24/7/2012

Agenda

Financial Highlights

Portfolio Performance Update– Singapore– Kuala Lumpur– Chengdu– Perth– Tokyo

Outlook

2

24/7/2012

Highlights

NPI for 2Q 2012 up 4.4% to $37.1m over 2Q 2011– Due mainly to the stronger performance of the Singapore property portfolio

2Q 2012 DPU of 1.08 cents, translating to annualized yield of 6.53%– DPU increased 3.8% over 2Q 2011 despite ongoing redevelopment work at

Wisma Atria

Asset redevelopment progress at Wisma Atria, Singapore

– All Orchard Road fronting stores have commenced operations

– ROI based on annualized incremental NPI of approximately 12.8% exceeded initial projected ROI of 8%

Occupancy for the portfolio remains high at 99.5%

– Rental demand in quality locations remain strong

Strong capital base

– Gearing of 30.5%

– No debt refinancing until 201333

24/7/2012 4

Period: 1 Apr – 30 Jun 2012 2Q 2012 2Q 2011 % Change

Gross Revenue $46.4 mil $44.2 mil 4.8%

Net Property Income $37.1 mil $35.6 mil 4.4%

Income Available for Distribution $23.3 mil $22.8 mil 2.0%

Income to be Distributed to Unitholders $21.0 mil $20.2 mil 3.9%

Income to be Distributed to CPU holders $2.3 mil (1) $2.3 mil (1.6%)

DPU 1.08 cents (2) 1.04 cents 3.8%

2Q 2012 financial highlights

Notes: 1. CPU distribution for 2Q 2012 is based on S$ coupon of up to RM0.1322 per CPU, equivalent to a distribution rate of 5.65% per annum. Total number of

CPU units in issue as at 30 June 2012 is 173,062,575.

2. The computation of DPU for 2Q 2012 is based on number of units entitled to distributions comprising number of units in issue as at 30 June 2012 of1,943,023,078 units.

DPU of 1.08 cents, up 3.8% over 2Q 2011

4

24/7/2012 5

Period: 1 Jan – 30 Jun 2012 1H 2012 1H 2011 % Change

Gross Revenue $92.4 mil $90.1 mil 2.6%

Net Property Income $74.5 mil $72.6 mil 2.5%

Income Available for Distribution $46.6 mil $46.8 mil (0.4%)

Income to be Distributed to Unitholders $41.8 mil $41.0 mil 1.9%

Income to be Distributed to CPU holders $4.6 mil (1) $4.7 mil (1.0%)

DPU 2.15 cents 2.11 cents 1.9%

1H 2012 financial highlights

Note: 1. CPU distribution for the 1H 2012 is based on S$ coupon of up to RM0.1322 per CPU, equivalent to a distribution rate of 5.65% per annum. Total number

of CPU units in issue as at 30 June 2012 is 173,062,575.

DPU of 2.15 cents, up 1.9% over 1H 2011

5

24/7/2012

2.90 3.10

3.58 3.80 3.90

4.12

1.07

1.08

-

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 1Q 2012

Cents

2Q 2012

1Q 2012

2.15

1H 2012

6

DPU performance

DPU growth since 2005

Note: 1. DPU from 1Q 2006 to 2Q 2009 have been restated to include the 963,724,106 rights units issued in August 2009.

6

24/7/2012

2Q 2012 financial results

$’000 2Q 2012 2Q 2011 % Change

Gross Revenue 46,356 44,236 4.8%

Less: Property Expenses (9,214) (8,645) 6.6%

Net Property Income 37,142 35,591 4.4%

Less: Fair Value Adjustment (1)

Borrowing Costs

Finance Income

Management Fees

Other Trust Expenses

Tax Expenses (2)

1,867

(8,189)

135

(3,515)

(912)

(992)

183

(8,436)

171

(3,463)

(877)

(963)

920.2%

(2.9%)

(21.1%)

1.5%

4.0%

3.0%

Net Income After Tax (3) 25,536 22,206 15.0%

Add: Non-Tax Deductibles (Chargeable) (4) (2,227) 640 n.m.

Income Available for Distribution 23,309 22,846 2.0%

Income to be Distributed to Unitholders 20,985 20,207 3.9%

Income to be Distributed to CPU holders 2,286 2,324 (1.6%)

DPU (cents) 1.08 1.04 3.8%

Notes: 1. Being accretion of tenancy deposit stated at

amortised cost in accordance with Financial Reporting Standard 39. This financial adjustment has no impact on the DPU.

2. Excludes deferred income tax.

3. Excludes changes in fair value of derivative instruments.

4. Includes certain finance costs, sinking fund provisions, straight-line rent and fair value adjustment and trustee fees.

77

24/7/2012

1H 2012 financial results

$’000 1H 2012 1H 2011 % Change

Gross Revenue 92,389 90,083 2.6%

Less: Property Expenses (17,903) (17,437) 2.7%

Net Property Income 74,486 72,646 2.5%

Less: Fair Value Adjustment (1)

Borrowing Costs

Finance Income

Management Fees

Other Trust Expenses

Tax Expenses (2)

1,851

(16,527)

292

(7,007)

(1,685)

(2,083)

95

(16,769)

343

(6,895)

(1,817)

(2,217)

n.m.

(1.4%)

(14.9%)

1.6%

(7.3%)

(6.0%)

Net Income After Tax (3) 49,327 45,386 8.7%

Add: Non-Tax Deductibles (Chargeable) (4) (2,697) 1,412 n.m.

Income Available for Distribution 46,630 46,798 (0.4%)

Income to be Distributed to Unitholders 41,775 40,997 1.9%

Income to be Distributed to CPU holders 4,636 4,681 (1.0%)

DPU (cents) 2.15 2.11 1.9%

Notes: 1. Being accretion of tenancy deposit stated at

amortised cost in accordance with Financial Reporting Standard 39. This financial adjustment has no impact on the DPU.

2. Excludes deferred income tax.

3. Excludes changes in fair value of derivative instruments.

4. Includes certain finance costs, sinking fund provisions, straight-line rent and fair value adjustment and trustee fees.

88

24/7/2012

2Q 2012 financial results

$’000 2Q 2012 2Q 2011 % Change

Wisma Atria

Retail (1)

Office (2)

13,045

2,359

11,560

2,203

12.8%

7.1%

Ngee Ann City

Retail

Office

10,405

3,301

10,377

3,312

0.3%

(0.3%)

Japan portfolio (3)

Chengdu (4)

Australia

Malaysia

1,996

3,820

3,706

7,724

1,774

3,710

3,650

7,650

12.5%

3.0%

1.5%

1.0%

Total 46,356 44,236 4.8%

9

$’000 2Q 2012 2Q 2011 % Change

Wisma Atria

Retail (1)

Office (2)

9,820

1,775

8,804

1,673

11.5%

6.1%

Ngee Ann City

Retail

Office

8,485

2,663

8,381

2,615

1.2%

1.8%

Japan portfolio (3)

Chengdu (4)

Australia

Malaysia

1,423

2,387

3,075

7,514

1,367

2,286

3,030

7,435

4.1%

4.4%

1.5%

1.1%

Total 37,142 35,591 4.4%

Revenue Net Property Income

Notes: 1. Mainly due to positive rental reversions resulting from the asset redevelopment. 2. Mainly due to higher office occupancy for Wisma Atria office.3. Mainly due to higher occupancy for Japan Properties and appreciation of JPY against

the Singapore dollar, partially offset by higher operating expenses.4. Mainly due to appreciation of RMB against the Singapore dollar.

9

24/7/2012

1H 2012 financial results

$’000 1H 2012 1H 2011 % Change

Wisma Atria

Retail (1)

Office (2)

25,178

4,695

23,183

4,339

8.6%

8.2%

Ngee Ann City

Retail

Office (3)

20,809

6,527

20,695

6,864

0.6%

(4.9%)

Japan portfolio (4)

Chengdu (5)

Australia (6)

Malaysia

3,956

8,179

7,431

15,614

3,594

8,782

7,182

15,444

10.1%

(6.9%)

3.5%

1.1%

Total 92,389 90,083 2.6%

10

$’000 1H 2012 1H 2011 % Change

Wisma Atria

Retail (1)

Office (2)

19,247

3,473

17,997

3,217

6.9%

8.0%

Ngee Ann City

Retail

Office (3)

16,923

5,281

16,780

5,451

0.9%

(3.1%)

Japan portfolio (4)

Chengdu (5)

Australia (6)

Malaysia

2,900

5,264

6,208

15,190

2,764

5,453

5,967

15,017

4.9%

(3.5%)

4.0%

1.2%

Total 74,486 72,646 2.5%

Revenue Net Property Income

Notes: 1. Mainly due to positive rental reversions resulting from the asset redevelopment. 2. Mainly due to higher office occupancy for Wisma Atria office.3. Mainly due to negative rental reversions for Ngee Ann City office.4. Mainly due to higher occupancy for Japan Properties, partially offset by higher operating

expenses.5. Mainly due to lower revenue amidst increased competition and tenant renovations,

partially offset by appreciation of RMB against the Singapore dollar.6. Mainly due to higher rental rates achieved for David Jones Building.

10

24/7/2012

6.53%6.20%

1.44%

2.50%

0.37%0.08%

Starhill Global REIT2Q12 Annualized Yield

Average Retail S‐REITYield

10‐Year SingaporeGovt Bond

CPF OrdinaryAccount

5‐Year Singapore GovtBond

12‐month Bank FixedDeposit Rate

Trading yield

Notes: 1. Based on Starhill Global REIT’s closing price of $0.665 per unit as at 30 June 2012 and annualized 2Q 2012 DPU.2. As at 30 June 2012, Average Retail S-REIT Yield excluding SGREIT (Source: Bloomberg).3. As at 5 July 2012 (Source: Singapore Government Securities website).4. Based on interest paid on Central Provident Fund (CPF) ordinary account in June 2012 (Source: CPF website).5. As at 5 July 2012 (Source: DBS website).

(4)(3)(2)(1) (5)

Attractive trading yield compared to other investment instruments

6.45%5.09%

(3)

11

24/7/2012

Liquidity statistics

Average daily traded volume (units)

1.64 mil

Estimated free float 60%

Market cap (SGD) $1,292 mil

12

Unit price performance

2

Source: Bloomberg

Notes: 1. For the quarter ended 30 June 2012.2. Free float as at 30 June 2012. Mainly excludes the 29.38% stake held by YTL Group, and the 9.76% stake held by AIA Group.3. By reference to Starhill Global REIT’s closing price of $0.665 per unit as at 30 June 2012.

1

Starhill Global REIT’s Unit Price Movement and Daily Traded Volume

(2 Jan 2012 to 30 June 2012)

3

Uni

t Pric

e (S

GD

) Trading Volume

 ‐

 1,000,000

 2,000,000

 3,000,000

 4,000,000

 5,000,000

 6,000,000

 7,000,000

 8,000,000

$0.50

$0.55

$0.60

$0.65

$0.70

12

24/7/2012 13

Distribution timetable

Notice of Books Closure Date 24 July 2012

Last Day of Trading on “Cum” Basis 27 July 2012, 5.00 pm

Ex-Date 30 July 2012, 9.00 am

Books Closure Date 1 August 2012, 5.00 pm

Distribution Payment Date 28 August 2012

Distribution Period 1 April to 30 June 2012

Distribution Amount 1.08 cents per unit

Distribution Timetable

13

24/7/2012

Debt profile

No debt refinancing until 2013

Notes:(1) In active discussion with banks to refinance the A$ term loan (maturing

in January 2013), with an expected maturity beyond 2016.(2) As at 30 June 2012. Currently SG REIT has approximately $1.88

billion of untapped balance from its $2 billion MTN programme.(3) For the quarter ended 30 June 2012.(4) As at 30 June 2012. Includes interest rate derivatives but excludes

upfront costs.(5) Includes interest rate derivatives.

14

Total debt (2) $860 million

Gearing 30.5%

Interest cover (3) 4.8x

Average interest rate p.a.(4) 3.16%

Unencumbered assets ratio 42%

Fixed/hedged debt ratio (5) 85%

Weighted average debt maturity 1.8 years

364

- -

106

124

132

81

24

26 1

1

1 -

100

200

300

400

500

600

2012 2013 2014 2015 2016

$ million

Debt maturity profileAs at 30 June 2012

$364m term loan JPY6.6b term loan $124m Singapore MTNRM330m Malaysia MTN A$63m term loan $24.5m RCFJPY1.6b bond RMB15.5m loan

(1)

14

24/7/2012 15

Balance sheet

As at 30 June 2012 $’000

Non Current Assets 2,718,960

Current Assets 98,034

Total Assets 2,816,994

Current Liabilities 147,990

Non Current Liabilities 818,107

Total Liabilities 966,097

Net Assets 1,850,897

Unitholders’ Funds 1,677,452

Convertible Preferred Units 173,445

NAV statistics

NAV Per Unit (as at 30 Jun 2012) (1) $0.95

Adjusted NAV Per Unit (net of distribution)

$0.94

Closing price as at 30 Jun 2012 $0.665

Unit Price Premium/(Discount) To: NAV Per Unit

Adjusted NAV Per Unit

(30.0%)

(29.3%)

Corporate Rating (2) BBB (S&P)

Notes:(1) The computation of NAV per unit for 2Q 2012 is based on number of units entitled to distributions comprising number of units in issue as at 30 June 2012 of

1,943,023,078 units. For illustrative purpose, the NAV per unit assuming the full conversion of the CPU into ordinary units will be $0.85. For avoidance ofdoubt, the CPU is only convertible after three years from the date of issuance.

(2) Reaffirmed by S&P in May 2012, with a stable outlook.

15

24/7/2012

Agenda

Financial Highlights

Portfolio Performance Update– Singapore– Kuala Lumpur– Chengdu– Perth– Tokyo

Outlook

16

24/7/2012

Portfolio summary

17

ASSET VALUE BY COUNTRY AS AT 30 JUN 2012

2Q 2012 GROSS REVENUE BY COUNTRY

2Q 2012 GROSS REVENUE BY RETAIL/OFFICE

Portfolio comprising 13 prime assets in 5 countries

Singapore69.4%

Malaysia16.0%

China 3.2%

Australia 5.6%

Japan5.8%

Singapore62.8%

Malaysia16.7%

China 8.2%

Australia8.0%

Japan4.3%

Retail87.8%

Office12.2%

17

24/7/2012

High occupancy

18

As at 31 Dec 05 31 Dec 06 31 Dec 07 31 Dec 08 31 Dec 09 31 Dec 10 31 Dec 11 30 Jun 12

Retail 100.0% 100.0% 100.0% 98.3% 100.0% 99.1% 98.3% 99.8%

Office 92.8% 97.8% 98.7% 92.4% 87.2% 92.5% 95.3% 98.4%

Singapore 97.3% 99.2% 99.5% 96.0% 95.1% 96.5% 97.1% 99.3%

Japan - - 100.0% 97.1% 90.4% 86.7% 96.3% 91.1%

China - - 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Australia - - - - - 100.0% 100.0% 100.0%

Malaysia - - - - - 100.0% 100.0% 100.0%

SG REIT portfolio

97.3% 99.2% 99.6% 96.6% 95.4% 98.2% 98.7% 99.5%

Uptrend in occupancy since Global Financial Crisis

18

24/7/2012

Portfolio lease expiry

19

Weighted average lease term of 7.5 and 6.0 years (by NLA and gross rent respectively)

Notes:1. Portfolio lease expiry schedule includes Starhill Global REIT’s properties in Singapore, Malaysia, Australia and Japan but excludes Renhe Spring Zongbei Property,

China which operates as a department store with short-term concessionaire leases running 3-12 months.2.Lease expiry schedule based on committed leases as at 30 June 2012.3.Toshin Development Singapore Pte Ltd has exercised its option to renew for another 12-year term, expiring in 2025, thus lowering the lease expiry in 2013.4. Includes master tenant leases and long-term lease that incorporate rent reviews or step-up rents.

Portfolio Lease Expiry (as at 30 Jun 2012) (1) (2)

1.8%

11.4%8.5% 6.3%

2.7%

17.5%14.4% 15.8%

49.6%

0%

10%

20%

30%

40%

50%

60%

70%

2012 2013 2014 2015 Beyond 2015

By NLA By Gross Rent

(3)

(3),(4)

72.0%

19

24/7/2012

2.1%

13.8% 10.9%15.4%

57.8%

0%

10%

20%

30%

40%

50%

60%

70%

2012 2013 2014 2015 Beyond 2015

Retail Lease Expiry Profile (as at 30 Jun 2012) (1)

20

Portfolio lease expiry profile

Lease expiry schedule for retail and office portfolio (by gross rent)

Notes:1. Includes Starhill Global REIT’s properties in Singapore, Malaysia, Australia and Japan but excludes Renhe Spring Zongbei Property, China which operates as a

department store with short-term concessionaire leases running 3-12 months.2.Comprises Wisma Atria and Ngee Ann City office properties only.3.Toshin Development Singapore Pte Ltd has exercised its option to renew for another 12-year term, expiring in 2025, thus lowering the lease expiry in 2013.4. Includes master tenant leases and long-term lease that incorporate rent reviews or step-up rents.

(3)

(3), (4)

5.9%

39.5%

35.5%

18.6%

0.5%0%

10%

20%

30%

40%

50%

2012 2013 2014 2015 Beyond 2015

Office Lease Expiry Profile (as at 30 Jun 2012) (2)

20

24/7/2012

Portfolio top 10 tenants

21

Notes: 1. For the month of June 2012.2. The total portfolio gross rent is based on the gross rent of all the properties including the Renhe Spring Zongbei Property.3. Consists of Katagreen Development Sdn Bhd, YTL Singapore Pte Ltd, YTL Starhill Global REIT Management Limited, YTL Starhill Global Property Management

Pte Ltd, YTL Hotels (S) Pte Ltd and Lakefront Pte Ltd.

Top 10 tenants contributed 53.8% of portfolio gross rent

Tenant Name Property % of Portfolio Gross Rent (1) (2)

Toshin Development Singapore Pte Ltd Ngee Ann City, Singapore 18.8%

YTL Group (3) Ngee Ann City & Wisma Atria, SingaporeStarhill Gallery & Lot 10, Malaysia 17.1%

David Jones Limited David Jones Building, Australia 5.8%

FJ Benjamin Lifestyle Pte Ltd Wisma Atria, Singapore 2.4%

BreadTalk Group Wisma Atria, Singapore 2.1%

Cortina Watch Pte Ltd Ngee Ann City & Wisma Atria, Singapore 2.0%

Cotton On Singapore Pte Ltd Wisma Atria, Singapore 2.0%

LVMH Group Ngee Ann City & Wisma Atria, Singapore 1.2%

Feria Tokyo Co., Ltd Terzo, Japan 1.2%

Charles & Keith Group Wisma Atria, Singapore 1.2%

21

24/7/2012

Singapore - Wisma Atria Property

Lease expiry schedule (by gross rent) as at 30 June 2012 Committed occupancy: 99.3%

– Retail : 99.5%– Office : 99.0%

22

Committed occupancy rates (by NLA)

Active lease management– Retail: Almost full committed

occupancy achieved in 2Q 2012. Positive rental reversions achieved for new and renewed leases.

– Office: Committed leases enjoyed positive reversion and higher occupancy in 2Q 2012.97.7%

95.3% 94.8% 95.3%99.5%

92.0%94.6% 95.8% 96.8%

99.0%

50%55%60%65%70%75%80%85%90%95%

100%

30 Jun 11 30 Sep 11 31 Dec 11 31 Mar 12 30 Jun 12

Retail Office

4.8%

26.0%22.1%

35.2%

11.9%11.1%

36.2%32.1%

19.5%

1.1%0%

10%

20%

30%

40%

50%

60%

2012 2013 2014 2015 Beyond 2015

Retail Office

22

24/7/2012

Wisma Atria Property - Diversified tenant base

WA retail trade mix – by % gross rent(as at 30 Jun 2012)

23

WA office trade mix – by % gross rent(as at 30 Jun 2012)

Fashion41.2%

Jewellery & Watches

18.3%

Shoes & Accessories

15.6%

F&B15.4%

Health & Beauty5.3%

General Trade4.2%

Medical16.6%

Fashion Retail16.4%

Consultancy / Services14.2%Real Estate &

Property Services12.9%

Trading12.3%

Others9.8%

Aerospace7.1%

Petroleum Related6.6%

Government related2.7%

Investments1.4%

23

24/7/2012 24

Wisma Atria Retail – Shoppers traffic and centre sales

Shopper traffic and centre sales

2Q 2012 traffic was 6.5 million which is 9% yoy lower compared to 2Q 2011 mainly due to Level 4 food court closing for renovations from Apr 2012 to Jun 2012.

Centre sales for 2Q 2012 was S$71.8 mil, which is 22% yoy lower compared to 2Q 2011, mainly due to the asset redevelopment works and the closure of the Level 4 food court tenant for renovations.

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Wisma Atria Traffic Count at Primary Entrances

Year 2010 Year 2011 Year 2012

Millions

0

5

10

15

20

25

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

S$ Millions

Wisma Atria Property Retail Sales TurnoverYear 2010 Year 2011 Year 2012

24

24/7/2012

Wisma Atria Retail – Rejuvenation of an Orchard Road Landmark

25

The asset redevelopment works have substantially been completed in 2Q 2012

All Orchard Road frontage units have commenced business25

24/7/2012

Wisma Atria Retail – Uplifting effects of the asset redevelopment

26

Annualized incremental NPI based on secured tenancies as at 30 June 2012 is about S$3.9 million*. Based on total capital expenditure of about S$31 million, the ROI is approximately 12.8%, exceeding the initial projected ROI of 8%.

Since the start of the asset redevelopment, based on leases committed between July 2011 to June 2012, positive rental reversion achieved was 33%.

High committed occupancy of 99.5% as at 30 June 2012.

* compared to the 12 months preceding July 2011 when the asset redevelopmentcommenced.

24/7/2012

0.0% 3.8% 5.2% 4.2%

86.8%

2.1%

42.0% 37.9%

18.0%

0.0%0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 Beyond 2015

Retail Office

Singapore - Ngee Ann City Property

Committed occupancy rates (by NLA)

Lease expiry schedule (by gross rent) as at 30 Jun 2012 Committed occupancy : 99.3%– Retail : 100.0% – Office : 98.0%

27

Active lease management– Retail: Full occupancy. Level 5 is

established as a health and beauty cluster. All expiring leases for 2012 have been renewed

– Office: Committed leases enjoyed positive rental reversion and higher occupancy in 2Q 2012

99.7% 99.7% 100.0% 100.0% 100.0%96.6%

91.8%94.9%

97.0% 98.0%

50%

60%

70%

80%

90%

100%

30 Jun 11 30 Sep 11 31 Dec 11 31 Mar 12 30 Jun 12

Retail Office

(1)

(1) Includes a master tenancy lease that incorporates a rent review every 3 years

27

24/7/2012

Ngee Ann City Property - Diversified tenant base

NAC retail trade mix – by % gross rent(as at 30 Jun 2012)

NAC office trade mix – by % gross rent(as at 30 Jun 2012)

28

Toshin88.6%

Beauty & Wellness

9.2%

Services1.8% General Trade

0.4% Fashion Retail23.7%

Petroleum Related21.3%

Beauty/ Health17.5%

Consultancy / Services10.7%

Banking and Financial Services

8.5%

Real Estate & Property Services

7.6%

Others7.2%

Aerospace3.5%

28

24/7/2012

Singapore properties : Niche office location

* Committed occupancy as at 30 June 2012

Overall office occupancy : 98.4%*

Wisma Atria office occupancy: 99.0%*

Ngee Ann City office occupancy: 98.0%*

Based on leases committed from 1 January 2012 to 30 June 2012, the positive reversion was 19%.

Wisma Atria and Ngee Ann City are established as the choice office locations for international tenants in the fashion retail as well as medical and energy-related sectors.

Differentiated from the office space in the central business district.

2929

24/7/2012

Both properties located within the heart of KL’s popular shopping precinct Bukit Bintang.

Master leases with a fixed term of 3+3 years with a put and call option by the landlord and master tenant respectively to extend tenancies for further 3 years upon expiry. Payment obligations guaranteed by YTL Corporation Berhad.

In May 2012, Debenhams opened a new 37,000 sq ft store in Starhill Gallery, showcasing the largest collection of “Designers at Debenhams” in Southeast Asia.

Fast fashion retailer, H&M, will open its first flagship store in Malaysia in Lot 10 by end September 2012.

Malaysia - Starhill Gallery and Lot 10Quality assets in prime Kuala Lumpur location

30

Two lifestyle destinations targeting trendy and affluent tourists & chic urbanites in KL

24/7/2012

010203040506070

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

RMB Million

2010 sales turnover 2011 sales turnover

2012 sales turnover

Chengdu, one of the fastest growing cities in China, is ranked the top 4 cities in the world by growth in international visitors and international visitor expenditure in the Mastercard 2012 survey.

The asset operates as a department store under the Renhe Spring Department Store chain, benefitting from its extensive base of affluent VIP customers.

2Q 2012 revenue was 2% lower in RMB terms than 2Q 2011 mainly due to tenant renovations and competition from newly opened malls.

A series of tenant remix embarked since 1Q 2012 will enhance the retail offerings of the mall. The expanded ErmenegildoZegna store offers the brand’s complete product range, while Armani Collezioni is slated to open in 3Q 2012.

Quality asset in Chengdu, China

Renhe Spring Zongbei Property -Luxury mall in Chengdu

Zongbei Monthly Sales Performance

Renhe Anniversary Sales

31

24/7/2012

David Jones Building –Located in Perth CBD

Western Australia is one of the key performers behind Australia’s economic growth fueled largely by the resources and mining boom. It enjoys higher growth compared to other major cities in Australia.

Freehold property on prime retail district in Perth’s CBD with total retail lettable area of 259,154 sq ft. Property is fully occupied and anchored by David Jones Department Store and six specialty tenants. Long term lease with David Jones expires in 2032 and incorporates an upward only rent review every 3 years with the

last review in August 2011.

Prime stable asset in Perth, Australia

Retail trade mix – by % Gross rent(as at 30 Jun 2012)

David Jones74%

Specialty tenants

26%

32

24/7/2012

Japan Properties –Located around prime Tokyo districts

Occupancy rates as at 30 Jun 2012

All the properties are located in prime Tokyo districts within 5 minutes’ walk from the nearest subway stations. Japan’s economic activity has started to see signs of moderate growth as domestic demand remains firm, largely

supported by reconstruction-related demand*.

Portfolio occupancy was 91.1% as at 30 Jun 2012.

Japan portfolio contributed 4.3% to the Group’s revenue in 2Q 2012. During the quarter, NPI grew 4.1% on a yoy basis.

Holon L Harajuku Secondo Roppongi Terzo Ebisu Fort Roppongi Primo Nakameguro Daikanyama

* Source: Bank of Japan Monthly Report of Recent Economic and Financial Developments, June 2012

100.0% 100.0% 100.0% 100.0%

76.5% 74.3%62.6%

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Agenda

Financial Highlights

Portfolio Performance Update– Singapore– Kuala Lumpur– Chengdu– Perth– Tokyo

Outlook

34

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8,943 9,751 

10,285  10,116  9,683 

11,642 

13,171 

13,500 to14,500*

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2005 2006 2007 2008 2009 2010 2011 2012 2015

ION Orchard

International Visitor Arrivals

Singapore: Increasing tourist arrivals

Source: Singapore Tourism Board (“STB”)

1Q 2012Visitor arrivals : up 15% yoyTourism receipts: up 8% yoy

YTD May 2012Visitor arrivals : up 12.3% yoy

Thousands

The Singapore Tourism Board targets 17m visitors and tourism receipts of S$30bn by 2015

Origin of Tourists Arrivals

International Visitor Arrivals:1.Indonesia2.PR China3.Malaysia

35

*STB’s forecast for 2012 and 2015

17,000*

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Singapore: Limited retail supply pipeline in Orchard Road

^Consist of (1) The Atrium@Orchard and (2) Orchard GatewaySource: URA, CBRE (1Q2012)

NLA

(SQ

FT)

Future Retail Supply (2012-2015) Summary

New island-wide retail supply to 2015 of 4.77m sqft New Orchard Road retail supply to 2015 of 0.5m sqft, or 10.5% of total supply to 2015

^

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New brands opening and/or expected to be looking for space in Singapore

37

New Brands Launching in 2012

New Brands Launched in 2011

New Brands opening or likely to open after 2012

Timo Wiland

24/7/2012

2012 Global Ranking –Top destinations for international retailers (CBRE)

38

Ranking by Country Ranking by City

Source: CBRE “How Global is the Business of Retail” 2012 Edition

China, S’pore and Japan rank amongst the top in the world for attracting international retailers

Singapore is one of the top destinations for Chinese tourists to buy luxury watches and jewellery, with each spending an average of S$8,757, compared to S$7,221 in Italy and S$3,127 in Germany.Source: Global Blue on world’s biggest tax free shoppers in 2011

Outside China, Kuala Lumpur is one of the most active development markets in the world.Source: CBRE retail research 2012 edition

24/7/2012

Source: URA, CBRE (FY2011)

Million sqft (Net)

Total Existing Office Stock : 51.8m sqftTotal New Supply to 2016 : +9.7m sqft (+19%)Orchard New Supply to 2016 : +0.03m sqft

39

Office supply in Orchard Road less than 1% of upcoming supply of 9.7m sqft to 2016

Singapore: Office

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Malaysia ranked 9th globally for tourist arrivals with 24.7 million visitors in 2011

International Visitor Arrivals

Malaysia: Increasing tourist arrivals

Source: Tourism Malaysia

Origin of Tourists Arrivals

40

0

5

10

15

20

25

30

0

10

20

30

40

50

60

70

Arriv

als (M

illions)

Receipts (R

M Billion)

Arrivals (mil) Receipts (RM Bn)

24/7/2012 41

Growth drivers

Steady organic growth from active asset management, rental reversion and asset enhancementStrong balance sheet with debt headroom

Wisma Atria – Revenue increase from Asset Redevelopment

2Q 2012 2013

Completion

Wisma Atria and Ngee Ann City – Active asset management and ongoing rent reversions

Ngee Ann City – Toshin rental review from Jun 2011

David Jones Building – DJ department store rent review every 3 yrs to 2032 (2011 review completed in August)

2014 and beyond

David Jones Building – Leases with specialty tenants allow for annual upwards rent review

Starhill Gallery and Lot 10 step-up only master tenancy revision

Rental reversion

Asset enhancements

Acquisitions

Toshin’s renewal of master lease

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Summary:Well positioned for the growth

Quality Assets:

Prime Locations

13 mid to high-end retail properties in five countries

- Singapore and Malaysia make up 85.4% of total assets. China, Australia and Japan account for the balance of the portfolio

Quality assets with strong fundamentals strategically located with high shopper traffic

Strong Financials: Financial Flexibility

Gearing at 30.5% with no debt refinancing until 2013

S$2 billion unsecured MTN programme

Rated ‘BBB’ by Standard & Poor’s

Developer Sponsor:

Strong Synergies

Strong synergies with the YTL Group, one of the largest companies listed on the Bursa Malaysia with total assets of about US$13.6 billion as at 30 June 2012

Global presence with track record of success in real estate development and property management

Management Team: Proven Track Record

Demonstrated strong sourcing ability and execution by acquiring 3 quality malls in 2010

- DJ Building (Perth, Australia), Starhill Gallery and Lot 10 (Kuala Lumpur, Malaysia)

Asset redevelopment of Wisma Atria and Starhill Gallery demonstrates the depth of the manager’s asset management expertise

International and local retail and real estate experience

42

24/7/2012 43

References used in this presentation

1Q, 2Q, 3Q, 4Q means the periods between 1 January to 31 March; 1 April to 30 June; 1 July to 30 September; and 1 October to 31 December respectively

CPU means convertible preferred units in Starhill Global REIT

DPU means distribution per unit

FY means financial year for the period from 1 January to 31 December

GTO means gross turnover

IPO means initial public offering (Starhill Global REIT was listed on the SGX-ST on 20 September 2005)

NLA means net lettable area

NPI means net property income

pm means per month

psf means per square foot

WA and NAC mean the Wisma Atria Property (74.23% of the total share value of Wisma Atria) and the Ngee Ann City Property (27.23% of the total share value of Ngee Ann City) respectively

All values are expressed in Singapore currency unless otherwise stated

24/7/2012

Disclaimer

This presentation has been prepared by YTL Starhill Global REIT Management Limited (the “Manager”), solely in its capacity as Manager of Starhill Global Real Estate Investment Trust (“Starhill Global REIT”). A press release, together with Starhill Global REIT’s unaudited financial statements, have been posted on SGXNET on 24 July 2012 (the “Announcements”). This presentation is qualified in its entirety by, and should be read in conjunction with the Announcements posted on SGXNET. Terms not defined in this document adopt the same meanings in the Announcements.

The information contained in this presentation has been compiled from sources believed to be reliable. Whilst every effort has been made to ensure the accuracy of this presentation, no warranty is given or implied. This presentation has been prepared without taking into account the personal objectives, financial situation or needs of any particular party. It is for information only and does not contain investment advice or constitute an invitation or offer to acquire, purchase or subscribe for Starhill Global REIT units (“Units”). Potential investors should consult their own financial and/or other professional advisers.

This document may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions.

Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager’s view of future events.

The past performance of Starhill Global REIT is not necessarily indicative of the future performance of Starhill Global REIT. The value of Units and the income derived from them may fall as well as rise. The Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the Manager redeem their Units while the Units are listed. It is intended that unitholders of Starhill Global REIT may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

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24/7/2012

YTL Starhill Global REIT Management LimitedCRN 200502123C

Manager of Starhill Global REIT

391B Orchard Road, #21-08

Ngee Ann City Tower B

Singapore 238874

Tel: +65 6835 8633

Fax: +65 6835 8644

www.starhillglobalreit.com