REIT presentation featuring REIT introduction, structure, characteristics, legal framework, regulations, risk & return, trends in Mainland China.

1. For ‘the 2 nd International CEO Roundtable of Chinese and Foreign Multinational Corporations’ REIT Real Estate Investment Trust Prepared by: Ben Tse Valuation & Advisory Services, Greater China CB Richard Ellis 15 th November 2008

4. REIT Development SINGAPORE JAPAN TAIWAN 20 S-REITs Mkt. Cap. about US$ 8.2 billion 8 T-REITs Mkt. Cap. about US$ 1.2 billion 4 listed CR-REITs Mkt. Cap. about US$ 0.15 billion SOUTH KOREA MALAYSIA 13 REITs Mkt. Cap. about US$ 1.2 billion HONG KONG 7 listed H-REITs Mkt. Cap. about US$ 5.1 billion 42 listed J-REITs Mkt. Cap. about US$ 23.3 billion Data as of late October 2008 REITs in Asia (excluding Property Funds) Source: Bloomberg and CBRE Research

10. REIT Legislation Source: CBRE Research Ratings of twAA or above by two credit rating agencies: 50%; ratings of twA or above: 35%; those with credit ratings: 25% Capped at 45% of gross asset value Over 35% of total assets permitted with disclosed credit rating (capped at 60%) No restriction Leverage Prohibited – this rule is undergoing revision to allow for urban renewal infrastructure or public amenities construction Prohibited, but H-REIT may acquire uncompleted units comprising less than 10% NAV Property developments and investments in uncompleted projects should not exceed 10% Restricted – at least 50% of total assets are income producing and unlikely be sold within one year Property developments No restriction under the RESA; subject to approval No No No restriction under the Investment Trust and Investment Company Act, but no overseas acquisition have been made as the requirements on real estate appraisal of overseas properties are ambiguous Geographical restrictions cash, government bonds, property, property-related rights, beneficiary securities or ABS issued under real estate securitization Act/Financial Asset Securitization Act (RESA/FASA) must form at least 75% of the NAV Only invest in real estate At least 70% of deposited property should be invested in real estate or real estate-related assets For listed J-REIT, at least 75% of assets must be invested in real estate % invested in real estate Internal/External Internal/External External External Management structure Trust (Real estate asset trust or investment trust) Unit Trust Collective Investment scheme (Unit Trust) or corporate Trust or corporate (listed REITs are all corporations) Structure Taiwan Hong Kong Singapore Japan

11. REIT Legislation Source: CBRE Research 50% of total asset value (revised from 35%) REITs are permitted to have exceptional borrowing up to 1000% of equity capital, upon special approval of shareholders Leverage Prohibited, but may enter into conditional forward purchase agreement with cover for construction risks Allow Property developments No restriction basically, subject to approval from SC and relevant authorities No Geographical restrictions At least 75% in real estate, SPCs, real estate-related assets or liquid assets for listed REITs. The criteria for unlisted REIT is 70% At least 70% in real estates or corporate restructuring related properties % invested in real estate External Internal/External Management structure Unit trust Corporate-Restructuring, Entrusted Management, Development-Specialized, Self-Managed Structure Malaysia South Korea

30. Risks of a REIT Volatility of HK REITs vs. HK property stocks 49.08 0049 Wheelock Properties 52.05 Average 38.46 Average 47.03 0014 Hysan 60.04 0004 Wharf Holdings Source: Bloomberg 49.14 Hang Seng Index 38.20 1881 Regal REIT 35.06 0435 Sunlight REIT 45.10 2778 Champion REIT 33.77 0405 GZI REIT 40.16 808 Prosperity 33.84 0823 The link REIT 43.09 0625 RREEF CCT REIT Annualized Volatility Stock Code Name of REIT

39. REIT vs. Direct Property Investment REIT Properties Revenue Property Income - Interest Payment (depends on leverage) - Landlord's Expenses - Management Expenses Net Income  Yield Operating income - Tax Net Income x Payout Ratio Dividend  Dividend Yield

52. Impact of Subprime Crisis Stock Price Performance From early-Nov 2007 to late-Oct 2008 Link REIT 领汇房地产投资信托基金 Prosperity REIT 泓富产业信托 GZI REIT 越秀房地产投资信托基金 Champion REIT 冠君产业信托 - 23.8% - 48.8% - 52.7% - 60.2% Source: http://hk.finance.yahoo.com