣布拟以2. 如何利用政府过渡性贷款计划 (Bridging Loan Programme) 进行融资;如何利用有意投资于零售企业的风险 投资家提供的资金进行另类融资,以及如何在经济衰退时期发 挥品牌和市场营销的力量等。第五次活动是安排餐饮业租户赴 成都、上海、北京进行海外学习考察。这些商业系列活动深受 租户欢迎。我们将继续举办更多的此类增值活动。 2009 年嘉茂信托购物中心保持强劲的客流量,许多购物中 心每月客流量达 200 万到 300 万人次。全年光顾嘉茂信托 购物中心的顾客约达 2.1 亿人次。截止 2009 年 12 月 31 日.

“作为新加坡首个、同时也 是市值 和资产规模最大的房地产投资信托, 我们确信,嘉茂信托在资产规模、 优质资产组合以及积极的资产管理方 面,拥有得天独厚的 优势。” 到来,从而对零售业的发展产生正面影响。今年新增地铁环线 站点的开通,也将使碧山第八站,狮城大厦 和新加坡来福士广 场等毗邻地铁环线站点的嘉茂信托购物中心受益匪浅。 2010年,我们将积极管理续租工作,同时进行新加坡来福士 广场和裕廊娱乐中心的资产增值工程,以此专注于使嘉茂信 托取得持续的有机增长。我们还将继续发掘具有增值潜力的 收购机会。此外,鉴于嘉茂信托截至 2009 年 12 月 31 日托管 的物业总值约达74亿新元,我们还可选择对规模不超过7.4亿 新元的开发项目进行投资。 自2002年首次公开招股以来,嘉茂信托一直在从零售物业中 创造价值方面,遥遥领先。作为新加坡首个、同时也是市值 和资产规模最大的房地产投资信托,我们确信,嘉茂信托在 资产规模、优质资产组合以及积极的资产管理方面,拥有得 天独厚的优势。这使它能够把握和利用经济复苏可能带来的 各种增长机遇。 鸣谢 雷崇志先生和林之高先生于2010年2月23日分别卸下非执行 董事和审计委员会委员的职务。林之高先生将继续留任董事 会成员。我们对他们的贡献表现感谢。 林明志先生于 2009 年 11 月 25 日卸任总裁兼执行董事一职。 对于他自2008年11月1日以来领导嘉茂信托成功渡过2009年 的金融危机,我们谨此表示衷心感谢。我们很欣慰,林先生 同意继续担任董事会的董事。此外,我们还要感谢董事会的 英明领导,以及单位持有人、业务伙伴、租户及顾客给予我 们的一贯的鼎立支持,正是这些支持,才使我们得以成功地 走过了艰难的2009年。 许慈祥 董事长 何志辉 总裁 2010年3月10日 11 CapitaMall Trust Report to Unitholders 2009 .

September CapitaMall Trust Management Limited (CMTML) announced the appointment of Simon Ho Chee Hwee as Deputy Chief Executive Officer with effect from 1 September 2009.16 times over-subscribed. CMT won a Gold award for ‘Best Annual Report – REITs & Business Trusts’ at the Singapore Corporate Awards 2009.Key Milestones in 2009 Roof garden with playground at Lot One Shoppers’ Mall January CMT’s distributable income exceeded distribution forecast1 for the period 1 October 2008 to 31 December 2008 by 2.358. together with accompanying assumptions shown in announcement of CMT on 22 January 2008 (in respect of malls held by CMT).13 cents to Unitholders for the period 1 April 2009 to 30 June 2009.0%. CapitaMall Trust Report to Unitholders 2009 . July CMT’s distributable income for the period 1 April 2009 to 30 June 2009 was 15. May Lot One Shoppers’ Mall saw the completion of asset enhancement works. The exercise raised net proceeds of approximately S$1. August Rivervale Mall saw the completion of asset enhancement works.2 billion. April CMT issued 1. February Moody’s Investors Service affirmed CMT’s A2 corporate family rating and A3 senior unsecured debt rating. October Raffles City Shopping Centre clinched the Silver Award for Development and Design (Renovation or Expansion of an Existing Project) from the International Council of Shopping Centers (ICSC) Asia.0% higher than that for the period 1 January 2008 to 31 March 2008. Based on forecast. CMT paid a distribution per unit of 2.65 cents to Unitholders for the period 1 October 2008 to 31 December 2008.97 cents to Unitholders for the period 1 January 2009 to 31 March 2009. 1 12 CMT’s distributable income for the period 1 January 2009 to 31 March 2009 was 8.502. CMT paid a distribution per unit of 1. CMT paid a distribution per unit of 3.8% higher than that for the period 1 April 2008 to 30 June 2008.923 rights units through an underwritten renounceable 9-for-10 rights issue that was 1. as well as the forecast. together with accompanying assumptions shown in the joint announcement with CapitaCommercial Trust on 9 June 2008 (in respect of Raffles City Singapore Trust).

Raffles City Shopping Centre

CMT took the runner-up award for
‘Most Transparent Company’ (REITs
category) at the Securities Investors
Association Singapore (SIAS) Investors’
Choice Awards 2009.
CMT’s distributable income for the period
1 July 2009 to 30 September 2009
was 23.3% higher than that for the period
1 July 2008 to 30 September 2008.
November
CMTML announced the resignation of
Lim Beng Chee as Chief Executive Officer
with effect from 25 November 2009.
He remains a Director and a member of
the Executive Committee of CMTML.
Concurrently, CMTML announced the
resignation of Simon Ho Chee Hwee as
Deputy Chief Executive Officer and his
appointment as Chief Executive Officer

13

CapitaMall Trust Report to Unitholders 2009

and Director of CMTML with effect
from 25 November 2009. CMTML also
announced the appointment of
Jesline Goh Hwee Peng as Deputy Chief
Executive Officer of CMTML with effect
from 25 November 2009.
CMT paid a distribution per unit of
2.35 cents to Unitholders for the period
1 July 2009 to 30 September 2009.
CMT commenced asset enhancement
works to re-configure the Basement 1
space of Raffles City Singapore and
construct a new underground link at
Basement 2.
CMT commenced asset enhancement
works for Jurong Entertainment Centre.

December
CMT clinched a Certificate of Excellence at
the Investor Relations (IR) Magazine Awards
2009 (South East Asia).
CMT MTN Pte. Ltd., a wholly-owned
subsidiary of CMT, increased the limit of the
S$1.0 billion Multicurrency Medium Term
Note Programme to S$2.5 billion.

CAPITAMALL TRUST

RELIABLE
FUNDAMENTALS
FOCUS ON RETAIL PROPERTIES
IN SINGAPORE
STRONG SPONSOR

CLOSE RELATIONSHIPS
WITH TENANTS

14

CapitaMall Trust Report to Unitholders 2009

LEADING THE WAY

STELLAR
PERFORMANCE

SOUND
EXECUTION

GROWING NUMBERS DESPITE
ECONOMIC RECESSION

MANAGEMENT’S TRACK
RECORD

ACCUMULATING ASSETS

DISCIPLINED CAPITAL
MANAGEMENT

IMPROVING PORTFOLIO
PERFORMANCE

15

CapitaMall Trust Report to Unitholders 2009

RELIABLE FUNDAMENTALS 16 CapitaMall Trust Report to Unitholders 2009 .

FOCUS ON RETAIL PROPERTIES IN SINGAPORE By staying focused and leveraging our scale. allows us to have access to its expertise. . we are ready to ride on the next wave of recovery in a market that is known for its strong sovereign creditworthiness. reviewing of space efficiency to working with tenants on various promotional fronts so as to drive sales in our malls. owners and managers. portfolio of largely necessity shopping malls and market leadership. 17 CapitaMall Trust Report to Unitholders 2009 STRONG SPONSOR Being in the same family as CapitaMalls Asia. CLOSE RELATIONSHIPS WITH TENANTS Our proactive stance in helping our tenants through the recession enabled us to implement a slew of initiatives that ranged from restructuring of leases. one of Asia’s largest listed shopping mall developers. resources and a wide network of local and international retailers.

STELLAR PERFORMANCE 18 CapitaMall Trust Report to Unitholders 2009 .

3% year-on-year to S$282. IMPROVING PORTFOLIO PERFORMANCE Through proactive asset management. Distributable income increased by 18.0 million in FY2009.9 billion in FY2009.GROWING NUMBERS DESPITE ECONOMIC RECESSION CMT’s strong set of financial results is largely attributable to a quality portfolio of necessity shopping malls.8% as at 31 December 2009.0 million and 3. with property valuation rising from S$0. This cements CMT’s position as Singapore’s largest REIT by market capitalisation and asset size. 19 CapitaMall Trust Report to Unitholders 2009 ACCUMULATING ASSETS CMT’s portfolio has grown from three retail malls at listing in 2002 to 14.9 billion in FY2002 to S$6. CMT’s portfolio registered committed occupancy of 99.0 million. with many of the malls enjoying a high monthly footfall of between 2. shopper traffic at CMT’s malls remained strong in 2009. .

SOUND EXECUTION 20 CapitaMall Trust Report to Unitholders 2009 .

We have also established an outstanding retail real estate management platform and developed an extensive network of local and international retailers. acquisitions and active leasing management. Part of the net proceeds from the rights issue was used to reduce our gearing from 43.2% as at 31 December 2008 to 30. allowing us to emerge stronger from this global economic downturn. enhancing our financial flexibility to take advantage of new opportunities. . CMT was the first REIT in Singapore to undertake a rights issue. 21 CapitaMall Trust Report to Unitholders 2009 DISCIPLINED CAPITAL MANAGEMENT In 2009.5% as at 31 December 2009.MANAGEMENT’S TRACK RECORD Since 2002. we have consistently delivered stable and sustainable distributions to our Unitholders by driving steady growth through asset enhancement strategies.

A major component of CMT’s organic growth has been achieved through: • Formulate medium. which makes up about 2.0% to 4. This is a useful management tool which aligns CMT’s interests with those of our tenants. providing design advisory on shopfront design and creating better shopper circulation to enhance the attractiveness of our malls . customer service counters and advertisement panel spaces • Improved rental rates for lease renewals and new leases Strategic planning & investment Fund structuring & management (3) Innovative Asset Enhancement Initiatives Creative asset planning unlocks the potential value of CMT’s properties to further spur growth by enriching the retail environment and enhancing the attractiveness of our properties to shoppers and retailers. we have a professional and experienced team of operations. and converting mechanical and electrical areas into leasable space • Upgrading amenities. combining the best of retail real estate management and capital management capabilities.and long-term strategies and initiatives to deliver sustainable returns • Enhance the shopping experience to attract and increase shopper traffic • Review space usage to optimise space productivity and income • Manage lease renewals and new leases diligently to minimise rental voids • Manage and monitor rental arrears to minimise bad debts • Manage projects to ensure timely completion within budgets • Manage and monitor property expenses to maximise net property income • Address all key operational issues to ensure alignment with the Manager’s strategies 22 CapitaMall Trust Report to Unitholders 2009 • Step-up rent • Gross turnover (GTO) rent. vending machines. project and asset managers who work closely and seamlessly with each other to: We constantly explore new avenues for stable and sustainable revenue growth from CMT’s retail properties. In addition. adding play and rest areas.0% of CMT’s gross revenue. Diverse ways to increase the yield and productivity of our retail space include: • Decantation whereby lower-yield spaces are converted into higher-yield spaces • Reconfiguration of retail units to optimise space efficiency • Maximising the use of common areas. We are gradually moving leases to a rental structure which encompasses step-up rent plus a small component of GTO rent or a larger component of GTO rent only. casual leasing. whichever is higher • Non-rental income from car parks.Growth Strategies Integrated Retail Real Estate Business Platform CORPORATE GOVERNANCE Net Property Income Retail Real Estate Distributions Fund Vehicle Ownership RETAIL REAL ESTATE MANAGEMENT Property management Mall management & operational leasing Investors Investment Strategic marketing RETAIL REAL ESTATE CAPITAL MANAGEMENT Design & development management Asset management (1) Integrated Retail Real Estate Platform (2) Intrinsic Organic Growth We leverage on CapitaMalls Asia’s unique integrated retail real estate platform. such as bridge space.

baby nursing rooms. The increase in shopper traffic is generated through: • Our investments must satisfy the investment criteria of: (1) yield accretion. upgrading restroom facilities.Innovative events such as IMM Building’s foam and bubble party enhance retail experiences for shoppers (4) Instrumental Investments (5) Inviting Experiences The ability to identify yield-accretive acquisitions. installing electronic car park guidance systems. . Staying ahead of consumer trends. dining and leisure combinations which help to maximise the sales of the tenants and generate growth through improved rental income.70% interest in CapitaRetail China Trust (CRCT) provides some exposure to the tremendous growth in the China retail real estate market without significantly changing the asset profile of CMT 23 CapitaMall Trust Report to Unitholders 2009 • Alignment of tenancy mix with current market trends which ensures a continuous good mix of attractive and popular retail outlets in our malls • New retail concepts which generate fresh excitement and positive sales • Enhancing shoppers’ experience with a more pleasant. (2) rental sustainability. children playgrounds. designated water play area with interactive features for children and alfresco dining areas • Innovative marketing and promotional events to draw in the crowds • Attractive shop fronts and visual merchandising design ideas (6) Intensive Capital & Risk Management We review our capital management policies regularly so as to optimise CMT’s funding structure. We also monitor our exposure to various risk elements by closely adhering to clearly established management policies and procedures. investments and local development projects to add to the portfolio and further enhance their value is key to CMT’s growth. and (3) potential for value creation • Our approximate 19. comfortable and exciting environment by improving connectivity between floors. we constantly reinvent the retail experience with innovative shopping.

Independent Retail Market Overview

Economic Growth
After having recorded impressive economic
growth figures of around 8.0% per annum
between 2004 and 2007, Singapore’s real
Gross Domestic Product (GDP) growth
slowed to 1.1% in 2008 and -2.0% in 2009
as a result of the slowdown in the global
economy. However, the economic
contraction in 2009 was smaller than
initially expected, partly due to the
unprecedented policy response from the
Singapore Government which spurred
domestic demand.

in global demand caused by the global
economic slowdown saw inflation decline
to 0.2% in 2009. This included an
eight-month period of deflation from April
to December 2009.

Global economic developments seem to
suggest that the worst of the global financial
crisis has passed, with most major
economies in Asia registering positive
growth in the fourth quarter of 2009 (Japan
being the notable exception). Looking
towards 2010, the Singapore Government
expects growth of between 4.5% and 6.5%,
being an upgrade from its earlier forecast
of 3.0% to 5.0%. Consensus Economics
forecasts growth of 5.7% in 2010,
continuing at 5.1% in 2011 and 2012.

Population
In 2009, according to Government data,
Singapore had a population of just under
5.0 million people. Of this population,
3.7 million were either citizens or permanent
residents. The remaining 25.1% of the
population, known as non-residents, are
mainly expatriate workers on long term
working visas. These workers include both
skilled professionals and unskilled workers
in manufacturing and construction.

Although the economic prospects for
Singapore in 2010 are good, there are
still risks present in the Singapore and
global economies, as highlighted by the
current concerns over Greece’s ability to
repay its sovereign debt. A default by
Greece or another of Europe’s struggling
economies, while considered unlikely,
would throw global financial markets into
disarray once more, and it is likely that
Singapore would be adversely affected as
a result due to its high level of integration
with the global economy.
In an attempt to broaden the nation’s
economic base, the Singapore Government
has outlined an ambitious plan to increase
productivity by 2.0% to 3.0% per year for
the next 10 years, moving the economy to
higher skilled industries. This plan involves
a number of tax breaks, grants and
subsidies to the value of S$1.1 billion per
year for five years aimed at encouraging
investment in high-skilled, knowledgebased industries. As productivity increases,
so will average incomes, which will have
a multiplier effect on the economy due to
higher consumption.
Inflation
The Singapore Consumer Price Index
grew by 6.5% in 2008 due to high global
commodities prices. However, a reduction

24

CapitaMall Trust Report to Unitholders 2009

Increasing global commodity prices,
brought on by the expected economic
recovery, will lead to inflationary pressure,
in particular to the cost of housing and
transport. Consensus Economics forecast
inflation of 2.5% in 2010, moderating to
2.1% in 2011 and 1.9% in 2012.

Looking forward, overall population growth
is forecast to average 2.0% through to 2012.
Growth in the non-resident population,
at 3.3% per annum, is expected to be
higher than growth in the resident
population (1.5%), due to the creation of
more employment opportunities as the
economy expands. The greater diversity in
population enhances the need for a greater
variety of retail brands, to adequately
meet the needs of a wider variety of
consumer tastes.
Tourism
Due to the global economic downturn and
the outbreak of H1N1 influenza, total tourist
arrivals in 2009 reduced by 9.6% from the
previous year to 9.7 million. However, this
trend is not expected to continue. The UN
World Tourism Organisation says that
international tourism arrivals will grow by
3.0% to 4.0% this year. Asia is expected
to lead this growth trend with a growth rate
of at least 5.0%. This bodes well for
Singapore.
Looking ahead, there are many tourism
product offerings in the pipeline such as the
two integrated resorts (including Universal
Studios Singapore), the new International
Cruise Terminal, Gardens by the Bay,
the National Art Gallery, and the launch
of various events. As such, Singapore
Tourism Board (STB) expects 11.5 million
to 12.5 million visitor arrivals in 2010.

In 2009, tourism receipts are estimated
to be in the range of S$12.0 million to
S$12.5 million. STB expects this to grow
to S$17.5 billion to S$18.5 billion in 2010.
Typically tourists account for around 15.0%
of retail turnover in Singapore. This is quite
a large number by international standards
and highlights the importance of tourism
to the retail sector in Singapore.
Retail Sales
After a sustained period of strong growth
in retail sales, the retail sector experienced
a widely expected contraction in sales in
2009. As a result of cautious consumer
sentiment and a decline in tourist arrivals,
retail sales contracted by 2.1% in 2009.
Whilst this contraction was not ideal, it is
not of the same magnitude as experienced
in the 1998 or 2003 downturns.
Looking forward, 2010 is expected to be
a better year, with nominal retail sales
growth forecast to be 3.4%. This recovery
will be fuelled by a return of consumer
confidence, brought about by improving
economic conditions, and strong growth
in tourist arrivals. Retail sales are expected
to improve further in 2011 and 2012,
with forecast growth of above 5.0%
per annum.

Retail Property Performance
The retail property sector underwent a
challenging time in 2009. The economic
slowdown, which caused a drop in tourist
arrivals and a degree of caution in domestic
consumers, made trading conditions
difficult. Approximately 2.2 million square
feet (sq ft) of new shopping centre floor
space entering the market put considerable
downward pressure on rentals and
occupancy rates.
Average prime rentals for Orchard Road
in 2009 were S$36 per sq ft per month,
down 10.0% on the previous year, while
prime rents for suburban centres were
S$31 per sq ft per month, a reduction of
2.0% on 2008. Suburban malls performed
relatively better due to their focus on
necessity shopping and lower reliance
on tourist spending. In the fourth quarter
of 2009, average vacancy rates were
5.8% for Orchard Road and 7.3% for
suburban centres.
Retail Supply
The total amount of retail net lettable area
in Singapore as at 31 December 2009
was 52.8 million sq ft. Around 41.9% of
this space, equivalent to 22.1 million sq ft,
is estimated to be in shopping centres.

Singapore Retail Floor Space Supply (million sq ft)

Others

28.3

28.7

29.7

30.1

30.4

30.7

31.0

31.3

31.6

Shopping Centres

15.4

16.5

18.2

18.6

19.9

22.1

23.5

25.2

25.7

2004

2005

2006

2007

2008

2009

2010

2011

2012

Source: Urbis

25

CapitaMall Trust Report to Unitholders 2009

Independent Retail Market Overview

Estimated Total Retail Floor Space Per Capita (sq ft)

10.8

11.1

11.8

12.9

13.8

14.4

16.4

22.6

45.2

Singapore Singapore
(2009)
(2012F)

Hong
Kong

China

UK

South
Korea

Japan

Australia

USA

Source: Urbis

CMT is the largest shopping centre owner
in Singapore with 18.0% of the major
shopping centre floor space in Singapore
(major shopping centres being those over
100,000 sq ft in size).

The total amount of shopping centre floor
space is forecast to reach 25.7 million sq ft
by 2012. Consumers can look forward to
more variety and shopping locations given
the amount of retail space in the pipeline.

A significant amount of shopping centre
floor space, totalling 2.2 million sq ft, was
added to the market in 2009. The majority
of this space, some 1.3 million sq ft, was
added on Orchard Road, including the
new centres ION Orchard, Orchard Central
and 313@Somerset.

Retail Floor Space Per Capita
The total amount of retail floor space per
capita in 2009 is estimated at 10.8 sq ft.
This provision is forecast to grow only
slightly to reach 11.1 sq ft per person by
2012. At this level, Singapore’s retail floor
space provision remains low compared
to other developed Asian economies, such
as Hong Kong, South Korea and Japan.
This suggests that, despite the large
amount of new supply entering the market,
Singapore should be able to comfortably
absorb this additional space.

In the pipeline, there is a further 3.6 million
sq ft of shopping centre floor space
expected to enter the retail landscape
over the next three years. The majority of
the new space (around 40.0%) will be
added in the central area, including an
aggregate 1.1 million sq ft in the two new
integrated resorts. Major suburban projects
include the 617,000 sq ft centre at
Serangoon Central (expected to be
completed in early 2011) and a 220,000 sq ft
centre at Changi Business Park (scheduled
for completion in 2012).

26

CapitaMall Trust Report to Unitholders 2009

Retail Rental Outlook
Despite improving economic conditions,
an aggregate 16.1% increase in shopping
centre floor space over the next three years
should ensure that the trading environment
remains highly competitive in the near term.

0 -6. we are of the view that suburban rents could grow by 2.0 -2.0 0 0 -2.0 3.0 2.0 2. which will hopefully encourage higher retail spending from locals and tourists alike.0 0.0 -4. before increasing in 2011 and 2012. especially on Orchard Road and in the integrated resorts.0 -4.0 2010 2011 2012 2010 2011 2012 Orchard Road rents are forecast to continue to decline by a further 4.0% in 2011 and 4. Although we expect to see the completion of several new shopping malls in the suburban market. we believe the supply will be comfortably absorbed by the market over the next two years and rental growth is expected to resume by then. increased consumer expenditure and an improved tourism market should have a positive effect 27 CapitaMall Trust Report to Unitholders 2009 on retail sales in Singapore. the community-based nature and accessibility of suburban malls means they continue to be popular with shoppers. will limit rental growth in 2010.0 2. we can expect to see a stabilisation of rents in 2011 and a return to positive growth thereafter.0 4.0% in 2010 due to the new retail floor space that entered the market in 2009 along with the opening of the integrated resorts in 2010. Singapore will present an exciting mix of retail offerings. Peter Holland Director Urbis . After these new retail floor space are fully absorbed into the market.Rental Growth Outlook (%) Orchard Road Rental Growth Outlook (%) Suburban 4.0 -4. Therefore.0 0. With the opening of several new shopping malls. Nonetheless. rents are expected to remain relatively stable in 2010. however. The new supply of retail floor space.0 4.0 -6.0% in 2012. On the suburban front. Summary & Conclusions As the global economy continues to recover from the economic crisis. with Singapore’s relatively low retail space per capita.

520 27. excluding JEC which has ceased operations for asset enhancement works and The Atrium@Orchard.741 Junction 8 57 91. and an Olympic-sized ice skating rink.8 2.7) Bukit Panjang Plaza 41 75.3 1. renewal rates for the CMT portfolio edged up by 2.0 25.1 0. Asset enhancement works at Jurong Entertainment Centre (JEC) also commenced in the fourth quarter of 2009. after the asset enhancement works were completed in August 2009.3 3. Construction started in November 2009 and is scheduled to be completed by the end of 2010.9) (5.0 2.0) (1. Based on Raffles City Singapore’s retail leases.880 32.7 124.3 0.1 Rivervale Mall 17 52.1% year-on-year in the last four months of 2009. in time for the opening of the Esplanade MRT station.3 1.8 4. the new link at Basement 2 is expected to be ready in July 2010.6 40. which was key to helping our tenants cope with the economic crisis in 2009.4 (14. (2) Lease Renewals and New Leases On a portfolio basis. Including only renewal of retail units.9 11. Based on compounded annual growth rate.4 .006 29.4 Lot One Shoppers’ Mall 20 60.Operations Review (1) Asset Enhancement Initiatives Asset enhancement works remained a value creation driver for CMT in 2009. CapitaMall Trust Report to Unitholders 2009 13.159 13.4 1.000 square feet (sq ft) of net lettable area (NLA) spread over five retail levels.095 34.8 Bugis Junction 77 79.3% compared to preceding rates. The following is a summary of the enhancement works executed in 2009.400 20. Approval was obtained in July 2009 to proceed with the creation of a new underground link at Basement 2 of Raffles City Singapore to provide connectivity between Esplanade mass rapid transit (MRT) station and City Hall MRT Summary of Renewals/New Leases (from 1 January to 31 December 2009) (excluding newly created units) Increase/(Decrease) in Current Rental Rates VS Preceding Rental Rates Average (typically committed Growth Rate Percentage 3 years ago) of Mall Per Year2 % % % Net Lettable Area Number of Renewals/ New Leases1 Retention Rate % Area (sq ft) Tampines Mall 45 60.131 45.315 43.2 175.428 11. interchange station via Raffles City Singapore’s Basement 1.3 4.2 78.5 1. Meanwhile. When completed in the first quarter of 2012.2 84.0 43.1 0.7 0.516 30.1 89.9 Funan DigitaLife Mall 85 87. Rivervale Mall successfully reconfigured several units on Level 1 to accommodate a new food court with external access. As a result of this.1 971.7 Other Assets4 10 90.8 Property IMM Building3 1 2 3 4 5 28 Includes only retail leases. thereby giving residents and patrons more food and beverage choices outside of the mall’s normal operating hours.1) 104 83.2) Raffles City Singapore5 74 66. Including Hougang Plaza and Sembawang Shopping Centre but excluding JEC which has ceased operations.5 2.3 0.8 Plaza Singapura 84 66.4 CMT Portfolio 614 76. This translates to an annual average growth rate of 0.7 (5. JEC will boast more than 200.7 228.9 (0.4 1.0 2.7 5.8% over a typical three-year lease term.0 70. The space vacated by the food court on Level 2 was replaced by Daiso.191 29. average monthly shopper traffic at Rivervale Mall leapt by almost 12.2) (0.

9 27. . Does not include Raffles City Hotels and Convention Centre which is on a 20-year master lease expiring in 2016.4 55 38.0 Junction 8 71 40. Portfolio Lease Expiry Profile for 2010 (as at 31 December 2009) Number of Leases Property Tampines Mall 60 42. Includes office leases (for Raffles City Singapore.7 32. The portfolio lease expiry profile remained well spread out as at 31 December 2009. units affected by asset enhancement works on Basement 1 and Basement 2 link are excluded.4 85 29.9 2014 and beyond 1 Includes Raffles City Singapore’s office and retail components.7 The Atrium@Orchard CMT Portfolio 1 2 3 CapitaMall Trust Report to Unitholders 2009 2 Lot One Shoppers’ Mall Rivervale Mall 29 % of Mall % of Mall Gross Rental NLA Income1 2 For the month of December 2009.0 2012 753 32.8 40.3 772 32.6 32.1 33.5 Bugis Junction 84 17.(3) Lease Expiry Profile Our tenants typically have three-year lease terms. Portfolio Lease Expiry Profile (as at 31 December 2009)1 Year Number of Leases Gross Rental Income for the month of December 2009 % of Total 2010 772 32. with an option to renew for a further term to extend to 31 December 2036.4 Bukit Panjang Plaza 44 29.7 Plaza Singapura 66 13.3 2013 103 5.1 28 3.5 40. Includes Hougang Plaza and Sembawang Shopping Centre.7 2011 635 26.4 IMM Building Other Assets 3 Raffles City Singapore 23 7.4 20.7% and 26.2 32. The Atrium@Orchard and IMM Building) and warehouse leases (for IMM Building only).0% of the leases by gross rental income due for renewal in 2010 and 2011 respectively.5 47.1 12.1 0.7 11 53.7 Funan DigitaLife Mall 2 244 49.8 28 45.5 42.7 1 0. For Raffles City Singapore. excludes JEC which has ceased operations for asset enhancement works.9 49. with 32.

As at 31 December 2009.5 1.8 7.9 Cold Storage Singapore (1983) Pte Ltd Supermarket/Beauty & Health/ Services/Warehouse 2.9 Wing Tai Holdings Ltd Fashion/Food & Beverage 1. .5 5.9 Golden Village Multiplex Pte Ltd Leisure & Entertainment 1.00% interest in Raffles City Singapore (only retail and office leases.4 1 Includes CMT’s 40.2 3.4 3.0 12. at 23. The fashion trade was the second largest contributor to gross rental income at 14. the ten largest tenants accounted for about 23.1 8.8 Includes CMT’s 40.00% interest in Raffles City Singapore and excludes JEC. Others include Warehouse.5 9. Collectively.Operations Review (4) Top 10 Tenants CMT’s gross rental income is well distributed within its portfolio of more than 2.5 Barclays Capital Services Ltd Office 2.5 14. Education and Art Gallery.5% of the NLA.9 5.6% of total gross rental.4 3.4 4.3 1. Trade Sector by Net Lettable Area1 (%) (as at 31 December 2009) Office Food & Beverage Others3 Department Store Supermarket Fashion Leisure & Entertainment Beauty & Health Gifts/Toys & Hobbies/Books/ Sporting Goods Electrical & Electronics Houseware & Furnishings Services Information Technology Shoes & Bags Jewellery & Watches 1 2 3 30 CapitaMall Trust Report to Unitholders 2009 % of Gross Rental Income Trade Sector by Gross Rent1.6 NTUC Fairprice Co-operative Ltd Supermarket/Beauty & Health/ Food Court/Warehouse 2. food & beverage remained the largest contributor to gross rental income. (5) Trade Sector Analysis CMT’s portfolio is well diversified and relies on many different trade sectors for rental income.300 leases.9 2.5% of the total portfolio. no single tenant contributed more than 3.6 3.6 6.9 3.0 9.5 3.2 (%) (as at 31 December 2009) 18.8 5. As at 31 December 2009. excluding hotel lease) and excludes JEC.6 3. 10 Largest Tenants by Total Gross Rental1 (as at 31 December 2009) Tenant Trade Sector RC Hotels (Pte) Ltd Hotel 3.7 Best Denki (S) Pte Ltd Electronics/Warehouse 1.6 3.9 6. while occupying only 6.1 15.0%.4 Kopitiam Investment Pte Ltd Food Court/Food & Beverage 1. Ltd Department Store 2.9 Temasek Holdings (Private) Limited Office 2.3 3. Based on committed gross rental income for the month of December 2009 and excludes gross turnover rental.6 BHG (Singapore) Pte.8% of the portfolio gross rental income.2 4.6 3. Based on committed gross rental income for the month of December 2009 and excludes gross turnover rental.1 2.0 Food & Beverage Fashion Office Beauty & Health Services Department Store Supermarket Gifts/Toys & Hobbies/Books/ Sporting Goods Leisure & Entertainment Jewellery & Watches Electrical & Electronics Houseware & Furnishings Shoes & Bags Others3 Information Technology 23.

(6) Portfolio Gross Turnover
In 2009, the Gross Turnover (GTO) per
square foot of CMT’s retail tenants fell by
2.7%, compared to 2008, but remained
2.9% above 2007. In the fourth quarter
of 2009, GTO registered a year-on-year
decline of 2.4%. Nonetheless, the pace
of decline in GTO has moderated since
the start of the year.
(7) Retail Sales Performance by Trade
Supermarkets continued to register
a healthy growth rate of 7.1% in terms of
GTO per square foot. More discretionary
trades like leisure and entertainment, health
and beauty, as well as sporting goods,
were also able to generate better sales in
2009 vis-à-vis 2008.

Gross Turnover by Quarter (S$ psf)

Gross Turnover by Financial Year (S$ psf)

100

100

80

80

60

60

40

40

20

20

0

0
4Q
2007

4Q
2008

3Q
2009

FY2007

4Q
2009

FY2008

FY2009

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

10
5
0
-5
-10
-15
-20

1

31

-7.2

-8.1

-8.4

-8.5

-9.2

-9.4

-12.0

Services1

Toys &
Hobbies

Fashion

Music &
Video

Electrical &
Electronics

Shoes &
Bags

Gifts &
Souvenirs

-14.0

-17.1

-20.9
Telecommunications

-3.7

Home
Furnishing

-2.0

Jewellery &
Watches

-1.1

Food &
Beverage

Beauty &
Health

0.0

Information
Technology

Leisure &
Entertainment

0.2

Books &
Stationery

1.5

Department
Store

3.5

Sporting
Goods

7.1
Supermarket

-25

Services include convenience stores, bridal shops, optical stores, DIY stores, film processing outlets, florists, magazine stores, pet shops, travel agencies, cobblers/locksmiths, laundromats
and clinics.

CapitaMall Trust Report to Unitholders 2009

Operations Review

(8) Occupancy Cost
CMT’s portfolio occupancy cost remained healthy at 16.7%, as our tenants adapted to the
difficult operating conditions in 2009 and employed a variety of innovative and value-driven
marketing strategies to encourage shopper spending.
(9) Shopper Traffic
Despite difficult economic conditions, shopper traffic for the portfolio remained strong and
fell by only 1.2% year-on-year. Since August, however, shopper traffic has exhibited a
consistent uptrend in line with the general recovery of the Singapore economy.

Year-on-year Changes in Shopper Traffic1 (%)
4

2

0

-2

-4

-6
Jan
2009
1

32

Feb
2009

Mar
2009

Apr
2009

May
2009

Jun
2009

Jul
2009

Aug
2009

Sep
2009

Oct
2009

Nov
2009

Dec
2009

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

CapitaMall Trust Report to Unitholders 2009

Marketing & Promotions

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

Portfolio-wide Activities
Despite the recession in 2009, we
continued to invest in strategic group-level
marketing campaigns to drive shopper
traffic and sales to tenants at CMT’s malls.
The membership base of CapitaCard,
a credit and debit card loyalty programme
that aims to retain and encourage repeat
shopper spending at CMT’s malls, has
grown significantly to over 142,000
cardmembers as at 31 December 2009.
The CapitaCard programme saw an 11.5%
year-on-year increase in card spend to
S$180.9 million in 2009. This programme
not only provides cardmembers with instant
cash rebates, but also offers a host of
exclusive treats in CMT’s malls such as
complimentary parking, as well as access
to priority queues and special previews
during tenants’ sales.
The CapitaGift Card programme also
offers convenience for shoppers who want
to have the flexibility to choose their own
gifts. The Card is a disposable prepaid
stored value VISA card which allows

33

CapitaMall Trust Report to Unitholders 2009

shoppers to credit amounts ranging from
S$20 to S$999, and can be used at any
local retailer who accepts VISA. Other than
the standard CapitaGift Card, a variety of
‘Limited Edition’ designed CapitaGift Cards
have also been launched as collectibles.
In 2009, a 179.0% year-on-year increase in
sales of CapitaGift Cards was achieved.
Another key loyalty programme is the
CapitaVoucher, which helps to generate
sales for CMT’s tenants. CapitaVoucher
is positioned as the perfect gift for all
occasions as it is widely accepted at over
1,500 participating stores across 12 of
CMT’s malls and two of CapitaMalls Asia’s
malls. In 2009, sales of CapitaVouchers
achieved a year-on-year growth of 7.7%
to S$13.4 million.
In September 2009, shoppers also sampled
a culinary spread of exquisite mooncakes
and tea during the annual ‘Mid Autumn Fair’
held at eight of CMT’s malls. The fair
featured more than 100 kiosk tenants,
garnering a total of S$3.8 million in gross
sales over two weeks.

Mall-centred Activities
In addition to our portfolio-wide marketing
efforts, each CMT mall also cultivates its
unique positioning and brand identity by
creating memorable brand experiences
for consumers through their own
promotional activities.
Plaza Singapura
During the year, celebrity casts from the
movies ‘Shinjuku’, ‘The Storm Warriors’
and ‘The Treasure Hunters’ made special
appearances at Plaza Singapura. The
presence of superstars Jackie Chan,
Daniel Wu and Aaron Kwok, created
much excitement among shoppers and
movie fans.
Plaza Singapura worked with two school
publications, ‘Little Red Dot’ and ‘Thumbs
Up’, to host a talent competition for primary
school students aged nine to 12 years.
The competition featured a wide variety of
performances, including singing, dancing,
guitar-playing, wushu martial arts and
gymnastics. The event received a strong
response, with participants from

make-up demonstrations and the grand finals of its iconic ‘Code JEANius’ event. Goldheart Jewelry and Shaw Cinema.8% increase in footfall compared to the average Friday traffic in 2009. Funan DigitaLife Mall In line with its positioning as Singapore’s leading gaming and information technology (IT) destination. which featured fashion shows. kept shoppers entertained and shared with them the new shops at the mall. a Friday late-night shopping event held in conjunction with GSS for the fifth year running.Marketing & Promotions ‘In Living Colours’ fashion show at Bugis Junction a total of 30 primary schools. Raffles City Singapore Arts programming is an integral part of Raffles City Singapore’s (RCS) marketing mix. Shopper traffic on the day of the event rose by 12. shoppers in RCS were presented with a pleasant surprise in the form of flash mob dances within the mall which garnered extensive television coverage of the performances. to organise a search for Singapore’s most glamourous couple in conjunction with Valentine’s Day. Shoppers who spent during this campaign stood a chance to win the top prize of a trip to Hollywood for a behind-the-scenes look at how the Academy Award-winning Amalgamated Dynamics Studios created the character effects of the movie ‘X-Men Origins: Wolverine’. Challenger. Singapore Art Show as well as youth bands from NOISE Singapore. many enthusiastic fans of Windows 7 had already started to form long queues at the store in the afternoon. . saw a 10. special guests such as local television artistes Aunty Lucy and Anna Lin. compared to the same day the year before. Bugis Junction Bugis Junction held a four-day ‘In Living Colours’ fashion campaign. RCS partnered the National Arts Council to showcase the Singapore Writers Festival. The grand finals saw contestants transforming used jeans into new denim creations on the spot. Rivervale Mall Rivervale Mall held a mall-wide party in November after completing asset enhancements to overhaul its look. Shoppers also took the opportunity to snap up numerous IT products at promotional prices during the launch event. For the third consecutive year. RCS also participated in the iconic Great Singapore Sale (GSS) and partnered with MasterCard and SilkAir/Tradewinds for the first time to present a host of super buys. Bugis Junction partnered its tenants. In an inaugural collaboration with Esplanade’s ‘Dan:s Festival’. Although the launch was scheduled to start at midnight. ‘Retail Therapy by Moonlight’. Romance was in the air as the audience 34 CapitaMall Trust Report to Unitholders 2009 watched six shortlisted couples vie for the title of ‘Goldheart Glam Couple 2009’. attractive voucher giveaways and luxurious holiday getaways.1%. During the party. The mall holds regular concerts and community interactive arts events as part of its ‘Arts In The City’ programme. Funan supported an exclusive launch of Microsoft Windows 7 software at the store of its key tenant. In 2009.

compared to the same period in the previous year. the mall enjoyed a 8. . providing bubbly fun for children and their parents. The event was also educational as it was part of AVA’s drive to encourage more people to buy and cook frozen meat. The workshop was open to children aged six to 12 years and they were given a 45-minute basic introduction to ice skating. Shoppers also participated in stage games and shows during the event.Special hour-buys and instant rebate promotions drew crowds at IMM Building Rivervale Mall also hosted the semi-finals of Agri-Food & Veterinary Authority’s (AVA) first-ever ‘Frozen Meat Culinary Challenge’ which was held in collaboration with a radio station. Shoppers were attracted by a slew of attractive deals. 100. 35 CapitaMall Trust Report to Unitholders 2009 Shopper traffic increased by nearly 5. Bubbles of all shapes and sizes were created by a foam cannon and giant bubble maker.0% during the GSS. During the GSS. The activity-packed carnival featured stage shows and workshops to spark the imagination of children. The workshop attracted many children and during the one-month period. Tampines Mall hosted an ‘X-ploring Dino Trails’ event. a charity auction and a grand lucky draw. The two-day event increased shopper traffic by 40. Tampines Mall held a month-long ice skating show and workshop at its open plaza area.0%. free candy floss and popcorn. During the year-end school holidays. IMM Building IMM Building (IMM) organised Singapore’s first foam and bubble party in a mall. Multiple tenants participated in the mall-wide event by offering very exclusive and attractive hourly deals to shoppers. compared to the same period last year. Junction 8 Junction 8 organised two nights of shopping sprees in December when shops opened until 11 pm. fossils and huge robotic dinosaurs.3FM. Tampines Mall In collaboration with the Singapore Science Centre. instant reward promotions. Junction 8 also hosted Singapore’s first ‘Calendar Babies’ competition which attracted many baby participants and their proud parents. shoppers were also rewarded with instant rebates through CapitaVouchers and retailers’ shopping vouchers when they shopped at IMM. IMM held a number of weekend promotions during the GSS.4% growth in shopper traffic compared to the same period in the previous year. Children were also delighted by magical craft workshops. and get their hands dirty in fossil rubbing and casting workshops. Visitors also had the opportunity to view interactive ‘prehistoric’ exhibits.

5 15.621 61.3 552.M.700 510.799 8.988 5.415 4.895 65.00% interest) Lot One Shoppers’ Mall.012 3.4 72. .4 29. Jurong Entertainment Centre and Hougang Plaza1 Raffles City Singapore (40.3 80. Jurong Entertainment Centre and Hougang Plaza1 15.7 510. an increase of S$41. Not meaningful.1 Raffles City Singapore (40.0 10.1 The Atrium@Orchard2 29.436 11.2 1 2 3 CapitaMall Trust Report to Unitholders 2009 FY2008 S$’000 Tampines Mall Total 36 FY2009 S$’000 JEC has ceased operations for AEI.792 10.00% interest) 80.4 IMM Building 73.403 1.9 65.9 FY2009 FY2008 JEC has ceased operations for AEI.591 2.5 Junction 8 48.051 78.251 1.2 75.7 Bugis Junction 68.121 2.4 29.4 million of the increase was due to The Atrium@Orchard (Atrium). gross revenue for FY2009 was S$18.1 78.524 47.430 N.218 116 0. Sembawang Shopping Centre (SSC) and Lot One Shoppers’ Mall mainly due to the completion of asset enhancement initiatives (AEI) and partially offset by a decrease in gross revenue from Jurong Entertainment Centre (JEC) as it has ceased operations for AEI. JEC and Atrium).3 47.092 36.344 4.3 67.9 million for the FY ended 31 December 2008.8 552.334 29. Bukit Panjang Plaza and Rivervale Mall The Atrium@Orchard2 1 2 61.882 73.0 million or 3.536 3. IMM Building (IMM).6 62.147 3.362 19.2 73. The acquisition of Atrium was completed on 15 August 2008.196 686 0. Bugis Junction.9 Plaza Singapura 75.5 29.3 Lot One Shoppers’ Mall.1 Sembawang Shopping Centre.4 Funan DigitaLife Mall 29. SSC re-opened in December 2008 after the completion of its major AEI.7 million.2% over S$510.6 48. which was acquired on 15 August 2008 while the balance was attributed to higher gross revenues from Tampines Mall. S$19.7 Tampines Mall Junction 8 Funan DigitaLife Mall IMM Building Plaza Singapura Bugis Junction Sembawang Shopping Centre.Financial Review (1) Gross Revenue Gross revenue for the Financial Year (FY) ended 31 December 2009 was S$552. Plaza Singapura. Bukit Panjang Plaza and Rivervale Mall 67. The acquisition of Atrium was completed on 15 August 2008.738 61.5 11.901 41.0 68.427 72.6% higher than FY2008.633 9. Gross Revenue Property Variance S$’000 % 63.9 73.800 2.359 5. On a comparable mall basis (excluding SSC. Gross Revenue by Property (S$ million) 63.8 million or 8. SSC re-opened in December 2008 after the completion of its major AEI.

2 54.9 18.651 7.599 43.1 million for the FY ended 31 December 2008.2 46.638 10.3 376.102 6.9 6. SSC re-opened in December 2008 after the completion of its major AEI.822 51.7 million or 10.6 Plaza Singapura 54.6 47.106 31.5 53.7 6.4 Total 1 2 3 CapitaMall Trust Report to Unitholders 2009 FY2008 S$’000 Tampines Mall Sembawang Shopping Centre. Jurong Entertainment Centre and Hougang Plaza1 Raffles City Singapore (40.4 56. Net Property Income Property Variance S$’000 % 45. and higher NPI from Tampines Mall. The acquisition of Atrium was completed on 15 August 2008.9 The Atrium@Orchard2 21.857 6.924 1.6 Tampines Mall Junction 8 Funan DigitaLife Mall IMM Building Plaza Singapura Bugis Junction Sembawang Shopping Centre.939 2. Not meaningful.3 19. SSC which re-opened in late December 2008 as a one-stop family-oriented necessity shopping centre.519 4.259 2.4% higher than the S$341. this was mainly due to Atrium which was acquired on 15 August 2008.M.170 3.704 5. Bugis Junction and Lot One Shoppers’ Mall mainly due to the completion of AEI. .00% interest) Lot One Shoppers’ Mall.1 43.(2) Net Property Income As a result of the higher gross revenue.9 43. Bukit Panjang Plaza and Rivervale Mall The Atrium@Orchard2 1 2 33.429 7.422 435 6.8 51.8 Raffles City Singapore (40.7 38.357 N.939 47.182 3.00% interest) 56.1 376. SSC re-opened in December 2008 after the completion of its major AEI.7 Funan DigitaLife Mall 19. Bukit Panjang Plaza and Rivervale Mall 43.171 3.5 31.9 48.568 974 5. Plaza Singapura. The acquisition of Atrium was completed on 15 August 2008.8 million was S$35.0 43. Jurong Entertainment Centre and Hougang Plaza1 37 FY2009 S$’000 JEC has ceased operations for AEI.376 5.1 Bugis Junction 46.8 341. IMM Building.542 18.1 FY2009 FY2008 JEC has ceased operations for AEI. net property income (NPI) of S$376.768 341.708 38. Similarly.130 35.6 7.004 12.228 1.458 53.5 Junction 8 33. Net Property Income by Property (S$ million) 45.2 6.7 Lot One Shoppers’ Mall.635 43.7 21.711 3.2 IMM Building 48.745 14.

48 cents. 1 July 2009 to 30 September 2009 and 1 October 2009 to 31 December 2009 respectively.2 million. 3.91 cents and 1.52 cents. 1 July 2008 to 30 September 2008 and 1 October 2008 to 31 December 2008 respectively. Overall. (4) Assets As at 31 December 2009. The distribution adjusted for the effects of the Rights Issue was 7.93 cents for the periods 38 CapitaMall Trust Report to Unitholders 2009 2.29 cents which comprised 3.64 cents and 3. the total distribution of 8.40 1. In FY2009.13 cents.35 cents and 2.35 1.52 14.52 cents per unit for the FY ended 31 December 2008.40 cents for the periods 1 January 2009 to 31 March 2009. 1 July 2008 to 30 September 2008 and 1 October 2008 to 31 December 2008 respectively.97 1.64 1 October 2009 to 31 December 2009 1 July 2009 to 30 September 2009 1 April 2009 to 30 June 2009 1 January 2009 to 31 March 2009 1 October 2008 to 31 December 2008 1 July 2008 to 30 September 2008 1 April 2008 to 30 June 2008 1 January 2008 to 31 March 2008 (3) Distributions On 2 April 2009. 1. which comprised 1.97 cents.52 cents. 2.48 1. The decrease of S$86.65 cents for the periods 1 January 2008 to 31 March 2008.85 3. 2.85 cents to the enlarged number of units which comprised 1.13 3.52 1.923 new units pursuant to an underwritten renounceable 9-for-10 rights issue (Rights Issue).0 million was mainly due to revaluation deficit of S$302. CMT declared distributions of 8. 1 April 2009 to 30 June 2009.29 FY2009 FY2008 (Adjusted for Rights Issue) FY2008 (Before adjustment for Rights Issue) 1 January 2008 to 31 March 2008. 1 April 2008 to 30 June 2008.5 million mainly from balance of the net proceeds from the Rights Issue.423. the total assets of CMT Group were S$7.85 cents.83 8. CMT issued 1.91 2.502.83 cents.65 3.85 cents per unit for the FY ended 31 December 2009 was an increase of 17. .Financial Review Distribution Per Unit (cents) 3. 1. In FY2008.7% over the total adjusted distribution of 7.0 million compared with S$7.509.93 2.0 million as at 31 December 2008.85 7. 1 April 2008 to 30 June 2008. 3. CMT distributed 14.7 million and the increase in cash and cash equivalents of S$182.358. offset by the capitalised capital expenditure of S$48.

0) N.0 (12. Not meaningful because Raffles City Singapore (RCS) comprises retail.40 5.60 Office – 4.0 850.A N. Hougang Plaza and JEC. Lot One Shoppers’ Mall and Rivervale Mall.0 658.757 N.5) 1.0 2. CRS portfolio comprises Bukit Panjang Plaza.00% interest).50 Hotel – 5.0 – 2.020.0) 1.00 6.371 5.005 798.0 798.40 Retail – 5.5) 1.A.M.5 4.5) 862 5.0 (117.0 – 1.0) 1. Other Assets Rivervale Mall Total CMT Portfolio excluding The Atrium@Orchard Less additions during the period Net decrease in valuations 1 2 3 4 5 6 7 39 (48.893 Plaza Singapura Bugis Junction 3 4 5.7677 N.A. CRS Portfolio5 and The Atrium@Orchard 4.545.0 1.0 1.310 5.40 Total CMT Portfolio 6.90-6.0 433.7557 N.0 (58.7) (302.0 (5.0 585.0 90.85 Retail – 5.65 92.0 (15.0 341.75 CMT before CRS Portfolio and The Atrium@Orchard 5. N.174.50 Hotel – 5.078.5 6.5 7.5 310.0 775.0 (15. Raffles City Singapore (40.0 (253.4012 1.2) Capitalisation rate adopted by the independent valuers to derive the market values of each property. Bukit Panjang Plaza 248.0 (136. Valuation per sq ft excludes JEC which has ceased operations for AEI.65 297. N.75 5.000.75 Warehouse – 7.00% interest) 1.75 5.418.0) 2.5 5.5) 1.0) 1.65 Funan DigitaLife Mall 326.966 5.85 Warehouse – 7.A.0 1.6 Retail – 5.A.0 2.911 Retail – 5.75 5.95-6. N.50 Office – 4.467.5) 1.75 5.438.A The Atrium@Orchard 714.Valuations and Valuation Capitalisation Rates Valuation as at Valuation as at 31 Dec 2009 1 Dec 2008 S$ million S$ million Property Variance S$ million Valuation per Net Lettable Area as at 31 Dec 2009 S$ per sq ft Capitalisation Rate1 as at 31 Dec 2009 % Capitalisation Rate1 as at 1 Dec 2008 % Tampines Mall 777. CapitaMall Trust Report to Unitholders 2009 .0 (48.75 5.206.50 Office – 4.90 5.0) 1. Valuation per sq ft excludes JEC and RCS.0 (106. Comprising SSC.60 Office – 6.324.85 Retail – 6.0 (8.134 6.0 (8.85 Retail – 6.85 5.095 IMM Building 650.920.0 2.A.00 CMT before Raffles City Singapore (40.00 5.7497 N.A.50 Office – 6. hotels and convention centre.50 5.40 Office – 4.00 6.65 Junction 8 570. office.670 5.000.75 Lot One Shoppers’ Mall 428. Valuation per sq ft based on the retail portion of IMM only.0) 1.0 256.

Currency Risk As the assets of CMT Group are currently based in Singapore. This enables us to determine actions that need to be taken to manage or mitigate risks as early as possible. Moody’s has affirmed a corporate rating of “A2” with a negative outlook to CMT on 10 February 2009. Includes S$650. and operational reporting and monitoring procedures involving the executive management committee and Board of Directors. rental sustainability. CMBS means Commercial Mortgage Backed Security. They were swapped into fixed rates and Singapore dollars. as and when they fall due. and interest expense (excluding cost of raising debt) for the period from 1 October 2009 to 31 December 2009. growth potential. During the year.3 days as at 31 December 2008. The key financial projection assumptions are reviewed and sensitivity analyses are conducted on key variables. RCS Trust. The risk management system is regularly monitored and examined to ensure effectiveness. Liquidity Risk CMT Group actively monitors its cash flow position to ensure that there are sufficient liquid reserves in terms of cash and credit facilities to finance its operation. loans backed by real estate became increasingly difficult to . There is no foreign exchange risk from the S$2. Investment Risk One of the main sources of growth for CMT Group is the acquisition of properties and asset enhancement initiatives (AEI). Interest rate risk is managed on an ongoing basis with the primary objective of limiting the extent to which net interest expense could be affected by adverse movements in interest 40 CapitaMall Trust Report to Unitholders 2009 rates. The potential risks associated with proposed projects and the issues that may prevent their smooth implementation or projected outcomes are identified at evaluation stage. The Group diligently monitors and observes bank covenants for borrowings. CMT borrows in Singapore dollars from a special purpose vehicle. Silver Maple Investment Corporation Ltd (Silver Maple).6 times Average cost of debt 2 3. CMT Group proactively seeks to minimise the level of interest rate risk by locking in most of its borrowings at fixed interest rates.00% interest. Other than the collection of security deposits. compared with 3.0 million Convertible Bonds (CB) with yield-to-maturity of 2. Silver Oak Ltd (Silver Oak). CMT Group has integrated risk management into the day-to-day activities across all functions. (1) Risk Management Effective enterprise-wide risk management is a fundamental part of CMT’s business strategy. manage and mitigate any operational risk. The risks involved in such investment activities are managed through a rigorous set of investment criteria which includes yield accretion. The potential risks are identified and key controls to mitigate these risks are established to protect Unitholders’ interests and value.5 billion Multicurrency Medium Term Note Programme (CMT MTN programme) as the loans on-lent to CMT are in Singapore dollars.3% of its borrowings are based on fixed rates. CMT’s portfolio fit and market catchment. CMT Group also has a vigilant monitoring and debt collection procedures. Credit Risk Credit risk is the potential earnings volatility caused by tenants’ inability and/or unwillingness to fulfill their contractual lease obligations. Financing Risk The global financial crisis that began in the third quarter of 2008 severely reduced liquidity. The risk management framework is designed to ensure appropriate processes and procedures are in place to prevent. Key Risks & Control Measures Operational Risk To mitigate and manage operational risks. There is a stringent collection policy in place to ensure that credit risk is minimised. which amount to an average of three months’ rent in the form of cash or bankers’ guarantee.5% Debt rating (CMBS 3 ) “AAA” CMT’s corporate rating4 “A2” 1 2 3 4 Based on the net income before tax (excluding net change in fair value of financial derivatives and investment properties). group-wide guidelines. there is little or no foreign exchange exposure from operations. information technology systems. borrows in Singapore dollars from another special purpose vehicle. These include planning and control systems. the risk is minimal as 94. Both Silver Maple and Silver Oak issued foreign denominated notes at floating rates and are able to obtain attractive spreads by borrowing from overseas markets.2 3.Risk & Capital Management Key Statistics Interest cover1.8 days has marginally improved.75%. for which CMT has a 40. Debt turnover of CMT Group as at 31 December 2009 of 2. Interest Rate Risk The Group’s exposure to changes in interest rates relates primarily to interest-bearing financial liabilities. As at 31 December 2009.

strengthened its balance sheet and enhanced its financial flexibility through the issuance of 1. and where obtainable.50% per annum compared with 3. with gearing at 30.923 rights units pursuant to a underwritten renounceable 9-for-10 rights issue (Rights Issue).obtain. The gearing has been significantly reduced due to the repayment of the loans due in 2009 from the net proceeds of the Rights Issue. Under the facility agreement between Silver Maple and CMT.0 million. Ltd. 19. During the Financial Year (FY) ended 31 December 2009.4 million and S$23.31% of the principal amount. Silver Oak has granted a total facility of S$1.502.6% or S$440. CMT’s 40.(CMT MTN). In summary.5%.2 billion from the Rights Issue which were used principally to repay bank borrowings due in 2009 and to pay for committed AEI.030.0 Total borrowings at CMT level 1.873. CMT Group’s 40. CMT has sufficient internal resources and existing bank facilities to cover the repayments due in 2010.0 million unsecured term loans from CMT MTN Pte.4 .0 million term loan under the facility on 2 August 2009.0 million has been drawn down from the RCF. Despite the macro conditions. 41 CapitaMall Trust Report to Unitholders 2009 Funding and Borrowings S$ million Term loan from Silver Maple 908. consisting of a S$866.0 Based on the principal amount of the CB due 2013.00% interest in RCS Trust. Under the facility agreement between Silver Oak and RCS Trust. total borrowings from CMT MTN amounted to S$315. with the balance to be used for general corporate and working capital purposes. CMT has a 40.0 % of Debt 19. CMT MTN is a wholly-owned subsidiary of CMT which provides treasury services. rates have increased and terms have become more onerous. (2) Capital Management On 2 April 2009. CMT raised net proceeds of approximately S$1.0 million.01 Unsecured loans from CMT MTN 315.0 million term loan and a S$164.0 Convertible Bond 650.00% interest in RCS Trust. The Manager of CMT will continue to adopt a rigorous and focused approach to capital management. at the option of the bondholders on 2 July 2011 at 105. CMT weathered the crisis. This was after CMT repaid S$335. S$59.0 1. RCS Trust drew down the S$866.0 million. CMT will continue to proactively manage its capital structure by spreading out its debt due for refinancing for each year to a manageable size and maintaining an optimal gearing level.358. As at 31 December 2009. The final redemption price upon maturity on 2 July 2013 is equal to 109.02 2.0 million term loan in September 2006 and as at 31 December 2009.40% per annum for the FY ended 31 December 2008 mainly due to repayment of the loans upon maturity which have lower interest rates.0 Term loan and Revolving Credit Facility at RCS Trust level from Silver Oak Total borrowings at CMT group 1 2 370.0 million of CMT Group’s debt will mature in 2010. the total borrowings of CMT Group as at 31 December 2009 was S$2.243.803.243. Cash Flows and Liquidity CMT Group takes a proactive role in monitoring its cash and liquid reserves to ensure adequate funding is available for distribution to the Unitholders as well as to meet any short-term liabilities. Within 1 year After 1 year but within 5 years S$ million 440.00% interest thereof is S$346. Silver Maple has granted and loaned CMT a total term loan facility of S$908. CMT repaid S$80. Average cost of borrowing for CMT Group for the FY ended 31 December 2009 has increased slightly to 3.43% of the principal amount.0 million Revolving Credit Facility (RCF). including on-lending to CMT the proceeds from issuances of notes under an unsecured multicurrency medium term note programme.6 80.0 million.6 million of term loans and RCF respectively. The loan maturity profile for CMT Group as at 31 December 2009 was as follows: CMT Group – Loan Maturity Profile (as at 31 December 2009) As at 31 December 2009. The CB may be redeemed in whole or in part.

The principal amount of the CB due 2013 is S$650. IMM Building. Plaza Singapura.00% share thereof is S$54.4 million as at 31 December 2008.0 710. CMT’s 40.42 350.0 million.4 million) is “AA” rated. Ltd. CapitaMall Trust Report to Unitholders 2009 433.3 783. the balance is “AAA” rated.31% of the principal amount. 42 685. The CB may be redeemed in whole or in part.055. This was mainly due to the balance of the net proceeds from the Rights Issue. Sembawang Shopping Centre and Lot One Shoppers’ Mall.6 million. 1 2 3 Investing Activities Given the tough market environment in 2009.0 440. and the applicable requirements of the Code on Collective Investment Schemes (the CIS Code) issued by the Monetary Authority of Singapore (MAS) and the provisions of the Trust Deed.53 2010 2011 2012 2013 CMBS means Commercial Mortgage Backed Security. Ltd.4% or S$35.0 125.0 160.0 million (CMT’s 40.0 346. an increase of S$7.6 155.8 million.0 million. Cash And Cash Equivalents As at 31 December 2009. the value of cash and cash equivalents of CMT Group stood at S$350.Risk & Capital Management Debt Maturity Profile (S$ million) (as at 31 December 2009) Fixed rate term loan from Silver Maple under CMBS1 Fixed rate term loan from Silver Oak under CMBS1 – 40.00% share of CMBS debt taken at RCS Trust level to part finance the Raffles City Singapore acquisition. at the option of bondholders on 2 July 2011 at 105. Operating Activities Operating net cash flow for the FY ended 31 December 2009 was S$355. Floating rate notes issued under CMT MTN Pte. The final redemption price upon maturity on 2 July 2013 is equal to 109. (3) Accounting Policies The financial statements have been prepared in accordance with the Statement of Recommended Accounting Practice (RAP) 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certified Public Accountants of Singapore. .1 million in FY ended 31 December 2008 to S$376. This was mainly due to higher NPI offset by higher working capital. the Group has become more prudent in its capital requirements for new acquisitions and AEI.43% of the principal amount.33 Financing Activities CMT Group continued to adopt a rigorous and focused approach to monitor the cash position and level of borrowings with the view of strengthening its capital structure and competitive position. CMT Group will constantly look out for new acquisition opportunities.7 million from S$341.0 1. Of the total CMBS of S$866.0 23.00% interest in RCS Trust Revolving credit facility of RCS Convertible bonds due 2013 with put option in 2011 Fixed rate notes issued under CMT MTN Pte. largely attributed to the full-year impact of the acquisition of The Atrium@Orchard and CMT Group’s ability to execute its asset enhancement strategies for Tampines Mall. NPI grew 10. Bugis Junction. compared with S$168. S$136.8 million.7 million over the operating cash flow of S$347.9 million in the preceding FY.

Trust Structure CapitaMall Trust Structure Unitholders Investment in CapitaMall Trust Manager CapitaMall Trust Management Limited Asset Management Services Represents Interests of Unitholders Asset Management Fees Trustee’s Fees Ownership of Assets Property Managers CapitaLand Retail Management Pte Ltd CapitaLand (RCS) Property Management Pte Ltd1 Distributions Net Property Income Property Management Services CMT Portfolio Property Management Fees Tampines Mall Junction 8 Funan DigitaLife Mall IMM Building Plaza Singapura Bugis Junction Sembawang Shopping Centre Jurong Entertainment Centre Hougang Plaza Lot One Shoppers’ Mall Bukit Panjang Plaza Rivervale Mall The Atrium@Orchard Raffles City Singapore (40.00% Interest) 1 43 CapitaLand (RCS) Property Management Pte Ltd manages only Raffles City Singapore. CapitaMall Trust Report to Unitholders 2009 Trustee HSBC Institutional Trust Services (Singapore) Limited as the Trustee of CapitaMall Trust .

Non-Executive Director S. Independent Non-Executive Director Simon Ho Chee Hwee. Chandra Das. Chairman & Independent Non-Executive Director Liew Mun Leong. Chief Executive Officer & Executive Director James Koh Cher Siang.Board of Directors Left to right: Kee Teck Koon. Deputy Chairman & Non-Executive Director 44 CapitaMall Trust Report to Unitholders 2009 .

Left to right: Lim Beng Chee. Independent Non-Executive Director David Wong Chin Huat. Non-Executive Director James Glen Service. Non-Executive Director * 45 Mr Lui Chong Chee has resigned from the Board with effect from 23 February 2010. Independent Non-Executive Director Lui Chong Chee*. CapitaMall Trust Report to Unitholders 2009 . Non-Executive Director Lim Tse Ghow Olivier.

Board of Directors James Koh Cher Siang Chairman & Independent Non-Executive Director Liew Mun Leong Deputy Chairman & Non-Executive Director Mr James Koh joined the Board on 1 January 2009. CapitaLand Financial Limited and CapitaLand ILEC Pte. Mr Koh is a graduate of Oxford University. USA. the CapitaLand Group’s philanthropic arm. Mr Liew is a Director of CapitaLand Limited (listed on the SGX-ST) and President and CEO of CapitaLand Group. Governing Board for the Mechanobiology Research Centre of Excellence and Singapore Island Country Club. Singapore Deposit Insurance Corporation Limited. Mr Koh was the Permanent Secretary in the Ministries of National Development. and a Member of CapitaLand’s Audit Committee. Ltd. CapitaCommercial Trust Management Limited (the manager of CapitaCommercial Trust listed on the SGX-ST). National Development. Community Development and Education. Mr Koh is presently Chairman of Housing & Development Board. Mr Liew was named Outstanding CEO of the Year in the Singapore Business Awards. He is also a Director of Singapore Cooperation Enterprise. Education and the Prime Minister’s Office. he was both Commissioner of Inland Revenue and Commissioner of Charities. In 2008. He is also Chairman of CapitaMalls Asia Limited (listed on the SGX-ST). 46 CapitaMall Trust Report to Unitholders 2009 Mr Liew is presently Chairman of Changi Airport Group (Singapore) Pte Ltd and a Director of Singapore Exchange Limited (listed on the SGX-ST). Mr Koh is a Non-Executive Independent Director on the Board of CapitaLand Limited (CapitaLand) since 1 July 2005 and was last re-elected as Director at CapitaLand’s Annual General Meeting on 23 April 2009. In 2007. From 1997 to 2005. He is also Chairman of Audit Committee and Corporate Disclosure Committee. CapitaLand Commercial Limited. UK with a Bachelor of Arts (Honours) and a Master of Arts in Philosophy. Concurrently. He is Chairman of CapitaLand’s Risk Committee and Corporate Disclosure Committee. UOL Group Limited and Pan Pacific Hotels Group Limited (all listed on the Singapore Exchange Securities Trading Limited (SGX-ST)). the CapitaLand Group’s philanthropic arm. CapitaLand China Holdings Pte Ltd. . In that capacity. Political Science and Economics. He is also a Director of CapitaLand Hope Foundation. CapitaLand Residential Singapore Pte Ltd. CapitaRetail China Trust Management Limited (the manager of CapitaRetail China Trust listed on the SGX-ST) and Ascott Residence Trust Management Limited (the manager of Ascott Residence Trust listed on the SGX-ST). He sits on the Boards of Singapore Airlines Limited. He also holds a Master in Public Administration from Harvard University. Mr Koh served as Chief Executive Officer (CEO) of the Inland Revenue Authority of Singapore. Prior to these appointments. Mr Liew graduated from the University of Singapore with a Civil Engineering degree and is a registered professional civil engineer. Community Development. Mr Liew Mun Leong joined the Board on 5 June 2002. Mr Liew was named Asia’s Best Executive of 2008 (Singapore) by Asiamoney and Best CEO in Asia (Property) by Institutional Investor. He was awarded the Public Administration Medal (Gold) in 1983 and the Meritorious Service Medal in 2002. He is also Chairman of Executive Committee and a member of Corporate Disclosure Committee. He is Deputy Chairman of The Ascott Limited. Mr Koh has substantial experience in public administration having served in the Ministries of Finance. he was conferred the CEO of the Year award (for firms with market value of S$500 million or more) in The Business Times’ Singapore Corporate Awards. In 2006. He is also a Director of CapitaLand Hope Foundation.

consumer finance and corporate law. A Justice of the Peace. He was previously the Deputy CEO of CapitaMalls Asia Limited. . a Life Fellow of the Australian Institute of Building. Japan and Malaysia prior to assuming the CEO post for CapitaMall Trust Management Limited in November 2009. He is also a member of Audit Committee.. Mr Wong has been a lawyer in private practice with more than 30 years experience in real estate. In addition. He is a former Group Chairman of Advance Bank. He was awarded the honour of Officer in the General Division for the Order of Australia in 2004. with a Bachelor of Laws. which is listed on the Australian Stock Exchange. India. 47 CapitaMall Trust Report to Unitholders 2009 Mr Service has 20 years of experience in fund management and property trusts. He is the independent Deputy Chairman of Australand Holdings Limited. a Silver Jubilee Medal in 1975 and Canberra Citizen of the Year 2001. banking. Mr Ho holds a Master of Real Estate and a Bachelor of Science (Estate Management) (Honours) from the National University of Singapore. Mr Service is the Executive Chairman of JG Service Pty Limited. Mr Wong is a graduate of the University of Singapore. and a former National President of the Property Council of Australia. Mr Wong is also currently a Non-Executive Director of ComfortDelgro Corporation Limited. Mr James Glen Service joined the Board on 18 October 2001. Mr David Wong joined the Board on 17 January 2003. He is also a member of Audit Committee. a subsidiary of CapitaLand. A senior partner of Ramdas and Wong. He also holds a Master of Laws from the University of London. Mr Ho has more than 20 years of experience in real estate investment and management and was responsible for managing the operations of 17 retail properties in Singapore as well as the operations of CapitaMalls Asia Limited’s regional retail portfolio in China. Mr Service is a Fellow of the Chartered Institute of Secretaries. He presently serves as a member of the Public Service Commission and the Singapore Labour Foundation and was also the Chairman of the Bedok Citizens’ Consultative Committee from 1989 till 2007. a specialist property consulting company. a former Director of Challenger Financial Services Group Ltd. SBS Transit Ltd and Asia Enterprises Holding Limited. he was awarded the Public Service Star (BBM) in 1991 and the BBM(L) in 2005. a Fellow of the Australian Society of Certified Practicing Accountants and a Member of the Institute of Chartered Accountants.Simon Ho Chee Hwee Chief Executive Officer & Executive Director James Glen Service Independent Non-Executive Director David Wong Chin Huat Independent Non-Executive Director Mr Simon Ho joined the Board on 25 November 2009.

He also serves as Pro-Chancellor of Nanyang Technological University. Mr Das was a Non-Executive Director of The Ascott Group Limited from 1999 to 2008. Prior to that. Commercial and Retail businesses. Chairman of the Trade Development Board from 1983 to 1986 and Chairman of NTUC Fairprice Co-operative Ltd from 1993 to 2005. Chandra Das Independent Non-Executive Director Kee Teck Koon Non-Executive Director Mr S. Mr Kee has held senior management appointments with several other organisations. Currently. a position he assumed since February 2007. Mr Das received his Bachelor of Arts (Honours) from the University of Singapore in 1965.Board of Directors S. . He retired as the Chief Investment Officer of CapitaLand Limited on 1 July 2009. he was the Managing Director and CEO of The Ascott Group Limited from November 2000 to April 2003. Mr Das has been conferred numerous awards. he was responsible for overseeing the CapitaLand group’s Financial. Between April 2003 and January 2007. He served as the Singapore Trade Representative to the USSR from 1970 to 1971. He started his career in 1979 with the Singapore Armed Forces and the Ministry of Defence where he remained until 1991. He has over 36 years of experience primarily in companies involved in the trading and manufacturing industries. such as the President’s Medal by the Singapore Australian Business Council in 2000. Mr Das hold Directorships in various private and public listed companies. He is concurrently the Managing Director of NUR Investment & Trading Pte Ltd and Singapore’s Non-Resident Ambassador to Turkey. and the Distinguished Service (Star) Award by National Trades Union Congress in 2005. United Kingdom. Mr Kee Teck Koon joined the Board on 2 April 2003. 48 CapitaMall Trust Report to Unitholders 2009 Mr Kee holds a Master of Arts in Engineering Science from the University of Oxford. He was also a Member of Parliament in Singapore from 1980 to 1996. Mr Kee is also currently a Non-Executive Director of Changi Airports International Pte Ltd and NTUC First Campus Co-Operative Ltd. Chandra Das joined the Board on 5 June 2002. Mr Das is also a Non-Executive Director of Ascott Residence Trust Management Limited (the manager of Ascott Residence Trust listed on the SGX-ST). Previously.

United Kingdom. He is also a Non-Executive Director of CapitaMalls Asia Limited. Mr Lim stepped down as CEO of CapitaMall Trust Management Limited on 25 November 2009 upon the listing of CapitaMalls Asia Limited. He has more than 20 years of work experience in diverse areas including corporate banking. Mr Lim has played an instrumental role in the creation of CapitaMalls Asia Limited’s retail real estate funds and retail real estate investment trusts. and a member of the Board of both Sentosa Development Corporation and Accounting and Corporate Regulatory Authority. He is also a member of Executive and Corporate Disclosure Committees. In 2009.Lim Tse Ghow Olivier Non-Executive Director Lim Beng Chee Non-Executive Director Mr Olivier Lim joined the Board on 1 July 2005. He then led the team which spearheaded the listing of CapitaRetail China Trust. he was awarded Best Investor Relations by a CFO by IR Magazine in its South East Asia Awards. Mr Lim was appointed as the Deputy CEO of CapitaMall Trust Management Limited in March 2005 until December 2006. Mr Lim then returned to Singapore and assumed his appointment as CEO for both CapitaMalls Asia Limited and CapitaMall Trust Management Limited in November 2008. Prior to joining CapitaLand Limited. He is also a member of Executive Committee. corporate finance and real estate financial products. investment banking. Mr Lim holds a Master of Business Administration (Accountancy) from the Nanyang Technological University of Singapore and a Bachelor of Arts in Physics (Honours) from the University of Oxford. Singapore’s first pure-play China retail real estate investment trust and was appointed as CEO of CapitaRetail China Trust Management Limited in December 2006 until September 2008 during which time he was mostly stationed in Beijing. Mr Lim Beng Chee joined the Board on 1 November 2008. Mr Lim holds a First Class Honours degree in Civil Engineering from the Imperial College of Science. Australand Holdings Limited. Mr Lim was named Chief Financial Officer of the Year (for firms with market value of S$500 million or more) in The Business Times’ Singapore Corporate Awards. United Kingdom. Mr Olivier Lim is the Group Chief Financial Officer of CapitaLand Limited. Mr Lim has more than 10 years of real estate investment and asset management experience. he was Director and Head of the Real Estate Unit. Raffles Medical Group Ltd. 49 CapitaMall Trust Report to Unitholders 2009 . CapitaCommercial Trust Management Limited. He previously held various positions within the CapitaLand group of companies since 2000 and has been CapitaMalls Asia Limited’s CEO since 1 November 2008. Concurrently. Corporate Banking in Citibank Singapore. In 2007. Technology and Medicine.

Bhd. Orchard Turn Developments Pte. Ltd. (Alternate) Orchard Turn Holding Pte. Retail Galaxy Pte. Ltd. Singapore Exchange Limited T. SICAL Distriparks Limited Southern Africa Investments Pte Ltd Tamil Murasu Limited UON. CapitaLand Retail Management Kabushiki Kaisha CapitaLand Retail Management Pte Ltd CapitaLand Retail (MY) Pte. Ltd.C. Ltd. Chandra Das Action Information Management Pte Ltd Arrow Asia Opportunity Fund Limited Ascott Residence Trust Management Limited Cougar Logistics Corporation Ltd. James Glen Service Australand Property Group Australand Property Limited Australand Investments Limited Foxlow Pty Ltd J G Service Pty Ltd. Ltd. Goodpack Inda Pte Ltd Hongguo International Holdings Ltd Myanmar Singapore Plantation Limited Nera Telecommunications Ltd NUR Investment & Trading Pte. Ltd. Limited CapitaLand Retail Property Management India Private Limited CapitaRetail Gurney Sdn Bhd CapitaRetail India Fund Management Pte. CapitaLand Retail Malaysia Sdn. CapitaLand Retail (BJ) Investments Pte.Present Directorships As at 3 March 2010. Orchard Turn Developments Pte. Capital Land Limited The Ascott Limited 50 CapitaMall Trust Report to Unitholders 2009 Simon Ho Chee Hwee Capita Card Pte. JGS Advisory Pty Ltd David Wong Chin Huat Asia Enterprises Holding Limited ComfortDelgro Corporation Limited Ingenuo Pte Ltd Leisure Challenge Pte Ltd OMB Pte. Bhd. Ltd. other present directorships held by the Directors are as follows: James Koh Cher Siang CapitaLand Hope Foundation CapitaLand Limited Governing Board for the Mechanobiology Research Centre of Excellence (Chairman) Housing & Development Board (Chairman) Lee Kuan Yew School of Public Policy (Adjunct Professor) Pan Pacific Hotels Group Limited Presidential Council for Religious Harmony (Member) Singapore Airlines Limited Singapore Cooperation Enterprise Singapore Deposit Insurance Corporation Limited Singapore Island Country Club (Chairman) UniSIM School of Business Advisory Panel (Member) UOL Group Limited Liew Mun Leong Ascott Residence Trust Management Limited CapitaCommercial Trust Management Limited CapitaLand China Holdings Pte Ltd CapitaLand Commercial Limited CapitaLand Financial Services Limited CapitaLand Financial Limited CapitaLand Hope Foundation CapitaLand ILEC Pte. Ltd. Ltd. Singapore Pte.C. Ltd. Ramdas and Wong (Senior Partner) SBS Transit Ltd Singapore Labour Foundation (Director) Zanddrift Investments International Pte Ltd S. Luxury Ace Sdn. Ltd. CapitaLand Retail Prestige Mall Management Private Limited CapitaLand Retail Project Management Pte. Ltd. CapitaRetail Singapore Limited CRMT MTN Berhad Flicker Projects Private Limited Francolin Infrastructure Private Limited Gain 888 Investments Pte. (Alternate) Orchard Turn Residential Development Pte. Ltd. Ltd. Ltd. Nunlet Projects Private Limited Orchard Turn Retail Investment Pte. Prestige Garden Constructions Private Limited Prestige Mangalore Retail Ventures Private Limited Prestige Mysore Retail Ventures Private Limited Prestige Whitefield Investment and Developers Private Limited Pronto Investment One Pte. Ltd. Orchard Turn Retail Investment Pte. China Club Investment Pte Ltd NUS Business School (Management Advisory Board Member) Singapore-China Foundation Ltd. Ltd. CapitaLand Limited CapitaLand Residential Singapore Pte Ltd CapitaLand UK Holdings Limited CapitaMalls Asia Limited CapitaRetail China Trust Management Limited Changi Airport Group (Singapore) Pte. Ltd. Yeo Hiap Seng Ltd YHS (Singapore) Pte Ltd .

Ltd.LLC Raffles Holdings Limited Raffles Medical Group Ltd RHL Capital Pte. RHL (Management) Pte. CapitaLand Retail Singapore Investments Two Pte. Ltd.. Ltd. CapitaLand SZITIC (Shenzhen) Property Management Co. CapitaLand ILEC Pte. Ltd. Ltd. CapitaLand Industrial & Logistics Holdings Limited CapitaLand Residential Limited CapitaLand Residential Singapore Pte Ltd CapitaLand Treasury Limited CapitaMalls Asia Limited Hotels & Resorts (UK) Limited Lucid Investments Ltd Mubadala CapitaLand Real Estate . Ltd.Kee Teck Koon Changi Airports International Pte. Ltd. Ltd. Orchard Turn Developments Pte. Orchard Turn Holding Pte. Ltd. Plaza Singapura (Private) Limited Premier Healthcare Services International Pte Ltd Pronto Two Limited Pyramex Investments Pte Ltd . Ltd. CapitaLand Retail India Pte. CapitaRetail Japan Fund Management Private Limited CapitaRetail Malaysia REIT Management Sdn. Ltd. NTUC First Campus Co-Operative Ltd Lim Tse Ghow Olivier Accounting and Corporate Regulatory Authority (ACRA) Board (Member) Areca Investment Pte Ltd Ascott Serviced Residence (China) Fund Management Pte. Ltd. CapitaLand Retail Japan Investments Pte. CapitaLand Retail Singapore Investments Pte. Ltd. Ltd. Ltd. Ltd. Orchard Turn Retail Investment Pte. CapitaRetail China Trust Management Limited CapitaRetail India Fund Management Pte. Somerset Capital Pte Ltd Somerset Land Pte Ltd The Ascott Limited 51 CapitaMall Trust Report to Unitholders 2009 Lim Beng Chee Albert Complex Pte Ltd BCH Retail Investment Pte Ltd (in liquidation – members’ voluntary winding up) Bugis City Holdings Pte Ltd (in liquidation – members’ voluntary winding up) Capita Card Pte. Ltd. CapitaLand Retail Management Pte Ltd CapitaLand Retail (MY) Pte. Australand Holdings Limited Australand Property Limited Australand Investments Limited Ausprop Holdings Limited Austvale Holdings Ltd CapitaCommercial Trust Management Limited CapitaLand AIM Pte. Bhd. CapitaMalls Asia Limited CapitaRetail China Fund Management Pte. Ltd.. Ltd. CapitaLand Retail (BJ1) Holdings Pte. Ltd. One Trustee Pte. Ltd. Ltd. Ltd. CapitaLand Retail (SI) Investments Pte. CapitaRetail Zhengzhou Real Estate Co. CapitaLand China Holdings Pte Ltd CapitaLand Commercial Limited CapitaLand Corporate Investments Pte Ltd CapitaLand Financial Limited CapitaLand Financial Services Limited CapitaLand GCC Holdings Pte. Clarke Quay Pte Ltd CMT MTN Pte. Ltd. Sentosa Development Corporation (Member) Sentosa Leisure Holdings Pte. Ltd. Ltd. Orchard Turn Residential Development Pte. Ltd. CapitaLand Retail Investments (SY) Pte.

Development & Management Management Committee Raffles City Singapore Engineering Design & Technical Services General Manager Raffles City Singapore CapitaMall Trust Report to Unitholders 2009 .Organisation Structure Board of Directors CapitaMall Trust Management Limited (CMTML) Audit Committee Chief Executive Officer Deputy Chief Executive Officer Head. Investment Chief Executive Officer CMTML Investment and Asset Managers CapitaMalls Asia’s Integrated Retail Real Estate Business Platform Country General Manager Group Services 52 Marketing Communications Centre Manager Tampines Mall Hougang Plaza Rivervale Mall General Manager Sembawang Shopping Centre Lot One Shoppers’ Mall Bukit Panjang Plaza Leasing General Manager IMM Building Jurong Entertainment Centre General Manager Junction 8 Plaza Singapura The Atrium@Orchard Tenancy Design & Co-ordination Centre Manager Funan DigitaLife Mall Centre Manager Bugis Junction Project Design. Finance CapitaLand Retail Management Pte Ltd (CRMPL) Senior Manager. Asset Management Head. Investor Relations Head.

commercial. Finance Lei Keng is responsible for the sourcing and management of funds for CMT. He has over 17 years of real estate experience including property investment. Prior to joining CMTML. He has also previously covered the Russian and Malaysian markets. She holds a Master of Business Administration from the University of South Florida and a Bachelor of Accountancy from the University of Singapore. Singapore of CRMPL. FINANCE TEAM MEMBERS Cindy Chew Deputy Head. Lei Keng had extensive regional experience in finance with locally-listed as well as American listed companies. Prior to joining CMTML. In addition to her appointment as Deputy Chief Executive Officer for CMTML. . where she was responsible for the day-to-day management of the malls. Singapore for CapitaMalls Asia Limited. Belina Low Senior Manager. retail leasing and retail marketing communications. 53 CapitaMall Trust Report to Unitholders 2009 Richard Ng Head. Tan Lei Keng Head. She holds a Bachelor of Science (Estate Management) from the National University of Singapore and has completed the Executive Development Program at The University of Chicago School of Business. She also provides support in areas of treasury. Jesline is a Chartered Financial Analyst and holds a Bachelor of Business Administration (First Class Honours) from the National University of Singapore. compliance and all finance-related matters in line with CMT’s investment strategy and its mall portfolio management with a focus on driving revenue and delivering investment returns for CMT.Trust Management Team (CMTML) Simon Ho Chee Hwee Chief Executive Officer and Executive Director Please refer to description under the section on ‘Board of Directors’. He was part of the team that launched CMT in 2002. asset management and creation of private real estate funds. She holds a Bachelor of Business (Marketing) (Honours) from the Nanyang Technological University. investment and asset management. Audrey and Kate are managers from CapitaMalls Asia Limited. of which more than eight years were in real estate investment management. Asset Management Ellina has over 12 years of real estate experience in lease administration. actively supporting the financial reporting function of CMT. He holds a Master of Science (Real Estate) and a Bachelor of Science (Estate Management) (Honours) from the National University of Singapore. Ellina Chia Senior Manager. Prior to joining CMTML. Asset Management Belina has over 11 years of real estate experience in resort property sales. Her extensive experience ranges from managing public housing. Singapore. she is also the Deputy Country Head. she was seconded to Lend Lease Japan for eighteen months to work on the acquisition of non-performing loans. Finance Oh Sok Cheng Sharon Lam Audrey Tan Kate Wong Cindy. Prior to joining CMTML. asset management. Jesline Goh Deputy Chief Executive Officer Jesline has over 13 years of experience in investment and corporate finance. she was the Centre Manager of Tampines Mall and Plaza Singapura. private residential. property development and property management. Sok Cheng. She has been with the CapitaLand Group for close to nine years. accounting. Sharon. She holds a Bachelor of Science in Business Administration from the University of Wales. Looi Keng Vice President. Asset Management Richard oversees the asset management department and is responsible for the overall performance of CMT’s assets. industrial to retail properties. Asset Management Looi Keng has over 18 years of real estate experience. She previously managed a private equity fund which invests solely in Japan retail properties. she was Head of Marketing Communications.

and asset management with the public and private sectors. She holds a Bachelor of Arts & Social Science Degree from the National University of Singapore. Roy Lim Manager. research. specialising in real estate and urban development. and also worked in the public sector in the fields of trade and investment promotion. Investment and Asset Management Xin Rui has over four years of real estate experience in investment analysis and holds a Bachelor of Social Science in Economics (Honours) from the National University of Singapore. Zheng Han Senior Executive. Adrian Tan Manager. Jeanette Pang Senior Manager. 54 CapitaMall Trust Report to Unitholders 2009 Lee Xin Rui Senior Executive. He holds a Bachelor of Business Administration (Honours) from the National University of Singapore. he worked in the public sector in the fields of creative industries and law. he covered the Russian. She is also a Chartered Financial Analyst. she was a Research Manager of CapitaLand Limited. United Kingdom. from Harvard University. Prior to joining CMTML. She holds a Master in Design Studies (Distinction). Prior to joining CMTML. She holds a Bachelor of Science (Real Estate) (Honours) from the National University of Singapore. and a Master in Architecture from the National University of Singapore. journalism and equity research support. Prior to joining CMTML. she handled investor relations for another real estate investment trust. Corporate Planning and Research Chai Hoon has over eight years of real estate experience in property valuation and research. Malaysian and Vietnamese markets. Investment and Asset Management Zheng Han has over three years of real estate experience and holds a Bachelor of Engineering (Mechanical Engineering) (Honours) from the National University of Singapore. Asset Management Roy has two years of real estate experience in investment and asset management. Prior to joining CMTML.Trust Management Team (CMTML) Marjorie Ong Manager. He holds a Master in Engineering from the University of Cambridge. Lim Chai Hoon Manager. . Investor Relations Jeanette has more than 14 years of experience in investor relations. Asset Management Adrian has two years of real estate experience in investment and asset management. Asset Management Marjorie has over nine years of real estate experience including land-use planning.

Boon Seng is a registered Architect with over 22 years of experience in design. Singapore. He was previously the Chief Project Manager for the development of Changi Airport’s Terminal 3.Property Management Team (CRMPL) Teresa Teow General Manager. She is responsible for delivering investment returns as well as achieving operational efficiency of the malls. technical training and use of latest technology products. Tan Boon Seng Head. optimisation of plant & equipment. 55 CapitaMall Trust Report to Unitholders 2009 Pang Chee Seng Deputy Head. He works closely with the centre management teams to implement facility management policies. He holds a Bachelor of Arts (Architecture studies) and Bachelor of Architecture degree from the National University of Singapore. One of his key roles is to create greater asset value through design and project management. maintenance planning. Singapore Carol is responsible for the review and approval of designs for shop fit-outs in the shopping malls owned by CMT. project management. Singapore Boon Seng is responsible for all asset enhancement and development projects at CMT’s malls. Teresa holds a Bachelor of Business (Business Administration) degree from the Royal Melbourne Institute of Technology. Singapore Teresa has more than 20 years of experience in real estate management and currently oversees the operations of 18 retail properties in Singapore. bulk procurement. Australia. He holds a Bachelor of Commerce (Property) degree from Curtin University of Technology. layout and visual merchandising are maintained in the malls and. She also leads the Singapore Leasing and Marketing Communications teams. He also develops design guidelines to ensure that services designs are complied with the local authorities’ requirements. Singapore and Head. Development & Management. contract administration and property development. Chee Seng has over 20 years of experience in property and facilities management. Carol has over 10 years of experience in retail design and project management. . Leasing & Marketing Communications. Tenancy Design & Co-ordination. Australia. Project Design. which include standard operation procedures. is also involved in the conceptualisation of asset enhancement initiatives and feasibility studies. She holds an Industrial Technical Certificate in Mechanical Engineering Drawing & Design from Singapore Technical Institute and a Certificate for Management Studies from the Singapore Institute of Management. She also develops retail design and merchandising guidelines to ensure that high standards of design. Carol Tan Head. Engineering Design & Technical Services Chee Seng oversees the review of mechanical and electrical services designs in the various asset enhancement initiatives at CMT’s malls.

We are proud to be the partner of a pro-active management team who is well-versed with the retail dynamics and our business. Home-Fix D.” Mr Ron Sim Chairman & CEO. Charles & Keith is proud to be a tenant of CapitaMall Trust as the management team understands our business and has been very supportive in many ways to help make our business a success. We believe that the success of a shopping mall is dependent on the quality of its management and we are impressed by the proactive management style and strong engagement of tenants by CapitaMall Trust.” Mr Low Cheong Kee Managing Director.I. Pte Ltd .Tenants Speak “CapitaMall Trust has established itself as a successful and trusted brand name. OSIM International Ltd Mr Charles Wong Managing Director. As a tenant.Y.Y. has benefited significantly from CapitaMall Trust’s expertise and inputs on retail management. They will always be our trusted long-term partner. OSIM has developed a strong working relationship with CapitaMall Trust.” “Over the years. We strongly believe that with our combined efforts. We look forward to working further with CapitaMall Trust as we expand our business in the near future. We are confident that they can take the retail business to a higher level and look forward to continuing our long-standing partnership that is mutually rewarding. Charles & Keith International Pte Ltd “Kopitiam and CapitaMall Trust have had a long established relationship over the years. we will continue to grow and embrace the challenges ahead.” Mr Alden Tan Siang Hin Managing Director. we appreciate landlords who engage the tenants continuously and have good understanding of their business. Kopitiam Investment Pte Ltd 56 CapitaMall Trust Report to Unitholders 2009 “Home-Fix D.I.

Aston Food & Beverage Specialities Pte Ltd “Dickson’s reputable brands have benefited from the innovative marketing strategies of CapitaMall Trust’s management team.” “Aston started our first restaurant in a shopping mall with CapitaMall Trust and it was definitely an investment in the right place with the right people. Bally is happy to be positioned in a premium mall like Raffles City Singapore which enjoys a prime location and strong traffic flow.” Ms Loh Ju Li Executive Director. Bally Greater China Retail Ltd .” “As a global luxury leather goods house. CapitaMall Trust has done a good job in implementing the strategic positioning of the mall and we appreciate their proactive efforts to engage tenants. They are a dedicated and professional retail mall management team who listens and understands the needs of their tenants. Paradise Group Holdings Pte Ltd Mr Aston Soon Director. ” Mr Eldwin Chua Chief Executive Officer. There are also many networking activities which allow us to explore expansion opportunities. CapitaMall Trust has established itself as a trusted brand name throughout the years and Paradise Group sees our working relationship going a long way towards the success of our business. We look forward to strengthening our relationship with them. We are pleased to be working with a team of professional retail managers who frequently communicates with us and understands our needs. We are impressed with the synergy that the management has created from its marketing miracles and tenants like us can benefit from those innovative events and promotions which drive sales.“We enjoy the relationship we have with CapitaMall Trust’s management team. They constantly seek to push the frontier in developing exciting and vibrant retail environments to attract both quality tenants and shoppers. Dickson Trading (S) Pte Ltd 57 CapitaMall Trust Report to Unitholders 2009 Mr Rolf Kambli CEO Asia Pacific.

Shoppers Speak “I like Plaza Singapura and will visit the mall at least once a week to shop for groceries at Carrefour. We remember the good times here. I also patronise the food & beverage outlets and my hair stylist at the mall. but it is a more bustling environment now. There is a wide variety of food choices and we love the al-fresco dining experience. we can still find a good selection of shops here. it is just next to the MRT station which makes it more convenient for us to travel here. Besides Carrefour.” Ms Stephanie Leong and friends at Bugis Junction 58 CapitaMall Trust Report to Unitholders 2009 “We are in Singapore for holiday during this period and the mall is quite close to where we are staying.” Ms Christie Scollon at Plaza Singapura “The mall is located just next to Bugis MRT station and is really convenient for my friends to meet here. The lively atmosphere with the nice festive decorations add a nice touch to our shopping experience. We like the wide range of shops and great variety of food & beverage choices. This is such a convenient location for me as I live and work nearby.” Ms Jordan and sister at Junction 8 “Our family has migrated to Australia but we used to live near Tampines Mall. Although it is not a very big shopping mall.” Mr Kevin Hoon and family at Tampines Mall . Furthermore.

“My shopping experience in Raffles City Singapore has always been pleasurable.” Mr Sukor Surip at Funan DigitaLife Mall “For many years. I also like the good mix of mid-range brands at affordable prices. Besides necessity shopping. my family has been shopping at the mall at least once a week. The wide window displays at the shops are attractive and make my shopping decisions easier.” “My family visits the mall very often as my children love to eat at Astons Specialities. This is definitely my preferred one-stop shopping and dining destination. I also visit the mall frequently for my beauty services. I can shop at ease without having to deal with touting. We frequent the supermarket and food and beverage outlets and there is always something for everyone. We do most of our necessity shopping at the mall especially in outlets such as Giant Hypermarket and Daiso.” Ms Celine Goh at Raffles City Singapore “I am a frequent shopper here as I like the wide variety of IT products available at the mall.” Mr Gurusamy Intrany and family at Lot One Shoppers’ Mall Ms Chou Chui Yuen at Sembawang Shopping Centre 59 CapitaMall Trust Report to Unitholders 2009 . cleaner and more comfortable. The product prices are listed clearly and I do not have to haggle with the shop owners. The recent renovation has improved the layout and made the mall brighter.

Nathan. The charity donation drive which spanned two months. especially in tough financial times. ION Orchard and LEGO Singapore. provide the motivation for CMT malls’ community involvement.000 in donations. Ten of CMT’s malls. a LEGO brick went towards the building of a LEGO structure of Singapore. One of the major community events held during the year was the ‘We are One’ charity initiative organised with MediaCorp in aid of the President’s Challenge 2009 and the Community Chest of Singapore. . eventually raised more than S$500. In 2009. building strong community relationships and working together. together with Raffles City Singapore.R.Corporate Social Responsibility Mercy Relief’s charity concert and roadshow at Bugis Junction Our Commitment to Our Community We believe that it is an important part of our mission to give back to our community. Mercy Relief. jointly supported the initiative by encouraging the public to make donations at our malls’ customer service 60 CapitaMall Trust Report to Unitholders 2009 counters. The concert featured musical performances by artistes such as local celebrities Kelvin Chen Wei Lian and Joi Cai Chun Jia. The donation drive was officially launched by President S. CMT partnered several government agencies. Making a positive difference. Singapore Idol’s top seven finalists rallied together to request for donations toward the ‘We are One’ charity initiative. The public was also able to learn more about Mercy Relief’s humanitarian work through an exhibition and on-site displays. grassroot organizations and schools to hold civic and community events at its malls. At an event held at Junction 8. Clarke Quay. In September. a charitable organisation. For every S$2 that was received. held a charity concert cum roadshow at Bugis Junction to raise funds for those affected by Typhoon Morakot in Taiwan and the Philippines. They received a resounding response from their supporters and shoppers.

During the festive season. A ‘Spin for Life’ event organised by the Breast Cancer Foundation was held at Plaza Singapura to encourage more people to enjoy cycling and experience its health benefits. The event was a platform to showcase the artistic talents of people with disabilities and to help these artists achieve financial independence through sales of their artwork. to treat the needy children to an ice skating workshop at the mall.Very Special Arts Singapore’s annual charity exhibition at Raffles City Singapore Tampines Mall’s open landscaped plaza hosted many community and social events during the year. by sponsoring the venue for its annual charity exhibition. The sales brought in an income for these housewives and S$1 from the sale of each Hat was donated to SingHealth Foundation which is a not-for-profit organisation committed to raising funds to support healthcare programmes. as well as an exhibit of memorabilia from past and present. The group of children enjoyed play time at Tampines Mall’s TimeZone arcade which sponsored game cards for the children. overseas relief work. The mall hosted the launch of an online digital community portal for Tampines East and a ‘Be Fab and Smoke Free’ fashion event organised by the Health Promotion Board. their past work. The mall also supported the Singapore Cancer Society’s roadshow activities during the Colorectal Cancer Awareness Week. Plaza Singapura also held community events such as the Singapore Red Cross (SRC) 60th Anniversary photo exhibition and ‘World Animal Day’. RCS also hosted ‘The Little Christmas Hat Project’ which raised funds through the sale of Little Christmas Hats. a charitable organisation. a volunteer group that looks after needy and disadvantaged children aged between six and 12. A few mall tenants such as Lee Wee & Brothers’ and Polar Puffs and Cakes also sponsored meals for the children. local humanitarian efforts. . 61 CapitaMall Trust Report to Unitholders 2009 Raffles City Singapore (RCS) supported Very Special Arts Singapore. Tampines Mall also worked with TOUCH Young Arrows. Each participant in the cycling event was presented with a t-shirt and goodie bag. The photo exhibition featured 200 to 250 photos depicting the history of SRC. The ‘World Animal Day’ was an event organised by Animal Concerns Research and Education Society which hopes to save sharks through fund-raising efforts and creating public awareness. Prizes were also given to the first 10 who completed the race. Sixty hats were eventually adopted by shoppers at RCS and donated to patients at KK Women’s and Children’s Hospital. handmade by local housewives with low or no incomes.

Sembawang Shopping Centre played host to 200 underprivileged children for a ‘Back to School’ event in June. On 28 March 2009. Our Commitment to Our Environment We adopt eco-friendly practices and aim to create vibrant and environmentally friendly settings at CMT’s malls. In 2009. natural ventilation and daylight for carparks. We supported the global ‘Earth Hour’ campaign to fight global warming. The day ended off with a guided tour of Sembawang Shopping Centre where the children learnt about the green features of the environmentallyfriendly mall and had fun playing at the mall’s splash park. The children were given CapitaVouchers and eco-friendly bags to shop for their school and daily necessities in preparation for their new school terms. use of solar energy. A third mall. Active water conservation efforts at two of our malls. It is endorsed and supported by Singapore’s National Environment Agency. Raffles City Singapore and The Atrium@Orchard. paid off with the . The BCA Green Mark is a green building rating system used to evaluate a building on its environmental impact and performance. We also 62 CapitaMall Trust Report to Unitholders 2009 encouraged our tenants to participate in Earth Hour by sending specially-designed Earth Hour posters to them. two of our malls. and use of environmentally friendly materials such as cool paint. Sembawang Shopping Centre. Bukit Panjang Plaza and Lot One Shoppers’ Mall. were awarded the Building and Construction Authority of Singapore (BCA) Green Mark certification. These include energy-efficient air-conditioning.Corporate Social Responsibility ‘Back to School’ event at Sembawang Shopping Centre In collaboration with CapitaLand Hope Foundation. achieved a BCA Green Mark Gold award for its resource-efficient features. our malls marked Earth Hour by turning off their facade and non-essential lights for one hour. as part of our commitment to environmental sustainability.

Plaza Singapura.Sembawang Shopping Centre has been conferred the BCA Green Mark Gold Award 2009 award of ‘Water Efficient Building’ certificates by the Public Utilities Board during the year. Our property management team will continue to seek new ways to reduce water usage. IMM Building. Bugis Junction. Funan DigitaLife Mall. Building Awards Bukit Panjang Plaza BCA Green Mark Certified Building and Construction Authority Lot One Shoppers’ Mall BCA Green Mark Certified Building and Construction Authority Raffles City Singapore Fire Safety Excellence Award 2009 Fire Safety Council Water Efficient Building Award 2009 Public Utilities Board We remain committed to maintain high performance at CMT’s malls while upholding our green objectives. we strive to improve our eco-friendly practices in managing the malls. 63 CapitaMall Trust Report to Unitholders 2009 Silver Award 2009 Development and Design: Renovation or Expansion of an Existing Project International Council of Shopping Centers (ICSC) Asia Sembawang Shopping Centre Gold Award 2009 BCA Green Mark Building and Construction Authority The Atrium@Orchard Water Efficient Building Award 2009 Public Utilities Board . Junction 8. Bukit Panjang Plaza and Rivervale Mall. CMT’s other malls which have already been awarded the certificate include Tampines Mall. Through ongoing staff training. Lot One Shoppers’ Mall. onsite monitoring and regular internal audits.

Human Capital Training session in creative thinking for staff People are our greatest asset and it is their passion. we are able to groom more talents to drive and support our business growth and operations in Singapore. and industry veterans. Engaging Our People Beyond providing our people with exciting and challenging careers. Recognising that people make the ultimate difference in the success of our business. rafting and a fun walk at Hort Park. Overseas study visits constitute one of our key iconic development programmes as they enable staff to widen their exposure and gain insights into overseas retail mall management and unique retail concepts. finance. we adopt an integrated human capital strategy to recruit. 64 CapitaMall Trust Report to Unitholders 2009 Through our comprehensive and systematic staff development programme. develop and motivate employees. senior management conducts regular staff communication sessions to share key financial results and strategic business thrusts. talent and commitment that form the backbone of our success. professionalism. This includes sponsorships of diploma. degree. . At the core of our development programme is a systematic 5 to 10-day immersion programme for all new hires to gain insights into our business operations. to promote healthy lifestyles and work-life harmony. This year. mid-career professionals. As part of our talent management strategy. talents are recruited at different points in their careers. strategies. as well as one to London. and to engage staff in open exchange of ideas and suggestions for business improvements. In line with our staff engagement strategy. Talent Management Strategy We are relentless in seeking outstanding talents both internally and externally to strengthen our bench strength and to support our growth in Singapore. Competitive Compensation & Benefits We motivate and reward employees with comprehensive and competitive compensation and benefits which are contingent on achieving performance targets. core values and management philosophy. We also work closely with CapitaLand Institute of Management and Business (CLIMB) to provide staff with a wide range of professional and personal development courses in areas such as communication. We are committed to staff development and continuous training. as well as rotations across different malls or functions to gain exposure and learn new skills. from fresh graduates to young. innovation. Regular benchmarking against different markets and innovation in compensation strategies ensure that we remain competitive and continue to attract and retain talent. real estate management. We believe our success is shaped by our people and we will continue to manage and develop our human capital. we believe that it is equally important to cultivate an open work culture that facilitates communication and teamwork. we organised three study trips to Beijing. one to Hong Kong and Shenzhen. The incentive plan includes short-term cash bonuses and long-term equity-based reward plans such as restricted shares and performance share plans. A comprehensive development programme is developed for staff at all levels to acquire relevant knowledge and skills to perform at their best. investment and leadership development. Workplace total wellness initiatives in 2009 included regular talks and outdoor recreational activities such as a soccer tournament. masters and executive development programmes. Caring For Our People – Total Well Being Key to our human resource management philosophy is total wellness for our employees. and promotes the open exchange of ideas.

Bugis Junction. Sembawang Shopping Centre. Our internal review procedures encompass proactive measures for avoiding situations of conflict and potential conflicts of interest. including forecasts on revenue. CapitaMall Trust Management Limited (CMTML) is appointed as the Manager in accordance with the terms of the Trust Deed dated 29 October 2001 as amended by the First Supplemental Deed dated 26 December 2001. All Directors and employees of the Manager are remunerated by the Manager and not CMT. accounting.. Hougang Plaza. the Second Supplemental Deed dated 28 June 2002. CMT at arm’s length. Bukit Panjang Plaza. As a result of its interest in CapitaLand (RCS) Property Management Pte. Plaza Singapura. CapitaLand Commercial Management Pte Ltd. • Preparing property plans on an annual basis for review by our Directors. on the acquisition. so that Unitholders’ interests are best served at all times. the Property Manager is able to play a key role in directing the property management function for RCS. promotion. • Ensuring compliance with relevant laws and regulations. which is the property manager of the properties owned by CCT. We are also responsible for the risk management of CMT. Jurong Entertainment Centre. including the Listing Manual of the SGX-ST (Listing Manual). or on behalf of. • Attending to all regular communications with Unitholders. marketing. Ltd. the Amending and Restating Deed dated 29 April 2003. holds the other 60. which performs the day-today property management functions (including leasing. • Supervising CapitaLand Retail Management Pte Ltd (CRMPL) (Property Manager). Funan DigitaLife Mall. We do this with a focus on generating rental income and enhancing asset value over time so as to maximise the returns from the investments. Junction 8. including prioritising the interests of Unitholders over the Manager’s and ensuring that applicable laws and regulations are complied with. divestment or enhancement of the assets of CMT in accordance with its stated investment strategy. Our primary responsibility is to manage the assets and liabilities of CMT for the benefit of Unitholders. Rivervale Mall and The Atrium@Orchard pursuant to the property management agreements signed for each mall. net income and capital expenditure. explanation of major variances.00% interest in CapitaLand (RCS) Property Management Pte.00%. With regard to Raffles City Singapore (RCS). The Manager appoints experienced and well qualified management to run its day-to-day operations.00% respectively. the Fourth Supplemental .00% and 60. Ltd. to previous years’ numbers. CMT. which provides property management services to RCS. the Code on Collective Investment Schemes (the CIS Code) issued by the 65 CapitaMall Trust Report to Unitholders 2009 Monetary Authority of Singapore (MAS) and the tax rulings issued by the Inland Revenue Authority of Singapore on the taxation of CMT and its Unitholders. These plans explain the performance of CMT’s assets. Lot One Shoppers’ Mall. the Property Manager holds 40. The research.Corporate Governance Our Role Our primary role as the manager of CMT (Manager) is to set the strategic direction of CMT and make recommendations to HSBC Institutional Trust Services (Singapore) Limited. evaluation and analysis required for this purpose is co-ordinated and carried out by us as the Manager. is externally managed by the Manager and therefore has no personnel of its own. and ultimately the distributions and total return to Unitholders. which is held by CMT and CapitaCommercial Trust (CCT) in the proportions of 40. operating expenses and any other relevant assumptions. in its capacity as trustee of CMT (Trustee). As the Manager. coordination and property management) for the CMT malls namely. Tampines Mall. constituted as a trust. written commentary on key issues and underlying assumptions on rental rates. we have general powers of management over the assets of CMT. IMM Building. Our other functions and responsibilities as the Manager include: • Using our best endeavours to carry on and conduct CMT’s business in a proper and efficient manner and to conduct all transactions with.

. to address significant transactions or issues. CMT won the prestigious Gold award for ‘Best Annual Report – REITS & Business Trusts’. Additional Board meetings are held. the Eleventh Supplemental Deed dated 15 February 2007. including prioritising the interests of Unitholders over the Manager’s and ensuring that applicable laws and regulations are complied with. the Second Amending and Restating Deed dated 9 July 2004. Our Corporate Governance Culture Strong corporate governance has always been our priority as the Manager. review the financial performance of the Manager and CMT and approve the release of the quarterly and full-year results. review the annual budget. to meet its objectives. The following paragraphs describe our corporate governance policies and practices in 2008 as the Manager. The Manager has adopted guidelines. The Trust Deed outlines certain circumstances under which the Manager can be removed. The Board works with Management to achieve this and the Management remains accountable to the Board. The Articles of Association of the Manager permit Board meetings to be held by way of teleconference and videoconference. At the Singapore Corporate Awards 2009. and are held at least once every quarter. This Gold award recognises the most outstanding annual report based on criterion such as transparency. Board meetings are scheduled in advance. to the success of CMT. with specific references to the Code. details of which are set out on pages 72 to 74 for Interested Person Transactions (as defined herein) and dealing with conflicts of interest. It also sets the disclosure and transparency standards for CMT and ensures that obligations to Unitholders and other stakeholders are understood and met. to deliberate on the strategic policies of CMT. It ensures that proper and effective controls are in place to assess and manage business risk. to: • Approve or make recommendations to the Board on new investments. the Sixth Supplemental Deed dated 18 March 2005. • Approve or make recommendations to the Board on divestments and write-offs of property assets/equity stakes. and in the best interests of Unitholders. The Executive Committee oversees the day-to-day activities of the Manager on behalf of the Board including. including any significant acquisitions and disposals. • Approve specific budgets for capital expenditure for development projects. acquisitions. acquisitions and enhancements/ upgrading of properties. and operate in the spirit of the Code of Corporate 66 CapitaMall Trust Report to Unitholders 2009 Governance 2005 (Code) in the discharge of our responsibilities as the Manager in our dealings with Unitholders and the other stakeholders. including by a resolution passed by a simple majority of Unitholders present and voting at a meeting of Unitholders duly convened and held in accordance with the provisions of the Trust Deed. by notice in writing given by the Trustee. For ease of reference.Corporate Governance Deed dated 18 August 2003. the Third Amending and Restating Deed dated 25 August 2006. where necessary. the Ninth Supplemental Deed dated 20 April 2006. The Board meets regularly to discuss and review the Manager’s key activities. consequently. We recognise that an effective corporate governance culture is critical to our performance and. the Twelfth Supplemental Deed dated 31 July 2007 and the Thirteenth Supplemental Deed dated 20 May 2008 (collectively. As such. the Eighth Supplemental Deed dated 13 October 2005. Each of these Board committees operate under delegated authority from the Board. The Board establishes goals for management and monitors the achievement of these goals. as well as the attendance of their membership. the Seventh Supplemental Deed dated 21 July 2005. including its business strategies and policies for CMT. The Board of Directors of the Manager (the Board) is responsible for overall managing and governing the Manager and CMT in the best interests and for the benefit of Unitholders. (A) Board Matters The Board’s Conduct of Affairs Principle 1: Every company should be headed by an effective Board to lead and control the company. Information on the Audit Committee can be found in the section ‘Audit Committee’ below. The Board provides leadership to the Manager. corporate governance will always be at the top of our agenda. including necessary financial and human resources. review the performance of the business. We are committed to high standards of corporate governance and transparency in our management of CMT. They encompass proactive measures adopted by us for avoiding situations of conflict and potential conflict of interest. with due care and diligence. The Board also reviews the risks to the assets of CMT and acts upon any comments from the auditors of CMT. Other committees may be formed as dictated by business imperatives and/or to promote operational efficiency. the Trust Deed). Each Director must act honestly. Executive Committee and Corporate Disclosure Committee. in favour of a corporation appointed by the Trustee upon the occurrence of certain events. In the discharge of its functions. The number of Board and committee meetings held in the year. financing offers and banking facilities. the relevant provisions of the Code under discussion are identified in italics. Decisions are taken objectively in the interests of CMT. and compliance with applicable laws. adequacy of disclosure and presentation of information. are set out on page 69. sets strategic directions and oversees competent management of CMT. Our Achievements Our commitment towards strong corporate governance was affirmed with CMT garnering awards for ‘Most Transparent Company’ Award (REITs category) at the Securities Investors Association Singapore (SIAS) Investors’ Choice Awards for the sixth consecutive year in 2009. These Board committees are the Audit Committee. This obligation ties in with the Manager’s prime responsibility in managing the assets and liabilities of CMT for the benefit of Unitholders. the Board is supported by specialty Board committees that provide independent oversight of management. CMT also clinched a Certificate of Excellence at the Investor Relations (IR) Magazine Awards 2009 (South East Asia). and which also serve to ensure that there are appropriate checks and balances.

The profiles of the Directors are set out on pages 46 to 49 of this Report. and to engage management in constructive debate on strategy. the regulatory environment in which CMT operates. The majority of the Board members are Non-Executive with one-third of the Board being independent. encourages constructive relations between Executive Directors. Currently. James Koh Cher Siang. Appropriate delegation of authority and approval sub-limits are also provided at management level to facilitate operational efficiency. business operations and enterprise risks. Chairman and Chief Executive Officer Principle 3: There should be clear division of responsibilities at the top of the company – the working of the Board and the executive responsibility of the company’s business – which will ensure a balance of power and authority. new investments and divestments. He ensures that the members of the Board receive accurate. bank borrowings and cheque signatories’ arrangements at Board level. Non-Executive Directors actively participate in setting and developing strategies and goals for management. Newly appointed Directors are briefed on the business activities of CMT. • Recommend changes to the financial limits for investment. • Report to the Board on decisions made by the Executive Committee. No individual or small group of individuals should be allowed to dominate the Board’s decision-making. The Manager issues formal letters upon appointment of new Directors.• Review management reports and operating budgets. The Chairman leads the Board to ensure the effectiveness on all aspects of its role and sets its agenda. The Chairman also ensures that the Board works together with management with integrity. Board Membership and Board Performance Principle 4: There should be a formal and transparent process for the appointment of new directors to the Board. The Chief Executive Officer has full executive responsibilities over the business directions and operational decisions of managing CMT. and their statutory and other duties and responsibilities as Directors. Directors are routinely updated on developments and changes in the operating environment. amongst others. This enables management to benefit from their external and objective perspective of issues that are brought before the Board. This is to ensure an appropriate balance of power. The members of the Executive Committee also meet informally during the course of the year. such that no one individual represents a considerable concentration of power. in particular. • Perform such other functions as varied or delegated by the Board. income distributions and other returns to Unitholders – the Board approves transactions exceeding certain threshold limits. provide the necessary core competencies and that the current Board size is appropriate. clear and timely information. A Director is considered independent if he has no relationship with the Manager or its officers that could interfere. Chandra Das are considered to be Independent Directors. . the Board consists of nine Directors of whom three are Independent Non-Executive Directors. The Corporate Disclosure Committee reviews corporate disclosure matters relating to CMT. The roles of Chairman and Chief Executive Officer are separate and the positions are held by two separate persons. while delegating authority for transactions below those limits to Board committees. or be reasonably perceived to interfere. James Glen Service. The division of responsibilities between the Chairman and the Chief Executive Officer facilitates effective oversight and a clear segregation of duties. operating of bank accounts. etc. and reviewing and assessing management’s performance. The Chairman of the Board. David Wong Chin Huat and S. competency and moral authority. including announcements to the SGX-ST. 67 CapitaMall Trust Report to Unitholders 2009 Board Composition and Guidance Principle 2: There should be a strong and independent element on the Board. It also enables the Board to interact and work with management through a healthy exchange of ideas and views to help shape the strategic process. from Management. ensures effective communication with Unitholders and promotes a high standard of corporate governance. Non-Executive Directors and management. Directors are also encouraged to participate in industry conferences. and laws and regulations affecting the Manager and/or CMT. seminars and training programmes in connection with their duties. capital expenditure. its strategic directions and policies. Principle 5: There should be a formal assessment of the effectiveness of the Board as a whole and the contribution by each director to the effectiveness of the Board. • Award contracts for development projects. which is able to exercise objective judgement on corporate affairs independently. Coupled with a clear separation of the roles of the Chairman and the Chief Executive Officer. and pursues best practices in terms of transparency. The Board has adopted a set of internal controls which sets out approval limits for. The Board is of the view that its current composition comprises persons who. facilitates the contribution of Non-Executive Directors. including revisions to accounting standards. as a group. the Manager’s corporate governance practices. The Chairman and the Chief Executive Officer are not related to each other. Apart from matters that specifically require the Board’s approval – such as the issue of new Units. increased accountability and greater capacity of the Board for independent decision making. taking into consideration the nature and scope of CMT’s operations. with the exercise of the Director’s independent business judgment in the best interests of CMT. this provides a healthy professional relationship between the Board and management with clarity of roles and robust deliberation on the business activities of CMT.

the Board performs the functions that such a committee would otherwise perform. the Manager does not consider it necessary for the Board to establish a nominating committee as it believes that the performance of the Manager. adequate and timely information prior to board meetings and on an on-going basis. at specially convened sessions or via circulation of Board papers. This also reflects a Board member’s additional responsibilities and special focus on the respective Board committees. the Manager. Management provides the Board with complete and adequate information in a timely manner. Candidates may be put forward or sought through contacts and recommendations. A Director with multiple board representations is expected to ensure that sufficient attention is given to the affairs of the Manager and CMT. the Manager strives to ensure the Board as a whole has the requisite blend of background. as well as the relevant expertise of the candidates and their potential contributions. The composition of the Board. This is done through regular updates on financial results. any material variance between projections and actual results are disclosed and explained. The Secretary will give the Board the necessary assistance and is also responsible for assisting the Chairman in ensuring that . including providing objective perspectives of issues. its Board. and reviews the independence of Board members. 68 CapitaMall Trust Report to Unitholders 2009 The independence of each Director is reviewed upon appointment. Information provided to the Board include explanatory background relating to matters to be brought before the Board. including the selection of candidates for new appointments to the Board as part of the Board’s renewal process. Senior executives who can provide additional insights into matters to be discussed are requested to also attend the Board meetings so as to be at hand to answer questions. Board members should be provided with complete. and the support that it lends to management in steering CMT in the appropriate direction. and evidenced by. is reflected in the long term success of CMT. it administers nominations to the Board. and the long term performance of CMT whether under favourable or challenging market conditions. but may be driven by the need to position and shape the Board in line with the medium term needs of CMT and its business. such financial indicators provide a snapshot of CMT’s performance. reviews the structure. Board and Board Committees Composition Six Board meetings were held in 2009. where these changes have an important and significant bearing on CMT and its disclosure obligations. Changes to regulations. forecasts and management accounts. finance and management skills critical to CMT’s businesses. size and composition of the Board. experience and knowledge in business. Thus.Corporate Governance As the Manager is not itself a listed entity. Renewal or replacement of Board members do not necessarily reflect their contributions to date. and thereafter annually. • At least one-third of the Board should comprise Independent Directors. To keep pace with regulatory changes. position and prospects. and hence. In particular. diligent oversight and able leadership. and do not fully measure the sustainable long term wealth and value creation of CMT. Contributions by an individual Board member can also take other forms. Principle 10: The Board should present a balanced and understandable assessment of the company’s performance. In any case. and vice versa. The Board has separate and independent access to the Manager’s senior management and the Secretary. external consultants and experts on strategic issues relating to specific business areas. and details of their memberships in the Board and committees. policies and accounting standards are also monitored closely. is determined using the following principles: • The Chairman of the Board should be an Independent Non-Executive Director. In relation to budgets. the property industry and in the banking and legal fields. and hence. • The Board should comprise Directors with a broad range of commercial experience. Directors of the Manager are not subject to periodic retirement by rotation. and accessibility to management outside of a formal environment of Board and/or Board committee meetings. the Directors are briefed by management during Board meetings. namely. The selection of candidates is evaluated taking into account various factors including the current and mid-term needs and goals of CMT. set out in the Code as guides for the evaluation of the Board and its Directors. The Secretary of the Manager works with the Chairman and management to ensure that Board papers and agenda are provided to each Director in advance of Board meetings so that they can familiarise themselves with the matters prior to the Board meetings. This is ultimately reflected in safeguarding the interests of CMT and maximising Unitholder value. are in the Manager’s opinion more of a measurement of management’s performance and therefore less applicable to Directors. budgets. Reviews of Board performance as appropriate are informal. The tables contain the attendance record of Directors at Board meetings and committee meetings during the year. Board meetings are usually half-a-day affairs and include presentations by senior executives. Access to Information and Accountability Principle 6: In order to fulfil their responsibilities. facilitating business opportunities and strategic relationships. proper guidance. The matrix of Board members’ participation and attendance record at meetings of the Board and the specialty Board committees during the financial year is provided below. by the Board. and that each Director with his special contribution brings to the Board an independent and objective perspective to enable balanced and well-considered decisions to be made. The composition of the Board is reviewed regularly to ensure that the Board has the appropriate size and mix of expertise and experience. market trends and business developments. including expertise in funds management. The financial indicators. The Manager believes that Board performance and that of individual Board members would perhaps be better reflected in.

The Manager has implemented quarterly financial reporting for CMT since inception. position and prospects. A significant proportion of executive directors’ remuneration should be structured so as to link rewards to corporate and individual performance.A. The Secretary attends Board meetings and committee meetings to take minutes. Chandra Das 6 N. Simon Ho Chee Hwee1 Lim Beng Chee 1 2 69 Simon Ho was appointed as a Director of the Board and Chief Executive Officer of the Manager with effect from 25 November 2009. Where necessary.A. N. Lim Tse Ghow Olivier 5 1 2 6 N. position and prospects. at the Manager’s expense. . CapitaMall Trust Report to Unitholders 2009 Board procedures are followed and that the applicable laws and regulations are complied with. Kee Teck Koon 5 N. The Secretary assists the Directors in obtaining such advice.A. retain and motivate the directors needed to run the company successfully but companies should avoid paying more than is necessary for this purpose.Composition Board Members James Koh Cher Siang Audit Committee Executive Committee Corporate Disclosure Committee Chairman – Chairman Liew Mun Leong – Chairman Member Simon Ho Chee Hwee1 – – – James Glen Service Member – – David Wong Chin Huat Member – – S. No director should be involved in deciding his own remuneration. Level and Mix of Remuneration Principle 8: The level of remuneration should be appropriate to attract.A. Lim Beng Chee resigned as the Chief Executive Officer of the Manager with effect from 25 November 2009 but remains as a Director of the Board. to enable them to discharge their duties. Financial results and other price sensitive public announcements are presented in a balanced and understandable assessment of CMT’s performance.A. N. Lui Chong Chee 5 N. Chandra Das – – – Kee Teck Koon – – – Member Member Member Lim Beng Chee2 – Member – Lui Chong Chee – – – Lim Tse Ghow Olivier Meeting Attendance Board Members James Koh Cher Siang Liew Mun Leong Board Audit Committee Number of Meetings Held: 6 Number of Meetings Held: 4 6 4 4 N. the Manager will.A. The Manager also provides the Directors with management accounts on a monthly basis to enable Directors to keep abreast of CMT’s financial performance. James Glen Service 5 3 David Wong Chin Huat 6 4 S. Under the direction of the Chairman. provide them with independent professional advice. the Secretary’s responsibilities include ensuring good information flows within the Board and its committees and between senior management and Non-Executive Directors as well as facilitating orientation and assisting with professional development as required.A. upon the request of Directors (whether as a group or individually). (B) Remuneration Matters Procedures for Developing Remuneration Policies Principle 7: There should be a formal and transparent procedure for developing policy on executive remuneration and for fixing the remuneration packages of individual directors. The appointment and removal of the Secretary is a Board reserved matter.

.600 – 5 – Inclusive of attendance fees of (a) S$2. operational and compliance controls and risk management policies and systems) through reviewing internal and external 70 FY2009 Director’s Fees1 audit reports to ensure that where deficiencies in internal controls have been identified. the framework of remuneration. (C) Accountability and Audit Audit Committee Principle 11: The Board should establish an Audit Committee with written terms of reference which clearly set out its authority and duties. terms of engagement. Non-Executive Directors have no service contracts with the Manager. an additional fee for serving on any of the committees and an attendance fee for participation in meetings of the Board and any of the committees. The Manager is of the view that the Audit Committee members have the relevant expertise to discharge the functions of an Audit Committee. They receive a basic fee. Directors’ Remuneration for FY2009 Board Members James Koh Cher Siang Liew Mun Leong Simon Ho Chee Hwee2 CapitaMall Trust Report to Unitholders 2009 FY2008 Director’s Fees1 S$131. and compliance with the provisions of the Property Funds Appendix in Appendix 2 of the CIS Code (the Property Funds Appendix) relating to transactions between CMT and an ‘interested party’. in relation to its management of CMT: • Monitoring and evaluating the effectiveness of the Manager’s internal control process (including financial.000 S$69.000 (local director) and S$5. • Monitoring the procedures established to regulate Interested Person Transactions (as defined below). Chandra Das S$48. The Chairman and members of the Audit Committee receive additional fees to take into account the nature of their responsibilities and the greater frequency of meetings. The Audit Committee has a set of terms of reference defining its scope of authority which includes.000 – S$5. The Chief Executive Officer and representatives of CMA on the Board of the Manager do not receive directors’ fees. In determining the quantum of such fees. factors such as frequency of meetings. including ensuring compliance with Chapter 9 of the Listing Manual on interested person transactions. and not by CMT.000 S. Director’s fees are payable to CapitaLand Limited from 25 November 2009. project meetings and verification meetings. It is hence not necessary for the Manager to have a remuneration committee. (b) S$1. the date CapitaMalls Asia Limited ceased to be a wholly-owned subsidiary of CapitaLand Limited.7005 – – – James Glen Service S$84. Simon Ho was appointed as a Director of the Board and Chief Executive Officer of the Manager with effect from 25 November 2009.Corporate Governance Disclosure on Remuneration Principle 9: Each company should provide clear disclosure of its remuneration policy. appropriate and prompt remedial action is taken by management.0003 – S$6.400 S$92. level and mix of remuneration. which include the Chief Executive Officer of the Manager and members of its senior management team. Since CMT does not bear the remuneration of the Manager’s Board and staff. CapitaMalls Asia Limited (CMA). • Reviewing the quality and reliability of information prepared for inclusion in the financial reports and approving the financial statements and the audit report before recommending to the Board for approval.700 David Wong Chin Huat S$72. and performance. Kee Teck Koon retired from CapitaLand Limited on 1 August 2009 and is entitled to Director’s fees for the period of 1 August 2009 to 31 December 2009. the majority of whom (including the Chairman of the Audit Committee) are independent. compensation and benefits for senior executives of CMA and its subsidiaries. The remuneration of Directors and staff of the Manager is paid by the Manager. the Manager does not consider it necessary to include a report on remuneration of its Directors (other than as set out below) and its key executives. and (c) S$1.000 S$46. transactions between CMT and an ‘interested person’.7005 – Lim Tse Ghow Olivier Lim Beng Chee 4 Lui Chong Chee 1 2 3 4 5 – S$3. The Manager adopts the remuneration policies and practices of its holding company. and the procedure for setting remuneration in the company’s annual report.000 Kee Teck Koon3 S$17. Lim Beng Chee resigned as the Chief Executive Officer of the Manager with effect from 25 November 2009 but remains as a Director of the Board.000 per meeting attendance at project and verification meetings subject to a maximum of S$10. • Reviewing the adequacy and effectiveness of the internal audit function. It should provide disclosure in relation to its remunerative policies to enable investors to understand the link between remuneration paid to directors and key executives. The Audit Committee is established by the Board from among the Directors of the Manager and comprises four members. which has a remuneration committee that determines and recommends to the CMA board of directors. The remuneration of Directors for FY2009 is shown in the table below.000 per Director per annum. Directors’ fees are subject to the approval of the Manager’s shareholder.700 per meeting attendance via tele-conference or video conference. time spent and responsibilities of directors are taken into account.000 (foreign director) per meeting attendance in person. all non-executive.

in a timely manner. CLIA subscribes to. A majority of the CLIA staff are members of the Singapore branch of the Institute of Internal Auditors. • Monitoring the procedures in place to ensure compliance with applicable legislation. maintained its independence from the activities that it audits. the Board’s policy is to inform Unitholders. taking into account recommendations from CMT’s external auditors and internal auditors. Internal Audit Principle 13: The company should establish an internal audit function that is independent of the activities it audits. The Audit Committee reviews the internal audit reports and activities on an on-going basis. . (D) Communication with Unitholders Principle 14: Companies should engage in regular. Principle 15: Companies should encourage greater shareholder participation at AGMs. CLIA is headed by a senior manager. have a material effect on the price of the entity’s securities. The Audit Committee has also conducted a review of all non-audit services provided by the external auditors during the financial year and is satisfied that the nature and extent of such services will not prejudice the independence and objectivity of the external auditors. and risk management. Based on the review and discussions with management and the external auditors.000. During the year. • Reviewing the scope and results of the audit and its cost effectiveness. have unrestricted access to the Audit Committee. the Audit Committee is of the view that the financial statements are fairly presented. or might be expected to. The Audit Committee also reviews and approves the annual internal audit plan with respect to CMT. The Audit Committe reviews. CLIA identifies and provides training and development opportunities to its staff. Audit Committee meetings are generally held after the end of every quarter of every financial year. and the independence and objectivity of the external auditors and non-audit services provided by the external auditors and confirming that they would not. Inc.• Reviewing the appointment and re-appointment of auditors (including remuneration and terms of engagement) before recommending them to the Board for recommendation to Unitholders at each annual general meeting and reviewing the adequacy of existing audits in respect of cost. The Audit Committee has full access to and co-operation of the management and the internal auditors and has full discretion to invite any executive director or officer to attend its meetings. and with the internal auditors. (IIA). The Audit Committee is authorised to investigate any matters within its terms of reference. of all major developments that impact CMT. which has its headquarters in the United States. The Board is satisfied that the Manager’s internal controls are adequate. scope and performance. who reports directly to the Audit Committee on audit matters and to the Chief Executive Officer of the Manager on administrative matters. The internal auditors and CMT’s external auditors. effective. and is guided by. including financial. The Audit Committee meets CMT’s external auditors. In order that their technical knowledge remains current and relevant. CMT believes that it should engage in regular. the Audit Committee discussed with management and external auditors the accounting principles that were applied. Four Audit Committee meetings were held during the year. unbiased and transparent communication with Unitholders. effective and fair communication with shareholders. at least once a year. a continuous disclosure process was in place to ensure that compliance with such obligations was constantly adhered to. the Listing Manual and the Property Funds Appendix. and conform to generally accepted accounting principles in all material aspects. Material non-compliance and internal control weaknesses noted during the audit are reported to the Audit Committee. at least annually. impair the independence of the auditors. and allow shareholders the opportunity to communicate their views on various matters affecting the company. The standards set by the IIA cover requirements in respect of the following: • Independence • Professional proficiency • Scope of work • Performance of audit work • Management of the Internal Audit Department To ensure that the internal audits are performed by competent professionals. to the best of its ability. the effectiveness of the Manager’s material internal controls. Internal Controls Principle 12: The Board should ensure that Management maintains a sound system of internal controls to safeguard the shareholders’ investments and the company’s assets. In line with CMT’s disclosure obligations. The Audit Committee is of the view that the internal audit department is adequately resourced to perform its functions and have. The non-audit fee paid 71 CapitaMall Trust Report to Unitholders 2009 and payable to the external auditors for FY2009 amount to S$164. The Listing Manual requires that a listed entity disclose to the market matters that could. operational and compliance controls. CLIA recruits and employs suitably qualified staff. The Manager communicates information on CMT to Unitholders and the investing community through announcements that are released to the SGXST via SGXNET. Reasonable resources have been made available to the Audit Committee to enable it to discharge its duties. The internal audit function provided by CLIA has incorporated the auditing standards developed by the IIA into its audit practices and meets with the standards set by the IIA. The Manager has in place an internal audit function supported by CapitaLand’s Internal Audit Department (CLIA) in relation to CMT since inception. In its review of the audited financial statements for FY2009. the Standards for the Professional Practice of Internal Auditing developed by the IIA and has incorporated these standards into its audit practices. in the Audit Committee’s opinion. without the presence of management.

time permitting. During the year under review. Standard and Poor’s (S&P) BMI Global index. In addition. It is also included in other key indices such as the FTSE4Good Global Index. FTSE/ ASEAN Index. annual general meetings (AGMs) and extraordinary general meetings (EGMs). GPR 250 Index. are also announced on SGXNET and advertised in the newspapers. the United Kingdom. GPR General Far East ex-Japan Index. the Manager would have to demonstrate to the Audit Committee that the transactions are undertaken on normal commercial terms which may include obtaining (where practicable) quotations from parties unrelated to the Manager. GPR General Quoted ex-US Index. CMT also participates in various local and overseas conferences as part of its efforts to build interest in the Singapore REIT market. various European countries and Australia. GPR 250 REIT Asia Pacific ex-Japan Index.capitamall. During the “LIVE” webcasts of media and analysts’ briefings. Morgan Stanley Capital International (MSCI) Singapore Standard. press releases. GPR 250 REIT Singapore Index. presentations and publications). S&P Global Property and S&P Global REIT index – all of which are widely tracked and referred to by international fund managers as performance benchmarks in the selection and monitoring of investments. FTSE ST REIT. Members of the Board. 72 CapitaMall Trust Report to Unitholders 2009 GPR General Quoted Far East ex-Japan Index. GPR General ex-US Index. GPR 250 REIT ex-US Index. the Manager met with institutional investors from Singapore. the Manager has established internal control procedures to ensure that all future transactions involving the Trustee and a related party of the Manager (Interested Person Transactions) are undertaken on an arm’s length basis and on normal commercial terms. each Unitholder is sent a copy of a circular to Unitholders which contains details of the matters to be proposed for Unitholders’ consideration and approval. The Manager will then separately address the queries not addressed during the webcast. GPR 250 Asia Pacific ex-Japan Index. Japan. GPR 250 REIT South-Eastern Asia Index. These meetings and roadshows with investors enabled the Manager to update potential and current Unitholders on CMT’s significant developments and its medium to long term strategies. and the reasons and material implications are explained. (E) Additional Information Dealings With Interested Person Review Procedures for Interested Person Transactions In general. the primary Singapore equity market barometer. GPR 250 ex-US Index. announcements and other corporate information. FTSE ST Real Estate Index. GPR General Quoted Index. viewers are also given the opportunity to send in their queries online. property descriptions. Global Property Research (GPR) General Index. the Manager considers meetings with local and foreign fund managers an integral part of investor relations. or obtaining valuations from independent valuers (in accordance with the Property Funds Appendix). In respect of such transactions. CMT is the only Singapore REIT included in the Straits Times Index (STI). the United States. • Annual Reports. FTSE STI. . Notices for the general meetings of Unitholders setting out all items of business to be transacted at the general meeting. GPR General Singapore Index. • CMT’s website at www. GPR 250 REIT Asia Pacific Index. FTSE Straits Times All Share Index. GPR 250 Singapore Index. Hong Kong. As and when an EGM of the Unitholders is to be held. GPR 250 South-Eastern Asia Index. GPR 250 REIT Index. GPR General Far East Index. With majority of Units held by institutional investors. MSCI World Standard Index. CMT’s unit price information (20 minutes lag-time) is also made available on the website. Also available on the website is an archive of CMT’s announcements. GPR General Quoted Far East Index. GPR 250 Asia Pacific Index. press releases. which are generally no more favourable than those extended to unrelated third parties. GPR 250 Asia Index. investor luncheons. and other developments relating to the CMT requiring disclosure under the corporate disclosure policy of the SGX-ST. All Unitholders are sent a copy of the CMT Annual Report prior to the AGM. Communication channels with Unitholders are also made accessible via: • Media and analysts’ briefings (with ‘LIVE’ webcast available for viewing on CMT’s website). material transactions. GPR 250 Asia ex-Japan Index. Unitholders and potential stakeholders have 24-hour access to CMT’s website for information on CMT’s major developments. • Notices of. through relevant seminars and conferences. The Manager will continue to pursue opportunities to educate and keep retail investors informed of the latest developments in the Singapore REIT industry. the public can pose questions via a dedicated ‘Ask Us’ email address. GPR 250 REIT Asia ex-Japan Index. Resolutions put to the general meeting are separate unless they are interdependent and linked. and have their queries addressed accordingly. The latest information is posted on the website as soon as it is released on the SGX-ST and the media.Corporate Governance Such announcements include the quarterly and full-year results. the Manager’s senior management and the external auditors of CMT are in attendance at such general meetings. annual reports and operational details. FTSE ST Financials Index. GPR 250 REIT Asia Index. FTSE European Public Real Estate Association (EPRA) /NAREIT Global Real Estate Index. and explanatory memoranda for. • Press releases on major developments of CMT.com (An email alerts option is available to subscribers who wish to be notified of newly posted announcements. and Unitholders are given the opportunity to air their views and ask questions regarding the matters to be tabled at the general meetings. local/overseas roadshows and conferences. The queries received are usually responded by the Manager during the Webcast’s question and answer segment. GPR General Quoted Singapore Index. • One-on-one/group meetings or conference calls. A Unitholder is allowed to appoint one or two proxies to attend and vote at the general meetings in his/her stead.

will be subject to review and approval by the Audit Committee. such transactions would have to be approved by the Unitholders of CMT at a meeting of Unitholders.0% of CMT’s net tangible assets. but below 3. by the Trustee for and on behalf of CMT with an interested person of the Manager. If the Trustee is to sign any contract with a related party of the Manager. the Trustee will review the contract to ensure that it complies with applicable requirements relating to interested party transactions in the Property Funds Appendix (as may be amended from time to time) and the provisions of the Listing Manual relating to interested person transactions (as may be amended from time to time) as well as other guidelines as may from time to time be prescribed by the MAS and the SGX-ST or other relevant authority to apply to REITs. • All executive officers of the Manager will be employed by the Manager. with third parties which are unrelated to the Manager. the Manager shall be obliged to consult with a reputable law firm (acceptable to the Trustee) which shall provide legal advice on the matter. • All resolutions at meetings of the Board of Directors of the Manager in relation to matters concerning CMT must be decided by a majority vote of the Directors. the following procedures are generally followed: • Transactions (either individually or as part of a series or if aggregated with other transactions involving the same interested person during the same financial year) equal to or exceeding S$100. he is to abstain from participating in the review and approval process in relation to that transaction. The Audit Committee reviews the internal audit reports to ascertain that the guidelines and procedures established to monitor Interested Person Transactions have been complied with. on behalf of CMT. The Manager then incorporates into its internal audit plan a review of all Interested Person Transactions entered into by CMT. Further. the Manager shall inform the Trustee as soon as it becomes aware of any breach of any agreement entered into by the Trustee for and on behalf of CMT with an affiliate of the Manager. or to be entered into. • Transactions (either individually or as part of a series or if aggregated with other transactions involving the same interested person during the same financial year) equal to or exceeding 5. • Audit Committee’s approval shall only be given if the transactions are on arm’s length commercial terms and consistent with similar types of transactions undertaken by the Trustee. If the said law firm is of the opinion that the Trustee. and in accordance with the applicable requirements of the Property Funds Appendix and/or the Listing Manual 73 CapitaMall Trust Report to Unitholders 2009 relating to the transaction in question. under the Listing Manual and the Property Funds Appendix. The review includes the examination of the nature of the transaction and its supporting documents or such other data deemed necessary by the Audit Committee.0% of CMT’s net tangible assets. The Manager’s internal control procedures are intended to ensure that Interested Person Transactions are conducted at arm’s length and on normal commercial terms and are not prejudicial to Unitholders’ interests. on which they are entered into). The Directors of the Manager will have a duty to ensure that the Manager complies with the aforesaid. executive officers and employees) may encounter in managing CMT: • The Manager will be a dedicated manager to CMT and will not manage any other REIT or be involved in any other real property business. will be subject to the review and approval of the Audit Committee. any nominees appointed by CL and/or its subsidiaries to the Board will abstain from voting. including the obtaining of valuations from professional valuers. but below 5.0% of CMT’s net tangible assets will be reviewed and approved by the Audit Committee which may as it deems fit request advice on the transaction from independent sources or advisors.0%. Role of the Audit Committee for Interested Person Transactions All Interested Person Transactions are subject to regular periodic reviews by the Audit Committee. The Manager maintains a register to record all Interested Person Transactions which are entered into by CMT (and the basis. direct or indirect. Dealings with Conflicts of Interest The following procedures have been established to deal with potential conflicts of interest which the Manager (including its Directors. the Trustee is required to ensure that such transactions are conducted on normal commercial terms. the Trustee has the ultimate discretion under the Trust Deed to decide whether or not to enter into a transaction involving an interested person of the Manager. the Trustee will also review such audit reports to ascertain that the Property Funds Appendix have been complied with.000 each in value) entered into by CMT during the financial year are disclosed on page 170 of this Report. • If the Manager is required to decide whether or not to take any action against any person in relation to any breach of any agreement entered into by the Trustee for and on behalf of CMT with an affiliate of the Manager. Further.In addition. Notwithstanding the foregoing.000 in value. including at least one Independent Director. and the Trustee may take such action . In addition. • In respect of matters in which CL and/or its subsidiaries have an interest. The Audit Committee periodically reviews Interested Person Transactions to ensure compliance with the internal control procedures and the relevant provisions of the Listing Manual and the Property Funds Appendix. Where matters concerning CMT relate to transactions entered into. the Manager is obliged to pursue the appropriate remedies under such agreements. and will not be prejudicial to the interest of CMT and the Unitholders. has a prima facie case against the party allegedly in breach under such agreements. If a member of the Audit Committee has an interest in a transaction. • Transactions (either individually or as part of a series or if aggregated with other transactions involving the same interested person during the same financial year) equal to or exceeding 3. Details of all Interested Person Transactions (equal to or exceeding S$100. including the quotations obtained to support such basis.

prima facie. the Board requires that each major proposal submitted to the Board for decision is accompanied by a comprehensive risk assessment and. having regard to the level of risk. their areas of responsibility. The Manager’s focus on risk management recognises that risk management is. Management is then required to ensure that appropriate controls are in place to effectively manage those risks. Each transaction is comprehensively analysed to understand the risk involved. In addition. The Directors of the Manager are under a fiduciary duty to CMT to act in its best interests in relation to decisions affecting CMT when they are voting as members of the Board. They are also made aware of the applicability of the insider trading laws at all times. Management meets regularly to review the operations of the Manager and CMT and discuss continuous disclosure issues. the Board considers the economic environment and the property industry risk. • The Board shall include at least two Independent Directors. Risk Assessment and Management of Business Risk Effective risk management is a fundamental part of CMT’s business strategy. The Board generally meets quarterly. the Manager has established procedures to be followed when making such decisions. The risk management framework supports this focus but provides a structured context for those personnel to undertake a half-yearly review of the past performance of. Dealings in Securities The Manager has voluntarily issued guidelines to its Directors and employees which prohibit them from dealing in CMT units while in possession of material unpublished price-sensitive information and during the period commencing from: (i) two weeks before the release of CMT’s quarterly results and (ii) one month before the release of CMT’s full-year results to the date of the release of the relevant results to the SGX-ST. The internal audit plan is developed in conjunction with the risk management programme and is focused on ensuring the operation of internal controls and assessing the effectiveness and efficiency of the control environment. the Trustee has been granted a right of first refusal by CMA over all retail income-producing properties located in Singapore with certain specified characteristics which may in the future be identified and targeted for acquisition by CMA or any of its subsidiaries. and such risks and controls are monitored by the Board on a regular basis.Corporate Governance as it deems necessary to protect the rights of Unitholders and/or which is in the interests of Unitholders. Directors and employees have been directed to refrain from dealing in CMT units on short-term considerations. an issue for management. Any decision by the Manager not to take action against an affiliate of the Manager shall not constitute a waiver of the Trustee’s right to take such action as it deems fit against such affiliate. CMT operates within overall guidelines and specific parameters set by the Board. in respect of voting rights where the Manager would face a conflict between its own interest and that of the Unitholders. On an ongoing basis. In assessing business risk. the Manager shall cause such voting rights to be exercised according to the discretion of the Trustee. Responsibility for managing risk lies initially with the business unit concerned. The Board also reviews the risks to the assets of CMT and acts upon any comments by the auditors of CMT. The Manager has determined that significant risk for CMT will most likely arise when making property investment decisions. dishonest practices or other similar matters relating to CMT and the Manager. and to 74 CapitaMall Trust Report to Unitholders 2009 profile the current and future risks facing. and to the extent possible. with the confidence that employees making such reports will be treated fairly. In addition. management’s proposed mitigation strategies. and for the independent investigation of any reports by employees and appropriate follow up action. be protected from reprisal. The Board and its Executive Committee review and approve all investment decisions. . and include specific focus on the identification of key business and financial risks which could prevent CMT from achieving its objectives. working within the overall strategy outlinedby the Board. or more often if necessary to review the financial performance of the Manager and CMT against a previously approved budget. This risk information is consolidated and used as key input into the corporate strategy sessions attended by management and the Property Manager. Under these guidelines. the whistle blowing policy is covered during staff training to promote fraud awareness. corruption. Recognising and managing risk is central to the business and to protecting Unitholders’ interests and value. the Board requires comprehensive due diligence to be carried out in relation to the proposed investment and a suitable determination is made as to whether the anticipated return on investment is appropriate. where required. Whistle-blowing The Audit Committee has put in place procedures to provide employees of the Manager with well defined and accessible channels to report on suspected fraud. Accordingly. In accordance with this policy. Under the Trust Deed. Additionally. the Directors and executive officers of the Manager are expected to act with integrity and honesty at all times. Such sessions are held regularly to review CMT’s strategic direction in detail. The aim of the whistle-blowing policy is to encourage the reporting of such matters in good faith.

S-REITs successfully raised an estimated S$4. The MAS also clarified that refinancing of existing debts by a REIT is not to be construed as additional borrowings. In the first few months of 2009.5 58. Many S-REITs have also reduced their capital expenditure plans and development pipelines. . stamp duty and goods and services tax concessions till 31 March 2015. Changes in Regulations To allay market concerns over write-downs in asset values.2% in Singapore in 2009. subject to certain conditions being met.3) (49.0 9.7 (2. This drove several S-REITs to seek refinancing through equity fund raising exercises. the average dividend yield of S-REITs has compressed to 6. with effect from 1 January 2010.2 Japan 13.1 Hong Kong 2.7* Source: Standard & Poor’s Index Services * Data through 18 September 2009. when governments around the world pumped fresh liquidity into the banking system and interest rates around the world fell to multi-year lows.8% from its June 2007 peak to its March 2009 trough before recovering by 120.4% off from its peak in 2007.0% for non-resident non-individual investors. This was approximately 380 basis points above the Singapore government 10-year bond yield of 2.2 29. AGMs will provide a regular opportunity for REIT managers to engage their unitholders. with CMT leading the way forward. more REIT listings are expected.8 (14. As equity market conditions continue to improve.7% to S$29. This included the renewal of income tax. The benefits include a concessionary income tax rate of 10. and stamp duty remission on transferring a Singapore immovable property to a REIT. without affecting the tax transparency treatment granted to the S-REIT.1% in Japan to 82. rather than cash. This is intended to enhance corporate governance by providing an important channel for communication between REIT managers and unitholders.5% as at 31 December 2009 from 12. mainly through rights issue exercises in 2009. the index was still 44.8 10.6 billion in 2009 from S$12. In 2009. as at 31 December 2009.3 Malaysia N.8) 30. Market sentiment began to stabilise in March 2009.9) 67. The MAS has also introduced a requirement for S-REITs to hold annual general meetings (AGMs) once every calendar year. a limited availability of debt financing and unit price corrections have 75 CapitaMall Trust Report to Unitholders 2009 forced S-REITs to restrict their previous aggressive asset acquisition programmes and focus on survival and tenant retention in a difficult market.4 (28. Due to massive recapitalisation activities.8 billion from the equity market. the Monetary Authority of Singapore (MAS) announced in January 2009 that S-REITs would not be considered to have breached leverage limits should their aggregate leverage rise due to a decline in property values.A 17.4 billion in the previous year.8 (56.0% as at 31 December 2008. with the FTSE REIT Index declining by 74.8% as at 31 December 2009.1) 82. This concession applies only to distributions made during the period from 1 July 2009 to 31 December 2010. In February 2010. The closure of the commercial mortgage backed securities market and reluctance of banks to extend financing exacerbated the situation further.Singapore REIT Sector Asian REITs’ Annual Total Returns (%) REITs 2005 2006 2007 2008 2009 Singapore 22. The Income Tax Act was amended in 2009 to allow distributions by a S-REIT to be made in the form of units of the S-REIT. With a rebound in unit prices. However.A N. Some initial public offerings that had been delayed may come to market as S-REIT valuations continue to be attractive.0) 6. In a comparison of annual total returns of Asian REITs. S-REITs Not Spared from Economic Crisis The Singapore real estate investment trust (S-REIT) sector was not spared by the economic crisis in 2009. An easing of the credit environment coupled with recapitalised balance sheets and compressing dividend yields are expected to revive acquisitions and project development in the S-REIT sector in 2010. S-REITs were caught in a vicious cycle of expectations of asset value declines that led to refinancing difficulties. the government announced positive Budget measures for the S-REIT sector. gains in the REIT markets ranged from 6. Better Year Ahead Credit spreads are expected to decline further as the economy continues to recover. the total market capitalisation of S-REITs surged by 137.0 2.7% as at 31 December 2009.

some of the conferences that we took part in included the Citigroup Asean Corporate Day (Singapore). Nomura Global Real Estate Forum (Tokyo). CMT was the first S-REIT to announce plans for a rights issue to refinance its debts and reduce CMT’s gearing. United States. corporate days and post-results investor luncheons. Retail investors also had the opportunity to learn more about CMT at an Investors Open Day event that we organised in August. Investor Relations Activities CMT’s management team meets existing and potential investors frequently at one-on-one or group meetings.Investor & Media Relations Awards and Accolades 2009 Gold. We believe that communications with investors and the media should be consistent. we communicated the rationale and merits for the rights issue with investors and met them on local and overseas roadshows. Mall tours are occasionally conducted for analysts and investors who are keen to visit CMT’s properties to better understand the performance of the various malls and the asset enhancement initiatives which were completed. The rights issue was eventually over-subscribed by 1. timely and transparent information to Unitholders and the general public. demonstrating investors’ confidence in CMT.90% of the units in issue while retail investors constitute the remaining 11. We also reached out to retail investors by participating in SIAS’ Asian Investment Conference. Best Annual Report – REITs & Business Trusts Singapore Corporate Awards 2009 Runner Up. property portfolio details and investor presentations are updated regularly on the website for investors and the general public. Japan. the results announcements are made within 30 days from the end of each quarter. The CapitaLand Group owns a combined interest of about 29. . various European countries and Australia. We host combined analyst and media results briefings every six months to provide an update on CMT’s half-year and full-year financial and operational performance. responsive and credible at all times. In recognition of its corporate transparency efforts. This Gold award recognises the most outstanding annual report based on criteria such as transparency. At the Singapore Corporate Awards 2009. fundamental investor relations (IR) and media communication practices are even more important than ever. During times of uncertainty in the global financial markets. Approximately 14. Head of Finance. CMT took the runner-up award for ‘Most Transparent Company’ (REITs category) at the Securities Investors Association Singapore (SIAS) Investors’ Choice Awards in 2009. we met or held conference calls with about 290 institutional investors based in Singapore. United Kingdom.78% of the units were held by institutional investors. The briefings are webcast ‘live’ and viewers of the webcasts can send in questions online to be addressed by CMT’s management team on the spot. On 2 March 2009. Successful Rights Issue At the beginning of 2009. we held an extraordinary general meeting (EGM) to seek Unitholders’ approval for the proposed rights issue.000 registered Unitholders owned CMT units as at 31 December 2009 and about 58. receiving CMT’s Gold Award at the Singapore Corporate Awards 2009 76 CapitaMall Trust Report to Unitholders 2009 Effective communication with the financial community and media is an indispensable part of any corporate strategy. Hong Kong. Most Transparent Company Award (REITs Category) Securities Investors Association Singapore (SIAS) Investors’ Choice Awards 2009 Certificate of Excellence Investor Relations (IR) Magazine Awards 2009 (South East Asia) Ms Tan Lei Keng. To allay Unitholders’ concerns over the exercise. CLSA Investors’ Forum (Hong Kong) and Asian Convertible Bonds Conference (Singapore). CMT also clinched a Certificate of Excellence at the IR Magazine Awards 2009 (South East Asia). which aimed to educate investors on financial and investment markets. 19 local and foreign brokerage firms have research coverage on CMT. The resolution was unanimously passed by Unitholders. General information on CMT including annual reports. adequacy of disclosure and presentation of information.32%. In 2009.16 times. Currently. local and overseas conferences. CMT won the prestigious Gold award for ‘Best Annual Report – REITs & Business Trusts’. During the year. In accordance with our commitment to deliver accurate.

please contact: Post-Full Year 2008 Results Investors’ Lunch hosted by UBS 9 February Media & Analysts’ Briefing on Rights Issue 10 to 20 February DBS and JP Morgan Rights Issue Roadshow (Hong Kong.com Post-Half-Year 2009 Results Investors’ Lunch hosted by UBS Second Quarter Distribution to Unitholders The Manager Ms Jeanette Pang Investor Relations The Central Depository (Pte) Limited 4 Shenton Way #02-01 SGX Centre 2 Singapore 068807 Tel: (65) 6535 7511 Fax: (65) 6535 0775 Email: cdp@sgx. Ltd.com.com Website: www.cdp.com For depository-related matters such as change of details pertaining to Unitholders’ investment records.com Website: www.boardroomlimited. please contact: Post-3Q 2009 Results Investors’ Lunch hosted by Macquarie Third Quarter Results Announcement Mr Lim Seng Jin Corporate Communications Tel: (65) 6536 1188 Fax: (65) 6536 3884 Email: ask-us@capitamall.capitamall.Investor Relations & Media Activities 2009 UNITHOLDERS ENQUIRIES Dates Activities 22 January Media & Analysts’ Results Briefing cum ‘LIVE’ Webcast for Full Year 2008 Results If you have any enquiries or would like to find out more about CMT. Europe and United States) 17 April Post-1Q 2009 Results Investors’ Lunch hosted by Daiwa 11 May CIMB-GK Non-deal Kuala Lumpur Roadshow 16 & 17 June JP Morgan Non-deal Debt Hong Kong Roadshow 18 & 19 July SIAS Asian Investment Conference (Singapore) 24 July Media & Analysts’ Results Briefing cum ‘LIVE’ Webcast for Half-Year 2009 Results 28 July Post-Half-Year 2009 Results Presentation for High Net Worth Individuals (Singapore) 13 August Citigroup Asean Corporate Day (Singapore) 22 August CMT Investors Open Day for Retail Investors (Singapore) 3 & 4 September Nomura Global Real Estate Forum (Tokyo) 22 to 24 September CLSA Investors’ Forum (Hong Kong) 30 September Asian Convertible Bonds Conference (Singapore) 22 October Breakfast Meeting with Analysts for 3Q 2009 Results Financial Calendar 2009 2010 (Tentative) First Quarter Results Announcement 17 April 2009 April 2010 First Quarter Distribution to Unitholders 28 May 2009 May 2010 Second Quarter Results Announcement 24 July 2009 July 2010 28 August 2009 August 2010 22 October 2009 October 2010 26 November 2009 November 2010 Full Year Results Announcement 22 January 2010 January 2011 Final Distribution to Unitholders 26 February 2010 February 2011 Third Quarter Distribution to Unitholders 77 CapitaMall Trust Report to Unitholders 2009 The Unitholder Registrar Boardroom Corporate & Advisory Services Pte. 50 Raffles Place #32-01 Singapore Land Tower Singapore 048623 Tel: (65) 6536 5355 Fax: (65) 6536 1360 Website: www.sg .

43 1. Market concerns over a share overhang due to a proposed underwritten renounceable 9-for-10 rights issue (Rights Issue) kept Trading Data by Year Unit Price (S$) 2003 2004 2005 2006 2007 2008 2009 Highest 1. CMT’s stock liquidity almost doubled. Following the completion of the rights issue.66 2.5% higher on emerging signs of a recovery in the local and global economies.40 3.87 Lowest 1.60 1. CMT’s unit price under pressure during the first quarter of 2009. CapitaMall Trust Report to Unitholders 2009 Closing Unit Price (S$) .80 on 31 December 2009.25 2.58 1.50 200 1.80 261.63 1. as global equities gained back much of their losses from 2008.33 1.50 Last Done 1.24 2.15 for the rest of the year.43 1.7 549.25 1.00 1. The exercise which was announced in early February 2009.36 1.72 1.58 2.98 Average Closing 1.40 1.64 2. CMT’s unit price traded above its theoretical ex-rights price1 of S$1. was subsequently approved by Unitholders during an extraordinary general meeting in March.00 100 0.17 1.4 billion units in 2008 to 2.76 2.4 307.59 on 31 December 2008.76 1.38 0.80 Jan 2009 Feb 2009 Mar 2009 Apr 2009 May 2009 Jun 2009 Jul 2009 Aug 2009 Sep 2009 Oct 2009 Nov 2009 Dec 2009 1. This was 13.73 2.43 1. CMT’s unit price strengthened to close at S$1.76 2.93 4.8 Trading Volume (million units) CMT Monthly Trading Performance in 2009 400 2. The Singapore stock market ended the year 64.60 1.78 1.32 3.6 billion units in 2009.32 1.75 1.85 1.0% jump in trading volume from 1. By December 2009. registering a 85.59 1.5 353.6 2.6 1.111.Unit Price Performance Financial markets worldwide started 2009 on a sombre note as the global recession deepened.50 0 0 Trading Volume 147 (million units) 140 377 269 291 234 208 169 185 262 160 112 1.00 300 1.46 1. 78 Computation of theoretical ex-rights price is based on the closing unit price of CMT on 6 February 2009.6 1.554.01 2.380.2% higher than the closing unit price of S$1.91 3.

49 102.63 2651.20 436. 79 CapitaMall Trust Report to Unitholders 2009 Apr 2009 May 2009 Jun 2009 Jul 2009 Aug 2009 Sep 2009 Oct 2009 Nov 2009 Dec 2009 .14 132.93 141.69 343.67 155.50 344.49 677.28 570.42 154.58 99.31 320.35 171.12 155.75 Oct 2009 1.23 84.43 99.47 99.63 102.52 372.14 Feb 2009 1.03 88.13 90.40 FTSE ST REIT Closing index value at month-end Percentage change % 100.19 575.94 1594.72 100.20 150.45 520.08 132.04 91.99 Apr 2009 1.01 385.00 1761.56 100.80 113.10 168.35 2672.48 162.61 Nov 2009 1.54 Aug 2009 1.90 119.53 Jan 2009 1.62 May 2009 1.23 617.05 1920. FTSE ST RE refers to FTSE ST Real Estate Index.62 164.33 Jun 2009 1.60 100.60 152.52 2592.02 1699.32 83.79 Percentage change % Jul 2009 1.59 100.78 156.65 2329.72 108.28 109.87 Mar 2009 1.37 2659.57 151.01 96.96 576.60 100.85 116.90 147.98 88.31 103.36 92.97 508.50 627.00 371.59 139.00 364.05 2333.03 182.10 636.35 Comparative Price Trends (% change in unit price/index value) 175 150 125 100 75 50 Dec 2008 Jan 2009 Feb 2009 Mar 2009 CMT STI FTSE ST RE FTSE ST REIT Source: Bloomberg STI refers to Straits Times Index.67 169.54 313.87 140.70 564. FTSE ST REIT refers to FTSE ST Real Estate Investment Trust Index.00 340.72 604.71 362.50 Dec 2009 1.21 505.18 2732.37 83.13 150.25 78.78 120.01 94.30 138.77 154.45 Sep 2009 1.63 1746.56 437.21 2897.43 89.22 525.Comparative Price Trends CMT STI FTSE ST RE Closing unit price at month-end (S$) Percentage change % Closing index value at month-end Percentage change % Closing index value at month-end Dec 2008 1.79 556.

80 as at 31 December 2009. taking into account the effects of the Rights Issue.7 1. 5 Average 12-month S$ fixed deposit savings rate as at 31 December 2009.5 2.85 cents and the unit closing price of S$1. .99 per unit on 17 July 2002.2 STI 64. 2 Singapore Government 10-year bond yield as at 31 December 2009.4 CMT’s Total Returns1 % 2 Since listing on 17 July 2002 to 31 December 2009 From 31 December 2008 to 31 December 2009 1 2 S&P6 BMI Global index S&P6 Global Property S&P6 Global REIT index ST Index 1 2 3 4 5 6 European Public Real Estate Association National Association of Real Estate Investment Trusts Real Estate Investment Trust Global Property Research Morgan Stanley Capital International Standard & Poor’s 80 CapitaMall Trust Report to Unitholders 2009 53.Unit Price Performance CONSTITUENT OF KEY INDICES FTSE4Good Global Index FTSE/ASEAN Index FTSE EPRA1/NAREIT2 Global Real Estate Index FTSE Straits Times (ST) Index FTSE ST All Share Index FTSE ST Financials Index FTSE ST Real Estate Index FTSE ST REIT3 GPR4 General Index GPR4 General ex-US Index GPR4 General Far East Index GPR4 General Far East ex-Japan Index GPR4 General Singapore Index GPR4 General Quoted Index GPR4 General Quoted ex-US Index GPR4 General Quoted Far East Index GPR4 General Quoted Far East ex-Japan Index GPR4 General Quoted Singapore Index GPR4 250 Index GPR4 250 ex-US Index GPR4 250 Asia Index GPR4 250 Asia ex-Japan Index GPR4 250 Asia Pacific Index GPR4 250 Asia Pacific ex-Japan Index GPR4 250 South-Eastern Asia Index GPR4 250 Singapore Index Changes in CMT’s Unit Price and Index Values (from 31 December 2008 to 31 December 2009) % CMT 13. CapitaMall Trust Management Limited and Central Provident Fund (CPF) Board. 7 Average 12-month gross dividend yield of Straits Times Real Estate Index as at 31 December 2009.2% Yield spread over 10-year Bond GPR4 250 REIT Index GPR4 250 REIT ex-US Index GPR4 250 REIT Asia Index GPR4 250 REIT Asia ex-Japan Index GPR4 250 REIT Asia Pacific Index GPR4 250 REIT Asia Pacific ex-Japan Index GPR4 250 REIT South-Eastern Asia Index GPR4 250 REIT Singapore Index MSCI5 Singapore Standard MSCI5 World Standard Index 150. 1 Based on FY2009 distribution per unit of 8. Based on CMT’s closing unit price on its first trading day of S$0.3 2.9 4.9 2.1 4.2 FTSE ST REIT 69. Comparative Yields (%) (as at 31 December 2009 ) Based on historical gross dividend yield of past 12 months Net Yield for: Individual: 4. 6 Average 12-month gross dividend yield of Straits Times Index stocks as at 31 December 2009.4% (10% tax) Corporate Local: 4. 3 Singapore Government 5-year bond yield as at 31 December 2009.1% (17% tax) 2.5 0.0 CMT 2009 Yield1 10-year Govt Bond Yield2 5-year Govt Bond Yield3 CPF Ordinary Account4 12-month Fixed (S$) Deposit5 STI Yield6 FTSTRE Yield7 Source: Bloomberg.5 FTSE ST RE 82.9% (0% tax) Corporate Overseas: 4. 4 Prevailing CPF-Ordinary Account savings rate.7 Sum of distribution yield and capital appreciation.

The portfolio includes Tampines Mall. Plaza Singapura. The Manager continues to strive to ensure that each mall in CMT’s portfolio optimises its financial performance.5 million Net Lettable Area 4. Property Portfolio Summary (as at 31 December 2009) Portfolio Property Valuation S$6. and JEC. The opening of additional Circle Line MRT stations in 2010 will benefit CMT’s malls such as Junction 8. strengthens its market position as the leading mall serving its respective target market.3041 Number of Leases 214. Bugis Junction. Hougang Plaza. Excludes Jurong Entertainment Centre (JEC) which has ceased operations in preparation for asset enhancement works.542. North South Line East West Line North East Line Circle Line (Under construction) CMT’s properties Sembawang Station Sembawang Shopping Centre Lot One Shoppers’ Mall Sengkang Station Rivervale Mall Hougang Station Hougang Plaza Choa Chu Kang Station Bukit Panjang Plaza Tampines Station Junction 8 Bishan Interchange Jurong East Interchange IMM Building Jurong Entertainment Centre The Atrium@Orchard Plaza Singapura Dhoby Ghaut Interchange Bugis Station City Hall Interchange Bugis Junction Raffles City Singapore Funan DigitaLife Mall 81 CapitaMall Trust Report to Unitholders 2009 Tampines Mall . Excludes Hougang Plaza and The Atrium@Orchard as shopper traffic figures are not available. This is achieved through a combination of active tenant remixing and asset enhancements. Plaza Singapura and Raffles City Singapore which are located near these MRT stations. IMM Building. stringent mall maintenance standards. These largely suburban properties are strategically located close to public transportation nodes such as Mass Rapid Transit (MRT)/Light Rail Transit (LRT) stations and bus interchanges with captive population catchments. Lot One Shoppers’ Mall. Bukit Panjang Plaza. Funan DigitaLife Mall. Jurong Entertainment Centre. 2.4 million2 Total Annual Shopper Traffic 1.920. as well as provides the ideal shopping experience for its shoppers.Portfolio at a Glance CMT’s portfolio of 14 quality properties are well-diversified in the suburban areas and downtown core of Singapore. Rivervale Mall and The Atrium@Orchard. Sembawang Shopping Centre. and unique mallcentric marketing and promotional activities. Raffles City Singapore (40.598 sq ft Portfolio Committed Occupany Rate 99. Junction 8.8% 2.00% interest).

0% 100.Portfolio Summary Tampines Mall Junction 8 Funan DigitaLife Mall Plaza Singapura Net Lettable Area (sq ft) (as at 31 December 2009) 327.3% Retail: 99.6 Committed Occupancy (as at 31 December 2009) 100.82 Market Valuation (S$ million) (as at 31 December 2009) 777. Harvey Norman.4 28.6% Total: 98. Ltd. Best Denki.7% Non-Retail: 97. Golden Village. Spotlight.8 9. Food Junction. Retail tenants only.539 Number of Leases (as at 31 December 2009) 176 165 189 Retail: 240 Non-Retail: 382 229 231 Car Park Lots (as at 31 December 2009) 632 327 339 1.6 17.6 33.0 191.8 million paid for the acquisition of Bugis Junction in October 2005. Virtualand and Shaw Cinemas 1 2 3 4 82 IMM Building Not applicable as Jurong Entertainment Centre has ceased operations in preparation for asset enhancement works. CapitaMall Trust Report to Unitholders 2009 .721 297.0% 100. Food Junction and Golden Village Challenger.0% Shopper Traffic in 2009 (million) 25. Daiso and Bagus Carrefour.2 36. Kopitiam and Courts NTUC FairPrice.8 24.8 46.4 68. Best Denki.020 Total: 942. Food Junction.9 75.637 246.679 421.0 million paid to Seiyu (Singapore) Private Limited (now known as BHG (Singapore) Pte.313 (cars) 90 (heavy vehicles) 699 648 Title Leasehold tenure of 99 years with effect from 1 September 1992 Leasehold tenure of 99 years with effect from 1 September 1991 Leasehold tenure of 99 years with effect from 12 December 1979 Leasehold tenure of 30+30 years with effect from 23 January 1989 Freehold Leasehold tenure of 99 years with effect from 10 September 1990 Purchase Price (S$ million) 409.0 247.0 570. Kopitiam.0 605.4 710. BHG. Isetan.7 48.1 19. Golden Village. and a sum of S$25. Best Denki and Yamaha Music School BHG.0 798.7% 100.5 48.0 650.0% 99.5 29.148 498.0 295.4 Key Tenants NTUC FairPrice.0 1.128 Non-Retail: 534.000. Comprises purchase price of S$580.698 Bugis Junction Retail: 408.9 54. Figures are not available.9 Net Property Income (S$ million) 45.) in respect of its surrender of 74.299 sq ft of net lettable area at Bugis Junction.0 326.3 73. Cold Storage. South Asia Computer and Inforcom Technologies Giant Hypermarket.0 Gross Revenue (S$ million) 63.

209 Office: 380.353 Retail: 403.320 NA1 75.469 81.8 (40.3% 99. TCC – The Coffee Connoisseur and FIL Skin 83 CapitaMall Trust Report to Unitholders 2009 .0 1. NTUC Foodfare.1% 4. Daiso.0 39.2 12.550.0 NA3 Giant Hypermarket.00% interest) 67.1 866.1 (40. Novena Furnishing Centre.0 2. Barclays. BHG and Shaw Cinemas NTUC FairPrice.8% 100.4 80.5 122.2 839.318 Office: 357.00% interest) 15.354 Total: 373. Wing Tai Retail.4 17. Challenger and Esprit Outlet NA 1 Kopitiam.5% NA 1 100.1 99. Cold Storage and Food Junction 4 NTUC FairPrice.9% 99.9 56. K-Box and Shop N Save Robinson & Company.00% interest) 136.519 217.5 NA 1 NA3 31.3 65.0% Retail: 100.0 92.1 7.6 29.310 Total: 783.020.0 714.00% interest) 161. Food Junction.130 Retail: 16. McDonald’s and Tang Dian Wang NTUC FairPrice.065 318 332 178 106 Leasehold tenure of 999 years with effect from 26 March 1885 Leasehold tenure of 99 years with effect from 1 March 1991 Leasehold tenure of 99 years with effect from 1 March 1991 Leasehold tenure of 99 years with effect from 16 July 1979 Leasehold tenure of 99 years with effect from 1 December 1993 Leasehold tenure of 99 years with effect from 1 December 1994 Leasehold tenure of 99 years with effect from 6 December 1997 Leasehold tenure of 99 years with effect from 15 August 2008 78.0 68. Courts.8 6. Woodball Association.0% 99. Daiso.00% interest) 43. HSBC.7 21.4 243.672 84 NA1 10 Retail: 200 Office: 46 Hotels & Convention Centre: 1 154 109 68 Retail: 8 Office: 12 161 NA1 154 1.Sembawang Shopping Centre Jurong Entertainment Centre Raffles City Hougang Plaza Singapore Lot One Bukit Panjang Shoppers’ Mall Plaza Rivervale Mall The Atrium@ Orchard 128.0% Office: 98.713 148. Kopitiam. United Overseas Bank and McDonald’s Temasek Holdings.5 (40.00% interest) 2.0 49. Jay Gee Enterprises. Kopitiam.166.0 428.0 (100.6% Total: 99.0 (40.0 (100.8 248. Harvey Norman.

To meet the needs of middle-income consumers living and working around the bustling Tampines Regional Centre. is one of Singapore’s leading suburban malls. Tampines Mall provides a varied mix of shopping. dining and entertainment options for families. Isetan (department store). the first and most developed regional centre in Singapore. located in the densely populated residential area of Tampines. and enjoys easy access via the Tampines MRT station and bus interchange. as well as two levels of basement car park. professionals and young adults. Golden Village (cineplex). including a basement level. It is conveniently situated within the Tampines Regional Centre. Key tenants include NTUC FairPrice (supermarket). Kopitiam (food court) and Courts (electronics store). 84 CapitaMall Trust Report to Unitholders 2009 .Portfolio Details TAMPINES MALL Tampines Mall. The mall has five retail levels.

0% Shopper Traffic in 2009 25.8 8.6 0.0 Leisure & Entertainment/Music & Video 4.5 18.7 % of Total Net Lettable Area % of Total Gross Rental Income 1 2 85 Based on committed leases as at 31 December 2009.8 40.Centre Management Tampines Mall Property Information Melissa Ang Centre Manager Jessica Lee Senior Leasing Executive Dennis Cheong Marcom Manager Eddie Lim Operations Manager Lease Expiry Profile (%) (as at 31 December 2009)1 Net Lettable Area (NLA) (as at 31 December 2009) 327.8 Electrical & Electronics 2.2 5.0 2011 29.4 million Key Tenants NTUC FairPrice.9 11.4 2013 13.3 Beauty & Health 9.8 Jewellery & Watches 5.637 sq ft Number of Leases (as at 31 December 2009) 176 Car Park Lots (as at 31 December 2009) 632 Title Leasehold tenure of 99 years with effect from 1 September 1992 Market Valuation (as at 31 December 2009) S$777.9 Gifts/Toys & Hobbies/Books/ 6.3 2014 & beyond 2.9 3.0 Others2 Shoes & Bags 0.2 .2 2. Kopitiam and Courts Trade Sector Analysis by Gross Rental Income (%) (for the month of December 2009)1 2010 Trade Sector Analysis by Net Lettable Area (%) (as at 31 December 2009)1 42.4 30. Others include Warehouse.0 10.5 Fashion 20.5 2.6 11.7 Sporting Goods Supermarket 6.4 Food & Beverage Leisure & Entertainment/Music & Video Department Store Fashion Supermarket Gifts/Toys & Hobbies/Books/ Sporting Goods Beauty & Health Services Others2 Electrical & Electronics Jewellery & Watches Shoes & Bags Houseware & Furnishings Information Technology 23.9 Houseware & Furnishings 0.4 Information Technology 0.8 9.5 5.3 11.2 Department Store 5.7 million Net Property Income (for the year ended 31 December 2009) S$45. Golden Village. CapitaMall Trust Report to Unitholders 2009 Food & Beverage 27. Education and Art Gallery.3 0.0 million Gross Revenue (for the year ended 31 December 2009) S$63.3 2.0 4.6 million Committed Occupancy (as at 31 December 2009) 100.4 0.6 2012 11.9 Services 7. Isetan.

Junction 8’s catchment extended further eastwards to include Lorong Chuan. Food Junction (food court) and Golden Village (cineplex). The prime suburban mall comprises five retail floors. Since the opening of the first five stations of the Circle Line in May 2009. including a basement level and two levels of basement car park. 86 CapitaMall Trust Report to Unitholders 2009 . dining and entertainment destination catering to the needs of residents from the surrounding housing estates. Its excellent accessibility by public transport extends its reach well beyond its immediate vicinity.Portfolio Details JUNCTION 8 Junction 8 is located in the densely populated residential area of Bishan. Key tenants include NTUC FairPrice (supermarket). BHG (department store). office workers in the area and students from nearby schools. It is well served by the existing Bishan MRT interchange station and bus interchange. As the only shopping mall in Bishan. Serangoon and Bartley. Best Denki (electronics store). Junction 8 is positioned as a one-stop shopping.

0 1.9 6.7 Gifts/Toys & Hobbies/Books/ 6.5 12.8 Others2 0. Others include Warehouse.5 Houseware & Furnishings 0.2 .9 24.0 0.3 Shoes & Bags 2. Education and Art Gallery.2 Electrical & Electronics 6.5 40.2 1.8 4.6 Information Technology 0.7 Jewellery & Watches 2.1 million Committed Occupancy (as at 31 December 2009) 100.3 10.8 million Key Tenants NTUC FairPrice.2 Leisure & Entertainment/Music & Video 6.0% Shopper Traffic in 2009 28.1 2013 12. BHG.6 13.7 10.1 0.5 Beauty & Health 9.5 Department Store 5.1 9.4 2011 27.6 0.4 1.3 2012 18.1 Fashion 19. CapitaMall Trust Report to Unitholders 2009 Food & Beverage 28.5 million Net Property Income (for the year ended 31 December 2009) S$33. Food Junction and Golden Village Trade Sector Analysis by Gross Rental Income (%) (for the month of December 2009)1 2010 Trade Sector Analysis by Net Lettable Area (%) (as at 31 December 2009)1 40.2 8.2 2014 & beyond 0.0 % of Total Net Lettable Area % of Total Gross Rental Income 1 2 87 Based on committed leases as at 31 December 2009.Centre Management Junction 8 Property Information Pauline Yeh General Manager Ivy Ang Centre Manager Irene Lee Leasing Manager Vivian Kok Marcom Manager Patricia Tan Operations Manager Lease Expiry Profile (%) (as at 31 December 2009)1 Net Lettable Area (NLA) (as at 31 December 2009) 246.1 Supermarket 5.0 million Gross Revenue (for the year ended 31 December 2009) S$48.721 sq ft Number of Leases (as at 31 December 2009) 165 Car Park Lots (as at 31 December 2009) 327 Title Leasehold tenure of 99 years with effect from 1 September 1991 Market Valuation (as at 31 December 2009) S$570.2 Food & Beverage Leisure & Entertainment/Music & Video Department Store Fashion Supermarket Electrical & Electronics Gifts/Toys & Hobbies/Books/ Sporting Goods Beauty & Health Services Shoes & Bags Others2 Jewellery & Watches Houseware & Furnishings Information Technology 21.7 29. Best Denki.6 Sporting Goods Services 6.3 5.

Funan has seven retail floors. and three levels of basement car park. gaming. Harvey Norman (electronics store). 88 CapitaMall Trust Report to Unitholders 2009 . which puts it in close proximity to the riverside food & beverage (F&B) and entertainment precincts such as Clarke Quay and Boat Quay. Key tenants include Challenger (digital and electronics store). Funan is one of Singapore’s choice destinations for IT. managers.Portfolio Details FUNAN DIGITALIFE MALL Funan DigitaLife Mall (Funan) enjoys an excellent location in the downtown core and tourist belt of Singapore. Food Junction (food court). digital and lifestyle products. It is within walking distance to the City Hall MRT interchange station and the Clarke Quay MRT station. South Asia Computer (computer store) and Inforcom Technologies (computer store). Together with a unique mix of reputable retailers that offer genuine products and quality customer service. All this makes it hugely popular with professionals. including one basement level. executives and businessmen (PMEBs) and tourists alike.

7 2011 18. South Asia Computer and Inforcom Technologies Trade Sector Analysis by Gross Rental Income (%) (for the month of December 2009)1 2010 Trade Sector Analysis by Net Lettable Area (%) (as at 31 December 2009)1 38.8 2. Others include Warehouse.7 Others2 8.0 % of Total Net Lettable Area % of Total Gross Rental Income 1 2 89 Based on committed leases as at 31 December 2009. Education and Art Gallery. Harvey Norman.3 Electrical & Electronics 10.1 Sporting Goods Others2 4.0 Houseware & Furnishings 1.8 25.3 2013 3.0 0.1 Gifts/Toys & Hobbies/Books/ 5.8 .3 Supermarket 1.2 Leisure & Entertainment/Music & Video 1. CapitaMall Trust Report to Unitholders 2009 Information Technology 42.3 Food & Beverage 16.2 39.3 2012 39.0 Jewellery & Watches 0.7 Electrical & Electronics 9.7 2014 & beyond 0.0 million Gross Revenue (for the year ended 31 December 2009) S$29.3% Shopper Traffic in 2009 9.0 Sporting Goods Beauty & Health 4.8 Shoes & Bags 0.2 32.0 Houseware & Furnishings 2.0 Gifts/Toys & Hobbies/Books/ 6.698 sq ft Number of Leases (as at 31 December 2009) 189 Car Park Lots (as at 31 December 2009) 339 Title Leasehold tenure of 99 years with effect from 12 December 1979 Market Valuation (as at 31 December 2009) S$326.2 Services 3.2 Services 6.4 Beauty & Health 6.1 Information Technology 45.9 Food & Beverage 15.3 million Net Property Income (for the year ended 31 December 2009) S$19.8 Jewellery & Watches 2.7 Shoes & Bags 1.6 Fashion 1. Food Junction.6 million Key Tenants Challenger.5 million Committed Occupancy (as at 31 December 2009) 99.6 Fashion 1.Centre Management Funan DigitaLife Mall Property Information Jeffrey Goh Centre Manager Eleanor Jane Leasing Manager Zen Lee Marcom Manager Fong Lie Ling Operations Manager Lease Expiry Profile (%) (as at 31 December 2009)1 Net Lettable Area (NLA) (as at 31 December 2009) 297.2 Supermarket 1.0 Leisure & Entertainment/Music & Video 1.

Daiso (value store) and Bagus (halal food court). IMM has also become popular with bargain hunters. as well as a free shuttle bus that plies between the mall and Jurong East MRT interchange station. the shuttle service also serves the International Business Park during lunch hour. 90 CapitaMall Trust Report to Unitholders 2009 .Portfolio Details IMM BUILDING IMM Building (IMM) is located in the western part of Singapore. IT & Appliances. Key tenants include Giant Hypermarket. Children. Together with its five distinct retail clusters – Home Furnishings. office and warehouse space. It has five levels of covered and one level of open-air car park space. Best Denki (electronics store). The five-storey mixed development comprises retail. Kopitiam (food court). just a five-minute walk from the Jurong East MRT interchange station and bus interchange. Besides its proximity to the surrounding residential estates. Fashion and Food & Beverage (F&B) – IMM is uniquely positioned to cater to both the needs of families and busy PMEBs. With its growing list of outlet concept stores. Shoppers to IMM enjoy the convenience of free parking for the first three hours. IMM is close to major office and industrial developments such as the International Business Park and JTC Summit. On weekdays.

5 Houseware & Furnishings 7.2 Houseware & Furnishings 11.Centre Management IMM Building Property Information Callie Yah General Manager Yvonne Tham Leasing Manager Maggie Chua Marcom Manager Desmond Ng Operations Manager Lease Expiry Profile (%) (as at 31 December 2009)1 Net Lettable Area (NLA) (as at 31 December 2009) Retail: 408. Kopitiam.3 2012 22. Non-Retail: 534.148 sq ft Number of Leases (as at 31 December 2009) Retail: 240.6 Others2 48.5 Food & Beverage 8.2 Department Store 1.4 Office 7.1 Shoes & Bags 0.4 Services 2.6% Total: 98.9 Fashion 3. CapitaMall Trust Report to Unitholders 2009 Food & Beverage 20. Daiso and Bagus Trade Sector Analysis by Gross Rental Income (%) (for the month of December 2009)1 2010 Trade Sector Analysis by Net Lettable Area (%) (as at 31 December 2009)1 49.313 (cars) 90 (heavy vehicles) Title Leasehold tenure of 30+30 years with effect from 23 January 1989 Market Valuation (as at 31 December 2009) S$650.9 million Committed Occupancy (as at 31 December 2009) Retail: 99.5 2.6 Supermarket 7.4 Gifts/Toys & Hobbies/Books/ 2.2 Services 6. Non-Retail: 97.8 Jewellery & Watches 0. Best Denki.5 2014 & beyond 9.8 Gifts/Toys & Hobbies/Books/ 5.7% Shopper Traffic in 2009 17.8 Information Technology 2.4 35.8 Leisure & Entertainment/Music & Video 0.9 2013 1.7 2011 17.8 Fashion 9.7%.9 million Net Property Income (for the year ended 31 December 2009) S$48.3 12.3 Beauty & Health 7.0 Electrical & Electronics 3.5 47.4 Sporting Goods Electrical & Electronics 5.6 % of Total Net Lettable Area % of Total Gross Rental Income 1 2 91 Based on committed leases as at 31 December 2009. Non-Retail: 382 Car Park Lots (as at 31 December 2009) 1.3 Information Technology 1.0 million Gross Revenue (for the year ended 31 December 2009) S$73.8 million Key Tenants Giant Hypermarket.6 Jewellery & Watches 3.3 1.020 sq ft Total: 942.7 Sporting Goods Department Store 2.5 Shoes & Bags 2.6 Beauty & Health 2.2 .128 sq ft.5 Leisure & Entertainment/Music & Video 0.7 Supermarket 8.4 Office 3. Education and Art Gallery.8 Others2 11. Others include Warehouse.

which connects three main train lines. This prime freehold property boasts a direct Basement 2 link to the Dhoby Ghaut MRT interchange station. The mall’s broad-based positioning.Portfolio Details PLAZA SINGAPURA Plaza Singapura is located along Orchard Road. differentiates itself from other malls along Orchard Road. and allows it to attract a wide range of shoppers – families. In addition. Key tenants include Carrefour (hypermarket). 92 CapitaMall Trust Report to Unitholders 2009 . Best Denki (electronics store) and Yamaha Music School. youths and working adults – from all over Singapore. Golden Village (cineplex). including the upcoming Circle Line which is expected to commence operations in 2010. Singapore’s main shopping belt. including two basement levels. Plaza Singapura has nine levels of retail space. Spotlight (home furnishing). it has a multi-storey car park which provides direct access into the mall at levels 2 to 7. coupled with its strong focus on basic consumer goods and services.

Education and Art Gallery.5 Others2 Supermarket Food & Beverage Leisure & Entertainment/Music & Video Houseware & Furnishings Fashion Beauty & Health Services Department Store Electrical & Electronics Gifts/Toys & Hobbies/Books/ Sporting Goods Others2 Shoes & Bags Jewellery & Watches 16.2 2. CapitaMall Trust Report to Unitholders 2009 Food & Beverage 21.5 2011 24.4 20.7 8.Centre Management Plaza Singapura Property Information Pauline Yeh General Manager Carie Yip Assistant Centre Manager Lun Hwee Hsien Leasing Manager June Ang Marcom Manager Chin Yew Leong Operations Manager Lease Expiry Profile (%) (as at 31 December 2009)1 2010 Net Lettable Area (NLA) (as at 31 December 2009) 498.2 Fashion 14.1 % of Total Net Lettable Area % of Total Gross Rental Income 1 2 93 Based on committed leases as at 31 December 2009.5 1.9 Houseware & Furnishings 7.2 7.4 Department Store 2.7 5.7 2.9 2014 & beyond 18.6 40.3 27.8 4.0 13. Spotlight.0 million Gross Revenue (for the year ended 31 December 2009) S$75.2 4.679 sq ft Number of Leases (as at 31 December 2009) 229 Car Park Lots (as at 31 December 2009) 699 Title Freehold Market Valuation (as at 31 December 2009) S$1000. Best Denki and Yamaha Music School Trade Sector Analysis by Gross Rental Income (%) (for the month of December 2009)1 Trade Sector Analysis by Net Lettable Area (%) (as at 31 December 2009)1 13.0 Services 9.8 million Committed Occupancy (as at 31 December 2009) 100.0 2012 41.2 Gifts/Toys & Hobbies/Books/ 4.3 10.4 Beauty & Health 11.7 Sporting Goods Jewellery & Watches 3.2 million Key Tenants Carrefour.4 Electrical & Electronics 3.5 2013 2.0% Shopper Traffic in 2009 24.3 3.1 .6 Supermarket 7.4 5.5 9.4 4.4 15. Others include Warehouse. Golden Village.2 Leisure & Entertainment/Music & Video 6.8 Shoes & Bags 5.4 million Net Property Income (for the year ended 31 December 2009) S$54.

Bugis Junction is positioned as a modern fashion. including a basement level. Food Junction (food court). In line with its close proximity to the Singapore Management University. and is well served by major public bus routes. Cold Storage (supermarket). LASALLE College of the Arts and School of the Arts (SOTA).and old-world integration. Bugis Junction enjoys direct connectivity to the Bugis MRT station from the basement level. It has five retail levels. dining and entertainment destination mall targeted at young adults and PMEBs. representing a showcase of new. Key tenants include BHG (department store).Portfolio Details BUGIS JUNCTION Located in the heart of Singapore’s Civic and Cultural District. Virtualand (arcade) and Shaw Cinemas (cineplex). Bugis Junction is also Singapore’s first and only air-conditioned sky-lit shopping arcade to be flanked by charming historic shophouses. 94 CapitaMall Trust Report to Unitholders 2009 .

7 40.5 % of Total Net Lettable Area % of Total Gross Rental Income 1 95 Based on committed leases as at 31 December 2009.2 2012 21.6 3. Virtualand and Shaw Cinemas Trade Sector Analysis by Gross Rental Income (%) (for the month of December 2009)1 Trade Sector Analysis by Net Lettable Area (%) (as at 31 December 2009)1 17.4 Leisure & Entertainment/Music & Video 5.7 3.6 million Committed Occupancy (as at 31 December 2009) 100.0% Shopper Traffic in 2009 36.539 sq ft Number of Leases (as at 31 December 2009) 231 Car Park Lots (as at 31 December 2009) 648 Title Leasehold tenure of 99 years with effect from 10 September 1990 Market Valuation (as at 31 December 2009) S$798.3 20.0 25.1 Department Store 17.Centre Management Bugis Junction Property Information Pauline Tan Centre Manager Foo Chai Hong Leasing Manager Christopher Ang Marcom Manager Chee Hiang Chuan Operations Manager Lease Expiry Profile (%) (as at 31 December 2009)1 2010 Net Lettable Area (NLA) (as at 31 December 2009) 421.9 million Net Property Income (for the year ended 31 December 2009) S$46.2 Services 4.8 5.9 27.7 Electrical & Electronics 0. Food Junction.3 Shoes & Bags 4.5 2.2 0.1 1.2 Information Technology 0.9 Fashion 21.4 Department Store Food & Beverage Fashion Leisure & Entertainment / Music & Video Beauty & Health Supermarket Gifts/Toys & Hobbies/Books/ Sporting Goods Services Shoes & Bags Jewellery & Watches Electrical & Electronics Information Technology 41. Cold Storage.8 1.2 0.0 Jewellery & Watches 3.0 million Gross Revenue (for the year ended 31 December 2009) S$68.2 .6 9. CapitaMall Trust Report to Unitholders 2009 Food & Beverage 29.4 million Key Tenants BHG.0 10.8 Gifts/Toys & Hobbies/Books/ 3.6 2013 3.3 Beauty & Health 7.0 0.7 Sporting Goods Supermarket 2.7 2011 57.4 6.0 2014 & beyond 0.

as well as three floors of car park. as well as workers from the neighbouring industrial parks. SSC also operates a free lunch-time shuttle bus to the nearby industrial estate. Challenger (digital and electronics store) and Esprit Outlet (fashion). Key tenants include Giant Hypermarket. Kopitiam (food court).Portfolio Details SEMBAWANG SHOPPING CENTRE Sembawang Shopping Centre (SSC) is situated in close proximity to Yishun and Sembawang MRT stations. On weekdays. including a basement level. Re-developed and re-opened in December 2008. SSC appeals to residents from the surrounding estates. Daiso (value store). uniformed personnel from nearby military camps. With its positioning as a one-stop familyoriented necessity shopping destination. 96 CapitaMall Trust Report to Unitholders 2009 . The mall provides a free shuttle bus service which plies between SSC and the Yishun and Sembawang MRT stations. the mall houses four levels of retail space.

7 1. Challenger and Esprit Outlet Trade Sector Analysis by Gross Rental Income (%) (for the month of December 2009)1 Trade Sector Analysis by Net Lettable Area (%) (as at 31 December 2009)1 0.9 Services 9.3 Electrical & Electronics 4.7 Beauty & Health 13.3 Supermarket 29.1 Department Store 8.320 sq ft Number of Leases (as at 31 December 2009) 84 Car Park Lots (as at 31 December 2009) 161 Title Leasehold tenure of 999 years with effect from 26 March 1885 Market Valuation (as at 31 December 2009) S$136.Centre Management Sembawang Shopping Centre Property Information Chew Hock Chye General Manager Andrew Yong Assistant Centre Manager Sonia Choo Leasing Executive Doreen Yeo Marcom Manager Wong Yeap Wai Operations Manager Lease Expiry Profile (%) (as at 31 December 2009)1 2010 Net Lettable Area (NLA) (as at 31 December 2009) 128.7 Supermarket 15.6 2013 3.1 Houseware & Furnishings 2.0 91.5% Shopper Traffic in 2009 4.8 Sporting Goods Fashion 5.7 Services 5.1 Shoes & Bags 0.5 million Committed Occupancy (as at 31 December 2009) 99.2 0.3 Food & Beverage 27.8 Gifts/Toys & Hobbies/Books/ 5.6 Leisure & Entertainment/Music & Video 1.1 2. Kopitiam.9 Beauty & Health 7.4 Shoes & Bags 1.2 Fashion 9. CapitaMall Trust Report to Unitholders 2009 Food & Beverage 28.6 Leisure & Entertainment/Music & Video 2.9 Sporting Goods Department Store 4.6 % of Total Net Lettable Area % of Total Gross Rental Income 1 97 Based on committed leases as at 31 December 2009.0 Houseware & Furnishings 1.5 2011 1.5 Jewellery & Watches 1.5 million Key Tenants Giant Hypermarket.8 .3 2012 93. Daiso.2 Jewellery & Watches 3.0 4.0 2014 & beyond 2.9 Gifts/Toys & Hobbies/Books/ 6.2 Electrical & Electronics 3.

providing more options to shoppers. within walking distance from the Hougang MRT station and bus interchange. 98 CapitaMall Trust Report to Unitholders 2009 . Major tenants include Kopitiam (food court).Portfolio Details HOUGANG PLAZA Hougang Plaza is strategically located in Hougang Central. There are also pushcarts and promotional space vendors that add variety to the existing tenant mix. Woodball Association (recreation club). Novena Furnishing Centre. K-Box (karaoke) and Shop N Save (supermarket). The three-storey mall is positioned as a neighbourhood mall catering to the basic shopping and entertainment needs of residents in the vicinity.

Novena Furnishing Centre.0 million Committed Occupancy (as at 31 December 2009) 100.2 Houseware & Furnishings 28.9 2013 40. K-Box and Shop N Save * Lease Expiry Profile (%) (as at 31 December 2009)1 2010 Figure is not available.353 sq ft Number of Leases (as at 31 December 2009) 10 Car Park Lots (as at 31 December 2009) 154 Title Leasehold tenure of 99 years with effect from 1 March 1991 Market Valuation (as at 31 December 2009) S$39.Centre Management Hougang Plaza Property Information Melissa Ang Centre Manager Sabrina Lai Assistant Centre Manager Jessica Lee Senior Leasing Executive Dennis Cheong Marcom Manager Eddie Lim Operations Manager Net Lettable Area (NLA) (as at 31 December 2009) 75. Trade Sector Analysis by Gross Rental Income (%) (for the month of December 2009)1 Trade Sector Analysis by Net Lettable Area (%) (as at 31 December 2009)1 0.2 Leisure & Entertainment/Music & Video 23.3 Supermarket 6.2 Gifts/Toys & Hobbies/Books/ 4. CapitaMall Trust Report to Unitholders 2009 Food & Beverage 39.0 0.0 % of Total Net Lettable Area % of Total Gross Rental Income 1 99 Based on committed leases as at 31 December 2009.1 Gifts/Toys & Hobbies/Books/ 5.9 Services 6.0 0.1 Sporting Goods Services 2.0 2011 0.0 0.5 Food & Beverage 20.7 . Woodball Association.7 76.3 23.5 Sporting Goods Beauty & Health 1.0% Shopper Traffic in 2009 NA* Key Tenants Kopitiam.0 Beauty & Health 0.9 Leisure & Entertainment/Music & Video 40.1 Houseware & Furnishings 17.0 2012 59.3 Supermarket 4.1 2014 & beyond 0.

The mixed-use development comprises the four-storey Raffles City Shopping Centre. at the fringe of Singapore’s Central Business District. and within the Civic and Cultural District.Portfolio Details RAFFLES CITY SINGAPORE Raffles City Singapore (RCS) is a large integrated development in Singapore. RCS is directly connected to the City Hall MRT interchange station. 100 CapitaMall Trust Report to Unitholders 2009 .00% owned by CCT and 40. the special purpose vehicle that holds RCS.00% owned by CMT. Raffles City Convention Centre. 73-storey Swissôtel The Stamford and the 28-storey twin towers that make up the Fairmont Singapore. CapitaCommercial Trust (CCT) and CMT jointly own the integrated development through the RCS Trust. and its connectivity will be further enhanced with the opening of a Basement 2 link to the upcoming Esplanade MRT station by the third quarter of 2010. RCS Trust was constituted on 18 July 2006 and is 60. it is located in the downtown core. 42-storey Raffles City Tower. A prime landmark.

Raffles City Singapore Major Usage Mix by Gross Rental Income (%) (for the month of December 2009)1 Raffles City Shopping Centre Trade Sector Analysis by Gross Rental Income (%) (for the month of December 2009)1 12. Office: 98.5 0.0 2.3 6.1 million (40.519 sq ft Eugenie Yap Deputy General Manager & Head.00% interest) Net Property Income (for the year ended 31 December 2009) S$56.020. Wing Tai Retail.2 2013 Retail Hotels & Convention Centre Office 1. Houseware & Furnishings.5 . Others include Electrical & Electronics.3 1.6% Total: 99. Leasing Number of Leases (as at 31 December 2009) Retail: 200 Office: 46 Hotels & Convention Centre: 1 Poon Chiew Foo Deputy General Manager & Head.065 Title Leasehold tenure of 99 years with effect from 16 July 1979 Market Valuation (as at 31 December 2009) S$1.00% interest) Gross Revenue (for the year ended 31 December 2009) S$80.Centre Management Raffles City Singapore Property Information Margaret Khoo General Manager Net Lettable Area (NLA) (as at 31 December 2009) Retail: 403.9 2.209 sq ft.0 7.8 2012 11. Books & Stationery. Toys & Hobbies and Sport Goods & Apparel.0 million (40.4 million Wendy Soh Head.0 5.5 million (40.6 Retail Office Hotels & Convention Centre 1 2 Based on committed leases as at 31 December 2009. Marcom 1 Key Tenants 1 Raffles City Singapore Lease Expiry Profile by Gross Rental Income (%) (for the month of December 2009)1 2010 Robinson & Company.8 9.8 19. Watches & Pens Beauty & Health Related Sundry & Services Supermarket Gifts & Souvenirs Others2 28.0 8.310 sq ft Total: 783.00% interest) Committed Occupancy (as at 31 December 2009) Retail: 100.3% Shopper Traffic in 2009 31.5 2011 7. Property Management Car Park Lots (as at 31 December 2009) 1. Cold Storage and Food Junction Only retail tenants.0 6.9 2014 & beyond 44.8 2.0%.8 4.4 22.4 41. Office: 380. Jay Gee Enterprises.2 36.5 15.8 1. 101 CapitaMall Trust Report to Unitholders 2009 Fashion Food & Beverage Department store Shoes & Bags Jewellery. Art Gallery.

BHG (department store) and Shaw Cinemas (cineplex). Bukit Panjang. as well as students from nearby schools. The mall is well connected by major arterial roads and is next to the Choa Chu Kang MRT/LRT stations and bus interchange. Positioned to appeal to middle-income families.Portfolio Details LOT ONE SHOPPERS’ MALL Lot One Shoppers’ Mall (Lot One) is situated in the heart of the Choa Chu Kang housing estate. 102 CapitaMall Trust Report to Unitholders 2009 . uniformed personnel from military camps in the vicinity. comprising residents in the Choa Chu Kang. Courts (electronics store). key tenants in Lot One include NTUC FairPrice (supermarket). Food Junction (food court). Bukit Batok and Upper Bukit Timah precincts. The six-storey retail mall enjoys a large shopper catchment. in the north-western region of Singapore.

7 6.1 Gifts/Toys & Hobbies/Books/ 4.8 5.1 4.3 25.2 7.1 12.4 Food & Beverage Others2 Fashion Leisure & Entertainment/Music & Video Beauty & Health Electrical & Electronics Supermarket Gifts/Toys & Hobbies/Books/ Sporting Goods Department Store Services Shoes & Bags Jewellery & Watches Information Technology Houseware & Furnishings 24.1 10. 103 CapitaMall Trust Report to Unitholders 2009 Food & Beverage 32.7 Others2 2. Others include Warehouse.6 Department Store 3.1 Fashion 17.5 Services 7.7 4.8 Sporting Goods Jewellery & Watches 4.2 million Key Tenants NTUC FairPrice.6 Beauty & Health 12.3 % of Total Net Lettable Area % of Total Gross Rental Income 1 2 Based on committed leases as at 31 December 2009.9 1.5 Shoes & Bags 2.713 sq ft Number of Leases (as at 31 December 2009) 154 Car Park Lots (as at 31 December 2009) 318 Title Leasehold tenure of 99 years with effect from 1 December 1993 Market Valuation (as at 31 December 2009) S$428.1 Information Technology 0. Courts. Education and Art Gallery.0 Electrical & Electronics 3.9% Shopper Traffic in 2009 17.3 50.0 million Committed Occupancy (as at 31 December 2009) 99.Centre Management Lot One Shoppers’ Mall Property Information Chew Hock Chye General Manager Cheryl Ng Senior Leasing Executive Doreen Yeo Marcom Manager Shirley Lim Operations Manager Lease Expiry Profile (%) (as at 31 December 2009)1 2010 Net Lettable Area (NLA) (as at 31 December 2009) 217.8 2013 3.9 8. Food Junction. BHG and Shaw Cinemas Trade Sector Analysis by Gross Rental Income (%) (for the month of December 2009)1 Trade Sector Analysis by Net Lettable Area (%) (as at 31 December 2009)1 7.2 2012 31.3 5.4 0.8 11.6 11.4 2011 37.5 Houseware & Furnishings 0.4 0.8 6.3 2014 & beyond 21.3 .3 1.7 Leisure & Entertainment/Music & Video 4.4 Supermarket 4.

Kopitiam (food court). The four-storey mall. and adjacent to the Bukit Panjang bus interchange. in the north-western region of Singapore. Cashew Park. McDonald’s (fast food) and Tang Dian Wang (Chinese restaurant). 104 CapitaMall Trust Report to Unitholders 2009 . Harvey Norman (electronics store). Chestnut Drive and Hillview. Besides the surrounding estates of Bukit Panjang. BPP also caters to families and residents in Teck Whye.Portfolio Details BUKIT PANJANG PLAZA Bukit Panjang Plaza (BPP) is located in the high-density residential area of Bukit Panjang New Town. Key tenants include NTUC FairPrice (supermarket). with two levels of basement car park. is conveniently located between the Bukit Panjang and Senja LRT stations. Choa Chu Kang and Upper Bukit Timah.

5 6.4 1.4 11. Others include Warehouse.0 8.4 Leisure & Entertainment/Music & Video 2.4 2.5 Gifts/Toys & Hobbies/Books/ 4.1 6. McDonald’s and Tang Dian Wang Trade Sector Analysis by Gross Rental Income (%) (for the month of December 2009)1 2010 Trade Sector Analysis by Net Lettable Area (%) (as at 31 December 2009)1 29.3 Food & Beverage Electrical & Electronics Beauty & Health Supermarket Others2 Department Store Gifts/Toys & Hobbies/Books/ Sporting Goods Services Fashion Leisure & Entertainment/Music & Video Jewellery & Watches Shoes & Bags Houseware & Furnishings Information Technology 28. Kopitiam. Education and Art Gallery.5 2014 & beyond 9.6 9.469 sq ft Number of Leases (as at 31 December 2009) 109 Car Park Lots (as at 31 December 2009) 332 Title Leasehold tenure of 99 years with effect from 1 December 1994 Market Valuation (as at 31 December 2009) S$248.1 Information Technology 0.3 10. 105 CapitaMall Trust Report to Unitholders 2009 Food & Beverage 36.6 2013 20.6 % of Total Net Lettable Area % of Total Gross Rental Income 1 2 Based on committed leases as at 31 December 2009.8 1.1 Others2 1.4 0.7 Supermarket 6.7 Services 10.1 million Key Tenants NTUC FairPrice.2 .4 Sporting Goods Jewellery & Watches 3.0 million Committed Occupancy (as at 31 December 2009) 99.8 26.6 17.6 Fashion 5.8 1.0 Electrical & Electronics 4.3 Department Store 5.8% Shopper Traffic in 2009 12.8 2011 26.6 0.0 1.Centre Management Bukit Panjang Plaza Property Information Chew Hock Chye General Manager Mustafa Bin Abdul Rahim Centre Manager Claris Soh Leasing Executive Doreen Yeo Marcom Manager Jeffrey Low Operations Manager Lease Expiry Profile (%) (as at 31 December 2009)1 Net Lettable Area (NLA) (as at 31 December 2009) 148.5 2012 14.6 Houseware & Furnishings 1. Harvey Norman.8 Shoes & Bags 2.5 Beauty & Health 15.0 21.5 11.6 32.

Portfolio Details RIVERVALE MALL Rivervale Mall is located at the junction of Rivervale Drive and Rivervale Crescent in Sengkang New Town. A new food court located at Level 1 also gives shoppers more F&B options outside of the mall’s normal operating hours. the three-storey mall is a popular and convenient shopping destination for residents living in the vicinity. In 2009. The mall is strategically situated beside the Rumbia LRT station. With its accessible location. NTUC Foodfare (food court). Rivervale Mall provides a free shuttle bus service that plies two routes within the Sengkang. which is linked to the Sengkang MRT station. shopper traffic was boosted with the opening of Daiso in August 2009. In addition. Daiso (value store). Anchorvale and Compassvale estates. 106 CapitaMall Trust Report to Unitholders 2009 . United Overseas Bank and McDonald’s (fast food). Key tenants include NTUC FairPrice (supermarket).

107 CapitaMall Trust Report to Unitholders 2009 Services Food & Beverage Supermarket Beauty & Health Department Store Others2 Fashion Shoes & Bags Gifts/Toys & Hobbies/Books/ Sporting Goods Electrical & Electronics Jewellery & Watches 26.4 1.0 0.2 0.4 15.6 16. United Overseas Bank and McDonald’s Trade Sector Analysis by Gross Rental Income (%) (for the month of December 2009)1 2010 Trade Sector Analysis by Net Lettable Area (%) (as at 31 December 2009)1 45.0 18.1 9.6 0.7 2011 15.2 0.Centre Management Rivervale Mall Property Information Melissa Ang Centre Manager Sabrina Lai Assistant Centre Manager Jessica Lee Senior Leasing Executive Dennis Cheong Marcom Manager Eddie Lim Operations Manager Lease Expiry Profile (%) (as at 31 December 2009)1 Net Lettable Area (NLA) (as at 31 December 2009) 81.7 18.130 sq ft Number of Leases (as at 31 December 2009) 68 Car Park Lots (as at 31 December 2009) 178 Title Leasehold tenure of 99 years with effect from 6 December 1997 Market Valuation (as at 31 December 2009) S$92.0% Shopper Traffic in 2009 7.0 million Key Tenants NTUC FairPrice.0 % of Total Net Lettable Area % of Total Gross Rental Income 1 2 Based on committed leases as at 31 December 2009.8 0.0 6.3 2013 1.3 18.3 39.3 0.0 2012 38.0 million Committed Occupancy (as at 31 December 2009) 100.1 1.9 2.0 2014 & beyond 0.9 4.5 42.4 1.4 7.8 0.7 26. Education and Art Gallery. Others include Warehouse.6 12. NTUC Foodfare. Daiso.7 Supermarket Food & Beverage Services Department Store Beauty & Health Others2 Fashion Shoes & Bags Gifts/Toys & Hobbies/Books/ Sporting Goods Jewellery & Watches Electrical & Electronics 27.8 0.3 .

Existing F&B tenants on the ground floor include TCC – The Coffee Connoisseur. ground floor retail space and two levels of basement car park.Portfolio Details THE ATRIUM@ORCHARD The Atrium@Orchard (Atrium) is currently a mixed-use development comprising two Grade A office towers. which connects three main train lines. Pondok Jawa Timur (Indonesian restaurant) and Xiang Xue Hai (Chinese steamboat). The development enjoys direct connectivity to the Dhoby Ghaut MRT interchange station. Jalan Kayu Prata Café. 108 CapitaMall Trust Report to Unitholders 2009 . including the upcoming Circle Line which is expected to commence operations in 2010.

7 2.1 million Committed Occupancy (as at 31 December 2009) 99. Office: 357.5 .3 38.8 million Net Property Income (for the year ended 31 December 2009) S$21. Barclays.318 sq ft.0 million Gross Revenue (for the year ended 31 December 2009) S$29.1% Shopper Traffic in 2009 NA* Key Tenants Temasek Holdings.4 2.9 0. TCC – The Coffee Connoisseur and FIL Skin * Lease Expiry Profile (%) (as at 31 December 2009)1 Figure is not available.8 11.2 4.0 0.672 sq ft Number of Leases (as at 31 December 2009) Retail: 8 Office: 12 Car Park Lots (as at 31 December 2009) 106 Title Leasehold tenure of 99 years with effect from 15 August 2008 Market Valuation (as at 31 December 2009) S$714.9 1.0 % of Total Net Lettable Area % of Total Gross Rental Income 1 Based on committed leases as at 31 December 2009.0 0. HSBC.3 2011 4.5 Office Food & Beverage Services Beauty & Health 95.Centre Management The Atrium@Orchard Property Information Pauline Yeh General Manager Carie Yip Assistant Centre Manager Lun Hwee Hsien Leasing Manager June Ang Marcom Manager Pek Kok Hin Operations Manager Net Lettable Area (NLA) (as at 31 December 2009) Retail: 16.8 2012 41. Trade Sector Analysis by Gross Rental Income (%) (for the month of December 2009)1 2010 Trade Sector Analysis by Net Lettable Area (%) (as at 31 December 2009)1 53.9 0.354 sq ft Total: 373.9 49.9 2013 0.0 2014 & beyond 0. 109 CapitaMall Trust Report to Unitholders 2009 Office Food & Beverage Services Beauty & Health 91.

000 square feet of net lettable area spread over five retail levels. It will also house an Olympic-sized ice-skating rink.Portfolio Details JURONG ENTERTAINMENT CENTRE Jurong Entertainment Centre (JEC) is situated in the heart of the Jurong East Regional Centre. When completed in the first quarter of 2012. Together with its distinctive and iconic facade. JEC will boast more than 200. JEC will add more vibrancy to the proposed Jurong Lake District. the works commenced in the fourth quarter of 2009. offering convenient access for shoppers in the western region of Singapore. 110 CapitaMall Trust Report to Unitholders 2009 . JEC has ceased operations in preparation for asset enhancement works. The site is strategically located next to the Jurong East MRT interchange station and bus interchange. Initially put on hold due to escalating construction costs. including a basement level.

3 million Capital Value of AEI (based on 6% capitalisation rate)1 S$267.1 million Capital Expenditure Required2 S$200.8 million Increase in Value2 S$67. . Forecasts based on Manager’s estimates as at 31 December 2009.0 million Incremental Gross Revenue Per Annum2 S$23.5 million Desmond Ng Operations Manager 1 2 111 CapitaMall Trust Report to Unitholders 2009 Includes Green Mark bonus area.153 Elsie Goh Assistant Centre Manager Title Leasehold tenure of 99 years with effect from 1 March 1991 Maggie Chua Marcom Manager Market Valuation (as at 31 December 2009) S$122.Centre Management Callie Yah General Manager Jurong Entertainment Centre Property Information Gross Floor Area (GFA)1 2 281.8 million Incremental Net Property Income Per Annum2 S$16.081 Net Lettable Area (NLA) 204.

owners and managers in China. The fair value of CMT’s investment in CRCT represents 2. ZARA. an increase of 10.1 million. Anhui Province . All the malls in the portfolio are positioned as one-stop family-oriented shopping. Anhui Province. Jiulong Mall and Anzhen Mall in Beijing. The properties are Xizhimen Mall. the total asset size of CRCT is approximately S$1. Henan Province Saihan Mall. The DPU for FY2009 was 8. Zhengzhou. CRCT has long-term growth potential from its right of first refusal arrangements to acquire assets held by CapitaRetail China Development Funds I and II and CapitaRetail China Incubator Fund. The anchor tenants are complemented by popular specialty brands such as Vero Moda. Carrefour and Beijing Hualian Group (BHG) under master leases or longterm leases. an increase of 8. Beijing Wangjing Mall. where gross revenue and net property income were S$120. As at 31 December 2009. Sephora. CMT’s Unitholders are provided with an opportunity to enjoy the upside from China’s growth potential without CMT’s risk profile being significantly altered. Inner Mongolia. The total income distributed to unitholders after retention of S$0. which provide unitholders with stable and sustainable returns.0% respectively from FY2008. CRCT delivered a strong set of results in FY2009.2 billion. CRCT is the first China shopping mall REIT in Singapore. one of the largest listed shopping mall developers. Watsons. Saihan Mall in Huhhot.5% and 11. Beiljing Jiulong Mall.7 million units in CapitaRetail China Trust (CRCT). Huhhot. Through its investment in CRCT. BreadTalk and other fashion. CRCT’s current portfolio of eight shopping malls is located in five cities in China. Wuhu.70% stake. Shanghai Zhengzhou Mall. It is established with the objective of investing in a diversified portfolio of income-producing real estate used primarily for retail purposes and located primarily in the People’s Republic of China. Left column: Xizhimen Mall. A significant portion of the properties’ tenancies consists of major international and domestic retailers such as Wal-Mart. which translate to an approximate 19.6 million. dining and entertainment destinations for the sizeable population catchment areas in which they are located. Beijing Anzhen Mall. Inner Mongolia Xinwu Mall. Hong Kong and Macau. KFC. Henan Province.4% over FY2008’s distribution. Wangjing Mall.55 million for working capital and capital expenditure purposes was S$50.1% over FY2008. and Xinwu Mall in Wuhu. up 10.12% of CMT Group’s total asset size as at 31 December 2009.3 million and S$77. It was listed on the Singapore Exchange Securities Trading Limited on 8 December 2006. Qibao Mall in Shanghai. Zhengzhou Mall in Zhengzhou.CapitaRetail China Trust CMT holds 122. Beijing Right column: Qibao Mall. services and food and beverage tenants. Pizza Hut. as well as CapitaMalls Asia Limited. which are private retail property funds sponsored by CapitaLand Limited.14 cents. and are accessible 112 CapitaMall Trust Report to Unitholders 2009 via major transportation routes or access points.

113 CapitaMall Trust Report to Unitholders 2009 .

plazasingapura. Singapore 534785 Tel (65) 6385 3641 Fax (65) 6385 7338 www.com/malls_sg_river.html Funan DigitaLife Mall 109 North Bridge Road. Singapore 545082 Tel (65) 6489 1954 Fax (65) 6489 1956 www.com/malls_sg_ssc. Singapore 178882 Fairmont Singapore 80 Bras Basah Road. Singapore 758459 Tel (65) 6757 8000 Fax (65) 6257 1463 www. Singapore 179101 Hotel Swissôtel The Stamford Singapore 2 Stamford Road.sg Lot One Shoppers’ Mall 21 Choa Chu Kang Avenue 4.capitamallsasia. Singapore 179097 Tel (65) 6336 8327 Fax (65) 6333 4275 www.sg Bukit Panjang Plaza 1 Jelebu Road.capitamallsasia.capitamallsasia. Singapore 188021 Tel (65) 6557 6557 Fax (65) 6338 1783 www.sg Junction 8 9 Bishan Place.com. Singapore 189560 Tel (65) 6338 7766 Fax (65) 6337 3618 Rivervale Mall 11 Rivervale Crescent.html 114 CapitaMall Trust Report to Unitholders 2009 .capitamallsasia.rafflescity.com/malls_sg_hgp.html Plaza Singapura 68 Orchard Road.funan.com. Singapore 677743 Tel (65) 6314 6388 Fax (65) 6763 4829 www.sg Office 250 North Bridge Road.html Tampines Mall 4 Tampines Central 5. Singapore 529510 Tel (65) 6788 8370 Fax (65) 6787 0995 www.junction8. Singapore 238890/238891 Tel (65) 6332 9770 Fax (65) 6339 5006 www. Singapore 579837 Tel (65) 6354 2955 Fax (65) 6354 2977 www.com.html Sembawang Shopping Centre 604 Sembawang Road.com/malls_sg_bpp. Singapore 609601 Tel (65) 6665 8268 Fax (65) 6562 3933 www.sg Raffles City Singapore Retail 252 North Bridge Road.com.imm.bugisjunction-mall.capitamallsasia. Singapore 179103 www.com/malls_sg_Atrium.Mall Directory Mall Contact Website Bugis Junction 200 Victoria Street.sg Hougang Plaza 1189 Upper Serangoon Road.com/malls_sg_lotone.sg The Atrium@Orchard 60A/B Orchard Road.com.com.html IMM Building 2 Jurong East Street 21. Singapore 238839 Tel (65) 6332 9298 Fax (65) 6339 5006 www.capitamallsasia.tampinesmall. Singapore 689812 Tel (65) 6314 6288 Fax (65) 6763 2405 www.

Ltd. Chandra Das Independent Non-Executive Director Mr Kee Teck Koon Non-Executive Director Mr Lim Tse Ghow Olivier Non-Executive Director Mr Lim Beng Chee Non-Executive Director Executive Commitee Mr Liew Mun Leong Mr Lim Beng Chee Mr Lim Tse Ghow Olivier Audit Commitee Mr James Koh Cher Siang Mr James Glen Service Mr David Wong Chin Huat Corporate Disclosure Committee Mr James Koh Cher Siang Mr Liew Mun Leong Mr Lim Tse Ghow Olivier Company Secretary Ms Kannan Malini .com ask-us@capitamall.Corporate Information as at 1 March 2010 CapitaMall Trust The Manager Registered Address HSBC Institutional Trust Services (Singapore) Limited 21 Collyer Quay #14-01 HSBC Building Singapore 049320 Tel: (65) 6534 1900 Fax: (65) 6533 1077 Registered Address CapitaMall Trust Management Limited 39 Robinson Road #18-01 Robinson Point Singapore 068911 Tel: (65) 6536 1188 Fax: (65) 6536 3884 Website & Email Address www.com Trustee HSBC Institutional Trust Services (Singapore) Limited 21 Collyer Quay #10-01 HSBC Building Singapore 049320 Tel: (65) 6534 1900 Fax: (65) 6533 1077 Auditor KPMG LLP Public Accountants and Certified Public Accountants 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 Tel: (65) 6213 3388 Fax: (65) 6225 0984 Partner-In-Charge: Mr Ronald Tay (Since the financial period ended 31 December 2007) Unit Registrar Boardroom Corporate & Advisory Services Pte. 50 Raffles Place #32-01 Singapore Land Tower Singapore 048623 Tel: (65) 6536 5355 Fax: (65) 6536 1360 115 CapitaMall Trust Report to Unitholders 2009 Directors of The Manager Mr James Koh Cher Siang Chairman & Independent Non-Executive Director Mr Liew Mun Leong Deputy Chairman & Non-Executive Director Mr Simon Ho Chee Hwee Chief Executive Officer & Executive Director Mr James Glen Service Independent Non-Executive Director Mr David Wong Chin Huat Independent Non-Executive Director Mr S.capitamall.

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

HSBC Institutional Trust Services (Singapore) Limited Johannes Van Verre Director Singapore 26 February 2010 117 CapitaMall Trust Report to Unitholders 2009 . in all material respects. Statements of Total Return. in accordance with the limitations imposed on the investment and borrowing powers set out in the Trust Deed. Portfolio Statements. inter alia. the Securities and Futures Act. the Manager has. laws and regulations and otherwise in accordance with the provisions of the Trust Deed. In accordance with. Distribution Statements. For and on behalf of the Trustee.Report of the Trustee HSBC Institutional Trust Services (Singapore) Limited (the “Trustee”) is under a duty to take into custody and hold the assets of CapitaMall Trust (the “Trust”) and its subsidiaries (the “Group”) in trust for the holders (“Unitholders”) of units in the Trust (the “Units”). Statements of Movements in Unitholders’ Funds. the Trustee shall monitor the activities of CapitaMall Trust Management Limited (the “Manager”) for compliance with the limitations imposed on the investment and borrowing powers as set out in the trust deed dated 29 October 2001 (as amended) (the “Trust Deed”) between the Manager and the Trustee in each annual accounting period and report thereon to Unitholders in an annual report which shall contain the matters prescribed by the laws and regulations as well as the recommendations of the Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of the Certified Public Accountants of Singapore and the provisions of the Trust Deed. comprising the Balance Sheets. Cash Flow Statements and Notes to the Financial Statements. managed the Trust during the period covered by these financial statements. To the best knowledge of the Trustee. its subsidiary legislation and the Code on Collective Investment Schemes and the Listing Manual (collectively referred to as the “laws and regulations”). Chapter 289 of Singapore. set out on pages 120 to 167.

At the date of this statement. the financial position of the Group and of the Trust as at 31 December 2009. CapitaMall Trust Management Limited Ho Chee Hwee Simon Director Singapore 26 February 2010 118 CapitaMall Trust Report to Unitholders 2009 .Statement by the Manager In the opinion of the directors of CapitaMall Trust Management Limited. Statements of Total Return. Cash Flow Statements and a summary of significant accounting policies and other explanatory notes of CapitaMall Trust and its subsidiaries (the “Group”) and of the Trust. Distribution Statements. the accompanying financial statements set out on pages 120 to 167 comprising the Balance Sheets. the total return. in all material respects. Portfolio Statements. For and on behalf of the Manager. distributable income. Statements of Movements in Unitholders’ Funds. movements in Unitholders’ funds and cash flows of the Group and of the Trust for the year then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certified Public Accountants of Singapore and the provisions of the Trust Deed. there are reasonable grounds to believe that the Group and the Trust will be able to meet their financial obligations as and when they materialise. are drawn up so as to present fairly.

the consolidated financial statements of the Group and the financial statements of the Trust present fairly. the auditor considers internal control relevant to the Trust’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. the financial position of the Group and of the Trust as at 31 December 2009. including the assessment of the risks of material misstatement of the financial statements. but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control. as set out on pages 120 to 167.Independent Auditors’ Report Unitholders of CapitaMall Trust (Established in the Republic of Singapore pursuant to a Trust Deed dated 29 October 2001 (as amended)) We have audited the accompanying financial statements of CapitaMall Trust (the “Trust”) and its subsidiaries (the “Group”). as well as evaluating the overall presentation of the financial statements. Statements of Movements in Unitholders’ Funds and Cash Flow Statements of the Group and the Trust for the year then ended. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Manager of the Trust. Auditors’ responsibility Our responsibility is to express an opinion on these financial statements based on our audit. This responsibility includes: designing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. The procedures selected depend on the auditor’s judgement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. whether due to fraud or error. distributable income. movements in Unitholders’ funds and cash flows of the Group and the Trust for the year then ended in accordance with the Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certified Public Accountants of Singapore. implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement. Manager’s responsibility for the financial statements The Manager of the Trust is responsible for the preparation and fair presentation of these financial statements in accordance with Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certified Public Accountants of Singapore. Opinion In our opinion. In making those risk assessments. in all material respects. selecting and applying appropriate accounting policies. whether due to fraud or error. and the Statements of Total Return. Distribution Statements. and a summary of significant accounting policies and other explanatory notes. which comprise the Balance Sheets and Portfolio Statements of the Group and the Trust as at 31 December 2009. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. KPMG LLP Public Accountants and Certified Public Accountants Singapore 26 February 2010 119 CapitaMall Trust Report to Unitholders 2009 . We conducted our audit in accordance with Singapore Standards on Auditing. the total return. and making accounting estimates that are reasonable in the circumstances.

821 37.610 4.059 1.179.832.774 7.969.885 1.339.30 Represented by: Unitholders’ funds Units in issue (’000) Net asset value per unit The accompanying notes form an integral part of these financial statements.688 (225.317.613 4.930 1.048 49.858 1.064 4.461 1.079.000 1.133 – 592.062 – 7.268 1.387 588.174.945 2.773 – 315.845.038 33.56 2.477 43.042 51.805 – 87.220 665.115 (596.351 – 6.480.355 187.066 781.831 $ $ $ $ 1.710 440.467 29.576.666.388 353 103.048 64.Balance Sheets As at 31 December 2009 GROUP Note Non-current assets Plant and equipment Investment properties Subsidiaries Associate and joint venture Deferred tax asset 3 4 5 6 13 Current assets Inventories Trade and other receivables Financial derivatives Cash and cash equivalents 7 8 9 Current liabilities Financial derivatives Trade and other payables Current portion of security deposits Interest-bearing borrowings Current tax payable 8 10 11 Net current liabilities Non-current liabilities Interest-bearing borrowings Convertible bonds Non-current portion of security deposits Financial derivatives 11 12 8 Net assets TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 2.920. 120 CapitaMall Trust Report to Unitholders 2009 14 .042 68.964 – 141.671 3.230 – 5.165 7.845.329 1.969.825 363.221 645.793 45.132.953.552 1.319 353 76.338 616.000 – 143.308 2.793 168.613 4.669 616.706 1.300) 1.864.606 4.919 1.786 592.036 – 350.898.974 195 12.150.706 1.383 6.44 1.666.179.927 – 119.268 1.147 907.920 – 23.424 165.016 987.283.177 34.059.570 31.832.403 5.146.000 356.871) (959.620 670.923 592.671 3.079.52 2.056 179 13.606 4.237 33.321.535 5.500 – 137.831 3.186) 359.882 440.610 3.500 149.220.806 4.000 – 761.000 – 548.

175) 248.Statements of Total Return Year ended 31 December 2009 GROUP Note TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 Gross revenue Property operating expenses Net property income 15 16 552.358.531) 205.923 units were issued pursuant to Rights Issue.138 240.201 Fully diluted (2.239) (777) (229) (604) – (85.081 46.509 516.038 – (34.277) 33.286) (1.255) – (102. The accompanying notes form an integral part of these financial statements.526) (527) (262) (1.545 273.052) – (74.997 – 216.205 (25.881 – (31.958) 245.130 405.051 21 22 Total return for the year Earnings per unit (cents) 23 Basic (2.662 (122. 1.487 Interest income Investment income Asset management fees Professional fees Trustee’s fees Audit fees Other expenses Foreign exchange gain Finance costs Net income before share of profit of associate Share of profit of associate Net income Net change in fair value of financial derivatives Net change in fair value of investment properties Total return for the year before income tax Income tax expense 17 18 19 20 1.220 516.681 1 The figures have been restated for the effect of underwritten renounceable 9-for-10 rights issue (“Rights Issue”).545 323.768 510.569 51.401 1.700 (175.185) 560.463) 39.534) (302.023 8.220 – 22.899) 1.34 23.932) 376.187) (63.402 (105. On 2 April 2009. 121 CapitaMall Trust Report to Unitholders 2009 .029) 236.178) (3.453) (3.34 25.028 (128.066) (356) (863) 3.990) (815) (377) (1.614) (1.602 370.227 562.23) 25.771) 341.407 25.297 4.426) 276.032) 216.23) 27.435 (1.901 (169.116 – 245.020) (1.179 (1.902 39.997 25.442 (22.502.384 213.051 – (65.419) (1.116 6.781 1.567 (212.

839) – (60.481) – (62.019 8.805 13.625) – (215.850 (3.966 344.559 8.971) 27.172 13.620) (60.172 78.65 cents per unit for period from 1/10/2008 to 31/12/2008 Distribution of 1.263 (6.141 7.52 cents per unit for period from 1/4/2008 to 30/6/2008 Distribution of 3.116 36.138 39.247 2.629) – (67.481) – (67.360 – – 238.839) – (62.986) (74.475 24.625) – (215.138 39.297 41.789 2.64 cents per unit for period from 1/7/2008 to 30/9/2008 Distribution of 3.801 205.357 278.565 13.620) – (60.357 278.583) – (60.187 661 8.883) – (57.583) – (58.342 910 14.513 62.676) (265.172 245.141 (5.515) 41.464 777 9.172 236.883) – (58.150) 281.360 Note A – Net tax adjustments comprise: Non-tax deductible/(chargeable) items: – asset management fees paid/payable in units – trustee’s fees – amortisation of transaction costs on borrowings and convertible bonds – other items Tax deductible item: – capital allowances/balancing allowances Net tax adjustments The accompanying notes form an integral part of these financial statements.97 cents per unit for period from 1/1/2009 to 31/3/2009 Distribution of 2.561 (3.515) 36.Distribution Statements Year ended 31 December 2009 GROUP Amount available for distribution to Unitholders at beginning of year Net income before share of profit of associate Net tax adjustments (Note A) Distribution income from associate Net profit from subsidiaries Amount available for distribution to Unitholders Distribution to Unitholders during the year: Distribution of 2.561 10.513 62.35 cents per unit for period from 1/7/2009 to 30/9/2009 Amount available for distribution to Unitholders at end of the year TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 62.158 – (38.900) – (57.801 216.258 (6.180 (987) 238.850 – – 281.971) 21.294 527 25.900) – (38.158 62.34 cents per unit for period from 7/11/2007 to 31/12/2007 Distribution of 3. 122 CapitaMall Trust Report to Unitholders 2009 .676) (265.48 cents per unit for period from 1/1/2008 to 31/3/2008 Distribution of 3.986) 78.966 344.997 21.13 cents per unit for period from 1/4/2009 to 30/6/2009 Distribution of 2.023 27.629) – (74.

531.936 4.845.231.079.986) 8.832.986) 947.716) (265.969.797 – 263 (215.464 4.671 (201.294 4.079.632) 4.731 (8.936 4.632) 3.610 3.625) 9.051 7.934 (31.629) (95) (259) Movement in foreign currency translation reserve (668) 7.625) 9.231.721.185) 560.797 – 263 (215.814 3. 123 CapitaMall Trust Report to Unitholders 2009 .450 (65.879 1.902 39.716) (265.610 Net assets at beginning of the year Operations Total return for the year Hedging reserve Effective portion of changes in fair value of cash flow hedges Unitholders’ transactions Creation of units – asset management fees paid/payable in units – units issued in respect of RCS Trust’s asset management fees – Rights Issue Issue expenses (Note 24) Distribution to Unitholders Net increase/(decrease) in net assets resulting from Unitholders’ transactions Net assets at end of the year The accompanying notes form an integral part of these financial statements.464 4.934 (31.145 – – Movement in general reserve 193 6 – – 8.Statements of Movements in Unitholders’ Funds Year ended 31 December 2009 GROUP TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 4.606 3.845.879 1.220 516.613 (201.294 4.606 947.

4 14. Singapore Location 99.000 850.0 99.000 At Valuation 2009 2008 $’000 $’000 139.8 100.000 136.1 2.8 20.000 7.6 5.0 98.2 10. Singapore 4 Tampines Central 5.0% interest in Raffles City 99 years 99 years 99 years 99 years 99 years 99 years 99 years 999 years 99 years – 60 years 99 years 99 years 99 years Term of Lease 69 years 87 years 83 years 84 years 98 years 80 years 80 years 874 years 80 years – 39 years 69 years 81 years 82 years Remaining Term of Lease The accompanying notes form an integral part of these financial statements.0) 100.606 1.7 97.0 100.000 123.1 8.0 20.1 98.949) 4.6 6.0 (42.3 20. Singapore 604 Sembawang Road.8 99.000 256.0 98.000 90.079.3 99. Singapore 109 North Bridge Road.000 570.8 19.5 15.1 99.969.000 798.5 16.0 100.0 100.2 24.000 428.000 775.000 326.000 714. Singapore 21 Choa Chu Kang Avenue 4.6 100.087.000 777.4 16.8 3.9 8.500 137.6 2009 % 175.0 14. Singapore 200 Victoria Street.000 1.1 13.3 2.078.4 2.7 142.0 100.317.6 11. Singapore 2 Jurong East Central 1.3 100.5 100.124 CapitaMall Trust Report to Unitholders 2009 Tenure of Land Leasehold Leasehold Leasehold Freehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Junction 8 Funan DigitaLife Mall IMM Building Plaza Singapura Hougang Plaza Sembawang Shopping Centre Jurong Entertainment Centre Bugis Junction The Atrium@Orchard Bukit Panjang Plaza Lot One Shoppers’ Mall Rivervale Mall 40.000.0 26.6 NA NA 2 100.0 99.000 1.0 2008 % Percentage of Total Net Assets .000 50. Singapore 9 Bishan Place. 2 Stamford Road and 80 Bras Basah Road.174.3 19.7 0.0 3.4 2.000.3 (79. Singapore 60A & 60B Orchard Road.920.6 3.1 6.000 433.7 NA 99.000 92.8 99. Singapore 11 Rivervale Crescent.000 143.613 1.000 137.057.1 99.000 122.000 658. Singapore Retail Office Hotel 3 Commercial Commercial Commercial Commercial Commercial Commercial Commercial 1189 Upper Serangoon Road.062 7.0 100.0 Committed Occupancy Rates as at 31 December 2009 2008 % % 6.0 100.020.5 1.313) 4.000 798. Singapore Commercial 68 Orchard Road.919 7. Other assets and liabilities (net) Net assets Investment properties.0 99.500 39.0 NA 2 NA 1 100.000 585.000 248.5 179. Singapore 1 Jelebu Road. Singapore 2 Jurong East Street 21.3) 100.0 100.000 650.000 341.238.919 (3.562 (2. at valuation Investment in associate (Note 6) Leasehold Tampines Mall Investment properties in Singapore Description of Property GROUP Portfolio Statements As at 31 December 2009 Commercial Commercial Warehouse Commercial Commercial Commercial Existing Use 250 & 252 North Bridge Road.0 99.4 1.9 100.

0 98.350 (1.671 714.021.8 20.000 At Valuation 2009 2008 $’000 $’000 106.317.2 17.1 138.000 136.1 NA 2 100.0 100.0 Committed Occupancy Rates as at 31 December 2009 2008 % % 5. 3 The two hotels are on a long term master lease to RC Hotels (Pte) Ltd.2 (23.000 798. Singapore 604 Sembawang Road. Commercial Commercial Warehouse Commercial Commercial Commercial Existing Use 60A & 60B Orchard Road.1 8.0 22.5 1 100.0 100.7 3. Singapore Location NA Not Applicable 1 Occupancy rate is not applicable as Sembawang Shopping Centre major asset enhancement initiatives were completed in late December 2008.119.832.0 NA 99.3 26.1 20. associate and joint venture (Notes 5 & 6) Leasehold Tampines Mall Investment properties in Singapore Description of Property TRUST Portfolio Statements As at 31 December 2009 99.0 99.8) 100.6 164.000 1.961) 3.571 6.7 11.610 850.1 98.000 570.500 39.000.2) 100.8 16.8 0.000 658.571 (2. Singapore 109 North Bridge Road.1 Percentage of Total Net Assets 2009 2008 % % .6 100. Singapore Commercial Commercial Commercial Commercial 1189 Upper Serangoon Road.000 585.2 20.132.000 1.8 100.000 326.1 99.8 (64. at valuation Investment in subsidiaries. Singapore 9 Bishan Place. Singapore 4 Tampines Central 5.0 NA 2 100. 2 Occupancy rate is not applicable as Jurong Entertainment Centre was closed in November 2008 for asset enhancement works.492.2 26.0 99.338.000 1. Other assets and liabilities (net) Net assets Investment properties.500 819.0 100.8 99.5 2.000 777.7 13.000. Singapore 2 Jurong East Street 21.000 650.2 3.0 14.5 6. Singapore 2 Jurong East Central 1.000 798.8 16.0 17.7 97.952. Singapore Commercial 68 Orchard Road.000 123.000 122.000 341.125 CapitaMall Trust Report to Unitholders 2009 Tenure of Land Leasehold Leasehold Leasehold Freehold Leasehold Leasehold Leasehold Leasehold Leasehold Junction 8 Funan DigitaLife Mall IMM Building Plaza Singapura Hougang Plaza Sembawang Shopping Centre Jurong Entertainment Centre Bugis Junction The Atrium@Orchard 99 years 99 years 99 years 999 years 99 years – 60 years 99 years 99 years 99 years Term of Lease 98 years 80 years 80 years 874 years 80 years – 39 years 69 years 81 years 82 years Remaining Term of Lease The accompanying notes form an integral part of these financial statements.845.5 2.9 15.000 50.679) 4.000 775.6 1.850 5.3 99. Singapore 200 Victoria Street.0 123.000 137.000 5.0 100.

Junction 8.000. The Atrium@Orchard. Funan DigitaLife Mall. Generally.000.917. Sembawang Shopping Centre. The Manager believes that the independent valuer has appropriate professional qualifications and recent experience in the location and category of the property being valued. The valuation adopted was $2.614.000) and $17. Hougang Plaza and Jurong Entertainment Centre were undertaken by CB Richard Ellis (Pte) Ltd (“CBRE”) while the independent valuations of Junction 8.550. On 31 December 2009. Subsequent renewals are negotiated with the lessee. The carrying amounts of Plaza Singapura. Bukit Panjang Plaza. The valuations were based on capitalisation and discounted cash flow approaches.635. The Manager believes that the independent valuer has appropriate professional qualifications and recent experience in the location and category of the property being valued. The net change in fair value of the property has been taken to the Statement of Total Return.000 (2008: $30.000 and the Trust’s proportionate interest in the property value is $1. Investment properties comprise commercial properties that are leased to external customers. Lot One Shoppers’ Mall.000 (2008: $17. Lot One Shoppers’ Mall and Rivervale Mall were undertaken by CBRE.000) respectively.500. The valuations were based on investment method and discounted cash flow approaches for Knight Frank and capitalisation and discounted cash flow approaches for CBRE. The carrying amounts of Tampines Mall. IMM Building. Portfolio Statements As at 31 December 2009 . Plaza Singapura. the leases contain an initial non-cancellable period of three years. The valuations were based on investment method and discounted cash flow approaches for Knight Frank and capitalisation and discounted cash flow approaches for CBRE. Sembawang Shopping Centre. Hougang Plaza.000. Rivervale Mall and Raffles City as at 1 December 2008 were based on independent valuations undertaken by Knight Frank. The Manager believes that the independent valuers have appropriate professional qualifications and recent experience in the location and category of the properties being valued. The net change in fair value of the properties has been taken to the Statement of Total Return. The valuation was based on investment method and discounted cash flow approaches. Bugis Junction and The Atrium@Orchard were undertaken by Knight Frank Pte Ltd (“Knight Frank”). Jurong Entertainment Centre and Bugis Junction as at 1 December 2008 were based on independent valuations undertaken by CBRE. Contingent rents recognised in the Statement of Total Return of the Group and in the Statement of Total Return of the Trust amounted to $28. Funan DigitaLife Mall. independent valuations of Tampines Mall. The net change in fair value of the properties has been taken to the Statement of Total Return. On 31 December 2009. IMM Building.020. independent valuations of Bukit Panjang Plaza.126 CapitaMall Trust Report to Unitholders 2009 The accompanying notes form an integral part of these financial statements. independent valuation of Raffles City was undertaken by Knight Frank. On 31 December 2009.

180 25.775 7.881 – (37.250) – 3 (1.383 – (2.402) 78 (4.442) 10 – 33 – 232.000) 3 (677) (314.187 1.036 1.407 245.569) (51.997 13.663) (350.576 1.116 216.250) (43.958 (33.133 721 – 260.956) Balance carried forward 301.435 213.138) 351.342 1.180 40.010) 10.501) 19.258 28.943) – – (833) (990.124) (54.543) (847.180 1.294 628 74.304) – – (1.101.785) (54.543 – 257.560) (733.440) (1.694 35.593 3 (4.344 14.878 – 92 4.081) (46.924 8.618) 21.547 (37.038) – 17 (3.464 647 85.491) 7.Cash Flow Statements Year ended 31 December 2009 GROUP TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 240.021 105.205) 16 – 10 – 255.020 102.101 11.881) – 10 – 34 (8.531 (1. 127 CapitaMall Trust Report to Unitholders 2009 .032 (22.543) (847.941 (288) 355.018 – – – (224.471 (16) 1.459) 10.437 9.751) 7.384) 320.029 (1.303 – – (173.289 (753.258 1.332 (864) 347.288 Capital expenditure on investment properties Distribution received from associate Interest received Investment income received Investment in associate Net cash outflow on purchase of investment property (including acquisition charges) (see Note A below) Loan to subsidiary Proceeds from sale of plant and equipment Purchase of plant and equipment Cash flows from investing activities (64.668) Operating activities Net income Adjustments for: Asset management fees paid/payable in units Depreciation and amortisation Finance costs Interest income Investment income Asset written off Foreign exchange gain – realised Receivables written off Share of profit of associate Operating income before working capital changes Changes in working capital: Inventories Trade and other receivables Trade and other payables Security deposits Income tax paid Cash flows from operating activities Investing activities The accompanying notes form an integral part of these financial statements.

Note: (A) Net Cash Outflow on Purchase of Investment Property (including acquisition charges) Net cash outflow on purchase of investment property (including acquisition charges) is set out below: Investment properties Plant and equipment Cash and cash equivalents Other assets Trade and other payables Security deposits Net identifiable assets and liabilities acquired Acquisition charges Cash acquired Less: Accruals Less: Rental income collected by vendor on behalf of the Trust Net cash outflow (B) GROUP AND TRUST 2008 $’000 839.800 – 1.005 (326) (989) (1.931 35.355 158.493 141. 11.560) (733.000 – – (187.716) 17.283 (215. 128 CapitaMall Trust Report to Unitholders 2009 .437 68.Cash Flow Statements Year ended 31 December 2009 GROUP Balance brought forward Financing activities Distribution to Unitholders Interest paid Payment of issue and financing expenses Proceeds from interest-bearing borrowings Proceeds from issuance of convertible bonds Proceeds from issue of new units Cash pledge 1 Repayment of interest-bearing borrowings Cash flows from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year 2 (Note 9) 1 2 TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 301.012) (31.716) – – 1.231.800 – 326 – – (326) 839.000).785) (54.112) 1.424 300.289 (753.470 168.000) 213.222 (265.543 650.986) (58.723 141.000.424 $15.918 168.000.934 (15.543) 839.275) units were issued or will be issued as payment for the asset management fees payable in units.014.061) 662.091.332) 853.934 (15.200) (133.310) (31.000 cash pledge is intended to be used to repay in part the next tranche of the term loan from Silver Maple Investment Corporation Ltd due in 2010.625) (61.930 (2008: 6.000 – – (500.599 167.543 650. amounting to a value of $13.891) (14.354) (11.000) (645.668) (265.000 (2008: $14.800 10.147 105.819) (215.000) (991.002.000 cash pledge.986) (80.625) (80.250 Significant Non-Cash Transaction During the financial year. Exclude $15.176.231.240) 847.355 335.825 99. The accompanying notes form an integral part of these financial statements.342.

in the form of Units or a combination of both (as the Manager may elect). 1. The fee structures of these services are as follows: 1. The asset management fees are payable quarterly in arrears.00% per annum of the net property income of the properties.1 Property management fees Under the Property Management Agreements. The consolidated financial statements relate to the Trust and its subsidiaries (the “Group”) and the Group’s interest in its associate and joint venture. The financial statements were authorised for issue by the Manager and the Trustee on 26 February 2010. The Trust was formally admitted to the Official List of the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 17 July 2002 (“Listing Date”) and was included under the Central Provident Fund (“CPF”) Investment Scheme on 13 September 2002.85% per annum of gross revenue of the Trust for each financial year. The Trustee is under a duty to take into custody and hold the assets of the Trust in trust for the holders (“Unitholders”) of units in the Trust (the “Units”). which is used or substantially used for retail purposes with the primary objective of achieving an attractive level of return from rental income and for long-term capital growth. Deposited Property refers to all the assets of the Trust. including all its Authorised Investments (as defined in the Trust Deed) for the time being held or deemed to be held upon the trusts of the Trust Deed. The principal activity of the Trust is to invest in income producing real estate. When paid in the form of Units.5% per annum of the investment value of the Authorised Investment.50% per annum of the net property income of the properties.70% per annum of the Deposited Property or such higher percentage as may be fixed by an Extraordinary Resolution at a meeting of Unitholders. On 1 October 2006. The Trust has entered into several service agreements in relation to management of the Trust and its property operations.2 Asset management fees Pursuant to the Trust Deed. and (b) the performance component shall be paid to the Manager in the form of cash. 129 CapitaMall Trust Report to Unitholders 2009 . The Trust Deed is governed by the laws of the Republic of Singapore. In respect of all Authorised Investments which are in the form of Real Estate acquired by the Trust: – (a) the base component shall be paid to the Manager in the form of cash and/or Units (as the Manager may elect). associate and joint venture are set out in Notes 5 and 6.Notes to the Financial Statements Year ended 31 December 2009 These notes form an integral part of the financial statements. 1 GENERAL CapitaMall Trust (the “Trust”) is a Singapore-domiciled unit trust constituted pursuant to the trust deed dated 29 October 2001 (as amended) (the “Trust Deed”) between CapitaMall Trust Management Limited (the “Manager”) and HSBC Institutional Trust Services (Singapore) Limited (the “Trustee”). in which case no asset management fee shall be payable in relation to such Authorised Investment. in lieu of leasing commissions. 0. the asset management fees were revised and adopted to comprise: (a) in respect of Authorised Investments which are in the form of real estate. The property management fees are payable quarterly in arrears. The principal activities of the subsidiaries.25% per annum of Deposited Property and a performance component of 2. unless such Authorised Investment is an interest in a property fund (either a real estate investment trust or private property fund) wholly managed by a wholly-owned subsidiary of CapitaLand Limited. (b) 2.00% per annum of the gross revenue of the properties. and (c) 0. property management fees are charged as follows: (a) 2. the asset management fees shall not exceed 0. and (b) in respect of all other Authorised Investments which are not in the form of real estate. the Manager shall be entitled to receive such number of Units as may be purchased for the relevant amount of the asset management fee at the market price (as defined in the Trust Deed). a base component of 0.

income and expenses. The financial statements are prepared on the historical cost basis. there were no borrowing costs capitalised with respect to investment properties. comparative figures have not been restated. the contractual maturity analysis for the comparative period has not been represented. Disclosure of contractual maturity analysis The Group applies the amendments to FRS 107 Financial Instruments: Disclosures. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2. The financial statements are presented in Singapore dollars. there is no impact on earnings per unit. will be capitalised as part of the cost of that asset. Previously. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. In particular. The preparation of financial statements in conformity with RAP 7 requires management to make judgements. except as explained above. the Trust immediately recognised all borrowing costs as an expense. the Group determines and presents operating segments based on the information that is internally provided to the Group’s Chief Operating Decision Makers (“CODMs”). Actual results may differ from these estimates. As a result. The new accounting policy in respect of operating segment disclosures is presented at Note 2. uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amount recognised in the financial statements is described in the following notes: • Note 4 – Valuation of investment properties • Note 26 – Valuation of financial instruments Accounting for borrowing costs Arising from the adoption of FRS 23 Borrowing Costs (2007). the Trustee’s fees shall not exceed 0. The Trustee is also entitled to reimbursement of expenses incurred in the performance of its duties under the Trust Deed.14 and has no material impact on comparative segment information and earnings per unit. which addresses changes in accounting policies. Determination and presentation of operating segments As of 1 January 2009. except for investment properties.10% per annum of the Deposited Property (subject to a minimum sum of $6. The accounting policies set out below have been applied consistently to all periods presented in these financial statements. In accordance with the transitional provisions of such standard. which is the Group’s functional currency. construction or production of a qualifying asset for which the commencement date for capitalisation is on or after 1 January 2009.3 Trustee’s fees Pursuant to the Trust Deed. estimates and assumptions that affect the application of policies and reported amounts of assets. Estimates and underlying assumptions are reviewed on an ongoing basis. borrowing costs directly attributable to the acquisition.Notes to the Financial Statements Year ended 31 December 2009 1. and have been applied consistently by the Group entities. which became effective as of 1 January 2009. and the applicable requirements of the Code on Collective Investment Schemes (the “CIS Code”) issued by the Monetary Authority of Singapore (“MAS”) and the provisions of the Trust Deed. All financial information presented in Singapore dollars has been rounded to the nearest thousand. 130 CapitaMall Trust Report to Unitholders 2009 . derivative financial instruments and certain financial assets and financial liabilities which are measured at fair value.000 per month) payable out of the Deposited Property of the Trust. Since the change in accounting policy only impacts presentation and disclosure aspects. information about significant areas of estimation. the Group discloses the maximum amount of issued financial guarantees in the earliest time period for which the guarantees could be called upon in the contractual maturity analysis. FRS 107 does not require comparative information to be restated and therefore. The Trustee’s fees are payable quarterly in arrears. During the year. Previously operating segments were determined and presented in accordance with FRS 14 Segment Reporting. unless otherwise stated.1 Basis of preparation The financial statements have been prepared in accordance with the Statement of Recommended Accounting Practice (“RAP”) 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certified Public Accountants of Singapore. This change in accounting policy is due to the adoption of FRS 108 Operating Segments. liabilities.

associate and joint venture are stated in the Trust’s balance sheet at cost less accumulated impairment losses. are eliminated in preparing the consolidated financial statements. useful lives and residual values are reviewed.Notes to the Financial Statements Year ended 31 December 2009 2. Depreciation methods. When parts of an item of plant and equipment have different useful lives. in its financial statements. In assessing control. In the financial statements of the Group. The consolidated financial statements include the assets that the Group controls and the liabilities that it incurs in the course of pursuing the joint venture. over the financial and operating policies. 131 CapitaMall Trust Report to Unitholders 2009 . Control exists when the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Transactions eliminated on consolidation Intra-group balances. after adjustments to align the accounting policies with those of the Group. and adjusted as appropriate. Unrealised losses are eliminated in the same way as unrealised gains. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. from the date that significant influence commences until the date that significant influence ceases. but not control. from the date that joint control commences until the date that joint control ceases. associate and joint venture by the Trust Investments in subsidiaries. and major components that are accounted for separately. liabilities. the interest in joint venture is accounted for by including its proportionate share of the jointly-controlled entity’s assets. Depreciation is provided on a straight-line basis so as to write off items of plant and equipment. Accounting for subsidiaries. over their estimated useful lives as follows: Furniture. Joint venture is an entity over whose activities the Trust has joint control. after adjustments to align the accounting policies with those of the Group. income and expenses with the similar item. In the financial statements of the Group. When the Group’s share of losses exceeds its interest in an associate. The costs of the day-to-day servicing of plant and equipment are recognised in the Statement of Total Return as incurred.3 Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and impairment losses. share of the income and expenses of the joint venture. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. established by contractual agreement and requiring unanimous consent for strategic financial and operating decisions. fittings and equipment – 2 to 5 years Gains or losses arising from the retirement or disposal of plant and equipment are determined as the difference between the estimated net disposal proceeds and the carrying amount of the asset and are recognised in the Statement of Total Return on the date of retirement or disposal. but only to the extent that there is no evidence of impairment. at each reporting date. Associate and joint venture Associate is an entity in which the Group has a significant influence. Cost includes expenditure that is directly attributable to the acquisition of the asset.2 Consolidation Subsidiaries Subsidiaries are entities controlled by the Group. they are accounted for as separate items (major components) of plant and equipment. the carrying amount of that interest (including any long-term investments) is reduced to zero and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payment on behalf of the associate. and any unrealised income or expenses arising from intra-group transactions. line by line. The consolidated financial statements include the Group’s share of the income and expenses of the associate. potential voting rights that presently are exercisable are taken into account. The cost of replacing part of an item of plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. the interest in an associate is accounted for using the equity method. 2.

6 Financial instruments Non-derivative financial instruments Non-derivative financial instruments comprise trade and other receivables.. The cost of a purchased property comprises its purchase price and any directly attributable expenditure including capitalised borrowing costs. The properties are subject to continued maintenance and regularly revalued on the basis set out above. the Group and the Trust may claim capital allowances on assets that qualify as plant and machinery under the Income Tax Act.e. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at the reporting date. which requires the investment properties to be valued by independent registered valuers in the following events: • in such manner and frequency required under the CIS Code issued by MAS. Regular way purchases and sales of financial assets are accounted for at trade date.5 Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of the Group at the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date on which the fair value was determined. Fair value is determined in accordance with the Trust Deed. available-for-sale equity instruments and financial liabilities designated as hedges of the net investment in a foreign operation. A financial instrument is recognised if the Group becomes a party to the contractual provisions of the instrument. Transaction costs shall be included in the initial measurement.4 Investment properties Investment properties are properties held either to earn rental income or capital appreciation or both. cash and cash equivalents. any directly attributable transaction costs. When an investment property is disposed of. the date that the Group commits itself to purchase or sell the asset. i. less any impairment losses. For income tax purposes. trade and other payables. except for differences arising on the retranslation of monetary items that in substance form part of the Group’s net investment in a foreign operation. 132 CapitaMall Trust Report to Unitholders 2009 . Cash and cash equivalents comprise cash balances and bank deposits. the resulting gain or loss recognised in the Statement of Total Return is the difference between net disposal proceeds and the carrying amount of the property. and • at least once in each period of 12 months following the acquisition of each parcel of real estate property. Subsequent to initial recognition. 2.Notes to the Financial Statements Year ended 31 December 2009 2. interestbearing borrowings and security deposits. Any increase or decrease on revaluation is credited or charged to the Statement of Total Return as a net change in fair value of the investment properties. Financial assets are derecognised if the Group’s contractual rights to the cash flows from the financial assets expire or if the Group transfers the financial asset to another party without retaining control or transfers substantially all the risks and rewards of the asset. for instruments not at fair value through profit or loss. Non-derivative financial instruments are recognised initially at fair value plus. Investment properties are accounted for as non-current assets and are stated at initial cost on acquisition and at fair value thereafter. Investment properties are not depreciated. non-derivative financial instruments are measured at amortised cost using the effective interest method. 2. Foreign currency differences arising on retranslation are recognised in the Statement of Total Return. Financial liabilities are derecognised if the Group’s obligations specified in the contract expire or are discharged or cancelled.

hedge accounting is discontinued prospectively. derivatives are measured at fair value. The derivative liability is measured at fair value through the Statement of Total Return. The cumulative gain or loss previously recognised in equity remains there until the forecast transaction occurs. Embedded derivatives are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related. and changes therein are accounted for as described below. Derivatives are recognised initially at fair value. expires or is sold. If the forecast transaction is no longer expected to occur. any related cumulative gain or loss is recognised in the Statement of Total Return. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount. Individually significant financial assets are tested for impairment on an individual basis. The carrying amount of the convertible bonds at initial recognition is the difference between the gross proceeds from the convertible bonds issue and the fair value of the derivative liability. When the hedged item is a non-financial asset. Economic hedges Hedge accounting is not applied to derivative instruments that economically hedge monetary assets and liabilities denominated in foreign currencies. attributable transaction costs are recognised in the Statement of Total Return when incurred. If the hedging instrument no longer meets the criteria for hedge accounting. the amount recognised in Unitholders’ funds is transferred to the carrying amount of the asset when it is recognised. The remaining financial assets are assessed collectively in groups that share similar credit risk characteristics. Convertible bonds The convertible bonds comprise a liability for the interest and principal amount and a derivative liability. are interdependent of each other and are not readily separable.Notes to the Financial Statements Year ended 31 December 2009 Derivative financial instruments and hedging activities The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. the reversal is recognised in the Statement of Total Return. Changes in the fair value of such derivatives are recognised in the Statement of Total Return. In other cases the amount recognised in Unitholders’ funds is transferred to the Statement of Total Return in the same period that the hedged item affects the Statement of Total Return. Subsequent to initial recognition. All impairment losses are recognised in the Statement of Total Return. Multiple embedded derivatives in a single instrument are treated as a single compound embedded derivative if they share the same underlying risk exposures. terminated or exercised. a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative. To the extent that the hedge is ineffective. 133 CapitaMall Trust Report to Unitholders 2009 . A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset. the convertible bonds are measured at amortised cost using effective interest method. Separable embedded derivatives Changes in the fair value of separable embedded derivatives are recognised in the Statement of Total Return. The derivative liability is recognised at fair value at inception. Subsequent to initial recognition. and the combined instrument is not measured at fair value through the Statement of Total Return. For financial assets measured at amortised cost. Impairment of financial assets A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. changes in fair value are recognised in the Statement of Total Return. Any directly attributable transaction costs are allocated to the convertible bonds and derivative liability in proportion to their initial carrying amounts. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. Cash flow hedges Changes in the fair value of the derivative hedging instrument designated as a cash flow hedge are recognised directly in Unitholders’ funds to the extent that the hedge is effective. and the present value of the estimated future cash flows discounted at the original effective interest rate.

credited to Unitholders’ funds. In assessing value in use. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. Car park income Car park income is recognised on a time apportionate basis.Notes to the Financial Statements Year ended 31 December 2009 Intra-group financial guarantees Financial guarantees are classified as financial liabilities. are reviewed at each balance sheet date to determine whether there is any indication of impairment. No contingent rentals are recognised if there are uncertainties due to the possible return of amounts received. Interest income Interest income is recognised as it accrues. directly attributable to the issuance of additional units in the Trust are deducted directly against Unitholders’ funds. 2. An impairment loss is recognised in the Statement of Total Return whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. 2. Contingent rentals.10 Revenue recognition Rental income from operating leases Rental income receivable under operating leases is recognised in the Statement of Total Return on a straight-line basis over the term of the lease. using the effective interest method. The recoverable amount is the greater of its value in use and its fair value less costs to sell. are recognised as income in the accounting period on an accrual basis. the asset’s recoverable amount is estimated at each balance sheet date. If any such indication exists. A cash-generating unit is the smallest identifiable asset group that generates cash flows that largely are independent from other assets and groups. Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. if no impairment loss had been recognised. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined. which include gross turnover rental. When financial guarantees are terminated before their original expiry date. the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. 2. Incremental cost. Investment income Investment income is recognised when the right to receive distribution income from associate and joint venture is established. interestbearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Statement of Total Return over the period of the borrowings on an effective interest basis. net of depreciation. the carrying amount of the financial guarantees is transferred to the Statement of Total Return.8 Interest-bearing borrowings Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. in which case it is charged to Unitholders’ funds. Impairment losses are recognised in the Statement of Total Return unless it reverses a previous revaluation.7 Impairment – non-financial assets The carrying amounts of the Group’s non-financial assets other than investment properties and deferred tax assets.9 Unitholders’ funds Unitholders’ funds are classified as equity. Lease incentives granted are recognised as an integral part of the total rental to be received. Subsequent to initial measurement. 2. except where an alternative basis is more representative of the pattern of benefits to be derived from the leased assets. Subsequent to initial recognition. the financial guarantees are stated at the higher of the initial fair value less cumulative amortisation and the amount that would be recognised if they were accounted for as contingent liabilities. 134 CapitaMall Trust Report to Unitholders 2009 . Financial guarantees are recognised initially at fair value.

Notes
to the Financial Statements
Year ended 31 December 2009

2.11 Expenses
Property operating expenses
Property operating expenses consist of quit rents, property taxes, utilities, property management fees, property management reimbursements,
advertising and promotion, maintenance and other property outgoings in relation to investment properties where such expenses are the
responsibility of the Group.
Property management fees are recognised on an accrual basis based on the applicable formula stipulated in Note 1.1.
Asset management fees
Asset management fees are recognised on an accrual basis using the applicable formula, stipulated in Note 1.2.
Trustee’s fees
The Trustee’s fees are recognised on an accrual basis using the applicable formula stipulated in Note 1.3.
2.12 Finance costs
Finance costs comprise interest expense on borrowings and convertible bonds, amortisation of borrowings and convertible bonds related
transaction costs and accretion of convertible bonds interest which are recognised in the Statement of Total Return using the effective
interest method over the period of borrowings and the convertible bonds. Finance costs also include gain/loss on remeasurement of
financial derivatives.
2.13 Income tax expense
Income tax expense comprises current and deferred tax. Income tax is recognised in the Statement of Total Return except to the extent
that it relates to items directly related to Unitholders’ funds, in which case it is recognised in Unitholders’ funds.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance
sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following
temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither
accounting nor taxable profit, and differences relating to investments in subsidiaries and joint ventures to the extent that it is probable that
they will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to the temporary
differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax
assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they relate to income taxes
levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and
assets on a net basis or their tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the
temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no
longer probable that the related tax benefit will be realised.
The Inland Revenue Authority of Singapore (the “IRAS”) has issued a tax ruling on the income tax treatment of the Trust. Subject to meeting the
terms and conditions of the tax ruling which includes a distribution of at least 90.0% of the taxable income of the Trust, the Trustee is not subject
to tax on the taxable income of the Trust. Instead, the distributions made by the Trust out of such taxable income are subject to tax in the hands
of Unitholders, unless they are exempt from tax on the Trust’s distributions. This treatment is known as the tax transparency treatment.
Individuals and qualifying Unitholders, i.e. companies incorporated and tax resident in Singapore, Singapore branches of foreign companies
that have obtained waiver from the IRAS from tax deducted at source in respect of the distributions from the Trust, and bodies of persons
registered or constituted in Singapore, are entitled to gross distributions from the Trust. For distributions made to foreign non-individual
Unitholders, the Trustee is required to withhold tax at the reduced rate of 10.0% in respect of distributions made during the period of
18 February 2005 to 17 February 2010. It was announced in the Singapore Budget 2010 that the existing income tax concession for listed
Real Estate Investment Trusts on distributions made to non-resident non-individual investors will be renewed for the period 18 February
2010 to 31 March 2015. Based on this, the reduced rate of 10.0% in respect of distributions made to foreign non-individual Unitholders
during the period 18 February 2010 to 31 March 2015 will continue to apply. For other types of Unitholders, the Trustee is required to
withhold tax at the prevailing corporate tax rate on the distributions made by the Trust. Such other types of Unitholders are subject to tax
on the regrossed amounts of the distributions received but may claim a credit for the tax deducted at source at the prevailing corporate
tax rate by the Trustee.
The Trust has a distribution policy to distribute at least 90.0% of its taxable income, other than gains from the sale of real estate properties
that are determined by the IRAS to be trading gains. For the taxable income that is not distributed, referred to as retained taxable
income, tax will be assessed on the Trustee. Where such retained taxable income is subsequently distributed, the Trustee need not deduct
tax at source.

135

CapitaMall Trust Report to Unitholders 2009

Notes
to the Financial Statements
Year ended 31 December 2009

2.14 Segment reporting
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur
expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. All operating segments’
operating results are reviewed regularly by the Group’s CODMs to make decisions about resources to be allocated to the segments and
assess its performance and for which discrete financial information is available.
3

PLANT AND EQUIPMENT
Furniture, fittings
and equipment
2009
2008
$’000
$’000
GROUP
Cost
At 1 January
Additions
Disposals
Assets written off
At 31 December

3,684
1,124
(43)
(255)
4,510

2,360
1,440
(106)
(10)
3,684

1,519
886
(40)
(238)
2,127

985
640
(106)

1,519

2,165
2,383

1,375
2,165

2,419
674
(34)
(128)
2,931

1,702
833
(106)
(10)
2,419

1,016
525
(33)
(112)
1,396

767
355
(106)

1,016

1,403
1,535

935
1,403

Accumulated depreciation
At 1 January
Charge for the year
Disposals
Assets written off
At 31 December
Carrying amount
At 1 January
At 31 December
TRUST
Cost
At 1 January
Additions
Disposals
Assets written off
At 31 December
Accumulated depreciation
At 1 January
Charge for the year
Disposals
Assets written off
At 31 December
Carrying amount
At 1 January
At 31 December

136

CapitaMall Trust Report to Unitholders 2009

Notes
to the Financial Statements
Year ended 31 December 2009

4

INVESTMENT PROPERTIES
GROUP

At 1 January
Acquisition of investment properties
Acquisition charges capitalised
Capital expenditure capitalised
Net change in fair value of investment properties
At 31 December

TRUST

2009
$’000

2008
$’000

2009
$’000

2008
$’000

7,174,000


48,687
7,222,687
(302,187)
6,920,500

5,777,900
839,800
10,005
223,068
6,850,773
323,227
7,174,000

5,317,000


27,963
5,344,963
(212,463)
5,132,500

4,021,000
839,800
10,005
172,686
5,043,491
273,509
5,317,000

Some of the investment properties have been mortgaged to secure credit facilities for the Trust and the Group (Note 11) and as security for
the convertible bonds of the Trust (Note 12). Plaza Singapura is unencumbered and the encumbrances over each of the three properties
under CapitaRetail Singapore Limited (namely Lot One Shoppers’ Mall, Rivervale Mall and Bukit Panjang Plaza) have been discharged as
of 1 January 2010.
Investment properties are stated at fair value based on valuations performed by independent professional valuers. In determining the fair
value, the valuers have used valuation methods which involve certain estimates. The Manager is of the view that the valuation methods
and estimates are reflective of the current market condition. The key assumptions used to determine the fair value of investment properties
include market-corroborated capitalisation yield, terminal yield and discount rate.
The fair values are based on market values, being the estimated amount for which a property could be exchanged on the date of the
valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each
acted knowledgeably, prudently and without compulsion.
5

SUBSIDIARIES
TRUST
Note
Non-current assets
Unquoted equity at cost
Loan to subsidiaries

Current assets
Loan to subsidiary

7

2009
$’000

2008
$’000

149,540
80
149,620

143,140
213,080
356,220

563,000

Details of the subsidiaries are as follows:

Name of subsidiaries

Place of
incorporation/
business

CapitaRetail Singapore Limited 1

Singapore

100

100

CMT MTN Pte. Ltd. 1

Singapore

100

100

1

137

Effective equity
interest held
by the Trust
2009
2008
%
%

Audited by KPMG Singapore

CapitaMall Trust Report to Unitholders 2009

The salient terms of the Junior Bonds are as follows: (i) Junior Bonds issued by the CRSL are constituted by the Junior Bonds Trust Deed dated 27 February 2008. Ltd.000 Junior Bonds and $350.000.000 fixed rate term loan. The Trust has provided a loan to CMT MTN amounting to $80. the rights of holder of Junior Bonds to unpaid interest will be extinguished and such failure does not constitute an event of default.000. the $213. issued by CRSL.000) in the Junior Bond (“Junior Bond”) (2008: Junior Bond (“Junior Bond”)) and 852 (2008: 852) attached Redeemable Preference Shares in CapitaRetail Singapore Limited (“CRSL”). obtain borrowings and issue bonds to extend mortgage loans to CRBPPT. – Tenancy and tenancy-related agreements and other sale and purchase agreements relating to the CRSL Properties. CRLOT and CRRT in turn own Bukit Panjang Plaza. As this amount is.000. and (iv) The redemption of Junior Bonds are subordinate to the payment of the term loans and revolving credit facility.000 interest-bearing loan have been classified as current assets as at 31 December 2009. The settlement of the amount is neither planned nor likely to occur in the foreseeable future.000 to CRSL.Notes to the Financial Statements Year ended 31 December 2009 CapitaRetail Singapore Limited The Trust has invested $213. and – Insurances effected over CRSL Properties. a wholly-owned subsidiary comprising of $1 of 1 ordinary share was incorporated. On 23 January 2007. respectively.000 revolving credit facility and certain committed asset enhancement initiatives of CRSL.000. it is stated at cost. The loan was used to repay $320. CRLOT and CRRT. Junior Bonds are secured on the following: (i) Second ranking debentures creating fixed and floating charges over the assets of CRSL and its subsidiaries. including on lending to the Trust the proceeds from issuances of notes under an unsecured multicurrency medium term note programme. The loan bears interest at 5. (iv) Second ranking mortgages over each of the CRSL Properties.000 (2008: $213. in substance. The principal activity of this subsidiary is provision of treasury services.000 (2008: $80. Pursuant to an internal restructuring exercise disclosed at Note 30. (“CMT MTN”). $26. part of the Trust’s net investment in CMT MTN.000) which is non-trade in nature. CapitaRetail Lot One Trust (“CRLOT”) and CapitaRetail Rivervale Trust (“CRRT”). (iii) The payment of interest on Junior Bonds is subordinated to the payment of interest on the term loans and revolving credit facility. “CRSL Properties”) respectively. In the event of failure to pay the 15% interest on Junior Bonds. is non-trade in nature and unsecured.200. CRSL is a special purpose vehicle. title and interest of the subsidiaries in the following: – Property management agreements relating to CRSL Properties. 138 CapitaMall Trust Report to Unitholders 2009 . whose main objectives are to own all the issued units in CapitaRetail BPP Trust (“CRBPPT”). (iii) Second assignment of the rights. payable quarterly in arrears.788% per annum. (ii) Second floating charge over the bank and other operating accounts of CRSL and its subsidiaries. unsecured and interestfree. (v) Junior Bonds matures in 2018. Lot One Shoppers’ Mall and Rivervale Mall (collectively. payable quarterly in arrear.000. Ltd. The principal activity of CRSL is that of an investment holding company. (ii) Junior Bonds bear an interest rate of 15% per annum. representing 100% (2008: 100%) of the Junior Bond (2008: Junior Bond) and Redeemable Preference Shares. CMT MTN Pte. the Trust provided an interest-bearing loan of $350.000. On 8 April 2009. CMT MTN Pte. CRBPPT.

50% per annum of the net property income of the property.25% per annum of the value of Deposited Property of RCS Trust and a performance component of 4. and (ii) 2.836 670.062.836 665. HSBC Institutional Trust Services (Singapore) Limited as trustee of CapitaCommercial Trust (“CCT”). The fee structures of these services are as follows: (a) Property management fees Under the property management agreement. The property management fees are payable monthly in arrears.062 Investment in joint venture Investment in associate 2008 $’000 – 143. the Group will equity account the results of CRCT based on a 3 month lag time. including all its Authorised Investments for the time being held or deemed to be held upon the trusts of the RCS Trust Trust Deed. The asset management fees are payable quarterly in arrears. either partly in units and partly in cash or wholly in cash.Notes to the Financial Statements Year ended 31 December 2009 6 ASSOCIATE AND JOINT VENTURE GROUP 2009 $’000 – 137. On a recurring basis.00% per annum of the property income of the property. Joint Venture RCS Trust RCS Trust is an unlisted special purpose trust established under a trust deed (“RCS Trust Trust Deed”) dated 18 July 2006 entered into between HSBC Institutional Trust Services (Singapore) Limited as trustee-manager of RCS Trust (“RCS Trust Trustee-Manager”).0 40. The asset management fees shall be paid entirely in the form of units or. CRCT is established with the objective of investing on a long term basis in a divested portfolio of income producing real estate and primarily for retail purposes and located primarily in the People’s Republic of China.0% owned by CCT. At the balance sheet date. RCS Trust is 40. 139 CapitaMall Trust Report to Unitholders 2009 .062 137. the fair value of both the Group’s and the Trust’s investment in CRCT is $157.000 (2008: $73. (b) Asset management fees Pursuant to the RCS Trust Trust Deed.394 130.7 19.919 143.0% owned by the Trust and 60.515 130.00% per annum of the net property income of RCS Trust. with the unanimous approval of the Manager and CapitaCommercial Trust Management Limited (as Manager of CCT). CRCT was formally admitted to the Official List of the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 8 December 2006. CapitaCommercial Trust Management Limited (as Manager of CCT) and the Manager.623.0 Associate CapitaRetail China Trust 1 Joint venture RCS Trust 1 1 Audited by KPMG Singapore Associate CapitaRetail China Trust CapitaRetail China Trust (“CRCT”) is a real estate investment trust constituted in Singapore by a trust deed dated 23 October 2006 (as amended).919 TRUST 2009 $’000 539. property management fees are charged as follows: (i) 2.8 Singapore 40. the asset management fees comprise a base component of 0. the Trustee.351 Details of the associate and joint venture are as follows: Name of associate and joint venture Place of incorporation/ business Effective equity interest held by the Trust 2009 2008 % % Singapore 19.000).230 2008 $’000 534. RCS Trust has entered into several service agreements in relation to management of the trust and its property operations. as the results of CRCT are not expected to be announced in sufficient time to be included in the Group’s results for the same calendar quarter.

2 As the results of CRCT for the fourth quarter ended 31 December 2008 are not announced in sufficient time to be included in the Group’s results for the same calendar quarter.078.131 1.361 1.020.313 6.848) 78. The RCS Trust Trustee-Manager is also entitled to reimbursement of expenses incurred in the performance of its duties under the RCS Trust Trust Deed.659 22.788 409 12.374 374.322 13.000 10.665 – 3.964 .470 59. as defined in the RCS Trust Trust Deed (subject to a minimum sum of $15.208 362.514 – 9.327 19 – 362 644 11.425 189 592. the Trustee-Manager’s fees shall not exceed 0.227.472 47. The financial information of the associate and the Trust’s interests in the joint venture are as follows: Associate 2009 1 $’000 2008 2 $’000 Joint venture 2009 2008 $’000 $’000 Assets and Liabilities Non-current assets Current assets Total assets 1.806 299 592. the financial information recorded was based on CRCT’s unaudited financial statements and distribution announcements for the third quarter ended 30 September 2008 dated 29 October 2008.474 4.054 (43.902 563.275 4.665 3. The summarised financial information of the joint venture represents the Group’s share.353 – – 127 2.781 1.458 4.948 17.420 19.293 10.227.627 6. The Trustee-Manager’s fees are payable quarterly in arrears.084. The financial results recorded were based on CRCT’s unaudited financial statement and distribution announcements for the period from 1 October 2008 to 30 September 2009.656 – 4.Notes to the Financial Statements Year ended 31 December 2009 (c) Trustee-Manager’s fees Pursuant to the RCS Trust Trust Deed.773 176 23.031.410 1.286 (44. payable out of the Deposited Property of RCS Trust. the assets and liabilities recorded were based on CRCT’s unaudited financial statements and distribution announcement for the third quarter ended 30 September 2009 dated 23 October 2009.815) (68.086 1.699 122.441 6.612 Non-current liabilities Current liabilities Total liabilities Results Revenue Expenses Revaluation (deficit)/surplus Total return for the year The Group’s share of joint venture capital commitment 7 1 As the results of CRCT for the fourth quarter ended 31 December 2009 are not announced in sufficient time to be included in the Group’s results for the same calendar quarter. The summarised financial information relating to the associate is not adjusted for the percentage of ownership held by the Group. TRADE AND OTHER RECEIVABLES GROUP Note Trade receivables Allowance for doubtful receivables Net Trade Receivables Deposits Interest receivable Loan to subsidiaries Amount due from related parties Other receivables Loans and receivables Prepayments 140 CapitaMall Trust Report to Unitholders 2009 5 TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 4.313 – 3.305 10.353 (78) 4.000 per month).617 23.087) (31.299 5.036 348 13.396 96.601 499.10% per annum of the value of Deposited Property of RCS Trust.137 23.788 394.525 1.656 3.851 515.745 380.808) 26.954 17.840 80.

313 – – – – – 2009 $’000 2008 $’000 2009 $’000 2008 $’000 – 78 78 – – – – – – – – – 2009 Not past due Past due 31 – 60 days Past due 61 – 90 days Over 90 days 2008 Not past due Past due 31 – 60 days Past due 61 – 90 days Over 90 days The change in impairment loss in respect of trade receivables during the year is as follows: GROUP As at 1 January Allowance made during the year As at 31 December TRUST The Manager believes that no impairment allowance is necessary in respect of the remaining trade receivables as these receivables are mainly arising from tenants that have good records with the Group and have sufficient security deposits as collateral.182 69 62 3.554 637 65 57 3.Notes to the Financial Statements Year ended 31 December 2009 Concentration of credit risk relating to trade receivables is limited due to the Group’s many varied tenants. These tenants comprise retailers engaged in a wide variety of consumer trades.665 3.000 (2008: $337.656 – – – – – 2.554 58 53 3.493 585 91 184 4. Due to these factors. The maximum exposure to credit risk for trade receivables at the reporting date (by type of consumers) is: GROUP Retail customers Warehouse Office TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 4. The Group’s historical experience in the collection of accounts receivable falls within the recorded allowances.665 – – – – – 3.541 803 237 75 4.218 57 – 4.275 4.973 551 77 64 3. accounts for $185.656 3. the Manager believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Group’s trade receivables.000) of the trade receivables carrying amount as at the balance sheet date.492 68 96 4. Impairment losses The ageing of receivables at the reporting date is: GROUP Impairment Gross losses $’000 $’000 TRUST Impairment Gross losses $’000 $’000 3.353 (12) (4) (28) (34) (78) 2. 141 CapitaMall Trust Report to Unitholders 2009 .313 The Group’s most significant tenant.

the Trust has an interest rate swap with a notional contract amount of $60. The Group has designated the interest rate swap as a cash flow hedge.833 33.793 – – 353 – 353 – 5. the interest rate swap was novated to the Trust and hedge accounting was terminated.000.800 45.000.800 34.706 11.873 27. the swap matures on 27 August 2009. Interest rate swaps The Group entered into contracts to exchange. at specified intervals. Under the swap agreement.000). the Group had entered into a cross currency swap with a notional contract amount of US$138.000 (2008: $320.000. The Group had designated the interest rate swap of notional amount $320. Under the swap agreement.000. At balance sheet date. the swap matures on 30 April 2010. Following the repayment of the CRSL Loans.000 (2008: $60.000.706 259 33.000).000 CMT MTN Floating Rate Notes.873 27. the Trust has entered into an interest rate swap contract to exchange.000.000. the swap matures on 27 August 2014. Under the swap agreement. The cross currency swap was terminated on 9 April 2009 following the repayment of CRSL Loans (see Note 11). at specified intervals.833 33. the Group has an interest rate swap with a notional contract amount of $320.000.508 33.000 with the effect of swapping US dollars with floating rate interest obligations to Singapore dollars with floating rate interest obligations based on 3 month Swap Offer Rate (“SOR”). On 22 October 2008.Notes to the Financial Statements Year ended 31 December 2009 8 FINANCIAL DERIVATIVES GROUP TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 – 4. At balance sheet date. the difference between floating rate and fixed rate interest amounts calculated by reference to the agreed notional principal amounts of the term loans. 142 CapitaMall Trust Report to Unitholders 2009 .308 5.000 (2008: $320.059 Current asset Cross currency swap Current liabilities Interest rate swaps Non-current liabilities Interest rate swaps Derivative liability portion of convertible bonds Cross currency swap On 27 February 2008. the difference between floating rate and fixed rate interest amounts on the $60.000) a cash flow hedge in 2008.

118 149.184) 69 – (259) (261) (285) 24 – GROUP 2009 Interest rate swaps 2008 Cross currency swaps Interest rate swaps TRUST 2009 Interest rate swap 2008 Interest rate swap 9 CASH AND CASH EQUIVALENTS GROUP Cash at bank and in hand Fixed deposits with financial institutions Cash and cash equivalents Cash pledge Cash and cash equivalents in the cash flow statement TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 12.825 (15.229) (7.33% (2008: 0. 143 CapitaMall Trust Report to Unitholders 2009 .362 350.226) (5.000 (2008: $Nil) which is pledged with Silver Maple Investment Corporation Ltd (“Silver Maple”) as a cash collateral to unencumber Plaza Singapura.Notes to the Financial Statements Year ended 31 December 2009 Derivative liability portion of convertible bonds The changes in fair value of the derivative liability portion of the convertible bonds are recognised in the Statement of Total Return.508) (6.000) 300.050 (12. The cash pledge is mainly placed in fixed deposits with a bank.147 8.355 8.957) 5.229) – (315) (315) (6.007) (6.829 315.61%) and 0. The following table indicates the periods in which the cash flows associated with financial derivatives that are cash flow hedges are expected to impact the Statement of Total Return: Carrying amount $’000 Contractual cash flows $’000 Within 1 year $’000 Cash flows Within 1 to 5 years $’000 More than 5 years $’000 (6.463 338.424 Included in cash and cash equivalents is an amount of $15.825 19.237 168.355 – 168.226) (5.463) 587 – (7.793 (11.31% (2008: 0.000) 335.000.66%) per annum respectively.318 306.160 141. Interest rates reprice at intervals of 1 month.264 133.424 – 141.115) (5.115) (5.147 (15. The weighted average effective interest rates relating to cash and cash equivalents at the balance sheet date for the Group and Trust are 0.050 (4.715) 5.184) 69 – 4.

000 645.000 658.069 23.930 1.786 Current liabilities Term loans (secured) Unamortised transaction cost Revolving credit facility (secured) Revolving credit and bridge loan facilities (unsecured) Term loans (unsecured) Non-current liabilities Term loans (secured) Unamortised transaction cost Revolving credit facility (secured) Term loans (unsecured) Total interest-bearing borrowings Maturity of interest-bearing borrowings: – Within 1 year – After 1 year but within 5 years 144 CapitaMall Trust Report to Unitholders 2009 .972 6.000 (2008: $268.338 – – 781.672) 656.576.000 – – 315.570 71.522.631 7.363 7.000 1.000 – – 315.000 (2008: $1.251.564.220.000 (2008: $3.662) 781.000 440.786 – 315.150.590.000).600 – 1.000 1.277) 1. Included in trade payables and accrued operating expenses is an amount due to the Trustee of $265.821 59. 11 INTEREST-BEARING BORROWINGS GROUP TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 125.548 2.923 2.564.669 1.853 1.439.000 (2.737.865.000 – 230.220.786 440.221.000 781.923 783.692 10.784 76.338 1.730 21.800 315.000 – 125.400 (2.000 (1.786 1.151 119.127.Notes to the Financial Statements Year ended 31 December 2009 10 TRADE AND OTHER PAYABLES GROUP Trade payables and accrued operating expenses Amounts due to related parties (trade) Deposits and advances Interest payables TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 78.331) 1.795.930 125.000) and an amount due to the property manager of $1.786 1.868 9.000 1.590.000).074 7.000 80.853 440.451 2.669 987.000 80.592 5.000 1.669 2.000 440.000 – 335.477 93.150.254.904 8.200 230.338 908.214) 905.000 335.865.000 987.062 10.004 5.129.543 103.402 (1.338 1.696 87.123 10.576.669 1.221.338 645.000 1.000 – 125.400 (3.467 Included in amounts due to related parties is an amount due to the Manager of $4.

000 155.000 3.000 780.853 3.000 781.80 SGD SOR 1 + 1.338 – 125.000 – 125.569.000 2.000 125.000 80.600 23.600 10.000 – 1.Notes to the Financial Statements Year ended 31 December 2009 Terms and debt repayment schedule Terms and conditions of outstanding interest-bearing borrowings are as follows: Year of maturity Face value $’000 2009 Carrying amount $’000 Face value $’000 2008 Carrying amount $’000 3.30 2012 2009 2010 783.65 2010 2009 2010 155.76 2012 2009 2010 783.000 125.800 10.800 3.25 2.000 335.25 2.593.000 155.000 3.868.400 – 345.000 – 160.000 783.000 – 160.13 – 4.80 SGD SOR 1 + 1.000 80.30 4.17 – 4.84 3.400 21.30 LIBOR 2 + 0.000 125.000 3.000 160.000 2009 – – 323.786 335.35 2.564.000 80.000 1.669 230.76 SGD SOR 1 + 0.802 230.000 2.000 80.65 2010 2009 2010 155.000 – 160.13 – 3.000 230.402 321.29 2011 23.000 783.786 335.000 155.786 Nominal interest rate % GROUP Secured SGD fixed rate term loan SGD fixed rate term loan SGD fixed rate term loan Floating rate term loans SGD floating rate revolving credit facilities SGD fixed rate term loan SGD floating rate revolving credit facility Unsecured SGD fixed rate term loan SGD fixed rate term loan SGD floating rate term loan SGD floating rate revolving credit and bridge loan facilities TRUST Secured SGD fixed rate term loan SGD fixed rate term loan SGD fixed rate term loan Unsecured SGD fixed rate term loan SGD fixed rate term loan SGD floating rate term loan SGD floating rate revolving credit and bridge loan facilities 1 2 145 SGD SOR – Singapore Dollar Swap Offer Rate LIBOR – London Interbank Offered Rate CapitaMall Trust Report to Unitholders 2009 .223.000 – 1.13 – 3.000 781.731 21.865.338 – 125.000 – 125.68 2009 – 1.000 155.13 – 4.590.21 2009 2011 – 346.86 – 1.338 230.000 780.84 3.200 345.730 SGD SOR 1 + 0.221.000 1.68 2009 – 1.000 – 160.000 155.35 2.000 160.000 160.000 335.337 0.000 155.200 346.000 160.000 125.

666 739.189.568 1.417.123 592.500 293 1.256 – 11.027 726.000 160.525 231.038 2.587 32.141 6.266 103.042 321.626 – – – – – 1.942 156.256 24.109 231.756 23.401 119.382.473 156.488.477 43.098 168.357.252.477 107.711.730 32.256 161.809 3.272 85.586.821 105.600 1.000 242.401 119.003.477 107.498 6.000 119.805 – – – 155.150 – – – – 235.799 – – 230.821 37.269 156.256 161.256 161.587 21.687 – – 68.823 5.821 105.718 386.016 1.266 103.809 3.048 23.743.357.000 1.748 2.710 639.643 – – – 64.793 2.000 103.500 328.079 167.168 733.643.069 616.422 – – – – GROUP 2009 Non-derivative financial liabilities Secured SGD fixed rate term loans Convertible bonds SGD floating rate revolving credit facilities Unsecured SGD fixed rate term loans SGD floating rate term loan Trade and other payables Security deposits 2008 Non-derivative financial liabilities Secured SGD fixed rate term loans Convertible bonds Floating rate term loans SGD floating rate revolving credit facilities Unsecured SGD fixed rate term loans SGD floating rate term loan SGD floating rate revolving credit and bridge loan facilities Trade and other payables Security deposits 146 CapitaMall Trust Report to Unitholders 2009 .Notes to the Financial Statements Year ended 31 December 2009 The following are the expected contractual undiscounted cash outflows of financial liabilities including interest payments and excluding the impact of netting agreements: Carrying amount $’000 Contractual cash flows $’000 Within 1 year $’000 Cash flows Within 1 to 5 years $’000 More than 5 years $’000 1.748 2.222.168 733.000 160.756 328.

Under the facility agreement.0 million (2008: $1. Silver Maple.570 81.91%) above the SIBOR repriced every three months.119 2.266 76.398 2.177 2.401 87.906.468 – – – – – 1.141 733.338 616.119 1. the Trust has to prepay the loan in full on 2 August 2009.256 161.075 156. will be applicable for the period from 26 June 2010 to 26 December 2011.000 87.608.799 – – 230.467 80.000 76. the Trust has to prepay the loan in full on 26 June 2010.256 153.042 1.570 81.625.500 986.256 – – 235.629 – – – – More than 5 years $’000 TRUST 2009 Non-derivative financial liabilities Secured SGD fixed rate term loans Convertible bonds Unsecured SGD fixed rate term loans SGD floating rate term loan Trade and other payables Security deposits 2008 Non-derivative financial liabilities Secured SGD fixed rate term loans Convertible bonds Unsecured SGD fixed rate term loans SGD floating rate term loan SGD floating rate revolving credit and bridge loan facilities Trade and other payables Security deposits The interest-bearing borrowings comprise the following: (1) Secured term loans of the Trust The secured term loans and revolving credit facility drawn down by the Trust were granted by a special purpose company.243.76%) per annum. Under the facility agreement.475 726.237 1. consisting of: 147 (i) $125.87% above the SIBOR repriced every three months.823 5.467 80.467 29.666 6.473 156.000 242.756 – – 155.140 – – – 49.088.0 million (2008: $125. (ii) $Nil (2008: $335.272 85.908 – – 51.079 167. CapitaMall Trust Report to Unitholders 2009 .221 817.358.023 6.256 161. The term loan is fully repayable on 2 February 2011. The term loan was repaid on 2 August 2009.608 156.35% (2008: 3.882 586.537 231.0 million (2008: $1.500 832.194.256 161. will be applicable for the period from 2 August 2009 to 2 February 2011.048 986.91% (2008: 2.995.786 592.0 million). failing which the interest rate of 2.000 160. failing which the interest rate of 0.401 87.76% (2008: 2.0 million) term loan at a fixed interest rate of 2.266 76.000 160. The total facility drawn down by the Trust from Silver Maple as at 31 December 2009 is $908. Silver Maple has granted the Trust a total term loan facility of $908.Notes to the Financial Statements Year ended 31 December 2009 Carrying amount $’000 Contractual cash flows $’000 Within 1 year $’000 Cash flows Within 1 to 5 years $’000 906.141 733.0 million).693 231.35%) per annum for the period from 2 August 2007 to 2 August 2009.0 million) term loan at a fixed interest rate of 3.240.164 739. Under the facility agreement between Silver Maple and the Trustee.570 31.243.398 2.756 372. fully repayable on 26 December 2011.

80% (2008: 0.0 million (2008: $433. Silver Maple may.00% (2008: 1. for the period from 26 June 2003 to 26 June 2010.32%) above the US dollar LIBOR repriced every three months.5 million (2008: US$255. failing which the interest rate of 1. In the event that the Floating Rate Notes are not redeemed by Silver Maple on 26 June 2010. In the event that the Floating Rate Notes are not redeemed by Silver Maple on 31 October 2012. The Notes will be secured by the Notes Debentures (which are made from time to time between Silver Maple and the Notes Trustee to create fixed and floating charges over the assets of Silver Maple).0 million (2008: $350. (iv) $350. (iv) €175.16%) above the Euro Interbank Offered Rate (“EURIBOR”) repriced every three months for the period from 26 February 2007 (date of first issue of Floating Rate Notes) to 31 October 2012.24%) above the US dollar LIBOR repriced every three months. for the period from 31 October 2012 to date of redemption on 30 April 2014.00%) above the SIBOR repriced every three months.00% (2008: 1.0 billion (2008: $2.0% (2008: 1. and as security for credit facilities granted by Silver Maple to the Trust. interest will accrue at the rate of 0.62%) above the US dollar LIBOR repriced every three months. will be applicable for the period from 31 October 2010 to 30 April 2014. and (vi) $15.243.13%) per annum.0 billion. (ii) an assignment and charge of the rental proceeds and tenancy agreements of units in the Properties.30% (2008: 2.0 million) Floating Rate Notes at floating interest rate of 0.1 million) Floating Rate Notes at floating interest rate of 0.30%) above the US dollar LIBOR repriced every three months.80%) above the US dollar LIBOR repriced every three months. (ii) US$Nil (2008: US$195.0 million) fixed rate term loans.24% (2008: 0. the Trust has granted in favour of Silver Maple the following: (i) a mortgage over certain properties (“Properties”). interest will accrue at the rate of 1. The Floating Rate Notes were redeemed by Silver Maple on 2 August 2009. for the period from 31 October 2012 to date of redemption on 30 April 2014.0%) above the US dollar LIBOR repriced every three months. fully repayable on 30 April 2014. will be applicable for the period from 31 October 2012 to 30 April 2014. interest will accrue at the rate of 1. for the period from 2 August 2004 to 2 February 2011.84%) per annum. (v) a charge creating a fixed and floating charge over certain assets of the Trust relating to the Properties. failing which the interest rate of 1.0% (2008: 1. fully repayable on 30 April 2014.13% (2008: 3. (iii) an assignment of the insurance policies relating to the Properties. Silver Maple has raised funds through the following: (i) US$72.84% (2008: 3.Notes to the Financial Statements Year ended 31 December 2009 (iii) $433. Under the facility agreement.0 million (2008: $1. (iii) US$255. regulations and directives. the Trust has to prepay the loan in full on 31 October 2012.5 million) Floating Rate Notes at floating interest rate of 0. the Trust has to prepay the loan in full on 31 October 2012. Under this MTN Programme. Silver Maple has a $2. In the event that the Floating Rate Notes are not redeemed by Silver Maple on 31 October 2012. 148 CapitaMall Trust Report to Unitholders 2009 .32% (2008: 0. subject to compliance with all relevant laws.0 million cash pledge.16% (2008: 0. for the period from 31 October 2005 to 31 October 2012.0%) above 3 month EURIBOR. In the event that the Floating Rate Notes are not redeemed by Silver Maple on 2 August 2009.0 billion) Medium Term Note Programme (“MTN Programme”). To fund the loans to the Trust of $908.0 million) term loan at a fixed interest rate of 3.1 million (2008: US$72.0 million) term loan at a fixed interest rate of 3. interest will accrue at the rate of 2. for the period from 2 August 2009 to date of redemption on 2 February 2011. The maximum aggregate principal amount of the Notes to be issued shall be $2. (iv) an assignment of the agreements relating to the management of the Properties.0 million (2008: €175.5 million) Floating Rate Notes at floating interest rate of 0. from time to time issue fixed or floating interest rate notes (the “Notes”).62% (2008: 0.00%) above the SIBOR repriced every three months. for the period from 26 June 2010 to date of redemption on 26 December 2011. Under the facility agreement.

200.65% per annum and 6-month SGD SOR payable semi-annually in arrears. The $160.0 million CMT MTN Notes will mature on 30 April 2010 and will bear an interest rate equal to the sum of 1.000 (2008: $125.30% per annum above SGD SOR were repaid. Each series or tranche of notes may be issued in various amounts and tenors.200.075.000 (2008: $21. consisting of: (i) $155.075. 149 CapitaMall Trust Report to Unitholders 2009 .000.0 million (2008: $395. comprising term loans of $125. United States dollars or any other currency (the “CMT MTN Notes”). The $155. title and interest of the subsidiaries in the following: – Property management agreements relating to the CRSL Properties. All sum payable in respect of the notes will be unconditionally and irrevocably guaranteed by the Trustee.0 million) Fixed Rate Notes Due 2010.000) and US$138. comprising a term loan facility of $320.000.000 (2008: US$138.30% per annum above SGD SOR and LIBOR respectively and revolving credit facility of $26. (3) Unsecured revolving credit and bridge loan facilities of the Trust As at 31 December 2008. (iv) Mortgages over each of the CRSL Properties. unsecured and unsubordinated obligations of CMT MTN ranking pari passu.0 million (“CRSL Loans”).0 million) Floating Rate Notes Due 2010. In April 2009. floating or variable rates of interest.000) bearing interest at 0.0 million facilities granted under the facility agreement dated 22 February 2008.Notes to the Financial Statements Year ended 31 December 2009 (2) Unsecured term loans of CMT MTN With effect from 29 December 2009.0 million (2008: $155. (4) Secured facilities of CRSL The secured facilities drawn down by CRSL refers to the $350.0 million CMT MTN Notes will mature on 1 April 2010 and will bear an interest rate of 3.25% per annum payable semi-annually in arrears.0 million CMT MTN Notes matured on 8 May 2009 and bear an interest rate of 2.000. The above first ranking encumbrances were discharged following the repayment of the CRSL loans. (iii) $Nil (2008: $80.000.000. Under the CMT MTN Programme. the total unsecured revolving credit and bridge loan facilities drawn down by the Trust amounted to $230. from time to time issue notes in series or tranches in Singapore dollars. The total facility drawn down by the Trust from CMT MTN as at 31 December 2009 is $315. The CRSL loans were secured on the following: (i) First ranking debentures creating fixed and floating charges over the assets of CRSL and its subsidiaries.000) bearing interest at 0. The notes shall constitute direct. The facilities were fully repaid during the financial year.80% per annum payable semi-annually in arrears. Hybrid notes or zero coupon notes may also be issued under the CMT MTN Programme. CMT MTN may.0 million (2008: $160.0 million and revolving credit facility of $30.0 million) Fixed Rate Notes Due 2009.000 Multicurrency Medium Term Note Programme (“CMT MTN Programme”) under CMT MTN to $2. (ii) $160. and may bear fixed. CMT MTN has on-lent the proceeds from the issuance of the above CMT MTN Notes to the Trust. unconditional. The $80. – Tenancy and tenancy-related agreements and other sale and purchase agreements relating to the CRSL Properties.000. who in turn use such proceeds to refinance short term borrowings and to finance asset enhancement works of the Trust.500. without any preference or priority among themselves and pari passu with all other present and future unsecured obligations at CMT MTN. both commencing from the initial drawdown date of 27 February 2008. regulations and directives.0 million). the Group has increased the programme limit of the $1. and – Insurances effected over the CRSL Properties. the secured facilities of CRSL. (iii) First assignment of the rights. (ii) First floating charge over the bank and other operating accounts of CRSL and its subsidiaries. subject to compliance with all relevant laws.0 million.

fully repayable on 13 September 2011.0 million (2008: $670.21%) per annum. (ii) an assignment of the insurance policy relating to Raffles City.21% (2008: 4.000.000) from the revolving credit facility granted by Silver Oak. Silver Oak Ltd (“Silver Oak”).000. The term loan facility drawn down by RCS Trust as at 31 December 2009 is $866.000 Class B Floating Rate Notes at floating interest rate of 0. interest will accrue at the rate of 1.000 (2008: $10. In the event that the Class A1 Floating Rate Notes are not redeemed by Silver Oak on 13 September 2011. for the period from 13 September 2006 to 13 September 2011.0% share of term loans and the amount drawn down under revolving credit facility are $346.800. The proceeds from the issue of the Notes were approximately $866. for the period from 13 September 2006 to 13 September 2011. consisting of: (i) $670.000.0 million) term loan at a fixed interest rate of 4.000. for the period from 13 September 2011 to date of redemption on 13 September 2013. Silver Oak has raised funds through issuance of the following Floating Rate Notes (collectively.21%) per annum. and (iii) $136.19% above the LIBOR repriced every three months.0 million) commencing from initial drawn down date of 13 September 2006. interest will accrue at the rate of 1.0 million (2008: $136.17%) per annum.000 Class A2 Floating Rate Notes at floating interest rate of 0. In the event that the Class A2 Floating Rate Notes are not redeemed by Silver Oak on 13 September 2011. fully repayable on 13 September 2011.000 (2008: $27. RCS Trust has drawn down $59.0 million (2008: $60. (ii) $60. As at 31 December 2009. (iii) an assignment of the agreements relating to the management of Raffles City.000 Class A1 Secured Floating Rate Notes at floating interest rate of 0.000) and $23. the RCS Trust Trustee-Manager has granted in favour of Silver Oak the following: (i) a mortgage over Raffles City.400.0 million) and revolving credit facility of $164.23% above the EURIBOR repriced every three months. and (v) a fixed and floating charge over certain assets of RCS Trust relating to Raffles City.0 million). Silver Oak has granted RCS Trust a five-year facility comprising the term loan facility of $866.0 million).000) respectively.28% above the US dollar LIBOR repriced every three months. 150 CapitaMall Trust Report to Unitholders 2009 . and (iii) US$86.0% share in the term loans drawn under the term loan facilities of $866.Notes to the Financial Statements Year ended 31 December 2009 (5) Secured term loans of RCS Trust The secured term loans drawn down by the Group included a 40. Under the facility agreement between Silver Oak and the RCS Trust Trustee-Manager. To fund the term loans to RCS Trust amounting to $866. (ii) €30.000.0 million (2008: $866.400.21% (2008: 4. for the period from 13 September 2006 to 13 September 2011. The Group’s 40.000 (2008: $346. As security for the Notes.17% (2008: 4.23% above the EURIBOR repriced every three months. The term loan facilities were used to finance the acquisition of Raffles City.0 million) term loan at a fixed interest rate of 4.0 million (2008: $866.0 million) term loan at a fixed interest rate of 4. As security for the facilities granted by Silver Oak to the RCS Trust Trustee-Manager.0 million (2008: $164.19% above the US dollar LIBOR repriced every three months.000. (iv) an assignment and charge of the rental proceeds and tenancy agreements of units in Raffles City. for the period from 13 September 2011 to date of redemption on 13 September 2013. fully repayable on 13 September 2011. the “Notes”): (i) US$427. In the event that the Class B Floating Rate Notes are not redeemed by Silver Oak on 13 September 2011. interest will accrue at the rate of 1.28% above the US dollar LIBOR repriced every three months.0 million granted to RCS Trust by a special purpose company. for the period from 13 September 2011 to date of redemption on 13 September 2013.500.0 million (2008: $866.600. Silver Oak has created a fixed and floating charge over the assets of RCS Trust in favour of the Silver Oak Notes’ Trustee under the Notes Debenture.

Unless previously redeemed by the bondholders on 2 July 2011 or by the Trustee at any time on or after 2 July 2011 and not less than 7 business days prior to 2 July 2013.0% per annum. the Convertible Bonds are convertible by bondholders into Units at a conversion price of $3. The Convertible Bonds may also be redeemed.774 2008 Deferred tax liability Financial derivatives 151 CapitaMall Trust Report to Unitholders 2009 .39 (adjusted on 2 April 2009 pursuant to the Rights Issue (Note 14) from the initial conversion price of $4.676 (59. together with any accrued interest (if any) up to the final redemption date. The Trustee has the option to pay cash in lieu of issuing new Units on conversion of any Convertible Bonds.048 Carrying amount of debt component at 1 January Proceeds from issuance of convertible bonds Transaction costs Amount classified as derivative liability Amortisation of issue expenses Interest accretion Carrying amount of debt component at 31 December – 650.43% of the principal amount together with any accrued (if any) interest up to the date of redemption.0 million principal amount of Convertible Bonds (the “Convertible Bonds”) due 2013 which carry a coupon interest at 1.042 On 2 July 2008.324) 638. or in part.Notes to the Financial Statements Year ended 31 December 2009 12 CONVERTIBLE BONDS GROUP AND TRUST 2009 2008 $’000 $’000 592.345) 1. on 22 June 2013 (at the place where the certificate evidencing such Convertible Bonds is deposited for conversion).751 592.042 – – 592. the final redemption date of the Convertible Bonds is 2 July 2013.109 616.m.960 10. 13 DEFERRED TAX As at 1 January $’000 Recognised in Recognised in Statement of Unitholders’ Total Return funds $’000 $’000 As at 31 December $’000 GROUP 2009 Deferred tax asset Financial derivatives 1. the Trust issued $650.830 1.31% of the principal amount. at the option of the bondholder on 2 July 2011 at 105.897 22. As at 31 December 2008.00 p. The redemption price upon maturity is equal to 109.36) at any time up to 3.774) – – (177) 121 1.042 – 1.774 (1.000 (11. in whole. at the option of the Trustee on or at any time after 2 July 2011 but not less than 7 business days prior to 2 July 2013 (subject to the satisfaction of certain conditions). The Convertible Bonds may be redeemed in whole or in part.

797 3.502.393 Units in issue: At 1 January Units created: – rights issue – asset management fees paid in units – settlement of asset management fees in relation to the Trust’s 40. Each unit in the Trust represents an undivided interest in the Trust.673 552.174 405.82 per each new Unit (the “Rights Units”).193 1.831 1. whichever is lesser) at any time convene a meeting of Unitholders in accordance with the provisions of the Trust Deed.Notes to the Financial Statements Year ended 31 December 2009 14 UNITS IN ISSUE TRUST 2009 $’000 2008 $’000 1. 15 GROSS REVENUE GROUP Gross rental income Car park income Others 152 CapitaMall Trust Report to Unitholders 2009 TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 513. in accordance with their proportionate interests in the Trust.923 units were issued pursuant to Rights Issue. • Participate in the termination of the Trust by receiving a share of all net cash proceeds derived from the realisation of the assets of the Trust less any liabilities. However.666. and • One vote per unit.317 24. 1.028 343.710 14. The restrictions of a Unitholder include the following: • A Unitholder’s right is limited to the right to require due administration of the Trust in accordance with the provisions of the Trust Deed.641 1.359 6.920 9.300 3.268 1.0% interest in Raffles City through RCS Trust At 31 December 1.179.700 473.576 510.502.358.738 23. The Rights Units were listed on the SGX-ST on 3 April 2009. The rights and interests of Unitholders are contained in the Trust Deed and include the right to: • Receive income and other distributions attributable to the units held. The Trustee or the Manager may (and the Manager shall at the request in writing of not less than 50 Unitholders or one-tenth in number of the Unitholders.180.666.934 19. • Attend all Unitholders meetings.778 – 2.415 18.569 On 2 April 2009.831 Units to be issued: – asset management fees payable in units Total issued and issuable units at 31 December 925 3. The provisions of the Trust Deed provide that no Unitholders will be personally liable for indemnifying the Trustee or any creditor of the Trustee in the event that liabilities of the Trust exceed its assets.901 375.176 370.587 13.662.668.071 9. and • A Unitholder has no right to request the Manager to redeem his units while the units are listed on SGX-ST. A Unitholder’s liability is limited to the amount paid or payable for any units in the Trust. a Unitholder has no equitable or proprietary interest in the underlying assets of the Trust and is not entitled to the transfer to it of any assets (or part thereof) or of any estate or interest in any asset (or part thereof) of the Trust. The issue price was $0.662 .738 1.

994 1.175 INTEREST INCOME GROUP Interest income: – subsidiary – financial institution 18 TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 – 1.879 2.081 2009 $’000 2008 $’000 2009 $’000 2008 $’000 – – – – – – 40.441 20.830 30. 20 PROFESSIONAL EXPENSES Included in professional expenses is non-audit fees paid to auditors of the Group and the Trust of $100.398 1.964 128.262 7.145 20.549 31. Asset management fees for RCS Trust of $4.000) in respect of services provided.451 22.038 – 1.283 30.888 122.480 23.881 1.297 11.553 1.426 148 34.947 10.016 33.675 175.000) relating to management fees paid/payable in units of the Trust that have been or will be issued to the Manager as payment of the performance component of management fees.442 INVESTMENT INCOME GROUP Distribution income from: – joint venture – associate 19 TRUST ASSET MANAGEMENT FEES Included in the asset management fees is an aggregate of $8.Notes to the Financial Statements Year ended 31 December 2009 16 PROPERTY OPERATING EXPENSES GROUP Land rental Property tax Utilities Property management fees Property management reimbursements Advertising and promotion Maintenance Others 17 TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 137 49.444 13.090 21.839 21.683 22.000) are paid in units.932 148 48.893.879.569 20.200 13. 153 CapitaMall Trust Report to Unitholders 2009 .204 169.000 (2008: $4.057 15.974 17.245 16.848 16.000 (2008: $145.038 1.205 39.771 137 35.000 (2008: $8.377 19.881 32.621 3.478.115 23.180 46.000 33.464.258 51.952 14.892 1.

109 2.032 INCOME TAX EXPENSE GROUP TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 149 (24) 125 314 1.014 – 5.214 74.934) – – – 39.277 – – – – Net income 240.899 (121) 1.435 213.792 – 3.180 – 18 10.845 – (42.997 Tax calculated using Singapore tax rate of 17% (2008: 18%) Effect of change in tax rate Non-tax chargeable items Non-tax deductible items Income not subject to tax Tax transparency (Over)/underprovision in prior years Others 40.084 1.904) – – – Current tax expense Current year (Over)/under provision in prior years Deferred tax expenses Movement in temporary difference Income tax expense Reconciliation of effective tax rate 154 CapitaMall Trust Report to Unitholders 2009 .751 5.407 245.264 – (47.531 10.500 1.545 (28) (47.059 – – 3.Notes to the Financial Statements Year ended 31 December 2009 21 FINANCE COSTS GROUP Interest paid/payable: – subsidiaries – term loans – secured bonds – convertible bonds – revolving credit and/or bridge loan facilities – loss on remeasurement of financial derivatives – realised loss on financial derivatives Accreted interest of convertible bonds Amortisation of transaction costs Others 22 TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 – 63.116 216.398 – – – – – – 1.958 13.821 729 105.780 37.874 99 (665) 9.304 1.918 – 6.277 41.751 2.933) (24) 31 1.931 22.029 – 76.450 513 85.304 1.500 2.904) 1.006 – 6.084 10 1.109 3.277 41.496 1.938 22.198 (22) (42.774 1.642 670 869 10.899 38.218 1.656 2.670 – – 6.669 – 4.104 3.413 – (502) 5.317 102.

Notes to the Financial Statements Year ended 31 December 2009 23 EARNINGS PER UNIT (a) Basic earnings per unit The calculation of basic earnings per unit is based on the weighted average number of units during the year and total return for the year.662.051 TRUST Number of Units 2009 2008 ’000 ’000 Issued units at beginning of the year Effect of creation of new units: – rights issue – issued as satisfaction of asset management fees in relation to the Trust’s 40.727 – 1.618 812 1.521 Number of Units 2009 ’000 TRUST Number of Units 20081 ’000 Weighted average number of units used in calculation of basic earnings per unit Weighted average number of unissued units from convertible bonds Weighted average number of units in issue (diluted) 1 TRUST 2009 $’000 2.920.119 The figures have been restated for the effect of Rights Issue.540 63.358 2.8541 2.393 1. Fully diluted earnings per unit In calculating diluted earnings per unit.811 4.047.530) 506. the impact of conversion of the convertible bonds were anti-dilutive and were excluded from the calculation of diluted earnings per unit.220 516.760 516.051 (9.160.375 382.372 39.071 – 2.685 2. GROUP Total return for the year TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 (65.645) 560.112.902 39.009 1.540 (40. the total return for the year and weighted average number of units during the year are adjusted for the effects of all dilutive potential units: GROUP Total return for the year Impact of conversion of the dilutive potential units Adjusted total return for the year 2008 $’000 2009 $’000 2008 $’000 (65.902 (9.185) 24.0% interest in Raffles City through RCS Trust – issued and issuable as payment of asset management fees paid in units – adjustment for effect of rights issue Weighted average number of units at the end of the year 1 (b) 1.047.754.530) 551.434 91.4341 The figures have been restated for the effect of Rights Issue.220 24.618 191.920. 155 CapitaMall Trust Report to Unitholders 2009 .139. For the year ended 31 December 2009.740 3.185) 560.

there were the following significant related party transactions. The property management fees and property management reimbursement are payable to the Property Manager.299 541 295 434 282 – 8. The Trust has maintained its corporate rating of ‘A2’.0% of the fund’s deposited property (up to a maximum of 60.0% of the fund’s deposited property. asset management fees and trustee’s fees have been paid or are payable to the Manager and Trustee respectively.000 (2008: $Nil) in respect of services provided.716 (251) (12) – (263) These expenses are deducted directly against the Unitholders’ funds. directly or indirectly. or where the Group and the party are subject to common significant influence. During the financial year.266 1. There were no changes in the Group’s approach to capital management during the financial year. Project Manager (CapitaLand Retail Project Management Pte Ltd). to control the party or exercise significant influence over the party in making financial and operating decisions. The Group and the Trust have complied with the Aggregate Leverage limit of 60. parties are considered to be related to the Group if the Group has the ability. other than those disclosed elsewhere in the financial statements. Included in issue expenses is non-audit fees paid to auditors of the Group and the Trust of $64.. Property Manager (CapitaLand Retail Management Pte Ltd) and Property Manager of RCS Trust (CapitaLand (RCS) Property Management Pte Ltd) are indirect subsidiaries of a substantial Unitholder of the Trust. Moody’s or Standard and Poor’s is obtained and disclosed to the public. The Trust and its subsidiaries are subject to the aggregate leverage limit as defined in the Property Fund Guidelines of the CIS code. The Board also monitors the Group’s and the Trust’s exposure to various risk elements and externally imposed requirements by closely adhering to clearly established management policies and procedures. The CIS code stipulates that the total borrowings and deferred payments (together the “Aggregate Leverage”) of a property fund should not exceed 35. Related parties may be individuals or other entities. The property fund should continue to maintain and disclose a credit rating so long as its aggregate leverage exceeds 35.894 489 1.398 – 8. The aggregate leverage of a property fund may exceed 35.716 (251) (12) – (263) 31.398 FINANCIAL RISK MANAGEMENT Capital management The Board of the Manager proactively reviews the Group’s and the Trust’s capital and debt management cum financing policy regularly so as to optimise the Group’s and the Trust’s funding structure. advisory and acquisition fees paid/payable to the Manager 26 TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 1.Notes to the Financial Statements Year ended 31 December 2009 24 ISSUE EXPENSES GROUP Underwriting and selling commissions Professional fees Miscellaneous expenses TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 31.0% of the fund’s deposited property.754 – (38) 31.0% during the financial year. 156 CapitaMall Trust Report to Unitholders 2009 .754 – (38) 31. 25 RELATED PARTIES For the purposes of these financial statements. The Manager. or vice versa. which were carried out in the normal course of business on arm’s length commercial terms: GROUP Asset enhancement works and consultancy fees paid/payable to a related company of the Manager Rental and related income received/receivable from related companies of the Manager Underwriting.0%) only if a credit rating of the property fund from Fitch Inc. In the normal course of the operations of the Trust.

The allowance account in respect of trade and other receivables is used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible. 157 CapitaMall Trust Report to Unitholders 2009 . The Group has a system of controls in place to create an acceptable balance between the cost of risks occurring and the cost of managing the risks. while optimising the return on risk. Internal Audit undertakes both regular and ad hoc reviews of risk management controls and procedures. such as interest rates. The Audit Committee oversees how the Manager monitors compliance with the Group’s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. At 31 December 2009 and 2008. A cross currency swap which was denominated in USD. The Group hedged this risk by entering into a cross currency swap. The Manager has established credit limits for customers and monitors their balances on an ongoing basis. The Group had a cross currency swap with a notional contract amount of US$138. Market risk Market risk is the risk that changes in market prices. Following the repayment of the CRSL loans. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group’s activities. At that point. including the servicing of financial obligations. as and when they fall due. The objective of market risk management is to manage and control market risk exposures within acceptable parameters. there were no significant concentrations of credit risk. Cash and fixed deposits are placed with financial institutions which are regulated. Foreign currency risk The Group was exposed to foreign currency risk on interest-bearing borrowings that were denominated in a currency other than the functional currency of the Group. management does not expect any counterparty to fail to meet its obligations.Notes to the Financial Statements Year ended 31 December 2009 Overview of risk management Risk management is integral to the whole business of the Group. Typically. the results of which are reported to the Audit Committee.000. The currency giving rise to this risk was USD.000. was entered into to manage the foreign exchange risks in the previous financial year. Credit risk Credit risk is the potential financial loss resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to the Group. The Manager establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade and other receivables. the Group ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 60 days. The Audit Committee is assisted in its oversight role by Internal Audit. Given these high credit ratings. The main component of this allowance is a specific loss component that relates to the individually significant exposure. Liquidity risk The Manager monitors and maintains a level of cash and cash equivalents deemed adequate by management to finance the Group’s operations and to mitigate the effects of fluctuations in cash flows. The maximum exposure to credit risk is represented by the carrying value of each financial asset on the balance sheet. the financial asset is considered irrecoverable and the amount charged to the allowance account is written off against the carrying amount of the impaired financial asset. Credit evaluations are performed by the Manager before lease agreements are entered into with tenants. The cross currency swap was terminated on 9 April 2009 following the repayment of the CRSL loans. The Group limits its credit risk exposure in respect of investments by only investing in liquid securities and only with counterparties that have sound credit ratings. foreign exchange rates and equity prices will affect the Group’s income or the value of its holdings of financial instruments. The Manager continually monitors the Group’s risk management process to ensure that an appropriate balance between risk and control is achieved. the Group does not have exposure to foreign currency risk at 31 December 2009.

057 GROUP 2009 Interest-bearing borrowings (floating rate) Interest rate swaps 2008 Interest-bearing borrowings (floating rate) Interest rate swaps A decrease of 100 bp in interest rate at the reporting date would have had an equal but opposite effect to the amounts shown above.793. Statement of Total Return $’000 Unitholders’ Funds $’000 (1.000) whereby the Group has agreed with counterparties to exchange.000 (2008: $60. Statement of Total Return $’000 Unitholders’ Funds $’000 – – – (181) GROUP 2009 US dollar 2008 US dollar A 10.057 18.000 (2008: $11. At 31 December 2009.000 (2008: $Nil) and non-current liabilities of $5.000.000. The net fair value of the above swaps at 31 December 2009 is $6. Interest rate risk The Group’s exposure to changes in interest rates relates primarily to interest-bearing financial liabilities.000). the difference between floating rate and fixed rate interest amounts calculated by reference to the agreed notional principal amounts of the secured and unsecured term loans. This analysis assumes that all other variables.000.900) 3.000 (2008: $380.000) comprising assets of $Nil (2008: $4. on the basis that all other variables remain constant.715. current liabilities of $353. on the basis that all other variables remain constant. remain constant. Interest rate risk is managed on an ongoing basis with the primary objective of limiting the extent to which net interest expense could be affected by adverse movements in interest rates. remain constant. These are for interest rate swaps with notional contract amount of $60.000.000 (2008: $320.000) respectively. interest rates.573 13.873.718) – 18.000) and $320.0% weakening of Singapore dollar against the above currencies would have had an equal but opposite effect on the above currencies to the amounts shown above. at specified intervals.737 – 197 197 (4.000.000.0% strengthening of Singapore dollar against the following foreign currencies at the reporting date would increase/(decrease) the Unitholders’ Funds and the Statement of Total Return as at 31 December 2009 by the amounts shown below.508. This analysis assumes that all other variables. 158 CapitaMall Trust Report to Unitholders 2009 . Sensitivity analysis An increase of 100 bp in interest rate at the reporting date would increase/(decrease) Statement of Total Return and Unitholders’ Funds by the amounts shown below.182 (1.000). the Group has interest rate swaps with total notional contract amount of $380. in particular. in particular foreign currency rates.000 (2008: $6.836) 15.226.Notes to the Financial Statements Year ended 31 December 2009 Sensitivity analysis A 10.

Notes to the Financial Statements Year ended 31 December 2009 Estimation of fair values The following summarises the significant methods and assumptions used in estimating the fair values of financial instruments of the Group.52 3.40 0.3 1.958 1.267 2. These quotes are tested for reasonableness by discounting estimated future cash flows based on the terms and maturity of each contract and using market interest rates for a similar instrument at the measurement date.042 2.418. by comparing the actual rates charged by the bank with these guarantees made available.201. where applicable. cross currency swap and derivative liability portion of the convertible bonds are based on broker quotes/third party quotes.913. which is determined for disclosure purposes.352 1. are based on the forward yield curve at 31 December plus an adequate constant credit spread. current portion of security deposits and trade and other payables) are assumed to approximate their fair values because of the short period to maturity.069 616.197) (134.406. Derivative financial instruments The fair value of interest rate swaps.114 1. and are as follows: 2009 % 3.530 718.807.83 Security deposits Interest-bearing borrowings Convertible bonds 2008 % 3.134. with the estimated rates that the banks would have charged had these guarantees not been available.45 – 3.793 64.123 592.98 3.98 – 3.066. Intra-group financial guarantees The value of financial guarantees provided by the Trust to its subsidiaries is determined by reference to the difference in the interest rates.447 1.048 1.038 59. cash and cash equivalents. Non-derivative financial liabilities Fair value. Interest rates used in determining fair values The interest rates used to discount estimated cash flows.343 719.98 The fair values of recognised liabilities which are carried at cost or amortised cost in the balance sheets at 31 December are represented in the following table: 2009 2008 Carrying amount $’000 Fair value $’000 Carrying amount $’000 Fair value $’000 64. Other financial assets and liabilities The carrying amounts of financial assets and liabilities with a maturity of less than one year (including trade and other receivables.895 68.22 – 3. is calculated based on the present value of future principal and interest cash flows.127. discounted at the market rate of interest at the reporting date.244 GROUP Financial liabilities At cost: Security deposits At amortised cost: Interest-bearing borrowings Convertible bonds Unrecognised loss 159 CapitaMall Trust Report to Unitholders 2009 (106.286) .155 1. All other financial assets and liabilities are discounted to determine their fair values.

.e.446. and • Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable data).786 592.048 1.338 616.267 1. derived from prices).e.237 46.704.Notes to the Financial Statements Year ended 31 December 2009 2009 2008 Carrying amount $’000 Fair value $’000 Carrying amount $’000 Fair value $’000 49.226 – 27.833 6.833 TRUST Financial liabilities At cost: Security deposits At amortised cost: Interest-bearing borrowings Convertible bonds (99.226 27. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability.042 1.624) Unrecognised loss (111.815.546. as prices) or indirectly (i.247 1.940 781.226 – 6.049.114 1.828) Fair value hierarchy The table below analyses financial instruments carried at fair value. Level 1 $’000 Level 2 $’000 Level 3 $’000 Total $’000 – – – 6.833 27. either directly (i.216 51.800 – – (5.177 47.917 719.059 GROUP AND TRUST 2009 Interest rate swaps Derivative liability portion of convertible bonds The following table presents the changes in Level 3 instruments for the financial year ended 31 December 2009: GROUP AND TRUST 2009 $’000 Derivative liability portion of convertible bond Opening balance Transfer into level 3 Purchases Gains recognised in the Statement of Total Return Closing balance 160 CapitaMall Trust Report to Unitholders 2009 33. by valuation model.623 780. The different levels have been defined as follows: • Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.005 1.626 718.060..967) 27.833 34.833 .

In addition.Notes to the Financial Statements Year ended 31 December 2009 27 OPERATING SEGMENTS For the purpose of making resource allocation decisions and the assessment of segment performance. assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. the CODMs monitor the non-financial assets as well as financial assets attributable to each segment when assessing segment performance. Segment revenue comprises mainly of income generated from its tenants. as the Group’s activities for the year ended 31 December 2009 and 31 December 2008 related wholly to properties located in Singapore. Amounts reported for the prior year have been represented to conform to the requirements of FRS 108. the Group’s CODMs reviews internal/management reports of its investment properties. Geographical segments Segment information in respect of the Group’s geographical segments is not presented. related assets and expenses. Segment results. Segment net property income represents the income earned by each segment after allocating property operating expenses. This is the measure reported to the CODMs for the purpose of assessment of segment performance. Unallocated items comprise mainly income-earning assets and revenue. Segment capital expenditure is the total cost incurred during the year to acquire segment assets that are expected to be used for more than one year. This forms the basis of identifying the operating segments of the Group under FRS 108 Operating Segments. 161 CapitaMall Trust Report to Unitholders 2009 . Information regarding the Group’s reportable segments is presented in the tables below. interest-bearing borrowings and expenses.

738 Tampines Mall $’000 Gross rental income Car park income Others Gross revenue 2009 Reportable segments (15.589 2.939 69.899) (65.664 29.436 Other Investment Properties1 $’000 (21.301 321 1.882 IMM Building $’000 (1.420 3.792 The Atrium @Orchard $’000 (28.800 68.458 76.497) 48.466) 33.768 80.621 (68.600) 46.857 13.051 40.076 48.138 240.708 61.087) 56.732 67.377 2.102 28.635 Segment net property income Interest income Finance cost Unallocated expenses Share of profit of associate Net income 58.435 376.185) (302.707 75.524 Junction 8 $’000 (14.427 Plaza Singapura $’000 (6.636) 43.0% interest Subsidiaries in RCS Trust portfolio2 – Raffles City3 $’000 $’000 (63.028 1.334 Funan DigitaLife Mall $’000 Notes to the Financial Statements Year ended 31 December 2009 (10.480) 4.801) 6.818 63.317 24.343 779 1.710 14.095 – 2.822 70.881 1.408 2.579 679 3.038 (105.768 513.543 2.534) 1.170 29.187) (1.314 15.789 1.312 2.286) (1.082 1.895) 54.201 2.542 25.162 CapitaMall Trust Report to Unitholders 2009 Net change in fair value of financial derivatives Net change in fair value of investment properties Total return for the year before income tax Income tax expense Total return for the year 898 45.029) (36.700 Total $’000 .624 73.300 3.106 44.361) 19.673 552.599 66.742) 21.895 Bugis Junction $’000 (135.

0% interest Subsidiaries in RCS Trust portfolio2 – Raffles City3 $’000 $’000 16 48.001.717 571.062 315.163 CapitaMall Trust Report to Unitholders 2009 34 1.508 2.231 The Atrium @Orchard $’000 – 16.388 906.453.636 347 133 345.970.600 68 66 27.784 886.687 1.516 Plaza Singapura $’000 – 6.655 Bugis Junction $’000 – (258) – 3 5.085 40.864 6 10.028 651.737 616.059 2.566.338 2.292 Funan DigitaLife Mall $’000 Notes to the Financial Statements Year ended 31 December 2009 3 2.542 1.610 778.880 137.417 798.087 103 241 394.559 Junction 8 $’000 – (639) 14 35 11.046 796.520 298.001 6.245 714.021 4.895 46 82 26.765 1.423.581 Other Investment Properties1 $’000 – 10.560 Total $’000 .048 34.124 1.323 327.975 IMM Building $’000 7 1.497 63 182 27.379 7.301 332 100 12.031.802 Plant and equipment: – Capital expenditure Depreciation and amortisation Other segmental information Total liabilities Unallocated liabilities: – interest-bearing borrowings – interest payables – asset management fees payable – convertible bonds – derivative liability – others Segment liabilities Segment assets Investment in associate and joint venture Unallocated assets Total assets Assets and liabilities 2009 Tampines Mall $’000 – 466 117 70 15.209 1.102 – Investment properties: – Capital expenditure Receivables written off 109 21.

012 Plaza Singapura $’000 55.457) 205.701 29.257 3.470 53.568 25.596 31.939 74.323 2.376 3.403 Junction 8 $’000 (33.170 62.591 Tampines Mall $’000 Gross rental income Car park income Others Gross revenue 2008 Reportable segments 60.732 78.591 696 1.902 323.179 (1.738 23.422 9.248 38.998 65.901 Total $’000 .171 67.227 25.251 40.228 68.747 85 530 10.164 CapitaMall Trust Report to Unitholders 2009 Net change in fair value of financial derivatives Net change in fair value of investment properties Total return for the year before income tax Income tax expense Total return for the year Share of profit of associate Net income 50.745 9.645 73.453 2.407 341.196 IMM Building $’000 72.349 2.576 510.295 2.066 1.856 1.344 Other Investment Properties1 $’000 23.0% interest Subsidiaries in RCS Trust portfolio2 – Raffles City3 $’000 $’000 562.024 6.536 Bugis Junction $’000 – 6.538 – 2.259 Segment net property income Interest income Finance cost Unallocated expenses 56.545 1.063 2.015 1.403 2.259 43.704 56.130 473.924 43.839 61.881 (102.057 11.587 13.023 8.012 47.384 213.988 26.764 47.934 51.847 704 3.394 72.920 43.218 Funan DigitaLife Mall $’000 Notes to the Financial Statements Year ended 31 December 2009 47.277) 560.531) (35.668 61.988) 18.661 1.362 The Atrium @Orchard $’000 20.

516 7.130 320 312 380.0%) was completed on 1 September 2006.919 142.476 25 115 16.588 14 10.510 798.042 34.346 – 5.105.688 The Atrium @Orchard $’000 310.020 3.786 2.252 287 81 783.001.851 40.005 Other investment properties comprise Sembawang Shopping Centre.741 15 Investment properties: – Capital expenditure Receivables written off 3 2 – 3.508.404 207 45 17.068 1.429.400 1.699 34 223.732 1 33.236 137 140 34.088 2.165 CapitaMall Trust Report to Unitholders 2009 660.066 116 47 25.556 Total $’000 4.543 Other Investment Properties1 $’000 811. 234 Plant and equipment: – Capital expenditure 1 155 Depreciation and amortisation Other segmental information Total liabilities Unallocated liabilities: – interest-bearing borrowings – interest payables – asset management fees payable – convertible bonds – derivative liability – others 20.439 592.275 341. The joint acquisition of Raffles City through RCS Trust by CMT (40.947 Plaza Singapura $’000 Segment liabilities 586.080 98 81 26. Lot One Shoppers’ Mall and Rivervale Mall under CRSL and CMT MTN.0% interest Subsidiaries in RCS Trust portfolio2 – Raffles City3 $’000 $’000 7.222.540 Bugis Junction $’000 850.084.991 776.385 1.868 – 17. Subsidiaries portfolio comprises Bukit Panjang Plaza.565 Junction 8 $’000 Funan DigitaLife Mall $’000 Segment assets Investment in associate and joint venture Unallocated assets Total assets Assets and liabilities 2008 Tampines Mall $’000 Notes to the Financial Statements Year ended 31 December 2009 .324.470.491 – 56.110 3.257 4 70.440 1.781 – 22.156 IMM Building $’000 143.696 1.508 – 195 5 1 5.0%) and CCT (60. Hougang Plaza and Jurong Entertainment Centre.059 2.488 11 43 13.356 1.

the Trustee has provided a tax indemnity for certain types of tax losses.984 TRUST 2009 $’000 315.916 63. The amount of indemnity.139 812 2.0% of the taxable income of the Trust for that year.797 185.139 527 1.448 Operating lease commitments (i) Operating lease rental payable Future minimum lease payments for the Group on non-cancellable operating leases with a term of more than one year are as follows: 2009 $’000 285 1. Each yearly indemnity has a validity period of the earlier of seven years from the end of the relevant year of assessment and three years from the termination of the Trust.547 183.292 2008 $’000 434.236 (ii) Operating lease rental receivable The Group leases out its investment properties. This indemnity is applicable to distributions made out of the Trust’s income for the period from the date of the listing of the Trust to 1 August 2004. as agreed with IRAS for any one year is limited to the higher of $500.595 2008 $’000 323. subject to the indemnity amount agreed with the IRAS.394 873.885 3.000 or 1. 166 CapitaMall Trust Report to Unitholders 2009 .871 36. including unrecovered late payment penalties.315 319.659 37.600 CONTINGENT LIABILITY Pursuant to the tax transparency ruling from IRAS.951 Within 1 year After 1 year but within 5 years After 5 years 2008 $’000 285 1.078 310. Non-cancellable operating lease rentals are receivable as follows: GROUP Within 1 year After 1 year but within 5 years More than 5 years 29 2009 $’000 426.486 100.953 327 635.913 58.029 444.573 949 634.013 443.847 884.119 221.535 20.112 198.357 15.Notes to the Financial Statements Year ended 31 December 2009 28 COMMITMENTS GROUP Capital commitments: – contracted but not provided for – authorised but not contracted for TRUST 2009 $’000 2008 $’000 2009 $’000 2008 $’000 36. that may be suffered by IRAS should IRAS fail to recover from Unitholders tax due or payable on distributions made to them without deduction of tax.108 6.

Prior to that.45 – – The annualised ratios are computed in accordance with the guidelines of Investment Management Association of Singapore. the CRSL Properties have been unencumbered.000 5 year fixed rate notes through the S$2. the Trust had held 100.Notes to the Financial Statements Year ended 31 December 2009 30 SUBSEQUENT EVENTS On 1 January 2010.288% which was on lent to CMT.500. The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Group expressed as a percentage of daily average net asset value. Lot One Shoppers’ Mall. pursuant to an internal restructuring exercise (“Restructuring”). The expenses used in the computation relate to expenses of the Trust.000.65 0.47 0. 90 out of 91 strata lots in Bukit Panjang Plaza.000. CapitaMall Trust Report to Unitholders 2009 . and Rivervale Mall (the “CRSL Properties”) are now held directly by the Trust.0% of the beneficial interest in the property portfolio of CRSL which comprised the CRSL Properties. 31 FINANCIAL RATIOS Expenses to weighted average net assets 1 – including performance component of Manager’s management fees – excluding performance component of Manager’s management fees Portfolio turnover rate 2 1 2 167 2009 % 2008 % 0. On 28 January 2010.000 Multicurrency Medium Term Note Programme at 3. excluding property expenses and finance costs. In connection with the Restructuring. CMT MTN issued S$100.70 0.

001 – 1.728 41 13.11 92.96 1.450 4.001 and above No.836 2.729.32 17.000 38.06 0.775 % 99.789.08 100.000 48.504 28.492.15 0.895.00 1.500.063.11 6.28 0.914 0.00 3.659.908. of Units 1.185 7.34 100.851.895.94 0.000 257. of Units 97.83 0.78 8.311 (based on closing unit price of S$1.000 – 10.224.97 1.000.213.700.653 6.996 29.000 62.536.11 0.561 1.589.880.628.221 132.313 100.25 2.000 10.22 0.24 4.062 279.019 3.127.230.86 0.775 units (voting rights : 1 vote per unit) Market Capitalisation $5.35 93.180.31 5.300 8.373.24 0.905.300.987.933.176.180.787 100.00 3.908.609 125.82 on 3 March 2010) DISTRIBUTION OF UNITHOLDINGS Size of Holdings 1 – 999 1.441.31 2. of Unitholders 243 9.100 3.61 170.969.570 69.417.22 0.947 198.386 26.00 LOCATION OF UNITHOLDERS Country Singapore Malaysia Others TWENTY LARGEST UNITHOLDERS S/No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 168 Name CITIBANK NOMINEES SINGAPORE PTE LTD PYRAMEX INVESTMENTS PTE LTD DBSN SERVICES PTE LTD ALBERT COMPLEX PTE LTD HSBC (SINGAPORE) NOMINEES PTE LTD DBS NOMINEES PTE LTD UNITED OVERSEAS BANK NOMINEES PTE LTD NTUC FAIRPRICE CO-OPERATIVE LTD PREMIER HEALTHCARE SERVICES INTERNATIONAL PTE LTD ALPHAPLUS INVESTMENTS PTE LTD CAPITAMALL TRUST MANAGEMENT LIMITED BNP PARIBAS SECURITIES SERVICES SINGAPORE RAFFLES NOMINEES (PTE) LTD DB NOMINEES (S) PTE LTD TM ASIA LIFE SINGAPORE LTD-PAR FUND MORGAN STANLEY ASIA (SINGAPORE) SECURITIES PTE LTD BNP PARIBAS NOMINEES SINGAPORE PTE LTD DBS VICKERS SECURITIES (S) PTE LTD MERRILL LYNCH (SINGAPORE) PTE LTD PHILLIP SECURITIES PTE LTD CapitaMall Trust Report to Unitholders 2009 Number of Units % 646.847.180.23 0.68 3.901 1.775 % 0.031 % No.90 8.Unitholders’ Statistics STATISTICS OF UNITHOLDINGS As at 3 March 2010 Issued and Fully Paid Units 3.954 20.150 473.21 41.000 1.000 7.00 No.339.728 140 163 13.000.014.557.031 % No. of Unitholders 12.841 3.23 .51 1.93 14.87 47.218 570.895.07 2.18 3.619.

077.93% 8.146 (2) 570.000 (Deemed) David Wong Chin Huat 114.96% – Deemed Interest Number Total Number of Units % of Units Held 954.77% 954.78% 3. Inc.949. Held by Alphaplus Investments Pte Ltd.175 951. A subsidiary of CapitaLand Limited.000 174.492 % 29.996 units held by the Manager. (7) (1) (2) (3) (4) (5) (6) (7) Direct Interest Number of Units – – – 570.99% 29.146 (2) 951. Based on the information provided by The Capital Group Companies.000 – % – – – 17.300.90% 29.500 (Direct) 74.319 (Deemed) Simon Ho Chee Hwee 119.036.78% 5.036.077.007.146 (2) – – 48.417.68% of the units in CMT were held in the hands of the public as at 3 March 2010.300.949.90% 29.659.880.90% 17.99% 29.150 279.700 (Direct) 119. Based on the information provided by NTUC Fairprice Co-operative Limited.77% Based on the information provided by Temasek Holdings (Private) Limited.000 (Deemed) Lim Beng Chee 66.492 29. CapitaLand Limited holds a direct interest of 65.000 125.479 (Direct) 970.077.127. approximately 55.100 (Deemed) Lui Chong Chee 1 1.175 951.50% in CapitaMalls Asia Limited.000 units held by Albert Complex Pte Ltd.51% 8.150 279.146 (2) 951.000 (Direct) 57.93% 8.Unitholders’ Statistics LIST OF DIRECTORS’ INTEREST As at 21 January 2010 Name No.700. 570. 279. NUMBER OF UNITS OWNED BY EACH SUBSTANTIAL UNITHOLDER As at 3 March 2010 Name of Substantial Unitholders Temasek Holdings (Private) Limited (1) CapitaLand Limited CapitaMalls Asia Limited (3) Pyramex Investments Pte Ltd (4) Albert Complex Pte Ltd (4) NTUC Fairprice Co-operative Limited (5) The Capital Group Companies. of CMT Units Held James Koh Cher Siang 342. Accordingly.47% 8.000 (Direct) 817.300.000 (Deemed) Note: 1 Resigned from the Board with effect from 23 February 2010. a wholly-owned subsidiary of NTUC Fairprice Co-operative Limited. 169 CapitaMall Trust Report to Unitholders 2009 .000 (6) 278.000.000 278.417. Based on information made available to the Manager. 62.000 units held by Premier Healthcare Services International Pte Ltd and 38.417. A wholly-owned subsidiary of CapitaMalls Asia Limited.90% – – 1.000 (Direct) Liew Mun Leong 633.077. Inc.150 units held by Pyramex Investments Pte Ltd. Rule 723 of the Listing Manual of the SGX-ST has been complied with.

358.674 * CMT units were issued and subscribed for.179. reimbursements to the property manager in respect of payroll and related expenses as well as payments of trustee’s fees. were issued on 2 February 2010 to the Manager.898 CMT units were issued to the Manager as part payment of the performance component of its asset management fees for the fourth quarter of 2009.907 CMT Units at issue prices of S$1.627. a total of 3. 170 CapitaMall Trust Report to Unitholders 2009 .614.7653 per Unit. On 10 February 2004.34 per Unit and the aggregate market value of these Units was S$4. a total of 1.640 CMT Units at issue prices of S$1.246 1. are as follows: Name of Interested Person CapitaLand Limited and its subsidiaries or associates – Management fees 1 – Property management fees & reimbursement – Project management and consultancy fees for asset enhancement works – Rental and service income Temasek Holdings (Private) Limited and its associates – Rental and service income – General Maintenance The Hongkong and Shanghai Banking Corporation Limited and its associates – Rental and service income – Trustee fees 1 Aggregate value of all interested person transactions during the financial period under review (excluding transactions of less than S$100.638.080.8138 per Unit. Subscription of CMT Units For the financial year ended 31 December 2009.512. an aggregate of 1.813 4.025 based on this market price. payments for acquisition and divestment fees. CMT issued 1.116.71 per Unit and the aggregate market value of these Units was S$2.706 based on this market price. was used to determine the amount of the aggregate asset management fees paid to the Manager for the period from 1 January 2009 to 31 December 2009.185 per Unit.627.898 CMT Units at issue prices of S$1.566.714 CMT Units at issue prices of S$1. were issued on 6 November 2009 to the Manager.574. in arriving at this figure.923 new units pursuant to an underwritten renounceable 9-for-10 rights issue. As at 31 December 2009. The market price at the date of issue was S$1. the SGX-ST has granted a waiver to CMT from Rules 905 and 906 of the SGX-ST’s Listing Manual in relation to payments for management fees. The market price at the date of issue was S$1. Please also see Significant Related Party Transactions on note 25 in the financial statements. Save as disclosed above. were issued on 5 May 2009 to the Manager.56 per Unit and the aggregate market value of these Units was S$4. A total of 9.Interested Person Transactions The transactions entered into with interested persons during the financial year. In respect of the period from 1 April 2009 to 30 June 2009.278 based on this market price. payments of property management fees. there were no additional Interested Person Transactions (excluding transactions of less than S$100.199 610 30.595 based on this market price.436. The market price at the date of issue was S$1.000 each) entered into during the financial period under review.66 per Unit and the aggregate market value of these Units was S$2.877 CMT units were in issue and outstanding.611 110 1.502.178 42. The market price at the date of issue was S$1.159 CMT Units amounting to an aggregate of S$14. 3. which fall under the listing manual and the property fund guidelines. Such payments are not to be included in the aggregated value of total related party transactions as governed by Rules 905 and 906 of the SGX-ST’s Listing Manual.604 have been or will be issued to the Manager as payment of the performance component of the asset management fees (as computed pursuant to the Trust Deed) for the period from 1 January 2009 to 31 December 2009. a total of 2. 1. In respect of the period from 1 July 2009 to 30 September 2009.407. were issued on 4 August 2009 to the Manager.249.783. In respect of the period from 1 January 2009 to 31 March 2009.3546 per Unit. a total of 1.267. On 2 February 2010.000 each) S$’000 34.066 For the purposes of Rule 907 of the Listing Manual of the SGX-ST. In respect of the period from 1 October 2009 to 31 December 2009. * On 2 April 2009. the market price of the CMT Units (being the closing price of the Units traded on the SGX-ST on the relevant date of issue of the Units) issued to the Manager for the performance component of its management fees.

to pass with or without any modifications. and (b) any subsequent bonus issue. after adjusting for: (a) any new Units arising from the conversion or exercise of any Instruments which are outstanding at the time this Resolution is passed. as manager of CMT (the “Manager”). the total number of issued Units (excluding treasury Units. To re-appoint KPMG LLP as Auditors of CMT to hold office until the conclusion of the next AGM of CMT.m. “Instruments”) that might or would require Units to be issued. provided that: (1) the aggregate number of Units to be issued pursuant to this Resolution (including Units to be issued in pursuance of Instruments made or granted pursuant to this Resolution) shall not exceed fifty per cent. and the holders of units of CMT. (Ordinary Resolution 2) AS SPECIAL BUSINESS To consider and. (2) subject to such manner of calculation as may be prescribed by Singapore Exchange Securities Trading Limited (the “SGX-ST”) for the purpose of determining the aggregate number of Units that may be issued under sub-paragraph (1) above. and to authorise the Manager to fix their remuneration. (Ordinary Resolution 1) 2. if any) (as calculated in accordance with sub-paragraph (2) below). of which the aggregate number of Units to be issued other than on a pro rata basis to Unitholders shall not exceed twenty per cent. as trustee of CMT (the “Trustee”). the Statement by CapitaMall Trust Management Limited. Capital Tower. 168 Robinson Road. Level 9. agreements or options (collectively. and/or (ii) make or grant offers. debentures or other instruments convertible into Units. 14 April 2010 at 10.00 a. consolidation or subdivision of Units. including but not limited to the creation and issue of (as well as adjustments to) securities. Singapore 068912 on Wednesday. and the Audited Financial Statements of CMT for the financial year ended 31 December 2009 and the Auditors’ Report thereon. 171 CapitaMall Trust Report to Unitholders 2009 (Ordinary Resolution 3) . (4) (unless revoked or varied by the Unitholders in a general meeting) the authority conferred by this Resolution shall continue in force until (i) the conclusion of the next AGM of CMT or (ii) the date by which the next AGM of CMT is required by applicable regulations to be held.Notice of Annual General Meeting CAPITAMALL TRUST (Constituted in the Republic of Singapore pursuant to a trust deed dated 29 October 2001 (as amended)) NOTICE IS HEREBY GIVEN that the Annual General Meeting (“AGM”) of the holders of units of CapitaMall Trust (“CMT”. if thought fit. That authority be and is hereby given to the Manager. the following resolutions as Ordinary Resolutions: 3. bonus or otherwise. warrants. to: (a) (i) issue units in CMT (“Units”) whether by way of rights. (20%) of the total number of issued Units (excluding treasury Units. and (b) issue Units in pursuance of any Instrument made or granted by the Manager while this Resolution was in force (notwithstanding that the authority conferred by this Resolution may have ceased to be in force at the time such Units are issued). to transact the following business: (A) (B) AS ORDINARY BUSINESS 1. the Manager shall comply with the provisions of the Listing Manual of the SGX-ST for the time being in force (unless such compliance has been waived by the SGX-ST) and the trust deed constituting CMT (as amended) (the “Trust Deed”) for the time being in force (unless otherwise exempted or waived by the Monetary Authority of Singapore). (50%) of the total number of issued Units (excluding treasury Units. if any) at the time this Resolution is passed. (3) in exercising the authority conferred by this Resolution. if any) (as calculated in accordance with sub-paragraph (2) below). at any time and upon such terms and conditions and for such purposes and to such persons as the Manager may in its absolute discretion deem fit. “Unitholders”) will be held at the STI Auditorium. To receive and adopt the Report of HSBC Institutional Trust Services (Singapore) Limited. if any) shall be based on the number of issued Units (excluding treasury Units. whichever is earlier.

m. 3. A proxy need not be a Unitholder. bonus or other capitalisation issues or any other events. at a discount exceeding ten per cent. until 31 December 2010 or such later date as may be determined by the SGX-ST. being 48 hours before the time fixed for the AGM. That. the appointments shall be invalid unless he/she specifies the proportion of his/her holding (expressed as a percentage of the whole) to be represented by each proxy. 2.Notice of Annual General Meeting (5) where the terms of the issue of the Instruments provide for adjustment to the number of Instruments or Units into which the Instruments may be converted. (10%) but not more than twenty per cent. 200106159R) as manager of CapitaMall Trust Kannan Malini Company Secretary Singapore 24 March 2010 Notes: 1. (Ordinary Resolution 4) (Please see Explanatory Notes) (C) AS OTHER BUSINESS 5. To transact such other business as may be transacted at an AGM. authority be and is hereby given to the Manager to fix the issue price for Units that may be issued by way of placement pursuant to the twenty per cent. in the event of rights. (Please see Explanatory Notes) 4. (20%) sub-limit on a non pro rata basis referred to in Resolution 3 above. Singapore 068911 not later than 12 April 2010 at 10. the Trustee may consider expedient or necessary or in the interest of CMT to give effect to the authority conferred by this Resolution. A Unitholder entitled to attend and vote at the AGM is entitled to appoint not more than two proxies to attend and vote in his/her stead. #18-01 Robinson Point. as the case may be. BY ORDER OF THE BOARD CapitaMall Trust Management Limited (Company Registration No. 172 CapitaMall Trust Report to Unitholders 2009 . (20%) of the price as determined in accordance with the Listing Manual of the SGX-ST. Where a Unitholder appoints more than one proxy. the Manager is authorised to issue additional Instruments or Units pursuant to such adjustment notwithstanding that the authority conferred by this Resolution may have ceased to be in force at the time the Instruments or Units are issued.00 a. The proxy form must be lodged at the Manager’s registered office at 39 Robinson Road. and (6) the Manager and the Trustee be and are hereby severally authorised to complete and do all such acts and things (including executing all such documents as may be required) as the Manager or. contingent on the passing of Resolution 3 above.

(20%) sub-limit on a non pro rata basis referred to in Ordinary Resolution 3 above at a discount exceeding 10% but not more than 20% of the price as determined in accordance with the Listing Manual of the SGX-ST (the “Reference Price”). warrants or debentures) convertible into Units and issue Units pursuant to such instruments. For determining the aggregate number of Units that may be issued. if passed. The authority for Ordinary Resolution 4 is proposed pursuant to the SGX-ST news release of 19 February 2009 which introduced certain measures to accelerate and facilitate listed issuers’ fund raising efforts. if the approval of Unitholders is required under the Listing Manual of the SGX-ST and the Trust Deed or any applicable laws and regulations in such instances. being the weighted average price of Units for trades done on the SGX-ST (calculated in the manner as may be prescribed by the SGX-ST). the Manager may only fix the issue price for Units that are issued by way of placement on a non pro rata basis to Unitholders referred to in Ordinary Resolution 3 above at a discount not exceeding 10% of the Reference Price. Ordinary Resolution 4 Ordinary Resolution 4 above. up to a number not exceeding 50% of which up to 20% may be issued other than on a pro rata basis to Unitholders (excluding treasury Units. The effectiveness of this measure will be reviewed by the SGX-ST at the end of the period. if passed. In any event. after adjusting for new Units arising from the conversion or exercise of any Instruments which are outstanding at the time this Resolution is passed and any subsequent bonus issue. 173 CapitaMall Trust Report to Unitholders 2009 . consolidation or subdivision of Units. to issue Units and to make or grant instruments (such as securities. the percentage of issued Units will be calculated based on the issued Units at the time Ordinary Resolution 3 above is passed. Without Ordinary Resolution 4. the Manager will then obtain the approval of Unitholders accordingly. if any). will authorise the Manager to fix the issue price for Units that are issued by way of placement pursuant to the twenty per cent. will empower the Manager from the date of the AGM until (i) the conclusion of the next AGM of CMT or (ii) the date by which the next AGM of CMT is required by the applicable regulations to be held. Ordinary Resolution 3 Ordinary Resolution 3 above.Notice of Annual General Meeting Explanatory notes: 1. whichever is earlier. under the Listing Manual of the SGX-ST. which permits this authority to be effective until 31 December 2010. Fund raising by issuance of new Units may be required in instances of property acquisitions or debt repayments. 2.

A person entitled to more than one vote need not use all his/her votes or cast them the same way. or a notarially certified copy of such power or authority must (failing previous registration with the Manager) be lodged with the Proxy Form. every Unitholder who (being an individual) is present in person or by proxy or (being a corporation) is present by one of its officers as its proxy shall have one vote. #18-01 Robinson Point. a declaration by the Chairman that such a resolution has been carried or carried unanimously or by a particular majority or lost shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution. In addition. 4. the Manager may reject a Proxy Form if the Unitholder. as certified by CDP to the Manager. If the Unitholder has Units entered against his/her name in the said Depository Register and registered in his/her name in the Register of Unitholders. 5. 10. The instrument appointing a proxy or proxies (the “Proxy Form”) must be deposited at the Manager’s registered office at 39 Robinson Road. it must be executed either under its common seal or under the hand of its attorney or a duly authorised officer. being the appointor. a resolution put to the vote of the meeting shall be decided on a show of hands unless a poll is (before or on the declaration of the result of the show of hands) demanded by the Chairman or by five or more Unitholders present in person or by proxy. 6. this proxy form will be deemed to relate to all the Units held by the Unitholder. not less than 48 hours before the time set for the Annual General Meeting. Where the Proxy Form is executed by a corporation. the appointments shall be invalid unless he/she specifies the proportion of his/her holding (expressed as a percentage of the whole) to be represented by each proxy. he/she should insert the aggregate number of Units. 8.IMPORTANT: PLEASE READ THE NOTES TO PROXY FORM BELOW Notes to Proxy Form 1. Singapore 068911. 11. If no number is inserted. . improperly completed or illegible or where the true intentions of the appointor are not ascertainable from the instructions of the appointor specified on the Proxy Form. 7. is not shown to have Units entered against his/her name in the Depository Register as at 48 hours before the time appointed for holding the Annual General Meeting. The Proxy Form must be executed under the hand of the appointor or of his/her attorney duly authorised in writing. every Unitholder who is present in person or by proxy shall have one vote for every Unit of which he/she is the Unitholder. If the Unitholder has Units entered against his/her name in the Depository Register maintained by The Central Depository (Pte) Limited (“CDP”). If the Unitholder has Units registered in his/her name in the Register of Unitholders of CMT. A Unitholder should insert the total number of Units held. At any meeting. 2. the power of attorney or other authority (if any) under which it is signed. A unitholder of CMT (“Unitholder”) entitled to attend and vote at the Annual General Meeting is entitled to appoint one or two proxies to attend and vote in his/her stead. Where the Proxy Form is signed on behalf of the appointor by an attorney or a duly authorised officer. failing which the Proxy Form may be treated as invalid. The Manager shall be entitled to reject a Proxy Form which is incomplete. All Unitholders will be bound by the outcome of the Annual General Meeting regardless of whether they have attended or voted at the Annual General Meeting. he/she should insert that number of Units. 3. or holding or representing one-tenth in value of the Units represented at the meeting. he/she should insert that number of Units. Where a Unitholder appoints more than one proxy. in the case of Units entered in the Depository Register. On a show of hands. 9. On a poll. Unless a poll is so demanded. A proxy need not be a Unitholder.

1 2 3 4 5 * ** Ordinary Resolutions: To be used on a show of hands To be used in the event of a poll No. Proportion of Unitholdings No. and at any adjournment thereof. Dated this day of 2010. of Units % NRIC/Passport No. 14 April 2010 at 10.00 a. Singapore 068912 on Wednesday. Capital Tower. CPF Investors who wish to attend the Annual General Meeting as observers have to submit their requests through their CPF Approved Nominees within the time frame specified. of Votes No. the Manager’s Statement. Special business To authorise the Manager to issue Units and to make or grant convertible instruments. No. This Proxy Form is not valid for use by CPF investors and shall be ineffective for all intents and purposes if used or is purported to be used by them. For investors who have used their CPF monies to buy units in CapitaMall Trust./Company Registration no. If you wish to exercise all your votes “For” or “Against”. Proportion of Unitholdings No. they must submit their voting instructions to the CPF Approved Nominees within the time frame specified to enable them to vote on their behalf. PLEASE READ THE NOTES TO THE PROXY FORM. (Name(s) and NRIC no. Other business To transact any other business as may be transacted at an annual general meeting.CAPITAMALL TRUST (Constituted in the Republic of Singapore IMPORTANT 1. to demand a poll./Passport no. 168 Robinson Road. hereby appoint: Name Address NRIC/Passport No. the proxy/proxies will vote or abstain from voting at his/her/their discretion. I/We direct my/our proxy/proxies to vote for or against the resolutions to be proposed at the Annual General Meeting as indicated hereunder. Signature(s) of unitholder(s) / Common Seal IMPORTANT: PLEASE READ NOTES TO PROXY FORM ON REVERSE PAGE Total number of Units held . the Chairman of the Annual General Meeting as my/our proxy/proxies to attend and to vote for me/us on my/our behalf and if necessary. of Units % and/or (delete as appropriate) Name Address or. If they also wish to vote. the Audited Financial Statements of CMT for the financial year ended 31 December 2009 and the Auditors’ Report thereon. If you wish to exercise all your votes “For” or “Against”. 4. pursuant to a trust deed dated 29 October 2001 (as amended)) Proxy Form Annual General Meeting I/We. To re-appoint KPMG LLP as Auditors and authorise the Manager to fix the Auditors’ remuneration.) of (Address) being a unitholder/unitholders of CapitaMall Trust (“CMT”).m. If no specific direction as to voting is given. this Annual Report is forwarded to them at the request of their CPF Approved Nominees and is sent FOR INFORMATION ONLY. please tick [√] within the box provided. please indicate the number of votes as appropriate. both of whom failing. at the Annual General Meeting of CMT to be held at the STI Auditorium. 2. Alternatively. To authorise the Manager to fix the issue price per Unit that may be issued by way of a placement at a discount exceeding 10% but not more than 20%. please tick [√] within the box provided. 3. Level 9. as he/she/they may on any other matter arising at the Annual General Meeting. of Votes For * Against * For ** Against ** Ordinary business To receive and adopt the Trustee’s Report.

3rd fold here. glue along the dotted line and fold flap Affix postage stamp The Company Secretary CapitaMall Trust Management Limited (as manager of CapitaMall Trust) 39 Robinson Road #18-01 Robinson Point Singapore 068911 2nd fold here 1st fold here .

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com www.capitamall.com Company Registration Number: 200106159R .CapitaMall Trust Management Limited As Manager of CapitaMall Trust 39 Robinson Road #18-01 Robinson Point Singapore 068911 Tel: (65) 6536 1188 Fax: (65) 6536 3884 Email: ask-us@capitamall.