The RICS and Macdonald & CompanyAsia Rewards & Attitudes Survey 2013

Executive Summary and Key Findings

2

2013 EXECUTIVE SUMMARY

The RICS and Macdonald & Company Asia Rewards & Attitudes Survey 2013 Results 3

ForewordAs 2013 dawns, the results of this year’s survey emphasize the key patterns in real estate related activity in the last year. It has been another year characterized by swing’s in global and local sentiment, with oscillating opinion and economic data preventing many businesses from making decisive commitments to expansionary activity. There is evidence to suggest that this era of uncertainty is set to continue and the confidence of our respondents has softened slightly from last year with 40% predicting an increase in economic activity in their sector during the next twelve months.

Despite this underlying uncertainty, there are areas of the real estate market in Asia that have thrived and businesses that have grown far faster in recovery than others. The contrast between institutional investors and regional developers is startling, and the surging growth in salaries recorded in mainland China and Malaysia contrasts with relatively low growth in Singapore and Hong Kong.

In terms of regional salary growth, there was a significant rise in the overall growth rates (10.6%), but the market leading the way was not the PRC but Malaysia. Many of our clients have identified Malaysia and Indonesia as target markets and Macdonald & Company has worked closely with the Malaysian Consortium to build out the senior delivery team on their London based Battersea Power Station project. We have seen, first hand, the confidence and ambition coming out of this country and with average salary growth of 33% it will be interesting to see how the results look in twelve months time.

Chinese development continues to be an exciting story with average salaries across the region rising everywhere, but established markets with relatively little development activity such as Hong Kong and Singapore seeing low growth in average salaries. The People’s Republic, however, recorded strong average salary growth again which was a similar rise to the previous year underlining why as an engine for so many careers and businesses in the region, the China growth story is so crucial.

William Glover, International Director, Macdonald & Company, March 2013

IntroductionNow in its seventh year, the Annual RICS and Macdonald & Company Asian Rewards & Attitudes Survey is the most comprehensive survey undertaken for the property sector.

The survey continues the success of earlier years. 1308 Asian real estate professionals participated online in December 2012 and January 2013, making this the largest and most comprehensive survey of its type.

This year the months used for data collection have moved to December and January 2013 results are expressed as 2012/13.

Thanks this year as always must go to the RICS and IFMA who actively promoted their involvement in the survey amongst their members. We would also like to thank all the participants who took time to complete the online survey.

Besides statistics on current salaries, recent salary increases, bonuses and employment package benefits, the results give insight into wider issues that are important to real estate professionals in their role and their attitudes toward employment

This executive summary sets out the key findings of the survey.

For further information or analysis please contact:E: salarysurvey@macdonaldandcompany.com or call our Hong Kong or Singapore offices.

An online statistics package for the 2013 survey is available at a cost of US $999. In addition to the Asia survey, Macdonald & Company & RICS undertake remuneration and attitudes surveys for the following regions: UK, Middle East, Africa and Europe. All reports are available at www.macdonaldandcompany.com

For the fifth year, the results have been collated and analysed by BluSky Research (a research trading name of BluSky Marketing Limited – www.bluskymarketing.com).

44

KEY FINDINGS

Are anticipating an improvement in economic activity (+5%*)

of respondents received a base salary increase (+0.4%*)

is the average salary for Asian Real Estate Professionals (+$9,570*)

Negative business sentiment dropped to 12% (-5%*)

Of the 48.1% who received a increase the average was 11.6% (+0.5%*)

55.5% (versus 54%*) of all respondents secured a bonus of $28,852 (+$3,898*)

*Versus last year 44

The RICS and Macdonald & Company Asia Rewards & Attitudes Survey 2013 Results 5*Versus last year 4The RICS and Macdonald & Company Asia Rewards & Attitudes Survey 2013 Results 5

of respondents class their current employer as an employer of choice (+1%*)

are fairly or very satisfied with their current employment

a MRICS/FRICS earns $120,923 in comparison to a non professionally qualified counterpart who earns on average $92,961

respondents are either very or fairly likely to move jobs in the next 12 months

Better salary continues to be the most important job aspect

Health Insurance remains the the most popular employee benefit provided

5

6

RESEARCH SAMPLE PROFILE

Response Rate TotalIn its seventh year, with 1,308 respondents, the survey remains the most robust and respected survey of its kind. The response rate has risen marginally by 1.3% on the previous year, and is the second highest response total over the last six years.

Years’ ExperienceHow many years’ experience do you have in your discipline?The general level of experience of the sample continues to be more senior this year with 26% of respondents having 20 years experience versus 22% the previous survey.

Level of ResponsibilityWhat is the level of responsibility within the organisation for which you work?The general level of responsibility or seniority of the sample has seen a growth in the % of respondents who are at Manager/Associate level, up from 40% to 44% this year. While those who are either at an Assistant or Analyst level have dropped from 26% to 24% of the total respondents.

1,090

0%

5%

10%

15%

20%

25%

30%

OVER 2016-2011-155-10UP TO 4

19%

19%

15%

28%

22% 24

%

21%

19%

18%

14%

18%

16% 17

%

22%

26%

19%

26%

24%

42%

40% 44

%

16%

10%

10%

18%

17%

16%

5%

7% 7%

0%

10%

20%

30%

40%

50%

2010 2011 2012/13

2010 2011 2012/13

Executive Director/MD/CFO/COO

GM/Director/Principal

Associate Director/Vice President

Manager/Associate

Assistant/Analyst

0

500

1,000

1,500

2,000

2012/1320112010200920082007

1,226

1,536

949

1,291 1,308

The RICS and Macdonald & Company Asia Rewards & Attitudes Survey 2013 Results 7

Years with EmployerApproximately how many years have you been with your present employer?The % of respondents who have been with their present employer up to 2 years has seen a growth from 47% to 50% in 2013. While those who have been with their present employer between 3 to 6 years has declined from 33% to 30%.

Average Asian Real Estate Salary (US$pa)What is your current annual base salary in US$?The average base salary of a Real Estate professional in Asia has grown on average by US$9,570, up to US$99,421 per year or up by 10.6% the year. The increase in average base salary can be partly attributed to the increased seniority of the participants this year.

Average Salary (US$pa): RegionWhat is your current annual base salary in US$?Those working in Singapore are the highest paid in the region with an average annual salary of US$135,957 (up from US$132,765 late 2011). Average salaries across the region have increased, with Malaysia demonstrating the highest % increase at 33% year on year.

0%

10%

20%

30%

40%

50%

60%

OVER 2011-20 7-10 3-6 UP TO 2

55%

47% 50

%

30% 33

%

30%

7%

9% 10%

6%

8% 7%

2% 3% 3%

$95,554

2010 2011 2012/13

$0 $30,000$ 60,000 $90,000 $120,000 $150,000

Malaysia

Hong Kong

PRC

Singapore

Average All

$99,421$89,851

$95,554

$135,937$132,765

$103,118

$106,633$96,466$97,331

$100,349$87,691

$98,652

$55,660$41,745

$26,653

AVERAGE ASIAN REAL ESTATE SALARY & BONUSES (US$ )

2010 2011 2012/13

$89,851

$99,421

$0

$20,000

$40,000

$60,000

$80,000

$100,000

2012/1320112010

8

Average Salary (US$pa): Level of ResponsibilityWhat is your current annual base salary in US$?

Average Salary (US$pa): Region by RICSWhat is your current annual base salary in US$?Those working in the Asian Real Estate market with a RICS qualification have secured a salary increase, on average US$120,923 up from US$106,943 the previous year or up by 13%. While on a regional basis those working in Singapore with a RICS qualification on average earn the most ($181,342) followed by those working in the PRC ($120,932) now exceeding Hong Kong ($107,903).

Annual Salary Is your salary paid over:On average 76% of respondents salaries are paid over 12 months, with the highest being Malaysia (91%) and the lowest The Peoples Republic of China (PRC) (62%). Inversely, 38% of PRC respondents are paid over 13 instalments during the year.

2010 2011 2012/13 +/-

Total $95,554 $89,851 $99,421 10.60%

Assistant/Trainee/Graduate - $21,222 $19,251 -9.30%

Analyst/Officer $33,666 $36,242 $46,814 29.10%

Manager - $64,445 $72,850 13.00%

Senior Manager/Associate $73,862 $88,446 $99,429 12.40%

Associate Director/ Vice President - $113,675 $120,067 5.60%

GM/Director/Principal $168,312 $142,695 $161,059 12.90%

Executive Director/MD/CFO/COO $154,657* $217,334* $235,344* 8.30%

AVERAGE ASIAN REAL ESTATE SALARY & BONUSES (US$ )

$0 $50,000 $100,000 $150,000 $200,000

Malaysia

PRC

Hong Kong

Singapore

Average All$120,923

$106,943$101,833

$181,342$172,281

$127,538

$107,903$104,581$103,056

$120,938$102,411

$80,224

$91,740$70,592

$39,250

2010 2011 2012/13

0%

20%

40%

60%

80%

100%

PRCSingaporeHong KongMalaysiaAverage All

76%

24%

91%

9%

74%

26%

71%

29%

62%

38%

12 MONTHS 13 MONTHS

* Response rate below 100 per response year

The RICS and Macdonald & Company Asia Rewards & Attitudes Survey 2013 Results 9

Change to Salary at last reviewwhat change if any was made to your Annual Base Salary at your last pay review?48.1% of respondents secured a base salary increase, up slightly from 47.7% last year, while those who received a reduction in salary dropped to 1.1% versus 1.7% in the previous year. 22.2% of the respondents did not see a change at all, in their annual salary, up by 2.2% versus last year.

Average Increase: RegionWhat (if any) was the % increase of your salary?

Average Increase: AgeWhat (if any) was the % increase of your salary?All age groups aged 31 years and above, on average, secured a salary increase with the largest growth within the 51 – 60 years group, 7.2% increase up to 9.2% Those aged 18-24 received a decline in their average salary increase down from 12.8% to 9.6% year on year. While the 25-30 years still retain the highest average salary increase at 14.5% (down from 15.0% in late 2011).

2010 2011 2012/13 +/-

Total $95,554 $89,851 $99,421 10.60%

Assistant/Trainee/Graduate - $21,222 $19,251 -9.30%

Analyst/Officer $33,666 $36,242 $46,814 29.10%

Manager - $64,445 $72,850 13.00%

Senior Manager/Associate $73,862 $88,446 $99,429 12.40%

Associate Director/ Vice President - $113,675 $120,067 5.60%

GM/Director/Principal $168,312 $142,695 $161,059 12.90%

Executive Director/MD/CFO/COO $154,657* $217,334* $235,344* 8.30%

AVERAGE ASIAN REAL ESTATE SALARY & BONUSES (US$ )

1.9%Up not disclosed 2% (-0.2%)

7.5%Up by 15% + (-0.8%)

5.9%Up by 11-15% (+0.8%)

16.1%Up by 6-10% (+0.3%)

16.7%Up by <5% (+0.3%)

1.1%Reduced (-0.6%)

22.2%Unchanged (+2.2%)

28.7%No Response (-0.9%)

0%

3%

6%

9%

12%

15%

61+51-6041-5031-4025-3018-24

11.1

% 12.8

%9.

6%

13.9

%15

.0%

14.5

%

10.3

% 11.8

% 12.9

%

8.6%

8.1%

9.7%

6.8% 7.

2%9.

2%

5.3%

7.3% 7.

8%

2010 2011 2012/13

AVERAGE INCREASE CHANGE TO SALARY – LAST YEAR

=

Total 11.6 22.2% 48.1% 1.1%

PRC 14.1 23.0% 50.3% 2.7%

Singapore 11.4 26.7% 52.6% 0.0%

Malaysia 10.0 25.7% 50.5% 0.0%

Hong Kong 9.5 20.0% 54.8% 0.9%

10

Annual Bonuses Received (US$’000pa)What was the approximate value of your annual bonus (or bonuses) over the last 12 months?54.5% of respondents received a bonus (up slightly from 54% last year) and the average bonus they received was US$28,852 (up from US$24,945), those who did not secure a bonus declined to 45.5% (from 46% last year).

Employment BenefitsWhich of the following additional benefits are included (received as new or last as benefits) in your current package?Health Insurance (63%), 5 Day Working Week (61%), and Mobile Phone (47%) are the most popular employee benefits provided, while interestingly those respondents who did not receive any employee benefits remains unchanged at 4% year on year.

Important Job AspectsHow important are each of the following to you in your job?Salary continues to be most important factor when it comes to job satisfaction (78%, up from 77% last year), followed by Management Style (68%, down from 70%), Responsibility (67%, up from 65%) and Range of Interesting Work (66%, up from 62%).

AVERAGE ASIAN REAL ESTATE SALARY & BONUSES (US$ )

0% 10% 20% 30% 40% 50% 60% 70% 80%

Other

None

Sign On Bonus

Club Membership

School Fees

Share Option Scheme

Paid Overtime

Company Car Allowance

Company Car

Relocation Package

Lunches/Luncheon Vouchers

Flexitime

Flights

Pension/Gratuity

13th Month Guaranteed Bonus

Other Insurances

Housing Allowance

Dental Insurance

Performance Related Bonus

Mobile Phone

5 Day Working Week

Health Insurance

2010 2011 2012/13

0% 10% 20% 30% 40% 50% 60% 70% 80%

Travel Opportunities

Latest Technology

Job Title

Range of Clients

Location

Employer Status/Reputation

Training/Personal Development

Working Environment

Job Security

Career Progression

Range of Interesting Work

Responsibility

Management Style

Salary78%

77%77%

68%70%70%

67%65%65%66%

62%62%

65%67%67%

61%62%62%

58%55%55%56%

54%54%

56%56%56%

42%39%39%

37%38%38%

33%35%35%

31%30%30%

26%24%24%

2010 2011 2012/13

16.1%$20.0K plus (-1.1%)

10.3%$10.0K-$19.9K (-0.9%)

8.8%$5.0K-$9.9K (-1.1%)

7.2%$2.5K-$4.9K (-0.3%)

12.1%Up to $2.49K (+3.9%)

45.5%Nil (-0.4%)

The RICS and Macdonald & Company Asia Rewards & Attitudes Survey 2013 Results 11

Employer of ChoiceDo you consider your current employer an employer of choice?Overall 69% (+1%) of the survey respondents consider that their current employer is their employer of choice, which improved slightly in comparison to from last year.

Employer of Choice How important are the following factors in making your current employer an employer of choice?Salary continues to be most important factor when it comes to job satisfaction (78%, up from 77% last year), followed by Management Style (68%, down from 70%), Responsibility (67%, up from 65%) and Range of Interesting Work (66%, up from 62%).

Job SatisfactionHow satisfied overall are you with your current job?20% of all respondents have expressed that they are “not very” satisfied with their current job. This 5% growth from 2011 can be attributed to the 5% decline in those who are “fairly” satisfied (55% down from 60%).

0% 10% 20% 30% 40% 50% 60% 70% 80%

Relocation possibilities

C.S.R policy

Internal communication

Colleagues/social dimension

Personal development culture

Brand values

Work life balance

Promotional opportunities

Business vision & future potential

Company values/ethics

Leadership/management style

Reward & recognition68%

63%72%

68%65%

69%64%

60%65%

63%63%

73%57%

53%59%

56%55%

52%55%

51%59%

55%51%51%51%

45%49%

51%48%

45%37%

41%

30%27%

30%24%

26%23%

2010 2011 2012/13

MARKET ATTITUDES

3%Not at all (=)

20%Not very (+5%)

55%Fairly (-5%)

22%Very (=)

31%No (-1%)

69%Yes (+1%)

12

Moving Job How likely are you to change employer in the next 12 months?Across Asia there is significant change in the intention to move jobs in the next 12 months, with 60% of the respondents very or fairly likely to change jobs in the next 12 months.Effectively 10% of all respondents have shifted from “not at all” + “not very” to “fairly” + “very”. The “very” intention to move jobs has seen the dramatic growth, up 6% versus last year.

Economic Activity ChangeIn your chosen professional activity, do you anticipate economic activity in the next 12 months to increase, decrease or remain unchanged?Those working in Malaysia are generally the most optimistic with 45% anticipating a increase in economic activity. Only 32% of those working in Singapore however anticipate an increase compared to 40% across the Asian regions.

Economic Activity ChangeIn your chosen professional activity, do you anticipate economic activity in the next 12 months to increase, decrease or remain unchanged?Those working in Malaysia are generally the most optimistic with 45% anticipating a increase in economic activity. Only 32% of those working in Singapore however anticipate an increase compared to 40% across the Asian regions.

MARKET ATTITUDES

0%

10%

20%

30%

40%

50%

60%

Remain unchangedDecreaseIncrease

56%

35%

40%

5%

17%

12%

38%

48%

48%

2010 2011 2012/13

0% 10% 20% 30% 40% 50%

Singapore

PRC

Hong Kong

Malaysia

Average All40%

12%48%

45%9%

46%

42%9%

49%

37%13%

50%

32%21%

47%

Remain unchanged Decrease Increase

12%Not at all (-7%)

28%Not very (-11%)

34%Fairly (+4%)

26%Very (+6%)

The RICS and Macdonald & Company Asia Rewards & Attitudes Survey 2013 Results 13

—Peter Moore, Managing DirectorMacdonald & Company, Singapore

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Macdonald & Company is the leading professional recruitment consultancy for the real estate, built environment, energy and environmental sectors. Established in 1994 and headquartered in the UK, we apply local knowledge with true global connection through our offices in Asia-Pacific, the Middle East and Africa. Our specialist teams act for every class of organisation owning, occupying, financing or advising on property, construction and engineering – developers, investors, institutions, funds, banks, consultancies and contractors. We are the preferred recruitment partner of RICS – the Royal Institution of Chartered Surveyors. The Company’s Energy & Environmental division acts for clients across oil and gas, maritime, utilities, natural resources, power generation, renewable energy and sustainability sectors. Macdonald & Company is a subsidiary of the London Stock Exchange quoted Prime People Plc.

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