CentraLand Limited

CENTRALAND LIMITED

3Q2010 Results Presentation

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Contents

Company Portfolio

Financial Review

Corporate Update

Commercial Projects

Residential Project

Appendix – Overview of Zhengzhou

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Company Overview

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Business acquired by present management in November 2003

Focus on specialty wholesale trading hubs

Listed on the SGX Mainboard on Feb 1, 2008

Completed aggregate GFA of 226,718 sq m of commercial / residential space

Planned estimated GFA of additional 862,092 sq m to be completed by 2015

A Leading Zhengzhou-Based Property Developer and Property Manager

Listing SGX Mainboard

Issued Share Capital 1,845,000,000

Free Float 13.3%

Share Price (As at Nov 8, 2010) S$0.450

Market Capitalisation (As at Nov 8, 2010) S$830.25 mil

Net Asset Value Per Share (Sep 30, 2010) 78.00 RMB cents

Major Shareholders

Ember Vision (Mr Li Wei & Mr Wang Peng) – 48.6%

Marble Focus (Mr Yan Tao) – 20.8%

CIM X Limited – 8.7%

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Our Portfolio (Geographical location)J-Expo 1 & 2

Small consumer goods wholesale mall

Tianrong Project

Fashion apparel wholesale trading hub

Jiancaigang

Wholesale mall for automobile parts and building materials

Property management services

Nongye Road Project

Mixed use development: retail and residential

Border of old city centre and new CBD

Guoling Shanshui

High-end, integrated residential development

25 km or 20 mins drive from Zhengzhou City centre; 5 km south of Yellow River, where the Yellow River Scenic Area is located

Guoling Shanshui

Tianrong

Zhengdong New CBD

J-Expo I & II

Nongye Road

Jiancai Gang

N

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Our PortfolioLand Bank/ Site Area

(sq m)Saleable/Leasable

Estimated GFA (sq m)

Remarks

Completed property

Commercial propertyJ-Expo 1 (䠁Ცƽзঊ୶ 1) 9,771 65,890 Sold and delivered 76.7% of

saleable GFA(As at 30 Sep 2010)

Property under development Estimated Construction Schedule

Residential propertyPhase III of Guoling Shanshui (᷌ዝኡ≤)

Remaining land bank at Guoling Shanshui

174,412

1.5 mil

132,763

TBA

2Q 2009 – 4Q 2012

--

New projects

Commercial propertiesJ-Expo 2 (䠁Ცƽзঊ୶ 2) 9,000 93,000 4Q 2010 – 1Q 2012

Tianrong Fashion City (ཙ㦓ᰦ㻵)

Old Residential Area, adjacent to Tianrong Fashion City (ᰗտᆵ४)

24,0261

16,7922

553,0003 1Q 2011 – 4Q 2015

Mixed residential & commercial propertyNongye Road Project (ߌъ䐟亩ⴞ) 16,123 100,092 4Q 2010 – 3Q 2012

Property ManagementJiancai Gang (ᔪᶀ) 758,574 354,568

Tenure of 20 years: 11 Nov 2009 – 30 Jun 2028

1 Entered into a sale and purchase agreement to acquire land occupying 15,081 sq m; acquired the balance 12,109 sq m in 2Q 2010

2 Acquisition expected to take place in 4Q 2010

3 Based on amalgamated site area of Tianrong Fashion City and Old Residential Area

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Financial Review

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Income StatementRMB ’mil 3Q2010 3Q2009 Change

Revenue 23.5 18.3 + 28.0%

Gross Profit 15.9 12.6 + 26.5%

Other Income 0.5 1.2 - 60.2%

Profit Before Tax 2.1 6.0 - 65.2%

Net Profit 1.5 2.3 - 35.4%

Selling Expenses 1.2 1.2 + 4.8%

Admin Expenses 8.0 5.2 + 52.2%

Effective Tax Rate 28.8% 61.7% - 34.5 ppt

Gross Profit Margin 67.8% 68.7% - 0.9 ppt

Profit Before Tax Margin 8.9% 32.8% - 23.9 ppt

Net Profit Margin 6.3% 12.6% - 6.3 ppt

3Q: Three months ended 30 September

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18.3

23.5

0.0

10.0

20.0

30.0

40.0

3Q2009 3Q2010Revenue

Revenue3Q2010 vs 3Q2009

Revenue increased from RMB18.3 mil in 3Q2009 to RMB23.5 mil in 3Q2010

No sales of properties in 3Q2010

RMB16.9 mil contributed from rental income and RMB6.5 mil from property management fee

Rental income increased from RMB6.5 mil in 3Q2009 to RMB16.9 mil in 3Q2010

Sub-leasing of space within Jiancaigang

Property management fee contribution of RMB6.5 million

3Q: Three months ended 30 September

RMB’mil

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Revenue Breakdown

Property Management Fees27.9%

Rental Income 35.4%

J-Expo 1 Retail Units 64.6%

3Q2009 3Q2010

Rental Income72.1%

3Q: Three months ended 30 September

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Gross Profit, PBT & Net ProfitRMB’mil Gross Profit

Increased from RMB12.6 million in 3Q2009 to RMB15.9 mil in 3Q2010

GP margin remained at 68%

PBT

Decreased to RMB2.1 mil in 3Q2010

Net Profit

Decreased to RMB1.5 mil in 3Q2010

Effective tax rate of 28.8% in 3Q2010

3Q: Three months ended 30 September

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* Based on post-Invitation share capital of 1,845,000,000 Shares

Balance Sheet Highlights

RMB’mil As at 30 Sep 2010 As at 31 Dec 2009

Cash & Bank Balances 609.8 938.9

Net Assets 1,439.2 1,383.2

- Properties Held for Development 1,474.7 783.6

- Properties Held Under Development 234.0 138.9

- Properties Held for Sale 69.1 70.7

- Deposits Paid 150.0 120.0

Receipts in Advance (222.0) (46.3)

Interest-bearing Bank & Other Borrowings (687.4) (617.0)

Net Gearing Ratio (times) 0.05 Net cash

NAV per Share (RMB cents) * 78.00 74.97

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Income StatementRMB ’mil 9M2010 9M2009 Change

Revenue 84.4 102.7 - 17.9%

Gross Profit 56.6 61.7 - 8.3%

Other Income 1.8 2.3 - 23.7%

Profit Before Tax 7.3 33.6 - 78.2%

Net Profit 5.6 12.3 - 54.6%

Selling Expenses 5.1 5.3 - 3.9%

Admin Expenses 34.1 21.6 + 58.1%

Effective Tax Rate 23.6% 63.2% - 32.9 ppt

Gross Profit Margin 67.1% 60.1% - 8.6 ppt

Profit Before Tax Margin 8.7% 32.7% - 21.2 ppt

Net Profit Margin 6.6% 12.0% - 5.4 ppt

9M: Nine months ended 30 September

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Corporate Update

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Strategic Partnership with Warburg Pincus

Endorsement of CentraLand’sstrategic focus and competency in wholesale mall development

Strengthens confidence and ability to execute its commercial projects

Framework Agreement with Warburg Pincuson 30 September 2010

Warburg Pincus, a leading global private equity investor, to invest RMB650 million

For a 31.71% equity interest each in two project companies that hold TianrongProject and J-Expo 2 Project respectively

Jointly collaborate in the development, construction, operation and management of the two projects

Explore investment opportunities within PRC’s commercial real estate sector

Including Jiancaigang, a wholesale mall for automobile parts and building materials (subject to CentraLand’s proposed acquisition)

Potentially participate in Warburg Pincus’ existing wholesale assets portfolio in China (subject to conditions)

Option for Warburg Pincus to invest up to an additional RMB650 million (subject to conditions)

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Strengthens financial position

Demonstrates Warburg Pincus’ commitment to invest in China’s retail and wholesale sectors

Strategic Partnership with Warburg Pincus

Framework Agreement with Warburg Pincuson 30 September 2010

Considerably strengthen overall financial position to execute business plans for the two wholesale mall projects

Heralds the beginning of a long symbiotic relationship

Cross-share expertise and potential participation in Warburg Pincus’ wholesale assets portfolio

To seek the necessary shareholders approvals

A circular to Shareholders containing further information as well as a notice of the Special General Meeting will be dispatched to Shareholders in due course

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Commercial Projects

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J-Expo 1 (䠁Ც•зঊ୶ 1)

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Status of J-Expo 1 (䠁Ც•зঊ୶ 1)

As at 30 September 2010

*302 units of the unsold units on level 4 and 5 were rented out as at 30 June 2010.

Levels Completion Date

Total Saleable

GFA (sq m)Units No of Units

Sold*No of Units Delivered*

% of GFA Sold &

Delivered

Average ASP/unit

(RMB/sqm)

B1, L1-L3 2Q 2008 36,282 1,792 retail units 1,691 1,679 17,132

L4-L5 2Q 2008 18,297 768* retail units 464 451 11,379

L6-L12 2Q 2008 11,311 192 office units 147 147 6,113

Total 65,8902,560 retail units/192

office units

76.7%(50,555 sq m)

14,226

23.3% GFA for lease

76.7% GFA sold

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J-Expo 2 (䠁Ც•зঊ୶ 2 )Rate of registration of interest: 287.4%

Expected start of construction:4Q 2010

Expected completion:1Q 2012

J-Expo 2 soft launch closed (on 25 October 2010) with a 287.4% rate ofregistration of interest

• The Group received 7,184 down-payments to ballot for J-Expo II’s 2,500retail units

• Pre-sales expected to start in second quarter of 2011

J-Expo II

J-Expo I

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Tianrong Project

Zhengzhou Railway Station

Zhengzhou Long

Distance Bus Station

J-Expo I

J-Expo II

Acquisition of J-Expo 2 site located inErqi District ( ) for RMB150 mil

In response to strong market demand following success of J-Expo 1Total site area: 9,000 sq mAdjacent to existing J-Expo 1

Strategic locationWithin walking distance to Zhengzhou Railway station and Zhengzhou Long Distance Central Bus StationLocated within the main wholesale centre of Zhengzhou City

Planned total leasable GFA of 93,000 sq mRetail space: 70,000 sq mOffice space: 15,000 sq mOthers: 8,000 sq m

Retail Trading Hub (Erqi District)

Commodities Trading Hub (Railway District)Fashion Trading Hub (Guancheng District)

J-Expo 2 (䠁Ც•зঊ୶ 2 )

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Tianrong Fashion

City

Old Residential

Area

Zhengzhou Long

Distance Bus Station

Zhengzhou Railway Station

Tianrong Project (ཙ㦓ᰦ㻵)Strategic location

Close proximity (less than 1km) to Zhengzhou Railway Station & Zhengzhou Long Distance Central Bus StationLocated within the fashion trading hub

Total site area24,026 + 16,792 = 40,818 sq m

Comprises of Tianrong Fashion City and Old Residential Area

Planned total leasable GFA of 553,000 sq mRetail space: 428,000 sq mOffice space: 69,000 sq mOthers: 56,000 sq m

To be developed in stages over 5 yrsConstruction expected to commence in 1Q 2011

Landmark project in Henan ProvinceTo be fully integrated with supporting infrastructure

Bus station in basementAmple carpark facilities

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Tianrong Project – Acquisition Status Tianrong Fashion City:

24,026 sq m

Total land cost: RMB1 billion

Old Residential Area:

16,792 sq m

Total intended acquisition site:

40,818 sq m

Stage 1: 15,081 sq m (2 land parcels)

Stage 2: 12,109 sq m(2 land parcels)

• Acquired Henan Hezhi Co., Ltd. for RMB440 mil- Holds 80% stake in 2 land parcels

• Funded by IPO proceeds and internal funds

• Acquired Zhengzhou Longma Enterprise Co., Ltd for RMB360 mil in 2Q2010- Holds 80% stake in 2 land parcels

• Funded by IPO proceeds and internal funds

• Adjacent site to Tianrong Fashion City

• Land cost subject to government auction

• Expected to take place in 4Q2010

• To develop into an integrated commercial development over a 5-year period

The Group holds 80% stake in the JV

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Jiancaigang ( )

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Zhengzhou Tiandi Renhe acquired the master tenancy of Jiancaigang on 30 Nov 2009

Annual rent of RMB24 millionDuration of 20 years (Expiry on 30 June 2028)First right of refusal to renew tenancy

Jiancaigang : Wholesale Mall for automobile parts and building materials

Within North Ring Trading Hub: one of Zhengzhou City’s 6 largest trading hubs Approx 1,300 tenants (as at 30 September 2010)Annual turnover of approx RMB1 billionAggregate gross floor area: 354,568 sq mSite area: 758,574 sq m

Reinforces capabilities in management of commercial properties, esp specialty wholesale trading hubs

Jiancaigang ( )

The Group holds 80% of Zhengzhou Tiandi Renhe

Two new stable income streams:

Sub-leasing

Property management

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Jiancai Gang

North Ring Business District

Jiancaigang (Geographical location)

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Nongye Road Project (ߌъ䐟亩ⴞ)

Expected start of construction: 4Q 2010

Expected completion: 3Q 2012

Site cleared for construction

Artist Impression

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Nongye Road Project

Nongye Road Project (ߌъ䐟亩ⴞ)Acquisition of Nongye Road site

for RMB70 milTotal site area of 16,123 sq m

Strategic locationAt the boundary of the old city centre’s business district and the new Zhengdong CBD

Planned total saleable GFAof 100,092 sq m

Retail space: 15,407 sq mResidential units: 84,685 sq m

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Residential Project

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Phase IYongfu

Phase IMufu

Phase III

Guoling Shanshui (᷌ዝኡ≤)

Remaining site area of 1.5 mil sq m held for future development

Phase I & II (Completed and fully sold)

Phase I: GFA of approx 57,954 sq m

Phase II: GFA of approx 102,874 sq m

Phase III – Total GFA of 132,000 sq mStage 1: GFA of approx 43,000 sq m; construction

underwayStage 2 GFA of approx 89,000 sq m; construction

expected to start in 4Q2010

Phase IIXinyu Lanwan ᗳኯ◌⒮

Phase IIHuguang Shanse

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Remaining land bank (1.5m sq m)

9%

76%

15%

Guoling Shanshui (᷌ዝኡ≤) Phase III & Beyond

Phase III development on track

Site area of 174,412 sq m

Stage 1 construction underway

• Pre-sales launched in late October

• Saleable GFA of 43,763 sq m

Stage 2 construction expected to commencein 4Q2010

Saleable GFA of 89,000 sq m

Remaining land bank

Total site area of 1.5 mil sq m

Land Bank (Site Area)

Phase III (Development on track) (174,412 sq m)

Phase I & II (Completed)

(276,735 sq m)

Phase III Type of unitTargeted

Completion Date

Total Saleable

GFA (sq m)Units No of Units

Sold* % GFA SoldAverage ASP/unit

(RMB/sqm)

Stage 1 Low-rise apartments

4Q2012

43,763 540 387 72.5%(31,721 sq m) 6,206

Stage 2Townhouses/

Duplexes/ Commercial units

89,000 Under planning - - -

*As at 8 November 2010

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Guoling Shanshui (᷌ዝኡ≤)

Remaining Land Bank1.5 million sq m

Master PlanApproved for development in phases

Lifestyle DevelopmentLuxury holiday homesPart of land bank leased out to third parties for complementary facilities

Golf courseHotelCommercial retail units

Guoling Shanshui (᷌ዝኡ≤) Phase III & Beyond

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Guoling Shanshui (᷌ዝኡ≤) Phase III

Artist Impressions

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Guoling Shanshui (᷌ዝኡ≤) Phase III

Construction underwayAs at Mar 2010

Show unit interiors

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Project Pipeline20152009 2010 2011 2012 2013 2014

Guoling Shanshui Phase III

J-Expo 2

Tianrong Project

Nongye Road Project

Property under development

New projects

Jiancaigang

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Project Pipeline – Total GFAUses Saleable/Leasable Estimated GFA (sq m)

Residential- Guoling Shanshui Phase III- Nongye Road Project

216,685132,00084,685

Retail- J-Expo 2- Tianrong Project- Nongye Road Project

513,40770,000

428,00015,407

Office & Commercial- J-Expo 2- Tianrong Project

84,00015,00069,000

Property Management- Jiancaigang

354,568354,568

Total : 1,168,660 sq m

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APPENDIX

Overview of Zhengzhou

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Regional GDP Ranking

Ranking Region GDP (RMB billion)*

1 Guangdong 3,569.6

2 Shandong 3,107.2

3 Jiangsu 3,031.3

4 Zhejiang 2,148.7

5 Henan 1,840.8

6 Hebei 1,618.9

7 Shanghai 1,369.8

8 Liaoning 1,346.2

9 Sichuan 1,250.6

10 Hubei 1,133.0*As at 2008Sources: China Statistical Yearbook 2009, Zhengzhou Statistical Yearbook 2009

Zhengzhou’s GDP

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Overview of Zhengzhou

Capital city of Henan Province, one of China’s eight ancient capitals

Located in the central part of the PRC and south of Yellow River

Land area : 7,446 sq km

Key national transportation hub for the country’s rail, highway and air transportation

Intersection of two major trunk railways : North-South railroad line (Beijing-Guangzhou Railway) and East-West railroad line (Lanzhou-Lianyungang Railway)

Zhengzhou Railway Station is China’s largest odd cargo volume transit-shipment station and has the 2nd

highest volume of passenger transit in the PRC

Source: Zhengzhou Zhengdong New District Investment Environment Study 2009 (KPMG Shanghai)

Zhengzhou

Urumqi

Shanghai

Hong Kong

Beijing

Source: Zhengzhou Statistical Yearbook 2008

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Source: Google mapsSource: http://www.china-mor.gov.cn/

Connectivity in Zhengzhou

Located on the Beijing-Hong Kong-Macau Expressway which runs through China and the Lianyungang-Horgos Expressway, the longest West-East highway in China (1)

Henan’s expressway mileage : 4,841 km, highest amongst all Chinese provinces (1)

A total of 25 key trunk-line highways form a well-developed highway network linking Zhengzhou with other parts of PRC (2)

Sources: (1) Zhengzhou Zhengdong New District Investment Environment Study 2009 (KPMG Shanghai)(2) www.zynews.com

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“Central City Cluster” -Zhengzhou as the centre of development

Henan Provincial Government

Zhengzhou : the Centre of Development

The “Central City Cluster” includes 8 cities within one-hour drive from Zhengzhou

Luoyang, Kaifeng, Xinxiang, Jiaozuo, Xuchang, Pingdingshan, Jincheng and Jiyuan

Integration of Zhengzhou and Kaifeng as a Mega-City to enhance the development of the “Central City Cluster”

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Guangzhou

WenzhouYiwu

Zhengzhou

Zhengzhou : Links East to the West

Zhengzhou plays a crucial role in developing the Central and Western provinces

Relocation of coastal trading hubs to Zhengzhou to serve the Central and Western parts of ChinaGrowth engine of domestic trade

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North Ring Business District

Railway Business District

Jiancai Gang

J-Expo I and II

Guancheng Business District

Erqi Business District

Tianrong

Zhengzhou’s Specialty Trading Hubs

Wenhualu Business District

Bishagang Business District

CentraLand Limited

CENTRALAND LIMITED

Johnson Choo

Vice President

Investor Relations and Corporate Communications

Mobile: +65 94506527 / +86 15838381086

Email: johnsonchoo@centralandltd.com