RESULTS PRESENTATIONFOR THE FULL YEAR ENDED

31 DECEMBER 2009

AGENDA

1. Business Overview

2. Financial Results

3. Strategy

2

1. BUSINESS OVERVIEW

Business Segments

ARA ASSET MANAGEMENT LIMITED

REITs Private Funds Real Estate Management Services

Corporate FinanceAdvisory Services

BusinessSegments

Management Services Advisory Services

• Base Fees

• Performance / Variable Fees

• Portfolio Management Fees

• Performance Fees

• Property Management Fees

• Convention & 

• Advisory FeesRevenueSources

• Acquisition / Divestment Fees

• Return on Seed Capital

Exhibition Service Fees

For the REITs we manage For the private real estateNotes: We earn management fees We earn advisory fees forFor the REITs we manage, we earn: 

• base fees based on the value of the properties of the REITs;

For the private real estate funds we manage, we earn:

• portfolio management fees based on the committed capital, NAV or 

f h f d

Notes: We earn management fees for the provision of:

• property management services;

i & hibi i

We earn advisory fees for corporate finance advisory services rendered to related corporations.

• performance / variable fees based on the net property income of the REITs; and

gross assets of the funds;

• a share of the returns of the funds at the end of the funds’ lives for performance beyond certain hurdle rates 

• convention & exhibition services; and

• management services for  the common property of real estate developments.

• acquisition / divestment fees based on the value of properties acquired / divested by the REITs.

yas performance fees; and

• returns on seed capital.

p

4

Funds & Services

Diversified & complementary fund platforms & services

Description SGX‐listed with Hong K t il t

SGX‐listed with Si t il d

HKSE‐listed with HK ffi d

Bursa‐listed with M’siani l t

REITs

Kong retail assets Singapore retail and office assets

office and industrial/office assets

commercial assets

Property Value(1) HK$11,500m S$5,185m HK$4,887m RM988m

Rentable Area 2.0m sf 3.1m sf 1.2m sf 2.3m sf

Private Funds

Description Flagship strategic and opportunistic private real estate

Single‐asset private real estate fund invested in the Suntec Singapore

Open‐ended private fund investing in REITs listed

ADF ARA Asia Dragon Fund

AAIF ARA Asian Asset Income Fund

ARA Harmony Fund

opportunistic private real estate fund investing in Singapore, Hong Kong, China, Malaysia and other emerging economies in Asia

invested in the Suntec Singapore International Convention & 

Exhibition Centre

investing in REITs, listed infrastructure and utilities trusts in the Asia‐Pacific 

region 

Real Estate 

Description Property managementservices provider

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

Management Services

5FY09 Financial Results

Notes: (1) Property values as of last publicly‐announced valuation. 

Management Team

Experienced team with a proven track recordGroup CEOJohn Lim

REITs

Private Funds

CORPORATE DIVISIONSBUSINESS UNITS

Finance & ComplianceCheryl Seow

Suntec REITYeo See Kiat

ARA Asia Dragon FundAnthony Ang / Ng Beng Tiong

CEO / Fund Director

ARA Strategic Capital

Cheryl SeowGroup Finance Director

Corporate OfficeNg Beng TiongDir, Corp Office

Yeo See KiatCEO

Fortune REITJustina Chiu

COOStephen Finch

CEO

ARA Harmony FundChow Chee PengFund Director China Desk

Corporate Business DevelopmentMoses SongDirector

AmFIRST REIT

Prosperity REITStephen Chu

CEO

ARA Silver Fund(1)

Justine WingroveCEO

Mun Hon PhengCountry Head

Group Risk Mgmt & Internal AuditTang Boon Kang

Manager

Lim Yoon PengCEO

Cache Logistics Trust(1)

Daniel CerfCEO

Real Estate Management Services Corporate Finance Advisory Services

Suntec SingaporePieter Idenburg

CEO

ARA FinancialLow Poh Choo

Director

Manager

Corporate Development & HRPauline LimManager

CEO

CEO

APM Property ManagementSusan Sim

CEO

DirectorOffice Administration

Serene YeoManager

Notes:(1) To be listed / established 6

Regional Presence

Operations in 8 cities across Asia

Beijing

Tianjin

• New office established in Dalian

Dalian

Tianjin

Nanjing• Continue to seek to 

establish ARA’s network in selected cities in China

Guangzhou

Hong Kong• Staff strength of 806(1) as at 

31 Jan 10 

K l L

Singapore

Kuala Lumpur

Notes:(1) Inclusive of real estate

7FY09 Financial Results

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

Total Assets Under Management

S$13.5 billion (US$9.6 billion) as at 31 Dec 09

12.1

13.5

12 0

14.0

16.0

REITs ‐ Real Estate Private Funds ‐ Real EstatePrivate Funds ‐ Capital Real Estate Management Services

5.76.5

9.9

6 0

8.0

10.0

12.0

(S$b)

0.6

3.5

5.7

2.0

4.0

6.0

0.0

31 Dec 03 31 Dec 04 31 Dec 05 31 Dec 06 31 Dec 07 31 Dec 08 31 Dec 09

Assets Under Management 31 Dec 09 31 Dec 08 Change (%)

REITs – Real Estate (billion) S$8 6 (US$6 1) S$8 2 (US$5 9) 5%REITs  Real Estate (billion) S$8.6 (US$6.1) S$8.2 (US$5.9) 5%

Private Funds – Real Estate (billion) S$3.4 (US$2.4) S$2.7 (US$1.9) 26%

Private Funds – Capital (billion) S$1.1 (US$0.8) S$1.1 (US$0.8) (6%)

l S i (1) (billi ) S$0 3 ( S$0 2)

8FY09 Financial Results

Real Estate Management Services(1) (billion) S$0.3 (US$0.2) ‐ n.m.

Total AUM (billion) S$13.5 (US$9.6) S$12.1 (US$8.6) 11%Notes:(1) Real estate management services AUM  :  Revenue base for real estate management services fee computation

2. FINANCIAL RESULTS

Results In Brief

Consistently strong earningsFinancial Highlights FY09 FY08 Change (%)

Revenue

Management fees(1) (S$’000) 67,102 64,484 4%g ( $ ) , ,

Acquisition and performance fees(2) (S$’000) 7,494 1,148 553%

Other income(3) (S$’000) 11,683 4,407 165%

Total Revenue (S$’000) 86,279 70,039 23%

EBIT (S$’000) 54,509 40,326 35%

N P fi (S$’000) 48 339 36 729 32%Net Profit (S$’000) 48,339 36,729 32%

Financial Measures

EPS(4) (S cents) 8.30 6.31 32%

Net Margin (%) 56% 52% 4% pts

Notes:

10FY09 Financial Results

(1) Recurrent REIT  and private fund management fees , and real estate management  services fees(2) REIT acquisition fees and private fund arrangement and performance fees(3) Comprises mainly distribution income from financial assets and gain on disposal of held‐for‐trading 

securities received as part payment of REIT management fees(4) Based on 582,060,000 shares in issue as at 31 Dec 09 and 31 Dec 08

Dividend & Bonus Issue

Proposed final cash dividend of 2.50 Singapore cents per share & 1-for-5 bonus issue

Proposed final cash dividend

1H09 interim dividend (S cents) 2.30 Paid on 3 Sep 09

FY09 final dividend (S cents) 2.50 Subject to shareholders’ approval

Total  FY2009 cash dividend (S cents) 4.80

Proposed bonus issue

Bonus shares (1) 1‐for‐5 Subject to SGX‐ST & shareholders’ approval

Timeline

Shareholders’ approval 26 Apr 10 AGM/ SGM

Ex date 29 Apr 10 Bonus Issue ex‐date tba

Payment date for final cash dividend 18 May 09

11FY09 Financial Results

Notes:(1) S$232,824 standing to the credit of the Company’s reserves will be applied towards paying up in full for the 116,412,000 bonus shares to be issued

Revenue By Segments

Stable and diversified income base

FY08 Total Revenue (S$m, % of total)Total: S$70.0m

FY09 Total Revenue: (S$m, % of total)Total: S$86.3m (+23%)

1.12%

4.46%

7.5

11.713%

40.558%

24.034%

40.447%

1.21%

9%

58%

25.530%

REIT management  fees Private fund management  fees

Real estate management services Acquisition & performance fees

12FY09 Financial Results

Real estate management  services Acquisition & performance fees

Other income

Balance Sheet

$ $

Sound balance sheetGroup balance sheet as at 31 Dec 09 S$’000 S$’000

Non‐current assets Non‐current liabilitiesPlant and equipment 1,095 Financial liabilities 18,515Tenancy deposits 625 Deferred tax liabilities 54y pAssociates 551Financial assets 92,432Goodwill 1,450

96 153 18 56996,153 18,569Current assets Current liabilitiesFinancial assets 4,174 Trade and other payables 17,760Derivative assets 147 Financial liabilities 38Trade and other receivables 22,451 Current tax payable 5,050Cash and cash equivalents 46,148

72,920 22,848

Total liabilities 41,417

Shareholders’ equity 127,656

13FY09 Financial Results

Total assets 169,073 Total liabilities & Shareholders’ equity 169,073

3. STRATEGY

Cache Logistics Trust (“CLT”)

Asia Pacific-focused logistics REIT jointly managed by ARA and CWT Limited

Overview of CLT

• Partner CWT Limited is a leading logistics operator listed in Singapore with global operationsg p g p

• REIT Manager, ARA‐CWT Trust Management (Cache) Limited, 60% owned by ARA and 40% owned by CWT

• Property Manager, Cache Property Management Pte. CWT Commodity Hub CWT Cold Hub

Ltd., 40% owned by ARA and 60% owned by CWT

• Initial portfolio  comprises 6 high‐quality logistics properties in Singapore valued at S$730 million

• S i ith l t l l ti th h• Secure income with annual rental escalation through master lease arrangements for all the properties

Timeline

Schenker Megahub Hi‐Speed Logistics Centre

Timeline

• Letter of Eligibility‐to‐List received on 5 Feb 10

• Target for listing by 1H10

15FY09 Financial Results

C&P Changi Districentre C&P Changi DC II

Strategy

Seeking to become the premier real estate fund manager in Asia

Strong foundation

• Sound balance sheet – Ample cash reserves with limited borrowings

• Consistent earnings – Strong recurrent management fee income from REITs, private funds and real estate management services

• Experienced management – Experienced management team with a proven track record

• Critical mass – One of the largest real estate fund managers in Asia with AUM of over S$13b and well‐established operations in Singapore, Hong Kong, China and Malaysia

Sustaining our growth

• P i t f d ADF t k t l t b lk f i i it l it t b d f 2010 S k t• Private funds – ADF on track to place out bulk of remaining capital commitments by end of 2010.  Seek to launch ADF II and new private funds, market conditions permitting

• REITs – Pursue growth in existing REITs under management and seek strategic partners to jointly establish and manage REITs in new sectors and/or marketsg /

• Real estate management services – Establishment of real estate management services (“REMS”) business division marks transformation to fully‐integrated real estate fund management platform.  REMS division to leverage on REITs and private funds under management to drive growth

16FY09 Financial Results

DisclaimerThese 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.Representative examples of these factors include but are not limited to general market and economic conditions, interest rate trends,competition from other real estate investors, changes in operating expenses including employee wages and benefits, changes in governmentpolicies, and the continued availability of financing in the amounts and terms necessary to support future business. You are cautioned not toplace undue reliance on the forward-looking statements in these slides, which are based on the current view of management on future events.Information from external sources in these slides has not been independently verified by us nor have the external sources quoted consented tothe inclusion of the information.

Contact

Cheryl SeowGroup Finance Directorcherylseow@ara.com.hk

Vincent YeoFinance Managervincentyeo@ara.com.hk

Singapore Office:6 Temasek BoulevardSuntec Tower Four, #16-02Singapore 038986Singapore 038986

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

Website: http://www.ara-asia.com