CAPITAMALLS ASIA LIMITED

(Registration Number : 200413169H)

2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT TABLE OF CONTENTS Item No.
1 (a)(i) 1 (a)(ii) 1 (a)(iii) 1 (b)(i) 1 (b)(ii) 1 (c) 1 (d)(i) 1 (d)(ii) 1 (d)(iii) 2&3 4&5 6 7 8 & 14 9 10 11, 12 & 16 13 15 Income Statement Explanatory Notes to Income Statement Statement of Comprehensive Income Balance Sheet Group’s Borrowings Consolidated Statement of Cash Flows Statement of Changes in Equity Changes in Company’s Issued Share Capital Treasury Shares Audit Statement Accounting Policies Earnings per Share Net Assets Value and Net Tangible Assets per Share Review of Performance Variance from Prospect Statement Outlook & Prospect Dividend Segmental Information Breakdown of Group’s revenue and profit after tax for the first half year & second half year

Description

Page No.
2 3–5 5 6 7 8–9 10 11 11 11 12 12 13 13 – 16 & 20 17 17 – 18 18 & 20 19 20

In relation to the initial public offering of shares in CapitaMalls Asia Limited, the Sole Financial Adviser was J.P. Morgan (S.E.A) Limited and the Underwriters and Bookrunners were J.P. Morgan (S.E.A) Limited, DBS Bank Ltd, Credit Suisse (Singapore) Limited and Deutsche Bank AG, Singapore Branch.

Page 1 of 20

CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
1(a)(i) Income Statement
Group Note Revenue Cost of sales Gross profit Other operating income Administrative expenses Other operating expenses Profit from operations Finance costs Share of results (net of tax) of: - associates - jointly-controlled entities F Profit before taxation Taxation Profit after taxation Attributable to: Equity holders of the Company (“PATMI”) Minority interests (“MI”) H 169,866 6,775 176,641 N.M. : Not meaningful (7,017) 3,678 (3,339) N.M. 84.2 N.M. 388,096 5,560 393,656 115,562 2,503 118,065 235.8 122.1 233.4 G 2 177,209 177,211 187,546 (10,905) 176,641 33 154 187 3,814 (7,153) (3,339) (93.9) N.M. N.M. N.M. 52.5 N.M. (53,371) 542,878 489,507 409,683 (16,027) 393,656 146,673 (2,998) 143,675 141,402 (23,337) 118,065 N.M. N.M. 240.7 189.7 (31.3) 233.4 E B C D A A 4Q 2009 S$’000 66,134 (34,499) 31,635 28,526 (23,063) (7,324) 29,774 (19,439) 4Q 2008 S$’000 64,057 (22,458) 41,599 34,628 (30,621) (2,695) 42,911 (39,284) Change % 3.2 53.6 (24.0) (17.6) (24.7) 171.8 (30.6) (50.5) FY 2009 S$’000 228,946 (100,246) 128,700 85,019 (70,212) (111,901) 31,606 (111,430) FY 2008 S$’000 205,210 (81,007) 124,203 119,703 (87,266) (617) 156,023 (158,296) Change % 11.6 23.7 3.6 (29.0) (19.5) N.M. (79.7) (29.6)

Page 2 of 20

CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
1(a)(ii) Explanatory Notes to Income Statement – 4Q 2009 vs 4Q 2008 (A) Revenue, Cost of Sales
The modest increase in 4Q 2009 revenue was mainly attributable to contribution arising from the transfer of fund management entities under common control, Real Estate Capital Management (“RECM”), and higher rental from majority-owned malls, but partially offset by lower contribution from project management business in China. (Please see item 8 for details.) The cost of sales was higher mainly due to higher staff cost arising from restoration of salaries and increase in headcounts as a result of the transfer of fund management entities under common control.

(B) Other Operating Income
Group 4Q 2009 S$’000 Other Operating Income Fair value gain of investment properties Gain on disposal of investment Interest income Investment Income Other income (i) (ii) (iii) (iv) (v) 28,526 18,828 8,551 1,147 4Q 2008 S$’000 34,628 10,079 14,461 3,957 5,287 844 Change % (17.6) 86.8 N.M. 116.1 N.M. 35.9

(i)

The increase in fair value gain was mainly from our majority-owned malls in China, Sungei Wang Plaza in Malaysia and Clarke Quay in Singapore. The impact of changes in valuation of investment properties / properties under development held through our associates and jointly-controlled entities was included in the share of associates and jointly-controlled entities. (Please see note (F).) The gain on disposal of investment in 4Q 2008 arose from the disposal of The Link REIT units. All the remaining Link REIT units were disposed of in 3Q 2009. The higher interest income in 4Q 2009 was mainly due to short term interest bearing loans to some of our associates in 2009 and also from surplus funds placed with financial institutions. The investment income in 4Q 2008 arose from dividend income received from The Link REIT. No dividend was received in 4Q 2009 as all the remaining units have been disposed of prior to 4Q 2009. The higher other income in 4Q 2009 was mainly attributable to the government grant from the jobs credit scheme.

(ii) (iii)

(iv)

(v)

Page 3 of 20

CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
(C) Administrative Expenses
Group 4Q 2009 S$’000 Administrative Expenses Included in Administrative Expenses:Depreciation and amortisation Reversal of allowance / (Allowance) for doubtful receivables (23,063) (1,557) 10,122 4Q 2008 S$’000 (30,621) (1,392) (10,196) Change % (24.7) 11.9 N.M.

Administrative expenses comprised mainly staff costs, depreciation expenses, operating lease expenses and other administrative expenses. 4Q 2009 administrative expenses were lower mainly due to a reversal of allowance of doubtful receivables but partially offset by an increase in staff related costs.

(D) Other Operating Expenses
Other operating expenses comprised mainly $7.3 million of foreign exchange losses relating to conversion of Hong Kong Dollar to Singapore Dollar and Malaysian Ringgit to Singapore Dollar. 4Q 2008’s other operating expenses of $2.7 million included a foreign exchange loss of $2.5 million resulting from translation of Malaysian Ringgit loan receivable as Malaysian Ringgit had depreciated against Singapore Dollar.

(E) Finance Costs
The decrease in finance costs was primarily attributable to lower interest rates on US Dollar denominated loans extended to the Group from CapitaLand prior to IPO. In addition, the inter-company loans from CapitaLand had been capitalized prior to IPO on 16 November 2009 and no further interest was incurred.

(F) Share of results (net of tax) of Associates and Jointly-Controlled Entities
The increase in net share of results from associates and jointly controlled entities was primarily attributable to a fair value gain on revaluation of ION Orchard held by our jointlycontrolled entity, Orchard Turn Holding, and profit recognition from the sale of units in The Orchard Residences. This was partially offset by fair value loss on revaluation of other investment properties held by our associates.

(G) Taxation expense and adjustments for over or under-provision of tax in respect of prior years
The current tax expense was based on the statutory tax rates of the respective countries in which the companies operate in and took into account non-deductible expenses and temporary differences. Included in the tax expense was a $0.2 million write-back of over-provision of tax for prior years (4Q 2008: $1.2 million underprovision). The higher tax expense for the current period was mainly due to the provision for deferred taxation in line with the increase in profit before tax and valuation gain on the investment properties in China and Malaysia.

Page 4 of 20

CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
(H) Profit attributable to equity holders of the Company
The Group’s PATMI included the following net fair value gain / (loss) of Investment Properties / Properties under Development from the following countries:
4Q 2009 S$’000 Singapore China Malaysia Japan India 45,249 37,273 17,943 1,919 (3,938) (7,948) 4Q 2008 S$’000 5,284 14,550 11,550 2,190 (23,006) Change % 756.3 156.2 55.4 (12.4) (82.9) N.M.

FY 2009 S$’000 Singapore China Malaysia Japan India 177,531 198,274 7,564 1,545 (21,958) (7,894)

FY 2008 S$’000 120,874 95,720 16,280 31,880 (23,006) -

Change % 46.9 107.1 (53.5) (95.2) (4.6) N.M.

1(a)(iii) Statement of Comprehensive Income
With effect from 1 January 2009, FRS 1 Presentation of Financial Statements requires an entity to present all non-owner changes in the equity in a Statement of Comprehensive Income. Nonowner changes will include income and expenses recognised directly in equity. This is a change of presentation and does not affect the recognition or measurement of the Group’s transactions. Previously, such non-owner changes were included in the Statement of Changes in Equity.
FY 2009 S$’000 Profit for the period Other comprehensive income: Exchange differences arising from consolidation of foreign operations and translation of foreign currency loans Decrease in available-for-sale reserve Decrease in hedging reserve Share of other comprehensive income of associates and jointly-controlled entities Total comprehensive income Attributable to: Owners of the Company Minority interests 393,656 (25,195) Group FY 2008 S$’000 118,065 (9,660) Change % 233.4 160.8

(86) (11,052) (33,698) (70,031) 323,625 322,293 1,332 323,625

(49,364) (11,711) 36,068 (34,667) 83,398 75,827 7,571 83,398

(99.8) (5.6) N.M. 102.0 288.0 325.0 (82.4) 288.0

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CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
1(b)(i) Balance Sheet
31/12/2009 S$’000 Non-Current Assets Property, Plant & Equipment Investment Properties (1) Properties Under Development (2) Interests in Subsidiaries Interests in Associates Interests in Jointly-Controlled (3) Entities Other Non-Current Assets Current Assets Trade & Other Receivables Cash & Cash Equivalents Less: Current Liabilities Trade & Other Payables (4) Financial Liabilities Other Current Liabilities Net Current Assets Less: Non-Current Liabilities Financial Liabilities Deferred Tax Liabilities Other Non-Current Liabilities
(4)

Group 31/12/2008 S$’000 16,396 1,390,146 171,250 – 2,746,561 241,604 114,612 4,680,569 306,672 138,060 444,732 453,733 1,354,915 32,224 1,840,872 (1,396,140)

Change % (10.4) (0.8) (25.5) – 9.2 229.0 75.3 17.9 42.2 294.3 120.4 (16.8) (94.7) 52.4 (72.9) N.M.

31/12/2009 S$’000 4,654 – – 2,712,159 – – 4 2,716,817 1,834,502 355,415 2,189,917 197,164 – 70 197,234 1,992,683

Company 31/12/2008 S$’000 5,938 – – 484,169 – – 127 490,234 791,145 5,624 796,769 231,632 12,000 70 243,702 553,067

Change % (21.6) – – 460.2 – – (96.9) 454.2 131.9 N.M. 174.8 (14.9) N.M. – (19.1) 260.3

14,686 1,378,567 127,666 – 2,999,393 794,829 200,961 5,516,102 436,013 544,306 980,319 377,622 72,155 49,111 498,888 481,431

430,738 30,065 23,845 484,648 5,512,885

1,648,152 25,026 26,250 1,699,428 1,585,001

(73.9) 20.1 (9.2) (71.5) 247.8

– 223 705 928 4,708,572

– 681 349 1,030 1,042,271

– (67.3) 102.0 (9.9) 351.8

Net Assets Representing: Share Capital Revenue Reserves Other Reserves Equity attributable to owners of the Company Minority Interests Total Equity
(1) (2) (3) (4) (5)
(5)

4,605,000 922,647 (68,175) 5,459,472 53,413 5,512,885

1,000,000 509,897 23,023 1,532,920 52,081 1,585,001

360.5 80.9 N.M. 256.1 2.6 247.8

4,605,000 84,126 19,446 4,708,572 – 4,708,572

1,000,000 26,394 15,877 1,042,271 – 1,042,271

360.5 218.7 22.5 351.8 – 351.8

The decrease was mainly due to fair value loss on revaluation of One-North and partially offset by development cost capitalised during the year. The increase was mainly due to higher amount of long term loans to subsidiaries, after taking into account allowance for loan of $27.8 million to subsidiaries. The increase was mainly due to fair value gain on revaluation of ION Orchard and profit recognition from sales of units in The Orchard Residences. The decrease was mainly due to capitalisation of inter-company loans from CapitaLand. The increase was mainly due to the capitalisation of inter-company loans from CapitaLand.

Page 6 of 20

CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
1(b)(ii) Group’s bank borrowings (included in Financial Liabilities)
Group As at 31/12/2009 S$’000 Amount repayable in one year or less, or on demand:Secured Amount repayable after one year:Secured Total Debt Total Debt less Cash 430,738 502,893 (1)

As at 31/12/2008 S$’000 108,385 122,762 231,147 93,087

72,155

(1)

Net cash position.

Details of any collateral
Secured borrowings were generally secured by the borrowing companies’ investment properties and assignment of all rights and benefits with respect to the properties.

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CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
1(c) Consolidated Statement of Cash Flows
Group
4Q 2009 S$' 000 Cash Flows from Operating Activities Profit after taxation Adjustments for : Depreciation of property, plant and equipment Share-based expenses (Gain)/Loss on disposal/Write off of property, plant and equipment Gain on disposal of non-current financial assets Gain on disposal of subsidiaries Share of results of associates and jointly-controlled entities Realization of deferred income Change in fair value of investment properties Dividend income Interest expense Interest income Taxation Operating profit before working capital changes Decrease/(Increase) in working capital Trade and other receivables Trade and other payables Cash generated from operations Income tax refund/(paid) Net cash generated from Operating Activities 4Q 2008 S$' 000 FY 2009 S$' 000 FY 2008 S$' 000

176,641

(3,339)

393,656

118,065

1,557 1,653 (15) (177,211) (18,828) 19,439 (8,551) 10,905 5,590

1,392 (1,171) (6) (14,461) (187) (10,079) (5,287) 39,283 (3,957) 7,153 9,341

6,079 5,245 77 (52,806) (489,507) 98,970 (3,674) 111,430 (25,367) 16,027 60,130

4,754 5,530 (14,461) (135) (143,675) (18,618) (50,196) (9,861) 158,296 (13,099) 23,337 59,937

2,898 31,607 40,095 346 40,441

4,746 (6,426) 7,661 (2,021) 5,640

(8,593) 57,515 109,052 (6,637) 102,415

(7,209) 7,320 60,048 (4,913) 55,135

Page 8 of 20

CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
1(c) Consolidated Statement of Cash Flows (cont’d)
Group
4Q 2009 S$' 000 Cash Flows from Investing Activities Proceeds from disposal of property, plant and equipment Purchase of property, plant and equipment Investment in associates and jointly-controlled entities Proceeds from investee companies and other receivables Additions to investment properties and properties under development Investment in available for sale investments Proceeds from disposal of available for sale investments Dividends received from associates Dividends received from investee company (Acquisition)/Disposal of subsidiaries Advances to associates and jointly- controlled entities Interest income received Net cash used in Investing Activities Cash Flows from Financing Activities (Repayment)/Proceeds from loan from minority interests Advances from immediate holding company Advances from related corporations Proceeds from bank borrowings Repayment of bank borrowings Proceeds from issuance debt securities Repayment of debt securities Deposits pledged Dividends paid Interest expense paid Net cash generated from Financing Activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of the period/year Effect of exchange rate changes on cash balances held in foreign currencies Cash and cash equivalents at end of the period/year Deposits pledged at end of the period/year Cash and cash equivalents in the balance sheet 4Q 2008 S$' 000 FY 2009 S$' 000 FY 2008 S$' 000

88 (1,175) (13,783) 123 (24,427) (190,146) 21,442 (13,477) (47,162) 2,867 (265,650)

(4,647) (31,131) 60,486 24,244 13 (16,979) 2,092 34,078

88 (5,083) (379,821) 123 (83,496) (190,146) 140,640 86,653 8,948 (13,477) (207,024) 5,871 (636,724)

(8,894) (372,857) (288,946) 60,486 71,486 9,183 12,324 (137,719) 2,346 (652,591)

(47,929) 318,839 (1,403) (237) (22,557) 246,713 21,504 518,402 3,236 543,142 1,164 544,306

(369) 12,000 81,964 35,569 (10,664) 95,731 (59,000) (65,134) 90,097 129,815 5,685 2,239 137,739 321 138,060

(72,099) 846,486 391,573 (5,452) (103,810) (844) (115,252) 940,602 406,293 137,739 (890) 543,142 1,164 544,306

38,250 12,000 562,427 38,677 103,367 (10,431) 103,052 (59,000) (174,930) 613,412 15,956 121,666 117 137,739 321 138,060

Cash and cash equivalents at end of the year The cash and cash equivalents of about $544.3 million (2008: $138.1 million) as at 31 December 2009 included $378.2 million (2008: $45.6 million) in fixed deposits. Deposits pledged of $1.2 million (2008: $0.3 million) represented bank balances of certain subsidiaries pledged as security for bank guarantee facilities. During the year, the Company increased its share capital by $3,605.0 million (2008: $950.0 million) through the capitalization of loans from its immediate holding company and a related corporation.

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CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
1(d)(i) Statement of Changes in Equity
As at 31/12/2009 vs 31/12/2008 – Group

Share Capital S$’000 Balance as at 01/01/2009 Issue of shares Cost of share-based payment Effects of transfer of entities under common control Total comprehensive income for the year Share of other capital reserve of associates Others Balance as at 31/12/2009 Balance as at 01/01/2008 Issue of shares Cost of share-based payment Effects of disposal of subsidiaries Dividends paid Total comprehensive income for the year Balance as at 31/12/2008 1,000,000 3,605,000 4,605,000 50,000 950,000 1,000,000

Revenue Reserves S$’000 509,897 24,982 388,096 (328) 922,647 453,335 (59,000) 115,562 509,897

Other Reserves* S$’000 23,023 3,573 (22,812) (65,803) (6,484) 328 (68,175) 57,753 5,005 (39,735) 23,023

Total S$’000 1,532,920 3,605,000 3,573 2,170 322,293 (6,484) 5,459,472 561,088 950,000 5,005 (59,000) 75,827 1,532,920

Minority Interest S$’000 52,081 1,332 53,413 46,390 (1,880) 7,571 52,081

Total Equity S$’000 1,585,001 3,605,000 3,573 2,170 323,625 (6,484) 5,512,885 607,478 950,000 5,005 (1,880) (59,000) 83,398 1,585,001

* Included foreign currency translation reserve, capital reserve, available-for-sale reserve and hedging reserve.

As at 31/12/2009 vs 31/12/2008 – Company
Share Capital S$’000 Balance as at 01/01/2009 Issue of shares Cost of share-based payment Total comprehensive income for the year Balance as at 31/12/2009 Balance as at 01/01/2008 Issue of shares Dividends paid Cost of share-based payment Total comprehensive income for the year Balance as at 31/12/2008 1,000,000 3,605,000 4,605,000 50,000 950,000 1,000,000 Revenue Reserves S$’000 26,394 57,732 84,126 30,983 (59,000) 54,411 26,394 Capital Reserve S$’000 15,877 3,569 19,446 10,872 5,005 15,877 Total Equity S$’000 1,042,271 3,605,000 3,569 57,732 4,708,572 91,855 950,000 (59,000) 5,005 54,411 1,042,271

Page 10 of 20

CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
1(d)(ii) Changes in the Company’s Issued Share Capital Issued Share Capital
Movements in the Company’s issued and fully paid-up share capital during the financial year were as follows: No. of Shares 1,000,000,000 2,884,000,000 3,884,000,000 Capital S$’000 1,000,000 3,605,000 4,605,000

As at 01/01/2009 Issue of shares via capitalization of shareholder and related corporation loans As at 31/12/2009

CapitaLand Limited, the immediate holding company and its wholly-owned subsidiary, CapitaLand Treasury Limited had previously extended various inter-company loans to the Group. In conjunction with the listing of the Company, these loans were capitalised prior to listing and resulted in an allotment of new ordinary shares to CapitaLand Limited of 2,884,000,000 at $1.25 each. On 25 November 2009, the Company was listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”) and total shares offered and sold by CapitaLand Limited was 1,339,980,000 or 34.5% of the total shares of the Company.

Performance Shares
As at 31 December 2009, the number of shares awarded and outstanding under the Company’s Performance Share Plan was nil (31 December 2008: nil).

Restricted Stock Plan
As at 31 December 2009, the number of shares awarded and outstanding under the Company’s Restricted Stock Plan was nil (31 December 2008: nil).

1(d)(iii) Treasury Shares
The Company did not hold any treasury shares as at 31 December 2009 and 31 December 2008. There were no sale, transfer, disposal, cancellation and/or use of treasury shares for the year ended 31 December 2009.

2

Whether the figures have been audited or reviewed, and in accordance with which auditing standard or practice
The figures have neither been audited nor reviewed by our auditors.

3

Where the figures have been audited or reviewed, the auditor’s report (including any qualifications or emphasis of a matter)
Not applicable.

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CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
4 Whether the same accounting policies and methods of computation as in the issuer’s most recently audited annual financial statements have been applied
The Group has applied the same accounting policies and methods of computation in the financial statements for the current reporting period compared with the audited financial statements for the year ended 31 December 2008, except for the adoption of accounting standards (including its consequential amendments) and interpretations applicable for the financial period beginning 1 January 2009. As part of the corporate reorganization leading up to the IPO, certain common control entities within CapitaLand Group were transferred to CapitaMalls Asia Limited (“CMA”). For purposes of preparing the annual financial statements, the “as-if pooling method” has been applied from the date the common control transaction actually occurred. Arising from amendments made to FRS 40 Investment Property, effective for annual periods beginning on or after 1 January 2009, property that was being constructed or developed for future use as investment property would also meet the definition of an investment property. As the Group has adopted the fair value model to measure its investment properties, properties in the course of development would accordingly be fair valued with effect from 1 January 2009, and any change therein recognized in the income statements. Prior to 1 January 2009, properties under development were carried at cost less accumulated impairment losses until construction or development is completed, at which time they were transferred and accounted for as investment properties.

5

If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change
Please refer to Item 4 above.

6

Earnings per ordinary share (EPS) based on profit after tax & MI attributable to the equity holders of the Company :
Group 4Q 2009 4Q 2008 FY 2009 FY 2008

6(a)

EPS based on weighted average number of ordinary shares in issue (in cents) Weighted average number of ordinary shares (in million)

6.2 2,751.8 6.2 2,751.8

(0.8) 894.4 (0.8) 894.4

20.1 1,926.5 20.1 1,926.5

34.9 331.3 34.9 331.3

6(b)

EPS based on fully diluted basis (in cents) Weighted average number of ordinary shares (in million)

Page 12 of 20

CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
7 Net asset value and net tangible assets per ordinary share based on issued share capital (excluding treasury shares) as at the end of the period
Group 31/12/2009 NAV per ordinary share NTA per ordinary share (1)
1

Company 31/12/2009 $1.21 $1.21 31/12/2008 $1.04 $1.04 $1.53 $1.53

31/12/2008

(1)

$1.41 $1.41

Based on 3,884 million shares as at 31 December 2009 and 1,000 million shares as at 31 December 2008.

8

Review of the Group’s performance Group Overview
S$’000 Revenue EBIT Finance costs PBT PATMI PATMI excluding revaluation 4Q 2009 66,134 206,985 (19,439) 187,546 169,866 124,617 4Q 2008 64,057 43,098 (39,284) 3,814 (7,017) (12,301) Variance % 3.2 380.3 (50.5) N.M. N.M. N.M. FY 2009 228,946 521,113 (111,430) 409,683 388,096 210,565 FY 2008 205,210 299,698 (158,296) 141,402 115,562 (5,312) Variance % 11.6 73.9 (29.6) 189.7 235.8 N.M.

4Q 2009 vs 4Q 2008
The higher revenue in 4Q 2009 was mainly attributable to contribution from RECM entities and higher rental income from majority-owned malls. This increase, however, was partially offset by lower contribution from project management business in China. The increase in EBIT of $43.1 million in 4Q 2008 to $207.0 million in 4Q 2009 was primarily attributable to profit recognition from sale of units of The Orchard Residences, higher fair value gain on revaluation of investment properties and better performance of the three Malaysia malls in 4Q 2009 as compared to 4Q 2008. This was partially offset by a non-recurring gain on disposal of The Link REIT units in 4Q 2008. Finance costs in 4Q 2009 were lower primarily due to lower interest rate on US Dollar denominated loans extended by CapitaLand to the Group. In addition, the inter-company loans from CapitaLand had been capitalized on 16 November 2009 prior to CMA’s IPO and no further interest was incurred. After taking into account finance costs and taxes, the Group’s 4Q 2009 PATMI was $169.9 million as compared to a loss of $7.0 million in 4Q 2008.

Page 13 of 20

CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
FY 2009 vs FY 2008
The increase in revenue from FY 2008 of $205.2 million to $228.9 million in FY 2009 was mainly due to full year contribution from Sungei Wang Plaza, higher contribution from existing malls and contribution from RECM entities, but partially offset by lower project management fees. The increase in EBIT from $299.7 million in FY 2008 to $521.1 million in FY 2009 was due to profit recognition from sale of units of The Orchard Residences, higher fair value gain on revaluation of investment properties, better performance of the three Malaysia malls and higher gains on disposal of investments in FY 2009 as compared to FY 2008. FY 2009’s finance costs were lower primarily due to lower interest rates charged by CapitaLand for US Dollar denominated loans extended to the Group. Moreover, the inter-company loans due to CapitaLand have been capitalized on 16 November 2009 in preparation for IPO and no further interest was incurred. The Group’s gross external bank borrowings have increased from $231.1 million as at 31 December 2008 to $502.9 million. However, the Group’s net debt to equity (D/E) has improved from 0.06 as at 31 December 2008 to a net cash position as at 31 December 2009. After taking into account finance costs and taxes, the Group’s FY 2009 PATMI was $388.1 million as compared to $115.6 million for FY 2008.

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CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
Country Performance Singapore
S$’000 Revenue EBIT 4Q 2009 24,616 187,927 4Q 2008 20,070 33,947 Variance % 22.7 453.6 FY 2009 84,332 421,049 FY 2008 81,814 164,541 Variance % 3.1 155.9

Revenue for 4Q 2009 and FY 2009 was higher mainly due to contribution of RECM entities and higher contribution from Clarke Quay, but partially offset by lower project management fees due to fewer projects being carried out. The higher EBIT in 4Q 2009 was primarily due to a fair value gain on revaluation of ION Orchard and commencement of profit recognition from sale of units of The Orchard Residences, which was partially offset by a fair value loss on revaluation on investment properties held by CapitaMall Trust (“CMT”) in 4Q 2009 as compared to a fair value gain on revaluation of investment properties held by CMT in 4Q 2008. The higher EBIT in FY 2009 was primarily attributable to a fair value gain on revaluation of ION Orchard and commencement of profit recognition from sale of units of The Orchard Residences. This was partially offset by a fair value loss on revaluation of investment properties held by CMT and One-North.

China
S$’000 Revenue EBIT 4Q 2009 19,166 17,346 4Q 2008 25,758 22,950 Variance % (25.6) (24.4) FY 2009 62,879 81,221 FY 2008 63,705 90,066 Variance % (1.3) (9.8)

Revenue for 4Q 2009 was lower mainly due to lower project management fees arising from fewer projects being carried out compared to the previous period. In addition, most of the projects were completed in 4Q 2008 resulting in higher revenue recorded. However, this was partially offset by higher contributions from retail management fees, better performance from the five majorityowned malls and contribution of RECM entities. Revenue for FY 2009 was lower mainly due to lower project management fees, but partially offset by higher contribution from retail management fees, better performance from the five majority owned malls and contribution of RECM entities. The decrease in EBIT in 4Q 2009 was mainly attributable to a non-recurring gain on disposal of The Link REIT units in 4Q 2008 and lower Group’s share of results of the three China private equity funds in 4Q 2009 as compared to 4Q 2008. This was partially mitigated by better performance of the five majority owned malls and higher Group’s share of fair value gain on revaluation of investment properties in 4Q 2009 as compared to 4Q 2008. The decrease in EBIT for FY 2009 was primarily due to the lower Group’s share of fair value gain on revaluation of the investment properties held by CapitaRetail China Trust (“CRCT”) and the three China private equity funds, and lower unrealized gain on foreign exchange translation in FY 2009 as compared to FY 2008. This was partially mitigated by higher gains on disposal of investments in FY 2009 as compared to FY 2008.

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CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
Malaysia
S$’000 Revenue EBIT 4Q 2009 20,600 18,093 4Q 2008 18,206 10,431 Variance % 13.1 73.5 FY 2009 79,134 52,357 FY 2008 58,981 69,378 Variance % 34.2 (24.5)

The increase in revenue for 4Q 2009 was mainly due to higher rental income arising from improvement of performance across all malls and higher net lettable area in Mines Shopping Fair as a result of asset enhancement works. FY 2009’s revenue was higher mainly due to the full year contribution from Sungei Wang Plaza and improvement in performance across all malls in Malaysia. The higher EBIT for 4Q 2009 was mainly attributable to increase in revenue from all three retail malls. EBIT for FY 2009 was lower primarily due to lower fair value gain on revaluation of investment properties as compared to FY 2008, which was partially mitigated by overall improvement in performance across our malls in Malaysia.

Japan
S$’000 Revenue EBIT 4Q 2009 1,295 (8,975) 4Q 2008 23 (22,840) Variance % N.M. (60.7) FY 2009 2,144 (20,809) FY 2008 710 (18,459) Variance % 202.0 12.7

The increase in revenue for 4Q 2009 and FY 2009 was mainly due to contribution of RECM entity. EBIT was higher in 4Q 2009 mainly due to the lower of Group’s share of associates’ fair value loss on revaluation of investment properties as compared to 4Q 2008.

India
S$’000 Revenue EBIT 4Q 2009 457 (7,406) 4Q 2008 (1,390) Variance % N.M. 432.8 FY 2009 457 (12,705) FY 2008 (5,828) Variance % N.M. 118.0

The increase in revenue in 4Q 2009 and FY 2009 was due to contribution of RECM entity in November 2009. The decrease in EBIT in 4Q 2009 and FY 2009 was mainly due to the higher Group’s share of associates’ fair value loss on revaluation of investment properties.

Page 16 of 20

CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
9 Variance from Prospect Statement
Not applicable.

10

Commentary on the significant trends and the competitive conditions of the industry in which the group operates in and any known factors or events that may affect the group in the next reporting period and the next 12 months Singapore
According to advance estimates by the Ministry of Trade & Industry (“MTI”), Singapore’s economy expanded by 3.5% year-on-year in the fourth quarter of 2009, bringing the full year forecast to a better-than-expected -2.1%. Gross Domestic Product (“GDP”) growth in key economies around the world has turned positive on the back of unprecedented policy responses which spurred domestic spending. Asia is also expected to continue to post positive growth rates, driven by domestic consumption and intra-regional trade flows. The opening of two integrated resorts in 2010 should boost tourism-related sectors. Financial services and trade are also expected to pick up and in turn make the service economy a stronger engine of growth. Against this backdrop, MTI expects Singapore to grow by 3.0% to 5.0% in 2010. As further improvement in retail sales will depend largely on the sustainability of the economic recovery, CMA will continue to exercise prudent cost management and strive to create more value from its portfolio of assets, while pursuing selective acquisition and development opportunities.

China
The market sentiment in China has stabilised in 2009 after the economic downturn in 2008. Key economic indicators such as consumer price index and purchasing power index have both shown positive signs since mid 2009. To ensure ample liquidity to stimulate investment as well as consumption, China’s central bank implemented “a moderately loose monetary policy” and “a proactive fiscal policy” throughout 2009. The government has started to moderate some of the stimulus policies to set a strong foundation for more sustainable long term economic growth. The International Monetary Fund’s World Economic Outlook has projected a GDP growth of 10.0% for 2010 following an 8.7% growth rate for China in 2009. Out of the 50 properties in China, there are 33 operational malls with the remaining 17 under various stages of development. For this year, the plan is to open another 6 malls while continuing to improve on the existing operational malls. With the continuous urbanisation and healthy growth rates in retail sales and personal income, CMA remains optimistic of the China retail market. CMA will continue to leverage on its unique integrated shopping mall business model to further strengthen our position in China in 2010.

Malaysia
Malaysia’s real GDP is expected to grow by 4.5% in 2010, versus an estimated decline of -2.2% in 2009 (Source: Maybank). With job market conditions stablising and domestic consumer financing conditions favourable, Maybank expects private consumption to grow by 6.7% in 2010, versus an estimated +1.5% in 2009. Improving market conditions and consumer sentiment bode well for CMA’s Malaysian existing assets, which have already demonstrated resilient occupancy and rental rates. Based on these factors, along with the fragmented nature of the industry, Malaysia provides an opportunity for us to grow our business.

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CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
Japan
The outlook in 2010 for our business in Japan is expected to improve, although uncertainties and challenges remain, tied in large part to the recovery of the Japanese economy. Our focus will be on strengthening the overall performance of our portfolio of assets. In particular, CMA will continue the asset enhancement initiative for our largest asset, Vivit Square, to further improve the performance of the mall. In addition, CMA would continue to explore opportunities to bring tenants in Japan to the other countries that CMA operates in.

India
The potential of the Indian market is considerable given the country’s large economy (4th largest in the world based on the Purchasing Power Parity basis), burgeoning population (1.17 billion), growing middle class, expanding consumerism and low base of development. India’s Central Statistics Organization reported that GDP in 3Q 2009 grew 7.9% quarter on quarter after gaining 6.1% in 2Q 2009. While the size of CMA’s India portfolio is small, representing only 1.1% of its portfolio by property value, CMA has a first-mover advantage relative to domestic and foreign real estate companies given its portfolio of 9 projects. CMA’s business strategy is to accelerate its growth in India and build its presence through its development pipeline.

GROUP OVERALL PROSPECTS FOR 2010
According to International Monetary Fund’s World Economic Outlook, the outlook for the Asian economies this year is markedly better. Two of our key markets, Singapore and Malaysia, are expected to return to growth after falling into recession last year, while China and India are expected to post higher growth this year. With economies and consumer sentiments improving, CMA will accelerate the development of new malls and pursue selective acquisition opportunities to extend its leadership positions in the markets that it operates in. CMA’s net cash position and debt capacity provide the company with a high degree of financial flexibility to accelerate investments in its growth markets as well as new Asian markets when suitable opportunities arise.

11
11(a) 11(b) 11(c) 11(d)

Dividend Any dividend declared for the present financial period? Yes. Please refer to Note 16. Any dividend declared for the previous corresponding period? Yes. Date payable : To be announced at a later date. Books closing date : To be announced at a later date. If no dividend has been declared/recommended, a statement to that effect
Not applicable.

12

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CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
13 Segmental Revenue & Results

13(a)(i) By Business – 4Q 2009 vs 4Q 2008
4Q 2009 S$’000
Investment Business Management Business Others(1) Total Note :
(1)

Revenue 4Q 2008 S$’000 31,702 31,826 529 64,057

Variance % 11.7 (5.3) 5.7 3.2

Earnings before interest & tax 4Q 2009 4Q 2008 Variance S$’000 S$’000 % 220,802 18,531 (32,348) 206,985 38,756 7,565 (3,223) 43,098 469.7 145.0 903.7 380.3

35,422 30,153 559 66,134

Includes Corporate Office and investment holdings companies.

13(a)(ii) By Business – FY 2009 vs FY 2008
FY 2009 S$’000
Investment Business Management Business Others(2) Total Note :
(2)

Revenue FY 2008 S$’000 108,395 94,370 2,445 205,210

Variance % 24.7 (2.9) (13.7) 11.6

Earnings before interest & tax FY 2009 FY 2008 Variance S$’000 S$’000 % 517,776 50,899 (47,562) 521,113 275,965 52,028 (28,295) 299,698 87.6 (2.2) 68.1 73.9

135,161 91,675 2,110 228,946

Includes Corporate Office and investment holdings companies.

13(b)(i) By Country – 4Q 2009 vs 4Q 2008
4Q 2009 S$’000
Singapore China Malaysia Japan India Total

Revenue 4Q 2008 S$’000 20,070 25,758 18,206 23 64,057

Variance % 22.7 (25.6) 13.1 N.M. N.M. 3.2

Earnings before interest & tax 4Q 2009 4Q 2008 Variance S$’000 S$’000 % 187,927 17,346 18,093 (8,975) (7,406) 206,985 33,947 22,950 10,431 (22,840) (1,390) 43,098 453.6 (24.4) 73.5 (60.7) 432.8 380.3

24,616 19,166 20,600 1,295 457 66,134

13(b)(ii) By Country – FY 2009 vs FY 2008
FY 2009 S$’000
Singapore China Malaysia Japan India Total

Revenue FY 2008 S$’000 81,814 63,705 58,981 710 205,210

Variance % 3.1 (1.3) 34.2 202.0 N.M. 11.6

Earnings before interest & tax FY 2009 FY 2008 Variance S$’000 S$’000 % 421,049 81,221 52,357 (20,809) (12,705) 521,113 164,541 90,066 69,378 (18,459) (5,828) 299,698 155.9 (9.8) (24.5) 12.7 118.0 73.9

84,332 62,879 79,134 2,144 457 228,946

Page 19 of 20

CAPITAMALLS ASIA LIMITED 2009 FULL YEAR UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT
14 In the review of performance, the factors leading to any material changes in contributions to revenue and earnings by the business or geographical segments
Please refer to Item 8.

15

Breakdown of Group’s revenue and profit after tax for first half year and second half year
2009 S$’000 107,509 121,437 228,946 2008 S$’000 81,280 123,930 205,210 Variance % 32.3 (2.0) 11.6

(a) Revenue - first half - second half Full year revenue (b) Profit after tax before deducting minority interests (PAT) - first half - second half Full year PAT

157,689 235,967 393,656

148,199 (30,134) 118,065

6.4 N.M. 233.4

16

Breakdown of Total Annual Dividend (in dollar value) of the Company
The Board has decided to propose a first and final dividend of 1.0 cent per share. Payment of the said dividend is subject to the approval of shareholders at the forthcoming Annual General Meeting. The proposed dividend for FY 2009 is as follows:
FY 2009 (Proposed) Name of Dividend Type of Dividend Dividend per Share Annual Dividend after tax (S$’000) First & Final (One-tier) Cash 1.0 cent 38,840 FY 2008 First & Final (One-tier) Cash 5.9 cents 59,000

BY ORDER OF THE BOARD Kannan Malini Company Secretary 3 February 2010
This announcement may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward looking statements, which are based on current view of management on future events

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