CAPITAMALLS ASIA LIMITED

(Registration Number : 200413169H)

2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT

TABLE OF CONTENTS

Item No. Description Page No.

1 (a)(i) Income Statement 2

1 (a)(ii) Explanatory Notes to Income Statement 3–5

1 (a)(iii) Statement of Comprehensive Income 5

1 (b)(i) Balance Sheet 6

1 (b)(ii) Group’s Borrowings 7

1 (c) Consolidated Statement of Cash Flows 8–9

1 (d)(i) Statement of Changes in Equity 10

1 (d)(ii) Changes in Company’s Issued Share Capital 11

1 (d)(iii) Treasury Shares 11

2&3 Audit Statement 11

4&5 Accounting Policies 12

6 Earnings per Share 12

7 Net Assets Value and Net Tangible Assets per Share 13

13 – 16 &
8 & 14 Review of Performance
20
9 Variance from Prospect Statement 17

10 Outlook & Prospect 17 – 18

11, 12 &
Dividend 18 & 20
16
13 Segmental Information 19

15 Breakdown of Group’s revenue and profit after tax for the first half 20
year & second half year

In relation to the initial public offering of shares in CapitaMalls Asia Limited, the Sole Financial Adviser was J.P.
Morgan (S.E.A) Limited and the Underwriters and Bookrunners were J.P. Morgan (S.E.A) Limited, DBS Bank
Ltd, Credit Suisse (Singapore) Limited and Deutsche Bank AG, Singapore Branch.

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CAPITAMALLS ASIA LIMITED
2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT

1(a)(i) Income Statement

Group

4Q 2009 4Q 2008 Change FY 2009 FY 2008 Change

Note S$’000 S$’000 % S$’000 S$’000 %
Revenue A 66,134 64,057 3.2 228,946 205,210 11.6

Cost of sales A (34,499) (22,458) 53.6 (100,246) (81,007) 23.7

Gross profit 31,635 41,599 (24.0) 128,700 124,203 3.6

Other operating income B 28,526 34,628 (17.6) 85,019 119,703 (29.0)

Administrative expenses C (23,063) (30,621) (24.7) (70,212) (87,266) (19.5)

Other operating expenses D (7,324) (2,695) 171.8 (111,901) (617) N.M.

Profit from operations 29,774 42,911 (30.6) 31,606 156,023 (79.7)

Finance costs E (19,439) (39,284) (50.5) (111,430) (158,296) (29.6)

Share of results (net of tax) of:
- associates 2 33 (93.9) (53,371) 146,673 N.M.
- jointly-controlled entities 177,209 154 N.M. 542,878 (2,998) N.M.
F 177,211 187 N.M. 489,507 143,675 240.7

Profit before taxation 187,546 3,814 N.M. 409,683 141,402 189.7

Taxation G (10,905) (7,153) 52.5 (16,027) (23,337) (31.3)

Profit after taxation 176,641 (3,339) N.M. 393,656 118,065 233.4

Attributable to:
Equity holders of the
Company (“PATMI”) H 169,866 (7,017) N.M. 388,096 115,562 235.8
Minority interests (“MI”) 6,775 3,678 84.2 5,560 2,503 122.1

176,641 (3,339) N.M. 393,656 118,065 233.4

N.M. : Not meaningful

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CAPITAMALLS ASIA LIMITED
2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT

1(a)(ii) Explanatory Notes to Income Statement – 4Q 2009 vs 4Q 2008

(A) Revenue, Cost of Sales
The modest increase in 4Q 2009 revenue was mainly attributable to contribution arising from
the transfer of fund management entities under common control, Real Estate Capital
Management (“RECM”), and higher rental from majority-owned malls, but partially offset by
lower contribution from project management business in China. (Please see item 8 for
details.)

The cost of sales was higher mainly due to higher staff cost arising from restoration of
salaries and increase in headcounts as a result of the transfer of fund management entities
under common control.

(B) Other Operating Income

Group
4Q 2009 4Q 2008 Change
S$’000 S$’000 %
Other Operating Income 28,526 34,628 (17.6)
Fair value gain of investment properties (i) 18,828 10,079 86.8
Gain on disposal of investment (ii) - 14,461 N.M.
Interest income (iii) 8,551 3,957 116.1
Investment Income (iv) - 5,287 N.M.
Other income (v) 1,147 844 35.9

(i) The increase in fair value gain was mainly from our majority-owned malls in China,
Sungei Wang Plaza in Malaysia and Clarke Quay in Singapore. The impact of
changes in valuation of investment properties / properties under development held
through our associates and jointly-controlled entities was included in the share of
associates and jointly-controlled entities. (Please see note (F).)

(ii) The gain on disposal of investment in 4Q 2008 arose from the disposal of The Link
REIT units. All the remaining Link REIT units were disposed of in 3Q 2009.

(iii) The higher interest income in 4Q 2009 was mainly due to short term interest bearing
loans to some of our associates in 2009 and also from surplus funds placed with
financial institutions.

(iv) The investment income in 4Q 2008 arose from dividend income received from The
Link REIT. No dividend was received in 4Q 2009 as all the remaining units have been
disposed of prior to 4Q 2009.

(v) The higher other income in 4Q 2009 was mainly attributable to the government grant
from the jobs credit scheme.

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CAPITAMALLS ASIA LIMITED
2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT

(C) Administrative Expenses

Group
4Q 2009 4Q 2008 Change
S$’000 S$’000 %
Administrative Expenses (23,063) (30,621) (24.7)

Included in Administrative Expenses:-

Depreciation and amortisation (1,557) (1,392) 11.9
Reversal of allowance / (Allowance) for
doubtful receivables 10,122 (10,196) N.M.

Administrative expenses comprised mainly staff costs, depreciation expenses, operating

lease expenses and other administrative expenses. 4Q 2009 administrative expenses were
lower mainly due to a reversal of allowance of doubtful receivables but partially offset by an
increase in staff related costs.

(D) Other Operating Expenses

Other operating expenses comprised mainly $7.3 million of foreign exchange losses relating
to conversion of Hong Kong Dollar to Singapore Dollar and Malaysian Ringgit to Singapore
Dollar. 4Q 2008’s other operating expenses of $2.7 million included a foreign exchange loss
of $2.5 million resulting from translation of Malaysian Ringgit loan receivable as Malaysian
Ringgit had depreciated against Singapore Dollar.

(E) Finance Costs

The decrease in finance costs was primarily attributable to lower interest rates on US Dollar
denominated loans extended to the Group from CapitaLand prior to IPO. In addition, the
inter-company loans from CapitaLand had been capitalized prior to IPO on 16 November
2009 and no further interest was incurred.

(F) Share of results (net of tax) of Associates and Jointly-Controlled Entities

The increase in net share of results from associates and jointly controlled entities was
primarily attributable to a fair value gain on revaluation of ION Orchard held by our jointly-
controlled entity, Orchard Turn Holding, and profit recognition from the sale of units in The
Orchard Residences. This was partially offset by fair value loss on revaluation of other
investment properties held by our associates.

(G) Taxation expense and adjustments for over or under-provision of tax in

respect of prior years
The current tax expense was based on the statutory tax rates of the respective countries in
which the companies operate in and took into account non-deductible expenses and
temporary differences.
Included in the tax expense was a $0.2 million write-back of over-provision of tax for prior
years (4Q 2008: $1.2 million underprovision).

The higher tax expense for the current period was mainly due to the provision for deferred
taxation in line with the increase in profit before tax and valuation gain on the investment
properties in China and Malaysia.

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CAPITAMALLS ASIA LIMITED
2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
(H) Profit attributable to equity holders of the Company
The Group’s PATMI included the following net fair value gain / (loss) of Investment
Properties / Properties under Development from the following countries:

4Q 2009 4Q 2008 Change

S$’000 S$’000 %
45,249 5,284 756.3
Singapore 37,273 14,550 156.2
China 17,943 11,550 55.4
Malaysia 1,919 2,190 (12.4)
Japan (3,938) (23,006) (82.9)
India (7,948) - N.M.

FY 2009 FY 2008 Change

S$’000 S$’000 %
177,531 120,874 46.9
Singapore 198,274 95,720 107.1
China 7,564 16,280 (53.5)
Malaysia 1,545 31,880 (95.2)
Japan (21,958) (23,006) (4.6)
India (7,894) - N.M.

1(a)(iii) Statement of Comprehensive Income

With effect from 1 January 2009, FRS 1 Presentation of Financial Statements requires an entity
to present all non-owner changes in the equity in a Statement of Comprehensive Income. Non-
owner changes will include income and expenses recognised directly in equity. This is a change
of presentation and does not affect the recognition or measurement of the Group’s transactions.
Previously, such non-owner changes were included in the Statement of Changes in Equity.

Group
FY 2009 FY 2008 Change
S$’000 S$’000 %
Profit for the period 393,656 118,065 233.4
Other comprehensive income:
Exchange differences arising from consolidation of (25,195) (9,660) 160.8
foreign operations and translation of foreign
currency loans
Decrease in available-for-sale reserve (86) (49,364) (99.8)

Decrease in hedging reserve (11,052) (11,711) (5.6)

Share of other comprehensive income of associates (33,698) 36,068 N.M.
and jointly-controlled entities
(70,031) (34,667) 102.0

Total comprehensive income 323,625 83,398 288.0

Attributable to:
Owners of the Company 322,293 75,827 325.0
Minority interests 1,332 7,571 (82.4)

323,625 83,398 288.0

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CAPITAMALLS ASIA LIMITED
2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT

1(b)(i) Balance Sheet

Group Company
31/12/2009 31/12/2008 Change 31/12/2009 31/12/2008 Change
S$’000 S$’000 % S$’000 S$’000 %
Non-Current Assets
Property, Plant & Equipment 14,686 16,396 (10.4) 4,654 5,938 (21.6)
Investment Properties 1,378,567 1,390,146 (0.8) – – –
(1)
Properties Under Development 127,666 171,250 (25.5) – – –
(2)
Interests in Subsidiaries – – – 2,712,159 484,169 460.2
Interests in Associates 2,999,393 2,746,561 9.2 – – –
Interests in Jointly-Controlled
(3)
Entities 794,829 241,604 229.0 – – –
Other Non-Current Assets 200,961 114,612 75.3 4 127 (96.9)
5,516,102 4,680,569 17.9 2,716,817 490,234 454.2

Current Assets
Trade & Other Receivables 436,013 306,672 42.2 1,834,502 791,145 131.9
Cash & Cash Equivalents 544,306 138,060 294.3 355,415 5,624 N.M.
980,319 444,732 120.4 2,189,917 796,769 174.8
Less: Current Liabilities
Trade & Other Payables 377,622 453,733 (16.8) 197,164 231,632 (14.9)
(4)
Financial Liabilities 72,155 1,354,915 (94.7) – 12,000 N.M.
Other Current Liabilities 49,111 32,224 52.4 70 70 –
498,888 1,840,872 (72.9) 197,234 243,702 (19.1)

Net Current Assets 481,431 (1,396,140) N.M. 1,992,683 553,067 260.3

Less: Non-Current Liabilities
(4)
Financial Liabilities 430,738 1,648,152 (73.9) – – –
Deferred Tax Liabilities 30,065 25,026 20.1 223 681 (67.3)
Other Non-Current Liabilities 23,845 26,250 (9.2) 705 349 102.0
484,648 1,699,428 (71.5) 928 1,030 (9.9)

Net Assets 5,512,885 1,585,001 247.8 4,708,572 1,042,271 351.8

Representing:
(5)
Share Capital 4,605,000 1,000,000 360.5 4,605,000 1,000,000 360.5
Revenue Reserves 922,647 509,897 80.9 84,126 26,394 218.7
Other Reserves (68,175) 23,023 N.M. 19,446 15,877 22.5
Equity attributable to owners of
the Company 5,459,472 1,532,920 256.1 4,708,572 1,042,271 351.8
Minority Interests 53,413 52,081 2.6 – – –
Total Equity 5,512,885 1,585,001 247.8 4,708,572 1,042,271 351.8

(1)
The decrease was mainly due to fair value loss on revaluation of One-North and partially offset by development
cost capitalised during the year.
(2)
The increase was mainly due to higher amount of long term loans to subsidiaries, after taking into account
allowance for loan of $27.8 million to subsidiaries.
(3)
The increase was mainly due to fair value gain on revaluation of ION Orchard and profit recognition from sales
of units in The Orchard Residences.
(4)
The decrease was mainly due to capitalisation of inter-company loans from CapitaLand.
(5)
The increase was mainly due to the capitalisation of inter-company loans from CapitaLand.

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CAPITAMALLS ASIA LIMITED
2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT

1(b)(ii) Group’s bank borrowings (included in Financial Liabilities)

Group
As at As at
31/12/2009 31/12/2008
S$’000 S$’000
Amount repayable in one year or less, or on demand:-
Secured 72,155 108,385
Amount repayable after one year:-
Secured 430,738 122,762

Total Debt 502,893 231,147

(1)
Total Debt less Cash - 93,087

(1)
Net cash position.

Details of any collateral

Secured borrowings were generally secured by the borrowing companies’ investment properties and
assignment of all rights and benefits with respect to the properties.

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CAPITAMALLS ASIA LIMITED
2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT

1(c) Consolidated Statement of Cash Flows

Group

4Q 2009 4Q 2008 FY 2009 FY 2008

S$'000 S$'000 S$'000 S$'000

Cash Flows from Operating Activities

Profit after taxation 176,641 (3,339) 393,656 118,065

Adjustments for :
Depreciation of property, plant and equipment 1,557 1,392 6,079 4,754
Share-based expenses 1,653 (1,171) 5,245 5,530
(Gain)/Loss on disposal/Write off of property, plant and
equipment (15) (6) 77 -
Gain on disposal of non-current financial assets - (14,461) (52,806) (14,461)
Gain on disposal of subsidiaries - - - (135)
Share of results of associates and jointly-controlled
entities (177,211) (187) (489,507) (143,675)
Realization of deferred income - - - (18,618)
Change in fair value of investment properties (18,828) (10,079) 98,970 (50,196)
Dividend income - (5,287) (3,674) (9,861)
Interest expense 19,439 39,283 111,430 158,296
Interest income (8,551) (3,957) (25,367) (13,099)
Taxation 10,905 7,153 16,027 23,337
Operating profit before working capital changes 5,590 9,341 60,130 59,937

Decrease/(Increase) in working capital

Trade and other receivables 2,898 4,746 (8,593) (7,209)
Trade and other payables 31,607 (6,426) 57,515 7,320
Cash generated from operations 40,095 7,661 109,052 60,048

Income tax refund/(paid) 346 (2,021) (6,637) (4,913)

Net cash generated from Operating Activities 40,441 5,640 102,415 55,135

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CAPITAMALLS ASIA LIMITED
2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT

1(c) Consolidated Statement of Cash Flows (cont’d)

Group

4Q 2009 4Q 2008 FY 2009 FY 2008

S$'000 S$'000 S$'000 S$'000

Cash Flows from Investing Activities

Proceeds from disposal of property, plant and equipment 88 - 88 -
Purchase of property, plant and equipment (1,175) (4,647) (5,083) (8,894)
Investment in associates and jointly-controlled entities (13,783) - (379,821) (372,857)
Proceeds from investee companies and other receivables 123 - 123 -
Additions to investment properties and properties under
development (24,427) (31,131) (83,496) (288,946)
Investment in available for sale investments (190,146) - (190,146) -
Proceeds from disposal of available for sale investments - 60,486 140,640 60,486
Dividends received from associates 21,442 24,244 86,653 71,486
Dividends received from investee company - 13 8,948 9,183
(Acquisition)/Disposal of subsidiaries (13,477) - (13,477) 12,324
Advances to associates and jointly- controlled
entities (47,162) (16,979) (207,024) (137,719)
Interest income received 2,867 2,092 5,871 2,346
Net cash used in Investing Activities (265,650) 34,078 (636,724) (652,591)

Cash Flows from Financing Activities

(Repayment)/Proceeds from loan from minority interests (47,929) (369) (72,099) 38,250
Advances from immediate holding company - 12,000 - 12,000
Advances from related corporations 318,839 81,964 846,486 562,427
Proceeds from bank borrowings - 35,569 391,573 38,677
Repayment of bank borrowings (1,403) - (5,452) -
Proceeds from issuance debt securities - - - 103,367
Repayment of debt securities - (10,664) (103,810) (10,431)
Deposits pledged (237) 95,731 (844) 103,052
Dividends paid - (59,000) - (59,000)
Interest expense paid (22,557) (65,134) (115,252) (174,930)
Net cash generated from Financing Activities 246,713 90,097 940,602 613,412

Net increase in cash and cash equivalents 21,504 129,815 406,293 15,956
Cash and cash equivalents at beginning of the period/year 518,402 5,685 137,739 121,666
Effect of exchange rate changes on cash balances held in
foreign currencies 3,236 2,239 (890) 117
Cash and cash equivalents at end of the period/year 543,142 137,739 543,142 137,739

Deposits pledged at end of the period/year 1,164 321 1,164 321

Cash and cash equivalents in the balance sheet 544,306 138,060 544,306 138,060

Cash and cash equivalents at end of the year

The cash and cash equivalents of about $544.3 million (2008: $138.1 million) as at 31 December 2009 included
$378.2 million (2008: $45.6 million) in fixed deposits. Deposits pledged of $1.2 million (2008: $0.3 million) represented
bank balances of certain subsidiaries pledged as security for bank guarantee facilities.

During the year, the Company increased its share capital by $3,605.0 million (2008: $950.0 million) through the
capitalization of loans from its immediate holding company and a related corporation.

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CAPITAMALLS ASIA LIMITED
2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT

1(d)(i) Statement of Changes in Equity

As at 31/12/2009 vs 31/12/2008 – Group

Share Revenue Other Minority Total

Capital Reserves Reserves* Total Interest Equity
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Balance as at 01/01/2009 1,000,000 509,897 23,023 1,532,920 52,081 1,585,001
Issue of shares 3,605,000 - - 3,605,000 - 3,605,000
Cost of share-based payment - - 3,573 3,573 - 3,573
Effects of transfer of entities under common
control - 24,982 (22,812) 2,170 - 2,170
Total comprehensive income for the year - 388,096 (65,803) 322,293 1,332 323,625
Share of other capital reserve of associates - - (6,484) (6,484) - (6,484)
Others - (328) 328 - - -

Balance as at 31/12/2009 4,605,000 922,647 (68,175) 5,459,472 53,413 5,512,885

Balance as at 01/01/2008 50,000 453,335 57,753 561,088 46,390 607,478

Issue of shares 950,000 - - 950,000 - 950,000
Cost of share-based payment - - 5,005 5,005 - 5,005
Effects of disposal of subsidiaries - - - - (1,880) (1,880)
Dividends paid - (59,000) - (59,000) - (59,000)
Total comprehensive income for the year - 115,562 (39,735) 75,827 7,571 83,398

Balance as at 31/12/2008 1,000,000 509,897 23,023 1,532,920 52,081 1,585,001

* Included foreign currency translation reserve, capital reserve, available-for-sale reserve and hedging reserve.

As at 31/12/2009 vs 31/12/2008 – Company

Share Revenue Capital Total

Capital Reserves Reserve Equity
S$’000 S$’000 S$’000 S$’000

Balance as at 01/01/2009 1,000,000 26,394 15,877 1,042,271

Issue of shares 3,605,000 - - 3,605,000

Cost of share-based payment - - 3,569 3,569

Total comprehensive income for the year - 57,732 - 57,732

Balance as at 31/12/2009 4,605,000 84,126 19,446 4,708,572

Balance as at 01/01/2008 50,000 30,983 10,872 91,855

Issue of shares 950,000 - - 950,000

Dividends paid - (59,000) - (59,000)

Cost of share-based payment - - 5,005 5,005

Total comprehensive income for the year - 54,411 - 54,411

Balance as at 31/12/2008 1,000,000 26,394 15,877 1,042,271

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CAPITAMALLS ASIA LIMITED
2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT

1(d)(ii) Changes in the Company’s Issued Share Capital

Issued Share Capital

Movements in the Company’s issued and fully paid-up share capital during the financial year
were as follows:

No. of Capital
Shares S$’000
As at 01/01/2009 1,000,000,000 1,000,000
Issue of shares via capitalization of shareholder and
related corporation loans 2,884,000,000 3,605,000
As at 31/12/2009 3,884,000,000 4,605,000

CapitaLand Limited, the immediate holding company and its wholly-owned subsidiary,
CapitaLand Treasury Limited had previously extended various inter-company loans to the Group.
In conjunction with the listing of the Company, these loans were capitalised prior to listing and
resulted in an allotment of new ordinary shares to CapitaLand Limited of 2,884,000,000 at $1.25
each.

On 25 November 2009, the Company was listed on the Singapore Exchange Securities Trading
Limited (“SGX-ST”) and total shares offered and sold by CapitaLand Limited was 1,339,980,000
or 34.5% of the total shares of the Company.

Performance Shares
As at 31 December 2009, the number of shares awarded and outstanding under the Company’s
Performance Share Plan was nil (31 December 2008: nil).

Restricted Stock Plan

As at 31 December 2009, the number of shares awarded and outstanding under the Company’s
Restricted Stock Plan was nil (31 December 2008: nil).

1(d)(iii) Treasury Shares

The Company did not hold any treasury shares as at 31 December 2009 and 31 December 2008.
There were no sale, transfer, disposal, cancellation and/or use of treasury shares for the year
ended 31 December 2009.

2 Whether the figures have been audited or reviewed, and in accordance with which
auditing standard or practice
The figures have neither been audited nor reviewed by our auditors.

3 Where the figures have been audited or reviewed, the auditor’s report (including
any qualifications or emphasis of a matter)
Not applicable.

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CAPITAMALLS ASIA LIMITED
2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT

4 Whether the same accounting policies and methods of computation as in the

issuer’s most recently audited annual financial statements have been applied
The Group has applied the same accounting policies and methods of computation in the financial
statements for the current reporting period compared with the audited financial statements for the
year ended 31 December 2008, except for the adoption of accounting standards (including its
consequential amendments) and interpretations applicable for the financial period beginning 1
January 2009.

As part of the corporate reorganization leading up to the IPO, certain common control entities
within CapitaLand Group were transferred to CapitaMalls Asia Limited (“CMA”). For purposes of
preparing the annual financial statements, the “as-if pooling method” has been applied from the
date the common control transaction actually occurred.

Arising from amendments made to FRS 40 Investment Property, effective for annual periods
beginning on or after 1 January 2009, property that was being constructed or developed for
future use as investment property would also meet the definition of an investment property. As
the Group has adopted the fair value model to measure its investment properties, properties in
the course of development would accordingly be fair valued with effect from 1 January 2009, and
any change therein recognized in the income statements.

Prior to 1 January 2009, properties under development were carried at cost less accumulated
impairment losses until construction or development is completed, at which time they were
transferred and accounted for as investment properties.

5 If there are any changes in the accounting policies and methods of computation,
including any required by an accounting standard, what has changed, as well as
the reasons for, and the effect of, the change
Please refer to Item 4 above.

6 Earnings per ordinary share (EPS) based on profit after tax & MI attributable to the
equity holders of the Company :

Group
4Q 2009 4Q 2008 FY 2009 FY 2008

6(a) EPS based on weighted average

number of ordinary shares in issue
(in cents) 6.2 (0.8) 20.1 34.9
Weighted average number of ordinary
shares (in million) 2,751.8 894.4 1,926.5 331.3

6(b) EPS based on fully diluted basis

(in cents) 6.2 (0.8) 20.1 34.9
Weighted average number of ordinary
shares (in million) 2,751.8 894.4 1,926.5 331.3

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CAPITAMALLS ASIA LIMITED
2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT

7 Net asset value and net tangible assets per ordinary share based on issued share
capital (excluding treasury shares) as at the end of the period

Group Company
31/12/2009 31/12/2008 31/12/2009 31/12/2008
(1)
NAV per ordinary share $1.41 $1.53 $1.21 $1.04
NTA per ordinary share (1) $1.41 $1.53 $1.21 $1.04

1
Based on 3,884 million shares as at 31 December 2009 and 1,000 million shares as at 31 December 2008.

8 Review of the Group’s performance

Group Overview
S$’000 4Q 2009 4Q 2008 Variance FY 2009 FY 2008 Variance
% %
Revenue 66,134 64,057 3.2 228,946 205,210 11.6
EBIT 206,985 43,098 380.3 521,113 299,698 73.9
Finance costs (19,439) (39,284) (50.5) (111,430) (158,296) (29.6)
PBT 187,546 3,814 N.M. 409,683 141,402 189.7
PATMI 169,866 (7,017) N.M. 388,096 115,562 235.8
PATMI excluding
revaluation 124,617 (12,301) N.M. 210,565 (5,312) N.M.

4Q 2009 vs 4Q 2008
The higher revenue in 4Q 2009 was mainly attributable to contribution from RECM entities and
higher rental income from majority-owned malls. This increase, however, was partially offset by
lower contribution from project management business in China.

The increase in EBIT of $43.1 million in 4Q 2008 to $207.0 million in 4Q 2009 was primarily
attributable to profit recognition from sale of units of The Orchard Residences, higher fair value
gain on revaluation of investment properties and better performance of the three Malaysia malls
in 4Q 2009 as compared to 4Q 2008. This was partially offset by a non-recurring gain on disposal
of The Link REIT units in 4Q 2008.

Finance costs in 4Q 2009 were lower primarily due to lower interest rate on US Dollar
denominated loans extended by CapitaLand to the Group. In addition, the inter-company loans
from CapitaLand had been capitalized on 16 November 2009 prior to CMA’s IPO and no further
interest was incurred.

After taking into account finance costs and taxes, the Group’s 4Q 2009 PATMI was $169.9
million as compared to a loss of $7.0 million in 4Q 2008.

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FY 2009 vs FY 2008
The increase in revenue from FY 2008 of $205.2 million to $228.9 million in FY 2009 was mainly
due to full year contribution from Sungei Wang Plaza, higher contribution from existing malls and
contribution from RECM entities, but partially offset by lower project management fees.

The increase in EBIT from $299.7 million in FY 2008 to $521.1 million in FY 2009 was due to
profit recognition from sale of units of The Orchard Residences, higher fair value gain on
revaluation of investment properties, better performance of the three Malaysia malls and higher
gains on disposal of investments in FY 2009 as compared to FY 2008.

FY 2009’s finance costs were lower primarily due to lower interest rates charged by CapitaLand
for US Dollar denominated loans extended to the Group. Moreover, the inter-company loans due
to CapitaLand have been capitalized on 16 November 2009 in preparation for IPO and no further
interest was incurred. The Group’s gross external bank borrowings have increased from $231.1
million as at 31 December 2008 to $502.9 million. However, the Group’s net debt to equity (D/E)
has improved from 0.06 as at 31 December 2008 to a net cash position as at 31 December 2009.

After taking into account finance costs and taxes, the Group’s FY 2009 PATMI was $388.1
million as compared to $115.6 million for FY 2008.

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Country Performance

Singapore

S$’000 4Q 2009 4Q 2008 Variance FY 2009 FY 2008 Variance

% %
Revenue 24,616 20,070 22.7 84,332 81,814 3.1
EBIT 187,927 33,947 453.6 421,049 164,541 155.9

Revenue for 4Q 2009 and FY 2009 was higher mainly due to contribution of RECM entities and
higher contribution from Clarke Quay, but partially offset by lower project management fees due
to fewer projects being carried out.

The higher EBIT in 4Q 2009 was primarily due to a fair value gain on revaluation of ION Orchard
and commencement of profit recognition from sale of units of The Orchard Residences, which
was partially offset by a fair value loss on revaluation on investment properties held by
CapitaMall Trust (“CMT”) in 4Q 2009 as compared to a fair value gain on revaluation of
investment properties held by CMT in 4Q 2008.

The higher EBIT in FY 2009 was primarily attributable to a fair value gain on revaluation of ION
Orchard and commencement of profit recognition from sale of units of The Orchard Residences.
This was partially offset by a fair value loss on revaluation of investment properties held by CMT
and One-North.

China

S$’000 4Q 2009 4Q 2008 Variance FY 2009 FY 2008 Variance

% %
Revenue 19,166 25,758 (25.6) 62,879 63,705 (1.3)
EBIT 17,346 22,950 (24.4) 81,221 90,066 (9.8)

Revenue for 4Q 2009 was lower mainly due to lower project management fees arising from fewer
projects being carried out compared to the previous period. In addition, most of the projects were
completed in 4Q 2008 resulting in higher revenue recorded. However, this was partially offset by
higher contributions from retail management fees, better performance from the five majority-
owned malls and contribution of RECM entities.

Revenue for FY 2009 was lower mainly due to lower project management fees, but partially
offset by higher contribution from retail management fees, better performance from the five
majority owned malls and contribution of RECM entities.

The decrease in EBIT in 4Q 2009 was mainly attributable to a non-recurring gain on disposal of
The Link REIT units in 4Q 2008 and lower Group’s share of results of the three China private
equity funds in 4Q 2009 as compared to 4Q 2008. This was partially mitigated by better
performance of the five majority owned malls and higher Group’s share of fair value gain on
revaluation of investment properties in 4Q 2009 as compared to 4Q 2008.

The decrease in EBIT for FY 2009 was primarily due to the lower Group’s share of fair value gain
on revaluation of the investment properties held by CapitaRetail China Trust (“CRCT”) and the
three China private equity funds, and lower unrealized gain on foreign exchange translation in FY
2009 as compared to FY 2008. This was partially mitigated by higher gains on disposal of
investments in FY 2009 as compared to FY 2008.

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Malaysia

S$’000 4Q 2009 4Q 2008 Variance FY 2009 FY 2008 Variance

% %
Revenue 20,600 18,206 13.1 79,134 58,981 34.2
EBIT 18,093 10,431 73.5 52,357 69,378 (24.5)

The increase in revenue for 4Q 2009 was mainly due to higher rental income arising from
improvement of performance across all malls and higher net lettable area in Mines Shopping Fair
as a result of asset enhancement works. FY 2009’s revenue was higher mainly due to the full
year contribution from Sungei Wang Plaza and improvement in performance across all malls in
Malaysia.

The higher EBIT for 4Q 2009 was mainly attributable to increase in revenue from all three retail
malls. EBIT for FY 2009 was lower primarily due to lower fair value gain on revaluation of
investment properties as compared to FY 2008, which was partially mitigated by overall
improvement in performance across our malls in Malaysia.

Japan

S$’000 4Q 2009 4Q 2008 Variance FY 2009 FY 2008 Variance

% %
Revenue 1,295 23 N.M. 2,144 710 202.0
EBIT (8,975) (22,840) (60.7) (20,809) (18,459) 12.7

The increase in revenue for 4Q 2009 and FY 2009 was mainly due to contribution of RECM entity.
EBIT was higher in 4Q 2009 mainly due to the lower of Group’s share of associates’ fair value
loss on revaluation of investment properties as compared to 4Q 2008.

India

S$’000 4Q 2009 4Q 2008 Variance FY 2009 FY 2008 Variance

% %
Revenue 457 - N.M. 457 - N.M.
EBIT (7,406) (1,390) 432.8 (12,705) (5,828) 118.0

The increase in revenue in 4Q 2009 and FY 2009 was due to contribution of RECM entity in
November 2009. The decrease in EBIT in 4Q 2009 and FY 2009 was mainly due to the higher
Group’s share of associates’ fair value loss on revaluation of investment properties.

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CAPITAMALLS ASIA LIMITED
2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT

9 Variance from Prospect Statement

Not applicable.

10 Commentary on the significant trends and the competitive conditions of the

industry in which the group operates in and any known factors or events that may
affect the group in the next reporting period and the next 12 months

Singapore
According to advance estimates by the Ministry of Trade & Industry (“MTI”), Singapore’s economy
expanded by 3.5% year-on-year in the fourth quarter of 2009, bringing the full year forecast to a
better-than-expected -2.1%. Gross Domestic Product (“GDP”) growth in key economies around
the world has turned positive on the back of unprecedented policy responses which spurred
domestic spending. Asia is also expected to continue to post positive growth rates, driven by
domestic consumption and intra-regional trade flows.

The opening of two integrated resorts in 2010 should boost tourism-related sectors. Financial
services and trade are also expected to pick up and in turn make the service economy a stronger
engine of growth. Against this backdrop, MTI expects Singapore to grow by 3.0% to 5.0% in 2010.
As further improvement in retail sales will depend largely on the sustainability of the economic
recovery, CMA will continue to exercise prudent cost management and strive to create more
value from its portfolio of assets, while pursuing selective acquisition and development
opportunities.

China
The market sentiment in China has stabilised in 2009 after the economic downturn in 2008. Key
economic indicators such as consumer price index and purchasing power index have both shown
positive signs since mid 2009. To ensure ample liquidity to stimulate investment as well as
consumption, China’s central bank implemented “a moderately loose monetary policy” and “a
proactive fiscal policy” throughout 2009. The government has started to moderate some of the
stimulus policies to set a strong foundation for more sustainable long term economic growth. The
International Monetary Fund’s World Economic Outlook has projected a GDP growth of 10.0% for
2010 following an 8.7% growth rate for China in 2009.

Out of the 50 properties in China, there are 33 operational malls with the remaining 17 under
various stages of development. For this year, the plan is to open another 6 malls while continuing
to improve on the existing operational malls. With the continuous urbanisation and healthy growth
rates in retail sales and personal income, CMA remains optimistic of the China retail market. CMA
will continue to leverage on its unique integrated shopping mall business model to further
strengthen our position in China in 2010.

Malaysia
Malaysia’s real GDP is expected to grow by 4.5% in 2010, versus an estimated decline of -2.2%
in 2009 (Source: Maybank). With job market conditions stablising and domestic consumer
financing conditions favourable, Maybank expects private consumption to grow by 6.7% in 2010,
versus an estimated +1.5% in 2009. Improving market conditions and consumer sentiment bode
well for CMA’s Malaysian existing assets, which have already demonstrated resilient occupancy
and rental rates. Based on these factors, along with the fragmented nature of the industry,
Malaysia provides an opportunity for us to grow our business.

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2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT

Japan
The outlook in 2010 for our business in Japan is expected to improve, although uncertainties and
challenges remain, tied in large part to the recovery of the Japanese economy. Our focus will be
on strengthening the overall performance of our portfolio of assets. In particular, CMA will
continue the asset enhancement initiative for our largest asset, Vivit Square, to further improve
the performance of the mall. In addition, CMA would continue to explore opportunities to bring
tenants in Japan to the other countries that CMA operates in.

India

The potential of the Indian market is considerable given the country’s large economy (4th largest
in the world based on the Purchasing Power Parity basis), burgeoning population (1.17 billion),
growing middle class, expanding consumerism and low base of development. India’s Central
Statistics Organization reported that GDP in 3Q 2009 grew 7.9% quarter on quarter after gaining
6.1% in 2Q 2009. While the size of CMA’s India portfolio is small, representing only 1.1% of its
portfolio by property value, CMA has a first-mover advantage relative to domestic and foreign
real estate companies given its portfolio of 9 projects. CMA’s business strategy is to accelerate
its growth in India and build its presence through its development pipeline.

GROUP OVERALL PROSPECTS FOR 2010

According to International Monetary Fund’s World Economic Outlook, the outlook for the Asian
economies this year is markedly better. Two of our key markets, Singapore and Malaysia, are
expected to return to growth after falling into recession last year, while China and India are
expected to post higher growth this year.

With economies and consumer sentiments improving, CMA will accelerate the development of
new malls and pursue selective acquisition opportunities to extend its leadership positions in the
markets that it operates in. CMA’s net cash position and debt capacity provide the company with
a high degree of financial flexibility to accelerate investments in its growth markets as well as new
Asian markets when suitable opportunities arise.

11 Dividend
11(a) Any dividend declared for the present financial period? Yes. Please refer to Note 16.
11(b) Any dividend declared for the previous corresponding period? Yes.
11(c) Date payable : To be announced at a later date.
11(d) Books closing date : To be announced at a later date.

12 If no dividend has been declared/recommended, a statement to that effect

Not applicable.

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CAPITAMALLS ASIA LIMITED
2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT

13 Segmental Revenue & Results

13(a)(i) By Business – 4Q 2009 vs 4Q 2008

Revenue Earnings before interest & tax
4Q 2009 4Q 2008 Variance 4Q 2009 4Q 2008 Variance
S$’000 S$’000 % S$’000 S$’000 %

Investment Business 35,422 31,702 11.7 220,802 38,756 469.7

Management Business 30,153 31,826 (5.3) 18,531 7,565 145.0
Others(1) 559 529 5.7 (32,348) (3,223) 903.7
Total 66,134 64,057 3.2 206,985 43,098 380.3
(1)
Note : Includes Corporate Office and investment holdings companies.

13(a)(ii) By Business – FY 2009 vs FY 2008

Revenue Earnings before interest & tax
FY 2009 FY 2008 Variance FY 2009 FY 2008 Variance
S$’000 S$’000 % S$’000 S$’000 %

Investment Business 135,161 108,395 24.7 517,776 275,965 87.6

Management Business 91,675 94,370 (2.9) 50,899 52,028 (2.2)
Others(2) 2,110 2,445 (13.7) (47,562) (28,295) 68.1
Total 228,946 205,210 11.6 521,113 299,698 73.9
(2)
Note : Includes Corporate Office and investment holdings companies.

13(b)(i) By Country – 4Q 2009 vs 4Q 2008

Revenue Earnings before interest & tax
4Q 2009 4Q 2008 Variance 4Q 2009 4Q 2008 Variance
S$’000 S$’000 % S$’000 S$’000 %

Singapore 24,616 20,070 22.7 187,927 33,947 453.6

China 19,166 25,758 (25.6) 17,346 22,950 (24.4)
Malaysia 20,600 18,206 13.1 18,093 10,431 73.5
Japan 1,295 23 N.M. (8,975) (22,840) (60.7)
India 457 - N.M. (7,406) (1,390) 432.8
Total 66,134 64,057 3.2 206,985 43,098 380.3

13(b)(ii) By Country – FY 2009 vs FY 2008

Revenue Earnings before interest & tax
FY 2009 FY 2008 Variance FY 2009 FY 2008 Variance
S$’000 S$’000 % S$’000 S$’000 %

Singapore 84,332 81,814 3.1 421,049 164,541 155.9

China 62,879 63,705 (1.3) 81,221 90,066 (9.8)
Malaysia 79,134 58,981 34.2 52,357 69,378 (24.5)
Japan 2,144 710 202.0 (20,809) (18,459) 12.7
India 457 - N.M. (12,705) (5,828) 118.0
Total 228,946 205,210 11.6 521,113 299,698 73.9

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 CAPITAMALLS ASIA LIMITED
2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT

14 In the review of performance, the factors leading to any material changes in

contributions to revenue and earnings by the business or geographical segments
Please refer to Item 8.

15 Breakdown of Group’s revenue and profit after tax for first half year and second
half year

2009 2008 Variance

S$’000 S$’000 %
(a) Revenue
- first half 107,509 81,280 32.3
- second half 121,437 123,930 (2.0)
Full year revenue 228,946 205,210 11.6

(b) Profit after tax before deducting minority interests (PAT)

- first half 157,689 148,199 6.4
- second half 235,967 (30,134) N.M.
Full year PAT 393,656 118,065 233.4

16 Breakdown of Total Annual Dividend (in dollar value) of the Company

The Board has decided to propose a first and final dividend of 1.0 cent per share. Payment of
the said dividend is subject to the approval of shareholders at the forthcoming Annual General
Meeting.

The proposed dividend for FY 2009 is as follows:

FY 2009 (Proposed) FY 2008

Name of Dividend First & Final First & Final

(One-tier) (One-tier)
Type of Dividend Cash Cash
Dividend per Share 1.0 cent 5.9 cents

Annual Dividend after tax (S$’000) 38,840 59,000

BY ORDER OF THE BOARD

Kannan Malini
Company Secretary
3 February 2010
This announcement may contain forward-looking statements that involve risks and uncertainties. Actual future
performance, outcomes and results may differ materially from those expressed in forward-looking statements as a
result of a number of risks, uncertainties and assumptions. Representative examples of these factors include
(without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital
availability, availability of real estate properties, competition from other companies and venues for the
sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in
operating expenses, including employee wages, benefits and training, governmental and public policy changes
and the continued availability of financing in the amounts and the terms necessary to support future business.
You are cautioned not to place undue reliance on these forward looking statements, which are based on current
view of management on future events

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