1

3QFY10 Result Update

22 Oct 2010
Axis Real Estate Investment Trust RM2.22
HOLD

& '( % )

RM m 3Q09 4Q09 1Q10 2Q10 3Q10

Trust Revenue 17.7 19.5 19.8 21.0 22.4
Trust expenditure 4.4 4.7 5.1 5.7 6.4
Revaluation Surplus 0.0 17.1 1.8 9.1 11.7
Net Income 10.2 28.8 14.3 21.9 24.3
Provision for distribution (11.0) (11.5) (11.4) (12.3) (12.9)
Retained earnings (0.8) 17.3 2.9 8.8 11.5
EPU (sen) 3.83 9.37 4.65 7.12 7.60
DPU (sen) 4.06 3.74 3.70 4.00 4.00

Growth (%)
Trust Revenue 1.7 10.2 1.5 6.1 6.7
!"
Net Income (18.4) 182.4 (50.3) 53.1 11.0

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F o r P r iv a t e C i r c u l a t i o n O n l y
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RM 'm 2006 2007 2008 2009 2010F

Trust Revenue 40.9 46.8 63.3 71.6 83.7
Distributable Earnings 26.4 28.0 39.0 42.9 49.7
DPU (sen) 12.95 13.64 15.27 15.80 16.20

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The information contained in this report was prepared from data believed to be reliable but we have not independently verified such data and we do not make any
representation or warranty as to the accuracy or completeness of the information. This report is general in nature and has been prepared for information purposes only.
It does not have regard to any specific investment objective, emphasis or need of any person or party. Any person/party acting upon this report do so at their own risk
and PM Securities Sdn Bhd and/or its directors and/or staff do not accept any liability whatsoever arising from the direct or indirect use of this report. Opinions
expressed are subject to change without notice. PM Securities Sdn Bhd and/or its directors and staff may have an interest in securities of the company or companies
covered by this report and may earn brokerage for dealing in the securities mentioned herein.

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PM Securities Sdn. Bhd. (66299-A)

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