Financial Highlights

1. As at 31 December 2006, the Trust and its investees include proportionate consolidation of the 40.00% interest in Raffles City Singapore (RCS), through the RCS Trust, the special purpose vehicle that holds RCS, and equity accounting of its associate, CapitaRetail Singapore Limited (CRSL).
2. As at 31 December 2007, 31 December 2008, 31 December 2009 and 31 December 2010, CMT Group includes the proportionate consolidation of the 40.00% interest in RCS, through the RCS Trust, consolidation of 100.00% interest in CRSL (with effect from 1 June 2007) and CMT MTN Pte. Ltd. (CMT MTN) (with effect from 13 April 2007) and equity accounting of its associate, CapitaRetail China Trust (CRCT) (with effect from 1 April 2007).
3. The decrease in total assets as at 31 December 2009 is mainly due to the revaluation deficit on investment properties, 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).
4. Excludes unamortised transaction costs. As at 31 December 2010, the total borrowings include S$550.0 million in principal amount of the S$650.0 million 1.0% convertible bonds due 2013 (Outstanding Convertible Bonds) (as at 31 December 2008 and 2009 : S$650.0 million). The final redemption price upon maturity on 2 July 2013 is equal to 109.31% of the principal amount. The Outstanding Convertible Bonds may be redeemed in whole or in part, at the option of the bondholders on 2 July 2011 at 105.43% of the principal amount. Total borrowings as at 31 December 2010 also include US$500.0 million fixed rate notes issued under the US$2.0 billion unsecured Euro-Medium Term Note Programme of CMT MTN which were swapped to S$699.5 million at a fixed interest rate of 3.794% per annum in April 2010.
5. Excludes outstanding distributable income as at end of each period.
6. Based on the closing unit price of S$2.91 on 29 December 2006, S$3.46 on 31 December 2007, S$1.59 on 31 December 2008, S$1.80 on 31 December 2009 and S$1.95 on 31 December 2010.
7. With the introduction of Financial Reporting Standards (FRS) 40: Investment Property with effect from 1 January 2007, Earnings Per Unit (EPU) are computed based on total return for the period after tax. Prior to this, EPU were computed based on net income after tax. Comparative EPU have been restated to be consistent with the presentation.
8. The negative EPU of 2.23 cents as at 31 December 2009 is mainly due to the revaluation deficit on investment properties.
9. 2009 and 2010 distribution per unit (DPU) are lower than prior years due to the increase in units from the Rights Issue. If the effect of the Rights Issue is removed, the DPU for 2009 and 2010 are higher compared to the restated DPUs for prior years.
10. Refers to the expenses of the Trust, excluding property expenses and interest expense but including performance component of CapitaMall Trust Management Limited's management fees, expressed as a percentage of weighted average net assets.
11. Net Debt comprises Gross Debt less temporary cash intended for acquisition and refinancing and EBITDA refers to earnings before interest, tax, depreciation and amortisation.
12. Assuming holders of the Outstanding Convertible Bonds exercise put option in July 2011.
13. The figures have been restated for the effect of the Rights Issue. On 2 April 2009, 1,502,358,923 units were issued pursuant to the Rights Issue.