Capitamall Trust

CIRCULAR DATED 18 OCTOBER 2005 CAPITAMALL TRUST

THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.

Singapore Exchange Securities Trading Limited (the “SGX-ST”) takes no responsibility for the accuracy of any statements or opinions made, or reports contained, in this Circular. If you are in any doubt as to the action you should take, you should consult your stockbroker, bank manager, solicitor, accountant or other professional adviser immediately. Approval in-principle has been obtained from the SGX-ST for the Equity Fund Raising (as defi ned herein) and for the listing and quotation of the new units (the “New Units”) in CapitaMall Trust (“CMT”) to be issued for the purpose of the Equity Fund Raising on the Main Board of the SGX-ST. The SGX-ST’s in-principle approval is not an indication of the merits of the Equity Fund Raising, the New Units, the Waivers (as defi ned herein) or CMT. (Constituted in the Republic of Singapore pursuant to a trust deed dated 29 October 2001 (as amended)) This Circular is not for distribution, directly or indirectly, in or into the United States. It is not an offer of securities for sale into the United States. The Units may not be offered or sold in the United States or to, or for the account or benefi t of, US persons (as such term is defi ned in Regulation S under the Securities Act of 1933) unless they are registered or exempt from registration. There will be no public offer of securities in the United States. OFFER AND PLACEMENT OF 173,400,000 NEW UNITS IN CAPITAMALL TRUST (“NEW UNITS”) BY WAY OF: (A) A PREFERENTIAL OFFERING OF 77,628,981 NEW UNITS AT THE PREFERENTIAL OFFERING ISSUE PRICE TO RELEVANT SINGAPORE REGISTERED UNITHOLDERS (AS DEFINED HEREIN) ON A NON-RENOUNCEABLE BASIS OF 1 NEW UNIT FOR EVERY 10 EXISTING UNITS HELD AS AT 5.00 P.M. ON 14 OCTOBER 2005 (THE “PREFERENTIAL OFFERING BOOKS CLOSURE DATE”), FRACTIONS OF A UNIT TO BE DISREGARDED, AND SUBJECT TO THE ROUNDING MECHANISM (AS DEFINED HEREIN) (THE “PREFERENTIAL OFFERING”); (B) AN OFFERING OF 25,500,000 NEW UNITS TO THE PUBLIC IN SINGAPORE THROUGH THE AUTOMATED TELLER MACHINES (“ATMS”) OF DBS BANK LTD (INCLUDING POSB) ON A “FIRST-COME, FIRST-SERVED” BASIS (THE “ATM OFFERING”); AND (C) A PRIVATE PLACEMENT OF 70,271,019 NEW UNITS TO RETAIL AND INSTITUTIONAL INVESTORS (THE “PRIVATE PLACEMENT”).

PARCO BUGIS JUNCTION Circular dated 18 October 2005 (Parco Bugis Junction)

JURONG ENTERTAINMENT CENTRE HOUGANG PLAZA UNITS SEMBAWANG SHOPPING CENTRE JURONG ENTERTAINMENT CENTRE

IMPORTANT DATES AND TIMES MANAGED BY Opening date and time for : Acceptance Form and ATM (as deﬁ ned herein) CAPITAMALL TRUST MANAGEMENT LIMITED the Preferential Offering - 19 October 2005 at 9.00 a.m. A member of Closing date and time for : Acceptance Form - 25 October 2005 at 4.45 p.m. the Preferential Offering ATM - 25 October 2005 at 9.30 p.m. Joint Lead Manager and Joint Lead Manager and Opening date and time for : 19 October 2005 at 12.00 noon Underwriter for the Preferential Underwriter for the Preferential the ATM Offering Offering and the Private Placement Offering and the Private Placement

Closing date and time for : 25 October 2005 at 12.00 noon (subject to Lead Manager and the ATM Offering early closure, at the discretion of DBS Underwriter for the ATM Offering Bank Ltd (in consultation with the Manager (as defi ned herein)), in the event that the New Units under the ATM Offering are fully taken up earlier) This overview section is qualifi ed in its entirety by, and should be read in conjunction with, the full text of this Circular. Meanings of capitalised terms may be found in the Glossary of this Circular. OVERVIEW OFFER AND PLACEMENT OF 173,400,000 NEW UNITS IN CAPITAMALL TRUST At the Extraordinary General Meeting (the “EGM”) of Unitholders of CMT held on 6 October 2005, resolutions relating to, inter alia, the acquisition of Parco Bugis Junction, as well as the plant and equipment located at the property and certain fi xed assets (together, the “Target Property”), by CMT and the Equity Fund Raising in connection therewith, as set out in the Notice of EGM dated 16 September 2005, were duly passed. Accordingly, the Manager proposes to issue 173,400,000 New Units for offer and placement to existing Unitholders and new investors so as to raise gross proceeds of approximately S$405.9 million in order to, inter alia: - part fi nance the acquisition of the Target Property; - part refi nance the bridge loans taken to fi nance the acquisitions of Hougang Plaza Units and Sembawang Shopping Centre; and - part fi nance the acquisition of Jurong Entertainment Centre (details of which are set out herein).

EQUITY FUND RAISING Existing Unitholders and new investors can participate in the Equity Fund Raising through the following ways: THE PREFERENTIAL OFFERING Relevant Singapore Registered Unitholders are eligible to participate in the Preferential Offering of 77,628,981 New Units on a non-renounceable basis of 1 New Unit for every 10 of the Existing Units held as at 14 October 2005, 5.00 p.m. (fractions of a Unit to be disregarded) and subject to the Rounding Mechanism (as defi ned herein). The Preferential Offering Issue Price is S$2.33 per New Unit. Provisional allocations of New Units may be accepted through: (1) the ATMs of DBS Bank Ltd (including POSB), OCBC Bank and UOB Group using cash; or (2) Acceptance Forms accompanied by cashier’s orders or banker’s drafts. Relevant Singapore Registered Unitholders who have subscribed for or purchased Units under the CPF Investment Scheme and/or SRS can only accept their provisional allocations of New Units by instructing the relevant banks in which they hold their CPF Investment Scheme accounts and/or SRS accounts to subscribe for New Units on their behalf. THE ATM OFFERING Retail investors in Singapore can subscribe for 25,500,000 New Units offered on a “fi rst-come, fi rst-served” basis through the ATMs of DBS Bank Ltd (including POSB) at the ATM and Placement Issue Price of S$2.35 per New Unit. THE PRIVATE PLACEMENT Retail and institutional investors can subscribe for 70,271,019 New Units under the Private Placement at the ATM and Placement Issue Price of S$2.35 per Unit.

UNLOCKING THE VALUE OF CERTAIN PREMISES LEASED BY SEIYU SINGAPORE On 17 October 2005, CMT entered into an Agreement to Surrender with, inter alia, Seiyu (Singapore) Private Limited (“Seiyu Singapore”) in respect of: (i) the surrender by Seiyu Singapore to CMT of the Surrender Premises which comprise mainly basement one and part of the ﬁ rst storey of Parco Bugis Junction; and (ii) the novation by Seiyu Singapore to CMT of the existing tenancy and license agreements at the Surrender Premises (collectively, the “Seiyu Transaction”).

FORECAST AND FORECAST AND PROJECTED YIELD2 DPU AND DISTRIBUTION YIELD PROJECTED DPU1 (CENTS) (INCLUDING THE SEIYU TRANSACTION) FORECASTS AND PROJECTIONS Based on the assumptions set out in Annexure A 11.04 10.88 0.16 4.70% of this Circular, the distribution per Unit (“DPU”) 10.81 under both the Original Forecast and Projection, 0.17 0.17 0.17 and the Updated Forecast and Projection, as 10.64 0.21 0.21 well as the resultant distribution yield of the 0.43 0.43 Including the Seiyu 4.60% Transaction New Units at the ATM and Placement Issue Price 0.30 0.30 based on the Updated Forecast and Projection, Including the New Properties are shown on the right. 10.28 10.28 10.13 10.13 Including the Target Property Existing Original Updated Original Updated Properties Forecast Period Projection Year (1 November to (Financial year ending Forecast Period Projection Year 31 December 2005) 31 December 2006) (1 November to (Financial year ending (Annualised) 31 December 2005) 31 December 2006) (Annualised) 1. Based on the forecasts and projections, together with the accompanying assumptions, in this Circular. 2. Based on the Updated Forecast and Projection, together with the accompanying assumptions, in this Circular, and the ATM and Placement Issue Price of S$2.35 per New Unit. NOTICE TO UNITHOLDERS AND INVESTORS

No person has been authorised to give any information or make any representations other than those contained in this Circular in connection with the Equity Fund Raising and, if given or made, such information or representations must not be relied upon as having been authorised by CMT, CapitaMall Trust Management Limited (in its capacity as manager of CMT) (the “Manager”), HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of CMT) (the “Trustee”), DBS Bank Ltd (“DBS Bank”) or UBS AG, acting through its business group, UBS Investment Bank (“UBS”) (and UBS together with DBS Bank, the “Joint Lead Managers and Underwriters”). Save as expressly stated in this Circular, nothing contained herein is, or may be relied upon as, a promise or representation as to the future performance or policies of CMT or the Manager. Neither the delivery of this Circular nor the issue of the New Units shall, under any circumstances, constitute a representation, or give rise to any implication, that there has been no material change in the affairs of CMT or in any of the information contained herein since the date of this Circular. Where such changes occur after the date of this Circular and are material and required to be disclosed by law and/or the SGX-ST, the Manager will announce such changes to the SGX-ST. All Unitholders and investors should take note of any such announcement and, upon the release of such announcement, shall be deemed to have notice of such changes.

This Circular may not be used for the purpose of, and does not constitute, an offer, invitation or solicitation in any jurisdiction or in any circumstances in which such offer, invitation or solicitation is unlawful or unauthorised, or to any person to whom it is unlawful to make such offer, invitation or solicitation. In addition, no action has been or will be taken in any jurisdiction that would permit a public offering of the New Units or the possession, circulation or distribution of this Circular or any other material relating to CMT or the New Units in any jurisdiction where action for that purpose is required. The New Units may not be offered or sold, directly or indirectly and neither this Circular nor any other offering material or advertisements in connection with the New Units may be distributed or published in or from any country or jurisdiction except, in each case, under circumstances that will result in compliance with any applicable rules and regulations of any such country or jurisdiction. No information in this Circular should be considered to be business, legal or tax advice regarding an investment in the New Units and/or the units in CMT (“Units”).

DBS Bank and UBS make no representation, warranty or recommendation whatsoever as to the merits of the Equity Fund Raising, the New Units, CMT, the Acquisitions or any other matter related thereto or in connection therewith. Nothing in this Circular or the accompanying documents shall be construed as a recommendation to accept or purchase the New Units. Prospective purchasers or subscribers of the New Units should rely on their own investigation, appraisal and determination of the merits of investing in CMT and shall be deemed to have done so.

This Circular and the accompanying documents have been prepared solely for the purposes of the Equity Fund Raising and may not be relied upon for any other purposes.

The New Units have not been and will not be registered under the U.S. Securities Act of 1933 (as amended) (the “Securities Act”) and, subject to certain exceptions, 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 (“Regulation S”)).

The distribution of this Circular and the placement of the New Units in certain jurisdictions may be prohibited or restricted by law. Persons who come into possession of this Circular and/or its accompanying documents are required by the Manager, DBS Bank and UBS to inform themselves of, and observe, any such prohibitions and restrictions.

The audited financial statements of CMT for the financial year ended 31 December 2004 and the unaudited financial statements of CMT for the period from 1 January 2005 to 30 September 2005 (as announced by CMT on 13 October 2005) (collectively, the “Financial Statements”), which were prepared in accordance with Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” and in the English language, shall be deemed to be incorporated in, and to form part of, this Circular.

i The Financial Statements incorporated herein by reference are current only as at the date of such Financial Statements, and the incorporation of the Financial Statements by reference shall not create any implication that there has been no change in the affairs of CMT since the dates hereof or that the information contained therein is current as at any time subsequent to their dates.

Any statement contained in the Financial Statements shall be deemed to be modified or superseded for the purposes of this Circular to the extent that a subsequent statement contained herein modifies or supersedes that statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Circular. In addition, any statement contained in the Financial Statements shall be deemed to be superseded for the purposes of this Circular to the extent that a discussion contained herein relating to the same subject matter omits such statement. Any such statement omitted shall not be deemed to constitute a part of this Circular.

The Financial Statements are available for inspection during normal business hours at the registered office of the Manager at 39 Robinson Road, #18-01 Robinson Point, Singapore 068911, from the date of this Circular up to and including the date falling three months after the date of this Circular.

Prospective investors are advised to obtain and read the documents incorporated by reference herein before making their investment decision in relation to the New Units.

Any discrepancies in the tables included herein between the listed amounts and totals thereof are due to rounding.

ii IMPORTANT NOTICE

The value of Units and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested.

Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders 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 CMT is not necessarily indicative of the future performance of CMT.

This Circular may contain forward-looking statements that involve 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 property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to, those discussed under paragraph (k)(ii) of the Offer Information Statement in Annexure A of this Circular.

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. All forecasts and projections are based on the Preferential Offering Issue Price of S$2.33 per New Unit, and the ATM and Placement Issue Price of S$2.35 per New Unit and on the Manager’s assumptions as explained in Appendix 3 of the Offer Information Statement in Annexure A of this Circular. Actual yields will vary accordingly for investors who purchase Units in the secondary market at a market price higher or lower than the Preferential Offering Issue Price and the ATM and Placement Issue Price. The major assumptions are certain expected levels of property rental income and property expenses over the relevant periods, which are considered by the Manager to be appropriate and reasonable as at the date of this Circular. The forecast and projected financial performance of CMT is not guaranteed and there is no certainty that it can be achieved. Investors should read the whole of this Circular for details of the forecasts and projections and consider the assumptions used and make their own assessment of the future performance of CMT before deciding whether to accept or purchase the New Units.

iii CORPORATE INFORMATION

Directors of CapitaMall Trust : Mr Hsuan Owyang (Chairman and Independent Director) Management Limited (the manager Mr Liew Mun Leong (Deputy Chairman) of CapitaMall Trust) Mr Pua Seck Guan (Chief Executive Officer) Mr James Glen Service (Independent Director) Mr David Wong Chin Huat (Independent Director) Mr S. Chandra Das Mr Hiew Yoon Khong Mr Kee Teck Koon Mr Olivier Lim Tse Ghow

Registered office of CapitaMall Trust : 39 Robinson Road Management Limited #18-01 Robinson Point Singapore 068911

Trustee of CapitaMall Trust : HSBC Institutional Trust Services (Singapore) Limited 21 Collyer Quay #14-01 HSBC Building Singapore 049320

Joint Lead Managers and : DBS Bank Ltd Underwriters for the Preferential 6 Shenton Way Offering and the Private DBS Building Tower One Placement Singapore 068809

UBS AG, acting through its business group, UBS Investment Bank 5 Temasek Boulevard #18-00 Suntec Tower Five Singapore 038985

Lead Manager and Underwriter : DBS Bank Ltd for the ATM Offering 6 Shenton Way DBS Building Tower One Singapore 068809

Legal Adviser for the Acquisitions : Allen & Gledhill and the Equity Fund Raising, and One Marina Boulevard #28-00 to the Manager Singapore 018989

Legal Adviser to the Joint Lead : Mallesons Stephen Jaques Managers and Underwriters for 37th Floor, Two International Finance Centre the Equity Fund Raising 8 Finance Street, Central Hong Kong

Legal Adviser to the Trustee : Shook Lin & Bok 1 Robinson Road #18-00 AIA Tower Singapore 048542

Unit Registrar and Unit Transfer : Lim Associates (Pte) Ltd Office 10 Collyer Quay #19-08 Ocean Building Singapore 049315

Independent Accountants : KPMG Certified Public Accountants 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581

iv TABLE OF CONTENTS

Page

1. Summary of the Equity Fund Raising ...... 2

2. IndicativeTimetable...... 4

3. Introduction ...... 5

4. Terms of the Equity Fund Raising...... 6

5. Foreign Selling Restrictions ...... 9

6. Consequential Adjustment to the Distribution Period ...... 14

7. Purpose of the Equity Fund Raising and Use of the Net Proceeds ...... 15

8. Offer Information Statement ...... 16

9. Quotations and Dealings ...... 17

10. Consents...... 18

11. Documents on Display ...... 19

12. Glossary ...... 20

Annexures

Annexure A Offer Information Statement ...... 25

Annexure B Procedures for Acceptance of and Payment for New Units Under the Preferential Offering by Relevant Singapore Registered Unitholders ..... 106

Annexure C Terms, Conditions and Procedures for Application and Acceptance of New Units Under the ATM Offering ...... 114

Annexure D List of Participating Banks ...... 123

1 SUMMARY OF THE EQUITY FUND RAISING

The following summary of the principal terms and conditions of the Equity Fund Raising is derived from, and should be read in conjunction with, the full text of this Circular, and is qualified in its entirety by reference to information appearing elsewhere in this Circular. Capitalised terms not otherwise defined herein have the meaning given to them in the Glossary on pages 20 to 24 of this Circular.

Equity Fund Raising : The issue of 173,400,000 New Units by CMT to existing Unitholders and new investors by way of the Preferential Offering, the ATM Offering and the Private Placement.

Preferential Offering Issue Price : S$2.33 per New Unit issued under the Preferential Offering payable in full on acceptance and/or application.

ATM and Placement Issue Price: : S$2.35 per New Unit issued under the ATM Offering and the Private Placement, payable in full on acceptance and/or application.

Preferential Offering : The proposed preferential offering of 77,628,981 New Units at S$2.33 per New Unit to Relevant Singapore Registered Unitholders on a non-renounceable basis of one New Unit for every 10 existing Units held as at the Preferential Offering Books Closure Date (fractions of a Unit to be disregarded), and subject to the Rounding Mechanism (as defined herein)

THE PROVISIONAL ALLOCATIONS CANNOT BE RENOUNCED IN FAVOUR OF A THIRD PARTY OR TRADED ON THE SGX-ST.

Acceptance of and payment for the provisional allocations of New Units may be effected, in whole or in part, via acceptance forms (“Acceptance Forms”) or through the ATMs of the Participating Banks and must be made in accordance with the “Procedures for Acceptance of and Payment for New Units under the Preferential Offering by Relevant Singapore Registered Unitholders” set out in Annexure B of this Circular.

Relevant Singapore Registered Unitholders who have subscribed for or purchased Units under the Central Provident Fund (“CPF”) Investment Scheme and/or the Supplementary Retirement Scheme (“SRS”) can only accept their provisional allocations of New Units by instructing the relevant banks in which they hold their CPF Investment Scheme accounts and/or SRS accounts to do so on their behalf.

Eligibility of Unitholders to : Only Relevant Singapore Registered Unitholders have participate in the Preferential been provisionally allocated New Units under the Offering Preferential Offering.

2 ATM Offering : The proposed offering of 25,500,000 New Units at S$2.35 per New Unit to the public in Singapore through the ATMs of DBS Bank (including POSB) on a “first-come, first-served” basis.

All applications under the ATM Offering must be made in accordance with the “Terms, Conditions and Procedures for Application and Acceptance of New Units under the ATM Offering” set out in Annexure C of this Circular. The minimum application under the ATM Offering is for 1,000 New Units. An applicant may apply for a larger number of New Units under the ATM Offering in integral multiples of 1,000 New Units, subject to a maximum of 300,000 New Units per applicant. Only one application may be made for the benefit of one person for New Units under the ATM Offering. Multiple applications will not be accepted for New Units under the ATM Offering.

Private Placement : The private placement of 70,271,019 New Units to retail and institutional investors at S$2.35 per New Unit.

Re-allocation : New Units under the Preferential Offering which are not taken up by Relevant Singapore Registered Unitholders for any reason will be aggregated and sold to satisfy excess demand for New Units under the Private Placement to the extent that there is such excess demand. These Units will then be sold at the ATM and Placement Issue Price.

In the event that New Units offered under the ATM Offering are not fully taken up, the number of New Units that are not taken up will be aggregated and sold to satisfy excess demand for New Units under the Private Placement to the extent that there is such excess demand.

Any excess demand for New Units under the Private Placement will be satisfied only to the extent that New Units offered under the Preferential Offering and/or the ATM Offering are not taken up and are reallocated to the Private Placement.

Status of New Units : New Units will, upon issue, rank pari passu in all respects with the then existing Units, including the right to any distributions which may be paid for the period from the day New Units are issued to 31 December 2005 as well as all distributions thereafter.

For the avoidance of doubt, New Units issued pursuant to the Equity Fund Raising will not be entitled to participate in the distribution of any distributable income accrued by CMT prior to the issue of such Units.

Underwriting : The Preferential Offering and the Private Placement will be underwritten by the Joint Lead Managers and Underwriters. The ATM Offering will be underwritten by DBS Bank.

3 INDICATIVE TIMETABLE

Event Date and Time

Preferential Offering

Opening date and time for the Preferential : Acceptance Form and ATM − 19 October Offering 2005 at 9.00 a.m.

Closing date and time for the Preferential Offering : Acceptance Form − 25 October 2005 at 4.45 p.m.

: ATM − 25 October 2005 at 9.30 p.m.

ATM Offering

Opening date and time for the ATM Offering : 19 October 2005 at 12.00 noon

Closing date and time for the ATM Offering : 25 October 2005 at 12.00 noon (subject to early closure, at the discretion of DBS Bank (in consultation with the Manager), in the event that New Units under the ATM Offering are fully taken up earlier)

Last date and time for trading on a “cum” basis in : 25 October 2005 at 5.00 p.m. respect of the Cumulative Distribution

Commence trading on an “ex” basis in respect of : 26 October 2005 at 9.00 a.m. the Cumulative Distribution

Date on which the Transfer Books and Register of : 28 October 2005 at 5.00 p.m. holders of Units (“Unitholders”) will be closed to determine the Unitholders entitled to the Cumulative Distribution

Date and time of commencement of trading of : 31 October 2005 at 2.00 p.m. New Units on the SGX-ST

Date of payment of the Cumulative Distribution : On or about 29 November 2005

4 INTRODUCTION

1. Unitholders’ Approval At the extraordinary general meeting of Unitholders held on 6 October 2005, Unitholders passed the resolutions, inter alia, for the proposed acquisition of Parco Bugis Junction (as defined herein) by CMT (the “Parco Acquisition”) and the proposed issue of New Units by CMT so as to raise (i) gross proceeds arising from the issue of up to 172,700,000 New Units or (ii) S$406.0 million in gross proceeds, whichever is higher, under an equity fund raising exercise.

2. The Equity Fund Raising Accordingly, the Manager is issuing 173,400,000 New Units for placement so as to raise gross proceeds of approximately S$405.9 million (the “Equity Fund Raising”). The Equity Fund Raising will comprise: (i) the Preferential Offering of 77,628,981 New Units at the Preferential Offering Issue Price to Relevant Singapore Registered Unitholders on a non-renounceable basis of one New Unit for every 10 existing Units held as at the Preferential Offering Books Closure Date (fractions of a Unit to be disregarded), and subject to the Rounding Mechanism; (ii) the ATM Offering of 25,500,000 New Units at the ATM and Placement Issue Price to the public in Singapore through the ATMs of DBS Bank (including POSB) on a “first-come, first-served” basis; and (iii) the Private Placement of 70,271,019 New Units at the ATM and Placement Issue Price to retail and institutional investors.

3. Underwriting The placement agreement dated 18 October 2005 (the “Placement Agreement”) entered into between the Manager and the Joint Lead Managers and Underwriters provides that the Preferential Offering and the Private Placement will be underwritten by the Joint Lead Managers and Underwriters, and the ATM Offering will be underwritten by DBS Bank.

5 TERMS OF THE EQUITY FUND RAISING

1. The Preferential Offering 77,628,981 New Units are being offered to Relevant Singapore Registered Unitholders at the Preferential Offering Issue Price on a non-renounceable basis of one New Unit for every 10 existing Units held as at the Preferential Offering Books Closure Date (fractions of a Unit to be disregarded), and subject to the Rounding Mechanism (as defined herein).

Acceptance of the provisional allocations of New Units may be effected via Acceptance Forms (as defined herein) or through the ATMs of the Participating Banks. Relevant Singapore Registered Unitholders who have subscribed for or purchased Units under the CPF Investment Scheme and/or the SRS can only accept their provisional allocations of New Units by instructing the relevant banks in which they hold their CPF Investment Scheme accounts and/or SRS accounts to do so on their behalf.

AS THE PREFERENTIAL OFFERING IS MADE ON A NON-RENOUNCEABLE BASIS, THE PROVISIONAL ALLOCATIONS OF NEW UNITS CANNOT BE RENOUNCED IN FAVOUR OF A THIRD PARTY OR TRADED ON THE SGX-ST.

Relevant Singapore Registered Unitholders, including the Restricted Placees (such as the Directors, their immediate family1 and Substantial Unitholders) who are Relevant Singapore Registered Unitholders, can accept their provisional allocations of New Units under the Preferential Offering in full or in part (but may not apply for excess Units thereunder) as the SGX-ST has granted a waiver from the requirements under Rule 812(1) of the Listing Manual.

Subject to the exceptions described below, Relevant Singapore Registered Unitholders (except those who are Restricted Placees) may also, in addition to accepting their provisional allocations of New Units under the Preferential Offering, apply for New Units under the ATM Offering and the Private Placement. Notwithstanding the foregoing, the Directors and their immediate family may apply for New Units under the ATM Offering as the SGX-ST’s waiver of the requirements under Rule 812(1) of the Listing Manual (as described above) also extends to allowing such applications by the Directors and their immediate family.

As at the Preferential Offering Books Closing Date, CapitaLand Limited (“CapitaLand”) holds, through its subsidiaries (including the Manager), an aggregate indirect interest in 466,612,410 Units (which is equivalent to approximately 38.7% of the Existing Units). On the basis of one New Unit for every 10 existing Units, CapitaLand and its subsidiaries (including the Manager) (the “CapitaLand Group”) would have been entitled to subscribe for up to an aggregate of 46,661,241 New Units under the Preferential Offering (without taking the Rounding Mechanism into consideration).

CapitaLand has written to the Joint Lead Managers and Underwriters, the Trustee and the Manager to indicate that CapitaLand Investments Pte Ltd (“CIPL”), Pyramex Investments Pte Ltd (“PIPL”), Premier Healthcare Services International Pte Ltd (“PHSIPL”) and E-Pavilion Pte Ltd (“EPPL”), being subsidiaries of CapitaLand which hold Units as at the Latest Practicable Date, do not intend to subscribe for New Units under the Preferential Offering and that none of CapitaLand or any of these subsidiaries will have any objection if the Preferential Offering proceeds on the basis that such subsidiaries are not entitled to subscribe for New Units under the Preferential Offering. The Manager, which is a subsidiary of CapitaLand, has also written to the Joint Lead Managers and Underwriters and the Trustee to indicate that it does not intend to subscribe for New Units under the Preferential Offering and that it will not have any objection if the Preferential Offering proceeds on the basis that the Manager is not entitled to subscribe for New Units under the Preferential Offering.

On the basis set out above, the Preferential Offering will not be made to CIPL, PIPL, PHSIPL, EPPL and the Manager. Accordingly, the 46,661,241 New Units to which they would otherwise have been entitled will not be offered to them and will not comprise a part of the Preferential Offering.

1 The spouse, children, adopted children, step-children, siblings and parents of the Directors.

6 Before the divestment of Plaza Singapura by Plaza Singapura (Private) Limited (“PSPL”, a wholly owned subsidiary of CapitaLand) to CMT (the “PS Acquisition”), CapitaLand, through its subsidiaries, held an aggregate interest of approximately 32.3% of the total number of Units in issue (as at 9 July 2004). After the completion of the equity fund raising exercise and issuance of consideration units by CMT to PSPL to part finance the PS Acquisition, the aggregate interest of the CapitaLand Group increased to approximately 39.1% of the total number of Units in issue. As at the Latest Practicable Date, CapitaLand holds approximately 38.7% of the total number of Units in issue. On the basis that the CapitaLand Group does not subscribe for any New Units under the Preferential Offering, the unitholding of the CapitaLand Group is expected to reduce to approximately 33.8% of the total number of Units in issue immediately after the completion of the Equity Fund Raising. This figure is closer to CapitaLand’s original interest in CMT immediately prior to the PS Acquisition. This will also help to increase the free float of the Units and thereby improve the trading liquidity of the Units.

The provisional allocations of Relevant Singapore Registered Unitholders will be subject to the Rounding Mechanism. Where a Relevant Singapore Registered Unitholder’s provisional allocation of New Units under the Preferential Offering is other than an integral multiple of 1,000 Units, it will be increased to such number which, when added to the Unitholder’s unitholdings as at the Preferential Offering Books Closure Date results in an integral multiple of 1,000 Units (the “Rounding Mechanism”).

For example, a Relevant Singapore Registered Unitholder with 5,000 existing Units as at the Preferential Offering Books Closure Date will be provisionally allocated with 1,000 New Units under the Preferential Offering (increased from the 500 New Units allocated based on the ratio of one New Unit for every 10 existing Units under the Preferential Offering) so that, should the Unitholder decide to accept his provisional allocation of New Units, he will own a total of 6,000 Units. The Rounding Mechanism will be extended to investors who have subscribed for or purchased Units under the CPF Investment Scheme and/or the SRS, and to Units held by nominee companies. However, in the case of nominee companies, as the Rounding Mechanism will be applied at the level of the aggregate Units held in the securities accounts of such nominee companies with The Central Depository Pte Ltd (“CDP”), investors whose Units are held through such nominee companies may not enjoy the benefit of the Rounding Mechanism on an individual level.

The making of the Preferential Offering may be prohibited or restricted in certain jurisdictions under their relevant securities laws. Thus, for practical reasons and in order to avoid any violation of the securities legislation applicable in countries (other than Singapore) where Unitholders may have as their addresses registered with CDP, the Preferential Offering will not be extended to Unitholders whose registered addresses with CDP as at the Preferential Offering Books Closure Date are outside Singapore, and who have not, at least five Market Days prior to the Preferential Offering Books Closure Date, provided CDP with addresses in Singapore for the service of notice and documents. Unitholders whose registered addresses with CDP are outside Singapore and who wish to participate in the Preferential Offering will have to provide CDP with addresses in Singapore for the service of notice and documents at least five Market Days prior to the Preferential Offering Books Closure Date.

New Units under the Preferential Offering which are not taken up by the Relevant Singapore Registered Unitholders for any reason will be aggregated and sold to satisfy excess demand for New Units under the Private Placement to the extent that there is such excess demand. These Units will then be sold at the ATM and Placement Issue Price.

The offer, allocation and issue of New Units pursuant to the Preferential Offering are governed by the terms and conditions of this Circular and the Acceptance Form. Acceptance and payment for New Units under the Preferential Offering must be made in accordance with the “Procedures for Acceptance of and Payment for New Units under the Preferential Offering by Relevant Singapore Registered Unitholders” set out in Annexure B of this Circular.

7 2. The ATM Offering The 25,500,000 New Units under the ATM Offering will be offered at the ATM and Placement Issue Price to the public in Singapore through the ATMs of DBS Bank (including POSB) on a “first-come, first-served” basis and all applications under the ATM Offering must be made in accordance with the “Terms, Conditions and Procedures for Application and Acceptance of New Units under the ATM Offering” set out in Annexure C of this Circular. The minimum application under the ATM Offering is for 1,000 New Units. An applicant may apply for a larger number of New Units under the ATM Offering in integral multiples of 1,000 New Units subject to a maximum of 300,000 New Units per applicant. Only one application may be made for the benefit of one person for New Units under the ATM Offering. Multiple applications will not be accepted for New Units under the ATM Offering.

In addition to accepting their provisional allocations of New Units under the Preferential Offering, Relevant Singapore Registered Unitholders (including the Directors and their immediate family, but not the Substantial Unitholders) may also apply for New Units under the ATM Offering. The Directors and their immediate family are permitted to apply for New Units under the ATM Offering because the SGX-ST has also waived Rule 812(1) of the Listing Manual to permit applications by the Directors and their immediate family.

3. Private Placement The 70,271,019 New Units under the Private Placement will be privately placed to retail and institutional investors by the Joint Lead Managers and Underwriters.

4. Re-allocations New Units under the Preferential Offering which are not taken up by Relevant Singapore Registered Unitholders for any reason will be aggregated and sold to satisfy excess demand for New Units under the Private Placement to the extent that there is such excess demand. These Units will then be sold at the ATM and Placement Issue Price.

Any excess demand for New Units offered under the Private Placement will be satisfied only to the extent that New Units offered under the Preferential Offering and/or the ATM Offering are not taken up and are reallocated to the Private Placement.

5. Status of the New Units The New Units will, upon issue, rank pari passu in all respects with the then existing Units, including the right to any distributions which may be paid for the period from the day New Units are issued to 31 December 2005 as well as all distributions thereafter.

8 FOREIGN SELLING RESTRICTIONS

The following placement limitations apply in relation to the Equity Fund Raising:

Selling restrictions

Australia This Circular has not been lodged with the Australian Securities and Investments Commission, and is not a disclosure document or product disclosure statement for the purposes of Australian law. The provision of this Circular to any person in Australia does not constitute an offer of New Units to that person or an invitation to that person to apply for the issue of New Units.

New Units may only be offered in Australia by the holder of an Australian financial services licence (“Licensee”) appointed by the Manager under an intermediary authorisation to arrange the issue of New Units. A person receiving this Circular in Australia should not apply for New Units unless this Circular is accompanied by an offer from the Licensee to arrange for the issue of the New Units.

New Units may only be issued in Australia to wholesale clients who are persons to whom an offer of units may be made in Australia without the need for a product disclosure statement under Part 7.9 of the Corporations Act 2001 (Cwlth) (“Corporations Act”). This Circular is not, and under no circumstances is to be construed as, an advertisement or a public offering of New Units in Australia. CMT is not registered as a managed investment scheme in Australia, and no securities commission or similar authority in Australia has reviewed or in any way passed upon this document or the merits of investing in the New Units. New Units may not be resold in Australia within a period of 12 months after the date of issue otherwise than on a basis excluded from disclosure in accordance with sections 1012D or 1012DA of the Corporations Act.

This is not a securities recommendation or investment advice. You should seek your own financial advice.

The Circular has been prepared without taking account of any investor’s objectives, financial situation or needs, and before acting on it, investors should consider the appropriateness of the information in this Circular, having regard to their own objectives, financial situation and needs.

Denmark This Circular has not been filed with or approved by the Danish Securities Council or any other regulatory authority in the Kingdom of Denmark. The New Units may not be offered, sold or delivered, directly or indirectly, in Denmark, except to institutional investors or otherwise in compliance with Chapter 12 of the Danish Act on Trading in Securities and the Danish Executive Order No. 166 of 13 March 2003 on the First Public Offer of Certain Securities issued thereto as amended from time to time.

European Economic Area In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a “Relevant Member State”), each Joint Lead Manager and Underwriter has represented and agreed that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the “Relevant Implementation Date”)ithas not made and will not make an offer of New Units to the public in that Relevant Member State prior to the publication of a prospectus in relation to the New Units which has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, all in accordance with the Prospectus Directive, except that it may, with effect from and including the Relevant Implementation Date, make an offer of New Units to the public in that Relevant Member State at any time: (a) to legal entities which are authorised or regulated to operate in the financial markets or, if not so authorised or regulated, whose corporate purpose is solely to invest in securities;

9 (b) to any legal entity which has two or more of (1) an average of at least 250 employees during the last financial year; (2) a total balance sheet of more than C43,000,000 and (3) an annual net turnover of more than C50,000,000, as shown in its last annual or consolidated accounts; or (c) in any other circumstances which do not require the publication by the Manager of a prospectus pursuant to Article 3 of the Prospectus Directive.

For the purposes of this provision, the expression an “offer of New Units to the public” in relation to any New Units in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the New Units to be offered so as to enable an investor to decide to purchase or subscribe the New Units, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression “Prospectus Directive” means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.

In addition, this Circular must not be distributed to, passed on to, or relied or acted upon, any person in a Member State to the extent that the laws of that Member State prohibit the promotion of the New Units to that person. Each Joint Lead Manager and Underwriter has represented and agreed that it has complied and will comply with any applicable laws of a Member State with respect to anything done by it in relation to the New Units in, from or otherwise involving that Member State.

Finland This Circular has not been approved by or filed with the Finnish Financial Supervision Authority pursuant to the Finnish Securities Market Act (1989/495 as amended). The New Units may not be offered or sold, directly or indirectly, to the public in the Republic of Finland and any offer or sale of the New Units in the Republic of Finland may be made only to a limited number of pre-selected investors to whom an offer or sale of the New Units may be made under the laws of the Republic of Finland.

France This document is not being distributed in the context of a public offering in France within the meaning of Article L.411-1 of the Code mone´taire et financier, and has therefore not been submitted to the Autorite´ des marche´s financiers for prior approval and clearance procedure. Accordingly, the New Units have not been offered or sold, and will not be offered or sold , directly or indirectly, to the public in France, and this offering circular has not been and will not be distributed or caused to be distributed, to the public in France . Such offers, sales and distributions have only been and shall only be made in France to: (i) providers of investment services relating to portfolio management; and/or (ii) qualified investors (investisseurs qualifie´s); and/or (iii) a restricted circle of investors (cercle restreint d’investisseurs), all as defined in and in accordance with Articles L.411-2, D.411-1 and D.411-2 of the Code mone´taire et financier. Investors in France falling within the qualified investors or restricted circle of investors exemption, may only participate in the issue of the New Units for their own account in accordance with the conditions set out in Articles L.411-2, D.411-1, D.411-2, D.734-1, D.744-1, D.754-1 and D.764-1 of the Code mone´taire et financier. The New Units may only be issued, directly or indirectly, to the public in France in accordance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 to L.621-8-3 of the Code mone´taire et financier.

Germany The New Units have not been notified for public distribution in Germany under the German Foreign Investment Funds Act (Auslandinvestment-Gesetz). Therefore, the New Units and this Circular and any other document relating to the New Units shall not be distributed in Germany by way of a public offer, public advertising or in a similar manner.

10 Hong Kong CMT has not been authorised by the Hong Kong Securities and Futures Commission. Accordingly, no person may issue or have in its possession for the purposes of issue, whether in Hong Kong or elsewhere, this Circular or any other advertisement, invitation or document relating to the New Units which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to New Units which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made thereunder.

Japan The New Units have not been and will not be registered under the Securities and Exchange Law of Japan (the “SEL”) and the Investment Trust and Investment Company Law of Japan (the “ITICL”). Accordingly, New Units will not, directly or indirectly, be offered or sold in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan) or to others for reoffer or resale, directly or indirectly, in Japan or to, or the benefit of, any resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the SEL and the ITICL and otherwise in compliance with such law and any other applicable laws, regulations and ministerial guidelines of Japan.

The Netherlands The New Units may not be offered or sold, directly or indirectly, in the Netherlands, as part of the initial distribution of each of the Joint Lead Managers and Underwriters or as part of any re-offering, and neither this Circular nor any other document in respect of the Equity Fund Raising may be distributed or circulated in the Netherlands, other than to individuals or legal entities who or which, in the conduct of a business or profession, deal or invest in investment objects (beleggingsobjecten) within the meaning of article 1 of the Regulation in implementation of section 14 of the Investment Institutions Supervision Act (Uitvoeringsregeling ex artikel 14 Wet toezicht beleggingsinstellingen).

Norway This Circular has not been approved by or registered with the Oslo Stock Exchange or the Norwegian Register of Business Enterprises under Chapter 5 of the Norwegian Securities Trading Act 1997, and the New Units may not be offered or sold, and will not be offered or sold to any persons in Norway in any way that would constitute an offer to the public, other than in circumstances where an exemption from the duty to publish a prospectus under the Norwegian Securities Trading Act 1997 shall be applicable.

This offer is, with respect to Norway, directed solely to registered professional investors according to the Norwegian Securities Trading Act Section 5–2, 1. Subscriptions by any other Norwegian person or body corporate will be rejected.

Spain The New Units may not be offered or sold in the Kingdom of Spain except in accordance with the requirements of the Spanish securities market law (Ley 24/1998, de 28 de julio, del mercado de valores), as amended, the decrees and regulations issued thereunder.

This Circular has not been registered with the Comision Nacional del Mercado de Valores, and therefore a public offer for sale of the New Units shall not be promoted in the Kingdom of Spain.

11 Sweden This Circular is not a prospectus and has not been prepared in accordance with the prospectus requirements provided for in the Swedish Financial Instruments Trading Act (lagen (1991:980) om handel med finansiella instrument) nor any other Swedish enactment. Neither the Swedish Financial Supervisory Authority (Finansinspekitonen) nor any other Swedish public body has examined, approved or registered this document. Accordingly, the New Units may not be offered or sold, and will not be offered or sold, to persons in Sweden, except to a “closed circle” of not more than 200 pre-selected and non-substitutable investors, under the Swedish Financial Instruments Trading Act (lagen (1991:980) om handel med finansiella instrument).

Switzerland The New Units will not be distributed and offered, directly or indirectly, to the public in Switzerland and this Circular may not be publicly distributed or otherwise made publicly available in Switzerland. This Circular does not constitute a public offering prospectus as that term is understood pursuant to art. 652a or art. 1156 of the Swiss Code of Obligations. Neither the Manager nor the Trustee has applied nor will they apply for a listing of the New Units on the SWX Swiss Exchange or any other exchange or regulated securities market in Switzerland, and consequently, the information presented in this Circular does not necessarily comply with the information standards set out in the relevant listing rules. The New Units being offered pursuant to this Circular have not been registered with the Swiss Federal Banking Commission under the Swiss Investment Fund Act. Therefore, investors do not benefit from protection under the Swiss Investment Fund Act or supervision by the Swiss Federal Banking Commission.

The New Units will be distributed and offered in Switzerland, and this Circular will be distributed or otherwise made available in Switzerland on a private placement basis to a limited number of individually selected and approached institutional investors with a professional treasury without any public distribution, offering or marketing in or from Switzerland.

For United Arab Emirates residents only Each Joint Lead Manager and Underwriter has represented and agreed that the New Units have not been and will not be offered, sold or publicly promoted or advertised by it in the United Arab Emirates other than in compliance with any laws applicable in the United Arab Emirates governing the issue, offering and/or sale of securities. The information contained in this Circular does not constitute a public offer of securities in the United Arab Emirates in accordance with the Commercial Companies Law (Federal Law No.8 of 1984 (as amended)) or otherwise is not intended to be an offer or an invitation to subscribe for or purchase any New Units. Further, the information contained in this Circular is not intended to lead to the conclusion of any contract of whatsoever nature within the territory of the United Arab Emirates.

United Kingdom The New Units are interests in a collective investment scheme which has not been authorised or reviewed by the Financial Services Authority (“FSA”) or any other regulatory authority of the United Kingdom. Accordingly, this Circular is not being distributed to, and must not be passed on to, or relied or acted upon by, the public in the United Kingdom.

This Circular is for distribution in the United Kingdom only to persons to whom communications relating to unregulated collective investment schemes may lawfully be made , including persons who fall within the relevant categories of investors in the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or the Financial Services Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (as applicable).

Any investment or investment activity to which this Circular relates is only available to such persons or will be engaged in only with such persons and this financial promotion must not be relied or acted upon by persons to whom such promotion cannot lawfully be made. Expressions of interest resulting from this Circular will only be responded to if received from persons to whom such promotion can lawfully be made.

12 Each Joint Lead Manager and Underwriter has represented and agreed that it has complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000 with respect to anything done by it in relation to the New Units in, from or otherwise involving the United Kingdom.

United States of America The New Units have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the Securities Act. Terms used in this paragraph have the meanings given to them by Regulation S.

The New Units are being offered and sold outside of the United States to non-U.S. persons in reliance on Regulation S. In addition, until 40 days after the commencement of the Equity Fund Raising, an offer or sale of New Units within the United States by a dealer that is not participating in the Equity Fund Raising may violate the registration requirements of the Securities Act.

13 CONSEQUENTIAL ADJUSTMENT TO THE DISTRIBUTION PERIOD

CMT’s policy is to distribute its distributable income on a quarterly basis to Unitholders. The next distribution originally scheduled to take place was to be in respect of CMT’s third quarter distributable income for the period from 1 July 2005 to 30 September 2005 (the “Scheduled Distribution”). However, in conjunction with the Equity Fund Raising, the Manager will declare, in lieu of the Scheduled Distribution, a distribution of CMT’s distributable income for the period from 1 July 2005 to the day immediately prior to the date on which New Units are issued under the Equity Fund Raising (expected to be on 31 October 2005) (the “Cumulative Distribution”). The next distribution following the Cumulative Distribution will comprise CMT’s distributable income for the period from the day that New Units are issued pursuant to the Equity Fund Raising to 31 December 2005. Quarterly distributions will resume after that.

The Cumulative Distribution is being implemented as a means to ensure fairness to holders of the Existing Units and, at the same time, to avoid the additional costs of making two distributions within a short span of time. By implementing the Cumulative Distribution, distributable income accrued by CMT up to the day immediately preceding the issue of New Units pursuant to the Equity Fund Raising (which, at that point, would be entirely attributable to the investment represented by the Existing Units) will only be distributed, in a single distribution, in respect of the Existing Units.

It is the Manager’s current expectation that the quantum of the distribution per Existing Unit under the Cumulative Distribution will be between 3.35 cents and 3.41 cents, and no less than 3.35 cents. The actual quantum of such distribution will be announced on or about 18 November 2005, after the management accounts for the relevant period have been finalised.

Notice was given on 13 October 2005 that the date and time on which the Transfer Books and Register of Unitholders of CMT will be closed to determine Unitholders’ entitlements to the Cumulative Distribution is 28 October 2005 at 5.00 p.m.. The Manager currently expects to make payment of the Cumulative Distribution on or about 29 November 2005.

14 PURPOSE OF THE EQUITY FUND RAISING AND USE OF THE NET PROCEEDS

The Manager intends to use the net proceeds of the Equity Fund Raising for the following purposes: − to part finance the Parco Acquisition; − to part refinance the bridge loans (the “HP and SSC Loans”) taken to finance the acquisitions of Hougang Plaza Units (as defined herein) and Sembawang Shopping Centre (as defined herein); and − to part refinance the bridge loan taken to finance the payment of a deposit of 10.0% of the purchase consideration for the acquisition (the “JEC Acquisition”) of Jurong Entertainment Centre (as defined herein) and part finance the balance of the purchase consideration for the JEC Acquisition (references to the financing of the JEC Acquisition in this Circular shall refer to both the refinancing transaction and the financing transaction in respect of Jurong Entertainment Centre (as described aforesaid),

(collectively, Hougang Plaza Units, Sembawang Shopping Centre and Jurong Entertainment Centre, are referred to as the “New Properties”) with the balance of the proceeds of the Equity Fund Raising to be utilised for CMT’s working capital purposes.

Further details about the part financing of the Parco Acquisition and the JEC Acquisition, and the part refinancing of the HP and SSC Loans can be found in paragraph (f) of the Offer Information Statement in Annexure A of this Circular.

The current estimated total acquisition cost of the Parco Acquisition, comprising the purchase price of S$580.8 million, the Acquisition Fee (as defined herein) as well as the estimated professional and other fees and expenses, is currently estimated to be S$588.1 million.

At the Preferential Offering Issue Price of S$2.33 per New Unit and the ATM and Placement Issue Price of S$2.35 per New Unit, the net proceeds to be derived by CMT from the Equity Fund Raising, after deducting expenses of approximately S$10.6 million pertaining to the Equity Fund Raising, are estimated to be approximately S$395.3 million.

Further details about the use of the net proceeds from the Equity Fund Raising and the additional borrowings to be incurred by CMT can be found in paragraph (f) of the Offer Information Statement in Annexure A of this Circular.

15 OFFER INFORMATION STATEMENT

The Manager has prepared the Offer Information Statement dated 18 October 2005 which is included in this Circular as Annexure A. The Offer Information Statement was lodged with the Monetary Authority of Singapore on 18 October 2005. The Monetary Authority of Singapore takes no responsibility for the contents of the Offer Information Statement or this Circular as a whole.

16 QUOTATION AND DEALINGS

Upon listing and quotation on the SGX-ST, the New Units will be traded under the book-entry (scripless) settlement system. All dealings in, and transactions (including transfers) of the New Units effected through the SGX-ST and/or CDP shall be made in accordance with the “Terms and Conditions for Operations of Securities Accounts with CDP” as the same may be amended from time to time, copies of which are available from CDP.

17 CONSENTS

KPMG, as the independent accountants of CMT (the “Independent Accountants”), has given and has not withdrawn its written consent to the issue of this Circular with the inclusion of its name and its report entitled “Independent Accountants’ Report on the Profit Forecast and Profit Projection”, and all references thereto, in the form and context in which they are included in this Circular.

18 DOCUMENTS ON DISPLAY

Copies of the following documents are available for inspection during normal business hours at the registered office of the Manager(1) at 39 Robinson Road, #18-01 Robinson Point, Singapore 068911 from the date of this Circular up to and including the date falling three months after the date of this Circular: (i) the Parco Agreement (as defined herein); (ii) the Independent Accountants’ Report on the Profit Forecast and Profit Projection; (iii) the CMT Financial Statements; (iv) the Placement Agreement; (v) the written consent of the Independent Accountants referred to in the section of this Circular entitled “Consents”; (vi) the letter dated 15 September 2005 issued by CapitaLand to indicate that CIPL, PIPL, PHSIPL and EPPL do not intend to subscribe for New Units under the Preferential Offering, as described in paragraph (j) of the Offer Information Statement; and (vii) the letter dated 15 September 2005 issued by the Manager setting out its intention not to subscribe for New Units under the Preferential Offering, as described in paragraph (j) of the Offer Information Statement.

The Trust Deed will also be available for inspection at the registered office of the Manager for so long as CMT is in existence.

1 Prior appointment will be appreciated.

19 GLOSSARY

Acceptance Form : The official printed acceptance form to be used for the purpose of the Preferential Offering and which forms part of this Circular

Acquisition Fee : The acquisition fee which the Manager will be entitled under Clause 23(B) of the Trust Deed to receive from CMT upon the completion of the Parco Acquisition

Acquisitions : The Parco Acquisition and the New Properties Acquisitions

ATM : Automated teller machine

ATM and Placement Issue Price : S$2.35 per New Unit issued pursuant to the ATM Offering and the Private Placement

ATM Offering : The proposed offering of 25,500,000 New Units to the public in Singapore through the ATMs of DBS Bank (including POSB) under the Equity Fund Raising

BCHRI : BCH Retail Investment Pte Ltd

CapitaLand : CapitaLand Limited

CapitaLand Group : CapitaLand and its subsidiaries (including the Manager)

CDP : The Central Depository (Pte) Limited

CIPL : CapitaLand Investments Pte Ltd

CIS Exemption Order : The exemption from the requirements of Subdivision 3 of Division 2 Part XIII of the Securities and Futures Act, Chapter 289 of Singapore granted by MAS in its letter dated 19 August 2005

CMT : CapitaMall Trust

CMT Audited Financial : The audited financial statements of CMT for the financial Statements year ended 31 December 2004

CPF : Central Provident Fund

CPF Board : Central Provident Fund Board

CPF Funds : Investible Savings of a member of the Central Provident Fund

Cumulative Distribution : The proposed distribution of CMT’s distributable income for the period from 1 July 2005 to the day immediately prior to the date the New Units are issued pursuant to the Equity Fund Raising (expected to be on 31 October 2005), in lieu of the Scheduled Distribution

Cumulative Distribution Books : 28 October 2005 at 5.00 p.m. Closure Date

DBS Bank : DBS Bank Ltd

Directors : The directors of the Manager

EPPL : E-Pavilion Pte Ltd

20 Equity Fund Raising : The proposed issue of 173,400,000 New Units by CMT to existing Unitholders and new investors by way of the Preferential Offering, the ATM Offering and the Private Placement

Existing Units : The 1,205,630,866 Units in issue as at the Latest Practicable Date

Financial Statements : The audited financial statements of CMT for the financial year ended 31 December 2004 and the unaudited financial statements of CMT for the period from 1 January 2005 to 30 September 2005 (as announced by CMT on 13 October 2005)

Hougang Plaza : The building known as “Hougang Plaza”, located at 1189 Upper Serangoon Road Singapore 534785, which is a leasehold estate of a term of 99 years commencing from 1 March 1991

Hougang Plaza Units : The whole of Strata Lots U35971T, U35977C, U53708A, U35979W, U35975X, U35976L and U35973K all of Mukim 22, comprising 96.7% of the total share values in Hougang Plaza, which are leasehold properties for terms of 99 years commencing from 1 March 1991

HP and SSC Loans : Bridge loan for the amount of S$123.0 million for the purposes of financing both the HP Acquisition and the SSC Acquisition

Independent Accountants : KPMG

JEC Acquisition : The acquisition of Jurong Entertainment Centre

Joint Lead Managers and : DBS Bank and UBS AG Underwriters

Jurong Entertainment Centre : The whole of Lot 5796L of Mukim 5 together with the building erected thereon and known as “Jurong Entertainment Centre”, located at 2 Jurong East Central 1 Singapore 609731, which is a leasehold property of a term of 99 years commencing from 1 March 1991 as well as the plant and equipment relating thereto

Latest Practicable Date : 12 October 2005, being the latest practicable date prior to the lodgement of this Offer Information Statement

Listing Manual : The Listing Manual of the SGX-ST

Manager : CapitaMall Trust Management Limited, as manager of CMT

Market Day : A day on which the SGX-ST is open for trading in securities

MAS : Monetary Authority of Singapore

New Properties : Hougang Plaza Units, Sembawang Shopping Centre and Jurong Entertainment Centre

New Units : The 173,400,000 new units to be issued by CMT pursuant to the Equity Fund Raising

OCBC Bank : Oversea-Chinese Banking Corporation Limited

Parco Acquisition : The proposed acquisition of the Target Property

21 Parco Agreement : The conditional sale and purchase agreement dated 22 July 2005 relating to the sale and purchase of the Target Property

Parco Bugis Junction : The whole of Strata Lots U1431T and U1432A both of Town Subdivision 13, located at 200 Victoria Street Singapore 188021, which are leasehold properties, each with a term of 99 years commencing from 10 September 1990

Participating Banks : DBS Bank (including POSB), OCBC Bank as well as UOB Group

PHSIPL : Premier Healthcare Services International Pte Ltd

PIPL : Pyramex Investments Pte Ltd

Placement Agreement : The placement agreement dated 18 October 2005 entered into between the Manager and the Joint Lead Managers and Underwriters

Preferential Offering : The preferential offering of 77,628,981 New Units at the Preferential Offering Issue Price to Relevant Singapore Registered Unitholders on a non-renounceable basis of one New Unit for every 10 existing Units held as at 5.00 p.m. on 14 October 2005 (fractions of a Unit to be disregarded) and subject to the Rounding Mechanism

Preferential Offering Books : 14 October 2005 at 5.00 p.m., being the time and date on Closure Date which the Transfer Books and Register of Unitholders of CMT was closed to determine the provisional allocations of Relevant Singapore Registered Unitholders under the Preferential Offering

Preferential Offering Issue Price : S$2.33 per New Unit

Private Placement : The proposed placement of New Units to retail and institutional investors under the Equity Fund Raising

PS Acquisition : The acquisition of Plaza Singapura by CMT in August 2004

PSPL : Plaza Singapura (Private) Limited

Regulation S : Regulation S under the Securities Act

Relevant Singapore Registered : Unitholders as at the Preferential Offering Books Closure Unitholders Date other than (a) those whose registered addresses with CDP are outside Singapore, and who have not, at least five Market Days prior to the Preferential Offering Books Closure Date, provided CDP with addresses in Singapore for the service of notices and documents and (b) the CapitaLand Group

22 Restricted Placees : (a) The Directors and Substantial Unitholders; (b) The spouse, children, adopted children, step-children, siblings and parents of the Directors and Substantial Unitholders; (c) Substantial shareholders, related companies (as defined in Section 6 of the Companies Act, Chapter 50 of Singapore), associated companies and sister companies of the Substantial Unitholders; (d) Corporations in which the Directors and the Substantial Unitholders have an aggregate interest of at least 10.0%; and (e) Any person who, in the opinion of the SGX-ST, falls within categories (a) to (d)

Rounding Mechanism : Where a Relevant Singapore Registered Unitholder’s provisional allocation of New Units under the Preferential Offering is other than an integral multiple of 1,000 Units, the increase in the provisional allocation of New Units to the Unitholder by such number which, when added to such Unitholder’s unitholdings as at the Preferential Offering Books Closure Date, results in an integral multiple of 1,000 Units

Scheduled Distribution : The original scheduled distribution of CMT’s distributable income for the period from 1 July 2005 to 30 September 2005

Securities Act : U.S. Securities Act of 1933, as amended

Sembawang Shopping Centre : The whole of Lots 669M, 989A and 991T of Mukim 19 together with the building erected thereon and known as “Sembawang Shopping Centre”, located at 604 Sembawang Road, Singapore 758459, which are leasehold properties for a term of 999 years commencing from 26 March 1885 as well as the plant and equipment relating thereto

SGX-ST : Singapore Exchange Securities Trading Limited

SRS : Supplementary Retirement Scheme

Substantial Unitholder : A person with an interest in one or more Units constituting not less than 5.0% of all Units in issue

Target Property : Comprises (a) the whole of Strata Lots U1431T and U1432A both of Town Subdivision 13, located at 200 Victoria Street Singapore 188021 which are leasehold properties, both of which have a term of 99 years commencing from 10 September 1990, (b) the plant, equipment, fixtures and fittings located at Parco Bugis Junction and which are owned by BCHRI and (c) certain fixed assets as stated in the Parco Agreement

23 Trust Deed : The trust deed dated 29 October 2001 as supplemented by a first supplemental trust deed dated 26 December 2001, a second supplement trust deed dated 28 June 2002, an amending and restating deed dated 29 April 2003, a fourth supplemental trust deed dated 18 August 2003, a second amending and restating deed dated 9 July 2004, a sixth supplemental trust deed dated 18 March 2005, a seventh supplemental trust deed dated 21 July 2005 and an eighth supplemental trust deed dated 13 October 2005, entered into between the Trustee and the Manager, as amended, varied, or supplemented from time to time

Trustee : HSBC Institutional Trust Services (Singapore) Limited, as trustee of CMT

UBS : UBS AG, acting through its business group, UBS Investment Bank

Unit : A unit representing an undivided interest in CMT

Unitholder : A Depositor whose securities account with CDP is credited with Unit(s)

UOB Group : United Overseas Bank Limited and its subsidiary, Far Eastern Bank Limited

Waivers : The waivers granted by the SGX-ST in its letter dated 15 September 2005, permitting (i) the Restricted Placees who are Relevant Singapore Registered Unitholders to accept their provisional allocations of New Units under the Preferential Offering in full or in part, (ii) the Directors and their immediate family to apply for New Units under the ATM Offering and (iii) CMT to seek Unitholders’ approval for an issue of New Units to each of The Capital Group Companies, Inc. and the Fairprice Group, being Substantial Unitholders, where the New Units proposed to be placed to each such Substantial Unitholder is no more than what would be required to maintain their respective proportionate unitholdings in percentage terms at its pre-placement level as at 2 September 2005, being the “Latest Practicable Date” in the circular to Unitholders dated 16 September 2005 for the purpose of seeking Unitholders’ approval for, inter alia, the Equity Fund Raising.

S$ and cents : Singapore dollars and cents

% : Per centum or percentage

The term “Depositor” shall have the meaning ascribed to it in Section 130A of the Companies Act, Chapter 50 of Singapore.

Words importing the singular shall, where applicable, include the plural and vice versa and words importing the masculine gender shall, where applicable, include the feminine and neuter genders. References to persons shall, where applicable, include corporations.

Any reference in this Circular to any enactment is a reference to that enactment for the time being amended or re-enacted.

Any reference to a time of day in this Circular shall be a reference to Singapore time unless otherwise stated.

24 ANNEXURE A

OFFER INFORMATION STATEMENT

A copy of this Offer Information Statement has been lodged with the Monetary Authority of Singapore (the “Authority”). The Authority assumes no responsibility for the contents of this Offer Information Statement. Lodgement of this Offer Information Statement with the Authority does not imply that the Securities and Futures Act, Chapter 289 of Singapore, or any other legal or regulatory requirements, have been complied with. The Authority has not, in any way, considered the merits of the units being offered, or in respect of which an invitation is made, for investment.

CAPITAMALL TRUST (Constituted in the Republic of Singapore pursuant to a trust deed dated 29 October 2001 (as amended) (the “Trust Deed”))

Date of lodgement: 18 October 2005

25 In this Offer Information Statement, capitalised terms not otherwise defined herein have the meaning given to them in the Glossary on pages 50 to 57 of this Offer Information Statement. Any discrepancies between the listed figures and totals below are due to rounding. In the Offer Information Statement, provide the following information:

(a) the address of the registered office of the manager of the Fund (the “Manager”);

The registered office of the Manager, CapitaMall Trust Management Limited, is at 39 Robinson Road, #18-01, Robinson Point, Singapore 068911.

(b) the business carried on and to be carried on by the Fund and the general development of the business since inception of the Fund, indicating any material change in the affairs of the Fund since the last annual report;

Business carried on by the Fund and the general development of the business since inception of the Fund

The main business activity of CapitaMall Trust (“CMT”) is the investment in real estate in Singapore which is income producing and which is used, or substantially used, for retail purposes.

It is the Manager’s intention to produce secure and growing income that provides a competitive investment return to investors.

The Manager does not expect the business currently carried on by CMT to change in any material aspect in the foreseeable future.

The general development of the business of CMT since its inception is set out below:

Date Significant developments

29 October 2001 : CMT established as a property fund in Singapore

28 December 2001 : CMT acquired Tampines Mall, Junction 8 and Funan DigitaLife Mall (or Funan The IT Mall as it was then known)

25 April 2002 : CMT declared an authorised unit trust scheme under the Trustees Act, Chapter 337 of Singapore

1 July 2002 : Initial public offering of units in CMT (“Units”)

17 July 2002 : CMT commenced trading on Singapore Exchange Securities Trading Limited (the “SGX-ST”)

13 September 2002 : Central Provident Fund (“CPF”) members permitted to use their CPF Ordinary Account savings to purchase Units under the CPF Investment Scheme — Ordinary Account

25 October 2002 : The Manager announced CMT’s results for the period from 16 July 2002 to 30 September 2002 which showed that CMT’s distributable income had exceeded the distribution forecast for the same period by 5.0%

15 November 2002 : Confirmation from Ministry of Finance that CPF members who use CPF Funds to purchase Units will be entitled to receive tax-free distributions

26 26 November 2002 : Tax transparency extended to Singapore permanent residents who are tax resident in Singapore and other non-corporate Singapore constituted or registered entities

15 January 2003 : The Manager announced CMT’s full year results for 2002 which showed that CMT’s distributable income for the period 16 July 2002 to 31 December 2002 had exceeded the distribution forecast for the same period by 8.4%

21 February 2003 : Distribution of 3.38 cents per Unit was paid by CMT to holders of Units (“Unitholders”) for the period from 16 July 2002 to 31 December 2002

17 April 2003 : The Manager announced CMT’s first quarter 2003 results which showed that CMT’s distributable income had exceeded the distribution forecast for the first 3 months of 2003 by 5.0%

30 May 2003 : The Manager convened an extraordinary general meeting (“EGM”) of Unitholders to seek Unitholders’ approval for, inter alia, the proposed acquisition of IMM Building and the issue of 119,800,000 new Units to partly fund the acquisition of IMM Building. All the resolutions with respect to the proposed acquisition of IMM Building and the related fund raising exercise were approved

26 June 2003 : CMT issued 119,800,000 new Units at an issue price of S$1.07 per Unit to partly fund the acquisition of IMM Building and completes the acquisition of IMM Building

16 July 2003 : The Manager announced CMT’s results for the period from 1 January 2003 to 25 June 2003 which showed that CMT’s distributable income had exceeded the distribution forecast for the same period by 4.3%

28 July 2003 : Distribution of 3.62 cents per Unit was paid by CMT to Unitholders for the period from 1 January 2003 to 25 June 2003

1 October 2003 : CMT was included in the GPR 250 Real Estate Securities Index, which is constituted by the 250 most-traded listed property companies worldwide

21 October 2003 : The Manager announced CMT’s results for the period from 26 June 2003 to 30 September 2003 which showed that CMT’s distributable income had exceeded the distribution forecast for the same period by 4.7%

17 December 2003 : CMT issued 45,000,000 new Units at an issue price of S$1.33 per Unit to fund its subscription for Class “E” bonds issued by CapitaRetail Singapore Limited

17 December 2003 : CMT subscribed for S$58.0 million in principal amount of Class “E” bonds issued by CapitaRetail Singapore Limited

2 January 2004 : CMT was included in the ERPA/NAREIT Global Real Estate Index (and its sub-indices), an international real estate equity benchmark

27 20 January 2004 : The Manager announced CMT’s results for the period from 26 June 2003 to 30 December 2003 which showed that CMT’s distributable income had exceeded the distribution forecast for the same period by 6.7%

30 January 2004 : CMT accepted an offer from JTC Corporation allowing it to pay, in lieu of the annual rent payable, an upfront land premium of S$55.7 million for a tenure of 45 years in respect of IMM Building

26 February 2004 : Distribution of 4.41 cents per Unit was paid by CMT to Unitholders for the period from 26 June 2003 to 31 December 2003

27 February 2004 : Distributions from real estate investment trusts received by individuals (all nationalities) will be exempted from tax except where the distributions are derived through a partnership in Singapore or from the carrying on of a trade, business or profession

1 April 2004 : In a poll conducted by Finance Asia, CMT was voted amongst the top ten best companies in the categories of Best Managed Companies (Singapore), Best Corporate Governance (Singapore) and Most Committed to Strong Dividends Policy (Singapore)

20 April 2004 : The Manager announced CMT’s results for the period from 1 January 2004 to 31 March 2004 which showed that CMT’s distributable income had exceeded the distribution forecast for the same period by 4.9%

24 May 2004 : The Manager announced that CMT has entered into a conditional put and call option agreement with CapitaLand Commercial Limited for the acquisition of Plaza Singapura (the “PS Acquisition”)

28 May 2004 : CMT was added to the MSCI Standard Index Series, an international equity benchmark widely used by institutional investors

8 July 2004 : The Manager convened an EGM of Unitholders to seek Unitholders’ approval for, inter alia, the PS Acquisition and the issue of up to 182,000,000 new Units to partly fund the acquisition as well as an issue of 147,000,000 new Units as partial consideration for the acquisition. All the resolutions with respect to the proposed acquisition and the related fund raising exercise were approved

14 July 2004 : The Manager announced CMT’s results for the period from 1 January 2004 to 30 June 2004 which showed that CMT’s distributable income had exceeded the distribution forecast for the same period by 6.1%

2 August 2004 : CMT issued 147,000,000 Units at an issue price of S$1.62 per Unit to, inter alia, partly fund the PS Acquisition as well as an additional 147,000,000 Units at an issue price of S$1.62 to E-Pavillion Pte Ltd (“EPPL”) as part of the purchase consideration for the acquisition

27 August 2004 : Distribution of 5.41 cents per Unit was paid by CMT to Unitholders for the period from 1 January 2004 to 1 August 2004

28 19 October 2004 : The Manager announced CMT’s results for the period from 2 August 2004 to 30 September 2004 which showed that CMT’s distributable income had exceeded the distribution forecast for the same period by 4.4%

27 January 2005 : The Manager announced CMT’s results for the period from 2 August 2004 to 31 December 2004 which showed that CMT’s distributable income had exceeded the distribution forecast for the same period by 6.4%

18 February 2005 : Stamp duty for the purchase of properties by real estate investment trusts will be waived for a five-year period; and withholding tax on distributions from real estate investment trusts received by foreign institutional/corporate investors will be halved from 20.0% to 10.0% for a five-year period

28 February 2005 : Distribution of 4.07 cents per Unit was paid by CMT to Unitholders for the period from 2 August 2004 to 31 December 2004

18 March 2005 : CMT included as one of the 50 component stocks of the Straits Times Index (STI)

21 April 2005 : The Manager announced CMT’s results for the period from 1 January 2005 to 31 March 2005 which showed that CMT’s distributable income had exceeded the distribution forecast for the same period by 7.3%

22 April 2005 : CMT entered into two sale and purchases agreements with Hougang Town Central Development Pte Ltd (the “HT Strata Lot Acquisition”) and a sale and purchase agreement with S28 Holdings Pte Ltd (the “S28 Strata Lot Acquisition”) to acquire an aggregate of 92.4% of the total share values in a building known as Hougang Plaza (“Hougang Plaza”) for an aggregate purchase price of approximately S$39.2 million in cash (collectively, the “HT and S28 Strata Lots Acquisitions”)

30 April 2005 : CMT entered into a sale and purchase agreement with Ang Oon Hue Private Limited in respect of the acquisition by CMT of Sembawang Shopping Centre (as defined herein) for a purchase price of S$78.0 million (the “SSC Acquisition”)

30 May 2005 : Distribution of 2.47 cents per Unit was paid by CMT to Unitholders for the period from 1 January 2005 to 31 March 2005

16 June 2005 : CMT entered into a sale and purchase agreement with Jack’s Place Holdings Pte Ltd for the acquisition of approximately 4.3% of the total share values in Hougang Plaza for a purchase price of S$4.6 million (the “JP Strata Lot Acquisition”)

10 June 2005 : The SSC Acquisition was completed

20 June 2005 : The S28 Strata Lot Acquisition was completed

30 June 2005 : The HT Strata Lot Acquisition was completed

22 July 2005 : The Manager announced CMT’s results for the period from 1 April 2005 to 30 June 2005 which showed that CMT’s distributable income had exceeded the distribution forecast for the same period by 7.8%

29 22 July 2005 : CMT entered into a sale and purchase agreement (“Parco Agreement”) with BCH Retail Investment Pte Ltd in respect of the proposed acquisition (the “Parco Acquisition”) by CMT of Parco Bugis Junction, as well as the plant and equipment located at the property and certain fixed assets (together, the “Target Property”) for S$580.8 million (the “Parco Price”)

22 July 2005 : CMT entered into a conditional sale and purchase agreement (“JEC Agreement”) with Shaw Jurong Development Pte Ltd in respect of the proposed acquisition (the “JEC Acquisition”)by CMT of Jurong Entertainment Centre (as defined herein) for S$68.0 million (the “JEC Price”)

16 August 2005 : The JP Strata Lot Acquisition was completed

29 August 2005 : Distribution of 2.51 cents per Unit was paid by CMT to Unitholders for the period from 1 April 2005 to 30 June 2005

6 October 2005 : The Manager convened an EGM of the Unitholders to seek Unitholders’ approval for, inter alia, the Parco Acquisition and the proposed issue of new Units so as to raise (i) gross proceeds arising from the issue of up to 172,700,000 new Units or (ii) S$406.0 million in gross proceeds, whichever is higher, for the purposes of, inter alia, part financing the Parco Acquisition and the related fund raising exercise. All the resolutions with respect to the Parco Acquisition and the related fund raising exercise were approved

7 October 2005 : The Urban Renewal Authority granted outline permission to CMT for the conversion of Sembawang Shopping Centre, being a commercial and residential mixed development building, to a commercial development. The Manager is presently considering the various options available to CMT in light of such outline planning permission

13 October 2005 : The Manager announced CMT’s results for the period from 1 July 2005 to 30 September 2005 which showed CMT’s distributable income had exceeded the distribution forecast for the same period by 8.4%

17 October 2005 : CMT entered into an agreement (“Agreement to Surrender”) with Seiyu (Singapore) Private Limited (“Seiyu Singapore”) and The Seiyu, Ltd. (“Seiyu Japan”) in respect of the surrender by Seiyu Singapore to CMT of the Surrender Premises (as defined herein) and the novation by Seiyu Singapore to CMT of the existing tenancy and license agreements in favour of the existing tenants and licensees at the Surrender Premises (collectively, the “Seiyu Transaction”)

Prior to the acquisitions of the New Properties and the Target Property, CMT’s portfolio comprised five properties, namely, Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building and Plaza Singapura (collectively, “Existing Properties”).

The Parco Acquisition provides CMT with an opportunity to enlarge its portfolio. The Manager believes that the inclusion of the Target Property in CMT’s real estate portfolio will be beneficial to CMT and its Unitholders. To that end, the Manager has obtained Unitholders’ approval for the Parco Acquisition at the EGM of Unitholders held on 6 October 2005.

30 In addition to the Parco Acquisition, CMT has announced the acquisition (collectively, the “New Properties Acquisitions”) of, and the Trustee has entered into separate sale and purchase agreements for, the following properties: • Hougang Plaza Units (the “HP Acquisition”) • Sembawang Shopping Centre; and • Jurong Entertainment Centre, (collectively, the “New Properties”).

CMT now owns an aggregate of 96.7% of the total share values in Hougang Plaza with the HT and S28 Strata Lots Acquisitions completed in June 2005, and the JP Strata Lot Acquisition completed in August 2005. The SSC Acquisition was completed in June 2005. The JEC Acquisition is expected to be completed on the date on which the New Units are issued and traded on the SGX-ST.

The Manager’s rationale for the Parco Acquisition is set out in Appendix 1 of this Offer Information Statement. In addition, detailed information about Parco Bugis Junction, the New Properties and the Existing Properties (collectively, the “Entire Portfolio”) can be found in Appendix 2 of this Offer Information Statement.

The Seiyu Transaction

On 17 October 2005, CMT entered into the Agreement to Surrender with Seiyu Singapore and Seiyu Japan, which owns the full legal and beneficial interest in Seiyu Singapore, in respect of the surrender of the Surrender Premises by Seiyu Singapore to CMT. The Surrender Premises, which comprise mainly basement one and part of the first storey of Parco Bugis Junction, forms part of the premises at Parco Bugis Junction currently leased by Seiyu Singapore for a term of 20 years commencing from 7 April 1995 (the “Seiyu Singapore’s Lease”).

Seiyu Singapore has sublet space at the Surrender Premises to multiple tenants, including a food court, a supermarket, specialty fashion retailers and food kiosks. Under the Agreement to Surrender, the existing tenancy and licence agreements in favour of the existing tenants and licensees at the Surrender Premises (the “Existing Seiyu’s Sub-Tenancies”) will be novated by Seiyu Singapore to CMT on 1 November 2005, or such other date immediately following the date on which the Parco Acquisition is completed (the “Effective Surrender Date”).

The Surrender Premises comprise 74,299 square feet (“sq ft”) of Net Lettable Area, or approximately 30.2% of the Net Lettable Area under the Seiyu Singapore’s Lease. Presently, the Seiyu Singapore’s Lease comprise 245,914 sq ft of Net Lettable Area. Upon the surrender of the Surrender Premises, the Net Lettable Area under the Seiyu Singapore’s Lease will be reduced to 171,615 sq ft.

The above-mentioned obligations under the Agreement to Surrender are subject to and conditional upon the completion of the Parco Acquisition by CMT.

As consideration for Seiyu Singapore’s agreement to surrender the Surrender Premises to CMT, CMT has agreed to pay Seiyu Singapore, on the Effective Surrender Date, the sum of S$25.0 million (the “Surrender Sum”), together with the goods and services tax on the Surrender Sum, in cash. The total cost relating to the Seiyu transaction is estimated at S$26.0 million, comprising the Surrender Sum, the stamp duty payable and estimated professional and other fees and expenses incurred by CMT in connection with the Seiyu Transaction (collectively, the “Total Surrender Sum”). The Manager intends to fully finance the Total Surrender Sum through borrowings (see paragraph (f) of this Offer Information Statement for further details).

The Surrender Premises (based on a lease of the Surrender Premises for the remainder of a term of 20 years commencing from 7 April 1995) was valued at S$26.0 million as at 30 September 2005 by CB Richard Ellis (Pte) Ltd in its valuation report dated 7 October 2005.

31 The Seiyu Transaction is in line with CMT’s pro-active leasing strategy in relation to properties in its portfolio so as to enhance returns to Unitholders. The Manager believes that the Seiyu Transaction, which unlocks the value at the Surrender Premises, is yield-accretive and has a positive impact on the forecast of CMT for the period from 1 November 2005 to 31 December 2005 (both dates inclusive) and the projection of CMT for the financial year ending 31 December 2006 set out in the CMT circular to Unitholders dated 16 September 2005 (the “Original Forecast and Projection”).

In addition, the Manager believes that by leveraging on its pro-active asset and lease management capabilities, there will be further opportunities for the enhancement of returns to Unitholders at the Surrender Premises and thereby further improve the gross revenue and net property income generated by the Surrender Premises.

The pro forma effect of the Seiyu Transaction on Parco Bugis Junction and the Entire Portfolio is set out in Appendix 2 of this Offer Information Statement. The Manager has also prepared an updated forecast of CMT for the period from 1 November 2005 to 31 December 2005 (both dates inclusive) and an updated projection of CMT for the financial year ending 31 December 2006 (the “Updated Forecast and Projection”) incorporating the impact of the Seiyu Transaction. This can be found under Appendix 3 of this Offer Information Statement.

Material changes in the affairs of the Fund since the last annual report

Save as disclosed herein, there have been no material changes in the affairs of CMT since its last annual report for the financial year ended 31 December 2004.

The Manager is proposing to issue 173,400,000 new Units (the “New Units”) for offer and placement to existing Unitholders and new investors (the “Equity Fund Raising”) in order to: • part finance the Parco Acquisition; • part refinance the S$123.0 million bridge loans taken to finance the acquisitions of Hougang Plaza Units and Sembawang Shopping Centre (the “HP and SSC Loans”); and • part refinance the S$6.8 million bridge loan taken to finance the payment of a deposit of 10.0% of the purchase consideration for the JEC Acquisition, and part finance the balance of the purchase consideration for the JEC Acquisition (references to the financing of the JEC Acquisition in this Offer Information Statement shall refer to both the refinancing transaction and the financing transaction in respect of Jurong Entertainment Centre (as described aforesaid)), with the balance of the proceeds to be utilised for CMT’s working capital purposes;

Certain information about the effect of the proposed issue of New Units on CMT’s distribution periods and the status of the New Units pursuant to the Equity Fund Raising is set out below.

Consequential Adjustment to the Distribution Period

CMT’s policy is to distribute its distributable income (if any) on a quarterly basis to Unitholders. The next distribution originally scheduled to take place was to be in respect of CMT’s third quarter distributable income for the period from 1 July 2005 to 30 September 2005 (the “Scheduled Distribution”). However, in conjunction with the Equity Fund Raising, the Manager will declare the Cumulative Distribution for the period from 1 July 2005 to the day immediately prior to the date of issue of the New Units (which is expected to be on 31 October 2005) (the “Cumulative Distribution”), in lieu of the Scheduled Distribution. The next distribution following the Cumulative Distribution will comprise CMT’s distributable income for the period from the day that the New Units are issued pursuant to the Equity Fund Raising to 31 December 2005. Quarterly distributions will resume after that.

32 The Cumulative Distribution is being implemented as a means to ensure fairness to holders of the Existing Units and, at the same time, to avoid the additional costs of making two distributions within a short span of time. By implementing the Cumulative Distribution, distributable income accrued by CMT up to the day immediately preceding the issue of New Units pursuant to the Equity Fund Raising (which, at that point, would be entirely attributable to the investment represented by the Existing Units) will only be distributed, in a single distribution, in respect of the Existing Units.

Notice was given on 13 October 2005 that the date and time on which the Transfer Books and Register of Unitholders of CMT will be closed to determine Unitholders’ entitlements to the Cumulative Distribution is 28 October 2005 at 5.00 p.m. The Manager currently expects to make payment of the Cumulative Distribution on or about 29 November 2005.

For avoidance of doubt, New Units issued pursuant to the Equity Fund Raising will not be entitled to participate in the distribution of any distributable income accrued by CMT prior to the date of issue of such Units.

Status of New Units Issued Pursuant to the Equity Fund Raising

New Units issued pursuant to the Equity Fund Raising will, upon issue, rank pari passu in all respects with the then existing Units, including the right to any distributions which may be paid for the period from the day the New Units are issued to 31 December 2005 as well as all distributions thereafter.

(d) the offer price, any discount or commission given to the underwriter (if any), and the estimated net proceeds on an aggregate basis to be derived by the Fund from the sale of the units being offered; if it is not possible to state the offer price, the discount or commission, the method by which it is to be determined must be explained;

Preferential Offering Issue Price : S$2.33 per New Unit ATM and Placement Issue Price : S$2.35 per New Unit Underwriting and selling commission : Approximately S$8.1 million Estimated fees and expenses to be borne by : Approximately S$2.5 million CMT in respect of the Equity Fund Raising Estimated net proceeds : Approximately S$395.3 million

(e) the range of the closing market price during the 90 days preceding the latest practicable date prior to the lodgement of the Offer Information Statement (“Latest Practicable Date”);

Range of closing market price during the 90 : Between S$2.34 per Unit and S$2.64 Market Days preceding the Latest per Unit1 Practicable Date (8 June 2005 to 11 October 2005)

1 Source: Bloomberg

33 (f) the principal purposes for which the estimated net proceeds to be derived by the Fund from the sale of the units being offered are intended to be used and the approximate amount intended to be used for each such purpose; if any material amounts of other funds are to be used in conjunction with the proceeds for such purposes, the amounts and sources of such other funds;

The principal purposes for which the estimated net proceeds to be derived by the Fund from the sale of the units being offered are intended to be used and the approximate amount intended to be used for each such purpose. The net proceeds to be derived from the Equity Fund Raising will be used to; (i) part finance the Parco Acquisition; (ii) part refinance the HP and SSC Loans of S$123.0 million; and (iii) part finance the JEC Acquisition,

with the balance of the proceeds to be utilised for CMT’s working capital purposes. The current estimated total acquisition cost of the Parco Acquisition is approximately S$588.1 million comprising: (i) the Parco Price of S$580.8 million; (ii) the Acquisition Fee (as defined herein) of S$5.8 million (being 1.0% of the Parco Price), payable to the Manager pursuant to Clause 23(B) of the Trust Deed (which states that the Manager is entitled to receive an acquisition fee not exceeding 1.0% of the price paid by CMT for any real estate acquired from time to time by the Trustee on behalf of CMT); and (iii) the estimated professional and other fees and expenses incurred by CMT in connection with the Parco Acquisition of approximately S$1.5 million2.

The current estimated total acquisition cost of the JEC Acquisition is approximately S$69.0 million comprising: (i) the JEC Price of S$68.0 million; (ii) the Acquisition fee of approximately S$0.7 million (being 1.0% of the JEC Price), payable to the Manager pursuant to Clause 23(B) of the Trust Deed (which states that the Manager is entitled to receive an acquisition fee not exceeding 1.0% of the price paid by CMT for any real estate acquired from time to time by the Trustee on behalf of CMT); and (iii) the estimated professional and other fees and expenses incurred by CMT in connection with the JEC Acquisition of approximately S$0.3 million3.

The amount and sources of such other funds to be used in conjunction with the proceeds derived by the Fund from the sale of the Units

The balance of the total acquisition cost of the Parco Acquisition, HP and SSC Loans, and the JEC Acquisition, will be financed through additional borrowings to be incurred by CMT of up to S$433.0 million.

2 The Singapore Government announced in the 2005 Budget on 18 February 2005 that stamp duty on the instruments of transfer of Singapore properties into real estate investment trusts already listed, or to be listed, on the SGX-ST will be remitted for a five-year period from 18 February 2005. Pursuant to the announcement, the stamp duty (approximately S$17.4 million) payable on the Parco Agreement is remitted. 3 Pursuant to the announcement by the Singapore Government in the 2005 Budget, the stamp duty payable on the JEC Agreement (approximately S$2.0 million) is remitted.

34 CMT has a total of S$704.0 million loan facility from Silver Maple Investment Corporation Ltd (“Silver Maple”), a special purpose company, of which S$660.0 million has been drawn down in four tranches. The four tranches comprise a five-year term loan of S$172.0 million (from 26 February 2002), a seven-year term loan of S$125.0 million (from 26 June 2003), another five-year term loan of S$335.0 million (from 2 August 2004) and a revolving credit loan of S$28.0 million (the “Drawn Down RCF”). To fund its loans to CMT, Silver Maple issued a mixture of fixed and floating rate notes with an aggregate face value of S$660.0 million, all of which are rated AAA by Fitch, Inc. and Standard & Poor’s and Aaa by Moody’s.

In addition, CMT currently has a S$200.0 million bridge loan facility from DBS Bank, of which S$123.0 million has been drawn down to finance the HP Acquisition and the SSC Acquisition, and a further sum of S$6.8 million was drawn down to finance the payment of a deposit of 10.0% of the purchase consideration for the JEC Acquisition.

The Manager currently intends to borrow an additional S$433.0 million (the “Proposed Debt”) from Silver Maple in the form of a secured seven-year term loan facility to: (i) part finance the Parco Acquisition; (ii) part refinance the HP and SSC Loans; (iii) part finance JEC Acquisition; and (iv) fully finance the Total Surrender Sum. (Prior to entry into the Agreement to Surrender by the relevant parties, the Manager’s original intention in relation to the relevant portion of the Proposed Debt, which is now intended to be used to fully finance the Total Surrender Sum, was to convert the Drawn Down RCF to long-term borrowings.)

CMT currently has two revolving credit facility (“RCF”) granted by Silver Maple, one of an amount (“RCF A”) of S$52.0 million (out of which the S$28.0 million has been drawn down), and another of an amount (“RCF B”) of S$20.0 million. It is the intention of the Manager to eventually cancel RCF A and RCF B, and replace them with a new RCF of S$70.0 million for CMT’s working capital and capital expenditure purposes.

It is the current intention of the Manager to maintain the present ratings by Fitch, Inc., Standard & Poor’s and Moody’s for the existing notes and the notes to be issued to fund such additional borrowings.

(g) the place where the Fund was constituted and the date of constitution;

CMT was constituted in Singapore on 29 October 2001 pursuant to the Trust Deed.

(h) the names and addresses of the directors of the Manager as at the Latest Practicable Date;

The names and addresses of the directors of the Manager (“Directors”) are set out in Appendix 5 of this Offer Information Statement.

35 (i) the unitholders’ fund and borrowings of the Fund, as of the Latest Practicable Date showing: (i) in the case of the unitholders’ fund, the number of units issued and outstanding; or (ii) in the case of borrowings, the total amount of the borrowings outstanding, together with the rate of interest (whether fixed or floating) payable thereon;

(i) Unitholders’ Fund As at the Latest Practicable Date, there were 1,205,630,866 Units issued and outstanding. (ii) Borrowings CMT has a total of S$704.0 million loan facility from Silver Maple, of which S$660.0 million has been drawn down in four tranches. The four tranches comprise a five-year term loan of S$172.0 million (from 26 February 2002) at a fixed interest rate of 3.91% per annum, a seven-year term loan of S$125.0 million (from 26 June 2003) at a fixed interest rate of 2.76% per annum, another five-year term loan of S$335.0 million (from 2 August 2004) at a fixed interest rate of 2.80% and a revolving credit loan of S$28.0 million at a floating interest rate of 0.43% above the relevant swap offer rate. To fund its loans to CMT, Silver Maple issued a mixture of fixed and floating rate notes with an aggregate face value of S$660.0 million, all of which are rated AAA by Fitch, Inc. and Standard & Poor’s and Aaa by Moody’s. In addition, CMT currently has a S$200.0 million bridge loan facility from DBS Bank, of which S$123.0 million was drawn down to finance the HP Acquisition and the SSC Acquisition, and a further sum of S$6.8 million was drawn down to finance the payment of a deposit of 10.0% of the purchase consideration for the JEC Acquisition.

(j) the manner in which the units being offered are to be distributed, giving particulars of any outstanding or proposed underwriting, including the name and address of each underwriter;

The Equity Fund Raising will comprise: (i) a preferential offering of 77,628,981 New Units at the Preferential Offering Issue Price to Relevant Singapore Registered Unitholders on a non-renounceable basis of one New Unit for every 10 existing Units held as at the Preferential Offering Books Closure Date, (fractions of a Unit to be disregarded), and subject to the Rounding Mechanism; (ii) an offering of 25,500,000 New Units at the ATM and Placement Issue Price to the public in Singapore through the ATMs of DBS Bank (including POSB) on a “first-come, first-served” basis; and (ii) a private placement of 70,271,019 New Units at the ATM and Placement Issue Price to retail and institutional investors.

DBS Bank and UBS have been appointed as Joint Lead Managers and Underwriters for the Preferential Offering and the Private Placement. DBS Bank has been appointed as Lead Manager and Underwriter for the ATM Offering.

The addresses of the Joint Lead Managers and Underwriters are as follows: (i) DBS Bank Ltd 6 Shenton Way DBS Building Tower One Singapore 068809 (ii) UBS AG, acting through its business group, UBS Investment Bank 5 Temasek Boulevard #18-00 Suntec Tower Five Singapore 038985

36 Underwriting by the Joint Lead Managers and Underwriters Under the placement agreement dated 18 October 2005 (the “Placement Agreement”) entered into between the Manager and the Joint Lead Managers and Underwriters, the Preferential Offering and the Private Placement will be underwritten by the Joint Lead Managers and Underwriters. The ATM offering will be underwritten by DBS Bank.

Additional Information on the Preferential Offering Acceptance of the provisional allocations of New Units may be effected in whole or in part via Acceptance Forms or through the ATMs of the Participating Banks. Relevant Singapore Registered Unitholders who have subscribed for or purchased Units under the CPF Investment Scheme and/or the Supplementary Retirement Scheme (“SRS”) can only accept their provisional allocations of New Units by instructing the relevant banks in which they hold their CPF Investment Scheme accounts and/or SRS accounts to do so on their behalf.

The Preferential Offering will be open to Relevant Singapore Registered Unitholders from 9.00 a.m. on 19 October 2005 and will close at (i) 4.45 p.m. on 25 October 2005 for acceptances of provisional allocations of New Units effected via Acceptance Forms and (ii) 9.30 p.m. on 25 October 2005 for acceptances of provisional allocations of New Units effected through the ATMs of the Participating Banks.

Relevant Singapore Registered Unitholders, including the Restricted Placees (such as the Directors, their immediate family4 and Substantial Unitholders) who are Relevant Singapore Registered Unitholders, can accept their provisional allocations of New Units under the Preferential Offering in full or in part (but may not apply for excess Units thereunder) as the SGX-ST has granted a waiver from the requirements under Rule 812 of the SGX-ST’s Listing Manual.

As at the Preferential Offering Books Closure Date, CapitaLand Limited (“CapitaLand”) holds, through its subsidiaries (including the Manager), an aggregate indirect interest in 466,612,410 Units (which is equivalent to approximately 38.7% of the Existing Units). On the basis of one New Unit for every 10 existing Units, CapitaLand and its subsidiaries (including the Manager) (the “CapitaLand Group”) would have been entitled to subscribe for up to an aggregate of 46,661,241 New Units under the Preferential Offering (without taking the Rounding Mechanism into consideration).

CapitaLand has written to the Joint Lead Managers and Underwriters, the Trustee and the Manager to indicate that CapitaLand Investments Pte Ltd (“CIPL”), Pyramex Investments Pte Ltd (“PIPL”), Premier Healthcare Services International Pte Ltd (“PHSIPL”) and EPPL, being subsidiaries of CapitaLand which hold Units as at the Latest Practicable Date, do not intend to subscribe for New Units under the Preferential Offering and that none of CapitaLand or any of these subsidiaries will have any objection if the Preferential Offering proceeds on the basis that such subsidiaries are not entitled to subscribe for New Units under the Preferential Offering. The Manager, which is a subsidiary of CapitaLand, has also written to the Joint Lead Managers and Underwriters and the Trustee to indicate that it does not intend to subscribe for New Units under the Preferential Offering and that it will not have any objection if the Preferential Offering proceeds on the basis that the Manager is not entitled to subscribe for New Units under the Preferential Offering.

4 The spouse, children, adopted children, step-children, siblings and parents of the Directors.

37 On the basis set out above, the Preferential Offering will not be made to CIPL, PIPL, PHSIPL, EPPL and the Manager. Accordingly, the 46,661,241 New Units will not be offered to them and will not comprise a part of the Preferential Offering.

Before the divestment of Plaza Singapura by Plaza Singapura (Private) Limited (“PSPL”, a wholly owned subsidiary of CapitaLand) to CMT, CapitaLand, through its subsidiaries, held an aggregate interest of approximately 32.3% of the total number of Units in issue (as at 9 July 2004). After the completion of the equity fund raising exercise and issuance of consideration units by CMT to PSPL to part finance the PS Acquisition, the aggregate interest of the CapitaLand Group increased to approximately 39.1% of the total number of Units in issue. As at the Latest Practicable Date, CapitaLand holds approximately 38.7% of the total number of Units in issue. On the basis that the CapitaLand Group does not subscribe for any New Units under the Preferential Offering, the unitholding of the CapitaLand Group is expected to reduce to approximately 33.8% of the total number of Units in issue immediately after the completion of the Equity Fund Raising. This figure is closer to CapitaLand’s original interest in CMT immediately prior to the PS Acquisition. This will also help to increase the free float of the Units and thereby improve the trading liquidity of the Units.

For example, a Relevant Singapore Registered Unitholder with 5,000 existing Units as at the Preferential Offering Books Closure Date will be provisionally allocated with 1,000 New Units under the Preferential Offering (increased from the 500 New Units allocated based on the ratio of one New Unit for every 10 existing Units under the Preferential Offering) so that, should the Unitholder decide to accept his provisional allocation of New Units, he will own a total of 6,000 Units. The Rounding Mechanism will be extended to investors who have subscribed for or purchased Units under the CPF Investment Scheme and/or the SRS, and to Units held by nominee companies. However, in the case of nominee companies, as the Rounding Mechanism will be applied at the level of the aggregate Units held in the securities accounts of such nominee companies with CDP, investors whose Units are held through such nominee companies may not enjoy the benefit of the Rounding Mechanism on an individual level.

The making of the Preferential Offering may be prohibited or restricted in certain jurisdictions under their relevant securities laws. Thus, for practical reasons and in order to avoid any violation of the securities legislation applicable in countries (other than Singapore) where Unitholders may have as their addresses registered with CDP, the Preferential Offering will not be extended to Unitholders whose registered addresses with CDP are outside Singapore, and who have not, at least five Market Days prior to the Preferential Offering Books Closure Date, provided CDP with addresses in Singapore for the service of notice and documents. Unitholders whose registered addresses with CDP are outside Singapore and who wish to participate in the Preferential Offering will have to provide CDP with addresses in Singapore for the service of notice and documents at least five Market Days prior to the Preferential Offering Books Closure Date.

38 As the Preferential Offering is made on a non-renounceable basis, the provisional allocations of New Units cannot be renounced in favour of a third party or traded on the SGX-ST.

Please refer to Annexure B for additional terms and conditions for the Preferential Offering.

Additional Information on the ATM Offering The ATM Offering will be open to the public from 12.00 noon on 19 October 2005 and will close at 12.00 noon on 25 October 2005, subject to an earlier closure at the discretion of DBS Bank (in consultation with the Manager) in the event that New Units offered under the ATM Offering are fully taken up.

There will be a limit on both the minimum and maximum number of New Units that an applicant can apply for under the ATM Offering. The minimum limit is 1,000 New Units and an applicant may apply for a larger number of New Units in integral multiples of 1,000 New Units subject to a maximum limit of 300,000 New Units.

Please refer to Annexure C for additional terms and conditions for the ATM Offering.

Where an application under the ATM Offering is rejected or accepted in part only, or where the SGX-ST’s approval in principle for the admission of the New Units to the SGX-ST’s Official List is not granted, the full amount or the balance of the application moneys, as the case may be, will be refunded (without interest or any share of revenue or other benefit arising therefrom) by being automatically credited to the DBS Bank (including POSB) account(s) of the applicant(s), at the risk of the applicant(s), provided that the remittance in respect of such application(s) which has been presented for payment or other process has been honoured and the application moneys received in the designated unit issue account.

Additional information on the Private Placement The Manager has obtained a general waiver from the SGX-ST from the requirement under Rule 812 of the Listing Manual to seek Unitholders’ approval for an issue of New Units to each of The Capital Group Companies, Inc. and the Fairprice Group5 being Substantial Unitholders, where New Units proposed to be placed to each such Substantial Unitholder is no more than what would be required to maintain their respective proportionate unitholdings in percentage terms at its pre-placement level as at 2 September 2005, being the “Latest Practicable Date” in the circular to Unitholders dated 16 September 2005 for the purpose of seeking Unitholders’ approval for, inter alia, the Equity Fund Raising. Subject to the said restriction and to the requirement that the Manager certifies it is independent of each such placee, the Joint Lead Managers and Underwriters may place New Units to each of The Capital Group Companies, Inc. and the Fairprice Group under the Private Placement. In such an event, an announcement thereof will be made by CMT.

The following table sets out the unitholdings of each of The Capital Group Companies, Inc. and the Fairprice Group in the scenarios described. Based on information available to the Manager, each of The Capital Group Companies, Inc. and the Fairprice Group is a Unitholder with an interest in one or more Units constituting not less than 5.0% of all Units in issue. The unitholdings set out in the table are based on the assumptions that (a) each of the identified Substantial Unitholders subscribes for its provisional allocation of New Units under the Preferential Offering; and (b) each of The Capital Group Companies, Inc. and the Fairprice Group subscribes for the maximum number of New Units it would be permitted to subscribe for under the Private Placement.

5 The interest of NTUC Fairprice Co-operative Limited (“Fairprice”) in the Units comprises a direct interest in 71,070,000 Units and a deemed interest in 25,330,000 Units held by a wholly owned subsidiary, Alphaplus Investments Pte. Ltd. (“AIPL” and together with Fairprice, shall be known as the “Fairprice Group”). The approvals sought by the Manager comprise the proposed placement of New Units to each of Fairprice and AIPL.

39 Unitholdings Unitholdings immediately after immediately after subscriptions under subscriptions under both the Preferential Unitholdings as at the Preferential Offering and Private 2 September 2005(1) Offering only(2) Placement(3) (%) (%)(4) (%)(4) The Capital 7.5 89,927,700 7.2 98,921,000 7.5 102,861,562 Group Companies, Inc. Fairprice Group — Direct 5.9 71,070,000 5.7 78,177,000 5.9 81,291,651 — Deemed (held 2.1 25,330,000 2.0 27,863,000 2.1 28,973,090 by AIPL) — Total interest 8.0 96,400,000 7.7 106,040,000 8.0 110,264,741

Notes: (1) Being the “Latest Practicable Date” in the circular to Unitholders dated 16 September 2005 for the purpose of seeking Unitholders’ approval for, inter alia, the Equity Fund Raising. (2) Assuming each of The Capital Group Companies, Inc., Fairprice and AIPL accepts its provisional allocation of New Units under the Preferential Offering. The Rounding Mechanism has been taken into account. (3) Assuming that each of The Capital Group Companies, Inc., Fairprice and AIPL accepts its provisional allocation of New Units under the Preferential Offering and the maximum number of New Units it would be permitted to subscribe for under the Private Placement. None of these entities have given any undertaking to subscribe for New Units under the Private Placement. (4) Based on the total number of Units in issue upon the completion of the Equity Fund Raising, assuming 173,400,000 New Units are issued pursuant to the Equity Fund Raising. The general waiver was obtained on the basis that Substantial Unitholders should not be treated differently from any other Unitholder and should be given the same opportunities to apply for such number of Units under an equity fund raising exercise as are required to maintain their pre-placement percentage unitholdings in CMT. Any excess demand for the New Units under the Private Placement will be satisfied only to the extent that New Units offered under the Preferential Offering and/or the ATM Offering are not taken up and are reallocated to the Private Placement.

(k) the income, prospects and distributions of the Fund, together with: (i) the following information in respect of the Fund for the financial period commencing from 16 July 2002 (the date on which units in the Fund were issued in connection with the initial public offering of units in the Fund) to 31 December 2004 (being the date on which the last audited balance sheet of CMT was made up) in the following format:

Taxable income Net available for investment distribution income to Extraordinary Distribution Period before tax Unitholders(1) items per Unit (S$’000) (S$’000) (S$’000) (cents) 16 July 2002 to 31 December 24,432 24,970 — 3.38 2002 1 January 2003 to 31 61,727 64,863 — 8.03 December 2003 1 January 2004 to 31 89,516 98,105 — 9.48 December 2004

Note: (1) The taxable income available for distribution to Unitholders is derived by adjusting for the net effect of non-tax deductible/(chargeable) items from the net investment income before tax of CMT.

40 (ii) a statement as to the financial and business prospects of the Fund, together with any material information which will be relevant thereto, including all special business factors or risks (if any) which are unlikely to be known or anticipated by the general public and which could materially affect profits; and

Business and Economic Conditions Potential investors should note that the Manager’s views about the retail industry in Singapore are not necessarily indicative of the future or likely performance of CMT.

More specifically, the Manager believes that the outlook for CMT remains positive. Since CMT was listed on the SGX-ST in July 2002, the Manager has implemented the following asset management strategies for the properties owned by CMT: • pro-active asset management; • pro-active leasing strategy; • continued improvement of tenancy-mix; • innovations in marketing and promotion; • improvement in non-rental income; and • continued minimisation of operation costs.

These strategies have helped CMT to consistently distribute a greater amount to Unitholders than originally forecast. From the date CMT was constituted, CMT’s distributable income has consistently exceeded forecasts and outperformed the distribution forecast by between 4.3% and 8.4%.

Barring any unforeseen circumstances, the Manager remains optimistic about the business and financial prospects of CMT for the year 2005. The Manager believes that the Acquisitions will bring important benefits to Unitholders, including higher distribution per Unit (“DPU”) due to the yield-accretive nature of the Parco Acquisition.

Profit Forecast and Profit Projection The tables on pages 88 to 89 of this Offer Information Statement summarises CMT’s Original Forecast and Projection as well as its Updated Forecast and Projection on its forecast net property income and distributable income for the period from 1 November 2005 to 31 December 2005 as well as its projected net property income and distributable income for the financial year ending 31 December 2006.

The forecast and projection should be read together with the detailed forecast and projected statements of net investment income and distribution as well as the accompanying assumptions and sensitivity analysis in Appendix 3 of this Offer Information Statement, and the report of KPMG (the “Independent Accountants”) (who have examined the Updated Forecast and Projection) in Appendix 4 of this Offer Information Statement.

Other Material Information — special business factors or risks (if any) which are unlikely to be known or anticipated by the general public and which could materially affect profits

There may be potential conflicts of interest between CMT, the Manager and CapitaLand The Manager is an indirect wholly owned subsidiary of CapitaLand. CapitaLand, its subsidiaries and affiliates are engaged in the investment in, and the development of, properties in Singapore, including retail properties. Some of the Directors are also representatives of CapitaLand.

41 In addition, the Manager has appointed an indirect wholly owned subsidiary of CapitaLand, CapitaLand Retail Management Pte Ltd (the “Property Manager”), as the property manager of Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Hougang Plaza Units, Sembawang Shopping Centre, Jurong Entertainment Centre, and Parco Bugis Junction and all future properties acquired by CMT (until 28 December 2011) in respect of which CMT may appoint the property manager. As a result, the strategy and activities of CMT may be influenced by the overall interests of CapitaLand. There can be no assurance that conflicts of interests will not arise between CMT and CapitaLand in the future, including in relation to the acquisition of properties and competition for tenants in the Singapore property market.

Related Party Transactions In any event, related party transactions entered into by CMT in the future (including acquisitions of assets from CapitaLand, its subsidiaries and affiliates), depending on the materiality of such transactions, will need to comply with, among other things, certain requirements under the Property Funds Guidelines and the Listing Manual and may also need to be publicly announced and/or require the approval of Unitholders, as the case may be. Related party transactions will also have to be (i) decided by a majority vote of the Directors (including the vote of at least one independent Director), (ii) reviewed and/or approved by the Manager’s audit committee and (iii) reviewed and approved by the Trustee.

The amount CMT may borrow is limited, which may affect the operations of CMT Under the Code on Collective Investment Schemes (“CIS Code”) issued by the Authority, CMT is only permitted to borrow up to 35.0% of its Deposited Property (being all the gross assets of CMT, including all its authorised investments held or deemed to be held upon the trusts under the Trust Deed). The CIS Code also provides that if (i) all the borrowings of the fund are rated at least A (including any sub-categories or gradations therein) by Fitch Inc., Moody’s or Standard & Poor’s or (ii) the credit rating of the fund is at least A (including any sub-categories or gradations therein) as rated by Fitch Inc., Moody’s or Standard and Poor’s, the property fund may borrow more than 35.0% of the fund’s deposited property.

As at 30 June 2005, CMT had a Gearing level of approximately 32.3%6. This includes the bridge loan of S$123.0 million drawn down to finance the HP Acquisition and the SSC Acquisition. Excluding the bridge loan of S$123.0 million drawn down and the value of the HP Acquisition and the SSC Acquisition, CMT’s adjusted gearing as at 30 June 2005 is approximately 28.7%7 (“Existing Gearing”).

To partly finance the Acquisitions as well as the Seiyu Transaction, the Manager proposes to increase CMT’s Gearing to approximately 32.3%. CMT’s ability to incur further borrowings thereafter may be limited.

Adverse business consequences of this limitation on borrowings may include: • an inability to fund capital expenditure requirements in relation to CMT’s existing portfolio or in relation to the acquisition of future properties by CMT to expand its portfolio; • a decline in the value of the Deposited Property may cause the borrowing limit to be exceeded, thus affecting CMT’s ability to make further borrowings; and • cash flow shortages (including with respect to required distributions) which CMT might otherwise be able to resolve by borrowing funds.

6 The Gearing level of 32.3% is the ratio of the sum of CMT’s total borrowings of S$660.0 million and the HP and SSC Loans of S$123.0 million to the value of its Deposited Property of S$2,427.2 million (after adjusting for CMT’s distributable income for the period from 1 April 2005 to 30 June 2005) as at 30 June 2005. 7 The Existing Gearing level of approximately 28.7% is the ratio of CMT’s total borrowings of S$660.0 million (this does not include the HP and SSC Loans) to the adjusted value of its Deposited Property of S$2,301.4 million (this does not include the value of HP Acquisition and the SSC Acquisition and after adjusting for CMT’s distributable income for the period from 1 April 2005 to 30 June 2005) as at 30 June 2005.

42 CMT depends on certain key personnel, and the loss of any key personnel may adversely affect its operations CMT’s success depends, in part, upon the continued service and performance of members of the Manager’s senior management team and certain key senior investment staff. However, these key personnel may leave the Manager and compete with it and CMT. The loss of any of these individuals, or of one or more of the Manager’s other key employees, could have a material adverse effect on CMT’s business, results of operations and financial condition.

Most of the leases for the Entire Portfolio (in terms of Net Lettable Area) will expire within the next three years Most of the lease agreements for the Entire Portfolio (in terms of Net Lettable Area) will expire within the next three years, which reflects the general practice in the Singapore property market for rental tenancies to take the form of a rolling three-year agreement. This exposes CMT to certain risks, including risks of reduced occupancy levels resulting from vacancies following the expiry or non-renewal of leases, which will in turn reduce CMT’s Gross Revenue. In addition, the amount of rent and the terms on which lease renewals and new leases are agreed may be less favourable than current leases. If a large number of tenants do not renew their leases in a year with a high rate of lease expiries, or if new tenants do not enter into leases on terms that are as, or more, favourable than the terms of the expiring leases, it could have a material adverse effect on the value of the relevant property and affect CMT’s financial performance and distributable income.

CMT’s business focus on Singapore retail properties The Existing Properties, as well as the Target Property and the New Properties (collectively, the “Entire Portfolio”) are located in Singapore. For the period from 1 January 2005 to 30 June 2005, approximately 97.1% of CMT’s gross Rental Income was derived from retail use. This may render CMT vulnerable to conditions in the Singapore retail industry and retail property market, such as the over-supply of retail properties, or reduced demand from tenants.

CMT may face increased competition from other retail properties The Entire Portfolio competes with properties of a similar type and, in some cases, a similar quality. Increased competition could adversely affect income from, and the market value of, the Entire Portfolio. Historical operating results and historical market values may not be indicative of the future operating results or future market values of each of the properties in the Entire Portfolio.

The income from, and market value of, each of the properties in the Entire Portfolio will be largely dependent on the ability of those properties to compete against other retail properties in the area in attracting and retaining tenants. Important factors that affect the ability of retail properties to attract or retain tenants include the quality of the building’s existing tenants, the quality of the building’s property manager and the attractiveness of the building and the surrounding area to prospective tenants and their customers or clients. Attracting and retaining tenants often involves re-fitting, repairing or making improvements to mechanical and electrical systems and the outward appearance of the building.

There are many shopping facilities in Singapore that compete with the Entire Portfolio in attracting retailers to lease space. In addition, retailers at each of the properties in the Entire Portfolio may face competition from other shopping facilities in Singapore. Such competition could have an impact on CMT’s Gross Revenue.

The age, construction quality and design of a particular property may affect the occupancy level as well as the rent that may be charged. The effects of poor construction quality will increase over time in the form of increased maintenance and capital improvements needed to maintain the property. Even well built or well designed properties will deteriorate or become obsolete over time if the property managers do not schedule and perform adequate maintenance and building upgrades in a timely fashion.

43 If competing properties of a similar type are built in the areas where the Entire Portfolio are located or similar properties in the vicinity of the Entire Portfolio are substantially updated and refurbished, the value and net property income of the Entire Portfolio could be affected by the increased competition.

CMT is exposed to general risks relating to ownership and operation of commercial real estate which may adversely affect the Gross Revenue earned from, and the value of, properties held by CMT Investments in CMT will be subject to the risks relating to ownership and operation of commercial real estate. Factors such as the national and international economic climate, trends in the retail industry, the quality and strategy of management, competition for tenants, changes in market rental rates, the inability to collect rent due to bankruptcy or otherwise, the need to periodically renovate, repair and re-let space and the costs thereof, the ability of the Manager to provide adequate maintenance and insurance, increased operating costs and changes in laws and governmental regulations in relation to real estate could impact upon the performance of CMT’s properties.

The performance of CMT’s properties and Gross Revenue earned from, and the value of, CMT’s properties may also be adversely affected by the following factors: • vacancies following expiry or termination of leases that lead to reduced occupancy levels — this reduces rental income and the ability to recover certain operating costs such as service charges; • the Manager’s ability to provide adequate management and maintenance or to purchase adequate insurance; • the Manager’s ability to collect rent on a timely basis or at all; • tenants seeking the protection of bankruptcy laws which could result in delays in receipt of rent payment, or which could hinder or delay the sale of a property, or inability to collect rentals at all or the termination of the tenant’s lease; • the amount of rent payable by tenants and the terms on which lease renewals and new leases are agreed being less favourable than current leases; • tenants failing to comply with the terms of their leases or commitments to lease; • the national and international economic climate and real estate market conditions (such as the oversupply of, and/or reduced demand for, space, the Singapore government’s release of land for the development of commercial property, changes in market rental rates and operating expenses of CMT’s properties); • the amount and extent to which CMT is required to grant rebates on rental rates to tenants due to market pressure; • downturns in the sales of products or services which particular tenants offer; • changes in laws and governmental regulations relating to real estate including those governing usage, zoning, taxes and government charges. Such revisions may lead to an increase in the management expenses or unforeseen capital expenditure to ensure compliance. Rights relating to the relevant properties may also be restricted by legislative actions, such as revisions to building standards laws or city planning laws, or the enactment of new laws relating to condemnation and redevelopment; and • acts of God, wars, terrorist attacks, riots, civil commotions, widespread communicable diseases and other events beyond the control of the Manager.

44 The loss of key tenants or a downturn in the business of CMT’s tenants could have an adverse effect on its financial condition and results of operations CMT’s financial condition and results of operations and ability to make distributions may be adversely affected by the bankruptcy, insolvency or downturn in the business of its key tenants, including the decision by any such tenants not to renew their leases or, in cases where a key tenant has termination rights exercisable by written notice, to terminate their leases before they expire.

CMT may be adversely affected by the illiquidity of real estate investments CMT invests primarily in real estate which entails a higher level of risk than a portfolio which has a diverse range of investments. Real estate investments, particularly investments in high value properties such as those in which CMT intends to invest, are relatively illiquid. Such illiquidity may affect CMT’s ability to vary its investment portfolio or liquidate part of its assets in response to changes in economic, real estate market or other conditions. Moreover, CMT may face difficulties in securing timely and commercially favourable financing in asset-based lending transactions secured by real estate due to the illiquid nature of real estate assets. These factors could have an adverse effect on CMT’s financial condition and results of operations, with a consequential adverse effect on CMT’s ability to make distributions to Unitholders.

The Manager may not be able to successfully execute its asset enhancement strategy One of the Manager’s strategies for growth is to increase yields and total returns through a combination of the addition and/or optimisation of retail space at the relevant property. There can, however, be no assurance that the Manager will be able to implement any of its proposed asset enhancement works successfully or that the carrying out of any asset enhancement work will enhance the value of the relevant property. Further, the Manager may not be able to carry out proposed asset enhancement work within a desired time frame, and any benefit or return which may arise from such asset enhancement work may be reduced or lost. Even if CMT is able to successfully carry out any asset enhancement work, there can be no assurance that CMT will achieve its intended return or benefit on such asset enhancement work.

(iii) a statement by the Manager whether, in its reasonable opinion, the working capital available to the Fund as at the Latest Practicable Date is sufficient for present requirements and, if insufficient, how the additional working capital thought by the Manager to be necessary, is proposed to be provided;

The Manager confirms that in its reasonable opinion, after taking into account the loan facilities available to CMT and the estimated net proceeds from the Equity Fund Raising, the working capital available to CMT as at the Latest Practicable Date is sufficient for the present requirements of CMT.

(l) the number of units of the Fund owned by each person who has an interest of not less than 5.0% of all the units in the Fund (as recorded in the Register of Substantial Unitholders of the Fund) at the Latest Practicable Date;

The number of Units owned by each person who has an interest of not less than 5.0% of all the Units (as recorded in the Register of Substantial Unitholders of CMT) at the Latest Practicable Date is set out in Appendix 6 of this Offer Information Statement.

45 (m) information on any legal or arbitration proceedings, including those which are pending or known to be contemplated, which may have or have had in the last 12 months before the Latest Practicable Date, a material effect on the Fund’s financial position or profitability;

To the best of the Manager’s knowledge and belief, there are no legal or arbitration proceedings, including those which are pending or known to be contemplated, which, in the opinion of the Manager, may have or have had in the last 12 months before the Latest Practicable Date, a material effect on the financial position or profitability of CMT.

(n) the prices at which units of the Fund have been issued for cash, or traded, within the period commencing on the date after the listing date of the Fund to the Latest Practicable Date; for units which have been traded, to provide the price range and volume traded for each of the months during the period; for units which have been issued during the months during the period, state the number of units issued at each price; if any units have been issued for services, state the nature and value of the services and give the name and address of the person who received the units;

(i) 119,800,000 Units were issued at an issue price of S$1.07 per Unit on 26 June 2003 to partly finance the acquisition of IMM Building. On 17 December 2003, 45,000,000 Units were issued at an issue price of S$1.33 to fund CMT’s subscription for S$58.0 million in principal amount of Class “E” bonds issued by CapitaRetail Singapore Limited. On 2 August 2004, 147,000,000 Units were issued at an issue price of S$1.62 to finance the acquisition of Plaza Singapura. Other than as aforesaid, no Units have been issued by CMT for cash within the period commencing on 18 July 2002, being the date immediately after the day CMT was listed on the SGX-ST, to the Latest Practicable Date. (ii) The price range for the Units and the volume of Units traded on the SGX-ST (on a monthly basis) within the period commencing on 18 July 2002, being the date immediately after the day CMT was listed on the SGX-ST, to the Latest Practicable Date are set out in Appendix 8 of this Offer Information Statement. (iii) The number of Units issued, and the prices at which such Units were issued, other than for cash within the period commencing on 18 July 2002, being the date immediately after CMT was listed on the SGX-ST, to the Latest Practicable Date, are as follows: (a) 560,948 Units were issued at an issue price of S$0.96 per Unit in October 2002; (b) 663,614 Units were issued at an issue price of S$0.96 per Unit in January 2003; (c) 694,109 Units were issued at an issue price of S$0.96 per Unit in April 2003; (d) 647,588 Units were issued at an issue price of S$0.96 per Unit in July 2003; (e) 697,168 Units were issued at an issue price of S$0.96 per Unit in October 2003; (f) 717,994 Units were issued at an issue price of S$0.96 per Unit in February 2004; and (g) 748,666 Units were issued at an issue price of S$0.96 per Unit in April 2004; (h) 147,000,000 Units at an issue price of S$1.62 per Unit and 754,597 Units at an issue price of S$0.96 per Unit in August 2004; (i) 758,358 Units at an issue price of S$0.96 and 156,967 Units at an issue price of S$1.6456 per Unit in November 2004; (j) 812,279 Units at an issue price of S$0.96 and 243,671 Units at an issue price of S$1.7388 per Unit in February 2005; (k) 516,348 Units at an issue price of S$1.511025 per Unit and 210,139 Units at an issue price of S$2.0147 per Unit in May 2005; and

46 (l) 458,799 Units at an issue price of S$1.775625 per Unit and 189,621 Units at an issue price of S$2.3675 per Unit in August 2005. Out of these 155,830,866 Units, 8,830,866 Units were issued as payment of the Performance Component of the Manager’s Asset Management Fee which is payable to the Manager under the Trust Deed for the provision of asset management services to CMT, as described in paragraph (iv) below. The balance of 147,000,000 New Units were issued as partial consideration to EPPL (the entity nominated by PSPL to receive such Units) for the PS Acquisition. (iv) A total of 7,055,321 Units were issued at an issue price of S$0.96 per Unit, 156,967 Units at an issue price of S$1.6456 per Unit, 243,671 Units at an issue price of S$1.7388, 516,348 Units at an issue price of S$1.511025 per Unit, 210,139 Units at an issue price of S$2.0147 per Unit, 458,799 Units at an issue price of S$1.775625 per Unit and 189,621 Units at an issue price of S$2.3675 per Unit, to the Manager in payment of the Performance Component of its Asset Management Fee, which is payable to it under the Trust Deed for the provision of asset management services to CMT for the period from 16 July 2002 to 30 June 2005. The value of the services represented by these 8,830,866 Units is approximately S$9.9 million (based on the issue price of the Units on the SGX-ST on each occasion when Units were issued in payment of the Performance Component of the Manager’s Asset Management Fee).

(o) a summary of each material contract (other than a contract entered into in the ordinary course of business); to which the Trustee is a party, for the period commencing after the Fund was listed on Singapore Exchange Securities Trading Limited until the Latest Practicable Date, including the date of, parties to and general nature of the contract, and the amount of any consideration passing to or from the Fund;

Save for the loan and security documents entered into by the Trustee (in its capacity as trustee of CMT) in connection with the borrowings described in paragraph (i)(ii) above, there were no material contracts entered into by the Trustee (in its capacity as trustee of CMT) other than contracts entered into in CMT’s ordinary course of business for the period commencing on 18 July 2002, being the date immediately after CMT was listed on the SGX-ST, and ending on the Latest Practicable Date.

It is, however, contemplated that the Trustee (in its capacity as trustee of CMT) will be entering into additional loan and security documents in connection with the additional borrowings proposed to be incurred to partly finance the Parco Acquisition, as described in paragraph (f) above.

CMT has entered into the Placement Agreement with the Joint Lead Managers and Underwriters. The Placement Agreement provides that the Preferential Offering and the Private Placement will be underwritten by the Joint Lead Managers and Underwriters and the ATM Offering will be underwritten by DBS Bank.

(p) the last available audited consolidated balance-sheet of the Fund;

The last audited balance sheet of CMT is set out in Appendix 7 of this Offer Information Statement.

47 (q) a table or statement indicating:

(i) the consolidated net asset value per unit of the Fund as of the date on which the last audited balance sheet was made up; and The net asset value (“NAV”) per Unit as at 31 December 2004, being the date on which the last audited balance sheet of CMT was made up, was S$1.34. After adjusting for distribution income paid in February 2005 in respect of distribution income for the period from 2 August 2004 to 31 December 2004, the adjusted NAV per Unit as at 31 December 2004 was S$1.30. (ii) the effect of the issue on the net tangible asset per unit of the Fund; On the assumption that the Equity Fund Raising is carried out and the Proposed Borrowings are undertaken to finance the Acquistions, the pro forma financial effects of the proposed issue of New Units under the Equity Fund Raising on the NAV per Unit as at 31 December 2004, as if CMT had purchased the Target Property (adjusted for the Seiyu Transaction) and the New Properties on 31 December 2004, are as follows:

Existing Properties After the Acquisitions NAV (S$’000) 1,561,652(1) 2,244,792(2) Issued Units (’000) 1,203,200 1,379,031(3) NAV per Unit (S$) 1.30 1.63

Notes: (1) After adjusting for distribution income paid in February 2005 in respect of distribution income for the period from 2 August 2004 to 31 December 2004. (2) Include the increase in valuation of approximately S$295.1 million for the Existing Properties. (3) Include (i) 2,430,857 Units issued from February 2005 to August 2005 for Asset Management Fee for the period from 1 October 2004 to 30 June 2005; and (ii) 173,400,000 Units issued in respect of the Equity Fund Raising.

(r) particulars of all other material information relating to the units being offered and not disclosed pursuant to sub-paragraphs (a) to (q);

Save as disclosed in this Offer Information Statement, including the Appendices and Annexures to this Offer Information Statement, the Manager is not aware of any other material facts relating to the Equity Fund Raising.

48 Dated 18 October 2005

Pua Seck Guan Olivier Lim Tse Ghow Director Director CapitaMall Trust Management Limited CapitaMall Trust Management Limited (as manager of CapitaMall Trust) (as manager of CapitaMall Trust)

49 GLOSSARY

In this Offer Information Statement, the following definitions apply throughout unless otherwise stated:

10-Day Volume Weighted : The volume weighted average traded price for a Unit for all Average Price trades on the SGX-ST in the ordinary course of trading on the SGX-ST for the period of 10 Business Days immediately preceding the relevant business day

Acceptance Form : The official printed acceptance form to be used for the purpose of the Preferential Offering and which forms part of this Circular

Acquisition Fee : The acquisition fee which the Manager will be entitled under Clause 23(B) of the Trust Deed to receive from CMT upon the completion of the Parco Acquisition

Agreement to Surrender : The agreement entered into between the Trustee, Seiyu Singapore and Seiyu Japan in respect of the Seiyu Transaction

AIPL : Alphaplus Investments Pte. Ltd.

Asset Management Fee : The Manager’s asset management fee as provided for in the Trust Deed, comprising the Base Component and the Performance Component

ATM : Automated teller machine

ATM and Placement Issue Price : S$2.35 per New Unit issued pursuant to the ATM Offering and the Private Placement

ATM Offering : The proposed offering of 25,500,000 New Units to the public in Singapore through the ATMs of DBS Bank (including POSB) under the Equity Fund Raising

Base Component : The base component of the Asset Management Fee, being 0.25% per annum of the Property Value

BCHRI : BCH Retail Investment Pte Ltd

Business Day : Any day (other than a Saturday, Sunday or gazetted public holiday) on which commercial banks are open for business in Singapore and the SGX-ST is open for trading

CapitaLand : CapitaLand Limited

CapitaLand Group : CapitaLand and its subsidiaries (including the Manager)

CDP : The Central Depository (Pte) Limited

CIPL : CapitaLand Investments Pte Ltd

CIS Code : The code on Collective Investment Schemes issued by the MAS

CMT : CapitaMall Trust

50 CPF : Central Provident Fund

CPF Funds : Investible Savings of a member of the Central Provident Fund

Cumulative Distribution Books : 28 October 2005 at 5.00 p.m. Closure Date

DBS Bank : DBS Bank Ltd

Deposited Property : The gross assets of CMT, including all its authorised investments held or deemed to be held upon the trusts under the Trust Deed

Directors : The directors of the Manager

DPU : Distribution per Unit

Drawn Down RCF : A revolving credit loan of S$28.0 million, being part of a S$704.0 million loan facility from Silver Maple, which has been drawn down by CMT

Effective Surrender Date : 1 November 2005 or such other date immediately following the date on which completion of the Parco Acquisition takes place

EGM : Extraordinary general meeting

Entire Portfolio : Comprises the Existing Properties, the Target Property and the New Properties

EPPL : E-Pavilion Pte Ltd

Equity Fund Raising : The proposed issue of 173,400,000 New Units by CMT to existing Unitholders and new Investors by way of the Preferential Offering, the ATM Offering and the Private Placement

Existing Gearing : CMT’s Gearing computed based on the ratio of (i) total borrowings (excluding the HP and SSC Loans and the value of the HP Acquisition and the SSC Acquisition) as at 30 June 2005 to (ii) the value of its Deposited Property (excluding Hougang Plaza Units and Sembawang Shopping Centre) as at 30 June 2005, adjusted for the distributable income for the period from 1 April 2005 to 30 June 2005

Existing Properties : Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building and Plaza Singapura

Existing Seiyu’s Sub-Tenancies : The existing tenancy and licence agreements in favour of the existing tenants and licensees at the Surrender Premises

51 Existing Units : The 1,205,630,866 outstanding Units as at the Latest Practicable Date

Fairprice : NTUC Fairprice Co-operative Limited

Fairprice Group : Fairprice and AIPL

Forecast Period : 1 November 2005 to 31 December 2005

Gearing : The ratio of CMT’s borrowings to the value of its Deposited Property, adjusted for the distribution of any accrued distributable income

Hougang Plaza : The building known as “Hougang Plaza”, located at 1189 Upper Serangoon Road Singapore 534785, which is a leasehold estate of a term of 99 years commencing from 1 March 1991

HP Acquisition : The acquisition of Hougang Plaza Units

HP and SSC Loans : Bridge loan for the amount of S$123.0 million for the purposes of financing both the HP Acquisition and the SSC Acquisition

HT and S28 Strata Lots : The two sale and purchase agreements entered into by the Acquisitions Trustee with Hougang Town Central Development Pte Ltd and a sale and purchase agreement entered into by the Trustee and S28 Holdings Pte Ltd to acquire an aggregate of 92.4% of the total share values in Hougang Plaza

HT Strata Lot Acquisition : The two sale and purchase agreements entered into by CMT with Hougang Town Central Development Pte Ltd in relation to Hougang Plaza

Independent Accountants : KPMG

Independent Valuer : CB Richard Ellis (Pte) Ltd

JEC Acquisition : The acquisition of Jurong Entertainment Centre

JEC Agreement : The conditional sale and purchase agreement entered into by CMT with Shaw Jurong Development Pte Ltd in respect of the JEC Acquisition

JEC Price : S$68.0 million

Joint Lead Managers and : DBS Bank and UBS AG, acting through its business group, Underwriters UBS Investment Bank

JP Strata Lot Acquisition : The sale and purchase agreement entered into by CMT with Jack’s Place Holdings Pte Ltd for the acquisition of approximately 4.3% of the total share values in Hougang Plaza

Junction 8 : Junction 8 Shopping Centre

52 Jurong Entertainment Centre : The whole of Lot 5796L of Mukim 5 together with the building erected thereon and known as “Jurong Entertainment Centre”, located at 2 Jurong East Central 1 Singapore 609731, which is a leasehold property of a term of 99 years commencing from 1 March 1991 as well as the plant and equipment relating thereto

Latest Practicable Date : 12 October 2005, being the latest practicable date prior to the lodgement of this Offer Information Statement

Listing Manual : The Listing Manual of the SGX-ST

Management Fee : The Property Manager’s property management fees, as provided for in agreements made between the Trustee, the Manager and the Property Manager for the management of CMT’s properties

Manager : CapitaMall Trust Management Limited, as manager of CMT

Market Day : A day on which the SGX-ST is open for trading in securities

MAS : Monetary Authority of Singapore

NAV : Net asset value

Net Lettable Area : Lettable area on a property which is primarily comprised of retail, warehouse or office space (as the case may be) but excludes space used for accommodating building and centre management functions

New Properties : Hougang Plaza Units, Sembawang Shopping Centre and Jurong Entertainment Centre

New Units : The 173,400,000 new units proposed to be issued by CMT pursuant to the Equity Fund Raising

OCBC Bank : Oversea-Chinese Banking Corporation Limited

Original Forecast and Projection : The original forecast and projected net income and distributable income for the Forecast Period and the Projection Year

Parco Acquisition : The proposed acquisition of the Target Property

Parco Agreement : The conditional sale and purchase agreement dated 22 July 2005 relating to the sale and purchase of the Target Property

Parco Equity Fund Raising : The hypothetical issue New Units, purely for illustrative purpose, to part finance the Parco Acquisition

Parco Price : The purchase price for the Target Property

Participating Banks : DBS Bank (including POSB), OCBC Bank as well as UOB Group

53 PHSIPL : Premier Healthcare Services International Pte Ltd

PIPL : Pyramex Investments Pte Ltd

Performance Component : The performance component of the Asset Management Fee (being 2.85% of the CMT’s Gross Revenue for each financial year)

Placement Agreement : The placement agreement dated 18 October 2005 entered into between the Manager and the Joint Lead Managers and Underwriters

Preferential Offering Issue Price : S$2.33 for each New Unit issued pursuant to the Preferential Offering

Private Placement : The proposed placement of New Units to retail and institutional investors under the Equity Fund Raising

Projection Year : The financial year ending 31 December 2006

Property Funds Guidelines : The Property Funds Guidelines in Appendix 2 of the Code on Collective Investment Schemes issued by the MAS

Property Manager : CapitaLand Retail Management Pte Ltd

Property Value : The value of the properties or relevant property held by CMT, with the initial value of each property being its initial acquisition cost (including any applicable stamp duty, tax and other related acquisition cost) and subsequently its valuation by an independent approved valuer obtained on an annual basis

PS Acquisition : The acquisition of Plaza Singapura by CMT in August 2004

Rental Income : The total amount payable by all tenants/licensees pursuant to a tenancy or licence, comprising base rents, service charges, and in the case of Junction 8, advertising and promotion levy

54 Restricted Placees : (a) The Directors, and Substantial Unitholders (b) The spouse, children, adopted children, step-children, siblings and parents of (i) the Directors and (ii) Substantial Unitholders (c) Substantial shareholders, related companies (as defined in Section 6 of the Companies Act, Chapter 50 of Singapore), associated companies and sister companies of the Substantial Unitholders (d) Corporations in which the Directors and the Substantial Unitholders have an aggregate interest of at least 10.0% (e) Any person who, in the opinion of the SGX-ST, falls within categories (a) to (d)

Rounding Mechanism : Where a Relevant Singapore Registered Unitholder’s provisional allocation of New Units under the Preferential Offering is other than an integral multiple of 1,000 Units, the increase in the provisional allocation of New Units to the Unitholder by such number which, when added to the Unitholder’s unitholdings as at the Preferential Offering Books Closure Date, results in an integral multiple of 1,000 Units

Scheduled Distribution : The original scheduled distribution of CMT’s distributable income for the period from 1 July 2005 to 30 September 2005

S28 Strata Lot Acquisition : The sale and purchase agreement entered into by CMT with S28 Holdings Pte Ltd in relation to Hougang Plaza

Seiyu Japan : The Seiyu, Ltd.

Seiyu Singapore : Seiyu (Singapore) Private Limited

Seiyu Singapore’s Lease : The lease by Seiyu Singapore of the premises known as 230 Victoria Street, part of 2nd Basement, #B1-01, #01-01, #02-01, #03-01 and part of 4th Storey, Bugis Junction, Singapore 188024 at Parco Bugis Junction leased for a term of 20 years commencing from 7 April 1995

Seiyu Transaction : The surrender by Seiyu Singapore to CMT of the Surrender Premises and the novation by Seiyu Singapore to CMT of the existing tenancy and license agreements in favour of the existing tenants and licensees at the Surrender Premises

SGX-ST : Singapore Exchange Securities Trading Limited

Silver Maple : Silver Maple Investment Corporation Ltd sq ft : Square foot/feet

55 SRS : Supplementary Retirement Scheme

SSC Acquisition : The acquisition of Sembawang Shopping Centre

Substantial Unitholder : A person with an interest in one or more Units constituting not less than 5.0% of all Units in issue

Surrender Premises : The premises known as 230 Victoria Street, #B1-01, part of #01-01 and part of the 4th Storey, Bugis Junction, Singapore 188024, which comprises approximately 74,299 sq ft of Net Lettable Area, or approximately 30.2% of the Net Lettable Area of the Seiyu Singapore’s Lease

Surrender Sum : The sum of S$25.0 million in cash which the Trustee has agreed to pay to Seiyu Singapore, on the Effective Surrender Date, as consideration for Seiyu Singapore’s agreement to surrender the Surrender Premises to the Trustee

Total Surrender Sum : The total cost relating to the Seiyu transaction, comprising the Surrender Sum, the stamp duty payable and estimated professional and other fees and expenses incurred by CMT in connection with the Seiyu Transaction

Trust Deed : The trust deed dated 29 October 2001 as supplemented by a first supplemental trust deed dated 26 December 2001, a second supplement trust deed dated 28 June 2002, an amending and restating deed dated 29 April 2003, a fourth supplemental trust deed dated 18 August 2003, a second amending and restating deed dated 9 July 2004, a sixth supplemental trust deed dated 18 March 2005, a seventh supplemental trust deed dated 21 July 2005 and an eighth supplemental trust deed dated 13 October 2005, entered into between the Trustee and the Manager, as amended, varied, or supplemented from time to time

Trustee : HSBC Institutional Trust Services (Singapore) Limited, as trustee of CMT

UBS : UBS AG, acting through its business group, UBS Investment Bank

Unit : A unit representing an undivided interest in CMT

Unitholder : A Depositor whose securities account with CDP is credited with Unit(s)

UOB Group : United Overseas Bank Limited and its subsidiary, Far Eastern Bank Limited

56 Updated Forecast and : The updated forecast and projected net income and Projection distributable income for the Forecast Period and the Projection Year incorporating the impact of the Seiyu Transaction

S$ and cents : Singapore dollars and cents

% : Per centum or percentage

The term “Depositor” shall have the meaning ascribed to it in Section 130A of the Companies Act, Chapter 50 of Singapore.

Any reference in this Offer Information Statement to any enactment is a reference to that enactment for the time being amended or re-enacted.

Any reference to a time of day in this Offer Information Statement shall be a reference to Singapore time unless otherwise stated.

57 APPENDIX 1

RATIONALE FOR THE ACQUISITION OF PARCO BUGIS JUNCTION

The acquisition of Parco Bugis Junction (the “Parco Acquisition”) will be CMT’s fourth yield accretive acquisition announced this year and is in line with the Manager’s principal investment strategy to invest in quality income-producing retail assets so as to deliver stable distribution and sustainable total return to the Unitholders. It is also in line with the Manager’s vision to grow CMT’s asset size in Singapore to between S$4.0 billion and S$5.0 billion within the next three years through yield accretive acquisitions.

The Manager believes that the Parco Acquisition offers the following benefits:

1. Yield Accretion The Manager expects the Parco Acquisition to improve the DPU enjoyed by Unitholders because the Target Property will be acquired at an attractive price relative to the cash flows it generates.

Based on the Manager’s forecast, with an estimated total acquisition cost of S$588.1 million, the Target Property will generate an annualised property yield of approximately 5.0% for the period 1 November 2005 to 31 December 2005 (the “Forecast Period”) and approximately 5.3% for the financial year ending 31 December 2006 (the “Projection Year”). Such forecast and projected yields are both higher than the current consolidated implied property yield of approximately 4.4% for the Existing Properties at the volume weighted average closing price of S$2.40 per Existing Unit on the SGX-ST for the period from 1 September 2005 to the Latest Practicable Date.

At the Preferential Offering Issue Price of S$2.33 per New Unit and ATM and Placement Issue Price of S$2.35 per New Unit, the table on page 60 shows CMT’s forecast and projected DPU in relation to the Existing Properties as well as CMT’s enlarged portfolio after including the Target Property and the New Properties (the “Entire Portfolio”) for the Forecast Period (annualised) and the Projection Year in the following circumstances: (a) Scenario 1: where the additional borrowings incurred by CMT to, inter alia, part finance the Parco Acquisition, part refinance the HP and SSC Loans and part finance the JEC Acquisition, do not alter the existing CMT’s Gearing of approximately 28.7% and the Performance Component of the Asset Management Fee for the Target Property is paid in the form of cash; (b) Scenario 2: where the additional borrowings incurred by CMT to, inter alia, part finance the Parco Acquisition, part refinance the HP and SSC Loans and part finance the JEC Acquisition, increases CMT’s Gearing to approximately 31.7% and the Performance Component of the Asset Management Fee for the Target Property is paid in the form of cash; and (c) Scenario 3: this case sets out the current intention of the Manager where the additional borrowings incurred by CMT to, inter alia, part finance the Parco Acquisition, part refinance the HP and SSC Loans and part finance the JEC Acquisition, increases CMT’s Gearing to approximately 31.7%, and the Performance Component of the Asset Management Fee for the Target Property is paid in the form of Units.

The forecast and projection should be read together with the detailed forecast and projected statement of net income and distribution as well as the accompanying assumptions and sensitivity analysis in Appendix 3 of this Offer Information Statement.

58 The table demonstrates that the Target Property will, in itself (without any increase to CMT’s Existing Gearing of approximately 28.7% or any change to the mode of payment of the Performance Component of the Manager’s Asset Management Fee), be accretive to CMT’s DPU. There will be additional accretion resulting from increasing CMT’s Gearing to approximately 31.7% and from paying the Performance Component of the Asset Management Fee for the Target Property in the form of Units.

Based on the Preferential Offering Issue Price of S$2.33 per New Unit and ATM and Placement Issue Price of S$2.35 per New Unit, the forecast and projected distribution yields in respect of the Entire Portfolio ranges from 4.53% to 4.57% for the Forecast Period (annualised) and 4.63% to 4.67% for the Projection Year.

59 Forecast and Projected DPU — Under Scenario 1, Scenario 2 and Scenario 3

Gross Proceeds Forecast Period Raised under the (1 November 2005–31 December 2005) Projection Year (2) Parco Equity Fund (Annualised) (Financial year ending 31 December 2006) Raising(1) Gross Proceeds Existing Existing (as defined below, Raised under Properties Properties purely for illustrative the Equity Fund Existing and Target Entire Existing and Target Entire Scenario purposes) Raising Properties(3) Property Portfolio Properties(3) Property Portfolio Scenario 1 S$432.2 million S$495.7 million DPU (cents) 10.13 10.32(4) 10.47(7) 10.28 10.60(4) 10.71(7) DPU increase over — 1.9% 3.4% — 3.1% 4.2% Existing Properties Scenario 2 S$414.1 million S$405.9 million DPU (cents) 10.13 10.34(5) 10.55(8) 10.28 10.62(5) 10.79(8) DPU increase over — 2.1% 4.1% — 3.3% 5.0% Existing Properties Scenario 3 S$414.1 million S$405.9 million DPU (cents) 10.13 10.43(6) 10.64(9) 10.28 10.71(6) 10.88(9) DPU increase over — 3.0% 5.0% — 4.2% 5.8% Existing Properties

Notes: (1) The gross proceeds raised to part finance the Parco Acquisition (the “Parco Equity Fund Raising”) is purely for illustrative purpose. 60 (2) The forecast DPU will vary to the extent that the New Units under the Equity Fund Raising are issued on a date other than 1 November 2005. (3) This is based on CMT’s Existing Gearing of approximately 28.7% (excludes HP and SSC Loans and the value of the HP Acquisition and the SSC Acquisition) and has not taken into account the higher aggregate valuation of S$2,530.0 million of the Existing Properties by the Independent Valuer as at 21 July 2005. The previous aggregate valuation of the Existing Properties was approximately S$2,235.0 million as at 1 December 2004. (4) Assuming that (i) the additional borrowings incurred by CMT (without taking into account the higher aggregate valuation of S$2,530.0 million of the Existing Properties by the Independent Valuer as at 21 July 2005) to part finance the Parco Acquisition will maintain CMT’s Gearing at approximately 28.7% and (ii) the Performance Component of the Asset Management Fee for the Target Property is paid in the form of Cash. (5) Assuming that (i) the additional borrowings incurred by CMT (without taking into account the higher aggregate valuation of S$2,530.0 million of the Existing Properties by the Independent Valuer as at 21 July 2005) to part finance the Parco Acquisition will increase CMT’s Gearing to approximately 31.7% and (ii) the Performance Component of the Asset Management Fee for the Target Property is paid in the form of Cash. (6) Assuming that (i) the additional borrowings incurred by CMT (without taking into account the higher aggregate valuation of S$2,530.0 million of the Existing Properties by the Independent Valuer as at 21 July 2005) to part finance the Parco Acquisition will increase CMT’s Gearing to approximately 31.7% and (ii) the Performance Component of the Asset Management Fee for the Target Property is paid in the form of Units. (7) Assuming that (i) the additional borrowings incurred by CMT (taking into account the higher aggregate valuation of S$2,530.0 million of the Existing Properties by the Independent Valuer as at 21 July 2005) to part finance the Parco Acquisition, part refinance the HP and SSC Loans and part finance the JEC Acquisition, will maintain CMT’s Gearing at approximately 28.7% and (ii) the Performance Component of the Asset Management Fee for the Target Property is paid in the form of Cash. (8) Assuming that (i) the additional borrowings incurred by CMT (taking into account the higher aggregate valuation of S$2,530.0 million of the Existing Properties by the Independent Valuer as at 21 July 2005) to part finance the Parco Acquisition, part refinance the HP and SSC Loans and part finance the JEC Acquisition, will increase CMT’s Gearing to approximately 31.7% and (ii) the Performance Component of the Asset Management Fee for the Target Property is paid in the form of Cash. (9) Assuming that (i) the additional borrowings incurred by CMT (taking into account the higher aggregate valuation of S$2,530.0 million of the Existing Properties by the Independent Valuer as at 21 July 2005) to part finance the Parco Acquisition, part refinance the HP and SSC Loans and part finance the JEC Acquisition, will increase CMT’s Gearing to approximately 31.7% and (ii) the Performance Component of the Asset Management Fee for the Target Property is paid in the form of Units. 2. Competitive Strengths of Parco Bugis Junction The Manager believes that Parco Bugis Junction benefits from the following strengths: (i) Strategic location: Parco Bugis Junction is situated in the central part of Singapore and strategically located above the Bugis MRT station, which is one station away from the City Hall MRT Interchange. The basement of Parco Bugis Junction is directly linked to the Bugis MRT station. Parco Bugis Junction is also well served by many major bus routes along its four surrounding roads, namely, North Bridge Road, Victoria Street, Bugis Street and Middle Road. (ii) Large trade area: Parco Bugis Junction serves a large trade area encompassing the established central shopping belt and the CBD. (iii) Growth potential: Parco Bugis Junction offers growth potential. With its strategic location within the heart of Singapore’s Arts, Culture, Learning and Entertainment Hub, the opening of the new main National Library located across the road from Parco Bugis Junction in July 2005, the commencement of operation of the new city campus of Singapore Management University in August 2005 and the scheduled opening of LASALLE-SIA College of the Arts in 2007, the increased customer traffic and buzz that will be created in the vicinity is expected to benefit Parco Bugis Junction and provide growth potential in terms of higher shopper traffic and greater demand for tenancies. (iv) Integrated mixed development: Parco Bugis Junction is the retail component of the integrated mixed development of Bugis Junction which comprises an office tower and the five-star Hotel Intercontinental Singapore. The tenants at the office tower and the guests at Hotel Intercontinental Singapore will help to provide additional shopper traffic to Parco Bugis Junction. (v) High committed occupancy level: As at 31 July 2005, the committed occupancy rate for Parco Bugis Junction is 100.0%. This high committed occupancy rate principally reflects the strong demand for retail space in Parco Bugis Junction. Given such high tenancy demand, the Manager believes that there are further opportunities to enhance the tenant-mix and retail offering in Parco Bugis Junction through pro-active asset and retail management. This will further strengthen its competitive position. (vi) Diversified tenant base: Parco Bugis Junction has a large and diversified tenant base comprising over 180 leases as at 31 July 2005. The diversified tenant-mix at Parco Bugis Junction includes popular international and local brand names such as Seiyu (one of Japan’s biggest general merchandise retailers), Shaw Theatres, Virtualand (game arcade and amusement centre), Live PowerHub (electronics retailer) and Kinokuniya Bookstore.

3. Opportunities to Enhance Parco Bugis Junction Having reviewed the existing tenant-mix, tenant performance, floor plans and general business conditions of Parco Bugis Junction, the Manager believes that there are opportunities to further enhance Parco Bugis Junction and its performance, thereby improving its gross revenue and net property income. Parco Bugis Junction will also provide a continuous pipeline of value-adding opportunities within the CMT portfolio so as to generate sustainable growth for Unitholders. These opportunities include: − improving the existing retail offering, tenant-mix and marketing activities in order to attract higher shopper traffic and achieve greater tenancy demand; − reconfiguring certain retail units to achieve better efficiency and higher rental potential; − converting certain ancillary areas into productive retail space; and − creating new retail units and kiosks in common areas.

The above plans are subject to, inter alia, more detailed retail planning, investment and technical analysis by the Manager, and obtaining approvals (where applicable) from the relevant authorities.

61 4. The Parco Acquisition Fits the Manager’s Investment Strategy The Parco Acquisition is in line with the Manager’s principal investment strategy to invest in quality income-producing retail assets so as to deliver stable distribution and sustainable total return to Unitholders. It is also in line with the Manager’s vision to grow CMT’s asset size in Singapore to between S$4.0 billion and S$5.0 billion within the next three years through yield accretive acquisitions.

Parco Bugis Junction enjoys a high committed occupancy rate of 100.0% (as at 31 July 2005) as well as a secure and stable income stream based on its large and diversified tenant base comprising over 180 leases. As with the Existing Properties, Parco Bugis Junction is strategically located and enjoys strong cashflow from high quality tenants (see Appendix 2 of this Offer Information Statement for more information about Parco Bugis Junction). As such, the Parco Acquisition is in line with the Manager’s investment strategy and Parco Bugis Junction is expected to complement and enhance CMT’s current and expanded portfolio of major shopping malls in Singapore (comprising Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Hougang Plaza Units, Sembawang Shopping Centre and Jurong Entertainment Centre) (see Appendix 2 of this Offer Information Statement for more details about the Existing Properties and the New Properties).

When CMT was first listed on the SGX-ST in July 2002, CMT’s initial property portfolio consisted of only three properties (Tampines Mall, Junction 8 and Funan DigitaLife Mall). Since then, CMT has successfully completed several yield accretive acquisitions. These include IMM Building in June 2003, investments in the Class E Bonds of CapitaRetail Singapore Limited in December 2003, Plaza Singapura in August 2004, Sembawang Shopping Centre in June 2005, 92.4% of the total share values in Hougang Plaza in June 2005 and 4.3% of the total share values in Hougang Plaza in August 2005. In addition, CMT has announced the proposed acquisition of Parco Bugis Junction and the acquisition of Jurong Entertainment Centre on 22 July 2005.

As set out in the table below, the current total Deposited Property of CMT is approximately S$2.6 billion (excluding Hougang Plaza Units and Sembawang Shopping Centre, and assuming the Deposited Property includes the approximately S$295.0 million increase in the aggregate valuation of the Existing Properties based on the Independent Valuer’s valuations as at 21 July 2005). After the completion of the Parco Acquisition, CMT’s total Deposited Property will increase to approximately S$3.2 billion. With the inclusion of the New Properties, the total Deposited Property of CMT will further increase to approximately S$3.4 billion. Total CMT’s Deposited Property S$ Million CMT’s Adjusted Deposited Property for the Existing Properties 2,301.4 (as at 30 June 2005)(1) Add: Net Increase in Valuations of the Existing Properties(2) 275.0 CMT’s Deposited Property for the Existing Properties 2,576.4 Add: Target Property(3) 588.1 CMT’s Deposited Property for the Existing Properties and the Target Property 3,164.5 Add: New Properties(3) 192.3 Total CMT’s Deposited Property for the Entire Portfolio 3,356.8

Notes: (1) The Deposited Property excludes the value of the HP Acquisition and the SSC Acquisition, and is adjusted for CMT’s distributable income for the period from 1 April 2005 to 30 June 2005. (2) As at 21 July 2005, the aggregate valuation of the Existing Properties by the Independent Valuer was approximately S$2,530.0 million. As at 1 December 2004, the aggregate valuation of the Existing Properties was approximately S$2,235.0 million. The increase in the aggregate valuation of the Existing Properties is approximately S$295.0 million. The net increase in the aggregate valuation of the Existing Properties is calculated after adjusting for additions to the Existing Properties for the period from 1 January 2005 to 20 July 2005. (3) Based on current estimated total acquisition cost.

62 5. Income Diversification Subsequent to the completion of the Parco Acquisition (and without taking into account the New Properties), the maximum contribution to CMT’s net property income by any single property within the CMT’s property portfolio for the Forecast Period will decrease from approximately 29.8% to approximately 24.8%. If the Target Property is taken into account together with the New Properties, the maximum contribution to CMT’s net property income from any single property in CMT’s property portfolio will be further reduced to approximately 23.5%.

Net Property Income Contribution for the Forecast Period (1 November 2005–31 December 2005)

Existing Properties and Parco Existing Bugis Entire Properties Junction Portfolio Tampines Mall 23.8% 19.9% 18.8% Junction 8 17.2% 14.4% 13.6% Funan DigitaLife Mall 9.6% 8.0% 7.5% IMM Building 19.6% 16.3% 15.5% Plaza Singapura 29.8% 24.8% 23.5% Parco Bugis Junction — 16.6% 15.7% Hougang Plaza Units ——1.2% Sembawang Shopping Centre ——2.3% Jurong Entertainment Centre ——1.9% Total 100.0% 100.0% 100.0%

Such diversification of income means that Unitholders can expect to enjoy an even more stable stream of income as there is less dependence on any particular property in CMT’s property portfolio.

6. Further Geographical Diversification The Parco Acquisition will allow CMT to further diversify its portfolio of properties geographically such that it can cater to different shopper and tenancy demands in different parts of Singapore.

Presently, CMT’s Existing Properties are strategically located and spread out across the eastern, central and western suburban areas, as well as the CBD. Tampines Mall is located in the high-density residential area of Tampines regional town in the eastern part of Singapore. Positioned as a family-oriented mall catering to the middle income sector, it is well served by shoppers residing and working in the eastern part of Singapore. Junction 8 is located in the densely populated Bishan precinct located in the central suburban area of Singapore. Similarly, it caters to the population residing in the surrounding housing estates, office workers within the vicinity and students from nearby schools. IMM Building is situated in the highly populated residential area of Jurong East in the western part of Singapore. Positioned as a suburban mall, it is well supported by a large population catchment which ranges from the residents residing in the surrounding vicinity to the workers from the nearby office and industrial developments. Funan DigitaLife Mall is located in the CBD. Positioned as a digital, information technology, and lifestyle destination, it caters to a wide array of shoppers, ranging from the office crowd in the vicinity, students from the nearby tertiary institutions, locals from all parts of Singapore, as well as tourists. Plaza Singapura is also located in the CBD along Singapore’s core shopping street, Orchard Road. It is positioned as a one-stop shopping, dining and entertainment mall catering to a wide cross-section of the population, including families, working adults, youths and tourists.

63 The HP Acquisition and the SSC Acquisition will extend CMT’s market presence to the north-eastern and northern parts of Singapore to benefit from shopper and tenancy demands in these markets. The JEC Acquisition further enhances CMT’s presence in the western part of Singapore and provides opportunities for synergy between Jurong Entertainment Centre and IMM Building.

With the addition of Parco Bugis Junction to CMT’s property portfolio, CMT will be able to further increase its market share of shoppers living near or around the central residential areas of Singapore, visitors to the central shopping belt and workers in the CBD who are currently served by Plaza Singapura and Funan DigitaLife Mall in CMT’s property portfolio. This will allow CMT to further benefit from shopper and tenancy demand in these markets.

7. Increased Free Float and Trading Liquidity The New Units will increase the free float of Units on the SGX-ST and potentially increase CMT’s weighting in the MSCI Singapore Free Index and certain other equity indices.

CapitaLand has written to the Joint Lead Managers and Underwriters, the Trustee and the Manager to indicate that CIPL, PIPL, PHSIPL and EPPL, being subsidiaries of CapitaLand which hold Units at the Latest Practicable Date, do not intend to subscribe for New Units under the Preferential Offering and that none of CapitaLand or any of these subsidiaries will have any objection if the Preferential Offering proceeds on the basis that such subsidiaries are not entitled to subscribe for New Units under the Preferential Offering. The Manager, which is a subsidiary of CapitaLand, has also written to the Joint Lead Managers and Underwriters and the Trustee to indicate that it does not intend to subscribe for New Units under the Preferential Offering and that it will not have any objection if the Preferential Offering proceeds on the basis that the Manager is not entitled to subscribe for New Units under the Preferential Offering.

On the basis set out above, the Preferential Offering will not be made to CIPL, PIPL, PHSIPL, EPPL and the Manager. This will further increase the free float and therefore improve the trading liquidity of the Units. This will allow CMT to attract more local and international institutional and retail investors, thereby enlarging its Unitholders’ base.

8. Economies of Scale The completion of the Parco Acquisition will enlarge the portfolio of properties owned by CMT and Unitholders are expected to benefit in the long term from the economies of scale which the Manager and the Property Manager will enjoy in their dealings with suppliers, as well as the resulting ability of the Manager and the Property Manager to generate cost synergies.

64 APPENDIX 2

PARCO BUGIS JUNCTION, THE NEW PROPERTIES AND THE EXISTING PROPERTIES

The following sections set out selected information in respect of Parco Bugis Junction, the New Properties and the Existing Properties. Any discrepancies in the tables, charts or diagrams between the listed figures and totals thereof are due to rounding.

(A) PARCO BUGIS JUNCTION Parco Bugis Junction, the retail component within the integrated mixed development of Bugis Junction, is located in the heart of the city, and is flanked by an office tower and the five-star Hotel Intercontinental Singapore.

The parent lot on which Parco Bugis Junction is located has been strata sub-divided into four Strata Lots, of which Parco Bugis Junction comprises two Strata Lots, namely, U1431T and U1432A both of Town Subdivision 13. The management corporation for the entire development is the Management Corporation Strata Title Plan No. 2137. The share value of the Strata Lots comprised in Parco Bugis Junction is 57,504 out of 100,000 shares. Parco Bugis Junction is comprised in a leasehold estate of 99 years commencing from 10 September 1990.

Situated in the heart of Singapore’s Arts, Culture, Learning and Entertainment Hub, Parco Bugis Junction enjoys a direct basement access to the Bugis MRT station. Parco Bugis Junction is also well served by many major bus routes along its four surrounding roads, namely, North Bridge Road, Victoria Street, Bugis Street and Middle Road. It is located across the road from the new main National Library, which opened on 22 July 2005.

Developed in 1995, Parco Bugis Junction comprises five levels of retail space including one basement level. The shopping complex houses a department store, a movie cineplex and a wide variety of specialty retail shops.

Parco Bugis Junction has won many awards since its opening. Some of the accolades include: • “Excellent Efforts in Mall Maintenance” in 2004 (Singapore Retailers Association) • “Best Christmas Shopping Experience” in 2003 & 2004 (The Association of Shopping Centres Singapore) • “Best Decorated Building Award” in 2000 & 2001 (Singapore Tourism Board) • “Best Shopping Experience — Shopping Centre” in 1996 & 1997 (Singapore Tourism Board)

Parco Bugis Junction has a large and diversified tenant base, which includes popular international and national brand names such as Seiyu department store (which is one of Japan’s biggest general merchandise retailers), Shaw Theatres, Virtualand (game arcade and amusement centre), Live PowerHub (electronics retailer) and Kinokuniya Bookstore.

Given the strategic location and high tenancy demand, the Manager believes that there are further opportunities to enhance the tenancy-mix and retail offering at Parco Bugis Junction through pro-active asset management, and thereby further strengthen its competitive position.

65 The following table sets out a summary of selected information for Parco Bugis Junction:

Gross floor area 578,312 sq ft

Net Lettable Area 430,323 sq ft (as at 31 July 2005)

Number of leases 185 (as at 31 July 2005)

Carpark lots 648 (owned by the management corporation)

Title Leasehold tenure of 99 years with effect from 10 September 1990

Valuation S$580.8 million (as at 18 July 2005)

Committed Occupancy 100.0% (as at 31 July 2005)

Forecast Period Projection Year (1 November 2005 (Financial year ending – 31 December 2005) 31 December 2006) (S$ million) (S$ million)

Gross Rental Income 7.3 44.2

Net Property Income 4.9 31.1

Lease Expiry Profile for Parco Bugis Junction (as at 31 July 2005) The following graph illustrates the committed lease expiry profile of Parco Bugis Junction by monthly Rental Income and by Net Lettable Area as at 31 July 2005:

% Lease Expiry 90.0%

80.0% 77.4%

70.0% 61.1% 60.0%

50.0%

40.0%

30.0% 24.2%

20.0% 15.0% 9.0% 10.0% 5.7% 4.8% 2.8% 0.0% 0.0% 0.0% 2005 2006 2007 2008 2009 Ye a r

% of Total Monthly Rental Income % of Total Net Lettable Area

66 Trade Sector Analysis for Parco Bugis Junction (as at 31 July 2005)

(a) By Monthly Rental Income The following chart provides a breakdown by monthly Rental Income of the different trade sectors represented in Parco Bugis Junction as at 31 July 2005:

1.9% 0.2% 3.4% Fashion 6.1% Department Store

10.7% 30.6% Food & Beverage/Food Court

Educational/Services

Leisure & Entertainment/Sports & Fitness

16.8% Books/Gifts & Specialty/Hobbies/Toys

Electronics/IT

Home Furnishings 30.3%

(b) By Occupied Net Lettable Area The following chart provides a breakdown by occupied Net Lettable Area of the different trade sectors represented in Parco Bugis Junction as at 31 July 2005:

1.8% 0.1% 3.0% Department Store 6.5% Fashion

Food & Beverage/Food Court 10.0%

Leisure & Entertainment/Sports & Fitness

Educational/Services 10.3%

Books/Gifts & Specialty/Hobbies/Toys

57.6% Electronics/IT 10.7% Home Furnishings

67 Top Ten Tenants of Parco Bugis Junction by Monthly Rental Income (as at 31 July 2005) The following table sets out selected information about the top ten tenants of Parco Bugis Junction by monthly Rental Income as at 31 July 2005:

Net %of Lettable Monthly %ofNet Expiry Area Rental Lettable Tenant Trade sector date(1) (sq ft) Income Area

Seiyu (Singapore) Pte Ltd Department Apr 07(2) 245,914 30.3 57.1 Store

Shaw Theatres Pte Ltd Leisure & Jun 07 24,122 2.8 5.6 Entertainment

TKA Amusement (S) Pte Ltd Leisure & Jul 06 9,375 1.7 2.2 (Virtualand) Entertainment

TT International Limited Electronics May 08 7,137 1.4 1.7 (LivePowerHub)

Bachmann Japanese Restaurant Food & Beverage Nov 05 & 4,026 1.3 0.9 Pte Ltd Feb 06

McDonald’s Restaurants Pte Ltd Food & Beverage Jun 07 2,110 1.3 0.5

Watson’s Personal Care Stores Services Oct 07 3,660 1.2 0.9 Pte Ltd

MOS Foods Singapore Pte Ltd Food & Beverage May 08 2,583 1.2 0.6

J&R Bossini Fashion Pte Ltd Fashion Sep 05 1,216 1.1 0.3

Adidas Singapore Pte Ltd Fashion Jun 07 2,250 1.0 0.5

Ten Largest Tenants by Total Monthly Rental Income 302,393 43.3 70.3 Other Tenants and Vacant Units 127,930 56.7 29.7 Total 430,323 100.0 100.0

68 PRO FORMA EFFECTS OF THE SEIYU TRANSACTION (AS DEFINED HEREIN) The following section sets out the pro forma effects of the Seiyu Transaction on the property details, lease expiry profile, trade sector analysis and top ten tenants of Parco Bugis Junction, as at 31 July 2005, assuming the Existing Seiyu’s Sub-Tenancies (as defined herein) was included as the leases of Parco Bugis Junction on 31 July 2005.

The following table sets out a summary of selected information for Parco Bugis Junction:

Gross floor area 578,312 sq ft

Net Lettable Area 403,725 sq ft (as at 31 July 2005)

Number of leases 217 (as at 31 July 2005)

Carpark lots 648 (owned by the management corporation)

Title Leasehold tenure of 99 years with effect from 10 September 1990

Valuation S$606.8 million(1)

Committed Occupancy 100.0% (as at 31 July 2005)

Forecast Period Projection Year (1 November 2005 (Financial year ending – 31 December 2005) 31 December 2006) (S$ million) (S$ million)

Gross Rental Income 7.9 47.8

Net Property Income 5.5 34.2

Note: (1) S$580.8 million is attributed to Parco Bugis Junction as at 18 July 2005 and S$26.0 million is attributed to the open market valuation of the Surrender Premises as at 30 September 2005, based on a lease of the Surrender Premises for the remainder of a term of 20 years commencing from 7 April 1995.

% Lease Expiry 90.0%

80.0% 69.8% 70.0%

60.0% 57.2%

50.0%

40.0%

30.0% 24.0% 20.0% 16.8% 12.8% 10.1% 10.0% 6.0% 3.3% 0.0% 0.0% 0.0% 2005 2006 2007 2008 2009 Year

% of Total Monthly Rental Income % of Total Net Lettable Area

69 Trade Sector Analysis for Parco Bugis Junction (as at 31 July 2005)

(a) By Monthly Rental Income The following chart provides a breakdown by monthly Rental Income of the different trade sectors represented in Parco Bugis Junction (adjusted for the Seiyu Transaction) as at 31 July 2005:

1.8% Fashion 0.2% 2.5% 3.0% Food & Beverage/Food Court 5.7%

Department Store 30.5% 11.7% Educational/Services

Leisure & Entertainment/Sports & Fitness

Books/Gifts & Specialty/Hobbies/Toys

Supermarkets

Electronics/IT 19.5%

25.1% Home Furnishings

(b) By Occupied Net Lettable Area The following chart provides a breakdown by occupied Net Lettable Area of the different trade sectors represented in Parco Bugis Junction (adjusted for the Seiyu Transaction) as at 31 July 2005:

Department Store 2.0% 0.1% 3.1% 3.5% Food & Beverage/Food Court 7.4% Fashion

Leisure & Entertainment/Sports & Fitness 10.7% 42.9% Educational/Services

Supermarkets

Books/Gifts & Specialty/Hobbies/Toys 12.7% Electronics/IT

Home Furnishings 17.6%

70 Top Ten Tenants of Parco Bugis Junction by Monthly Rental Income (as at 31 July 2005) The following table sets out selected information about the top ten tenants of Parco Bugis Junction (adjusted for the Seiyu Transaction) by monthly Rental Income as at 31 July 2005:

Net %of Lettable Monthly %ofNet Expiry Area Rental Lettable Tenant Trade sector date(1) (sq ft) Income Area

Seiyu (Singapore) Pte Ltd Department Apr 07(2) 171,615 19.5 42.5 Store

Food Junction Management Pte Food Court Apr 07 15,018 4.0 3.7 Ltd (f.k.a. Topwin Singapore Pte Ltd)

Wing Tai Holdings Ltd Fashion/Food & Nov 05, May 6,766 3.9 1.7 Beverage 06, Oct 06, Mar 07, Jul 07 & Apr 08

Shaw Theatres Pte Ltd Leisure & Jun 07 24,122 2.6 6.0 Entertainment

Cold Storage Singapore (1983) Supermarkets Mar 08 14,000 2.5 3.5 Pte Ltd

TKA Amusement (S) Pte Ltd Leisure & Jul 06 9,375 1.6 2.3 (Virtualand) Entertainment

Crystal Jade Kitchen (Bugis) Pte Food & Beverage Apr 08 5,079 1.5 1.3 Ltd

TT International Limited Electronics May 08 7,137 1.3 1.8 (LivePowerHub)

Bachmann Japanese Restaurant Food & Beverage Nov 05 & 4,026 1.2 1.0 Pte Ltd Feb 06

McDonald’s Restaurants Pte Ltd Food & Beverage Jun 07 2,110 1.2 0.5

Ten Largest Tenants by Total Monthly Rental Income 259,248 39.3 64.3

Other Tenants and Vacant Units 144,477 60.7 35.7

Total 403,725 100.0 100.0

71 (B) NEW PROPERTIES (COMPRISING HOUGANG PLAZA UNITS, SEMBAWANG SHOPPING CENTRE AND JURONG ENTERTAINMENT CENTRE)

Hougang Plaza Units Completed in 1994, Hougang Plaza is a three-storey retail property with a leasehold tenure of 99 years (with effect from 1 March 1991). It is strategically located at the junction of Upper Serangoon Road and Hougang Avenue 10 in Hougang Central, and is in close proximity to the Hougang MRT station and bus interchange. With a total gross floor area of 79,648 sq ft, it caters to the basic shopping needs of the residents in the area. Hougang Plaza Units comprise an aggregate of 96.7% of the total share values in Hougang Plaza. Major tenants of Hougang Plaza Units include Kopitiam food court, G-Value supermarket, Novena Furnishing Centre, Jack’s Place and K-Box.

Sembawang Shopping Centre Sembawang Shopping Centre, a retail cum residential development with a leasehold tenure of 999 years (with effect from 26 March 1885), is located along Sembawang Road and is approximately five minutes’ drive from both the Sembawang and Yishun MRT stations. Completed in 1997, it has a five-level retail podium (including one basement level), a four-storey residential block (comprising 48 studio apartments) and a multi-storey carpark. Following the last repositioning exercise in 2002/2003, the retail component of the Sembawang Shopping Centre is now positioned as a one-stop family oriented necessity mall catering to the residents residing in the area. It is anchored by Giant hypermarket, and major tenants include Kopitiam food court, Taste of Thailand, Burger King and Sakae Sushi.

Jurong Entertainment Centre Completed in 1991, Jurong Entertainment Centre is a four-storey building with a leasehold tenure of 99 years (with effect from 1 March 1991). It is strategically located in the heart of Jurong East Town Centre, and is next to the Jurong East MRT station and bus interchange. Jurong East Town Centre has also been proposed as a major regional centre under the Singapore concept plan. Besides serving the residents in the Jurong East and Bukit Batok precincts, Jurong Entertainment Centre also serves the business community from the surrounding International Business Park, Jurong Central Provident Fund Building, Jurong Town Corporate (HQ) Summit and the German Centre. In addition, it is situated next to the Jurong East Community Library. The centre is anchored by Shaw Theatres, Fuji Ice Palace and major tenants include K-Box, McDonald’s, Kentucky Fried Chicken and Pizza Hut.

72 The following table sets out selected information about the New Properties:

Jurong Hougang Plaza Sembawang Shopping Entertainment Units Centre Centre

Land area 57,047 sq ft(1) 100,315 sq ft 91,857 sq ft

Gross floor area 79,648 sq ft(1) Retail: 152,721 sq ft 169,668 sq ft Residential: 45,267 sq ft Total: 197,988 sq ft

Net Lettable Area 67,813 sq ft 97,123 sq ft(2) 110,128 sq ft (as at 31 July 2005)

Number of leases 6 Retail: 70 32 (as at 31 July 2005)

Carpark lots 154(3) Multi-storey carpark: 240 221 External carpark:(4) 239 Total: 479

Title Leasehold tenure of Leasehold tenure of 999 Leasehold tenure of 99 years with effect years with effect from 26 99 years with effect from 1 March 1991 March 1885 from 1 March 1991

Valuation (S$ million) 44.3(5) 79.0(6) 69.1(7)

Committed Occupancy 100.0% 100.0%(2) 99.7% (as at 31 July 2005)

Forecast Period (1 November 2005 – 31 December 2005) (S$ million)

Gross Rental Income 2.4

Net Property Income 1.8

Projection Year (Financial year ending 31 December 2006) (S$ million)

Gross Rental Income 14.2

Net Property Income 9.7

Notes: (1) This refers to the figure for Hougang Plaza. (2) Excluding 28,201 sq ft from the 48 residential units which are vacant as at 31 July 2005. (3) The carpark lots are owned by the management corporation. (4) This refers to the external carpark, under a temporary occupation licence, located next to Sembawang Shopping Centre. (5) S$39.7 million is attributed to 92.4% of the total share values in Hougang Plaza as at 21 April 2005 and S$4.6 million is attributed to 4.3% of the total share values in Hougang Plaza as at 15 June 2005. (6) As at 28 April 2005. (7) As at 30 June 2005.

73 Lease Expiry Profile for the New Properties (as at 31 July 2005) The following graph illustrates the committed lease expiry profile of the New Properties by monthly Rental Income and by Net Lettable Area as at 31 July 2005:

% Lease Expiry 59.5% 60.0% 53.8%

50.0%

40.0%

30.0% 23.7% 22.6%

20.0% 11.8%

10.0% 6.7% 6.6% 4.3% 0.0% 0.0% 0.0% 2005 2006 2007 2008 2009 Ye a r

% of Total Monthly Rental Income % of Total Net Lettable Area

Trade Sector Analysis for the New Properties (as at 31 July 2005) (a) By Monthly Rental Income The following chart provides a breakdown by monthly Rental Income of the different trade sectors represented in the New Properties as at 31 July 2005:

1.0% Food & Beverage/Food Court 0.5% 7.5%

Leisure & Entertainment/Sports & Fitness 8.5% 30.1% Educational/Services

Supermarkets

12.3% Fashion

Home Furnishings

Books/Gifts & Specialty/Hobbies/Toys

16.4% Electronics/IT 23.7%

(b) By Occupied Net Lettable Area The following chart provides a breakdown by occupied Net Lettable Area of the different trade sectors represented in the New Properties as at 31 July 2005:

0.6% 0.3% Leisure & Entertainment/Sports & Fitness 6.0%

Food & Beverage/Food Court 10.0%

Supermarkets 38.0% Home Furnishings 11.4%

Educational/Services

Fashion

Books/Gifts & Specialty/Hobbies/Toys 14.7%

Electronics/IT

19.0%

74 Top Ten Tenants of the New Properties by Monthly Rental Income (as at 31 July 2005) The following table sets out selected information about the top ten tenants of the New Properties by monthly Rental Income as at 31 July 2005:

Net %of Lettable Monthly %ofNet Area Rental Lettable Tenant Trade sector Expiry date(1) (sq ft) Income Area

Cold Storage Singapore Supermarkets/ Jul 06, Nov 06, 42,401 14.0 15.4 (1983) Pte Ltd Services Jun 07 & Oct 07

KBox(2) Leisure & Jan 06 & Nov 06 52,937 11.1 19.2 Entertainment

Kopitiam(3) Food Court Nov 07 & Jun 08 18,648 9.4 6.8

Novena Furnishing Centre Home Jun 06 & Jul 06 28,826 6.1 10.5 Pte Ltd Furnishings

Shaw Theatres Pte Ltd Leisure & Oct 10 19,299 4.0 7.0 Entertainment

Fuji Ice Palace Pte Ltd Leisure & Sep 06 21,528 3.7 7.8 Entertainment

Kentucky Fried Chicken Food & Beverage Nov 07 & Sep 08 4,153 3.4 1.5 Management Pte Ltd

McDonald’s Restaurants Pte Food & Beverage Sep 08 2,378 2.5 0.9 Ltd

Jack’s Place Holdings Pte Food & Beverage Aug 07 3,068 2.2 1.1 Ltd

This Fashion Holdings Pte Fashion Dec 05 2,500 1.9 0.9 Ltd

Ten Largest Tenants by Total Monthly Rental Income 195,738 58.3 71.1 Other Tenants and Vacant Units 79,326 41.7 28.9 Total 275,064 100.0 100.0

Note: (1) Some of the tenants above have signed more than one tenancy agreement and this has resulted in more than one tenancy expiry dates for such tenants. (2) K Box (Hougang) Pte Ltd and K Box (Jurong East) Pte Ltd. (3) Kopitiam Investment Pte Ltd and S28 Holdings Pte Ltd, which is a wholly owned subsidiary of Kopitiam Investment Pte Ltd.

75 (C) EXISTING PROPERTIES (COMPRISING TAMPINES MALL, JUNCTION 8, FUNAN DIGITALIFE MALL, IMM BUILDING AND PLAZA SINGAPURA) The following table sets out selected information about the Existing Properties:

Funan DigitaLife Tampines Mall Junction 8 Mall IMM Building Plaza Singapura Land area 135,552 sq ft 119,635 sq ft 124,031 sq ft 658,900 sq ft 132,166 sq ft

Gross floor area 460,880 sq ft 376,704 sq ft 478,980 sq ft 1,426,518 sq ft 764,342 sq ft

Net Lettable Area 321,644 sq ft 245,115 sq ft 269,479 sq ft Retail: 398,367 sq ft 488,761 sq ft (as at 31 July 2005) Office: 70,522 sq ft Warehouse: 421,657 sq ft Total: 890,546 sq ft

Number of leases 155 172 167 Retail: 249 215 (as at 31 July 2005) Office: 80 Warehouse: 212

76 Total: 541

Carpark lots 634 305 341 1,301 (cars) 697 111 (lorries/heavy vehicles)

Title Leasehold tenure Leasehold tenure Leasehold tenure Leasehold tenure of 30 + Freehold of 99 years with of 99 years with of 99 years with 30 years with effect from effect from 1 effect from 1 effect from 12 23 January 1989 September 1992 September 1991 December 1979

Purchase Price (S$ million) 409.0 295.0 191.0 247.4 710.0

Valuation (S$ million) 618.0 473.0 244.0 400.0 795.0 (as at 21 July 2005) Funan DigitaLife Tampines Mall Junction 8 Mall IMM Building Plaza Singapura Gross Rental Income (S$ million)

Actual 2004 44.3 29.8 19.3 47.3 22.0

Forecast Period 8.0 6.1 3.6 7.9 9.7 (1 November 2005 – 31 December 2005)

Projection Year 48.9 37.7 21.7 48.1 56.5 (Financial year ending 31 December 2006)

Net property income (S$ million)

Actual 2004 34.0 21.3 13.7 27.6 17.7

Forecast Period 5.9 4.2 2.4 4.8 7.4 77 (1 November 2005 – 31 December 2005)

Projection Year 36.5 27.7 14.6 27.8 42.9 (Financial year ending 31 December 2006)

Committed Occupancy 99.1% 100.0% 99.4% Retail: 99.4% 99.9% (as at 31 July 2005) Office: 92.1% Warehouse: 55.8% Total: 78.2%

Visitor traffic in 2004 (million) 18.8 15.8 8.0 15.1 16.7 Lease Expiry Profile for the Existing Properties (as at 31 July 2005) The following graph illustrates the committed lease expiry profile of the Existing Properties by monthly Rental Income and by Net Lettable Area as at 31 July 2005:

% Lease Expiry

39.3% 40.0% 34.2%

30.0% 28.0% 26.3%

20.0% 18.1% 14.4% 10.8% 9.4% 10.0%

3.4% 3.5%

0.0% 2005 2006 2007 2008 2009 Year

% of Total Monthly Rental Income % of Total Net Lettable Area

Trade Sector Analysis for the Existing Properties (as at 31 July 2005) (a) By Monthly Rental Income The following chart provides a breakdown by monthly Rental Income of the different trade sectors represented in the Existing Properties as at 31 July 2005:

1.9% 1.0% Food & Beverage/Food Court 3.2% 3.5% Fashion 21.2% 6.5% Educational/Services

Electronics/IT 8.0% Home Furnishings

Supermarkets

Leisure & Entertainment/Sports & Fitness 8.5%

Books/Gifts & Specialty/Hobbies/Toys 20.3% Department Store

Warehouse 9.4%

Office 16.5%

(b) By Occupied Net Lettable Area The following chart provides a breakdown by occupied Net Lettable Area of the different trade sectors represented in the Existing Properties as at 31 July 2005:

3.3% 3.6% 14.5% Food & Beverage/Food Court 5.3%

Supermarkets

Educational/Services 7.9%

Electronics/IT 12.5%

Warehouse 8.4% Home Furnishings

Leisure & Entertainment/Sports & Fitness

Fashion 9.9% 12.0% Department Store

Books/Gifts & Specialty/Hobbies/Toys 11.1% Office 11.5%

78 Top Ten Tenants of the Existing Properties by Monthly Rental Income (as at 31 July 2005) The following table sets out selected information about the top ten tenants of the Existing Properties by monthly Rental Income as at 31 July 2005:

Net %of Lettable Monthly %ofNet Area Rental Lettable Tenant Trade sector Expiry date(1) (sq ft) Income Area

Cold Storage Singapore Supermarkets/ Dec 05, Jul 06, 138,351 3.8 6.2 (1983) Pte Ltd Services/ Aug 06, Sep 06, Warehouse Oct 06, Nov 06, Mar 07, Jun 07 & Jul 07

Golden Village Multiplex Leisure & Nov 05 & Feb 08 116,099 3.4 5.2 Pte Ltd Entertainment

Carrefour Singapore Pte Supermarket Nov 06 91,666 2.9 4.1 Ltd

Best Denki (S) Pte Ltd Electronics/ Aug 06, Sep 06, 67,497 2.5 3.0 Warehouse Feb 07 & Apr 07

NTUC Fairprice Co- Supermarket/ Nov 07, Mar 08 & 63,530 2.4 2.9 operative Limited Electronics Apr 09

Isetan (Singapore) Ltd Department Nov 07 49,084 1.7 2.2 Store

Wing Tai Holdings Ltd Fashion / Food & Feb 06, Sep 06, 9,796 1.3 0.4 Beverage May 07, Jun 07, Jul 07, Sep 07, Dec 07 & May 08

McDonald’s Restaurants Food & Beverage Feb 06, Mar 06, 13,154 1.3 0.6 Pte Ltd Oct 06, Nov 06 & Nov 07

G2000 Apparel (S) Pte Ltd Fashion Sep 05, Jun 06, 10,415 1.3 0.5 Sep 06, Dec 06, Jun 07 & Mar 08

Baleno Kingdom (S) Pte Fashion Jun 06, Jul 06, 7,619 1.3 0.3 Ltd Nov 06, May 07, Oct 07, Nov 07 & Jul 08

Ten Largest Tenants by Total Monthly Rental Income 567,211 21.9 25.4 Other Tenants and Vacant Units 1,648,334 78.1 74.6 Total 2,215,545 100.0 100.0

Note: (1) Some of the tenants above have signed more than one tenancy agreement and this has resulted in more than one tenancy expiry dates for such tenants.

79 (D) ENTIRE PORTFOLIO (COMPRISING PARCO BUGIS JUNCTION, THE NEW PROPERTIES AND THE EXISTING PROPERTIES) The following table sets out selected information about the Entire Portfolio:

Parco Bugis Junction New Properties Existing Properties Entire Portfolio Gross floor area 578,312 sq ft Retail: 402,037 sq ft 3,507,424 sq ft Retail: 4,487,773 sq ft Residential: 45,267 sq ft Residential: 45,267 sq ft Total: 447,304 sq ft Total: 4,533,040 sq ft Net Lettable Area 430,323 sq ft 275,064 sq ft Retail: 1,723,366 sq ft Retail: 2,428,753 sq ft (as at 31 July 2005) (excluding residential) Office: 70,522 sq ft Office: 70,522 sq ft Warehouse: 421,657 sq ft Warehouse: 421,657 sq ft Total: 2,215,545 sq ft Total: 2,920,932 sq ft

Number of leases 185 108(1) Retail: 958 Retail: 1,251 (as at 31 July 2005) Office: 80 Office: 80 Warehouse: 212 Warehouse: 212 Total: 1,250 Total: 1,543 Carpark lots 648 854 3,278 (cars) 4,780 (cars)

80 111 (lorries/heavy vehicles) 111 (lorries/heavy vehicles) Valuation (S$ million) 580.8 192.4 2,530.0 3,303.2 Committed Occupancy 100.0% 99.9% Retail: 99.6% Retail: 99.7% (as at 31 July 2005) Office: 92.1% Office: 92.1% Warehouse: 55.8% Warehouse: 55.8% Total: 91.0% Total: 93.2% Forecast Period (1 November 2005 - 31 December 2005) (S$ million)

Gross Rental Income 7.3 2.4 35.3 45.0 Net Property Income 4.9 1.8 24.7 31.4 Projection Year (Financial year ending 31 December 2006) (S$ million)

Gross Rental Income 44.2 14.2 212.9 271.3 Net Property Income 31.1 9.7 149.5 190.3

(1) Excluding 48 residential units which are vacant as at 31 July 2005. Lease Expiry Profile for the Entire Portfolio (as at 31 July 2005) The following graph illustrates the committed lease expiry profile of CMT’s Entire Portfolio by monthly Rental Income and by Net Lettable Area as at 31 July 2005:

% Lease Expiry

40.0% 37.7%

33.7% 33.0% 33.5%

30.0%

20.0% 16.3%

12.2% 9.0% 10.0% 8.7%

2.7% 2.7%

0.0% 2005 2006 2007 2008 2009 Year

% of Total Monthly Rental Income % of Total Net Lettable Area

Trade Sector Analysis for Entire Portfolio (as at 31 July 2005) (a) By Monthly Rental Income The following chart provides a breakdown by monthly Rental Income of the different trade sectors represented in CMT’s Entire Portfolio as at 31 July 2005:

Fashion 1.5% 0.8% 3.3% Food & Beverage/Food Court 7.0% 21.3% Educational/Services 7.1% Electronics/IT

Leisure & Entertainment/Sports & Fitness

Department Store 7.3% Home Furnishings

Supermarkets 7.4% Books/Gifts & Specialty/Hobbies/Toys 21.0%

Warehouse 7.8% Office

15.5%

(b) By Occupied Net Lettable Area The following chart provides a breakdown by occupied Net Lettable Area of the different trade sectors represented in CMT’s Entire Portfolio as at 31 July 2005:

2.4% 3.2% Food & Beverage/Food Court 14.3% 8.2% Department Store

Leisure & Entertainment/Sports & Fitness 8.2% Educational/Services 13.0% Supermarkets

Electronics/IT 8.5% Home Furnishings

Warehouse 11.6% Fashion 8.9% Books/Gifts & Specialty/Hobbies/Toys

Office 10.8% 10.9%

81 Top Ten Tenants of the Entire Portfolio by Monthly Rental Income (as at 31 July 2005) The following table sets out selected information about the top ten tenants of CMT’s Entire Portfolio by monthly Rental Income as at 31 July 2005:

Net %of Lettable Monthly %ofNet Area Rental Lettable Tenant Trade sector Expiry date(1) (sq ft) Income Area

Seiyu (Singapore) Pte Ltd Department Store Apr 07(2) &May 277,858 5.6 9.5 10

Cold Storage Singapore Supermarkets/ Dec 05, Jul 06, 180,752 3.7 6.2 (1983) Pte Ltd Services/ Aug 06, Sep 06, Warehouse Oct 06, Nov 06, Mar 07, Jun 07, Jul 07 & Oct 07

Golden Village Multiplex Leisure & Nov 05 & Feb 08 116,099 2.7 4.0 Pte Ltd Entertainment

Carrefour Singapore Pte Supermarkets Nov 06 91,666 2.3 3.1 Ltd

Best Denki (S) Pte Ltd Electronics/ Aug 06, Sep 06, 67,497 2.0 2.3 Warehouse Feb 07 & Apr 07

NTUC Fairprice Co- Supermarkets/ Nov 07, Mar 08 & 63,530 1.9 2.2 operative Limited Electronics Apr 09

Kopitiam(3) Food Court Feb 06, Sep 07, 45,569 1.4 1.6 Nov 07 & Jun 08

McDonald’s Restaurants Food & Beverage Feb 06, Mar 06, 17,642 1.4 0.6 Pte Ltd Oct 06, Nov 06, Jun 07, Nov 07 & Sep 08

Isetan (Singapore) Ltd Department Store Nov 07 49,084 1.3 1.7

Wing Tai Holdings Ltd Fashion/Food & Feb 06, Sep 06, 11,099 1.1 0.4 Beverage May 07, Jun 07, Jul 07, Sep 07, Dec 07 & May 08

Ten Largest Tenants by Total Monthly Rental Income 920,796 23.4 31.6 Other Tenants and Vacant Units 2,000,136 76.6 68.4 Total 2,920,932 100.0 100.0

Notes: (1) Some of the tenants above have signed more than one tenancy agreement and this has resulted in more than one tenancy expiry dates for such tenants. (2) This refers to the next rental review for Seiyu (Singapore) Pte Ltd. Its lease expiry is in April 2015. (3) Kopitiam Investment Pte Ltd, Copitiam Pte Ltd and S28 Holdings Pte Ltd (which is a wholly owned subsidiary of Kopitiam Investment Pte Ltd).

82 PRO FORMA EFFECTS OF THE SEIYU TRANSACTION (AS DEFINED HEREIN) The following section sets out the pro forma effects of the Seiyu Transaction on the property details, lease expiry profile, trade sector analysis and top ten tenants of the Entire Portfolio as at 31 July 2005, assuming the Existing Seiyu’s Sub-Tenancies (as defined herein) was included as the leases of Parco Bugis Junction on 31 July 2005. The following table sets out selected information about the Entire Portfolio:

Parco Bugis Junction(1) New Properties Existing Properties Entire Portfolio Gross floor area 578,312 sq ft Retail: 402,037 sq ft 3,507,424 sq ft Retail: 4,487,773 sq ft Residential: 45,267 sq ft Residential: 45,267 sq ft Total: 447,304 sq ft Total: 4,533,040 sq ft Net Lettable Area 403,725 sq ft 275,064 sq ft Retail: 1,723,366 sq ft Retail: 2,402,155 sq ft (as at 31 July 2005) (excluding residential) Office: 70,522 sq ft Office: 70,522 sq ft Warehouse: 421,657 sq ft Warehouse: 421,657 sq ft Total: 2,215,545 sq ft Total: 2,894,334 sq ft Number of leases 217 108(2) Retail: 958 Retail: 1,283 (as at 31 July 2005) Office: 80 Office: 80 Warehouse: 212 Warehouse: 212 Total: 1,250 Total: 1,575

83 Carpark lots 648 854 3,278 (cars) 4,780 (cars) 111 (lorries/heavy vehicles) 111 (lorries/heavy vehicles) Valuation (S$ million) 606.8(3) 192.4 2,530.0 3,329.2 Committed Occupancy 100.0% 99.9% Retail: 99.6% Retail: 99.7% (as at 31 July 2005) Office: 92.1% Office: 92.1% Warehouse: 55.8% Warehouse: 55.8% Total: 91.0% Total: 93.1% Forecast Period (1 November 2005 - 31 December 2005) (S$ million) Gross Rental Income 7.9 2.4 35.3 45.6 Net Property Income 5.5 1.8 24.7 32.0 Projection Year (Financial year ending 31 December 2006) (S$ million) Gross Rental Income 47.8 14.2 212.9 274.9 Net Property Income 34.2 9.7 149.5 193.4

(1) Adjusted for the Seiyu Transaction (2) Excluding 48 residential units which are vacant as at 31 July 2005. (3) S$580.8 million is attributed to Parco Bugis Junction as at 18 July 2005 and S$26.0 million is attributed to the open market valuation of the Surrender Premises as at 30 September 2005, based on a lease of the Surrender Premises for the remainder of a term of 20 years commencing from 7 April 1995. Lease Expiry Profile for the Entire Portfolio (as at 31 July 2005) The following graph illustrates the committed lease expiry profile of CMT’s Entire Portfolio (adjusted for the Seiyu Transaction) by monthly Rental Income and by Net Lettable Area as at 31 July 2005:

% Lease Expiry

40.0% 37.5% 34.2% 32.7%32.0%

30.0%

20.0% 16.9% 13.0%

8.7% 9.2% 10.0%

2.6% 2.7%

0.0% 2005 2006 2007 2008 2009 Year

% of Total Monthly Rental Income % of Total Net Lettable Area

Trade Sector Analysis for Entire Portfolio

(a) By Monthly Rental Income (as at 31 July 2005) The following chart provides a breakdown by monthly Rental Income of the different trade sectors represented in CMT’s Entire Portfolio (adjusted for the Seiyu Transaction) as at 31 July 2005:

1.6% 0.9% Food & Beverage/Food Court 3.2% 5.7% Fashion 22.4%

Educational/Services 7.0%

Electronics/IT

Supermarkets 7.3%

Leisure & Entertainment/Sports & Fitness

Home Furnishings

Department Store 7.3%

Books/Gifts & Specialty/Hobbies/Toys 21.4% 7.6% Warehouse

Office 15.6%

84 (b) By Occupied Net Lettable Area The following chart provides a breakdown by occupied Net Lettable Area of the different trade sectors represented in CMT’s Entire Portfolio (adjusted for the Seiyu Transaction) as at 31 July 2005:

3.2% 2.3% Food & Beverage/Food Court 15.5% Leisure & Entertainment/Sports & Fitness 8.3%

Supermarkets

Educational/Services 8.4%

Department Store 11.8% Electronics/IT

Home Furnishings 8.6% Fashion

Warehouse 11.4%

Books/Gifts & Specialty/Hobbies/Toys 9.0%

Office 11.1% 10.4%

85 Top Ten Tenants of the Entire Portfolio by Monthly Rental Income (adjusted for the Seiyu Transaction) as at 31 July 2005 The following table sets out selected information about the top ten tenants of CMT’s Entire Portfolio (adjusted for the Seiyu Transaction) by monthly Rental Income as at 31 July 2005:

Net %of Lettable Monthly %ofNet Area Rental Lettable Tenant Trade sector Expiry date(1) (sq ft) Income Area

Cold Storage Singapore Supermarkets/ Dec 05, Jul 06, 194,752 4.1 6.7 (1983) Pte Ltd Services/ Aug 06, Sep 06, Warehouse Oct 06, Nov 06, Mar 07, Jun 07, Jul 07, Oct 07 & Mar 08

Seiyu (Singapore) Pte Department Store Apr 07(2) & May 10 203,559 4.1 7.0 Ltd

Golden Village Multiplex Leisure & Nov 05 & Feb 08 116,099 2.7 4.0 Pte Ltd Entertainment

Carrefour Singapore Pte Supermarkets Nov 06 91,666 2.2 3.2 Ltd

Best Denki (S) Pte Ltd Electronics/ Aug 06, Sep 06, 67,497 2.0 2.3 Warehouse Feb 07 & Apr 07

NTUC Fairprice Co- Supermarkets/ Nov 07, Mar 08 & 63,530 1.9 2.2 operative Limited Electronics Apr 09

Wing Tai Holdings Ltd Fashion/Food & Nov 05, Feb 06, 16,562 1.7 0.6 Beverage May 06, Sep 06, Oct 06, Mar 07, May 07, Jun 07, Jul 07, Sep 07, Dec 07, Apr 08 & May 08

Kopitiam(3) Food Court Feb 06, Sep 07, 45,569 1.4 1.6 Nov 07 & Jun 08

McDonald’s Restaurants Food & Beverage Feb 06, Mar 06, 17,642 1.4 0.6 Pte Ltd Oct 06, Nov 06, Jun 07, Nov 07, Sep 08

Isetan (Singapore) Ltd Department Store Nov 07 49,084 1.3 1.7

Ten Largest Tenants by Total Monthly Rental Income 865,960 22.8 29.9

Other Tenants and Vacant Units 2,028,374 77.2 70.1

Total 2,894,334 100.0 100.0

86 APPENDIX 3

PROFIT FORECAST AND PROFIT PROJECTION

Statements contained in this section, which are not historical facts may be forward-looking statements. Such statements are based on the assumptions set forth in this section and are subject to certain risks and uncertainties which could cause actual results to differ materially from those projected. Under no circumstances should the inclusion of such information herein be regarded as a representation, warranty or prediction with respect to the accuracy of the underlying assumptions by the Manager or any other person nor that these results will be achieved or are likely to be achieved. The following tables set out CMT’s forecast net income and distributable income for the Forecast Period (1 November 2005 to 31 December 2005) as well as its projected net income and distributable income for the Projection Year (financial year ending 31 December 2006). The updated forecast and updated projection have been examined by the Independent Accountants and should be read together with their report contained in Appendix 4 of this Offer Information Statement as well as the assumptions and sensitivity analysis set out on the following pages.

Table A sets out the original forecast and projected net income and distributable income for the Forecast Period (1 November 2005 to 31 December 2005) and the Projection Year (financial year ending 31 December 2006) as set out in the CMT circular to Unitholders dated 16 September 2005 (the “Original Forecast and Projection”). The effect of the Seiyu Transaction was not incorporated in the Original Forecast and Projection as the Agreement to Surrender was signed on 17 October 2005 subsequent to the issue of the CMT Circular to Unitholders.

Table B sets out the updated forecast and projected net income and distributable income for the Forecast Period (1 November 2005 to 31 December 2005) and the Projection Year (financial year ending 31 December 2006) incorporating the impact of the Seiyu Transaction (as defined herein) (the “Updated Forecast and Projection”).

87 TABLE A: ORIGINAL FORECAST AND PROJECTION Original Forecast and Projected Statement of Net Income and Distribution — Existing Properties, Target Property and New Properties

Forecast Period Projection Year (S$’000) Existing Properties (1 November 2005 – 31 December 2005)(1) (Financial year ending 31 December 2006) Actual Forecast Existing Target New Existing Target New 2004(2) 2005(3) Properties(4) Property Properties Total(5) Properties(4) Property Properties Total(5) Gross Revenue Gross rental income 162,836 209,276 35,315 7,343 2,402 45,060 212,895 44,205 14,203 271,303 Car park income 5,669 6,914 1,149 — 130 1,279 6,914 — 780 7,694 Other income 8,734 8,372 1,118 383 216 1,717 7,888 2,432 1,270 11,590

Total Gross Revenue 177,239 224,562 37,582 7,726 2,748 48,056 227,697 46,637 16,253 290,587 Property Operating Expenses Property management fee (6,565) (8,355) (1,405) (285) (100) (1,790) (8,503) (1,753) (585) (10,841) Property tax (15,688) (20,249) (3,347) (644) (219) (4,210) (20,459) (3,907) (1,284) (25,650) Other property operating expenses (40,776) (49,767) (8,098) (1,863) (742) (10,703) (49,266) (9,916) (4,569) (63,751)

Total Property Operating Expenses (63,029) (78,371) (12,850) (2,792) (1,061) (16,703) (78,228) (15,576) (6,438) (100,242)

Net property income 114,210 146,191 24,732 4,934 1,687 31,353 149,469 31,061 9,815 190,345 Interest income 4,990 4,946 827 828 4,947 5,012 Asset Management Fee (11,312) (12,726) (2,129) (2,751) (12,915) (16,676) Trustee’s fee (553) (802) (134) (173) (814) (1,059)

88 Other trust expenses (1,143) (1,408) (389) (479) (1,463) (1,668)

Administrative expenses (13,008) (14,936) (2,652) (3,403) (15,192) (19,403) Net income before financing costs and tax(6) 106,192 136,201 22,907 28,778 139,224 175,954 Financing costs (16,676) (20,956) (3,509) (5,759) (21,459) (34,922)

Net income 89,516 115,245 19,398 23,019 117,765 141,032 Net effect of non-tax deductible/(chargeable) items 8,589 6,295 1,027 1,519 6,457 9,415

Distributable Income 98,105 121,540 20,425 24,538 124,222 150,447

Units in issue (’000)(7) 1,203,200 1,206,266 1,206,266 1,379,666 1,208,807 1,382,886 Distribution per unit (cents) 8.15 10.08 1.69 1.78 10.28 10.88 Annualised distribution per unit (cents) 8.15 10.08 10.13 10.64 10.28 10.88

Notes: (1) The forecast DPU will vary to the extent that the New Units issued under the Equity Fund Raising are issued on a date other than 1 November 2005. (2) Plaza Singapura was acquired on 2 August 2004 and contributed to CMT’s results only from that date. (3) Based on CMT’s actual results from 1 January 2005 to 30 June 2005 and the Manager’s forecast of CMT’s results from 1 July 2005 to 31 December 2005. (4) Based on CMT’s Existing Gearing of approximately 28.7% (excludes HP and SSC Loans and the value of the HP Acquisition and the SSC Acquisition) and has not taken into account the higher aggregate valuation of S$2,530.0 million of the Existing Properties by the Independent Valuer as at 21 July 2005. The previous aggregate valuation of the Existing Properties, as at 1 December 2004, was approximately S$2,235.0 million. (5) Based on (i) the issue of 173,400,000 New Units pursuant to the Equity Fund Raising (ii) the additional borrowings incurred by CMT (taking into account the higher aggregate valuation of S$2,530.0 million of the Existing Properties by the Independent Valuer as at 21 July 2005) to, inter alia, part finance the Parco Acquisition, part refinance the HP and SSC Loans and part finance the JEC Acquisition, increases CMT’s Gearing to approximately 31.7%; and (iii) the Performance Component of the Manager’s Asset Management Fee for the Target Property and Jurong Entertainment Centre are paid in the form of Units. (6) Income tax expense is nil. (7) Inclusive of the Manager’s forecast and projection of Units to be issued in payment of the Performance Component of the Manager’s Asset Management Fee. TABLE B: UPDATED FORECAST AND PROJECTION Updated Forecast and Projected Statement of Net Income and Distribution − Existing Properties, Target Property and New Properties (Incorporating the impact of the Seiyu Transaction)

Forecast Period Projection Year (S$’000) Existing Properties (1 November 2005 – 31 December 2005)(1) (Financial year ending 31 December 2006) Actual Forecast Existing Target New Existing Target New 2004(2) 2005(3) Properties(4) Property(5) Properties Total(6) Properties(4) Property(5) Properties Total(6) Gross Revenue Gross Rental Income 162,836 209,276 35,315 7,937 2,402 45,654 212,895 47,843 14,203 274,941 Car park income 5,669 6,914 1,149 — 130 1,279 6,914 — 780 7,694 Other income 8,734 8,372 1,118 433 216 1,767 7,888 2,732 1,270 11,890

Total Gross Revenue 177,239 224,562 37,582 8,370 2,748 48,700 227,697 50,575 16,253 294,525 Property Operating Expenses Property management fee (6,565) (8,355) (1,405) (312) (100) (1,817) (8,503) (1,915) (585) (11,003) Property tax (15,688) (20,249) (3,347) (708) (219) (4,274) (20,459) (4,301) (1,284) (26,044) Other property operating expenses (40,776) (49,767) (8,098) (1,889) (742) (10,729) (49,266) (10,136) (4,569) (63,971)

Total Property Operating Expenses (63,029) (78,371) (12,850) (2,909) (1,061) (16,820) (78,228) (16,352) (6,438) (101,018)

Net property income 114,210 146,191 24,732 5,461 1,687 31,880 149,469 34,223 9,815 193,507 Interest income 4,990 4,946 827 829 4,947 5,015

89 Asset Management Fee (11,312) (12,726) (2,129) (2,781) (12,915) (16,854) Trustee’s fee (553) (802) (134) (175) (814) (1,067) Other trust expenses (1,143) (1,408) (389) (479) (1,463) (1,668)

Administrative expenses (13,008) (14,936) (2,652) (3,435) (15,192) (19,589) Net income before financing costs and tax(7) 106,192 136,201 22,907 29,274 139,224 178,933 Financing costs (16,676) (20,956) (3,509) (5,898) (21,459) (35,771)

Net income 89,516 115,245 19,398 23,376 117,765 143,162 Net effect of non-tax deductible/(chargeable) items 8,589 6,295 1,027 1,538 6,457 9,536

Distributable Income 98,105 121,540 20,425 24,914 124,222 152,698

Units in issue (’000)(8) 1,203,200 1,206,266 1,206,266 1,379,666 1,208,807 1,382,928 Distribution per unit (cents) 8.15 10.08 1.69 1.81 10.28 11.04 Annualised distribution per unit (cents) 8.15 10.08 10.13 10.81 10.28 11.04

Notes: (1) The forecast DPU will vary to the extent that the New Units issued under the Equity Fund Raising are issued on a date other than 1 November 2005. (2) Plaza Singapura was acquired on 2 August 2004 and contributed to CMT’s results only from that date. (3) Based on CMT’s actual results from 1 January 2005 to 30 June 2005 and the Manager’s forecast of CMT’s results from 1 July 2005 to 31 December 2005. (4) Based on CMT’s Existing Gearing of approximately 28.7% (excludes HP and SSC Loans and the value of the HP Acquisition and the SSC Acquisition) and has not taken into account the higher aggregate valuation of S$2,530.0 million of the Existing Properties by the Independent Valuer as at 21 July 2005. The previous aggregate valuation of the Existing Properties, as at 1 December 2004, was approximately S$2,235.0 million. (5) Adjusted for the Seiyu Transaction (6) Based on (i) the issue of 173,400,000 Units pursuant to the Equity Fund Raising (ii) the additional borrowings incurred by CMT (taking into account the higher aggregate valuation of S$2,530.0 million of the Existing Properties by the Independent Valuer as at 21 July 2005) to, inter alia, part finance the Parco Acquisition, part refinance the HP and SSC Loans and part finance the JEC Acquisition, increases CMT’s Gearing to approximately 32.3%; and (iii) the Performance Component of the Manager’s Asset Management Fee for the Target Property and Jurong Entertainment Centre are paid in the form of Units. (7) Income tax expense is nil. (8) Inclusive of the Manager’s forecast and projection of Units to be issued in Payment of the Performance Component of the Manager’s Asset Management Fee. Assumptions The major assumptions made in preparing the forecast and projected statement of net income and distribution are set out below. The Manager considers these assumptions to be appropriate and reasonable at the time of issue of the Circular.

(i) Gross Revenue Gross Revenue is the aggregate of Gross Rental Income, car park income and other income earned from the Target Property (adjusted for the Seiyu Transaction), the New Properties and the Existing Properties (collectively, the “Entire Portfolio”). A summary of the assumptions used in calculating the Gross Revenue is set out below:

(a) Gross Rental Income The Gross Rental Income comprises base rents, service charges, turnover rents and, for Junction 8, advertising & promotion levy. The percentage of forecast and projected gross Rental Income (excluding turnover rents) attributable to committed leases (including letters of offer which are to be followed up with tenancy agreements to be signed by the parties) for the Entire Portfolio as at 31 July 2005, are estimated as follows:

Projection Year Forecast Period (Financial year (1 November 2005 – ending 31 December 31 December 2005) 2006) Gross Rental Income excluding turnover 94.7% 78.0% rents, attributable to committed leases (as percentage of total gross Rental Income, excluding turnover rents)

In order to forecast and project the gross Rental Income, the Manager has, in the first instance, used rents payable under the committed leases. Inclusive of the Target Property (adjusted for the Seiyu Transaction) and the New Properties, the Manager has forecast and projected that the gross Rental Income will be S$45.7 million for the period 1 November 2005 to 31 December 2005 and S$274.9 million for the financial year ending 31 December 2006.

Following the expiry of a committed lease during the period 1 August 2005 to 31 December 2006, the Manager has used the following process to forecast and project the gross Rental Income for the period following such expiry: • The Manager has assessed the market rent for each portion of lettable area as at 31 July 2005. The market rent is the rent which the Manager believes could be achieved if each lease was renegotiated as at 31 July 2005 and is estimated with reference to the rental payable pursuant to comparable leases for tenancies that have recently been negotiated, the effect of competing shopping centres, assumed tenant retention rates on lease expiry, likely market conditions, inflation levels and tenant demand levels.

If a committed lease expires in the period between 1 August 2005 and 31 December 2005, the Manager has assumed that the rental rate for a new lease (or a lease renewal) which commences in the period between 1 August 2005 and 31 December 2005 is the market rent, increased by the forecast growth rate in accordance with the methodology set out in paragraph (c) below or the actual rent (if the lease agreement or letter of offer has been entered into). • If a committed lease expires in the financial year ending 31 December 2006, the Manager has assumed that the rental rates payable under the new lease (or lease renewal) will be the market rent, increased by the projected growth rate in accordance with the methodology set out in paragraph (c) below.

90 Gross Rental Income from Asset Enhancement Works The asset enhancement works for Plaza Singapura, IMM Building and Jurong Entertainment Centre are expected to be carried out towards the end of 2005 and in 2006. The forecast and projection has taken into account the potential revenue loss during the period when the asset enhancement works are being carried out as well as the additional revenue arising from some asset enhancement works which are expected to be completed within the forecast and projection period. However, the impact of the additional revenue resulting from full completion of the asset enhancement works at Plaza Singapura, IMM Building and Jurong Entertainment Centre are not totally captured in the forecast and projection.

For Plaza Singapura, asset enhancement works comprising addition and alteration works and tenant re-mixing are scheduled to commence by end 2006 and is targeted to be fully completed by 2007.

For IMM Building, Phase 1 of the asset enhancement works was completed in 2004. The Manager intends to embark on Phase 2 of the enhancement works around end 2005. These enhancement works are expected to be fully completed by 2007.

Similarly, the asset enhancement strategy for Jurong Entertainment Centre is to carry out addition and alteration works and tenant re-mixing mainly on the first two levels of the building. The asset enhancement works will be carried out in phases over 2 years commencing from end 2005, and is expected to be fully completed by 2007.

Turnover Rents Certain tenants have provisions in their leases for the payment of turnover rent in addition to the base rent and service charges. In the case of the Target Property, almost all of the tenants have provisions in their leases for payment of either (i) base rent and service charges or (ii) a percentage of their gross turnover, whichever yields the higher amount.

In order to forecast turnover rent for the Entire Portfolio, the Manager has made an assessment of the turnover rent which it has received or expects to receive from January 2005 to July 2005 under committed leases. In order to make this assessment, the Manager has reviewed average historical turnover rent figures for each tenant that pays turnover rent. Where historical turnover rent figures are not available, the Manager has made an estimate of the tenant’s expected turnover, based on information provided by the tenant and other factors such as the outlook for retail sales. Based on this assessment, the Manager makes a forecast of the turnover rent for the period 1 November 2005 to 31 December 2005. It is further assumed that there is no growth in the turnover rent for the year ending 31 December 2006.

The Existing Properties: As at 31 July 2005, approximately 73.2% out of all committed retail leases (by number) of the Existing Properties contain provisions for payment of turnover rents. While it is anticipated that this proportion will increase over time as new leases are signed, only those committed leases and renewals of committed leases which contain turnover rent provisions and new leases/renewals entered into for units which previously contained turnover rent provisions have been included when preparing the forecast and projection. Turnover rent of the Existing Properties is forecast and projected to account for less than 2.8% of Gross Revenue of the Existing Properties for the period 1 November 2005 to 31 December 2005 and the financial year ending 31 December 2006.

The Target Property: As at 31 July 2005, approximately 95.4% out of all committed retail leases (by number) of the Target Property (adjusted for the Seiyu Transaction) contains provisions for the payment of turnover rents. Only those committed leases and renewals of committed leases which contain turnover rent provisions and new leases/lease renewals entered into for units which previously contained turnover rent provisions have been included when preparing the forecast. Turnover rent of the Target Property (adjusted for the Seiyu Transaction) is forecast and projected to account for less than 4.5% of Gross Revenue

91 of the Target Property (adjusted for the Seiyu Transaction) for the period 1 November 2005 to 31 December 2005 and the financial year ending 31 December 2006.

The New Properties: As at 31 July 2005, approximately 1.8% out of all committed retail leases (by number) of the New Properties contain provisions for the payment of turnover rents. Since the turnover rent is negligible, it is assumed that there is no turnover rent for the New Properties for the period 1 November 2005 to 31 December 2005 and the financial year ending 31 December 2006.

(b) Car park and Other Income Car park income includes income earned from the operations of the car parks at the Existing Properties (with the exception of IMM Building) and New Properties (with the exception of Hougang Plaza Units). Other income includes signage licence fee, casual leasing and other miscellaneous income from the Entire Portfolio. The forecast car park and other income for the period 1 November 2005 to 31 December 2005 is based on existing licence agreements and income collections as at 31 July 2005. In order to project car park and other income for the financial year ending 31 December 2006, it has been assumed that there is no growth compared to the full year forecast 2005.

(c) Property Income Growth Rates The table summarises the income growth rates assumed for the forecast and projection. These growth assumptions reflect the Manager’s assessment of income growth rates having regard to the estimated rate of consumer price inflation in Singapore, the outlook for the general economy including gross domestic product growth rates, the demand level for tenancies in the Entire Portfolio and the outlook of retail sales in Singapore.

The income growth rates have been used to forecast and project the increased gross Rental Income payable under the new leases (or lease renewals) from 1 November 2005 to 31 December 2005 and the financial year ending 31 December 2006. The gross Rental Income growth rates set out below are annual figures but have been assumed to apply to the relevant figures compounded on a monthly basis.

Forecast Period Projection Year (1 November 2005 – (Financial year ending 31 December 2005) 31 December 2006) Existing Properties Retail 3.0% 3.0% Office 0.0% 0.0% Warehouse 0.0% 0.0% Target Property(1) and New Properties Retail 3.0% 3.0%

Note: (1) Adjusted for the Seiyu Transaction.

(d) Lease Renewals and Vacancy Allowances Existing Properties Retail: For leases expiring after 31 July 2005, where the actual vacancy periods are already known pursuant to committed leases (including letters of offer which are to be followed up with tenancy agreements to be signed by the parties) which are in place as at 31 July 2005, the actual vacancy periods have been used in the forecast and projection.

92 It has been assumed that leases representing the remaining 50.0% of the gross Rental Income derived from the other leases expiring after 31 July 2005 and in 2006 will experience a one-month vacancy period before rent becomes payable under a new lease.

Office: For the office leases, it has been assumed that all leases expiring after 31 July 2005 and in 2006 will experience a three-month vacancy period before renewal or before a new lease commences. Also, all existing vacant spaces are assumed to continue to be vacant.

Warehouse: For the warehouse leases, it has been assumed that all leases expiring after 31 July 2005 and in 2006 will experience a six-month vacancy period before renewal or before a new lease commences. Also, all existing vacant spaces are assumed to continue to be vacant.

Target Property and New Properties For leases expiring after 31 July 2005, where the actual vacancy periods are already known pursuant to committed leases (including letters of offer which are to be followed up with tenancy agreements to be signed by the parties) which are in place as at 31 July 2005, the actual vacancy periods have been used in the forecast and projection.

For the other leases expiring after 31 July 2005 and in 2006, it has been assumed that leases representing 50.0% of the gross Rental Income derived from such leases expiring after 31 July 2005 and in 2006 will be renewed and will not experience any vacancy period. It has been assumed that leases representing the remaining 50.0% of the gross Rental Income derived from the other leases expiring after 31 July 2005 and in 2006 will experience a one-month vacancy period before rent becomes payable under a new lease.

(ii) Property Operating Expenses

(a) Property tax It has been assumed that property tax will be 10.0% of the base rental income, car park and other income. The only exception is IMM Building where the property tax is assumed to be based on 10.0% of the annual value.

(b) Property Management Fee The Property Management Fee is based on 2.0% per annum of Gross Revenue of the Entire Portfolio plus 2.0% per annum of net property income of the Entire Portfolio and 0.5% per annum of net property income of the Entire Portfolio in lieu of leasing commissions otherwise payable to the Property Manager and/or third party agents.

93 (c) Other Property Operating Expenses (utilities, repairs and maintenance, and reimbursable staff costs) The property operating expenses for 2006 are expected to increase by the following projected growth rates:

Projected growth rates (per annum) Existing Properties Utilities(1) 5.0% Reimbursable staff costs(2) 8.0% Repairs and maintenance(3) 2.5% Target Property(4) and New Properties(5) Utilities 2.5% Reimbursable staff costs 2.5% Repairs and maintenance 2.5%

Notes: (1) This is a higher growth rate than that assumed for the Target Property and the New Properties as it takes into account the expected increase in oil prices. For the Target Property and the New Properties, the projected utilities expenses for the period 1 November 2005 to 31 December 2005 have already reflected the higher oil prices. (2) The growth rate of 8.0% is based on the annualised forecast reimbursable staff costs for the period 1 November 2005 to 31 December 2005. The growth rate is higher than that assumed for the Target Property and the New Properties as it takes into account the expected headcount increases required to manage the asset enhancement works being carried out as well as the increase in Net Lettable Area arising from such asset enhancement works. Furthermore, additional headcount will be needed for increased advertising and promotion activities across the whole portfolio. (3) The growth rate is based on the forecast repairs and maintenance expenses for the full year 2005, excluding one-off non-recurring expenses. (4) Adjusted for the Seiyu Transaction. (5) The growth rate is based on the annualised forecast expenses for the period 1 November 2005 to 31 December 2005.

(d) Marketing Expenses For the Existing Properties, an individual assessment has been made on the marketing expenses for each of the properties for 2005 on the basis of actual historical operating costs. In order to project the advertising and promotion expenses for 2006, the 2005 marketing expenses are increased by the projected growth of 2.5% per annum.

For the Target Property (adjusted for the Seiyu Transaction) and the New Properties, the Manager has assumed that S$0.5 million and S$1.9 million will be incurred as marketing expenses for the period 1 November 2005 to 31 December 2005 and the financial year ending 31 December 2006, respectively.

For the Target Property, BCHRI has planned certain marketing activities for Parco Bugis Junction in conjunction with its 10th Anniversary Celebration for the period up to 31 December 2005. To ensure continuity of such marketing activities for the Target Property, the Purchase Agreement provides that CMT will take over the costs of approximately S$250,000 to be incurred in connection with such marketing activities to be carried out after the completion of the Parco Acquisition. This is a one-off marketing expense which is not expected to be incurred for the financial year ending 31 December 2006.

94 (iii) Asset Management Fee The Base Component of the Asset Management Fee is 0.25% per annum of Property Value and is accrued daily. In addition, there is also a Performance Component of the Asset Management Fee, being 2.85% per annum of Gross Revenue, which is accrued daily. Both components are paid quarterly in accordance with the Trust Deed.

The Performance Component of the Asset Management Fee in relation to Tampines Mall, Junction 8 and Funan DigitaLife Mall will be paid in the form of Units for the remainder of the 60-month period which commenced from the date the Units were first listed on the SGX-ST, after which payment of the same will be in the form of cash. The issue price of such Units will be determined by a formula set out in the Trust Deed. According to the formula, the issue price is S$0.96 per Unit (being the price at which Units were offered to the public during the initial public offering of Units in July 2002), unless the volume weighted average traded price for a Unit for all trades on the SGX-ST in the ordinary course of trading for the last 10 Business Days of the relevant period in which the Asset Management Fee accrues (the “10-Day Volume Weighted Average Traded Price”) is S$2.00 or more per Unit, in which case the Units are to be issued at a discount of 25.0% discount from the 10-Day Volume Weighted Average Traded Price.

The Performance Component of the Asset Management Fee in relation to Plaza Singapura, the Target Property and the New Properties, will be paid in the form of Units for remainder of the 60-month period which commenced from the date the Units were first listed on the SGX-ST, after which payment of the same will be in the form of cash. The issue price of the Units will be the 10-Day Volume Weighted Average Price.

The Manager has assumed the 10-Day Volume Weighted Average Traded Price to be S$2.35 for the period from 1 November 2005 to 31 December 2005 for purpose of computing the number of Units for the Performance Component of the Asset Management Fee. For full year period 2006, the 10-day Volume Weighted Average Traded Price is assumed to grow at 3.0% per annum.

(iv) Trustee’s Fee The trustee’s fee is 0.03% per annum of the value of the Deposited Property and is accrued daily and paid quarterly. It is calculated based on the forecast and projected Deposited Property at the end of each quarter in accordance with the Trust Deed.

(v) Other Expenses Other expenses of CMT include recurring operating expenses such as annual listing fees, valuation fees, legal fees, registry and depository charges, accounting, audit and tax adviser’s fees, postage, printing and stationery costs, costs associated with the preparation of annual reports, investor communications costs and other miscellaneous expenses.

(vi) Interest Income It has been assumed that the amount of interest earned on CMT’s cash and other short term investments will be 0.5% per annum. It also includes a forecast and projected interest income of 8.2% per annum derived from CMT’s investment in Class “E” bonds issued by CapitaRetail Singapore Limited.

(vii) Interest Expense CMT has a total of S$704.0 million loan facility from Silver Maple (a special purpose company) of which S$660.0 million has been drawn down in four tranches. The four tranches comprise a five-year term loan of S$172.0 million (from 26 February 2002), a seven-year term loan of S$125.0 million (from 26 June 2003), another five-year term loan of S$335.0 million (from 2 August 2004) and a revolving credit loan of S$28.0 million (the “Drawn Down RCF”). In addition, CMT currently has a S$200.0 million bridge loan facility from DBS Bank, of which S$123.0 million was drawn down to finance the HP Acquisition and the SSC Acquisition, and a further sum of

95 S$6.8 million was drawn down to finance the payment of a deposit of 10.0% for the purchase consideration for the JEC Acquisition.

The Manager currently intends to borrow an additional S$433.0 million (the “Proposed Debt”) from Silver Maple in the form of a secured seven-year term loan facility to: • part finance the Parco Acquisition; • part refinance the bridge loan taken to finance the HP Acquisition and the SSC Acquisition; • part refinance the bridge loan taken to finance the payment of the deposit for the JEC Acquisition, and part finance the balance of the purchase consideration for the JEC Acquisition; and • fully finance the Total Surrender Sum. (Prior to entry into the Agreement to Surrender by the relevant parties, the Manager’s original intention in relation to the relevant portion of the Proposed Debt, which is now intended to be used to fully finance the Total Surrender Sum, was to convert the Drawn Down RCF to long-term borrowings.)

The Manager has assumed that interest on the Proposed Debt of S$433.0 million and the Drawn Down RCF of S$28.0 million will be subject to an “all-in” interest rate of approximately 3.13% per annum (including margin). For the revolving loan arrangement, the Manager has assumed that the interest rate will be at an average floating interest rate of 2.50% (including margin).

(viii) Capital Expenditure An allowance for projected capital expenditure on the Existing Properties, the Target Property and the New Properties has been included for 2005 and 2006, based on the Manager’s budget for expansions and renovations of the Entire Portfolio. It has been assumed that capital expenditure will be funded by bank borrowings. Capital expenditure incurred is capitalised as part of the Deposited Property and has no impact on the income statements and distribution other than affecting the interest incurred on the bank borrowings.

Forecast Period Projection Year (1 November 2005 - (Financial year ending 31 December 2005) 31 December 2006) (S$’000) (S$’000) Existing Properties Expansion and renovation(1) 200 28,000 Regular capital expenditure 2,000 10,000 Total capital expenditure 2,200 38,000 Target Property and New Properties Expansion and renovation(1) 1,200 8,400 Regular capital expenditure 770 4,000 Total capital expenditure 1,970 12,400 Total capital expenditure 4,170 50,400

Note: (1) For asset enhancement works in IMM Building, Plaza Singapura and Jurong Entertainment Centre.

96 (ix) Investment Properties For the period ending 31 December 2005 and the financial year ending 31 December 2006, the Manager has made a hypothetical assumption that the value of the Existing Properties is S$2,530.0 million (based on the valuations by the Independent Valuer as at 21 July 2005) and the value of the New Properties is S$192.4 million (based on the valuations by the Independent Valuer). The carrying value for the Target Property (adjusted for the Seiyu Transaction) is assumed to be S$614.1 million. It has been assumed that the Property Values of the Existing Properties, the Target Property (adjusted for the Seiyu Transaction) and the New Properties will only increase by the amount of capital expenditure projected described in paragraph (viii) above for the period ending 31 December 2005 and the financial year ending 31 December 2006. The assumption is applied when estimating the Property Value and the value of the Deposited Property for the purposes of forecasting and projecting the Base Component of the Asset Management Fee and the Trustee’s fee, respectively.

(x) Accounting Policies It has been assumed that there has been no significant change in applicable accounting policies or other financial reporting requirements that may have a material effect on CMT’s forecast and projected net property income. A summary of the significant accounting policies of CMT may be found in CMT’s annual report for the financial year ended 31 December 2004.

(xi) Other Assumptions The following additional assumptions have been made in preparing the financial forecast and profit projection: • Other than the acquisition of the Target Property (adjusted for the Seiyu Transaction) and the New Properties, CMT’s property portfolio remains unchanged. • No new Units will be issued by CMT other than the New Units as well as the Units to be issued in payment of the Performance Component of the Manager’s Asset Management Fee for Tampines Mall, Junction 8, Funan DigitaLife Mall, Plaza Singapura, the Target Property and the New Properties (as referred to in paragraph (iii) above). • There will be no material changes in taxation legislation or other legislation. • There will be no material change to the tax ruling. • All leases are enforceable and will be performed in accordance with their terms. • 100% of the distributable income is distributed to Unitholders for the Forecast Period and Projection Year.

Sensitivity Analysis The forecast and projected distributions included in this Offer Information Statement are based on a number of key assumptions that have been outlined earlier in this section.

Unitholders should be aware that future events cannot be predicted with any certainty and deviations from the figures forecast or projected in this Circular are to be expected. To assist Unitholders in assessing the impact of these assumptions on the Updated Forecast and Projection, a series of tables demonstrating the sensitivity of the distribution per Unit to changes in the key assumptions are set out below.

The sensitivity analysis is intended to provide a guide only and variations in actual performance could exceed the ranges shown. Movements in other variables may offset or compound the effect of a change in any variable beyond the extent shown.

97 Gross Rental Income Growth Rates for Retail Leases Changes in gross Rental Income growth rates for retail leases impact the net property income of CMT. The income growth rates adopted are set out earlier in this section. The impact of variations in the growth rates for retail leases on distributions is set out below:

At Preferential Issue Price of S$2.33, and ATM and Private Placement Price of S$2.35 Distribution per Unit (annualised) 1 November 2005 – Full year 2006 31 December 2005 (cents) (cents) 2.0% growth per annum 10.80 11.02 Base case 10.81 11.04 (3.0% growth per annum) 4.0% growth per annum 10.81 11.06

Vacancy Allowance for Retail Leases Changes in vacancy allowances assessed by the Manager impact the net property income of CMT. The vacancy allowance assumptions are set out earlier in this section. The impact of variations in the vacancy allowance for retail leases on distributions is set out below:

At Preferential Issue Price of S$2.33, and ATM and Private Placement Price of S$2.35 Distribution per Unit (annualised) 1 November 2005 – Full year 2006 31 December 2005 (cents) (cents) 75.0% of expiring leases incur one month 10.74 10.94 vacancy period Base case 10.81 11.04 50.0% of expiring leases incur one month vacancy period 25.0% of expiring leases incur one month 10.87 11.11 vacancy period

Property Operating Expenses Changes in property operating expenses impact the net property income of CMT. The property operating expenses assumed in the forecast and projection are set out earlier in this section. The impact of variations in property operating expenses on distributions is set out below:

98 APPENDIX 4

INDEPENDENT ACCOUNTANT’S REPORT ON THE PROFIT FORECAST AND PROFIT PROJECTION

The Board of Directors CapitaMall Trust Management Limited (in its capacity as Manager of CapitaMall Trust) 39 Robinson Road #18-01 Robinson Point Singapore 068911

HSBC Institutional Trust Services (Singapore) Limited (in its capacity as Trustee of CapitaMall Trust) 21 Collyer Quay #14-01 HSBC Building Singapore 049320

18 October 2005

Dear Sirs

Letter from the Reporting Accountants on the Profit Forecast for the Period from 1 November 2005 to 31 December 2005 and the Profit Projection for the Year Ending 31 December 2006

This letter has been prepared for inclusion in the offer information statement (the “Offer Information Statement”) to be issued in connection with the proposed acquisition of Parco Bugis Junction and the proposed issue of new units under the equity fund raising (the “Issue”).

The directors of CapitaMall Trust Management Limited (the “Directors”) are responsible for the preparation and presentation of the updated forecast and updated projected Statements of Net Income and Distribution for the period from 1 November 2005 to 31 December 2005 (the “Profit Forecast”) and the year ending 31 December 2006 (the “Profit Projection”) as set out on page 89 of the Offer Information Statement, which have been prepared on the basis of their assumptions as set out on pages 90 to 97 of the Offer Information Statement (the “Assumptions”).

We have examined the Profit Forecast of CMT for the period from 1 November 2005 to 31 December 2005 and the Profit Projection for the year ending 31 December 2006 as set out on page 89 of the Offer Information Statement in accordance with Singapore Standard on Assurance Engagements applicable to the examination of prospective financial information. The Directors are solely responsible for the Profit Forecast and Profit Projection including the Assumptions on which they are based.

Profit Forecast Based on our examination of the evidence supporting the Assumptions, nothing has come to our attention which causes us to believe that the Assumptions do not provide a reasonable basis for the Profit Forecast. Further, in our opinion the Profit Forecast, so far as the accounting policies and calculations are concerned, is properly prepared on the basis of the Assumptions, is consistent with the accounting policies normally adopted by CMT and is presented in accordance with the relevant presentation principles of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” (but not all the required disclosures for the purposes of this letter) issued by the Institute of Public Accountants of Singapore (“ICPAS”), which is the framework adopted by CMT in the preparation of its financial statements.

99 Profit Projection The Profit Projection is intended to show a possible outcome based on the Assumptions. Because the length of the period covered by the Profit Projection extends beyond the period covered by the Profit Forecast, the Assumptions used in the Profit Projection (which included hypothetical assumptions about future events which may not necessarily occur) are more subjective than would be appropriate for a profit forecast. The Profit Projection does not therefore constitute a profit forecast.

Based on our examination of the evidence supporting the Assumptions, nothing has come to our attention which causes us to believe that the Assumptions do not provide a reasonable basis for the Profit Projection. Further, in our opinion the Profit Projection, so far as the accounting policies and calculations are concerned, is properly prepared on the basis of the Assumptions, is consistent with the accounting policies normally adopted by CMT and is presented in accordance with the relevant presentation principles of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” (but not all the required disclosures for the purposes of this letter) issued by the ICPAS, which is the framework adopted by CMT in the preparation of its financial statements.

Events and circumstances frequently do not occur as expected. Even if the events anticipated under the hypothetical assumptions described above occur, actual results are still likely to be different from the Profit Forecast and Profit Projection since other anticipated events frequently do not occur as expected and the variation may be material. The actual results may therefore differ materially from those forecast and projected. For the reasons set out above, we do not express any opinion as to the possibility of achievement of the Profit Forecast and Profit Projection.

Attention is drawn, in particular, to the risk factors set out on pages 41 to 45 of the Offer Information Statement which describe the principal risks associated with the Issue, to which the Profit Forecast and Profit Projection relate and the sensitivity analysis of the Directors’ Profit Forecast and Profit Projection as set out on pages 97 and 98 of the Offer Information Statement.

Yours faithfully

KPMG Certified Public Accountants (Partner-in-charge: Leong Kok Keong) Singapore

100 APPENDIX 5

NAME AND ADDRESSES OF THE DIRECTORS

Name Address

Mr Hsuan Owyang 7 Ardmore Park #15-02 Pin Tjoe Court Singapore 259954

Mr Liew Mun Leong 49 Chancery Lane Singapore 309578

Mr Pua Seck Guan 9 Jalan Yasin Singapore 417982

Mr James Glen Service 55 Dominion Circuit Forrest ACT 2600 Australia

Mr David Wong Chin Huat 38 Goldhill Avenue #14-42 Goldhill Towers Singapore 309021

Mr S. Chandra Das 28 Cassia Drive Singapore 289721

Mr Hiew Yoon Khong 7 Eastwood Way Singapore 486404

Mr Kee Teck Koon 4A Wimborne Road Singapore 436628

Mr Olivier Lim Tse Ghow 335 Bukit Timah Road #15-01 Wing On Life Garden Singapore 259718

101 APPENDIX 6

NUMBER OF UNITS OWNED BY EACH SUBSTANTIAL UNITHOLDER

Based on the Register of Substantial Unitholders maintained by the Manager, the Substantial Unitholders and their respective interests (direct and deemed) in the Units as at the Latest Practicable Date are as follows:

% of issued % of issued and and Direct outstanding Deemed outstanding Substantial Unitholder Interest Units Interest Units NTUC Fairprice Co-operative Limited 71,070,000 5.9% 25,330,000 2.1% The Capital Group Companies, Inc. ——84,262,700 7.0% CapitaLand Investments Pte Ltd (CIPL) 85,800,000 7.1% 345,381,553 28.7% Pyramex Investments Pte Ltd (PIPL) 198,381,553 16.5% —— E-Pavilion Pte Ltd (EPPL) 147,000,000 12.2% —— CapitaLand Commercial And Integrated ——464,181,553 38.5% Development Limited (CCID) CapitaLand Limited (CL) ——466,612,410 38.7%

102 APPENDIX 7

LAST AUDITED BALANCE SHEET OF CMT

Balance sheet as at 31 December 2004

S$’000 Non-current assets Plant and equipment 389 Investment properties 2,234,950 Other investment 58,000

2,293,339

Current assets Trade and other receivables 9,311 Cash and cash equivalents 47,191

56,502

Less: current liabilities Trade and other payables 40,043 Current portion of security deposits 12,520 Provision for taxation 367

52,930 Net current assets 3,572 Non-current liabilities Interest-bearing loans and borrowings (660,000) Non-current portion of security deposits (26,258) (686,258)

Net assets 1,610,653

Represented by Unitholders’ funds 1,610,653

Units in issue (’000) 1,203,200

Net asset value per unit S$1.34

103 APPENDIX 8

PRICE RANGE OF THE UNITS AND TRADING VOLUME ON THE SGX-ST

The price range for the Units and the volume of Units traded on the SGX-ST during the period commencing on 18 July 2002, the day after CMT was listed on the SGX-ST, to the Latest Practicable Date are as follows:

Price Range (S$ per Unit) Volume Traded Month Maximum Price Minimum Price (’000 Units)

18 July 2002 to 31 July 2002 1.00 0.98 21,285

August 2002 1.02 0.985 16,223

September 2002 1.04 1.02 8,284

October 2002 1.04 1.02 14,976

November 2002 1.06 1.02 11,787

December 2002 1.06 1.01 6,150

January 2003 1.07 1.00 9,394

February 2003 1.03 1.01 8,982

March 2003 1.05 1.02 9,003

April 2003 1.06 1.03 15,880

May 2003 1.12 1.04 17,150

June 2003 1.18 1.10 79,943

July 2003 1.22 1.15 23,736

August 2003 1.20 1.15 9,362

September 2003 1.33 1.18 24,286

October 2003 1.32 1.26 29,373

November 2003 1.38 1.27 14,931

December 2003 1.43 1.35 19,366

January 2004 1.45 1.36 53,261

February 2004 1.42 1.37 9,070

March 2004 1.50 1.41 20,918

April 2004 1.50 1.43 23,436

May 2004 1.68 1.44 46,837

June 2004 1.75 1.60 19,872

July 2004 1.72 1.65 17,393

104 Price Range (S$ per Unit) Volume Traded Month Maximum Price Minimum Price (’000 Units)

August 2004 1.69 1.61 20,632

September 2004 1.70 1.63 20,241

October 2004 1.70 1.63 21,706

November 2004 1.70 1.63 23,875

December 2004 1.76 1.66 30,280

January 2005 2.01 1.73 19,790

February 2005 2.06 1.91 17,003

March 2005 2.05 1.96 25,637

April 2005 2.25 2.03 24,354

May 2005 2.39 2.19 26,029

June 2005 2.47 2.33 29,473

July 2005 2.66 2.33 36,344

August 2005 2.66 2.31 28,952

September 2005 2.46 2.34 27,319

1 October 2005 to the Latest Practicable Date 2.46 2.34 13,755

Source: Bloomberg

105 ANNEXURE B

PROCEDURES FOR ACCEPTANCE OF AND PAYMENT FOR NEW UNITS UNDER THE PREFERENTIAL OFFERING BY RELEVANT SINGAPORE REGISTERED UNITHOLDERS

Unitholders with Units standing to the credit of their Securities Accounts as at 5.00 p.m. on 14 October 2005 and whose registered addresses with CDP were in Singapore as at 14 October 2005, who had a rights mailing address or who had prior to 7 October 2005 provided to CDP addresses in Singapore for the service of notices and documents (“Relevant Singapore Registered Unitholders”) are entitled to receive this Circular and the Acceptance Form which forms part of this Circular.

The Preferential Offering is governed by the terms and conditions of this Circular and instructions in the Acceptance Form. The Acceptance Form is not renounceable or transferable and is for use only by Relevant Singapore Registered Unitholders. The Acceptance Form and this Circular (including the Offer Information Statement in Annexure A therein) may not be used for the purpose of, and do not constitute, an offer or invitation or solicitation in any jurisdiction or in any circumstances in which such an offer or invitation or solicitation is unlawful or not authorised, or to any person to whom it is unlawful to make such an offer or invitation or solicitation.

The Acceptance Form, this Circular and the Offer Information Statement have not been registered under the applicable securities laws of any overseas jurisdiction and the New Units under the Preferential Offering are not offered to any person who is not a Relevant Singapore Registered Unitholder. The Joint Lead Managers and Underwriters reserve the right to reject any acceptance of the New Units under the Preferential Offering where they believe, or have reason to believe, that such acceptance may violate the applicable laws of any jurisdiction.

An applicant accepting his provisional allocation of New Units under the Preferential Offering (the “Applicant”) should consider the implications of the provisions of the Acceptance Form and this Circular before he accepts all or part of his provisional allocation.

By completing and delivering the Acceptance Form and in consideration of the Joint Lead Managers and Underwriters issuing and distributing the Acceptance Form to the Applicant, he agrees that: (a) his acceptance is irrevocable; (b) his remittance will be honoured on first presentation and that any moneys returnable may be held pending clearance of his payment and will not bear interest or enjoy any share of revenue or other benefit arising therefrom; (c) the contract arising from his acceptance pursuant to the Acceptance Form shall be governed by and construed in accordance with Singapore law and that he irrevocably submits to the non-exclusive jurisdiction of the Singapore courts; (d) the Manager and the Joint Lead Managers and Underwriters shall be under no obligation to account to him or any other person for any interest or share of revenue or other benefit accruing on or arising from or in connection with any subscription moneys; and (e) in the event his acceptance is invalid, presentation of his remittance for payment by or on behalf of the Joint Lead Managers and Underwriters shall not constitute, or be construed as, an affirmation of such invalid acceptance.

The number of New Units provisionally allocated for offer to Relevant Singapore Registered Unitholders under the Preferential Offering is indicated in the Acceptance Form (fractions of a New Unit having been disregarded) and includes additional New Units allocated to Relevant Singapore Registered Unitholders (where applicable) to enable them to obtain aggregate unitholdings in integral multiples of 1,000 Units after subscription for the whole of their provisional allocations of New Units under the Preferential Offering. (See the section entitled “Additional Information on the Preferential Offering” under paragraph (j) of the Offer Information Statement in Annexure A of this Circular for further details.) For the avoidance of doubt, such additional Units are included in the provisional allocations of investors who have purchased Units under the Central Provident Fund Investment Scheme or the

106 Supplementary Retirement Scheme (where applicable). The provisional allocations of investors who hold Units through nominee companies include such additional New Units allocated to enable the level of the aggregate Units held in the account of such nominee companies with CDP to be in integral multiples of 1,000 Units after subscription for the whole of their provisional allocations of New Units under the Preferential Offering. Relevant Singapore Registered Unitholders may accept their provisional allocations of New Units under the Preferential Offering in whole or in part. The Securities Accounts of Relevant Singapore Registered Unitholders have been credited by CDP with the provisional allocations of New Units as indicated in their Acceptance Form. Instructions for the acceptance of and payment for the New Units under the Preferential Offering are set out in this Circular and the Acceptance Form.

Approval has been obtained from Central Provident Fund (“CPF”) Board for those of its members participating in its investment scheme (collectively, “IS Members”), who have utilised moneys standing to the credit of their respective CPF Investment Accounts to purchase Existing Units, to use up to 35.0% of their CPF Investible Savings (“CPF Funds”), to pay for the New Units under the Preferential Offering. IS Members who wish to accept their provisional allocations of New Units under the Preferential Offering will need to: (a) instruct the relevant approved banks where such IS Members hold their CPF Investment Account to subscribe for the New Units on their behalf in accordance with this Circular; and (b) make sure that they have sufficient funds in their CPF Investment Accounts or CPF Ordinary Account to pay for the number of New Units which they intend to subscribe.You need not instruct CPF Board to transfer your CPF Funds from your CPF Ordinary Account to your CPF Investment Account. If the balance in your CPF Investment Account is insufficient and you have sufficient investible CPF Funds in your CPF Ordinary Account, your Agent Bank will automatically request for the balance of the required amount from your CPF Ordinary Account to your CPF Investment Account.

SRS account holders who wish to accept their provisional allocations of New Units under the Preferential Offering will need to: (a) instruct the relevant approved banks where such SRS account holder holds their SRS accounts to subscribe for New Units on their behalf in accordance with this Circular; and (b) make sure that they have sufficient funds in their SRS accounts to pay for the number of New Units for which they intend to subscribe. If an SRS account holder instructs the relevant bank where he holds his SRS account to subscribe for New Units on his behalf and he does not have sufficient funds in his SRS account to pay for the number of New Units which he intends to subscribe, his acceptance will be rejected.

If a Relevant Singapore Registered Unitholder wishes to accept his provisional allocation of New Units specified in his Acceptance Form in full or in part, he may do so through CDP by completing and submitting the relevant portion of the Acceptance Form or by way of an electronic acceptance through any ATM of the Participating Banks (“Electronic Acceptance”). A Relevant Singapore Registered Unitholder should ensure that the Acceptance Form is accurately and correctly completed, failing which the acceptance of his provisional allocation under the Preferential Offering may be rejected. Acceptances accompanied by remittances improperly drawn may also be rejected. A list of the Participating Banks is set out in Annexure D of this Circular.

Relevant Singapore Registered Unitholders (including the Directors and their immediate family (i.e. the spouse, children, adopted children, step-children, siblings and parents of the Directors), but not the Substantial Unitholders) may apply for additional New Units under the ATM Offering. The offer of New Units under the ATM Offering is made on a “first-come, first-served” basis and is subject to availability of New Units under the ATM Offering. Instructions for the application of New Units under the ATM Offering are set out in Annexure C of this Circular.

(i) Acceptance through CDP

To accept the provisional allocation of New Units specified in the Acceptance Form through CDP, the duly completed Acceptance Form must be accompanied by A SINGLE REMITTANCE for the full amount payable for the relevant number of New Units accepted, and submitted by hand to

107 THE CENTRAL DEPOSITORY (PTE) LIMITED at 4 SHENTON WAY, #02-01 SGX CENTRE 2, SINGAPORE 068807 or by post in the self-addressed envelope provided, at the Relevant Singapore Registered Unitholder’s own risk, to THE CENTRAL DEPOSITORY (PTE) LIMITED, ROBINSON ROAD, P.O. BOX 1597, SINGAPORE 903147 so as to arrive not later than 4:45 p.m. on 25 October 2005. The payment must be made in Singapore currency in the form of a Cashier’s Order or Banker’s Draft drawn on a bank in Singapore and made payable to “THE CENTRAL DEPOSITORY (PTE) LIMITED — CMT PREFERENTIAL OFFER ACCOUNT” and crossed “NOT NEGOTIABLE, A/C PAYEE ONLY” with the name and Securities Account number of the Relevant Singapore Registered Unitholder clearly written on the reverse side. No combined cashier’s order or banker’s draft for different Securities Accounts or other form of payment (INCLUDING THE USE OF A POSTAL ORDER OR MONEY ORDER ISSUED BY A POST OFFICE IN SINGAPORE) will be accepted.

(ii) Acceptance by way of Electronic Acceptance through any ATM of the Participating Banks

Instructions for Electronic Acceptances of provisional allocations of New Units under the Preferential Offering will appear on the ATM screens of the Participating Banks.

THE FINAL TIME AND DATE FOR ACCEPTANCE OF AND PAYMENT FOR THE PROVISIONAL ALLOCATIONS OF NEW UNITS UNDER THE PREFERENTIAL OFFERING IS: (A) 4.45 P.M. ON 25 OCTOBER 2005 IF AN ACCEPTANCE AND PAYMENT IS MADE THROUGH CDP; OR (B) 9.30 P.M. ON 25 OCTOBER 2005 IF AN ACCEPTANCE AND PAYMENT IS MADE THROUGH ANY ATM OF THE PARTICIPATING BANKS.

If acceptance and payment in the prescribed manner as set out in the Acceptance Form and this Circular is not received through CDP by 4.45 p.m. on 25 October 2005 or through any ATM of the Participating Banks by 9.30 p.m. on 25 October 2005 from any Relevant Singapore Registered Unitholder, the provisional allocation of New Units to the Relevant Singapore Registered Unitholder shall be deemed to have been declined and shall forthwith lapse and become void. To the extent to which the provisional allocation is taken up in part only, the balance will be deemed to have been declined. Any subscription moneys to be returned will be returned to the Relevant Singapore Registered Unitholders without interest or share of revenue or other benefit arising therefrom, BY ORDINARY POST (where acceptance is through CDP) or by crediting their accounts with the relevant Participating Bank (where acceptance is by way of an Electronic Acceptance), and at the Relevant Singapore Registered Unitholders’ own risk within 14 Market Days after the close of the Preferential Offering on 25 October 2005. Any New Units declined by Relevant Singapore Registered Unitholders will be used to satisfy excess applications (if any) under the Private Placement.

In the event that the Applicant accepts his provisional allocation of New Units under the Preferential Offering, the allocation of New Units will be effected in such manner as the Joint Lead Managers and Underwriters (in consultation with the Manager) or CDP may, in their absolute discretion deem fit, in accordance with the terms of this Circular. However, if the New Units are not issued due to approval not being obtained from the SGX-ST (or due to any other reason), all subscription moneys will be refunded (without interest or any share of revenue or other benefit arising therefrom) within 14 Market Days after the close of the Preferential Offering on 25 October 2005 by any or a combination of the following: (a) by means of a crossed cheque sent BY ORDINARY POST at the Applicant’s own risk if he accepts through CDP; and (b) crediting the Applicant’s bank account with the relevant Participating Bank at his own risk if he accepts through an ATM of the Participating Banks.

If any Relevant Singapore Registered Unitholder is in any doubt as to the action he should take, he should consult his stockbroker, bank manager, accountant, solicitor or other professional adviser immediately.

108 ADDITIONAL TERMS AND CONDITIONS FOR ELECTRONIC ACCEPTANCES OF NEW UNITS UNDER THE PREFERENTIAL OFFERING THROUGH AN ATM OF A PARTICIPATING BANK The procedures for Electronic Acceptances of New Units under the Preferential Offering at the ATMs of the Participating Banks are set out on the ATM screens of the Participating Banks (the “Electronic Acceptance Steps”). For illustration purposes, the procedures for Electronic Acceptances of the New Units through the ATMs of DBS Bank (including POSB) are set out in the section entitled “Steps for Electronic Acceptance of New Units under the Preferential Offering through ATMs of DBS Bank (including POSB)” on pages 112 and 113 of this Circular. Please read carefully the terms of this Circular, the instructions set out on the ATM screens of the Participating Banks and the terms and conditions set out below before making an Electronic Acceptance through an ATM of the Participating Banks. Any Electronic Acceptance of New Units under the Preferential Offering which does not strictly conform to the instructions set out on the screens of the ATM of the relevant Participating Bank through which the Electronic Acceptance is effected will be rejected.

All references to “Rights Issue” and “Rights Application” on the ATM screens of the Participating Banks shall mean the offer of New Units under the Preferential Offering and the acceptance of such New Units, respectively. All references to “Document” on the ATM screens of the Participating Banks shall mean this Circular, which contains the Offer Information Statement.

Any references to the “Applicant” in the terms and conditions set out below and the Electronic Acceptance Steps shall mean the Relevant Singapore Registered Unitholder who accepts his provisional allocation of New Units under the Preferential Offering through an ATM of the Participating Banks. An Applicant must have an existing bank account with and be an ATM cardholder of a Participating Bank before he can effect an Electronic Acceptance at an ATM of the relevant Participating Bank. Upon the completion of his Electronic Acceptance transaction, the Applicant will receive an ATM transaction slip (“Transaction Record”) confirming the details of his Electronic Acceptance. The Transaction Record is for retention by the Applicant and should not be submitted with any Acceptance Form.

An Applicant, including one who has a joint bank account with a Participating Bank, must ensure that he enters his own Securities Account number when using the ATM card issued to him in his own name. Using his own Securities Account number with an ATM card which is not issued to him in his own name will render his acceptance liable to be rejected.

Electronic Acceptances shall be made on, and subject to, the terms and conditions of this Circular, including but not limited to the terms and conditions appearing below:

1. In connection with his Electronic Acceptance, the Applicant is required to confirm statements to the following effect in the course of activating the ATM for his Electronic Acceptance: (a) that he has read, understood and agreed to all the terms and conditions of acceptance of New Units prior to effecting the Electronic Acceptance and agrees to be bound by the same; and (b) that he consents to the disclosure of his name, NRIC/passport number, address, nationality, CDP Securities Account number, CPF Investment Account number and acceptance details (the “Relevant Particulars”) from his account with the relevant Participating Bank to the Unit Registrar, CDP, CPF Board, the SGX-ST, the Manager and the Joint Lead Managers and Underwriters (the “Relevant Parties”). His acceptance will not be successfully completed and cannot be recorded as a completed transaction in the ATM unless he presses the “Enter” or “OK” or “Confirm” or “Yes” key. By doing so, the Applicant shall be treated as signifying his confirmation of each of the two statements above. In respect of statement 1(b) above, his confirmation, by pressing the “Enter” or “OK” or “Confirm” or “Yes” key, shall signify and shall be treated as his written permission, given in accordance with the relevant laws of Singapore including Section 47(2) of the Banking Act, Chapter 19 of Singapore, to the disclosure by the relevant Participating Bank of the Relevant Particulars of his account to the Relevant Parties.

109 2. An Applicant may effect an Electronic Acceptance at an ATM of a Participating Bank using cash only by authorising the relevant Participating Bank to deduct the full amount payable from his account with the relevant Participating Bank.

3. The Applicant irrevocably agrees and undertakes to subscribe for and to accept the lesser of the number of New Units allocated as stated on the Transaction Record or the number of New Units standing to the credit of his Securities Account as at the close of the Preferential Offering.

4. If the Applicant’s Electronic Acceptance is successful, his confirmation (by his action of pressing the “Enter” or “OK” or “Confirm” or “Yes” key on the ATM) of the number of New Units accepted shall signify and shall be treated as his acceptance of the number of New Units that may be allotted to him.

5. In the event that the Applicant accepts his provisional allocation of New Units under the Preferential Offering both by way of an Acceptance Form and by way of an Electronic Acceptance, CDP shall be authorised and entitled to accept the Applicant’s instruction in whichever mode or a combination thereof as it may in its absolute discretion deem fit. In determining the number of New Units which the Applicant has validly given instruction to accept, the Applicant shall be deemed to have irrevocably given instructions to accept such number of New Units not exceeding the number of New Units provisionally allocated which are standing to the credit of his Securities Account as at the close of the Preferential Offering, and CDP, in determining the number of New Units which the Applicant has validly given instructions to accept, shall be authorised and entitled to have regard to the aggregate amount of payment received for the acceptances.

6. The Applicant irrevocably requests and authorises the Manager and the Joint Lead Managers and Underwriters to: (a) register or procure the registration of the New Units allotted to the Applicant in the name of CDP for deposit into his Securities Account; and (b) return (without interest or any share of revenue or other benefit arising therefrom) the full amount or, as the case may be, the balance of the subscription moneys, should his Electronic Acceptance not be allotted or, as the case may be, fully allotted by the Manager and/or the Joint Lead Managers and Underwriters for any reason, by automatically crediting the Applicant’s bank account with the relevant Participating Bank with the relevant amount within 14 Market Days after the close of the Preferential Offering.

7. BY EFFECTING AN ELECTRONIC ACCEPTANCE, THE APPLICANT CONFIRMS THAT HE IS NOT ACCEPTING THE NEW UNITS AS THE NOMINEE OF ANY OTHER PERSON.

8. The Applicant irrevocably agrees and acknowledges that his Electronic Acceptance is subject to risks of electrical, electronic, technical and computer-related faults and breakdowns, fires, acts of God, mistakes, losses and theft (in each case whether or not within the control of CDP, the Manager, the Joint Lead Managers and Underwriters, the Participating Banks and the Unit Registrar and other events beyond the control of CDP, the Manager, the Joint Lead Managers and Underwriters, the Participating Banks and the Unit Registrar and if, in any such event, CDP and/or the Manager and/or the Joint Lead Managers and Underwriters, the Participating Banks, the Unit Registrar do not record or receive the Applicant’s Electronic Acceptance, or data relating to the Applicant’s Electronic Acceptance or the tape containing such data is lost, corrupted, destroyed or not otherwise accessible, whether wholly or partially for whatever reason, the Applicant shall be deemed not to have made an Electronic Acceptance and the Applicant shall have no claim whatsoever against CDP, the Manager, the Joint Lead Managers and Underwriters, the Participating Banks or the Unit Registrar for the purported acceptance of the New Units or for any compensation, loss or damage in connection therewith or in relation thereto.

9. Electronic Acceptances may be effected at the ATMs of the Participating Banks between 9.00 a.m. to 9.30 p.m. on 19 October 2005 and between 7.00 a.m. to 9.30 p.m. (Mondays to Saturdays only) for the remaining period of the Preferential Offering. This service will not be available on Sundays.

110 10. Electronic Acceptances shall close at 9.30 p.m. on 25 October 2005 or such other time as the Joint Lead Managers and Underwriters (in consultation with the Manager) may, in their absolute discretion, deem fit.

11. All particulars of the Applicant in the records of the relevant Participating Bank at the time he effects his Electronic Acceptance for the New Units under the Preferential Offering shall be deemed to be true and correct, and the Joint Lead Managers and Underwriters and the Relevant Parties shall be entitled to rely on the accuracy thereof. If there has been any change in the particulars of the Applicant after the time of the effecting of his Electronic Acceptance, the Applicant shall promptly notify the relevant Participating Bank.

12. The Applicant must have sufficient funds in his bank account(s) with the relevant Participating Bank at the time he effects his Electronic Acceptance of his provisional allocation of New Units under the Preferential Offering, failing which his Electronic Acceptance will not be completed. Any Electronic Acceptance made at the ATMs of the Participating Banks which does not strictly conform to the instructions set out on the ATM screens of the Participating Banks will be rejected.

13. Where an Electronic Acceptance is not accepted, it is expected that the full amount of subscription moneys will be refunded in Singapore dollars (without interest or any share of revenue or other benefit arising therefrom) to the Applicant by being automatically credited to the Applicant’s account with the relevant Participating Bank within 14 Market Days of the close of the Preferential Offering. An Electronic Acceptance may also be accepted in part, in which case the balance amount of subscription moneys will be refunded.

14. In consideration of the Joint Lead Managers and Underwriters arranging for the Electronic Acceptance facility through the ATMs of the Participating Banks and agreeing to close the Preferential Offering at 9.30 p.m. on 25 October 2005 or such other time or date as the Joint Lead Managers and Underwriters (in consultation with the Manager) may, in their absolute discretion decide, and by making and completing an Electronic Acceptance, the Applicant agrees that: (a) his Electronic Acceptance for the New Units under the Preferential Offering is irrevocable; (b) his Electronic Acceptance for the New Units under the Preferential Offering, the acceptance thereof by the relevant Participating Bank and the contract resulting therefrom shall be governed by, and construed in accordance with, the laws of Singapore and he irrevocably submits to the non-exclusive jurisdiction of the Singapore courts; (c) neither the Manager nor the relevant Participating Bank shall be liable for any delay, failure or inaccuracy in the recording, storage or in the transmission or delivery of data relating to his Electronic Acceptance to the Joint Lead Managers and Underwriters or CDP due to a breakdown or failure of transmission, delivery or communication facilities or to any cause beyond their respective controls; (d) he will not be entitled to exercise any remedy of rescission for misrepresentation at any time after acceptance of his provisional allocation of New Units under the Preferential Offering; and (e) in respect of the New Units for which his Electronic Acceptance has been successfully completed and not rejected, acceptance of the Applicant’s Electronic Acceptance shall be constituted by written notification by or on behalf of the Joint Lead Managers and Underwriters and not otherwise, notwithstanding any payment received by or on behalf of the Joint Lead Managers and Underwriters.

15. The Applicant should ensure that his personal particulars as recorded by both CDP and the relevant Participating Bank are correct and identical, otherwise, his Electronic Acceptance may be liable to be rejected. The Applicant should promptly inform CDP of any change in his address, failing which the notification letter on successful allotment will be sent to his address last registered with CDP.

16. The existence of a trust will not be recognised. Any Electronic Acceptance by a trustee must be made in his own name and without qualification. The Joint Lead Managers and Underwriters (in consultation with the Manager) will reject any acceptance by any person acting as nominee.

111 17. The Applicant hereby acknowledges that, in determining the total number of New Units which he can validly accept under the Preferential Offering, the Joint Lead Managers and Underwriters and CDP are entitled and the Applicant hereby authorises the Joint Lead Managers and Underwriters and CDP to take into consideration: (a) the total number of New Units which the Applicant has accepted, whether by way of an Acceptance Form or by way of an Electronic Acceptance; and (b) the total number of New Units comprised in the provisional allocation standing to the credit of his Securities Account and which are available for acceptance.

The Applicant hereby acknowledges that the determination of CDP and the Joint Lead Managers and Underwriters shall be conclusive and binding on him.

18. The Applicant irrevocably requests and authorises CDP to accept instructions from the Joint Lead Managers and Underwriters in respect of the number of New Units accepted by the Applicant by way of an Electronic Acceptance through the ATMs of the Participating Banks, and such instructions shall be binding and conclusive on the Applicant.

Steps for Electronic Acceptance of New Units under the Preferential Offering through ATMs of DBS Bank Ltd (including POSB) For illustration purposes, the steps for making an Electronic Acceptance through a DBS or POSB ATM are shown below. Certain words appearing on the screen are in abbreviated form (“A/c”, “amt”, “appln”, “&”, “I/C” and “No.” refer to “Account”, “amount”, “application”, “and”, “NRIC” and “Number” respectively.) Any reference of “you” or the “Applicant” in this section refers to an individual accepting his provisional allocation of New Units under the Preferential Offering, whether in full or in part, by way of an Electronic Acceptance. Instructions for making an Electronic Acceptance on the ATM screens of the Participating Banks (other than DBS Bank ATMs (including POSB), may differ slightly from those represented below.

Step

1. Insert your personal DBS Bank or POSB ATM Card.

2. Enter your Personal Identification Number.

3. Select “CASHCARD & MORE SERVICES”.

4. Select “ESA-IPO SHARE/INVESTMENTS/SECURITIES”.

5. Select “RIGHTS APPLN”.

6. Read and understand the following statements which will appear on the screen: • THE OFFER OF SECURITIES (OR UNITS OF SECURITIES) WILL BE MADE IN, OR ACCOMPANIED BY, A COPY OF THE OFFER INFORMATION STATEMENT/ DOCUMENT OR PROFILE STATEMENT. ANYONE WISHING TO ACQUIRE THESE SECURITIES (OR UNITS OF SECURITIES) SHOULD READ THE OFFER INFORMATION STATEMENT/DOCUMENT OR PROFILE STATEMENT BEFORE SUBMITTING HIS APPLICATION AND WILL NEED TO MAKE AN APPLICATION IN THE MANNER SET OUT IN THE OFFER INFORMATION STATEMENT/DOCUMENT OR PROFILE STATEMENT.

7. Select the DBS Bank account (AutoSave/Current/Savings/Savings Plus) or the POSB account (current/savings) from which to debit your application moneys.

8. Select “CAPITAMALL PREF”.

112 9. Read and understand the following statements which will appear on the screen: • A COPY OF THE OFFER INFORMATION STATEMENT/DOCUMENT OR PROFILE STATEMENT, WHERE APPLICABLE, HAS BEEN LODGED WITH AND REGISTERED BY THE MONETARY AUTHORITY OF SINGAPORE WHO TAKES NO RESPONSIBILITY FOR ITS CONTENTS. FOR RIGHTS APPLN, A COPY OF THE OFFER INFORMATION STATEMENT HAS BEEN SENT TO SHAREHOLDERS AND IS ALSO AVAILABLE FOR COLLECTION FROM, WHERE APPLICABLE, THE CDP AND THE SHARE REGISTRAR OF THE ISSUER DURING NORMAL OFFICE HOURS. • Press the “ENTER” key to confirm that you have read and understood.

10. Press the “ENTER” key to acknowledge: • YOU HAVE READ, UNDERSTOOD AND AGREED TO ALL TERMS & CONDITIONS GOVERNING THIS ACCEPTANCE/APPLN INCLUDING CDP’S TERMS & CONDITIONS GOVERNING ELECTRONIC APPLN FOR RIGHTS ISSUES THROUGH THE ATM. • YOU CONSENT TO DISCLOSE YOUR NAME, ADDRESS, NATIONALITY, NRIC/ PASSPORT NO., CDP SECURITIES A/C NO., CPF INVESTMENT A/C NO., APPLN DETAILS TO THE SHARE REGISTRARS, CDP, SCCS, CPF, SGX, ISSUER & LEAD MANAGER.

11. Enter the number of New Units you wish to accept. (Note: You may only accept up to the number of New Units that has been provisionally allocated to you, which is printed on the Acceptance Form. If you choose to accept a number of New Units in excess of what has been provisionally allocated to you, the excess number of New Units will not be accepted and the excess subscription moneys will be refunded to you within 14 Market Days of the close of the Preferential Offering.)

12. Enter your own 12-digit CDP Securities Account number. (Note: This step will be omitted automatically if your CDP Securities Account number has already been stored in DBS Bank’s records).

13. Check the details of your securities application, your NRIC or passport number and CDP Securities Account number and number of securities on the screen and press the “ENTER” key to confirm your application. (Note: If you see a message “You do not have rights entitlements in your CDP Sec A/C or your entitlement has not been credited yet. Do you wish to proceed with this application?”, this means that you do not have New Units provisionally allocated to you under the Preferential Offering and you should select “Cancel”.)

14. Remove the Transaction Record for your reference retention only.

113 ANNEXURE C

TERMS, CONDITIONS AND PROCEDURES FOR APPLICATION AND ACCEPTANCE OF NEW UNITS UNDER THE ATM OFFERING

Applications are invited for the subscription of the New Units under the ATM Offering at the ATM and Placement Issue Price, subject to the following terms and conditions:

1. THE OFFER OF NEW UNITS UNDER THE ATM OFFERING IS MADE ON A “FIRST-COME, FIRST-SERVED” BASIS AND IS SUBJECT TO THE AVAILABILITY OF NEW UNITS OFFERED UNDER THE ATM OFFERING.

YOUR APPLICATION UNDER THE ATM OFFERING MUST BE MADE IN LOTS OF 1,000 NEW UNITS OR INTEGRAL MULTIPLES THEREOF. YOUR APPLICATION FOR ANY OTHER NUMBER OF NEW UNITS WILL BE REJECTED. AN APPLICATION FOR NEW UNITS UNDER THE ATM OFFERING IS SUBJECT TO A MAXIMUM OF 300,000 NEW UNITS PER APPLICANT.

2. Your application for the New Units under the ATM Offering can only be made through ATMs belonging to DBS Bank (including POSB) (“ATM Electronic Application”).

You may use your CPF funds to apply for the New Units offered under the ATM Offering.

3. You may use up to 35.0% of your CPF Investible Savings (“CPF Funds”) to apply for the New Units under the ATM Offering. Approval has been obtained from the Central Provident Fund (“CPF”) Board for the use of such CPF Funds pursuant to the Central Provident Fund (Investment Schemes) Regulations, as may be amended from time to time, for the purchase of the New Units under the ATM Offering. You may also use up to 35.0% of your CPF Funds for the purchase of Units in the secondary market.

If you are using CPF Funds to apply for the New Units under the ATM Offering, you must have a CPF Investment Account maintained with DBS Bank. You do not need to instruct CPF Board to transfer CPF Funds from your Ordinary Account to your CPF Investment Account.

The use of CPF Funds to apply for the New Units under the ATM Offering is further subject to terms and conditions set out in the section below entitled “Terms and Conditions for the Use of CPF Funds under the ATM Offering”.

4. Only one application may be made for the benefit of one person for the New Units under the ATM Offering in his own name. Multiple applications will not be accepted for the New Units under the ATM Offering. A person who is submitting an application for New Units under the ATM Offering in his own name should not submit any other applications for the New Units under the ATM Offering for any other person. Such separate applications will be deemed to be multiple applications and shall be rejected.

Joint or multiple applications for the New Units under the ATM Offering will be rejected. Persons submitting or procuring submissions of multiple applications for New Units under the ATM Offering may be deemed to have committed an offence under the Penal Code, Chapter 224 of Singapore and the Securities and Futures Act, Chapter 289 of Singapore, and such applications may be referred to the relevant authorities for investigation. Multiple applications or those appearing to be or suspected of being multiple applications will be liable to be rejected at the absolute discretion of DBS Bank (in consultation with the Manager).

Multiple applications may be made in the case of applications by any person for New Units under the Private Placement with a single application for New Units under the ATM Offering.

114 Relevant Singapore Registered Unitholders (excluding Restricted Placees but including Directors of the Manager and their immediate family) or may also, in addition to accepting their provisional allocations of New Units under the Preferential Offering, apply for New Units under the ATM Offering.

5. Applications will not be accepted from any person under the age of 21 years, undischarged bankrupts, sole-proprietorships, partnerships, or non-corporate bodies, joint Securities Account holders of CDP and from applicants whose addresses contained in the records of DBS Bank bear post office box numbers.

6. The existence of a trust will not be recognised. Any application by a trustee must be made in his own name and without qualification.

7. YOU MUST MAINTAIN A SECURITIES ACCOUNT WITH CDP IN YOUR OWN NAME AT THE TIME OF YOUR APPLICATION. If you do not have an existing Securities Account with CDP in your own name at the time of application, you will not be able to complete your ATM Electronic Application. If you have an existing Securities Account but fail to provide your Securities Account number or provide an incorrect Securities Account number in your ATM Electronic Application, your application is liable to be rejected. Subject to paragraph 9 below, your application shall be rejected if your particulars, such as name, NRIC/passport number, nationality and permanent residence status, contained in the records of DBS Bank at the time of your ATM Electronic Application differ from those particulars in your Securities Account as maintained by CDP. If you have more than one individual direct Securities Account with CDP, your application shall be rejected.

8. If your address contained in the records of DBS Bank is different from the address registered with CDP, you must inform CDP of your updated address promptly, failing which the notification letter on successful allotment will be sent to your address last registered with CDP.

9. DBS Bank reserves the right to reject any ATM Electronic Application (in consultation with the Manager) which does not conform strictly to the instructions set out in this Circular or which does not comply with the terms and conditions of this Circular. DBS Bank further reserves the right to treat as valid any applications not completed or submitted or effected in all respects in accordance with the instructions or the terms and conditions of this Circular, and also to present for payment or other processes all remittances at any time after receipt and to have full access to all information relating to, or deriving from, such remittances or the processing thereof.

10. DBS Bank reserves the right to reject or to accept (in consultation with the Manager), in whole or in part any ATM Electronic Application, without assigning any reason therefore and the Manager and DBS Bank will not entertain any enquiry and/or correspondence on DBS Bank’s decision.

11. It is expected that CDP will send to you, at your own risk, within 15 Market Days after 25 October 2005, subject to the submission of valid applications and payment for the New Units under the ATM Offering and the completion of the ATM Offering, a notification letter stating the number of New Units allotted to you. This will be the only acknowledgement of application moneys received and is not an acknowledgement by the Manager or DBS Bank. You irrevocably authorise CDP to complete and sign on your behalf as transferee any documents required for the issue or transfer of the New Units allotted to you.

12. In the event of an under-subscription for the New Units under the ATM Offering as at the close thereof, that number of New Units under-subscribed shall be made available to satisfy excess applications for the New Units under the Private Placement to the extent there is an over- subscription for the New Units offered under the Private Placement.

13. You irrevocably authorise CDP to disclose the outcome of your ATM Electronic Application, including the number of New Units allotted to you pursuant to your application, to the Manager, DBS Bank and any other parties so authorised by CDP, the Manager and DBS Bank (the “Authorised Operators”).

115 14. Any reference to “you” or the “Applicant” in this section refers to an individual applying for the New Units under the ATM Offering by way of an ATM Electronic Application.

15. By pressing the “Enter” or “OK” or “Confirm” or “Yes” key or any other relevant key on the ATM, in accordance with the provisions herein, you: (a) irrevocably offer to subscribe for the number of New Units under the ATM Offering specified in your ATM Electronic Application (or such smaller number for which the application is accepted) at the ATM and Placement Issue Price for each New Unit and agree that you will accept such number of New Units as may be allotted to you, in each case on the terms of, and subject to the conditions set out in this Circular; (b) agree that in the event of any inconsistency between the terms and conditions for application set out in this Circular and those set out in the ATMs of DBS Bank (including POSB), the terms and conditions set out in this Circular shall prevail; (c) agree that the aggregate ATM and Placement Issue Price for the New Units applied for under the ATM Offering is due and payable to DBS Bank forthwith; and (d) warrant the truth and accuracy of the information contained, and representations and declarations made, in your ATM Electronic Application, and acknowledge and agree that such information, representations and declarations will be relied on by the Manager and DBS Bank in determining whether to accept your application and/or whether to allot or allocate any New Units to you.

16. The acceptance of applications will be conditional upon, inter alia, DBS Bank being satisfied that: (a) permission has been granted by the SGX-ST to deal in, and for quotation of, all the New Units on the Official List of the SGX-ST; and (b) the Placement Agreement has become unconditional and has not been terminated.

17. DBS Bank will not hold any application in reserve.

18. Additional terms and conditions relating to ATM Electronic Applications are set out in the following pages.

116 ADDITIONAL TERMS AND CONDITIONS FOR ATM ELECTRONIC APPLICATIONS The procedures for ATM Electronic Applications are set out on the screens of the ATMs of DBS Bank (including POSB) (the “ATM Electronic Application Steps”). For illustration purposes, these procedures are reproduced in the section entitled “ATM Electronic Application Steps” appearing on pages 120 to 122 of this Circular. Please read carefully the terms of this Circular, the ATM Electronic Application Steps and the Additional Terms and Conditions for ATM Electronic Applications set out below carefully before making any ATM Electronic Applications. Any reference to “you” or the “Applicant” in the Additional Terms and Conditions for ATM Electronic Applications and the ATM Electronic Application Steps shall refer to you making an ATM Electronic Application.

The ATM Electronic Application Steps set out the actions that you must take at the ATMs of DBS Bank (including POSB) to complete an ATM Electronic Application.

You must have an existing bank account with and be an ATM cardholder of DBS Bank (including POSB) before you can make an ATM Electronic Application. Upon the completion of your ATM Electronic Application, you will receive an ATM transaction slip (“ATM Electronic Application Transaction Record”), confirming the details of your ATM Electronic Application. The ATM Electronic Application Transaction Record is for your retention.

You must ensure that you enter your own Securities Account Number when using the ATM card issued to you in your own name. If you fail to use your own ATM card or do not key in your own Securities Account number, your application will be rejected. If you operate a joint bank account with DBS Bank (including POSB joint bank accounts), you must ensure that you enter your own Securities Account number when using the ATM card issued to you in your own name. Using your own Securities Account number with an ATM card which is not issued to you in your own name will render your ATM Electronic Application liable to be rejected.

Your ATM Electronic Application shall be made on the terms, and be subject to the conditions, of this Circular, including but not limited to, the terms and conditions appearing below and those set out under the section entitled “TERMS, CONDITIONS AND PROCEDURES FOR APPLICATION OF NEW UNITS UNDER THE ATM OFFERING” on pages 114 to 116 of this Circular.

1. In connection with your ATM Electronic Application, you are required to confirm statements to the following effect in the course of activating the ATM Electronic Application: (a) that you have received a copy of this Circular and have read, understood and agreed to all the terms and conditions of application for the New Units under the ATM Offering and this Circular prior to effecting the ATM Electronic Application and agree to be bound by the same; (b) that you consent to the disclosure of your name, NRIC/passport number, address, nationality, permanent resident status, CDP Securities Account number, CPF Investment Account number (if applicable) and unit application amount (the “Relevant Particulars”) from your account with DBS Bank (including POSB) to the Unit Registrar, CDP, CPF Board, Securities Clearing & Computer Services (Pte) Ltd (“SCCS”) and the Manager (the “Relevant Parties”); and (c) that this is your only application for the New Units under the ATM Offering and it is made in your name and at your own risk.

Your application will not be successfully completed and cannot be recorded as a completed transaction unless you press the “Enter” or “OK” or “Confirm” or “Yes” or any other relevant key in the ATM. By doing so, you shall be treated as signifying your confirmation of each of the above three statements. In respect of statement 1(b) above, your confirmation, by pressing the “Enter” or “OK” or “Confirm” or “Yes” or any other relevant key shall signify and shall be treated as your written permission, given in accordance with the relevant laws of Singapore, including Section 47(2) of the Banking Act, Chapter 19 of Singapore, to the disclosure by DBS Bank of your account with DBS Bank (including POSB bank accounts) to the Relevant Parties.

117 2. By making an ATM Electronic Application, you confirm that you are not applying for New Units under the ATM Offering as a nominee of any other person and that any electronic application that you make for the New Units under the ATM Offering is the only application made by you as the beneficial owner. You shall make only one ATM Electronic Application and shall not make any other application for the New Units under the ATM Offering.

3. You must have sufficient funds in your bank account with DBS Bank (including POSB) at the time you make your ATM Electronic Application at an ATM of DBS Bank (including POSB), failing which such ATM Electronic Application will not be completed. Any ATM Electronic Application which does not conform strictly to the instructions set out in this Circular or on the screens of an ATM of DBS Bank (including POSB) through which your Electronic Application is being made shall be rejected.

You may make an ATM Electronic Application using only cash by authorising DBS Bank to deduct the full amount payable from your account with DBS Bank (including POSB).

4. You may apply and make payment for your application for New Units under the ATM Offering in Singapore currency in the following manner: (a) Cash only — You may apply for New Units under the ATM Offering through any ATM of DBS Bank (including POSB) using only cash by authorising DBS Bank to deduct the full amount payable from your bank account with DBS Bank (including POSB). (b) CPF Funds only — You may apply for the New Units under the ATM Offering through any ATM of DBS Bank (including POSB) using CPF Funds by authorising DBS Bank to deduct the full amount payable from your CPF Investment Account with DBS Bank. For additional terms and conditions governing the use of CPF Funds, please refer to the section “Terms and Conditions for Use of CPF Funds under the ATM Offering”. (c) Cash and CPF Funds — You may apply for the New Units under the ATM Offering through any ATM of DBS Bank (including POSB) using a combination of cash and CPF Funds, PROVIDED THAT the number of New Units applied for under each payment method is in lots of 1,000 New Units or integral multiples thereof. Such applications must comply with the requirements for applications by cash and by CPF Funds as set out in the preceding paragraphs, In the event that such applications are accepted in part only, the cash portion of the application moneys will be used in respect of such applications before the CPF Funds are used.

An applicant applying for 1,000 New Units must use either cash only or CPF Funds only.

5. You irrevocably agree and undertake to subscribe for and to accept the number of New Units under the ATM Offering applied for as stated on the ATM Electronic Application Transaction Record or any lesser number of such New Units that may be allotted to you in respect of your ATM Electronic Application. In the event that DBS Bank decides to allot any lesser number of such New Units or not to allot any New Units to you, you agree to accept such decision as final. If your ATM Electronic Application is successful, your confirmation (by your action of pressing the “Enter” or “OK” or “Confirm” or “Yes” or any other relevant key on the ATM) of the number of New Units applied for shall signify and shall be treated as your acceptance of the number of New Units that may be allotted to you.

6. No application will be kept in reserve. Where your ATM Electronic Application is unsuccessful, the full amount of the application moneys will be refunded (without interest or any share of revenue or other benefit arising therefrom) to you by being automatically credited to your account with DBS Bank (including POSB) at your own risk, provided that the remittance in respect of such application which has been presented for payment or other processes has been honoured and the application monies received in the designated unit issue account.

118 Where your ATM Electronic Application is rejected or accepted in part only, the full amount or the balance of the application moneys, as the case may be, will be refunded (without interest or any share of revenue or other benefit arising therefrom) to you by being automatically credited to your account with DBS Bank (including POSB), at your own risk, provided that the remittance in respect of such application which has been presented for payment or other processes has been honoured and the application monies received in the designated unit issue account.

Responsibility for timely refund of application moneys from unsuccessful or partially successful ATM Electronic Applications lies solely with DBS Bank. Therefore, you are strongly advised to consult DBS Bank as to the status of your ATM Electronic Application and/or the refund of any money to you from an unsuccessful or a partially successful ATM Electronic Application, to determine the exact number of Units allotted to you before trading the Units on the SGX-ST. None of the SGX-ST, CDP, CPF Board, the SCCS, DBS Bank nor the Manager assumes any responsibility for any loss that may be incurred as a result of you having to cover any net sell positions or from buy-in procedures activated by the SGX-ST.

If your ATM Electronic Application is unsuccessful, no notification will be sent to you by the Manager and/or DBS Bank.

7. ATM Electronic Applications shall close at 12.00 noon on 25 October 2005 or such other time or date as DBS Bank may, in consultation with the Manager, decide.

8. You are deemed to have irrevocably requested and authorised the Manager and DBS Bank to: (a) register the New Units allotted to you in the name of CDP for deposit into your Securities Account; (b) return or refund (without interest or any share of revenue or other benefit arising therefrom) the application moneys, should your ATM Electronic Application be unsuccessful, by automatically crediting your bank account with DBS Bank (including POSB), at your own risk; and (c) return or refund (without interest or any share of revenue or other benefit arising therefrom) the balance of the application moneys, should your ATM Electronic Application be accepted in part only, by automatically crediting your bank account with DBS Bank (including POSB), at your own risk, within 14 Market Days after the close of the ATM Offering.

9. You irrevocably agree and acknowledge that your ATM Electronic Application is subject to risks of electrical, electronic, technical and computer-related faults and breakdown, fires, acts of God, mistakes, losses and theft (in each case whether or not within the control of CDP, DBS Bank and/or the Manager) and other events beyond the control of CDP, DBS Bank and/or the Manager, and in any such event that DBS Bank does not receive your ATM Electronic Application, or data relating to your ATM Electronic Application or the tape or any other devices containing such data is lost, corrupted or not otherwise accessible, whether wholly or partially for whatever reason, you shall be deemed not to have made an ATM Electronic Application and you shall have no claim whatsoever against DBS Bank and the Manager for New Units applied for or for any compensation, loss or damage in connection therewith or in relation thereto.

10. The existence of a trust will not be recognised. Any ATM Electronic Application by a trustee must be made in his own name and without qualification. DBS Bank (in consultation with the Manager) will reject any application by any person acting as nominee.

11. All your particulars in the records of DBS Bank at the time you make your ATM Electronic Application shall be deemed to be true and correct, and DBS Bank shall be entitled to rely on the accuracy thereof. If there has been any change in your particulars after making your ATM Electronic Application, you shall promptly notify DBS Bank.

119 12. You should ensure that your personal particulars as recorded by both CDP and DBS Bank are correct and identical, otherwise, your ATM Electronic Application is liable to be rejected. You should promptly inform CDP of any change in address, failing which the notification letter on successful allotment will be sent to your address last registered with CDP.

13. In consideration of DBS Bank making available the ATM Electronic Application facility at the ATMs of DBS Bank (including POSB) and agreeing to close the ATM Offering at 12.00 noon on 25 October 2005 or such other time or date as DBS Bank (in consultation with the Manager) may, in its absolute discretion decide, and by making and completing an ATM Electronic Application, you are deemed to have agreed that: (a) your ATM Electronic Application is irrevocable; (b) your ATM Electronic Application, the acceptance by DBS Bank and the contract resulting therefrom shall be governed by and construed in accordance with the laws of Singapore and you irrevocably submit to the non-exclusive jurisdiction of the Singapore courts; (c) neither DBS Bank nor the Manager shall be liable for any delays, failures or inaccuracies in the recording, storage or in the transmission or delivery of data relating to your ATM Electronic Application to DBS Bank or CDP due to breakdowns or failure of transmission, delivery or communication facilities or any risks referred to in paragraph 9 above or to any cause beyond their respective controls; (d) in respect of the New Units for which your ATM Electronic Application has been successfully completed and not rejected, acceptance of your ATM Electronic Application shall be constituted by written notification by or on behalf of DBS Bank and not otherwise, notwithstanding any payment received by or on behalf of DBS Bank; (e) you will not be entitled to exercise any remedy of rescission for misrepresentation at any time after acceptance of your ATM Electronic Application; and (f) reliance is placed solely on information contained in this Circular and that none of DBS Bank, the Manager nor any other person involved in the ATM Offering shall have any liability for any information not so contained.

ATM Electronic Application Steps For illustration purposes, the steps for making an ATM Electronic Application through the ATMs of DBS Bank (including POSB) are shown below. Certain words appearing on the screen are in abbreviated form (“A/c”, “amt”, “appln”, “&”, “I/C” and “No.” refer to “Account”, “amount”, “application”, “and”, “NRIC” and “Number” respectively.) Any reference to “you” or the “Applicant” in this section refers to an individual applying for New Units under the ATM Offering by way of an ATM Electronic Application.

Step

1. Insert your personal DBS Bank or POSB ATM Card.

2. Enter your Personal Identification Number.

3. Select “CASHCARD & MORE SERVICES”.

4. Select “ESA-IPO SHARE/INVESTMENTS”.

5. Select “ELECTRONIC SECURITY APPLN (IPOS/BOND/ST-NOTES/SECURITIES)”.

120 6. Read and understand the following statements which will appear on the screen:

• THE OFFER OF SECURITIES (OR UNITS OF SECURITIES) WILL BE MADE IN, OR ACCOMPANIED BY, A COPY OF THE PROSPECTUS/OFFER INFORMATION STATEMENT DOCUMENT OR PROFILE STATEMENT (AND IF APPLICABLE, A COPY OF THE REPLACEMENT OR SUPPLEMENTARY PROSPECTUS/OFFER INFORMATION STATEMENT DOCUMENT OR PROFILE STATEMENT) WHICH CAN BE OBTAINED FROM ANY DBS/POSB BRANCH IN SINGAPORE AND, WHERE APPLICABLE, THE VARIOUS PARTICIPATING BANKS DURING BANKING HOURS, SUBJECT TO AVAILABILITY.

• ANYONE WISHING TO ACQUIRE THESE SECURITIES (OR UNITS OF SECURITIES) SHOULD READ THE PROSPECTUS/OFFER INFORMATION STATEMENT DOCUMENT OR PROFILE STATEMENT (AS SUPPLEMENTED OR REPLACED, IF APPLICABLE) BEFORE SUBMITTING HIS APPLICATION WHICH WILL NEED TO BE MADE IN THE MANNER SET OUT IN THE PROSPECTUS/OFFER INFORMATION STATEMENT DOCUMENT OR PROFILE STATEMENT (AS SUPPLEMENTED OR REPLACED, IF APPLICABLE). A COPY OF THE PROSPECTUS/OFFER INFORMATION STATEMENT DOCUMENT OR PROFILE STATEMENT, AND IF APPLICABLE, A COPY OF THE REPLACEMENT OR SUPPLEMENTARY PROSPECTUS/OFFER INFORMATION STATEMENT DOCUMENT OR PROFILE STATEMENT HAS BEEN LODGED WITH AND REGISTERED BY THE MONETARY AUTHORITY OF SINGAPORE WHO ASSUMES NO RESPONSIBILITY FOR ITS OR THEIR CONTENTS.

• Press the “ENTER” key to confirm that you have read and understood.

7. Select “CAPITAMALL”

8. Press the “ENTER” key to acknowledge:

• YOU HAVE READ, UNDERSTOOD AND AGREED TO ALL TERMS OF THE APPLICATION AND PROSPECTUS/OFFER INFORMATION STATEMENT DOCUMENT OR PROFILE STATEMENT, AND IF APPLICABLE, THE REPLACEMENT OR SUPPLEMENTARY PROSPECTUS/DOCUMENT OR PROFILE STATEMENT.

• YOU CONSENT TO DISCLOSE YOUR NAME, NRIC/PASSPORT NO., ADDRESS, NATIONALITY, CDP SECURITIES A/C NO., CPF INVESTMENT A/C NO. AND SECURITY APPLN AMOUNT FROM YOUR BANK A/C(S) TO SHARE REGISTRARS, SGX, SCCS, CDP, CPF AND THE ISSUER/VENDOR(S).

• FOR FIXED AND MAX PRICE SECURITY APPLICATION, THIS IS YOUR ONLY APPLICATION AND IT IS MADE IN YOUR OWN NAME AND AT YOUR OWN RISK.

• THE MAXIMUM PRICE FOR EACH SHARE IS PAYABLE IN FULL ON APPLICATION AND SUBJECT TO REFUND IF THE FINAL PRICE IS LOWER.

• YOU ARE NOT A US PERSON AS REFERRED TO IN THE PROSPECTUS/DOCUMENT OR PROFILE STATEMENT AND IF APPLICABLE, THE REPLACEMENT OR SUPPLEMENTARY PROSPECTUS/OFFER INFORMATION STATEMENT DOCUMENT OR PROFILE STATEMENT.

• SUBJECT TO AVAILABILITY, THE NUMBER OF SECURITIES APPLIED FOR MAY BE REDUCED.

9. Select your nationality.

10. Select payment by cash, CPF Funds or a combination of cash and CPF Funds.

11. Select the DBS Bank account (AutoSave/Current/Savings/Savings Plus) or the POSB account (current/savings) from which to debit your application moneys.

121 12. Enter the number of securities you wish to apply for using cash, CPF Funds, or a combination of cash and CPF Funds.

13. Enter your own 12-digit CDP Securities Account number. (Note: This step will be omitted automatically if your CDP Securities Account number has already been stored in DBS Bank’s records).

14. Check the details of your securities application, your NRIC or passport number and CDP Securities Account number and number of securities on the screen and press the “ENTER” key to confirm your application.

15. Remove the Transaction Record for your reference retention only.

Terms and Conditions for the Use of CPF Funds under the ATM Offering

1. If you are using CPF Funds to subscribe for New Units under the ATM Offering, you must have a CPF Investment Account maintained with DBS Bank at the time of your application. If you are applying for the New Units through an ATM Electronic Application, you must have an ATM card with DBS Bank (including POSB) at the time of your application before you can use an ATM of DBS Bank (including POSB) to apply for the New Units. The CPF Investment Account is governed by the Central Provident Fund (Investment Schemes) Regulations, as amended.

2. CPF Funds may only be withdrawn for applications for the New Units under the ATM Offering in lots of 1,000 New Units or integral multiples thereof.

3. Before you apply for the New Units under the ATM Offering using your CPF Funds, you must first make sure that you have sufficient funds in your CPF Investment Account or CPF Ordinary Account to pay for the New Units. You need not instruct CPF Board to transfer your CPF Funds from your CPF Ordinary Account to your CPF Investment Account. If the balance in your CPF Investment Account is insufficient and you have sufficient investible CPF Funds in your CPF Ordinary Account, DBS Bank will automatically request for the balance of the required amount from your CPF Ordinary Account to your CPF Investment Account immediately for you to use these funds to submit your application in the case of an ATM Electronic Application. The automatic transfer facility is available until the close of the ATM Offering, and the operating hours of the facility are between: (i) 12.00 noon and 10.00 p.m. on the first day of the ATM Offering; (ii) 8.00 a.m. and 10.00 p.m. from Mondays to Saturdays; (iii) 8.00 a.m. and 5.00 p.m. on Sundays and public holidays; and (iv) 8.00 a.m. and 12.00 noon on the date on which the ATM Offering closes, that is 25 October 2005.

In the event that DBS Bank (in consultation with the Manager) decides to close the ATM Offering at such other date or time, the automatic transfer facility shall also cease to be available.

4. The special CPF securities sub-account of the nominee company of DBS Bank (with whom you maintain a CPF Investment Account) maintained with CDP will be credited with the principal amount of the New Units you purchase with CPF Funds.

5. Where you are using CPF Funds, you cannot apply for the New Units under the ATM Offering as nominee for any other person.

6. All instructions or authorisations given by you through an ATM Electronic Application are irrevocable.

7. All information furnished by CPF Board and DBS Bank on your authorisation will be relied on as being true and correct.

122 ANNEXURE D

LIST OF PARTICIPATING BANKS

Participating Banks • DBS Bank (including POSB) • Oversea-Chinese Banking Corporation Limited • United Overseas Bank Limited and its subsidiary, Far Eastern Bank Limited

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CIRCULAR DATED 18 OCTOBER 2005 CAPITAMALL TRUST

THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.

PARCO BUGIS JUNCTION Circular dated 18 October 2005 (Parco Bugis Junction)

JURONG ENTERTAINMENT CENTRE HOUGANG PLAZA UNITS SEMBAWANG SHOPPING CENTRE JURONG ENTERTAINMENT CENTRE