Performance Summary

As at 31 December 2009

NAV/Share : US$ 0.965RNAV/Share : US$ 1.245

Key Facts

Exchange : London Stock Exchange Main Market

Symbol : ASPL

Lookup : Reuters - ASPL.L Bloomberg - ASPL.LN

Company Information

Domicile : Jersey

Issued Shares : 212,525,000

ShareDenomination : US Dollars

Management Fee : 2% of NAV

Performance Fee : 20% of the out performance NAV over a total return hurdle rate of 10%

Admission Date : 5 April 2007

Investor Reporting : Quarterly

Fiscal Year End : 31 December

Financials : Semi-annual review; annual audit

For additional information please refer to www.aseanaproperties.com

Aseana Properties Limited (“Aseana” or the “Company”) cancelled 23,600,000 or-dinary shares held in treasury on 31 De-cember 2009, representing 9.99% of the Company’s issued share capital. Following the share cancellation, the Company has 212,525,000 ordinary shares in issue. The Board is continuing its efforts to maintain effective investor relations and public rela-tion programmes with its investors.

As at 31 December 2009, the Net Asset Value (“NAV”) of Aseana was US$205.07 million (US$0.965 per share), compared to US$206.65 million (US$0.972 per share) recorded on 30 September 2009.

As at 31 December 2009, the Realisable Net Asset Value (“RNAV”) of Aseana was US$264.60 million (US$1.245 per share), compared to US$243.68 million (US$1.146 per share) as at 30 September 2009. The increase in RNAV is mainly at-tributable to the recognition of the 100% stake in the SENI Mont’ Kiara project, following completion of the acquisition of the remaining minority interest in Amatir Resources Sdn. Bhd., and the revaluation of the KK seafront resort and residences project land. The increase in RNAV is par-tially offset by the decrease in market val-ues of KL Sentral development following the sale of Tower 2 to an international real estate fund.

Projects Project NAV as % of NAV a

Market Value as % of RNAV b

i-ZEN@Kiara I 1.9% 2.1%

Tiffani by i-ZEN 8.7% 6.9%

one Mont’ Kiara by i-ZEN 12.3% 8.4%

Sandakan Harbour Square 9.9% 12.8%

SENI Mont’ Kiara 27.7% 35.0%

KL Sentral Office Towers & Hotel 1.2% 3.2%

KK seafront resort and residences 5.1% 5.8% c

Equity Investment in Nam Long 8.3% 6.4% d

International Hi-Tech Healthcare Park 10.3% 7.9% d

Queen’s Place 0.03% 0.03% d

a Project NAV includes a charge to cost of acquisition of US$13.68 millionb Please see Valuation Methodology for further informationc Project currently valued at residual market value of landd Projects currently valued at cost

4. NAV and RNAV do not include investments which are pending completion of acquisition, namely TM Mont’ Kiara Commercial Development, Tan Thuan Dong project and KLCC Kia Peng Residential project (which was completed on 20 April 2010).

1. NAV per share and RNAV per share are calculated based on 212,525,000 ordinary shares in issue.

2. Please see Valuation Methodoloy for further information.

3. NAV & RNAV contribution of each project are listed below:

Volume #11 – Quarterly Investor Update (Q4 FY2009) 22 April 2010

A S E A N A T R A C K E R

Year ended 31 December 2009

Total assets less current liabilities (US$ M) 295.21

Net asset value (NAV) (US$ M) 205.07

NAV per share (US$ ) 1 0.96

Realisable Net Asset Value (RNAV) (US$ M) 2 264.60

RNAV per share (US$ ) 1 1.25

Cash and bank equivalents (net of bank overdrafts) (US$ M) 47.00

Gearing 58.45%

Gearing (net of cash) 28.24%

Registered Address

12 Castle StreetSt. Helier, JerseyJE2 3RTChannel Islands

Commentary

1

Property Portfolio Update

Construction Update April 2010

KL Sentral Office Towers & Hotel

Structural works are in progress at Level 39 for Block A, Level 30 & 31 for Block B and Landscape Plaza Level at Car Podium, Structural Level for Block C & D, Level LG4 to LG1 for car park podium and plaza area. Structure works for western bound retaining wall and suspended driveway have been fully completed.

Architectural and M&E works for both blocks and retail atrium are progressing well. External infrastructure works are also in progress.

Substructure works at Level 6 of the retail podium and Level 11 of the hotel tower are progressing well. Brickwork on ground floor, Level 1 and Level 2 are in progress.

Basement excavation works has been completed. Pile caps construction are progressing well.

Sales of ongoing development units are progressing well. The Company released Phase 2 office suites (the remaining five floors) at one Mont’ Kiara in November 2010 and has successfully sold 90% to date. For SENI Mont’ Kiara and Phase 2 Retail Lots at the Sandakan Harbour Square development, sales are recorded at 66% and 81% respectively, compared to 64% and 74% reported in the last quarter.

On 31 December 2009, the Company announced that it had entered into a Share Subscription Agreement (“SSA”) and a Joint Venture Agreement (“JVA”) with Ireka Corporation Berhad to co-develop a prime development site located in the heart of Kuala Lumpur City Centre (“KLCC”). The SSA and JVA were completed on 20 April 2010.

The site is strategically located on Jalan Kia Peng, near neighbouring prestigious landmarks such as the KLCC Conven-tion Centre, Suria KLCC shopping cen-tre, KLCC park and the world famous Petronas Twin Towers. Aseana has taken a 70% stake in this joint venture. Subject to obtaining relevant authorities’ approv-als, the project is expected to be launched by first half of 2011.

Sales Update

Projects % Sales

i-ZEN@Kiara I 100%

Tiffani by i-ZEN 90%

one Mont’ Kiara by i-ZEN (bz hub)

Phase 1 100%

Phase 2 ^ 90%

Sandakan Harbour Square

Phase 1 Retail Lots 100%

Phase 2 Retail Lots 81%

SENI Mont’ Kiara 66%

^ Five floors have been released for sale in November 2009

Please see Snapshot of Property Portfolio (Pages 5 & 6) for further information on existing investments.

April 2010

2

Volume #11 – Quarterly Investor Update (Q4 FY2009) 22 April 2010

Overview of Property Market in Malaysia

Offices• Office rentals in the Kuala Lumpur City area generally remained stable with exception of the Damansara Heights and

Bangsar/Pantai localities where there was a very marginal increase in rentals.• Generally, market prices of office buildings in the Klang Valley remained stable and net yields ranged between 6 to 8%. • Five en-bloc transactions were recorded during Q4 2009, three of which were between owners’ subsidiaries.

Retail• Overall occupancy rate of retail centres in Klang Valley increased marginally to 84.9%. (84.1% in Q3 2009).• Market prices and rentals remained stable.• Three retail transactions were concluded during Q4 2009 (whereby Starhill Gallery and Lot 10 Shopping Centre were

disposed to Starhill Global REIT for a total of RM1.03 billion).

Residential• Market prices and rentals remained generally stable in Q4 2009. However, they may still experience downward pressure in the

short term due to relatively large supply in the development pipeline.• Prices of condominiums in KLCC and Mont’ Kiara localities have depreciated in the range of 20 to 60% from its peak in

mid 2008. However, they still register an appreciation of between 10 to 60% from developer’s selling price at launch.

Hospitality• Overall occupancy rate in Q4 2009 increased slightly, mainly due to the improving economy and business sentiment.• Average Daily Room Rates for hotels in the Klang Valley showed a mixed trend adjustment in Q4 2009 between -7.8% to

+4.9%.

ments and tax incentives, provided much needed support for the economy in 2010. The Malaysian Government projects the economy to expand by between 4.5 and 5.5% in 2010, as recovery gathers momen-tum after a positive growth in the fourth quarter of last year.

The Consumer Sentiment Index (“CSI”) and Business Confidence Index (“BCI”) as measured by the Malaysian Institute of Economic Research, plunged to respective lows of 71.4 points and 53.8 points in the final quarters of 2008 (value below the 100 points threshold represents expectations of contraction). Swift action by the Govern-ment to introduce the stimulus package, as highlighted above, helped both the CSI and BCI rise above the 100 points thresh-old in the second quarter of 2009, ending the year at 109.6 points and 118.8 points respectively.

The Central Bank of Malaysia has also acted accordingly, thus sharply reduc-ing the overnight policy rate by 125 basis points to 2% in early 2009. Additionally, the statutory reserve requirement for banks was also reduced by 250 basis points to 1% to stimulate lending activities. In March 2010, the Central Bank decided to raise the overnight policy rate by 25 basis points to 2.25% on the back of the improving eco-nomic outlook. Interest rates are expected to continue increasing throughout 2010 as

monetary support is balanced with the ef-fects of the fiscal stimulus package.

The Ringgit continued to appreciate against the US Dollar, Pound Sterling, Euro and Japanese Yen. Against regional currencies, the Ringgit recorded an appre-ciation within the range of 1.5 to 4.7%.

In October 2009, the Government rein-troduced a 5% Real Properties Gain Tax (“RPGT”) for gains arising from property disposal regardless of the holding period. This was subsequently revised in Decem-ber 2009 to be applied to disposal of prop-erties within five years of purchase. The reintroduction of RPGT is a move by the Government to stem speculative property buying. Given its quantum, the reintroduc-tion of RPGT is expected to have minimal impact on the demand and capital value of properties over the medium term.

Despite the slowdown in the global econo-my, Malaysia recorded 23.6 million tourist arrivals in 2009, a 7% increase compared to 2008. This was attributed to an increase in regional travel among tourists in Asia and South East Asia, due to the accessibili-ty of Malaysia’s ground transportation and air travel networks. The rising popularity of regional budget airlines is also a factor that has positively impacted the tourism industry.

Source: Bank Negara Malaysia website, Jones Lang Wotton Q4 report, CBRE, various publications

The Malaysian economy contracted by 1.7% in 2009 which, given the conditions of weak external demand and low private domestic consumption resulting from the global financial crisis, is better than the earlier forecast in May 2009 of -4 to -5%. After three consecutive quarters of nega-tive growth, the economy rebounded in the fourth quarter of 2009, growing 4.5% (Q3 2009: -1.2%) as the RM67 billion (US$19 billion) stimulus package announced by the Government began to reverse the earlier negative consumer and business sentiments. The stimulus activities, rang-ing from guaranteed funds, equity invest-

one Mont’ Kiara

Malaysia Economic Update

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Volume #11 – Quarterly Investor Update (Q4 FY2009) 22 April 2010

Overview of Property Market in Vietnam

Offices• No new supply of Grade A & B office buildings in HCMC in Q4 2009.• Average asking rent across seven existing Grade A office building in HCMC is US$40.4 psm per month, a 2.2% decrease

q-o-q.• In 2010, office rents are expected to soften with concerns of oversupply of office space.

Retail• Numerous mid-to-high end brands entered Vietnam last year (e.g.: Hermes, Hard Rock Café, Debenhams, Naf Naf, Aldo and

Morgan de Toi).• In Q4 2009, average shopping centre rents in HCMC’s CBD area rose 25.4% to US$97.4 psm per month, mainly due to the

opening of Kumho Asiana Plaza and Saigon Square 2, both in District 1. Average occupancy rates in the HCMC CBD area is at 95.3%.

• Retail operators are having difficulty maintaining tenants and filling up excess retail space outside the CBD area; with average rents at US$46.6 psm per month.

Residential• Overall average secondary price in Q4 2009 decreased slightly when compared with Q3 2009.• Capital values remained stable.• Demand remains strong for affordable and mid-end projects in well-established areas.• Population and long-term economic growth will continue to drive demand for housing over the long term.

Hospitality• Occupancy rate of three, four and five star hotels in HCMC remained low.• Hoteliers continue to competitively lure business travelers and leisure travelers with active promotional campaigns.

Vietnam maintained an impressive Gross Domestic Product (“GDP”) growth rate of 5.3% in 2009 which, alongside China and India, was one of the few notable Asian economies that have maintained a positive growth rate throughout the financial crisis. The growth of the Vietnamese economy was aided by strong domestic consump-tion, riding on the back of strong fiscal and monetary stimulus by the Government.

The Central Bank of Vietnam made six interest rate cuts between October 2008 and February 2009 to spur borrowings and stimulate the economy. The prime inter-est rate was cut from its peak of 14% to 7%, and remained unchanged throughout.

With signs of the economy normalising in early 2010, the Central Bank increased the prime interest rate to 8% in February 2010.

Vietnam continues to attract Foreign Di-rect Investment (“FDI”) across all sec-tors of the economy. FDI commitments for 2009 were registered at US$21.5 bil-lion. Although a sharp decrease from the US$64.0 billion recorded in 2008, the val-ue of the commitments are significant for a growing economy like Vietnam and signi-fies the confidence of foreign investors on the prospects of the country despite global and domestic challenges. High inflation was a key domestic challenge for Vietnam

The Hub, International Hi-Tech Healthcare Park

Source: General Statistics Office of Vietnam, CBRE, Savills Q4 Quarterly Report, various publications

in 2008. In 2009, the Government’s swift measures, followed by the deflationary pressures, brought the overall inflation rate down to 6.9%.

Over the short to medium term, inves-tors also faced the risk of the Vietnamese Dong (“VND”) devaluing. In an unprec-edented move, the Government devalued the VND against the US Dollar twice in recent months, with a 5.44% devaluation in November 2009, followed by a 3.00% devaluation in February 2010. The move was aimed at reducing parallel market transactions of the VND. In a related move, the Government also fixed an inter-est rate ceiling for US Dollar deposits to 1% to discourage US Dollar holdings by Vietnamese corporations.

2009 also saw the completion of several key infrastructure projects in Ho Chi Minh City (“HCMC”). The first phase of the East-West Highway was completed in Sep-tember, reducing the travelling time across the east-west axis of the city significant-ly. Vietnam’s first cabled-stay across the Saigon River was also completed in Octo-ber, providing easy access between District 2 and District 7 of HCMC. More recently in February 2010, Thu Thiem Bridge link-ing Binh Thanh District and District 2 was also completed to further alleviate conges-tion around the city.

Vietnam Economic Update

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Volume #11 – Quarterly Investor Update (Q4 FY2009) 22 April 2010

Snapshot of Property Portfolio

Kota Kinabalu Seafront Resort & Residential Development Kota Kinabalu, Sabah, Malaysia Resort homes, boutique resort hotel and resort villas Expected GDV: US$170 million Effective Ownership (Resort villas & hotel): 100% Effective Ownership (Resort homes): 80% Cost of investment: US$10,354,782 (land cost, unleveraged) Market value as at 31/12/2009: US$15,354,516 2

Awaiting development approvals from authorities.

TM Mont’ Kiara Commercial Development 1 Kuala Lumpur, Malaysia Commercial and office suites Expected GDV: US$32 million Effective Ownership: 100% Cost of investment: US$3,130,609 (land cost, unleveraged) Market value as at 31/12/2009: US$3,793,400 2 Awaiting development approvals from authorities.

SENI Mont’ Kiara Kuala Lumpur, Malaysia Luxury condominiums Expected GDV: US$429 million Effective Ownership: 100% Cost of investment: a) initial acquisition: US$66,172,832 b) non-controlling interest acquisition: US$3,447,051 Market value as at 31/12/2009: US$92,689,395 66% sold , target completion: Phase 1: Q4 2010, Phase 2: Q1 2011

KL Sentral Office Towers & Hotel Kuala Lumpur, Malaysia Two office towers and a boutique business hotel Expected GDV: US$249 million Effective Ownership: 40% Cost of investment: US$5,171,674 Market value as at 31/12/2009: US$8,557,327 Tower 1 and Tower 2 sold. Hotel to be sold on or after completion; target completion 2012

one Mont’ Kiara by i-ZEN Kuala Lumpur, Malaysia Office suites, office tower and retail mall Expected GDV: US$156 million Effective Ownership: 50% Cost of investment: US$21,453,419 Market value as at 31/12/2009: US$22,126,027 Office suites (bz hub): Phase 1: 100% sold. Phase 2: 90% sold Office tower and retail mall to be sold on or after completion; target completion Q2 2010

Sandakan Harbour Square Sandakan, Sabah, Malaysia Phase 1&2: Retail lots; Phase 3: Hotel; Phase 4: Retail mall Expected GDV: US$141 million Effective Ownership: 100% Cost of investment: a) initial acquisition: US$18,701,588 b) non-controlling interest acquisition: US$4,182,544 Market value as at 31/12/2009: US$33,991,198 Phase 1: 100% sold, Phase 2: 81% sold, Phase 3 & 4: to be sold on or after completion; target completion 2011

i-ZEN@Kiara I Kuala Lumpur, Malaysia Serviced residences Expected GDV: US$39 million Effective Ownership: 100% Cost of investment: US$3,998,840 Market value as at 31/12/2009: US$5,582,247 100% sold; completed in June 2008

KLCC Kia Peng Residential Project 1 Kuala Lumpur, Malaysia Luxury residences Expected GDV: US$79 million Effective Ownership: 70% Cost of investment: US$8,370,000 Market value as at 31/12/2009: N/A Completed SSA & JVA on 20 April 2010.

Tiffani by i-ZEN Kuala Lumpur, Malaysia Luxury condominiums Expected GDV: US$110 million Effective Ownership: 100% Cost of investment: US$15,274,279 Market value as at 31/12/2009: US$18,329,125 90% sold; completed in August 2009

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Volume #11 – Quarterly Investor Update (Q4 FY2009) 22 April 2010

Equity Investment in Nam Long Corporation Ho Chi Minh City, Vietnam Private equity investment Effective Ownership: 17.24% Cost of investment: US$17,223,620

Tan Thuan Dong Project 1 District 7, Ho Chi Minh City, Vietnam Residences and commercial Expected GDV: US$120 million Effective Ownership: 80% Cost of investment: US$9,600,000 Market value as at 31/12/2009: N/A The Joint Venture Agreement was signed in November 2010

Queen’s Place District 4, Ho Chi Minh City, Vietnam Residential, office suites and retail mall Expected GDV: US$195 million Effective Ownership: 65% Cost of investment: US$11,283,460 Market value as at 31/12/2009: N/A Resettlement planning underway

International Hi-Tech Healthcare Park Binh Tan District, Ho Chi Minh City, Vietnam Commercial and residential development with healthcare theme Expected GDV: US$770 million Effective Ownership: 51% Cost of investment: US$27,601,000 Market value as at 31/12/2009: N/A Obtained construction license for the general hospital (Phase 1) in April 2009.

Snapshot of Property Portfolio

Market value of each project is based on valuation prepared by Crowe Horwath for 31 December 2009 and translated at its respective exchange rate on 31 December 2009. Please refer to the section on Valuation Methodology for basis of market valuation.

1 These investment are pending completion of acquisition and are therefore not included in the NAV and RNAV calculations.2 Residual market value of land relating to effective interest of Aseana.

N/A: Not applicable

Exchange rate – 31 December 2009: US$1: RM3.4270; 30 September 2009: US$1 : RM 3.4614 (Source: Bank Negara Malaysia)

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Volume #11 – Quarterly Investor Update (Q4 FY2009) 22 April 2010

Share PerformanceSh

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Aseana Properties Limited (ASPL:LN) Price Chart

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Advisors & Service Providers Contact Information

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Aseana Properties Limited (ASPL:LN) Volume Chart

52 weeks high of US$ 0.487552 weeks low of US$ 0.1125Current as at 21/04/2010 of US$ 0.4325

Development Manager

Ireka Development Management Sdn Bhd

Financial Advisor

Fairfax I.S. PLC

Reporting Accountants, Auditor, Tax Adviser

Mazars LLC

Company Secretary

Capita Secretaries Limited

Malaysia Office

G-1 Kiara II No. 1 Jalan Kiara Mont’ Kiara 50480 Kuala Lumpur Malaysia Tel : +603 6203 6688

Vietnam Office

Suite 703, Floor 7 Fideco Tower No. 81-85, Ham Nghi St District 1 Ho Chi Minh City Vietnam Tel : +848 3914 9988

Development Manager

Ireka Development Management Sdn Bhd

Website www.ireka.com.my

Company Aseana Properties LimitedWebsite www.aseanaproperties.com

Chief Executive Officer

Mr. Lai Voon Hon voonhon.lai@ireka.com.my

Senior VP, Comms & Investor Relations

Ms. Tan May Lee maylee.tan@ireka.com.my

Chief Financial Officer

Ms. Monica Lai monica.lai@ireka.com.my

Note : Transaction volume > 7 million (i) 22 Apr: 48.1 million, (ii) 1 June 26.5 million, (iii) 19 June: 10.1 million, (iv) 16 July: 24.8 million

Valuation MethodologyThe Company will appoint one or more internationally recognised firms of surveyors as property valuers. It is the intention that the Company’s property portfolio will be independently valued on a semi-annual basis. Where applicable and permitted under the International Financial Reporting Standards, the Directors of the Company may choose to adopt and incorporate the valuation into the computation of the Company’s Net Asset Value.

The Realisable Net Asset Value of the Company as at 31 December 2009 has been computed by the Company based on the Company’s management accounts for the year ended 31 December 2009 and the Market Values of the property portfolio. The Market Value of the property portfolio is determined on a discounted cash flow basis by Crowe Horwath, an independent firm of valuers. The Market Values, excluded any taxes; whether corporate, personal, real property or otherwise, that is payable. In arriving at the Market Value of the projects, Crowe Horwath has assumed that the development costs are substantially financed by bank borrowings based on the terms negotiated between the financial institutions and the respective companies that are undertaking the development projects. The valuations performed by Crowe Horwath have been performed in accordance with International Valuation Standards (“IVS”) promulgated by the International Valuation Standards Committee.

Important NoticeThis document, and the material contained therein, is not intended as an offer or solicitation for the subscription, purchase or sale of securities in Aseana Properties Limited (the “Company”). Any investment in the Company must be based solely on the Listing Prospectus of the Company or other offering document issued from time to time by the Company, in accordance with applicable laws.

The material in this document is not intended to provide, and should not be relied on for accounting, legal or tax advice or investment recommendations. Potential investors are advised to independently review and/or obtain independent professional advice and draw their own conclusions regarding the economic benefit and risks of investment in the Company and legal, regulatory, credit, tax and accounting aspects in relation to their particular circumstances.

No undertaking, representation, warranty or other assurance, express or implied, is given by or on behalf of either of the Company or Ireka Development Management Sdn. Bhd. or any of their respective directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in this document and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise.

No warranty is given, in whole or in part, regarding the performance of the Company. There is no guarantee that investment objectives of the Company will be achieved. Potential investors should be aware that past performance may not necessarily be repeated in the future. The price of shares and the income from them may fluctuate upwards or downwards and cannot be guaranteed.

This document is intended for the use of the addressee and recipient only and should not be relied upon by any persons and may not be reproduced, redistributed, passed on or published, in whole or in part, for any purposes, without the prior written consent of Aseana Properties Limited.

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Volume #11 – Quarterly Investor Update (Q4 FY2009) 22 April 2010