THE YEAR AHEAD

In Singapore, business conditions are widely predicted to remain sluggish at least in the first half of 2003 and market trends are not expected to differ too much from what was experienced in 2002. As such, it is expected that shopping centres and retailers that are focused on the basic and essential consumer segments, or those that are innovatively differentiated from competitors, will fare better.

We remain optimistic about the medium term outlook for the retail industry once the economy embarks on a clear recovery trend. This view is shared by many industry players, as evidenced by the large number of current and planned refurbishment activities undertaken by property owners across the island.

There are also many astute foreign and local retailers who are actively repositioning themselves or carrying out expansion plans during the current market lull, so as to maximise opportunities when the upturn arrives.

Our main objectives in 2003 will be to maintain the existing high occupancy rate, control costs, execute asset enhancement initiatives and achieve our targeted earnings for the year.

CMT is well positioned for another strong year in 2003. We will continue to execute our investment strategy with total emphasis on “Delivering Performance” and are confident of delivering the IPO forecast distribution per unit of 6.96 cents.