Malaysia Project — Pavilion Group

Malaysia Project — Pavilion Group February 2019 Private & Confidential EFTA00807378 Notice and Disclaimer • This memorandum contains confidential information, and is only being made available on the basis that it will be held in complete confidence. By accepting this memorandum, the recipient agrees that it will: • not (except to its employees and advisers strictly on a need to basis) disclose any such confidential information to any other person; and • promptly return this memorandum, and any other written confidential information, together with all copies thereof, to us upon our request. • This memorandum may contain forward looking statements that relate to prospective investment opportunities and strategies. These have been compiled from sources believed to be reliable. Any estimates, projections, targets or forecasts contained herein involve elements of subjective judgment and analysis which cannot however be warranted, and may be subject to change following a formal due diligence exercise. • The recipient, in further pursuing the matters described herein, is advised to make their own independent investigations and verification of such information and any other related information that may be considered relevant or appropriate. EFTA00807379 Investment Opportunities A unique opportunity to invest in the real estate sector in Malaysia PAVILION The Markets Financing Requirement Pavilion Group is pleased to present to you an opportunity to invest in the promising real estate sector of Malaysia. Pavilion Group ("Pavilion") is a renowned Malaysian property developer in Malaysia and a portfolio encompassing successful large scale mixed-use real estate developments. • Malaysia boast of strong long-term economic fundamentals that pave the way for future positive real estate growth in key areas where the fund will have an exposure • Pavilion Group targets to raise USD 250M and provide an above-market Target IRR of [11%] to the investors over a period of 4 to 5 years. EFTA00807380 PAVILION GROUP Pavilion Group is a Malaysia-based property developer that focuses developing premium, large-scale retail and integrated mixed use developments in prime city center locations in Malaysia and China. INVESTMENT PAVILION RLIT ASSET MANAGEMENT PAVILION GROUP PROJECT LEASING MARKETING PLANNING DESIGN DEVELOPMENT MANAGEMENT EFTA00807381 PAVILION GROUP STRUCTURE Pavilion(51%)/QIA 1 Pavi Big Cl I T • Pavilion Banyan Hotel & Reside • Pavilion Ho • Pavilion S • Fahrenhei Tan Sri Desmond Lim 7 Pavilion Development Portfolio 1 Joint Ventures (RM1.4 b) M455m) (RM1.6 b) (RM550m) Pavilion(51%)/CPPIB Pavilion DamansamAtights • Pavilion DH Mall • 10 Office towers • 5 Residence Towers • 1 Hotel Pavilion (10%) with QIA/CPPIB Pavilion Dalian I Pavilion Dalian Mall 1 Public Listed Companies I Other, • Pavilion Hill • Pavilion Square I, • • Pavilion Ceylon • Pavilion Genting' (RM1.1 b) 11.3 b) (RM1.0 b) RI116.6 b) I • Crabtree & Evelyn (30%) [ Mallon Group (38%) Mkt cap RM 260m • Pavilion Bukit Jail • Duta Park • River Park • SK One Residences • Pavilion TTDI Pavilion REIT (37%) Mkt Cap RM4.8 h • Pavilion Kuala Lumpur • Pavilion Tower • Da men Mall • Intermark Mall • Elite Pavilion Mall WCT Berhad (19%) Mkt Cap RM1.1 h 4th largest construction company in Malaysia EFTA00807382 TRACK RECORD O The Pavilion Group is led by Tan Sri Desmond Lim. Tan Sri Desmond Lim has a distinguished track record as a successful entrepreneur. Tan Sri Desmond Lim was educated in both England and the United States of America, brings over 25 years' experience as a corporate leader and real estate developer. O Tan Sri Desmond Lim is the founder of Malton Group, a Main Board public listed company on the Bursa Malaysia. He leads and manages all Malton Group's activities in the urban development sector with major master planned communities and residential projects. O Tan Sri Desmond Lim also founded the Pavilion Group— a developer of mega integrated urban retail, commercial and residential development. O The flagship development is the USD1.5 billion Pavilion Kuala Lumpur, a major integrated urban retail, commercial and residential development in the heart of Golden Triangle of Kuala Lumpur which was completed in September 2007. O Pavilion Kuala Lumpur was floated as a REIT in Malaysia in November 2011. Pavilion REIT IPO was launched at RM0.88 per unit and is now trading at RM1.77 per unit — a 100% increase in capital value. rasa. r ' et,' — • r Fr . Pavilion Kuala Lumpur (Retail & Residences) Completion: 2007 Fahrentheit 88 (Retail & Office) Completion: 2010 Pavilion Banyan Tree Signatures (Hotel & Residences) Completion: 2016 Pavilion Hilltop (Residences) Completion: 2018 Pavilion Hotel (Hotel) Completion: 2018 Pavilion Suites (Retail & Residences) Completion: 2018 Pavilion Dalian (China) (Retail) Completion: 2015 EFTA00807383 PAVILION Financial Summary Equity: USD176.0 mil [51%] Total GDV: USD2,172.3 mil Total Returns: USD440.6 mil Project IRR: 13% Property positioning Upper Middle Market Mixed Development comprising:- 1) 5 blocks of Residential Tower (NLA: 2.9 million sq ft) 2) 10 blocks of Office Tower (NLA: 1.2 million sq ft) 3) Retail Mall (NLA of 1.1 million sq ft) DAMANSARA HEIGHTS KUALA LUMPUR Status Phase 1 - Construction on-going. Targeted completion by September 2021. Phase 2 — Construction just started. Targeted completion by March 2023. Project Description Name: Pavilion Damansara Heights GFA: 6.8 mil sf NFA: 4.9 mil sf Land size: 15.93 acres Plot Ratio: 10.0x Geographic Location Damansara Heights, Kuala Lumpur Strategically located within one of the most prime commercial locations and affluent neighborhoods which include Bangsar, Damansara Heights, Sri Hartamas, Mont Kiara, Kenny Hills and Taman Duta. USD 1 = RM4.063 as at 1412019 EFTA00807384 EFTA00807385 Financial Summary Equity: USD53.1 mil [26%] Total GDV: USD771.8 mil Total Returns: USD370.9 mil Project IRR: 17% Property positioning Upper Middle Market A 1.8 million sq ft super regional shopping mall. Targeted opening by June 2021. PAVILION Status Construction on-going. Targeted completion by December 2020. Project Description Name: Pavilion Bukit Jalil GFA: 3.3 mil sf NFA: 1.8 mil sf Land size: 28.2 acres Geographic Location Bukit lalil, Kuala Lumpur A suburb of Kuala Lumpur, Malaysia. Bukit Jalil Recreational Park and Bukit Jalil National Sport Complex are located to the east of the site. USD 1 = RM4.063 as at 14.2.2019 EFTA00807386 Commercial Development & 680 residential units The Park • 1,098 units (residential) • 44 retail shop units Signature Shops • 112 units (completed in June 2017) The Park 2 • 709 units (residential) Pavilion Bukit Jalil Mall • 1.8m sqft retail NLA National Reserved Park Not to be developed EFTA00807387 Financial Summary Equity: USD181.0 mil [100%] Total GDV: USD1,356.6 mil Total Returns: USD346.0 mil Project IRR: 16.6% Property positioning Upper Middle Market Mixed Development comprising:- 1) Tower A (72-Level Serviced Apartment) 2) Tower B (45-Level Serviced Apartments) 3) 4 levels of Retail Mall with NLA of 161,000 sq ft PAVILION 2 I Status Negotiation for land acquisition is on-going. Project Description Name: Pavilion 2 GFA: 2.9 mil sf NFA: 2.0 mil sf Land size: 3.56 acres Plot Ratio: 18.5x Geographic Location Jalan Raja Chulan, Kuala Lumpur Strategically located within the prime financial and commercial precinct of Kuala Lumpur known as the "Golden Triangle". USD 1 = RM4.063 as at 14.12019 EFTA00807388 BIG CITY by Pavilion Development STA_Y_CONNECTED WITHIN A COMPIEITIN INTEGRATED CLUSTER OF LANDMARK DEVELOPMENTS RIGHT IN THE HEART OF KUALA - _ Its PAVILION PAVILION BANYAN TREE A' e.# :::::: ••• PAVILION SQUARE PAVILION HOTEL EFTA00807389 AFFILIATES Maybank PAVILION DAMANSARA HEIGHTS KUALA LUMPUR D a r l a j a M i l l OCBC Bank ig CIMB BANK 1111- U0B SW " UOB A " Phase 1 - Syndicated Financing Facilities of RM1,099.9 million PAVILION BUKIT JAL I L gMaybank eOCBC Bank gCIMB BANK ij#U0B 'of Phase 2 - Syndicated Financing Syndicated Financing Facilities Facilities of RM750.0 million of RM1,117.5 million Contractors/Consultants T dopiciin ECONPILE HOLDINGS BERHAD KONZEPTE ,c1ARCADIS DR Y G TAN JURUTERA PERUNDING SDN BHD 4p GIEEN MOON BIGIEBING SIN In DLC ENGINEERS SON BHD cr-'----- JUBC SUN MID SSP (E&M) SDN BHD KL PAVILION DESIGN STUDIO • YONG DAN NIOHAMAD FAIZ SDN BHD S7CFA Li-Zainal Consulting Engineers EFTA00807390 FINANCIAL SUMMARY Project Pavilion Damansara Heights Pavilion Bukit Jalil Pavilion 2 Total GDV (in USD'm) 2,172.3 771.8 1,356.6 Total Projects Returns (in USD'm) 440.6 370.9 346.0 Total Projects Returns (in USD'm) - Based on Sponsor's equity stake 224.7 [51%] 96.4 [26%] 346.0 [100%] Total Equity Required (in USD'm) 176.0 53.1 181.0 Loan Tenure 4 years 4 years 5 years Loan Size (in USD'm) 100.0 50.0 100.0 IRR 11% 11% 11% Total Returns to Investor (in USD'm) 152.0 76.0 168.0 EFTA00807391 Thank You EFTA00807392