#039;000) (S#039;000) (S#039;000) (S#039;000) Turnover 32,568 41,718 -21.9% 154,595 145,826 6.0% Profit Before Tax 1,239 7,100 -82.5% 122,332 145,538 -15.9% Comprising: Metro City, Metro Tower, GIE Tower 6,973 5,013 39.1% 2

Slide 27: Full Year Financial Summary

Full Year Financial Summary Financial Ratios: FY2016 FY2015 Earnings per share after tax and non- 13.7 17.3 controlling interests (cents) Return on shareholders’ funds (%) 8.2 11.2 Return on total assets (%) 7.1 9.6 Number of issued shares (million) 828.0 828.0 Net asset value per share (S$) 1.66 1.

Slide 28: 4Q Revenue Breakdown (S#039;m)

4Q Revenue Breakdown (S$’m) 50 2.6 40 1.8 Property revenue 30 Retail revenue 20 39.1 30.8 10 0 4QFY2016 4QFY2015 • Group revenue fell about 22% − Retail sales were lower as 3 department stores operated compared to 5 stores in 4QFY2015 − Also, scaled down Accessorize business progressively − The $0.8

Slide 29: Full Year Revenue Breakdown (S#039;m)

Full Year Revenue Breakdown (S$’m) 8.5 10.1 150 100 Property revenue 146.1 135.7 Retail revenue 50 0 FY2016 FY2015 • Retail revenue rose 7.7% y-o-y − New Metro department store at The Centrepoint operated for full year against 5 months last year • Property revenue declined − $2 million decline from

Slide 30: Balance Sheet Highlights

Balance Sheet Highlights 2016 2015 Change As at 31 March Remarks (S$’000) (S#039;000) (%) Plant and Equipment 4,872 6,083 -19.9% Disposal of Investment Properties 106,653 168,948 -36.9% Koishikawa Associates 467,051 411,414 13.5% Disposal of Joint Ventures 345,221 450,526 -23.4% EC Mall Other Non-curre

Slide 31: Dividend Payout

Dividend Payout Gross Cents per Share 8.0 80.0% 60.0% 6.0 54.1% 51.1% 51.2% 45.9% 46.5% 5.0 4.0 4.0 4.0 4.0 40.0% 31.8% 3.0 34.8% 2.0 1.0 20.3% 20.0% 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 0.0 0 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 * Payout rate Ordinary Special * FY2016’s proposed d

Slide 32: Market Outlook

MARKET OUTLOOK 31

Slide 33: Market Outlook: China

Market Outlook: China China’s growth entering “new normal” CBRE, Greater China Real Estate Market Outlook – 2016 • China’s economy forecasted to continue shifting away from rapid growth towards “new normal”; • Economic growth anticipated to slow down in 2016 to between 6.3% and 6.7%; • Stimulatory e

Slide 34: Market Outlook: Shanghai, Office

Market Outlook: Shanghai, Office Grade-A office market buoyant given vigorous leasing activities Knight Frank, Shanghai Office Market Report, Q1 2016 • Approximately 100,000 sqm of new supply in Shanghai’s Grade-A office market in Q1 2016; • Vigorous office space demand from financial and consultanc

Slide 35: Market Outlook: Shanghai, Retail

Market Outlook: Shanghai, Retail Consumer demand shows signs of recovery Knight Frank, Shanghai Retail Market Report – Q1 2016 • Retail property market remained stable in Q1 2016, with no new shopping malls launched in prime retail areas: − Average retail rent in core areas in Q1 2016 grew slightly

Slide 36: Market Outlook: Guangzhou, Office

Market Outlook: Guangzhou, Office Steady trend on healthy leasing demand CBRE, Marketview – China, Q1 2016 • Leasing demand underpinned by financial firms, with domestic companies looking to engage in expansion • 0.9 percentage point dip in overall vacancy rate to 10.9% q-o-q, driven by healthy mark

Slide 37: Market Outlook: Nanchang, Mixed-use

Market Outlook: Nanchang, Mixed-use Nanchang seeing positive trends Urban Land Institute, Chinese Mainland Real Estate Markets – 2015 • Nanchang’s ratings as a Tier-3 city improved, having benefited from rapid urbanisation and an improving transportation infrastructure • As a provincial capital, it

Slide 38: Market Outlook: Manchester, Residential

Market Outlook: Manchester, Residential Bright prospects for Manchester residential market JLL, Northern Renaissance, UK Research – February 2016 • Manchester city centre residential market has been strong for a couple of years, leading to considerable increase in development activities • Strong upl

Slide 39: Market Outlook: Sheffield, Office

Market Outlook: Sheffield, Office Attractive market for office investment Knight Frank, Sheffield Offices Market Update, H2 2015 • Total office take-up for 2015 at 494,283 sq ft is 80% higher than previous year and is the highest annual take-up level since 2002 • Headline rents in prime city centre

Slide 40: Market Outlook: Singapore, Residential

Market Outlook: Singapore, Residential Increased sales volume with marginal price decline Jones Lang Lasalle, Singapore Market Monitor – 1Q 2016 • Significant total sales volume pick up in prime districts during Q1 2016: − 63.9% q-o-q and 73.0% year-on-year (“y-o-y”) increase, driven solely by new s

Slide 41: Market Outlook: Singapore, Retail

Market Outlook: Singapore, Retail Singapore: Cautiously positive • The Monetary Authority of Singapore retained its modest growth outlook for Singapore’s economy in 2016, at between 1% and 3%(1) • The retail landscape continued to be challenging, with retail sales, excluding motor vehicles decreasin

Slide 42: Market Outlook: Indonesia, Retail

Market Outlook: Indonesia, Retail Indonesia: Remains resilient • Domestic reforms are finally gaining traction and should help unlock investment and boost productivity growth in Indonesia(1) • Indonesia’s economy is anticipated to pick up pace over the next 1 to 2 years, with the World Bank predicti

Slide 43: Growth Strategies

GROWTH STRATEGIES 42

Slide 44: Growth Strategies

Growth Strategies Property Development & Investment Retail Operations Moving to fuller spectrum of property market by leveraging on: Emphasis on: • Rich retail experience • Addition of new retail outlets in • Strong foothold and know-how in China Indonesia • Strategic partnerships to further • Impro

Slide 45: Growth Strategies: Property Development and Investment

Growth Strategies Property Development and Investment Covering a fuller spectrum of properties in key markets to broaden revenue stream and build sustained profitability • Leverage on Rich Retail Experience − Optimise tenant mix − Continual asset enhancement of lettable space − Improve efficiency of

Slide 46: Growth Strategies: Retail Operations

Growth Strategies Retail Operations • Addition of new retail outlets − Seek opportunities to expand footprint where suitable real estate opportunities presents themselves − Continue to improve and expand the e-commerce and mobile channel • Improve trading performance − Intensify sales performance −

Slide 47: Growth Strategies: Retail Operations

Growth Strategies Retail Operations • Enhancing Customer Service − Cross-store merchandising and selling; customers can buy, collect, exchange and return merchandise from any Metro store − Provide Online and Offline Omni-channel shopping for customer convenient − Implement Customer Relationships Man

Slide 48: Going Forward

GOING FORWARD 47

Slide 49: Going Forward: Property Segment

Going Forward Property Segment: • Strategic alliances with partners to continue − Second entry into the UK through a 50% interest in Scarborough DC Limited • Asset rebalancing to continue − Expect to continue to make significant investments in China, a core market − Seek out good investment opportun

Slide 50: Going Forward: Retail Segment

Going Forward Retail Segment: • Seek to improve sales performance amidst challenging retail market conditions through more aggressive marketing and omni-channel selling − Continue to adopt fresh concepts to entice consumers • Prudently identify new sites for store expansion – both departmental store

Slide 51: Thank You

THANK YOU 50

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