RESULTS FOR THE SIX MONTHS ENDED30 JUNE 2010

1. BUSINESS OVERVIEW

BUSINESS SEGMENTSBUSINESS SEGMENTS

ARA ASSET MANAGEMENT LIMITED

REITs Private Funds Real Estate Management Services

Corporate FinanceAdvisory Services

• Base Fees • Portfolio Management Fees

• Property Management Fees

• Advisory FeesRevenueSources

BusinessSegments

• Performance / Variable Fees

• Acquisition / Divestment Fees

g

• Performance Fees

• Return on Seed Capital

g

• Convention & Exhibition Service Fees

Divestment Fees Capital

For the REITs we manage, we earn: • base fees based on the value of the properties of

For the private funds we manage, we earn:• portfolio management fees based on the committed

Notes: We earn management fees for the provision of:• property management services;

We earn advisory fees for corporate finance advisory services rendered to related corporationsvalue of the properties of

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

i iti / di t t

based on the committed capital, NAV or gross assets of the funds;• a share of the returns of the funds for performance beyond certain hurdle rates

f f d

services;• convention & exhibition services; and• management services for the common property of real estate developments.

corporations.

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

as performance fees; and• returns on seed capital invested in the fund.

31H2010 Results

FUNDS & SERVICESFUNDS & SERVICES

Diversified & complementary fund platforms & servicesDiversified & complementary fund platforms & services

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

REITs

Listing Venue SGX-ST & SEHK SGX-ST SEHK Bursa SGX-ST

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

Property Value(1) HK$12 421m S$5 185m HK$5 256m RM1 008m S$730mProperty Value HK$12,421m S$5,185m HK$5,256m RM1,008m S$730m

Private Funds

Description Flagship strategic and opportunistic private real estate fund investing in

Single-asset private real estate fund which owns the Suntec Singapore Int’l

Strategic alliance with Australian specialist real estate investment

ADF ARA Asia Dragon Fund

ARA Harmony Fund

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

economies in Asia

which owns the Suntec Singapore Int l Convention & Exhibition Centre

specialist real estate investment manager, APN Property Group(2)

for private funds investing primarily in Australian real estate

Fund Size US$1.1b (committed capital) S$240m (gross asset value) -

Description Property managementservices provider

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

Real Estate Management Services

41H2010 Results

Notes: (1) Property values as of last publicly-announced valuation(2) ARA acquired a 15.0% (pre-placement) strategic interest in APN Property

Group via a share placement on 22 Jul 2010

NEW MARKET AUSTRALIANEW MARKET – AUSTRALIA

Strategic alliance with Australian specialist real estate investment manager

About APN

• One of Australia’s leading boutique real estate investment managers

M l i i f d i i l f d li d REIT d li d f d

Strategic alliance with Australian specialist real estate investment manager

• Manages real estate securities funds, private equity real estate funds, a listed REIT and unlisted property funds investing primarily in Australian real estate

• Clients range from corporate and public superannuation funds, sovereign wealth funds to high net worth and individual investorsd dua esto s

• Assets under management of A$2.6 billion (approximately S$3.2 billion) as at 31 Mar 2010

About the Strategic Allianceg

• ARA acquired a 15.0% (1) strategic interest in APN via a share placement on 22 Jul 2010

• Rationalised real estate securities fund management under APN to leverage on APN’s proven track record and distribution network(2)

• Transaction marks ARA’s initial foray into Australia, a key real estate investment market with one of the largest REIT and managed funds sectors in the world

• Going forward, ARA to collaborate with APN to jointly manage real estate funds investing in Australia to extend ARA’s geographical coverage and grow assets under managementARA s geographical coverage and grow assets under management

51H2010 Results

Notes: (1) Post-placement, ARA will hold a 13.0% interest in APN(2) ARA Strategic Capital I Pte. Ltd., the manager of the ARA Asian Asset Income Fund to be

transferred to APN pursuant to a sale and purchase agreement dated 22 Jul 2010

REGIONAL PRESENCEREGIONAL PRESENCE

Established regional network

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

Established regional networkBeijing

Tianjin

Nanjing

Dalian

Kong, China, Malaysia and Australia with entry into strategic alliance with APN

Guangzhou

Hong Kong

Kuala Lumpur

Singapore

Australia

61H2010 Results

MANAGEMENT TEAMMANAGEMENT TEAM

Experienced team with a proven track recordExperienced team with a proven track record

Group CEOJohn Lim

CORPORATE DIVISIONSBUSINESS UNITS

Finance & Compliance

REITs Private FundsCheryl Seow

Group Finance Director

Corporate OfficeNg Beng Tiong

Director

Suntec REITYeo See Kiat

CEO

ARA Asia Dragon FundNg Beng Tiong

CEO

China DeskMun Hon Pheng

Corporate Business DevelopmentMoses Song

Director

Fortune REITAnthony Ang

CEO

Prosperity REITStephen Chu

ARA Harmony FundJustine Wingrove

CEO

Real Estate Management ServicesMun Hon Pheng

Country HeadStephen Chu

CEO

Cache Logistics TrustDaniel Cerf

CEO

Australia DeskMoses Song

Director

APM Property ManagementSusan Sim

CEO

C Fi Ad i S i

Corporate Development & HRPauline Lim

AmFIRST REITLim Yoon Peng

CEO

Group Risk Mgmt & Internal AuditTang Boon Kang

Manager

Suntec SingaporePieter Idenburg

CEO

71H2010 Results

Corporate Finance Advisory Services Manager

ARA FinancialLow Poh Choo

Director

Office AdministrationSerene YeoManager

ASSETS UNDER MANAGEMENTASSETS UNDER MANAGEMENT

S$14 6 billion as at 30 Jun 2010S$14.6 billion as at 30 Jun 2010

13 514.6

14 0

16.0

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

9.9

12.1

13.5

8 0

10.0

12.0

14.0

$b)

3.5

5.76.5

2 0

4.0

6.0

8.0

(S$

0.6

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 30 Jun 10

Assets Under Management(1) 30 Jun 2010 31 Dec 2009 ChangeNotes:(1) All values rounded to the nearest decimal place(2) Comprises gross property value of REITs managed by subsidiaries & associated

REITs – Real Estate(2) (billion) S$9.6 (US$6.8) S$8.6 (US$6.1) S$1.0 (US$0.7)

Private Funds – Real Estate (billion) S$3.9(US$2.8) S$3.4 (US$2.4) S$0.5 (US$0.4)

Private Funds – Capital (billion) S$0 8 (US$0 6) S$1 1 (US$0 8) -S$0 3 (-US$0 2)

81H2010 Results

subsidiaries & associated companies(3) Revenue base for real estate management services fee computation

Private Funds – Capital (billion) S$0.8 (US$0.6) S$1.1 (US$0.8) -S$0.3 (-US$0.2)

Real Estate Management Services(3) (billion) S$0.3 (US$0.2) S$0.3 (US$0.2) -

Total AUM (billion) S$14.6 (US$10.4) S$13.5 (US$9.6) S$1.1 (US$0.8)

2. FINANCIAL RESULTS

RESULTS SUMMARYRESULTS SUMMARY

Steady increase in revenue and net profit

Financial Highlights 1H2010 1H2009 Change (%)

Revenue

Steady increase in revenue and net profit

Management fees(1) (S$’000) 40,788 32,432 26%

Acquisition and performance fees(2) (S$’000) 968 31 n.m.

Other income(3) (S$’000) 4,535 6,021 (25%)

Total Revenue (S$’000) 46,291 38,484 20%

EBIT (S$’000) 28,343 24,576 15%EBIT (S$ 000) 28,343 24,576 15%

Net Profit (S$’000) 25,078 22,079 14%

Financial Measures

EPS(4) (S cents) 3.59 3.16 14%

Net Margin (%) 54% 57% -3% pts

Notes:

101H2010 Results

(1) Recurrent management fees from REITs, private funds and real estate management services(2) REIT acquisition fees and private fund arrangement/performance fees(3) Comprises mainly distribution income from financial assets and gain on disposal/fair-valuation of

held-for-trading securities received as part payment of REIT management fees(4) On a fully diluted basis. Based on 698,471,997 shares in issue after the issue of bonus shares on 10

May 2010

REVENUEREVENUE

Strong growth in recurrent revenue from real estate management services feesStrong growth in recurrent revenue from real estate management services fees

Revenue – Historical Revenue – Year-on-Year Comparison

80

90

100

S$mRecurrent management fees

Acquisition & performance fees

Other income 86.31.04.5

40

45

50S$m REIT management fees

Private fund management feesReal estate management servicesAcquisition & performance feesOther income (11%)

38 5

46.3

50

60

70

80

70.0

62.1

12.312.8

6.56.0

25

30

35

40

(9%)

(4%)

(13%)

(28%)(34%)

38.5

20

30

40

50

31.327.6

20 1 21.510

15

20

25

(56%) (45%)

( )

0

10

20

FY2004 FY2005 FY2006 FY2007 FY2008 FY2009

5.7

20.1

0

5

10

1H2009 1H2010

(56%) (45%)

111H2010 Results

DIVIDENDDIVIDEND

Interim dividend of 2 30 Singapore cents declaredInterim dividend of 2.30 Singapore cents declared

Dividend – Historical Interim Dividend

2.5

S cents pershare FY2010 Interim Dividend (S cents) 2.30

1H2010 EPS (S cents) 3.59

1.5

2.0 Payout Ratio (%) 64.1%

Dividend Yield(1) (%) 4.3%

Ti li2.17 2.24 2.30

2.502.30

0.5

1.0

Timeline

Ex-dividend date 25 Aug 2010

Book closure date 27 Aug 2010

0.0

FY2008(Interim)

FY2008(Final)

FY2009(Interim)

FY2009(Final)

FY2010(Interim)

Payment date 9 Sep 2010

121H2010 Results

Notes:(1) Annualised yield based on 30 Jun 2010 closing price of S$1.08

BALANCE SHEETBALANCE SHEET

Group balance sheet as at 30 Jun 2010 S$’000 S$’000

Non-current assets Non-current liabilitiesPlant and equipment 926 Financial liabilities 131Tenancy deposits 625 Deferred tax liabilities 44Tenancy deposits 625 Deferred tax liabilities 44Associates 812Financial assets 112,346Intangible asset 1,233

115 942 175115,942 175Current assets Current liabilitiesFinancial assets 4,630 Trade and other payables 13,630Derivative assets 162 Financial liabilities 19,509Trade and other receivables 24,318 Current tax payable 5,264Cash and cash equivalents 35,216

64,326 38,403

Total liabilities 38,578

Shareholders’ equity 141,690

131H2010 Results

Total assets 180,268 Total liabilities & Shareholders’ equity 180,268

3. STRATEGY

STRATEGYSTRATEGY

Seeking to become the premier real estate fund manager in AsiaSeeking to become the premier real estate fund manager in Asia

Strong foundation

• Sound balance sheet – Ample cash reserves with limited borrowings

C i i S f i• Consistent earnings – Strong recurrent management fee income

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

• Established platform – One of the largest real estate fund managers in Asia with AUM of over S$14b and an established regional network spanning Singapore Hong Kong China Malaysia and Australiaestablished regional network spanning Singapore, Hong Kong, China, Malaysia and Australia

Sustaining our growth

• Private funds – ADF on track to place out bulk of remaining capital commitments by end of 2010. Seek toPrivate funds ADF on track to place out bulk of remaining capital commitments by end of 2010. Seek to launch ADF II and leverage on newly established Australian platform to launch 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 markets

• Real estate management services – Leverage on REITs and private funds under management to grow assets under management

151H2010 Results

DISCLAIMERDISCLAIMER

These slides may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and resultsmay differ 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 governmentcompetition 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 futureevents. Information from external sources in these slides has not been independently verified by us nor have the external sources quotedconsented to the inclusion of the information.

ContactCheryl SeowGroup Finance Directorcherylseow@ara com hk

Vincent YeoFinance Managervincentyeo@ara com hk

Global Headquarters:6 Temasek Boulevard

cherylseow@ara.com.hk vincentyeo@ara.com.hk

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

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

Website: www.ara-asia.com