(Constituted in the Republic of pursuant to a trust deed dated 31 March 2006 (as amended))

ANNOUNCEMENT

ACQUISITION OF 22 CHIN BEE DRIVE AND 1 & 2 NORTH STREET 2 LAUNCH OF PRIVATE PLACEMENT OF 83,683,000 NEW UNITS S$50.0 MILLION THREE-YEAR TERM LOAN FACILITY

1. INTRODUCTION

Cambridge Industrial Trust Management Limited, as manager of Cambridge Industrial Trust (“CIT ” and the manager of CIT, the “ Manager ”), wishes to announce that:

(i) RBC Dexia Trust Services Singapore Limited, in its capacity as trustee of CIT (the “Trustee ”), has today entered into two separate Put and Call Option Agreements (as defined herein) to acquire the Target Properties (as defined herein) (the “Acquisition ”);

(ii) it intends to issue 83,683,000 new units in CIT (“Units ”, and the new Units, “New Units ”) by way of a private placement pursuant to section 302C of the Securities and Futures Act, Chapter 289 of Singapore, to:

(a) institutional and other investors apart from the Restricted Investors (as defined herein) (collectively, the “ Non-Restricted Investors ”) at an issue price of S$0.478 per New Unit (the “ Issue Price ”); and

(b) (if applicable) at an issue price of S$0.503 per New Unit (the “ Restricted Investor Issue Price ”) to the Oxley Group (“ Oxley ”) and Mitsui & Co., Ltd. (“ Mitsui ”) (collectively, the “Restricted Investors ”),

so as to raise gross proceeds of approximately S$40.0 million; and

(iii) the Trustee has today entered into a facility agreement with National Australia Bank Limited (" NAB ") pursuant to which NAB will make available to the Trustee a S$50.0 million three-year secured term loan facility (the “ Acquisition Term Loan Facility ”) and a S$20.0 million secured revolving credit facility of same tenor (the “Revolving Credit Facility ”).

2. THE ACQUISITION OF THE TARGET PROPERTIES

2.1 Put and Call Option Agreements

The Trustee has today entered into two separate put and call option agreements with each of:

1 (i) Deluge Fire Protection (S.E.A.) Pte Ltd in respect of the acquisition by CIT of the property located at 22 Chin Bee Drive, Singapore 619870 (“22 Chin Bee Drive ”); and

(ii) ETLA Limited in respect of the acquisition by CIT of the property located at 1 Changi North Street 2, Singapore 498808 and 2 Changi North Street 2, Singapore 498775 (“ 1 & 2 Changi North Street 2 ”)

(the above-mentioned agreements collectively, the “Put and Call Option Agreements ” and the above-mentioned properties collectively, the “ Target Properties ” and each a “Target Property ”).

2.2 Information on the Target Properties

22 Chin Bee Drive

The building, which was completed in 2008, comprises two levels of warehousing facilities and a mezzanine level of office space, a six-storey ancillary office and a five-storey annex comprising a workers’ dormitory. The Target Property is located in the west of Singapore and is accessible via the Ayer Rajah Expressway and the Pan Island Expressway (“ PIE ”).

1 & 2 Changi North Street 2

The building at 1 Changi North Street 2, Singapore 498808 was completed in 2002 and the building at 2 Changi North Street 2, Singapore 498775 was completed in 2007. The two five-storey light industrial buildings are linked together via a two-tier overhead bridge, with ancillary office space. The Target Property is located within the Changi North Industrial Estate in the east of Singapore and is easily accessible via the Expressway and the PIE. The Target Property is also located approximately two kilometres away from the Singapore .

2.3 Independent Valuations of the Target Properties

22 Chin Bee Drive has been appraised by Jones Lang LaSalle Property Consultants Pte Ltd ( “JLL” ) and 1 & 2 Changi North Street 2 has been appraised by Colliers International Consultancy & Valuation (Singapore) Pte Ltd (“ Colliers ”), each using the direct comparison method, discounted cash flow analysis and the capitalisation approach.

The following table sets out the respective appraised values of each Target Property as at their respective valuation dates:

Appraised Value Independent Target Property (S$ million) Date of Valuation Valuer

22 Chin Bee Drive 15.0 1 July 2010 JLL

1 & 2 Changi North Street 2 22.2 5 August 2010 Colliers

Total 37.2

2 2.4 Principal Terms and Conditions of the Put and Call Option Agreements

(i) Purchase Consideration

The following table sets out the respective purchase consideration of each Target Property:

Purchase Consideration Target Property (S$ million)

22 Chin Bee Drive 15.0

1 & 2 Changi North Street 2 22.1

Total 37.1

The purchase consideration of each Target Property was arrived at on a willing- buyer and willing-seller basis, based on the appraised value of the relevant Target Property determined pursuant to valuations conducted by either JLL or Colliers in respect of that Target Property.

(ii) Completion

The Manager expects completion of the Acquisition (“ Completion ”) to take place in September 2010.

(iii) Conditions Precedent

The sale and purchase of each Target Property is subject to and conditional upon certain condition precedents, including but not limited to the following key conditions:

(i) the vendor not being in breach of any provisions of the respective head lease or failing to perform and comply in all respects with any of the covenants and agreements contained therein; and

(ii) in the case of 22 Chin Bee Drive, sufficient debt and equity being raised by CIT to complete the acquisitions of 22 Chin Bee Drive.

2.5 Estimated Cost of the Acquisition

The estimated total cost of the Acquisition (the “ Total Acquisition Cost ”) is approximately S$37.7 million, comprising:

(i) the aggregate purchase consideration of the Target Properties of S$37.1 million;

(ii) the acquisition fee payable to the Manager under the trust deed dated 31 March 2006 constituting CIT entered into between the Trustee and the Manager (as amended) (the “ Trust Deed ”) in respect of the Acquisition which amounts to approximately S$0.4 million; and

(iii) the professional and other fees and expenses incurred or to be incurred in connection with the Acquisition which amount to approximately S$0.2 million.

The Manager intends to finance approximately S$24.7 million of the Total Acquisition Cost with the net proceeds from the Private Placement. The balance of the Total Acquisition

3 Cost of approximately S$13.0 million will be financed by a partial draw-down under the Acquisition Term Loan Facility.

2.6 Rationale for and Benefits of the Acquisition

(i) Improvement in Asset Quality through an Enlarged Portfolio

The Manager believes that the Target Properties are quality industrial assets that have been purchased at attractive yields which are comparable or better than yields of recent transactions in the market.

(ii) Reduction of Aggregate Leverage 1

On Completion, CIT’s Aggregate Leverage will be reduced from 42.3% as at 30 June 2010 to 41.5% on a pro forma basis. The Manager has also committed on 17 August 2010 to paying down CIT’s existing debt facility by S$32.0 million via the use of divestment proceeds from the sale of non-core assets. Combined with the above, CIT’s Aggregate Leverage is expected to be further reduced from 41.5% to 39.5%.

(iii) Improved Portfolio and Tenant Diversification

The acquisition of the Target Properties will further reduce the reliance of CIT’s income stream on any single asset and tenant.

(iv) Positive Impact on Weighted Average Lease Tenure and Weighted Average Lease Expiry

On Completion, the weighted average lease tenure of CIT’s portfolio will increase from 4.2 years to 4.3 years. CIT’s weighted average lease expiry concentration will also be reduced from (i) 26.4% to 25.2% for 2013 and (ii) 41.6% to 39.7% for 2014.

2.7 Interests of the Directors and Controlling Unitholders

As at the date of this Announcement, none of the Directors or controlling Unitholders 2 have an interest in the Acquisition.

2.8 Director’s Service Contracts

No person is proposed to be appointed as a Director in connection with the Acquisition.

2.9 Disclosure under Rule 1010(13) of the Listing Manual

The relative figures computed on the bases as set out in Rule 1006 of the Listing Manual of Singapore Exchange Securities Trading Limited (the “ SGX-ST ”) (the “ Listing Manual ”) in respect of the Target Properties are set out in the table below:

1 “Aggregate Leverage ” is defined in the Appendix 2 of the Code on Collective Investment Schemes issued by the Monetary Authority of Singapore as the ratio of CIT’s borrowings and deferred payments (including deferred payments for assets whether to be settled in cash or Units) to the value of CIT’s deposited property. 2 A “ Controlling Unitholder ” refers to a person who: (a) holds directly or indirectly 15.0% or more of the total number of issued Units excluding treasury Units (if any); or (b) in fact exercises control over CIT.

4 The Target Relative Figure Basis of Comparison Properties CIT (%)

Profits (S$) Not applicable Not applicable Not applicable

Net Property Income (S$’000) (1) 2,998 65,228 (2) 4.6

Purchase consideration against market capitalisation (S$’000) 37,110 440,975 (3) 8.4

Number of New Units to be issued as consideration for the Acquisition against the existing Units in issue Not applicable Not applicable Not applicable

Notes

(1) In the case of a real estate investment trust, the net property income is a close proxy to the net profits attributable to its assets

(2) The net property income (“ NPI ”) is annualised based on the NPI for the financial period ended 30 June 2010 (" 1H2010 ") on the assumption that the NPI for the next six-month period ending 31 December 2010 will be the same as that for 1H2010.

(3) Based on the closing price of S$0.505 per Unit as at 12 August 2010.

The relative figure of the net asset value of the assets to be disposed of compared with CIT’s net asset value under Rule 1006(a) of the Listing Manual is not applicable to a transaction involving an acquisition of assets.

The relative figure of the number of Units issued by CIT as consideration for an acquisition compared with the number of Units previously in issue under Rule 1006(d) of the Listing Manual does not apply in relation to the Acquisition as no Units will be issued as consideration for the Acquisition.

3. THE PRIVATE PLACEMENT

3.1 Introduction

The Manager intends to issue 83,683,000 New Units by way of a private placement pursuant to section 302C of the Securities and Futures Act, Chapter 289 of Singapore, to:

(i) the Non-Restricted Investors at the Issue Price; and

(ii) (if applicable) the Restricted Investors at the Restricted Investor Issue Price.

The Manager has appointed The Royal Bank of Scotland N.V., Singapore Branch as the sole global coordinator, bookrunner and underwriter for the Private Placement (the “Sole Bookrunner and Underwriter ”).

3.2 Rationale for the Private Placement

3.2.1 Finance the acquisition of the Target Properties

Approximately S$24.7 million of the Total Acquisition Cost will be financed with the net proceeds from the Private Placement. The balance of the Total Acquisition Cost of approximately S$13.0 million will be financed by a partial draw-down on the Acquisition Term Loan Facility.

5 3.2.2 Finance future property acquisitions

The additional funds from the Private Placement will provide CIT with the financial flexibility to take advantage of valuable acquisition opportunities that may become available in the future.

3.2.3 Strengthen CIT’s balance sheet and capital structure

As illustrated in the following table, the completion of the Acquisition and the Private Placement and the partial draw-down of the Acquisition Term Loan Facility (the Acquisition, the Private Placement and the Acquisition Term Loan Facility collectively, the “ Transactions ”) is expected to reduce CIT’s Aggregate Leverage from approximately 42.3% as at 30 June 2010 to 41.5%.

As at 30 June 2010

Unaudited pro forma Actual adjusted for the Transactions

Borrowings (S$’000) 390,100 403,089

Total Assets (S$’000) 921,849 972,048

Aggregate Leverage (%) 42.3 41.5

The reduction in Aggregate Leverage strengthens CIT’s capital structure and its credit profile, and enhance CIT’s balance sheet as well as its ability to secure additional debt facilities at potentially more competitive terms.

3.2.4 Possibly increase the trading liquidity of the Units

The New Units issued pursuant to the Private Placement will increase the number of Units in issue as at 30 June 2010 by up to approximately 9.6%. This increase in the total number of Units in issue and CIT’s Unitholder base is expected to increase the free float of Units on the SGX-ST and the level of trading liquidity of the Units. This could potentially lead to an increase of CIT’s weighting in certain benchmark equity indices. Unitholders will be able to benefit from any improvement in trading liquidity.

3.3 Placement of New Units to the Restricted Investors under the Private Placement

The Manager is of the view that allowing the Restricted Investors to participate in the Private Placement will enable each of Oxley and Mitsui to acquire further interests in CIT and accordingly demonstrate their support and commitment to CIT. In the event that Oxley and Mitsui participate in the Private Placement, this may also encourage other investors to take up New Units under the Private Placement and increase the chances of success of the Private Placement.

In addition, the participation of Oxley and Mitsui in the Private Placement to maintain their pre-Private Placement level of unitholding in CIT (in percentage terms) is consistent with CIT’s policy of having sponsors with a vested interest in CIT, which in turn may ensure price stability in persisting volatile market conditions. Enabling Oxley and Mitsui to

6 maintain their pre-Private Placement level of unitholding in CIT ensures alignment of the interests of these entities with those of CIT’s Unitholders.

The Manager had sought a waiver from the SGX-ST from the prohibition under Rule 812(1) of the Listing Manual against placing Units to Oxley and Mitsui under the Private Placement without obtaining the prior specific approval of Unitholders. Pursuant to a waiver granted by the SGX-ST on 11 June 2010 from the prohibition under Rule 812(1) of the Listing Manual, the Manager is entitled to issue New Units under the Private Placement to the Restricted Investors without having to obtain the prior specific approval of Unitholders, provided that:

(i) the number of New Units issued to the Restricted Investors under the Private Placement is no more than what would be necessary to maintain their respective percentage unitholdings at the levels immediately before the Private Placement;

(ii) the issue price of the New Units which may be issued to the Restricted Investors must be at the adjusted volume weighted average price of the Units (calculated in accordance with Rule 811(5) of the Listing Manual) or higher and must be higher than the issue price to other third party placees; and

(iii) the Manager discloses the waiver, its reasons for seeking the waiver and the conditions imposed via SGXNET.

In view of the foregoing conditions imposed by the SGX-ST, the Manager intends to issue the New Units to the Restricted Investors at the volume weighted average price (“ VWAP ”) per Unit for trades done on the SGX-ST on 12 August 2010, being the day the Placement Agreement (as defined herein) is signed (the “ Restricted Investor Issue Price ”).

3.4 Underwriting of the Private Placement

The Private Placement is underwritten by the Sole Bookrunner and Underwriter on the terms and subject to the conditions of a placement agreement entered into between the Manager and the Sole Bookrunner and Underwriter on 12 August 2010 in connection with the Private Placement (the “ Placement Agreement ”). The Sole Bookrunner and Underwriter has entered into standby purchase agreements with certain persons in respect of some of the New Units.

The Sole Bookrunner and Underwriter and its affiliates may engage in transactions with, and perform services for, CIT, the Manager and their group companies or affiliates in the ordinary course of business and have engaged, or may in the future engage, in commercial banking and investment banking transactions with CIT, the Manager and their group companies or affiliates, for which they have received, and may in the future receive, compensation.

3.5 Lock-up

Pursuant to the terms of the Placement Agreement, the Manager has agreed that itwill not, other than in connection with the Private Placement, at any time during the period from the date of the Placement Agreement to the date falling 90 days after the listing of the New Units on the SGX-ST, directly or indirectly:

(i) offer, issue, sell, contract to issue or sell, pledge, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or

7 warrant to purchase, lend, hypothecate or encumber or otherwise transfer or dispose of any Units (or any securities convertible into or exchangeable for Units or which carry rights to subscribe for or purchase Units);

(ii) enter into a transaction (including a derivative transaction) with a similar economic effect to the foregoing;

(iii) deposit any Units (or any securities convertible into or exchangeable for Units or which carry rights to subscribe for or purchase Units) in any depository receipt facility; or

(iv) publicly announce any intention to do any of the above,

in each case, without the prior written consent of the Sole Bookrunner and Underwriter, such consent not to be unreasonably withheld.

3.6 Use of Proceeds

The Manager intends to use the net 3 proceeds from the Private Placement of approximately S$37.6 million (assuming no New Units are issued to any Restricted Investor) in the following manner:

(i) approximately S$24.7 million will be primarily used to part-finance the Acquisition;

(ii) approximately S$1.8 million will be used to pay debt-related costs in relation to the Acquisition Term Loan Facility; and

(iii) approximately S$11.1 million will be used to partly or wholly fund future acquisitions of income-producing properties and built-to-suit development opportunities and for general corporate and working capital purposes.

Pending deployment, the net proceeds from the Private Placement may be deposited with banks and/or financial institutions, or used for any other purpose on a short-term basis as the Manager may, in its absolute discretion, deem fit.

In the event that the New Units are issued to any or both of the Restricted Investors at the Restricted Investor Issue Price, the additional proceeds will be used for future acquisitions of income-producing properties and built-to-suit development opportunities and for general corporate and working capital purposes.

3.7 Issue Price

The Issue Price of S$0.478 per Unit is at a discount of approximately 4.9% to the volume weighted average price per Unit for trades done on the SGX-ST on 12 August 2010, being the day on which the Placement Agreement is signed.

The Restricted Investor Issue Price of S$0.503 per New Unit is equivalent to the volume weighted average price per Unit for trades done on the SGX-ST on 12 August 2010, being the day on which the Placement Agreement is signed.

3.8 Advanced Distribution and Status of the New Units

3 After taking into account the estimated fees and expenses, including professional fees and expenses, incurred or to be incurred by CIT for the Private Placement.

8 CIT’s next quarterly distribution was originally scheduled to take place in respect of CIT’s distributable income for the period of 1 July 2010 to 30 September 2010 (the “ Scheduled Distribution ”). However, in connection with the Private Placement, the Manager intends to declare, in lieu of the Scheduled Distribution, a distribution of the distributable income for the period from 1 July 2010 to the day immediately prior to the date on which New Units are to be issued pursuant to the Private Placement (such date currently expected to be 22 August 2010) (the “ Advanced Distribution ”). The next distribution thereafter will comprise CIT’s distributable income for the period from the day that the New Units are issued pursuant to the Private Placement to 30 September 2010. Quarterly distributions will resume thereafter.

The Advanced Distribution is intended to ensure that the distributable income accrued by CIT up to the day immediately preceding the date of issue of the New Units (which at this point, will be entirely attributable to the Units in issue on the day immediately prior to the date on which the New Units are issued (the “ Existing Units ”)) is only distributed in respect of the Existing Units, as a means to ensure fairness to holders of the Existing Units.

The New Units to be issued pursuant to the Private Placement will, upon issue, rank pari passu in all respects with the then existing Units, including the right to CIT’s distributable income for the period from the day on which New Units are expected to be issued pursuant to the Private Placement (such date currently expected to be 23 August 2010), to 30 September 2010 as well as distributions thereafter.

For the avoidance of doubt, the holders of the New Units to be issued pursuant to the Private Placement will not be entitled to the distributions of any distributable income accrued by CIT prior to the date of issue of such New Units.

The New Units will trade under the same stock counter on the SGX-ST as the counter for the Existing Units for the period commencing from the date of issuance of the New Units.

3.9 Timetable of Key Events

The table below sets out the timetable of key events in relation to the Private Placement. Any changes to the timetable below will be announced.

Event Date and Time

Private Placement

Opening and closing date and time for the : The Private Placement will commence Private Placement after the close of trading in the Units on the SGX-ST on 12 August 2010 and will remain open until the close of the book of orders for the Private Placement, which is currently expected to be no later than 13 August 2010. The close of the book of orders for the Private Placement will be announced by the Manager via SGXNET no later than the Market Day after the date of

9 such closure

Other Dates

Last date and time for trading on a “cum” : 17 August 2010 at 5.00 p.m. basis in respect of the Advanced Distribution

Commence trading on an “ex” basis in : 18 August 2010 at 9.00 a.m. respect of the Advanced Distribution

Date on which the Transfer Books and : 20 August 2010 at 5.00 p.m. Register of Unitholders will be closed to determine the Unitholders entitled to the Advanced Distribution

Expected date for issue of New Units : 23 August 2010

Expected date for commencement of : 23 August 2010 at 2.00 p.m. trading of New Units

Expected date of payment of the Advanced : 16 September 2010 Distribution

The Manager, may, with the approval of the SGX-ST, modify the above timetable subject to any limitation under any applicable laws. In such an event, the Manager, will announce the same via the SGXNET. However, as at the date of this Announcement, the Manager does not expect the above timetable to be modified.

3.10 Application to the SGX-ST for Approval In-Principle

The Manager will make a formal application to the SGX-ST for the listing of, dealing in, and quotation of, the New Units on the Main Board of the SGX-ST. An appropriate announcement will be made upon the receipt of such in-principle approval from the SGX- ST.

The Private Placement is subject to, inter alia , the approval in-principle of the SGX-ST for the listing of, dealing in, and quotation of, the New Units on the Main Board of the SGX-ST.

4. THE ACQUISITION TERM LOAN FACILITY

The Trustee has today entered into a facility agreement with NAB, pursuant to which NAB will make available to the Trustee the Acquisition Term Loan Facility and the Revolving Credit Facility. Pursuant to such facility agreement, NAB will make available to the Trustee the Acquisition Term Loan Facility and the Revolving Credit Facility. The Acquisition Term Loan Facility comprises a S$50.0 million three-year secured term loan facility at an interest rate of approximately 3.05% per annum, which includes the amortisation of upfront transaction costs over the tenor of the loan. The Revolving Credit Facility comprises a S$20.0 million secured revolving credit facility of same tenor.

10 The Acquisition Term Loan Facility will be used towards financing, inter alia , approximately S$13.0 million of the Total Acquisition Cost and related expenses. The Revolving Credit Facility will be used only for general working capital purposes of CIT.

It is intended that the Acquisition Term Loan Facility and the Revolving Credit Facility will be secured by, inter alia , the Target Properties.

It is noted that NAB is the indirect majority shareholder of the Manager and the Acquisition Term Loan Facility is an “interested person transaction” under Chapter 9 of the listing manual of the SGX-ST (the “ Listing Manual ”). However, the general requirements relating to “interested person transactions” under Chapter 9 of the Listing Manual are not applicable as (i) NAB is a financial institution licensed by the Authority and (ii) the Acquisition Term Loan Facility is taken up on normal commercial terms and in the ordinary course of CIT’s business.

5. UNAUDITED PRO FORMA FINANCIAL EFFECTS OF THE TRANSACTIONS

The unaudited pro forma financial effects of the Transactions on the distribution per Unit (“ DPU ”) and net asset value (“ NAV ”) per Unit as at 31 December 2009 and 30 June 2010 are strictly for illustrative purposes and were prepared based on CIT’s audited financial statements for the financial year ended 31 December 2009 (the “ FY2009 Audited Financial Statements ”) and CIT’s unaudited financial statements for the six-month period ended 30 June 2010 (the “ 1H2010 Unaudited Financial Statements ”) respectively, taking into account the estimated costs of the Private Placement and assuming that:

(i) 83,683,000 New Units are issued at the Issue Price to raise gross proceeds of approximately S$40.0 million;

(ii) the net proceeds of the Private Placement, after taking into account the estimated fees and costs incurred or to be incurred by CIT in connection with the Private Placement of approximately S$2.4 million, is approximately S$37.6 million;

(iii) the Total Acquisition Cost of approximately S$37.7 million will be financed (i) with part of the net proceeds of the Private Placement and (ii) by a partial draw-down on the Acquisition Term Loan Facility;

(iv) approximately S$24.7 million of the net proceeds from the Private Placement is used to part-finance the Acquisition, approximately S$1.8 million of the net proceeds from the Private Placement is used to pay debt-related costs in relation to the Acquisition Term Loan Facility and approximately S$11.1 million of the net proceeds from the Private Placement is retained to fund future acquisitions of income-producing properties and built-to-suit development opportunities and for general corporate and working capital purposes;

(v) the Acquisition Term Loan Facility of S$50.0 million, of which approximately S$13.0 million will be utilised for the financing of the Total Acquisition Cost, bears an annual interest rate of approximately 3.05% per annum which includes the amortisation of the related upfront transaction costs over the loan tenor of three years; and

11 (vi) the interest income earned on the unutilised net proceeds retained in the bank account while waiting for deployment is at an annual rate of 0.20% per annum.

Financial Year Ended 31 December 2009

(i) Unaudited Pro forma DPU, distribution yield and earnings or loss per Unit

The unaudited pro forma financial effects of the Transactions on the DPU, distribution yield and earnings/(loss) per Unit for CIT’s financial year ended 31 December 2009 (“ FY2009 ”), as if CIT had completed the Transactions and incurred S$13.0 million of additional borrowings as at 1 January 2009 and held and operated the Target Properties through to 31 December 2009, are as follows:

FY2009

Unaudited pro forma Actual (1) adjusted for the Transactions

Distributable income (S$‘000) 44,162 46,689 (2)

Weighted average number of Units 824,082 907,765 in issue during the year (‘000)

DPU (cents) 5.36 5.14

Distribution yield (%) (3) 10.61 10.18

Loss per Unit (cents) (4),(5)

- Basic and diluted (7.43) (6.48)

Notes :

(1) Based on the FY2009 Audited Financial Statements.

(2) Distributable income with respect to the Target Properties is derived based on the following:

• the agreed amount of rent payable by the respective vendors to CIT pursuant to the sale and lease back arrangement set out in the Put and Call Option Agreements;

• estimated operating costs associated with the Target Properties;

• the fees payable to the Manager and the Trustee pursuant to the Trust Deed; and

• debt-related costs associated with the procurement of the Acquisition Term Loan Facility. (3) Based on the DPU divided by the closing price of S$0.505 per Unit as at 12 August 2010. (4) Based on the weighted average number of Units in issue during the year. (5) Loss per Unit arose from the fair value loss of investment properties and financial derivative at an aggregate of S$95.7 million. Excluding the fair value loss, the actual earnings per Unit (“ EPU ”) for FY2009 is 4.19 cents and the pro forma EPU for FY2009 is 4.07 cents. (ii) Unaudited Pro forma NAV per Unit

The unaudited pro forma financial effects of the Transactions on the NAV per Unit as at 31 December 2009, as if CIT had completed the Transactions and incurred S$13.0 million of additional borrowings on 31 December 2009, are as follows:

12 As at 31 December 2009

Unaudited pro forma Actual (1) adjusted for the Transactions

NAV (S$‘000) 516,352 553,952

Units in issue (‘000) 867,546 951,229

NAV per Unit (S$) 0.60 0.58

Aggregate Leverage (%) 42.6 41.7

Note :

(1) Based on the FY2009 Audited Financial Statements.

1H2010

(i) Unaudited Pro forma DPU, distribution yield and earnings or loss per Unit

The unaudited pro forma financial effects of the Transactions on the DPU, distribution yield and EPU for 1H2010, as if CIT had completed the Transactions and incurred S$13.0 million of additional borrowings on 1 January 2010 and held and operated the Target Properties through to 30 June 2010, are as follows:

1H2010

Unaudited pro forma Actual (1) adjusted for the Transactions

Distributable income (S$‘000) 21,895 23,159 (2)

Weighted average number of Units in 869,218 952,902 issue during the period (‘000)

DPU (cents) 2.51 2.42

Distribution yield (%) (3) 10.02 (4) 9.66 (5)

EPU (cents) (6)

- Basic and diluted 3.11 2.97

Notes :

(1) Based on the 1H2010 Unaudited Financial Statements.

(2) Distributable income with respect to the Target Properties is derived based on the following:

• the agreed amount of rent payable by the respective vendors to CIT pursuant to the sale and lease back arrangement set out in the Put and Call Option Agreements;

• estimated operating costs associated with the Target Properties;

• the fees payable to the Manager and the Trustee pursuant to the Trust Deed; and

• debt-related costs associated with the procurement of the Acquisition Term Loan Facility.

(3) The distribution yield is annualised on the assumption that the distributable income for the next six-month period ending 31 December 2010 will be the same as that for 1H2010. There is no guarantee that the distribution yield for the six-month period ending 31 December 2010 will be the same as that for 1H2010.

13 (4) Based on the annualised DPU divided by the closing price of S$0.505 per Unit as at 12 August 2010.

(5) Based on the annualised pro forma DPU divided by the closing price of S$0.505 per Unit as at 12 August 2010.

(6) Based on the weighted average number of Units in issue during the period.

(ii) Unaudited Pro forma NAV per Unit

The unaudited pro forma financial effects of the Transactions on the NAV per Unit as at 30 June 2010, as if CIT had completed the Transactions, and incurred S$13.0 million of additional borrowings on 30 June 2010, are as follows:

As at 30 June 2010

Unaudited pro forma Actual (1) adjusted for the Transactions

NAV (S$‘000) 522,877 560,477

Units in issue (‘000) 873,218 956,901

NAV per Unit (S$) 0.60 0.59

Aggregate Leverage (%) 42.3 41.5

Note :

(1) Based on the 1H2010 Unaudited Financial Statements.

BY ORDER OF THE BOARD

Cambridge Industrial Trust Management Limited (Company Registration No. 200512804G, Capital Markets Services Licence No.: 100132-1) (as manager of Cambridge Industrial Trust)

Chris Calvert Chief Executive Officer and Executive Director

12 August 2010

14 Important Notice

The value of the Units and the income derived from them may fall as well as rise. Units are not investments, liabilities or obligations of, or deposits in, the Manager, the Trustee, or any of their respective related corporations and affiliates (including but not limited to National Australia Bank Limited, nablnvest Capital Partners Pty Ltd, or other members of the National Australia Bank group) and their affiliates (individually and collectively " Affiliates "). An investment in Units is subject to equity investment risk, including the possible delays in repayment and loss of income or the principal amount invested. Neither CIT, the Manager, the Trustee nor any of the Affiliates guarantees the repayment of any principal amount invested, the performance of CIT, any particular rate of return from investing in CIT, or any taxation consequences of an investment in CIT. Any indication of CIT performance returns is historical and cannot be relied on as an indicator of future performance.

Investors have no right to request that the Manager redeem or purchase their Units while the Units are listed. It is intended that investors may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

This release may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of occupancy or property rental income, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in amounts and on terms necessary to support future CIT business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager’s current view of future events.

Nothing in this Announcement constitutes an offer of securities for sale in the United States. Neither this Announcement nor any copy or portion of it may be sent or taken, transmitted or distributed, directly or indirectly, into the United States or to any U.S. person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “ Securities Act ”)). The New Units have not been and will not be registered under the Securities Act and, accordingly may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the Securities Act), except in certain transactions exempt from the registration requirements of the Securities Act.

The distribution of this Announcement and the placement of the New Units in certain jurisdictions may be prohibited or restricted by law. The materials relating to the offering of securities referred to in this Announcement do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. Persons who come into possession of this Announcement and/or its accompanying documents are required by the Manager and the Sole Bookrunner and Underwriter to inform themselves of, and observe, any such prohibitions and restrictions. This release is for informational purposes only and does not have regard to your specific investment objectives, financial situation or your particular needs. Any information contained in this release is not to be construed as investment or financial advice, and does not constitute an offer or an invitation to invest in CIT or any investment or product of or to subscribe to any services offered by the Manager, the Trustee or any of the Affiliates.

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