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1 THE ASSOCIATION FOR REAL ESTATE SECURITIZATION May-June

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3 ARES SPECIAL ARES May-June

4 4 ARES May-June 2010 ARES SPECIAL ARES SPECIAL

5 5 ARES May-June 2010 ARES SPECIAL ARES SPECIAL

6 ARES SPECIAL 6 ARES May-June 2010

7 7 ARES May-June 2010 ARES SPECIAL

8 ARES SPECIAL 8 ARES May-June 2010

9 ARES SPECIAL ARES May-June

10 10 ARES May-June 2010 ARES SPECIAL

11 ARES SPECIAL ARES May-June

12 12 ARES May-June 2010 ARES SPECIAL

13 ARES SPECIAL ARES May-June

14 ARES REPORT 14 ARES May-June 2010

15 15 ARES May-June 2010 ARES REPORT

16 ARES REPORT 16 ARES May-June 2010

17 17 ARES May-June 2010 ARES REPORT

18 18 ARES May-June 2010 ARES REPORT

19 19 ARES May-June 2010 ARES REPORT

20 ARES REPORT 120 IPO 100 Total number MARKET NAME OF REIT MARKET CAPITALISATIION LISTING (US$ MILLION) DATE AS OF END DEC 09 Thailand Sathorn Property Fund 10-Aug MFC-Strategic Storage Fund 11-Aug Montri Storage Property Fund 14-Aug TPARK Logistics Property Fund 16-Dec Before Source: CBRE Research 20 ARES May-June 2010

21 ARES REPORT ARES May-June

22 ARES REPORT MARKET * CBRE changed the calculation methodology of average dividend yield from simple average to weighted average by market capitalisation in 1H Source: CBRE Research, Bloomberg STOCK MARKET INDEX STOCK INDEX CHANGE FROM END DEC 2008 NO. OF LISTED REITS AVG. DIVIDEND YIELD* 10-YR GOV'T BOND YIELD REIT MARKET CAP (US$ MILLION) Japan 10, % % 1.30% 29,473 Singapore 2, % % 2.66% 20,617 Hong Kong 21, % % 2.58% 9,521 South Korea 1, % % 5.39% 132 Taiwan 8, % % 1.54% 1,800 Thailand % % 4.18% 1,972 Malaysia 1, % % 4.25% 1, ARES May-June 2010

23 ARES REPORT US$ (MILLION) COUNTRY CITY SECTOR PROPERTY EQUIVALENT BUYER Japan Tokyo Office 30% share in Shiodome Building 588 Japan Real Estate REIT Japan Various Cities Residential Park Axis Property Portfolio (18 Properties) 459 Nippon Accommodations Fund Inc Hong Kong Hong Kong Retail Metro Town 187 Fortune REIT Malaysia Kuala Lumpur Retail Starhill Gallery 187 Starhill Global REIT Japan Tokyo Office Sumitomo Shoji Nishikicho Building 137 TOP REIT Malaysia Kuala Lumpur Retail Lot 10 Shopping Centre 117 Starhill Global REIT Japan Tokyo Office Ryoshin Harajuku Building 90 Japan Prime Realty Investment Corporation Singapore Singapore Office Prudential Tower (six storeys) 75 K-REIT Japan Chiba Industrial A warehouse in Chiba 58 Mapletree Logistics Trust Hong Kong Hong Kong Retail Caribbean Coast 55 Fortune REIT Hang Seng REIT Index 4,000 3,500 3,000 2,500 2,000 1,500 1, Jan 09 Feb 09 Hang Seng REIT Index Hang Seng Index Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 25,000 20,000 15,000 10,000 5,000 0 Hang Seng Index ARES May-June

24 ARES REPORT NAME OF REIT DATE LISTED OFFER PRICE (HK$) CLOSING PRICE 31 DEC 09 (HK$) % CHANGE SINCE JUN WEEK HIGH (HK$) 52-WEEK LOW (HK$) DISTRIBUTION YIELD (DEC 09) The Link REIT 25-Nov % % Prosperity REIT 16-Dec % % GZI REIT 21-Dec % % Champion REIT 24-May % % Sunlight REIT 21-Dec % % Regal REIT 30-Mar % % RREEF CCT REIT 22-Jun % % 24 ARES May-June 2010

25 ARES REPORT 30 Jun 08 = A-REIT CapitaMall rust T 160 Straits Times Index Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 ARES May-June

26 ARES REPORT NAME OF REIT DATE LISTED OFFER PRICE (S$) CLOSING PRICE 31 DEC 09 (S$) % CHANGE SINCE JUN WEEK HIGH (S$) 52-WEEK LOW (S$) DISTRIBUTION YIELD (DEC 09) CapitaMall Trust 17-Jul % % Ascendas REIT 19-Nov % % Fortune REIT 12-Aug-03 HK$4.75 HK$ % % CapitaCommercial Trust 11-May % % Suntec REIT 9-Dec % % Mapletree Logistics Trust 28-Jul % % Starhill Global REIT 20-Sep % % Frasers Commercial Trust 30-Mar % % Ascott Residence Trust 31-Mar % % K-REIT Asia 28-Apr % % Frasers Centrepoint Trust 5-Jul % % CDL Hospitality Trusts 19-Jul % % Cambridge Industrial Trust 25-Jul % % CapitaRetail China Trust 8-Dec % % First Real Estate Investment Trust 11-Dec % % AIMS AMP Capital Industrial REIT 19-Apr % % Ascendas India Trust 1-Aug % % Parkway Life REIT 23-Aug % % Saizen REIT 9-Nov % * Lippo-Mapletree Indonesia Retail Trust 19-Nov % % Indiabulls Properties Investment Trust 11-Jun % ** * Saizen stopped paying dividend in the second quarter of 2009 and may resume distribution until June ** No distributions have been declared by Indiabulls Properties Investment Trust in ARES May-June 2010

27 ARES REPORT 30 Jun 08 = Jan 09 Feb 09 Fubon No.1 REIT Cathay No.1 REIT TAIEX Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 ARES May-June

28 ARES REPORT NAME OF REIT DATE LISTED OFFER PRICE (NT$) CLOSING PRICE 31 DEC 09 (NT$) % CHANGE SINCE JUN WEEK HIGH (NT$) 52-WEEK LOW (NT$) DISTRIBUTION YIELD (DEC 09) Fubon No. 1 REIT 10-Mar % % Cathay No.1 REIT 3-Oct % % Shin Kong No.1 REIT 26-Dec % % Fubon No. 2 REIT 13-Apr % % Trident REIT 26-Jun % % Kee Tai Star REIT 14-Aug % % Cathay No.2 REIT 13-Oct % % Gallop No.1 REIT 15-May % % 28 ARES May-June 2010

29 ARES REPORT 30 Jun 08 = Jan 09 Feb 09 KOCREF 7 KOCREF 8 KOSPI Composite Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 NAME OF REIT DATE LISTED OFFER PRICE (KRW) CLOSING PRICE 31 DEC 09 (KRW) % CHANGE SINCE JUN WEEK HIGH (KRW) 52-WEEK LOW (KRW) DISTRIBUTION YIELD (DEC 09) KOCREF 7 11-Nov-05 5,000 6, % 7,000 5, % KOCREF 8 15-Jun-06 5,000 5, % 6,380 4, % KR2 8-May-08 5,000 5, % 6,020 3,625 - ARES May-June

30 ARES REPORT NAME OF REIT DATE LISTED OFFER PRICE (THB) CLOSING PRICE 31 DEC 09 (THB) % CHANGE SINCE JUN WEEK HIGH (THB) 52-WEEK LOW (THB) DISTRIBUTION YIELD (DEC 09) UOB Apartment Property Fund I 29-Oct % % Bangkok Commercial Property Fund 19-Nov % % Millionaire Property Fund 08-Mar % % Ticon Property Fund 12-May % % Thai Industrial Fund 1 29-Jun % % MFC-Nichada Thani Property Fund 11-Aug % % CPN Retail Growth Leasehold Property Fund 23-Aug % % Baan Sansiri Property Fund 26-Sep % % Samui Airport Property Fund 24-Nov % % T.U. Dome Residential Complex Property Fund 06-Dec % % Future Park Property Fund 07-Dec % % Quality Houses Property Fund 12-Dec % % JC Property Fund 05-Jan % % Gold Property Fund (Leasehold) 22-May % % Major Cineplex Lifestyle Leasehold Property Fund 18-Jul % % Urabana Property Fund (Leasehold) 18-Oct % % Property Perfect Property Fund 20-Mar % % Quality Hospitality Leasehold Property Fund 03-Apr % % Luxury Real Estate Investment Fund 29-Apr % % Multi-National Residence Fund 19-Jun % % Centara Hotels & Resorts Leasehold Property Fund 13-Oct % % Nichada Thani Property Fund 2 31-Mar % % Sathorn Property Fund 10-Aug %^ MFC-Strategic Storage Fund 11-Aug %^ %* 101 Montri Storage Property Fund 14-Aug %^ TPARK Logistics Property Fund 16-Dec %^ * Annualized distribution yield ^ Change over offer price 30 ARES May-June 2010

31 ARES REPORT ARES May-June

32 ARES REPORT NAME OF REIT Amanah Harta Tanah PNB DATE LISTED 28-Dec-90 OFFER PRICE (RM) CLOSING PRICE 31 DEC 09 (RM) % CHANGE SINCE JUN WEEK HIGH (RM) 52-WEEK LOW (RM) DISTRIBUTION YIELD (DEC 09) N/A % % Axis-REIT 3-Aug % % Starhill REIT 16-Dec % % UOA REIT 30-Dec % % Tower REIT 12-Apr % % Al-Aqar KPJ REIT 10-Aug % % Hektar REIT 4-Dec % % Amfirst REIT 20-Dec % % Quill Capita Trust 8-Jan % % Al-Hadharah Boustead REIT 8-Feb % % Amanahraya REIT 26-Feb % % Atrium REIT 26-Mar % % 32 ARES May-June 2010

33 33 ARES May-June 2010 ARES REPORT

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