Investor relations

CapitaMall Trust’s (CMT) strong commitment to good investor relations was once again recognised in September 2005 when, for the second year running, we won the ‘Most Transparent Company’ Award at the Securities Investors Association (Singapore) (SIAS) Investors’ Choice Awards, nominated by analysts, fund managers and media.

Investor relations remains a top priority for CapitaMall Trust Management Limited (CMTML), the Manager of CMT, and the Manager believes in maintaining an open and continuous channel of communication with the investment and media communities through various avenues. In addition to hosting media-cum-analysts’ results briefings every six months to update on CMT’s performance and mid to long-term strategies, the management of the Manager devotes a substantial amount of time to regular meetings with local and foreign fund managers at one-on-one or group sessions, conference calls, investor luncheons, corporate days, conferences and overseas roadshows.

During the year, the management of the Manager met institutional investors from Singapore, Malaysia, Hong Kong, Japan, United Kingdom, United States, Middle East, various European countries and Australia. Mall tours were also conducted for existing and potential Unitholders who were keen to see the properties in our portfolio and to better understand operations at the malls. In addition, retail and institutional Unitholders were kept abreast of key updates through email alerts, ‘LIVE’ audio cast on Bloomberg of the media-cum-analysts’ results briefings, and information posted on CMT’s website. As the website is usually the first point of contact for most overseas investors, the Manager embarked on a major website revamp to enhance its navigation and to provide investors with a more comprehensive set of information. The new CMT website was recently launched in February 2006.

In 2005, CMT’s free float was increased from 61.0¹ percent to 66.0² percent in response to feedback from the investment community that they would like to see CapitaLand Group’s holdings return to an earlier level of just over 30.0 percent from close to 40.0 percent. The increase in free float was achieved by the CapitaLand Group electing not to subscribe any of the new units issued under the Preferential Offering during the Equity Fund Raising exercise in October 2005. As a result, CMT’s Unitholder base was enlarged with the addition of many new institutional investors, including a substantial number of quality investors from Switzerland and Australia.

In addition, as more US and Australian institutional funds obtain mandates to invest in Asian REITS, CMT has witnessed a growth in the number of US and Australian Unitholders on our register. This can also be attributed to CMT’s inclusion in the Singapore Straits Times Index, the primary Singapore equity market barometer, in March 2005 and inclusion in other key indices such as the Morgan Stanley Capital International, Inc (MSCI) Index, the FTSE European Public Real Estate Association (EPRA) / National Association of Real Estate Investment Trust (NAREIT) Global Real Estate Index, the Global Property Research (GPR) General Property Shares Index, the GPR 250 Global Property Shares Index and the GPR 250 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.

Unit Price Performance
CMT’s unit price appreciated significantly during the financial year 2005, from the closing price of S$1.76 on 31 December 2004 to the closing price of S$2.24 on 30 December 2005. This translated to a gain of 27.3 percent, outperforming the STI which recorded a gain of 13.6 percent. CMT’s gain from its unit price appreciation outperformed the gain achieved by the Singapore Property Equities Index (SESPROP) for the first eight months of the financial year 2005, but was marginally lower for the remaining four months of the year. Rising interest rates concerns had dampened investors’ confidence which resulted in a weakening in all Singapore Real Estate Investment Trusts (SREITs) prices. The volume weighted average closing price for the year was approximately S$2.25, 42.0 percent higher than the volume weighted average closing price of S$1.58 for financial year 2004. Trading liquidity also improved significantly in 2005 to approximately 354 million units, registering an increase of 15.0 percent over the approximately 308 million units traded in 2004. Overall, CMT’s strong performance is testament to investors’ confidence in our desirability as an investment product, which offers opportunities for capital growth on top of attractive and stable distribution income.

Yield and Total Return
CMT continued to provide attractive income yield and total return as compared to other local investment instruments. As at 31 December 2005, CMT’s annualised DPU yield was 4.92³ percent. This was 171 basis points above the 10-year government bond of 3.21 percent on the same day.

Unitholders who held CMT units for the period 1 January 2005 to 31 December 2005 would have received an attractive total return of 33.1⁴ percent, consisting of capital appreciation of 27.3 percent and a distribution yield of 5.8 percent. Unitholders who held CMT units for the period from the listing of CMT on 17 July 2002 to 31 December 2005 would have received a total return of 165.8⁵ percent, consisting of capital appreciation of 133.4 percent and a distribution yield of 32.4 percent.


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INTRODUCTION \| INGENIOUS VALUE CREATION & GROWTH STRATEGIES \| IN CONVERSATION \| INSIGHTS INTO GROWTH \| INSPIRING LEADERSHIP INTEGRATING PEOPLE & SOCIETY \| INVESTOR RELATIONS \| IN REVIEW \| INCREASING DOMINANCE \| IN DETAILS

INTRODUCTION INVESTOR RELATIONS	Investor Relations For the second year running, we won the ‘Most Transparent Company’ Award at the Securities Investors Association (Singapore) (SIAS) Investors’ Choice Awards, nominated by analysts, fund managers and media.
	CapitaMall Trust’s (CMT) strong commitment to good investor relations was once again recognised in September 2005 when, for the second year running, we won the ‘Most Transparent Company’ Award at the Securities Investors Association (Singapore) (SIAS) Investors’ Choice Awards, nominated by analysts, fund managers and media. Investor relations remains a top priority for CapitaMall Trust Management Limited (CMTML), the Manager of CMT, and the Manager believes in maintaining an open and continuous channel of communication with the investment and media communities through various avenues. In addition to hosting media-cum-analysts’ results briefings every six months to update on CMT’s performance and mid to long-term strategies, the management of the Manager devotes a substantial amount of time to regular meetings with local and foreign fund managers at one-on-one or group sessions, conference calls, investor luncheons, corporate days, conferences and overseas roadshows. During the year, the management of the Manager met institutional investors from Singapore, Malaysia, Hong Kong, Japan, United Kingdom, United States, Middle East, various European countries and Australia. Mall tours were also conducted for existing and potential Unitholders who were keen to see the properties in our portfolio and to better understand operations at the malls. In addition, retail and institutional Unitholders were kept abreast of key updates through email alerts, ‘LIVE’ audio cast on Bloomberg of the media-cum-analysts’ results briefings, and information posted on CMT’s website. As the website is usually the first point of contact for most overseas investors, the Manager embarked on a major website revamp to enhance its navigation and to provide investors with a more comprehensive set of information. The new CMT website was recently launched in February 2006. In 2005, CMT’s free float was increased from 61.0¹ percent to 66.0² percent in response to feedback from the investment community that they would like to see CapitaLand Group’s holdings return to an earlier level of just over 30.0 percent from close to 40.0 percent. The increase in free float was achieved by the CapitaLand Group electing not to subscribe any of the new units issued under the Preferential Offering during the Equity Fund Raising exercise in October 2005. As a result, CMT’s Unitholder base was enlarged with the addition of many new institutional investors, including a substantial number of quality investors from Switzerland and Australia. In addition, as more US and Australian institutional funds obtain mandates to invest in Asian REITS, CMT has witnessed a growth in the number of US and Australian Unitholders on our register. This can also be attributed to CMT’s inclusion in the Singapore Straits Times Index, the primary Singapore equity market barometer, in March 2005 and inclusion in other key indices such as the Morgan Stanley Capital International, Inc (MSCI) Index, the FTSE European Public Real Estate Association (EPRA) / National Association of Real Estate Investment Trust (NAREIT) Global Real Estate Index, the Global Property Research (GPR) General Property Shares Index, the GPR 250 Global Property Shares Index and the GPR 250 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. Unit Price Performance CMT’s unit price appreciated significantly during the financial year 2005, from the closing price of S$1.76 on 31 December 2004 to the closing price of S$2.24 on 30 December 2005. This translated to a gain of 27.3 percent, outperforming the STI which recorded a gain of 13.6 percent. CMT’s gain from its unit price appreciation outperformed the gain achieved by the Singapore Property Equities Index (SESPROP) for the first eight months of the financial year 2005, but was marginally lower for the remaining four months of the year. Rising interest rates concerns had dampened investors’ confidence which resulted in a weakening in all Singapore Real Estate Investment Trusts (SREITs) prices. The volume weighted average closing price for the year was approximately S$2.25, 42.0 percent higher than the volume weighted average closing price of S$1.58 for financial year 2004. Trading liquidity also improved significantly in 2005 to approximately 354 million units, registering an increase of 15.0 percent over the approximately 308 million units traded in 2004. Overall, CMT’s strong performance is testament to investors’ confidence in our desirability as an investment product, which offers opportunities for capital growth on top of attractive and stable distribution income. Yield and Total Return CMT continued to provide attractive income yield and total return as compared to other local investment instruments. As at 31 December 2005, CMT’s annualised DPU yield was 4.92³ percent. This was 171 basis points above the 10-year government bond of 3.21 percent on the same day. Unitholders who held CMT units for the period 1 January 2005 to 31 December 2005 would have received an attractive total return of 33.1⁴ percent, consisting of capital appreciation of 27.3 percent and a distribution yield of 5.8 percent. Unitholders who held CMT units for the period from the listing of CMT on 17 July 2002 to 31 December 2005 would have received a total return of 165.8⁵ percent, consisting of capital appreciation of 133.4 percent and a distribution yield of 32.4 percent.	Unitholders who held CMT units for the period 1 January 2005 to 31 December 2005 would have received an attractive total return of 33.14 percent, consisting of capital appreciation of 27.3 percent and a distribution yield of 5.8 percent. Unitholders who held CMT units for the period from the listing of CMT on 17 July 2002 to 31 December 2005 would have received a total return of 165.85 percent, consisting of capital appreciation of 133.4 percent and a distribution yield of 32.4 percent. Moving forward, investor relations, to articulate CMT’s growth strategy to both current and potential Unitholders in Singapore and overseas, will continue to be an integral part of the Manager’s role. The Manager will also seek to uphold the highest level of corporate governance and transparency standards by providing the investment and media community with clear, concise and timely information. FINANCIAL CALENDAR 2006 – 2007 (TENTATIVE) April 2006 2006 First-Quarter Results Announcement May 2006 2006 First-Quarter Distribution to Unitholders July 2006 2006 Second-Quarter Results Announcement August 2006 2006 Second-Quarter Distribution to Unitholders October 2006 2006 Third-Quarter Results Announcement November 2006 2006 Third-Quarter Distribution to Unitholders January 2007 2006 Full-Year Results Announcement February 2007 2006 Final Distribution to Unitholders UNITHOLDER ENQUIRIES If you have any enquiries or would like to find out more about CMT, please contact: The Manager Ms Tong Ka-Pin Investor Relations & Communications Manager Phone: +65 6536 1188 Fax: +65 6536 3884 Email: ask-us@capitamall.com.sg Website: www.capitamall.com The Unitholder Registrar Lim Associates (Pte) Ltd 10 Collyer Quay #19-08 Ocean Building Singapore 049315 Phone: +65 6536 5355 Fax: +65 6536 1360 Website: www.boardroomlimited.com THE UNITHOLDER DEPOSITORY For depository-related matters such as change of details pertaining to Unitholders’ investment records, please contact: 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.com Website: www.cdp.com.sg As at 31 December 2004 As at 31 December 2005 Based on annualised DPU of 11.02 cents for the period from 31 October 2005 to 31 December 2005 and the closing unit price of S$2.24 as at 30 December 2005. Based on total DPU of 10.23 cents for the financial year ended 31 December 2005, the closing unit price of S$1.76 on 31 December 2004 and the closing unit price of S$2.24 on 30 December 2005. Based on total actual DPU of 31.12 cents since the listing of CMT on 17 July 2002, the Initial Public Offering Price of CMT units of S$0.96 and the closing unit price of S$2.24 on 30 December 2005.
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