RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2012

Embargoed until 5.05 p.m.10 August 201210 August 2012

BUSINESS OVERVIEW

BUSINESS SEGMENTSBUSINESS SEGMENTS

ARA ASSET MANAGEMENT LIMITED

REITs Private Real Estate FundsReal Estate 

Management ServicesCorporate FinanceAdvisory Services

Revenue ‐Recurrent

BusinessSegments

Portfolio Management Fees

Base Fees(Gross Property Value)

Property Management Fees

(Primary Basis) (Committed Capital / Gross Property Value)

( p y )

Performance / Variable Fees(Net Property Income)

(Property Gross Revenue)

Convention & Exhibition Service Fees(Gross Revenue)

Performance Fees(IRR above Hurdle)

Acquisition / Divestment Fees(Gross Property Value)

Advisory Fees(Purchase Value)

Revenue ‐One‐off(Primary Basis)

Consultancy Fees(Project Value)

Return on Seed Capital

( y )

3

FUNDS & SERVICESFUNDS & SERVICESDiversified & complementary fund platforms & services

REITs

Listing Venue SGX‐ST & SEHK SGX‐ST SEHK Bursa SGX‐ST SEHK

Focus Suburban retail properties in Hong Kong

Prime office & retail properties in Singapore

Office & industrial/ office properties in 

Hong Kong

Commercial properties in Malaysia

Logistics properties in the Asia Pacific region

Commercial properties in the PRC

Property Value(1) HK$19,268m S$7,554m HK$6,991m RM1,180m S$877m RMB 34,303mProperty Value HK$19,268m S$7,554m HK$6,991m RM1,180m S$877m RMB 34,303m

Private Real Estate Funds

Description Flagship strategic and opportunistic private real 

2nd strategic and opportunistic private real 

Single‐asset private real estate fund 

Core‐plus private real estate fund investing in high 

Strategic alliance with Australian specialist 

ARA Harmony FundADF ARA Asia Dragon Fund

ADF IIARA Asia Dragon Fund II

CIPARA China

Investment Partners

pp pestate fund investing in Singapore, Hong Kong, 

China, Malaysia and other emerging economies in Asia

pp pestate fund investing in Singapore, Hong Kong, 

China, Malaysia and other emerging economies in Asia

which owns the Suntec Singapore Int’l Convention & Exhibition Centre

g gquality, income producing office and  commercial properties in key cities in China, including Hong Kong

preal estate 

investment manager, APN Property 

Group(2) for private funds investing primarily inFund Size US$1.1b  US$441m S$400m  US$500m

Description Property management Operations sales and marketing services provider & consultant for convention

primarily in Australian real estate(Committed Capital) (Committed Capital) (Gross Asset Value) (Initial Committed Capital)

Real Estate Management 

Services

Description Property managementservices provider

Operations, sales and marketing services provider & consultant for convention, exhibition, meeting and event facilities

Notes: (1) Property values as of last publicly‐announced valuation(2) ARA currently holds a 13.9% interest in APN Property Group

4

Private Real Estate FundsPrivate Real Estate FundsClose to US$1 billion raised ‐Testament to the strength and track record of ARA

Gross investor commitments of US$941 million raised via two separate vehicles

CIPARA China Investment Partners

ADF IIARA Asia Dragon Fund II

Committed capital of US$441 million Initial committed capital of US$500 millionCommitted capital of US$441 million

• Third and final closing, signifying the continuation of the ADF Franchise

Pan Asian opportunistic private real estate fund

Initial committed capital of US$500 million

• Additional capital commitments may be madeavailable upon deployment of initial commitment

Long term core plus separate account vehiclePan‐Asian opportunistic private real estate fund

• Primary focus on retail, office and residential properties  in China, Hong Kong, Singapore and Malaysia

• Secondary focus on the same asset classes in key

Long‐term, core‐plus separate account vehicle

• Significant contribution from the California PublicEmployees’ Retirement System (CalPERS)

• Targets high‐quality, income producing office andretail properties in key cities in China including• Secondary focus on the same asset classes in key 

cities of other Asian emerging economies

• Fund life of ten years

• Being opportunistic in nature, ADF II will target higher returns

retail properties in key cities in China, includingHong Kong

• Initial term of fund of ten years, with two additionalextension options of six years each

• Fund’s portfolio is expected to grow significantly

5

higher returns Fund s portfolio is expected to grow significantlyover time

ASSETS UNDER MANAGEMENTASSETS UNDER MANAGEMENTS$21.8 billion (US$17.2 billion) as at 30 June 2012

20.1

21.822.022.0

REITs ‐Real Estate

Private RE Funds ‐Real Estate

S$b S$b

11.712.9

16.9

12.0

14.0

16.0

18.0

20.0

12.0

14.0

16.0

18.0

20.0Private RE Funds ‐Capital

Real Estate Management Services

3.5

5.46.2

9.5

4.0

6.0

8.0

10.0

4.0

6.0

8.0

10.0

0.60.0

2.0

0.0

2.0

31 Dec 03 31 Dec 04 31 Dec 05 31 Dec 06 31 Dec 07 31 Dec 08 31 Dec 09 31 Dec 10 31 Dec 11 30 Jun 12

Assets Under Management(1) (S$ billion) 30 Jun 2012 31 Dec 2011 Change Notes:(1)  Based on exchange rates 

t 30 J 2012REITs – Real Estate(2) 15.3 14.8 0.5

Private Real Estate Funds – Real Estate 4.9 4.7 0.2

Private Real Estate Funds – Capital(3) 1.3 0.2 1.1

as at 30 June 2012(2)  Comprises gross 

property value of REITs managed by subsidiaries & associated companies

(3)  Excludes capital committed for projects pending completion

6

Real Estate Management Services(4) 0.3 0.3 ‐

Total 21.8 20.1 1.7

pending completion(4)  Revenue base for real 

estate management services fee computation

FINANCIAL RESULTS

RESULTS SNAPSHOTRESULTS SNAPSHOT20% increase in 1H2012 net profit to S$35.4 million

2 Total revenue rose 21% year on year to S$63 4 million

1 Net profit rose 20% year‐on‐year to S$35.4 million

2 Total revenue rose 21% year‐on‐year to S$63.4 million

3EPS increased 20% to 4.61 Singapore cents per share, from 3.85 Singapore cents in 1H2011

4 Interim dividend of 2.30 Singapore cents per share declared

cents in 1H2011 

5Total assets under management (AUM) of S$21.8 billion as at 30 June 2012, up 16% from a year ago

8

FINANCIAL HIGHLIGHTS

Financial Highlights 1H2012 1H2011 Change (%)

FINANCIAL HIGHLIGHTS1H2012 Net Profit up 20% year‐on‐year

Revenue

Management fees(1) (S$’000) 47,782  44,661  7%

Acquisition and performance fees(2) (S$’000) 4,663  2,499  87%

Other income(3) (S$’000) 10,978  5,394  104%

Total Revenue (S$’000) 63,423  52,554  21%

Operating Profit (Pre‐Tax) (S$’000) 39,855  33,701  18%

Share of Profit of Associates (S$’000) 2,168  885  145%

Net Profit (S$’000) 35,384  29,571  20%

EPS(4) (S cents) 4 61 3 85 20%

Notes:(1) Recurrent management fees from REITs, private real estate funds and real estate management services(2) P i il REIT i i i / di l f d i l f d / f f

EPS (S cents) 4.61  3.85  20%

AUM(5) (S$ billion) 21.8 18.8 16%

(2) Primarily REIT acquisition / disposal fees and private real estate fund arrangement/performance fees(3) Comprises mainly distribution income from financial assets and gains on disposal of REIT units(4) Based on share capital of 768,319,189 shares as at 30 June 2012(5) Based on exchange rates as at 30 June 2012

9

REVENUE ANALYSISREVENUE ANALYSISStrong track record of revenue growth

Hi t i l R R B kd

112.5

122.8

120

140S$m

Recurrent management feesAcquisition & performance feesOther income

63 470

80S$m

REIT mgmt  feesPrivate RE fund mgmt  feesRE mgmt  services feesAcquisition & performance fees

Historical Revenue Revenue Breakdown 

70 0

86.3

80

100

5 82.5

4.75.4

11.052.6

63.4

50

60

Other income

+21%

31 3

62.1

70.0

40

6011.5

11.4

6.25.8

30

40

27.631.3

0

20 27.030.5

0

10

20

10

0

FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011

0

1H2011 1H2012

PROFITABILTY ANALYSISPROFITABILTY ANALYSISStrong track record of profit growth

Hi t i l N t P fit N t P fit

63.8

68.270

80S$m

50S$m

Historical Net Profit Net Profit

48.350

60

29.6

35.4

30

40

+20%

34.036.7

30

40

20

13.4 13.5

0

10

20

0

10

11

0

FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011

0

1H2011 1H2012

BALANCE SHEET

Group balance sheet as at 30 Jun 2012 S$’000 S$’000Non‐current assets Non‐current liabilities

BALANCE SHEETRobust balance sheet with strong cash position and no debt

Plant and equipment 1,154 Financial liabilities 208 Tenancy deposits 917  Deferred tax liabilities 140 Associates 4,717 Financial assets 108,526

115,314  348 Current assets Current liabilitiesFinancial assets 3,782  Trade and other payables 18,388 Trade and other receivables 29,672  Financial liabilities 118 Cash and cash equivalents 92,911  Derivative liabilities 207 

Current tax payable 8,780 126,365  27,493 

l li bili iTotal liabilities 27,841 

Shareholders’ equity 213,838 

Total assets 241 679 Total liabilities & shareholders’ equity 241 679Total assets 241,679  Total liabilities & shareholders’ equity 241,679 

12

DIVIDENDDIVIDENDConsistent dividend per share

Di idend Per Share (Period)Dividend Per Share (Period)

0 0230.025

0 0230.025

0 023

0.027

0 0230.025

0.030S$

Interim Dividend

#

0.019

0.022 0.022 0.023 0.023 0.023 0.023

0.015

0.020# FY2012 Interim Dividend (S Cents) 2.30 

1H2012 EPS (S Cents) 4.61

Payout Ratio (%) 50%#

0.005

0.010Timeline

Ex‐dividend date 24 Aug 2012

Books closure date 28 Aug 2012

# pro‐rated

0.000

2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12

1‐for‐5 1‐for‐10

Payment date 11 Sep 2012

13

bonus issue bonus issue

DIVIDEND HISTORYDIVIDEND HISTORYGrowing total dividend

Di id d P id (P i d)Di id d P Sh (FY)*

0.058

0.066

0.060

0.070S$

17.5

20.7

18 

20 

22 S$m

Dividend Paid (Period)Dividend Per Share (FY)*

0.038

0.0440.048

0.040

0.050

11.1

12.6 13.0 13.414.6

13.4

16.1

10

12 

14 

16 

0.010

0.020

0.030

4 

6 

8 

10 

0.000

FY07 FY08 FY09 FY10 FY11* computed based on 582,060,000 shares at  listing date, excluding  the 

shares allotted under the 1‐for‐5 bonus issue  in May 2010 and the 

‐

2 

2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11

1‐for‐10 bonus  issue in June 2011

14

STRATEGYSTRATEGYPoised for the next phase of growth

REITs‐ Work with various partners to launch new REITs in new sectors and geographies

Private Real Estate Funds‐ Explore RMB funds in China

‐ Establish specialist funds for strategic investors

Real Estate Mgmt Services‐ Support REITs and private realestate funds and increaseproperties under management

‐ Existing REITs to continue to focus on asset enhancements and acquisitions

‐ Leverage on the Suntec brandto expand geographical reachof convention services

15

MANAGEMENT TEAMMANAGEMENT TEAMExperienced team with a proven track record

Group CEO

John Lim

Group CEO

John Lim

CEO CEOCEOCorporate Divisions

Finance & ComplianceCheryl Seow

Senior Director, Group Finance

Management Services

APM Property MgmtAnthony Yip

Deputy ChairmanSusan Sim

CEO Private MarketNg Beng Tiong

ADF INg Beng Tiong

CEO

CEO Principal Investments

Moses Song

CIPDerek Lai

Senior Portfolio Manager

CEO Public Market

John Lim

Suntec REITYeo See Kiat

CEO

Corporate Finance 

Advisory Services

ARA FinancialLow Poh ChooSenior Director

Corporate OfficeNg Beng Tiong

Director

Corp Business DevMoses Song

Susan SimCEO, Singapore

Mun Hon PhengCEO, China

Suntec SingaporeArun Madhok

CEO

ADF IIPaul YiCEO

ARA Harmony FundSiew Siew Hoon

Australia DeskMoses Song

Head

China RMB FundJustina Fan

Fortune REITAnthony Ang

CEO

Prosperity REITMavis Wong Moses Song

Director

Capital MarketsMark ChuDirector

G Ri k M t & IA

CEO

Suntec International

Fund Director

China DeskMun Hon Pheng

Head

CEO

Japan Desk

Mavis WongActing CEO

Cache Logistics TrustDaniel Cerf

CEO

AmFIRST REIT Group Risk Mgmt & IATang Boon KangSenior Manager

Group HR & Corp DevPauline Lim

Senior Manager

India Desk

GCC Desk

AmFIRST REITLim Yoon Peng

CEO

Hui Xian REITTom Cheung

CEO

Group Office AdminSerene Yeo

Senior Manager

16

Established Regional NetworkEstablished Regional Network

Tianjin DalianBeijing

• Established regional 

Guangzhou

Hong Kong

NanjingShanghai

network spanning 13 cities in the Asia‐Pacific, including 6 cities in the China 

Singapore

Kuala Lumpur

Mainland

• Network extends across Singapore, Hong Kong, China, Malaysia 

Klang

Ipoh

SingaporeMalacca and Australia

• Staff strength of approximately 1,043(1)

as at 30 June 2012

g

Notes:(1) Inclusive of real estate management

Melbourne

(1) Inclusive of real estate management services business division and employees in joint‐venture entities of the Group and various funds under management

17

DISCLAIMERDISCLAIMER

These slides may contain forward‐looking statements that involve risks and uncertainties. Actual future performance, outcomes and results maydiffer materially from those expressed in forward‐looking statements as a result of a number of uncertainties, risks and assumptions. Representativeexamples of these factors include but are not limited to general market and economic conditions, interest rate trends, competition from other realestate investors, changes in operating expenses including employee wages and benefits, changes in government policies, and the continuedavailability of financing in the amounts and terms necessary to support future business. You are cautioned not to place undue reliance on theforward‐looking statements in these slides, which are based on the current view of management on future events. Information from externalsources in these slides has not been independently verified by us nor have the external sources quoted consented to the inclusion of the information.

ContactCheryl SeowSenior Director, Group Financecherylseow@ara.com.hk

Global Headquarters:6 Temasek BoulevardSuntec Tower Four, #16‐02Singapore 038986Singapore 038986

Tel:  (65) 6835 9232Fax: (65) 6835 9672

Website: www.ara‐asia.com