CAPITAMALL TRUST

inspire
Inviting malls that give you so much more
report to unitholders 2005

REPORT TO UNITHOLDERS 2005

Creating ... value

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Feature: The 6 “i”s -

Tampines Mall • Junction 8 • Funan DigitaLife Mall • IMM Building Maximising ... returns Ingenious Growth Strategies
Plaza Singapura • Bugis Junction • Hougang Plaza Units • Sembawang Shopping Centre
Jurong Entertainment Centre Transforming ... experiences
 Corporate Information

CAPITAMALL TRUST THE MANAGER

REGISTERED ADDRESS REGISTERED ADDRESS EXECUTIVE COMMITTEE

HSBC Institutional Trust Services (Singapore) CapitaMall Trust Management Limited Mr Liew Mun Leong
Limited 39 Robinson Road Mr Pua Seck Guan
21 Collyer Quay #18-01 Robinson Point Mr Kee Teck Koon
#14-01 HSBC Building Singapore 068911 Mr Olivier Lim Tse Ghow
Singapore 049320 Phone: +65 6536 1188
Phone: +65 6534 1900 Fax: +65 6536 3884 AUDIT COMMITTEE
Fax: +65 6533 1077 Mr Hsuan Owyang
DIRECTORS OF THE MANAGER Mr James Glen Service
WEBSITE ADDRESS Mr Hsuan Owyang Mr David Wong Chin Huat
www.capitamall.com Chairman & Independent Non-Executive Director Mr Olivier Lim Tse Ghow
Email: ask-us@capitamall.com.sg
Mr Liew Mun Leong
CORPORATE DISCLOSURE COMMITTEE
Deputy Chairman & Non-Executive Director
Trustee Mr Hsuan Owyang
HSBC Institutional Trust Services (Singapore) Mr Liew Mun Leong
Mr Pua Seck Guan
Limited Chief Executive Officer & Executive Director Mr Kee Teck Koon
21 Collyer Quay Mr Olivier Lim Tse Ghow
#10-01 HSBC Building Mr James Glen Service
Singapore 049320 Independent Non-Executive Director COMPANY SECRETARY
Phone: +65 6534 1900 Ms Michelle Koh
Fax: +65 6533 1077 Mr David Wong Chin Huat
Independent Non-Executive Director
AUDITOR
KPMG Mr S. Chandra Das
Non-Executive Director
Certified Public Accountants
16 Raffles Quay
Mr Hiew Yoon Khong
#22-00 Hong Leong Building
Non-Executive Director
Singapore 048581
Phone: +65 6213 3388 Mr Kee Teck Koon
Fax: +65 6225 0984 Non-Executive Director
Partner-In-Charge : Leong Kok Keong
(Since financial period ended Mr Olivier Lim Tse Ghow
31 December 2002) Non-Executive Director

UNIT REGISTRAR

CONCEPT, DESIGN AND PRODUCTION BY LEXISBRANDING .COM

Lim Associates (Pte) Ltd
10 Collyer Quay
#19-08 Ocean Building
Singapore 049315
Phone: +65 6536 5355
Fax: +65 6536 1360
 INtroduction

CapitaMall Trust (CMT), which was listed in July 2002,

is the first Real Estate Investment Trust (REIT) to be listed on Singapore
Exchange Securities Trading Limited. As at 31 December 2005, we are the
largest REIT by market capitalisation and asset size in Singapore, with a
market capitalisation of approximately S$3.1 billion and an asset size of
S$3.4 billion.

CMT invests primarily in quality income-producing retail properties in

Singapore. Income is mainly derived from rental payments received from
a diverse list of over 1,200 leases with local and international retailers.
Our portfolio comprises nine quality retail malls which are spread across
Singapore in the suburban and central areas. CMT also has a 27.2 percent
stake in CapitaRetail Singapore Limited (CRS), a private retail property
fund sponsored by CapitaLand Limited, through the Class E bonds issued
by CRS. CRS owns three other suburban malls in Singapore.

CMT is a component of various key indices which include

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, the GPR 250
Global REIT Index and the Straits Times Index.

CMT is managed by an external manager, CapitaMall

Trust Management Limited, which is an indirect wholly-
owned subsidiary of CapitaLand Limited, one of the
largest listed real estate companies in Asia.
INdex

INTRODUCTION

Corporate Profile 01
Vision & Mission 04
Key Achievements in 2005 05

INSIGHTS INTO GROWTH

Track Record of Value Creation
• Consistently Outperformed 30
Distribution Per Unit Forecast
• Distribution Per Unit Growth Trend 31
• Core Drivers of Distribution Per
Unit Growth 31
• Strong Rental Renewal Rates 32
• High Occupancy Rates 32
• Increasing Shoppers’ Traffic 33
• Our Shoppers Speak 34
• Our Tenants Speak 36

INGENIOUS VALUE CREATION IN CONVERSATION

& GROWTH STRATEGIES
Letter to Unitholders (English) 12
The 6 “i”s 09
Letter to Unitholders (Chinese) 18
• Integrated Retail Real
Financial Highlights 22
Estate Platform
Milestones 25
• Intrinsic Organic Growth
• Innovative Asset Enhancement Initiatives
• Inviting Experiences
• Invaluable Investments
• Intensive Capital & Risk Management

INSPIRING LEADERSHIP

Trust Structure 40
Corporate Governance 41
Board of Directors 52
The Trust Management Team 56
The Property Management Team 60

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 INCREASING DOMINANCE
INTEGRATING PEOPLE
& SOCIETY Portfolio at a glance 92
Tampines Mall 96
Human Resources 64 Junction 8 104
Corporate Social Responsibility 66 Funan DigtaLife Mall 112
IMM Building 120
Plaza Singapura 128
Bugis Junction 136
Hougang Plaza Units/ 144
Sembawang Shopping Centre/
Jurong Entertainment Centre/

IN REVIEW

Market Overview 76
Operations & Financial Review 78
Accounting Policies 89

INVESTOR RELATIONS IN DETAILS

Investor Relations 70 Financial Statements 152

Financial Calendar 71 Unitholders Statistics 191
Comparative Price Trend 72 Additional Information 193
Comparative Yields / CMT Monthly
Trading Performance in 2005 73

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Vision & Mission

VISION
Creating Value,
Maximising Returns, and
Transforming Experiences
for all Stakeholders

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 alike
to achieve this vision and, in return, share with
them the fruits of our success.

MISSION
To deliver stable distributions
and sustainable total returns to
Unitholders

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 Achievements in 2005

+27.3%
UNIT PRICE APPRECIATION

S$770.6 million
+33.1%
TOTAL RETURNS FOR
UNITHOLDERS
+14.4% ACQUISITIONS
Acquisition of Four Assets worth over S$770.69
million

Capital Appreciation of 27.31 percent and

PROPERTY VALUATION
Increase in Property Valuation of 14.46 percent
Total Returns of 33.12 percent for Unitholders

INCREASED MARKET CAPITALISATION

IMPROVEMENTS IN
RENTAL RENEWALS +47.6 %
+12.6% +25.4%
Market Capitalisation increased 47.610 percent
to approximately S$3.1 billion

PRECEDING RENTAL RATES

NET ASSET VALUE PER UNIT
+6.8% Adjusted Net Asset Value per Unit
S$3.1 billion
FORECAST RENTAL RATES increased 25.47 percent
Rental Renewals outperformed Preceding
Rental Rates by 12.63 percent and Forecast
Rental Rates by 6.84 percent.
INCREASED ASSET SIZE

INCREASED GROSS REVENUE

+47.8%
+37.2% Asset Size increased 47.88 percent to
approximately S$3.4 billion
Gross Revenue increased 37.25 percent to
nearly S$243 million
S$3.4 billion
S$243 million

1. Based on the CMT closing unit price of S$1.76 on 31 December 2004 and the closing unit price of S$2.24 on 30 December 2005.
2. 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.
3. Based on the first year rental rate of the new lease versus the last year rental rate of the old lease.
4. Forecast rental rates for the period 1 January 2005 to 30 October 2005 is the basis for forecast shown in CMT Circular dated 20 July 2004 and the forecast rental rates for the period 31 October 2005 to 31 December 2005 is the basis
for the forecast shown in the CMT Circular dated 18 October 2005.
5. Based on the gross revenue of S$177.2 million for the financial year 2004 and the gross revenue of S$243.1 million for the financial year 2005.
6. Based on the valuation of Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building and Plaza Singapura as at 1 December 2004 and 1 December 2005.
7. Based on adjusted net asset value per Unit of S$1.63 as at 31 December 2005 and S$1.30 as at 31 December 2004.
8. Based on an asset size of S$2.3 billion as at 31 December 2004 and an asset size of S$3.4 billion as at 31 December 2005
9. Valuation of S$580.8 million for Bugis Junction as at 18 July 2005, valuation of S$39.7 million for approximately 92.4 percent of the total share values in Hougang Plaza as at 21 April 2005 and S$4.6 million for approximately 4.3
percent of the total share values in Hougang Plaza as at 15 June 2005, S$79.0 million for Sembawang Shopping Centre as at 28 April 2005 and S$69.1 million for Jurong Entertainment Centre as at 30 June 2005, all of which were
determined by CB Richard Ellis (Pte) Ltd using the Capitalisation of Income Approach, Discounted Cash Flow Analysis and Direct Comparison Method.
10. Based on the market capitalisation of S$2.1 billion as at 31 December 2004 and the market capitalisation of S$3.1 billion as at 31 December 2005.
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INgenious
Growth
Strategies
We proactively manage CapitaMall Trust to create
value and growth: We have grown our business
through yield-accretive acquisitions, innovative
asset enhancements and proactive management
of our properties. And, we have grown it by being
open to new ideas and cultivating our capacity to be
imaginative when it comes to unlocking value for our
stakeholders. We call our proven value creation cum
growth strategies, The 6 ‘i’s.

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 Growth Strategies

CapitaMall Trust (CMT)

Growth Strategies

6
The

“i”s
 Growth Strategies

6
The • INtegrated Retail Real Estate Platform

• INtrinsic Organic Growth

• INnovative Asset Enhancement Initiatives

CapitaMall Trust (CMT)
Growth Strategies
• INviting Experiences

“i”s • INvaluable Investments

• INtensive Capital & Risk Management

 Growth Strategies

In addition, we have a professional and experienced

1
INtegrated Retail team of fund and asset managers who work closely
and seamlessly with each other to:
Real Estate Platform:
• Formulate medium and long-term strategies and
initiatives to deliver higher sustainable returns
We leverage on our strong sponsor,
• Enhance the shopping experience to attract and
CapitaLand Limited’s, unique integrated increase shoppers’ traffic
retail real estate platform, combining the
• Review space usage to optimise income
best of retail real estate management and
capital management capabilities, which is • Manage and monitor rental arrears to minimise bad
debts
one of its kind in Asia.
• Manage projects to ensure timely completion within
budgets
INTEGRATED RETAIL REAL ESTATE PLATFORM
Net Property Investment • Manage and monitor property expenses to maximise
RETAIL Income Returns
CAPITAMALL
UNITHOLDERS net property income
REAL ESTATE TRUST
Ownership Investment
• Address all key operational issues to ensure
RETAIL MANAGEMENT PLATFORM REAL ESTATE CAPITAL MANAGEMENT PLATFORM
alignment with the Manager’s strategies

Property
Retail
Management Strategic
Design &
Asset Strategic Fund • Manage lease renewals and new leases diligently
Development Planning & Structuring &
Management & Operational
Leasing
Marketing
Management Management
Investment Management to minimise rental voids

2
INtrinsic
Organic Growth:
Inherent to our strategy for maximising
CMT’s performance is the exploration of
new avenues for stable and sustainable
revenue growth from our tenants and
malls.
Growth Strategies
A major component of CMT’s growth has been achieved
through:
• Step-up rent which typically provide an organic
growth of 1.0 to 2.0 percent annually
• Gross turnover rent, tied to about 0.5 to 1.0 percent
of our tenants’ sales, which is a useful management
tool, and aligns CMT’s interests with those of the
tenants
• Non-rental income, from car parks, vending
machines, casual leasing, customer service
counters and advertisement panel spaces as well
as advertising on escalators, link bridges, in lifts
and other common areas
• Improved rental rates for lease renewals and new
leases

3
INnovative Asset
Enhancement Initiatives:
Creative asset planning unlocks the
potential value of CMT’s malls to
further propel growth by enriching the
retail environment and enhancing the
attractiveness of our malls to shoppers
and retailers.
Growth Strategies
Diverse ways to increase the yield and productivity
of our retail space include:
• Decantation whereby lower yielding spaces are
transformed into higher yielding spaces
• Reconfiguration of retail spaces to achieve
higher productivity through sub-division of
bigger retail units into a number of smaller ones
• Maximising the use of common areas, such as
bridge space, and converting equipment areas
into leasable space
• Upgrading amenities, adding play and rest areas,
setting design guidelines and standards for shop
fronts and creating better shopper circulation
which increase the attractiveness of our malls

4
INviting
Experiences:
Staying ahead of consumer trends, we
constantly reinvent the retail experience
with innovative shopping, dining and
leisure combinations which helps to
maximise the sales of the tenants and
generates growth through improved
rental income.
Growth Strategies
The increasing shoppers’ traffic is generated through:
• Alignment of tenancy mix with current market
trends which ensures a continuing 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, comfortable and exciting environment by
improving connectivity between floors, installing
electronic car park guidance systems, upgrading
restroom facilities, baby nursing rooms, children’s
playgrounds and alfresco dining areas
• Innovative marketing and promotion events which
draw in the crowds
• Attractive shop fronts and visual merchandising
design ideas
 Growth Strategies

5
INvaluable
Investments:
• Our investments must satisfy the investment
criteria of (a) upfront yield accretion, (b) rental
The ability to identify yield-accretive sustainability and (c) potential for value creation.
acquisitions and investments to add to
• We aim to grow our asset size in Singapore to S$5.0
the portfolio and further enhance their billion to S$6.0 billion by 2008.
value is central to CMT’s growth.
• Our 27.2 percent investment in CapitaRetail
Singapore Limited (CRS), whose portfolio consists
of Lot One Shoppers’ Mall, Bukit Panjang Plaza and
Rivervale Mall, has produced a minimum coupon
rate of 8.2 percent per annum. The valuation of the
CRS portfolio has increased from S$540.0 million
(as at 1 December 2004) to S$558.0 million (as at 1
December 2005). CapitaMall Trust has the right of
first refusal to purchase these properties.
 Growth Strategies

6
INtensive Capital
and Risk Management:

We review our debt and capital

management cum financing policy
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.
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IN Conversation
We continually seek new acquisitions: Yield-accretive acquisitions.
We have a diverse portfolio of valuable assets. And, we aim to add
further properties that complement our current assets and contribute to
our geographically diverse portfolio. By owning multiple properties in
multiple parts of Singapore, we can cater to differing tenancy demands
and explore more value-adding opportunities to drive Distribution per
Unit growth.

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 IN Conversation_ Letter to Unitholders

On behalf of the Board of CapitaMall Trust Management Limited (CMTML), the

Manager of CapitaMall Trust (CMT), we present the report of CMT for the year
ended 31 December 2005.

2005 has been a remarkable year of achievement for CapitaMall Trust

(CMT). With four new acquisitions at a total purchase price of S$770.61
million, the largest quantum of assets purchased in a year since CMT was
listed in July 2002, we have grown CMT’s asset size to S$3.4 billion and
market capitalisation to S$3.12 billion, further strengthening our position
as the largest Real Estate Investment Trust (REIT) by asset size and
market capitalisation in Singapore. In addition, we have gained market
dominance with an enlarged portfolio of nine malls across Singapore,
bringing us a step closer to achieve our target asset size of S$4 billion to
S$5 billion locally by 2007.

FINANCIAL PERFORMANCE
Singapore’s economy, building from 2004’s solid base and benefiting from
the favourable external environment and the government’s restructuring
and upgrading efforts, continued to perform strongly particularly in the
second half of the year. Gross Domestic Product (GDP) in 2005 grew 6.43
percent over 2004. Besides the good economic performance, we saw a
record high 8.9 million in tourist arrivals, increased retail and catering
sales figures, positive business sentiments among retailers and high
demand for space from local and international retailers.

1. Aggregate purchase price for the acquisition of Bugis Junction (S$580.8 million), Sembawang Shopping Centre (S$78.0
million), Hougang Plaza Units (S$43.8 million) and Jurong Entertainment Centre (S$68.0 million).
2. Based on the CMT closing unit price of S$2.24 on 30 December 2005.
3. Source: Ministry of Trade and Industry.

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HSUAN OWYANG PUA SECK GUAN
CHAIRMAN CHIEF EXECUTIVE OFFICER

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IN Conversation_ Letter to Unitholders
High Occupancy and Strong Rental Renewal Rates
The overall positive economic sentiments, together with the higher
domestic consumer confidence, continued to sustain the close to 100
percent occupancy rates and strong rental renewal rates at our malls,
which were 12.64 percent and 6.85 percent better than preceding and
forecast rental rates, respectively.
Stable Distributions and Attractive Total Returns
In line with our vision to deliver stable distributions and sustainable
total returns to Unitholders, CMT has continued to outperform our
forecasts to deliver a total Distribution per Unit (DPU) of 10.23 cents
for the financial period ended 31 December 2005. This was 8 percent
above the total DPU payout of 9.48 cents for the financial period ended
31 December 2004. For Unitholders who have held CMT units since 1
January 2005, they would have enjoyed a total return of 33.16 percent
as at 31 December 2005. For Unitholders who have invested in CMT
since our Initial Public Offering (IPO) in July 2002, they would have
enjoyed a total return of 165.87 percent as at 31 December 2005.
The sterling performance in 2005 was mainly due to the addition of
the four new properties to CMT’s portfolio, the receipt of interest
income from CMT’s investment in Class E bonds issued by CapitaRetail
Singapore Limited and a full-year contribution from Junction 8’s new
extension which was completed in December 2004. Higher rental
income on new and renewed leases from other malls and rental
income from newly created retail spaces at Tampines Mall and Funan
DigitaLife Mall also contributed to an increase in gross revenue.
KEY DEVELOPMENTS
CMT’s DPU has grown 62.58 percent since IPO and yield-accretive
acquisitions, innovative asset enhancements and active leasing
have each contributed 49.0 percent, 20.5 percent and 19.2 percent,
respectively, to the DPU growth. These three key components
continued to play a prominent role in driving DPU growth in 2005.
Yield-Accretive Acquisitions & Proactive Management
CMT acquired Sembawang Shopping Centre for S$78.0 million on
10 June 2005. This was shortly followed by the acquisition of 96.7
percent of the strata area of Hougang Plaza, which was progressively
purchased for a total of S$43.8 million on 20 June 2005 (13.6 percent),
4 Based on the first year rental rate of the new lease versus the last year rental rate of the old lease.
5 Forecast rental rates for the period 1 January 2005 to 30 October 2005 are the basis for the forecast shown
in the CMT Circular dated 20 July 2004 and the forecast rental rates for the period 31 October 2005 to 31
December 2005 are the basis for the forecast shown in the CMT Circular dated 18 October 2005.
6 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.
7 Based on total actual DPU of 31.12 cents since the listing of CMT on 17 July 2002 and 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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30 June 2005 (78.8 percent) and 16 August 2005 (4.3 percent). Bugis
Junction and Jurong Entertainment Centre were acquired for S$580.8
million and S$68.0 million, respectively on 31 October 2005. The four
yield-accretive acquisitions, totalling S$770.6 million, offered further
geographic diversification benefits by allowing CMT to cater to
tenancy demands in different parts of Singapore. They also provided
CMT with an opportunity to increase our free float and trading
liquidity. In addition, CMT reduced our total net property income
derived from any one property to no more than 23.3 percent, down
from 30.0 percent for the same period last year (from 31 October 2005
to 31 December 2005). More importantly, the new assets provided
CMT with a continuous pipeline of value-adding opportunities within
the portfolio which will drive DPU growth for Unitholders in the next
few years.
A strong testament to our ability to proactively manage our assets
to deliver enhanced returns was when we successfully unlocked
the value of Seiyu’s master lease at Bugis Junction, even prior to
the completion of the acquisition. The surrender of part of the
space under the master lease by Seiyu generated an additional net
property income of S$3.169 million. As a result, the property yield of
Bugis Junction increased from 5.010 percent to 5.311 percent in 2005,
and from 5.312 percent to 5.613 percent in 2006. Concurrently, CMT’s
forecast DPU also increased from 10.6414 cents to 10.8115 cents in
2005, and from 10.8816 cents to 11.0417 cents in 2006.
Another clear endorsement of our proactive management skillset
was when Urban Redevelopment Authority (URA) granted CMT
Outline Permission to convert 45,267 sq ft of residential Gross Floor
Area (GFA) to commercial GFA at Sembawang Shopping Centre, a
999-year leasehold commercial cum residential development. We
had assumed nil contribution from the residential component when
Sembawang Shopping Centre was purchased.
Increased Market Capitalisation, Free Float
and Trading Liquidity
To part-finance the acquisitions, 173.4 million new units were
issued in October 2005. CMT’s free float was also increased from
61.018 percent to 66.019 percent. As a result, CMT’s Unitholder base
was enlarged with the addition of many new institutional investors,
8 Based on annualised distribution per unit forecast of 6.78 cents shown in the CMT Offering Circular dated 28
June 2002 and the annualised distribution per unit of 11.02 cents for the period 31 October 2005 to 31 December
2005.
9 Based on the projection in 2006, together with the accompanying assumptions, in th CMT Circular dated 18
October 2005.
10 Annualised figure based on CMTML’s forecast, together with the accompanying assumptions, for the period 1
November 2005 to 31 December 2005, as set out in the CMT Unitholders’ Circular dated 16 September 2005.
11 Annualised figure based on CMTML’s forecast, together with the accompanying assumptions, for the period 1
November 2005 to 31 December 2005, as set out in the CMT Circular dated 18 October 2005.
including a substantial number of quality investors from Switzerland
and Australia. As at 31 December 2005, CMT’s market capitalisation
has increased by 47.620 percent to approximately S$3.1 billion. With
CMT’s inclusion in the Straits Times Index in March 2005, along
with our earlier 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,
CMT’s trading liquidity for the full year 2005 improved significantly to
approximately 354 million units. This was an increase of 15 percent
over the approximately 308 million units traded for the full year
2004.
Completed Asset Enhancement Initiatives
We are constantly reviewing the concepts, tenant mix and layout of
our malls. 2005 was a busy year with one major rebranding exercise
and with many asset enhancement initiatives successfully executed
on schedule.
In May 2005, Funan The IT Mall was rebranded as Funan DigitaLife
Mall to better reflect the tenant mix and the positioning of the mall.
The rebranding exercise was also tied in with the launch of “Inbox5”,
a thematic zone on Level 5 with a focus on digital and electronic
devices, in June 2005. Over at Tampines Mall, the food kiosk area
was reconfigured which increased the total number of food kiosks
from 13 to 18. The reconfiguration initiative, which was completed
in October 2005, incurred a capital expenditure of S$2.9 million, but
created additional net property income of S$0.4 million per annum
and achieved a return on investment of 12.2 percent. With the
launch of “Inbox5” at Funan DigitaLife Mall and reconfiguration of
the food kiosk area at Tampines Mall, coupled with the other asset
enhancement initiatives at IMM Building, Plaza Singapura and Jurong
Entertainment Centre, a total of S$2.2 million of rental revenue per
annum was created in 2005. In addition, all projects undertaken met
our minimum return of investment criteria of 10.0 percent.
As Junction 8’s new retail extension was completed only in December
12 Based on the projection for 2006, together with the accompanying assumptions, in the CMT Unitholders’
Circular dated 16 September 2005.
13 Based on the projection for 2006, together with the accompanying assumptions, in the CMT Circular dated 18
October 2005.
14 Annualised figure based on CMTML’s forecast, together with the accompanying assumptions, for the period 1
November 2005 to 31 December 2005, as set out in the CMT Circular dated 18 October 2005.
15 Annualised figure based on CMTML’s forecast, together with the accompanying assumptions, for the period 1
November 2005 to 31 December 2005, as set out in the CMT Circular dated 18 October 2005.
16 Based on the projection for 2006, together with the accompanying assumptions, in the CMT Circular dated 18
October 2005.
2004, the full impact of the revenue contribution was felt in 2005.
Revenue year-on-year at Junction 8 was up from S$33.5 million
to S$40.4 million, representing a 20.6 percent increase, and Net
Property Income (NPI) also rose from $21.3 million to S$26.5 million,
representing an increase of 24.4 percent.
Other than major asset enhancement works, we are also constantly
exploring different avenues to enhance the value of our assets.
Through initiatives such as the extension of lease lines at Tampines
Mall and the relocation of Air Handling Units (AHUs) at Junction 8
to create more retail space, we were able to increase Net Lettable
Area by 4,855 sq ft which translated to a rental increase per annum
of S$1.1 million. A reduction in operational expenses, through the
bulk purchase of utilities, also contributed to an increase in NPI per
annum of S$1.2 million. In 2006, the recovery of 12,000 sq ft of space,
through the relocation of AHUs at Plaza Singapura, is expected to
provide a rental increase per annum of S$0.9 million.
Increased Value of Property Portfolio
With the four acquisitions, CMT’s asset size increased 47.8 percent,
from S$2.3 billion (as at 31 December 2004) to S$3.4 billion (as at 31
December 2005). Part of this increase was attributable to the value
creation at the malls which had their valuation increased by 14.421
percent from S$2,235.0 million (as at 1 December 2004) to S$2,556.5
million (as at 1 December 2005).
Planned Asset Enhancement Initiatives
CMT’s key growth drivers for the next three years will be from asset
enhancements undertaken at IMM and Sembawang Shopping
Centre.
IMM Building
Asset enhancement works at IMM will commence in first quarter 2006.
The asset enhancement plan involves the decantation of 64,800 sq ft
of NLA from the secondary corridor spaces at the mall and its transfer
to a two-storey retail extension block which will be constructed on
the existing open-air car park space. The commencement of the work
follows the provisional permission obtained from the URA to increase
the allowable commercial GFA from 26.8 percent to 40.0 percent,
subject to the payment of a differential premium. The 13.2 percent
17 Based on the projection for 2006, together with the accompanying assumptions, in the CMT Circular dated 18
October 2005.
18 As at 31 December 2004.
19 As at 31 December 2005.
20 Based on the market capitalisation of S$2.1 billion as at 31 December 2004 and the market capitalisation of
S$3.1 billion as at 31 December 2005.
21 Based on the valuation of Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building and Plaza
Singapura as at 1 December 2004 and 1 December 2005.
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IN Conversation_ Letter to Unitholders
increase granted by URA effectively translates to approximately
188,000 sq ft of additional commercial GFA at the mall. With the
increase in commercial GFA, we were able to optimise the asset
enhancement plan and the project is expected to increase net
property income by S$9.3 million per annum. The estimated capital
expenditure is S$92.5 million and the target return of investment
is 10.1 percent. The asset enhancement work is expected to be
completed by first quarter 2008.
Sembawang Shopping Centre
We have developed the asset enhancement plan which incorporates
an additional 45,267 sq ft of GFA from the decantation of the
residential block. The decanted space from the residential block and
part of the retail space on Level 4 will be transferred to create more
prime retail space on three levels of an extension which will be built
on a plot of land adjoining the mall. The decanted space on Level 4
will be converted to an Open Landscape Plaza which will feature a
children’s playground and an event space. The project is expected
to incur a capital expenditure of S$38.9 million, and is expected to
increase net property income by S$3.7 million per annum and achieve
a return on investment of 9.5 percent. Construction of the extension
block is expected to commence in end 2006 and is expected to be
completed by end 2008.
Funan DigitaLife Mall
Asset enhancement work has started on the development of a two-
storey annex which will add close to 8,000 sq ft of NLA to Funan
DigitaLife Mall. The adjoining annex, which will be constructed at
a capital expenditure of S$5.0 million, is expected to increase net
property income by S$0.5 million per annum and provide a return on
investment of 10.1 percent. The project is expected to be completed
by second quarter 2006. Funan DigitaLife Mall still has approximately
300,000 sq ft of unutilised GFA, and we will actively explore its
utilisation when the opportunity arises.
INVESTOR RELATIONS & CORPORATE GOVERNANCE
CMT was honoured to win the ‘Most Transparent Company’ Award
at the Securities Investors Association (Singapore) (SIAS) Investors’
Choice Awards held in October 2005 for the second year running.
The prestigious award, for which we were nominated by analysts,
16 > inspire
fund managers and media, recognises the timeliness, clarity and
comprehensiveness of the information we disclose and our strong
commitment to good investor relations. We will seek to uphold the
highest level of corporate governance and transparency standards for
CMT.
CORPORATE SOCIAL RESPONSIBILITY
Whilst we considered ways to add value to our Unitholders, we also
thought of how we could turn our malls into centre of activities to
embrace and benefit the community. A key milestone was achieved
when we handed over 55,000 sq ft of rent-free lettable space at
Junction 8’s office tower to the National Council of Social Service for
their Voluntary Welfare Organisations. Earlier, 70,000 sq ft of gross
floor area was transferred from the office tower to the retail portion
of Junction 8. The office tower would have had to be demolished to
maintain Junction 8’s original total gross floor area.
In addition, we have created open landscaped plazas on the rooftops
of Tampines Mall and Junction 8 which are excellent locations for
events and activities, and we have made them available to charitable
organisations to further our corporate social responsibility goals.
LOOKING FORWARD
Strategic Initiative
As at 31 December 2005, we have 60.622 percent and 77.622 percent
of our tenants on step-up rental and Gross Turnover Rent (GTO)
respectively. As we gradually move towards a new rental structure of
either a base rent plus a percentage of GTO or a percentage of GTO,
whichever is higher, we will be progressively rolling out the Point of
Sales (POS) system to all malls across the portfolio so as to capture
tenants’ sales more efficiently and effectively. We have started to
pilot the POS system at Junction 8 and achieved over 90 percent
subscription rate. Deployment of the POS system will also enable us
to capture the revenue upside from GTO rent.
Well-Positioned to Capitalise on Guidelines and Budget
Changes
In October 2005, the Monetary Authority of Singapore refined its
Property Funds Guidelines to, among other things, strengthen the
corporate governance of REITs and incorporate higher flexibilities in
22 Excluding Sembawang Shopping Centre which was acquired in June 2005, Hougang Plaza Units which were
acquired in June and August 2005 and Jurong Entertainment Centre which was acquired in October 2005.
the investment activities by REITs. The key changes to the guidelines enhance the retail experience for our shoppers. We will also continue
include providing clear provisions and stipulations to facilitate the to optimise CMT’s capital structure, actively pursue yield-accretive
acquisition of foreign property assets and the partial ownership of acquisitions and improve operational efficiencies at the malls.
property assets by REITs. More importantly, the leverage limit was Barring any unforeseen circumstances, we are confident of delivering
increased from 35.0 percent to 60.0 percent, subject to the REIT the 2006 forecast DPU of 11.0423 cents per unit.
obtaining and disclosing a credit rating by a major rating agency.
ACKNOWLEDGEMENTS
Clearly, to enhance the competitive advantage of Singapore REITs In July 2005, Mr Lui Chong Chee stepped down from the Board after
and to further grow Singapore as the REIT financial centre, the serving for more than 3 years. We would like to thank him for his
government announced in its Budget 2006 on 17 February 2006 invaluable contributions. We also welcome our new Director, Mr
that tax exemptions granted to Singapore REITs will be extended Olivier Lim, from whose expertise we are confident we will benefit.
to include foreign-sourced interest and distributions by foreign
trusts paid out of income or gains related to ownership of foreign We would like to thank our Board of Directors, Unitholders, business
properties. In addition, Singapore REITs will be able to recover Goods partners, customers, tenants, shoppers and staff for their contributions
and Services Tax (GST) on expenses incurred to structure and set up to our performance. With the continued support of all stakeholders,
various tiers of Special Purpose Companies (SPCs) to hold overseas CMT aims to continue to create value through proactively managing
non-residential properties. GST incurred on acquiring overseas non- our assets so as to maximise returns to Unitholders, and at the same
residential properties and operating the SPCs is also recoverable. time, endeavour to provide shoppers with one of the best retail
experiences at our malls.
CMT, with its competitive cost of capital structure, conservative debt
structure and low gearing ratio of 31.7 percent as at 31 December
2005, is well poised to benefit from the increased gearing limit.
Through leveraging on our six established value creation cum growth
strategies, termed as the Six “i”s, we will continue to pursue yield
accretive acquisitions in Singapore to grow CMT’s asset size to a
higher target of S$5.0 billion to S$6.0 billion by 2008. We have now
grown to a significant size where we can capitalise on our scale to
take on investment and development projects. This option is further
facilitated by the government’s latest guideline change which allows
REITs to take on development projects up to no more than 10 percent
of their deposited assets. Over the medium-term, we will also explore
how CMT Unitholders can benefit from having an exposure in overseas
assets so to provide them with a new wing of growth.

HSUAN OWYANG PUA SECK GUAN

2006 Objectives
CHAIRMAN CHIEF EXECUTIVE OFFICER
This year, we will be focused on executing the various planned asset
enhancement initiatives with minimal impact to existing revenue
streams and will continue to explore value creation opportunities at
11 March 2006
our malls. In addition, we will further strengthen the tenancy mix and

23 Based on the projection for 2006, together with the accompanying assumptions, in the CMT Circular 18
October 2005.

inspire > 17
IN Conversation_ᇈ֍໑Ԃ
ᇈ֍໑ԂႼᆇྗ‫ݭ‬
Ⴜᆇྗ‫ݭ‬
ᇈ"֍໑ԂႼಭ
໨૓࣏քѝࡈ઻ྗຈࠕࣈࡈ઻ྗ
ຈܼ֬য়ࠖ‫ྗ઻ࡈܙ‬ຈܼয়Ⴜདྷ
‫܋‬ය+5<54֬‫׳‬ൠ߽ເ୤฻‫܉‬
ࢰᇇ୔ᄌಷ֬ࡈ઻ྗຈИ
ۨඇè
‫ྗ઻ࡈؚ‬ຈদන୔൥۸ӵः٫ٖ֬၉୔è໨૓ၢ
ၨສྔჴ  ൳‫ܚ‬ਛව۸ྔӈ၃ᆊ൥ࡈ઻ྗຈሸ
୔ᄌഏ൮ၢদᄤ၉୔ୄቒս‫֬ش‬ӈ၃൳‫ܚ‬è෢ሩ
ᆊར൳‫ྗ઻ࡈܚ‬ຈ֬ሮӈࡕᆻၟᅀᇇၨྔჴç൮ᆻᅀ
ᇇၨྔჴ࣐၉ҋ܎‫ܬ‬໨૓ቛເྔࡍ௨݆଍ቒս֬٣‫׀‬
ӈ๮ሮྗຈ:-1<֬‫׀‬໑ၢሮӈ݆଍ࠪ൮ᆻࡀෟèՕ
ບ෢ሩ໨૓ႡႼљҊྔࡍ௨֬!۸‫ܚ‬༅݃Ӎ໨૓ၟಃ֫
൮ӍႱ൤#჆୔ֿఴᄤྔࡍ௨չ֥ၨྔჴᇇၨྔ
ჴ֬ሮӈ݆଍֬଩њᆾಷढ़ևè
Ҕ༇ѝཊ
୔֬ໞ‫ࠕܬ‬ԫçႼ৭֬ບᄤߓࣩࠪᆦ‫࠽ࣣ֬ڰ‬ᇞቍ
ࠪ฻ഽյേգൗྔࡍ௨ࣣ֬࠽ࡆ࿊ಃ֫ృࣘ֬ѝཊา
Ѡ൥ᄤ༶Ͻ୔èთ୔པи୔֬‫ݚ‬ୄഺӈቀᆻ
/,8ಃ֫ਛϫ‫ٺ‬ᆴ  ֬ᅀӐèԩਛ਌‫࠽ࣣ֬ށ‬ѝ
ཊ֥٧֬ੱॡಭඛ၀Ծྔۡչ֥ !ສಭ՘#ਲ਼൹თӼϾ
ဗ༣၃֬཮൹‫ش‬ᅀࡍਛçਲ਼൹၃ᆇࣣ֬ഌ౭࿉ۡό‫ؾ‬Ю
‫ࡄݚࠪ׀‬ਲ਼൹၃ᆇ‫ྺ֬૲גؚ‬౷၀ᅀࡍਛè
ۡቆႯ੸ࠪృࣘ֬࿊ቆቆࣈ੸
ᄤᆣ฿ࣣ࠽৭‫ށ‬ఞ‫ݚࠪٹ‬ୄ཯‫ٵ‬ᆇྗྖஒۡ֬ւ‫׵‬༶໨
૓֬‫ܚ‬༅݃Ӎಃ֫ਛࣔϫ‫ٺ‬ᆴϫ֬ቆႯ੸ࠪృࣘ֬࿊ቆ
ቆࣈ੸èთჷ༼ࠪხఀ֬ቆࣈ੸པи໨૓‫ٺ‬Ѡಃ֫ϫ‫ٺ‬
ᆴࠪϫ‫ٺ‬ᆴ ֬‫ࡋ۾‬ѝཊè
ໞ‫ࠪࣈنٺ֬׮‬Ⴡಭ֬ቀߴИ
ເ൓ࡳ໨૓ເ֍໑ԂႼಭ฻‫܉‬ໞ‫ࠪࣈنٺ֬׮‬Ԃ࿊֬ቀ
ߴИ֬Ӽ୽ࡈ઻ྗຈᄤࢰᇇ୔ᄌಷ֬Ҕᆦఀ
୔؎ࡆ࿊ಃ֫иხఀ‫֬ށ۾‬၃ࠢ࠮ເ֍໑ԂႼಭւদਛ
 ൳‫ܚ‬ϩೳ‫݃ڣ‬Ӎၨ  ສྔჴç೟ϟາ‫ܚ‬༅ᇖྖ ສྔჴç‫۝ޱ‬ս
༷֍໑ ສྔჴࠪჭ঺ვৈᇖྖ ສྔჴ֬ቀ‫ࡕܚ‬è
 ‫ۻ‬ओ୔ᄌಷࡈ઻ྗຈ֬ྔჴх൮֍໑ࡕè
 ሮਟদჾ"િ‫܄‬ҍè
 ‫ۻ‬ओྔቆᄆ֬൵୔ቆࣈ੸‫ؚ‬иࣿቆᄆ֬ቒ‫ޱ‬၉୔֬ቆࣈ੸è
 ୔ᄌಷᇇ୔ᄌಷ֬ხҰቆࣈ੸ເࡈ઻ྗຈ୔ᄌಷ๠ۨ෵
ਠ֬ხҰ၎ओ୔ᄌಷᇇ୔ᄌಷ֬ხҰቆࣈ੸ເࡈ઻ྗຈ୔
ᄌ ಷ๠ۨ෵ਠ֬ხҰ၎ओè
18 > inspire
‫֬ٺ‬ો֍໑‫ࣈنٺ‬ቀ‫ش‬èთࢰᇇ୔ᄌಷ֬
Ҕᆦఀ୔؎ᆭ‫ٺ !֬ڸ‬ો֍໑‫ࣈنٺ‬ቀ‫ش‬པиۡԢਛ
ϫ‫ٺ‬ᆴ è‫ؚ‬჆ሸ୔ᄌಷा൚ԂႼࡈ઻ྗຈ֍໑֬
֍໑ԂႼಭদනࢰᇇ୔ᄌಷ෷૓෵ཡႼ֬ቀߴ
И੸ເϫ‫ٺ‬ᆴ èሸ໨૓჆୔ᄌ൵՘‫܋‬ा൹‫ܩ‬
187ѓ๮ሮ჆ࡈ઻ྗຈ֬֍໑ԂႼಭࢰᇇ୔ᄌ
ಷ෵ཡႼ֬ቀߴИ੸ເϫ‫ٺ‬ᆴ è
໨૓ᄤ୔֬ࢴԢѝཊᇽး݉‫܆‬჆ࡈ઻ྗຈ๮ሮቍ
‫ࡍ็ލ‬ਛව۸ྔӈ၃çࡈ઻ྗຈ๮ሮ჆+IXQ\I:M\IQT
;QVOIXWZM 4QUQ\ML‫֬ྡྷن‬-࠰ᅖ಑෵ಃ֫֬৭༖൳್ၢ
ࠪಃ֫჆୔ᄌຢӵছԐ֬м೽ׂϝᅦ֬಍୔ܑ
ཋèቀ൳್֬ᅀӐ၀দሸఊ෷‫ܚ‬༅݃Ӎᄤྔቆᄆࠪ࿊ᄆ
١૲֬‫ۡ۾‬ቆࣈ൳್ၢࠪ֕ѥୋ݃Ӎ‫ڥދ‬ହඛઙࠊ৶݃
Ӎྔᅀന֬ਲ਼൹‫֬૲ג‬ቆࣈ൳್è
୔؎ᇽး‫ن‬ᅡ
ሸ൵՘‫܋‬ा൹‫ܩ‬ၢদࡈ઻ྗຈ֬ો֍໑‫ࣈنٺ‬ᅀӐਛϫ
‫ٺ‬ᆴ ‫ؾ‬क൳ၴᅀӐྦ֬൳‫ܚ‬ར଩çԾྔ֬ሮӈᅀᆻ
ࠪ࠙ࠥ֬ᅸቆ‫ٺ‬Ѡ۹ᅤ‫ࣈنٺ‬ᅀӐ੸֬ϫ‫ٺ‬ᆴ!çϫ
‫ٺ‬ᆴࠪϫ‫ٺ‬ᆴ!èᄤգ࣐ો֍໑‫ࣈنٺ‬ᄤ୔
֬ᅀӐ١૲ᆊ೟սႀුࡆ࿊Ϲဍܸࡶ֬࢟೫è
क൳ၴᅀӐྦ֬൳‫ܚ‬ར଩ܼࠪ࠙ࠥ֬য়
ࡈ઻ྗຈ჆୔ᄌಷၢ ສྔჴ൳‫ܚ‬ਛ೟ϟາ
‫ܚ‬༅ᇖྖè෢‫ྗ઻ࡈޱ‬ຈ൳‫ܚ‬ਛ‫۝ޱ‬ս༷ϫ‫ٺ‬ᆴ!֬
‫ٺ‬ұ૲࠙൳‫ܚ‬ቀࡕເ ສྔჴ‫ۅؾ‬൳‫׵ྡྷܚ‬൥‫ٺ‬
ࢯ࣐ؔྡྷ࠮୔ᄌಷϫ‫ٺ‬ᆴç୔ᄌ
ಷϫ‫ٺ‬ᆴ  ࠪ୔ ᄌಷϫ‫ٺ‬ᆴè໨૓
჆୔ᄌಷ‫ٺ‬Ѡၢၨ  ສྔჴ‫ ދ‬ສྔ
ჴ൳‫ܚ‬ਛϩೳ‫݃ڣ‬Ӎ‫ދ‬ჭ঺ვৈᇖྖèࡈ઻ྗຈ๠‫ݝ‬ᆊ
ව۸ቀ൳‫ࡕܚ‬ເၨສྔჴ֬क൳ၴᅀӐྦ֬൳‫ܚ‬
ར଩નቇྔࡍ௨۹԰֬ቆႯྺ౷Ѱւদ‫ئ֬ئ۾‬ჴ‫׀‬
য়৭ၴèᆊව۸ར଩၀ಥࡈ઻ྗຈႼ߽ࠖᅀࡍ‫܋‬ᇠԂ‫ܩ‬
ਏࠪ࢓ၥੇ‫ྦ׵‬èՕບთಇ୔๤ఀ୔ᄌಷᇇ
୔ᄌಷ֬ϫ‫ٺ‬ᆴཔиࡈ઻ྗຈࢃඒ༶֬
ರ၉ӈ၃෵ᅤࣱ֬ӈ၃൳್࡯ֵᇇϫ‫ٺ‬ᆴࠪၢ༶è
 ‫ۻ‬ओࢰᇇ୔ᄌಷҔᆦ୔֬‫֬ٺ‬ો֍໑‫ࣈنٺ‬ቀ‫ش‬ç୔ᄌಷ
֬ྔჴх൮֍໑ࡕࠪ୔ᄌಷ֬ྔჴх൮֍໑ࡕè
 ‫ۻ‬ओࡈ઻ྗຈሸ୔ᄌಷഏ൮ၢদ֬‫֬ٺ‬൓ࡄો֍໑‫ࣈنٺ‬ቀ‫ش‬çࡈ
઻ྗຈ֍໑֬!ྔჴ֬൵՘‫܋‬ा‫ن‬൹ࡕࠪ୔ᄌಷ֬ྔჴх൮֍໑
ࡕè
 ‫ۻ‬ओࡈ઻ྗຈ୔ᄌ ಷཋ൹๠ۨ෵ਠ֬ ‫֬ٺ‬ો֍໑ხҰ୔੸ߋ‫ࠪࣈنٺ‬
୔ᄌಷᇇ୔ᄌಷ֬‫֬ٺ‬ો֍໑୔੸ߋ‫ࣈنٺ‬è
‫۾‬ᇞး֬൥ྔӈ၃ເࡈ઻ྗຈ֬๮ሮቍ‫ލ‬ւদԂ࿊֬వ
ᄤᅀᆻ߽ࠖ՝‫ؾ‬գ࣐֍໑ԂႼಭᄤࢫ༶দ࠲୔ৡ֬ો֍
໑‫ࣈنٺ‬ᅀӐè
໨૓ᄤຢӵ൳‫ܚ‬ϩೳ‫݃ڣ‬Ӎᆴఴѓӵ‫ن܆‬न;MQa]ᄤϩ
ೳ‫݃ڣ‬Ӎ֬ᇽቆᄆ֬ࡕᆻ၉ൠቇၢᆪଃ໨૓ܼ࠙ࠥয়ӈ
၃ၢ฻‫ߴۡ۾܉‬И੸֬୆৶è;MQa]٩ఠᇽቆᄆ༶֬ҍ
‫࠙૲ٺ‬ເ໨૓ւদਛສྔჴ !֬‫ش‬ບࣱሮӈ൳್èႼ
ࡲ჆Օϩೳ‫݃ڣ‬Ӎ֬ӈ၃൳ၴ჆୔՝ϫ‫ٺ‬ᆴᅀ
ᇇϫ‫ٺ‬ᆴ  ‫ؾ‬჆୔՝ϫ‫ٺ‬ᆴ  ᅀᇇϫ‫ٺ‬ᆴ
   è თ Օ ๤ ൏  ࡈ ઻ ྗ ຈ ֬ ხ ఀ ો ֍ ໑ ‫ ࣈ ن ٺ‬၀ ჆
୔՝‫ٺ‬ᅀᇇ ‫ٺ‬ၢࠪ୔՝ ‫ٺ‬
ᅀᇇ‫ٺ‬è
໨૓ܼ࠙ࠥয়֬୆৶၀ႀࡈ઻ྗຈࠍ֫൮౼ᇞࢀऌ
=:)֬਩൏྿ढ़ᆪ‫׮ॣ֥֫ؾ‬è֙ऌᄔ྿໨૓ϣ!!!୔
ቆఀ֬ഌႯࡠህᅔ‫ن‬ᅡར଩೟ϟາ‫ܚ‬༅ᇖྖ֬௣
١ԋ֬ህᅔቀࢀሄ૲࠙ሎߗເഌႯቀࢀሄ૲࠙èᄤ‫ܚ‬ઠ
೟ϟາ‫ܚ‬༅ᇖྖ൏໨૓ࡓ‫׮‬ህᅔҍ‫ܑ֬ٺ‬ཋເਲ਼è
൮ᆻç‫܋‬ᇠԂ‫ܩ‬ਏࠪ࢓ၥੇ‫֬ྦ׵‬฻ۡ
໨૓჆୔ᄌ‫ྡྷن‬ၨສ۸ྔ֍໑ቛເ൳‫ܚ‬
ར଩֬ҍ‫ٺ‬ሮሀèࡈ઻ྗຈ֬‫܋‬ᇠԂ‫ܩ‬ਏ၀՝ϫ‫ٺ‬ᆴ
 ᅀᇇϫ‫ٺ‬ᆴ!èႀՕࡈ઻ྗຈ֬֍໑ԂႼಭ֬
ඛ଩၀෢ሩ‫ܙࠖྔئ۾‬๮ሮᆇ֬ࡍ್‫ؾ‬ᅀࡍఊᇖЎচ྿
‫ئ‬দሸ೒൝‫ދ‬ϖᇤ֬ۡුᇐ๮ሮᆇèࢰᇇ୔ᄌ
ಷࡈ઻ྗຈ֬൮ᆻᅀࡍਛϫ‫ٺ‬ᆴ չսᄆၨྔ
ჴè෢ሩࡈ઻ྗຈ჆୔ᄌЫଳ್‫ݡ‬༳൏Иᆾඛၢ
ࠪ༼ఴЫଳ್ఊ෷ᇽးᆾඛ৯೉ଐ‫ۻ‬൝֌৭ሮЮ‫ࡄݚ‬
5;+1ᆾඛç.<;-୿ᇤ‫ܒ܋‬٣‫׀‬ӈཿ߽-8:)಍
‫ݚ‬٣‫׀‬ӈ๮ሮྗຈཿ߽6):-1<಍౶٣‫׀‬ӈᆾඛç಍
౶ӈ၃ကࣵ/8:௻๠ӈ၃‫ܩ‬ᆾඛç/8:಍౶ӈ၃
‫ܩ‬ᆾඛၢࠪ/8:಍౶٣‫׀‬ӈ๮ሮྗຈᆾඛࡈ઻ྗຈ
჆୔֬಍୔࢓ၥੇ‫ྦ׵‬ಃ֫཈ᇾ‫ۆ‬ആչսᄆၨ
ສ۸֍໑èთ୔಍୔࢓ၥਏ֬սᄆၨ ສ۸
֍໑པиᅀ‫ڝ‬ເϫ‫ٺ‬ᆴè
! ‫ۻ‬ओࡈ઻ྗຈ୔ᄌ ಷ๠ۨ෵ਠ֬୔֬ხҰࠪࡓനè
 ‫ۻ‬ओࡈ઻ྗຈ୔!ᄌಷ֍໑ԂႼಭ๠ۨ෵ਠ֬୔ᄌಷᇇ୔ᄌ
ಷ֬+5<54ხҰ֬୔੸ߋඛሺࠪࡓനè
 ‫ۻ‬ओࡈ઻ྗຈ୔ᄌ ಷ๠ۨ෵ਠ֬୔ᄌಷᇇ୔ᄌಷ֬
+5<54ხҰ֬୔੸ߋඛሺࠪࡓനè
 ‫ۻ‬ओࡈ઻ྗຈ୔!ᄌಷ֍໑ԂႼಭ๠ۨ෵ਠ֬୔֬ხҰࠪࡓനè
 ‫ۻ‬ओࡈ઻ྗຈ୔ᄌ ಷ๠ۨ෵ਠ֬୔֬ხҰࠪࡓനè
 ‫ۻ‬ओࡈ઻ྗຈ୔ᄌ ಷ๠ۨ෵ਠ֬୔ᄌಷᇇ୔ᄌಷ֬
+5<54ხҰ֬୔੸ߋඛሺࠪࡓനè
ၟຢӵ֬ሮӈᅀᆻࡀߊ
໨૓҉ؕ‫ܚؚ‬༅݃Ӎ֬‫ۇ‬୘çቆ߃ቍ‫ࠪލ‬Ӯനࡍၢࡦ
ะèႵ჆໨૓ᄤ୔ᅡाਛ၉۸ᇞս֬௝எᇞࢀར଩
ࠪӵ‫܆‬೉ఀຢӵ྿‫ئ‬ሮӈᅀᆻࡀߊ୔ढ़න൥લ੣֬
၉୔è
‫ڥ‬ହྗ༖ग़࠶݃Ӎ჆୔ᄌᇞࢀ௝எເ‫ڥ‬ହඛઙࠊ৶
݃Ӎၢѓ‫٘׀ށ۾‬႟ቆ߃ቍ‫݃ࠪލ‬Ӎ֬‫׮‬໑èᄤ࣐ྡྷ௝
எᇞࢀ֬๤൏໨૓၀჆୔ᄌᄤ੓๾Ԣၢඛઙࠪ‫׏‬
ሷఝҒເᇽ֬õ1VJW`öᇽ฼౼è֕ѥୋ݃Ӎ֬ૌ൑౼
ࣣ‫ݝ‬ᇞྔҊനൗ֫ૌ൑ฉ֬ቀඛ՝۸ฉ໑ᅀᇇ ۸ฉ
໑è჆୔ᄌຢӵ֬ᇞྔҊനࡀߊ෠ᅸᇈਛ!ສ
ྔჴ֬ሮЮाᆭಖւদਛો୔‫ش‬ບສྔჴࣱ֬ӈ၃൳
್ࠪϫ‫ٺ‬ᆴ֬๮ሮߴИ੸è‫ڥ‬ହඛઙࠊ৶݃Ӎ๾Ԣ
֬õ1VJW`öᇽ฼౼ç֕ѥୋ݃Ӎເૌ൑౼࣐ྡྷᇞྔҊ
നၢࠪᄤ155ս༷çെӳս༷‫ދ‬ჭ঺ვৈᇖྖᅡा֬ሮ
ӈᅀᆻࡀߊᄤ୔ւদਛો୔ສྔჴ֬ቀቆࣈ൳
್èՕບ۹ར଩यչ֥໨૓ϫ‫ٺ‬ᆴ֬ቒֵ๮ሮߴИ
њሠè
Ⴕ჆м೽ׂϝᅦছԐਲ਼൹‫܄֬૲ג‬ቛ൥ᄤ୔ᄌຢ
ӵ൳್ܑཋ֬಍૲ႜའ࣎฿ཊ჆୔èм೽ׂϝᅦ֬
ᇶ୔൳್՝ສྔჴᅀᇇສྔჴᅀ‫ڝ‬չϫ‫ٺ‬ᆴ
#ࣱӈ၃൳್၀՝ສྔჴᅀᇇສྔჴᅀ‫ڝ‬
չϫ‫ٺ‬ᆴè
ԩਛᇽး֬ሮӈᅀᆻ‫܄‬Ӹບ໨૓၀҉ؕทะ۹ಂ֨ၢ฻
ۡሮӈᆻè๠‫ݝ‬ᄤ֕ѥୋ݃Ӎဃബቆਮٚຽࠪϣм೽ׂ
ϝᅦ֬३ఞ԰য়ሔᇉ)0=బၔၢิԢ‫֬ئ۾‬ਲ਼൹३࡞
ְࡀߊ໨૓ӵ‫ࣱࢃ܆‬ቆਮ૲࠙64)ᅀࡍਛ ௣١
ԋ՝‫ؾ‬ಃ֫ສྔჴ֬ો୔ቆࣈᅀӐè๠‫ݝ‬սਏ‫ܚ‬ᇉ
‫܋‬Ⴏനേ໨૓࡯ֵਛ႖ᄕाᆭࣱӈ၃൳್၀ಃ֫ສ
ྔჴ֬ો୔ᅀӐè໨૓ᄤ୔ࢃϣെӳս༷֬)0=బ
ၔ՝‫ิؾ‬Ԣ௣١ԋ֬३࡞ხࡀ՝‫ؾ‬ಃ֫!ສྔჴ
֬ો୔ቆࣈᅀӐè
 ‫ۻ‬ओࡈ઻ྗຈ୔ᄌ ಷ๠ۨ෵ਠ֬୔ᄌಷᇇ୔ᄌಷ֬
+5<54ხҰ֬୔੸ߋඛሺࠪࡓനè
 ‫ۻ‬ओࡈ઻ྗຈ୔ᄌ ಷ๠ۨ෵ਠ֬୔֬ხҰࠪࡓനè
 ‫ۻ‬ओࡈ઻ྗຈ୔ᄌ ಷ๠ۨ෵ਠ֬୔֬ხҰࠪࡓനè
  ࢰᇇ୔ᄌಷè
! ࢰᇇ୔ᄌಷè
 ‫ۻ‬ओࢰᇇ୔ᄌಷ֬ၨྔჴ֬൮ᆻࠪ୔ᄌಷ֬ၨྔჴ֬൮
ᆻè
inspire > 19
IN Conversation_ᇈ֍໑Ԃ
ᇈ֍໑ԂႼᆇྗ‫ݭ‬
Ⴜᆇྗ‫ݭ‬
ӈ၃ቍ‫֬ލ‬ᅀᆻ
ࡈ઻ྗຈ֬ሮӈ݆଍ႀවརӈ၃൳‫ܚ‬ᅀࡍਛϫ‫ٺ‬ᆴ
 ࠮՝ၨྔჴࢰᇇ୔ᄌಷᅀᇇၨྔ
ჴࢰᇇ୔ᄌಷèҍ‫֬ٺ‬ᅀӐႼধ჆‫ܚ‬༅݃Ӎ
ಃ֫ϫ‫ٺ‬ᆴ ᅀᆻ՝ၨສྔჴࢰᇇ୔
ᄌಷᅀᇇၨສྔჴࢰᇇ୔ᄌಷè
֬๮ሮߴИ੸èᆊ۸ར଩ხࡀᄤ୔ׂ‫࠸ل‬श
ୌၷᇖ֬ሮӈᅀᆻࡀߊ
ᄤ໊দ֬೟୔ৡࡈ઻ྗຈ֬ᇽးᅀӐ‫׵‬৶ࢃদሸᄤ
155ս༷‫ދ‬೟ϟາ‫ܚ‬༅ᇖྖᅡा֬ሮӈᅀᆻ‫܄‬Ӹè
155ս༷
55ս༷
155ս༷֬ሮӈّྔ‫܄‬Ӹ‫ׯ‬჆୔ׂ֬၉࠸ᅡ
ाè‫ۅ‬ሮӈᅀᆻࡀߊࢃϣս༷ୄ՘ቃ঺३࡞ ௣١
ԋࣱ֬ቆਮ૲࠙బၔ֥ᄤཊႼ੤ๆ๛ӡӍ३࡞ྜྷࢀ֬਍
ұ੓ۡ֬ਲ਼൹‫ڿ‬ඒࢀሄ༅è‫܄‬Ӹ֬ᅡाႼধ჆=:)‫ؚ‬ᄔ
྿֬ഌႯቀࢀሄ૲࠙՝ϫ‫ٺ‬ᆴ ᅀᇇϫ‫ٺ‬ᆴ‫ۺ‬ე
֬਩൏྿ढ़ᆪ຿྽ࢡ‫ڸ‬ၵࡕҼ‫ش‬è=:)ᄔ྿֬ϫ‫ٺ‬ᆴ
֬ᅀࡍၰ໌ሩս༷ࢃ็ࡍսᄆ ௣١ԋ֬ഌ
Ⴏቀࢀሄ૲࠙è෢ሩഌႯቀࢀሄ૲࠙֬ᅀࡍ໨૓ࢃ୆‫ܛ‬
Ԑ‫ٺ‬Ⴑߋሮӈᅀᆻࡀߊ‫ۅؾ‬ར଩ხࡀࢃເࣱӈ၃൳್ւ
দો୔!ສྔჴ֬ᅀӐèხࡀ֬ሮЮाᆭເ!ສྔ
ჴ‫ؾ‬๮ሮߴИ੸ხࡀ൥ϫ‫ٺ‬ᆴèሮӈᅀᆻ‫܄‬Ӹხࡀ
ᄤ ୔ׂ֬၉࠸श‫܄‬è
೟ϟາ‫ܚ‬༅ᇖྖ
໨૓ୌ‫׮‬ਛ၉۸Ўচ՝ህᅔս༷బၔ֫Ԣ௣١ԋ
֬‫ش‬ບቀࢀሄ૲࠙֬ሮӈᅀᆻࡀߊèህᅔսׂ༷ࠪұ੓
֬ҍ‫ٺ‬ਲ਼൹‫૲ג‬బၔ֫Ԣ֬३࡞ࢃЫሎၔ՝‫ؾ‬ເ‫ܚ‬༅ᇖ
ྖਪࢫ‫ॽ׀‬ഏᅀࢀ֬೟ұ੓ۡ֬ࢀሄ༅Ծᄶ‫׋׀ئ۾‬Ⴑ
ᄇ֬ਲ਼൹‫૲ג‬èׂұ੓బၔ֫Ԣ֬३࡞ࢃ‫ࢀۆ‬ӵ၉۸੤
ๆ๝ჺ݃Ӎ ୄന‫ؿ‬๧ႺৈӍࠪࠊ‫׵‬Ӎ෵èᆊ۸ར଩֬ხ
ࡀሮЮᆭԢເ !ສྔჴѰხਟढ़ւদો୔‫ش‬ບສ
ྔჴࣱ֬ӈ၃൳್ࠪ!
֬๮ሮߴИ੸èᅀࢀࢀሄ༅֬
േ‫܄‬ხࡀᄤ୔ֿᅡाѰხࡀᄤ ୔ֿश‫܄‬è
 ‫ۻ‬ओࢰᇇ୔ᄌಷࠪ୔ᄌಷ֕ѥୋ݃Ӎçм೽ׂϝᅦç‫ڥ‬ହඛઙࠊ
৶݃Ӎç155ս༷ࠪെӳս༷֬‫ࡕܠ‬è
20 > inspire
‫ڥ‬ହඛઙࠊ৶݃Ӎ
ሮӈᅀᆻ‫܄‬Ӹၟ๠‫ݝ‬ा‫ن‬၉۸਍ұ੓ۡ֬‫ڿ‬ඒࢀሄ༅ᅡ
ा‫ڿۅ‬ඒࢀሄ༅ࢃເ‫ڥ‬ହඛઙࠊ৶݃Ӎᅀࡍࣔ ௣١
ԋࣱ֬ቆਮ૲࠙èਪࢫ֬‫ڿ‬ඒࢀሄ༅േ‫֬܄‬ሮЮᆭԢເ
ສྔჴხਟढ़ւদો୔‫ش‬ບສྔჴࣱ֬ӈ၃൳್
ࠪ
‫܄‬è‫ڥ‬ହඛઙࠊ৶݃ӍഐႼսᄆ௣١ԋ໊֬ൗႯ
ቀࢀሄ૲࠙໨૓ࢃᄤ൨֙൏ࠖ࠙ࠥทะ೉‫ތ‬Ԑ‫ٺ‬ൗႯՕ
૲࠙è
๮ሮᆇܸ༩ࠪఙ၃࡚ܼ
ࡈ઻ྗຈ‫ྤ಻ޚ‬ᄤ୔ᄌྔࡍ௨ᆪ಑๮ሮᆇཿ߽
;1);एϾ֬๮ሮᆇ๮࿑ࢉརᇖৼ࿊ׂ‫϶ࠍ୔ل‬ûቒ๰
ଃ‫܋‬යüࢉè ᆊརႵ‫ٺ‬༌ൄçࠕࣈࣣয়ࠪૉ฿฻ଇ֬඀
಻ॣ‫׮‬ਛ໨૓௃੤ྗ༖֬ሠ൏ྦçଃಙ؎ࠪຢᆣྦၢࠪ
໨૓‫ؚ‬਌‫ށ‬๮ሮᆇܸ༩֬୴৶è໨૓ࢃࡆ࿊ເࡈ઻ྗຈ
ѬԂቒۡ֬ఙ၃࡚ܼࠪ๰ଃ؎њሠè

ఙ၃֬ധ߽ᄺರ
ᄤ໨૓ทะ೉‫ތ‬ເ໨૓֬֍໑ԂႼಭᅀᆻ֬๤൏໨૓၀
ॐੵਛ೉‫ࢃތ‬໨૓֬‫ܚ‬༅݃ӍሎєӵएϾࠊ‫֬׵‬ᇖྖၢ
ߴওധ౼è໨૓ࢃм೽ׂϝᅦϾ‫܋‬੓֬௣١ԋ֬
૮ቆࣈቆਮ૲࠙࢓ე‫ڥࡌݚ‬৭য়ൠ߽‫܉‬ఊ༶֬ᇄᄂ‫ڥ‬৭
ቍᆵൗႯњᇄਛ໨૓֬၉۸ᇞး֬ৡӸОèࢧᄱ൏໨૓
ࢃϾ‫܋‬੓֬௣١ԋቀࢀሄ૲࠙ሎєӵм೽ׂϝᅦ
֬ਲ਼൹૲࠙èເਛໂԂм೽ׂϝᅦჷႼ֬ቀࢀሄ૲࠙Ͼ
‫܋‬੓ᄼш྽ЫҾԩè
Օບ໨૓ᄤ֕ѥୋ݃Ӎࠪм೽ׂϝᅦ֬໳‫׫‬ഏࢀᄶਛ੤
ๆ๝ჺ݃ӍເՒആቍᆵ฻‫܉‬एϾࠊ‫֬׵‬ቒࡋӍ‫࣐׀‬၉ҋ
չ֥໨૓֬ఙ၃ധ߽ᄺರ଩њè
ᅡຳఴࣦ
ҭંྦܼয়ࡀߊ
ࢰᇇ୔ᄌಷ໨૓ᆭ‫ࡽڸ‬ᅀ൛ቆࣈࠪቀ႖၃
‫ ش‬ቆ ࣈ  / < 7  ֬ ቆ ߃ ‫ ٺ‬Ѡ ᅤ ϫ ‫ ٺ‬ᆴ     ࠪ ϫ ‫ ٺ‬ᆴ
èᄤ໨૓ᇶࡽሎས၉۸ၢࠕЮቆࣈ‫ࡍڿ‬/<7ϫ‫ٺ‬
иࠎࢧۡ֬/<7ϫ‫ٺ‬и֬಍ྔቆࣈࢹ‫֬ܙ‬๤൏໨૓ࢃ
ᇶҋເ๮ሮቍ‫ލ‬ᇖ֬۹ࡌ‫ܚ‬༅݃Ӎ๾Ԣ཮൹‫׋‬87;༩
๫ၢѓ‫۾‬Ⴜཹ‫ࡁ׀‬੪ቆ߃֬཮൹၃ࠢè໨૓ၟᄤм೽ׂ
ϝᅦ๾Ԣ൲မྦ֬87;༩๫Ѱಃ֫!
֬‫ׯ‬Ⴏ੸è໨૓
၀ढ़๠‫ݝ‬87;༩๫ࡁ੪/<7ቆࣈᇖ֬൳್ᅀ‫ش‬è
ആႯᆾ֤١ᆓࠪხෟϊ֬є‫۾‬
୔ᄌྔࡍ௨ࣈ಼ܼয়ऌྰ‫ׯ‬ਛ٣‫׀‬ӈࠕࣈ֬ᆾ
֤١ᆓၢࡍృ٣‫׀‬ӈ๮ሮྗຈ֬ఙ၃࡚ܼࠪເ٣‫׀‬ӈ๮
ሮྗຈ֬๮ሮࠊ‫׵‬ሆ್‫۾‬ս֬ਹࠊྦְèᆾ֤١ᆓ֬ᇽ
းє‫۾‬฻‫܉‬ଃಙ֬๏৯݆ࠪ‫׮‬ၢգ࣐٣‫׀‬ӈ๮ሮྗຈ൳
‫ܚ‬ບ‫ݚ‬ӈ၃ሮӈࠪཡႼӈ၃ሮӈ֬ҍ‫ٺ‬෵Ⴜಊè‫۾‬ᇞး
֬൥۞‫ۍ‬དྷᇌ՝ϫ‫ٺ‬ᆴ฻ۡᇇϫ‫ٺ‬ᆴ຿٣‫׀‬ӈ
๮ሮྗຈ྽ಃ֫၉ࡌᇽး௦‫ྗ֬ܙࠖܠ‬Ⴏ௦࠰Ѱ‫ؚ‬Օቛ
Ԣ௃੤è
ເਛ฻ۡྔࡍ௨٣‫׀‬ӈ๮ሮྗຈࣰ֬ᆡႱ൤Ѱգ࣐ྔࡍ
௨‫ن‬ᅡӵ٣‫׀‬ӈ๮ሮྗຈ֬ࣈ಼ᇖྖᆦ‫ڰ‬ᄤ୔ᄌ
ಷ‫܋‬Ҋ֬୔ხෟϊᇖ࿍Ҋྔࡍ௨٣‫׀‬ӈ๮ሮྗຈ
՝ບ‫ݚ‬ಃ֫֬৭༖ࠪሸບ‫ྗݚ‬ຈಃܸ֫჆ບ‫ݚ‬ӈ၃෵Ⴜ
ಊ֬൳್ࠎ൳ၴ֬‫ࣈنٺ‬၀ࢃཡႼ૮ඬႱ߹èՕບྔࡍ
௨֬٣‫׀‬ӈ๮ሮྗຈढ़ಃߴႀቍᆵࠪന৲۹ұ՘ԂႼ‫ݡ‬
ບ٫ህᅔӈ၃֬าѠ଩֬‫܋‬ය;8+‫ؾ‬ᅸᇈ֬ाᆭ֬཯
‫ٵ‬ඬ/;<è൳‫ݡܚ‬ບ٫ህᅔӈ၃ࣣࠪ႖าѠ଩֬‫܋‬ය
‫ؾ‬ᅸᇈ֬཯‫ٵ‬ඬ၀ढ़ಃߴè
ࡈ઻ྗຈ௤ሩሮЮࢹ‫ࣰ֬ܙ‬ᆡྦӵЮçГ൶֬ᅖ༇ࢹ‫ܙ‬
ࠪࢰᇇ୔ᄌಷ֬ϫ‫ٺ‬ᆴֵ‫ڼ‬ᅖи੸ࢃ୆
՝฻ۡ֬‫ڼ‬ᅖདྷᇌᇖࠍၴè๠‫ࣀݝ‬ሀ໨૓Ӳເ੉õQö֬
੉རໞ‫ࡕ֬ܬ‬ᆻԾᄶࡠᅀӐҭં໨૓ࢃࡆ࿊ᄤྔࡍ௨
 ҉Ўচ჆୔ᄌ൳‫֬ܚ‬೟ϟາ‫ܚ‬༅ᇖྖç୔ᄌ‫ ދ‬ᄌ൳‫۝ޱ֬ܚ‬ս༷֍໑
ࠪ୔ᄌ൳‫֬ܚ‬ჭ঺ვৈᇖྖè
 ‫ۻ‬ओࡈ઻ྗຈ୔ᄌ ಷ๠ۨ෵ਠ֬୔֬ხҰࠪࡓനè
࣐ྡྷक൳ၴᅀӐྦ֬൳‫ܚ‬ར଩ၢছԐࡈ઻ྗຈ֬ሮӈ݆
଍࠮ᄤ ୔ֿఴչ֥ၨྔჴᇇၨྔჴ֬‫ۡ۾‬଩
њè໨૓ཊၟಃ֫཈ᇾ݆֬଍ѰႼ୆৶ᅡा๮ሮࠪ‫ن‬ᅡ
ར଩èᆦ‫ڰ‬ቒྔ֬ᆾ֤١ᆓє‫۾‬ᄔ྿٣‫׀‬ӈ๮ሮྗຈၢ
҉Ә‫ݝ‬ၟհሮӈ֬ϫ‫ٺ‬ᆴ࣐ྡྷ‫ن‬ᅡར଩ࢃ৭჆ᆊརࡀ
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inspire > 21
IN Conversation_financial highlights

1 JAN 2005 TO 30 OCT 2005 31 OCT 2005 TO 31 DEC 2005

ACTUAL FORECAST1 VARIANCE ACTUAL FORECAST2 VARIANCE

Gross revenue S$191.3 m S$173.9m + 10.0% S$51.8m S$49.3 m + 5.0%

Net property income S$121.7m S$113.6m + 7.1% S$32.4m S$32.3 m + 0.2%
Distributable income S$101.0 m S$93.7m +7.9% S$25.8m S$25.2 m + 2.9%
Distribution per unit (DPU) 8.36¢ 7.76¢ + 7.9% 1.87 ¢ 1.82 ¢ + 2.9%
Annualised DPU 10.07 ¢ 9.34¢ + 7.9% 11.02 ¢ 10.71 ¢ + 2.9%
Annualised distribution yield 4.42%3 4.10%3 + 7.9% 4.92%4 4.78%4 + 2.9%

FROM 31 DECEMBER 2004 TO 31 DECEMBER 2005

Total Return5 33.1%
Distribution Yield 6 5.8%
Capital Appreciation 7 27.3%

2.7 CMT CLOSING UNIT PRICE

(31 Dec 2004 - 30 Dec 2005)
2.6

2.5 30 December 2005’s closing unit

price S$2.24
2.4

2.3

2.2

2.1

2.0

1.9

1.8 31 December 2004’s closing unit

price S$1.76
1.7
Dec-04 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05

1. Based on the forecast, together with the accompanying assumptions, shown in the CMT Circular dated 20 July 2004 for the financial year ended 31 December 2005, pro-rated for the period 1 January to 30 October 2005.
2. Based on the forecast, together with the accompanying assumptions, shown in the CMT Circular dated 18 October 2005 (adjusted to include actual for 31 October 2005).
3. Based on the unit closing price unit of S$2.28 as at 28 October 2005, as 30 October 2005 is a non trading day.
4. Based on the unit closing price unit of S$2.24 as at 30 December 2005, as 31 December 2005 is a non trading day.
5. 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.
6. Based on total actual distribution per unit of 10.23 cents for the financial year ended 31 December 2005, and the closing price of SS1.76 on 31 December 2004.
7. Based on the closing unit price of S$2.24 on 30 December 2005 and the closing unit price of S$1.76 on 31 December 2004.

22 > inspire
 2005 2004 2003 2002
TRUST & ITS TRUST & ITS
AS AT 31 DECEMBER ASSOCIATE 1 ASSOCIATE 1 TRUST TRUST

Portfolio property valuation (million) S$3,365.0 S$2,235.0 S$1,240.0 S$935.0

CMT portfolio committed occupancy rate 2 99.7% 99.8% 99.1% 99.8%

BALANCE SHEET AS AT 31 DECEMBER

Total assets (million) S$3,483.6 S$2,361.7 S$1,351.5 S$990.2
Unitholders’ funds (million) S$2,283.9 S$1,622.5 S$972.4 S$761.2
Total borrowings3 (million) S$1,089.2 S$660.0 S$325.0 S$200.0
Market capitalisation 4 (million) S$3,090.5 S$2,117.6 S$1,295.7 S$745.9
Net Asset Value per Unit S$1.66 S$1.35 S$1.07 S$1.03

FINANCIAL RATIOS AS AT 31 DECEMBER

Earnings per Unit 9.48¢ 9.85¢ 7.68¢ 6.21¢
Distribution per Unit 10.23¢ 9.48¢ 8.03¢ 6.16¢
Net Tangible Assets per Unit S$1.66 S$1.35 S$1.07 S$1.03
Borrowings to Total Assets 5 31.6% 28.5% 24.7% 20.7%
Interest cover (times) 6.0 7.2 8.0 8.5
Management Expense Ratio 6 0.9% 1.1% 1.0% 0.8%

1. With the adoption of FRS 28, the results of Trust and its associate are presented in Years 2004 and 2005. There are no comparative figures for Years 2002 and 2003 as the investment in CapitaRetail Singapore Limited (“CRS”) was
effective in 2004.
2. Excludes office and warehouse in IMM Building.
3. Total borrowings is S$1,093.0 million as at 31 December 2005. Fees and costs of S$3.8 million incurred in the S$433.0 million debt raising exercise is amortised over the tenor of the secured loan of seven years.
4. Based on the unit closing price of S$2.24 as at 30 December 2005 (31 December 2004: S$1.76/31 December 2003: S$1.43/31December 2002:S$1.01)
5. Total assets excluding distributable income.
6. Refers to the expenses of the Trust excluding property expenses and interest expense expressed as a percentage of weighted average net assets.

inspire > 23
24 > inspire
 IN Conversation_milestones
MILESTONES
january
• CapitaMall Trust (CMT) commenced quarterly
distributions to Unitholders.
• CMT’s distributable income exceeded
distribution forecast for the period from 2
August 2004 to 31 December 2004 by 6.4
percent.
march
• CMT was included as one of the 50 component
stocks of the Straits Times Index (STI), the primary
Singapore equity market barometer.
• CapitaMall Trust Management Limited (the
Manager) of CMT handed over 55,000 sq ft of
rent-free lettable space at Junction 8 office tower
to the National Council of Social Service for their
Voluntary Welfare Organisations.
inspire > 25
IN Conversation_milestones

april
• CMT’s distributable income exceeded
distribution forecast for the period from
1 January 2005 to 31 March 2005 by 7.3
percent.

• CMT entered into a Sale and Purchase

agreement with Hougang Town Central
Development Pte Ltd and S28 Holdings
Pte Ltd to acquire an aggregate of 92.4
percent of the total share values in
Hougang Plaza for approximately S$39.2
million.
May
• CMT entered into a Sale and Purchase
agreement with Ang Oon Hue Private
Limited to acquire Sembawang
Shopping Centre for approximately
S$78.0 million.
• Funan The IT Mall was rebranded as
Funan DigitaLife Mall to better reflect
the tenant mix and the positioning of
the mall. The rebranding programme
was also tied in with the launch of
Inbox5, a thematic zone on Level 5
with a focus on digital and electronic
devices.
June
• At Junction 8, construction of an open
landscaped plaza, which includes a children’s
playground, stage facilities and promotional
space, was completed.
• CMT completed the acquisition of
Sembawang Shopping Centre.
• CMT completed the acquisition of an
aggregate of 92.4 percent of the total share
values in Hougang Plaza.
• CMT entered into a Sale and Purchase
agreement with Jack’s Place Holdings Pte
Ltd to acquire approximately 4.3 percent of
the total share values in Hougang Plaza for
S$4.6 million.

• At Tampines Mall, a designated Beauty

Hub area was created by converting
common corridor space into leasable
space.

• At IMM Building, four glass kiosks

were erected on Level 1 to maximise
net lettable area.

26 > inspire
 july
• CMT’s distributable income exceeded
distribution forecast for the period from 1
April 2005 to 30 June 2005 by 7.8 percent.
• CMT entered into a conditional Sale and
Purchase agreement with BCH Retail
Investment Pte Ltd, an associate of
CapitaLand Limited, in respect of the
acquisition of Bugis Junction at a purchase
price of S$580.8 million.
• CMT entered into a Sale and Purchase
agreement with Shaw Jurong Development
Pte Ltd to acquire Jurong Entertainment
Centre for approximately S$68.0 million.
August
• CMT completed the acquisition of
approximately 4.3 percent of the total
share values in Hougang Plaza.
september
• CMT won the ‘Most Transparent Company’
Award, REITs category, Securities Investors
Association (Singapore) (SIAS) Investors’
Choice Award for the second year running.
• At Funan DigitaLife Mall, the installation of
new escalators from Basement 3 to Level
1 was completed, improving access for
shoppers from the car park.
november
• CMT completed the transaction for the
surrender of 74,299 sq ft of net lettable
area at Bugis Junction.
october
• At an Extraordinary General Meeting on 6
October 2005, Unitholders passed, inter
alia, an extraordinary resolution to acquire
Bugis Junction.
• CMT entered into an agreement with Seiyu
(Singapore) Private Limited (now known as
BHG (Singapore) Pte. Ltd.) and The Seiyu,
Ltd. for the surrender of 74,299 sq ft of net
lettable area at Bugis Junction.
• CMT was granted Outline Permission by the
Urban Redevelopment Authority to convert
45,267 sq ft of residential gross floor
area (GFA) to retail GFA at Sembawang
Shopping Centre.
• CMT’s distributable income exceeded
distribution forecast for the period from
1 July 2005 to 30 September 2005 by 8.4
percent.
• CMT completed the acquisitions of Bugis
Junction and Jurong Entertainment
Centre.
• At Tampines Mall, the reconfiguration of
the food kiosk area on Basement 1 was
completed, increasing the total number of
food kiosks from 13 to 18.
december
• At Jurong Entertainment Centre, the
amalgamation of two retail units to
create a food court was completed.
inspire > 27
 INsights
into
Growth
We have a track record of creating
value and growth for our Unitholders.

28 > inspire
inspire > 29
INsights into Growth

TRACK RECORD OF VALUE CREATION

(1) CONSISTENTLY OUTPERFORMED DISTRIBUTION PER UNIT FORECAST

• We have consistently outperformed our Distribution per Unit forecasts by between 3.0 percent to 8.0
percent.

ORIGINAL REVISED ACTUAL VARIANCE

PERIOD FORECAST FORECAST DPU FROM
(ANNUALISED) (ANNUALISED) (ANNUALISED) FORECAST

2002 6.78 ¢ 1 NA 7.34 ¢ 8%

2
1 January 2003 to 25 June 2003 6.96 ¢ NA 7.51 ¢ 8%
26 June 2003 to 31 December 2003 6.96 ¢ 2 8.04 ¢ 5 8.53 ¢ 6%
3 6
1 January 2004 to 1 August 2004 8.14 ¢ 8.59 ¢ 9.25 ¢ 8%
2 August 2004 to 31 December 2004 8.14 ¢ 3 9.21 ¢ 7 9.80 ¢ 6%
4
1 January 2005 to 31 March 2005 9.34 ¢ NA 10.02 ¢ 7%
1 April 2005 to 30 June 2005 9.34 ¢ 4 NA 10.07 ¢ 8%
4
1 July 2005 to 30 October 2005 9.34 ¢ NA 10.12 ¢ 8%
31 October 2005 to 31 December 2005 9.34 ¢ 4 10.71¢ 8 11.02 ¢ 3%9

1. Annualised forecast based on the forecast shown in the CMT Offering Circular dated 28 June 2002.
2. Based on the forecast shown in the CMT Offering Circular dated 28 June 2002.
3. Based on the forecast shown in the CMT Circular dated 11 June 2003.
4. Based on the forecast shown in the CMT Circular dated 20 July 2004.
5. Based on the forecast shown in the CMT Circular dated 11 June 2003, for all the properties, excluding Plaza Singapura, for the period June to December 2003, pro-rated for the period from 26 June to 31 December
2003.
6. Based on the forecast shown in the CMT Circular dated 11 June 2003 (and subsequently updated in the CMT Offer Information Statement dated 9 December 2003) for all the properties, excluding Plaza Singapura, for
the financial year ended 31 December 2004, pro-rated for the period from 1 January to 1 August 2004.
7. Based on the forecast shown in the CMT Circular dated 20 July 2004, for all the properties including Plaza Singapura, for the period 1 August to 31 December 2004, pro-rated for the period from 2 August to 31 December
2004.
8. Based on the forecast shown in the CMT Circular dated 18 October 2005 (adjusted to include actual distribution for 31 October 2005).
9. Variance against the revised forecast of 10.71 cents as shown in the CMT Circular dated 18 October 2005 (adjusted to include actual distribution for 31 October 2005).

30 > inspire
 (2) DISTRIBUTION PER UNIT GROWTH TREND

• Actual Distribution per Unit has grown from 7.341 cents in 2002 to 10.232 cents in 2005.

+ 7.9% 11.04
+ 7.9% 10.23
+ 18.1% 9.48
+ 9.4% 8.03
7.34 FY2006
FY2005 Projected
FY2004 Actual DPU(3)
FY2003 Actual DPU
FY2002 DPU
Actual
Actual
DPU
DPU(1)

Notes :

2002 2003 2004 2005 2006

1 Based on annualised distribution per unit. The actual distribution per unit for the period from 17 July 2002 to 31 December 2002 was 3.38 cents.
2 Based on actual distribution per unit from 1 January 2005 to 31 December 2005.
3 Based on the forecast shown in the CMT Circular dated 18 October 2005.

(3) CORE DRIVERS OF DISTRIBUTION PER UNIT GROWTH

• We have successfully driven Distribution per Unit growth from 6.78 1 cents to 11.022 cents, with acquisitions (49 .0
percent), asset enhancements/reconfigurations (20.5 percent) and active leasing (19.2 percent) forming the three
major components of growth.

11.02 ¢2
Acquisitions3 CRS
Investment
49% 3%

Asset Enhancements/
Reconfigurations
21%

Upfront Payment of
IMM Land Premium
1
6.78 ¢ 8%
Active Leasing
19%

1 Annualised forecast based on the forecast, together with the accompanying assumptions, shown in the CMT Offering Circular dated 28 June 2002.
2 Annualised distribution per unit for the period 31 October 2005 to 31 December 2005.
3 Based on the distribution per unit increase forecasts shown in the CMT Circular dated 11 June 2003, CMT Circular dated 20 July 2004 and CMT Circular dated 18 October 2005, which were eventually achieved.

inspire > 31
INsights into Growth

(4) STRONG RENTAL RENEWAL RATES

• We have been able to achieve healthy renewal rates versus forecast and preceding rental rates through
our proactive asset planning and leasing strategy.

FROM 1 JANUARY TO 31 DECEMBER 2005 (EXCLUDING NEWLY CREATED UNITS)

NO. OF RENEWALS/ NET LETTABLE AREA INCREASE/(DECREASE) IN CURRENT RENTAL RATES VS.

NEW LEASES AREA (SQ FT) % TOTAL NLA1 FORECAST RENTAL RATES PRECEDING RENTAL RATES

CMT Portfolio for 2005 2 189 401,263 23.2% 6.8%3 12.6%

4
CMT Portfolio for 2004 248 244,408 14.2% 4.0% 7.3%
CMT Portfolio for 2003 325 350,743 15.6% 6.2%5 10.6%

1. As at 31 December 2003, 31 December 2004 and 31 December 2005 respectively.

2. Excluding Hougang Plaza Units, Sembawang Shopping Centre, Bugis Junction and Jurong Entertainment which were acquired in 2005. Only renewal of retail units not budgeted to be affected by asset
enhancement works were taken in to account, 149 units originally budgeted to be affected by asset enhancement works at level 2 and level 3 of IMM building were excluded from the the analysis.
3. Forecast rental rates for the period 1 January 2005 to 30 October 2005 is the basis for forecast shown in the CMT Circular dated 20 July 2004 and the forecast rental rates for the period 31 October 2005 to 31
December 2005 is the basis for forecast shown in the CMT Circular dated 18 October 2005.
4. Forecast rental rates for the period 1 January 2004 to 1 August 2004 is the basis for forecast shown in the CMT Circular dated 11 June 2003 and the forecast rental rates for the period 2 August 2004 to 31
December 2004 is the basis for forecast shown in the CMT Circular dated 20 July 2004.
5. Forecast rental rates for the period 1 January 2003 to 25 June 2003 is the basis for forecast shown in the CMT Offering Circular dated 28 June 2002 and the forecast rental rates for the period 26 June 2003 to
31 December 2003 is the basis for forecast shown in the CMT Circular dated 11 June 2003.

(5) HIGH OCCUPANCY RATES

• We have achieved consistently high occupancy rates of close to 100.0 percent at all malls within the
portfolio.

AS AT AS AT AS AT AS AT AS AT AS AT
30 SEP 04 31 DEC 04 31 MAR 05 30 JUN 05 30 SEPT 05 31 DEC 05

Tampines Mall 99.9% 100.0% 100.0% 100.0% 100.0% 100.0%

Junction 8 99.8% 99.8% 100.0% 100.0% 100.0% 100.0%
2
Funan DigitaLife Mall 99.8% 100.0% 98.9% 97.0% 99.2% 99.4%
IMM Building1 99.3% 99.4% 99.8% 99.8% 99.8% 99.0%
Plaza Singapura 98.0% 100.0% 100.0% 99.9% 100.0% 100.0%
Bugis Junction NA NA NA NA NA 100.0%
3
Others NA NA NA 100.0% 100.0% 99.8%
CMT Portfolio 99.2% 99.8% 99.6% 99.5% 99.8% 99.7%

1. Information is based on retail space only.

2. Lower occupancy rate due to reconfiguration of units on Level 2.
3. Comprising Hougang Plaza Units, Sembawang Shopping Centre and Jurong Entertainment Centre.

32 > inspire
(6) INCREASING SHOPPERS’ TRAFFIC

• Through proactive management of our malls, we have successfully increased shoppers’ traffic by
20.7 1 percent since 2003.

INCREASED SHOPPER’S TRAFFIC BY 20.7% SINCE 2003

2500
Junction 8

2000
Number of shoppers

Tampines Mall

1500 Plaza Singapura

IMM building
1000

Funan DigitaLife Mall

500

Mar 05

May 05
Sep 04

Nov 04

Jan 05
Sep 03

Mar 04

Sep 05
Nov 03

May 04

Jul 04

Nov 05
Mar 03

May 03

Jul 03

Jan 04

Jul 05
Sep 02

Jan 03
Jul 02

Nov 02

Shopper Traffic (By Month)

TOTAL NO. OF TOTAL NO. OF TOTAL NO. OF

SHOPPERS IN 2003 SHOPPERS IN 2004 SHOPPERS IN 2005
(IN ‘000s) (IN ‘000s) (IN ‘000s)

Tampines Mall 18,927 18,7802 20,488

2
Junction 8 19,244 15,786 21,751
Funan DigitaLife Mall 5,642 8,005 9,625
IMM Building 14,088 15,374 15,844
Plaza Singapura 12,270 16,776 16,998
TOTAL 70,171 74,721 84,706

1 Based on a total traffic of 70,171,000 in 2003 and a total traffic of 84,706,000 in 2005 at Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building and Plaza Singapura.
2 Lower shoppers’ traffic due to asset enhancement works.

inspire > 33
IN-Touch

“This is our favourite place to meet. We come

here for the movies, shopping as well as the great
snacks at the basement level. “

Brenda Lin, Ng Xuemin, Ho Wei Heng

Bugis Junction

Our shoppers
speak

“We live in Thomson but come to Plaza Singapura

because it is a great one-stop shopping mall. We
like to come here for the fresh food supermarket,
shopping and the basement level - our favourite
tea destination with its wonderful restaurants.”

Tari, Gladys Ding, Priscilla Ding, James Ding

Plaza Singapura

34 > inspire
“Tampines Mall is a great one-stop mall where
there’s something for everyone. The mall has
been transformed radically. I’ve noticed the many
new and exciting snack food and restaurants in
the basement which are a great improvement.”
Alfie Ng
Tampines Mall
“We are both expatriates working in IBM
Singapore. When we first arrived here, we
quickly learnt that Funan is the best mall for all
our IT needs. Besides work-related needs, our
families back home hound us to buy them the
latest Nintendo and computer games, which is
why we need to keep coming back to the mall.”
Sunita Thaniyan, Indian & Hannah Parker, British
Funan DigitaLife Mall
“We live very close to Junction 8 and love
shopping here. The mall has been revamped
tremendously. I particularly like the improved
retail mix, new restaurants, push carts and
improved areas. I think CapitaMall Trust has done
a great job.”
Christine Chia with her two daughters
Junction 8
“My mum loves shopping at IMM, and we often
come here for her grocery needs. We’ve noticed
vast improvements to the shopping mall in the
last few years and there appears to be constant
upgrades which have greatly enhanced the
shopping experience.”
Caroline Cheng
IMM Building
inspire > 35
IN-Touch

Our tenants speak

“City Chain and Optical 88 are proud to
partner CMT. We have an enjoyable working
relationship with the CMT management team
who is dynamic, professional, understanding
and knows the market trend very well.
Because the team updates the tenant mix,
upgrades their malls, and introduces lots of
promotional activities, CMT’s shopping malls
are always well-managed, very crowded and
appealing to the right target customers. We
are confident that we would definitely move
forward together with their projects.”

Mr Kenny Chong , Regional Operations Controller

City Chain Stores (S) Pte Ltd
Optical 88 (S) Pte Ltd

“We have worked with the management

team on many occasions and found them
to be professional and creative in their
approach. Their willingness to embrace
new ideas and concepts is a strong boost
to entrepreneurship and business ventures.
Indeed, CapitaLand’s expertise in professional
retail mall management and its strong
emphasis on tenant relationships have been
integral to the success of our business.”

Dr George Quek
Group Managing Director
BreadTalk Group Limited

“I think we have a landlord who is sensitive

to the needs of the tenant, makes a deliberate
attempt to engage the tenant, understands the
specific nature of the different retailers, and
appreciates that both parties have a common
objective in operating a profitable business.
This makes for a good and wonderful working
relationship.”

Mr Jeffrey Sim, Director

Finance, Human Resource & Administration
Best Denki (Singapore) Pte Ltd

36 > inspire
“The asset enhancements and aggressive
marketing campaigns embarked on at
the various malls have given shoppers
a refreshing and vibrant shopping
experience. As a retailer, we have benefited
from the higher traffic flow and the very
conducive retail environment. All credit to
the management team!”

Mr Charlie Teo, Chief Operating Officer

OSIM International Ltd

“CapitaLand has played an important role

in the growth of our business over the
past two years. Because the management
understands our business and is disciplined
in executing asset enhancements,
marketing programs and tenancy remixing,
we are confident of their ability to drive
shoppers’ traffic and are now in most of
their malls. We look forward to strengthen
our partnership with CapitaLand in the many
more years ahead.”

Mr Koh Wee Seng, Chief Executive Officer

Aspial Corporation Limited
(Aspial, Lee Hwa Jewellery, Goldheart Jewelry
and Citigems)

“We are impressed by the retail

management skillset of the management.
The proactive management of the tenant
mix at the malls, various asset enhancement
works undertaken, coupled with the strong
emphasis in marketing activities, have
resulted in shoppers’ traffic increase. We
are most happy with their focus on forging
close relations with tenants so as to gain a
better understanding of our business. We
look forward to working in tandem with the
team to grow our business in Asia.”

Mr Mark R. Wesley
senior vice president, Real Estate
and Store Development
Starbucks Coffee International

inspire > 37
38 > inspire
INspiring
leadership
We are organised for leadership: Pro-active
leadership. We have an experienced and
well-qualified Board of Directors as well as
creative and professional management teams
who drive the success of both CapitaMall Trust
(CMT) and the individual malls. And, we have
an effective corporate governance culture to
ensure that the assets and liabilities of CMT are
managed for the benefit of all stakeholders.

inspire > 39
INspiring leaders _corporate governance

CAPITAMALL TRUST STRUCTURE

UNITHOLDERS

INVESTMENT IN
DISTRIBUTIONS
CAPITAMALL TRUST

ASSET MANAGEMENT REPRESENTS INTERESTS

SERVICES OF UNITHOLDERS
MANAGER TRUSTEE
CAPITAMALL TRUST HSBC INSTITUTIONAL TRUST
MANAGEMENT LIMITED SERVICES SINGAPORE
LIMITED, THE TRUSTEE OF
CAPITAMALL TRUST
ASSET MANAGEMENT FEES TRUSTEE’S FEES

OWNERSHIP NET PROPERTY

OF ASSETS INCOME

PROPERTY MANAGEMENT
CAPITAMALL TRUST
SERVICES
PORTFOLIO
PROPERTY MANAGER Tampines Mall
Bugis Junction
Junction 8
Jurong Entertainment Centre
CAPITALAND RETAIL Funan DigitaLife Mall
MANAGEMENT PTE LTD Hougang Plaza Units
IMM Building
PROPERTY MANAGEMENT Sembawang Shopping Centre
Plaza Singapura
FEES

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 Good corporate governance has always been the priority
of CapitaMall Trust Management Limited (the Manager), the
Manager of CapitaMall Trust (CMT). The Manager recognises
that an effective corporate governance culture is critical to
the performance of the Manager and, consequently, the
success of CMT. As such, corporate governance will remain
at the top of the Manager’s agenda.

Pursuant to this agenda, the Manager has adopted a comprehensive
corporate governance framework that meets best practice principles.
In particular, the Manager has an obligation to act honestly, with
due care and diligence, and in the best interests of Unitholders. This
obligation ties in with the Manager’s prime responsibility in managing
the assets and liabilities of CMT for the benefit of Unitholders,
and the Manager will endeavour to continue enhancing returns to
Unitholders.
• Preparing property plans on an annual basis for review by
the Directors of the Manager which may contain proposals
and forecasts on net income, capital expenditure, sales and
valuations, explanation of major variances to previous forecasts,
written commentary on key issues and underlying assumptions
on rental rates, inflation, moving annual turnover, occupancy
costs and any other relevant assumptions. The purpose of these
plans is to explain the performance of CMT’s assets.

THE MANAGER OF CMT
The Manager has general powers of management over the assets of
CMT.
The Manager’s main responsibility is to manage the assets and
liabilities of CMT for the benefit of Unitholders. The Manager will
manage the assets of CMT with a focus on generating rental income
and, if appropriate, increasing CMT’s assets over time so as to
enhance the returns from the investments of CMT and ultimately the
distributions and total return to Unitholders.
The primary role of the Manager is to set the strategic direction of
CMT and make recommendations to HSBC Institutional Trust Services
(Singapore) Limited (the Trustee) as trustee of CMT on the acquisition,
divestment or enhancement of the assets of CMT in accordance with
its stated investment strategy. The research, evaluation and analysis
required for this purpose is co-ordinated and carried out by the
Manager. The Manager is also responsible for the risk management
of CMT.
Other functions and responsibilities of the Manager include:
• Ensuring compliance with the applicable provisions of the
Companies Act and the Securities and Futures Act of Singapore,
as well as other relevant legislation, the Listing Manual (the
Listing Manual) of Singapore Exchange Securities Trading Limited
(SGX-ST), the Code on Collective Investment Schemes (the CIS
Code) issued by the Monetary Authority of Singapore (MAS), the
Trust Deed, the tax ruling issued by the Inland Revenue Authority
of Singapore on the taxation of CMT and its Unitholders and all
relevant contracts.
• Attending to all regular communications with Unitholders.
• Supervising CapitaLand Retail Management Pte Ltd (the Property
Manager), which performs the day-to-day property management
functions (including leasing, accounting, marketing, promotion,
co-ordination, project management and property management)
at the CMT malls namely, Tampines Mall, Junction 8, Funan
DigitaLife Mall, IMM Building, Plaza Singapura, Bugis
Junction, Jurong Entertainment Centre, Hougang Plaza Units
and Sembawang Shopping Centre pursuant to the property
management agreements.

• Using its best endeavours to carry on and conduct its business As CMT is externally managed by the Manager, it has no personnel.
in a proper and efficient manner and to conduct all transactions The Manager appoints experienced and well-qualified management
with, or on behalf of, CMT at arm’s length. to handle its day-to-day operations. All Directors and employees of
the Manager are remunerated by the Manager, and not by CMT.

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INspiring leaders _corporate governance
CapitaMall Trust Management Limited is appointed as manager
of CMT in accordance with the terms of the Trust Deed dated 29
October 2001 as amended by the First Supplemental Deed dated 26
December 2001, the Second Supplemental Deed dated 28 June 2002,
the Amending and Restating Deed dated 29 April 2003, the Fourth
Supplemental Deed dated 18 August 2003, the Second Amending
and Restating Deed dated 9 July 2004, the Sixth Supplemental
Deed dated 18 March 2005, the Seventh Supplemental Deed dated
21 July 2005 and the Eighth Supplemental Deed dated 13 October
2005 (the Trust Deed). The Trust Deed outlines certain circumstances
under which the Manager can be retired in favour of a corporation
approved by the Trustee or be removed by notice given in writing
from the Trustee upon the occurrence of certain events, including by
a special extraordinary resolution passed at a meeting of Unitholders
duly convened and held in accordance with the provisions of the Trust
Deed by a vote representing not less than 75 percent of all Units in
issue entitled to vote on the matter.
Under the Guidelines for Property Funds issued by MAS, an appendix to
the Code on Collective Investment Schemes, the Trust Deed is required
to be amended by 20 April 2006 to provide for the following:
a) The Manager may be removed by way of a resolution passed by
a simple majority of participants present and voting at a general
meeting, with no participant being disenfranchised; and
b) A general meeting may be convened at the request in writing
of not less than 50 participants or participants representing not
less than 10 percent of the issued Units of the property fund.
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BOARD OF DIRECTORS OF THE MANAGER
The Board of Directors of the Manager (the Board) is responsible
for the overall management and the corporate governance of the
Manager and CMT, including establishing goals for management and
monitoring the achievement of these goals.
All Board members participate in matters relating to corporate
governance, business operations and risks, financial performance and
the nomination and review of Directors. The Board has established a
framework for the management of the Manager and CMT, including a
system of internal controls and a business risk management process.
The Board meets regularly to discuss and review the Manager’s key
activities, including its business strategies and policies for CMT.
Board meetings are scheduled in advance, and are held at least once
every quarter, to deliberate on the strategic policies of CMT, including
any significant acquisitions and disposals, the annual budget, review
the performance of the business, review the financial performance
of the Manager and CMT and approve the release of the quarterly,
half-yearly and full-year results. The Board also reviews the risks to
the assets of CMT and acts upon any comments from the auditors
of CMT. Additional Board meetings are held, where necessary, to
address significant transactions or issues.
The Board has adopted a set of internal controls which sets out
approval limits for capital expenditure, investments and divestments,
bank borrowings and cheque signatories’ arrangements at Board
level, amongst others. Appropriate delegations of authority and
approval sub-limits are also provided at management level to facilitate
operational efficiency.
Changes to regulations, policies and accounting standards are
monitored closely. To keep pace with regulatory changes, where
these changes have an important and significant bearing on CMT and
its disclosure obligations, the Directors are briefed by management
during Board meetings, at specially convened sessions or via
circulation of Board papers. Management also provides the Board
with complete and adequate information in a timely manner through
regular updates on financial results, market trends and business
developments.
BOARD COMPOSITION
Presently, the Board consists of nine members of which three are
Independent Non-Executive Directors. The Chairman of the Board is
Mr Hsuan Owyang. The sole Executive Director is Mr Pua Seck Guan,
the Chief Executive Officer.
The composition of the Board is determined using the following
principles:
• The Chairman of the Board should be an Independent Non-
Executive Director;
• The Board should comprise Directors with a broad range of
commercial experience, including expertise in funds management,
the property industry and in the banking and legal fields; and
• The Board should comprise at least three Independent Directors.
The composition of the Board is reviewed regularly to ensure that the
Board has the appropriate size and mix of expertise and experience.
Four Board meetings were held during the year. The attendance at the
Board meetings held in 2005 is set out on page 51.
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
The positions of Chairman and Chief Executive Officer are held by two
people in order to maintain an effective oversight and segregation of
duties.
The Chairman ensures that the members of the Board work together
with management with integrity, competency and moral authority,
and engages management in constructive debate on strategy,
business operations and enterprise risks. The Chief Executive Officer
has full executive responsibilities over the business directions and
operational decisions of managing CMT.
The majority of the Board members are non-executive with one-
third of the Board being independent of management. This enables
management to benefit from their external and objective perspective
of issues that are brought before 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. This, together
with a clear separation of the roles of the Chairman and the Chief
Executive Officer, provides a healthy professional relationship
between the Board and management with clarity of roles and robust
deliberation on the business activities of CMT.
Newly appointed Directors are given briefings by management on the
business activities of CMT and its strategic directions.
The Board will take independent professional advice when it deems it
necessary for the proper and efficient discharge of its responsibilities.
The Company Secretary will give the Board the necessary assistance
and is also responsible for ensuring that Board procedures are
followed and that the applicable laws and regulations are complied
with. In addition, the Company Secretary will also attend all Board
meetings.
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BOARD REMUNERATION EXECUTIVE COMMITTEE

The remuneration of Directors is paid by the Manager, and not by The Executive Committee operates under delegated authority from
CMT. the Board. The members of the Executive Committee are Mr Liew
Mun Leong, Mr Olivier Lim Tse Ghow (with effect from 1/7/2005),
The remuneration of Directors for the year ended 31 December 2005 Mr Lui Chong Chee (up till 1/7/2005), Mr Kee Teck Koon and Mr Pua
is shown in the table below: Seck Guan. This committee oversees the day-to-day activities of the
Manager on behalf of the Board including to:
BOARD MEMBERS
DIRECTOR’S FEE FOR FY04* DIRECTOR’S FEE FOR FY05* (1) Approve or make recommendations to the Board on new
investments, acquisitions, financing offers and banking
Hsuan Owyang S$73,000 S$76,000 facilities;
Liew Mun Leong - - (2) Approve or make recommendations to the Board on divestments
Pua Seck Guan - - and write-offs of property assets/equity stakes;
James Glen Service S$35,000 S$38,000 (3) Approve specific budgets for capital expenditure for
US$8,000 US$6,000 development projects, acquisitions and enhancements/ugrading
David Wong Chin Huat S$43,000 S$46,000 of properties;
S. Chandra Das S$29,000 S$31,000 (4) Review management reports and operating budgets;
Hiew Yoon Khong S$28,000 S$30,000 (5) Award contracts for development projects;
Kee Teck Koon - - (6) Recommend changes to the financial limits for investment, etc.;
Olivier Lim Tse Ghow - - (7) Report to the Board on decisions made by the Executive
(with effect from 1/7/2005) Committee; and
Lui Chong Chee (till 1/7/2005) - - (8) Perform such other functions as varied or delegated by the
Chay Wai Chuen (till 17/09/2005) - - Board.
(Alternate to S. Chandra Das)
Two formal Executive Committee meetings were held during the year.
The Board has established various committees to assist it in In addition, many informal discussions were held with the Executive
discharging its responsibilities. These committees are listed below. Committee members, with decisions made by circular resolutions.

AUDIT COMMITTEE
The Audit Committee is appointed by the Board from among the
Directors of the Manager and is composed of four members, the
majority of whom (including the Chairman of the Audit Committee)
* inclusive of attendance fees
are Independent Non-Executive Directors. The members of the Audit
Committee are Mr Hsuan Owyang, Mr James Glen Service, Mr David

44 > inspire
Wong Chin Huat, Mr Lui Chong Chee (up till 1/7/2005) and Mr Olivier
Lim Tse Ghow (with effect from 1/7/2005).
The Audit Committee has a set of terms of reference defining its scope
of authority which include, in relation to its management of CMT:
• Monitoring and evaluating the effectiveness of the Manager’s
internal control process through reviewing internal and external
audit reports to ensure that where deficiencies in internal
controls have been identified, appropriate and prompt remedial
action is taken by management;
• 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;
• Monitoring the procedures established to regulate Related Party
Transactions (as defined below), including ensuring compliance
with the provisions of the Listing Manual relating to transactions
between CMT and an ‘interested person’, and provisions of
the Property Funds Guidelines of the CIS Code (Property Funds
Guidelines) relating to transactions between CMT and an
‘interested party’;
• Approving the appointment and re-appointment of external
auditors and reviewing the adequacy of existing audits in
respect of cost, scope and performance;
• Reviewing the independence and objectivity of the external
auditors and non-audit services provided by the external auditors
and confirming that they would not, in the Audit Committee’s
opinion, impair the independence of the auditors; and
• Monitoring the procedures in place to ensure compliance with
applicable legislation, the Listing Manual and the Property Fund
Guidelines.
The Audit Committee plans to meet with the internal and external
auditors, without the presence of management, at least once a year.
The Audit Committee is authorised to investigate any matters within
its terms of reference. It is entitled to full access to and co-operation
by management and enjoys full discretion to invite any Director or
executive officer of the Manager to attend its meetings. The Audit
Committee has full access to reasonable resources to enable it to
discharge its functions properly.
The Audit Committee has also conducted a review of all non-audit
services provided by the external auditors and is satisfied that the
nature and extent of such services will not prejudice the independence
and objectivity of the external auditors.
Audit Committee meetings are generally held after the end of every
quarter of every financial year. Four Audit Committee meetings were
held during the year.
CORPORATE DISCLOSURE COMMITTEE
The Corporate Disclosure Committee operates under the delegated
authority of the Board. This committee reviews corporate disclosure
matters relating to CMT, including announcements to SGX-ST, and
pursues best practices in terms of transparency. The members of this
committee are Mr Hsuan Owyang, Mr Liew Mun Leong, Mr Lui Chong
Chee (up till 1/7/2005), Mr Olivier Lim Tse Ghow (with effect from
1/7/2005) and Mr Kee Teck Koon.
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INTERNAL CONTROLS
The Manager has put in place a system of internal controls of
procedures and processes to safeguard CMT’s assets, Unitholders’
interests and to manage risk.
The internal audit function of the Manager is supported by
CapitaLand’s Internal Audit Department (CLIA). CLIA plans its
internal audit schedules in consultation with, but independent of,
management and its plan is submitted to the Audit Committee for
approval at the beginning of the year. The Audit Committee must also
meet with the CLIA team at least once a year, without the presence
of management.
A majority of the CLIA staff are members of the Singapore branch of
the Institute of Internal Auditors, Inc. (IIA), which has its headquarters
in the USA. CLIA subscribes to, and is guided by, the Standards for
the Professional Practice of Internal Auditing developed by the IIA and
has incorporated these standards into its audit practices.
The standards set by the IIA cover requirements in respect of the
following:
• Independence,
• Professional proficiency,
• Scope of work,
• Performance of audit work, and
• Management of the Internal Audit Department.
To ensure that the internal audits are performed by competent
professionals, CLIA recruits and employs suitably qualified staff. In
order that their technical knowledge remains current and relevant,
CLIA identifies and provides training and development opportunities to
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its staff. 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 Board is satisfied that the Manager’s internal controls are
adequate, based on the reports from the CLIA team and external
auditors.
DEALINGS WITH RELATED PARTIES
REVIEW OF PROCEDURES FOR RELATED PARTY
TRANSACTIONS
In general, the Manager has established internal control procedures to
ensure that all future transactions involving the Trustee and a related
party of the Manager (Related Party Transactions) are undertaken on
an arm’s length basis and on normal commercial terms, which are
generally no more favourable than those extended to unrelated third
parties. In respect of such transactions, the Manager would have
to demonstrate to the Audit Committee that the transactions would
be undertaken on normal commercial terms which include obtaining
valuations from independent valuers (in accordance with the Property
Funds Guidelines).
In addition, the following procedures will be followed:
(1) Transactions (either individually or as part of a series or if
aggregated with other transactions involving the same interested
party during the same financial year) equal to or exceeding
S$100,000 in value, but below 3.0 percent of CMT’s net tangible
assets, will be subject to review by the Audit Committee at
regular intervals;
(2) Transactions (either individually or as part of a series or if
aggregated with other transactions involving the same interested
party during the same financial year) equal to or exceeding 3.0
percent, but below 5.0 percent of CMT’s net tangible assets, will
be subject to the review and approval of the Audit Committee.
Such 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, with third parties which
are unrelated to the Manager; and
(3) Transactions (either individually or as part of a series or if
aggregated with other transactions involving the same interested
party during the same financial year) equal to or exceeding 5.0
percent 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, including the obtaining of valuations from professional
valuers. Further, under the Listing Manual and the Property
Funds Guidelines, such transactions would have to be approved
by the Unitholders of CMT at a meeting of Unitholders.
Where matters concerning CMT relate to transactions entered into,
or to be entered into, by the Trustee for and on behalf of CMT with a
related party of the Manager, the Trustee is required to ensure that
such transactions are conducted at arm’s length in accordance with
the applicable requirements of the Property Funds Guidelines and/or
the Listing Manual relating to the transaction in question. Further, the
Trustee has the ultimate discretion under the Trust Deed to decide
whether or not to enter into a transaction involving a related party of
the Manager. If the Trustee is to sign any contract with a related party
of the Trustee or the Manager, the Trustee will review that contract
to ensure that it complies with applicable requirements relating to
interested party transactions in the Property Funds Guidelines (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 MAS and SGX-ST or other relevant authority to apply to
real estate investment trusts.
ROLE OF THE AUDIT COMMITTEE FOR RELATED PARTY
TRANSACTIONS
All Related Party Transactions are subject to regular periodic reviews
by the Audit Committee.
The Manager’s internal control procedures are intended to ensure
that Related Party Transactions are conducted at arm’s length and
on normal commercial terms and are not prejudicial to Unitholders’
interests. The Manager maintains a register to record all Related Party
Transactions which are entered into by CMT (and the basis, including
the quotations obtained to support such basis, on which they are
entered into). The Manager then incorporates into its internal audit
plan a review of all Related Party Transactions entered into by CMT.
The Audit Committee reviews the internal audit reports to ascertain
that the guidelines and procedures established to monitor Related
Party Transactions have been complied with. In addition, the Trustee
will also review such audit reports to ascertain that the Property
Funds Guidelines have been complied with.
The Audit Committee periodically reviews Related Party Transactions
to ensure compliance with the internal control procedures and the
relevant provisions of the Listing Manual and the Property Funds
Guidelines. 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.
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If a member of the Audit Committee has an interest in a transaction,
he is to abstain from participating in the review and approval process
in relation to that transaction.
The aggregate value of Related Party Transactions (equal to or
exceeding S$100,000 each in value) conducted during the financial
year are disclosed in this Annual Report (see page 193).
DEALINGS WITH CONFLICTS OF INTEREST
The following procedures have been established to deal with potential
conflicts of interest which the Manager (including its Directors,
executive officers and employees) may encounter in managing CMT:
(1) The Manager will be a dedicated manager to CMT and will not
manage any other real estate investment trust or be involved in
any other real property business.
(2) All executive officers of the Manager will be employed by the
Manager.
(3) 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, including at least
one Independent Director.
(4) 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, the Manager shall be obliged
to consult with a reputable law firm (acceptable to the Trustee)
which shall provide legal advice on the matter. If the said
law firm is of the opinion that the Trustee, on behalf of CMT,
has a prima facie case against the party allegedly in breach
under such agreements, the Manager is obliged to pursue the
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appropriate remedies under such an agreement. The Directors
of the Manager will have a duty to ensure that the Manager
complies with the aforesaid. Notwithstanding the foregoing, 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, and the
Trustee may take such action as it deems necessary to protect
the rights of Unitholders and/or which is in the interests of
Unitholders. 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.
(5) The Board shall include at least two Independent Directors.
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. In addition, the Directors and
executive officers of the Manager are expected to act with integrity
and honesty at all times.
Additionally, the Trustee has been granted a right of first refusal by
CapitaLand Retail Limited (CRTL) over all retail income producing
properties with certain specified characteristics which may in the
future be identified and targeted for acquisition by CRTL or any of its
subsidiaries.
Under the Trust Deed, in respect of voting rights where the
Manager would face a conflict between its own interest and that
of the Unitholders, the Manager shall cause such voting rights to be
exercised according to the discretion of the Trustee.
RISK ASSESSMENT AND MANAGEMENT OF BUSINESS RISK
Effective risk management is a fundamental part of CMT’s business
strategy. Recognising and managing risk is central to the business
and to protecting Unitholders’ interests and value. CMT operates
within overall guidelines and specific parameters set by the Board.
Each transaction is comprehensively analysed to understand the
risk involved. Responsibility for managing risk lies initially with the
business unit concerned, working within the overall strategy outlined
by the Board.
The Manager’s focus on risk management recognises that risk
management is, prima facie, an issue for management. 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, and to profile the current and future risks facing,
their areas of responsibility.
This risk information is consolidated and used as key input into
the corporate strategy sessions attended by management and the
Property Manager. Such sessions are held on a quarterly basis to
review CMT’s strategic direction in detail and include specific focus
on the identification of key business and financial risks which could
prevent CMT from achieving its objectives. Management is then
required to ensure that appropriate controls are in place to effectively
manage those risks, and such risks and controls are monitored by the
Board on a quarterly basis (or on a more frequent basis if necessary).
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 Board generally meets quarterly, or more often if necessary, and
reviews the financial performance of the Manager and CMT against
a previously approved budget. The Board also reviews the risks to
the assets of CMT and acts upon any comments of the auditors of
CMT. In assessing business risk, the Board considers the economic
environment and the property industry risk. The Board and its
Executive Committee reviews and approves all investment decisions.
Management meets regularly to review the operations of the Manager
and CMT and discuss continuous disclosure issues.
The Manager has determined that significant risk for CMT will most
likely arise when making property investment decisions. Accordingly,
the Manager has set out procedures to be followed when making
such decisions. In accordance with this policy, 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 having
regard to the level of risk. In addition, the Board requires that each
major proposal submitted to the Board for decision is accompanied by
a comprehensive risk assessment and, where required, management’s
proposed mitigation strategies.
COMMUNICATIONS WITH UNITHOLDERS
The listing rules of SGX-ST require that a listed entity discloses to the
market matters that could, or might be expected to, have a material
effect on the price of the entity’s securities. In line with CMT’s
disclosure obligations, the Board’s policy is to inform Unitholders of all
major developments that impact CMT. During the year, a continuous
disclosure process was in place to ensure that compliance with such
obligations was constantly adhered to.
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CMT believes that it should engage in regular, effective, unbiased
and transparent communication with Unitholders. Communications
channels with Unitholders are made accessible via:
• Report to Unitholders;
• Notices of, and explanatory memoranda for, extraordinary
general meetings;
• Press releases on major developments of the company;
• Disclosures to SGX-ST;
• Other announcements, as appropriate; and
• CMT’s website at www.capitamall.com.
CMT was included in the Singapore Straits Times Index, the primary
Singapore equity market barometer in March 2005. It is also included
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.
The Manager considers meetings with local and foreign fund
managers an integral part of the investor relations’ component of
its responsibilities. During the year under review, the Manager
met with institutional investors in Singapore, Malaysia, Hong
Kong, Japan, United Kingdom, United States, Middle East, various
European countries and Australia. The purpose of these meetings
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was to update potential and current Unitholders on the developments
that have taken place with regard to CMT. CMT also participates in
various conferences locally and in the region as part of its efforts to
build interest in the REIT market for the region. The Manager will
continue to pursue opportunities to educate and keep retail investors
informed of the latest developments in the REIT industry.
Unitholders and potential stakeholders have access to CMT’s website
for information on CMT’s major developments, descriptions of CMT’s
properties, announcements and other corporate information. Real-
time information on CMT’s Unit price is also made available on the
site. In addition, members of the public can pose questions on the
‘Ask Us’ section of the CMT website and have their queries addressed
accordingly. Also available on the website is an archive of CMT’s
announcements, press releases, annual reports and operational
details. The latest information is posted on the website as soon as it
is released to the SGX-ST and the media.
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 price-sensitive information and during the two weeks
before and up to (and including) the date of announcement of CMT’s
results (quarterly, half-yearly and full-year). Under these guidelines,
Directors and employees have been directed to refrain from dealing
in CMT units on short-term considerations.
CAPITAMALL TRUST MANAGEMENT LIMITED The Manager believes that contributions from each Director can be
BOARD COMPOSITION AND COMMITTEES reflected in ways other than attendances at Board and committee
The matrix of the Board members’ participation on the various Board meetings. A Director of the Manager would have been appointed
committees is as follows. on the principles outlined earlier in this Statement and his ability to
contribute to the proper guidance of the Manager in its management
of CMT.
CORPORATE
AUDIT EXECUTIVE DISCLOSURE MEETING ATTENDANCE
BOARD MEMBERS COMMITTEE COMMITTEE COMMITTEE
AUDIT
Hsuan Owyang C C BOARD COMMITTEE
Liew Mun Leong C M NO. OF MEETINGS NO. OF MEETINGS
Pua Seck Guan M BOARD MEMBERS HELD: 4 HELD: 4
James Glen Service M
David Wong Chin Huat M Hsuan Owyang 4 4
S. Chandra Das Liew Mun Leong 3 N.A.
Hiew Yoon Khong Pua Seck Guan 4 N.A.
Kee Teck Koon M M James Glen Service 3 3
Olivier Lim Tse Ghow M M M David Wong Chin Huat 4 4
(With effect from 1/7/2005) S. Chandra Das 3 N.A.
Lui Chong Chee (till 1/7/2005) M M M Hiew Yoon Khong 2 N.A.
Chay Wai Chuen (till 17/9/2005) Kee Teck Koon 3 N.A.
(Alternate to S. Chandra Das) Olivier Lim Tse Ghow 2 2
(with effect from 1/7/2005)
Key: C – Chairman, M - Member Lui Chong Chee (till 1/7/2005) 2 1
Chay Wai Chuen (till 17/9/2005) - N.A.
(Alternate to S. Chandra Das)

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 INspiring leaders _board of directors

DAVID WONG CHIN HUAT LIEW MUN LEONG

JAMES GLEN SERVICE
HSUAN OWYANG

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 S. CHANDRA DAS
KEE TECK KOON OLIVIER LIM TSE GHOW
PUA SECK GUAN
HIEW YOON KHONG

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 INspiring leaders _board of directors

MR HSUAN OWYANG Aviation Authority of Singapore (CAAS), and the Limited and CapitaLand Financial Limited (Real

CHAIRMAN & INDEPENDENT Board of Governors of Temasek Polytechnic. Mr Estate Capital Management - Retail), to which

NON-EXECUTIVE DIRECTOR Liew also serves as a member of the Council positions he was appointed in 2004. Previously,

(SINCE 18 OCTOBER 2001) on Corporate Disclosure and Governance, a he was responsible for developing the property

With more than 50 years of experience in both national body on corporate disclosure and fund management business of CapitaLand

the public and private sectors, Mr Owyang’s governance including prescribing of accounting Limited. Before joining CapitaLand Limited, Mr

portfolio includes chairmanship of the Housing standards in Singapore. With more than Pua held senior positions with Lend Lease Asia

and Development Board from 1983 to 1998, two decades of experience in construction Holding Pte Ltd and Singapore-listed Hotel

the Institute of Policy Studies from 1989 to and real estate in Singapore and overseas, Properties Limited. Mr Pua has a Master of

2004 and the East Asian Institute management Mr Liew participated in a number of public Science degree in Civil Engineering from the

board since 1997. He has also been a sector infrastructural development projects Massachusetts Institute of Technology, USA

pro-Chancellor of Nanyang Technological in Singapore, including the development and and a Bachelor of Science degree in Building

University since 1995. In recognition of Mr construction of Changi International Airport. For (First Class Honours) from the National

Owyang’s numerous contributions, he was five years, he was CEO of Singapore Institute University of Singapore.

conferred the Distinguished Alumni Award by of Standards and Industrial Research (SISIR),

the Harvard Club of Singapore in 1987 and was a statutory board responsible for Singapore’s MR JAMES GLEN SERVICE

awarded the Meritorious Service Medal by the national standards and industrial research and INDEPENDENT NON-EXECUTIVE DIRECTOR

Singapore Government in 1993. development to support the manufacturing (SINCE 17 OCTOBER 2001)
industry in Singapore. Thereafter, he headed Mr Service has 20 years of experience in fund

MR LIEW MUN LEONG a public listed engineering and construction management and property trusts. He is the

DEPUTY CHAIRMAN & company in Singapore. From 1997 to 1998, Mr Executive Chairman of JG Service Pty Limited,

NON-EXECUTIVE DIRECTOR Liew was elected the President of International a specialist property consulting company. Mr

(SINCE 5 JUNE 2002) Organisation for Standardisation (ISO). Mr Liew Service is also Chairman of ACTEW Corporation

Mr Liew Mun Leong is President & CEO of graduated from the University of Singapore Limited, among others. Mr Service is a Director

CapitaLand Group. He is also Chairman of with a civil engineering degree in 1970 and is a of Challenger Financial Services Group Limited.

CapitaLand Residential Limited, CapitaLand registered professional civil engineer. He is an independent Non-Executive Director

Commercial & Integrated Development of Australand Holdings Limited, a subsidiary

Limited, CapitaLand Retail Limited, and Deputy MR PUA SECK GUAN of CapitaLand Limited, which is listed on the

Chairman of CapitaLand Financial Limited. CHIEF EXECUTIVE OFFICER & EXECUTIVE Australian Stock Exchange. Mr Service was

Concurrently, Mr Liew is Deputy Chairman DIRECTOR (SINCE 17 OCTOBER 2001) awarded the honour of Officer in the General

of The Ascott Group Limited and Raffles Mr Pua is the Chief Executive Officer of Division for the Order of Australia in 2004, a

Holdings Limited, subsidiaries of CapitaLand CapitaMall Trust Management Limited and Silver Jubilee Medal in 1975 and Canberra

listed on the SGX-ST. He is Deputy Chairman has over 16 years of real estate experience Citizen of the Year 2001. Mr Service is a Fellow

of CapitaMall Trust Management Limited, the in property investment, development and of the Chartered Institute of Secretaries, a Life

manager of CapitaMall Trust, the first listed management. Since his appointment in Fellow of the Australian Institute of Building

real estate investment trust in Singapore, and October 2001, he has been responsible for the and a Fellow of the Australian Society of

CapitaCommercial Trust Management Limited. management of CMT. Concurrently, he is also Certified Practising Accountants.

As public service, Mr Liew chairs the Civil the Chief Executive Officer of CapitaLand Retail

54 > inspire
MR DAVID WONG CHIN HUAT
INDEPENDENT NON-EXECUTIVE DIRECTOR
(SINCE 17 JANUARY 2003)
Mr Wong, a senior partner of Ramdas and Wong,
has been a lawyer in private practice with
more than 30 years’ experience in real estate,
banking, consumer finance and corporate
law. He currently serves as a member of the
Public Service Commission and the Singapore
Labour Foundation and is also the Chairman of
the Bedok Citizens’ Consultative Committee.
A Justice of the Peace, he was awarded the
Public Service Star (BBM) in 1991 and the
BBM(L) in 2005. Mr Wong holds a Master of
Laws degree from the University of London and
a Bachelor of Laws degree from the University
of Singapore.
MR S CHANDRA DAS
NON-EXECUTIVE DIRECTOR
(SINCE 5 JUNE 2002)
Mr Das is currently the Managing Director of
NUR Investment & Trading Pte Ltd. He is also
the Chairman of Nera Telecommunications Ltd,
Nera Electronics Ltd as well as a director of
Yeo Hiap Seng Limited and The Ascott Group
Limited. He was the Chairman of the Trade
Development Board from 1983 to 1986. He
served as a Member of Parliament from 1980
to 1996. Mr Das was awarded the President’s
Medal by the Singapore Australian Business
Council in 2000 and the Distinguished Service
(Star) Award by the National Trades Union
Congress in 2005. He holds a Bachelor of
Arts degree in Economics (Honours) from the
University of Singapore and a Certificate in
Education from the former Singapore Teachers’
Training College.
MR HIEW YOON KHONG
NON-EXECUTIVE DIRECTOR
(SINCE 1 MARCH 2002)
Mr Hiew is currently the Chief Executive
Officer of Mapletree Investments Pte Ltd and
the Managing Director, Special Projects of
Temasek Holdings (Private) Limited. Prior to
these appointments, Mr Hiew held various
senior positions in the CapitaLand Group. He
joined Pidemco Land Limited as Chief Financial
Officer in 1996 and was Chief Financial Officer
of CapitaLand Limited following the merger of
Pidemco Land Limited and DBS Land Limited in
2000. In February 2002, he was made the Chief
Executive Officer of CapitaLand Commercial
and Integrated Development Limited (formerly
known as CapitaLand Commercial Limited) as
well as CapitaLand Financial Limited. Prior
to joining CapitaLand Limited, Mr Hiew held
various positions in the areas of corporate
finance, management consultancy and project
financing over a ten-year period. He holds
a Master of Arts in Economics from the
University of Warwick, UK and a Bachelor of
Arts degree in Economics from the University
of Portsmouth, UK.
MR KEE TECK KOON
NON-EXECUTIVE DIRECTOR
(SINCE 2 APRIL 2003)
Mr Kee is currently the Vice Chairman of
CapitaLand Commercial and Integrated
Development Limited (formerly known
as CapitaLand Commercial Limited) and
CapitaLand Retail Limited and is also the
Chief Executive Officer of CapitaLand Financial
Limited. He was the Managing Director and
the Chief Executive Officer of The Ascott Group
Limited from November 2000 to 1 April 2003.
Between 1996 and 2000 he was the Managing
Director and Chief Executive Officer of Somerset
Holdings Limited, and also Executive Vice
President at Pidemco Land Limited. Prior to that,
Mr Kee held senior management appointments
with several other organisations. He started
his career in 1979 with the Singapore Armed
Forces and the Ministry of Defence where he
remained until 1991. He holds a Master of Arts
in Engineering Science from Oxford University,
UK.
MR OLIVIER LIM TSE GHOW
NON-EXECUTIVE DIRECTOR
(SINCE 1 JULY 2005)
Mr Lim is currently the Chief Financial Officer
of CapitaLand Group. He is also a Non-
Executive Director of CapitaCommercial
Trust Management Limited. Prior to joining
CapitaLand Limited, Mr Lim was Managing
Director of the Real Estate Unit, Corporate &
Capital Market Group of Citibank Singapore.
He has more than 16 years of experience in
banking and finance, spanning diverse areas
such as corporate finance, investment banking
and real estate financial products and services.
Mr Lim holds a First Class Honours degree in
Civil Engineering from the Imperial College of
Science, Technology and Medicine, London.
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INspiring leaders_the trust management team

YAP MAY LI TONG KA-PIN TAN LEI KENG

ALAN SEOW ELLINA CHIA RICHARD NG PUA SECK GUAN

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LIM BENG CHEE TAN TZE WOOI SHARON LIM MICHAEL CHEN
JESLINE GOH JOANNA LOW LIM WAN PING

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INspiring leaders_the trust management team
CHIEF EXECUTIVE OFFICER
MR PUA SECK GUAN
Refer to description under the section on The
Board of Directors.
DEPUTY CHIEF EXECUTIVE OFFICER
(SINCE 30 MARCH 2005)
INVESTMENT MANAGER (HEAD)
MR LIM BENG CHEE
Beng Chee has more than six years of real estate
investment and asset management experience.
Prior to joining CMTML as an Investment
Manager, he was part of the team sponsored
by CapitaLand Limited to operate and create
property funds. He also held the portfolio of
Acting Finance Manager from 16 March 2004
to 17 June 2004. Beng Chee holds a Master of
Business Administration (Accountancy) degree
from the Nanyang Technological University
of Singapore and a Bachelor of Arts degree
in Physics (Honours) from the University of
Oxford, UK.
FINANCE MANAGER
MS TAN LEI KENG
Lei Keng was appointed Finance Manager on 18
June 2004 and is responsible for the sourcing
and management of funds for CapitaMall Trust
(CMT). She also provides support in areas
of treasury, accounting, 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.
Prior to joining CMTML, Lei Keng had extensive
regional experience in finance with locally-
listed as well as American-listed companies.
She holds a Master of Business Administration
degree from the University of South Florida and
a Bachelor of Accountancy degree from the
National University of Singapore.
CapitaMall Trust Management Limited - CMTML
58 > inspire
INVESTOR RELATIONS &
COMMUNICATIONS MANAGER
MS TONG KA-PIN
Ka-Pin has more than four years of investor
relations’ experience. She is responsible
for strategic communication with CMT’s
Unitholders, potential investors and key
stakeholders through various communication
platforms, and for providing CMTML’s
management with regular feedback from
the investment community. Prior to joining
CMTML, she was the Investor Relations
Manager with United Overseas Bank Limited.
She holds a Master of Commerce degree in
Advanced Finance from the University of New
South Wales, Australia and a Bachelor of Arts
(Economics & Mathematics) degree from the
National University of Singapore.
INVESTMENT MANAGERS
The Investment Managers’ main responsibility
lies in implementing and monitoring CMT’s
strategy at a property level. This involves
working hand-in-hand with the Property
Manager to ensure that the property business
plans are executed diligently. Other parts
of their role include advising on asset
enhancement initiatives within the existing
portfolio and identifying and evaluating
potential acquisitions or divestments.
MR RICHARD NG
Richard was a Manager of Investments and
Asset Management for CapitaLand Commercial
and Integrated Development Limited (CCID
- formerly known as CapitaLand Commercial
Limited), before joining CMTML. He has over
13 years of real estate experience including
property investment, asset management,
property development, property management
and marketing. He holds a Master of Science
(Real Estate) degree and a Bachelor of Science
(Estate Management) degree (Honours) from
the National University of Singapore.
MS JESLINE GOH
Jesline has over nine years of experience
in investment and corporate finance. Prior
to joining CMTML, she was part of the team
in CapitaLand Limited that creates new
property funds and evaluates new investment
opportunities in real estate and related products.
Jesline is a Chartered Financial Analyst and
holds a First Class Honours Bachelor’s degree
in Business Administration from the National
University of Singapore.
MR TAN TZE WOOI
Prior to joining CMTML, Tze Wooi was with
Standard Chartered Bank, responsible for
credit research, managing client relationships
in corporate banking (real estate), and worked
closely with the debt capital markets team and
other product partners in delivering banking
solutions. He also had over four years of
experience in KPMG and led engagement teams
in carrying out assignments across various
industries. He is a Chartered Financial Analyst
and holds a Bachelor of Accountancy degree
(Honours) from the Nanyang Technological
University of Singapore.
MS JOANNA LOW
Prior to joining CMTML, Joanna served as an
Asset Analyst with Lend Lease Asia Holding Pte
Ltd where she was actively involved in analytical
work on new investment opportunities.
Joanna holds a Master of Commerce degree
in Advanced Finance from the University of
New South Wales, Australia and a Bachelor of
Business degree from Queensland University of
Technology.
MS SHARON LIM Financial Analyst and holds a First Class Honours
Sharon has experience in property business Bachelor of Science (Real Estate) degree from
development, sales & marketing and asset the National University of Singapore.
management activities in Australia, the
Philippines and Singapore. She holds a
Master of Business Administration degree FUND ANALYSTS
and a Bachelor of Business degree (with The Fund Analysts are responsible for
distinction) from the Royal Melbourne Institute developing and maintaining financial and asset
of Technology, Australia. models to analyse the performance of CMT at
the property level, as well as preparing asset
MS ELLINA CHIA reports on the properties. In addition, they
Ellina has over nine years of real estate also assist the Investment Managers in the
experience in lease administration, investment acquisition of new properties.
and asset management. Whilst at CapitaLand
Limited, she was seconded to Lend Lease MR MICHAEL CHEN
Japan for 18 months to work on the acquisition Michael has over one year of real estate
of non-performing loans. She holds a Bachelor experience and holds a Bachelor of Business
of Business degree (Honours), specialising Management degree (cum laude) majoring
in Marketing, from Nanyang Technological in Finance from the Singapore Management
University of Singapore. University.
MS YAP MAY LI MR ALAN SEOW
May Li has over three years of real estate Alan holds a Bachelor of Business Management
experience in structuring and managing private degree, majoring in Finance, from the Singapore
equity property funds in regional markets, Management University.
evaluation of new acquisitions and asset
management. Prior to joining CapitaLand
Limited, May Li had over seven years of
experience in financial analysis, project
management, policy planning and business
process re-engineering. She is a Chartered
Financial Analyst and holds a Bachelor of
Business Administration degree (Honours) from
the National University of Singapore.
MS LIM WAN PING
Prior to joining CMTML, Wan Ping has close to
two years of experience as a Financial Analyst
with American Express Int’l Inc, and over four
years of real estate experience in research,
strategic planning and the investigation of
overseas investment opportunities with GIC
Real Estate Private Limited. She is a Chartered
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 INspiring leaders_the property management team

SELENA CHUA CHOW CHEE KHANG

LOW KIA SING THERESE CHEW
SIMON HO

60 > inspire
CHIEF OPERATING OFFICER
MR SIMON HO
Simon joined CRMPL in 2004 and has more
than 19 years of experience in real estate
investment and management. He is responsible
for managing the operations of the 16 retail
malls in Singapore as well as the operations of
its regional retail portfolio in Japan, Malaysia
and China. He works closely with CRMPL’s
asset management and investment teams to
ensure that asset plans are executed diligently
and that asset returns are optimised. Simon
holds a Master of Real Estate degree as well
as a Bachelor of Science (Estate Management)
degree (Honours) from the National University
of Singapore.
GROUP LEASING MANAGER
MS SELENA CHUA
Selena oversees all the leasing activities of
CMT’s assets, ensuring gross rental income
meets or exceeds the budget and achieving
optimal occupancy rates. This includes lease
administration, key tenant relationships as well
as planning and implementation of the leasing
strategy relating to tenancy mix. Supporting
medium to short-term asset enhancement
plans and strategic marketing plans are also
part of her key functions. Selena has more
than 11 years of retail leasing and operations
experience. Prior to joining CapitaLand Limited
in 1999, she was the Leasing Manager of
Scotts Shopping Centre and was also with CB
Richard Ellis (Pte) Ltd’s Retail Department for
four years. She holds a Bachelor of Science
(Estate Management) degree (Honours) from
the National University of Singapore.
GROUP MARKETING
COMMUNICATIONS MANAGER
MS THERESE CHEW
Therese is responsible for creating and
implementing programmes to attract shoppers
to CMT malls and driving tenants’ sales turnover.
This is largely achieved through innovative
advertising and promotions, events and public
relations. She also focuses on delivering
non-leasing income, which has proven to be
an area of significant opportunity across the
malls. Therese has over 10 years of experience
in the field of marketing communications, in
Singapore and regionally. She holds a Master
of Arts degree in Mass Communications from
Oklahoma City University, USA and a Bachelor
of Commerce (Marketing) degree from Curtin
University of Technology, Australia.
GROUP TENANCY DESIGN &
COORDINATION MANAGER
MR LOW KIA SING
Kia Sing’s primary responsibility is the review
and approval of designs for shop layouts in the
shopping malls under CMT. He also develops
retail design and merchandising guidelines to
ensure that high standards of design, layout
and visual merchandising are maintained in the
malls, and is involved in the conceptualisation
of asset enhancement initiatives and feasibility
studies. Kia Sing has over five years of
experience in design and architecture. He
holds a Master’s degree in Architecture and a
Bachelor of Arts degree (Architectural Studies)
from the National University of Singapore.
GROUP MECHANICAL & ELECTRICAL
DESIGN TECHNICAL SERVICES
MANAGER
MR CHOW CHEE KHANG
Chee Khang works closely with CMT’s project
and centre managers and oversees the review
of mechanical & electrical services designs,
as well as cost and time control in the various
asset enhancement initiatives at the malls. He
also develops design guidelines to ensure that
services designs are complied with. He also
works with the centre managers and operation
managers to implement the company’s
facility management policy, including
standard operation procedures, optimisation
of equipment, maintenance planning, bulk
procurement, technical training and use of
latest technology products. Chee Khang has
over 17 years of experience in the field of
mechanical & electrical services in Singapore
and regionally, including Malaysia, Thailand,
Indonesia, Hong Kong and China. Prior to
joining CapitaLand Limited in 1996, he spent six
years as a Consultant in a leading mechanical
& electrical consultancy firm in Singapore.
CapitaLand Retail Management Pte Ltd - CRMPL
inspire > 61
 INtegrating
people
& society
We are an organisation for the people: All people. We
support our managers and employees by developing
them to develop our business. And, we support our
local communities with charitable, educational and
social activities. As an integral part of Singapore’s
retail environment, we are the proud hosts of many
meaningful events for worthy causes.

62 > inspire
inspire > 63
 INtegrating people_human resources

Singapore Retailers Association’s Excellent Service Award 2005 Presentation Ceremony

At CapitaMall Trust (CMT),

we recognise that our competitive advantage depends as much on
the people who deliver our results as on the physical attributes of
our portfolio of properties. Much of CMT’s achievements in 2005
were due to the contributions of an excellent team of competent
and committed talents. Thus, leveraging on CapitaLand Limited’s
Human Resource platform, CapitaMall Trust Management Limited
(CMTML), the Manager, and CapitaLand Retail Management Pte Ltd
(CRMPL), the Property Manager, continue to place great emphasis on
investing in our human capital to maintain and enhance their level
of competence as well as to provide an environment of continuous
learning. We believe that investment in our human capital is central
to our ability to continue to sustain our growth and increase value for
all our stakeholders.

We are committed to developing our people and offer a diverse range

of in-house and external programmes for our managers, executives
and non-executives to acquire the relevant centre management
knowledge and soft skills to help them excel in their work.
We believe that investment ASSISTANT CENTRE MANAGER (ACM) PROGRAMME
The ACM programme is designed to prepare Centre Manager
in our human capital is Designates to assume centre management functions. It is a systematic
training programme focused on effective centre management skills,
central to our ability to covering training in a full spectrum of functions such as leasing,
marketing and communication operations, finance, projects and
continue to sustain our human resources. The programme, which spans a period of three
to six months, includes an experiential learning component where
growth and increase value trainees are provided with on-the-job experience in simulated
activities such as fire drill, building inspection, electrical shutdown,
for all our stakeholders. and tenancy fit-out. Professional guidance in people management,
financial management and IT skills form a key part of the agenda.
Since its introduction in 2004, six staff have undergone this training.
Of the six, two have assumed Centre Manager responsibilities.

64 > inspire
ON-THE-JOB TRAINING (OJT)
Since the launch of the OJT program for Customer Service Assistants
(CSAs) and Technicians in 2004, more than 90 percent of our CSAs
and Technicians have been trained. In addition to the in-house
OJT programmes, training by external providers is included in the
company’s initiatives to beef up core competencies in customer
service for Customer Service Assistants and facilities management
for Technicians. External training to boost our customer service
standards includes a customised core programme on ‘Creative Ways
to Solve Customers’ Problems’. In November 2005, in recognition of
their excellent service standards, nine of our CSAs were awarded the
Singapore Retailers’ Association’s Excellent Service Award. These
awards are a testimony to the success of the OJT programme and
affirm our commitment to enhancing shoppers’ experience at our
malls.

STUDY TOURS
A study trip to Japan covering Tokyo and Osaka was organised for
a group of 14 participants from CRMPL and CMTML. The study trip
provided the participants with the opportunity to learn about the retail
scene in Japan.

Through a guided tour of select retail malls in both Tokyo and Osaka,
participants gained valuable insights on Japanese retail management
– from marketing strategies, shop front & interior designs to innovative
On the job training
shopping experiences and promotions. The participants shared their
key learning experiences with their colleagues through a presentation
upon their return.

OVERSEAS WORK OPPORTUNITIES

As part of CMT’s commitment to harness the best talent and plan their
career paths and development, employees are given the opportunity
to do overseas assignments. Overseas work experience provides our
staff with the opportunity to gain global exposure. It also challenges
them to adapt to different countries, cultures and operational settings
and allows them to build their global networks.

BUILDING BONDS
To foster camaraderie and esprit de corps, various social and
recreational events were organised in 2005. Activities such as
bowling, soccer, Chinese New Year and year-end parties drew
widespread participation.
Japan study trip team photo

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INtegrating society_corporate social responsibility

Wallace & Gomit character at KK Women’s and Children Hospital

At the start of the year,

Winning Team for ‘The School of Rock’ contest
CapitaMall Trust (CMT) responded to the
public appeal to help the victims of the
Bay of Bengal earthquake and tsunami
with our own community project involving
the sale of special edition Lunar New Year
compact discs at Funan DigitaLife Mall,
IMM Building, Junction 8, Plaza Singapura
and Tampines Mall. A total of S$177,000
was raised and subsequently channelled
through the Singapore Red Cross Society to
Yayasan Wisma Anak Korban Bencana Alam
NAD & Sumut Orphanage in Medan, North
Sumatra. The money was used to build a
computer laboratory for the residents of the
orphanage.
As our portfolio grows, we are continuing
to explore new ways to turn our malls
into centres of activity to embrace and
benefit the community. Following the Urban
Redevelopment Authority’s announcement
in January 2005 of revised guidelines for
the integration of community facilities in
existing private commercial developments,
we identified an opportunity to offer
space at Junction 8’s office tower to Non-
Governmental Organisations (NGOs) or
Voluntary Welfare Organisations (VWOs).
Earlier 70,000 sq ft of Gross Floor Area
(GFA) from the office tower was converted
for retail usage. The office tower would
originally have had to be demolished to
maintain Junction 8’s original total GFA. The
new guidelines, however, provided an ideal
way for us to reach out to the community. At
a commemorative ceremony in March 2005,
graced by Mrs Yu-Foo Yee Shoon, Minister
of State for Community Development, Youth
and Sports, CapitaMall Trust Management
Limited (CMTML), the Manager of CMT was
able to give 55,000 sq ft of rent-free space
at Junction 8’s office tower to the National
Council of Social Services for their VWOs.
In addition, we have recently created open
landscaped plazas on the rooftops of both
Tampines Mall and Junction 8 which are
excellent locations for events and activities,
and we have made the event space available
to charitable organisations to further our
corporate social responsibility goals. In
August 2005, The Straits Times held ‘The
School of Rock’ contest in conjunction with

66 >> inspire
66 inspire
Other than fund raising, we also
work with various organisations
to promote key campaigns with
the aim of improving the quality
of life.
their 160th anniversary celebrations at
Junction 8’s open landscaped plaza, with
the aim of promoting Singapore’s talented
teen rock bands.
In recognition of our strong support for
the community, we are now approached
by more NGOs for assistance with their
community projects. In September,
Junction 8 and Plaza Singapura helped the
Singapore Corporation of Rehabilitative
Enterprises by providing roadshow space
for a ‘Sale of Yellow Ribbons’ to enhance
community acceptance and support for ex-
offenders and their families, and to raise
funds for ex-offenders to facilitate their
reintegration into society.
Since October 2005, we have worked jointly
with The Straits Times School Pocket Money
Fund on an exclusive promotion to sell their
official bears for S$3 each at our customer
service counters. The Straits Times School
Pocket Money Fund was created to
heighten public awareness of the plight
of children from low-income families who
attended school without a proper breakfast, We did not confine our community efforts to
or any pocket money to sustain them during our malls, and at year-end we spread some
the school day. The money raised alleviates Christmas cheer by arranging for the movie
the parents’ financial burden of providing cartoon characters, Wallace & Gromit to
for their children’s education and, at the cheer up the sick children recuperating
same time, helps children who are already at KK Women’s and Children’s Hospital.
facing difficulties in remaining in school to The children’s happy and smiling faces
continue their education. certainly told us that our efforts were much
appreciated.
In addition to fund-raising, we work with
various organisations to promote key
campaigns which aim to improve the quality
of life of their beneficiaries. From April 2005
to June 2005, Tampines Mall offered a push
cart to the Down Syndrome Association so
that their physically challenged members
could interact with the public by selling
their wares and, in the process, learn to
Customer Service Assistant selling a bear to a
lead a normal life. In another example, IMM
customer.
Building collaborated with KK Hospital’s KK
Juniors Club in August 2005 to organise a
‘Best Breastfed Baby’ contest. This event
aimed to create awareness amongst
mothers of the benefits of breastfeeding
their babies, and drew an overwhelming
number of 600 contestants!
inspire > 67
68 > inspire
INvestor
Relations
We believe in communication: Frequent and
relevant communication. This ensures that all
our stakeholders are kept aware of the specifics
of our performance, profitability and plans in
a timely manner. And, we provide a two-way
communication platform for the analysts and
media to clarify queries and for management
to obtain feedback from the investment and
media communities.

inspire > 69
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
1 As at 31 December 2004
2
3
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.
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70
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.
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.

Unitholders who held CMT units for the period 1 January 2005 to UNITHOLDER ENQUIRIES
31 December 2005 would have received an attractive total return If you have any enquiries or would like to find out more about
CMT, please contact:
of 33.14 percent, consisting of capital appreciation of 27.3 percent
and a distribution yield of 5.8 percent. Unitholders who held CMT The Manager
units for the period from the listing of CMT on 17 July 2002 to 31 Ms Tong Ka-Pin
December 2005 would have received a total return of 165.85 percent, Investor Relations & Communications Manager
Phone: +65 6536 1188
consisting of capital appreciation of 133.4 percent and a distribution Fax: +65 6536 3884
yield of 32.4 percent. Email: ask-us@capitamall.com.sg
Website: www.capitamall.com
Moving forward, investor relations, to articulate CMT’s growth
The Unitholder Registrar
strategy to both current and potential Unitholders in Singapore and
Lim Associates (Pte) Ltd
overseas, will continue to be an integral part of the Manager’s role. 10 Collyer Quay
The Manager will also seek to uphold the highest level of corporate #19-08 Ocean Building
governance and transparency standards by providing the investment Singapore 049315
Phone: +65 6536 5355
and media community with clear, concise and timely information.
Fax: +65 6536 1360
Website: www.boardroomlimited.com

FINANCIAL CALENDAR 2006 – 2007 (TENTATIVE) THE UNITHOLDER DEPOSITORY

April 2006 For depository-related matters such as change of details
2006 First-Quarter Results Announcement pertaining to Unitholders’ investment records, please contact:

May 2006 The Central Depository (Pte) Limited

2006 First-Quarter Distribution to Unitholders 4 Shenton Way
#02-01 SGX Centre 2
July 2006 Singapore 068807
2006 Second-Quarter Results Announcement Tel: +65 6535 7511
Fax: +65 6535 0775
August 2006 Email: cdp@sgx.com
2006 Second-Quarter Distribution to Unitholders Website: www.cdp.com.sg

October 2006
2006 Third-Quarter Results Announcement

November 2006
2006 Third-Quarter Distribution to Unitholders

January 2007
2006 Full-Year Results Announcement 4 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.
5 Based on total actual DPU of 31.12 cents since the listing of CMT on 17 July 2002, the Initial Public Offering Price of
February 2007 CMT units of S$0.96 and the closing unit price of S$2.24 on 30 December 2005.
2006 Final Distribution to Unitholders

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INvestor relations

COMPARATIVE PRICE TREND

CMT STRAITS TIMES INDEX SESPROP INDEX

MONTH END CLOSING NORMALISED CLOSING NORMALISED CLOSING NORMALISED

UNIT PR INDEX VALUE INDEX VALUE
(S$)

Dec-04 1.76 100.00 2,066.14 100.00 517.69 100.00

Jan-05 2.01 114.20 2,096.32 101.46 535.68 103.48
Feb-05 2.02 114.77 2,119.40 102.58 553.08 106.84
Mar-05 2.04 115.91 2,141.43 103.64 537.64 103.85
Apr-05 2.18 123.86 2,125.25 102.86 568.71 109.86
May-05 2.38 135.23 2,161.77 104.63 534.21 103.19
Jun-05 2.38 135.23 2,212.66 107.09 565.93 109.32
Jul-05 2.59 147.16 2,352.56 113.86 647.35 125.05
Aug-05 2.41 136.93 2,275.43 110.13 650.12 125.58
Sep-05 2.35 133.52 2,305.14 111.57 711.74 137.48
Oct-05 2.31 131.25 2,216.77 107.29 697.64 134.76
Nov-05 2.25 127.84 2,300.25 111.33 698.19 134.87
Dec-05 2.24 127.27 2,347.34 113.61 721.20 139.31

SESPROP: Singapore Property Equities

% CHANGE IN UNIT PRICE / INDEX VALUE

CMT
150 SESPROP INDEX
From 31 Dec 2004 to 30 Dec 2005 STRAITS TIMES INDEX
CMT +27.3%
STI +13.6%
140
SESPROP +39.3%

130

120

110

100
Dec-04 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05

Source: Bloomberg

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COMPARATIVE YIELDS CMT TRADING DATA BY YEAR

Yield (% per annum)

2002* 2003 2004 2005
4.92
5
Unit Price (S$)
4.29
171 basis points Highest 1.06 1.43 1.76 2.66
4
Lowest 0.975 1.00 1.36 1.73
3.21
3.01
Average Closing 1.02 1.17 1.58 2.25
3
2.50
Last Done 1.01 1.43 1.76 2.24
1.96
2
Turnover (million units) 97.5 261.4 307.5 353.7
0.86
1

* CMT commenced trading on 17 July 2002

0
CMT1 10-Yr Govt 5-Yr Govt STI4 SESPROP5 CPF Ordinary S$ 12-Mth
Bond2 Bond3 Account6 Fixed Deposit7

Notes
1. Based on the annualised distribution per unit of 11.02 cents for the period 31 October 2005 to 30 December 2005,
and the year-end closing price of S$2.24 on 30 December 2005.
2. Singapore Government 10-Year Bond yield as at 30 December 2005.
3. Singapore Government 5-Year Bond yield as at 30 December 2005.
4. Average 12-month gross dividend yield of Straits Times Index stocks as at 30 December 2005.
5. Average 12-month gross dividend yield of Singapore Property Equities Index stocks as at 30 December 2005.
6. Prevailing CPF Ordinary Account savings rate.
7. Average S$12-Month fixed deposit savings rate as at 31 December 2005.

CMT MONTHLY TRADING PERFORMANCE IN 2005

Month-End Closing Unit Price (S$)

Million Units

2.8 50

2.6

2.4 40

2.2
30
2.0

1.8
20
1.6

1.4
10
1.2

1.0 0
Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05

CLOSING UNIT PRICE (S$) TURNOVER (Million Units)

Source: Bloomberg , CPF Board & CMTML

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IN Review
We have enjoyed a successful year: A very
successful year. We have capitalised on
our strategic geographic diversification and
all our malls have prospered. And, we have
shown a capacity to evolve in order to meet
the changing needs and demands of shoppers
and retailers. Through our six proven growth
strategies, we aim to hold onto our position
as the largest Real Estate Investment Trust
by market capitalisation and asset size in
Singapore.

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IN review_market overview
Buoyed by the positive
economic mood, the retail
property sector was in a
healthy state throughout the
year, with high demand for
space from both local and
international retailers, and
the entry into the market of
many new brands and retail
operators.
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SINGAPORE’S ECONOMY IN 2005
The year started on a solemn note with several of Singapore’s
closest neighbours struggling to come to terms with the devastation
caused by the 2004 Boxing Day tsunami. The world also witnessed
other adversities during the year, including natural disasters (such
as Hurricane Katrina in the US and the earthquake in Kashmir) and
terrorist attacks in London, Bali and elsewhere.
Fortunately, nonetheless, Asia’s economic progress on the whole
remained steadfast, powered by the twin engines of China and
India as well as encouraging signs of improvement in the Japanese
economy.
Singapore’s economy, building from 2004’s solid base and benefiting
from the favourable external environment and the government’s
restructuring and upgrading efforts, continued to perform strongly
particularly in the second half of the year. Gross Domestic Product
(GDP) expanded by 6.4 percent for the full year, with the individual
quarters recording year-on-year growth of 3.4 percent, 5.7 percent,
7.6 percent and 8.7 percent, respectively. The growth was broad-
based, experienced across almost all sectors.
Reflecting the upbeat mood, Singapore’s main stock market
barometer, the Straits Times Index, climbed 14 percent to end the
year at 2,347 points, just a shade off 1999’s all-time year-end finish
of 2,480 points.
Retail sales and catering sales in 2005 rose by 12.4 percent and 6.4
percent, respectively, over 2004. This was not surprising given the
general increase in wages and wealth that accompanied economic
growth, and glowing tourism numbers that saw a record 8.94 million

visitors to the island (up 7.3 percent from 2004). The annual retailing
highlight, the Great Singapore Sale (held from 27 May to 24 July
2005), generated record sales of S$5.0 billion compared with S$4.6
million in the previous year.
RETAIL PROPERTY SECTOR IN 2005
Buoyed by the positive economic mood, the retail property sector
was in a healthy state throughout the year, with high demand for
space from both local and international retailers, and the entry of
many new brands and retail operators into the market. Moreover,
with a net addition of only some 75,000 sq ft (or 0.35 percent) in the
private sector’s stock of retail net lettable area, supply was tight and
occupancy and rents held up well.
According to market sources, prime retail rents rose by between 1 and
3 percent on average during the year, and prime retail malls generally
maintained occupancies at or near 100 percent.
The year was highlighted by several major government land sales
for retail-related developments, including a 360,000-sq ft site in
Jurong West and the prime 200,000-sq ft Orchard Turn site. Keen
competition for these sites by local and international property players
bore evidence to the long-term optimism in Singapore’s retail industry
and retail property market.
OUTLOOK FOR 2006
Most Asian economies are expected to continue to do well in
2006, and Singapore will benefit from this. The current official GDP
forecast for Singapore is a healthy growth of between 4.01 and 6.01
percent. Nonetheless, risk factors do exist that may get in the way
of the region’s growth, including the threats of rising oil prices and
terrorism.
Barring unforeseen circumstances, we believe that the economy
is well on track to meet or even exceed the government’s forecast.
This belief emanates from the sterling economic performance in the
second half of 2005, which has created strong forward momentum for
2006. Indeed, among businesses and the population at large, there
is widespread optimism regarding business conditions and the job
market.
Further boosting the positive sentiments, the government’s recent
Budget 2006 announcement carried a wide array of pro-business
measures. In addition, the government intends to share its budget
surpluses with all Singaporeans by way of cash and other bonuses
to the tune of S$2.6 billion. Lower wage workers and lower income
households are expected to benefit the most, and this will create
positive impact on domestic demand and consumption.
In terms of new retail space supply, based on government data we
estimate that in 2006 and 2007 a total of around 1.5-1.6 million sq
ft of net lettable area will materialise in the private sector market.
While the quantum appears sizeable, some 1.0 million sq ft thereof
will actually be contained within a single development slated for end-
2006 – ViVoCity in the HarbourFront area. Accordingly, we believe
that the supply of retail space for the island at large will remain
relatively tight, thus lending support to retail occupancies and rents
in general.
Overall, we believe that economic and business conditions will be
very positive this year, barring unforeseen circumstances. As such,
we project that the retail property market this year will perform just
as strong as, or even outperform, 2005.
THE REIT INDUSTRY IN 2005
2005 was another year of significant growth for the Singapore REIT
industry. Mapletree Logistics Trust and Prime REIT (subsequently
renamed Macquarie MEAG Prime REIT) were listed in July 2005
and September 2005, respectively. This increased the number of
Singapore-listed REITs to seven, further adding to the depth and
diversity of the market. By year-end, the total market capitalisation of
the Singapore REIT sector had reached S$10.7 billion, an increase of
more than 50 percent from S$7.0 billion a year ago.
In October 2005, the Monetary Authority of Singapore refined its
Property Fund Guidelines to, among other things, strengthen the
corporate governance of REITs and incorporate higher flexibilities in
their investment activities. The key changes to the guidelines are:
1. More stringent and robust criteria for the entry of REIT managers
and the investment by REITs into assets owned by interested
parties such as the REIT’s sponsor, manager and trustee;
1 Source: Ministry of Trade and Industry.
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IN review_operations & financial review
The acquisitions added
another $9.6 million to the
Net Property Income of the
portfolio for the year ending
2005. The Manager will
continue to pursue other
acquisitions that will be yield-
accretive to the portfolio.
2. Clear provisions and stipulations to facilitate the acquisition of
foreign property assets and the partial ownership of property
assets by REITs; and
3. Greater flexibility for the capital structure of REITs, and yet
concurrently more stringent controls on the use of financial
engineering measures. More specifically, the previous 35
percent borrowing limit (measured against deposited property)
has been replaced by a 35 percent leverage limit (measured
against deposited property) encompassing both borrowings
and deferred payments. Furthermore, the leverage limit may
increase up to 60 percent subject to the REIT obtaining and
disclosing a credit rating by a major rating agency.
More recently in the government’s Budget 2006 announcements in
February 2006, two key measures were introduced with the aim of
further developing the local REIT industry:
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1. Granting of tax exemption on remittances of foreign-sourced
interest and distributions received by REITs listed in Singapore;
and
2. Allowing Singapore-listed REITs to recover Goods and Services
Tax on expenses incurred in the setting-up of and operations
of special-purpose vehicles for the holding of foreign non-
residential assets, as well as in the acquisition of foreign non-
residential assets by such vehicles.
The above are important incentives to encourage cross-border REITs
in Singapore and also the acquisition of foreign assets by local REITs.
These measures will stand Singapore in good stead in its continual
development as a key regional REIT centre.
In the regional arena, the eagerly-awaited Hong Kong REIT market
finally took off in late-2005 with a quick succession of three listings
in the space of little more than a month. Leading the way was the
Hong Kong Housing Authority’s LINK REIT which had an IPO market
capitalisation of US$2.6 billion, the largest-ever in the world. Another
of the Hong Kong listings, GZI REIT, is also noteworthy in that it is
the first in the world with an asset portfolio comprising properties in
mainland China. Elsewhere in the region, Taiwan also launched its
first REIT and Malaysia saw several new listings under its revamped
REIT guidelines.
Looking forward, we foresee that both Singapore’s and the region’s
REIT markets will continue to grow strongly this year, given the
high level of international interest in Asian real estate markets and
regional governments’ commitment and efforts to develop their REIT
sectors.
OPERATIONS REVIEW
YIELD-ACCRETIVE ACQUISITIONS
In 2005, CapitaMall Trust (CMT) acquired four malls: Sembawang
Shopping Centre (10 June 2005), 96.7 percent of the strata area of
Hougang Plaza (progressively on 20 June 2005, 30 June 2005 and 16
August 2005), Jurong Entertainment Centre (31 October 2005) and
Bugis Junction (31 October 2005).
Bugis Junction is the largest of the four malls and is located at the
heart of Singapore’s Arts, Culture, Learning and Entertainment Hub.
The mall is directly connected to the Bugis Mass Rapid Transit station
and is well served by major bus routes.
The acquisitions added another $9.6 million to the Net Property
Income (NPI) of the portfolio for the year ending 2005. CapitaMall
Trust Management Limited (CMTML), the Manager of CMT, will
continue to pursue other acquisitions that will be yield-accretive to
the portfolio.
TAMPINES MALL
Number of food kiosks on Basement 1 increased from 13 to 18 following a reconfiguration exercise to maximise the space efficiency.

JUNCTION 8
An open landscape plaza, called Top of
the 8, which comes complete with a
children’s playground, stage facilities
and promotional space was created
on Level 3.

JURONG ENTERTAINMENT
CENTRE
A new food court was created through the
amalgamation of two retail units.

PLAZA SINGAPURA
FUNAN DIGITALIFE MALL Customer service counter was relocated
Thematic zone, called ‘Inbox 5’, with a focus
to lower yielding space to make way for
on digital and electronic devices was created
on Level 5. a new tenant.

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IN review_operations & financial review

KEY ASSET ENHANCEMENT INITIATIVES
One of the major asset enhancement works completed in 2005
was the revamp of food kiosks at Basement 1 of Tampines Mall.
The number of kiosks was increased from 13 to 18 and the work
contributed approximately S$0.4 million per annum of additional
revenue to the portfolio.
Junction 8 saw the completion of its Open Landscaped Plaza on Level
3, which will be used to host more activities and events to attract
people to the mall and increase sales for the retailers.
Other asset enhancement works completed in 2005 include the
creation of InBox 5 at Funan DigitaLife Mall, four glass kiosks at IMM
Building (IMM), various reconfiguration and relocation works at Plaza
Singapura, and the amalgamation of two shop units to create a new
food court at Jurong Entertainment Centre. In total these works have
resulted in approximately S$1.7 million of additional revenue per
annum.
PERFORMANCE
REVENUE
Gross revenue for the financial year ended 31 December 2005 was
S$243.1 million, an increase of S$65.9 million or 37.2 percent over
S$177.2 million for the financial year ended 31 December 2004. The
higher revenue was mainly due to the full-year contribution from
Plaza Singapura of S$61.5 million, against S$23.9 million for the
period from 2 August 2004 to 31 December 2004. Also contributing to
the higher gross revenue were new acquisitions, namely Sembawang

GROSS REVENUE BY PROPERTY (FY2005) GROSS REVENUE BY PROPERTY (FY2004)

Tampines Mall 20.8% Tampines Mall 27.2%

Junction 8 16.6% Junction 8 18.9%

Funan DigitaLife Mall 9.3% Funan DigitaLife Mall 12.3%

IMM Building 21.7% IMM Building 28.1%

Plaza Singapura 25.3% Plaza Singapura 13.5%

Bugis Junction 3.5%

FY 2005: S$243.1 million FY 2004: S$177.2 million
Others1 2.8%

1
Comprising Hougang Plaza Units, Sembawang Shopping Centre and Jurong Entertainment Centre.

GROSS REVENUE BY PROPERTY

FOR THE PERIOD 31 OCTOBER TO 31 DECEMBER 2005
GROSS REVENUE

1 JANUARY TO 31 OCTOBER TO
30 OCTOBER 2005 31 DECEMBER 2005
ACTUAL VS FORECAST1 ACTUAL VS FORECAST2
S$MIL S$MIL S$MIL S$MIL

Tampines Mall 17.2% Tampines Mall 41.6 40.0 8.9 8.7

Junction 8 13.9% Junction 8 33.2 30.5 7.2 6.7
Funan DigitaLife Mall 7.9% Funan DigitaLife Mall 18.5 18.1 4.1 4.0
IMM Building 43.6 36.2 9.1 8.3
IMM Building 17.6%
Plaza Singapura 50.6 49.1 10.9 10.4
Plaza Singapura 21.0%
Bugis Junction - - 8.6 8.4
Bugis Junction 16.6%
Others3 3.8 - 3.0 2.8
1
Others 5.8% Total 191.3 173.9 51.8 49.3

1
Comprising Hougang Plaza Units, Sembawang Shopping Centre and 1. Based on the forecast, together with the accompanying assumptions, shown in the CMT Circular dated 20 July 2004 for the financial
Jurong Entertainment Centre. year ended 31 December 2005, pro-rated for the period 1 January 2005 to 30 October 2005.
2. Based on the forecast, together with the accompanying assumptions, shown in the CMT Circular dated 18 October 2005 (adjusted to
include actual gross revenue for 31 October 2005).
3. Comprising Hougang Plaza Units, Sembawang Shopping Centre and Jurong Entertainment Centre.

80 > inspire
Shopping Centre, Hougang Plaza Units, Jurong Entertainment Centre
and Bugis Junction, increased rental income from the other malls and
the newly created retail spaces at Junction 8, some of which were
only completed in December 2004.
NET PROPERTY INCOME
As a result of the higher gross revenue, NPI for the full year ended 31
December 2005 was S$154.1 million, an increase of S$39.9 million
or 34.9 percent over S$114.2 million for the financial year ended
31 December 2004. Similarly, this was mainly due to the increase
of S$26.1 million from the full-year contribution of S$43.8 million
from Plaza Singapura compared with S$17.7 million for the period
2 August 2004 to 31 December 2004. Contribution from the four
new properties, increased rental income from the other malls, and
newly created retail spaces at Junction 8 which were completed in
December 2004 also contributed to the improved NPI.
ASSETS
The total assets as at 31 December 2005 for CMT and its associate
were S$3,483.6 million, compared with S$2,361.7 million as at 31
December 2004. The increase of S$1,121.9 million was mainly due
to the acquisitions of Sembawang Shopping Centre, Hougang Plaza
Units, Jurong Entertainment Centre and Bugis Junction, as well as an
increase in property valuations for the other properties.

NET PROPERTY INCOME BY PROPERTY (FY2005) NET PROPERTY INCOME BY PROPERTY (FY2004)

Tampines Mall 22.6% Tampines Mall 29.8%

Junction 8 17.2% Junction 8 18.6%

Funan DigitaLife Mall 8.7% Funan DigitaLife Mall 12.0%

IMM Building 16.8% IMM Building 24.1%

Plaza Singapura 28.4% Plaza Singapura 15.5%

Bugis Junction 3.6%

FY 2005: S$154.1 million FY 2004: S$114.2 million
Others1 2.7%

1
Comprising Hougang Plaza Units, Sembawang Shopping Centre and Jurong Entertainment Centre.

NET PROPERTY INCOME BY PROPERTY

NET PROPERTY INCOME
FOR THE PERIOD 31 OCTOBER TO 31 DECEMBER 2005

1 JANUARY TO 31 OCTOBER TO
30 OCTOBER 2005 31 DECEMBER 2005
ACTUAL VS FORECAST1 ACTUAL VS FORECAST2
S$MIL S$MIL S$MIL S$MIL

Tampines Mall 28.8 27.8 6.1 6.0 Tampines Mall 18.8%

Junction 8 21.8 20.6 4.7 4.3
Junction 8 14.5%
Funan DigitaLife Mall 11.5 10.7 1.8 2.4
Funan DigitaLife Mall 5.6%
IMM Building 20.9 18.6 5.0 4.9
Plaza Singapura 36.3 35.9 7.5 7.5 IMM Building 15.4%

Bugis Junction - - 5.5 5.5 Plaza Singapura 23.1%

Others3 2.4 - 1.8 1.7 Bugis Junction 17.0%
Total 121.7 113.6 32.4 32.3 Others1 5.6%

1. Based on the forecast, together with the accompanying assumptions, shown in the CMT Circular dated 20 July 2004 for the financial
year ended 31 December 2005, pro-rated for the period 1 January 2005 to 30 October 2005. 1
2. Based on the forecast, together with the accompanying assumptions, shown in the CMT Circular dated 18 October 2005 (adjusted to Comprising Hougang Plaza Units, Sembawang Shopping Centre and
include net property income for 31 October 2005). Jurong Entertainment Centre.
3. Comprising Hougang Plaza Units, Sembawang Shopping Centre and Jurong Entertainment Centre.

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IN review_operations & financial review

DISTRIBUTIONS
For 2005, CMT made distributions of 10.23 cents which comprised
DISTRIBUTION PER UNIT
2.47 cents, 2.51 cents, 3.38 cents and 1.87 cents for the periods 1
January to 31 March 2005, 1 April 2005 to 30 June 2005, 1 July to 10.23 cents
30 October 2005 and 31 October to 31 December 2005, respectively. 9.48 cents
In the financial year ended 31 December 2004, CMT distributed 5.41 1.87
cents per unit for the period from 1 January 2004 to 1 August 2004 4.07
and 4.07 cents per unit for the period from 2 August 2004 to 31 3.38 31 Oct 2005 to 31 Dec 2005
December 2004. Overall, the total distribution for the financial year
1 Jul 2005 to 30 Oct 2005
ended 31 December 2005 of 10.23 cents per unit was an increase of
1 Apr 2005 to 30 Jun 2005
8.0 percent over the total distribution for the financial year ended 31 2.51
December 2004 of 9.48 cents per unit. 5.41 1 Jan 2005 to 31 Mar 2005

2 Aug 2004 to 31 Dec 2004

In line with our objective to deliver regular and consistent returns to 2.47
1 Jan 2004 to 1 Aug 2004
Unitholders, CMT commenced distribution payments on a quarterly
basis with effect from our first-quarter distribution in the financial 2004 2005
year ended 31 December 2005. This allows Unitholders to receive
distributions more regularly.

TOP TEN TENANTS

The gross rental income is distributed amongst the different tenants,
with BHG (Singapore) Pte Ltd, formerly known as Seiyu (Singapore)
Private Limited. making the highest contribution of 4.12 percent. The
top ten tenants contributed 22.92 percent of the total gross income
for CMT.
TRADE EXPIRY AREA % OF GROSS % OF NET
TENANT SECTOR DATE 1 (SQ FT) RENTAL LETTABLE
INCOME2 AREA3
BHG (Singapore) Pte Ltd, Department store May 10 & April 15 210,715 4.1% 7.2%
formerly known as Seiyu
(Singapore) Private Limited
Cold Storage Singapore Supermarkets / Feb 06, Mar 06, Jul 06, 192,467 4.0% 6.6%
(1983) Pte Ltd Services / Aug 06, Sep 06, Oct 06,
Warehouse Nov 06, Mar, 07 Jun 07,
Jul 07 , Oct 07, Mar 08
& Dec 09
Golden Village Leisure & Feb 08, Nov 09 116,056 2.6% 4.0%
Multiplex Pte Ltd Entertainment & Nov 10
Kopitiam4 Food Court Sep 07, Nov 07, Jun 08, 69,751 2.3% 2.4%
Aug 08, Nov 08 & Feb 09
Carrefour Singapore Pte Ltd Supermarkets Nov 06 91,666 2.2% 3.2%
Best Denki (S) Pte Ltd Electronics / Aug 06, Sep 06, 67,497 1.9% 2.3%
Warehouse Feb 07 & Apr 07
NTUC Fairprice Supermarkets / Nov 07, Mar 08 & Apr 09 63,530 1.8% 2.2%
Co-operative Ltd Electronics
Wing Tai Holdings Limited Fashion / Feb 06, Sep 06, Mar 07, 13,844 1.4% 0.5%
Food & Beverage May 07, Jun 07, Jul 07 ,
Sep 07, Dec 07, Apr 08
& May 08
McDonald’s Food & Beverage Feb 06, Oct 06, Nov 06, 17,642 1.3% 0.6%
Restaurants Pte Ltd Jun 07, Nov 07, Sep 08
& Mar 09
Isetan (Singapore) Ltd Department Store Nov 07 49,084 1.3% 1.7%

Ten largest tenants by total Gross Rental Income 22.9% 30.7%

Other tenants and vacant units 77.1% 69.3%

1 Some of the tenants above have signed more than one tenancy agreement and this has resulted in more than one tenancy expiry dates for such tenants.
2. Total gross rental income for the month of December 2005.
3. As at 31 December 2005.
4 Kopitiam Investment Pte Ltd, Kopitiam Pte Ltd and S28 Holdings Pte Ltd (which is a wholly owned subsidiary of Kopitiam Investment Pte Ltd).

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PORTFOLIO LEASE EXPIRY PROFILE

34.4
32.5
30.4
27.5
LEASE EXPIRY PROFILE
22.0 The lease terms of our tenants are consistent with
the market in Singapore, in that the lease term for
15.9 specialty tenants is typically three years and for
anchor tenants from five to seven years. The expiry
profile of CMT’s portfolio of malls is well spread out
6.0 6.4
5.2 with approximately 33 percent and 34 percent due
3.2
to expire in 2006 and 2007, respectively based on
Net Lettable Area (NLA). Based on the committed
2006 2007 2008 2009 2010 leases as at 31 December 2005, over 82.0 percent
% of total NLA as at 31 December 2005
of the forecast total revenue1 for the financial year
ended 31 December 2006 has been locked in.
% of total gross rental income for the month of December 2005

1 Based on the forecast, toegther with the accompanying assumptions, shown in the
CMT Circular dated 18 Octoberr 2005.

LEASE EXPIRY FOR 2006 BY MALL

NET LETTABLE AREA GROSS RENTAL INCOME

NO. OF
LEASES SQ. FT. % OF TOTAL1 S$’000 % OF TOTAL2

Tampines Mall 29 42,815 13.3% 722 18.4%

Junction 8 50 21,554 8.8% 498 16.6%

Funan DigitaLife Mall 61 63,070 23.3% 488 27.2%

IMM Building 367 330,198 37.1% 2,049 49.3%

Plaza Singapura 91 253,453 51.3% 2,483 51.3%

Bugis Junction 79 71,472 17.4% 949 24.7%

Others3 76 162,457 58.9% 660 52.5%

1. As percentage of total net lettable area as at 31 December 2005.

2. As percentage of total gross rental income for the month of December 2005.
3. Comprising Hougang Plaza Units, Sembawang Shopping Centre and Jurong Entertainment Centre.

WEIGHTED AVERAGE EXPIRY

WEIGHTED EXPIRY WEIGHTED EXPIRY

(RENTAL INCOME) (NET LETTABLE SPACE AREA)
YEARS YEARS

Tampines Mall 2.28 2.36

Junction 8 2.17 2.57
Funan DigitaLife Mall 2.20 2.58
IMM Building 1.15 1.10
Plaza Singapura 1.62 1.58
Bugis Junction 2.91 4.79
1
Others 1.29 1.23
Portfolio 1.98 2.16

1 Comprising Hougang Plaza Units, Sembawang Shopping Centre and Jurong Entertainment Centre.

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IN review_operations & financial review

TRADE SECTOR ANALYSIS

TRADE SECTOR ANALYSIS
By Net Lettable Area
The Manager’s active leasing efforts and retail management
(As at 31 December 2005)
consciously aim to maintain a well-balanced trade mix in CMT’s malls
that is not overly reliant on any one particular segment of the trade
sector. Food & Beverage (F&B) outlets/food courts continue to be the Food & Beverage/ 15.6%
Food Court
main contributor to gross rental income as well as the largest user
Leisure and Entertainment/ 11.9%
of space. The fashion trade is the second largest contributor to the Sports & Fitness
gross rental income at 20.8 percent, while occupying only 8.2 percent Supermarkets 11.2%
of the NLA.
Educational/Services 11.2%

Department Store 10.5%

This is very much in line with market forces in Singapore where F&B
Warehouse 9.1%
and fashion continue to drive retail sales.
Electronics 8.6%

INCREASED SHOPPER TRAFFIC Fashion 8.2%

Both Tampines Mall and Junction 8 recorded in excess of 20 million Home Furnishings 8.1%
shoppers in 2005. This was a record-breaking achievement for CMT Books/Gifts & Specialty 3.3%
as none of our malls have previously reached these numbers. We /Hobbies/Toys

will continue to improve the trade mix, organise interesting events Office 2.3%

and enhance the shopping ambience to further increase the shopper

traffic to our malls.

ADVERTISING AND PROMOTIONS

Many of our activities are organised across a number of the malls so
as to achieve both synergy and cost efficiency.
By Gross Rental Income
(For the month of December 2005)
At key festive periods such as Lunar New Year and Christmas, the
malls use a single theme, and share promotional mechanics and
Food & Beverage/ 22.8%
communications. During the June and December school holidays, Food Court
we arranged for popular cartoon characters such as Power Rangers,
Fashion 20.8%
Wallace & Gromit, Thomas the Tank and Baby Looney Tunes to
Educational/Services 16.1%
appear at the different malls. Premiums bearing their pictures
were also produced as gift-with-purchases for our shoppers to take Leisure and Entertainment/ 7.6%
Sports & Fitness
home for their children. In addition, during the Mid-Autumn Festival,
Electronics 7.3%
Mooncake Fairs were held in IMM, Junction 8 and Tampines Mall
with participation from over 30 hotels, restaurants, cake houses and Supermarkets 7.2%

confectioneries. Home Furnishings 6.8%

Department Store 5.7%

Activities for other special common occasions are targeted at the Books/Gifts & Specialty 3.3%
shoppers in individual malls. In May 2005, for example, we hosted /Hobbies/Toys
different competitions in commemoration of Mother’s Day: ‘Most Warehouse 1.6%
Beautiful Mum’ at Junction 8, ‘Most Beautiful Mum-to-be’ at Plaza Office 0.8%
Singapura, ‘Classic Mum’ at IMM, and ‘Mother-&-Child Lookalike’ at
Tampines Mall. These pageants and contests drew more than 1,000
entries.

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Power Rangers characters colouring contest Most beautiful Mum-to-be contest

Mooncake Fair

Thomas The Train Show

Photo taking at Astro Boy show

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IN review_operations & financial review

TENANTS WITH STEP-UP RENT AND GROSS TURNOVER RENT

% OF TOTAL PORTFOLIO1 OF TENANTS NO. OF TENANTS IN PORTFOLIO1

1000
100% 915

800
77.6% 714 711 689
80% 73.8%
71.5%
60.6%2 600
60%

400
40%

200
20%

0
0%
Tenants with Tenants Paying
Tenants with Tenants Paying Step-Up Rent GTO Rent
Step-Up Rent GTO Rent

1. Excluding Sembawang Shopping Centre which was acquired in June 2005,

Hougang Plaza Units which were acquired in June and August 2005 and
Jurong Entertainment Center which was acquired in October 05. as at 31 December 2005
2. Lower percentage due to the acquisition of Bugis Junction in October 2005.
Only 8.3% of tenants in Bugis Junction are paying step-up rents as a majority as at 31 December 2004
of the tenants are on the gross turnover rental structure.

SUMMARY OF RENEWALS / NEW LEASES

FROM 1 JANUARY 2005 TO 31 DECEMBER 2005 (EXCLUDING NEWLY CREATED UNITS)

No. of Renewals/ Net Lettable Area Increase in Current Rental Rates vs.

Property New Leases Area (sq ft) % Total NLA Forecast Rental Rates1 Preceding Rental Rates

Tampines Mall 49 70,459 21.8% 5.9% 9.9%

Junction 8 23 33,969 13.9% 5.5% 12.4%
Funan DigitaLife Mall 36 53,511 19.8% 21.8% 21.2%
IMM Building2 17 100,468 25.2% 2.0% 14.1%
Plaza Singapura 64 142,856 28.9% 5.9% 11.6%
CMT Portfolio for 20053 189 401,263 23.2% 6.8% 12.6%

1. Forecast rental rates for the period 1 January 2005 to 30 October 2005 is the basis for forecast shown in the CMT Circular dated 20 July 2004 and the forecast rental rates for the
period 31 October 2005 to 31 December 2005 is the basis for forecast shown in the CMT Circular dated 18 October 2005.
2. Only renewal of retail units not budgeted to be affected by asset enhancement works were taken into account, 149 units originally budgeted to be affected by asset enhancement
works at Level 2 and Level 3 were excluded from the analysis.
3. Excluding Hougang Plaza Units, Sembawang Shopping Centre, Bugis Junction and Jurong Entertainment which were acquired in 2005.

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RISK MANAGEMENT
OPERATIONAL RISK
CMT and its associate have integrated risk management into the day-
to-day activities in all functions. These include planning and control
systems, operational guidelines, IT systems and operational, reporting
and monitoring procedures involving the executive management
committee and Board.
INVESTMENT RISK
One of the main sources of growth for CMT and its associate is
the acquisition of properties. The risk involved in such investment
activities is managed through a rigorous set of investment criteria
which includes accretion yield, internal rate of return, growth
potential and sustainability, location and specifications.
LIQUIDITY RISK
CMT and its associate actively monitor their cash flow position to
ensure that there are sufficient liquid reserves in terms of cash and
credit facilities to meet short-term obligations.
DERIVATIVE FINANCIAL RISK INSTRUMENT
CMT obtains funding through Silver Maple. There is little or no
derivative financial instrument exposure level as the borrowings are
secured via commercial mortgage-backed securitisation from Silver
Maple.

INTEREST RATE RISK

With the current global trend of rising interest rates, CMT and its
associate proactively seek to minimise the level of interest rate risk
by locking in most of our borrowings in fixed interest rates. As at 31
December 2005, CMT and its associate have locked in 97.4 percent
of CMT’s borrowings at fixed rates and only the remaining 2.6 percent
is at floating rates.

FOREIGN EXCHANGE RISK

As the operations of CMT and its associate are currently based locally
in Singapore, there is little or no foreign exchange exposure. CMT
and its associate borrow in Singapore dollars from a special purpose
vehicle, Silver Maple Investment Corporation Ltd (Silver Maple).
Silver Maple issues foreign denominated notes and is able to obtain
attractive spread by borrowing from the overseas markets.

CREDIT RISK
Credit risk is the potential earnings volatility caused by tenants’
inability and/or unwillingness to fulfil their contractual lease
obligations. There is a stringent collection policy in place to ensure
that credit risk is minimised, which is managed by the requirement of
security deposits, usually in the form of cash or bankers’ guarantees
of three months’ rent on average, and a vigilant monitoring system
and procedures on debt collection.

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IN review_operations & financial review

FINANCIAL REVIEW
CASH MANAGEMENT
DEPT CAPITAL INFORMATION CMT and its associate take a proactive role in monitoring their
cash and liquid reserves to ensure adequate funding is available
AS AT 31 DEC 2005 for distribution to the Unitholders as well as to meet any short-term
S$ MILLION liabilities.
DEBT MATURITY PROFILE1
FUNDING AND BORROWINGS
Under a facility agreement between Silver Maple and CMT, Silver
4335
Maple granted CMT a total facility of S$1,187.0 million in the financial
year ended 31 December 2005, an increase of S$483.0 million over
3353 S$704.0 million granted for the financial year ended 31 December
2004. This comprises a term loan of S$1,065.0 million and a revolving
credit facility of S$122.0 million.

1722
As at 31 December 2005, CMT has drawn down S$1,065.0 million of
the term loan and S$28.0 million of the revolving credit facility.
1254

Total borrowings of CMT stood at S$1,093.0 million as at 31 December

28
2005, an increase of S$433.0 million compared to S$660.0 million as
39.6% at 31 December 2004. The increased borrowings were mainly due to
15.7% 30.6% 11.5%
2.6%
the debt financing taken to part-finance/re-finance the acquisitions of
Revolving 2007 2009 2010 2012 Bugis Junction, Hougang Plaza Units, Sembawang Shopping Centre
Credit
and Jurong Entertainment Centre. Fees and costs of S$3.8 million
incurred in the S$433.0 million borrowing was amortised over the
KEY STATISTICS
tenor of the loan of seven years.

As a result, the gearing of CMT and its associate increased to 31.6

Borrowings to Total Assets 31.6% percent at 31 December 2005 from 28.5 percent as at 31 December
2004.

Borrowings to Total Assets 6.0 times Average cost of borrowing for the financial year ended 31 December
2005 was 3.0 percent per annum.

Average Cost of Debt 3.0% CASH FLOWS AND LIQUIDITY

Debt Rating
1 Based on Notes’ maturity dates.
2 Five year term loan from 26 February 2002.
3 Five year term loan from 2 August 2004
4 Seven year term loan from 26 June 2003.
5 Seven year term loan from 31 October 2005.
Operating cashflow improved for the financial year ended 31 December
2005 by S$152.5 million. This is an increase of S$35.6 million over the
“ AAA” operating cashflow of S$116.9 million in the preceding financial year.
The increase was mainly due to the increased full-year contribution
from Plaza Singapura.
OPERATING ACTIVITIES
CMT and its associate demonstrated their strength in initiating pro-
active asset management and leasing strategies, innovative asset
enhancement initiatives and yield accretive acquisitions, which
resulted in the remarkable improvement of 34.9 percent to the net
property income for the financial year ended 31 December 2005.

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INVESTING ACTIVITIES
CMT and its associate continued with the acquisition strategy and
ACCOUNTING POLICIES
increased the number of properties in the portfolio from five to nine
The financial statements have been prepared in accordance with the
with the acquisitions of Sembawang Shopping Centre, Hougang
Statement of Recommended Accounting Practice (RAP) 7 ‘Reporting
Plaza Units, Jurong Entertainment Centre and Bugis Junction. With
Framework for Unit Trusts’ issued by the Institute of Certified Public
the new acquisitions and asset enhancement initiatives, CMT and its
Accountants of Singapore, and the applicable requirements of the
associate were able to improve on their performance over 2004.
Code on Collective Investment Schemes (the CIS Code) issued by the
Monetary Authority of Singapore (MAS) and the provisions of the
FINANCING ACTIVITIES
Trust Deed.
CMT and its associate constantly monitor the cash position and level
of borrowings with the view of enhancing value by locking-in sizable
In 2005, CMT adopted the revised RAP 7 ‘Reporting Framework for
borrowings at fixed low interest rates with medium-term tenures.
Unit Trusts’ issued in May 2005 and the effects of adopting this
revised RAP in 2005 are:
With the acquisitions of the four new properties in the financial year
ended 31 December 2005, borrowings of S$433 million were raised
• The adoption of principles in FRS 28 (revised) ‘Investment in
in October 2005 through Silver Maple to:
Associates’ resulted in the presentation of the financial position,
results, movements in Unitholders’ funds and cash flows of CMT
(1) Part-finance the acquisition of Bugis Junction and Jurong
and its associate in the financial statements in addition to those
Entertainment Centre; and
of CMT.
(2) Part re-finance the short-term borrowing of S$129.8 million that
was taken in the second quarter of 2005 in the acquisitions of
• The adoption of principles of FRS 39 ‘Financial Instruments:
Sembawang Shopping Centre and Hougang Plaza units.
Recognition and Measurement’ resulted in CMT and its
associate measuring our derivative financial instruments as
In addition, there is sufficient short-term revolving credit facility
assets or liabilities at fair values. Previously, derivative financial
available to meet any short-term liquid requirements.
instruments were not recorded on the balance sheet. Where a
derivative or non-derivative financial instrument is an effective
CASH AND CASH EQUIVALENTS
hedge in a cash flow hedge relationship, the change in fair value
As at 31 December 2005, the value of cash and cash equivalents stood
of the hedging instrument relating to the effective portion is
at S$39.1 million, compared with S$47.2 million as at 31 December
recorded in equity. The effect of the adoption of FRS 39 on the
2004, mainly due to the change in the distribution policy to a quarterly
results of CMT and its associate for the financial year ended 31
basis in the financial year ended 31 December 2005 from a half-yearly
December 2005 is not significant.
basis in the financial year ended 31 December 2004.

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 INcreasing
Dominance
We have nine retail malls: Well-situated
retail malls. We have leveraged on their
close proximity to Mass Rapid Transit and
bus routes, large local customer bases and
targeted positioning to make them a desirable
location for retailers and popular destination
for shoppers. And, we have developed a wide
network of stable tenant relationships.

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inspire > 91
INcreasing dominance_portfolio at a glance

FUNAN
TAMPINES DIGITALIFE
PROPERTY MALL JUNCTION 8 MALL
ADDRESS 4 Tampines Central 5 9 Bishan Place 109 North
Singapore 529510 Singapore 579837 Bridge Road
Singapore 179097

NET LETTABLE 322,919 245,191 270,412

AREA (SQ FT)
(as at 31 December 2005)

NUMBER OF TENANTS 158 172 183

(as at 31 December 2005)

CAR PARK LOTS 636 305 336

(as at 31 December 2005)

508 804 805

NLA PER CAR
PARK LOT (SQ FT)
(as at 31 December 2005)

Leasehold tenure of Leasehold tenure of Leasehold tenure of

TITLE
99 years with effect 99 years with effect 99 years with effect
from 1 September from 1 September from 12 December
1992 1991 1979

S$409.0 million S$295.0 million S$191.0 million

PURCHASE PRICE

MARKET VALUATION
S$633.0 million S$473.0 million S$247.5 million
(as at 1 December 2005)

OCCUPANCY RATE
(as at 31 December 2005) 100.0% 100.0% 99.4%

SHOPPER TRAFFIC 20.5 million 21.8 million 9.6 million

FOR 2005

MAJOR TENANTS Isetan, Seiyu, Challenger,

NTUC Fairprice, Golden NTUC Fairprice, Golden Food Junction,
Village, Village, Royal Sporting House,
Courts and Best Denki and South Asia Computer
Yamaha Music Food Junction and Harvey Norman

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 HOUGANG SEMBAWANG JURONG
IMM PLAZA BUGIS PLAZA SHOPPING ENTERTAINMENT
BUILDING SINGAPURA JUNCTION UNITS CENTRE CENTRE
2 Jurong East 68 Orchard Road 200 Victoria Street, 1189 Upper Serangoon 604 Sembawang Road, 2 Jurong East Central 1,
Street 21, Singapore Singapore 238839 Singapore 188021 Road, Singapore Singapore Singapore 609731
609601 534785 758459

Retail: 398,087 494,134 410,619 67,813 97,130 110,795

Non-Retail: 491,680

Retail: 250 198 218 6 69 32

Non-Retail: 300

1,301 (cars) 700 6481 1541 Multi-storey carpark: 240 220

111 (lorries/heavy External carpark2 : 239
vehicles) Total : 479

306 706 634 440 203 504

Leasehold tenure of Freehold Leasehold tenure of Leasehold tenure of Leasehold tenure of Leasehold tenure of
30 + 30 years with 99 years with effect 99 years with effect 999 years with effect 99 years with effect
effect from 23 from 10 September from 1 March 1991 from 26 March 1885 from 1 March 1991
January 1989 1990

S$247.4 million S$710.0 million S$580.8 million S$43.8million S$78.0 million S$68.0 million

S$400.0 million S$803.0 million S$615.0 million S$44.3 million S$79.6 million S$69.6 million

Retail: 99.0% 100.0% 100.0% 100.0% 100.0% 99.5%

Non-Retail: 63.2%

15.8 million 17.0 million NA* NA* NA* NA*

Giant, Carrefour, Seiyu, Food Junction Jack’s Place, Giant, Kopitiam, Taste Kopitam, K Box, Shaw
Daiso, Golden Village, Cold Storage, Shaw K-Box, Kopitiam, of Thailand, Satay Club Theatres, Fuji Ice Palace
Best Denki, Spotlight , Theatres, Virtual Novena Furnishing and Sakae Sushi and Morris Allen
Kopitiam and Yamaha Music and Land and G-value
Bagus Best Denki

1
The carpark lots are owned by the management corporation. * not available as the asset
2
This refers to the external carpark, under a temporary occupation licence, located next to Sembawang Shopping Centre. was only acquired in 2005.

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INcreasing dominance_strategically located

MAP OF SINGAPORE
Legend

East West Line EW

North South Line NS

North East Line NE

Circle Line CCL

MRT Station

Existing
CMT Mall

N Newly Acquired Malls

in 2005

SEMBAWANG YISHUN
STATION STATION

SEMBAWANG
JUNCTION 8
SHOPPING BISHAN
CENTRE STATION

JURONG HOUGANG
ENTERTAINMENT PLAZA
CENTRE
IMM BUILDING
JURONG EAST HOUGANG
TAMPINES MALL
TAMPINES E
W STATION STATION STATION

PLAZA SINGAPURA
DHOBY GHAUT
STATION BUGIS JUNCTION
BUGIS
STATION
CITY HALL
STATION
FUNAN
DIGITALIFE MALL

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Geographical
Location
CapitaMall Trust’s (CMT) portfolio of nine malls is well spread
out across Singapore and these malls are well supported by good
population catchment areas. In addition, most of the malls are
located either beside or very near to Mass Rapid Transit stations
and bus interchanges. Tampines Mall is located in the east of
Singapore, Junction 8 in the central/north, Plaza Singapura,
Funan DigitaLife Mall and Bugis Junction in the central area,
Hougang Plaza Units in the north-east, Sembawang Shopping
Centre in the north, and IMM Building and Jurong Entertainment
Centre in the west.

With this representation across Singapore, CMT is able to

capture all the various segments of the market as well as service
the needs of the local population.

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INviting_experiences_tampines mall

Tampines Mall, located in the eastern part of Singapore,

is one of Singapore’s leading suburban malls. It is
situated in the first of the four regional centres planned in
Singapore and strategically located next to the Tampines
Mass Rapid Transit (MRT) station and the Tampines bus
interchange. Tampines Mall offers a varied and exciting
mix of shopping, dining and entertainment under one roof
for consumers residing in the high-density residential
area of Tampines regional centre and in the eastern and
north-eastern regions of Singapore.

The prime suburban mall is well positioned for the

middle-income segment of the retail market, and has two
basement levels of car park space and a tenant base of
more than 150 on five retail levels, including a basement
level. With a strong main catchment area of over 766,0001
residents, accounting for approximately 71.0 percent of
its customer base, Tampines Mall has an average of over
56,000 shoppers every day.
1
Urbis JHD Singapore Retail Review dated October 2005.

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The objective for Tampines Mall is to
continually seek to optimise its financial
performance and strengthen its market
positioning as the leading suburban mall in
the east and north-eastern regions, through
constantly enhancing the retail shopping
experience of its visitors.

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INviting_experiences_tampines mall

TAMPINES MALL LEASE EXPIRY PROFILE ASSET ENHANCEMENT INITIATIVES

A new marketplace was created at Basement 1 in the last quarter of
2005 to offer a wider variety of food for both dining-in and take-away.
38.4%
The marketplace has 18 food kiosks cum eateries selling popular
local and Asian food. An aquarium kiosk was also created near the
31.2% 32.1% market place and escalator area as a focal point for shoppers to eat
29.2% and rest.

In line with the enhanced retail mix, a new logo was created for
18.4%
Tampines Mall. In addition, the mall was given an external facelift
with a new refreshing colour and signage. All the directories and
13.3% directional signs will be updated with the new designs within the
11.0% 11.2% first half of 2006. All the lift lobbies were also fitted with plasma
6.6% 6.0% televisions to entertain waiting shoppers.

2006 2007 2008 2009 2010

% of total gross rental income for the month

of December 2005
% of total NLA as at 31 December 2005

TAMPINES MALL PROPERTY INFORMATION

NET LETTABLE AREA 322,919 sq. ft.

(as at 31 December 2005)

NUMBER OF TENANTS 158

(as at 31 December 2005)

CAR PARK LOTS 636

(as at 31 December 2005)

TITLE Leasehold tenure of

99 years with effect
from 1 September
1992
PURCHASE PRICE S$409.0 million

MARKET VALUATION S$633.0 million

(as at 1 December 2005)

OCCUPANCY RATE 100.0%

(as at 31 December 2005)

SHOPPER TRAFFIC 20.5 million

FOR 2005

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INviting_experiences_tampines mall

TENANCY MIX
To strengthen and complement the retail mix at the mall, the
Beauty Hub on Level 3 was completed, providing one-stop beauty
and wellness services for both men and women. The Beauty Hub
contributed to an incremental rental revenue of over S$0.3 million
per annum on a stabilised basis.

October saw the opening of the new Basement 1 food kiosks which
include household names such as Ho Kee Pau and Lee Wee &
Brothers’ Foodstuff with their very first outlets in a shopping mall
environment. On a stabilised basis, this is estimated to achieve an
incremental rental revenue of over S$0.4 million.

PROMOTIONAL AND MARKETING ACTIVITIES

In addition to the usual festive and school holiday programmes,
2005 saw a series of thematic sales-driven promotions and events
at Tampines Mall.

In April ‘Health and Beauty @ TM’, organised with key tenants

such as Guardian, Eu Yan Sang and The Body Shop, offered free
derma skin analysis, make-overs, cardio blood pressure tests and
health screening to shoppers. The event culminated in Body Shop’s
first-ever product launch in a suburban mall, involving beauty
demonstrations and a radio show with celebrity DJs like Carrie
Chong for Spa Wisdom.

The enormous success of the April event led to roadshows with

other established brands including SKII and Shisheido. The latter
organised a ‘Women with Confidence Fair’ exclusively at Tampines
Mall which met with an overwhelming response from over 200
women in a recruitment drive of under two weeks. Responding to
shoppers’ feedback and tenants’ requests, a second event was held
on the Health and Beauty theme in August 2005 featuring Jean
Yip’s grand opening of its beauty hub, a new product launch for Bio
Essence and Watsons’ introduction of pharmacist services.

At ‘Colours of Food’, held in July 2005 in conjunction with the

Singapore Food Festival, 12 booths were segregated into colour
zones by their food type. This event generated free publicity in major
newspapers and on Channel NewsAsia, and increased shopper
traffic by approximately 19 percent or around 190,000 shoppers.

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INviting_experiences_tampines mall

TRADE SECTOR ANALYSIS TRADE SECTOR ANALYSIS BY

BY GROSS RENTAL INCOME NET LETTABLE AREA
(FOR THE MONTH OF DECEMBER 2005) (AS AT 31 DECEMBER 2005)

Food & Beverage/Food Court 29.0% Food & Beverage/Food Court 23.6%

Fashion 25.8% Department Store 15.2%

Educational/Services 14.9% Leisure and Entertainment/

Sports & Fitness 13.3%
Department Store 7.5% Educational/Services 12.4%

Leisure and Entertainment/

Sports & Fitness 7.3% Supermarkets 11.0%

Supermarkets 6.0% Fashion 10.7%

Books/Gifts & Specialty/ Books/Gifts & Specialty/ TAMPINES MALL CENTRE
Hobbies/Toys 5.0% Hobbies/Toys 8.0%
MANAGEMENT TEAM (L to R): Fong Lie Ling
Home Furnishings 4.3% Home Furnishings 5.7%
(Operations Manager from 12 December 2005), Jaclyn
Electronics 0.2% Electronics 0.1% Chan (Leasing Manager), Looi Keng (Centre Manager),

June Ang (Marcom Manager), Danny Chan (Operations

Manager to 11 December 2005)

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INviting_experiences_junction 8

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The objective for Junction 8 is to
optimise its financial performance
and strengthen its market positioning
as the leading suburban mall in the
central region of Singapore.

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106 > inspire
 INviting_experiences_junction 8

Junction 8 is located in the high-density residential area of Bishan

and is well-served by both Bishan Mass Rapid Transit (MRT) and the
JUNCTION 8 LEASE EXPIRY PROFILE Bishan bus interchange. This prime suburban mall incorporates two
basement car park levels and five retail storeys. The mall has more
than 800,0001 people residing in its main catchment area.
41.1%
Positioned for the middle-income and family-oriented segments of
33.5% the retail market, the mall targets residents in surrounding housing
estates, office workers within the vicinity and students from nearby
23.9% schools. However, its excellent accessibility by public transport
19.1%19.4% extends its reach beyond this. With the completion of its asset
16.9% 15.8%
14.4% enhancement works, the new Raffles Junior College and the planned
8.8% National Library Board in the vicinity, Junction 8 is poised to capture
7.1%
even more shoppers and anchor its position as a one-stop shopping,
dining and entertainment destination.

2006 2007 2008 2009 2010

1. Urbis JHD Singapore Retail Review report dated October 2005.

% of total gross rental income for the month

of December 2005
% of total NLA as at 31 December 2005

JUNCTION 8 PROPERTY INFORMATION

NET LETTABLE AREA 245,191sq. ft.

(as at 31 December 2005)

NUMBER OF TENANTS 172

(as at 31 December 2005)

CAR PARK LOTS 305

(as at 31 December 2005)

TITLE Leasehold tenure of

99 years with effect
from 1 September
1991

PURCHASE PRICE S$295.0 million

MARKET VALUATION S$473.0 million

(as at 1 December 2005)

OCCUPANCY RATE 100.0%

(as at 31 December 2005)

SHOPPER TRAFFIC 21.8 million

FOR 2005

inspire > 107

 shopping

dining

entertainment
 INviting_experiences_junction 8

TRADE SECTOR ANALYSIS TRADE SECTOR ANALYSIS BY

BY GROSS RENTAL INCOME
(FOR THE MONTH OF DECEMBER 2005)
Fashion
Food & Beverage/Food Court
Educational/Services
Leisure and Entertainment
/Sports & Fitness
NET LETTABLE AREA
(AS AT 31 DECEMBER 2005)
27.0% Food & Beverage/Food Court
26.4% Leisure and Entertainment
/Sports & Fitness
16.7%
Fashion
8.3% Educational/Services
ASSET ENHANCEMENT INITIATIVES
A major asset enhancement programme was
successfully completed at Junction 8 last
year. The Level 3 open plaza was renovated
to provide a new, exciting and landscaped
venue for events, concerts and lifestyle
activities which helps to channel shoppers’
traffic to the upper floors of the mall. The
plaza has a back projection screen which can
run movie shows and football matches for
families and friends. It also boasts a modern
20.6% playground which provides a fun area for
children.
14.1%
13.9%
13.4%

Electronics 6.2% Department Store 12.8%

Department Store 5.9% Supermarkets 10.1%

Supermarkets 5.7% Electronics 9.6%

Books/Gifts & Specialty Books/Gifts & Specialty

/Hobbies/Toys 3.0% /Hobbies/Toys 4.8%

Home Furnishings 0.8% Home Furnishings 0.7%

JUNCTION 8 CENTRE
MANAGEMENT TEAM (L to R):
Christopher Ang (Marcom Manager), Lisa Wood (Centre

Manager), Lena Thean (Leasing Manager), Chee Hiang

Chuan (Operations Manager)

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INviting_experiences_junction 8

TENANCY MIX
2005 brought a number of new retailing concepts to Junction 8.
These included Double Index and Dano in ladies’ fashion, new
jewellers Citigems and Soo Kee Jewellery, Primarera on the main
walkway and Haagen Dazs on Level 3. In addition, two brand new
kiosks, 2.ft Orthotics on Level 3 and Bargain City, opened in the mall’s
youth zone.

A number of existing retailers also refreshed their store designs,

resulting in a new look for Bistro Delifrance, Bysi, Charles and Keith,
Silvera, Goldheart, AR Money Changer and Ero Lingerie.

PROMOTIONAL AND MARKETING ACTIVITIES

Aggressive thematic promotions and artistes’ appearances increased
traffic in 2005 to over 21.0 million, with an average of 1.75 million
shoppers per month. The open plaza at Level 3 was re-launched as
‘Top of the 8’, after landscaping and the addition of a playground,
with artistes’ appearances and tenants’ party. ‘Community Sunday’
also made a comeback for a three-month period as part of the launch
campaign with all 35 booths at the ‘Entrepreneur Mark8t’ filled with
students and budding entrepreneurs.

Other events included the ‘Most Beautiful Mum’ finals which attracted
35.0 percent more shoppers than in the previous year, and a new
programme called ‘Wacky Waggy Fashion Fun’ in which owners and
their dogs promoted the latest fashion during the Great Singapore
Sale.

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At Christmas, Junction 8 achieved
two ‘Firsts’: we were the first
to wrap The Straits Times in a
Christmas gift-paper-cum-2006-
calendar, which was well received
by shoppers; and we were the first
to collaborate with SBS Transit to
extend the operating hours of the
buses serving Junction 8 to 2.00
am on 18 December 2005. The
latter resulted in the highest-ever
traffic for a single event, with over
100,000 shoppers, a 45.0 percent
increase in traffic. Tenants enjoyed
superb increases in sales ranging
from 20.0 to 150.0 percent for
some.

inspire > 111

INviting_experiences_funan digitalife mall

The objective for Funan DigitaLife

Mall is to continue to drive shopper
traffic and sales by providing
customers with a complete digital
and lifestyle offering in a quality
shopping environment and staging
quality promotions and events so as
to position the mall as the premier
one-stop destination for all IT and
digital needs.

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inspire > 113
INviting_experiences_funan digitalife mall

Funan DigitaLife Mall enjoys an ideal location within the Central

Business District, close to City Hall Mass Rapid Transit (MRT) station,
FUNAN DIGITALIFE MALL LEASE EXPIRY PROFILE Boat Quay and national landmarks such as the new Supreme Court,
the Parliament House and the Padang. This, together with its unique
27.2% mix of reputable retailers, makes the mall one of Singapore’s premier
25.7%
destinations for Information Technology (IT) and digital products,
23.3%
22.0% 22.3% attracting shoppers from all over Singapore. Tourists are also
19.6%
becoming an important part of the mall’s customer base.
17.3%
16.2%

12.5% 12.6% The mall has six retail levels with a food court and supermarket located
at Basement 1 and three basement car park levels offering easy
access to the mall via escalators or lifts. Given its broad range and
reputation for genuine products and quality service, Funan DigitaLife
Mall attracts many professionals, managers, executives and business
people, along with daily shoppers enjoying the diverse F&B options.
The mall, formerly known as Funan The IT Mall, embarked on a
2006 2007 2008 2009 2010 major rebranding exercise in May 2005 repositioning itself as Funan
DigitaLife Mall, a hub for digital and lifestyle products.
% of total gross rental income for the month
of December 2005
% of total NLA as at 31 December 2005

FUNAN DIGITALIFE MALL PROPERTY INFORMATION

NET LETTABLE AREA 270,412 sq. ft.

(as at 31 December 2005)

NUMBER OF TENANTS 183

(as at 31 December 2005)

CAR PARK LOTS 336

(as at 31 December 2005)

TITLE Leasehold tenure of

99 years with effect
from 12 December 1979

PURCHASE PRICE S$191.0 million

MARKET VALUATION S$247.5 million

(as at 1 December 2005)

OCCUPANCY RATE 99.4%

(as at 31 December 2005)

SHOPPER TRAFFIC
FOR 2005 9.6 million

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inspire > 115
INviting_experiences_funan digitalife mall

TRADE SECTOR ANALYSIS TRADE SECTOR ANALYSIS BY

BY GROSS RENTAL INCOME NET LETTABLE AREA
(FOR THE MONTH OF DECEMBER 2005) (AS AT 31 DECEMBER 2005)

Electronics 54.1% Electronics 56.0%

Educational/Services 16.4% Food & Beverage/Food Court 14.5%

Food & Beverage/Food Court 14.9% Educational/Services 14.0%

Books/Gifts & Specialty/ Leisure and Entertainment/

Hobbies/Toys 4.3% Sports & Fitness 4.5%

Leisure and Entertainment/ Books/Gifts & Specialty/

Sports & Fitness 4.1% Hobbies/Toys 4.3%

Fashion 2.6% Supermarkets 3.1%

Supermarkets 1.8% Home Furnishings 2.4%

Home Furnishings 1.8% Fashion 1.2%

FUNAN DIGITALIFE MALL CENTRE

MANAGEMENT TEAM (L to R):
David Foong (Centre Manager), Roy Sim (Leasing

Senior Executive), Roy Lai (Operations Manager) , Julie

Tan (Marcom Manager)

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ASSET ENHANCEMENT INITIATIVES
In June 2005 the new ‘Inbox5’ thematic zone was
launched, offering a wide range of digital items
such as mobile phones, MP3 players and gaming
products to younger customers and tourists.

Considerable enhancements made to vertical

transport and accessibility included new
escalators to improve direct access from
the car park levels to the mall at Level 1. The
air-conditioning at the common mall area is
currently being upgraded to improve overall
customer comfort levels. This was coupled with
the replacement of the atrium skylight to allow
better light penetration but less heat transfer. The
restrooms throughout the mall also underwent a
major upgrade and the new, fully air-conditioned
restrooms now include baby care rooms.

TENANCY MIX
In line with Funan’s rebranding exercise, new
zones and trends were added into the mall to
introduce even more IT retailers. New concept
showrooms like O2 and Samsung joined the list
of existing brands that includes Apple Centre,
Canon, Fujitsu, IBM & HP, and new specialised
DIY IT shops such as Fuwell & Laser Distributor
were introduced to cater to a growing number of
younger and DIY IT shoppers.

A thematic zone, ‘Inbox 5’, was created on Level

5, comprising several open-concept shoplets
and kiosks with a focus on digital and electronic
devices.

To complete the one-stop shopping experience

for digital lifestyle shoppers, specialised lifestyle
retailers such as OSIM International and Ogawa
Health-Care opened in the mall.

inspire > 117

PROMOTIONAL AND MARKETING ACTIVITIES
Our new thematic concept zone, Inbox5, opened on
18 June 2005, drawing in the crowds and raising
awareness of the mall through media coverage.

Throughout the year, there were many exciting events

including ‘World Cyber Games Road Show’, ‘Robo GP’
by Temasek Polytechnic, ‘Techno Quest’ by Nanyang
Technological University and ‘Gaming Challenge’. We
also collaborated with The New Paper and Straits
Times Classified to hold the ‘After 5 Pool League’ and
‘Classified Waiter Race’ respectively.

Our sales promotions such as the ‘Weekly Specials’

Money Back Promotion’ as well as the ‘3-hour Mega
Sale’ drew great response from shoppers.

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INviting_experiences_imm building

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The objective for IMM Building
(IMM) is to optimise its financial
performance and strengthen its
market positioning as the leading
suburban mall in the west and north-
west regions of Singapore through
continuously enhancing the retail
experience of shoppers and visitors.

IMM is located in the high-density residential area of

Jurong East and in close proximity to major office and
industrial developments like the International Business
Park. The mall is also just 5 minutes’ walk away from
Jurong East Mass Rapid Transit (MRT) station and bus
interchange. It provides a valuable diversification to other
properties in CMT’s portfolio which are located in the
central, northern and eastern parts of Singapore.

This unique, suburban, five-storey mixed development

houses retail shops, offices and warehouses under one
roof. It has an open-air car park on the ground floor, five
levels of covered car park and an open-air car park at roof
level. Currently, shoppers enjoy free car parking as well
as a free shuttle bus service plying between the mall and
Jurong East, Clementi and Boon Lay MRT stations. IMM
is positioned as a suburban family mall targeting families
and consumers residing and working in the western region
of Singapore.

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 INviting_experiences_imm building

IMM BUILDING LEASE EXPIRY PROFILE

49.3% ASSET ENHANCEMENT INITIATIVES

45.3% Four glass kiosks were added next to the travellators at Level 1. An
overhaul of the existing restrooms is underway and the upgrading
37.1% 38.8%
works for the restrooms located next to Giant Hypermarket have
already been completed. In addition, the multi-storey car park has
been refurbished with a new coat of paint and new light fittings,
giving it a brighter look. The car park link-ways to the lift lobbies on
all levels have also been upgraded.

Plans to construct an extension block and a major revamp of the

5.2% 3.1% entire mall is underway and the asset enhancement work is expected
0.2% 0.1% 0.0% 0.0%
to commence in early 2006.

2006 2007 2008 2009 2010

% of total gross rental income for the month

of December 2005
% of total NLA as at 31 December 2005

IMM BUILDING PROPERTY INFORMATION

NET LETTABLE AREA Retail: 398,087 sq. ft.

(as at 31 December 2005) Non Retail: 491,680 sq. ft.
NUMBER OF TENANTS Retail: 250
(as at 31 December 2005) Non- Retail: 300
CAR PARK LOTS 1,301 (Cars), 111 (Lorries
(as at 31 December 2005) & Heavy Vehicles)
TITLE Leasehold tenure of
30 + 30 years with effect
from 23 January 1989

PURCHASE PRICE S$247.4 million

MARKET VALUATION S$400.0 million

(as at 1 December 2005)

OCCUPANCY RATE 99.0% (Retail only),

(as at 31 December 2005) 63.2% (Non-Retail)
SHOPPER TRAFFIC 15.8 million
FOR 2005

inspire > 123

TENANCY MIX
IMM has a wide tenant mix covering
furniture, interior design, home furnishings
and renovation, bridal, lifestyle, fashion,
services and food. Major anchor tenants
include Giant Hypermarket, Best Denki,
Daiso discount store, Kopitiam and Bagus.

New tenants like Vincent Watch, G-Force

Network, Elementz and Beauty Language
were brought in when the four new glass
kiosks were introduced in May 2005 to
improve the trade mix. The food mall on
Level 3 was replaced by a Hong Kong style
café offering savoury Hong Kong cuisine and
dim sum.

inspire > 125

INviting_experiences_imm building

TRADE SECTOR ANALYSIS TRADE SECTOR ANALYSIS BY

BY GROSS RENTAL INCOME NET LETTABLE AREA
(FOR THE MONTH OF DECEMBER 2005) (AS AT 31 DECEMBER 2005)

Home Furnishings 22.4% Warehouse 35.1%

Food & Beverage/Food Court 18.2% Home Furnishings 16.6%

Educational/Services 14.0% Supermarkets 12.8%

Fashion 12.4% Office 9.0%

Supermarkets 10.9% Food & Beverage/Food Court 8.9%

Warehouse 8.6% Educational/Services 7.8%

Electronics 5.7% Electronics 4.2%

Office 4.2% Fashion 3.9%

Books/Gifts & Specialty Books/Gifts & Specialty

/Hobbies/Toys 1.9% /Hobbies/Toys 1.2%

Leisure and Entertainment Leisure and Entertainment

/Sports & Fitness 1.7% /Sports & Fitness 0.5% IMM BUILDING CENTRE
MANAGEMENT TEAM (L to R):
Danzel Foo (Marcom Manager), Mustafa Bin Abdul

Rahim (Operations Manager), Callie Yah (Centre

Manager), Eugenie Yap (Leasing Manager), Jeffrey Teo

(Leasing Manger)

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PROMOTIONAL AND MARKETING ACTIVITIES
In addition to many shows and promotions catering for the residents
and office workers in our main catchment area, IMM also organised
a few niche direct advertising promotions with tenant participation
which resulted in an increase in shopper traffic. Iconic events, such
as the annual 3-hour sale, Mother’s Day, anniversary promotions and
festive activities and stage shows, achieved an average 15 percent
increase in traffic and tripled the sales turnovers for some tenants.

In 2005, we also injected new excitement into the shopping experience

with thematic events like the Thailand Trade & Cultural Fair, KK Hospital
‘Best Breastfed Baby’ contest and baby fair and interior design and
home furnishing promotions which attracted new shoppers from other
parts of Singapore.

inspire > 127

INviting_experiences_plaza singapura

Plaza Singapura is one of the largest malls along the

Orchard Road shopping belt. This prime freehold property
is directly linked at Basement 2 to the Dhoby Ghaut Mass
Rapid Transit (MRT) station, which is the interchange
between the North-South MRT Line and the North-East
MRT Line. The Circle Line, currently under construction,
will also be connected to this station. Additionally, Plaza
Singapura is in close proximity to the Civic Centre where
developments such as the Singapore Management
University, Main National Library, National Museum and
a new entertainment complex are located.

Plaza Singapura has nine levels (including two basements)

and accommodates a hypermarket, a cineplex, two
department stores and a variety of retail and Food and
Beverage outlets. In addition, it has a multi-storey car
park which is easily accessed at every level from Level
2 to Level 7. Its broad-based market positioning as well
as a strong focus on basic consumer goods and services
differentiate it from other major malls along Orchard Road
which tend to have a greater focus on non-essential and
higher-end goods and services.

128 > inspire

The objective for Plaza Singapura is to
optimise its financial performance and
strengthen its market positioning as a one-
stop shopping, dining and entertainment
mall targeting a wide cross-section of the
population, including families, working
adults and youths.

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INviting_experiences_plaza singapura

ASSET ENHANCEMENT INITIATIVES

In 2005, among the major asset enhancement works completed were
the subdivision of retail space on Level 6 to cater to F&B and specialty
tenants and an increase in net lettable area for retail use from the
PLAZA SINGAPURA LEASE EXPIRY PROFILE conversion of non-lettable air-handling unit rooms and relocation of
the fire command centre. Improvement works to the air-conditioning
in the restrooms and ventilation of the front plaza were also carried
51.3% 51.3% out.

Asset enhancement plans for 2006 will focus on further optimising

34.6% 34.2% the use of space in the mall, including the conversion of more air-
handling unit rooms to retail use. Other plans being evaluated are the
enhancement of Basement 2 with the possible introduction of a food-
cum-marketplace concept, as well as the re-alignment of corridors at
Levels 3 to 4.
7.4% 6.7% 9.6%
4.4%
0.0% 0.0%

2006 2007 2008 2009 2010

% of total gross rental income for the month

of December 205
% of total NLA as at 31 December 2005

PLAZA SINGAPURA PROPERTY INFORMATION

NET LETTABLE AREA 494,134 sq. ft.

(as at 31 December 2005)

NUMBER OF TENANTS 198

(as at 31 December 2005)

CAR PARK LOTS 700

(as at 31 December 2005)

TITLE Freehold

PURCHASE PRICE S$710.0 million

MARKET VALUATION S$803.0 million

(as at 1 December 2005)

OCCUPANCY RATE 100.0%

(as at 31 December 2005)

SHOPPER TRAFFIC 17.0 million

FOR 2005

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inspire > 131
INviting_experiences_plaza singapura

TENANCY MIX
New tenants, such as Nike, Flash & Splash, ebase and I.P. Zone, were
introduced to further reinforce the positioning for Basement 1, which is
primarily targeted at youth fashion. Amalgamation of some of the shop units
on this floor was also carried out to extend the shopfront outwards and
enhance shop visibility.

To streamline the flow of shopper traffic through the mall, a newly

reconfigured unit was created for Starhub on Basement 2, focusing on retail
of telecommunication equipment and related services.

PROMOTIONAL AND MARKETING ACTIVITIES

A wide variety of events and promotions were organised for the mall
throughout the year to reinforce its positioning as a one-stop shopping and
lifestyle destination for all segments of the population.

Character shows and meet-and-greet sessions, such as Wallace & Gromit,

Baby Looney Tunes, Astro Boy and Sponge Bob Square Pants, proved to be
highly popular with families and young children. The mall also organised
events such as ‘New Urban Male Contest’, ‘ST Urban 1st Anniversary
Makeover Challenge’ and ‘The Legend of Zorro Fencing Duel’ to cater for
working professionals and students.

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inspire > 133
INviting_experiences_plaza singapura

TRADE SECTOR ANALYSIS TRADE SECTOR ANALYSIS BY

BY GROSS RENTAL INCOME NET LETTABLE AREA
(FOR THE MONTH OF DECEMBER 2005) (AS AT 31 DECEMBER 2005)

Fashion 25.2% Supermarkets 18.6%

Educational/Services 21.3% Educational/Services 16.9%

Food & Beverage/ Leisure and Entertainment/

Food Court 17.7% Sports & Fitness 13.9%

Supermarkets 10.4% Food & Beverage/

Food Court 12.9%
Leisure and Entertainment/
Sports & Fitness 8.8% Fashion 12.6%

Home Furnishings 6.6% Home Furnishings 10.8%

Electronics 5.1% Electronics 6.1%

Books / Gifts & Specialty/ Department Store 5.0%

Hobbies/Toys 3.3%
Books / Gifts & Specialty/
Department Store 1.6% Hobbies/Toys 3.2%

PLAZA SINGAPURA CENTRE

MANAGEMENT TEAM (L to R):
Teresa Teow (Centre Manager), Wong Yeap Wai

(Operations Senior Executive), Lim Kim Loon (Leasing

Manager), Isabel Kwek (Marcom Manager)

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 entertainment
shopping
friend
food
music
INviting_experiences_bugis junction

136 > inspire

The objective for Bugis Junction is to
optimise its financial performance and
strengthen its market positioning as the
leading lifestyle mall, focusing on fashion,
dining, entertainment and shopping
experience and targeting young adults
and Professionals, Managers, Executives
and Businessmen (PMEBs).

inspire > 137

138 > inspire
 INviting_experiences_bugis junction

Located in the heart of Singapore’s civil and cultural district,
Bugis Junction is a popular shopping centre set within a leading
redevelopment project. The mall is conveniently located with direct
access to the Bugis Mass Rapid Transit (MRT) train station and is
well served by major bus routes.
Positioned as a modern one-stop shopping destination for young
adults and PMEBs, Bugis Junction houses 218 specialty shops spread
over one basement and four storeys. With its strategic location at the
centre of Singapore’s Arts, Culture, Learning and Entertainment Hub,
Bugis Junction is expected to benefit from the increased customer
traffic and buzz created in the vicinity by the opening of the main
National Library, the new Singapore Management University city
campus and the scheduled opening of LASALLE-SIA College of the
Arts in 2007.

BUGIS JUNCTION LEASE EXPIRY PROFILE BUGIS JUNCTION PROPERTY INFORMATION

38.3%
NET LETTABLE AREA 410,619 sq. ft.
(as at 31 December 2005)

NUMBER OF TENANTS 218

26.8% (as at 31 December 2005)
24.7%
CAR PARK LOTS 648
(as at 31 December 2005)
17.4%
17.3% TITLE leasehold tenure of
99 years with effect
12.2%
from 10 September
1990

PURCHASE PRICE S$580.8 million

0.0% 0.0% 0.0% 0.0%
MARKET VALUATION S$615.0 million
2006 2007 2008 2009 2010 (as at 1 December 2005)
% of total gross rental income for the month OCCUPANCY RATE 100%
of December 2005
(as at 31 December 2005)
% of total NLA as at 31 December 2005

inspire > 139

 ASSET ENHANCEMENT INITIATIVES
In 2005, a strong testament to our ability to create value for our
Unitholders was the successful unlocking of the value of Seiyu’s master
lease, even before the acquisition of the asset was completed.

We will continue our proactive efforts to enhance Bugis Junction in

2006 by focusing on two key aspects: optimising the use of retail
space in the mall and enhancing customers’ shopping experience.
Planned work includes the reconfiguration of the areas taken back
from Seiyu to create more specialty retail units and maximise the
rental value. In addition, we are considering the conversion of some
common areas into leaseable units and the rejuvenation of the food
& beverage outlets at Malabar Block to tap the increased traffic flow
from the opening of the National Library next door. We also plan to
provide additional escalators to enhance connectivity to the upper
levels, improve the air-conditioning system, upgrade restrooms and
install a car park guidance system.

TENANCY MIX
Bugis Junction has a large and diversified tenant base comprising
218 leases as at 31 December 2005. The tenant mix includes popular
brand names such as Seiyu, Shaw Theatres, Kinokuniya Bookstore
and Cold Storage.

Continuing efforts will be made to further improve the current retail

offering through introduction of better brand names and tenant-mix
to strengthen Bugis Junction’s market position.

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INviting_experiences_bugis junction

PROMOTIONAL AND MARKETING ACTIVITIES

Attractive lucky draws, free gifts, festive booths and a great line-up
of performances heralded the start of the Christmas celebrations
at Bugis Junction on 19 November 2005. As well as our own lucky
draw, shoppers had a chance of winning Nissan March cars and
were treated to performances from the Safri Boyz, Swiss Dream
Circus and The Comedy of James G, while roving carol singers
took the festive mood right into the premises of tenants.

Vendors for our Christmas Gift Fair and pushcarts along our air-
conditioned streets were specially selected for the quality of their
festive goods, and a structure in the fountain area at Bugis Square
was designed both as a Christmas decoration and a gift booth.

Other exciting and well-publicised events such as MediaCorp’s

‘Super Host’ press conference, ‘Aeon Flux’ movie promotion and
AXN’s ‘Kung Fu Hustle’ promotion drew very good crowds.

inspire > 141

fashion • entertainment • dining
 INviting_experiences_bugis junction

TRADE SECTOR ANALYSIS TRADE SECTOR ANALYSIS BY

BY GROSS RENTAL INCOME NET LETTABLE AREA
(FOR THE MONTH OF DECEMBER 2005) (AS AT 31 DECEMBER 2005)

Fashion 27.0 % Department Store 43.5%

Food & Beverage / Food Court 25.1% Food & Beverage / Food Court 17.7%

Leisure and Entertainment/

Department Store 19.7%
Sports & Fitness 13.6%
Educational/Services 12.5% Fashion 10.9%

Leisure and Entertainment/

Educational/Services 7.2%
Sports & Fitness 9.2%
BUGIS JUNCTION CENTRE
Books/Gifts & Specialty/ Books/Gifts & Specialty/
MANAGEMENT TEAM (L to R): Charissa
Hobbies/Toys 3.6% Hobbies/Toys 3.4%
Wong (Leasing Manager), Margaret Khoo (Centre
Supermarkets 2.5% Supermarkets 3.4%
Manager), Samantha Tay (Leasing Manager), Pang

Electronics 0.4% Electronics 0.3% Chee Seng (Operation Manger), Phillip Phua (Marcom

Manager)

inspire > 143

 HOUGANG PLAZA is a three-storey retail property
strategically located in Hougang Central in close proximity to the
Hougang Mass Rapid Transit (MRT) station and bus interchange
and with a basement car park of 154 parking spaces. CMT owns
96.7 percent of the 70,095 sq ft strata area of the property which
is on a leasehold tenure of 99 years. Positioned as a neighbourhood
mall for the community, catering to the basic shopping needs and
entertainment of residents in the area, it has a population of over
156,000 within the main trading area i.e. 2 km radius from the mall.

SEMBAWANG SHOPPING CENTRE is located

along Sembawang Road and is within close proximity of Sembawang
and Yishun MRT stations. The shopping component, with net lettable
area of 97,130 sq ft, consists of five floors, including one basement
level. The centre is positioned as a one-stop family-oriented necessity
mall catering to the local residents. It is anchored by Giant Hypermart,
and other major tenants include Kopitiam Foodcourt, Taste of Thailand,
Satay Club and Sakae Sushi.

JURONG ENTERTAINMENT CENTRE is a five-

storey entertainment centre in the heart of Jurong East Town Centre,
next to the Jurong East MRT station and bus interchange as well
as the Jurong East National Library. With four levels of retail and
entertainment space and one level of basement car park, the centre
boasts an ice-skating rink, a six-cinema cineplex, a family karaoke
club, a games arcade, a brand new food court and all the major fast
food outlets. Jurong Entertainment Centre is positioned as a hip
destination for shopping, dining and entertainment targeting youths
and residents in the west of Singapore.

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 INviting_experiences_new acquisitions

hougang plaza jurong

entertainment
centre
HOUGANG PLAZA UNITS SEMBAWANG SHOPPING CENTRE JURONG ENTERTAINMENT CENTRE
PROPERTY INFORMATION PROPERTY INFORMATION PROPERTY INFORMATION

NET LETTABLE AREA 67,813 sq. ft. NET LETTABLE AREA 97,130 sq. ft. NET LETTABLE AREA 110,795 sq. ft.
(as at 31 December 2005) (as at 31 December 2005) (as at 31 December 2005)

NUMBER OF TENANTS 6 NUMBER OF TENANTS 69 NUMBER OF TENANTS 32

(as at 31 December 2005) (as at 31 December 2005) (as at 31 December 2005)

CAR PARK LOTS 1541 CAR PARK LOTS Multi-storey carpark: CAR PARK LOTS 220
(as at 31 December 2005) (as at 31 December 2005) 240 (as at 31 December 2005)

TITLE Leashold tenure of External carpark2 : 239 TITLE Leashold tenure of

Total : 479 99 years with effect
99 years with effect
TITLE Leashold tenure of from 1 March 1991
from 1 March 1991
999 years with effect
PURCHASE PRICE S$43.8 million from 26 March 1885 PURCHASE PRICE S$68.0 million

PURCHASE PRICE S$78.0 million MARKET VALUATION S$69.6 million

MARKET VALUATION S$44.3 million
(as at 1 December 2005) (as at 1 December 2005)
MARKET VALUATION S$79.6 million
OCCUPANCY RATE 100.0% (as at 1 December 2005) OCCUPANCY RATE 99.5%
(as at 31 December 2005) (as at 31 December 2005)
OCCUPANCY RATE 100.0%
(as at 31 December 2005)

1. The carpark lots are owned by the management corporation.

2. This refers to the external carpark, under a temporary occupation license, located next to Sembawang Shopping Centre.

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 INviting_experiences_new acquisitions

ASSET ENHANCEMENT INITIATIVES We will be exploring various options to asset enhance

At Jurong Entertainment Centre, two units were
amalgamated and converted into a food court,
previously not available in the centre, to offer more
variety of food at affordable prices. The interior of
the mall as well as the Basement 1 car park were
brightened with a fresh coat of paint and lighting was
replaced. At the same time, the two washrooms on
Level 2 were upgraded. There are further plans in 2006
to carry out more asset enhancement works to improve
both the external building façade and internal shop
configuration and create a more conducive shopping
experience.
Hougang Plaza Units through potential reconfigurations
and tenancy remixing at the mall.
Major improvement works carried out at Sembawang
Shopping Centre since June 2005 include conversion
of the cash card parking system to Electronic Parking
System (EPS) to provide seamless vehicular flow.
Upgrading of the façade and shop reconfiguration are
targeted to commence in end 2006. Other initiatives
will be undertaken to enhance the value of the mall
and increase retail space through decantation of non-
commercial space and retail space on Level 4. The
decanted area will be transferred onto Basement 1 and
Levels 1, 2 and 3. An open landscape plaza will also be
created on the rooftop.

TRADE SECTOR ANALYSIS

HOUGANG PLAZA UNITS, SEMBAWANG SHOPPING Fashion 34.8%
BY GROSS RENTAL INCOME
CENTRE AND JURONG ENTERTAINMENT CENTRE Food & Beverage/Food Court 22.8%
(FOR THE MONTH OF DECEMBER 2005)
LEASE EXPIRY PROFILE
Supermarkets 15.4%

58.9%
Leisure and Entertainment/ 11.9%
52.5% Sports & Fitness

Books/Gifts & Specialty/ 7.9%

Hobbies/Toys

Home Furnishings 5.5%

Department Store 0.9%

24.5%
23.0%
19.1% Educational/Services 0.8%

10.8%
7.0%
3.9%
0.0% 0.0% TRADE SECTOR ANALYSIS BY Fashion 38.0%
NET LETTABLE AREA
(AS AT 31 DECEMBER 2005) Food & Beverage/Food Court 21.8%
2006 2007 2008 2009 2010
Leisure and Entertainment/ 14.7%
Sports & Fitness

Supermarkets 9.9%
% of total gross rental income for the month of December 2005
Home Furnishings 8.7%
% of total NLA as at 31 December 2005
Books/Gifts & Specialty/ 5.9%
Hobbies/Toys

Department Store 0.6%

Educational/Services 0.4%

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 The objective for
Hougang Plaza Units is
to improve the rental yield
of the property through
tenancy remix and asset
enhancement.

The objective for Sembawang Shopping

Centre is to differentiate itself in the
northern heartlands through enhancement
works to improve the aesthetics, efficiency
and functionality of the mall and
strengthening of the tenancy mix.

The objective for Jurong Entertainment

Centre is to re-brand and re-position itself
as a hip entertainment hub providing a
wide variety of food and entertainment
activities for youths and young adults.

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INviting_experiences_new acquisitions
TENANCY MIX
Jurong Entertainment Centre houses the only ice-skating rink in
Singapore, Fuji Ice Palace, Shaw Theatres, K-box and all the major
fast food outlets. In November 2005, a new food court was introduced
at Level 2 and this has further enhanced traffic flow in the centre.
Current major tenants at Hougang Plaza include Kopitiam, G-Value
supermarket, Novena Furnishing Centre , K-Box and Jack’s Place.
F&B is critical to Sembawang Shopping Centre, and, within days of its
acquisition, Kopitiam Foodcourt was confirmed as a tenant and now
occupies 9,100 sq ft on Level 4. The introduction of an established
food court chain in the centre has resulted in significant improvement
in shopper traffic. In line with the proposed enhancement works, the
tenancy mix will be further enhanced and strengthened in 2006.
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PROMOTIONAL AND MARKETING ACTIVITIES
To reinforce and strengthen the positioning of Jurong Entertainment
Centre as a hip entertainment and shopping destination, aggressive
joint promotions were implemented with TV stations, movie
distributors and record companies. These included such iconic
events as ‘JEC Best of Friends’, ‘Gaming vs Reality’ and a ‘Body-Arts’
painting competition which appealed to youngsters from the nearby
secondary schools and polytechnic institution as well as residents
from the West.
In addition, during the year, pushcarts and promotion space vendors
were brought in to add variety to the tenant mix.
In 2006, our tenants can look forward to more sales-effective events
targeted at youth, while shoppers can look forward to even more
entertaining and fun iconic and thematic events.
HOUGANG PLAZA CENTRE JURONG ENTERTAINMENT
MANAGEMENT TEAM (L to R): CENTRE MANAGEMENT TEAM
Looi Keng (Centre Manager), Jaclyn Chan (L to R): Mustafa Bin Abdul Rahim

(Leasing Manager), Eddie Lim (Operations (Operations Manager), Jeffrey Teo (Leasing

Manager), June Ang (Marcom Manager) Manager), Callie Yah (Centre Manager),

Danzel Foo (Marcom Manager),

SEMBAWANG CENTRE
MANAGEMENT TEAM (L to R):
Ricky Ho (Centre Manager), Sharon Cheng

(Marcom Manager), Ivy Ang (Leasing Manager),

Anthony Chua (Operations Manager)

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150 > inspire
IN Detail
We provide the details: To the smallest detail.
We believe that all our stakeholders should
know as much about our business as possible
so that they can understand better the benefits
of their involvement with this investment
vehicle. And, we are convinced that this will
win their continued support and commitment
to our long-term success.

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FINANCIAL STATEMENTS
Report of the Trustee 153
Statements by the Manager 154
Auditors’ Report to the Unitholders of CapitaMall Trust
and its associate 155
Balance Sheets 156
Statements of Total Return 157
Distribution Statements 158
Statements of Movements in Unitholders’ Funds 159
Portfolio Statements 160
Statements of Cash Flows 165
Notes to the Financial Statements 167
 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”) in trust for the unitholders. In accordance with the Securities and Futures Act, Chapter 289 of Singapore, its subsidiary legislation
and the Code on Collective Investment Schemes (collectively referred to as the “laws and regulations”), 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”) 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 Trust Deed.

To the best knowledge of the Trustee, the Manager has, in all material respects, managed the Trust during the period covered by these financial
statements, set out on pages 156 to 190, comprising the Balance Sheet, Statement of Total Return, Distribution Statement, Statement of
Movements in Unitholders’ Funds, Portfolio Statement, Statement of Cash Flows and Notes to the Financial Statements, in accordance with
the limitations imposed on the investment and borrowing powers set out in the Trust Deed, laws and regulations and otherwise in accordance
with the provisions of the Trust Deed.

For and on behalf of the Trustee,

HSBC Institutional Trust Services (Singapore) Limited

Arjun Bambawale
Director

Singapore
22 February 2006

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Statement by the Manager

In the opinion of the directors of CapitaMall Trust Management Limited, the accompanying financial statements set out on pages 156 to
190 comprising the Balance Sheets, Statements of Total Return, Distribution Statements, Statements of Movements in Unitholders’ Funds,
Portfolio Statements, Statements of Cash Flows and Notes to the Financial Statements of CapitaMall Trust and its associate (the “Trust and its
associate”) and of the Trust are drawn up so as to present fairly, in all material respects, the financial position of the Trust and its associate and
of the Trust as at 31 December 2005, and the total return, distributable income, cash flows and movements in Unitholders’ funds of the Trust
and its associate and of the Trust for the financial year ended 31 December 2005 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. At the date of this statement, there are reasonable grounds to believe that the Trust and its associate
and the Trust will be able to meet their financial obligations as and when they materialise.

For and on behalf of the Manager,

CapitaMall Trust Management Limited

Pua Seck Guan

Director

Singapore
22 February 2006

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 Auditors’ Report to the Unitholders
of CapitaMall Trust and its associate
(Constituted under a Trust Deed dated 29 October 2001 (as amended) in the Republic of Singapore)

We have audited the financial statements of CapitaMall Trust (the “Trust”) and its associate (the “Trust and its associate”) and the financial
statements of the Trust as set out on pages 156 to 190, comprising the Balance Sheets, Statements of Total Return, Distribution Statements,
Statements of Movements in Unitholders’ Funds, Portfolio Statements, Statements of Cash Flows and Notes to the Financial Statements.
These financial statements of the Trust and its associate and of the Trust are the responsibility of the Manager and the Trustee of the Trust.
Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with Singapore Standards on Auditing. Those Standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by the Manager, as well as evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.

In our opinion, the financial statements of the Trust and its associate and the financial statements of the Trust present fairly, in all material
respects, the financial position of the Trust and its associate and of the Trust as at 31 December 2005, and the total return, cash flows and
movements in Unitholders’ funds of the Trust and its associate and of the Trust for the year ended 31 December 2005 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.

KPMG
Certified Public Accountants

Singapore
22 February 2006

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Balance Sheets
As at 31 December 2005

Trust and its associate Trust

Note 2005 2004 2005 2004
S$’000 S$’000 S$’000 S$’000
Non-current assets
Plant and equipment 3 547 389 547 389
Investment properties 4 3,365,000 2,234,950 3,365,000 2,234,950
Interest in an associate 5 64,928 69,825 58,000 58,000
3,430,475 2,305,164 3,423,547 2,293,339

Current assets
Trade and other receivables 6 13,942 9,311 13,942 9,311
Cash and cash equivalents 7 39,147 47,191 39,147 47,191
53,089 56,502 53,089 56,502

Current liabilities
Trade and other payables 8 55,543 40,043 55,543 40,043
Current portion of security deposits 22,209 12,520 22,209 12,520
Provision for taxation 367 367 367 367
78,119 52,930 78,119 52,930

Net current (liabilities)/assets (25,030) 3,572 (25,030) 3,572

Non-current liabilities
Interest-bearing loans and borrowings 9 1,089,232 660,000 1,089,232 660,000
Non-current portion of security deposits 32,308 26,258 32,308 26,258
1,121,540 686,258 1,121,540 686,258

Net assets 2,283,905 1,622,478 2,276,977 1,610,653

Represented by:

Unitholders’ funds 2,283,905 1,622,478 2,276,977 1,610,653

Units in issue (’000) 10 1,379,698 1,203,200 1,379,698 1,203,200

S$ S$ S$ S$

Net asset value per unit 1.66 1.35 1.65 1.34

The accompanying notes form an integral part of these financial statements.

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 Statements of Total Return
Year ended 31 December 2005

Trust and its associate Trust

Note 2005 2004 2005 2004
S$’000 S$’000 S$’000 S$’000

Gross revenue 11 243,087 177,239 243,087 177,239

Property expenses 12 (89,006) (63,029) (89,006) (63,029)
Net property income 154,081 114,210 154,081 114,210

Interest income 13 219 26 4,975 4,990

Interest expense (23,991) (16,676) (23,991) (16,676)
Asset management fees 14 (14,948) (11,312) (14,948) (11,312)
Professional fees (797) (541) (797) (541)
Trustee’s fees (828) (553) (828) (553)
Audit fees (160) (160) (160) (160)
Other charges (963) (442) (963) (442)
Net income before share of profit of associate 112,613 84,552 117,369 89,516
Share of profit of associate 4,400 16,789 – –
Net income 117,013 101,341 117,369 89,516

Net appreciation on revaluation of investment properties 293,284 159,669 293,284 159,669

Total return for the year before income tax 410,297 261,010 410,653 249,185
Income tax expense 15 – – – –
Total return for the year 410,297 261,010 410,653 249,185

Earnings per unit (cents) 16

Basic 9.48 9.85 9.50 8.70

Diluted 9.48 9.85 9.50 8.70

The accompanying notes form an integral part of these financial statements.

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Distribution Statements
Year ended 31 December 2005

Trust and its associate Trust

2005 2004 2005 2004
S$’000 S$’000 S$’000 S$’000

Income available for distribution to Unitholders at

beginning of year 49,133 38,098 49,133 38,098
Net income 112,613 84,552 117,369 89,516
Net tax adjustments (Note A) 9,413 8,589 9,413 8,589
Interest income from associate 4,756 4,964 – –
126,782 98,105 126,782 98,105
Income available for distribution to Unitholders 175,915 136,203 175,915 136,203

Distribution to Unitholders:

Distribution of 4.41 cents per unit for period

from 26/6/2003 to 31/12/2003 – (37,973) – (37,973)
Distribution of 5.41 cents per unit for period
from 1/1/2004 to 1/8/2004 – (49,097) – (49,097)
Distribution of 4.07 cents per unit for period
from 2/8/2004 to 31/12/2004 (48,971) – (48,971) –
Distribution of 2.47 cents per unit for period
from 1/1/2005 to 31/3/2005 (29,745) – (29,745) –
Distribution of 2.51 cents per unit for period
from 1/4/2005 to 30/6/2005 (30,245) – (30,245) –
Distribution of 3.38 cents per unit for period
from 1/7/2005 to 30/10/2005 (40,750) – (40,750) –
(149,711) (87,070) (149,711) (87,070)
Income available for distribution to Unitholders at
end of the year 26,204 49,133 26,204 49,133

Note A – Net tax adjustments comprise:

Non-tax deductible/ (chargeable) items

- asset management fees paid/payable in units 7,007 5,735 7,007 5,735
- trustee’s fees 828 553 828 553
- write-off of assets 1,559 635 1,559 635
- other items 1,655 2,359 1,655 2,359
Tax deductible item
- capital allowances/ balancing allowances (1,636) (693) (1,636) (693)
Net tax adjustments 9,413 8,589 9,413 8,589

The accompanying notes form an integral part of these financial statements.

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 Statements of Movements in Unitholders’ Funds
Year ended 31 December 2005

Trust and its associate Trust

2005 2004 2005 2004
S$’000 S$’000 S$’000 S$’000

Net assets at beginning of the year, as previously reported 1,622,478 972,443 1,610,653 972,443
Effect of change in accounting policy (Note 17) (2,052) – – –
Net assets at beginning of the year, restated 1,620,426 972,443 1,610,653 972,443

Operations
Net income 117,013 101,341 117,369 89,516
Net appreciation on revaluation of investment properties 293,284 159,669 293,284 159,669
Net increase in net assets resulting from operations 410,297 261,010 410,653 249,185

Hedging reserve

Effective portion of changes in fair value of cash flow hedges (2,489) – – –

Unitholder’s transactions

Creation of units
- contributions on placements and public offering 406,895 238,140 406,895 238,140
- partial satisfaction of purchase consideration
on investment property acquired – 238,140 – 238,140
- asset management fees paid/payable in units 8,853 4,888 8,853 4,888
Issue expenses (Note 18) (10,366) (5,073) (10,366) (5,073)
Distribution to Unitholders (149,711) (87,070) (149,711) (87,070)
Net increase in net assets resulting from
Unitholders’ transactions 255,671 389,025 255,671 389,025
Net assets at end of the year 2,283,905 1,622,478 2,276,977 1,610,653

The accompanying notes form an integral part of these financial statements.

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 Portfolio Statements
As at 31 December 2005

160 > inspire

Trust and its associate

Description of Property Tenure of Term of Remaining Location Existing Use Occupancy Rates At Valuation/Cost Percentage of Total
Land Lease Term of Lease as at 31 December Net Assets
2005 2004 2005 2004 2005 2004
% % S$’000 S$’000 % %
Investment properties in Singapore
Tampines Mall Leasehold 99 years 86 years 4 Tampines Central 5, Commercial 100.0 100.0 633,000 548,000 27.7 33.8
Singapore

Junction 8 Leasehold 99 years 85 years 9 Bishan Place, Commercial 100.0 99.5 473,000 396,000 20.7 24.4
Singapore

Funan DigitaLife Mall Leasehold 99 years 73 years 109 North Bridge Road, Commercial 98.7 99.9 247,500 202,000 10.8 12.5
(formerly known as Singapore
Funan The IT Mall)

IMM Building Leasehold 60 years1 43 years 1 2 Jurong East Street 21 Commercial 79.1 74.92 400,000 352,000 17.5 21.7
Singapore

Plaza Singapura 3 Freehold – – 68 Orchard Road, Commercial 99.6 100.0 803,000 736,950 35.2 45.4
Singapore

Hougang Plaza Units 4 Leasehold 99 years 85 years 1189 Upper Serangoon Commercial 100.0 – 44,300 – 2.0 –
Road, Singapore

Sembawang Shopping Centre 5 Leasehold 999 years 879 years 604 Sembawang Road, Commercial 100.0 – 79,600 – 3.5 –
Singapore

Balance carried forward 2,680,400 2,234,950 117.4 137.8

The accompanying notes form an integral part of these financial statements.

 Portfolio Statements
As at 31 December 2005 (cont’d)

Trust and its associate

Description of Property Tenure of Term of Remaining Location Existing Use Occupancy Rates At Valuation/Cost Percentage of Total
Land Lease Term of Lease as at 31 December Net Assets
2005 2004 2005 2004 2005 2004
% % S$’000 S$’000 % %
Investment properties in Singapore

Balance carried forward 2,680,400 2,234,950 117.4 137.8

Jurong Entertainment Centre 6 Leasehold 99 years 85 years 2 Jurong East Central 1, Commercial 99.3 – 69,600 – 3.0 –
Singapore

Bugis Junction 7 Leasehold 99 years 84 years 200 Victoria Street, Commercial 100.0 – 615,000 – 26.9 –
Singapore

Investment properties, at valuation 3,365,000 2,234,950 147.3 137.8

Interest in an associate (Note 5) 64,928 69,825 2.8 4.3

3,429,928 2,304,775 150.1 142.1
Other assets and liabilities (net) (1,146,023) (682,297) (50.1) (42.1)
Net assets 2,283,905 1,622,478 100.0 100.0

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The accompanying notes form an integral part of these financial statements.
 Portfolio Statements
As at 31 December 2005

162 > inspire

Trust

Description of Property Tenure of Term of Remaining Location Existing Use Occupancy Rates At Valuation/Cost Percentage of Total
Land Lease Term of Lease as at 31 December Net Assets
2005 2004 2005 2004 2005 2004
% % S$’000 S$’000 % %
Investment properties in Singapore

Tampines Mall Leasehold 99 years 86 years 4 Tampines Central 5, Commercial 100.0 100.0 633,000 548,000 27.8 34.0
Singapore

Junction 8 Leasehold 99 years 85 years 9 Bishan Place, Commercial 100.0 99.5 473,000 396,000 20.8 24.6
Singapore

Funan DigitaLife Mall Leasehold 99 years 73 years 109 North Bridge Road, Commercial 98.7 99.9 247,500 202,000 10.9 12.5
(formerly known as Singapore
Funan The IT Mall)

IMM Building Leasehold 60 years 1 43 years 1 2 Jurong East Street 21, Commercial 79.1 74.9 2 400,000 352,000 17.6 21.9
Singapore

Plaza Singapura 3 Freehold – – 68 Orchard Road, Commercial 99.6 100.0 803,000 736,950 35.3 45.8
Singapore

Hougang Plaza Units 4 Leasehold 99 years 85 years 1189 Upper Serangoon Commercial 100.0 – 44,300 – 1.9 –
Road, Singapore

Sembawang Shopping Centre5 Leasehold 999 years 879 years 604 Sembawang Commercial 100.0 – 79,600 – 3.5 –
Road, Singapore

Balance carried forward 2,680,400 2,234,950 117.8 138.8

The accompanying notes form an integral part of these financial statements.

 Portfolio Statements
As at 31 December 2005 (cont’d)

Trust

Description of Property Tenure of Term of Remaining Location Existing Use Occupancy Rates At Valuation/Cost Percentage of Total
Land Lease Term of Lease as at 31 December Net Assets
2005 2004 2005 2004 2005 2004
% % S$’000 S$’000 % %
Investment properties in Singapore

Balance carried forward 2,680,400 2,234,950 117.8 138.8

Jurong Entertainment Centre 6 Leasehold 99 years 85 years 2 Jurong East Central 1, Commercial 99.3 – 69,600 – 3.1 –
Singapore

Bugis Junction 7 Leasehold 99 years 84 years 200 Victoria Street, Commercial 100.0 – 615,000 – 26.9 –
Singapore

Investment properties, at valuation 3,365,000 2,234,950 147.8 138.8

Interest in an associate (Note 5) 58,000 58,000 2.5 3.6

3,423,000 2,292,950 150.3 142.4

Other assets and liabilities (net) (1,146,023) (682,297) (50.3) (42.4)

Net assets 2,276,977 1,610,653 100.0 100.0

1 Upfront land premium of S$55.7 million for a lease term of 45 years was paid in January 2004.
2 Figure based on occupancy of entire building. Occupancy rate at 31 December 2005 excluding office and warehouse is 99.5% (2004: 99.4%).
3 Plaza Singapura was acquired from Plaza Singapura (Private) Limited, a related party of the Manager, on 2 August 2004.
4 Hougang Plaza Units were acquired from Hougang Town Central Development Pte Ltd, S28 Holdings Pte Ltd and Jack’s Place Holdings Pte Ltd, on 20 June 2005 (13.6%), 30 June 2005 (78.8%) and 16 August 2005 (4.3%), respectively.
5 Sembawang Shopping Centre was acquired from Ang Oon Hue Private Limited, on 10 June 2005.
6 Jurong Entertainment Centre was acquired from Shaw Jurong Development Pte Ltd, on 31 October 2005.
7 Bugis Junction was acquired from BCH Retail Investment Pte Ltd, a related party of the Manager, on 31 October 2005.

On 17 October 2005, the Trust entered into the Agreement to Surrender with Seiyu (Singapore) Private Limited (“Seiyu Singapore”) and The Seiyu, Ltd., in respect of the surrender of the Surrender Premises by Seiyu Singapore to the Trust. The Surrender Premises, which comprise #B1-01, part of #01-01 and part
of the 4th storey, forms part of the premises at Bugis Junction currently leased by Seiyu Singapore for a term of 20 years commencing from 7 April 1995. Under the Agreement to Surrender, the existing tenancy and licence agreements in favour of the existing tenants and licensees at the Surrender Premises
will be novated by Seiyu Singapore to the Trust on 1 November 2005.

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The accompanying notes form an integral part of these financial statements.
 Portfolio Statements
As at 31 December 2005 (cont’d)

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On 1 December 2005, independent valuations of Tampines Mall, Junction 8, Funan DigitaLife Mall (formerly known as Funan The IT Mall), IMM Building, Plaza Singapura, Hougang Plaza Units, Sembawang Shopping Centre,
Jurong Entertainment Centre and Bugis Junction were undertaken by CB Richard Ellis Pte Ltd. The independent valuers have appropriate professional qualifications and recent experience in the location and category of
the property being valued. The valuations were based on capitalisation and discounted cash flow approaches. The valuations adopted were S$633,000,000, S$473,000,000, S$247,500,000, S$400,000,000, S$803,000,000,
S$44,300,000, S$79,600,000, S$69,600,000 and S$615,000,000 for Tampines Mall, Junction 8, Funan DigitaLife Mall (formerly known as Funan The IT Mall), IMM Building, Plaza Singapura, Hougang Plaza Units, Sembawang
Shopping Centre, Jurong Entertainment Centre and Bugis Junction, respectively. The increase in valuation has been taken to the Statement of Total Return of the Trust.

The carrying amounts of Tampines Mall, Junction 8, Funan DigitaLife Mall (formerly known as Funan The IT Mall) and IMM Building as at 31 December 2004 were based on independent valuations undertaken by Knight Frank
Pte Ltd while the carrying amount of Plaza Singapura as at 31 December 2004 was based on independent valuation undertaken by CB Richard Ellis Pte Ltd. The valuations were based on the capitalisation and discounted
cash flow approaches.

Investment properties comprise commercial properties that are leased to external customers. Generally, the leases contain an initial non-cancellable period of three years. Subsequent renewals are negotiated with the
lessee. Contingent rents recognised in the Statement of Total Return of the Trust amounted to S$5,811,000 (2004: S$3,900,000).

The accompanying notes form an integral part of these financial statements.

 Statements of Cash Flows
Year ended 31 December 2005

Trust and its associate Trust

2005 2004 2005 2004
S$’000 S$’000 S$’000 S$’000
Operating activities

Net income 117,013 101,341 117,369 89,516

Adjustments for:
Interest income (219) (26) (4,975) (4,990)
Interest expense 23,991 16,676 23,991 16,676
Write-off of assets 1,559 635 1,559 635
Allowance for doubtful receivables 11 1 11 1
Depreciation and amortisation 540 399 540 399
Share of profit of associate (4,400) (16,789) – –
Asset management fees paid/payable in units 7,007 5,735 7,007 5,735
Operating income before working capital changes 145,502 107,972 145,502 107,972
Changes in working capital:
Trade and other receivables (3,954) (3,248) (3,954) (3,248)
Trade and other payables 8,291 8,973 8,291 8,973
Security deposits 2,661 3,188 2,661 3,188
Cash flows from operating activities 152,500 116,885 152,500 116,885

Investing activities
Interest received 4,970 2,596 4,970 2,596
Payment of land premium on investment property – (55,703) – (55,703)
Net cash outflow on purchase of investment properties
(including acquisition charges) (see Note A below) (786,066) (491,406) (786,066) (491,406)
Capital expenditure on investment properties (37,345) (38,592) (37,345) (38,592)
Purchase of plant and equipment (312) (264) (312) (264)
Cash flows from investing activities (818,753) (583,369) (818,753) (583,369)

Balance carried forward (666,253) (466,484) (666,253) (466,484)

The accompanying notes form an integral part of these financial statements.

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Statements of Cash Flows
Year ended 31 December 2005 (cont’d)

Trust and its associate Trust

Note 2005 2004 2005 2004
S$’000 S$’000 S$’000 S$’000

Balance brought forward (666,253) (466,484) (666,253) (466,484)

Financing activities
Proceeds from interest-bearing loans and borrowings 573,000 335,000 573,000 335,000
Repayment of short-term borrowings (140,000) – (140,000) –
Proceeds from issue of units 406,895 238,140 406,895 238,140
Payment of issue and financing expenses (11,168) (6,925) (11,168) (6,925)
Distribution to Unitholders (149,711) (87,070) (149,711) (87,070)
Interest paid (20,807) (14,873) (20,807) (14,873)
Cash flows from financing activities 658,209 464,272 658,209 464,272

Net decrease in cash and cash equivalents (8,044) (2,212) (8,044) (2,212)
Cash and cash equivalents at beginning of the year 7 47,191 49,403 47,191 49,403
Cash and cash equivalents at end of the year 7 39,147 47,191 39,147 47,191

Note:

(A) Net Cash Outflow on Purchase of Investment Properties (including acquisition charges)

Net cash outflow on purchase of investment properties (including acquisition charges) is set out below:

2005 2004
S$’000 S$’000

Investment properties (including acquisition charges) 796,312 735,652

Cash 12,954 5,908
Other assets 1,066 143
Trade and other payables 1,642 (341)
Security deposits (12,954) (5,908)
Net identifiable assets and liabilities acquired 799,020 735,454
Purchase consideration paid in units – (238,140)
Cash consideration paid 799,020 497,314
Cash acquired (12,954) (5,908)
Net cash outflow 786,066 491,406

(B) Significant Non-Cash Transactions

During the financial year, there were the following significant non-cash transactions:

(i) 3,969,705 (2004: 3,136,582) units were issued or will be issued as payment for the asset management fees payable in units, amounting
to a value of S$8,853,000 (2004: S$4,888,000).

(ii) 147,000,000 units at S$1.62 each, amounting to S$238,140,000, were issued in 2004 as part satisfaction of the purchase consideration
on an investment property, Plaza Singapura, acquired during 2004.

The accompanying notes form an integral part of these financial statements.

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 Notes to the Financial Statements

These notes form an integral part of the financial statements.

The financial statements were authorised for issue by the Manager and the Trustee on 22 February 2006.

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”). The Trust Deed is governed by the laws of the Republic of Singapore. 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’).

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.

The principal activity of the Trust is to invest in income producing real estate in Singapore, 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.

The consolidated financial statements relate to the Trust and its associate (referred to as the “Trust and its associate”).

The Trust has entered into several service agreements in relation to management of the Trust and its property operations. The fee
structures of these services are as follows:

Property management fees

Under the Property Management Agreements, property management fees are charged as follows:

(a) 2.00% per annum of the gross revenue of the properties;

(b) 2.00% per annum of the net property income of the properties; and

(c) 0.50% per annum of the net property income of the properties, in lieu of leasing commissions.

The property management fees are payable quarterly in arrears.

Asset management fees

Pursuant to the Trust Deed, the asset management fees shall not exceed 0.70% per annum of the Deposited Property or such higher
percentage as may be fixed by an Extraordinary Resolution at a meeting of Unitholders. Deposited Property refers to all the assets of the
Trust, including all its authorised investments for the time being held or deemed to be held upon the trusts of the Trust Deed.

The asset management fees comprise a base component of 0.25% per annum of Property Value and a performance component of 2.85%
per annum of gross revenue of the Trust for each financial year. The base component shall be paid to the Manager out of the Deposited
Property. Property Value means the aggregate of the value of investment properties.

The performance component is:

(a) (for the 60-month period from the Listing Date) paid in the form of units to be issued to the Manager in respect of Tampines Mall,
Junction 8, Funan DigitaLife Mall, Plaza Singapura, Hougang Plaza Units, Sembawang Shopping Centre, Jurong Entertainment
Centre and Bugis Junction; in the form of cash in respect of IMM Building; and either in the form of cash or in the form of units
(as the Manager may elect, such election to be irrevocable and made prior to the first payment of the performance component
immediately following the acquisition of the relevant property) in respect of any other property to be acquired by the Trust; and

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Notes to the Financial Statements

(b) (after 60 months following the Listing Date) paid in cash.

When the performance component is paid in the form of units, the Manager shall be entitled to receive such number of units as may be
purchased for the relevant amount of the management fee at:

(a) (in respect of Tampines Mall, Junction 8 and Funan DigitaLife Mall) an issue price of S$0.96 per unit, unless the market price (as
defined in the Trust Deed) at the time of issue exceeds S$2.00 or more per unit, in which event, the units will be issued at a 25%
discount from that market price; and

(b) (in respect of Plaza Singapura, Hougang Plaza Units, Sembawang Shopping Centre, Jurong Entertainment Centre, Bugis Junction
and any other property to be acquired by the Trust) the market price (as defined in the Trust Deed).

The asset management fees are payable quarterly in arrears.

Trustee’s fees

Pursuant to the Trust Deed, the Trustee’s fees shall not exceed 0.10% per annum of the Deposited Property (subject to a minimum sum of
S$6,000 per month) payable out of the Deposited Property of the Trust. The Trustee is also entitled to reimbursement of expenses incurred
in the performance of its duties under the Trust Deed.

Based on the current agreement between the Manager and Trustee, the Trustee’s fees are agreed to be 0.03% per annum of the Deposited
Property (subject to a minimum sum of S$6,000 per month).

The Trustee’s fees are payable quarterly in arrears.

2 Summary of Significant Accounting Policies

2.1 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, 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.

The financial statements, which are expressed in Singapore dollars and rounded to the nearest thousand, are prepared on the historical
cost basis, except that investment properties are stated at valuation.

In 2005, the Trust and its associate adopted the revised RAP 7 “Reporting Framework for Unit Trusts” issued in May 2005. The effect of
adopting this revised RAP 2005 is set out in note 17.

Items included in the financial statements of the Trust are measured using the currency that best reflects the economic substance of
the underlying events and circumstances relevant to the Trust (the “functional currency”). The financial statements of the Trust and its
associate and the Trust are presented in Singapore dollars, which is the functional currency of the Trust.

The preparation of financial statements in conformity with RAP 7 requires management to make judgements, estimates and assumptions
that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the
results of which form the basis of making the judgements about carrying amounts of assets and liabilities that are not readily apparent
from other sources.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the
revision affects both current and future periods.

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 Notes to the Financial Statements

2 Summary of Significant Accounting Policies (cont’d)

2.2 Plant and Equipment

Plant and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided on a straight-line
basis so as to write off items of plant and equipment, and major components that are accounted for separately, over their estimated
useful lives as follows:

Furniture, 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.

2.3 Investment Properties

Investment properties are accounted for as non-current assets and are stated at initial cost on acquisition, and at valuation thereafter.
Valuation is determined in accordance with the Trust Deed, 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; and

• at least once in each period of 12 months following the acquisition of each parcel of real estate property.

Any increase or decrease on revaluation is credited or charged to the Statement of Total Return as a net revaluation surplus or deficit in
the value of the investment properties.

Subsequent expenditure relating to investment properties that has already been recognised is added to the carrying amount of the asset
when it is probable that future economic benefits, in excess of originally assessed standard of performance of the existing asset, will flow
to the Trust and its associate. All other subsequent expenditure is recognised as an expense in the period in which it is incurred.

When an investment property is disposed of, 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.

Investment properties are not depreciated. The properties are subject to continued maintenance and regularly revalued on the basis set
out above. For taxation purposes, the Trust and its associate may claim capital allowances on assets that qualify as plant and machinery
under the Income Tax Act.

Acquisition of investment properties is accounted for as acquisition of non-current assets.

2.4 Interest in an Associate

Associates are companies in which the Trust has significant influence, but not control, over the financial and operating policies. Investment
in associates is stated in the Trust’s balance sheet at cost, less impairment losses. In the financial statements of the Trust and its
associate, the interest in an associate is accounted for using the equity method of accounting.

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Notes to the Financial Statements

2 Summary of Significant Accounting Policies (cont’d)

2.5 Trade and Other Receivables

Trade and other receivables are stated at their cost less allowance for doubtful receivables.

2.6 Cash and Cash Equivalents

Cash and cash equivalents comprise cash balances and bank deposits.

2.7 Impairment

The carrying amounts of the Trust and its associate’s assets are reviewed at each balance sheet date to determine whether there is any
indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated at each balance sheet date.

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 in respect of investment properties carried at revalued amount is recognised in the
same way as a revaluation decrease on the basis set out in Note 2.3.

Calculation of recoverable amount

The recoverable amounts of the Trust and its associate’s receivables carried at amortised costs are calculated as the present value of
estimated future cash flows discounted at the original effective interest rate. Receivables with a short duration are not discounted.

The recoverable amount of other assets is the greater of their net selling price and value in use. In assessing value in use, 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. For an asset that does not generate largely independent cash inflows, the recoverable
amount is determined for the cash-generating unit to which the asset belongs.

Reversals of impairment loss

An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount.

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, net of depreciation, if no impairment loss had been recognised.

2.8 Trade and Other Payables

Trade and other payables are stated at cost.

2.9 Interest-Bearing Liabilities

Interest-bearing liabilities are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition,
interest-bearing liabilities 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.

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 Notes to the Financial Statements

2 Summary of Significant Accounting Policies (cont’d)

2.10 Taxation

Taxation on the return for the year 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.

Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the tax base of assets and
liabilities and their carrying amounts in the financial statements. The temporary differences on initial recognition of assets or liabilities
that affect neither accounting nor taxable profit are not provided for. The amount of deferred tax provided is based on the expected
manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at
the balance sheet date.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the
unused tax losses and credits can be utilised. Deferred tax assets 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, 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-dividual
Unitholders, the Trustee is required to withhold tax at the rate of 10%. 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 by the Trustee.

The Trust has a distribution policy where it is required to distribute at least 90% 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.

2.11 Issue Expenses

Issue expenses relate to expenses incurred in the issuance of additional units in the Trust. The expenses are deducted directly against
Unitholders’ funds.

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Notes to the Financial Statements

2 Summary of Significant Accounting Policies (cont’d)

2.12 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, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased assets.
Lease incentives granted are recognised as an integral part of the total rental to be received. Contingent rentals, which include gross
turnover rental, are recognised as income in the accounting period on a receipt basis. No contingent rentals are recognised if there are
uncertainties due to the possible return of amounts received.

Interest income

Interest income from bank deposits is accrued on a time-apportioned basis.

2.13 Expenses

Property expenses

Property expenses consist of quit rents, property taxes and other property outgoings in relation to investment properties where such
expenses are the responsibility of the Trust.

Included in the property expenses are the property management fees.

Asset management fees

Asset management fees are recognised on an accrual basis using the applicable formula, stipulated in Note 1. Where applicable, upon
issuance of the units, the asset management fees are adjusted based on the market value of the actual number of units issued on date
of issuance of the units to the Manager.

Trustee’s fees

The Trustee’s fees are recognised on an accrual basis.

Interest expenses

Interest expenses are recognised in the period in which they are incurred on an accrual basis.

2.14 Segment Reporting

A segment is a distinguishable component of the Trust and its associate that is engaged either in providing products or services (business
segment), or in providing products or services within a particular economic environment (geographical segment), which is subject to risks
and rewards that are different from those of other segments.

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 Notes to the Financial Statements

3 Plant and Equipment

Trust and its
associate
and Trust

Furniture,
fittings and
equipment
S$’000
Cost

At 1 January 2004 258

Additions 264
At 31 December 2004 522

At 1 January 2005 522

Additions 312
At 31 December 2005 834

Accumulated depreciation

At 1 January 2004 30
Charge for the year 103
At 31 December 2004 133

At 1 January 2005 133

Charge for the year 154
At 31 December 2005 287

Carrying amount

At 1 January 2004 228

At 31 December 2004 389

At 1 January 2005 389

At 31 December 2005 547

4 Investment Properties
Trust and its
associate and Trust
2005 2004
S$’000 S$’000

At 1 January 2,234,950 1,240,000

Acquisition of investment properties 796,312 735,652
Land premium paid – 55,703
Capital expenditure capitalised 42,013 44,561
Write-off of assets (1,559) (635)
3,071,716 2,075,281
Revaluation differences recognised in Statement of Total Return 293,284 159,669
At 31 December 3,365,000 2,234,950

The investment properties have been mortgaged as security for credit facilities granted by Silver Maple Investment Corporation Ltd (Note
9) to the Trust.
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Notes to the Financial Statements

5 Interest in an Associate
Trust and its associate Trust
2005 2004 2005 2004
S$’000 S$’000 S$’000 S$’000
Cost

Unquoted - CapitaRetail Singapore Limited 1:

- S$58 million 10% Secured Fixed Rate Class E Bonds due
2009 (Class E Bonds) 58,000 58,000 58,000 58,000
- 232 Redeemable Preference Shares issued in connection
with Class E Bonds * * * *
58,000 58,000 58,000 58,000

Share of post – acquisition profit and reserve 6,928 11,825 – –

64,928 69,825 58,000 58,000

* Less than S$1,000.

1
Audited by KPMG Singapore

The Trust has invested S$58,000,000 in the Class E Bonds and 232 attached Redeemable Preference Shares issued by CapitaRetail
Singapore Limited (CRSL), representing 27.2% of the Class E Bonds and Redeemable Preference Shares, respectively.

CRSL is a Singapore incorporated company and has its place of business in Singapore. The principal activity of CRSL is that of an
investment holding company. CRSL is a special purpose vehicle, whose main objects are to own all the issued units in CapitaRetail BPP
Trust (CRBPPT), CapitaRetail Lot One Trust (CRLOT) and CapitaRetail Rivervale Trust (CRRT) and to issue the bonds and the redeemable
preference shares as well as to extend mortgage loans to CRBPPT, CRLOT and CRRT. CRBPPT, CRLOT and CRRT in turn own Bukit Panjang
Plaza, Lot One Shoppers’ Mall and Rivervale Mall respectively.

The bonds and redeemable preference shares issued by CRSL are as follows:

(i) €67,500,000 Secured Floating Rate Final Class A Bonds due 2009 (Class A Bonds);

(ii) €13,500,000 Secured Floating Rate Final Class B Bonds due 2009 (Class B Bonds);

(iii) S$33,000,000 Secured Fixed Rate Final Class C Bonds due 2009 (Class C Bonds);

(iv) S$83,000,000 Secured Fixed Rate Final Class D Bonds due 2009 (Class D Bonds); and

(v) S$213,000,000 Secured Fixed Rate Class E Bonds due 2009 (Class E Bonds), together with 852 Redeemable Preference Shares of
S$0.10 each.

The salient terms of the Class E Bonds are as follows:

(i) Class E Bonds bear interest at the fixed rate of 10% per annum, payable semi-annually in arrears. In the event of failure to pay 10%
per annum interest on Class E Bonds, the rights of holders of Class E Bonds to unpaid interest will be extinguished and such failure
does not constitute an event of default;

(ii) the payment of interest on Class E Bonds is subordinated to other classes of the Bonds (Class A to Class D); and

(iii) the redemption of Class E Bonds is subordinated to other classes of the Bonds (Class A to Class D).

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 Notes to the Financial Statements

5 Interest in an Associate (cont’d)

The Redeemable Preference Shares issued in connection with Class E Bonds have limited voting rights under certain prescribed
circumstances (other than those conferred by law). The holders of Redeemable Preference Shares shall be entitled to, amongst others,
the following:

(i) “Special Preferential Dividend” based on the sale price of the units or property (as the case may be) less liabilities of CRSL and
expenses when any properties or units in the property trusts (namely, CRBPPT, CRLOT and CRRT) are sold; and

(ii) each preference share shall be redeemed by CRSL on redemption date as defined. The redemption amount shall be based on the
aggregate of the par value of redeemable preference shares, outstanding special preferential dividend, net asset value of CRSL and
any insurance proceeds less expenses.

The financial information of the associate is as follows:

2005 2004
S$’000 S$’000
Assets and Liabilities
Total assets 583,070 571,118

Total liabilities 557,628 527,691

Results
Revenue 48,690 49,150

Loss after taxation (2,436) (668)

6 Trade and Other Receivables

Trust and its
associate and Trust
2005 2004
S$’000 S$’000

Trade receivables 7,535 4,437

Allowance for doubtful receivables – (61)
Net trade receivables 7,535 4,376
Deposits 2,430 1,409
Prepayments 215 300
Interest receivable 2,404 2,398
Other receivables 1,358 828
13,942 9,311

7 Cash and Cash Equivalents

Trust and its
associate and Trust
2005 2004
S$’000 S$’000

Cash at bank and in hand 34,128 47,191

Fixed deposits with financial institutions 5,019 –
39,147 47,191

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Notes to the Financial Statements

8 Trade and Other Payables

Trust and its
associate and Trust
2005 2004
S$’000 S$’000

Trade payables and accrued operating expenses 40,731 27,847

Amounts due to related parties (trade) 8,141 9,181
Deposits and advances 3,792 2,954
Interest payables 2,879 61
55,543 40,043

Included in amounts due to related parties is an amount due to the Manager of S$2,364,000 (2004: S$3,613,000) and an amount due to
the property manager of S$4,813,000 (2004: S$1,167,000). Included in trade payables and accrued operating expenses was an amount
due to the Trustee of S$262,000 (2004:S$175,000).

9 Interest-Bearing Loans and Borrowings

Trust and its
associate and Trust
2005 2004
S$’000 S$’000

Term loans 1,061,232 632,000

Revolving credit facility 28,000 28,000
1,089,232 660,000

Maturity of loans and borrowings

- After 1 year but within 5 years 172,000 172,000
- After 5 years 917,232 488,000
1,089,232 660,000

The term loans and revolving credit facility were granted by a special purpose company, Silver Maple Investment Corporation Ltd (Silver
Maple). Under the facility agreement between Silver Maple and the Trustee, Silver Maple has granted the Trust a total facility of S$1,187
million (2004: S$704 million), made up of S$1,065 million (2004: S$632 million) term loan and S$122 million (2004: S$72 million) revolving
credit facility.

The total facility drawn down by the Trust as at 31 December 2005 was S$1,093 million (2004: S$660 million), consisting of:

(i) S$433 million (2004: S$ Nil) term loan at a fixed interest rate of 3.13% (2004: Nil %) per annum, fully repayable on 30 April 2014.
Under the facility agreement, the Trust has the option to prepay in full on 31 October 2012. In the event that the Trust opts not to
fully settle the term loan on 31 October 2012, the interest rate of 1.00% (2004: Nil %) above the Singapore Interbank Offered Rate
(SIBOR) repriced every three months, will be applicable for the period from 31 October 2012 to 30 April 2014;

(ii) S$172 million (2004: S$172 million) term loan at a fixed interest rate of 3.91% (2004: 3.91%) per annum, fully repayable on 26
August 2008. Under the facility agreement, the Trust has the option to prepay in full on 26 February 2007. In the event the Trust
opts not to fully settle the term loan on 26 February 2007, the interest rate of 2.62% (2004: 2.62%) above SIBOR repriced every three
months, will be applicable for the period from 26 February 2007 to 26 August 2008;

(iii) S$125 million (2004: S$125 million) term loan at a fixed interest rate of 2.764% (2004: 2.764%) per annum, fully repayable on 26
December 2011. Under the facility agreement, the Trust has the option to prepay in full on 26 June 2010. In the event the Trust opts
not to fully settle the term loan on 26 June 2010, the interest rate of 2.914% (2004: 2.914%) above the SIBOR repriced every three
months, will be applicable for the period from 26 June 2010 to 26 December 2011;

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 Notes to the Financial Statements

9 Interest-Bearing Loans and Borrowings(cont’d)

(iv) S$335 million (2004: S$335 million) term loan at a fixed interest rate of 2.804% (2004: 2.804%) per annum for the period ending on 2
August 2007, and at the swap rate applicable at the draw-down date (as defined in the facility agreement) plus 0.435% per annum
for the period from 2 August 2007 to 2 August 2009, provided that such rate does not exceed 8.935% per annum and shall not fall
below 2.905% per annum. The term loan is fully repayable on 2 February 2011. Under the facility agreement, the Trust has the
option to prepay in full on 2 August 2009. In the event the Trust opts not to fully settle the term loan on 2 August 2009, the interest
rate of 0.87% above the SIBOR repriced every three months, will be applicable for the period from 2 August 2009 to 2 February 2011;
and

(v) S$28 million (2004: S$28 million) revolving credit facility at floating interest rate of 0.43% (2004: 0.43%) above the SIBOR for a
period of either one, three or six months and fully repayable on 26 December 2011 (2004: 26 December 2011). Under the facility
agreement, the Trust has the option to prepay in full on 26 June 2010. In the event the Trust opts not to fully settle the revolving
credit facility on 26 June 2010, the interest rate of 2.43% (2004: 2.43%) above the SIBOR repriced every three months, will be
applicable for the period from 26 June 2010 to 26 December 2011.

As security for credit facilities granted by Silver Maple to the Trust, the Trust has granted in favour of Silver Maple the following:

(i) a mortgage over each of the properties;

(ii) an assignment and charge of the rental proceeds and tenancy agreements of units in the properties;

(iii) an assignment of the insurance policies relating to the properties;

(iv) an assignment of the agreements relating to the management of the properties; and

(v) a charge creating a fixed and floating charge over certain assets of the Trust relating to the properties.

Under the terms of the Silver Maple loan facility agreement, the Trust undertakes that:

(i) it shall not borrow or raise any monies if upon the effecting of such borrowing or raising the amount thereof would in the aggregate
exceed such percentage of all assets of the Trust or other restriction or limit as may be imposed on the Trust from time to time by
the Property Funds Guidelines of the Code on Collective Investment Schemes (the Property Funds Guidelines) issued by MAS and
other relevant authorities; and

(ii) it shall maintain the debt service ratio at greater than 2.0.

Silver Maple has secured a S$2 billion (2004: S$1 billion) Medium Term Note Programme due 2008 (MTN Programme). Under this MTN
Programme, Silver Maple may, subject to compliance with all relevant laws, regulations and directives, from time to time issue fixed or
floating interest rate notes (the Notes). The maximum aggregate principal amount of the Notes to be issued shall be S$2 billion. The
Notes will be secured by the Notes Debenture.

To fund the loans to the Trust of S$1,065 million (2004: S$632 million) fixed rate term loan and S$28 million (2004: S$28 million) floating
rate revolving credit, Silver Maple has raised funds through the following:

(i) US$255.5 million (2004: US$ Nil) Floating Rate Notes at floating interest rate of 0.24% (2004: Nil %) above the US dollar London
Interbank Offered Rate (LIBOR) repriced every three months, for the period from 31 October 2005 to 31 October 2012. In the event
that the Floating Rate Notes are not redeemed by Silver Maple on 31 October 2012, interest will accrue at the rate of 1.0% (2004:
Nil %) above the US dollar LIBOR repriced every three months, for the period from 31 October 2012 to date of redemption on 30 April
2014;

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Notes to the Financial Statements

9 Interest-Bearing Loans and Borrowings(cont’d)

(ii) S$172 million (2004: S$172 million) Fixed Rate Notes at fixed interest rate of 3.86% (2004: 3.86%) per annum for the period from 26
February 2002 (date of first issue of Fixed Rate Notes) to 26 February 2007. In the event that the Fixed Rate Notes are not redeemed
by Silver Maple on 26 February 2007, interest will accrue at the rate of 2.52% (2004: 2.52%) above the SIBOR repriced every three
months, for the period from 26 February 2007 to date of redemption on 26 August 2008;

(iii) US$72.1 million (2004: US$72.1 million) Floating Rate Notes at floating interest rate of 0.62% (2004: 0.62%) above the US dollar
LIBOR repriced every three months, for the period from 26 June 2003 to 26 June 2010. In the event that the Floating Rate Notes are
not redeemed by Silver Maple on 26 June 2010, interest will accrue at the rate of 2.30% (2004: 2.30%) above the US dollar LIBOR
repriced every three months, for the period from 26 June 2010 to date of redemption on 26 December 2011;

(iv) US$195.5 million (2004: US$195.5 million) Floating Rate Notes at floating interest rate of 0.32% (2004: 0.32%) above the US dollar
LIBOR repriced every three months, for the period from 2 August 2004 to 2 February 2011. In the event that the Floating Rate Notes
are not redeemed by Silver Maple on 2 August 2009, interest will accrue at the rate of 0.80% (2004: 0.80%) above the US dollar
LIBOR repriced every three months, for the period from 2 August 2009 to date of redemption on 2 February 2011; and

(v) S$28 million (2004: S$28 million) Floating Rate Notes at floating interest rate of 0.43% (2004: 0.43%) above the SIBOR, due and
renewable on either one, three or six months’ duration until final redemption on 26 June 2010. In the event the Trust opts not to fully
settle on 26 June 2010, the interest rate of 2.11% (2004: 2.11%) above the SIBOR repriced every three months, will be applicable
for the period from 26 June 2010 to 26 December 2011.

10 Units in Issue
Trust
2005 2004
‘000 ’000
Units in issue:
At 1 January 1,203,200 906,063
Units created:
- placement of units during the year
- on 31 October 2005 173,400 –
- on 2 August 2004 – 147,000
- partial satisfaction of purchase consideration on investment property acquired – 147,000
- asset management fees paid in units 3,098 3,137
As 31 December 2005 1,379,698 1,203,200

Units to be issued:
- assets management fees payable in units 871 –
Total issued and issuable units at 31 December 2005 1,380,569 1,203,200

On 31 October 2005, the Trust issued 29,746,224 units and 143,653,776 units at S$2.33 and S$2.35 per unit respectively for cash:

- to part finance the acquisition of Bugis Junction;

- to part refinance the S$123 million bridge loan taken to finance the acquisitions of Hougang Plaza Units and Sembawang Shopping
Centre;

- to part refinance the S$6.8 million bridge loan taken to finance the payment of a deposit of 10% of the purchase consideration and
part finance the balance of the purchase consideration on Jurong Entertainment Centre; and

- for the Trust’s working capital purposes.

178 > inspire

 Notes to the Financial Statements

10 Units in Issue (cont’d)

On 2 August 2004, the Trust issued 147,000,000 units at an issue price of S$1.62 per unit for cash to partly finance the purchase
consideration for Plaza Singapura. In addition, the Trust issued 147,000,000 units at an issue price of S$1.62 per unit to the vendor of
Plaza Singapura as partial satisfaction of the purchase consideration on Plaza Singapura.

Each unit in the Trust represents an undivided interest in the Trust. 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;

• 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, in accordance with their proportionate interests in the Trust. However, 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; and

• Attend all Unitholders’ meetings. 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, whichever is lesser) at any time convene a meeting of Unitholders in
accordance with the provisions of the Trust Deed.

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; 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. 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.

11 Gross Revenue
Trust and its
associate and Trust
2005 2004
S$’000 S$’000

Gross rental income 223,468 162,836

Car park income 7,580 5,669
Others 12,039 8,734
243,087 177,239

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Notes to the Financial Statements

12 Property Expenses
Trust and its
associate and Trust
2005 2004
S$’000 S$’000

Land rental 247 326

Property tax 22,406 15,688
Utilities 13,610 10,094
Property management fees 8,937 6,565
Property management reimbursements 9,579 6,824
Advertising and promotion 11,036 8,499
Maintenance 19,548 12,504
Others 3,643 2,529
89,006 63,029

13 Interest Income
Trust and its associate Trust
2005 2004 2005 2004
S$’000 S$’000 S$’000 S$’000
Interest income
- associated company – – 4,756 4,964
- financial institution 219 26 219 26
219 26 4,975 4,990

14 Asset Management Fees – Trust and its associate and Trust

Included in the asset management fees is an aggregate of 2,913,755 (2004: 3,474,538) units in the Trust that have been or will be
issued to the Manager as payment of the performance component of management fees.

15 Income Tax Expense

Trust and its associate Trust
2005 2004 2005 2004
S$’000 S$’000 S$’000 S$’000
Reconciliation of effective tax rate

Net income before tax 117,013 101,341 117,369 89,516

Income tax using Singapore tax rate of 20% 23,403 20,268 23,474 17,903
Non-tax deductible items 1,882 1,718 1,882 1,718
Income not subject to tax 71 (2,365) – –
Tax transparency (25,356) (19,621) (25,356) (19,621)
– – – –

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 Notes to the Financial Statements

16 Earnings Per Unit

Basic earnings per unit is based on:

Trust and its associate Trust

2005 2004 2005 2004
S$’000 S$’000 S$’000 S$’000

Net income before tax 117,013 101,341 117,369 89,516

Less:
Income tax attributable to net income – – – –
Net income after tax 117,013 101,341 117,369 89,516

Trust
Number of Units
’000 ’000

Weighted average number of units

- outstanding during the year 1,203,200 906,063
- placement of units 29,454 60,648
- issued as satisfaction of purchase consideration on investment property acquired – 60,648
- issued and issuable as payment of asset management fees paid in units 1,797 1,611
1,234,451 1,028,970

Diluted earnings per unit is the same as the basic earnings per unit as there are no significant dilutive instruments in issue during the
year.

17 Changes in Accounting Policies

The accounting policies set out in note 2 have been applied in preparing the financial statements for the year ended 31 December 2005.

The adoption of principles in FRS 28 (revised) Investment in Associates resulted in the presentation of the financial position, results,
movements in Unitholders’ funds and cash flows of the Trust and its associate in the financial statements in addition to those of the
Trust.

The adoption of principles of FRS 39 Financial Instruments: Recognition and Measurement resulted in the Trust and its associate measuring
its derivative financial instruments as assets or liabilities at fair values. Previously, derivative financial instruments were not recorded on
the balance sheet. Where a derivative or non-derivative financial instrument is an effective hedge in a cash flow hedge relationship, the
change in fair value of the hedging instrument relating to the effective portion is recorded in equity.

The adoption of principles of FRS 39 resulted in the Trust and its associate recognising all its derivative financial instruments as assets
or liabilities at fair value and decreasing the opening balance at 1 January 2005 of the hedging reserve by S$2,052,000. The 2004
comparatives have not been restated.

The change in accounting policies arising from adopting principles of FRS 39 has the following impact on the total return for the year:

Trust and its associate

2005 2004
S$’000 S$’000

Total return for the year before changes in accounting policies 410,781 261,010
Effects of adopting principles of FRS 39
- Share of swap losses of associate (484) –
Total return for the year 410,297 261,010
inspire > 181
Notes to the Financial Statements

18 Issue Expenses
Trust and its associate
2005 2004
S$’000 S$’000

Underwriting and selling commissions 8,150 4,503

Professional fees 439 338
Miscellaneous expenses 1,777 232
10,366 5,073

These expenses are deducted directly against the Unitholders’ funds. Included in the professional fees are non-audit fees paid and payable
to auditors of the Trust amounting to S$128,000 (2004: S$118,000) for acting as independent reporting accountants and scrutineers and
with respect to the issuance and placement of additional units in the Trust.

19 Significant Related Party Transactions – Trust and its associate and Trust

For the purposes of these financial statements, parties are considered to be related to the Trust and its associate if the Trust and its
associate has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and
operating decisions, or vice versa, or where the Trust and its associate and the party are subject to common significant influence. Related
parties may be individuals or other entities. The Manager of the Trust is an indirect wholly-owned subsidiary of a substantial Unitholder
of the Trust.

In the normal course of the operations of the Trust, asset management fees and trustee’s fees have been paid or are payable to the
Manager and Trustee respectively.

During the financial year, other than those disclosed elsewhere in the financial statements, there were the following significant related
party transactions, which were carried out in the normal course of business on arm’s length commercial terms:

2005 2004
S$’000 S$’000

Asset enhancement works and consultancy fees to a related company of the Manager of the Trust 1,123 17,067
Property management fees and reimbursables to a related company of the Manager of the Trust 18,517 13,389
Rental and related income from related companies of the Manager of the Trust 4,991 2,986
Underwriting, advisory and acquisition fees to the Manager of the Trust and related companies
of the Manager of the Trust 9,206 3,550

20 Financial Instruments

Financial risk management objectives and policies

Exposure to credit, interest rate and liquidity risks arises in the normal course of the Trust and its associate’s business. The Trust
and its associate have written policies and guidelines, which set out its overall business strategies and its general risk management
philosophy.

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 Trust and its associate, as and when they fall due.

182 > inspire

 Notes to the Financial Statements

20 Financial Instruments (cont’d)

The Manager of the Trust and its associate has established credit limits for customers and monitors their balances on an ongoing basis.
Credit evaluations are performed by the Manager of the Trust and its associate before lease agreements are entered into with customers.
Cash and fixed deposits are placed with financial institutions which are regulated.

At 31 December 2005 and 2004, there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented
by the carrying value of each financial asset on the balance sheet.

Interest rate risk

The Trust and its associate’s exposure to changes in interest rates relates primarily to interest-earning financial assets and interest-
bearing financial liabilities. Interest rate risk of the Trust and its associate is managed by the Manager of the Trust and the associate
respectively, 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.

Liquidity risk

The Manager of the Trust monitors and maintains a level of cash and cash equivalents deemed adequate by management to finance
its operations. In addition, the Manager also monitors and observes the CIS code issued by the MAS concerning limits on total
borrowings.

Sensitivity analysis

In managing the interest rate risk, the Trust and its associate aims to reduce the impact of short-term fluctuations on its earnings.

As at 31 December 2005, it was estimated that a general increase in one percentage point in interest rates would reduce the Trust and
its associate earnings by approximately S$280,000 (2004: S$280,000).

Effective interest rates and repricing analysis

In respect of interest-earning financial assets and interest-bearing financial liabilities, the following table indicates their effective interest
rates as at 31 December 2005 and 2004 and the periods at which they reprice.

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Notes to the Financial Statements

20 Financial Instruments (cont’d)

Trust and its associate and Trust

Fixed interest rate maturing

Note Effective Floating 1 to 5 After 5
interest rate interest years years Total
% S$’000 S$’000 S$’000 S$’000
2005

Financial Liabilities

Term loan 9 3.11 – (172,000) (889,232) (1,061,232)

Revolving credit facility 9 2.56 (28,000) – – (28,000)
(28,000) (172,000) (889,232) (1,089,232)

2004

Financial Liabilities

Term loan 9 3.10 – (172,000) (460,000) (632,000)

Revolving credit facility 9 1.94 (28,000) – – (28,000)
(28,000) (172,000) (460,000) (660,000)

Fair value

Fair value is calculated based on the present value of expected future cash flows relevant to the financial instrument, where the discount
rate is computed from the market interest rates for the Trust.

Where discounted cash flow techniques are used, estimated future cash flows are based on management’s best estimates and the discount
rate is a market-related rate for a similar instrument at the balance sheet date.

The carrying vales of the other financial assets and liabilities (including trade and other receivables, cash and cash equivalents, trade and
other payabales and security deposits) approximate their fair values.

Carrying Percentage
amount Fair value of net assets
S$’000 S$’000 %
2005

Non-current

Term loans 1,061,232 1,043,257 45.7

Revolving credit facility 28,000 28,000 1.2

Carrying Percentage
amount Fair value of net assets
S$’000 S$’000 %
2004

Non-current

Term loans 632,000 644,667 39.7

Revolving credit facility 28,000 28,000 1.7

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 Notes to the Financial Statements

21 Segment Reporting – Trust and its associate

Segment information is presented in respect of the Trust and its associate’s business segments. The primary format, business segment’s,
is based on its management and internal reporting structure.

Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a
reasonable basis. Unallocated items comprise mainly income-earning assets and revenue, interest-bearing loans and borrowings and
expenses, and related assets and expenses.

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.

Business segments

The Trust and its associate is in the business of investing in the following shopping malls, which are considered to be the main business
segments: Tampines Mall, Junction 8, Funan DigitaLife Mall (formerly known as Funan The IT Mall), IMM Building, Plaza Singapura,
Bugis Junction and other investment properties.

Geographical segments

Geographical segment reporting has not been prepared because all nine malls are located in Singapore.

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 Notes to the Financial Statements

186 > inspire

21 Segment Reporting – Trust and its associate (cont’d)

Business segments

Property income and expenses

Funan DigitaLife Mall

(formerly known as
Tampines Mall Junction 8 Funan The IT Mall) IMM Building Plaza Singapura 1
2005 2004 2005 2004 2005 2004 2005 2004 2005 2004
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000

Gross rental income 46,500 44,347 36,277 29,832 20,207 19,309 49,572 47,302 57,347 22,046

Car park income 2,172 1,977 1,348 1,308 1,560 1,567 5 – 2,169 817

Others 1,824 1,879 2,742 2,344 906 978 3,081 2,466 2,001 1,067

Gross revenue 50,496 48,203 40,367 33,484 22,673 21,854 52,658 49,768 61,517 23,930

Segment net property income 34,888 34,045 26,451 21,263 13,394 13,668 25,874 27,571 43,829 17,663
 Notes to the Financial Statements

21 Segment Reporting – Trust and its associate (cont’d)

Business segments

Property income and expenses

Bugis Other Investment
Junction 2 Properties3 Total
2005 2004 2005 2004 2005 2004
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000

Gross rental income 7,867 – 5,698 – 223,468 162,836

Car park income – – 326 – 7,580 5,669

Others 765 – 720 – 12,039 8,734

Gross revenue 8,632 – 6,744 – 243,087 177,239

Segment net property income 5,471 – 4,174 – 154,081 114,210

Interest income 219 26

Unallocated expenses (41,687) (29,684)
112,613 84,552
Share of profit of associate 4,400 16,789
Net income 117,013 101,341
Net appreciation on
revaluation of investment
properties 293,284 159,669
Total return for the year before
taxation 410,297 261,010
Taxation – –
Total return for the year 410,297 261,010

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 Notes to the Financial Statements

188 > inspire

21 Segment Reporting – Trust and its associate (cont’d)

Business segments
Funan DigitaLife
Mall (formerly
known as Funan IMM Plaza Bugis Other Investment
Tampines Mall Junction 8 The IT Mall) Building Singapura1 Junction2 Properties3 Total
2005 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000

Assets and liabilities

Segment assets 634,729 474,150 248,432 401,016 804,979 618,188 194,461 3,375,955
Interest in an associate 64,928
Unallocated assets 42,681
Total assets 3,483,564

Segment liabilities 14,003 16,566 11,706 24,887 15,299 12,660 6,170 101,291

Unallocated liabilities:
- interest-bearing loans and borrowings 1,089,232
- interest payables 2,879
- asset management fees 2,364
- provision for taxation 367
- others 3,526
1,098,368
Total liabilities 1,199,659

Other segmental information

Depreciation of plant and equipment 16 22 12 57 40 – 7 154

Plant and equipment:
- Capital expenditure 15 53 10 10 19 123 82 312
Investment properties:
- Capital expenditure 4,431 9,715 7,978 375 9,121 613,249 193,456 838,325
- Write-off of assets 105 265 731 – 458 – – 1,559
Allowance for doubtful receivables/bad
receivables written off (2) 1 16 (1) (3) – – 11

1 Plaza Singapura was acquired on 2 August 2004.

2 Bugis Junction was acquired on 31 October 2005. On 17 October 2005, the Trust entered into an Agreement to Surrender with Seiyu Singapore and The Seiyu, Ltd., in respect of the Surrender Premises by Seiyu Singapore to the Trust. Under the Agreement to Surrender, the existing tenancy
and licence agreements in favour of the existing tenants and licensees at the Surrender Premises will be novated by Seiyu Singapore to the Trust on 1 November 2005.

3 Other Investment Properties comprise Sembawang Shopping Centre, Hougang Plaza Units and Jurong Entertainment Centre.
• Sembawang Shopping Centre was acquired on 10 June 2005.
• 13.6% and 78.8% of the strata area of Hougang Plaza were acquired on 20 June 2005 and 30 June 2005 respectively. On 16 August 2005, another 4.3% of the strata area in Hougang Plaza was acquired.
• Jurong Entertainment Centre was acquired on 31 October 2005.
 Notes to the Financial Statements

21 Segment Reporting – Trust and its associate (cont’d)

Business segments

Funan DigtaLife
Mall
(formerly known
as Funan Plaza
Tampines Mall Junction 8 The IT Mall) IMM Building Singapura Total
2004 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000

Assets and liabilities

Segment assets 549,366 397,677 202,905 353,294 738,999 2,242,241

Interest in an associate 69,825
Unallocated assets 49,600
Total assets 2,361,666

Segment liabilities 14,124 18,008 11,496 20,267 9,897 73,792

Unallocated liabilities:
- interest-bearing
loans and borrowings 660,000
- interest payables 61
- asset management fees 3,613
- trustee’s fees 175
- provision for taxation 367
- others 1,180
665,396
Total liabilities 739,188

Other segmental information

Depreciation of plant and equipment 14 24 6 44 15 103

Plant and equipment:
- Capital expenditure 13 39 8 102 102 264
Investment properties:
- Land premium paid – – – 55,703 – 55,703
- Capital expenditure 9,265 18,029 8,744 8,430 735,745 780,213
- Write-off of assets – – – 633 2 635
Allowance for doubtful
receivables /bad
receivables written off 4 5 (43) 1 34 1

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Notes to the Financial Statements

22 Commitments
Trust and its
associate and Trust
2005 2004
S$’000 S$’000
Capital commitments:
- contracted but not provided for 3,445 4,738
- authorised but not contracted for 145,964 57,992
149,409 62,730

The Trust leases out its investment properties. Non-cancellable operating lease rentals are receivable as follows:

Trust and its

associate and Trust
2005 2004
S$’000 S$’000

Within 1 year 243,355 168,283

After 1 year but within 5 years 230,669 176,185
After 5 years - 1,268
474,024 345,736

23 Contingent Liability

Pursuant to the tax transparency ruling from IRAS, the Trustee has provided a tax indemnity for certain types of tax losses, including
unrecovered late payment penalties, 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, subject to the indemnity amount agreed with the IRAS. 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. The amount of
indemnity, as agreed with IRAS for any one year is limited to the higher of S$500,000 or 1.0% of the taxable income of the Trust for that
year. 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.

24 Subsequent Event

Subsequent to the year ended 31 December 2005, the Manager declared distribution of S$25,800,362 for the Trust in respect of the period
31 October 2005 to 31 December 2005.

25 Financial Ratios
2005 2004
% %

Expenses to weighted average net assets 1 0.92 1.06

Portfolio turnover rate 2 – –

1
The annualised ratios are computed in accordance with the guidelines of Investment Management Association of Singapore. The expenses used in the computation
relate to expenses of the Trust, excluding property expenses and interest expense.

2
The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Trust expressed as a percentage of daily
average net asset value.

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 Unitholders Statistics

STATISTICS OF UNITHOLDINGS
AS AT 1 MARCH 2006

Issued and Fully Paid Units

1,380,569,714 units (voting rights : 1 vote per unit)
Market Capitalisation $3,230,533,131 (based on closing unit price of S$2.34 on 1 March 2006)

Distribution of Unitholdings
Size of Holdings No. of Unitholders % No. of Units %
1 - 999 144 1.77 45,064 0.00
1,000 - 10,000 5,685 69.76 23,592,018 1.71
10,001 - 1,000,000 2,289 28.09 116,158,176 8.41
1,000,001 and above 31 0.38 1,240,774,456 89.88
8,149 100.00 1,380,569,714 100.00

Location of Unitholders
Country No. of Unitholders % No. of Units %
Singapore 8,019 98.40 1,373,621,684 99.50
Malaysia 48 0.59 1,166,350 0.08
Others 82 1.01 5,781,680 0.42
8,149 100.00 1,380,569,714 100.00

Twenty Largest Unitholders

S/No. Name No. of Units %
1 Pyramex Investments Pte Ltd 284,181,553 20.58
2 Citibank Nominees Singapore Pte Ltd 208,671,560 15.11
3 Raffles Nominees Pte Ltd 184,497,148 13.36
4 Albert Complex Pte Ltd 147,000,000 10.65
5 DBS Nominees Pte Ltd 121,611,731 8.81
6 NTUC Fairprice Co-Operative Ltd 71,070,000 5.15
7 HSBC (Singapore) Nominees Pte Ltd 67,775,440 4.91
8 United Overseas Bank Nominees Pte Ltd 37,926,696 2.75
9 Premier Healthcare Services International Pte Ltd 33,000,000 2.39
10 Alphaplus Investment Pte Ltd 25,330,000 1.83
11 DB Nominees (S) Pte Ltd 11,964,000 0.87
12 Morgan Stanley Asia (Singapore) Securities Pte Ltd 10,582,914 0.77
13 CapitaMall Trust Management Limited 3,969,705 0.29
14 Baiduri Bank Berhad 3,700,000 0.27
15 BNP Paribas Nominees Singapore Pte Ltd 3,351,100 0.24
16 Merrill Lynch (Singapore) Pte Ltd 3,189,609 0.23
17 The Asia Life Assurance Society Ltd-Par Fund 3,114,000 0.23
18 Yong Loo Lin Holdings Private Limited 3,000,000 0.22
19 DBS Vickers Securities (S) Pte Ltd 1,995,900 0.14
20 Yong Ying-I 1,500,000 0.11
1,227,431,356 88.91

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Unitholders Statistics

List of Directors’ Interest as at 21 January 2006

Name No. of CMT Units Held

Hsuan Owyang Nil

Liew Mun Leong 825,000 (Deemed)

Pua Seck Guan Nil

James Glen Service Nil

David Wong Chin Huat 110,000 (Direct)

30,000 (Deemed)

S Chandra Das 55,000 (Direct)

Hiew Yoon Khong 267,000 (Direct)

Kee Teck Koon 100,000 (Direct)

Olivier Lim Tse Ghow 132,000 (Direct)

110,000 (Deemed)

List of Substantial Unitholders as at 1 March 2006

Name No. of Units Held %

NTUC FairPrice Co-operative Limited Direct: 71,070,000 units 5.15
Deemed: 25,330,000 units 1.83
held by Alphaplus Investments Pte Ltd

The Capital Group Companies, Inc. Deemed: 84,262,700 units 6.10

Albert Complex Pte Ltd (“ACPL”) Direct: 147,000,000 units 10.65

Pyramex Investments Pte Ltd (“PIPL”) Direct: 284,181,553 units 20.58

CapitaLand Retail Limited Deemed: 464,181,553 units 33.62

-147,000,000 units held by ACPL
- 284,181,553 units held by PIPL
- 33,000,000 units held by Premier Healthcare
Services International Pte Ltd (“PHSIPL”)

CapitaLand Limited Deemed: 468,151,258 units 33.91

- 147,000,000 units held by ACPL
- 284,181,553 units held by PIPL
- 33,000,000 units held by PHSIPL
- 3,969,705 units held by the Manager

FREEFLOAT

Based on the information made available to the Manager, no less than 40% of the units in CMT were held in the hands of the public as at 1
March 2006. Accordingly, Rule 723 of the listing Manual of the SGX-ST has been complied with.

192 > inspire

 Additional Information

Related Party Transactions

The transactions entered into with related parties during the financial year, which fall under the Listing Manual and the CIS Code, are as
follows:

Aggregate value of all related

party transactions during the
financial period under review
(excluding transactions of less
Name of Related Party than S$100,000 each)

S$’000
CapitaLand Limited and its subsidiaries or associates
- Management fees 1 14,948
- Property management fees & reimbursables 18,517
- Acquisition fees related to acquisitions of Sembawang Shopping Centre,
Hougang Plaza Units, Jurong Entertainment Centre and Bugis Junction 7,706
- Project management and consultancy fees for asset enhancement works 2,247
- Acquisition of Bugis Junction 580,800
- Fee in consideration of backstop arrangement 1,500

Temasek Holdings (Private) Limited and its associates

- Rental and service income 1,083

- Utilities 3,480
- General Maintenance 440

1. For the purposes of Clause 907 of the Listing Manual of the SGX-ST, in arriving at this figure, 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, was used to determine the amount
of the aggregate asset management fees paid to the Manager for the period from 1 January 2005 to 31 December 2005. A total of 2,913,755 CMT units amounting to an
aggregate of S$6,915,574 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 2005 to 31 December 2005. In respect of the period from 1 January 2005 to 31 March 2005, a total of 726,487 units, comprising
516,348 and 210,139 CMT units at issue prices of S$1.511025 and S$ 2.0147* per unit respectively, were issued on 6 May 2005 to the Manager. The market price at the date
of issue was S$2.23 per unit and the aggregate market value of these units was S$1,620,066 based on this market price. In respect of the period from 1 April 2005 to 30
June 2005, a total of 648,420 units, comprising 458,799 and 189,621 CMT units at issue prices of S$1.775625 and S$2.3675* per unit respectively, were issued on 3 August
2005 to the Manager . The market price at the date of issue was S$2.60 per unit and the aggregate market value of these units was S$1,685,892 based on this market price.
In respect of the period from 1 July 2005 to 30 September 2005, a total of 667,601 CMT units, comprising 452,678 and 214,923 CMT units at issue prices of S$1.7778 and
S$2.3704* per unit respectively, were issued on 4 November 2005 to the Manager. The market price at the date of issue was S$2.34 per unit and the aggregate market value
of these units was S$1,562,186 based on this market price. In respect of the period from 1 October 2005 to 31 December 2005, a total of 871,247 CMT units, comprising
504,690 and 366,557 CMT units at issue prices of S$1.6567 and S$2.2090* per unit respectively, were issued on 8 February 2006 to the Manager. The market price at the
date of issue was S$2.35 and the aggregate market value of these units was S$2,047,430 based on this market price.

* Based on the volume weighted average traded price for a Unit for all trades on the SGX-ST in the ordinary course of trading on the SGX-ST for the last ten business days
of the relevant period in which the management fee accrues.

Save as disclosed above, there were no additional Related Party Transactions (excluding transactions of less than S$100,000 each) entered into
during the financial period under review.

On 16 February 2004, CMT announced that the SGX-ST has on 10 February 2004 granted a waiver to CMT from rules 905 and 906 of the
SGX-ST’s Listing Manual in relation to payments for management fee, payments for acquisition and divestment fees, payments of property
management fee, reimbursement to the property manager in respect of payroll and related expenses as well as payments of trustee’s fee not
to be included in the aggregated value of total related party transactions as governed by rules 905 and 906 of the Listing Manual.

Please also see Significant Related Party Transactions on note 19 in the financial statements.

Subscription of CMT Units

For the financial year ended 31 December 2005, an aggregate of 176,498,458 CMT units were issued and subscribed for. As at 31 December
2005, 1,379,698,467 CMT units were in issue and outstanding. On 8 February 2006, 871,247 CMT units were issued to the Manager as part
payment of the performance component of its asset management fees for the fourth quarter of 2005.

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