contingent upon a sustained business and economic environment BB+ BB BB- B+ B B- B C D Ba1 Ba2 Ba3 B1 B2 B3 NP BB+ BB BB- B+ B B- B C D High default risk - debtor’s capacity for meeting commitments may be

8% YoY from the following key drivers: - Rental and services revenue continue to grow at a solid pace from sustained same-store growth, as well as full-year contribution from new and renovated malls