SGX Announcement 17 January 2011

Treasury China Trust

(a business trust registered in the Republic of Singapore) (managed by Treasury Holdings Pte. Ltd)

Central Plaza Refinance Completion of USD120 million Multi-Currency Loan Facility

The Board of Directors (the “Directors”) of Treasury Holdings Real Estate Pte. Ltd., in its capacity as trustee-manager of Treasury China Trust (“TCT”) is pleased to announce the settlement of a 3-year multi-currency loan facility equivalent to approximately USD120 million to refinance its Central Plaza asset.

TCT which listed on the Singapore Exchange in June 2010 with a focus on owning, developing and managing commercial real estate in China, has recently completed a successful refurbishment of Central Plaza which it originally acquired in mid-2007. The year end committed for the of 98% has favourably impacted the terms for the refinance, which are substantially more attractive than the outgoing loan facility, reflecting the high quality asset that Central Plaza now represents within TCT’s expanding real estate portfolio.

This loan finalizes TCT’s immediate requirements for having successfully completed the settlement of the Treasury Building facility in December 2009 (expires December 2012) and the City Center loan in August 2010 (expires July 2015). As a consequence the average debt cost for TCT including the new Central Plaza loan is projected to be 3.91% for 2011 relative to its average annual debt cost in 2009 of 7.22% and 4.43% in 2010.

The Central Plaza loan, maturing in December 2013, has been provided by a consortium of banks led by Citic Kawah and comprises USD110 million and RMB65 million and represents a loan to value ratio of 46% based on the recent independent valuation for the property as at 31 December 2010 of RMB1.720 billion which reflected a 7.2% increase over its value 12 months prior. The multi-currency structure leverages the combined strengths of Central Plaza’s denominated rent roll and lower interest costs of USD loan facilities. TCT also expects to benefit from an appreciating RMB, relative to the USD over the term of the loan.

Richard David, Chief Executive Officer of TCT, commented, “2010 has been a successful year for TCT in both the equity and debt markets. The refinance of Central Plaza is another significant milestone for the group culminating in the procurement of a total of approximately USD450.0 million and RMB1.5 billion of loan facilities since December 2009 to underwrite the substantial growth expected from TCT’s stabilized and development real estate portfolio in the short to medium term. This achievement speaks volumes for the quality of TCT’s assets, its management platform and its attractiveness in the context of Asia’s growing debt markets. These outstanding results have been complemented by the successful equity offering completed in December 2010, substantially over-subscribed, providing TCT with the necessary confidence to move forward with the execution of its balance sheet growth strategy in 2011.”

By ORDER OF THE BOARD

Treasury Holdings Real Estate (as trustee-manager of Treasury China Trust) (Company registration no: 201003233M) Richard David, Director 17 January 2011

In June 2010, J.P. Morgan (S.E.A.) Limited was the financial adviser and issue manager in

relation to the listing of the Units on the Main Board of the SGX-ST by way of an introduction. IMPORTANT NOTICE

IMPORTANT NOTICE The value of units (“Units”) in TCT and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, TCT, the Trustee-Manager, or any of its affiliates. The past performance of TCT is not indicative of the future performance of TCT. An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. Investors will have no right to request that the Trustee-Manager redeem or purchase the Units while the Units are listed. It is intended that holders of the Units 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. The past performance of TCT is not necessarily indicative of the future performance of TCT