CapitaLand Malaysia Mall Trust | Annual Report 2020

children from 80 orphanages in the Klang Valley, Kuantan and Penang as well as 300 needy families in Johor. Through active participation and representation in the Malaysian REIT Managers Association (MRMA), CMMT was part of the task force that spearheaded the appeal to the Government for support and relief measures for its members in view of the unprecedented impact of COVID-19. As the representative industry body for M-REITs, the MRMA presented the proposals to the Economic Action Council for due consideration. WHATCANWEEXPECT INFY2021? As the global economy is expected to head for a contraction in2020 fromthe impact of COVID-19, Malaysia’s annual gross domestic product growth for the full year of 2020 is expected tocontract by 4.5% 5 . Globally, we are witnessing a resurgence of COVID-19 infections and tighteningof pandemic restrictions inmany parts of theworld. InMalaysia, a nationwide state of emergency until 1 August 2021 has been declared by the Government and the movement restriction orders have been reinstated in all states from 13 January 2021. Meanwhile, the Government’s vaccination programme is expected tobe implemented fromFebruary 2021 over a period of 12 months. In view of the challenging operating conditions andeconomicuncertainties, consumer and retailer sentiments are expected to remain subdued. During this period, we will continue to strike a balance between rental reversions and occupancy to ensure portfolio stability. With the reintroduction of movement restriction order, we will continue to provide customised support to our tenants’ business recovery amidst the operational restrictions to overcome this unprecedented challenge. To ensure we are ready for the eventual economic recovery, we will continue to adopt a disciplined approach on cost discipline and prioritise cost containment measures. On the liquidity front, we maintain a healthy and adequate financial position to meet our financial and operational obligations. We will continue to deepen our digital marketing initiatives to support our tenants’ omnichannel strategy to ensure business sustainability. Backed by our sponsor CapitaLand, one of Asia’s largest diversified real estate groups, CMMT’s fundamentals remain solid and we are able to tap on CapitaLand’s unique integrated retail real estate platform, combining the best of retail real estate management and capital management capabilities. As we continue to prioritise the well- being of our employees, tenants and shoppers, the CMMT Board would like to assure our stakeholders that we are committed to proactively manage our business and will take the necessarymeasures to strengthen CMMT’s portfolio and ensure long- term viability. ACKNOWLEDGEMENTS Since the onset of COVID-19, the Ministry of Health and all healthcare frontline teams have been at the forefront working diligently to ensure our safety. We want to record our appreciation to each and every healthcare worker and enforcement personnel who are working hard to curb the spread of COVID-19. Meanwhile, our operations staff too have shown extraordinary dedication and commitment in keeping our malls safe and clean to serve the communities. We would like to express our gratitude and applaud them for their dedication. We would also like to thank Unitholders, tenants, shoppers and business partners for their continued support. On behalf of the Board members, we would like to take this opportunity to record our gratitude to Mr Ng Chih Kaye and Dato’ Mohammed bin Haji Che Hussein who retired from the Board, andMr Ronald Tay Boon Hwee who stepped down from the Board during the year. We wish to express our deepest appreciation to Mr Ng and Dato’ Mohammed Hussein for their guidance as non-executive independent directorswithCMMT; and Mr Tay for his invaluable contributions to the Board over the past years. We are pleased to welcome Mr Lui Chong Chee and Encik Mohd Yusof bin Hussian to the Board. With their rich experience in the fields of real estate and accounting, we look forward to tapping their insights to deliver the mission of CMMT. We also welcome Mr Jonathan Yap Neng Tong, President of CapitaLand Financial, to the Board and look forward to his guidance. David Wong Chin Huat Chairman Low Peck Chen Chief Executive Officer 10 February 2021 5 Ministry of Finance Economic Outlook Report 2021. 33 BECAUSE TOMORROW MATTERS