ASEANA TRACKER Highlights The Aloft Kuala Lumpur Sentral Hotel ( Aloft ) commenced business on 22 March 2013. Sales at The RuMa Hotel and Residences was launched on 8 March 2013. The City International Hospital ( CIH ) in Ho Chi Minh City, was successfully completed at end of March 2013. The hospital is planned to commence business in June 2013. Nam Long Investment Corporation ( Nam Long ) was listed on the Ho Chi Minh Stock Exchange ( HOSE ) on 8 April 2013. As at 31 March 2013* NAV/Share : US$ 0.834 RNAV/Share : US$ 1.339 * calculated based on 212,025,000 voting share capital Key Facts Exchange : London Stock Exchange Main Market Symbol Lookup : ASPL : Reuters - ASPL.L Bloomberg - ASPL.LN Company Information Domicile : Jersey Issued Shares : 212,525,000 Shares Held in : 500,000 Treasury Voting Share : 212,025,000 Capital Share Denomination : US Dollars Management Fee : 2% of NAV Performance Fee : 20% of the out performance NAV over a total return hurdle rate of 10% Admission Date : 5 April 2007 Investor Reporting : Quarterly Fiscal Year End Financials : 31 December : Semi-annual review; annual audit For additional information please refer to www.aseanaproperties.com Registered Address 12 Castle Street St. Helier, Jersey JE2 3RT Channel Islands Property Portfolio Update It has been an eventful first quarter 2013 for Aseana. Aloft was opened for business on 22 March 2013. The newly completed 482-room hotel is situated in the Kuala Lumpur Sentral, Kuala Lumpur s urban transportation hub. During the period to 30 April 2013, an average occupancy rate of 42% was recorded based on available room stock of 254 rooms, with an average daily rate of RM292. On 8 March 2013, The RuMa Hotel and Residences ( The RuMa ) was launched for sale. The RuMa is a bespoke hotel and residences development located at the heart of Kuala Lumpur City Centre. The RuMa hotel suites are sold off-plan on a sale and lease-back basis for an initial 10 years with a guaranteed rental return of 6% for the first 5 years. The hotel suites will be managed by Urban Resort Concepts ( URC ), an internationally renowned operator behind the awardwinning The Puli Hotel and Spa in Shanghai. As at 30 April 2013, The RuMa has received commendable sales bookings and the Manager is working to convert the bookings into confirmed sales. The construction work of The RuMa is progressing well since its commencement in February 2013 and completion is targeted for end 2016. The sales performance of SENI Mont Kiara inched up marginally to 79% compared to 78% recorded in January 2013. The Manager continues to explore all opportunities to drive sales and address the issue of a lack of mortgage financing at SENI Mont Kiara. Aloft Kuala Lumpur Sentral Hotel Sales Update April 2013 Projects % Sales * Tiffani by i-zen 96% SENI Mont Kiara 79% KL Sentral Office Towers & Hotel 100% * Based on sales and purchase agreements signed. Please see Snapshot of Property Portfolio (Pages 3 and 4) for further information 1
Property Portfolio Update (cont d.) In Sabah, a historical territorial claim by a small group of armed dissidents has caused temporary cancellation of hotel bookings due to adverse travel advice issued by major foreign embassies. Although the armed incursion has since been comprehensively overcome by the n security forces, the business environment remains uncertain and this has adversely impacted the leasing of Harbour Mall Sandakan and the occupancy of Four Points by Sheraton Sandakan Hotel. The Harbour Mall Sandakan remained 42% tenanted as at end of April 2013 while the occupancy rate recorded for Four Points by Sheraton Sandakan Hotel fell to 26% with an average daily rate of RM197. CIH, the maiden project at the International Hi-Tech Healthcare Park, Ho Chi Minh City was completed in March 2013 and is now undergoing testing and commissioning by its operator, Parkway Pantai Limited. CIH is expected to commence operation in June 2013 upon issuance of all relevant authorities approvals. On 8 April 2013, Nam Long was listed on the HOSE at a price of VND27,000 (US$1.296) per share. At the time of listing, no new shares were issued and there was also no placement of existing Nam Long shares to new shareholders. Nam Long s share price dropped from VND 21,600 (US$ 1.037) per share on 8 April 2013 to VND 19,400 (US$ 0.931) on 16 May 2013 on the back of average daily volume of 130,957 shares. The Manager is monitoring the situation closely and providing advice to Nam Long s management to stabilise and improve the share price including an exclusive investor relations programme. Construction Update April 2013 Pilling works commenced in February 2013 with completion expected in September 2013. Phase 1: City International Hospital Construction was completed at end of March 2013. Currently undergoing testing and commissioning of all hospital facilities and is expected to complete by end of May 2013. Commencement of operation expected in June 2013. 2
Snapshot of Property Portfolio Tiffani by i-zen Luxury condominiums Expected GDV: US$124 million Project NAV as at 31/3/2013: US$9.20 million Project RNAV as at 31/3/2013: US$9.20 million 1 Construction completed in August 2009; 96% sold and target to achieve 100% sales by end 2015 1 Mont Kiara by i-zen Office tower, office suites and retail mall Expected GDV: US$166 million Project NAV as at 31/3/2013: US$4.95 million Project RNAV as at 31/3/2013: US$4.95 million 1 Construction completed in November 2010; 100% sold; Final payment of approximately US$0.8 million subject to issuance of strata titles expected by end Q2 2013 SENI Mont Kiara Luxury condominiums Expected GDV: US$490 million Project NAV as at 31/3/2013: US$75.87 million Project RNAV as at 31/3/2013: US$86.45 million 2 Construction completed in April 2011 (Phase 1) and October 2011 (Phase 2); 79% sold; Targeted sales: 95% by end of Q4 2013 Sandakan Harbour Square Sandakan, Sabah, Phases 1 & 2: Retail lots; Phase 3: Harbour Mall Sandakan; Phase 4: Four Points by Sheraton Sandakan hotel Expected GDV: US$170 million Project NAV as at 31/3/2013: US$20.04 million Project RNAV as at 31/3/2013: US$32.02 million 3 Retail lots: Construction completed and 100% sold; Harbour Mall Sandakan and Four Points by Sheraton Sandakan Hotel commenced operation in 2012; Planned sale in year 2015 Kuala Lumpur Sentral Office Towers and Hotel Two office towers and a boutique business hotel Expected GDV: US$256 million Effective Ownership: 40% Project NAV as at 31/3/2013: US$0.83 million Project RNAV as at 31/3/2013: US$6.67 million 2 100% sold; Construction completed in December 2012 Aloft Kuala Lumpur Sentral Hotel Business-class hotel Project NAV as at 31/3/2013: US$3.24 million Project RNAV as at 31/3/2013: US$45.06 million 3 Hotel managed by Starwood; Opened on 22 March 2013; Planned sale by end of year 2014 The RuMa Hotel & Residences Project (Formerly KLCC Kia Peng Project ) Luxury residences and boutique hotel Expected GDV: US$197 million Effective Ownership: 70% Project NAV as at 31/3/2013: US$11.12 million Project RNAV as at 31/3/2013: US$11.12 million 1 Construction work commenced in February 2013 and sales launched in March 2013; Off-plan sales for residences and hotel suites; Completion expected by Q4 2016 Seafront Resort and Residential Development Kota Kinabalu, Sabah, Resort homes, boutique resort hotel and resort villas Expected GDV: US$170 million Effective Ownership (Resort villas and hotel): 100% Effective Ownership (Resort homes): 80% Project NAV as at 31/3/2013: US$13.00 million Project RNAV as at 31/3/2013: US$17.01 million 3 The Board has decided to delay the commencement of this project and is looking to dispose of the land 3
Snapshot of Property Portfolio (cont d) International Hi-Tech Healthcare Park Binh Tan District, Ho Chi Minh City, Commercial and residential development with healthcare theme Expected GDV: US$670 million Effective Ownership: 66.4% Project NAV as at 31/3/2013: US$18.90 million Project RNAV as at 31/3/2013: US$51.75 million 3 Phase 1: CIH to be managed by Parkway Holdings Limited; Construction completed in March 2013 and business commencement expected in Q2 2013; Planned sale by year 2016; Other parcels of land to be developed or sold on as-is basis Equity Investment in Nam Long Investment Corporation Ho Chi Minh City, Private equity investment Effective Ownership: 16.4% Project NAV as at 31/3/2013: US$12.58 million 4 Project RNAV as at 31/3/2013: US$12.58 million 4 Listed on Ho Chi Minh Stock Exchange on 8 April 2013 Waterside Estates District 9, Ho Chi Minh City, Villas and high-rise apartments Expected GDV: US$100 million Effective Ownership: 55% Project NAV as at 31/3/2013: US$8.88 million Project RNAV as at 31/3/2013: US$8.88 million 1 Sales launch for Phase 1 (Villas) targeted for Q4 2013; Expected completion of construction in 2016 Tan Thuan Dong Project District 7, Ho Chi Minh City, High-rise apartments Expected GDV: US$91 million Effective Ownership: 80% Project NAV as at 31/3/2013: US$0.15 million Project RNAV as at 31/3/2013: US$0.15 million 1 Official termination approval received in March 2013; Final documentations underway to effect project termination Queen s Place District 4, Ho Chi Minh City, Residential, office suites and retail mall Expected GDV: US$115 million Effective Ownership: 65% Project NAV as at 31/3/2013: US$0.04million Project RNAV as at 31/3/2013: US$0.04 million 1 The Board is currently reviewing the project with a view of exiting due to administrative delays Notes 1 Projects carried at cost. 2 Market value based on the valuation prepared on discounted cash flows by international independent valuers as at 31 December 2012, which excludes any taxes; whether corporate, personal, real property or otherwise, that are payable. These Market values are further adjusted for assumed taxes by the Manager. 3 Market value based on residual/comparison/investment method of land /property value by international independent valuers. 4 Fair value determined with reference to prevailing factors as at 31 March 2013 including the economic conditions and market conditions of the Ho Chi Minh Stock Exchange. 5 All NAV and RNAV data are unaudited. Exchange rate - 31 March 2013: US$1:RM3.0931; US$1: VND20,942; 31 December 2012: US$1:RM3.0581; US$1:VND20,840 (Source: Bank Negara, State Bank of ) 4
Share Performance 0.5 Aseana Properties Limited (ASPL:LN) Price Chart 0.4 Share Price (US $) 0.3 0.2 0.1 0.0 Mar-12 52 weeks high of US$0.450 52 weeks low of US$0.365 Current as at 16/5/2013 of US$0.390 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 Volume (US $ millions) > 5 4 3 2 Aseana Properties Limited (ASPL:LN) Volume Chart 1 0 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 Note: Transaction volume > 5 million (i) 26 Sep 12: 5.4 million, (ii) 20 Feb 13: 13.9 million Valuation Methodology The Realisable Net Asset Value of the Company as at 31 March 2013 has been computed by the Company based on the Company s management accounts for the period ended 31 March 2013 and the Market Values of the property portfolio as at 31 March 2013 and 31 December 2012. The Market Value of the property portfolio is determined on a discounted cash flow basis, comparison method, residual method or investment method on land or properties values by an independent firm of valuers. The Market Values, exclude any taxes; whether corporate, personal, real property or otherwise, that are payable. The valuations by independent firm of valuers have been performed in accordance with the International Valuation Standards ( IVS ) or in accordance with the Royal Institution of Chartered Surveyor Guidelines ( RICS ). In arriving at the Realisable Net Asset Value of the Company, the Company has made assumptions on potential taxes deductible from Market Values, where applicable. These may include corporate income tax, real property gains tax or any transactional taxes, where applicable. Important Notice This document, and the material contained therein, is not intended as an offer or solicitation for the subscription, purchase or sale of securities in Aseana Properties Limited (the Company ). Any investment in the Company must be based solely on the Listing Prospectus of the Company or other offering document issued from time to time by the Company, in accordance with applicable laws. The material in this document is not intended to provide, and should not be relied on for accounting, legal or tax advice or investment recommendations. Potential investors are advised to independently review and/or obtain independent professional advice and draw their own conclusions regarding the economic benefit and risks of investment in the Company and legal, regulatory, credit, tax and accounting aspects in relation to their particular circumstances. No undertaking, representation, warranty or other assurance, express or implied, is given by or on behalf of either of the Company or Ireka Development Management Sdn. Bhd. or any of their respective directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in this document and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise. No warranty is given, in whole or in part, regarding the performance of the Company. There is no guarantee that investment objectives of the Company will be achieved. Potential investors should be aware that past performance may not necessarily be repeated in the future. The price of shares and the income from them may fluctuate upwards or downwards and cannot be guaranteed. This document is intended for the use of the addressee and recipient only and should not be relied upon by any persons and may not be reproduced, redistributed, passed on or published, in whole or in part, for any purposes, without the prior written consent of Aseana Properties Limited. Advisors & Service Providers Contact Information Development Manager Financial Advisor Ireka Development Management Sdn Bhd Murphy Richards Capital LLP Company Aseana Properties Limited Website www.aseanaproperties.com Development Manager Ireka Development Management Sdn Bhd Website www.ireka.com.my Office Lvl 18, Wisma Mont Kiara No. 1 Jalan Kiara Mont Kiara 50480 Kuala Lumpur Tel : +603 6411 6388 Corporate Broker Auditor Company Secretary N+1 Singer KPMG Audit Plc Capita Secretaries Limited Chief Executive Chief Financial Chief Investment Mr. Lai Voon Hon voonhon.lai@ireka.com.my Ms. Monica Lai monica.lai@ireka.com.my Mr. Chan Chee Kian cheekian.chan@ireka.com.my Office Unit 4 & 5, 10th Floor Vinamilk Tower 10 Tan Trao Street Tan Phu Ward, District 7 Ho Chi Minh City Tel : +848 5411 1233 5