RESULTS FOR THE QUARTER ENDED31 MARCH 2011

1. BUSINESS OVERVIEW

BUSINESS SEGMENTSBUSINESS SEGMENTS

ARA�ASSET�MANAGEMENT�LIMITED

Private Real Estate Real Estate Corporate FinanceBusinessREITs

Private�Real�Estate�Funds

Real�Estate�Management�Services

Corporate�FinanceAdvisory�Services

Revenue��Recurrent(Primary�Basis)

BusinessSegments

Portfolio�Management�Fees(Committed�Capital�/�

Base�Fees(Gross�Property�Value)

Property�Management�Fees(Property�Gross�Revenue)

Gross�Property�Value)

Performance�/�Variable�Fees(Net�Property�Income)

Convention�&�Exhibition�Service�Fees(Gross�Revenue)

Performance�Fees(IRR�above�Hurdle)

Acquisition�/�Divestment�Fees(Gross Property Value)

Advisory�Fees(Purchase�Value)

Revenue��One�off(Primary Basis)

Consultancy�Fees(Project�Value)

Return�on�Seed�Capital

(Gross�Property�Value)(Primary�Basis)

31Q2011�Results

FUNDS & SERVICESFUNDS & SERVICES

Diversified & complementary fund platforms & servicesDiversified & complementary fund platforms & services

Listing Venue SGX ST & SEHK SGX ST SEHK Bursa SGX ST

REITs

Listing�Venue SGX�ST�&�SEHK SGX�ST SEHK Bursa SGX�ST

Focus Suburban�retail�properties�in�Hong�

Kong

Prime�office�&�retail�properties�in�Singapore

Office�&�industrial/�office�properties�in�

Hong�Kong

Commercial�properties�in�Malaysia

Logistics�properties�in�the�Asia�Pacific�region

Property Value(1) HK$13 300m S$7 044m HK$5 934m RM1 013m S$776mProperty�Value( ) HK$13,300m S$7,044m HK$5,934m RM1,013m S$776m

Private�Real�Estate�Funds

Description Flagship strategic and opportunistic private Single�asset private real estate Strategic alliance with Australian specialist real

ADFARA Asia Dragon Fund

ARA Harmony Fund

Description Flagship�strategic�and�opportunistic�private�real�estate�fund�investing�in�Singapore,�Hong�Kong,�China,�Malaysia�and�other�emerging�

economies�in�Asia

Single asset�private�real�estate�fund�which�owns�the�SuntecSingapore�Int’l�Convention�&�

Exhibition�Centre

Strategic�alliance�with�Australian�specialist�real�estate�investment�manager,�APN�Property�

Group(2) for�private�funds�investing�primarily�in�Australian�real�estate

Fund�Size US$1.1b�(Committed�Capital) S$288m�(Gross�Asset�Value) �

D i ti P t t O ti l d k ti i id & lt t f

Real�Estate�Management�

Services

4

Description Property�managementservices�provider

Operations,�sales�and�marketing�services�provider�&�consultant�for�convention,�exhibition,�meeting�and�event�facilities

Notes:�(1) Property�values�as�of�last�publicly�announced�valuation(2) ARA�currently�holds�a�14.1%�interest�in�APN�Property�Group1Q2011�Results

REGIONAL PRESENCEREGIONAL PRESENCE

Established regional network

• Established�regional�network�spanning�11�cities in the Asia�Pacific

Established regional networkBeijing

Tianjin

Nanjing

Dalian

cities�in�the�Asia Pacific,�including�6�cities�in�the�PRC�MainlandGuangzhou

Hong�Kong

Shanghai

Kuala�Lumpur

SingaporeMalacca

51Q2011�Results Melbourne

MANAGEMENT TEAMMANAGEMENT TEAM

Experienced team with a proven track recordExperienced team with a proven track record

Group�CEOJohn�Lim

CORPORATE�DIVISIONSBUSINESS�UNITS

Finance�&�Compliance

REITs Private�Real�Estate�FundsCheryl�Seow

Group�Finance�Director

Corporate�OfficeNg�Beng�Tiong

Director

Suntec�REITYeo�See�Kiat

CEO

Private�Funds�Group�/�ADF�INg�Beng�Tiong

CEO

China�DeskMun Hon Pheng

Corporate�Business�DevelopmentMoses�SongDirector

Fortune�REITAnthony�Ang

CEO

Prosperity�REITMavis Wong

ARA�Harmony�FundJustine�Wingrove

CEO

Real�Estate�Management�ServicesMun�Hon�PhengCountry�Head

Mavis�WongActing�CEO

Cache�Logistics�TrustDaniel�Cerf

CEO

Australia�DeskMoses�SongCountry�Head

APM�Property�ManagementSusan�Sim

CEO

C Fi Ad i S i

Corporate�Development�&�HRPauline�Lim

Hui�Xian�REITStephen�Chu

CEO

Group�Risk�Mgmt�&�Internal�AuditTang�Boon�Kang

Manager

Suntec�SingaporePieter�Idenburg

CEO

AmFIRST�REITLim�Yoon�Peng

6

Corporate�Finance�Advisory�Services Manager

ARA�FinancialLow�Poh�Choo

Director

Office�AdministrationSerene�YeoManager

1Q2011�Results

CEO

ASSETS UNDER MANAGEMENTASSETS UNDER MANAGEMENT

S$16 8 billion (US$13 3 billion) as at 31 Mar 2011

16.7 16.818.0

20.0

REITs�� Real�Estate Private�RE�Funds�� Real�EstatePrivate�RE�Funds�� Capital Real�Estate�Management�Services

S$16.8 billion (US$13.3 billion) as at 31 Mar 2011

9.5

11.612.8

16.7

10 0

12.0

14.0

16.0

$b)

3.5

5.46.2

4.0

6.0

8.0

10.0

(S$

0.5

0.0

2.0

31�Dec�03 31�Dec�04 31�Dec�05 31�Dec�06 31�Dec�07 31�Dec�08 31�Dec�09 31�Dec�10 31�Mar�11

Notes:Assets Under Management(1) (S$ billion) 31 Mar 2011 31 Dec 2010 Change(1)�Based�on�exchange�rates�as�at�31�Mar�2011(2)�Comprises�gross�property�value�of�REITs�managed�by�subsidiaries�&�associated�companies(3) R b f l

Assets�Under�Management (S$�billion) 31�Mar�2011 31�Dec�2010 Change

REITs�– Real�Estate(2) 11.4 11.3 0.1

Private�Real�Estate�Funds�– Real�Estate 4.8 4.8 �

P i R l E F d C i l 0 3 0 3

7

(3)�Revenue�base�for�real�estate�management�services�fee�computation

1Q2011�Results

Private�Real�Estate�Funds�– Capital 0.3 0.3 �

Real�Estate�Management�Services(3) 0.3 0.3 �

Total 16.8 16.7 0.1

HUI XIAN REITHUI XIAN REIT

First offshore RMB-denominated equity offering to be listed on the SEHKOverview�of�Hui�Xian�REIT

• Successfully�listed�on�SEHK�on�29�Apr�2011

• Managed by Hui Xian Asset Management Limited a 30%

First offshore RMB-denominated equity offering to be listed on the SEHK

• Managed�by�Hui�Xian�Asset�Management�Limited,�a�30%�associated�company�of�ARA

• Main�real�estate�asset�is�the�Oriental�Plaza�– one�of�the�largest�and�most�iconic�integrated�developments�in�Beijing�with�a�l f b ll d b dvaluation�as�at�Apr�2011�of�RMB31.4�billion�and�a�combined�

gross�floor�area�(“GFA”)�of�approximately�787,000�sqmcomprising:

•������The�Malls�– a�world�class�shopping�complex�with�a�GFA�of�approximately�130,000�sqm spread�over�three�levels;�

•������The�Tower�Offices�– the�largest�Grade�A�office�development�in�Beijing�comprising�eight�Grade�A�office�buildings�with�a�total GFA of approximately 310,000 sqm;total�GFA�of�approximately�310,000�sqm;�

•������The�Tower�Apartments�– the�largest�serviced�apartment�development�in�Beijing�comprising�613�fully�furnished�apartments�in�two�blocks;�and�

G d H tt B iji l di fi t h t l ith 825•������Grand�Hyatt�Beijing�– a�leading�five�star�hotel�with�825�guest�rooms�and�suites.

8

2. FINANCIAL RESULTS

FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS

Strong earnings growth on the back of increased recurrent management feesStrong earnings growth on the back of increased recurrent management fees

1Q2011 1Q2010 Change�(%)

RevenueRevenue

Management�fees(1) (S$’000) 22,063� 19,434� 14%

Acquisition and performance fees(2) (S$’000) 2 260 934 142%Acquisition�and�performance�fees(2) (S$’000) 2,260� 934� 142%

Other�income(3) (S$’000) 2,877� 2,498� 15%

$Total�Revenue (S$’000) 27,200� 22,866� 19%

Net�Profit (S$’000) 14,827� 12,455� 19%

(4)EPS(4) (S�cents) 2.12 1.78 19%

10

Notes:(1) Recurrent�management�fees�from�REITs,�private�real�estate�funds�and�real�estate�management�services(2) Primarily�REIT�acquisition�fees�and�private�real�estate�fund�arrangement/performance�fees(3) Comprises�mainly�distribution�income�from�financial�assets�and�gain�on�disposal/fair�valuation�of�held�for�trading�

securities�received�as�part�payment�of�REIT�management�fees(4) Based�on�698,471,997�shares�in�issue�following�the�1�for�5�bonus�issue�on�10�May�20101Q2011�Results

REVENUE ANALYSISREVENUE ANALYSIS

Strong growth in recurrent REIT management feesStrong growth in recurrent REIT management fees

Revenue�– Historical Revenue�� YoY

f

120S$m Recurrent�management�fees

Acquisition�&�performance�feesOther�income 112.5

2 9

30S$m

REIT�management� feesPrivate�RE�fund�management� feesReal�estate�management� servicesAcquisition�&�performance�feesOther�income 27.2�(+19%)

80

100

86.3

70.02.9

3.1

2.32.5

2.9

20

25

(13%)

(4%)

(11%)

(11%)

(8%)

(11%)

(13%)

(4%)

(11%)

(11%)

(8%)

(11%)

22.9

0.9

40

6062.1

31.327.6

6.3

5.7

10

15

(28%)

(21%)

(28%)

(21%)

0

20

FY2005 FY2006 FY2007 FY2008 FY2009 FY2010

27.6

10.213.2

0

5 (45%)(49%)

(45%)(49%)

111Q2011�Results

FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 1Q2010 1Q2011

PROPOSED BONUS ISSUEPROPOSED BONUS ISSUE

Proposed 1-for-10 bonus issue to reward shareholdersProposed 1-for-10 bonus issue to reward shareholders

• Declared�by�Board�as�a�gesture�of�recognition�to�shareholders�for�their� 0.030

DPS�(S$) Dividend�Historyg

support�for�the�Company

• Bonus�issue�made�based�on�the�share�issue�mandate�passed�at�the�Company’s�

0.022 0.022 0.023

0.025

0.023

0.0250.025

0.030

*p p y

AGM�on�28�Apr�2011�

• Subject�to�approval�of�SGX�ST

0.019

0.015

0.020*

• Barring�unforeseen�circumstances,��Company�will�seek�to�maintain�dividend�per�share�post�bonus�issue

0.005

0.010

0.000

2H07 1H08 2H08 1H09 2H09 1H10 2H10

1Q2011�Results 12

* � pro�rated1�for�10�bonus�issue

(proposed)1�for�5�bonus�issue�

(May�2010)

BALANCE SHEETBALANCE SHEET

Robust balance sheetRobust balance sheetGroup�balance�sheet�as�at�31�Mar�2011 S$’000 S$’000

Non�current�assets Non�current�liabilitiesPlant and equipment 1,519 Financial liabilities 354Plant�and�equipment 1,519� Financial�liabilities 354Tenancy�deposits 495� Deferred�tax�liabilities 142�Associates 1,462Financial�assets 133,260Intangible asset 580Intangible�asset 580

137,316 496Current�assets Current�liabilitiesFinancial�assets 15,890� Trade�and�other�payables 14,636Derivative assets 278 Financial liabilities 18 840Derivative�assets 278 Financial�liabilities 18,840�Trade�and�other�receivables 24,693� Current�tax�payable 10,208Cash�and�cash�equivalents 53,974

94,835 43,684

Total�liabilities 44,180

Shareholders’�equity 187,971

131Q2011�Results

Total�assets 232,151� Total�liabilities�&�Shareholders’�equity 232,151

3. STRATEGY

STRATEGYSTRATEGY

Poised for the next phase of growthPoised for the next phase of growth

W k i h i l h REIT i d hi

REITs

• Work�with�various�partners�to�launch�new�REITs�in�new�sectors�and�geographies• Existing�REITs�to�continue�to�focus�on�asset�enhancements�and�acquisitions

• Place�out�remaining�committed�capital�of�ADF�I�in�1H2011• Launch ADF II by 1H2011

Private�Real�Estate�Funds

• Launch�ADF�II�by�1H2011

Real Estate Management Services

• Support�REITs�and�private�real�estate�funds�and�increase�properties�under�management�• Leverage�on�the�Suntec�brand�to�expand�geographical�reach�of�convention�services

Real�Estate�Management�Services

1Q2011�Results 15

DISCLAIMERDISCLAIMER

These slides may contain forward�looking statements that involve risks and uncertainties. Actual future performance, outcomes and resultsmay differ materially from those expressed in forward�looking statements as a result of a number of uncertainties, risks and assumptions.Representative examples of these factors include but are not limited to general market and economic conditions, interest rate trends,competition from other real estate investors, changes in operating expenses including employee wages and benefits, changes in governmentcompetition from other real estate investors, changes in operating expenses including employee wages and benefits, changes in governmentpolicies, and the continued availability of financing in the amounts and terms necessary to support future business. You are cautioned not toplace undue reliance on the forward�looking statements in these slides, which are based on the current view of management on futureevents. Information from external sources in these slides has not been independently verified by us nor have the external sources quotedconsented to the inclusion of the information.

ContactCheryl�SeowGroup�Finance�Directorcherylseow@ara com hk

Vincent�Yeo,�CFAManager,�Corporate�Financevincentyeo@ara com hk

Global�Headquarters:6 Temasek Boulevard

cherylseow@ara.com.hk vincentyeo@ara.com.hk

6�Temasek BoulevardSuntec Tower�Four,�#16�02Singapore�038986

Tel:��(65)�6835�9232Fax: (65) 6835 9672Fax:�(65)�6835�9672

Website:�www.ara�asia.com