PROPERTY INSIGHTS. Table of content. Malaysia Singapore Hong Kong. Citigold. Quarter 4, 2013

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1 PROPERTY INSIGHTS Quarter 4, 213 Citigold Table of content Please click on the links below to be directed to your country of choice Malaysia Singapore Hong Kong

2 PROPERTY INSIGHTS Malaysia Quarter 4, 213 Citigold Market sentiment affected by cooling measures Market Overview Amidst the uncertainty over the strength of the Figure 1 global economic recovery in 214 and rising cost, Malaysia is still a bright spot for business within Prime Office Rental Index (Q1 211=1) ASEAN. Driven by stronger domestic demand and a 12 recovery in exports, the Malaysian economy grew by 5.% in Q3, outpacing the Q2 growth of 4.4%. The overall office market demand remained stable throughout 213 with average rental rates and capital values remaining unchanged despite substantial supply (Figure 1). The market will continue to see 4 Q4 5 Q4 6 Q4 7 Q4 8 Q4 9 Q4 1 Q4 11 Q4 12 Q4 13 Q4 14 Q4 15 challenges ahead as it is not certain if projected future demand is able to absorb the significant office supply in the pipeline. Prime malls in urban and suburban locations continued to enjoy robust occupancy of above 95%, in spite of weakening consumer confidence in view of the rising cost of living and lower purchasing power of Malaysian households. A substantial supply of 3,971 units of high-end condominiums were completed throughout 213, a four-fold increase on the 748 units recorded in 212. Average capital values were relatively strong and registered an increase of 2.% quarter-on-quarter (q-o-q) and 11.3% year-on-year (y-o-y) in Q4. However, the rental value declined 1.% q-o-q and 2.5% y-o-y in Q4. The number of completions in 214 is likely to be the highest level recorded since 25. This is expected to exert further downward pressure on rental values, especially in the city centre and it remains to be seen if capital values will be affected if speculative investors were to offload their units when they are completed.

3 Trends & Updates Economic Overview Malaysia remains the bright spot in ASEAN Amidst the global economic uncertainty over the strength of the global economic recovery in 214 and rising cost, a recent Thomson Reuters/INSEAD survey in December 213 pointed out that Malaysia is still a bright spot for business in ASEAN. In Q4 213, Malaysia recorded a score of 75 in the business confidence indices, an increase from 69 in the last quarter. A reading above 5 indicates an overall positive outlook. This is far better than Thailand which scored 4 on the index due to the prolonged uncertainty of its political status. In line with this, the Malaysian GDP growth rose to 5.% in Q3, outpacing the Q2 y-o-y growth of 4.4% (Figure 2). It was supported mainly by robust domestic demand, especially private investment and consumption, and a recovery in exports. The government expects economic growth to range between 5.% and 5.5% in 214. Notwithstanding, Malaysia s growth outlook is also subject to downside risks such as instability in the employment market and volatility in the financial asset market, especially with interest rates potentially rising in H2 214, reflecting the uncertain economic environment as warned by the International Monetary Fund (IMF). Unchanged Overnight Policy Rate (OPR) Bank Negara Malaysia (BNM) maintained the OPR at 3.% which has been unchanged since May 211. This monetary policy supports domestic activities as the growth of major trading economies currently remains volatile and uneven. However, domestic demand is expected to grow moderately. Figure 2 GDP growth (y-o-y) and unemployment rate 8% 6% 4% 2% % Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 GDP growth (y-o-y) Unemployment rate Source : Bank Negara Malaysia, Department of Statistics Malaysia, DTZ Research Headline inflation at highest rate since December 211 Inflation in October was recorded at 2.8%, compared to 2.6% in September. This was also the highest rate since December 211. The increase mainly reflected higher prices for alcoholic beverages and tobacco due to the upward adjustment in cigarette prices, following higher tobacco excise duty. The transport category also recorded higher inflation of 4.9% in October due to the full impact of the upward adjustment in prices of RON95, RON97 petrol and diesel in September. Consumer and business confidence weaken in Q3 The consumer and business confidence indices moved in tandem. The Consumer Sentiment Index (CSI) was recorded at 12. points in Q3, a decline of 7.7 points q-o-q. The Business Conditions Index (BCI) also declined in Q3, settling at 98.6 points compared to points in the Q2. Therefore, it was generally concluded that consumers remained cautious in spending and business confidence was generally weak in the third quarter of 213.

4 Malaysian Ringgit appreciated against major currencies According to BNM, the Malaysian Ringgit appreciated against the currencies of Malaysia s major trading partners in October amid the partial US government shutdown. This triggered an inflow of funds into regional financial markets. Nevertheless, this was a temporary spike and the Ringgit declined against the US dollar in the rest of the year. Strengthened yet cautious economic condition Economic growth is expected to be stronger in 214. This is in spite of the cautious sentiment amongst households and businesses, as the challenges of various price hikes in 214 will have an adverse effect on inflation and domestic demand. If the government implements a substantial cut in the public budget to narrow its deficit amidst public pressure, this could affect the projected GDP growth of 5.% to 5.5% in 214. Residential An active year for the residential market despite general election sentiment Generally, 213 was an active year for the residential market despite slowing GDP growth, the tightening of credit by financial institutions, and the uncertainty initially brought about by the general election in May. Demand remains strong in sought-after locations The quarter was relatively quiet in terms of the number of new launches. The Kuala Lumpur market only saw the launch of Star Residences, a joint-venture project between Symphony Life and UMLand which is located at Jalan Yap Kwan Seng, within walking distance to KLCC. Tagged at above RM1,5 psf with generally smaller units, with the smallest unit at 625 sq ft, it was reported that about 7% of the units have been snapped up. Q4 was slightly more active in terms of the completion of new residential projects. During the quarter, a substantial 1,946 units were completed. Some of these projects included M Suites (442 units) in Jalan Ampang and One Kiara (Tower A & B) located in the popular Mont Kiara suburb, offering 218 units. On a y-o-y basis, average prices of high-end condominiums generally increased in 213 (Figure 3). The average capital value increased marginally by 2.% q-o-q and 11.3% y-o-y in Q4 to RM746 per sq ft. Notwithstanding the increase in capital values, however, average rental values registered slim falls by 1.% q-o-q and 2.5% y-o-y to RM3.56 per sq ft per month in Q4 due to the increasing stock of vacant units, especially larger-sized properties. 214 likely to be challenging With the recent cooling measures announced such as the raising of RPGT, removal of the developer interest bearing scheme (DIBS), stricter bank lending guidelines as well as new price thresholds for foreign ownership, the residential market is predicted to further soften and slow down in 214. Figure 3 Rental and price indices of high-end condominiums in Kuala Lumpur (Q1 211=1) High-end condominium market relatively stable, but registered drop in rental The overall average prices of high-end condominiums in Kuala Lumpur were noted to be relatively stable in the quarter, despite the announcement of anti-cooling measures in October Q4 11 Q1 12 Q2 12 Q3 12 Capital value Q4 12 Q1 13 Q2 13 Rent Q3 13 Q4 13

5 Notwithstanding the above, more launches are expected in 214. There is also a significant supply in the pipeline of about 7,595 units, making this the highest level of pipeline supply recorded since 25. The majority, (79.4% or 6,29 units), are located in the city centre (Figure 4). Projects that are sited in the city centre and close to infrastructure development such as the new MRT line and extension of LRT line will benefit from their locations and are expected to be in good demand. The value of these projects will hold up in the long term as these projects will attract strong demand from owner-occupiers as well as investors. Figure 4 Future supply of high-end condominiums in Kuala Lumpur 7, 6, 5, 4, 3, 2, 1, Post 216 City centre Outside city centre Abundant pipeline supply to further depress rents in coming years The abundant new supply expected in the next three years (average of 5,477 units a year) is expected to continue to exert downward pressure on rental values, especially in the city centre. It remains to be seen if capital values will be affected if speculative investors were to offload their units when they are completed. Retail Weakening consumer confidence Malaysians remained cautious in spending, clouded by the unfavourable financial and job outlook, as well as concerns regarding inflation. The Consumer Confidence Index has declined for two consecutive quarters to 12 points in Q3 from 19.7 points in Q2, indicating weakening confidence in the current country's economic climate. Potential price hikes for electricity, toll roads, and a host of other items are expected to further erode consumers' confidence and slow down retail spending. Revived malls entered the market With weakening consumers' confidence, retail sales were reported to slow in the last quarter of the year. Nevertheless, occupancy rate remains unaffected in the short term, coming in at a high of 93%, a significant q-o-q improvement of 1.1 percentage-points. This was driven by the completion of a new mall and strong take-up of a refurbished mall in the city centre. Generally, prime malls in urban and suburban areas are still enjoying strong occupancy of 95% and above. The problem-plagued Avenue K, located adjacent to Suria KLCC, has finally completed its refurbishment and made a comeback with strong take-up, as Swedish retailer H&M occupied 35, sq ft of retail space across three floors. Meanwhile, another revived mall, Cheras Sentral (5, sq ft) entered the market with Japanese brand Uniqlo as an anchor tenant. The retail stock in Kuala Lumpur stood at 22.9 million sq ft, a marginal decline from 23 million sq ft due to the closure of Capsquare for repositioning after being acquired by a major textile retailer, Jakel. The owner will reposition the mall, previously a one-stop centre selling genuine IT products and electronic gadgets, to a Jakel Department Store (Figure 5 and Table 1).

6 Slower retail sales The retail sector has started to see slower retail sales as various government subsidy rationalisation measures took a toll on consumer spending. Generally retailers experienced a slowdown in sales despite the expected seasonal increase in sales during festive season, year-end sales and school holidays but selected food and beverage outlets performed relatively well. More challenges for coming months The recent announcement on the increase of electricity tariffs was another blow to shopping mall operators after the announcement of the GST and the proposed hike in property tax by City Hall. Meanwhile, consumers are still upset from the previous increase on petrol prices and rationalization on sugar prices resulting in a higher cost of living. According to the Malaysian Shopping Mall Association and Highrise Complex Management, the increase will affect the operating costs of shopping malls and this will have to be passed down to consumers. On retail sales growth, Retail Group Malaysia (RGM) had revised downward its growth estimate from 6.4% to 6.2% for 213. With all the potential challenges from recent government announcements, the growth for 214 is projected to be slower at 6%. Moving forward, it is expected that 214 will be a challenging year for both retailers and consumers in view of the rising cost of living and lower purchasing power of Malaysian households. Figure Retail new supply (NLA) in Kuala Lumpur, sq ft (million) Table Completed Supply New Supply Selected upcoming retail malls in Klang Valley Name of Development IOI City Mall, Putrajaya Nu Sentral, KL Sentral Atria Shopping Mall, Petaling Jaya Sunway Velocity, Kuala Lumpur Quill City Mall, Kuala Lumpur Central Plaza@i-City, Shah Alam Est area (NLA, sq ft) 1,3, 68, 45, 8, 77, 1,5, Est year of completion

7 Office Substantial new supply in Q4 The market will continue to be overshadowed by high pipeline supply. There were three new completions during the quarter which added about 1.1 million sq ft of Grade A office space to the existing stock. The new offices were 1 Sentrum in KL Sentral (45, sq ft), D Glomac Damansara Block D in Damansara (255, sq ft) as well as the Menara The Greens (414, sq ft) in Taman Tun Dr. Ismail (TTDI). With the new additions, total office stock in Kuala Lumpur increased marginally by 1.8% q-o-q from 68.3 million sq ft in Q3 to 69.5 million sq ft in Q4. Nevertheless, the cumulative supply for the year 213, at 2.4 million sq ft, is 15% lower than 212 s supply of 2.8 million sq ft. Figure 6 Office development pipeline, sq ft (million) Figure 7 Prime office rental index (Q1 211=1) 12 1 A massive 12.2 million sq ft of office space is expected to be completed between 214 and 216. In 214, a significant 4.5 million sq ft will be completed, 8 6 while another 5. million sq ft and 2.7 million sq ft will be completed respectively in the following years 4 Q4 5 Q4 6 Q4 7 Q4 8 Q4 9 Q4 1 Q4 11 Q4 12 Q4 13 Q4 14 Q4 15 (Figure 6). Rental and capital values were unchanged Average prime office rents remained stable in 213 at RM6.13 per sq ft per month, with top-tier office rents also holding firm at RM7.76 per sq ft per month since Q4 212 (Figure 7). Similarly, the average capital value has stood at RM838 per sq ft since Q Among the office transactions noted in 213 were V Square at RM856 per sq ft and Plaza 33 (Tower A) at RM786 per sq ft. The occupancy rate also remained unchanged at 85% for the whole year of 213. Despite a significant increase in the cumulative net absorption to 2.5 million sq ft in 213 from 1.2 million sq ft in 212, the increase in net absorption was offset by the sizable additional supply (Figure 8). Risks going forward The increasing competition for office tenants has Figure 8 Office net absorption, sq ft (million) and vacancy rate Q4 11 Q1 12 Q2 12 Q3 12 Q Net absorption (LHS) 18% 16% 14% 12% 1% Vacancy rate (RHS) Q1 13 Q2 13 Q3 13 Q4 13 not resulted in any significant impact on rental level. However, the pressure to secure higher occupancy at new buildings will continue especially if the funding rate rises. This pressure is not likely to abate in the short to medium term and as such the office market is forecasted to remain challenging in 214 and beyond.

8 This research report has been prepared by DTZ Research specially for distribution to Citibank Customers. GENERAL DISCLOSURE Disclaimer - DTZ Research This report should not be relied upon as a basis for entering into transactions without seeking specific, qualified, professional advice. Whilst facts have been rigorously checked, DTZ can take no responsibility for any damage or loss suffered as a result of any inadvertent inaccuracy within this report. Information contained herein should not, in whole or part, be published, reproduced or referred to without prior approval. Any such reproduction should be credited to DTZ. DTZ January 214 Disclaimer - Citibank The market data and information herein contained ( Information ) is the product or service of a third party not affiliated to Citibank NA, Citigroup Inc, Citibank Bhd or Its Affiliates. None of the Information represent the opinion of, counsel from, recommendation or endorsement by Citibank NA, Citigroup Inc, Citibank Bhd or Its Affiliates, Officers, Employees or Agents. You may not use the Information for any unlawful purpose or any purpose not expressly permitted hereby. Reproduction of the Information in any form is prohibited. Information in this document has been prepared without taking account of the objectives, financial situation, or needs of any particular property investor. This document is for general information purposes only and is not intended as a recommendation or an offer or solicitation for the purchase or sale of any property. NO WARRANTY The Information is provided as is, without warranty of any kind, it has not been independently verified by Citibank NA, Citigroup Inc, Citibank Bhd or Its Affiliates, Officers, Employees or Agents and use of the Information is at your sole risk. Citibank NA, Citigroup Inc, Citibank Bhd or Its Affiliates, Officers, Employees or Agents shall not be liable and expressly disclaim liability for any error or omission in the content of the Information, or for any actions taken by you or any third party, in reliance thereon. The Information is not guaranteed to be error-free, or to be relied upon for investment purposes, and Citibank NA, Citigroup Inc, Citibank Bhd or Its Affiliates, Officers, Employees or Agents make no representation or warranty as to the accuracy, truth, adequacy, timeliness or completeness, fitness for purpose, title, non infringement of third party rights or continued availability of the Information. LIMITATION OF LIABILITY IN NO EVENT SHALL CITIBANK NA, CITIGROUP INC, CITIBANK BHD OR ITS AFFILIATES, OFFICERS, EMPLOYEES OR AGENTS, BE LIABLE FOR ANY LOSS OR DAMAGE OF ANY KIND WHATSOEVER (INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL OR INDIRECT DAMAGES, OR DAMAGES FOR LOSS OF PROFITS, BUSINESS INTERRUPTION, AND ANY AND ALL FORMS OF LOSS OR DAMAGE, REGARDLESS OF THE FORM OF ACTION OR THE BASIS OF THE CLAIM, WHETHER OR NOT FORESEEABLE ) ARISING OUT OF THE USE OF THE INFORMATION (PROVIDED IN ANY MEDIUM), EVEN IF ANY OF CITIBANK NA, CITIGROUP INC, CITIBANK BHD OR ITS AFFILIATES, OFFICERS, EMPLOYEES OR AGENTS, HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSS OR DAMAGE. COUNTRY SPECIFIC MALAYSIA 214 CITIBANK CITIBANK IS A REGISTERED SERVICE MARK OF CITIGROUP INC. CITIBANK BERHAD. CO REG. NO M

9 Citigold PROPERTY INSIGHTS Singapore Quarter 4, 213 Residential prices continue to soften while office rents are expected to rise Market Overview The Singapore economy expanded by 4.4% year-on-year (y-o-y) in Q4, bringing full-year growth to 3.7%, an improvement over 212 s growth of 1.3%. While domestic cost pressures remain due to the tight labour market, economic restructuring efforts and higher costs, the Ministry of Trade and Industry (MTI) expects the Singapore economy to grow by 2-4% in 214 as the global economic environment improves. The residential sector began 213 with a set of cooling measures but it was the permanent and structural TDSR framework that led to a significant reduction in transaction volume and slower price growth. Downward pressure on resale prices is expected to continue going forward, amidst a weak transaction volume and competition from projected completions in 214. However, a major price correction is not expected given that the drivers for the residential market remain relatively healthy, but buyers will become more selective. Real estate investment activity fell by about 73% quarter-on-quarter (q-o-q) in Q4, but reached $28.5bn for the whole of 213, similar to 212 s volume. The mixed-use sector was the most invested sector in 213, accounting for about 24% of activity. Foreign investments increased nearly 3% y-o-y, Figure 1 Office Rental Indices Q1 211 = Q4 5 Q4 6 Q4 7 Q4 8 Q4 9 Q4 1 Q4 11 Q4 12 Q4 13 Q4 14 Q4 15 Raffles Place Shenton Way / Robinson Rd/Cecil St driven largely by Asian investors. Activity in 214 could moderate despite a more positive outlook for the office sector, as deals could take longer to complete. Despite a slow start, the office market ended 213 on a positive note with high occupancy rates supporting an increase in rents across the different areas. Rents in the Central Business District (CBD) are projected to continue to increase as the supply of good quality office space remains tight (Figure 1). Average rental values of prime retail space in all regions registered flat q-o-q growth in Q4 but declined as a whole in 213. The price growth of resale strata retail units was approximately four

10 times slower in H2 as compared to H1 after transaction volume dropped due to the implementation of the Total Debt Servicing Ratio (TDSR) framework in June 213. Trends & Updates Economic Overview Overall growth in 213 in line with forecast According to advance estimates by MTI, the Singapore economy expanded 4.4% y-o-y in Q4, slower than the 5.9% growth recorded in Q3. On a q-o-q basis, the economy contracted by 2.7%, largely due to a slowdown in the manufacturing and construction industries. Nevertheless, total growth for 213 was estimated to be 3.7%, in line with the MTI s forecast of 3.5-4% for the year (Figure 2). The q-o-q fall in the manufacturing industries was attributed to a sharp contraction in biomedical manufacturing output and slower growth in transport engineering output. The Purchasing Manager s Index (PMI) recorded expansionary readings in October and November, but fell in December to 47.9 (Figure 3). A reading below 5 indicates that the manufacturing economy is generally declining. This was due to slower growth in new orders and export orders, as well as a decline in production output and stockholdings. Moderate growth in 214 Going forward, improving global economic conditions, especially in the advanced nations, are expected to support a moderate up-turn in the Singapore economy. Against this backdrop, MTI expects the Singapore economy to grow by 2-4% in 214. Core inflation could pick up due to domestic pressure Inflation continued on an upward trend as the Consumer Price Index (CPI) rose 2.6% y-o-y in November 213, following a 2.% and 1.6% increase H undreds Figure 2 GDP growth rates 2% 1% -1% Q4 11 Source : MTI Figure 3 Q1 12 Q2 12 Q3 12 GDP growth (y-o-y) Singapore PMI and NODX Q4 12 Source : SIPMM, IE Singapore, DTZ Research *NODX figures for December 13 are not available. Figure 4 Q1 13 Q2 13 Q3 13 GDP growth (q-o-q) Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 *Dec-13 PMI (LHS) NODX growth (y-o-y) (RHS) Inflation, interest rate and unemployment rate 6% 5% 4% 3% 2% 1% % Q4 11 Q1 12 Q2 12 Q3 12 CPI change (y-o-y) Overall unemployment rate Q4 12 Q1 13 Q month SIBOR Source : MTI, MAS, MOM, DTZ Research *CPI figures for Q4 13 are based on October and November. Unemployment figures for Q4 13 are not available. Q3 13 Q4 12 4% 2% % -2% -4% *Q4 13

11 respectively in October and September (Figure 4). According to the Monetary Authority of Singapore (MAS), core inflation (excluding accommodation and private transport costs) inched up in November to 2.1%, compared to 1.8% in October. Looking ahead, even though imported inflation is expected to remain subdued due to spare production capacity in advanced economies and ample supply buffers in the commodity markets, the MAS expects core inflation to continue to rise in the next few quarters, as the pass-through to consumer prices from rising business and labour costs could increase. Core inflation is projected to average % in 213 and 2-3% in 214. US Fed begins tapering bond purchases On December 18, the US Federal Reserve announced it will taper its quantitative easing programme amid an improving jobs picture and other positive signs in the U.S. The Fed will reduce its purchases of Treasury and mortgage-backed securities by USD1bn a month beginning January. While the near-term impact is not likely to be significant, the tapering of bond purchases by the US Fed could see investors seeking higher returns from their property investments in Singapore. Investors could also divert their funds to other countries where they can get a higher return. Residential New low for transactions in secondary market The residential sector began 213 with a set of cooling measures but it was the permanent and structural Total Debt Servicing Ratio (TDSR) framework implemented in June 213 that led to a significant reduction in transaction volume and slower price growth. Based on a basket of existing properties tracked by DTZ Research, resale prices fell q-o-q in Q4 after a stronger growth in H1, as secondary home sales plummeted by more than half from 15,678 units in 212 to about 7,6 units in 213 (Figure 5). This was also a new low for secondary sale transactions since 24 when 6,476 units were sold. Both non-landed and landed price growth slowed Resale prices of luxury condominiums declined q-o-q and y-o-y by 2.% in Q4 213 after remaining unchanged for four consecutive quarters since Q3 212 (Figure 6). Similarly, resale prices of freehold condominiums in the prime districts of 9, 1 and 11 fell 1.5% q-o-q and.5% y-o-y in Q4. Meanwhile, resale prices of leasehold condominiums in the suburban areas declined 1.1% q-o-q in Q4, but still increased. Figure 5 Primary and secondary home sales (excluding executive condominiums), units 5, 4, 3, 2, 1, Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb 13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 *Dec-13 Primary sales Secondary sales Units launched Source: URA REALIS, 3 January, DTZ Research *URA s data on developer s sales and launches for December 213 was not available yet at the time of publication. 1.1% on a y-o-y basis in 213, largely supported by the 2.2% growth in H1. Within the landed segment, price growth was slower in 213 compared to 212 as transactions were also affected by the TDSR framework. 1,17 landed homes were transacted in the secondary market in 213, fewer than half of the 2,639 secondary sale transactions of landed homes in 212. The fall was even more significant in H2 213, with a drop of about 7% compared to the same period in 212. Resale prices of freehold landed homes in the prime districts of 9, 1 and 11 and the suburban areas

12 were flat in Q4, bringing the price growth for the whole of 213 to 3.1% and 3.2% respectively, significantly lower than the 7.3% and 9.3% growth respectively in 212. Meanwhile, resale prices of leasehold terrace homes fell 5.% q-o-q in Q4, but registered a marginal y-o-y increase of.8% for the whole of 213, aided by a 5.% growth in H1. Prices could continue to soften Downward pressure on resale prices is expected to continue going forward, amidst a weak transaction volume and competition from the estimated 2, Figure 6 Resale non-landed residential price indices (Q1 211=1) Q4 1 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Luxury Prime freehold Suburban leasehold units that will be completed in 214. However, a major price correction is not expected given that the drivers for the residential market, such as improving economic sentiment and low interest rates, remain relatively healthy. In addition, strong sales at recent launches indicate that there is still liquidity in the market, although purchase demand going forward is likely to be more project-specific as buyers become more selective. Iconic projects or projects with are better-located will continue to enjoy comparatively healthy demand. Investment 213 real estate investments similar to 212 s volume Real estate investment activity fell by about 73% q-o-q to $3.6bn in Q4, but reached $28.5bn for the whole of 213, similar to the $28.7bn in 212 (Figure 7). The q-o-q fall in Q4 could be attributed to a more than 8% plunge in the sale of government land sites and was also amplified by the listing of three major REITs in Q3. Investment sales comprise transactions that are $5m and above and exclude $616m of transactions in single residential units and lots that cannot be redeveloped/subdivided into more than one plot. of 213, however, office investments accounted for only about 17.5%, or $5.bn, of activity and were about 9% lower than the $5.5bn in 212. For the whole of 213, mixed-used 1 investments accounted for the largest share, or about 24.3% of activity. Investments in mixed-use properties more than doubled y-o-y from $2.8bn in 212 to $6.9bn in 213, similar to the peak in 27. In contrast, residential investments declined 37% y-o-y to $6.4bn in 213, due to tepid activity for collective sales and fewer transactions for Government Land Sales (GLS) sites. The office sector was the most invested sector in Q4, accounting for $1.2bn, or 33.3%, of activity, largely due to the sale of TripleOne Somerset for $97.m at the end of the quarter. Sales of strata-titled offices, mainly at Springleaf Tower, made up the rest of office investments in Q4. For the whole 1 A mixed-used development is defined as one where the dominant use is less than 75% of the total floor area.

13 Increase in foreign investments in 213 Even though domestic investors continued to dominate the bulk of activity, foreign investments increased more than 3% y-o-y in 213 to $4.1bn, with the majority coming from within the Asian region (Figure 8). Chinese investors were particularly active, investing a total of $2.9bn in Singapore properties, almost triple the $1.bn they invested in 212. Bright Ruby Resources acquired Grand Park Orchard for $1.2bn in the largest non-reit and non-gls deal in 213 while other Chinese developers were active in GLS tenders for private residential and executive condominium sites. Japanese developers also contributed to the increase in foreign investments in 213. In Q4, Japan-based Daisho Group acquired The Westin Singapore hotel for $468.m, or an estimated $1.5m per key, which was a new record price. Besides the acquisition by Daisho Group, Japanese developer Sekisui House was also active in GLS tenders, acquiring its fifth GLS private residential site since 21 at Fernvale Close as part of the joint-venture with Far East Organization and Frasers Centrepoint Ltd. Figure 7 Investment sales, SGD bn Figure 8 Q1 Q2 Q3 Q4 Investment sales, SGD bn investor profile % Domestic Foreign Foreign % over total 5% 4% 3% 2% 1% Real estate investment activity to moderate in 214 Looking ahead, real estate investment activity in 214 is expected to moderate despite a more positive outlook for the office sector with the expected uptick in office rents. Transactions would be limited by the amount of stock available for sale and a gap in pricing expectations between sellers and buyers, while the tapering of bond purchases by the US Federal Reserve could see investors seeking higher returns from their property investments in Singapore even though the near-term impact is not likely to be significant. Property deals could take longer to be completed or investors could divert their investments to other countries where they can get a higher return. Residential investments are also likely to fall further given that collective sales continue to be difficult and there are fewer residential sites on the H1 214 GLS programme.

14 Retail Retail rents fell while price growth slowed Average rental values of prime retail space in all regions registered flat q-o-q growth in Q4 but declined as a whole in 213 (Figure 9). Average rents in other city areas fell the most y-o-y in 213 by.9%, whereas rents in Orchard/Scotts Road and suburban areas fell by a smaller.3% and.2% respectively. In contrast to falling retail rents, the average capital value of prime resale retail units in Orchard/Scotts Road, other city areas and suburban areas continued to rise.9%,.5% and 1.% q-o-q respectively in Q4. However, on an annual basis, average resale capital value growth in Orchard/Scotts Road and other city areas in 213 were similar to the growth of around 11-12% in 212 while suburban areas registered a higher y-o-y growth of 13.4% in 213 compared to a growth rate of 9.6% in 212. The price growth of resale retail units was four times faster in H1 as compared to H2. This could be due to the implementation of cooling measures in the residential and industrial sectors in January 213, which drove buyer interest into the retail sector hence pushing up prices. Subsequently, price growth slowed down in H2 after the implementation of the TDSR framework and there was a significant reduction in transaction volume of strata retail units by approximately 43% to 352 in H2 from 622 in H1. Influx of new brands in prime Orchard retail belt The prime Orchard Road retail belt remains an attractive location for international retailers to debut in Singapore. This was evident in Q4 as some new-to-market brands launched their inaugural presence in Orchard Road. Bulk of pipeline supply in 214 Going forward, an estimated 5.7 million sq ft (NLA) Figure 9 Average prime first-storey retail gross rental index in Orchard/Scotts Road (Q1 211=1) Q4 5 Q4 6 Figure 1 Q4 7 Q4 8 Q4 9 Q4 1 Q4 11 Q4 12 Q4 13 Retail development pipeline including projects on awarded GLS sites, sq ft (million) Q Orchard/Scotts Rd Other city areas Suburban areas is expected to be completed in the next five years (Figure 1). The bulk of the pipeline supply will be completed in 214 and largely located in the suburban areas. The large pipeline supply in the suburban areas could exert some downward pressure on rental values in these areas, but this would be mitigated by the demand from the local residential catchment area. Meanwhile, the tight supply in Orchard/Scotts Road (8.6%) will continue to support average rents in the area. Q4 15

15 Offices Demand from non-traditional sources For the whole of 213, primary demand has stemmed from non-traditional sources such as the professional services, social media, information and technology (IT), energy and fast-moving consumer goods (FMCG) sectors. Being more moderate in their office space requirements (compared to financial institutions), demand moved slowly, but at a steady pace. The pace of leasing activity was faster in the second half of the year as the local economy picked up. Figure 11 Office Rental Indices Q1 211 = Q4 5 Q4 6 Q4 7 Q4 8 Raffles Place Q4 9 Q4 1 Q4 11 Q4 12 Q4 13 Q4 14 Q4 15 Shenton Way / Robinson Rd/Cecil St Increase in shadow space Take-up of office space was highest in Q4 at slightly over.5 million sq ft, bringing total net absorption for 213 to around 1.4 million sq ft. This was close to 212 s net absorption of 1.6 million sq ft. However, this includes a fairly large amount of 244, sq ft of shadow space, due largely to occupiers relocating and pre-terminating their leases as well as some firms putting up their excess space for sublease. Uptrend in CBD rents as occupancy remains tight Nevertheless, with occupancy rates remaining high in most areas, rents continued to trend upwards, especially in the CBD, where the supply of good quality office space remains tight. In Marina Bay, average gross rents held firm at $11. per sq ft per month in Q4. On a y-o-y basis, rents in Marina Bay have increased by 4.8% in 213. grew by 1.6% and 2.7% q-o-q respectively to $9.55 and $7.7 per sq ft per month. This brought rental growth for both areas to 3.% and 6.2% respectively for H2 (Figure 11). Occupiers willing to relocate to decentralised areas Outside the CBD in the decentralised areas, rents are starting to rise as well with high occupancy levels and better quality office spaces being built. An increasing number of office tenants are becoming open to re-locating. Some are also willing to move out of the central areas to newer buildings that are well-connected and are more cost-effective. Within Raffles Place and Shenton Way/Robinson Road/Cecil Street, occupancy rates have increased throughout 213 by 2.1 and 7. percentage-points respectively, ending at 95.8% and 98.2% in Q4. Correspondingly, as space filled up over 213, rents began to increase in Q3 after the office market showed signs of strengthening. In Q4, rents in Raffles Place and Shenton Way/Robinson Road/Cecil Street

16 Limited supply in the CBD will put pressure on rents In the next five years, another 8.9 million sq ft of office space is expected to be completed, with close to half or 4.1 million sq ft within the CBD (Figure 12). Notwithstanding, new supply within the CBD in the next two years will be limited with only one major completion in 214. Landlords will therefore still have the bargaining power in the near-term. Barring any unforeseen economic shocks, rents in the CBD are thus projected to increase by close to 1% over the next two years. Figure 12 Office development pipeline including projects on awarded GLS sites, sq ft (million) CBD CBD Fringe Decentralised Areas Termination

17 This research report has been prepared by DTZ Research specially for distribution to Citibank Customers. GENERAL DISCLOSURE Disclaimer - DTZ Research This report should not be relied upon as a basis for entering into transactions without seeking specific, qualified, professional advice. Whilst facts have been rigorously checked, DTZ can take no responsibility for any damage or loss suffered as a result of any inadvertent inaccuracy within this report. Information contained herein should not, in whole or part, be published, reproduced or referred to without prior approval. Any such reproduction should be credited to DTZ. DTZ January 214 Disclaimer - Citibank The market data and information herein contained ( Information ) is the product or service of a third party not affiliated to Citibank NA, Citigroup Inc, Citibank Bhd or Its Affiliates. None of the Information represent the opinion of, counsel from, recommendation or endorsement by Citibank NA, Citigroup Inc, Citibank Bhd or Its Affiliates, Officers, Employees or Agents. You may not use the Information for any unlawful purpose or any purpose not expressly permitted hereby. Reproduction of the Information in any form is prohibited. Information in this document has been prepared without taking account of the objectives, financial situation, or needs of any particular property investor. This document is for general information purposes only and is not intended as a recommendation or an offer or solicitation for the purchase or sale of any property. NO WARRANTY The Information is provided as is, without warranty of any kind, it has not been independently verified by Citibank NA, Citigroup Inc, Citibank Bhd or Its Affiliates, Officers, Employees or Agents and use of the Information is at your sole risk. Citibank NA, Citigroup Inc, Citibank Bhd or Its Affiliates, Officers, Employees or Agents shall not be liable and expressly disclaim liability for any error or omission in the content of the Information, or for any actions taken by you or any third party, in reliance thereon. The Information is not guaranteed to be error-free, or to be relied upon for investment purposes, and Citibank NA, Citigroup Inc, Citibank Bhd or Its Affiliates, Officers, Employees or Agents make no representation or warranty as to the accuracy, truth, adequacy, timeliness or completeness, fitness for purpose, title, non infringement of third party rights or continued availability of the Information. LIMITATION OF LIABILITY IN NO EVENT SHALL CITIBANK NA, CITIGROUP INC, CITIBANK BHD OR ITS AFFILIATES, OFFICERS, EMPLOYEES OR AGENTS, BE LIABLE FOR ANY LOSS OR DAMAGE OF ANY KIND WHATSOEVER (INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL OR INDIRECT DAMAGES, OR DAMAGES FOR LOSS OF PROFITS, BUSINESS INTERRUPTION, AND ANY AND ALL FORMS OF LOSS OR DAMAGE, REGARDLESS OF THE FORM OF ACTION OR THE BASIS OF THE CLAIM, WHETHER OR NOT FORESEEABLE ) ARISING OUT OF THE USE OF THE INFORMATION (PROVIDED IN ANY MEDIUM), EVEN IF ANY OF CITIBANK NA, CITIGROUP INC, CITIBANK BHD OR ITS AFFILIATES, OFFICERS, EMPLOYEES OR AGENTS, HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSS OR DAMAGE. COUNTRY SPECIFIC MALAYSIA 214 CITIBANK CITIBANK IS A REGISTERED SERVICE MARK OF CITIGROUP INC. CITIBANK BERHAD. CO REG. NO M

18 PROPERTY INSIGHTS Hong Kong Quarter 4, 213 Citigold Investors active amid improved market sentiment Market Overview This quarter, about 891,1 sq ft of new office space was completed, bringing total grade A office stock to reach 78,994,24 sq ft. Demand was mainly supported by the technology, media and telecommunications (TMT) and retail sectors. The overall rent decreased by 1.8% quarter-on-quarter (q-o-q) to be recorded at HK$59.7 (US$7.65) per sq ft per month due to rising vacancy and the persisting cautiousness of business sentiment. Tier 1 high street shops in prime retail districts remain popular amongst global brand names and jewellery retailers. Performance is divided amongst tier 2 and 3 street shops as there is strong expectation gap between landlords and tenants, which largely turn on the issue of the degree to which soaring rents from tier 1 high street shops diffuse to tier 2 and 3 premises. The volume of primary residential sales jumped this quarter as developers drove sales by offering incentives and rebates to prospective buyers. The emergence of competition between primary and secondary market led to drop in the overall residential price index by 2.6% q-o-q and 2.% year-on-year (y-o-y). Figure 1 DTZ ofice rental index (25-218F) Q1 26 = F 217F 216F 215F 214F Central/ Admiralty Wanchai/ Causeway Bay Island East Tsimshatsui Total number of deals exceeding HK$1mn remained at 3 this quarter but total consideration increased by 97.9% q-o-q to reach HK$15.38bn (US$1.97bn). The luxury residential sector rebounded significantly this quarter and hotel and site transactions continued to soar as investors see the opportunities arise from continued strong growth in tourist visitorship.

19 Trends & Updates Economic Overview Real GDP annual growth rate reached 2.9% in Q3 213, lower than the 3.2% annual growth recorded in Q2 213 (Table 1). Growth was supported by the financing and insurance sector and the information and communications sector, which saw net output increase by 7.1% and 4.4%, respectively, in real terms in Q However, the growth was offset by sluggish conditions in the wholesale and retail trade sector as uncertain conditions persist in the local and global economy. The value of total exports showed a y-o-y increase of 5.8% to reach HK$325.5bn in November 213 (Table 1). The increase in total exports to Asia was particularly significant. Both Vietnam (+2.5% y-o-y) and Korea (+17.9% y-o-y) recorded double-digit growth. Inflation slowed slightly in Q4. The overall composite CPI in November increased 4.3% y-o-y, lower than the 4.5% growth rate in August (Table 1). Table 1 Economic indicators Indicator Period Unit Value Change y-o-y (%) GDP at constant prices* Total exports Private consumption expenditure Unemployment rate (seasonally adjusted) Visitor arrivals Composite CPI Total retail sales value *in chained (211) dollars Q3 213 Nov 213 Q3 213 Sep 213 Nov 213 Nov 213 HK$bn HK$bn HK$bn % Million pts +8.6 Nov Nov 213 HK$bn Source : Census and Statistics Department, HKSAR, Hong Kong Tourism Board The seasonally adjusted unemployment rate stayed at 3.3% in September November 213, reflecting the economy is at its full employment level. The unemployment rate is expected to remain low during the Christmas and New Year period (Table 1). Domestic private consumption expenditure rose by 5.6% y-o-y in Q3, accelerating from the 4.2% y-o-y growth in Q2 (Table 1). Total visitor arrivals in November climbed 8.6% y-o-y to reach 4,579,681. Mainland tourists continued to be the major driver in visitor arrivals, accounting for 73.1% of the total figure. Meanwhile, total retail sales in November 213 reached HK$39.67bn (US$5.78bn), an increase of 8.5% y-o-y (Table 1).

20 Residential The number of primary sales jumped this quarter as developers resumed sales by offering incentives and rebates to prospective buyers. As a result, sales of primary projects rebounded, increased from 135 S&Ps in June to 773 in October, and further to 1,151 in November. Developers incentives have obviously played an important role in boosting the buying sentiment and reducing the transaction cost amongst prospective buyers. Property owners who are in a strong financial position generally have no incentive to offer generous discounts. Strong holding power is also supported by the fact that the US Federal Reserve announced that the current low interest rate environment would be sustained for a considerable length of time. On the other hand, those who had to sell their properties immediately could only do so by offering larger discounts. As a result, the number of secondary sales remained low. Total transaction volume of buildings and land in the fourth quarter reached 16,217, a decrease of 51.2% compared with Q The total number of S&P agreements was recorded as 72,65 in 213, which is even lower than 88,268 in 23, the year of the SARS outbreak (Figure 2). As a considerable proportion of buying interest shifted to the primary market, prices in the secondary market came under pressure. The overall residential price index dropped by 2.6% from the previous quarter and was down by 2.% from a year ago. Under the influence of the earlier imposed government curbs, lower priced homes have been impacted less. As such, the mass residential price index decreased slightly by 2.2% q-o-q, and registered an increase of.5% y-o-y. With respect to the case of high end residential properties, the situation was different. This sector witnessed a larger downward price adjustment than did the low-priced homes, with its price index decreasing by 3.2% q-o-q, and 5.2% y-o-y (Figure 3). Figure 2 Transaction volume of S&P Agreements (Q1 25 Q4 213) Number of S&P Agreements 5, 45, 4, 35, 3, 25, 2, 15, 1, 5, Source : Land Registry Figure 3 Residential price index (Jan 25 Dec 213) Jan 2 = Table 2 Mass residential Luxury residential Overall Primary residential market statistics TBU Mass Market Luxury Market Overall Total stock (no. of units) price index (Jan 2 = 1) q-o-q change (%) 1,32, , y-o-y change (%) ,117, , Rating and Valuation Departement HKSAR

21 As at 3 November, there are 22 residential projects with a total of 1,23 units awaiting pre-sale consent approval, according to Lands Department. It is expected that the sales of primary projects will remain robust over the short term and that this will continue to support the number of S&Ps for residential units during the first half of 214. If developers continue to be aggressive in clearing their existing stock by providing tax rebates and special incentives to prospective buyers, prices of second-hand residential property will continue to face downward pressure. Office With 891,1 sq ft of new office space completed the total grade A office stock reached 78,994,24 sq ft. Demand for office space in Q4 was mainly supported by the technology, media and telecommunications (TMT) and retail sectors in areas outside of the Sheung Wan/Central/Admiralty prime office precincts. Overall net absorption reached -27,127 sq ft, and overall rent decreased by 1.8% q-o-q to reach HK$59.7 (US$7.65) per sq ft per month. Net absorption stayed negative overall and overall rent has similarly declined for two consecutive quarters (Table 3 and Figure 4). In the Central Financial District (CFD) of Sheung Wan/ Central/ Admiralty, the pre-lease of newly-completed Exchange Square The Forum by Standard Chartered Bank raised net absorption within this submarket to 111,164 sq ft. However, as a consequence of the softening of demand which has resulted from cost cutting by finance sector occupiers, the availability ratio increased to 6.3% in Q4 213 and rents in the CFD declined further by 2.9% q-o-q to HK$1. (US$12.8) per sq ft per month (Table 3 and Figure 4). In Wanchai/ Causeway Bay, negative net absorption of -261,487 sq ft was recorded due to the demolition of Sunning Plaza, which also contributed the majority of overall negative net absorption this quarter. In Island East, the availability ratio increased for three consecutive quarters to reach 2.99%, but which is still the lowest among all sub-markets. This quarter, Table 3 Grade A office market statistics District Sheung Wan / Central / Admiralty Wanchai / Causeway Bay Island East Tsimshatsui Kowloon East Overall Figure 4 Total stock (million sq ft) Availability ratio (%) DTZ ofice rental index (25-218F) Q1 26 = Monthly Rent (HKD per sq ft) Change q-o-q (%) F 217F 216F 215F 214F Central/ Admiralty Wanchai/ Causeway Bay Island East Tsimshatsui Facebook leased around 1, sq ft in One Island East, which is one of the first major leasing transactions from the TMT sector in this submarket (Table 3).

22 In Kowloon East, the newly completed YHC Tower, Rykadan Capital Tower and 181 Hoi Bun Road added a total of 755, sq ft office space to the market and as a result the availability ratio jumped from 6.29% in Q3 to 11.53% in Q4 (Table 3). Looking ahead, the picture of the overall office market is mixed. While there is some downward pressure on rental in Central Financial District (CFD), the situation is more optimistic in Kowloon East. Leasing demand from TMT and retail sector occupiers is expected to remain strong. Meanwhile, as Mainland enterprises continue their expansion in the Hong Kong market, take-up is also expected to be strong from firms with PRC profile. Figure 5 Grade A office supply, net absorption and availability ratio (25-215F) GFA sq ft million F 215F New supply Net absorption Availability ratio %

23 Map 1 Office availability by location The Government of the Hong Kong SAR Map reproduced with permission of the Director of Lands

24 Retail The growth of total visitor arrivals narrowed down in November, grew by 8.6% y-o-y to reach 4,579,681. Mainland Chinese visitors accounted for 73.1% of total arrivals and continued to be the major driver of growth in the tourism industry. Total sales grew by 8.5% y-o-y in November 213 to reach HK$39.67bn (US$5.78bn) (Figure 6). With respect to visitors spending pattern, the volume of sales of jewellery, watches and clocks, and valuable gifts increased significantly by 13.3% y-o-y in November, followed by sales of commodities in department stores at 9.7% and sales of medicines and cosmetics at 8.%. Such spending pattern is to a certain extent directly motivated by purchases by the Mainland Chinese visitors. The sameday visitor arrival from Mainland China increased 2.1% y-o-y to reach 21,347,981 in the period between January and November. Supported by the purchase of mid range products near the border and in areas along the major railway routes, the New Territories retail rental index witnessed a q-o-q growth of 2.1% in Q4. On the other hand, both Hong Kong Island and Kowloon recorded rental decline in this quarter as rental growth began to drop from the peak (Table 4 and Figure 7). Leasing demand from multinational brands for tier 1 street shops remained strong and their rental level remained very stable. Take Tsimshatsui as an example, fashion brands and jewellery retailers continued to be the major demand drivers for tier 1 high street shops. Ports 1961 recently took up four floors (13,68 sq ft) at VIP Commercial Centre; Luk Fook Jewellery leased 2,428 sq ft in Star House. Tier 2 and 3 street shops performed differently as there exists a strong expectation gap between landlords and tenants with respect to whether or not strong rental growth can be expected to diffuse from tier 1 premise to tier 2 and 3 shop spaces. Pressure on rental growth is expected to take place for tier 2 and 3 street shops as vacancy in these locations begins to climb. Figure 6 Total retail sales (Jan 27 Nov 213) Value (HK$bn) Yearly growth (%) Source : Census and Statistics Department HKSAR Table 4 Retail market statistics Hong Kong Island Kowloon New Territories Rental Index (Q1 2 = 1) q-o-q change (%) Source : Rating and Valuation Department HKSAR, DTZ Research Figure 7 Retail rental index (Q1 26 Q4 213) Q1 2 = Jan May Sep 6 Q1 Q3 26 Jan May Q1 Q3 27 Sep Jan May Q1 Q3 28 Sep Q1 Q3 29 Q1 Q3 21 Q1 Q3 211 Q1 Q3 212 Hong Kong Island Kowloon New Territories Source : Rating and Valuation Department HKSAR, DTZ Research Jan May Retail Sales Value Sep Jan May Sep Jan May Sep Jan Retail Sales Growth May Sep y-o-y change (%) Q1 Q3 213 Looking ahead in 214, total visitor arrivals is expected to continue to follow its present rising trajectory and the sales performance during Christmas and Chinese New Year period is expected to be robust. As a result, growth in local retail sales should be sustainable. In the next 12 months, we expect to witness mild rental growth for first-tier street shops, while some downward pressure for the second and third tier street shops

25 This research report has been prepared by DTZ Research specially for distribution to Citibank Customers. GENERAL DISCLOSURE Disclaimer - DTZ Research This report should not be relied upon as a basis for entering into transactions without seeking specific, qualified, professional advice. Whilst facts have been rigorously checked, DTZ can take no responsibility for any damage or loss suffered as a result of any inadvertent inaccuracy within this report. Information contained herein should not, in whole or part, be published, reproduced or referred to without prior approval. Any such reproduction should be credited to DTZ. DTZ January 214 Disclaimer - Citibank The market data and information herein contained ( Information ) is the product or service of a third party not affiliated to Citibank NA, Citigroup Inc, Citibank Bhd or Its Affiliates. None of the Information represent the opinion of, counsel from, recommendation or endorsement by Citibank NA, Citigroup Inc, Citibank Bhd or Its Affiliates, Officers, Employees or Agents. You may not use the Information for any unlawful purpose or any purpose not expressly permitted hereby. Reproduction of the Information in any form is prohibited. Information in this document has been prepared without taking account of the objectives, financial situation, or needs of any particular property investor. This document is for general information purposes only and is not intended as a recommendation or an offer or solicitation for the purchase or sale of any property. NO WARRANTY The Information is provided as is, without warranty of any kind, it has not been independently verified by Citibank NA, Citigroup Inc, Citibank Bhd or Its Affiliates, Officers, Employees or Agents and use of the Information is at your sole risk. Citibank NA, Citigroup Inc, Citibank Bhd or Its Affiliates, Officers, Employees or Agents shall not be liable and expressly disclaim liability for any error or omission in the content of the Information, or for any actions taken by you or any third party, in reliance thereon. The Information is not guaranteed to be error-free, or to be relied upon for investment purposes, and Citibank NA, Citigroup Inc, Citibank Bhd or Its Affiliates, Officers, Employees or Agents make no representation or warranty as to the accuracy, truth, adequacy, timeliness or completeness, fitness for purpose, title, non infringement of third party rights or continued availability of the Information. LIMITATION OF LIABILITY IN NO EVENT SHALL CITIBANK NA, CITIGROUP INC, CITIBANK BHD OR ITS AFFILIATES, OFFICERS, EMPLOYEES OR AGENTS, BE LIABLE FOR ANY LOSS OR DAMAGE OF ANY KIND WHATSOEVER (INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL OR INDIRECT DAMAGES, OR DAMAGES FOR LOSS OF PROFITS, BUSINESS INTERRUPTION, AND ANY AND ALL FORMS OF LOSS OR DAMAGE, REGARDLESS OF THE FORM OF ACTION OR THE BASIS OF THE CLAIM, WHETHER OR NOT FORESEEABLE ) ARISING OUT OF THE USE OF THE INFORMATION (PROVIDED IN ANY MEDIUM), EVEN IF ANY OF CITIBANK NA, CITIGROUP INC, CITIBANK BHD OR ITS AFFILIATES, OFFICERS, EMPLOYEES OR AGENTS, HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSS OR DAMAGE. COUNTRY SPECIFIC MALAYSIA 214 CITIBANK CITIBANK IS A REGISTERED SERVICE MARK OF CITIGROUP INC. CITIBANK BERHAD. CO REG. NO M