MAPLETREE INVESTMENTS. Investment Trends in Asian Real Estate: View from an Investor AmCham Singapore 20 Aug 2010

Transcription

1 MAPLETREE INVESTMENTS Investment Trends in Asian Real Estate: View from an Investor AmCham Singapore 20 Aug 2010

2 Focus: Asia

3 Asia leading engine for global recovery Asia with a population of 4 billion is host to 60% of the world population of 6.8 billion ~ CIA World Fact World growth is projected at 4.5% in 2010 and 4.25% in 2011 while Asia s GDP growth forecast has been revised upwards to 7.5% (from 7%) and 6.5% for 2010 and 2011 ~ IMF It is the first time that Asia s contribution to a global recovery outstripped that of other regions The pace and drivers of growth in Asia will continue to remain uneven across the region China strong rebound in exports and resilient domestic demand, inflation fears India robust corporate profits and favorable financing conditions fuel investment ASEAN, Singapore, HK, Korea and Taiwan surging exports and private domestic demand Japan stronger than expected exports, but anemic economy 3

4 Focus Growth and yield in Asia Emerging Countries GROWTH CHINA INDIA VIETNAM MALAYSIA INDONESIA Developed countries YIELD SINGAPORE HONG KONG JAPAN 4

5 A spectrum of real estate Opportunities in each of the asset classes LOGISTICS INDUSTRIAL OFFICE SERVICED RESIDENCES RESIDENCES RETAIL From angle of difficulties 5

6 Asian real estate - on bubble alert? Real estate bubble & bust recent peak at 2007 and subsequent downturn Current situation - real estate prices in Asia are rebounding quickly and in many markets have surpasses 2007/2008 peak The speedy rebound is due to: Mortgage rates are at historical lows as central banks have cut policy rates Reviving real estate loan growth and housing-related tax initiatives helped pull the markets out of the trough Increase in capital inflows Liquidity driven Bubble alert Speculative demand May pose financial stress on banks due to banks vulnerability to price correction Household balance sheets burden may increase as majority of mortgage loans are on floating rates Susceptible to macro environment and government policies 6

7 Real Estate Investment Themes in Asia

8 Real Estate Investment Themes in Asia Changing consumption patterns of the growing middle class Urbanisation and decentralisation trends ~ growth of second / third tier cities Asset-light business model and outsourcing trend A move to high value-added industries Globalisation and follow the client thesis 8

9 Changing consumption pattern of the growing middle class One of the main growth engines for Asia s speedy recovery: strong private domestic demands, led by the higher growth in developing countries. The improving economy results in high growth of disposable income / middle income group a change in consumption pattern & lifestyle the need for good quality housing, retail and office/business park spaces Opportunity: Capitalise on the demand for lifestyle destinations and affordable quality housing targeting at mid to high income class Work-life-play integrated platforms 9

10 Urbanisation & decentralisation trends growth of second/third tier cities Asian cities are increasingly getting urbanised Decentralisation trend across Asia is fuelled by rapid growth in Asia key cities resulting in a rocketing real estate prices in the central areas Spreading effect to CBD fringes Companies taking up fringe office spaces for better specifications and lower rentals Existing CBD areas cannot accommodate the increase in demand for space Singapore office rents in CBD = S$8-9 psf pm Vs Mapletree Business City at Alexandra Precinct = S$ 5.5 psf pm 10

11 Decentralization trends growth of second/third tier cities Shenyang Xi an Chengdu Beijing Tianjin Wuhan Chongqing Dalian Shanghai Guangzhou Shenzhen Opportunities in Tier 2 / Tier 3 cities Tier 2 / Tier 3 cities provide bigger upside potentials The Tier 2 and Tier 3 cities in China have not seen much correction in land or apartment prices and it is expected that the sales and construction activity holds up in most Tier 2 and Tier 3 cities, providing support to overall economy ~ Standard Chartered 03 Aug 2010 Residential prices in Shanghai (RMB K) Vs Mapletree s Future City in Xi an (RMB 7-8K) and Nanhai Business City in Nanhai (RMB 8-9K)

12 Asset-light business model and outsourcing trends Asset-light business model Businesses choosing to outsource their real estate functions to focus capital resources on their core activities Good opportunity for investment and build-to-suit properties for logistics, industrial, business park uses Another related trend is outsourcing: - Outsourcing is fuelled by lower cost, a pool of well educated personals and good language skills Evidenced in the boom of call centre industry in the Philippines and IT industries in India Opportunity: Real estate opportunities in India and the Philippines 12

13 A move to high value-added industries Increasing investments in high value-added industries, with emphasis on knowledge, innovation and technology instead of purely on cost and manufacturing Government incentives such as various tax benefits in China, India, Vietnam, Thailand, etc, help support proliferation of high-value added industries Opportunity demand for business parks in developed and emerging countries in Asia 13

14 Globalisation & follow the client thesis MNCs are expanding in Asia evidenced by capital inflows to Asia and increase in trading volume Asian companies are becoming MNCs To grow fast, they cannot be held back by owning real estate across the globe in their expansion plans Opportunity: Cross border and cross asset classes leasing activity Asset management solution: build-to-suit Real estate partner Logistics player in multiple locations with Mapletree Logistics Trust - NEC Logistics Japan & Hong Kong - Yusen Global Logistics Hong Kong & Singapore - Ceva Logistics, Toll, Menlo, IDS Singapore & Malaysia - Menlo Singapore, Malaysia & Hong Kong 14

15 MAPLETREE PRESENCE Changing consumption patterns of the middle class Mixed-used development in China and Vietnam Future City, Xi an, China Decentralisation trend Nanhai China District 7 project Ho Chi Minh City, Vietnam 15 Mapletree Business City, Singapore Mapletree Anson, Singapore Merril Lynch Harbourfront, Singapore

16 MAPLETREE PRESENCE Asset-light business model and outsourcing trends REITs platform Example of Mapletree Logistics Trust s sales and leaseback deals: - Menlo Alps property in Singapore with Menlo - Gyoda distribution centre in Japan with Itochu Corporation A move to high value-added industries Mapletree Business City, Ho Chi Minh City, Vietnam Mapletree Business City, Singapore CIMB HQ Kuala Lumpur, Malaysia 16

17 MAPLETREE PRESENCE Globalisation and follow the client thesis Mapletree being 1-stop solution for real estate needs Capital management: REITs and private funds in various asset classes and countries Asset management: build-to-suit (BTS), sales & leaseback (SLB), property services (marketing & leasing, development, and property management & maintenance) Example: MLog relationship with Menlo, one of the MLog s key customers, started in 2005 with SLB of a warehouse in Singapore ALPS, followed by additional SLB in Boon Lay Way and Benoi facilities in Singapore and warehousing leasing in Malaysia and Hongkong. MLog is now in discussions for a BTS project with Menlo in Beijing to support Menlo as their preferred real estate partner in the region. 17

18 MAPLETREE

19 Mapletree Strong and Unique Business Hands on real estate and capital management company US$9.7 bn real estate AUM Sizeable capital manager About Mapletree Investments US$3.5 bn FUM (4 private funds and 2 REITS) Pan Asian focus with strong local presence 476 professionals, 10 regional offices 5 main asset classes Offices, retail, residences, logistics, industrial Opportunistic risk adjusted model with focus on consistent returns Unique and Distinct Model Strong alignment via significant co-investment Robust balance sheet Strong governance HarbourFront retail and office precinct transformation achieved Value Add Track Record US$1.5 bn gain, a 100%+ return Logistics, an underserved asset class Shareholders funds: 21% CAGR; 8% 19

20 Mapletree overview Leading Asian real estate investment and capital management company headquartered in Singapore US$9.7 bn Total Real Estate Owned & Managed 2 Office Retail Residences Logistics Industrial Own (US$4,829 mn) US$2,753 US$1,653 US$40 US$261 US$122 Managed (US$4,779 mn) US$592 US$389 US$100 US$2,166 US1,531 Total (US$mn) US$3,345 US$2,042 US$140 US$2,427 US$1,653 US$3.5 bn Funds Under Management 3 Private Funds (US$2,083 mn) MIC (US$1,157 mn) CMREF 1 3 (US$121 mn) MIF (US$299 mn) MIT (US$506 mn) REIT (US$1,917 mn) 4 LMIRT 3 (US$645 mn) MLT (US$1,272 mn) Note: 1 USD-SGD FX 1.4; USD-RM FX Financial as of Mar 10 including Beijing Gateway and real estate related investments 20 3 Financial year ended Mar 10, Associates FUM for CMREF1 and LMIRT based on 40% ownership in manco 4 NAV as of Mar 10. MLT mkt cap (US$1,291 mn) and LMIRT mkt cap (US$370 mn) as at Jul 23, 2010

21 The Mapletree business matrix Platforms clearly defined for focus and to avoid conflicts S PORE CHINA INDIA VIETNAM JAPAN SE ASIA Office Retail MIPL MIC MIPL CMREF LMIRT Residences Logistics* MLT Industrial* MIT MIF 21 Private funds Listed platforms Owned assets * MIPL is seeding the logistics and industrial developments

22 476 professionals 1, 10 regional offices Asia-wide Board of Directors Edmund Cheng Chairman Hiew Yoon Khong Group CEO Tsang Yam Pui Executive Team 3 Hiew Yoon Khong Group CEO Wong Mun Hoong Group CFO Lee Chong Kwee Chairman of Audit and Risk Committee Paul Ma Wong Meng Meng Chua Tiow Chye Group CIO Phua Kok Kim CEO (Ind) = Gurgaon (2) = Chennai (8) = Beijing (19) = Xi an 2 (49) = Shanghai (54) Tianjin (1) Guangzhou (32) = = = Hong Kong (10) = Ho Chi Minh City (23) = Kuala Lumpur (9) = Singapore (541) = Tokyo (17) Amy Ng CEO (SI) Richard Lai CEO (Log) 22 1 As of Mar 10 and excludes 289 non-executives 2 Project office 3 Tan Boon Leong serves as Advisor to CEO Office 4 Executive mgt denotes SVP and above 5 Corporate services include Finance, Tax, Treasury, HR and others finance executives

23 Asia-wide business 0.4mn sqf logistics developments 1.4 mn sqf offices 5.8mn sqf retail and residential developments 2.7mn sqf 0.7mn sqf 117,919 sqf Strategic alliance & JV with Itochu 2.0mn sqf 0.2mn sqf Offices in Chennai & Gurgaon 2.3mn sqf 60,400 sqf logistics development CMREF 1.7mn sqf 1.1mn sqf 7 commercial/resi developments/assets 0.3mn sqf logistics development completed 8.14mn sqf logistics development 6.3mn sqf industrial Portfolio by GFA Portfolio by Value SG 58% 23 CHI 16% HK 3% JP 3% MSIA 7% VIET INDON 7% 6% SG 72% CHI 10% HK 5% JP 7% MSIA VIET 2% INDON 1% 10.8mn sqf office, retail, industrial 15.2 mn sqf 0.8mn sqf 3.3mn sqf rental 15.6mn sqf JTC acq.

24 Appendix

25 Mapletree platforms track record On track to meet or exceed targets Name Investment Universe Fund Currency Strategy Targeted Gross Return Vintage FUM 2,3 (US$ mn) Private (US$2.1bn) MIC India / China US$ Opportunistic > 19% ,157 MIT Singapore S$ Core + / Value Add > 15% MIF Pan Asia US$ Core + / Value Add > 16% CMREF1 Malaysia RM Value Add > 13% Public (US$1.9 bn) MLT Pan Asia S$ Public REIT n.a ,272 LMIRT Indonesia S$ Public REIT n.a Real Estate Asset Under Management (US$ mn) 1 3% 19% $1,149 $631 81% 96% 3% 5% 15% CAGR = 62% $2,228 77% 30% 5% 3% $4,015 3% 6% 53% 7% 28% $4,340 7% 7% 50% 25 Mapletree Logistics REIT LippoMapletree REIT Mapletree Industrial Fund Mapletree Industrial Trust Mapletree India China Fund CIMB-Mapletree Fund Note: 1 USD-SGD FX 1.4; USD-RM FX 0.3 2Denotes NAV for public vehicles. NAV as of Mar 10 3Private funds FUM for associates is based on % ownership in manco

26 Young but maturing capital manager Debt Headroom Undrawn Equity Priv ate Fund AUM REIT AUM Owned AUM Capital Management CAGR 66% AUM 1 (US$9.7 bn) (US$ bn) Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 FUM 2 (US$3.5 bn) (US$ mn) 4,500 4,000 3,500 3,000 2,500 2,000 1,500 Private FUM REIT NAV Private FUM CAGR 102% 2,083 2,083 1, ,798 1, Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 1 Financial as of Apr 10 including Beijing Gateway and real estate related investments. Debt headroom measured assuming 50% gearing for private funds 26 2 Financial year ended Mar 10; Associates FUM based on 40% ownership in manco

27 Young company with consistent returns Shareholder's funds ROIE Shareholders fund CAGR 21% 7.2% 8.0% 9.0% 8.0% 7.0% Return on Invested Equity (US$ bn % 4.3% 6.0% 5.0% 4.0% 3.0% % 2.0% M ar-06 M ar-07 M ar-08 M ar-09 M ar % 0.0% Facilities available and unutilized Facilities utilized Financial Capacity (US$ bn) Mar-07 Mar-08 Mar-09 Mar-10

28 Our Funds

29 Mapletree India-China Fund (MIC) Opportunistic model focusing on under penetrated markets - higher return on lower capital risk adjusted returns Focus on Tier 1 & 2 cities China Tier 1 and 2 cities fringe CBD developments China Tier 1 cities investment properties India Tier 1 cities Transferring Mapletree group expertise to MIC Disciplined portfolio and exit management Investment Committee - 3 executives, 3 independents Fund Overview Legal structure Cayman Incorporated Vintage Sept 2008 Asset Class Office, Retail, Resi, Mixed Investment Universe China, India Fund Life 10 years Investment Strategy Opportunistic Targeted Gross IRR 19% Fund Size (US$ mn) 1,157 Equity Invested 1 (US$ mn) 443 AUM 1 (US$ mn) 755 LTV 2 36% (current), 70% (max) Mapletree Stake 43% 1 Includes Beijing Gateway 2 As of Mar 10 29

30 Mapletree Industrial Trust (MIT) Largest acquisition of industrial investment properties in Singapore US$1.2 bn portfolio, 62 assets, 1,500+ tenants Lowest rent Singapore industrial properties - upside in rental escalation Consistent and resilient performance Occupancy at 89% High retention rate above 86% Rental increase by 16% to $1.37 from $1.18 (since Jul 08) Mapletree stepped in with funding support Fund Overview Legal Structure SG Property Trust Vintage Jul 2008 Asset Class Industrial Investment Universe Singapore Fund Life Evergreen Investment Strategy Value Add Targeted Gross IRR 15% Fund Size 1,2 (US$ mn) 506 Equity Invested 1 (US$ mn) 506 AUM 1,2 (US$ mn) 1,236 LTV 60% (current), 60% (max) Mapletree Stake 30% 1 USD-SGD FX As of Mar 10 30

31 Mapletree Industrial Fund (MIF) Fund is in distribution phase US$430 million portfolio of 14 assets in Singapore, Malaysia, Japan, China Japan opportunistic acquisition with substantial valuation gain Tata BTS valuation upside Kunshan de-risking Loan with call option Not exercised due to timing issues Investment Committee - 1 executives, 1 independent, 1 investor representative Fund Overview Legal Structure Cayman Incorporated Vintage Nov 2006 Asset Class Investment Universe Fund Life (years) Investment Strategy Industrial Pan Asia 7 years Value Add Targeted Gross IRR 16% Fund Size 1 (US$ mn) 299 Equity Invested 1 (US$ mn) 242 AUM 1,2 (US$ mn) 428 LTV 49% (current), 70% (max) Portfolio Breakdown by Value MSIA 10% Mapletree Stake 40% 1 As of Mar 10 2 Includes Tata Communications Exchange JP 24% CHI 8% SG 58% 31

32 Mapletree Logistics Trust First Pan-Asia focused logistics REIT in Singapore Fifth largest S-REIT Total return of 77% since IPO with current distribution yield of 7.0% (FY10 consensus estimates) Aim to be the preferred real estate service partner to customers requiring high quality logistics & distribution spaces in Asia Follow-the-client strategy Resilient portfolio Stable customer base & long leases Diversified customer mix Occupancy rate sustained at ~98% Portfolio Breakdown by Value 3 Trust Overview Legal Structure SG REIT IPO July 2005 Asset Class Investment Universe Market Cap 1,2 (US$ mn) AUM 1,3 (US$ mn) Distribution Yield (FY10 consensus) Logistics Pan Asia 1,291 (S$1,808) 2,166 (S$3,032) 7.0% P/NAV 1% Leverage 39% (current), 45% (target) Mapletree Stake 44% 1 USD-SGD FX As of Mar 10 2 Closing price as of Jul 23, 2010 MLT consistent growth HK 23% JP 22% SG 45% CHI 6% MSIA 4% KOR 0.5% VIET 0.3% DPU CAGR 15% NAV CAGR 10% 32

33 More about Mapletree

34 Summary financials Operating PATMI Debt Capacity (US$ mn) CAGR 44% Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Gearing 6.2 Net Interest Cover % 9% 23% 40% 46% Mar-06 Mar-07 Mar-08 Mar-09 Mar Shareholders Equity ROIE (US$ bn) CAGR 20% % 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.2% 3.5% 4.3% 7.2% 8.0% % % % 34 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10

35 HarbourFront precinct game changing Transformed into a vibrant, integrated waterfront business & leisure hub Before After VivoCity Singapore s largest mall Retail: 1,040,000 sqf Target: 8% ROIE Achieved: 10% ROIE Best Retail Development Silver Maxi Marketing Award Universal Design Silver Best Shopping 2009 Merrill Lynch HarbourFront 100% pre-leased to ML (2 nd largest leasing deal in history) Target: 6% ROIE Achieved: 7.8% ROIE increasing to 10% (step rents) Best Architecture Design Green Mark Gold 35 St James Power Station Defunct warehouse transformed into one of largest entertainment complex Target: 6% ROIE Achieved: 8% ROIE

36 Mapletree Business City strategic value-add Before After From low yielding obsolete warehouses to Grade A business space Completion April 2010 (1.74 Mil sq ft NLA) Committed occupancy at 61% ROIE 8.0% 36 Awards: Green Mark Platinum Best Commercial Redevelopment Urban Design & Master Planning Tenants

37 MBC value creation underway Replicating HarbourFront success Alexandra Precinct Value Creation (US$ mn) % Land Cost* (Mar-2008) Construction Cost Dev't Value Add *Including cost of building 37

38 The Team

39 The Mapletree Board of Directors Board of Directors - 6 directors, 5 of which are independents Edmund Cheng, Chairman (Chairman of Executive Resource and Compensation Committee, Chairman of Investment Committee) Mr. Edmund Cheng has been Chairman of Mapletree since 1 November He is Deputy Chairman of Wing Tai Holdings Limited and Executive Director of DNP Holdings Berhad. Apart from his experience as a property developer, Mr. Cheng is also actively involved in both the public and private sectors. He is currently Chairman of Singapore Airport Terminal Services Ltd, and a board member of SNP Corporation Ltd. Mr. Cheng is also Chairman of the National Arts Council and the International Advisory Panel of Design Singapore Council. He is a member on the Board of Trustees of Nanyang Technological University and a member of the International Council for Asia Society. Mr. Cheng graduated with a Bachelor of Science degree in Civil Engineering from Northwestern University and a Masters of Architecture from Carnegie Mellon University, USA. Lee Chong Kwee, Director (Chairman of Audit and Risk Committee) Mr. Lee Chong Kwee has been a Director of Mapletree since 24 February He is the Chairman of Jurong Port Private Limited and also a Director of Singapore Post Limited, Great Wall Airlines Company Limited and First Flight Couriers Limited, as well as Corporate Advisor to Temasek Holdings. He previously served on the Boards of Sinotrans Limited, JTC Corporation, and PSB Certifications Private Limited. He was also on the Advisory Boards of the National University of Singapore Business School and The Logistics Institute Asia Pacific. Mr. Lee graduated from the University of Malaya, Malaysia, with a Bachelor of Science (Honours) degree in Mathematics and Statistics, and also holds a Certified Diploma in Accounting and Finance, ACCA. Paul Ma, Director (Member of Audit and Risk Committee, Executive Resource and Compensation Committee and Investment Committee) Mr. Paul Ma has been a Director of Mapletree since 1 April He is also the Chairman, an Independent Director and a Member of the Audit and Risk Committee of Mapletree Logistics Trust Management Ltd. Mr. Ma was a senior partner of KPMG Singapore until his retirement in September In addition to being in charge of the firm s Audit & Risk Advisory Practice, he was also the partner in charge of the firm s Risk Management function. Mr Ma also sits on the Board of Directors and the Audit Committee of Hwa Hong Corporation Ltd, SMRT Corporation Ltd and Ascott Residence Trust Management Limited. He is an Independent Director of CapitaLand China Development Fund Pte Ltd, CapitaLand China Development Fund II Ltd, SMRT Buses Ltd, SMRT Road Holdings Ltd, SMRT Trains Ltd, and Tenet Insurance Company Limited. He is also a Member of the Board of Trustees of the National University of Singapore. Mr. Ma is a Fellow of the Institute of Chartered Accountants in England and Wales, as well as a Member of the Institute of Certified Public Accountants of Singapore. 39 Tsang Yam Pui, Director (Member of Audit and Risk Committee) Mr. Tsang Yam Pui has been a Director of Mapletree since 24 February He is an Executive Director of NWS Holdings Ltd in Hong Kong, as well as the Vice Chairman and Director of New World First Bus Services Ltd, Citybus Ltd, and New World First Ferry Services Ltd in Hong Kong. He is also the Vice Chairman of China United International Rail Containers Co. Ltd. in Mainland China. He is also a member of the Audit Committee of the University of Hong Kong. Prior to his appointment with NWS Holdings, he dedicated 38 years of service to the Hong Kong Police Force. During his long police career, he held many key positions in the Force. Mr Tsang rose to the rank of Commissioner three years prior to his retirement in Mr. Tsang has received a string of awards for his distinguished public service, including the Gold Bauhinia Star (Hong Kong SAR), Order of the British Empire, Queen s Police Medal, Colonial Police Medal for Meritorious Service, and the Hong Kong SAR Police Long Service Medal.

40 The Mapletree Board of Directors Wong Meng Meng, Director (Member of Audit and Risk Committee) Mr. Wong Meng Meng has been a Director of Mapletree since 1 July He is also an Independent Director of Mapletree Logistics Trust Management Ltd. In addition, Mr. Wong is a Director of United Overseas Bank Limited, and Chairman of FSL Trust Management Pte Ltd. Mr. Wong is the Founder-Consultant of WongPartnership LLP, a major law firm in Singapore. He is an accredited Adjudicator under the Security of Payments Act and a Member of the Competition Appeal Board. Mr. Wong graduated from the University of Singapore and was admitted to the Singapore Bar in He was among the pioneer batch of Senior Counsel appointed in January He has consistently been identified as one of the world s leading lawyers in publications such as Legal Media Group s The Guide to the World s Leading Experts in Commercial Arbitration and PLC s Cross-borders Dispute Resolution. Hiew Yoon Khong, Group Chief Executive Officer and Executive Director (Mapletree Investments Pte Ltd) Mr. Hiew is responsible for the Group s overall strategic plans and operations. He has over 20 years of combined experience in real estate and finance including property development, investment, asset management and capital management & corporate finance, project finance and management consultancy. He is also a Senior Managing Director, Special Projects of Temasek Holdings. Prior to joining Mapletree, Mr. Hiew was the Managing Director of the Private Equity Funds Investment portfolio at Temasek. He has extensive real estate experience, particularly in the implementation of capital management business model having previously been the Chief Financial Officer of CapitaLand, where he completed the first REIT IPO in Singapore, as well as, having been the Chief Executive Officer of CapitaLand Commercial and CapitaLand Financial. He holds a Master of Arts degree in Economics from University of Warwick and a Bachelor of Arts degree in Economics from the University of Portsmouth. 40

41 The Mapletree Senior Executive Team Hiew Yoon Khong, Group Chief Executive Officer and Executive Director (Mapletree Investments Pte Ltd) Mr. Hiew is responsible for the Group s overall strategic plans and operations. He has over 20 years of combined experience in real estate and finance including property development, investment, asset management and capital management & corporate finance, project finance and management consultancy. He is also a Senior Managing Director, Special Projects of Temasek Holdings. Prior to joining Mapletree, Mr. Hiew was the Managing Director of the Private Equity Funds Investment portfolio at Temasek. He has extensive real estate experience, particularly in the implementation of capital management business model having previously been the Chief Financial Officer of CapitaLand, where he completed the first REIT IPO in Singapore, as well as, having been the Chief Executive Officer of CapitaLand Commercial and CapitaLand Financial. He holds a Master of Arts degree in Economics from University of Warwick and a Bachelor of Arts degree in Economics from the University of Portsmouth. Chua Tiow Chye, Group Chief Investment Officer (Mapletree Investments Pte Ltd) Mr. Chua is the CIO with oversight over the Group s investment activities and processes and joined the group in He has over 23 years experience in the real estate sector in Asia. Prior to joining, Mr. Chua was the Managing Director of Vision Century Corporation Ltd which was involved in business parks management and development, residential and commercial property development, as well as information technology, e-infrastructure and educational services in Hong Kong and China. Before joining Vision Century, he was with Ascendas Pte Ltd and its predecessor, JTC International Pte Ltd where his last position was Executive Vice President where his responsibilities included overseeing and managing industrial and business park developments and investments across the Asia-Pacific region, including China, India, Thailand, Indonesia and the Philippines. Mr Chua holds a Bachelor of Regional and Town Planning (First Class Honours) from the University of Queensland, Australia under a Colombo Plan scholarship. He also holds a Master of Business Administration from the University of Strathclyde, United Kingdom. Phua Kok Kim, Chief Executive Office, Industrial (Mapletree Investments Pte Ltd) Mr. Phua drives Mapletree s investment and development projects in the industrial space. He is also responsible for managing Mapletree Industrial Fund and Mapletree Industrial Trust. He is also a member of the Investment Committee of Mapletree s joint-venture fund with CIMB of Malaysia, CMREF 1. As a member of Mapletree s Executive Management Committee, Mr. Phua is involved in deliberating on strategic issues related to the Mapletree group as a whole. Prior to Mapletree, Mr. Phua was with Temasek Holdings, where he worked on corporate finance transactions and private equity investments in a diversity of sectors including telecommunications, media, transportation, logistics and financial services. A Colombo Plan scholar, Mr Phua studied economics at the University of Adelaide, Australia and worked in the Singapore Government Administrative Service after graduation. He has also held various positions in the private sector covering equity and economic research in Singapore and Indonesia. Wong Mun Hoong, Group Chief Financial Officer, Chief Executive Office (Mapletree Investments Pte Ltd) Mr. Wong joined Mapletree in Jan 06. As the Chief Financial Officer, he is responsible for Finance, Treasury, Private Funds & Investor Relations, Risk Management and Information Technology. He is also a director of Mapletree Logistics Trust Management Ltd and Lippo-Mapletree Indonesia Retail Trust. Mr. Wong has over 14 years' investment banking experience in Asia, the last 10 years of which were with Merrill Lynch & Co, which included stints in Singapore, Hong Kong and Tokyo, and where he was a Director and Head of its Singapore Investment Banking Division. Mr. Wong graduated with a Bachelor of Accountancy (Honours) from the National University of Singapore in He is a non-practicing member of the Institute of Certified Public Accountants of Singapore. He holds the professional designation of Chartered Financial Analyst from the CFA Institute of the United States. 41

42 The Mapletree Senior Executive Team Amy Ng, Chief Executive Officer, Singapore Investments (Mapletree Investments Pte Ltd) Ms Ng joined Mapletree in March She is responsible for the commercial portfolio in Singapore. Ms Ng was previously a Managing Director in CapitaLand Financial Limited where she was responsible for originating and structuring new private equity funds. In her 13 years with CapitaLand, she managed three different private equity funds and held various other positions including the head of investments of Singapore residential projects and head of Compliance for CapitaLand Financial Limited. Prior to this, Ms Ng was with the Urban Redevelopment Authority for 5 years. She holds a Bachelor of Arts degree and a Master of Business Administration from the University of Surrey, UK. She also completed the Executive Development Programme at Wharton Business School in Richard Lai, Chief Executive Officer (Mapletree Logistics Trust Mgmt Ltd) Mr. Lai became the Chief Executive Officer in May 2010 following his appointment as Deputy Chief Executive Officer in June 2007, after joining the Manager in February 2005 as its Chief Financial Officer. His last appointment prior to joining the Manager was as a Director of Investment Banking at Alliance Merchant Bank Berhad in Malaysia. Mr Lai has been in the banking industry since 1992, having started his banking career with Arab-Malaysian Merchant Bank Berhad (now known as AmInvestment Bank Berhad) in Malaysia. He then proceeded to join the merchant banking arm of Schroders where he spent several years originating debt and treasury business first in Malaysia then the Philippines and subsequently, Singapore. After the sale of Schroders merchant banking business in 2000, Mr. Lai joined Standard Chartered Bank Malaysia Berhad as its Head of Structured Products marketing derivatives products to corporates. He was subsequently made Head of Debt Capital Markets where he was responsible for fixed income origination in Malaysia. Mr. Lai is a member of the Malaysian Mensa Society. He holds a Bachelor in Economics (Honours) with a major in Accounting and Finance from the University of Manchester, UK. 42

43 The Mapletree Country Teams Singapore and Japan Senior Management Amy Ng, Chief Executive Officer, Singapore Investments (Mapletree Investments Pte Ltd) Ms Ng joined Mapletree in March She is responsible for the commercial portfolio in Singapore. Ms Ng was previously a Managing Director in CapitaLand Financial Limited where she was responsible for originating and structuring new private equity funds. In her 13 years with CapitaLand, she managed three different private equity funds and held various other positions including the head of investments of Singapore residential projects and head of Compliance for CapitaLand Financial Limited. Prior to this, Ms Ng was with the Urban Redevelopment Authority for 5 years. She holds a Bachelor of Arts degree and a Master of Business Administration from the University of Surrey, UK. She also completed the Executive Development Programme at Wharton Business School in Chong Kim Fung, Director (Asset Management), Singapore Investments (Mapletree Investments Pte Ltd) Ms. Chong has over 17 years of experience in real estate and has handled different portfolios of marketing, A&P, business development and research. Ms. Chong was instrumental in the overall transformation of the entire HarbourFront Precinct. She was involved from the drawing up of the concept for the redevelopment master plan through to the delivery of each stage of the individual parcels. As the asset manager, she is accountable for the overall bottomline for operating assets including asset enhancement initiatives and cost control. For development projects, she is responsible for the product development and overall positioning of the new assets. Ms.Chong is also spearheading Mapletree s regional growth in the retail asset class as the Group Retail Head. Under development are at least three malls in China and Vietnam. Ms. Chong holds a Bachelor of Science degree with Second Class Upper Honours in Botany. James Ng, Vice President (Asset Management), Singapore Investments (Mapletree Investments Pte Ltd) Mr. Ng is part of the Singapore Investments asset management team and has been with Mapletree for 5 years. He was involved with many initiatives of the company including Beacon, first residential development; setting up of CMREF1 and involved in the major acquisitions for the fund; development of Mapletree Business City and asset enhancement of the retail podium for PSA building. Currently Mr. Ng manages the portfolio in Alexandra precinct consisting of 3.2 million square feet of office, retail and business park space. Mr. Ng has been in the real estate industry for more than 10 years and holds a Bachelor of Mechanical Engineering (Honours) from University of Glasgow and Master of Science in Real Estate from National University of Singapore. Terence Heng, General Manager Japan (Mapletree Investments Japan Kabushiki Kaisha) Mr. Heng heads Mapletree s business in Japan. He joined in early 2006 and helped set up the Japan office in Terence had previously gained extensive overseas working experience with Singapore s Ministry of Foreign Affairs, where he covered the Japan, China and ASEAN desks between 1998 and Thereafter until early 2006, he was posted to the Embassy of Singapore in Japan as a First Secretary to handle political, economic and defense matters. In his 15 years in Japan, Terence has developed extensive business networks. Mr. Heng graduated with a Bachelor of Science degree in Mechanical Engineering (Computer Controlled Machinery) from Osaka University in 1997 on a PSC- Monbusho (now Monbukagakusho) scholarship. 43

44 The Mapletree Country Teams China Senior Management Loh Shyh, Chief Executive Officer - China (Mapletree Investments Pte Ltd) Mr. Loh is a 25-year veteran of the real estate industry; including over 10 years' experience on managing major projects and developments in China. He joined Mapletree in August 2005 as General Manager, China to head its newly set up China operations. In 2008, Mr. Loh was promoted to the position of CEO, China. Prior to joining Mapletree, Mr. Loh was DBS Land's project manager for China developments (1994) and Pidemco Land's General Manager in Shanghai ( ). He was appointed CapitaLand China s Director of commercial operations when Pidemco Land merged with DBS Land to form CapitaLand ( ) Mr. Loh holds a Degree in Civil and Structural Engineering, a Diploma in Business Administration from the National University of Singapore and an MBA from the Nanyang Technological University. Alice Fong Ngan, General Manager Investments-Commercial & Residential (Mapletree Investments Pte Ltd) Ms. Fong joined Mapletree in 2007 and is based in Shanghai. Prior to her current role, she was the Deputy General Manager (Investments - Southern China) for MIPL and oversees the investment activities in Southern China and the operation of Guangzhou Mapletree Management Consultancy. She has successfully closed the deal for Nanhai Business City in Foshan and is responsible for the initiation for the project operations. She has 14 years experience in real estate industry, ranging from investment agency, property and facility management consultancy services. Prior to joining Mapletree, she was Investment Director for DTZ and has successfully facilitated property transactions worth of USD 242 million during her service. Her key clients include institutional investors like SEB, CGI, CPI, ING and Goldman Sachs. Before that, she was head of PM&FM services for DTZ and covered 15 cities in mainland China and Taiwan Ms. Fong graduated from Simon Fraser University in Canada with a degree in Finance.. Terence Chui Shuk Ming, General Manager, Asset Management & Marketing (Mapletree Investments Pte Ltd) Mr. Chui joined Mapletree in 2007 as General Manager of Asset Management and Marketing. He oversees Mapletree s asset management and marketing activities in China, and is also responsible for giving marketing inputs on pricing, property mix and asset services to investment team during deals assessment stage Mr. Chui has over 10 years experience in real estate sector in China. Prior to joining Mapletree, Mr. Chui was CapitaLand's General Manager for Corporate Marketing. Mr. Chui holds a Degree in Professional Diploma in Estate Management from the Hong Kong Polytechnic University. He was awarded Professional Associate of Royal Institution of Chartered Surveyors in 1991 and Associate of Hong Kong Institute of Surveyors in Benny Chin, Director (Portfolio Management), China (Mapletree Investments Pte Ltd) Mr. Chin joined Mapletree in 09 and is based in Shanghai. He assists Mr Loh Shyh, CEO (China), in assessing and evaluating investment opportunities across all the business platforms in China. Mr. Chin also handles corporate matters and co-ordinates business issues across the platforms. Mr. Chin has wide experience in the area of M&A. His last appointment was with GE Capital as the Director for M&A and was responsible for the Asia region. Prior to that, he was Director for Private Equity Investments with Temasek Holdings. Mr. Chin has an MBA from the Institute of Management Development (IMD) Lausanne, Switzerland. He is a Chartered Financial Analyst and has a basic degree in Electrical Engineering. 44

45 The Mapletree Country Teams India Senior Management Cindy Chow, Chief Executive Officer - India (Mapletree Investments Pte Ltd) Ms. Chow has 14 years of investment experience in the region, including 7 years in the India market. Ms Chow was previously the Senior Vice-President (Investments) of Mapletree Logistics Trust Management Ltd, and a key member in executing the listing of the Mapletree Logistics Trust (MLT) on the Stock Exchange of Singapore in July Prior to joining Mapletree in 2002, she was based in Hong Kong as a Senior Manager (Business Development) with Vision Century Corporation Ltd to develop and acquire business parks in China. Before this, Ms Chow was the Senior Manager (Business Development) of Ascendas Pte Ltd, and was instrumental in revamping and jump-starting the marketing of the International Tech Park in Bangalore, India. Ms Chow holds a Bachelor of Science (Estate Management) degree with Honours (2nd Upper) and a Master of Science in Real Estate from the National University of Singapore. Ms Chow is also a Licensed Appraiser of lands and buildings. Edgar Cheah, Deputy General Manager (Development) - India (Mapletree Investments Pte Ltd) Mr Cheah has 29 years of construction experience in infrastructure, commercial, residential and institutional projects in India, Malaysia and Yemen. Mr Cheah was previously the Project Director/General Manager (Projects) of Keppel Land International Ltd based in Bangalore, India, where he led the project team in the development of large-scale condominiums in Bangalore and liaised with the authorities on local regulations and approvals. Prior to this, he was the Deputy Project Manager of Taisei Corporation of Japan in the construction of power plant at Port Dickson (Malaysia). Mr Cheah holds a Bachelor of Science (Engineering) Honours from the Queen Mary College, University of London, UK. Mr Cheah is also a Chartered Engineer UK (C. Eng), Professional Engineer Malaysia (P. Eng), and member of the Institution Civil Engineers UK (MICE) and Institution Engineers Malaysia (MIEM) respectively. Yap Tong Teck, Director- South India (Mapletree Investments Pte Ltd) Mr Yap has 14 years of management experience in precision engineering, logistics distribution and investment in real estate. Mr Yap was previously the Vice President (Asset Investments) of the Ascott Serviced Residence China Fund (ASRCF) where he led the business development and asset management teams. Prior to this, he led several Japanese SMEs to establish manufacturing operations in Singapore, and also managed the regional distribution hub and logistics operation of the Ufreight Group, and the corporate planning and business development functions of a machine tool company. Mr Yap has also been involved in promoting foreign direct investments and outward trade investments at the Singapore Economic Development Board and the Trade Development Board. Mr Yap holds a Bachelor of Engineering (Control Engineering) from the Tokyo Institute of Technology and MBA (Investment & Finance) from the University of Hull. Koh Mui Kwang, Director- North India (Mapletree Investments Pte Ltd) Mr Koh has 17 years of investment and banking experience, including 11 years in investment. Mr Koh was previously the Senior Vice President of SBI Ven Capital Pte Ltd, the private equity subsidiary of Tokyo-based SBI Holdings, Inc (fka Softbank Investments). At SBI Ven Capital, he led its India-focus PE fund, which is a JV with a major Indian financial institution. Prior to this, he also worked with Standard Chartered Private Equity and NIF Management where he was responsibility for making PE investments in Greater China. Mr. Koh has also been involved in banking and corporate finance work. Mr Koh holds a Bachelor of Arts degree, with majors in Economics and Political Science, from National University of Singapore and MBA from Monash University. 45

46 The Mapletree Country Teams Vietnam Senior Management Ng Kiat, Chief Executive Officer - Vietnam (Mapletree Investments Pte Ltd) Ms. Ng is the Chief Executive Officer of Vietnam and is responsible for managing the acquisition, development and operations of Mapletree s US$ 800 million portfolio in Vietnam. She previously worked for 5 years in Temasek Holdings, where she was responsible for private equity fund investments in Europe which generated a total return of more than 30% for Temasek Holdings at the time of her departure. Prior to Temasek, she held the position of Vice President in Capitaland, responsible for real estate investments and cross-border M&A activities of over US$2 billion in South East Asia and Europe. Ms. Ng graduated from Imperial College, University of London, in Aeronautical Engineering (First Class Honours). She was awarded the Singapore Technologies scholarship for her undergraduate and postgraduate studies in UK. Alexander Ee, Country Manager, Vietnam (Mapletree Investments Pte Ltd) Mr. Ee joined Mapletree in 2009 and is based in Vietnam to oversee Mapletree s various business platforms. He was previously the Head, Strategy & Investor Relations with M&C REIT Management Ltd, the Manager of CDL Hospitality Real Estate Investment Trust. Prior to that, he was a Director of a boutique strategy, mergers and acquisitions advisory firm where he acted as Adviser to Chief Executives and General Managers on strategy and corporate development. He had also been with the Boston Consulting Group, an international management consulting firm specializing in corporate strategy consulting. Mr. Ee is a lawyer by training and had worked in Drew & Napier as well as in Rajah & Tann. He also holds a Masters of Business Administration from Darden Graduate School of Business Administration, University of Virginia. Victor Liu, Vice President, Investment & Development (Mapletree Investments Pte Ltd) Mr. Liu joined Mapletree in 2008 overseeing investment and development of real estate projects in India. He was subsequently seconded to Vietnam to manage ongoing and new development projects of Mapletree in Vietnam Mr. Liu has over 19 years experience in real estate development experience in Asia and the Middle East. Prior to joining Mapletree, Mr. Liu spent 11 years with Jurong International Consultants overseeing D&B projects in China, Jordan, Philippines and Singapore. Mr. Liu holds a Bachelor of Applied Science in Civil Engineering from the University of Ottawa, Canada. He has a Masters in Construction Engineering and Management at the Asia Institute of Technology, Bangkok and a Masters in Business Administration at the Helsinki School of Economics and Management, Singapore. 46

47 The Mapletree Logistics Team Richard Lai, Chief Executive Officer (Mapletree Logistics Trust Mgmt Ltd) Mr. Lai became the Chief Executive Officer in May 2010 following his appointment as Deputy Chief Executive Officer in June 2007, after joining the Manager in February 2005 as its Chief Financial Officer. His last appointment prior to joining the Manager was as a Director of Investment Banking at Alliance Merchant Bank Berhad in Malaysia. Mr Lai has been in the banking industry since 1992, having started his banking career with Arab-Malaysian Merchant Bank Berhad (now known as AmInvestment Bank Berhad) in Malaysia. He then proceeded to join the merchant banking arm of Schroders where he spent several years originating debt and treasury business first in Malaysia then the Philippines and subsequently, Singapore. After the sale of Schroders merchant banking business in 2000, Mr. Lai joined Standard Chartered Bank Malaysia Berhad as its Head of Structured Products marketing derivatives products to corporates. He was subsequently made Head of Debt Capital Markets where he was responsible for fixed income origination in Malaysia. Mr. Lai is a member of the Malaysian Mensa Society. He holds a Bachelor in Economics (Honours) with a major in Accounting and Finance from the University of Manchester, UK. Dr Michael James de Jong-Douglas, Deputy Chief Executive Officer / Chief Operating Officer (Mapletree Logistics Trust Mgmt Ltd) Dr. de Jong Douglas joined Mapletree in Prior to the appointment, he was a Managing Director of ProLogis, a leading international industrial real estate developer listed on the New York Stock Exchange. During his 11 year tenure with ProLogis, Dr de Jong-Douglas held various responsibilities such as Regional Head of Central & Eastern Europe, Head of Property Management Europe and Head of Due Diligence Continental Europe. He also worked in the China and India offices of ProLogis. Dr de Jong-Douglas holds a Bachelor of Science degree in Public Administration & Planning from the University of Southern California and a Master of Arts in Geography from the University of South Florida. He earned his Masters of Business Administration degree in Belgium and his PhD in Urban Planning & Applied Geography from Utrecht University, The Netherlands. He also attended the Executive Development Program at the Kellogg School of Management, Northwestern University. Dr de Jong-Douglas is a member of the Royal Institute of Chartered Surveyors (MRICS) and the Urban Land Institute. Wong Mei Lian, Chief Financial Officer (Mapletree Logistics Trust Mgmt Ltd) Ms. Wong was appointed the Chief Financial Officer in May Prior to her appointment, she was Senior Vice President, Treasury of Mapletree Investments Pte Ltd. since November 2007, where she was in charge of the overall treasury management of the Group. She has more than 15 years of work experience in diverse areas including investment banking, corporate finance and treasury and real estate financial products. Before joining the Mapletree Investments, Ms. Wong held the positions of Vice President, Treasury of CapitaLand Ltd and Vice President of CapitaLand Financial Limited and subsequently as Director, Treasury of Singapore Power Ltd. Earlier in her career, Ms. Wong worked in the merchant banking arm of Schroders where she was responsible the origination, structuring and syndication of debt in South East Asia. Ms. Wong holds a Bachelor of Business Administration from the National University of Singapore. 47

48 The Mapletree Industrial Team Phua Kok Kim, Chief Executive Officer, Industrial (Mapletree Investments Pte Ltd) Mr. Phua drives Mapletree s investment and development projects in the industrial space. He is also responsible for managing Mapletree Industrial Fund and Mapletree Industrial Trust. He is also a member of the Investment Committee of Mapletree s joint-venture fund with CIMB of Malaysia, CMREF 1. As a member of Mapletree s Executive Management Committee, Mr. Phua is involved in deliberating on strategic issues related to the Mapletree group as a whole. Prior to Mapletree, Mr. Phua was with Temasek Holdings, where he worked on corporate finance transactions and private equity investments in a diversity of sectors including telecommunications, media, transportation, logistics and financial services. A Colombo Plan scholar, Mr Phua studied economics at the University of Adelaide, Australia and worked in the Singapore Government Administrative Service after graduation. He has also held various positions in the private sector covering equity and economic research in Singapore and Indonesia. Tham Kuo Wei, Deputy Chief Executive Officer / Chief Investment Officer, Industrial (Mapletree Investments Pte Ltd) Mr. Tham is responsible for the acquisition of operating assets and investments in development projects in Singapore and the region. Prior to his present appointment, he was the CIO of CIMB-Mapletree Management in Malaysia where he setup and managed the private funds. He was responsible for structuring and managing the real estate funds and was instrumental in securing investments from institutional investors in Malaysia and overseas. Prior to his secondment, Mr. Tham was the SVP of Asset Management in Mapletree responsible for managing the company s real estate portfolio spanning across commercial, retail, residential, office, industrial and warehouse sectors. Mr. Tham was with PSA Corporation prior to joining Mapletree. Mr. Tham holds a Bachelor of Engineering degree from the National University of Singapore. Loke Huey Teng, Chief Financial Officer, Industrial (Mapletree Investments Pte Ltd) Ms. Loke oversees the finance, accounting, corporate finance and treasury activities of Mapletree s Industrial Business Unit. Prior to the appointment, she was with Mapletree s Singapore Investments Division as the VP (Finance) primarily responsible for the conceptualizing, planning and listing of the Mapletree Commercial Trust. Before this, she was the Deputy CFO/VP (Corporate Finance) with Mapletree Logistics Trust Management Ltd. She was primarily responsible for the corporate finance function of and oversee the finance and accounting functions (including budgeting) of MapletreeLog. Ms. Loke was with PSA Corporation as Deputy Regional Manager of International Business Division and the Ministry of Finance as Assistant Director before joining Mapletree. She holds a Bachelor of Accountancy degree with Honours (2nd Upper) from the Nanyang Technological University, Singapore. 48

49 The Mapletree Corporate Executive Team Ho Seng Chee, Managing Director, Corporate Services (Mapletree Investments Pte Ltd) Mr. Ho joined Mapletree in 2008, and is responsible for the Corporate Services portfolio which comprises Legal & Corporate Secretariat, Human Resource, Corporate Communications and Office Administration. He was previously with the International Monetary Fund in Washington, DC. During his 10 year tenure at IMF, he held diverse roles spanning strategic communications, investor relations and legal work. Prior to joining the IMF, Mr. Ho was a litigation lawyer in Rajah & Tann and, before that, Drew & Napier. Mr. Ho holds a Master of Laws (International Legal Studies) from New York University, and a Bachelor of Laws from the National University of Singapore. Lena Paw, Group Treasurer (Mapletree Investments Pte Ltd) Ms. Paw joined Mapletree in 2001, and is responsible for overseeing treasury, tax, financial and management accounting, and corporate finance related work for the Group in Singapore, China, and India. Prior to this, she was the Group Financial Controller. Prior to joining Mapletree, she was Senior Vice President at Sembcorp Industries, where she oversaw financial and management accounting, tax planning and structuring, corporate finance, and strategic development at the regional level for India, China, Vietnam, Indonesia, and Singapore, for industries including real estate hotel, service apartments, residential, offices and industrial parks. She also held various key finance and accounting positions at Singapore Technologies and PriceWaterHouseCoopers Singapore in her career. Ms. Paw is a Fellow of the Chartered Institute of Certified Accountants, and a Member of the Institute of Certified Public Accountants of Singapore. Jean Low, Senior Vice President, Risk Management & Performance Measurement (Mapletree Investments Pte Ltd) Ms. Low joined Mapletree in 2006, and is responsible for overseeing management and monitoring of the Group s portfolio risk, and development of Mapletree s internal performance measurement framework. Prior to joining Mapletree, she was previously a consultant with Stern Stewart (UK) where she was in charge of large multi-national projects aligning company strategy, measurement and management with shareholder value. She was also Associate Marketing Director for PwC in Singapore, where she formulated market strategies, including strategy to address the impact of Sarbanes Oxley. Ms. Low holds an MBA from the London Business School and a BSc in Economics from the London School of Economics. She is also a Fellow of the Institute of Chartered Accountants in England & Wales. Kenneth Khaw, Senior Vice President, Private Funds & Investor Relations (Mapletree Investments Pte Ltd) Mr. Khaw is responsible for the Group s private funds and investor relations and joined the Group in late He was previously an investment banker and has over 15 years of corporate finance, finance and investment banking in both the listed and unlisted environment. He was an Executive Director, Investment Banking and has been based in Singapore and Hong Kong with HSBC, PwC and UBS. Mr. Khaw is a Fellow of the Institute of Chartered Accountants in England & Wales and a Barrister of the Bar of England & Wales and holds a Bachelor of Laws (Honours) from the University of Bristol. 49

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