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Individual Property Information

1. Panasonic Building

2. 21 Ubi Road 1

3. CSE Global Building

4. 160 Kallang Way

5. Olivine Building

6. 136 Joo Seng Road

7. 23 Lorong 8 Toa Payoh

8. MI Building

9. MEC TechnoCentre

10. Standard Form Building

11. 25 Changi South Avenue 2

12. Techplas Industrial Building

13. 28 Woodlands Loop

14. 27 Pandan Crescent

15. ODC Districentre

16. CWT Distripark (HQ)

17. 86/88 International Road

18.

19. 31 Kian Teck Way

20. Jurong Districentre

21. 7 Gul Lane

22. YCH DistriPark

1 Third Lok Yang Road and4 Fourth Lok Yang Road

23. 23 Tuas Avenue 10

24. 31 Tuas Avenue 11

25. 16 Tuas Avenue 18A

26. 2 Tuas Avenue 2

27. 9 Tuas View Crescent

28. Mintwell Building

29. Lam Soon Industrial Building

30.

31. DP Computers Building

32. 28 Senoko Drive

33. 31 Changi South Avenue 2

Armorcoat InternationalBuilding

34. Natural Cool Building

35. 9 Bukit Batok Street 22

36. 23 Woodlands Terrace

37. 7 Ubi Close

38. 120 Pioneer Road

39. 1 Tuas Avenue 3

40. Enterprise Hub

M A L AYSIA

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Keppel Terminal

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Pasir PanjangTerminal

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LEGEND Airport

Ports

Industrial Estates

Circle Line MRT Routes Major Highways

Central Business DistrictTarget PropertiesInitial Portfolio New Properties

Kallang/Paya Lebar Expressway (under construction)

145

INITIAL PORTFOLIO

CWT Distripark24 Jurong Port Road, Singapore 619097

Occupancy: 100.0%

Property Use: Logistics and Warehousing

Vendor: CWT Limited (“CWT Distribution”)

Acquisition Completion Date: 25 July 2006

Description

CWT Distripark is located along Jurong Port Road, close to its junction with Jalan Buroh and within theJurong Industrial Estate. It is approximately 20 km from the City Centre. The surrounding area ispredominantly industrial in nature, comprising mainly JTC standard factories and some purpose-builtfactories. Public transportation and other urban amenities are available in the vicinity. The Property iseasily accessible from Jalan Buroh and the West Coast Highway.

The Property comprises a part four/part five-storey warehouse/office with a basement carpark. Thebuildings are served by two passenger lifts, two service lifts, nine cargo lifts and 11 staircases. It isprotected by a 24-hour guard surveillance, fire alarm system and water sprinkler system. The site isenclosed by chain-link fencing with a metal sliding gate.

Key Statistics

Land area 30,262.2 sq m

GFA 75,903.8 sq m

Lettable Area 75,903.8 sq m

Land lease expiry/title 2037/Leasehold estate of 30 years + 12years w.e.f. 1 March 1995

Year of issuance of Certificate of StatutoryCompletion

1999

Year of completion of most recent A&A Works 2007

Purchase Consideration S$96,000,000

Valuation S$98,700,000 (by Chesterton Internationalon 27 July 2007)

Rental per annum S$7,557,000

146

Tenancy Information

Upon completion of the Sale and Purchase Agreement, CWT, the Vendor of the Property, leased backthe Property for a period of eight years with 5.0% rental escalation on the commencement of the third,fifth and seventh year of the lease term. CWT bears the cost of property tax, land rent, insurance inrelation to goods and fixtures within the premises, industrial all risks and public liability, and propertymaintenance, save for capital expenditure exceeding S$2,000 per occurrence which is agreed to beborne by CIT. A security deposit of 12 months’ rent is retained by CIT during the term of the lease.

Competitive Strengths of the Property

(i) Located along Jurong Port Road, a popular logistics and warehouse location, in close proximityto Jurong Port;

(ii) Easily accessible via the Ayer Rajah Expressway and the West Coast Highway; and

(iii) High Building Specifications to meet logistics and warehousing needs.

147

Jurong Districentre3 Pioneer Sector 3, Singapore 628342

Occupancy: 100.0%


Vendor: Jurong Districentre Pte Ltd (“JurongDistricentre”)


Description

Jurong Districentre is located along Pioneer Sector 3, close to its junction with Gul Road, and within theJurong Industrial Estate. It is approximately 25 km from the City Centre. The surrounding area ispredominantly industrial in nature, comprising mainly JTC standard factories and some purpose-builtfactories. Public transportation and other urban amenities are available in the vicinity. The area is easilyaccessible from the Ayer Rajah Expressway.

The Property is a part two/part three-storey warehouse and distribution centre with ancillary offices anda container yard. The building is served by a passenger lift, four cargo lifts and staircases. Other siteimprovements include 30 carpark lots, 46 lorry lots and 33 container trailer lots. The Property isprotected by a 24-hour guard surveillance, security alarm and a fire fighting system.

Key Statistics


GFA 38,352.1 sq m


Land lease expiry/title 2050/Leasehold estate of 30 years + 30years w.e.f. 16 December 1990


1996

Year of completion of most recent A&A Works —




148

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Jurong Districentre, the Vendor of the Property,leased back the Property for a period of eight years with 5.0% rental escalations on the commencementof the third, fifth and seventh year of the lease term. Jurong Districentre bears the cost of property tax,land rent, insurance in relation to goods and fixtures within the premises, industrial all risks and publicliability and property maintenance, save for capital expenditure exceeding S$2,000 per occurrencewhich is agreed to be borne by CIT. A security deposit of 12 months’ rent is retained by CIT during theterm of the lease.


(i) Located within the Jurong Industrial Estate;

(ii) Easily accessible via the Ayer Rajah Expressway; and

(iii) Readily available labour supply from Johor Bahru, Malaysia via the Second Link.

149

ODC Districentre30 Toh Guan Road, Singapore 608840

Occupancy: 100.0%


Vendor: ODC Logistics (S) Pte Ltd (“ODCLogistics”)


Description

ODC Districentre is located on the western side of Toh Guan Road, a short distance from the junctionof Jurong East Street 21 and Toh Guan East, off Boon Lay Way. It is a few minutes’ drive to the JurongEast MRT Station and approximately 16 km from the City Centre. The immediate locality comprises amixture of purpose-built industrial, hi-tech and logistics developments. Labour supply, social andrecreational amenities are readily available within the nearby West Coast, Jurong East and Bukit BatokNew Towns. Accessibility to other parts of the island is enhanced by its close proximity to the Pan-IslandExpressway and the Ayer Rajah Expressway.

The Property is an eight-storey warehouse building with showroom and ancillary offices. A 37 metrehigh warehouse is annexed to the rear of the building. The building is served by two passenger lifts andthree goods lifts and supplemented by reinforced concrete staircases. Other site improvements includepaved driveways, a modern fire protection system, bin centre, 18 loading and unloading bays and 31lorry parking lots.

Key Statistics


GFA 29,460.2 sq m


Land lease expiry/title 2055/Equitable leasehold estate of 30 years+ 30 years w.e.f. 16 August 1995.

See “Annex VII — Principle Terms of theProperty Agreements and Further Details onthe Enlarged Portfolio — ODC Districentre30 Toh Guan Road Singapore 608840 —Further Details on the Property”.


1998





150

Tenancy Information

Upon completion of the Sale and Purchase Agreement, ODC Logistics, the Vendor of the Property,leased back the Property for a period of seven years with an option to renew for a further term of sevenyears and with 5.0% rental escalations on the commencement of the third and fifth year of the leaseterm. CIT bears the costs of property tax and land rent. ODC Logistics bears the cost of insurance inrelation to goods and fixtures within the premises, industrial all risks and public liability and propertymaintenance. A security deposit of S$3,689,111 is retained by CIT during the term of the lease.


(i) Prominently situated along Toh Guan Road, opposite the IMM Building;

(ii) Close proximity to the International Business Park and the Jurong East MRT Station;

(iii) Easily accessible via the Ayer Rajah Expressway; and

(iv) Readily available labour supply and amenities from nearby housing estates.

151

31 Tuas Avenue 11Singapore 639105

Occupancy: 100.0%


Vendor: SLS Holdings (Pte) Ltd (“SLS”)


Description

31 Tuas Avenue 11 is located along Tuas Avenue 11, off Pioneer Road. It is approximately 24 km fromthe City Centre. The surrounding area generally comprises JTC standard and purpose-built factories.It is accessible from Jalan Ahmad Ibrahim and the Ayer Rajah Expressway.

The Property comprises a single-storey warehouse with a five-storey plus mezzanine level officedevelopment. The warehouse area is equipped with ASRS while the office areas are generally fittedwith air-conditioners. The Property is equipped with a fire alarm, fire extinguishers, sprinkler systemand hosereel.

Key Statistics


GFA 7,021.5 sq m


Land lease expiry/title 2054/Leasehold estate of 30 years + 30years w.e.f. 1 April 1994


1998



Valuation S$9,200,000 (by Chesterton International on27 July 2007)

Rental per annum S$840,000

152

Tenancy Information

Upon completion of the Sale and Purchase Agreement, SLS Bearings (S) Pte Ltd (“SLS Bearings”),an affiliate of the Vendor of the Property, leased back the Property for a period of seven years with anoption to renew for five years and with 5.0% rental escalations on the commencement of the third andfifth year of the lease term. SLS Bearings bears the cost of insurance in relation to goods and fixtureswithin the premises, industrial all risks and public liability and property maintenance. CIT bears thecosts of property tax and land rent. A security deposit of 16 months’ rent is retained by CIT during theterm of the lease.



(ii) Readily available labour supply from Johor Bahru, Malaysia via the Second Link; and

(iii) Single-storey warehouse with High Building Specifications to meet logistics and warehousingneeds.

153

25 Changi South Avenue 2Singapore 486594

Occupancy: 100.0%


Vendor: Wan Tai and Company (Private)Limited (“Wan Tai”)


Description

25 Changi South Avenue 2 is located along Changi South Avenue 2 within the Changi South IndustrialEstate. It is approximately 13 km from the City Centre. The surrounding area comprises mainlypurpose-built factories. Public transportation and all other urban amenities are available in the vicinity.The Property is easily accessible from the East Coast Parkway and the Pan-Island Expressway.

The Property is a three-storey warehouse building with an ancillary showroom and mezzanine office.It is served by two cargo lifts, staircases and a passenger lift. The building is equipped with a modernfire fighting system and 24-hour security service. Other site improvements include 14 surface car parklots.

Key Statistics


GFA 6,781.7 sq m


Land lease expiry/title 2054/Leasehold estate of 30 years + 30years w.e.f. 16 October 1994


1997





154

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Wan Tai, the Vendor of the Property, leasedback the Property for a period of seven years with 5.0% rental escalations on the commencement ofthe third and fifth year of the lease term. Wan Tai bears the costs of insurance in relation to goods andfixtures within the premises, industrial all risks, all plate glass, windows and doors upon the premisesand public liability and property maintenance, save for capital expenditure exceeding S$2,000 peroccurrence which is agreed to be borne by CIT. CIT bears the costs of land rent and property tax. Asecurity deposit of 18 months’ rent is retained by CIT during the term of the lease.


(i) Located within the Changi South Logistics Park, in close proximity to Changi International Airport,Changi Business Park and Singapore Expo;

(ii) Prominently located along Changi South Avenue 2; and

(iii) Easily accessible via the Pan-Island Expressway and the East Coast Parkway.

155

YCH DistriPark30 Tuas Road, Singapore 638492

Occupancy: 100.0%


Vendor: YCH DistriPark (Pte) Ltd (“YCH”)


Description

YCH DistriPark is located at the junction of Tuas Avenue 5 and Tuas Road, approximately 30 km fromthe City Centre. It is within the Jurong Industrial Estate which comprises both purpose-built as well asstandard JTC factories. The estate is served by a public feeder bus system plying between the estateand the Jurong Bus Interchange. Access to the Property is facilitated by the Pan-Island Expressway,the Ayer Rajah Expressway and the Second Link.

The Property comprises eight buildings on site. They are the administrative building and sevenwarehouse buildings denoted as Blocks 1, 2, 3, 4, 5, 6 and 7. Included in the warehouse buildings arean automated high-racking system and other site improvements include a guardhouse at the entrance,surface car parking lots, a substation, consumer switch room, sprinkler water tanks and a storage area.

Key Statistics


GFA 53,065.2 sq m


Land lease expiry/title 2039/Leasehold estate of 30 years + 30years w.e.f. 1 July 1979


1982





156

Tenancy Information

Upon completion of the Sale and Purchase Agreement, YCH, the Vendor of the Property, leased backthe Property for a period of 10 years with an option to renew for five years and with 7.0% rentalescalations on the commencement of the fourth and seventh year of the lease term. YCH bears thecosts of property tax, land rent, insurance in relation to goods and fixtures within the premises,industrial all risks, all plate glass, windows and doors upon the premises and public liability and propertymaintenance, save for capital expenditure exceeding S$2,000 per occurrence which is agreed to beborne by the CIT. A security deposit of 12 months’ rent is retained by CIT during the term of the lease.



(ii) Prominently situated at the major road junction fronting Tuas Road and Pioneer Road;

(iii) Easily accessible via the Ayer Rajah Expressway and the Pan-Island Expressway;

(iv) Readily available labour supply from Johor Bahru, Malaysia via the Second Link; and

(v) A warehouse facility with High Building Specifications to meet logistics and warehousing needs.

157

1 Third Lok Yang Road and 4 Fourth LokYang RoadSingapore 627996 and 629701

Occupancy: 100.0%


Vendor: Chempark Pte Ltd (“Chempark”)


Description

1 Third Lok Yang Road and 4 Fourth Lok Yang Road is located at Lok Yang Road, off Lok Yang Wayand International Road. It is approximately 20 km from the City Centre. The surrounding area ispredominantly industrial in nature, comprising mainly JTC standard factories and purpose-builtfactories. Public transportation and other urban amenities, such as public canteens, are available in thevicinity. The Property is accessible from the Ayer Rajah Expressway.

The Property comprises a single-storey warehouse building with mezzanine level and four-storeyancillary office block. The office building is served by a passenger lift and reinforced concretestaircases. The single-storey warehouse/production building has two cold rooms. Other siteimprovements include a tarmac/concrete driveway, covered carpark, guard house, bin centre andchain-link fencing with a pair of metal main gates. The building is equipped with a fire alarm, fireextinguishers, hosereel and a break glass system.

Key Statistics


GFA 10,601.3 sq m


Land lease expiry/title 2031/Leasehold estate of 30 years w.e.f.16 December 2001


1977

Year of completion of A&A Works 2006




158

Tenancy Information

Upon completion of the Sale and Purchase Agreement, YCH, an affiliate of Chempark, the Vendor ofthe Property, leased back the Property for a period of 10 years with an option to renew for five yearsand 7.0% rental escalations on the commencement of the fourth and seventh year of the lease term.YCH bears the costs of land rent, property tax, insurance in relation to goods and fixtures within thepremises, industrial all risks, all plate glass, glass windows and glass doors upon the premises andpublic liability and property maintenance, save for capital expenditure exceeding S$2,000 peroccurrence which is agreed to be borne by CIT. A security deposit of 12 months’ rent is retained by CITduring the term of the lease.



(ii) Easily accessible via the Ayer Rajah Expressway and the Pan-Island Expressway;

(iii) Readily available labour supply from Johor Bahru, Malaysia via the Second Link; and

(iv) Single-storey warehouse with High Building Specifications to meet logistics and warehousingneeds.

159

21 Ubi Road 1Singapore 408724/408725

Occupancy: 100.0%

Property Use: Light Industrial

Vendor: Brilliant Manufacturing Limited(“Brilliant Manufacturing”)


Description

21/23 Ubi Road 1 is located along Ubi Road 1, off Ubi Avenue 1 and Ubi Avenue 2. It is approximately6.5 km from the City Centre and the Pan-Island Expressway is about one km away. Kaki Bukit andKampong Ubi Industrial Estates are located nearby. The Eunos MRT Station is approximately 800metres from the Property while the MacPherson Circle Line MRT Station (currently under construction)will be approximately 150 metres from the Property.

The Property comprises a six-storey single-user factory building with semi-basement carpark and athree-storey workers’ dormitory block. The main building is served by three goods lifts, a fire lift and apassenger lift. Other site improvements include a tarmac/concrete driveway, guard house and a pair ofmetal sliding gates. The main building is equipped with a fire alarm, fire extinguishers, smoke detectorsystem and hosereel.

Key Statistics


GFA 18,838.0 sq m


Land lease expiry/title 2057/Leasehold estate of 30 years + 30years w.e.f. 1 February 1997


1999





160

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Brilliant Manufacturing, the Vendor of theProperty, leased back the Property for a period of seven years with 5.0% rental escalations on thecommencement of the third and fifth year of the lease term. Brilliant Manufacturing bears the costs ofinsurance in relation to goods and fixtures within the premises, industrial all risks, plate glass, windowsand doors upon the premises and public liability and property maintenance, save for capital expenditureexceeding S$2,000 per occurrence which is agreed to be borne by CIT. CIT bears the costs of propertytax and land rent. A security deposit of 18 months’ rent is retained by CIT during the term of the lease.


(i) Located in the central region within the Kampong Ubi Industrial Estate;

(ii) Easily accessible via the Pan-Island Expressway and the future Kallang/Paya Lebar Expressway;

(iii) Walking distance from the future MacPherson Circle Line MRT Station; and


161

136 Joo Seng RoadSingapore 368360

Occupancy: 100.0%


Vendor: Brilliant Manufacturing


Description

136 Joo Seng Road is located along Joo Seng Road, close to its junction with Jalan Bunga Rampai.It is accessible via Upper Paya Lebar Road and is approximately 7.5 km from the City Centre. Theneighbourhood is characterized predominantly by purpose-built flatted factories and developmentsnearby include the Upper Aljunied housing estate, a market and a food centre. The Circle Line MRT inthe vicinity is currently under construction.

The Property comprises a six-storey light industrial building which is served by two cargo lifts and apassenger lift. Other site improvements include concrete interlocking tiles to the driveway, a guardhouse and bin centre, chain-link fencing and a pair of metal sliding main gates. The building is equippedwith a fire alarm, fire extinguishers, sprinklers and hosereel.

Key Statistics


GFA 9,413.0 sq m




1996





162

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Brilliant Manufacturing, the Vendor of theProperty, leased back the Property for a period of seven years with 5.0% rental escalations on thecommencement of the third and fifth years of the lease term. Brilliant Manufacturing bears the costs ofinsurance in relation to goods and fixtures within the premises, industrial all risks, all plate glass,windows and doors upon the premises and public liability and property maintenance, save for capitalexpenditure exceeding S$2,000 per occurrence which is agreed to be borne by CIT. CIT bears the costsof property tax and land rent. A security deposit of 18 months’ rent is retained by CIT for the term of thelease.


(i) Located in the central region within the Joo Seng Industrial Estate;


(iii) Walking distance from the future Upper Paya Lebar Circle Line MRT Station; and


163

CSE Global Building2 Ubi View, Singapore 408556

Occupancy: 100.0%


Vendor: CSE Global Limited (“CSE”)


Description

CSE Global Building is located on the northern side of Ubi View, at the south-western junction of UbiRoad 3 and Ubi Avenue 3, off Eunos Link and approximately 10 km from the City Centre. Theimmediate surroundings comprise both private and JTC/HDB light industrial buildings, flatted/terracefactories and car showrooms/workshops. Labour supply is available from the nearby Ubi, Eunos andBedok HDB housing estates. Accessibility to other parts of the island is enhanced by its proximity to theEunos MRT Station and the Pan-Island Expressway.

The Property is a five-storey light industrial building. It is served by a passenger lift, a cargo lift andreinforced concrete staircases. A variable refrigerant volume air-conditioning system is provided for thewhole building except for the first storey assembly area. The Property is protected by a modern fireprotection system and other site improvements include a paved driveway, guard house and aloading/unloading bay.

Key Statistics


GFA 4,055.6 sq m


Land lease expiry/title 2059/Leasehold estate of 60 years w.e.f.4 January 1999


2002





164

Tenancy Information

Upon the completion of the Sale and Purchase Agreement, CSE, the Vendor of the Property, leasedback the Property for a period of 10 years and 7.0% rental escalations on the commencement of thefourth and seventh year by 7.0% over the preceding year’s rent. CSE bears the costs of property tax,insurance in relation to goods and fixtures within the premises, industrial all risks, all plate glass,windows and doors upon the premises and public liability and property maintenance, save for capitalexpenditure exceeding S$2,000 per occurrence which is agreed to be borne by CIT. A security depositof 15 months’ rent is retained by CIT for the term of lease.


(i) Located in the central region within the Kampong Ubi Industrial Estate;

(ii) Easily accessible via the Pan-Island Expressway and the future Kallang/Paya Lebar Expressway;and

(iii) Readily available labour supply and amenities from nearby housing estates.

165

MI Building11 Serangoon North Avenue 5, Singapore554809

Occupancy: 100.0%


Vendor: MI Technologies Pte Ltd (“MITechnologies”)


Description

MI Building is located along Serangoon North Avenue 5, off Yio Chu Kang and within the SerangoonNorth Industrial Estate. It is approximately 12 km from the City Centre. The immediate vicinity isindustrial in nature, comprising purpose-built factories and light industrial factories. The Property iseasily accessible via the Central Expressway.

The Property comprises a part six-and part seven-storey light flatted factory building with a basementlevel. The building is served by two cargo lifts, staircases and two passenger lifts. There is a provisionof three loading/unloading bays for 40-foot containers, 39 surface carpark lots and three lorry surfaceparking lots. The buildings are equipped with a fire alarm, fire extinguishers, sprinkler system andhosereel.

Key Statistics


GFA 13,621.4 sq m


Land lease expiry/title 2057/Leasehold estate of 30 years + 30years w.e.f. 16 April 1997


2002





166

Tenancy Information

Upon completion of the Sale and Purchase Agreement, MI Technologies, the Vendor of the Property,leased back the Property for a period of seven years with 5.0% rental escalations on thecommencement of the third and fifth year of the lease term. MI Technologies bears the costs ofinsurance in relation to goods and fixtures within the premises, industrial all risks, all plate glass,windows and doors upon the premises and public liability and property maintenance, save for capitalexpenditure exceeding S$2,000 per occurrence which is agreed to be borne by CIT. CIT bears the costsof property tax and land rent. A security deposit of 18 months’ rent is retained by CIT for the term of thelease.


(i) Centrally located within the Serangoon North Industrial Estate;

(ii) Easily accessible via the Central Expressway; and

(iii) Readily available labour supply and amenities from the Serangoon North and other nearbyhousing estates.

167

Olivine Building130 Joo Seng Road, Singapore 368357

Occupancy: 100.0%


Vendor: Olivine Magnetics Pte Ltd (“Olivine”)


Description

Olivine Building is located on the southern side of Joo Seng Road, near its junction with KampongAmpat, off MacPherson Road and approximately eight km from the City Centre. The immediatesurroundings are an established industrial estate comprising both private and JTC/HDB light industrialbuildings, flatted/terrace factories and warehouses. Accessibility to other parts of the island isenhanced by its proximity to the Woodleigh MRT Station, the Pan-Island Expressway and the CentralExpressway.

The Property is a seven-storey light industrial building. It is served by a passenger lift, a service lift, acargo lift and reinforced concrete staircases. The premises are cooled by a split-unit air-conditioningsystem and protected by a modern fire protection. Other site improvements include guard houses, asub-station, loading and unloading bays, and surface car parking lots.

Key Statistics


GFA 10,992.3 sq m




1996





168

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Olivine, the Vendor of the Property, leased backthe Property for a period of seven years with 5.0% rental escalations on the commencement of the thirdand fifth year. A security deposit of 24 months’ rent was originally retained by CIT. CIT and Olivine haveagreed, and are in the process of formalising an agreement, to adjust the lease term of the Propertyfrom seven years to three years and seven days and to reduce the security deposit from 24 months tothree months. Olivine will bear the costs of insurance in relation to goods and fixtures within thepremises, industrial all risks, all plate glass, windows, and doors upon the premises and public liabilityand property maintenance, save for capital expenditure exceeding S$2,000 per occurrence which isagreed to be borne by CIT. CIT bears the costs of property tax and land rent.


(i) Located in the central region within the Joo Seng Industrial Estate;


(iii) Under one km from the future Upper Paya Lebar Circle Line MRT Station; and


169

Panasonic Building2 Jalan Kilang Barat, Singapore 159346

Occupancy: 100.0%


Vendor: S C Merah Pte Ltd (“S C Merah”)


Description

Panasonic Building is located along Jalan Kilang Barat, at its junction with Jalan Bukit Merah and isapproximately five km from the City Centre. Amenities such as a food centre, banks and shops areprovided within Bukit Merah Central and Alexandra Village. Public bus transport is available along JalanBukit Merah.

The Property comprises a nine-storey multiple-user clean and light industrial development with abasement car park and other ancillary facilities. The building is served by two passenger lifts, a servicelift and two loading/unloading bays. Car parking facilities are available at the basement level, secondand third storeys. The building is fitted with central/split-unit air-conditioners, fire alarm, fireextinguishers, sprinkler system and hosereel.

Key Statistics


GFA 7,678.6 sq m


Land lease expiry/title 2062/Leasehold estate of 99 years w.e.f.1 July 1963


2002





170

Tenancy Information

Upon completion of the Sale and Purchase Agreement, S C Merah, the Vendor of the Property, leasedback the Property for a period of five years with 5.0% rental escalations on the commencement of thethird year of the lease term. S C Merah bears the costs of insurance in relation to all loss and damageto the Property, loss of rent and public liability and property maintenance, save for capital expenditureincluding the replacement of mechanical and electrical equipment exceeding S$2,000 per occurrencewhich is agreed to be borne by CIT. CIT bears the costs of property tax. A security deposit of 10 months’rent is retained by CIT during the term of the lease.


(i) Located in the central region and prominently situated along Jalan Bukit Merah;

(ii) Easily accessible via the Ayer Rajah Expressway and the Central Expressway;

(iii) Modern high-tech building with a multi-national corporation tenant; and


171

MEC TechnoCentre87 Defu Lane 10, Singapore 539219

Occupancy: 100.0%


Vendor: The Excalibur Corporation Pte Ltd(“Excalibur”)


Description

MEC TechnoCentre is located on the western side of Defu Lane 10, off Hougang Avenue 3, within theDefu Industrial Estate and approximately 11.5 km from the City Centre. The immediate localitycomprises a mixture of purpose-built factories and standard JTC factories/workshops. The Propertyhas easy access to other parts of the city via the Pan-Island Expressway, the Tampines Expresswayand the Central Expressway. The nearest MRT Station at Kovan is within 5 -10 minutes’ drive.

The Property is a six-storey purpose-built detached factory building. It is served by one passenger liftand two cargo/service lifts and supplemented with reinforced concrete staircases. The building isequipped with an air-conditioning system and a fire protection system comprising a fire alarm with watersprinklers, hosereels and fire extinguishers. Other site improvements include paved driveways, a guardhouse, bin centre and a significant number of surface/basement car parking lots. Loading/unloadingbays with dock levellers are available within the compound.

Key Statistics


GFA 9,365.2 sq m


Land lease expiry/title 2050/Leasehold estate of 30 years + 30years w.e.f. 1 November 1990


1995





172

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Excalibur, the Vendor of the Property, leasedback the Property for a period of seven years with 5.0% rental escalations on the commencement ofthe third and fifth year of the lease term. Excalibur bears the costs of property tax, land rental, insurance(in relation to goods and fixtures within the premises, loss of rent, all plate glass, windows and doorsupon the premises and public liability and property maintenance, save for capital expenditure includingthe replacement of mechanical and electrical equipment exceeding S$2,000 per occurrence which isagreed to be borne by CIT. A security deposit of 15 months’ rent is retained by CIT during the term ofthe lease.


(i) Prominently located along Hougang Avenue 3 within the Defu Industrial Estate;


(iii) Readily available labour supply and amenities from the Hougang and other nearby housingestates.

173

86/88 International RoadSingapore 629176/629177

Occupancy: 100.0%

Property Use: Industrial and Warehousing

Vendor: Gliderol Doors (S) Pte Ltd (“GliderolDoors”)


Description

86/88 International Road is located along International Road. It is approximately 20 km from the CityCentre. The surrounding area is predominantly industrial in nature, comprising mainly JTC standardfactories and purpose-built factories. Public transportation and all other urban amenities such as publiccanteens are available in the vicinity. The Property is easily accessible from the Ayer RajahExpressway.

The Property comprises two blocks of single-storey industrial/warehouse buildings with a three-storeyoffice annex each. The buildings accommodate ancillary offices, production and warehouse areas andare served by one passenger lift each. Other site improvements include a tarmac/concrete driveway,two guard houses, chain-link fencing with two metal main gates and car parking facilities.

Key Statistics


GFA 12,772.5 sq m




1997





174

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Gliderol Doors, the Vendor of the Property,leased back the Property for a period of seven years with an option to renew for five years and with5.0% rental escalations on the commencement of the third and fifth year of the lease term. GliderolDoors bears the costs of insurance in relation to goods and fixtures within the premises, industrial allrisks and public liability and property maintenance save for capital expenditure including thereplacement of mechanical and electrical equipment exceeding S$2,000 per occurrence which isagreed to be borne by CIT. CIT bears the costs of property tax and land rent. A security deposit of 12months’ rent is retained by CIT during the term of the lease.



(ii) Easily accessible via the Pan-Island Expressway and the Ayer Rajah Expressway; and


175


Occupancy: 100.0%


Vendor: Uchem Products Pte Ltd (“UchemProducts”)


Description

23 Tuas Avenue 10 is located on the northern side of Tuas Avenue 10, off Tuas Avenue 1 and JalanAhmad Ibrahim, within the Jurong Industrial Estate and approximately 27 km from the City Centre. Theimmediate surroundings comprise a mixture of detached factories, workshops and standard JTCfactories. The Property has easy access to the Pan-Island Expressway, the Ayer Rajah Expresswayand the Bukit Timah Expressway, whilst the Tuas Checkpoint at the Second Link is just a few minutes’drive away.

The Property is a four-storey purpose built detached factory building. It is served by one passenger liftand two cargo lifts and supplemented by reinforced concrete staircases. It is equipped with a fireprotection system and other site improvements include paved driveways, guard houses, a bin centre,sub-station and a significant number of lorry/car parking lots. Loading/unloading bays with eight docklevellers are available.

Key Statistics


GFA 9,504.9 sq m




2001





176

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Uchem Products, the Vendor of the Property,leased back the Property for a period of seven years with 5.0% rental escalations on thecommencement of the third and fifth year of the lease term. Uchem Products bears the costs ofinsurance in relation to goods and fixtures within the premises, industrial all risks, all plate glass,windows, and doors upon the premises and public liability and property maintenance, save for capitalexpenditures exceeding S$2,000 per occurence which is agreed to be borne by CIT. CIT bears thecosts of property tax and land rent. A security deposit of 18 months’ rent is retained by CIT during theterm of the lease.





177

9 Tuas View CrescentSingapore 637612

Occupancy: 100.0%


Vendor: United Central Engineering Pte Ltd(“United Central Engineering”)


Description

9 Tuas View Crescent is located along Tuas View Crescent, off Tuas South Avenue 3. It isapproximately 26 km from the City Centre. The surrounding area is predominantly industrial in nature,generally comprising JTC standard and purpose-built factories. It is accessible from the Ayer RajahExpressway.

The Property comprises a single-storey production/warehouse and a three-storey office building. TheProperty is equipped with a fire alarm, fire extinguisher and hosereels. The floor loading capacity foreach storey of the office building is 7.5 kN/m2 and for the production factory is 10 kN/m2. Other siteimprovements include a tarmac driveway, bin centre, guard room and metal grille/chain-link fencingwith two pairs of metal gates.

Key Statistics


Gross floor area 6,650.1 sq m




2001





178

Tenancy Information

Upon completion of the Sale and Purchase Agreement, United Central Engineering, the Vendor of theProperty, leased back the Property for a period of seven years with 5.0% rental escalations on thecommencement of the third and fifth year of the lease term. United Central Engineering bears the costsof insurance in relation to goods and fixtures within the premises, industrial all risks, all plate glass,windows and doors upon the premises and public liability and property maintenance, save for capitalexpenditure exceeding S$2,000 per occurrence which is agreed to be borne by CIT. CIT bears the costsof property tax and land rent. A security deposit of 24 months’ rent is retained by CIT for the term of thelease.


(i) Located within the Jurong Industrial Estate; and

(ii) Readily available labour supply from Johor Bahru, Malaysia via the Second Link.

179

27 Pandan CrescentSingapore 128476

Occupancy: 100.0%


Vendor: Wong Sam Ngian Engineering (Pte)Ltd (“Wong Sam Ngian”)


Description

27 Pandan Crescent is located near the end of Pandan Crescent, off the West Coast Highway andapproximately 14 km from the City Centre. It lies within JTC’s Pandan Industrial Estate. The immediatevicinity comprises a mixture of purpose-built factories, workshops, motor showrooms/service centresand warehouses. Public transport is available along the main arterial roads. The nearest MRT Stationis at Clementi, which is within a 2-km radius. Accessibility to other parts of the island is facilitated viathe nearby Ayer Rajah Expressway, the Pan-Island Expressway and the West Coast Highway, all withina short drive away.

The Property is a part single/part three-storey factory building with ancillary offices. It is served by acargo lift and reinforced concrete staircases. A modern fire protection system is provided. Other siteimprovements include a paved driveway, guard house, bin centre, loading and unloading bays and asignificant number of car parking lots.

Key Statistics


GFA 6,914.5 sq m


Land lease expiry/title 2055/Leasehold estate of 30 years + 30years w.e.f. 16 May 1995


1997





180

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Wong Sam Ngian, the Vendor of the Property,leased back the Property for a period of seven years with 5.0% rental escalations on thecommencement of the third and fifth year of the lease term. Wong Sam Ngian bears the costs ofproperty tax, land rent, insurance in relation to goods and fixtures within the premises, industrial specialrisks, and public liability and property maintenance. A security deposit of 18 months’ rent is retained byCIT for the term of the lease.


(i) Located within the Pandan Industrial Estate;

(ii) Easily accessible via the West Coast Highway and the Ayer Rajah Expressway; and


181

7 Gul LaneSingapore 629406

Occupancy: 100.0%

Property Use: Industrial

Vendor: BG Casting Pte Ltd (“BG Casting”)


Description

7 Gul Lane is located along Gul Lane, at its junction with Gul Crescent, off Gul Circle. It is approximately25 km from the City Centre and is easily accessible via the Ayer Rajah Expressway. The surroundingarea is predominantly industrial in nature, comprising mainly JTC standard factories and somepurpose-built factories.

The Property comprises a single-storey purpose-built factory building with a mezzanine level. Siteimprovements include a tarmac/concrete driveway, covered car park lots, guard house/bin centre andchain-link fencing with a pair of metal main gates. The building is equipped with a fire alarm, fireextinguishers, hosereel and break glass system.

Key Statistics


GFA 4,499.0 sq m




1984





182

Tenancy Information

Upon completion of the Sale and Purchase Agreement, BG Casting, the Vendor of the Property, leasedback the Property for a period of seven years with 5.0% rental escalations on the commencement ofthe third and fifth year of the lease term. BG Casting bears the costs of insurance in relation to goodand fixtures within the premises, all plate glass, windows and doors upon the premises and publicliability and property maintenance, save for capital expenditure exceeding S$2,000 per occurrencewhich is agreed to be borne by CIT. CIT bears the costs of property tax and land rent. A security depositof 18 months’ rent is retained by CIT during the term of the lease.





183

31 Kian Teck WaySingapore 628751

Occupancy: 100.0%


Vendor: Brilliant Magnesium Pte Ltd (“BrilliantMagnesium”)


Description

31 Kian Teck Way is located along Kian Teck Way off Pioneer Road North. It is approximately 25 kmfrom the City Centre. The surrounding area is predominantly industrial in nature, comprising mainly JTCstandard factories and some purpose-built factories with amenities like food centres. The Property isapproximately 1.3 km from the Ayer Rajah Expressway and the Pan-Island Expressway.

The Property comprises a part single and part two-storey detached factory building, served by a cargolift. Site improvements include a concrete driveway, a guard house/bin centre and a pair of metal slidinggates. The building is equipped with a fire alarm, fire extinguishers, sprinklers and hosereel.

Key Statistics


GFA 3,074.0 sq m


Land lease expiry/title 2042/Leasehold estate of 30 years + 19years w.e.f. 1 September 1993


1998





184

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Brilliant Magnesium, the Vendor of theProperty, leased back the Property for a period of seven years with 5.0% rental escalations on thecommencement of the third and fifth year of the lease term. Brilliant Magnesium bears the costs ofinsurance in relation to goods and fixtures within the premises, loss of rent, all plate glass, windows anddoors upon the premises and public liability and property maintenance, save for capital expenditureexceeding S$2,000 per occurrence which is agreed to be borne by CIT. CIT bears the costs of propertytax and land rent. A security deposit of 18 months’ rent is retained by CIT during the term of the lease.





185

Techplas Industrial Building45 Changi South Avenue 2Singapore 486133

Occupancy: 100.0%


Vendor: Chung Shan Plastics Pte Ltd (“ChungShan Plastics”)


Description

Techplas Industrial Building is located at the northern junction of Changi South Avenue 2 and ChangiSouth Avenue 4, within Changi South Industrial Estate, off Xilin Avenue and approximately 18.5 kmfrom the City Centre. The locality comprises mainly purpose-built industrial buildings with a variety ofuses including air-freight logistics and distribution, manufacturing, hi-technology businesses, data andsoftware enterprises and research and development. The Expo MRT Station and Changi InternationalAirport are just a few minutes’ drive away. Accessibility to other parts of the island is enhanced by itsclose proximity to the East Coast Parkway, the Tampines Expressway and the Pan-Island Expressway.

The Property is a purpose-built four-storey detached factory. The premises are served by a passengerlift and one cargo lift. Modern fire fighting equipment is provided within the development as well as a24-hour security guard service and loading and unloading bays. The compound is enclosed withplastered brick walls and chain-link fencing with an automatic sliding metal gate. Other siteimprovements include paved driveways, surface car parking lots, and a bin centre.

Key Statistics


GFA 6,845.5 sq m


Land lease expiry/title 2055/Equitable leasehold estate of 30 years+ 30 years w.e.f. 1 September 1995

See “Annex VII — Principle Terms of theProperty Agreements and Further Details onthe Enlarged Portfolio — 45 Changi SouthAvenue 2 Singapore 486133 — FurtherDetails on the Property”.


2001





186

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Chung Shan Plastics, the Vendor of theProperty, leased back the Property for a period of 10 years with 7.0% rental escalations on thecommencement of the fourth and seventh year of the lease term. Chung Shan Plastics bears the costsof land rent, property tax, insurance in relation to goods and fixtures within the premises, fire, burglaryand consequential loss, all plate glass, windows and doors upon the premises and public liability andproperty maintenance, save for capital expenditure exceeding S$2,000 per occurrence which is agreedto be borne by CIT. A security deposit of 24 months’ rent is retained by CIT during the term of the lease.


(i) Located within the Changi South Industrial and Logistics Park;

(ii) Easily accessible via the Pan-Island Expressway and the East Coast Parkway; and

(iii) Close proximity to Changi International Airport, Changi Business Park and Singapore Expo.

187

2 Tuas South Avenue 2Singapore 637601

Occupancy: 100.0%


Vendor: CS Industrial Land Pte Ltd (“CSIndustrial Land”)


Description

2 Tuas South Avenue 2 is bounded by Tuas South Avenue 2, Tuas South Avenue 1 and Tuas SouthAvenue 3 within the Jurong Industrial Estate. It is approximately 30 km from the City Centre. Thesurroundings comprise mainly standard and purpose-built factories. Eating amenities are available inthe vicinity. Accessibility of the area is enhanced by a good network of roads, with links to the AyerRajah Expressway.

The Property comprises a part four/part six-storey single-user industrial development with ancillaryfacilities and basement car parking. The building is equipped with a fire alarm, fire extinguishers,sprinkler system and hosereel and two cargo lifts and three passenger lifts. The office area is equippedwith a security access card system.

Key Statistics


GFA 20,474.1 sq m


Land lease expiry/title 2059/Leasehold estate of 60 years w.e.f.4 January 1999


2006





188

Tenancy Information

Upon completion of the Sale and Purchase Agreement, CS Industrial Land, the Vendor of the Property,leased back the Property for a period of seven years with an option to renew for five years and 5.0%rental escalations on the commencement of the third and fifth year of the lease term. CIT bears thecosts of property tax. CS Industrial Land bears the costs of insurance in relation to goods and fixtureswithin the premises, industrial all risks, all plate glass, windows and doors upon the premises and publicliability and property maintenance. A security deposit of 12 months’ rent is retained by CIT during theterm of the lease.





189

28 Woodlands LoopSingapore 738308

Occupancy: 100.0%


Vendor: Sanwa Plastic Industry Pte Ltd(“Sanwa Plastic Industry”)


Description

28 Woodlands Loop is located on the eastern side of Woodlands Loop, off Woodlands Avenue 10,within Woodlands East Industrial Estate, and approximately 25 km from the City Centre. The immediatesurrounding locality comprises a mixture of detached factories, workshops and standard JTC factories.The Senoko Industrial Estate, Woodlands Spectrum and Woodlands Central Industrial Estate are all inthe vicinity. Public transportation is available along Woodlands Avenues 7 and 10 with a feeder busservice to the Woodlands Bus Interchange. The Admiralty MRT Station is just a short drive away.

The Property is a four-storey light industrial building served by one passenger lift and two cargo lifts andsupplemented by reinforced concrete staircases. It is equipped with 24-hour guard surveillance andalarm system and a fire protection system comprising a fire alarm with hosereels and fire extinguishers.Other site improvements include paved driveways, a guard house, bin centre and 45 covered/non-covered car park lots. Loading/unloading bays are available at the rear of the building.

Key Statistics


GFA 12,249.9 sq m




1998





190

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Sanwa Plastic Industry, the Vendor of theProperty, leased back the Property for a period of seven years with 5.0% rental escalations on thecommencement of the third and fifth year of the lease term. CIT bears the costs of property tax and landrent. Sanwa Plastic Industry bears the costs of insurance in relation to goods and fixtures within thepremises, industrial all risks and public liability and property maintenance, save for capital expenditureexceeding S$2,000 per occurrence which is agreed to be borne by CIT. A security deposit of 12 months’rent is retained by CIT during the term of the lease.


(i) Located within the Woodlands Industrial Estate;

(ii) Easily accessible via the Bukit Timah Expressway and the Seletar Expressway; and

(iii) Readily available labour supply and amenities from the Woodlands and other nearby housingestates.

191

Standard Form Building37 Tampines Street 92, Singapore 528885

Occupancy: 100.0%


Vendor: Standard Form Pte Ltd (“StandardForm”)


Description

Standard Form Building is located along Tampines Street 92, accessible via Tampines Avenue 1. It isapproximately 13 km from the City Centre. The surrounding area generally comprises a mixture ofindustrial and residential developments with amenities like a food centre, market and educationalinstitutions. Public transportation facilities are available along Tampines Avenue 1 and Avenue 5. ThePan-Island Expressway is easily accessible.

The Property comprises a four-storey purpose-built industrial building with a basement carpark whichis served by two passenger lifts, two cargo lifts and staircases. Fire protection system includessmoke/heat detectors, alarm, hosereel and fire sprinklers. Other improvements include open carparklots, 22 basement carpark lots, and loading/unloading bays.

Key Statistics


GFA 10,733.2 sq m


Land lease expiry/title 2054/Leasehold estate of 30 years + 30years w.e.f. 1 September 1994


2003





192

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Standard Form, the Vendor of the Property,leased back the Property for a period of seven years with 5.0% rental escalations on thecommencement of the third and fifth year of the lease term. Standard Form bears the costs of insurancein relation to industrial all risks and public liability and property maintenance, save for capitalexpenditure exceeding S$2,000 per occurrence which is agreed to be borne by CIT. CIT bears the costsof property tax and land rent. A security deposit of 16 months’ rent is retained by CIT during the termof the lease.


(i) Located within the Tampines Industrial Estate, prominently situated along the Pan-IslandExpressway;

(ii) Easily accessible via the Pan-Island Expressway and the Tampines Expressway; and

(iii) Readily available labour supply and amenities from Tampines and nearby housing estates.

193

16 Tuas Avenue 18ASingapore 638864

Occupancy: 100.0%


Vendor: Standard Form


Description

16 Tuas Avenue 18A is located along Tuas Avenue 18A off Tuas Crescent. It is approximately 28 kmfrom the City Centre. The Property is within the Jurong Industrial Estate which comprises bothpurpose-built as well as standard JTC factories. Labour supply is readily available at the nearbyhousing estate. Access to the Property is facilitated by the Pan-Island Expressway, the Ayer RajahExpressway and the Tuas Checkpoint between Singapore and Malaysia.

The Property comprises a part one/part three-storey factory building. The building is equipped with afire alarm system, fire extinguishers and hosereels.

Key Statistics


GFA 3,168.0 sq m


Land lease expiry/title 2051/Leasehold estate of 30 years + 30years w.e.f. 1 March 1991


1994





194

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Standard Form, the Vendor of the Property,leased back the Property for a period of seven years with 5.0% rental escalations on thecommencement of the third and fifth year of the lease term. Standard Form bears the costs of insurancein relation to industrial all risks and public liability and property maintenance, save for capitalexpenditure exceeding S$2,000 per occurrence which is agreed to be borne by CIT. CIT bears the costsof property tax and land rent. A security deposit of 16 months’ rent is retained by CIT during the termof the lease.





195

160 Kallang WaySingapore 349246

Occupancy: 100.0%

Property Use: Self Storage and Warehousing

Vendor: StorHub Self Storage Pte Ltd(“StorHub Self Storage”)


Description

160 Kallang Way is located on the north-eastern side of Kallang Way, off the Pan-Island Expressway,Aljunied Road and MacPherson Road, and approximately eight km from the City Centre. The localityis predominantly industrial in nature. Accessibility to other parts of Singapore is enhanced by itsproximity to the Pan-Island Expressway, the Central Expressway and the Aljunied MRT Station.

The Property is a part four/part five-storey with mezzanine level light industrial building. It is served byone passenger lift and four cargo lifts and supplemented by reinforced concrete staircases. Thebuilding is equipped with ventilation fans, air-conditioning system, sensor-triggered light system,biometric security access system and climate-controlled storehub units. It is further equipped with a fireprotection system comprising a fire alarm with water sprinklers, hosereels and fire extinguishers andmonitored by 24-hour surveillance cameras and a security guard service. Other site improvementsinclude a paved driveway, guardhouses, a bin centre and 37 covered car parking lots and 51 surfacecar parking lots. Loading/unloading bays are available at the side of the building.

Key Statistics


GFA 29,970.9 sq m


Land lease expiry/title 2033/Leasehold estate of 60 years w.e.f.16 February 1973


1976





196

Tenancy Information

Upon completion of the Sale and Purchase Agreement, StorHub Self Storage, the Vendor of theProperty, leased back the Property for a period of 10 years with 7.0% rental escalations on thecommencement of the fourth and seventh year of the lease term. StorHub Self Storage bears the costsof land rent, property tax, insurance in relation to goods and fixtures within the premises, industrial allrisks and public liability and property maintenance. A security deposit of 15 months’ rent is retained byCIT during the term of the lease.


(i) Centrally located in the MacPherson Industrial Estate;

(ii) Easily accessible to the Central Business District, Jurong Port and Changi International Airport viathe Pan-Island Expressway and the future Kallang/Paya Lebar Expressway;

(iii) Specifically designed for self-storage use; and


197

23 Lorong 8 Toa PayohSingapore 319257

Occupancy: 100.0%

Property Use: Car Showroom/Workshop

Vendor: Exklusiv Auto Services Pte Ltd(“Exklusiv”)


Description

23 Lorong 8 Toa Payoh is located on the north-eastern side of Lorong 8 Toa Payoh, north of Toa PayohIndustrial Park, off Braddell Road and approximately 9.5 km from the City Centre. The locality is mixedin nature comprising industrial developments, educational institutions and HDB flats. Publictransportation is available along Lorong 8 Toa Payoh whilst labour supply is readily available from thenearby Toa Payoh, Bishan, Kim Keat and Potong Pasir HDB housing estates. A host of amenities arereadily available within the Toa Payoh Town Centre and HDB Hub, just a short drive away. Accessibilityto other parts of Singapore is enhanced by its proximity to the Pan-Island Expressway and the CentralExpressway and the Braddell and Toa Payoh MRT Stations.

The Property is a part two/part three-storey motor vehicle workshop with an ancillary motor vehicleshowroom and office. Vertical access within the building is via reinforced concrete staircases. There isa ramp-up facility at one side of the building leading to the second storey. Air-conditioning is providedfor the office and showroom areas. Fire protection is via hosereels, fire extinguishers, a smoke detectorand fire alarm. A 24-hour security guard service is also provided. Other site improvements include apaved driveway, guardhouse, bin centre, 22KV substation, hoist facility and loading /unloading bay.

Key Statistics


GFA 4,718.7 sq m




1994





198

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Exklusiv, the Vendor of the Property, leasedback the Property for a period of seven years with 5.0% rental escalations on the commencement ofthe third and fifth year of the lease term. Exklusiv bears the costs of insurance in relation to industrialall risks and public liability and property maintenance, save for capital expenditure exceeding S$2,000per occurrence which is agreed to be borne by CIT. CIT bears the costs of land rent and property tax.A security deposit of 15 months’ rent is retained by CIT during the term of the lease.


(i) Located in the central region within the Toa Payoh Industrial Estate and along the car showroombelt;

(ii) Easily accessible via the Pan-Island Expressway and the Central Expressway;

(iii) Approved for use as a motor vehicle showroom and workshop, which is sought after by majormotorcar distributors; and

(iv) Readily available labour supply and amenities from the Toa Payoh and other nearby housingestates.

199

NEW PROPERTIES

Armorcoat International Building361 Ubi Road 3Singapore 408664

Occupancy:100.0%

Property Use:Light Industrial

Vendor: Armorcoat International Pte Ltd(“Armorcoat”)

Acquisition Completion Date: 8 June 2007

Description

Armorcoat International Building is located along Ubi Road 3, approximately 15 km from the city centreat Collyer Quay. The immediate surroundings comprise both private and JTC/HDB light industrialbuildings, flatted/terrace factories and car showrooms/workshops. Labour supply and amenities areavailable from the nearby Hougang, Eunos, Bedok and MacPherson housing estates. Accessibility toother parts of the island is enhanced by its proximity to the Eunos MRT Station and the Pan-IslandExpressway.

The Property is a five-storey industrial building with a basement carpark level and a roof top swimmingpool. The building was constructed with reinforced concrete frames and with plastered infill brickwalls,reinforced concrete floors, staircases and a flat roof. Fenestration comprises aluminum framed glasswindows. Vertical transportation within the building is facilitated by two cargo lifts and one passengerlift.

Key Statistics


GFA 8,997.0 sq m




2002


Valuation S$18,900,000 (by Jones Lang LaSalle on 27July 2007)


200

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Chartered World Academy Pte Ltd (“CWA”) andArmorcoat, the Vendors of the Property, leased the Property from the Trustee for a period of 10 years,and with 7.0% rental escalations on the commencement of the fourth and seventh year of the leaseterm. The further rental escalation for the seventh year is applicable immediately before thecommencement of the seventh year. CWA is a related company of Armorcoat, the Vendor of theProperty, through common directorships. CWA and Armorcoat are responsible for and bear the costsof property maintenance, public liability, content and loss of rent insurance and capital expenditures inrespect of the Property. CIT bears the costs of property tax and the land rental levied by HDB. A securitydeposit of 24 months of the prevailing rent is retained by CIT during the term of lease together withpersonal guarantees from a director of Armorcoat and a director of CWA which were provided oncompletion of the acquisition.


(i) Centrally located within Kampong Ubi Industrial Estate which is in close proximity to upcomingCircle Line MRT;


(iii) Readily available labour supply and amenities from the nearby Hougang, Eunos, Bedok andMacPherson housing estates.

201

Lam Soon Industrial Building63 Hillview AvenueSingapore 669569

Occupancy:100.0%

Property Use:Light industrial

Vendor: Lam Soon Realty (Pte) Ltd (“LamSoon”)

Acquisition Completion Date: 29 March 2007

Description

Lam Soon Industrial Building is located along Hillview Avenue and is easily accessible via thePan-Island Expressway and the Bukit Timah Expressway. The surrounding area is predominantlyresidential in nature comprising mainly condominiums and apartments. Labour supply is available fromthe nearby Bukit Batok, Jurong East and Clementi housing estates.

The Property comprises 97 out of 154 strata units within the 10-storey Lam Soon Industrial Building,representing 69.4% of the share value of the strata units comprised in the Property. The building isserviced by four passenger lifts and six cargo lifts with 205 parking lots located on the first, third andsixth storeys.

Key Statistics

Land area 21,452.7 sq m (whole development)

Strata area 35,537.0 sq m (inclusive of void area of8,008.0 sq m)

Lettable Area 35,537.0 sq m (inclusive of void area of8,008.0 sq m)

Land lease expiry/title Freehold title to 97 strata units in Lam SoonIndustrial Building


1987




202

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Lam Soon, the Vendor of the Property, leasedback the Property from the Trustee for a period of seven years with an option to renew for a further termon such terms and conditions as may be agreed between the parties, and with 5.0% rental escalationson the commencement of the third and fifth year of the lease term. Lam Soon bears the cost of propertytax, public liability, content and loss of rent insurance, maintenance and conservancy charges includingsinking fund and capital expenditures in respect of the Property. A security deposit of 12 months’ rentis retained by CIT during the term of the lease.


(i) Located along Hillview Avenue, a location which was rezoned from industrial to residential in the1990s. The majority of the surrounding properties have been redeveloped into apartments andcondominiums, making this building unique to its location;

(ii) Easily accessible via the Pan-Island Expressway; and

(iii) Readily available labour supply and amenities from the nearby Bukit Batok, Jurong East andClementi housing estates.

203

Mintwell Building55 Ubi Avenue 3Singapore 408864

Occupancy:100.0%


Vendor: Mintwell Industry Pte Ltd (“Mintwell”)

Acquisition Completion Date: 27 February2007

Description

Mintwell Building is located at the north-western junction of Ubi Avenue 3 and Ubi Road 3, off EunosLink and approximately 10 km from the Fullerton Hotel. The immediate surroundings comprise bothprivate and JTC/HDB light industrial buildings, flatted/terrace factories and car showrooms/workshops.Labour supply is available from the nearby Hougang, Eunos, Bedok and MacPherson housing estates.Accessibility to other parts of the island is enhanced by its proximity to the Eunos MRT Station and thePan-Island Expressway.

The Property is a five-storey light industrial building with an ancillary showroom area on the first storey.The building is well-equipped with modern fire-protection, security and central/split air-conditioningsystems. Vertical access within the building is facilitated via two passenger lifts and two cargo lifts andsupplemented by reinforced concrete staircases.

Key Statistics


GFA 13,111.9 sq m




1999


Valuation S$19,500,000 (by Colliers on 27 July 2007)


204

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Mintwell, the Vendor of the Property, leasedback the Property from the Trustee for a period of five years with an option to renew for five years, andwith 5.0% rental escalations on the commencement of the third year of the lease term. Mintwell bearsthe cost of land rent levied by HDB, property tax, property maintenance, public liability, content and lossof rent insurance and capital expenditures in respect of the Property. A security deposit of 24 months’rent is retained by CIT during the term of the lease at a reducing rate as follows:–

(i) 24 months’ rent for the first two years from the date of commencement of the lease(“Commencement Date”);

(ii) 18 months’ rent for the third year from the Commencement Date; and

(iii) 12 months’ rent for the fourth and fifth years from the Commencement Date,

together with personal guarantees from two Mintwell’s directors which were provided on completion ofthe acquisition.


(i) Centrally located within Kampong Ubi Industrial Estate and in close proximity to the upcomingCircle Line MRT Stations;


(iii) Readily available labour supply and amenities from the nearby Hougang, Eunos, Bedok andMacPherson housing estates.

205

28 Senoko DriveSingapore 758214

Occupancy:100.0%

Property Use:Industrial and warehousing

Vendor: Tat Seng Packaging Group Ltd (“TatSeng”)


Description

28 Senoko Drive is located along Senoko Drive, off Admiralty Road West and is within the WoodlandsEast Industrial Estate. It is located approximately 25.5 km from the city centre at Collyer Quay. Thebuildings surrounding the Property are a mixture of detached factories, workshops and various JTCfactories. In the vicinity, there are several industrial estates such as the Senoko Industrial Estate,Woodland Spectrum and Woodlands Central Industrial Estate. The Admiralty MRT Station is about afive to seven minute drive away.

The Property is a single-storey warehouse/industrial block with a four-storey ancillary office building.The building is constructed of reinforced concrete frames with plastered infill brickwalls, reinforcedconcrete floors, staircases and metal roofing sheets/reinforced concrete flat roof. The four-storeybuilding is finished with ceramic tile cladding. Fenestration comprises aluminum framed glass windows.The Property is serviced by three loading bays, 13 parking lots and 14 lorry lots.

Key Statistics


GFA 14,803.0 sq m




1984




206

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Tat Seng, the Vendor of the Property, leasedback the Property from the Trustee for 15 years with an option to renew for a further five years and with7.0% rental escalations on the commencement of the fourth, seventh, tenth and thirteenth year of thelease term. Tat Seng is responsible for and bears the costs of property maintenance, public liability,contents and loss of rent insurance and capital expenditures in respect of the Property. CIT bears thecost of property tax and land rental levied by JTC. A security deposit of 18 months’ rent is retained byCIT during the term of lease.


(i) Located within the Senoko and Woodlands Industrial Estates;

(ii) Easily accessible via the Bukit Timah Expressway and the Seletar Expressway; and

(iii) Readily available labour supply from the Woodlands and Sembawang housing estates and JohorBahru, Malaysia.

207

DP Computers Building128 Joo Seng RoadSingapore 368356

Occupancy:100.0%


Vendor: DP Computers Pte Ltd (“DP”)


Description

DP Computers Building is located at the junction of Joo Seng Road and Kampong Ampat. The Propertyis approximately 10 km away from the city centre at Collyer Quay. The immediate surroundings areestablished industrial estates comprising both private and JTC/HDB light industrial buildings, flatted/terrace factories and warehouses. Accessibility to other parts of the island is enhanced by its proximityto the upcoming Woodleigh MRT Station (on the Circle Line), the Pan-Island Expressway and theCentral Expressway.

The Property is a seven-storey light industrial building with basement carpark and is served by onepassenger and two cargo lifts accompanied by four loading bays and two dock levelers.

Key Statistics


GFA 8,626.0 sq m




1994




208

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Seng Huat Packaging Pte Ltd (“Seng Huat”)and DP, the Vendors of the Property, leased back the Property from the Trustee for a period of sevenyears with an option to renew for a further term of three years, and with 5.0% rental escalations on thecommencement of the third and fifth year of the lease term. Seng Huat is an affiliate of DP throughcommon directorships. DP and Seng Huat are responsible for and bear the cost of propertymaintenance, public liability, content and loss of rent insurance and capital expenditures not exceedingS$10,000 in respect of the Property. CIT bears property tax and land rental levied by HDB and propertytax. A security deposit of 24 months’ rent is retained by CIT during the term of the lease.


(i) Centrally located within the Joo Seng Industrial Estate;

(ii) Easily accessible via the Pan-Island Expressway and the future Kallang/Paya Lebar Expressway.

(iii) Within walking distance to the upcoming Circle Line MRT Station; and

(iv) Readily available labour supply and amenities from the nearby Aljunied, MacPherson, PotongPasir, Serangoon and Hougang housing estates.

209

31 Changi South Avenue 2Singapore 486478

Occupancy:100.0%


Vendor: Presscrete Engineering Pte Ltd(“Presscrete”)


Description

The Property is located along Changi South Avenue 2 and approximately 16 km from the city centre atCollyer Quay. The Property has a part two-storey and part four-storey industrial building with ancillaryoffices and two-storey dormitory block. The building includes one passenger lift, nine parking lots andone cargo hoist.

Key Statistics


GFA 4,705.0 sq m


Land lease expiry/title 2055/Equitable leasehold estate 30 years +30 years w.e.f. 1 March 1995

See “Annex VII — Principle Terms of theProperty Agreements and Further Details ofthe Enlarged Portfolio — 31 Changi SouthAvenue 2 Singapore 486478 — FurtherDetails on the Property”.


1997


Valuation S$5,850,000 (by Jones Lang LaSalle on 22May 2007)


210

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Presscrete leased back the Property from theTrustee for 10 years with an option to renew for a further term of three years, and with 5.0% rentalescalations on the commencement of the third, fifth, seventh and nineth year of the lease term.Presscrete is responsible for and bears the cost of land rental levied by JTC, property tax, propertymaintenance, public liability, content and loss of rent insurance and capital expenditures in respect ofthe Property. A security deposit of 24 months’ rent is retained by CIT during the term of the lease.


(i) Readily available labour supply from surrounding HDB housing estates at Tampines, Pasir Ris,Simei and Bedok;

(ii) Close proximity to Changi International Airport with easy access to highways such as thePan-Island Expressway, the East Coast Parkway and public transportation;

(iii) Ample car parking facilities and adequate loading and unloading spaces; and

(iv) Size and regular layout on each floor are ideal for single or multiple users.

211

Natural Cool Building81 Defu Lane 10Singapore 539217

Occupancy:100.0%


Vendor: Natural Cool Airconditioning &Engineering Pte Ltd (“Natural Cool”)

Expected Acquisition Completion Date:October 2007

Description

The Natural Cool Building is located within the Defu Industrial Estate. It is approximately 11.5 km fromthe city centre at Collyer Quay. The immediate vicinity comprises a mixture of purpose-built factoriesand HDB factories/workshops. The Property has easy access to other parts of the city via thePan-Island Expressway, the Tampines Expressway and the Central Expressway. The nearest MRTStation at Kovan is a five to 10-minute drive away.

The Property consists of a three-storey detached factory and a proposed four-storey block extensionwhich is currently under construction. The building is equipped with fire precaution measures such asfire extinguishers, sprinklers and fire hosereels.

Key Statistics


GFA 4,203.1 sq m


Land lease expiry/title 2050/Leasehold estate 30 years + 30 yearsw.e.f. 1 December 1990


1993


Valuation S$5,120,000 (by Chesterton International on31 March 2007)


212

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Natural Cool, the Vendor of the Property, willlease back the Property from the Trustee for a period of seven years with an option to renew for afurther term of three years, with 5.0% rental escalations on the commencement of the third and fifthyear of the lease term. Natural Cool will bear the cost of property maintenance, and public liability,content and loss of rent insurance and capital expenditures in respect of the Property. Natural Cool willbear property tax and land rental levied by HDB. A security deposit of 12 months’ rent will be retainedby CIT during the term of lease.


(i) Centrally located within the Defu Industrial Estate;


(iii) Readily available labour supply and amenities from the nearby Hougang, Ang Mo Kio, Eunos andBedok housing estates.

213

TARGET PROPERTIES

9 Bukit Batok Street 22Singapore 659585

Occupancy:100.0%


Vendor:Ascender Investment Pte Ltd (“Ascender”)


Description

The Property is located along Bukit Batok East Avenue 6 within the Bukit Batok Industrial Estate.Labour supply is readily available from the nearby Bukit Batok, Jurong East and Clementi housingestates. Accessibility to the Property is enhanced by its proximity to the Pan-Island Expressway andBukit Batok MRT Station.

The Property is a five-storey purpose-built light industrial building with basement carpark, and rampaccess to the second level. The building is served by one passenger and two cargo lifts.

Key Statistics


GFA 14,666.0 sq m


Land lease expiry/title 2053/Leasehold estate 30 years + 30 yearsw.e.f. 1 February 1993


1995


Valuation S$18,400,000 (by Jones Lang LaSalle dated3 April 2007)


214

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Ascender, the Vendor of the Property, will leaseback the Property from the Trustee for a period of seven years with an option to renew for a further termof seven years and with 5.0% rental escalations on the commencement of the third and fifth year of thelease term. Ascender is responsible for and will bear the cost of property maintenance, public liability,content and loss of rent insurance and capital expenditures in respect of the Property. CIT will bearproperty tax and land rent levied by HDB. A security deposit of 36 months’ rent will be retained by CITduring the term of lease together with personal guarantees from Ascender’s two directors which will beprovided on completion of the acquisition.


(i) Located within Bukit Batok HDB new town and easily accessible via the Pan-Island Expressway;

(ii) Within walking distance to the Bukit Batok MRT Station; and

(iii) Readily available labour supply and amenities from the nearby Jurong East, Bukit Batok andClementi housing estates.

215

7 Ubi CloseSingapore 408604

Occupancy:100.0%

Property Use:Car showroom and workshops

Vendor: Exklusiv Auto Services Pte Ltd(“Exklusiv”)


Description

The Property is prominently located at the junction of Ubi Avenue 3 and Eunos Link. The immediatevicinity comprises both private and JTC/HDB light industrial buildings, flatted/terrace factories and carshowrooms/workshops. Labour supply is available from the nearby Ubi, Eunos and Bedok HDBhousing estates. Accessibility to other parts of Singapore is enhanced by its proximity to the EunosMRT Station and the Pan-Island Expressway.

The Property is a four-storey car showroom/workshop served by one passenger lift, one cargo lift anda basement car park.

Key Statistics


GFA 7,116.3 sq m


Land lease expiry/title 2024/Leasehold estate of 30 years w.e.f.1 August 1994


2000


Valuation S$20,700,000 (by Chesterton Internationalon 9 April 2007)


216

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Group Exklusiv Pte Ltd (“GEPL”), an affiliateof Exklusiv, and the Vendor of the Property, will lease the Property from the Trustee for a period ofseven years, and with 5.0% rental escalations on the commencement of the third and fifth year of thelease term. GEPL is responsible for and will bear the cost of property maintenance, public liability,content and loss of rent insurance and capital expenditures in respect of the Property including repairsof a structural nature not exceeding S$10,000. CIT will bear property tax. A security deposit of 24months’ rent will be retained by CIT during the term of lease. CIT will receive a security deposit of 12months’ rent upon completion of the acquisition and will receive the remainder of the security depositwithin six months of the date of completion of the acquisition. A director of GEPL has agreed to executea personal guarantee for the remainder of the security deposit.


(i) Centrally and prominently located along the Eunos motorcar showroom belt;


(iii) Approved as a motor vehicle showroom and workshop making it a desirable location for majormotorcar distributors; and

(iv) Readily available labour supply and amenities available from the nearby Ubi, Eunos and Bedokhousing estates.

217

120 Pioneer RoadSingapore 639597

Occupancy:100.0%


Vendor: Compact Metal Industries Ltd (“CML”)


Description

The Property is prominently located at the junction of Pioneer Road and Tuas West Road. Access tothe Property is facilitated by the Pan-Island Expressway, the Ayer Rajah Expressway and the SecondLink.

The Property comprises a part two- and a part four-storey industrial-cum-warehouse building. Thebuilding is constructed with reinforced concrete frames with plastered infill brickwalls, reinforcedconcrete floors, staircases and roof. The building is finished with glass cladding. Fenestrationcomprises aluminium framed glass windows.

Other site improvements include tarmac driveways, a guardhouse, overhead cranes and enclosedmetal grilles fencing and a metal gate. The Property is equipped with fire precaution measures such asfire alarms, fire extinguishers, sprinklers and hosereel systems.

Key Statistics


GFA 22,716.0 sq m


Land lease expiry/title 2055/Leasehold estate 30 years + 28 yearsw.e.f. 16 February 1997


2001


Valuation S$26,500,000 (by Jones Lang LaSalle dated2 May 2007)

Rental per Annum S$1,938,000

218

Tenancy Information

Upon completion of the Sale and Purchase Agreement, CML, the Vendor of the Property, will leaseback the Property from the Trustee for a period of seven years, and with 5.0% rental escalations on thecommencement of the third and fifth year of the lease term. CML will be responsible for and bear thecost of land rent levied by JTC, property tax, property maintenance, public liability, content and loss ofrent insurance and capital expenditures in respect of the Property. A security deposit of 24 months’ rentwill be retained by CIT during the term of the lease.



(ii) Prominently situated along Tuas West Road at its junction with Pioneer Road;

(iii) Easily accessible via the Ayer Rajah Expressway and the Pan-Island Expressway; and

(iv) Close proximity to Johor Bahru, Malaysia via the Second Link.

219


Occupancy:100.0%

Property Use:Logistics and warehousing

Vendor: C&P Asia Warehousing Pte Ltd (“C&PAsia”)


Description

The Property is located along Tuas Avenue 3, at its junction with Tuas Road. It is approximately 24 kmfrom the city centre at Collyer Quay and access to the Property is facilitated by the Pan-IslandExpressway, the Ayer Rajah Expressway and the Second Link linking Singapore and Malaysia.

The Property comprises a new two-storey warehouse building, a single-storey warehouse complex(Block 7 and 8), a two-storey office building (Block 10) and a nine-storey warehouse (Block 6) with awarehouse annex (Block 3 and 5), which will be entirely replaced with a proposed two-storeywarehouse. The general topography of the site is level and at the access road level. The buildings aregenerally constructed with reinforced concrete framed structures with infill brick walls, reinforcedconcrete floors and staircases.

Key Statistics


GFA 28,495.0 sq m (upon completion of proposedA&A works in respect of approximately5,256.0 sq m)

Lettable Area 28,495.0 sq m (inclusive of proposed A&Aworks in respect of 5,256.0 sq m)

Land lease expiry/title 2032/Leasehold estate 30 years + 23 yearsw.e.f. 1 October 1979


1982


(a) S$26,500,000 for the Property with theexisting GFA of 23,239.0 sq m; and

(b) S$6,000,000 for the A&A works withestimated GFA of 5,256.0 sq m

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Valuations Existing Use Value on “as is where is”:S$26,500,000 (by Jones Lang LaSalle dated30 April 2007)

Existing Use Value including A&A:S$32,500,000 (by Jones Lang LaSalle dated30 April 2007)

Existing Value (without proposed A&Aworks):S$26,700,000 (by Chesterton Internationaldated 8 May 2007)

Existing Use Value including A&A:S$32,700,000 (by Chesterton Internationaldated 8 May 2007)

Annual rental (before completion of the A&Aworks)

S$2,100,000

Annual rental (for the proposed A&A workswhich is expected to be completed in October2008)

S$480,000

Rental per annum (after completion of the A&AWorks)

S$2,580,000

Tenancy Information

Upon completion of the Sale and Purchase Agreement, CWT, an affiliate of C&P Asia, and the Vendorof the Property, will lease back the Property from the Trustee for eight years with an option to renew fora further term of five years, and with 7.0% rental escalations on the commencement of the fourth andseventh year of the lease term. CWT will be responsible for and will bear the cost of land rent leviedby JTC, property tax, property maintenance, public liability, content and loss of rent insurance andcapital expenditures in respect of the Property. A security deposit of 12 months’ rent will be retained byCIT during the term of the lease.



(ii) Prominently situated along Tuas Road, a major throughfare, at its junction of Tuas Avenue 3;

(iii) Easily accessible via the Ayer Rajah Expressway and the Pan-Island Expressway;

(iv) Close proximity to Johor Bahru, Malaysia via the Second Link; and

(v) Very high floor loading to meet all logistics and warehousing needs.

221

Enterprise Hub48 Toh Guan Road EastSingapore 608586

Occupancy:100.0%


Vendor: Soon Lee Realty Ltd (“Soon Lee”)


Description

Enterprise Hub is located along Toh Guan Road East in close proximity to the International BusinessPark. The Property to be acquired by CIT is about a five to seven-minute drive to the Jurong East MRTStation and the Bukit Batok MRT Station, which are approximately 16 km from the city centre at CollyerQuay. The immediate vicinity comprises light industrial and warehouse developments. Labour supply,social and recreational amenities are readily available within the nearby Jurong East, Bukit Batok,Clementi and West Coast housing estates. Accessibility to other parts of Singapore is enhanced by itsclose proximity to the Pan-Island Expressway and the Ayer Rajah Expressway.

The Property to be acquired by CIT comprises 120 out of 602 strata units, representing approximately19.3% of the total share value of the strata units comprised in the ramp-up development. Thenine-storey light industrial building is served by six passenger lifts with a 12-metre wide driveway.

Key Statistics

Strata area 32,298.0 sq m


Land lease expiry/title 2057/Leasehold estate of 60 years w.e.f.1 December 1997


2007




222

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Soon Lee, the Vendor of the Property, will leaseback the Property from the Trustee for a period of seven years with 5.0% rental escalations on thecommencement of the third and fifth year of the lease term. Soon Lee will be responsible for and willbear the cost of property maintenance, property tax, public liability, content and all risk insurance inrespect of the Property. A security deposit of 24 months’ rent will be retained by CIT during the term ofthe lease.


(i) Located in close proximity to Jurong East and Bukit Batok. Easily accessible via the Ayer RajahExpressway and the Pan-Island Expressway;

(ii) Close proximity to the International Business Park and the Bukit Batok MRT Station and theJurong East MRT Station; and

(iii) Readily available labour supply and amenities from the nearby Jurong East, Bukit Batok andClementi housing estates.

223

23 Woodlands TerraceSingapore 738472

Occupancy:100.0%


Vendor: Metform Industries Pte Ltd(“Metform”)


Description

The Property is located at the junction of Woodlands Terrace and Woodlands Link. The surroundinglocality comprises a mixture of detached factories, workshops and JTC factories. The Senoko IndustrialEstate, Woodlands Spectrum and Woodlands Central Industrial Estate are all in the vicinity. TheSembawang MRT Station is approximately one km away. It is in close proximity to the Johor CausewayLink and the Sembawang Wharves. Accessibility to other parts of Singapore is enhanced by theProperty’s proximity to the Bukit Timah Expressway.

The Property comprises a four-storey industrial-cum-ancillary office/showroom building erected onalmost rectangular-shaped plot of land at the existing road level of the Woodlands Terrace andWoodlands Link junction.

The building is constructed of reinforced concrete frames with plastered infill brickwalls, reinforcedconcrete floors, staircases and roof. The building is finished with aluminum and glass cladding andvertical access is facilitated by two cargo lifts and one passenger lift.

Other site improvements include a tarmac/concrete driveway, a guardhouse and metal grilles/chain-linked fencing completed with a metal gate enclosing the Property.

The Property is equipped with a modern fire protection system.

Key Statistics


GFA 11,559.5 sq m




1999


Valuation S$15,410,000 (by Jones Lang LaSalle on 4May 2007)


224

Tenancy Information

Upon completion of the Sale and Purchase Agreement, Metform, the Vendor of the Property, will leaseback the Property from the Trustee for a period of seven years with an option to extend for another termof seven years, and with 5.0% rental escalations on the commencement of the third, fifth and seventhyear of the lease term. Metform is responsible for and will bear the cost of land rent levied by JTC,property maintenance, property tax, and public liability, content and loss of rent insurance and capitalexpenditures in respect of the Property. A security deposit will be retained by CIT at a reducing rate asfollows:

(i) 36 months’ rent for the period of three years from the date of lease;

(ii) 24 months’ rent for the period of two years falling after the date of expiry of the period as set outin (i) above; and

(iii) 12 months’ rent for the period of two years falling after the expiry of the period as set out in (ii)above.


(i) Located within the Woodlands Industrial Park Estate;

(ii) Easily accessible via the Seletar Expressway; and

(iii) Readily available labour supply and amenities from nearby housing estates.

225

THE MANAGER AND CORPORATE GOVERNANCE

The Manager of CIT

General

The Manager was incorporated in Singapore under the Companies Act on 14 September 2005. As atthe Latest Practicable Date, the Manager has a paid-up capital of approximately S$2.7 million and itsregistered office is located at 61 Robinson Road, #12-01 Robinson Centre, Singapore 068893 and itstelephone number is (65) 6222 3339.

The Manager is a joint venture between CREIM, Mitsui and CWT. 60.0% of the issued share capital ofthe Manager is held by CREIM, 20.0 % is held by Mitsui, and the remaining 20.0% is held by CWT.CREIM was incorporated under the Companies Act on 15 December 2004. As of the Latest PracticableDate, the shareholders of CREIM are Mr. Chan Wang Kin (Managing Director and Executive Directorof the Manager) who holds 28.0% of the issued share capital of CREIM, Mr. Ang Poh Seong ChiefExecutive Officer and Head of Investment of the Manager) who holds 25.0% of the issued share capitalof CREIM, Dollarton Pte. Ltd. which holds 11.5% of the issued share capital of CREIM, VickersFinancial Group Ltd which holds 17.5% of the issued share capital of CREIM and Vickers Private EquityFund V Limited Partnership, a fund managed by Vickers Financial Group Ltd, which holds 18.0% of theissued share capital of CREIM. Dr. Tan Seng Chin, Finian, (Chairman and Non-Executive Director ofthe Manager), holds approximately 68.4% of the issued share capital of Vickers Financial Group Ltd.

Mitsui, a company incorporated in Japan, developed Japan Logistics Fund Inc., a publicly listed REITin Japan dedicated to investing in distribution facilities. Japan Logistics Fund Inc. was listed on theTokyo Stock Exchange in May 2005. As Mitsui is a shareholder of the Manager, the Manager believesthat Mitsui will contribute its expertise gained in managing the Japan Logistics Fund Inc. and will assistthe Manager in seeking opportunities for acquisitions and tenancies from Mitsui’s existing businessnetwork, especially Japanese companies, both in Singapore and the region.

CWT, one of CIT’s tenants, is a Singapore-incorporated company listed on the Main Board of theSGX-ST since 1993 and is engaged in the business of cargo logistics and distribution with operationsin Singapore and around the world, including China, Malaysia and Thailand.

The Manager, CREIM, Mitsui and CWT entered into a shareholders’ agreement on 31 March 2006 (assupplemented or amended) (the “Shareholders’ Agreement”) pursuant to which the parties agreed onthe following arrangements which may result in a change in the shareholding structure of the Manager:

(i) The Manager (or failing which, CREIM) is required to purchase from Mitsui the 50,000 shares inthe Manager which Mitsui subscribed for under the terms of a subscription agreement entered intobetween Mitsui and the Manager on 29 March 2006 (as supplemented or amended) (the“Subscription Agreement”) in the event that:

(a) the Manager commits a material breach of its representations and warranties in theSubscription Agreement on or prior to the expiry of 24 months after the Listing Date;

(b) CREIM commits a material breach of or materially fails to comply with certain provisions inthe Shareholders’ Agreement relating to reserved matters, co-sale and preferred co-salerights, pre-emption rights and dividend and distribution policy; or

(c) the collective total shareholdings of Vickers Financial Group Ltd and the funds managed byVickers Financial Group Ltd, Mr. Chan Wang Kin and Mr. Ang Poh Seong in CREIM fallbelow 30.0% of the total issued share capital of CREIM.

226

(ii) CREIM is required to purchase from Mitsui the 160,000 shares in the Manager which Mitsui hadagreed to purchase from CREIM under the terms of a share purchase agreement entered intobetween Mitsui and CREIM on 29 March 2006 (as supplemented or amended) (the “SharePurchase Agreement”) in the event that:

(a) the Manager commits a material breach of its representations and warranties in the SharePurchase Agreement on or prior to the expiry of 24 months after the Listing Date;

(b) CREIM commits a material breach of or materially fails to comply with certain provisions inthe Shareholders’ Agreement relating to reserved matters, co-sale and preferred co-salerights, pre-emption rights and dividend and distribution policy; or

(c) the collective total shareholdings of Vickers Financial Group Ltd and the funds managed byVickers Financial Group Ltd, Mr. Chan Wang Kin and Mr. Ang Poh Seong in CREIM fallbelow 30.0% of the total issued share capital of CREIM.

(iii) Subject to the Shareholders’ Undertaking (as defined below), the Shareholders’ Agreement alsoconfers on CWT and Mitsui certain co-sale rights and preferred co-sale rights which provide thatin the event CREIM proposes to transfer the shares in the Manager (the “CITM Shares”) held byit to a third party, CWT and Mitsui have the right (but not the obligation) to require CREIM toprocure the third party to acquire their CITM Shares. If, as a result of the exercise of this co-saleright by CWT or Mitsui, the proportion of shares of the Manager held by CWT or Mitsui falls below15.0%, CWT or Mitsui will have the right to require CREIM to procure the third party to acquire allits CITM Shares, before such third party may acquire any of the CITM Shares.

(iv) Subject to the provisions of the Shareholders’ Agreement (which include, among others, theprovisions as described in paragraphs (a), (b) and (c)), CREIM, Mitsui and CWT have eachundertaken to own, for a period of two years commencing from the date of the Shareholders’Agreement, not less than 60.0%, 20.0% and 20.0% respectively of the total issued share capitalof the Manager (the “Shareholders’ Undertaking”).

(v) CWT and CREIM have each agreed to provide the following undertakings under theShareholders’ Agreement:

(a) each shall not, and CREIM undertakes to procure that Mr. Chan Wang Kin and Mr. Ang PohSeong shall not, compete with the Manager in certain territories comprising Singapore,Malaysia, Indonesia, Thailand, Philippines, Australia, China, Hong Kong, Macau and Taiwan(the “Restricted Territories”) in relation to the setting up, management or operation of otherindustrial REITs; and

(b) each shall not, and CREIM undertakes to procure that Mr. Chan Wang Kin and Mr. Ang PohSeong shall not, set up or control any entity in the Restricted Territories which establishes,manages or operates any other industrial REITs.

CWT would however, be entitled to set up, manage or control other industrial REITs in any of theTerritories in which the Manager is not managing any industrial REITs in the event that (i) theManager decides not to participate in such industrial REIT or (ii) CWT had been invited by thirdparties to jointly set up, manage or operate such industrial REITs in the Restricted Territories otherthan Singapore and such third parties had objected to the participation of the Manager.

(vi) CREIM has in addition, undertaken with Mitsui and CWT to procure that Dr. Tan Seng Chin,Finian, Mr. Chan Wang Kin and Mr. Ang Poh Seong are appointed to the Executive Committee ofthe Board for not less than three years from the date of the Shareholders’ Agreement.

Generally, the Manager will provide the following management services to CIT:

• Principal investment strategy. Formulate and execute CIT’s principal investment strategy,including determining the location, sub-sector type and other characteristics of CIT’s propertyportfolio;

227

• Acquisitions and sales. Make recommendations to the Trustee on the acquisition or sale ofproperties;

• Planning and reporting. Make periodic property plans, including budgets and reports, relating tothe performance of CIT’s properties;

• Financing. Provide advisory services for CIT’s property acquisitions, distribution payments,expense payments, capital expenditure payments and property maintenance payments;

• Administrative and advisory services. Perform day-to-day administrative services as CIT’srepresentative, including providing administrative services relating to meetings of Unitholderswhen such meetings are convened; and

• Investor relations. Communicate and liaise with Unitholders and potential investors.

The ROFR

On 3 October 2005, the Manager was granted the ROFR by CWT, subject to the satisfaction of theROFR Terms and Conditions, for a period of three years, over each of the industrial properties ownedor that may be owned by CWT or its subsidiaries in Singapore, and such other properties that may beowned by CWT or its subsidiaries in the Territories (the “ROFR Properties”). In relation to the ROFRProperties, the abovementioned ROFR is subject to the unanimous approval of the joint owners of suchROFR Properties and/or shareholders of the relevant subsidiary of CWT in the Territories (excludingSingapore). This ROFR will be extended (the extended period, together with the initial period of threeyears, to be referred to as the “First Right and Last Look Period”) for such period as:

(a) the Manager is the manager of CIT;

(b) CIT and the Units are listed and quoted on the Official List of the SGX-ST;

(c) Vickers Financial Group Ltd and the funds managed by Vickers Financial Group Ltd, Mr. ChanWang Kin and Mr. Ang Poh Seong have collectively not less than a 30.0% effective interest in theManager; and

(d) CWT owns not less than 20.0% of the total issued share capital of the Manager (excluding anychanges due to dilution).

The ROFR was assigned to the Trustee on 31 March 2006. The initial three year period expires on 31March 2009.

During the First Right and Last Look Period, the Trustee has the right of first refusal for each of theROFR Properties (excluding any sale or disposal by any mortgagee of such ROFR Properties). Duringthe First Right and Last Look Period, CWT and its subsidiaries are required to make an offer to theTrustee to sell their ROFR Properties to the Trustee first before they make an offer to sell such ROFRProperties to third parties (the “Initial Offer”). The Initial Offer to the Trustee is valid for 45 days afterthe date of such Initial Offer (the “Initial Offer Period”), during which time the Trustee shall notify CWTand/or its subsidiary (as the case may be) as to whether it wishes to purchase the ROFR Property, andif so, the price at which it proposes to purchase such ROFR Property and the payment terms thereof(the “Initial Offer Terms”). If the Trustee declines the Initial Offer or the Initial Offer Period lapseswithout any indication of the Initial Offer Terms by the Trustee (whichever is earlier), CWT and/or itssubsidiary may thereafter offer the ROFR Property to third parties at any terms subject to the right ofcounter-offer set out below. If the Trustee notifies CWT and/or its subsidiary (as the case may be) ofthe Initial Offer Terms within the Initial Offer Period, CWT and/or its subsidiary (as the case may be)shall, subject to obtaining the necessary approval of its shareholders, within 90 days thereafter notifythe Trustee whether it accepts such Initial Offer Terms. If CWT and/or its subsidiary (as the case maybe) is not agreeable to the Initial Offer Terms, it shall be free to sell such ROFR Property to any thirdparty provided that such sale is on more favourable terms than the Initial Offer Terms and subject to theright of counter-offer set out below.

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If (i) the Trustee declines the Initial Offer, or (ii) the Trustee fails to indicate any Initial Offer Terms duringthe Initial Offer Period, or (iii) the Initial Offer Terms indicated by the Trustee during the Initial OfferPeriod are not accepted by CWT and/or its subsidiary (as the case may be), and CWT and/or itssubsidiary (as the case may be) reaches an in-principle agreement to sell such ROFR Property to athird party, CWT and/or its subsidiary (as the case may be) shall notify the Trustee of the main termsof such transfer (the “Transfer Terms”) but without disclosing the identity of such third parties. TheTrustee is entitled to review the proposed Transfer Terms, and match the offer made to such thirdparties (the “Counter-Offer”) anytime within seven business days after the receipt by the Trustee of thenotification and Transfer Terms from CWT and/or its subsidiary (as the case may be) subject to anyrequisite approval from the Trustee and/or Unitholders and compliance with any requirement of theSGX-ST and the Authority. If the Trustee makes the Counter-Offer, CWT and/or its subsidiary is obligedto transfer to the Trustee and the Trustee is obliged to purchase the ROFR Property based on the termsof the Counter-Offer. Should the Trustee fail to make the Counter-Offer during the abovementionedseven business days, CWT and/or its subsidiary is entitled to sell or dispose of the ROFR Property toany third party on the Transfer Terms.

The Audit Committee will review the recommendation of the Manager to the Trustee as to whether toexercise the abovementioned ROFR is for the benefit of CIT. The Trustee will decide whether toexercise the abovementioned ROFR at its own discretion, after taking into account therecommendation of the Manager.

Directors of the Manager

The board of directors of the Manager (the “Board”) is entrusted with responsibility for the overallmanagement of the Manager. The following table sets forth information regarding the Directors:

Name Age Address Position

Tan Seng Chin, Finian 45 10 Dover Rise #13-11Singapore 138680

Chairman and Non-ExecutiveDirector

Ang Poh Seong 42 143 Serangoon Avenue 3#15-07Singapore 556121

Chief Executive Officer, Headof Investment and ExecutiveDirector

Chan Wang Kin 46 15 Kew HeightsSingapore 466013

Managing Director andExecutive Director

Tetsuya Karasawa 38 91 Kellock Road #16-01Melrose ParkSingapore 248903

Director, Japan Business andContacts and ExecutiveDirector

Chi Chien-Chuen, Jeffrey 39 71 Holland Road, #03-02Singapore 258869

Non-Executive Director

Liao Chung Lik 49 6 Namly CrescentSingapore 267523


Tadashi Yamaguchi 32 1-9-22, Shinonome, Koto-ku,Tokyo


Yasuhiro Nakano 41 60 Havelock Road #08-01River PlaceSingapore 169658

Alternate Director to TadashiYamaguchi

Ravindran s/o Ramasamy 47 93 Loyang ViewSingapore 507188

Independent Director

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Ong Seow Eng 47 46 Sea Breeze AvenueSingapore 487565


Tan Ming Kirk, Richard 47 73 Farrer Drive #-02-01Singapore 259280


Experience and Expertise of the Board of Directors

Information on the business and working experience of the Directors is set out below:

Dr. Tan Seng Chin, Finian is the Chairman and Non-executive Director of the Manager, as well as theChairman of its Executive Committee and Human Resource and Remuneration Committee since theirinception. Dr. Tan is currently the Founder and Chairman of Vickers Financial Group Ltd, aninternational private equity and merchant banking house since its’ founding in 2004. Prior to joiningVickers Financial Group Ltd, Dr Tan was a Managing Director and head of the Credit Suisse FirstBoston (“CSFB”) group of banks in Singapore from 2002 to 2003.

Before joining CSFB in 2002, Dr. Tan was Partner and Managing Director of a Silicon Valley venturecapital firm, Draper Fisher Jurvetson Eplanet (S) Pte Ltd (“DFJ”) from 2000 to 2002, and wasresponsible for their Asia Pacific operations. During his time with CSFB, Dr Tan remained on the boardof DFJ, and the chairman of its Asian investment committee. Dr Tan still serves on the board of DFJ.Dr. Tan served in the Government of Singapore from 1997 to 1999 as Deputy Secretary of the Ministryof Trade and Industry and later as Deputy Chairman of the National Science and Technology Board andCo-chairman of the US$1 billion Technopreneurship Investment Fund from 1999 to 2000.

Prior to his tenure in the Government of Singapore, Dr. Tan had spent three years at Goldman Sachs(Singapore) Pte, starting as a Vice President at J.Aron and Co (Singapore) Pte, rising to ExecutiveDirector, and eventually to Regional Director and Head of J.Aron and Co (Singapore) Pte in charge ofthe Asia Pacific Region. Prior to joining Goldman Sachs, Dr. Tan was with Shell Eastern Petroleum Ltdin Singapore from 1990 to 1992 and was later posted to Shell Japan Ltd from 1992 to 1994, where hewas promoted to Chief Trader.

Dr. Tan currently serves on several boards and committees including Chairman of EProve Ltd (SouthAfrica) since 2004, Director of Singapore Technologies Electronics Ltd since 2004, Chairman ofBenchmark Online Pte Ltd since 2003, Chairman of AFC Network Pte Ltd since 2005, Chairman ofCREIM since 2005, Chairman of Vickers Advisory Partners Pte Ltd since 2004, Chairman of VickersVenture Partners Ltd since 2006, board member of the Media Development Authority since 2003,governor of the Singapore Polytechnic since 2003 and committee member of the Singapore VentureCapital & Private Equity Association since 2006.

Dr. Tan has served as Chairman or board member on numerous other boards and committees,including Baidu.com (China) from 2000 to 2002, the Defence Science and Technology Agency from2000 to 2004, the Life Sciences Investment Pte Ltd in 1999, SMA (Singapore-MIT) Governing Boardfrom 1998 to 2000, the Singapore National Computer Board in 1999, The National University ofSingapore from 1998 to 2000, The National Cancer Centre in 2000, The Eastern Cluster of Hospitalsin Singapore (SingHealth) in 2000, Tuas Power Pte. Ltd. (presently known as Tuas Power Ltd.) from1997 to 1999, Sentosa Cove Pte. Ltd from 1997 to 1999 and the Singapore-Shandong BusinessCouncil from 1998 to 1999. Dr. Tan was also a member of the Economic Review Committee of 1997(Chaired by Minister Lee Yock Suan) and the working group of the Economic Review Committee of2002 (Chaired by Prime Minister Lee Hsien Loong).

Dr. Tan is also involved in the non-profit scene in Singapore including the Gabrielite Foundation and theNational Arts Council.

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Dr. Tan received his Doctor of Philosophy in Engineering in 1990 and Master of Philosophy degrees inEngineering in 1987 from Cambridge University on the Shell and Christ College Scholarships. Dr. Tanreceived his Bachelor of Science Degree in Engineering in 1986 from the University of Glasgow, withfirst class honours where he won the most distinguished graduate award.

Mr. Ang Poh Seong is the Chief Executive Officer (CEO) of the Manager. He is also an ExecutiveDirector of the Manager and a member of its Executive Committee since 2005. He is one of the twoFounders of CREIM and played the major role in collating the initial portfolio of properties for CIT whichwas successfully listed on 25 July 2006. He was the Managing Director of CREIM from its inception andjoined the Manager as Managing Director of Investment in 2005 and was promoted to Deputy CEO on11 October 2006 and CEO on 6 January 2007. For the past 13 years from 1993 to April 2005, Mr. Angwas with Colliers International (S) Pte Ltd where he rose through the ranks from an Assistant Managerto Executive Director, Head of Industrial Department. During the last five years of Mr. Ang’s tenure atColliers International (S) Pte Ltd, as the Director, Head of Industrial Department and since 2004 asExecutive Director, Head of Industrial Department, his responsibilities included the growth andprofitability of the Industrial Department, industrial investment sales especially to REITs, conductingdevelopment feasibility studies and design appraisal and managing major development projects.During his time with Colliers International (S) Pte Ltd, Mr. Ang received awards within the organisationsuch as the 2004 Top Performer (Department) Award, the 2003 Achievement Award, the 1999 AsiaPacific 500 Club Achiever, the Top Performer’s Award (1997) and the Regions’ Outstanding IndustrialOperator Award (1995). Before joining Colliers International, Mr. Ang was a Senior Marketing Executivewith Knight Frank Pte Ltd from 1991 to 1993.

Mr. Ang holds a Bachelor of Science (Estate Management) (Honours) degree from the NationalUniversity of Singapore in 1990.

Mr. Chan Wang Kin is the Managing Director of the Manager. He is also an Executive Director of theManager and a member of its Executive Committee since 2005. Mr Chan is one of the two Foundersof CREIM. He is also the architect of the structure of CIT. He conceptualised the whole idea ofestablishing CIT and spearheaded its formation. Mr. Chan initiated the entire listing process of CIT. InDecember 2004, Mr. Chan set up Harvard Fund Management Company Pte Limited, which laterchanged its name to Cambridge Real Estate Investment Management Pte Limited. CIT and CambridgeIndustrial Trust Management Limited were subsequently formed through Cambridge Real EstateInvestment Management Pte Limited. Mr. Chan designed the structure of CIT and initiated, organisedand subsequently led the major part of the process to start and list CIT on the SGX-ST. The listing tookplace on 25 July 2006.

Mr Chan was the CEO of both Cambridge Industrial Trust Management Limited and Cambridge RealEstate Investment Management Pte Limited from their incorporation till second quarter of 2006.

Prior to the above, Mr. Chan was the Managing Director of Wee Poh Holdings Limited, an SGX-listedcompany, until January 2005. Before that, Mr. Chan was the Director (Corporate Finance) of MapletreeInvestments Pte Ltd, between 2002 and 2003, where he oversaw the initial preparatory and reviewwork of Mapletree Investments Pte Ltds REIT initiative. Prior to joining Mapletree Investments Pte Ltd,Mr. Chan was the Director of Business Development of GE Capital Real Estate and was responsiblefor identifying real estate and real estate-related investment opportunities for GE Capital in Hong Kong,Singapore and Malaysia from 2000 to 2002. Mr. Chan was the in-country real estate leader for GECapital Real Estates proposed purchases of non-performing loans in Taiwan during his employmentwith GE Capital Real Estate. Before joining GE Capital Real Estate, Mr. Chan was with Keppel LandLimited from 1996 to 1999 where he initiated and headed Keppel Lands project to set up a real estatefund with the Australian Mutual Provident Society of Australia (“AMP”) for Asian distressed propertyassets. Mr. Chan also led negotiations with AMP to set up the fund management joint-venture tomanage this fund. From 1994 to 1996, Mr. Chan was the Business Development Manager with OCBCProperty Services Pte Ltd and was in charge of sourcing for real estate investment opportunities inVietnam and Myanmar. From 1990 to 1992, Mr. Chan was an Assistant Vice President of the Bank of

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America, Singapore branch, where he was in charge of the real estate portfolio of the bank, undertakingwork relating to real estate loans in connection with the acquisition, investment in or development ofproperties in Singapore. Mr. Chan has also held other positions such as the Investment Manager ofUOB-Walden Capital Management Pte Ltd, and Deputy Manager (Credit and Marketing) with UnitedOverseas Bank.

Mr Chan has a Masters degree in Design Studies with specialization in Real Estate and UrbanDevelopment from Harvard University and a Masters degree (with Distinction) in BusinessAdministration (specialization in Real Estate, Finance and Management) from Kellogg, NorthwesternUniversity.

Mr. Tetsuya Karasawa has served as the Director, Japan Business and Contacts and ExecutiveDirector of the Manager as well as a member of its Executive Committee since 2006. Mr. Karasawa isseconded to the Manager from the Singapore branch of Mitsui from 2006 onwards. Mr Karasawa hasbeen a Director at UE Managed Solutions Pte Ltd since 2005 and a Manager, Consumer ServiceBusiness Department of Mitsui & Co (Asia Pacific) Pte Ltd since 2003. From 2003 onwards, he is thecommissionaire of PT Wisma Nusantara International. From 2002 to 2003, he was assistant to therepresentative at the machinery, information and development group of Mitsui & Co. (Asia Pacific) PteLtd, Indonesia Representative Office. From 1999 to 2002, Mr Karasawa was a Manager within theproperty development and construction division of Mitsui & Co (Asia Pacific) Pte Ltd from 1992 to 2002.

Mr. Karasawa was awarded a Bachelor of Laws degree from Waseda University, Tokyo, Japan in 1992.

Dr. Chi Chien-Chuen, Jeffrey has served as a Non-Executive Director of the Manager, as well as amember of its Executive Committee and its Audit Committee since 2006. He has also served as aManaging Director of Vickers Financial Group Ltd since 2005 where he manages investment andcorporate finance activities within the Vickers Group of companies. Since 2005, Dr. Chi is also currentlya partner of a private equity fund managed by Vickers Financial Group Ltd.

Dr. Chi’s experience covers a variety of industries including information technology, healthcare andmedia. He was a corporate finance specialist and an Executive Director at Pegasus Capital Pte Ltd(“Pegasus Capital”) from 2002 to 2005 and, prior to Pegasus Capital, was a senior consultant withMonitor Company Asia Pacific LLC, a strategy consulting firm from 2001 to 2002.

Dr. Chi’s operational background includes seven years between 1992 and 1998 on the managementteam of Spandeck Engineering (S) Pte Ltd (“Spandeck Engineering”), an engineering andconstruction group. As its Managing Director in 1997, Dr. Chi led the group into the Enterprise 50, aranking of the top 50 privately held enterprises in Singapore. Dr. Chi oversaw operations in Singapore,Malaysia, Taiwan and Indonesia, established Spandeck Engineering’s construction business andsuccessfully combined it with the original engineering business, enabling the firm to become a providerof integrated solutions to its clients. From 1994 to 1995, Dr. Chi managed the firm’s joint venture witha major Chinese construction group.

Dr. Chi graduated from Cambridge University with first class honours in Engineering in 1990. He earnedhis Doctor of Philosophy degree from the Massachusetts Institute of Technology (“MIT”) inorganisational knowledge and information technology in 2001, a Masters of Arts (Honorary) in 1997 anda Masters of Science from MIT in 1992.

Mr. Liao Chung Lik has served as a Non-Executive Director of the Manager since November 2005. Heis currently the Deputy Group Managing Director of C & P Holdings, assisting the Group ManagingDirector in overseeing the activities of various entities within the C&P group of companies (“C&PGroup”) and the finance of C&P Holdings and has held this position since mid-1993. In October 2004,Mr. Liao assisted the Managing Director of the C&P Group in the successful acquisition of CWT, acompany listed on the Main Board of the SGX-ST, and was subsequently appointed as a Non-ExecutiveDirector of CWT with effect from 26 November 2004.

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Mr. Liao received a Bachelor of Business Administration degree from the National University ofSingapore in 1982.

Mr. Tadashi Yamaguchi has served as a Non-Executive Director of the Manager since 2007. He hasassumed various roles in finance and property investment areas since he entered Mitsui in 1999. Hewas seconded to Kenedix Inc., a leading property asset management company in Japan, from 2005through 2007, and played a leading role in the preparation of the initial public offering of Challenger-Kenedix Japan Trust, a listed property trust on the Australian Stock Exchange that invests in retailfacilities in Japan. He was also responsible for managing an unlisted property fund from 2006 to 2007,and investing in various types of properties in Japan with assets totaling approximately 30.0 billion yen.He has served as the manager of the Real Estate Investment Trust department at Mitsui since 2005.

Mr. Yamaguchi was awarded a Bachelor of Laws degree from Keio University, Tokyo, Japan in 1999,and a Master of Business Administration from Stanford Graduate School of Business in 2005. He is alsothe holder of the Chartered Member of the Security Analysts Association of Japan and a CertifiedMaster of Association of Real Estate Securitisation since 2002 and 2007, respectively.

Mr. Yasuhiro Nakano has been an Alternate Director to Mr. Tadashi Yamaguchi since 2007. He hasassumed various roles in the real estate business in Japan since he joined Mitsui in 1993. He hadparticipated in various projects including the development of a commercial complex in Tokyo and theoperation of a shopping centre in Osaka. He was a manager of West Japan consumer service businessdivision of Mitsui and Co. Ltd, Osaka office from 2004 to 2006.

As at the date of this Offering Circular, he has served as a manager of Consumer Service BusinessDepartment in Mitsui & Co (Asia Pacific) Pte Ltd from 2006. He is also seconded to UE ManagedSolutions Pte Ltd as a Vice-President from 2006, a leading facility management business in Singapore,Malaysia, Taiwan and Hong Kong. Mr. Nakano received a Bachelor of Engineering and a Master ofEngineering from Kagoshima University, Kagoshima, Japan in 1991 and 1993, respectively.

Mr. Ravindran s/o Ramasamy has served as an Independent Director of the Manager, as well as theChairman of its Audit Committee and a member of its Human Resource and Remuneration Committeesince 2006. Mr. Ravindran is currently a legal consultant with Chris Chong and CT Ho Partnership since2005. Prior to this, Mr. Ravindran was a lawyer with Derrick, Ravi & Partners from 1987 to 2001 andwhen Derrick, Ravi & Partners was corporatised to Straits Law Practice LLC in 2001, he held the postof Director until 2005. He is currently an Independent Director of two Singapore-incorporated SGX-STlisted companies, Serial System Ltd since 2001 and Best World International Ltd since 2004.

Mr. Ravindran was a Member of Parliament for the Marine Parade Group Representation Constituencyand the Bukit Timah Group Representation Constituency from 2001 to 2006 and from 1997 to 2001respectively. He has held other appointments such as Chairman of the Government ParliamentaryCommittee for Defence and Foreign Affairs from 1997 to 2002, Board Member of the People’sAssociation from 2002 to 2006, and membership in the Government Parliamentary Committee forHome Affairs and Law from 2002 to 2006, former member of Bukit Timah Town Council and MarineParade Town Council from 1997 to 2001, the South East Community Development Council from 2001to 2006, the Singapore Institute of Directors since 2004, the Singapore Academy of Law since 1990 andMember of Law Society of Singapore since 1986.

Mr. Ravindran received a Bachelor of Laws degree and a Master of Laws degree from the NationalUniversity of Singapore in 1985 and 1991 respectively.

Dr. Ong Seow Eng has served as an Independent Director of the Manager, as well as a member of itsAudit Committee and its Human Resource and Remuneration Committee since 2006. Dr. Ong is aProfessor of Real Estate at the National University of Singapore. He has held various positions withinthe National University of Singapore since 1992, including as the Acting Head and Deputy Head(Research) of the Department of Real Estate. Prior to that, Dr. Ong was a Vice President, Investment

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Banking Division of the former Overseas Union Bank Limited for approximately two years from 1991 to1992, a Senior Investment Officer/Investment Officer, Equities Department of the Government ofSingapore Investment Corporation Private Limited for five years from 1986 to 1990 and a Valuer/Assessor with the Valuation and Assessment Division of the Inland Revenue Department of Singaporefor two years from 1984 to 1986.

Dr. Ong received his Doctor of Philosophy degree in Finance and Masters of Business Admin degreefrom Indiana University in 1997. Dr. Ong also holds a Bachelor of Science (Estate Management) degreefrom the National University of Singapore which is received in 1984. He is also a Chartered FinancialAnalyst charterholder since 1989.

Mr. Tan Ming Kirk, Richard has served as an Independent Director of the Manager since 2006. Mr.Tan is currently a consultant with the law firm of Shook Lin & Bok LLP and an adjunct associateprofessor at the School of Design and Environment of the National University of Singapore since 2004.He joined Shook Lin & Bok in 1986 and he was a partner at the firm from 1992 to 2001. He was alsoin the Allen & Overy Shook Lin & Bok Joint Law Venture from 2000 to 2001. Mr. Tan has previously helddirectorship appointments in companies including Hydril Private Limited from 1996 to 2001, MatsushitaTechnology (S) Pte Ltd (now known as Panasonic Factory Solutions Singapore Pte. Ltd.) from 1998 to2001 and SLAB Services Private Limited from 1997 to 2001.

Mr. Tan was awarded a Bachelor of Laws degree and a Master of Laws degree from the NationalUniversity of Singapore in 1984 and 1996 respectively. He is also a member of the Chartered Instituteof Arbitrators since 2000, a member of the Singapore Institute of Arbitrators since 1996, a notary publicsince 2001 and a Commissioner for Oaths since 1996.

Term of Office

The Directors do not currently have a fixed term of office. Under the articles of association of theManager (the “Articles”), the Manager may by ordinary resolution remove any Director and mayappoint another person in place of any such Director removed from office.

None of the Directors are related to each other or to the Executive Officers or Substantial Unitholders.None of the Directors or Executive Officers have entered into service contracts with CIT.

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Management Reporting Structure of the Manager

Board of DirectorsTan Seng Chin, Finian (Chairman and Non-Executive Director)

Ang Poh Seong (CEO, Head of Investment and Executive Director)Chan Wang Kin (Executive Director)

Tetsuya Karasawa (Executive Director)Chin Chien-Chuen, Jeffrey (Non-Executive Director)

Liao Chung Lik (Non-Executive Director)Tadashi Yamaguchi (Non-Executive Director)

Yasuhiro Nakano (Alternate Director to Tadashi Yamaguchi)Ravindran s/o Ramasamy (Independent Director)

Ong Seow Eng (Independent Director)Tan Ming Kirk, Richard (Independent Director)

CEOAng Poh Seong

SVP, CorporateFinance and

Investor RelationsAnthony John White

Director,Finance

Ng Guat Min

FinanceManagers

InvestorRelationsManager

Investment Managers

AssetManagers

Head ofInvestment

Ang Poh Seong

Director, JapanBusiness and

ContactsTetsuya Karasawa

VP, AssetManagement

Ong Ai Ling, Yvonne

Managing DirectorChan Wang Kin

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The Executive Officers of the Managers


Ang Poh Seong 42 143 Serangoon Avenue 3 #15-07Singapore 556121

Chief Executive Officerand Head of Investment

Chan Wang Kin 46 15 Kew HeightsSingapore 466013

Managing Director

Tetsuya Karasawa 38 91 Kellock Road #16-01Melrose ParkSingapore 248903

Director, Japan Businessand Contacts

Ng Guat Min 39 Pasir Ris Drive Blk 407 #09-455Singapore 510407

Director, Finance

Anthony John White 39 205 River Valley Road #13-51UE SquareSingapore 249565

SVP, Corporate Financeand Investor Relations

Ong Ai Ling, Yvonne 36 101 Lorong Sarina #04-21Singapore 416729

VP, Asset Management

Roles of the Executive Officers of the Manager

The CEO of the Manager is responsible for the overall planning, management and operation of CIT. Heworks with the Board members to determine the overall business, investment and operationalstrategies for CIT. The CEO also manages and oversees the management team of the Manager toensure that the investment, asset management, financial and operational strategies and objectives ofCIT are carried out as planned and in accordance with the Manager’s stated investment strategy.

The Head of Investment of the Manager focuses on developing investment strategies for acquisitionsand divestments of CIT. He obtains requisite approvals for all investments and divestments from theExecutive Committee. The Head of Investment sets the investment objectives and works with his teamto identify and evaluate suitable local investment opportunities to achieve the best possible returns forCIT. Conversely, when a property is no longer strategic, ceases to enhance the value of CIT’s portfolioor to be yield accretive, he evaluates the benefits of potential divestments and reviews various disposalstrategies before executing the final divestment. The Head of Investment also manages the investmentteam on a day-to-day basis and develops feasibility studies with his team.

The Managing Director of the Manager reports to the CEO and focuses on developing overseasexpansions, especially in the areas of business development, property acquisitions and developingpartnerships abroad. The Managing Director assists the CEO in formulating the business, investmentand operational strategies for overseas markets, including the sourcing and evaluation of suitableacquisitions beyond Singapore.

The Director, Japan Business and Contacts focuses on developing acquisition strategies in relationto Japanese companies, both in Singapore and the region. Reporting to the CEO, the Director seeksto utilise Mitsui’s network of Japanese business contacts outside Japan in order to identify Japaneseproperty owners and potential Japanese tenants in Singapore and in Asia and evaluate suitableinvestment opportunities and potential acquisitions for CIT.

The Director, Finance reports to the CEO and is responsible for the financial performance and forensuring key performance indicators are achieved for the effective management of CIT. He overseesall finance functions which cover financial projections of rental returns, ascertaining the distributableincome to Unitholders, accounting for rental collections, credit control and collections as well as

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monitoring operating expenses. The Director, Finance, also oversees the preparation of statutoryaccounts, coordinates with external auditors and manages taxes and borrowings. Together with theSVP, Corporate Finance and Investor Relations, they assess, develop and implement an effectivecapital management strategy through raising of debt and equity. In addition, the Director, Finance isalso responsible for the preparation of regular performance reports for investors and regulators.

The SVP, Corporate Finance and Investor Relations reports to the CEO. Together with the Director,Finance, they formulate and advise the CEO on the financial strategies to best meet the short to longterm income-maximizing objectives of CIT. Working closely with a team of finance professionals, heensures that these financial strategies are implemented and assesses the benefits of various debt andequity instruments. In addition to this, the SVP, Corporate Finance and Investor Relations alsomanages relationships with investors, analysts and banks.

The VP, Asset Management of the Manager reports to the CEO and formulates strategic plans tomaximise rental income while exercising cost effective strategies to minimise expenses. The VP, AssetManagement also formulates strategic short to medium term plans to enhance the marketability of theportfolio through asset enhancement initiatives and improving cost efficiencies to maximise the incomegeneration potential of the portfolio. The VP, Asset Management leads the asset management team tofocus on the operation and implementation of the short to medium term objectives of the portfolio. Inaddition, the VP, Asset Management supervises the Property Manager in the day-to-day operation ofthe portfolio and oversees the preparation of monthly budgets, reports and forecasting of theperformance of the portfolio.

Experience and Expertise of the Executive Officers of the Manager

Information on the working experience of the Executive Officers of the Manager is set out below:

Mr. Ang Poh Seong has served as the CEO and the Head of Investment of the Manager since 2005.Details of his working experience are set out under “The Manager and Corporate Governance —Experience and Expertise of the Board of Directors”.

Mr. Chan Wang Kin has served as the Managing Director of the Manager since 2005. Details of hisworking experience are set out under “The Manager and Corporate Governance — Experience andExpertise of the Board of Directors”.

Mr. Tetsuya Karasawa has served as the Director, Japan Business and Contacts of the Manager since2006. Details of his working experience are set out under “The Manager and Corporate Governance —Experience and Expertise of the Board of Directors”.

Ms. Ng Guat Min has served as the Director, Finance of the Manager since 2007. She has over 17years of experience in financial management and accounting. Since joining the Manager on 7November 2005 as the VP, Finance, she has been involved in CIT’s debt and equity financing. Beforejoining the Manager, Ms. Ng was the Chief Financial Officer of Internet Technology Group Limited (“ITGGroup”), an investment holding and management services company, from 2002 to 2005. At ITG Group,Ms. Ng was responsible for the overall financial accounting, tax, treasury, corporate finance andinvestee company relationships of the ITG Group, and assisted with the evaluation and execution ofbusiness development projects. Prior to joining the ITG Group, Ms. Ng was the Regional FinancialController of both Ossia International Limited (the “Ossia Group”) and VGO Corporation Limited (the“VGO Group”) (formerly known as eWorld of Sports.com Limited) between 1999 and 2001 with overallresponsibilities in finance. Before joining Ossia Group in 1995, she was a regional internal auditor withAT&T Singapore Pte Ltd and an audit supervisor with PricewaterhouseCoopers. Ms. Ng wasinstrumental in helping both the ITG Group and VGO Group in attaining their respective listing statusin 2000 and assisted in the listing of the Ossia Group in 1996.

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Ms. Ng was awarded a Bachelor of Accountancy (Honours) degree from the National University ofSingapore in 1990 and is a non-practising member of the Institute of Certified Public Accountants ofSingapore since 1993.

Mr. Anthony John White has served as the SVP, Corporate Finance and Investor Relations. He hasover 17 years of experience in corporate finance. Prior to joining the Manager, Mr. White was the ChiefFinancial Officer of Moneta International Pte Ltd, a provider of secured transaction processing servicesfrom 2005 to 2006, where he was responsible for capital raising and all financial matters anddevelopment of the business model. Prior to joining Moneta International Pte Ltd, Mr. White wasCustomer Finance Manager, Asia Pacific, for Nokia Corporation’s networks division from 2001 to 2003,providing financial solutions to Nokia’s telecommunication customers throughout Asia. Prior to joiningNokia Corporation in Singapore, Mr. White consulted to various property and infrastructure financingsin Sydney and Melbourne with a particular focus on Olympic related projects in Sydney. This work wasperformed both while employed by Price Waterhouse from 1994 to 1996 and Multiplex ConstructionsLimited, and in a self employed capacity.

Mr. White received a Bachelor of Science (Information Systems) from the University of New SouthWales in 1990 and a Master of Applied Finance from Macquarie University, Australia in 1999.

Ms. Ong Ai Ling, Yvonne joined the Manager on 10 November 2005 as the VP, Asset Managementleading the asset management department. Prior to joining the Manager, she was a manager in theProperties and Administration Division of Singapore Power Ltd for over one year from 2004 to 2005,responsible for office space renovation, property and project management, including oversight ofsecurity, fire safety, maintenance, tenancy and administrative matters. Before working at SingaporePower Ltd, she was with Chambers Valuers & Property Management Pte Ltd for more than eight years,her last position being that of Assistant Director from 2002 to 2004. During her tenure, she headed thevaluation and agency departments, handled construction and upgrading project management andproperty management.

Ms. Ong received a Bachelor of Science (Estate Management) (Honours) degree from the NationalUniversity of Singapore in 1994, has an Appraiser’s Licence (Lands and Buildings) since 1996 and isa member of the Singapore Institute of Surveyors and Valuers since 1997.

The Property Manager

General

Cambridge Industrial Property Management Pte Ltd has been appointed as the Property Manager ofthe Properties. The Property Manager is a private limited company incorporated in Singapore under theCompanies Act. It is owned in equal proportion by CREIM and CWT Engineering, a wholly- ownedsubsidiary of CWT, and has its registered office at 61 Robinson Road #12-01 Robinson Centre,Singapore 068893.

Roles and Responsibilities of the Property Manager

The Manager, the Trustee and the Property Manager have entered into the Property ManagementAgreement under which the Property Manager shall bear, among other things, the followingresponsibilities for each property under its management, subject to overall management by theManager:

(a) property management services, recommending third party contracts for provision of propertymaintenance services, supervising the performance of service contractors, arranging foradequate insurances and ensuring compliance with building and safety regulations;

(b) lease management services, including coordinating tenants’ fitting-out requirements,administration of rental collection, management of rental arrears, administration of property taxmatters, and initiating lease renewals and negotiation of terms; and

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(c) marketing and marketing coordination services, including acting as a non-exclusive marketingagent for the marketing and leasing of properties; and project management services in relation tothe development or redevelopment (unless otherwise prohibited by the Property FundsGuidelines or any other laws or regulations), the refurbishment, retrofitting and renovation worksto a property, including recommendation of project budgets and project consultants, andsupervision and implementation of the projects.

See the section titled “Certain Agreements Relating to Cambridge Industrial Trust and its Properties —Property Management Agreement”.

Directors and Officers of the Property Manager


Lye Siew Hong 51 24 Upper Neram RoadSingapore 805987


Chi Chien-Chuen, Jeffrey 39 71 Holland Road #03-02Singapore 258869


Kwek Chin Liang 42 10 Burgundy CrescentSingapore 653723

General Manager

Experience and Expertise of the Directors of the Property Manager

Mdm. Lye Siew Hong has served as a Non-Executive Director of the Property Manager since 2006.She is presently the Chief Financial Officer of CWT, a position she has held since 2005 andconcurrently the Managing Director of CWT Engineering (previously known as Invo-Tech EngineeringPte Ltd), a wholly-owned subsidiary of CWT. In addition, she holds several directorships within the CWTgroup of companies. Mdm Lye has more than 25 years of working experience in accounting, financialand corporate management of which 14 years were spent holding senior positions within CWT. As ChiefFinancial Officer of CWT, Mdm Lye’s key role is to assist the Chief Executive Officer in strategicdevelopment and expansion, corporate finance and general management of the CWT Group ofcompanies. Other roles include managing financial, human resource, business, corporate and strategicdevelopment, mergers and acquisitions, and new business start-ups. As Managing Director of CWTEngineering, Mdm Lye is focused on the strategic expansion of CWT’s engineering business.

Mdm Lye is a Certified Public Accountant and a Fellow of the Chartered Association of CertifiedAccountants in the United Kingdom since 1989.

Dr. Chi Chien-Chuen, Jeffrey has served as a Non-Executive Director of the Property Manager since2006. Details of his working experience are set out under “Experience and Expertise of the Board ofDirectors”.

Roles of the Executive Officer of the Property Manager

The General Manager of the Property Manager is responsible for leading a team of propertymanagement and finance specialists and overseeing the day-to-day property management andreporting, leasing and revenue maximisation and expense management of CIT properties.

Experience and Expertise of the Executive Officer of the Property Manager

Mr. Kwek Chin Liang joined the Property Manager on 10 November 2006 as the General Manager. Hehas over 17 years of property and facilities management experience in the real estate industry. Mr.Kwek was previously the Chief Engineer of Raffles Hotel (1886) Ltd for over five years from 2001 to2006. He was also a member of the Raffles Hotel’s Executive Committee that oversees the hotel’s

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overall operations. He was responsible for the maintenance operations and upgrading of all facilities ofthe hotel, food and beverage outlets and retail shop arcade. Prior to this, Mr. Kwek was a SeniorManager at Far East Organization for more than five years. He last headed the Hospitality ServicesDepartment and was responsible for managing all operational aspects of serviced apartments, longlease apartments and commercial complexes. Before working at Far East Organization, Mr. Kwek waswith United Premas Ltd (formerly known as Pidemco Land Ltd) as a centre manager in 1990 andmanaged a portfolio of retail and mixed use properties for almost six years. Mr. Kwek received a Masterof Science (Real Estate) degree from the National University of Singapore in 2000. He is also a memberof the Association of Property and Facilities Managers since 2000.

Management Reporting Structure of the Property Manager

Board of DirectorsLye Siew Hong

Chi Chien-Chuen, Jeffrey

General ManagerKwek Chin Liang

PROPERTY MANAGEMENTFINANCE

Compensation of the Directors and the Executive Officers of the Manager and Property Manager

The Manager

Pursuant to the Trust Deed, the Manager has general powers of management over the assets of CITwith primary responsibility to manage CIT’s assets and liabilities for the benefit of Unitholders. TheManager is entitled to certain fees pursuant to the Trust Deed for the services it performs. See“Management Fees” and “Acquisition Fee and Disposal Fee” below for a summary of the fees payableto the Manager.

Because the Manager assumes principal responsibility for managing CIT’s assets, CIT does not haveits own board of directors nor does it employ any personnel. Below is a summary of the fees and otheramounts earned by the Manager in connection with services performed for CIT during the financialperiods presented.

FP 2006(S$’000)

Six-MonthPeriod ended30 June 2007

(S$’000)

Management Fees S$1,158 S$1,516

Acquisition Fees(1) S$5,190 S$1,310

Total S$6,348 S$2,826

Note:

(1) This is capitalised as part of the cost of the investment properties.

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The Property Manager

The Property Manager is responsible for managing and accounting for the Properties and all propertieslocated in Singapore subsequently acquired by CIT pursuant to the Property Management Agreement.The Property Manager is entitled to certain fees pursuant to the Property Management Agreement forthe services it performs for CIT. See “Certain Agreements Relating to Cambridge Industrial Trust andits Properties — Property Management Agreement” for a summary of the fees payable to the PropertyManager.

FP 2006(S$’000)

Six-MonthPeriod ended30 June 2007

(S$’000)

Property Management Fees S$376 S$470

Lease Management Fees S$188 S$235

Total S$564 S$705

Roles and Responsibilities of the Manager

The Manager has general powers of management over the assets of CIT. The Manager’s mainresponsibility is to manage CIT’s assets and liabilities for the benefit of Unitholders.

The Manager sets the strategic direction of CIT and provides recommendations to the Trustee on theacquisition, divestment or enhancement of assets in accordance with CIT’s stated principal investmentstrategy.

The Manager has covenanted in the Trust Deed to use its best endeavours to carry on and conduct itsown business in a proper and efficient manner and to ensure that the business of CIT is carried out andconducted in a proper and efficient manner and to conduct all transactions with or for CIT at arm’slength.

Further, the Manager prepares asset management plans on a regular basis, which may containproposals and forecasts on net income, capital expenditure, sales and valuations, explanations ofmajor variances to previous forecasts, written commentaries on key issues and any relevantassumptions. The purpose of these plans is to explain the performance of CIT’s properties. TheManager is responsible for ensuring compliance with the applicable provisions of the Securities andFutures Act and all other relevant legislation, the Listing Manual, the CIS Code (including the PropertyFunds Guidelines), the Trust Deed, the Tax Ruling and all relevant contracts. The Manager isresponsible for all regular communications with the Unitholders.

The Manager may require the Trustee to borrow on behalf of CIT (upon such terms and conditions asthe Manager deems fit, including the charging or mortgaging of all or any part of the DepositedProperty) whenever the Manager considers, among other things, that such borrowings are necessaryor desirable in order to enable CIT to meet any of its liabilities or to finance the acquisition of anyproperty or the redemption of any Units. However, the Manager must not direct the Trustee to incuradditional debt if to do so would mean that CIT’s total borrowings and deferred payments (includingdeferred payments for assets whether to be settled in cash or in Units) exceed 35.0% of the value ofits Deposited Property (or such other limit as may be stipulated by the Authority, including in theProperty Funds Guidelines). The Aggregate Leverage of CIT may exceed 35.0% of CIT’s DepositedProperty (up to a maximum of 60.0%) only if a credit rating of CIT from Fitch, Inc., Moody’s or Standard& Poor’s is obtained and disclosed to the public. CIT should continue to maintain and disclose a creditrating so long as its Aggregate Leverage exceeds 35.0% of CIT’s Deposited Property. On 3 July 2006,

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Standard & Poor’s International, LLC(34) assigned to CIT a long-term corporate credit rating of ‘BBB-’,conditional upon the IPO and the acquisition of the Initial Portfolio. Following the completion of theAggregate Acquisitions and the Global Offering, CIT’s Aggregate Leverage is expected to decrease toapproximately 38.1% as at 31 October 2007.

In the absence of fraud, gross negligence, wilful default or breach of the Trust Deed by the Manager,it shall not incur any liability by reason of any error of law or any matter or thing done or suffered to bedone or omitted to be done by it in good faith under the Trust Deed. In addition, the Manager shall beentitled, for the purpose of indemnity against any actions, costs, claims, damages, expenses ordemands to which it may be put as the Manager, to have recourse to the Deposited Property or any partthereof save where such action, cost, claim, damage, expense or demand is occasioned by the fraud,gross negligence, wilful default or breach of the Trust Deed by the Manager. The Manager may, inmanaging CIT and in carrying out and performing its duties and obligations under the Trust Deed, withthe written consent of the Trustee, appoint such person to exercise any or all of its powers anddiscretions and to perform all or any of its obligations under the Trust Deed, provided always that theManager shall be liable for all acts and omissions of such persons as if such acts and omissions wereits own.

Management Fees

The Manager is entitled under the Trust Deed to Management Fees comprising the Base Fee and thePerformance Fee as follows:

(i) a Base Fee of 0.5% per annum of the value of Deposited Property; and

(ii) a Performance Fee, where the total return (comprising capital gains and accumulateddistributions and assuming all distributions are re-invested in CIT) of the Trust Index in any HalfYear exceeds the total return (comprising capital gains and accumulated distributions andassuming re-investment of all distributions) of the Benchmark Index (as defined in the TrustDeed).

In relation to the Performance Fee, the Benchmark Index refers to:

(i) a performance tracking index comprising all of the real estate investment trusts contained in theFTSE AllCap Singapore Universe (but excluding CIT) provided by FTSE or another index providerwith similar capabilities; or

(ii) if the index referred to in paragraph (i) above is, in the opinion of the Manager, in consultation withthe Trustee, not practical or relevant, a similar index calculated by FTSE or another index providerwith similar capabilities (the composition of which shall be determined by the Manager afterconsultation with the Trustee) which the Manager, after consultation with the Trustee, determinesis more appropriate for measuring the performance of CIT.

If the Benchmark Index is to be changed pursuant to the above, the new index shall be adopted as thenew Benchmark Index as soon as practicable, if possible, for the following Half Year.

The closing value of the Benchmark Index for the relevant Half Year will be based on the investible (i.e.free float) market capitalisation weighting of the securities comprising the Benchmark Index recordedon the SGX-ST (or other exchange on which such securities are quoted) during the five Business Dayspreceding the last day of the relevant Half Year (including the last day of the relevant Half Year) and thefive Business Days after the last day of the relevant Half Year (ten Business Days in total).

(34) Standard & Poor’s International, LLC has given its written consent to the issue of this Offering Circular with the statementsabout the rating assigned to CIT in the form and context in which they are included, and has not withdrawn that consentbefore the date of this Offering Circular. A rating may be changed, suspended or withdrawn at any time as a result ofchanges in, or unavailability of, information, or based on other circumstances. A Standard & Poor’s rating is not arecommendation to buy, hold or sell any securities and Standard & Poor’s International, LLC, in giving a rating, does notcomment on market price of or suitability in relation to a particular investor.

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Investors may refer to the Trust Index and Benchmark Index published on the FTSE websitehttp://www.ftse.com/cambridge_benchmark.

If CIT is included in the Benchmark Index, the Benchmark Index will, for the purpose of calculating thePerformance Fee, be adjusted by the index provider by removing CIT.

CIT is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”)or by the London Stock Exchange Plc or by The Financial Times Limited, European Public Real EstateAssociation (“EPRA”) or National Association of Real Estate Investment Trusts (“NAREIT”) and neitherFTSE, the London Stock Exchange Plc, The Financial Times Limited, EPRA or NAREIT makes anywarranty or representation whatsoever, expressly or impliedly, either as to the results to be obtainedfrom the use of the Benchmark Index, being a new index created by FTSE, EPRA and NAREIT, and/orthe figure at which the Benchmark Index stands at any particular time on any particular day orotherwise. Such index is compiled and calculated by FTSE. However, neither FTSE, the London StockExchange Plc, The Financial Times Limited, EPRA or NAREIT shall be liable (whether in negligence orotherwise) to any person for any error in the Benchmark Index and neither FTSE, the London StockExchange Plc, The Financial Times Limited, EPRA or NAREIT shall be under any obligation to adviseany person of any error therein.

In relation to the Performance Fee, the Trust Index (as defined in the Trust Deed) refers to theperformance tracking index for CIT, as calculated by FTSE or another index provider with similarcapabilities, as appointed by the Manager, in consultation with the Trustee, for calculating theBenchmark Index. The Trust Index commenced at a base value of 100 on the date of admission of theUnits to the Official List of the SGX-ST, being 25 July 2006 (the “Listing Date”) based on the price atwhich the Units were offered for subscription in the IPO.

Calculation of the Performance Fee

The Performance Fee is calculated in two tiers as follows:

• a Tier 1 Performance Fee equal to 5.0% of the amount by which the total return of the Trust Indexexceeds the total return of the Benchmark Index, multiplied by the Equity Market Capitalisation ofCIT; and

• a Tier 2 Performance Fee which is applicable only where the total return of the Trust Index is inexcess of 2.0% per annum (1.0% for each Half Year) above the total return of the BenchmarkIndex. This tier of the fee is calculated at 15.0% of the amount by which the total return of the TrustIndex is in excess of 2.0% per annum above the total return of the Benchmark Index, multipliedby the Equity Market Capitalisation of CIT.

For the purposes of the Tier 1 Performance Fee and the Tier 2 Performance Fee, the amount by whichthe total return of the Trust Index exceeds the total return of the Benchmark Index shall be referred toas “outperformance”.

The outperformance of the Trust Index is assessed on a cumulative basis (see Example 1 and Example2 in “Examples for Calculation of the Performance Fee”) and any prior underperformance of CIT willneed to be recovered before the Manager is entitled to any Performance Fee (see Example 3 in“Examples for Calculation of the Performance Fee”).

The Trust Index will be calculated by FTSE or another index provider. The Trust Index will be calculatedin accordance with the index provider’s standard practices in relation to index calculation. The TrustIndex will measure the total return of CIT, combining both capital performance of the security and itsreinvested income. The Trust Index will be calculated daily using declared dividends. The calculationmethod will be adjusted according to whether any dividends are declared ex-dividend on a given day.The ex-dividend adjustment represents the value of dividends declared by the security on theex-dividend date expressed in index points.

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FTSE is an entity independent from the Manager and CIT.

Examples for Calculation of the Performance Fee

It is assumed for the purposes of the hypothetical examples below that the Equity Market Capitalisationof CIT for that Half Year is S$500.00 million. The examples below are illustrative only and do not purportto represent the likely Performance Fee (if any) to be received by the Manager.

Example 1:

If the total return of the Benchmark Index for a Half Year was 4.0% and the total return of the Trust Indexwas 4.5%, the outperformance of CIT would be 0.5% for that Half Year.

The amount of the Performance Fee would be:

• Tier 1 Performance Fee: Outperformance of 0.5% x Equity Market Capitalisation of S$500.00million x 5.0% = S$125,000; and

• Tier 2 Performance Fee: Not applicable, as outperformance was not in excess of 2.0% per annumabove the total return of the Benchmark Index (i.e. 1.0% for that Half Year).

Therefore, the total Performance Fee = Tier 1 Performance Fee of S$125,000 for that Half Year.

Example 2:

If the total return of the Benchmark Index for a Half Year was 4.0% and the total return of the Trust Indexwas 8.0%, the outperformance of CIT would be 4.0% for that Half Year.


• Tier 1 Performance Fee: Outperformance of 4.0% x Equity Market Capitalisation of S$500.00million x 5.0% = S$1.00 million; and

• Tier 2 Performance Fee: Outperformance of 3.0% in excess of 2.0% per annum above the totalreturn of the Benchmark Index (i.e. 4.0% – 1.0%) x Equity Market Capitalisation of S$500.00million x 15.0% = S$2.25 million.

Therefore, the total Performance Fee = Tier 1 Performance Fee of S$1.00 million + Tier 2 PerformanceFee of S$2.25 million = S$3.25 million for that Half Year.

Example 3:

If the total return of the Benchmark Index for a Half Year was 17.0% and the total return of the TrustIndex was 10.0%, there would be no outperformance by CIT for that Half Year and no Performance Feewould be earned in that Half Year.

In order for any Performance Fee to be payable in the following Half Year, the outperformance of CITin that following Half Year must effectively make up for the underperformance from the underperformingHalf Year. This means that CIT must outperform during the following Half Year to the extent that theunderperformance in the previous Half Year is earned back before any Performance Fee is payable inthe following Half Year.

Calculation of the Performance Fee in the following Half Year would also be based on the respectivetotal returns of the Benchmark Index and the Trust Index from the start of the previous Half Year to theclose of the following Half Year. If the total return of the Benchmark Index for the following Half Year was0.0% and the total return of the Trust Index was 10.0%:

(a) the total return of the Trust Index, calculated from the start of the previous Half Year to the end ofthe following Half Year would be 21.0% (i.e. (100.0% + 10.0%) x (100.0% + 10.0%)) – 100.0%);and

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(b) the total return of the Benchmark Index, calculated over the same period would be 17.0% (i.e.(100.0% + 17.0%) x (100.0% + 0%) – 100.0%).

The outperformance of CIT would be 4.0% (i.e. 21.0% – 17.0%) for the following Half Year (taking intoaccount the underperformance of 7.0% in the previous Half Year).


• Tier 1 Performance Fee: Outperformance of 4.0% x Equity Market Capitalisation of S$500.00million x 5.0% = S$1.00 million; and

• Tier 2 Performance Fee: Outperformance of 3.0% in excess of 2.0% per annum above the totalreturn of the Benchmark Index (i.e. 4.0% – 1.0%) x Equity Market Capitalisation of S$500.00million x 15.0% = S$2.25 million.

Therefore, the total Performance Fee = Tier 1 Performance Fee of S$1.00 million + Tier 2 PerformanceFee of S$2.25 million = S$3.25 million for the following Half Year.

Payment of Management Fees

• Base Fee

The Manager elected to receive for the period ended 31 December 2006 and the period ending31 December 2007 respectively, at least 92.0% and 97.0% of the Base Fee in respect of the InitialPortfolio, in the form of Units, with the remainder of the Base Fee in cash. The Manager may electto receive the Base Fee in respect of the properties in cash or Units or a combination of cash andUnits (as it may determine) after 31 December 2007. In respect of any new property acquired byCIT after the IPO, the Manager may, at any time, opt to receive the Base Fee in cash or Units ora combination of cash and Units (as it may determine).

The Manager received for the period ended 31 December 2006 and the quarter ended 31 March2007 respectively, at least 92.0% and 97.0% of the Base Fee in respect of the then DepositedProperty in the form of Units, with the remainder in cash. For the quarter ended 30 June 2007, theManager received 97.0% of the Base Fee in respect of the Initial Portfolio in the form of Units, withthe remainder in cash.

Actual Base Fees of approximately S$1.2 million (comprising S$1.1 million in Units) and S$1.5million (comprising S$1.3 million in Units) were incurred for the FP2006 and the Half Year ended30 June 2007 respectively.

The portion of the Base Fee payable in cash is payable monthly in arrears and the portion of theBase Fee payable in the form of Units is payable quarterly in arrears. If a Trigger Event occurs,resulting in the Manager being removed, the Manager is entitled to be paid the Base Fee up tothe day on which the Trigger Event occurs. See “Payment of Management Fees upon theoccurrence of a Trigger Event”. When the Base Fee or part thereof is payable to the Manager inthe form of Units, the Manager is entitled to receive such number of Units as could be purchasedwith the relevant amount of the Base Fee attributable to the relevant period at the volumeweighted-average price per Unit for all trades on the SGX-ST, in the ordinary course of trading,for the period of ten Business Days immediately preceding the relevant Business Day or, wherethe Manager believes that such price is not a fair reflection of the market price of a Unit, suchamount as determined by the Manager and the Trustee (after consultation with a stockbrokerapproved by the Trustee), as being the fair market price of a Unit (the “Market Price”).

• Performance Fee

The Manager opted to receive, from the Listing Date up to 31 December 2006, 100.0% of thePerformance Fee (if any) in the form of Units. The Manager may opt to receive the PerformanceFee (if any) in cash or Units or a combination of cash and Units (as it may determine) after 31

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December 2006 having regard to the cashflow of CIT. For the period from Listing Date up to 30June 2007, the Manager was not entitled to a Performance Fee.

To the extent that payment of the Performance Fee erodes the distributable income as set out inthe Profit Forecast and the Profit Projection, the Manager will, for the Half-Years ending 31December 2007, 30 June 2008 and 31 December 2008 (as the case may be), elect to receive inUnits or a combination of cash and Units; and/or defer part or all of the payment of thePerformance Fee to the next Half Year as would be required to achieve, to the extent possible, theforecast and projected distributions during the said periods.

If a Trigger Event occurs in any Half Year, resulting in the Manager being removed, the Manageris entitled to payment of any Performance Fee (whether in cash or in the form of Units) to whichit might otherwise have been entitled for that Half Year in cash, which shall be calculated, as if theend of the Half Year was the date of occurrence of the Trigger Event, in accordance with Clause15.1.2 of the Trust Deed. (See “— Payment of Management Fees upon the Occurrence of aTrigger Event”).

When the Performance Fee or part thereof is payable to the Manager in the form of Units, the issueprice of the Units will be the greater of the volume weighted-average price for a Unit for all trades onthe SGX-ST in the ordinary course of trading during the five Business Days preceding the last day ofthe relevant Half Year (including the last day of the relevant Half Year) and the five Business Days afterthe last day of the relevant Half Year (ten Business Days in total) and the value of Deposited Propertyper Unit at the end of the Half Year.

Units issued to the Manager in payment of the Base Fee and Performance Fee are entitled to all therights attached to Units as for any other Unitholders, including being entitled to receive distributions.

Subject to the Manager’s undertaking to the Authority and to the Joint Global Coordinators and JointBookrunners not to deal in the Units during certain specified periods (see “The Manager and CorporateGovernance” and “Plan of Distribution — No Sale of Similar Securities and Lock-up” for further details),the Manager may, at its option, sell any such Units issued and is entitled to keep any gains made onsuch sale for its own account.

Any increase in the rate or any change in the structure of the Management Fees must be approved byan Extraordinary Resolution of Unitholders passed at a Unitholders’ meeting duly convened and heldin accordance with the provisions of the Trust Deed.

Annual fee cap

The Management Fees (Base Fee and Performance Fee, including any accrued Performance Feewhich has been carried forward from previous Financial Years but excluding any Acquisition Fee orDisposal Fee) to be paid to the Manager in respect of a Financial Year, whether in cash or Units or acombination of cash and Units, are capped at an amount equivalent to 0.8% per annum of the valueof Deposited Property as at the end of the Financial Year (referred to as the “annual fee cap”).

If the amount of such fees for a Financial Year exceeds the annual fee cap, the Base Fee for thatFinancial Year shall be paid to the Manager and only that portion of the Performance Fee equal to thebalance of the amount up to the annual fee cap will be paid to the Manager. The remaining portion ofthe Performance Fee, which is not paid, will accrue and carry forward for payment to the Manager infuture Half Years. See “Example for payment of the Performance Fee subject to the annual fee cap”.

If, at the end of a Half Year, there is any accrued Performance Fee which has been accrued for a periodof at least three years prior to the end of that Half Year, such accrued Performance Fee shall be paidto the Manager if the total return of the Trust Index in that three-year period exceeds the total return ofthe Benchmark Index over the same period. The payment of such accrued Performance Fee shall not

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be subject to the annual fee cap. Accordingly, for periods in which there are three years of cumulativeoutperformance by CIT, the Management Fees to be paid to the Manager could exceed the annual feecap.

However, as the Manager may opt to receive the Performance Fee in cash or Units or a combinationof cash and Units (as it may determine) after 31 December 2006, it will have the flexibility to receivesuch accrued Performance Fee in cash or Units or a combination of cash and Units having regard tothe cash flow of CIT.

If CITM ceases to be the manager of CIT, it shall be entitled to receive payment of all accruedPerformance Fees within a period of seven days after the date on which it ceases to be the managerof CIT.

Example for payment of the Performance Fee subject to the annual fee cap

It is assumed for the purposes of this hypothetical example that the value of Deposited Property as atthe end of the Financial Year is S$700.00 million. Accordingly, the aggregate Base Fee andPerformance Fee paid to the Manager in both the first Half Year and the second Half Year is subject tothe half year fee cap of S$2.80 million, being half of the annual fee cap of S$5.60 million (i.e. (0.8% xS$700.00 million) divided by 2).

The examples below are illustrative only and do not purport to represent the likely Performance Fee (ifany) to be received by the Manager.

(a) Payment of the Performance Fee in the first Half Year (subject to the annual fee cap)

If the total return of the Benchmark Index was 2.0% in the first Half Year and the total return of theTrust Index was 4.0%, the outperformance of CIT would be 2.0% for the first Half Year.

If there is no accrued Performance Fee carried forward from previous Financial Years, the amountof the Performance Fee would be:

• Tier 1 Performance Fee: Outperformance of 2.0% x Equity Market Capitalisation ofS$500.00 million x 5.0% = S$0.50 million; and

• Tier 2 Performance Fee: Outperformance of 1.0% in excess of 2.0% per annum above thetotal return of the Benchmark Index (i.e. 2.0% – 1.0%) x Equity Market Capitalisation ofS$500.00 million x 15.0% = S$0.75 million.

Therefore, the total Performance Fee = Tier 1 Performance Fee of S$0.50 million + Tier 2Performance Fee of S$0.75 million = S$1.25 million for the first Half Year. If it is assumed that theBase Fee for the first Half Year is S$1.75 million (i.e. (0.5% x S$700.0 million) divided by 2), thePerformance Fee paid to the Manager in the first Half Year, which is subject to the half year feecap of S$2.80 million, must not exceed S$1.05 million (i.e. S$2.80 million – S$1.75 million =S$1.05 million).

Since the Performance Fee for the first Half Year (as calculated above) is S$1.25 million and onlyS$1.05 million of the Performance Fee can be paid to the Manager in the first Half Year (such thatthe aggregate Base Fee and Performance Fee paid to the Manager is S$2.80 million), theremaining S$0.20 million of the Performance Fee will be accrued and carried forward for paymentto the Manager in a subsequent Half Year.

(b) Payment of the Performance Fee in the second Half Year (subject to the annual fee cap)

If the total return of the Benchmark Index was 6.0% in the second Half Year and the total returnof the Trust Index was 4.0%, there would be no outperformance by CIT in the second Half Yearand no Performance Fee would be earned in the second Half Year.

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If it is also assumed that the Base Fee for the second Half Year is S$1.75 million (i.e. (0.5% xS$700.00 million) divided by 2), and since no Performance Fee has been earned in the secondHalf Year, the accrued Performance Fee of S$0.20 million carried forward from the first Half Yearcan be paid to the Manager as the aggregate Base Fee and Performance Fee paid to theManager (i.e. S$1.75 million + S$0.20 million = S$1.95 million) will not exceed the half year feecap of S$2.80 million.

Payment of Management Fees upon the Occurrence of a Trigger Event

A “Trigger Event” refers to any of the following:

(a) an ordinary resolution is passed at a meeting of Unitholders removing or replacing the Manager;

(b) CIT is terminated;

(c) CIT becomes Unlisted (as defined in the Trust Deed); or

(d) the Unitholders approving an arrangement pursuant to which CIT merges with any other entity orpursuant to which there is a material change in the ownership or control of CIT.

The portion of the Base Fee payable in cash is payable monthly in arrears and the portion of the BaseFee payable in the form of Units is payable quarterly in arrears. If a Trigger Event occurs, resulting inthe Manager being removed, the Manager is entitled to be paid the Base Fee up to the day on whichthe Trigger Event occurs.

The Performance Fee, whether payable in any combination of cash and Units or solely in cash or Units,is payable twice-yearly in arrears. If a Trigger Event occurs in any Half Year, resulting in the Managerbeing removed, the Manager is entitled to payment of any Performance Fee (whether in cash or Units)to which it would otherwise have been entitled for that Half Year in cash, which shall be calculated asif the end of the Half Year was the date of occurrence of the Trigger Event, in accordance with Clause15.1.2 of the Trust Deed, as follows (such payment to be made to the entity which was the Manageron the day upon which the Trigger Event occurred notwithstanding that the entity may have ceased tobe the Manager or that CIT has been terminated):

(a) the cash payment is to be equal to the Performance Fee as if the end of the Half Year was the dateof the occurrence of the Trigger Event but in determining the performance of CIT at the close ofthe period, there is to be substituted for the market price of the Units:

(i) in the case of an ordinary resolution being passed at a meeting of Unitholders removing orreplacing the Manager, the volume weighted-average price for a Unit for all trades on theSGX-ST in the ordinary course of trading during the ten Business Days prior to the date ofthe notice of such meeting;

(ii) in the case of termination of CIT, the amount per Unit to be received by the Unitholders afteraccruing the amount payable to the Manager for the Performance Fee;

(iii) in the case where CIT becomes Unlisted, the volume weighted-average price for a Unit forall trades on the SGX-ST in the ordinary course of trading during the ten Business Days priorto the date of delisting; or

(iv) in the case of an arrangement pursuant to sub-section (d) above, the mid-point of the valuerange for the Units contained in the independent expert’s report (if any) prepared for themembers in relation to the arrangement or if there is no independent expert’s report, the fairvalue of the consideration per Unit as determined by an independent accountant appointedby the Manager;

(b) the cash payment is payable as soon as it can be calculated. If there has been any accrual of thePerformance Fee from any prior Half Year whether due to the total returns of the Trust Index beingnegative although exceeding the total returns of the Benchmark Index or otherwise, the amountaccrued shall be paid in cash rather than Units on the date of occurrence of the Trigger Event.

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If a Trigger Event occurs, resulting in the Manager being removed at a time when any accruedPerformance Fee has not been paid, the Manager is entitled to payment of such accrued PerformanceFee in cash.

Acquisition Fee and Disposal Fee

The Manager is also entitled to receive:

(a) an Acquisition Fee of 1.0% for the acquisition of each of the following assets as is applicable,subject to there being no double-counting:

(i) the purchase price, excluding GST, of any Real Estate acquired, whether directly by CIT orindirectly through a Special Purpose Vehicle;

(ii) the value of any underlying Real Estate (pro-rata, if applicable, to the proportion of CIT’sinterest in such Real Estate) where CIT invests in any class of Real Estate Related Assets,including any class of equity, equity-linked securities and/or securities issued in Real Estatesecuritisation, of any entity directly or indirectly owning or acquiring such Real Estate,provided that:

(a) CIT shall hold or invest in at least 50.0% of the equity of such entity; or

(b) if CIT holds or invests in 30.0% or more but less than 50.0% of the equity of such entity,CIT has management control of the underlying Real Estate and/or such entity.

The reference to the “equity” of such entity, where it involves an investment in equity-linkedinstruments, shall mean the share of the equity of such entity as represented by the notionalconversion of the equity-linked instrument into ordinary shares of the entity, on a fully dilutedenlarged basis;

(iii) the value of any shareholder’s loan extended by CIT to the entity referred to in paragraph (ii)above, provided that the proviso in paragraph (ii) is complied with. For the avoidance ofdoubt, the reference to the “equity” of such entity here has the same meaning as set out inparagraph (ii); and

(iv) the value of any investment by CIT in any loan extended to or in debt securities of anyproperty corporation or other Special Purpose Vehicle owning or acquiring Real Estate(where such investment does not fall within the ambit of paragraph (ii)), made with the priorconsent of the Unitholders passed by ordinary resolution at a meeting of Unitholders dulyconvened and held in accordance with the provisions of the Trust Deed. The reference to“management control”, in relation to any entity or, as the case may be, any Real Estatereferred to above, means:

(a) CIT having the power or authority to secure that the affairs or business of that entity orReal Estate is conducted directly or indirectly in accordance with the wishes of CIT;

(b) CIT having the right to appoint or remove a majority of the directors of that entity orotherwise control the votes at board meetings of that entity;

(c) CIT having the right to control more than half of the votes at shareholders’ meetings ofthat entity;

(d) CIT or the Manager having the right to appoint, or direct the appointment of, theproperty manager for that Real Estate; or

(e) CIT or the Manager having the capacity to direct the management or operation of thatReal Estate in accordance with the wishes of CIT, or to secure that the decision-making, directly or indirectly, in relation to such management or operation is conductedin accordance with the wishes of CIT.

For the avoidance of doubt, an Acquisition Fee of approximately S$3.20 million is payablefor the Aggregate Acquisitions.

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For any acquisition or transaction made in Singapore, any payment to third party agents orbrokers in connection with the acquisition of any Real Estate in Singapore for CIT shall beborne by the Manager, and not additionally from the assets of CIT. For any acquisition ortransaction made outside Singapore for CIT, if any payment is made to third party agents orbrokers, such payment shall be paid out of the Deposited Property, provided that theManager shall charge an Acquisition Fee of 0.6% instead of 1.0%.

The Manager may opt to receive any Acquisition Fee in the form of cash or Units or acombination of cash and Units as it may determine. When the Acquisition Fee or part thereofis payable to the Manager in the form of Units, the Manager shall be entitled to receive suchnumber of Units as may be purchased with the relevant amount of the Acquisition Feeattributable to the relevant period at the Market Price; and

(b) a Disposal Fee of 0.5% upon the disposition of each of the following assets as is applicable,subject to there being no double-counting;

(i) the sale price, excluding GST, of any investment of the type referred to in paragraph (a)(i)above;

(ii) in relation to an investment of the type referred to in paragraph (a)(ii) above the value of anyunderlying Real Estate (pro-rata, if applicable, to the proportion of CIT’s interest in such RealEstate);

(iii) the proceeds of a sale, repayment or (as the case may be) redemption of an investment ina loan referred to in paragraph (a)(iii) above; and

(iv) the value of an investment referred to in paragraph (a)(iv) above.

For any divestment or transaction made in Singapore, any payment to third party agents orbrokers in connection with the divestment of any one of the assets forming a part of theDeposited Property in Singapore shall be borne by the Manager and not from the assets ofCIT. For any divestment or transaction made outside Singapore for CIT, if any such paymentis made to third party agents or brokers, such payment shall be paid out of the DepositedProperty.

The Manager may opt to receive any Disposal Fee in the form of cash or Units or acombination of cash and Units as it may determine. When the Disposal Fee or part thereofis payable to the Manager in the form of Units, the Manager shall be entitled to receive suchnumber of Units as may be purchased with the relevant amount of the Disposal Feeattributable to the relevant period at the Market Price.

Any increase in the maximum permitted level of the Acquisition Fee or disposal fee must beapproved by an Extraordinary Resolution of Unitholders passed at a Unitholders’ meetingduly convened and held in accordance with the provisions of the Trust Deed.

Annual Reports

An annual report will be issued by the Manager to Unitholders within three months from the end of eachannual accounting period of CIT, containing, among other things, the following key items:

(i) details of all real estate transactions entered into during the accounting period;

(ii) details of all of CIT’s real estate assets;

(iii) tenant profile of CIT’s real estate assets, including the:

(a) total number of tenants;

(b) top ten tenants, and the percentage of total gross rental income attributable to each ofthese top ten tenants;

(c) trade sector mix of tenants, in terms of the percentage of total gross rental incomeattributable to major trade sectors; and

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(d) lease maturity profile, in terms of the percentage of total gross rental income, for each ofthe next five years;

(iv) if applicable, with respect to investments other than real property:

(a) a brief description of the business;

(b) proportion of share capital owned;

(c) cost;

(d) Directors’ valuation and in the case of listed investments, market value;

(e) dividend cover or underlying earnings;

(f) net assets attributable to investments;

(g) ten most significant holdings (including the amount and percentage of fund size at marketvaluation); and

(h) distribution of investments in dollar and percentage terms by country, asset class and bycredit rating of all debt securities;

(v) cost of each property held by CIT;

(vi) the Manager’s objective for each property of CIT;

(vii) annual valuation of each property of CIT;

(viii) annual rental income for each property of CIT;

(ix) analysis of provision for diminution in value of each property of CIT (to the extent possible);

(x) occupancy rates for each property of CIT;

(xi) remaining term for each of CIT’s leasehold properties;

(xii) amount of distributable income held pending distribution;

(xiii) details of assets other than real estate;

(xiv) details of CIT’s exposure to derivatives;

(xv) details of CIT’s investments in other property funds;

(xvi) details of borrowings by the Trustee and other financial accommodation to the Trustee in relation toCIT;

(xvii) value of the Deposited Property and the NAV of CIT at the beginning and the end of the financialyear under review;

(xviii) the prices at which the Units were quoted at the beginning and end of the accounting period, andthe highest and lowest prices at which the Units were traded on the SGX-ST during the accountingperiod;

(xix) volume of trade in the Units during the accounting period;

(xx) the aggregate value of all transactions entered into by the Trustee (for and on behalf of CIT) withan “interested party” (as defined in the Property Funds Guidelines) or with an “interested person”(as defined in the Listing Manual) during the financial year under review;

(xxi) total operating expenses of CIT in respect of the accounting period, including expenses paid to theManager and interested parties (if any) and the Trustee, and taxation incurred in relation to CIT’sproperties;

(xxii) historical performance of CIT, including rental income obtained and occupancy rates for eachproperty in respect of the accounting period and other various periods of time (e.g. one-year,three-year, five-year or 10-year) and any distributions made;

(xxiii) total amount of fees paid to the Trustee;

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(xxiv) name of the manager of CIT, together with an indication of the terms and duration of its appointmentand the basis of its remuneration;

(xxv) total amount of fees paid to the Manager and the price(s) at which Units were issued in partpayment thereof;

(xxvi) total amount of fees paid to the Property Manager; and

(xxvii) an analysis of realised surpluses or losses, stating separately profits and losses as between listedand unlisted investments, if applicable.

Additionally, CIT will announce its NAV on a quarterly basis. Such announcements will be based on thelatest available valuation of CIT’s real estate and real estate-related assets, which will be conducted atleast once a year (as required under the Property Funds Guidelines). The first such valuation after theListing Date was conducted on 31 December 2006.

Retirement or Removal of the Manager

The Manager has the power to retire in favour of a corporation approved by the Trustee to act as themanager of CIT.

Also, the Manager may be removed by notice given in writing by the Trustee if:

• the Manager goes into liquidation (except a voluntary liquidation for the purpose of reconstructionor amalgamation upon terms previously approved in writing by the Trustee) or a receiver isappointed over its assets or a judicial manager is appointed in respect of the Manager;

• the Manager ceases to carry on business;

• the Manager fails or neglects after reasonable notice from the Trustee to carry out or satisfy anymaterial obligation imposed on the Manager by the Trust Deed;

• the Unitholders, by a resolution duly passed by 50.0% or more of the total number of votesrepresented by all the Units in issue entitled to vote on the matter at a Unitholders’ meeting dulyconvened and held in accordance with the provisions of the Trust Deed, shall so decide;

• if for good and sufficient reason, the Trustee is of the opinion, and states so in writing, that achange of the Manager is desirable and in the interests of the Unitholders;

• the Authority directs the Trustee to remove the Manager; or

• the Authority revokes its authorisation of CIT as an authorised scheme under section 286 of theSecurities and Futures Act or revokes its authorisation of the Manager under the Property FundsGuidelines.

In any of such cases, the Manager shall upon notice by the Trustee, cease to be the Manager and theTrustee shall by writing under its seal appoint some other corporation subject to such corporationentering into a deed to secure the due performance of its duties as the new Manager.

Where the Manager is removed on the basis that a change of the Manager is desirable in the interestsof the Unitholders, the Manager has a right under the Trust Deed to refer the matter to arbitration. Anydecision made pursuant to such arbitration proceedings is binding upon the Manager, the Trustee andall Unitholders.

Corporate Governance of the Manager

This statement outlines the main corporate governance practices of the Manager.

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Board of Directors of the Manager

The Board is responsible for the overall corporate governance of the Manager including establishinggoals for management and monitoring the achievement of these goals.

The responsibilities of the Board members include the following:

• establishing goals for management and monitoring the achievement of these goals;

• strategic business direction and risk management of CIT;

• review of financial objectives, financial controls, budget and performance;

• release of financial results of CIT to the SGX-ST;

• approval of bank facilities; and

• approval of investments and divestments based on pre-determined authorised limits.

All Board members participate in matters relating to corporate governance, business operations andrisks, financial performance and the nomination and review of the performance of Directors. The Boardwill establish a framework for the management of the Manager and CIT, including a system of internalcontrols and a business risk management process. Currently, the Board consists of ten members, threeof whom are Independent Directors. None of the Directors of the Manager has entered into any servicecontract directly with CIT.

The composition of the Board is as follows:

• Dr. Tan Seng Chin, Finian (Chairman and Non-Executive Director);

• Mr. Ang Poh Seong (Chief Executive Officer, Head of Investment and Executive Director);

• Mr. Chan Wang Kin (Managing Director and Executive Director);

• Mr. Tetsuya Karasawa (Director, Japanese Business and Contacts and Executive Director);

• Dr. Chi Chien-Chuen, Jeffrey (Non-Executive Director);

• Mr. Liao Chung Lik (Non-Executive Director);

• Mr. Tadashi Yamaguchi (Non-Executive Director);

• Mr. Ravindran s/o Ramasamy (Independent Director);

• Dr. Ong Seow Eng (Independent Director);

• Mr. Tan Ming Kirk, Richard (Independent Director); and

• Mr. Yasuhiro Nakano (as alternate director to Mr. Tadashi Yamaguchi).

The composition is determined using the following principles:

• the majority of board members are Non-Executive Directors and Independent Directors;

• the Chairman of the Board is a Non-Executive Director;

• the Board should comprise directors with a broad range of commercial experience includingexpertise in the property, finance, fund management, and banking industries; and

• one-third of the Board shall comprise Independent Directors.

The composition of the Board will be reviewed regularly by the Human Resource and RemunerationCommittee to ensure that the Board has the appropriate mix of expertise and experience.

The Management provides the Board with regular updates on financial results, market and businessdevelopments and business and operational information of CIT.

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The Board has established committees to assist it in discharging its responsibilities. These committeesand their respective current members are as follows:

Board of Directors DesignationExecutiveCommittee

AuditCommittee

Human Resourceand Remuneration

Committee

Tan Seng Chin, Finian Chairman andNon-Executive Director

Chairman — Chairman

Ang Poh Seong Executive Director Member — —

Chan Wang Kin Executive Director Member — —

Tetsuya Karasawa Executive Director Member — —

Chi Chien-Chuen, Jeffrey Non-Executive Director Member Member —

Liao Chung Lik Non-Executive Director — — Member

Tadashi Yamaguchi Non-Executive Director — — —

Ravindran s/o Ramasamy Independent Director — Chairman Member

Ong Seow Eng Independent Director — Member Member

Tan Ming Kirk, Richard Independent Director — — Member

Roles of Chairman and Chief Executive Officer are separate

The role of the Chairman is to ensure that the members of the Board work together with managementwith integrity, competency and moral authority, engaging management in constructive debate onstrategy, business operations and enterprise risks.

The CEO has full executive responsibilities over the business direction and operational decisions inmanaging CIT.

Executive Committee

The Executive Officers are responsible for day-to-day operations. The Executive Committee, whichincludes two Non-Executive Directors, has been empowered by the Board to oversee the ExecutiveOfficers in conducting the day-to-day activities of the Manager.

The Executive Officers and the Executive Committee report to the Board. The Executive Committeereviews and recommends to the Board on the following matters:

(i) the proposed annual business plan in relation to CIT, including acquisition strategy;

(ii) the proposed investments and divestments, financing and banking facilities;

(iii) the proposed issuance of new Units in CIT; and

(iv) any proposed material modification, alteration or addition to the Trust Deed relating to CIT.

If a member of the Executive Committee has an interest in a transaction, he or she will abstain fromvoting. The Board remains responsible for the management of CIT.

Audit Committee

The Audit Committee is appointed based on the following principles:

• the majority must be Independent Directors; and

• the Chairman must be an Independent Director.

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The scope of duty of the Audit Committee is as follows:

• review the quality and reliability of information prepared for inclusion in financial reports;

• monitor and evaluate the effectiveness of the internal controls process through reviewing internaland external audit reports to ensure that where deficiencies in internal controls have beenidentified, appropriate and prompt remedial action is taken by management;

• nominate external auditors and review the adequacy of external audits in respect of cost, scopeand performance;

• monitor procedures to ensure compliance with applicable legislation, the Listing Manual and theProperty Funds Guidelines;

• review the financial statements of CIT and the audit report; and

• monitor the procedures established to regulate Related Party Transactions, including ensuringcompliance with the provisions of the Listing Manual relating to transactions between the Trustee(as the trustee of CIT) and an “interested person” (as defined therein) and the provisions of theProperty Funds Guidelines relating to transactions between the Trustee (as the trustee of CIT)and an “interested person” (as defined therein) (both such types of transactions constituting“Related Party Transactions”).

The Audit Committee has full access to and cooperation of the management and full discretion to inviteany Director or Executive Officer to attend its meetings.

Human Resource and Remuneration Committee

The Human Resource and Remuneration Committee has full responsibility for the:

• appointment of new Directors of the Manager (including reviewing and assessing candidates fordirectorships before making recommendations to the board of directors of the Manager forappointment of directors);

• appointment of any key staff of the Manager;

• review of the composition of the Board to ensure adequacy and an appropriate mix of expertiseand experience;

• recommendation of Directors’ remuneration;

• determination of year-end bonus/profit sharing for the Manager’s staff; and

• determination of whether to take up Units versus cash for the Manager’s fees.

Dealings in CIT Units

The Trust Deed requires each Director to give notice to the Manager of his acquisition of Units or ofchanges in the number of Units which he holds or in which he has an interest, within two Business Daysafter such acquisition or the occurrence of the event giving rise to changes in the number of Units whichhe holds or in which he has an interest. (See “The Formation and Structure of Cambridge IndustrialTrust — Directors’ Declaration of Unitholdings”).

All dealings in Units by the Directors will be announced via SGXNET, with the announcement to beposted on the internet at the SGX-ST website http://www.sgx.com. Company policy encourages theDirectors and employees of the Manager to hold units in CIT but prohibits them from dealing in theUnits:

(i) in the period commencing one month before the public announcement of CIT’s annual and halfyear results and (where applicable) property valuations and two weeks before the announcementof CIT’s quarterly results and ending on the date of announcement of the relevant results or, asthe case may be, property valuations; and

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(ii) at any time whilst in possession of price sensitive information.

In addition, the Manager has given an undertaking to the Authority that it will announce to the SGX-STthe particulars of its holdings in the Units and any changes thereto within two Business Days after thedate on which it acquires or disposes of any Units, as the case may be.

Management of Business Risk

The Board will meet regularly or more often if necessary to review the financial performance of theManager and CIT against a previously approved budget. The Board will also review risks to the assetsof CIT, explore ways to manage liabilities such as payables and borrowings and will act upon anycomments from the auditors of CIT.

The Manager has appointed experienced and well-qualified management to handle the day-to-dayoperations of the Manager and CIT. In assessing business risk, the Board will consider the economicenvironment and risks associated with the property industry. The Board will review managementreports and feasibility studies on individual development projects prior to approving major transactions.

Conflicts of Interest

The Manager has instituted the following procedures to deal with conflict of interest issues:

(i) The Manager will be a dedicated manager to CIT and will not manage any other real estateinvestment trust or be involved in any other real property business.

The Executive Directors of the Manager, namely, Mr. Chan Wang Kin and Mr. Ang Poh Seong,have entered into a non-compete undertaking, for so long as the Manager remains the managerof CIT, not to set up or manage or be involved, whether directly or indirectly, in any other industrialREIT established in Singapore or elsewhere, other than CIT, which may compete with CIT forinvestments in real estate and real estate-related assets which are used mainly for industrial(including warehousing) purposes for:

(a) a period of three years from and including the date of admission of CIT to the Official List ofthe SGX-ST; or

(b) for so long as he remains as an Executive Director of the Manager, whichever is longer.

Further, Dr. Tan Seng Chin, Finian, the Chairman and a Non-Executive Director of the Manager,has given an undertaking to the Trustee that he will, for so long as he remains a Director, discloseto the Board any investment in competing funds or businesses made by himself, any of hisinvestment companies, or any of the funds under the management of any of his investmentcompanies.

(ii) All Executive Officers will be employed by the Manager;

(iii) All written resolutions of the Directors in relation to matters concerning CIT must be approved bya majority of the Directors, including at least one independent Director;

(iv) At least one-third of the Board shall comprise independent Directors;

(v) All Related Party Transactions must be reviewed by the Audit Committee and approved by amajority of the Audit Committee. If a member of the Audit Committee has an interest in atransaction, he or she will abstain from voting;

(vi) In respect of matters in which a Director or any of his Associates has an interest, direct or indirect,such interested Director will abstain from voting. In such matters, the quorum must comprise amajority of the Directors and must exclude such interested Directors;

(vii) Under the Trust Deed, save for a meeting convened for the removal of the Manager, the Managerand its Associates are prohibited from being counted in a quorum for or voting at any meeting ofUnitholders convened to approve any matter in which the Manager or any of its Associates has

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a material interest. For so long as CITM is the Manager, the controlling shareholders (as definedin the Listing Manual) of CITM and their respective Associates are prohibited from being countedin the quorum for or voting at any meeting of Unitholders convened to consider a matter in respectof which the relevant controlling shareholder of CITM and/or their Associates have a materialinterest; and

(viii) It is also provided in the Trust Deed that if the Manager is required to decide whether or not to takeany action against any person in relation to any breach of any agreement entered into by theTrustee for and on behalf of CIT with a related party of the Manager, the Manager shall be obligedto consult with a reputable law firm (acceptable to the Trustee) which shall provide legal adviceon the matter. If the said law firm is of the opinion that the Trustee, on behalf of CIT, has a primafacie case against the party allegedly in breach under such agreement, the Manager shall beobliged to take appropriate action in relation to such agreement. The Directors will have a duty toensure that the Manager so complies. Notwithstanding the foregoing, the Manager shall informthe Trustee as soon as it becomes aware of any breach of any agreement entered into by theTrustee for and on behalf of CIT with a related party of the Manager and the Trustee may takesuch action as it deems necessary to protect the rights of Unitholders and/or which is in theinterests of Unitholders. Any decision by the Manager not to take action against a related party ofthe Manager shall not constitute a waiver of the Trustee’s right to take such action as it deems fitagainst such related party.

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THE FORMATION AND STRUCTURE OF CAMBRIDGE INDUSTRIAL TRUST

The Trust Deed is a complex document of which the following is only a summary of certain sections ofthe Trust Deed and is qualified in its entirety by, and is subject to, the contents of the Trust Deed.Prospective investors should refer to the Trust Deed itself to confirm specific information or for adetailed understanding of CIT because it, and not this summary, defines the Unitholders’ rights. TheTrust Deed is available for inspection at the registered office of the Manager at 61 Robinson Road,#12-01 Robinson Centre, Singapore 068893.

The Trust Deed

CIT is a Singapore-based REIT constituted by the Trust Deed and principally regulated by the SFA andthe CIS Code (including the Property Funds Guidelines).

The Trust Deed was entered into on 31 March 2006 between Cambridge Industrial Trust ManagementLimited as the manager of CIT and RBC Dexia Trust Services Singapore Limited (formerly known asDexia Trust Services Singapore Limited) as the Trustee of CIT (as amended by the supplemental deedof amendment dated 15 August 2007).

The terms and conditions of the Trust Deed are binding on each Unitholder (and persons claimingthrough such Unitholder) as if such Unitholder had been a party to the Trust Deed and as if the TrustDeed contained covenants by such Unitholder to observe and be bound by the provisions of the TrustDeed and an authorisation by each Unitholder to do all such acts and things as the Trust Deed mayrequire the Manager and/or the Trustee to do.

The provisions of the SFA and the CIS Code (including the Property Funds Guidelines) prescribecertain terms of the Trust Deed and certain rights, duties and obligations of the Manager, the Trusteeand the Unitholders under the Trust Deed.

The Property Funds Guidelines also impose certain restrictions on REITs in Singapore, including arestriction on the types of investments which REITs in Singapore may hold and a general limit on theirlevel of borrowings. The Manager must not direct the Trustee to incur a liability if to do so would meanthat CIT’s total borrowings and deferred payments (including deferred payments for assets whether tobe settled in cash or in Units) exceed 35.0% of the value of its Deposited Property (or such other limitas may be stipulated by the Authority, including in the Property Funds Guidelines). The AggregateLeverage of CIT may exceed 35.0% of CIT’s Deposited Property (up to a maximum of 60.0% or suchother limit as may be stipulated by the Authority, including in the Property Funds Guidelines) only if acredit rating of CIT from Fitch, Inc., Moody’s or Standard & Poor’s is obtained and disclosed to thepublic. CIT should continue to maintain and disclose a credit rating so long as its Aggregate Leverageexceeds 35.0% of CIT’s Deposited Property. On 3 July 2006, Standard & Poor’s International, LLCassigned to CIT a long-term corporate credit rating of ‘BBB-’, conditional upon the IPO and theacquisition of the Initial Portfolio(35). On 25 July 2006, CIT completed the IPO and the acquisition of theInitial Portfolio. Following the completion of the Aggregate Acquisitions and the Global Offering, CIT’sAggregate Leverage is expected to decrease approximately 38.1% as at 31 October 2007.


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Structure of Cambridge Industrial Trust

The following diagram illustrates the relationships between CIT, the Manager, the Property Manager,the Trustee and the Unitholders:

Shareholders:CREIM: 60.0%Mitsui: 20.0%CWT: 20.0%

Manager(Cambridge

Industrial TrustManagement

Limited)

Unitholders

CambridgeIndustrial Trust

Shareholders:

CREIM: 50.0%CWT Engineering:

50.0%

Property Manager(Cambridge IndustrialProperty Management

Pte Ltd)

Properties

Trustee (RBC DexiaTrust ServicesSingapore Limited(formerly known asDexia Trust ServicesSingapore Limited))

Propertymanagementservices

Propertymanagementand other fees

Ownership ofassets

Net PropertyIncome

Managementand other fees

Managementservices

Distributions Holding of Units

Trusteefees

Acts onbehalf ofUnitholders

CIT is regulated by the Securities and Futures Act as well as the CIS Code (including the PropertyFunds Guidelines). The Property Funds Guidelines impose certain restrictions on REITs in Singapore,including a restriction on the types of investments that REITs in Singapore may hold, restrictions on thelevel of borrowings of REITs and certain restrictions with respect to “interested party transactions” (asdefined in the Property Funds Guidelines).

CIT’s manager is CITM which is responsible for CIT’s investment and financing strategies, assetacquisition and disposition policies and overall management of real estate and real estate-relatedassets. CIT’s property manager is Cambridge Industrial Property Management Pte Ltd, which providesproperty management, lease management, project management, marketing and property tax servicesfor the properties of CIT.

The investment objectives and policies of the Manager are set out in Clause 10.2 of the Trust Deed.

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The Units and Unitholders

The rights and interests of Unitholders are contained in the Trust Deed. Under the Trust Deed, theserights and interests are safeguarded by the Trustee.

Each Unit represents an undivided interest in CIT. A Unitholder has no equitable or proprietary interestin the underlying assets of CIT and is not entitled to the transfer to it of any asset (or any part thereof)or of any real estate or real estate-related assets (or any part thereof) of CIT. A Unitholder’s right islimited to the right to require due administration of CIT in accordance with the provisions of the TrustDeed, including, without limitation, by suit against the Trustee or the Manager.

Under the Trust Deed, each Unitholder acknowledges and agrees that it will not commence or pursueany action against the Trustee or the Manager seeking an order for specific performance or forinjunctive relief in respect of the assets of CIT (or any part thereof), including all its AuthorisedInvestments (as defined in the Trust Deed), and waives any rights it may otherwise have to such relief.If the Trustee or the Manager breaches or threatens to breach its duties or obligations to a Unitholderunder the Trust Deed, the Unitholder’s recourse against the Trustee or the Manager is limited to a rightto recover damages or compensation from the Trustee or the Manager in a court of competentjurisdiction and the Unitholder acknowledges and agrees that damages or compensation is anadequate remedy for such breach or threatened breach.

Further, unless otherwise expressly provided in the Trust Deed, a Unitholder may not interfere or seekto interfere with the rights, powers, authority or discretion of the Manager or the Trustee, exercise anyright in respect of the assets of CIT or any part thereof or lodge any caveat or other notice affecting theassets of CIT or any part thereof, or require that any Authorised Investments forming part of the assetsof CIT be transferred to such Unitholder.

No certificate shall be issued to Unitholders by either the Manager or the Trustee representing Unitsissued to Unitholders. For so long as CIT is listed, quoted and traded on the SGX-ST and/or any otherRecognised Stock Exchange and the Units have not been suspended from such listing, quotation andtrading for more than 60 consecutive calendar days or de-listed permanently, the Manager shall,pursuant to the depository agreement dated 26 April 2006 between CDP, the Manager and the Trustee(the “Depository Agreement”), appoint CDP as the Unit depository for CIT, and all Units issued will berepresented by entries in the register of Unitholders kept by the Trustee or the agent appointed by theTrustee in the name of, and deposited with, CDP as the registered holder of such Units. The Manageror the agent appointed by the Manager shall deliver to CDP not more than ten Business Days (asdefined in the Trust Deed) after the issue of Units a confirmation note confirming the date of issue, thenumber of Units issued and, if applicable, stating that the Units are issued pursuant to a lock-up andthe expiry date of such lock-up and for the purposes of the Trust Deed, such confirmation note shall bedeemed to be a certificate evidencing title to the Units issued.

Pursuant to a practice statement titled “Practice Statement on Real Estate Investment Trusts” releasedby the Securities Industry Council on 8 June 2007, the Securities Industry Council which administersand enforces the Take-over Code has extended the application of the Take-over Code to REITs underthe SFA. The Take-over Code and the SFA will be amended to give effect to the extension of theTake-over Code to REITs. The Securities Industry Council suggests that parties engaged in take-overor merger transactions involving REITs comply with the Take-over Code. With effect from 8 June 2007,parties intending to (i) acquire 30.0% or more of the total units in a REIT, or (ii) (when holding not lessthan 30.0% but not more than 50.0% of the total units in a REIT) acquire more than 1.0% of the totalunits of a REIT in any six-month period, should make a general offer for the REIT. Parties shouldconsult the Securities Industry Council where in doubt.

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Certain Fees and Charges

The following is a summary of the amounts of certain fees and charges which are or may be payableby the Unitholders in connection with the subscription of Units (so long as the Units are listed):

Payable by the Unitholders directly Amount payable

(a) Realisation fee N.A.(1)

(b) Switching fee N.A.(1)

(c) Any other fee Clearing fee for trading of Units on the SGX-ST at the rate of0.05% of the transaction value, subject to a maximum of S$200per transaction

Note:

(1) As the Units will be listed and traded on the SGX-ST and Unitholders will have no right to request the Manager to redeemtheir Units while the Units are listed, no subscription fee, preliminary charge, realisation fee or switching fee is payable inrespect of the Units.

Issue of Units

The following is a summary of the provisions of the Trust Deed relating to the issue of Units in CIT. TheManager has the exclusive right to issue Units for the account of CIT.

No fractions of Units shall be issued and the Manager shall, in respect of each Unitholder’s entitlementto Units, truncate but not round off to the nearest whole Unit and any balance arising from suchtruncation shall be retained as part of the Deposited Property.

Units, when listed on the SGX-ST, may be traded on the SGX-ST and settled through CDP. For so longas CIT is listed on the SGX-ST, the Manager may, subject to the provisions of the Listing Manual andthe Trust Deed, issue further Units at issue prices to be determined in accordance with the followingprovisions:

(i) Units may be issued on a Business Day at the Market Price;

(ii) the Issue Price (as defined in the Trust Deed) of a Unit for a rights issue offered on a pro-rata basisto all existing Unitholders must not be less than 50.0% of the Market Price on the Business Daypreceding the day on which the intention to make the offer or issue is announced. If required andnot waived by the SGX-ST or the Recognised Stock Exchange in which CIT is listed, any suchrights entitlement must be tradable on the SGX-ST or the Recognised Stock Exchange on whichCIT is listed. The Trustee must ensure that such a rights issue is made at a price that is inaccordance with the terms specified in this sub-paragraph (ii);

(iii) the Issue Price of a Unit for any reinvestment of distribution arrangement under the Trust Deedmust not be less than 90.0% of the Market Price as at the Business Day immediately following theRecord Date (as defined in the Trust Deed) for the determination of Unitholders’ entitlements todistributions. The Trustee must ensure that such an issue is made at a price that is in accordancewith the terms specified in this sub-paragraph (iii);

(iv) the Issue Price of a Unit issued other than by way of a rights issue offered on a pro-rata basis toall existing Unitholders must be determined in accordance with the conditions set out insub-paragraphs (v) and (vi) below;

(v) new Units may be issued, other than by way of a rights issue offered on a pro-rata basis to allexisting Unitholders, without the prior approval of Unitholders if:

(a) the issue (together with any other issue of Units, including Units issued to the Manager inpayment of the Manager’s fees, other than by way of a rights issue offered on a pro-ratabasis to all existing Unitholders, in the same financial year) is of Units which in aggregatevalue would not, immediately after the issue, exceed 10.0% of the value of the DepositedProperty (or such other percentage as may, from time to time, be prescribed by the Authority)

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provided that the number of Units which would be represented by such percentage does notexceed 20.0% of the number of outstanding Units (or such other percentage of outstandingUnits as may, from time to time, be prescribed by SGX-ST); and

(b) if such an issue is made at a discount to the “market price”, the discount does not exceed5.0% or such other percentage as may, from time to time, be prescribed by the Authority; and

(vi) where Units are listed, any issue of new Units exceeding any of the thresholds in sub-paragraphs(v)(a) and (b) above will require specific prior approval of Unitholders by Extraordinary Resolutionof Unitholders passed at a Unitholders’ meeting duly convened by the Manager in accordancewith the Trust Deed. In addition, any issue of new Units, other than by way of a rights issue offeredon a pro-rata basis to all existing Unitholders, must comply with the following:

(a) where no prior approval of Unitholders has been obtained for such issue, the Trustee mustensure that the conditions set out in sub-paragraphs (v)(a) and (b) above are complied with;

(b) if an issue of new Units (together with any other issue of Units, including Units issued to theManager in payment of the Manager’s fees, other than by way of a rights issue offered ona pro-rata basis to all existing Unitholders, in the same financial year) would, immediatelyafter the issue, exceed 10.0% of the value of the Deposited Property (or such otherpercentage as may, from time to time, be prescribed by the Authority), or if it exceeds 20.0%of the number of outstanding Units (or such other percentage of outstanding Units as may,from time to time, be prescribed by the SGX-ST), specific prior approval must have beenobtained at a meeting of Unitholders by Extraordinary Resolution to be convened by theManager in accordance with the Trust Deed. If relevant in the circumstances, specific priorapproval of Unitholders by Extraordinary Resolution must also have been obtained to permitthe issue of Units to the Manager in payment of the Manager’s fees if the issue of Unitscontemplated hereunder exceeds any of the percentage limits stated above;

(c) the Trustee, the Manager and their related parties, and the Directors and immediate familymembers of the Directors of such corporations, may, if required and not waived by theSGX-ST, only participate in a private placement with prior specific approval of theUnitholders at a general meeting at which the person to which the placement is to be made,its related parties, their Directors and immediate family members of those Directors mustabstain from voting. For the purposes of this sub-paragraph, “related parties” shall meanrelated corporations as defined in the Companies Act, as well as associated companies; and

(d) for the purposes of sub-paragraph (v) above and this sub-paragraph (vi), “market price” shallmean the volume weighted-average price for all trades done on the Recognised StockExchange on which CIT is listed, on the day the placement agreement is signed orequivalent agreement is signed. The volume weighted-average price shall be calculatedbased on the trades done for a full market day, or if trading in the listed Units is not availablefor a full market day, the volume weighted-average price shall be calculated based on thetrades done on the preceding market day up to the time the placement agreement is signed(or such other time as may be deemed appropriate by the Trustee).

In addition, the SGX-ST has directed that the aggregate number of additional Units which CIT mayissue, without obtaining Unitholders’ approval in every 12-month period, shall not exceed 50.0% of thenumber of Units in issue on the commencement date of the first and each successive 12-month period,of which the aggregate number of Units issued other than on a pro-rata basis to existing Unitholdersshall not exceed 20.0% of the number of Units in issue as at the said date.

If in connection with an issue of a Unit, payment of the Issue Price for such Unit has not been receivedby the Trustee before the seventh Business Day after the Unit was agreed to be issued (or such otherdate as the Manager and the Trustee may agree), the Manager may cancel its agreement to issue suchUnit by giving notice to that effect to the Trustee, and such Unit will be deemed never to have beenissued or agreed to be issued. In such an event, the Manager may, at its discretion, charge the investor(and retain the same for its own account) (i) a cancellation fee of such amount as the Manager may

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from time to time determine to represent the administrative costs involved in processing the applicationfor such Unit and (ii) an amount (if any) by which the Issue Price of such Unit exceeds the repurchaseprice applying if such Unit was requested to have been repurchased or redeemed on the same day.

Suspension of Issue of Units

The Manager or the Trustee may, with the prior written approval of the other and subject to the listingrules of the SGX-ST, suspend the issue of Units during:

(i) any period when the SGX-ST or any other relevant Recognised Stock Exchange is closed(otherwise than for public holidays) or during which dealings are restricted or suspended;

(ii) the existence of any state of affairs which, in the opinion of the Manager or the Trustee (as thecase may be), might seriously prejudice the interests of the Unitholders as a whole or of theDeposited Property;

(iii) any breakdown in the means of communication normally employed in determining the price of anyassets of CIT or the current price thereof on the SGX-ST or any other relevant Recognised StockExchange, or when for any reason the prices of any assets of CIT cannot be promptly andaccurately ascertained;

(iv) any period when remittance of money which will or may be involved in the realisation of any assetof CIT or in the payment for such asset of CIT cannot, in the opinion of the Manager, be carriedout at normal rates of exchange;

(v) a period of 48 hours before a general or extraordinary Unitholders’ meeting or any adjournmentthereof;

(vi) any period where the issuance of Units is suspended pursuant to any order or direction issued bythe Authority; or

(vii) any period when the business operations of the Manager or the Trustee in relation to CIT aresubstantially interrupted or closed as a result of, or arising from, pestilence, acts of war, terrorism,insurrection, revolution, civil unrest, riots, strikes or acts of God.

Such suspension shall take effect forthwith upon the declaration in writing thereof by the Manager or(as the case may be) the Trustee and shall terminate on the day following the first Business Day onwhich the condition giving rise to the suspension ceases to exist and no other conditions under whichsuspension is authorised (as set out above) shall exist, upon the declaration in writing thereof by theManager or (as the case may be) the Trustee.

In the event of any suspension while CIT is listed on the SGX-ST, the Manager shall ensure thatimmediate announcement of such suspension is made through the SGX-ST.

Redemption of Units

When Units are Listed on the SGX-ST

Unitholders have no right to request the Manager to repurchase or redeem their Units while the Unitsare listed on the SGX-ST. It is intended that Unitholders may only deal in their listed Units throughtrading on the SGX-ST. However, under the Trust Deed, the Manager may decide to make an offer torepurchase or redeem Units (in which case the repurchase price shall be the Current Unit Value (asdefined in the Trust Deed) per Unit). In the event the Manager so decides, such repurchase orredemption must comply with the Property Funds Guidelines and the listing rules of the SGX-ST. Anyoffer of repurchase or redemption of Units shall be offered on a pro-rata basis to all Unitholders.

The Manager may also, subject to the listing rules of the SGX-ST, suspend the repurchase orredemption of Units for any period when the issue of Units is suspended pursuant to the terms andconditions of the Trust Deed (see “Suspension of Issue of Units”).

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When Units are Suspended or De-listed

If CIT’s Units have been suspended from trading for at least 60 consecutive calendar days or de-listedfrom the SGX-ST, the Manager is required to offer to redeem the Units within 30 calendar days fromsuch suspension or de-listing. In offering such redemption, the Manager is required to offer to redeemUnits representing in value at least 10.0% of CIT’s Deposited Property.

Should a trading suspension be lifted within 30 calendar days after the suspension, the Manager hasthe option to withdraw any redemption offer made. Should the trading suspension be lifted after theoffer period to redeem has commenced, the Manager is required to satisfy all redemption requestswhich have been received prior to the date the trading suspension is lifted. The Manager will not beobliged to satisfy those redemption requests received after the date the trading suspension is lifted.

When Units are Suspended Indefinitely or De-listed

If CIT continues to be suspended indefinitely or has been de-listed from the SGX-ST, the Manager isrequired to offer to redeem Units at least once a year after the first offer to redeem Units on asuspension or de-listing explained above has closed. In other words, CIT will then be treated as anunlisted property fund.

Redemption Procedures

The Manager will send an offer notice to Unitholders in the event of any offer to redeem the Units.Unitholders wishing to redeem will be asked to respond by sending a request for repurchase orredemption. Following receipt of the request for repurchase or redemption, the repurchase price for theUnits that are the subject of the request shall be paid by the Manager to the Unitholder as soon aspracticable (and as may be prescribed by the Property Funds Guidelines) after the date of the receiptof the request. The repurchase price shall be the Current Unit Value of the relevant Unit on the day therequest is accepted by the Manager less the Repurchase Charge (as defined below) and less anamount to adjust the resultant total downwards to the nearest whole cent. The Repurchase Charge isa charge upon the repurchase or redemption of a Unit of such amount as may from time to time be fixedby the Manager generally or in relation to any specific or class of transaction provided that it shall notexceed 2.0% (or such other percentage as the Manager and the Trustee may agree) of the repurchaseprice at the time the request for repurchase or redemption of the Unit is accepted by the Manager. Thatcharge shall not apply while the Units are listed, quoted and traded on the SGX-ST and/or any otherRecognised Stock Exchange and the Units have not been suspended from such listing, quotation andtrading for more than 60 consecutive calendar days or been de-listed permanently.

Rights and Liabilities of Unitholders

The key rights of Unitholders include rights to:

(i) receive income and other distributions attributable to the Units held;

(ii) receive audited accounts and the annual reports of CIT; and

(iii) participate in the termination of CIT by receiving a share of all net cash proceeds derived from therealisation of CIT’s assets less any liabilities, in accordance with their proportionate interests inCIT.

No Unitholder has a right to require that any asset of CIT be transferred to him.

Further, Unitholders cannot give any directions to the Trustee or the Manager (whether at a meeting ofUnitholders or otherwise) if it would require the Trustee or the Manager to do or omit doing anythingwhich may result in:

(i) CIT ceasing to comply with applicable laws and regulations; or

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(ii) the exercise of any discretion expressly conferred on the Trustee or the Manager by the TrustDeed or the determination of any matter which, under the Trust Deed, requires the agreement ofeither or both of the Trustee and the Manager.

The Trust Deed contains provisions that are designed to limit the liability of a Unitholder to the amountpaid or payable for any Unit. The provisions seek to ensure that if the Issue Price (as defined in theTrust Deed) of the Units held by a Unitholder has been fully paid, no such Unitholder, by reason aloneof being a Unitholder, will be personally liable to indemnify the Trustee or any creditor of CIT in the eventthat the liabilities of CIT exceed its assets.

Amendment to the Trust Deed

Subject to the third paragraph below, save where an amendment to the Trust Deed has been approvedby an Extraordinary Resolution passed at a meeting of Unitholders duly convened and held inaccordance with the provisions of the Trust Deed, no amendment may be made to the provisions of theTrust Deed unless the Trustee certifies, in its opinion, that such amendment:

(i) does not materially prejudice the interests of Unitholders and does not operate to release to anymaterial extent the Trustee or the Manager from any responsibility to the Unitholders;

(ii) is necessary in order to comply with applicable financial, statutory or official requirements(whether or not having the force of law); or

(iii) is made to correct a manifest error.

No such amendment shall impose upon any Unitholder any obligation to make any further paymentsin respect of his Units or to accept any liability in respect thereof.

Notwithstanding any of the above, the Manager and the Trustee may, with the written approval of thecompetent authorities, alter certain provisions in Clause 10.17 of the Trust Deed relating to the use ofderivatives.

Meetings of Unitholders

Under applicable law and the provisions of the Trust Deed, CIT will not hold any Unitholder meetingsunless the Trustee or the Manager convenes a meeting or unless greater than 50 Unitholders or onetenth of the number of Unitholders (whichever is the lesser) requests a meeting to be convened.

A meeting of Unitholders when convened may by Extraordinary Resolution and in accordance with theTrust Deed:

(i) sanction any modification, alteration or addition to the Trust Deed which shall be agreed by theTrustee and the Manager as provided in the Trust Deed;

(ii) sanction a supplemental deed increasing the maximum permitted limit or any change in thestructure of the Manager’s Base Fee, Performance Fee, Acquisition Fee and Disposal Fee andthe Trustee’s fees;

(iii) sanction any issue of Units by the Manager other than by way of an issue of Units as describedin sub-paragraphs (ii)-(vi) of “The Formation and Structure of Cambridge Industrial Trust - Issueof Units”;

(iv) remove the auditors;

(v) remove the Trustee;

(vi) remove the Manager; and

(vii) direct the Trustee to take any action pursuant to section 295 of the Securities and Futures Act. Anydecision to be made by resolution of Unitholders other than items (i) to (vi) above shall be made

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by Ordinary Resolution, unless an Extraordinary Resolution is required by the Securities andFutures Act, the CIS Code or the Listing Manual.

Except as otherwise provided for in the Trust Deed, at least 14 days’ notice (exclusive of the day onwhich the notice is served or deemed to be served and of the day for which the notice is given) shallbe given to the Unitholders in the manner provided in the Trust Deed. The quorum at a meeting shallnot be less than two Unitholders present in person or one-tenth in value of all of the Units for the timebeing in issue present by proxy. Each notice shall specify the place, day and hour of the meeting, andthe terms of the resolutions to be proposed, and each notice may, in general, be given by advertisementin the daily press and in writing to each stock exchange on which CIT is listed. Any notice of a meetingcalled to consider special business shall be accompanied by a statement regarding the effect of anyproposed resolutions in respect of such special business.

Voting at a meeting shall be by a show of hands unless a poll is demanded by the chairman of themeeting, or by five or more Unitholders present in person or by proxy, or holding or representing onetenth in value of all of the Units represented at the meeting. Unitholders do not have different votingrights on account of the number of Units held by a particular Unitholder. On a show of hands, everyUnitholder has one vote. On a poll, every Unitholder has one vote for each Unit held. The Trust Deeddoes not contain any limitation on non-Singapore residents or foreign Unitholders holding Units orexercising the voting rights with respect to their Unitholdings.

Save for a meeting convened to consider the removal of the Manager, neither the Manager nor any ofits related parties or connected persons (as defined in the Listing Manual) of the Manager shall beentitled to vote or be counted in the quorum at a meeting convened to consider a matter in respect ofwhich the Manager or its related parties or connected person has a material interest.

Substantial Holdings

Under Section 137A of the Securities and Futures Act, Unitholders holding 5.0% or more of the totalnumber of Units (the “Substantial Unitholders”) will be required to notify the SGX-ST of their deemedand direct holdings and subsequent change in the percentage level of such holdings (rounded down tothe next whole number) or their ceasing to hold 5.0% or more of the total number of Units within twoBusiness Days of acquiring such holdings or of such changes or such cessation.

Under Section 137B of the Securities and Futures Act, Substantial Unitholders must also, within thesame time limit, submit such notifications to the Trustee.

Failure to comply with either Section 137A or Section 137B of the Securities and Futures Act constitutesan offence and will render a Substantial Unitholder liable to a fine on conviction.

Directors’ Declaration of Unitholdings

Under the Trust Deed, the Directors are required to give notice to the Manager of their acquisition ofUnits or to changes to the number of Units which they hold or in which they have an interest, within twoBusiness Days after such acquisition or the occurrence of the event giving rise to changes in thenumber of Units which they hold or in which they have an interest, as applicable.

A Director is deemed to have an interest in Units in the following circumstances:

(i) where the Director is the beneficial owner of a Unit (whether directly through a direct SecuritiesAccount or indirectly through a depository agent or otherwise);

(ii) where a corporate body is the beneficial owner of a Unit and the Director is entitled to exerciseor control the exercise of not less than 20.0% of the votes attached to the voting shares in thecorporate body;

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(iii) where the Director’s spouse or infant child (including step-child and adopted child) has anyinterest in a Unit;

(iv) where the Director, his spouse or infant child (including step-child and adopted child):

(a) has entered into a contract to purchase a Unit;

(b) has a right to have a Unit transferred to any of them or to their order, whether the right isexercisable presently or in the future and whether on the fulfillment of a condition or not;

(c) has the right to acquire a Unit under an option, whether the right is exercisable presently orin the future and whether on the fulfillment of a condition or not; or

(d) is entitled (other than by reason of any of them having been appointed a proxy orrepresentative to vote at a meeting of Unitholders) to exercise or control the exercise of aright attached to a Unit, not being a Unit of which any of them is the holder; and

(v) where the property subject to a trust consists of or includes a Unit and the Director knows or hasreasonable grounds for believing that he has an interest under the trust and the property subjectto the trust consisting of or including such Unit.

The Trustee

The Trustee of CIT is RBC Dexia Trust Services Singapore Limited (formerly known as Dexia TrustServices Singapore Limited). The Trustee is a company incorporated in Singapore and registered asa trust company under the Trust Companies Act, Chapter 336 of Singapore. It is approved to act as atrustee for authorised collective investment schemes under the Securities and Futures Act. As at 21September 2007, the Trustee had a paid-up capital of S$6 million.

Powers, Duties and Obligations of the Trustee

The Trustee’s powers, duties and obligations are set out in the Trust Deed. The powers and duties ofthe Trustee include:

(i) acting as trustee of CIT and, therefore, safeguarding the rights and interests of the Unitholders;

(ii) holding the assets of CIT on the trusts contained in the Trust Deed for the benefit of theUnitholders; and

(iii) exercising all the powers of a trustee and the powers that are incidental to the ownership of theassets of CIT.

The Trustee has covenanted in the Trust Deed that it will exercise all due diligence and vigilance incarrying out its functions and duties, and in safeguarding the rights and interests of Unitholders.

In the exercise of its powers, the Trustee may (on the recommendation of the Manager) and subject tothe provisions of the Trust Deed, acquire or dispose of any real or personal property, borrow andencumber any asset.

The Trustee may, subject to the provisions of the Trust Deed, appoint and engage: (i) a person or entityto exercise any of its powers or perform its obligations; and (ii) any real estate agents or managers,including a related party of the Manager, in relation to the management, development, leasing,purchase or sale of any real estate assets and real estate-related assets.

Although the Trustee may borrow money and obtain other financial accommodation for the purposesof CIT, both on a secured and unsecured basis, the Manager must not direct the Trustee to incuradditional debt if to do so would mean that CIT’s total borrowings and deferred payments (includingdeferred payments for assets whether to be settled in cash or in Units) exceed 35.0% of the value ofits Deposited Property (or such other limit as may be stipulated by the Authority, including in theProperty Funds Guidelines). The Aggregate Leverage of CIT may exceed 35.0% of CIT’s Deposited

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Property (up to a maximum of 60.0% or such other limit as may be stipulated by the Authority, includingin the Property Funds Guidelines) only if a credit rating of CIT from Fitch, Inc., Moody’s or Standard &Poor’s is obtained and disclosed to the public. CIT should continue to maintain and disclose a creditrating so long as its Aggregate Leverage exceeds 35.0% of CIT’s Deposited Property. On 3 July 2006,Standard & Poor’s International, LLC assigned to CIT a long-term corporate credit rating of ‘BBB-’,conditional upon the IPO and the acquisition of the Initial Portfolio(36). On 25 July 2006, CIT completedthe IPO and the acquisition of the Initial Portfolio. Following the completion of the AggregateAcquisitions and the Global Offering, CIT’s Aggregate Leverage is expected to decrease approximately38.1% as at 31 October 2007.

The Trustee must carry out its functions and duties and comply with all of the obligations imposed onit and set out in the Trust Deed, the Listing Manual, the Securities and Futures Act, the CIS Code(including the Property Funds Guidelines), the Tax Ruling and all other relevant laws. It must retainCIT’s assets, or cause CIT’s assets to be retained, in safe custody and cause CIT’s accounts to beaudited. It can appoint valuers to value the real estate assets and real estate-related assets of CIT.

The Trustee is not personally liable to a Unitholder in connection with the office of the Trustee exceptin respect of its own fraud, gross negligence, wilful default, or breach of trust. Any liability incurred andany indemnity to be given by the Trustee shall be limited to the assets of CIT over which the Trusteehas recourse, provided that the Trustee has acted without fraud, gross negligence, wilful default, orbreach of the Trust Deed. The Trust Deed contains certain indemnities in favour of the Trustee underwhich it will be indemnified out of the assets of CIT for liability arising in connection with certain actsor omissions. These indemnities are subject to any applicable laws.

Retirement and Replacement of the Trustee

The Trustee may retire or be replaced under the following circumstances:

(i) the Trustee is not entitled to retire voluntarily except upon the appointment of a new Trustee (suchappointment to be made in accordance with the provisions of the Trust Deed); and

(ii) the Trustee may be removed by written notice to the Trustee by the Manager:

(a) if the Trustee goes into liquidation (except a voluntary liquidation for the purpose ofreconstruction or amalgamation upon terms previously approved in writing by the Manager)or if a receiver is appointed over any of its assets or if a judicial manager is appointed inrespect of the Trustee;

(b) if the Trustee ceases to carry on business;

(c) if the Trustee fails or neglects after reasonable notice from the Manager to carry out orsatisfy any material obligation imposed on the Trustee by the Trust Deed;

(d) if the Unitholders so decide by Extraordinary Resolution passed at a meeting of Unitholdersduly convened and held in accordance with the provisions of the Trust Deed and the Trusteeand Manager are given of at least 21 days’ notice of such meeting; or

(e) if the Authority directs that the Trustee be removed.

Trustee’s Fee

Under the Trust Deed, the maximum fee payable to the Trustee is 0.1% per annum of the value of theDeposited Property, excluding out-of-pocket expenses and GST. The actual fee payable to the Trustee


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will be determined between the Manager and the Trustee from time to time. The Trustee’s fee ispresently charged on a scaled basis of up to 0.02% per annum of the value of the Deposited Property.

Any increase in the maximum permitted amount or any change in the structure of the Trustee’s fee mustbe passed by an Extraordinary Resolution of Unitholders at a Unitholders’ meeting duly convened andheld in accordance with the provisions of the Trust Deed.

Termination of CIT

Under the provisions of the Trust Deed, the duration of CIT shall end on the earliest of:

• the date on which CIT is terminated by the Manager in such circumstances as set out under theprovisions of the Trust Deed, as described below; and

• the date on which CIT is terminated by the Trustee in such circumstances as set out under theprovisions of the Trust Deed, as described below.

The Manager may in its absolute discretion terminate CIT by giving notice in writing to all Unitholdersand the Trustee not less than three months in advance and to the Authority not less than seven daysbefore the termination in any of the following circumstances:

• if any law shall be passed which renders it illegal or in the opinion of the Manager impracticableor inadvisable to continue CIT;

• if the NAV of the Deposited Property shall be less than S$50.00 million after the end of the firstanniversary of the date of the Trust Deed or any time thereafter; or

• if at any time CIT becomes unlisted after it has been listed.

Subject to the Securities and Futures Act and any other applicable law or regulation, CIT may beterminated by the Trustee by notice in writing to the Authority in any of the following circumstances,namely:

• if the Manager shall go into liquidation (except a voluntary liquidation for the purpose ofreconstruction or amalgamation upon terms previously approved in writing by the Trustee) or if areceiver is appointed over any of its assets or if a judicial manager is appointed in respect of theManager or if any encumbrancer shall take possession of any of its assets or if it shall ceasebusiness and the Trustee fails to appoint a successor manager in accordance with the provisionsof the Trust Deed;

• if any law shall be passed which renders it illegal or in the opinion of the Trustee impracticable orinadvisable to continue CIT; or

• if within the period of three months from the date of the Trustee expressing in writing to theManager the desire to retire, the Manager shall have failed to appoint a new trustee in accordancewith the provisions of the Trust Deed.

The decision of the Trustee in any of the events specified above shall be final and binding upon all theparties concerned but the Trustee shall be under no liability on account of any failure to terminate CITpursuant to the paragraph above or otherwise. The Manager shall accept the decision of the Trusteeand relieve the Trustee of any liability to it therefor and hold it harmless from any claims whatsoever onits part for damages or for any other relief. Generally, upon the termination of CIT, the Trustee shall,subject to any authorisations or directions given to it by the Manager or the Unitholders pursuant to theTrust Deed, sell the Deposited Property and repay any borrowings incurred on behalf of CIT inaccordance with the Trust Deed (together with any interest accrued but remaining unpaid) as well asall other debts and liabilities in respect of CIT before distributing the balance of the Deposited Propertyto the Unitholders in accordance with their proportionate interests in CIT.

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Amendments to the Property Funds Guidelines

CIT is subject to the CIS Code issued by the Authority and revised on 28 Spetember 2007. Among therevisions to the Property Funds Guidelines (“the Revised Property Funds Guidelines”) that havebeen introduced were the following:

(i) Safeguards for Distributions to Unitholders

The manager of a REIT may declare a distribution in excess of profits of the REIT provided themanager certifies, in consultation with the trustee of the REIT, that it is satisfied on reasonablegrounds that, immediately after making the distribution, the REIT will be able to fulfil, from itsdeposited property, the liabilities of the REIT as they fall due.

The certification by the manager should include a description of the distribution policy and themeasures and assumptions for deriving the amount available to be distributed from the depositedproperty of the REIT. The certification should be made at the time the distribution is declared.

(ii) Minimum Threshold for Investment in Real Estate

The Revised Property Funds Guidelines require at least 75.0% of a REIT’s assets to be investedin income-producing real estate, and at least 25.0% of the REIT’s assets to be invested in otherpermissible investments, such as real estate-related assets, cash, government securities, listedor unlisted debt securities, or listed shares of non-property corporations.

For investments in permissible investments generally, not more than 5.0% of the REIT’s depositedproperty may be invested in any one issuer’s securities or any one manager’s funds.

(iii) Revenue from Non-Rental Operations

Under the Revised Property Funds Guidelines, not more than 10.0% of a REIT’s revenue can bederived from sources other than:

(a) rental payments to be made by tenants of properties held by the REIT; and

(b) interest, dividends, and other similar payments from special purpose vehicles and otherpermissible investments held by the REIT.

(iv) Trustee’s Responsibilities in Interested Person Transactions

Under the Revised Property Funds Guidelines, the trustee is required to provide a writtenconfirmation that an interested party transaction that does not require unitholders’ approval (i.e.the value of the interested party transaction is less than 5.0% of the REIT’s NAV) is carried outon normal commercial terms and is not prejudicial to the interests of Unitholders if:

(a) the acquisition price is more than the average of the two valuations; or

(b) the disposal price is less than the average of the two valuations.

(v) Trustee’s Duties in Reviewing Contracts

Under the Revised Property Funds Guidelines, the trustee of a REIT is required to ensure thatmaterial contracts entered into on behalf of the REIT are legal, valid, binding and enforceable byor on behalf of the REIT in accordance with its terms where such contracts:

(a) constitute 5% or more of the REIT’s gross revenue; or

(b) are not entered into in the ordinary course of business of the REIT.

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(vi) Licensing Framework for REIT Managers

In its consultation paper released on 23 March 2007 setting out a list of proposed amendmentsto the Property Funds Guidelines, the Authority has proposed to licence managers of REITs underthe SFA, which will result in the introduction of capital requirements and licence fees for managersof REITs.

Managers of REITs which are already listed on the date that the legislative amendments come intoeffect will be migrated to the licensing regime. During the transitional period, which is envisagedto last for six months, existing managers of REITs will have to furnish particulars on the company,its shareholders, directors and management. The criteria for managers of REITs as set out in theProperty Funds Guidelines will continue to apply to these managers.

It is intended that all professional employees of managers of REITs will hold a Capital MarketsServices (the “CMS”) representative’s licence and meet minimum entry and examinationrequirements similar to those applicable to existing CMS representatives conducting otherregulated activities.

In recognition of the specialised nature of the management of REITs, the Authority proposes tointroduce a new module to the Capital Markets and Financial Advisory Services Examination (the“CMFAS Exam”). The proposed CMFAS Exam for representatives of managers of REITs isenvisaged to be administered in the form of a single paper covering both product and regulatoryknowledge relevant to REIT management. The coverage of the CMFAS Exam is being developedwith the Asian Public Real Estate Association and is aimed at ensuring that new entrants possessbasic skills and knowledge in managing a REIT within the local regulatory environment.

To ease the transition for managers of existing REITs, the Authority will waive the examinationrequirement for professional employees of managers of existing REITs. These individuals willinstead undergo a non-examinable course covering the same topics as the proposed CMFASExam which will be made available during the six month transitional period. Notwithstanding sucha waiver, all professional employees of managers of existing REITs will be required to furnish theirparticulars in the prescribed form to the Authority for licensing within the six month transitionalperiod after they have completed the non-examinable course or passed the CMFAS Exam.

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CERTAIN AGREEMENTS RELATING TO CAMBRIDGE INDUSTRIAL TRUSTAND ITS PROPERTIES

The agreements discussed in this section are complex documents and the following are summariesonly. The agreements governing individual properties may differ from the summaries set forth below.Please see “Annex VII — Principle Terms of the Property Agreements and Further Details on theEnlarged Portfolio” for detailed, property-specific summaries of the material agreements related to eachProperty described in this Offering Circular. Prospective investors should refer to the agreementsthemselves to confirm specific information or for a detailed understanding of CIT. The agreements areavailable for inspection at the registered office of the Manager at 61 Robinson Road, #12-01 RobinsonCentre, Singapore 068893 for a period of six months from the date of this Offering Circular. Allcapitalised terms used in this section but not otherwise defined in this section shall have the meaningattributed to them in the agreement being summarised and capitalised terms used in this section relateonly to the specific agreements being summarised herein.

PROPERTY-SPECIFIC AGREEMENTS

Option Agreements

The Non-Completed New Property and the Target Properties are subject to option agreements enteredinto between the Trustee and each property’s vendor. The option agreements grant the Trustee a calloption which, when exercised, requires each vendor to enter into a sale and purchase agreement withthe Trustee for the sale of the respective property and a lease agreement with the Trustee, as landlord,and the respective vendor or such vendor’s nominee, as tenant, for the leaseback of the property.Additionally, the option agreements grant each vendor a put option which, when exercised, requires theTrustee to enter into the sale and purchase agreement and the lease agreement for the respectiveproperty.

On execution of the option agreements, the Trustee paid a nominal option fee to each of the vendors’solicitors to hold as stakeholders pursuant to the terms of the option agreement. The option fee wasplaced in a fixed deposit account and interest thereon belongs to the Trustee if and when the option feeis refunded in accordance with the terms of the option agreement.

Each option agreement is binding on and shall enure to the benefit of the parties and their respectivesuccessors and permitted assigns. Each party to the option agreements may only assign and/ortransfer its rights, benefits and obligations under the option agreements with the prior written consentof the other party.

Sale and Purchase Agreements

Each Property was or, in the case of the Target Properties and the Non-Completed New Property, willbe, purchased pursuant to a sale and purchase agreement entered into between the Trustee and therespective vendor of each property. The purchase price for each property in the Initial Portfolio was paideither solely in cash or by a combination of cash and Units. The New Properties and Target Propertieshave been or will be purchased solely with cash.

Each Property has been or will be purchased subject to the vendor’s obligation to repair, rectify or makegood certain defects enumerated in the agreement or in the property’s technical due diligence reportand any damage to the property occurring up to and including the completion date of the acquisition.Under certain agreements, the Trustee was or is entitled to hold back a retention sum from thepurchase price to cover any defects that are not repaired, rectified or made good by completion of theacquisition. If the agreed repairs and rectifications are not made within the required timeframe, theTrustee is generally entitled to carry out and complete such works, using the retention sum, ifapplicable, and to demand payment from the vendor for the cost of such works or the cost in excessof the retention sum and to require the vendor to pay interest if such amounts are not paid within a

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certain period of time. Certain of the sale and purchase agreements provide(d) the vendor with the rightto rescind the agreement if these costs exceed an enumerated amount or the agreement requires therepair and rectification works to be on terms mutually agreed between the vendor and the Trustee if thecosts exceed an enumerated amount.

The sale and purchase agreements generally allow(ed) the Trustee to rescind such agreement if at anytime prior to completion, the Property is or was materially damaged such that the Property’s fair marketvalue decreased by more than 3.0%-10.0%. In the event the Trustee elects not to rescind theagreement, certain of the sale and purchase agreements require the vendor to repair the damage priorto completion or at some time agreed upon after completion. Under other sale and purchaseagreements, such repair is subject to the vendor agreeing to repair the damage at its own cost andexpense. In the event these repairs are allowed to take place after completion, the agreementsgenerally provide that a retention sum may be withheld by the Trustee from the purchase price paid oncompletion to ensure such repairs take place. Additionally, certain of the agreements automaticallycease upon notice or give the Trustee rescission rights if, at any time prior to completion, the propertyis materially damaged such that the building or any part of it is damaged or destroyed so as to be unfitfor use or occupation or as to render any part of the property unsafe or inaccessible.

In each sale and purchase agreement the vendor has made certain representations, warranties andundertakings to the Trustee with respect to the Properties.

CIT has received all necessary consents for the sale and leaseback of the Properties. In some cases,the required consents were or are conditioned upon performing an environmental baseline study on theproperty (“EBS Obligation”). The sale and purchase agreements generally require the vendor tocomply, at its own cost and expense, with all conditions imposed in connection with the EBS Obligationand provide that if the Trustee agrees to take over a vendor’s EBS Obligation, the vendor will indemnifythe Trustee against all costs, expenses, losses or liabilities incurred by the Trustee arising from or inconnection with the Trustee taking over such EBS Obligation and complying with the terms andconditions imposed or to be imposed in respect of the EBS Obligation.

Several of the sale and purchase agreements also require the vendor of the respective property to, atits own cost, rectify and remove any encroachment affecting the property as may be required by thehead lessor, which would be JTC, HDB or the President of the Republic of Singapore, and/or theTrustee. Please see “Information Regarding Title to Our Properties” below. The same agreementsadditionally require the vendor, at its own cost, to obtain all necessary licences or permissions toregularise any encroachments on any adjacent land from buildings or structures on the property andrequire the Vendor to indemnify the Trustee from and against the cost of such rectifications, removalsor regularisations after completion.

Certain of the sale and purchase agreements require the Vendor to deliver a deed of covenant oncompletion duly executed by its parent company to guarantee the Vendor’s due performance of allduties and obligations under the respective lease agreement entered into between the vendor and theTrustee.

The sale and purchase agreements relating to the Properties generally allow the Vendor to sublet therespective property or any part or parts thereof subject to obtaining certain consents and providingcertain information regarding the sub-tenants. These sale and purchase agreements with respect to theAggregate Properties also generally provide that neither party may assign or transfer any of its rights,benefits or obligations under the agreement without the prior written consent of the other party;however, the agreements often include an acknowledgment by the Vendor that the Trustee shall beentitled to assign or transfer its rights and benefits under the agreement to any new trustee of CIT. Thesale and purchase agreements in relation to the Initial Portfolio provide that neither party mat assignany of their rights, benefits or obligations under the agreement without the prior written consent of theother party.

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Lease Agreements

In connection with the purchase of our Properties, we enter into leaseback arrangements with theVendor of the property or an affiliate of the Vendor. In most cases our Properties are fully leased to onetenant; however, each of Armorcoat and DP Computers has two tenants. The terms of the leaseagreements are between five and fifteen years(35) and many provide for an option to renew for a furtherterm generally on such terms and conditions as may be agreed or subject to a revised rent pegged tothe market rental for similar properties in the area. In relation to land leases from JTC or HDB, theoptions to renew may be conditioned on receiving certain consents or upon there being no existingbreach or non-observance of any of the covenants on the part of the vendor at the time of renewal.Generally, the lease agreements include fixed rental escalations between 5.0% and 7.0% at variouspoints throughout the lease term and each requires the tenant to pay a security deposit equal to 10 to36 months(37), rent as security for the due observance and performance by the tenant of the tenant’sseveral covenants, conditions, stipulations and agreements.

The Trustee is generally required to keep certain structural features as specified in the leaseagreements in good and tenantable repair and condition (fair wear and tear excepted); however thelease agreements often require the tenants to bear the cost and expense to maintain, repair andmanage the Properties, except that certain capital expenditures, e.g. those exceeding a thresholddollar amount per occurrence or otherwise specifically enumerated in the lease agreement, may be theresponsibility of the Trustee.

At the commencement date of the lease term, the respective tenant generally enters into an agreementwith the Trustee undertaking, upon a future default in rental payment under the lease agreement toexecute a deed of assignment assigning the Trustee all of its rights, title and interest in all rentalproceeds, rental deposits or amounts from time to time payable by its sub-tenant(s) or customers andto notify all of its sub-tenant(s) or customers of the said assignment (“Deed of Assignment”). TheseDeed of Assignments may or may not give the tenant a grace period before the obligation to executea deed of assignment arises. Certain lease agreements extend this obligation to any breach of ornon-performance or observance of the covenants, conditions, stipulations and agreements of the leaseagreement by the vendor.

Often the lease agreements contain a provision whereby the Trustee agrees to indemnify the tenantagainst all damages, losses, costs and expenses suffered by the tenant in the event that the land leaseor agreement pursuant to which the Trustee obtained ownership of the property is terminated providedthat such termination is caused by the Trustee’s breach of its obligations under such land lease oragreement.

Generally the lease agreements provide that either the tenant or the Trustee pays the property tax andland rental levied by the IRAS and the lessor from whom the Trustee obtained ownership of the property(e.g. JTC, HDB or the President of the Republic of Singapore, respectively); however, occasionally thetenant will pay one of such fees and the Trustee will pay the other.

The lease agreements with respect to the Properties contain indemnification provisions generallyproviding that the tenant will indemnify the landlord (i) in connection with the loss of life, personal injuryand/or damage or loss to property arising from or out of the use of the property and the mechanical andelectrical equipment or any part thereof or the breach of any of the obligations of the tenant or by anyof the tenant’s sub-tenants, employees, independent contractors, agents, invitees or licensees and (ii)from and against all loss and damage to the property, the mechanical and electrical equipment, thebuilding and to all property and goods therein caused directly or indirectly by the tenant or the tenant’ssub-tenants, employees, independent contractors, agents, invitees or licensees. Additionally, theselease agreements generally provide that the landlord may re-enter the property and that the lease termshall cease and determine if amounts remain unpaid under the lease agreement for a specified number

(37) CIT and Olivine have agreed, and are in the process of formalising an agreement, to adjust the lease term of the Propertyfrom seven years to three years and reduce the security deposit from 24 months to three months.

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of days, if any of the tenant’s covenants are not be performed or observed or if the tenant, being acompany, goes into liquidation or a receiver or judicial manager is appointed or if the tenant makes anyarrangement with creditors for liquidation of its debts without prejudice to any other rights or remediesof the landlord.

Building Agreements

Certain of our Properties are subject to building agreements, which means that prior to the issuance ofseparate titles to the land lots, CIT will occupy the land lots as a mere licensee and shall be bound bythe terms of the building agreements. Once the State/JTC/HDB have issued separate certificates of titleto the land lots, CIT will be registered as the legal proprietor of the land lots. Fulfillment of the conditionsof the building agreements is generally required for issuance of a registrable leasehold estate.

PROPERTY MANAGEMENT AGREEMENT

The Property Manager manages the Properties and all properties located in Singapore subsequentlyacquired by CIT, whether such properties are directly or indirectly held by CIT, or are wholly or partlyowned by CIT in accordance with the terms of the Property Management Agreement.

The Property Management Agreement was entered into on 21 April 2006 by the Trustee, the Managerand the Property Manager pursuant to which the Property Manager has been appointed to operate,maintain, manage and market Properties comprised in the Initial Portfolio and all subsequentproperties, subject to overall management by the Manager.

The Property Management Agreement provides that in respect of each Property, the Trustee, theManager and the Property Manager will enter into a separate property management agreement whichwill incorporate the specific terms set out in the Property Management Agreement in their applicationto each of such properties.

The initial term of the Property Management Agreement is eight years from completion of the sale andpurchase of the Initial Portfolio.

Six months prior to expiry of the initial term of the Property Management Agreement, the PropertyManager may request to extend its appointment for a further eight years on the same terms andconditions, except for revision of all fees payable to the Property Manager to market rates prevailing atthe time of such extension.

Two months before expiry of the initial term, the Trustee will decide the prevailing market rates for theextension term, based on the recommendation of the Manager. If the Property Manager disagrees withthe Trustee’s decision on the prevailing market rates for the extension term, the matter will be referredto an independent expert whose determination of the prevailing market rates shall be final and bindingon the parties.

The Trustee will, based on the recommendation of the Manager, agree to extend the appointment of theProperty Manager for the extension term, at the revised fees determined as aforesaid, subject to theapproval of the Unitholders of CIT, if such approval is required pursuant to any applicable legislation orregulations (including regulatory requirements on Related Party Transactions relating to real estateinvestment trusts).

The Trustee shall not be obliged to extend the appointment of the Property Manager if the aboveconditions are not fulfilled.

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Property Manager’s Services

The services provided by the Property Manager for each property under its management include thefollowing:

(i) property management services, recommending third party contracts for provision of propertymaintenance services, supervising the performance of service contractors, arranging foradequate insurances and ensuring compliance with building and safety regulations;

(ii) lease management services, including coordinating tenants’ fitting-out requirements,administration of rental collection, management of rental arrears, administration of property taxmatters, and initiating lease renewals and negotiation of terms;

(iii) marketing and marketing coordination services, including acting as a non-exclusive marketingagent for the marketing and leasing of properties; and

(iv) project management services in relation to the development or redevelopment (unless otherwiseprohibited by the Property Funds Guidelines or any other laws or regulations), the refurbishment,retrofitting and renovation works to a property, including recommendation of project budgets andproject consultants, and supervision and implementation of the projects.

Fees

Under the Property Management Agreement, the Property Manager is entitled to the following fees, tobe borne out of the Deposited Property, for each property under its management:

Property Management Fees

For property management services rendered by the Property Manager, the Trustee will pay theProperty Manager for each property, a property management fee of 2.0% per annum of the GrossRevenue of the relevant property.

In relation to any new property in Singapore which is acquired by CIT after the date of this Agreementwhere the property management services to be provided for that property are varied from the scope ofservices set out in the Property Management Agreement, the Property Manager shall be entitled toreceive a fee for the provision of such varied property management services for the relevant property,as may be adjusted by the Trustee and the Manager.

Lease Management Fees

For lease management services, the Trustee will pay the Property Manager, for each property, a leasemanagement fee of 1.0% per annum of the Gross Revenue of the relevant property.

Property tax services fees

In addition, in relation to the services provided by the Property Manager in respect of property taxobjections submitted to the tax authorities on any proposed annual value of a property, the PropertyManager is entitled to the following fees if, as a result of such objections, the proposed annual valueis reduced resulting in property tax savings for the relevant property:

(i) where the proposed annual value is S$1.0 million or less, a fee of 7.5% of the property taxsavings;

(ii) where the proposed annual value is more than S$1.0 million but does not exceed S$5.0 million,a fee of 5.5% of the property tax savings; and

(iii) where the proposed annual value is more than S$5.0 million, a fee of 5.0% of the property taxsavings.

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The above-mentioned fee is a lump sum fixed fee based on the property tax savings calculated on a12-month period in compliance with applicable regulatory requirements relating to Related PartyTransactions. The approval of Unitholders is required for payment of such fees; therefore, suchpayment will be subject to obtaining of Unitholder approval, and if such approval cannot be obtainedwithin the requisite time period for lodgement of such objections, the Property Manager shall not beobliged to undertake the relevant property tax objections and the Trustee shall be entitled to engageother consultants to undertake the relevant property tax objections.

Marketing services commissions

For marketing services provided for a property, the Trustee will pay the Property Manager the followingcommissions:

(i) one month’s Gross Rent inclusive of service charge, for securing a tenancy of three years or less;

(ii) two months’ Gross Rent inclusive of service charge, for securing a tenancy of more than threeyears;

(iii) if a third party agent secures a tenancy, the Property Manager will be responsible for all marketingservices commissions payable to such third party agent, and the Property Manager will be entitledto a marketing services commission of:

(a) 1.2 months’ Gross Rent inclusive of service charge, for securing a tenancy of three years orless; and

(b) 2.4 months’ Gross Rent inclusive of service charge, for securing a tenancy of more thanthree years;

(iv) half month’s Gross Rent inclusive of service charge, for securing a renewal of tenancy of threeyears or less; and

(v) one month’s Gross Rent inclusive of service charge, for securing a renewal of tenancy of morethan three years.

Project management services fees

For project management services, the Trustee will pay the Property Manager the following fees for thedevelopment or redevelopment (if not prohibited by the Property Funds Guidelines or if otherwisepermitted by the Authority), refurbishment, retrofitting and renovation works on a property:

(i) where the construction costs are S$2.0 million or less, a fee of 3.0% of the construction costs;

(ii) where the construction costs exceed S$2.0 million but do not exceed S$20.0 million, a fee of 2.0%of the construction costs;

(iii) where the construction costs exceed S$20.0 million but do not exceed S$50.0 million, a fee of1.5% of the construction costs; and

(iv) where the construction costs exceed S$50.0 million, a fee to be mutually agreed by the Manager,the Property Manager and the Trustee.

For the purpose of calculating the fees payable to the Property Manager, “construction costs” meansall construction costs and expenditures valued by the quantity surveyor engaged by the Trustee for theproject, excluding development charges, differential premiums, statutory payments, consultants’professional fees and GST.

If in compliance with applicable regulatory requirements relating to Related Party Transactions relatingto real estate investment trusts, the approval of Unitholders is required for payment of any of theabovementioned fees for project management services, such payment will be subject to the obtainingof Unitholder approval, and if such approval is not obtained, the Property Manager shall not be obliged

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to undertake the relevant project management services and the Trustee shall be entitled to engageother consultants to undertake the relevant project management services.

Expenses

The Property Manager is authorised to utilise funds deposited in operating accounts maintained in thename of CIT and to make payment of all costs and expenses incurred in the operation, maintenance,management and marketing of each property within the annual budget approved by the Trustee on therecommendation of the Manager.

Provision of office space

Where applicable, the Trustee shall permit employees of the Property Manager engaged in themanagement of a property to occupy suitable office space at such property (as approved by the Trusteeon the recommendation of the Manager) without the Property Manager being required to pay any rent,service charge, utility charges or other sums.

Termination

The Trustee or the Manager may terminate the appointment of the Property Manager in relation to allof the properties of CIT under the management of the Property Manager on the occurrence of certainspecified events, which include the liquidation or cessation of business of the Property Manager.

The Trustee or the Manager may also terminate the appointment of the Property Manager specificallyin relation to a property under its management in the event of the sale of such property, but the PropertyManagement Agreement will continue to apply with respect to the remaining properties managed by theProperty Manager under the terms of the Property Management Agreement.

In addition, if the Property Manager, within 90 days of receipt of written notice, fails to remedy anybreach of its obligations (which is capable of remedy) in relation to a property, the Trustee or theManager may terminate the appointment of the Property Manager in relation only to such property inrespect of which the breach relates, upon giving 30 days written notice to the Property Manager.

On the termination of the appointment of the Property Manager, the Manager shall, as soon aspracticable, procure the appointment of a replacement property manager for the affected property.

Novation

The Trustee and the Manager are entitled to novate their respective rights, benefits and obligationsunder the Property Management Agreement to a new trustee of CIT or a new manager of CIT appointedin accordance with the terms of the Trust Deed.

Exclusion of Liability

In the absence of fraud, gross negligence, wilful default or breach of the Property ManagementAgreement by the Property Manager, the Property Manager shall not incur any liability by reason of anyerror of law or any matter or thing done or suffered or omitted to be done by it in good faith under theProperty Management Agreement.

In addition, CIT shall indemnify the Property Manager against any actions, costs, claims, damages,expenses or demands which it may suffer or incur as Property Manager, save where such action, cost,claim, damage, expense or demand is occasioned by the fraud, gross negligence, willful default orbreach of the Property Management Agreement by the Property Manager, its employees or agents.

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No restriction on Property Manager

The Property Manager may provide services similar to those contemplated under the PropertyManagement Agreement to other parties operating in the same or similar business as CIT, or in otherbusinesses.

Right of First Refusal and Last Look Agreement

The Manager has been granted a right of first refusal and last look granted by CWT on 3 October 2005over each of the industrial properties owned or that may be owned by CWT or its subsidiaries inSingapore, and such other properties that may be owned by CWT or its subsidiaries in the Territories.

In relation to the ROFR Properties, the abovementioned ROFR shall be subject to the unanimousapproval of the joint owners of such ROFR Properties and/or shareholders of the relevant subsidiaryof CWT in the Territories (excluding Singapore).

The ROFR was assigned to the Trustee on 31 March 2006 with the initial three year period expiring on31 March 2009.

See “The Manager and Corporate Governance — The Manager of CIT — The ROFR” for furtherdetails.

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INFORMATION REGARDING TITLE TO THE PROPERTIES

We own leasehold estates for all of our Properties, other than the 97 strata units in the Lam SoonIndustrial Building, for which we acquired freehold title. Each of our leasehold estates in relation to theProperties is subject to a State Lease issued by the President of the Republic of Singapore, as lessor.While some of the leasehold estates for our Properties were issued directly by the President of theRepublic of Singapore, as lessor, much of the property in Singapore is leased from the President of theRepublic of Singapore to either HDB or JTC. Therefore, we hold most of our Properties pursuant toleasehold estates issued by either HDB or JTC.

State Leases

State Leases are issued by the President of the Republic of Singapore, as lessor, generally for a termof either 99 or 999 years. The property must be used in accordance with the broad category of use setforth in the lease. The State Leases additionally set forth a maximum gross plot ratio, which is definedas the ratio of gross floor area of a building to its site area, that restricts that amount of developmenton a particular plot of land. The lessee is generally required to obtain prior consent from the lessor andpay a differential premium for any increase in plot ratio (or density or floor area) or change of use whichresults in an enhanced property value.

These leases provide that the lessor is entitled to exercise the right of re-entry if the lessee fails toperform or observe any of the terms and conditions of the State Lease. Upon re-entry, the term of theState Lease will cease but without prejudice to any right of action or other remedy that the lessor mayotherwise have.

The lessee generally must surrender to the Government of Singapore such portions of the land requiredfor roads or drainage.

There are generally no restrictions in the State Lease on the lessee’s right to sub-lease the property.When we purchase our leasehold estates from JTC or HDB, we become bound by the terms of theirState Lease.

JTC Leases

Our JTC land leases are typically for an initial period of 30 years with a option to renew the lease fora further term of up to 30 years subject to the terms and conditions of the lease. Pursuant to the JTCleases, CIT or our tenants pay annual land rent to JTC, which is subject to revision each year up to amaximum increase of typically 5.5%. We generally cannot demise, assign, mortgage, let, sublet,underlet, grant a licence or part with or share the possession or occupation of the whole or part of theproperty without JTC’s prior written consent. In addition, the JTC leases typically require that a certainpercentage of the total floor area of the property be used for specified uses. For example, requiring60.0% of the total floor area to be used for warehousing with the remaining floor area used for ancillaryproduction and offices, neutral areas and communal facilities, provided that ancillary offices not exceed25.0% of the total floor area. The JTC leases typically restrict the property’s overall use to a fairlyspecific set of activities, for example, the manufacture of aluminum windows, doors, roller shutter andrelated architectural products. For the leases with options to renew, JTC will generally grant the optionto renew only upon fulfillment of fixed investment criteria set out in the lease and conditional uponcompliance with the stated gross plot ratio range and the covenants and conditions in the lease. In theevent of non-observance or breach of the covenants and conditions contained in the lease agreement,JTC retains a right of re-entry and a right of termination.

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HDB Leases

Our HDB land leases are typically for an initial period of 30 years with a option to renew the lease fora further term of up to 30 years subject to the terms and conditions of the lease. Pursuant to the HDBleases, CIT or our tenants pay annual land rent to HDB, which is subject to revision each year up to amaximum increase of typically 5.5% or 7.6%. We generally cannot demise, transfer, assign, mortgage,let, sublet, underlet, licence or part with possession of the property or any part thereof and cannot effectany form of reconstruction including any form of amalgamation or merger with or take-over by anothercompany or body without HDB’s prior written consent. In addition, the HDB leases typically restrict theproperty’s overall use to a fairly specific set of activities, e.g. manufacture of plastic parts and assemblyof audio/video, cassettes, magnetic tapes and electrical appliances. For the leases with options torenew, HDB will grant the option to renew provided there is no existing breach or non-observance ofany of the covenants and conditions of the lease by the lessee and upon agreement to the annual rentand escalations for the further term. If the lessee demises, transfers or assigns the Property or any partthereof within five years of the commencement of the further term, the lessee must pay HDB a feeequivalent to the value of the buildings and the rental amount will be revised to the prevailing marketrate on the date of assignment. The lessor is entitled to exercise the right of re-entry as well as toimpose such penalties as it deems fit if the lessee fails to perform or observe any of the terms orconditions of the lease.

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RELATED PARTY TRANSACTIONS

The Manager’s Internal Control System

The Manager has established an internal control system to ensure that all future transactions involvingthe Trustee, as the trustee of CIT and a related party of the Manager or CIT will be undertaken onnormal commercial terms and will not be prejudicial to the interests of CIT or the Unitholders. As ageneral rule, the Manager must demonstrate to the Audit Committee that such transactions satisfy theforegoing criteria, which may entail obtaining (where practicable) quotations from parties unrelated tothe Manager, or obtaining one or more valuations from independent professional valuers (inaccordance with the Property Funds Guidelines).

The Manager will maintain a register to record all Related Party Transactions which are entered into byCIT and the bases, including any quotations from unrelated parties and independent valuationsobtained to support such bases, on which they are entered into. The Manager will also incorporate intoits internal audit plan a review of all Related Party Transactions entered into by CIT. The AuditCommittee will review the internal audit reports to ascertain that the guidelines and proceduresestablished to monitor Related Party Transactions have been complied with. In addition, the Trusteehas the right to review such audit reports to ascertain that the Property Funds Guidelines have beencomplied with. Further, the following procedures will be undertaken:

• transactions (either individually or as part of a series or if aggregated with other transactionsinvolving the same related party during the same financial year) equal to or exceeding S$100,000in value but below 3.0% of the value of CIT’s net tangible assets (“NTA”) will be subject to reviewby the Audit Committee at regular intervals;

• transactions (either individually or as part of a series or if aggregated with other transactionsinvolving the same related party during the same financial year) equal to or exceeding 3.0% butbelow 5.0% of the value of CIT’s NTA will be subject to the review and approval of the AuditCommittee. Such approval will only be given if the transactions are on normal commercial termsand consistent with similar types of transactions made by the Trustee, as trustee of CIT, with thirdparties which are unrelated to the Manager; and

• transactions (either individually or as part of a series or if aggregated with other transactionsinvolving the same related party during the same financial year) equal to or exceeding 5.0% of thevalue of CIT’s NTA will be reviewed and approved, on the basis described in the precedingparagraph, by the Audit Committee which may, as it deems fit, request advice on the transactionfrom independent sources or advisers, including the obtaining of valuations from independentprofessional valuers. Further, under the Listing Manual and the Property Funds Guidelines, suchtransactions would have to be approved by ordinary resolution by the Unitholders at a meeting ofUnitholders duly covened.

Where matters concerning CIT relate to transactions entered into or to be entered into by the Trusteefor and on behalf of CIT with a related party of the Manager or CIT, the Trustee is required to considerthe terms of such transactions to satisfy itself that such transactions and are conducted on normalcommercial terms, are not prejudicial to the interests of CIT or the Unitholders, and in accordance withall applicable requirements of the Property Funds Guidelines and/or the Listing Manual relating to thetransaction in question. Further, the Trustee, as Trustee of CIT, has ultimate discretion under the TrustDeed to decide whether or not to enter into a transaction involving a related party of the Manager or CIT.If the Trustee is to sign any contract with a related party of the Manager or CIT, the Trustee will reviewthe contract to ensure that it complies with the requirements relating to interested party transactions inthe Property Funds Guidelines (as may be amended from time to time) and the provisions of the ListingManual relating to interested person transactions (as may be amended from time to time) as well assuch other guidelines as may from time to time be prescribed by the Authority and the SGX-ST to applyto REITs.

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Save for transactions described under “Related Party Transactions in connection with the setting up ofCIT” and “Other Related Party Transactions”, CIT will, in compliance with Rule 905 of the ListingManual, announce any interested person transaction if such transaction, by itself or when aggregatedwith other interested person transactions entered into with the same interested person during the samefinancial year, is 3.0% or more of CIT’s latest audited NTA.

The aggregate value of all Related Party Transactions which are subject to Rules 905 and 906 of theListing Manual in a particular financial year will be disclosed in CIT’s annual report for the relevantfinancial year.

Role of the Audit Committee for Related Party Transactions

The Audit Committee will periodically review all Related Party Transactions to ensure compliance withthe Manager’s internal control system and with the relevant provisions of the Listing Manual as well asthe Property Funds Guidelines. The review will include the examination of the nature of the transactionand its supporting documents or such other data deemed necessary by the Audit Committee.

If a member of the Audit Committee has an interest in a transaction, he is to abstain from participatingin the review and approval process in relation to that transaction.

Related Party Transactions in connection with the setting up of CIT

The Trustee, on behalf of CIT, entered into a number of transactions with the Manager and certainrelated parties of the Manager in connection with setting up CIT. These Related Party Transactions areas follows:

(i) The Trustee entered into the Trust Deed with the Manager. The terms of the Trust Deed aregenerally described in “The Formation and Structure of Cambridge Industrial Trust”. The TrustDeed provides for, inter alia, the payment from the Trustee to the Manager, of an Acquisition Feeof 1.0% of the purchase consideration, in connection with the acquisition of properties. Pursuantto the Trust Deed, the Manager has been paid approximately S$6.6 million to date in AcquisitionFees for the acquisitions of the Existing Portfolio and will be paid approximately S$1.9 million forthe acqusitions of the Non-Completed New Property and the Target Properties.

(ii) The Trustee entered into put and call option agreements with each of the Vendors of the TargetProperties pursuant to which the Trustee was granted the right to require the Vendors to enter intothe sale and purchase agreements described in paragraph (iii) below. These put and call optionagreements are more particularly described in “Annex VII — Principle Terms of the PropertyAgreements and Further Details of the Enlarged Portfolio”. Based on its experience, expertise andknowledge, the Manager believes that the put and call option agreements were made on an arm’slength basis at prevailing market rates and on normal commercial terms.

(iii) The Trustee and the Manager are parties to the Property Management Agreement with theProperty Manager for the operation, maintenance, management and marketing of the InitialPortfolio and all other properties in Singapore subsequently acquired by CIT. This agreement ismore particularly described in “Certain Agreements Relating to Cambridge Industrial Trust and itsProperties”. The Manager and the Property Manager are under common control. The Managerconsiders that the Property Manager has the necessary expertise and resources to perform theproperty management, lease management and marketing services for CIT’s portfolio.

Based on its experience, expertise and knowledge of contracts, the Manager believes that the PropertyManagement Agreement was made on normal commercial terms and is not prejudicial to the interestsof CIT or the Unitholders.

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Other Related Party Transactions

Lease of CWT Distripark to CWT

CWT Distripark was purchased from CWT and is being leased back to CWT for a period of eight years,which began on the Listing Date (the “CWT Term”). CWT is a Singapore-incorporated company listedon the Main Board of the SGX-ST and is engaged in the business of cargo logistics and distribution.

As at the Latest Practicable Date, CWT held a direct interest in 25,000,000 Units, which is equivalentto approximately 4.86% of the total number of Units then in issue. CWT holds 70.0% of JurongDistricentre Pte Ltd, which holds 20,000,000 Units representing 3.89% of the Units then in issue.Accordingly, CWT has a direct and deemed interest in 8.75% of the total number of Units as at theLatest Practicable Date. CWT also holds 20.0% of the issued share capital of the Manager.

The rent is S$629,750 per month, subject to (i) a rental escalation of 5.0% on the commencement ofthe third year from the commencement date of the CWT Term; (ii) a further rental escalation of 5.0%on the commencement of the fifth year from the commencement date of the CWT Term on the rentalamount applicable immediately before the commencement of the fifth year; and (iii) a further rentalescalation of 5.0% on the commencement of the seventh year from the commencement date of theCWT Term on the rental amount applicable immediately before the commencement of the seventh year.

The rental rates were based on the valuations as set out in Appendix III — Independent PropertyValuation Summary Reports of the IPO Prospectus. Having considered factors such as the size of CWTDistripark and the rental rates of similar properties, the Manager believes that the lease-backagreement was entered into on an arm’s length basis and on normal commercial terms and is notprejudicial to the interests of CIT or the Unitholders.

The Manager received an Acquisition Fee of S$1.0 million in connection with this Acquisition.

Leaseback of Jurong Districentre to Jurong Districentre Pte Ltd

Jurong Districentre was purchased from and is being leased back to Jurong Districentre Pte Ltd for aperiod of eight years, which began on the Listing Date (the “JD Term”).

The rent is S$292,333.33 per month, subject to (i) a rental escalation of 5.0% on the commencementof the third year from the commencement date of the JD Term; (ii) a further rental escalation of 5.0%on the commencement of the fifth year from the commencement date of the JD Term on the rentalamount applicable immediately before the commencement of the fifth year; and (iii) a further rentalescalation of 5.0% on the commencement of the seventh year from the commencement date of the JDTerm on the rental amount applicable immediately before the commencement of the seventh year.

The rental rates were based on the valuations as set out in Appendix III — Independent PropertyValuation Summary Reports of CIT’S Prospectus. Having considered factors such as the size of JurongDistricentre and the rental rates of similar properties, the Manager believes that the lease backagreement was entered into at arm’s length and on normal commercial terms and is not prejudicial tothe interests of CIT or the Unitholders.

The Manager received an Acquisition Fee of S$0.5 million in connection with this Acquisition.

Purchase of 1 Tuas Avenue 3

CIT intends to acquire the 1 Tuas Avenue 3 from C&P Asia, a wholly-owned subsidiary of CWT. Thepurchase consideration for 1 Tuas Avenue 3 is S$32.5 million (based on the lower of the two valuations,carried out in accordance with paragraph 5 of the Property Funds Guidelines).

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The Manager believes that the Sale and Purchase Agreement is being negotiated and will be enteredinto at arm’s length and on normal commercial terms and is not prejudicial to CIT or the Unitholders.

As required by the Listing Manual and the Property Fund Guidelines, the Unitholders approved theproposed IPT Acquisition at the extraordinary general meeting held on 25 September 2007.

The Manager will receive an Acquisition Fee of S$0.3 million in connection with this Acquisition.

Lease of 1 Tuas Avenue 3

Upon completion of the acquisition of 1 Tuas Avenue 3, it is proposed that CWT enter into a leaseagreement (the “CWT Lease”) with the Trustee in respect of 1 Tuas Avenue 3. The CWT Lease is foran initial term of eight years from the completion of the acquisition of 1 Tuas Avenue 3 (the “InitialTerm”), with an option to extend for another term of five years upon the expiry of the Initial Term.

During the Initial Term, CWT will have to pay CIT an annual rental as set out below:

YearRental payable per annum

(S$’million)

1 to 3 2.10

4 to 6 2.25

7 to 8 2.40

The following additional rental is payable to CIT during the Initial Term upon completion of the A&AWorks which are expected to be completed in October 2008:

YearRental payable per annum

(S$’million)

1 to 3 0.48

4 to 6 0.51

7 to 8 0.55

The Manager believes that the lease agreement is being negotiated and will be entered into at arm’slength and on normal commercial terms and is not prejudicial to the interests of CIT or the Unitholders.The proposed CWT Lease is regarded as an interested person transaction for which Unitholders’approval by way of an ordinary resolution is required under Chapter 9 of the Listing Manual as well asParagraph 5 of the Property Funds Guidelines. The Unitholders approved the proposed CWT Lease atthe extraordinary general meeting held on 25 September 2007.

Exempted Agreements

The Trust Deed, the Property Management Agreement and the agreements set out under “RelatedParty Transactions in connection with the setting up of CIT” (collectively, the “ExemptedAgreements”), each of which constitutes or would constitute a Related Party Transaction, wereapproved by the Unitholders who subscribed for Units during the initial public offering of Units in CIT,and are therefore not subject to Rules 905 and 906 of the Listing Manual (which require approval byUnitholders in the event the value of an interested person transaction exceeds 5.0% of the latestaudited NTA of a REIT) to the extent that there is no subsequent change to the rates and/or bases ofthe fees charged/payable thereunder which will adversely affect CIT. However, the renewal of suchagreements will be subject to Rules 905 and 906 of the Listing Manual.

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Future Related Party Transactions

As a REIT, CIT is regulated by the Property Funds Guidelines and the Listing Manual. The PropertyFunds Guidelines regulate, among other things, transactions entered into by the Trustee (for and onbehalf of CIT) with an “interested party” relating to CIT’s acquisition of assets from or sale of assets toan “interested party”, CIT’s investment in the securities of or issued by an “interested party” and theengagement of an “interested party” as the property management agent or marketing agent for CIT’sproperties. The Trustee itself is an “interested party” under the Property Funds Guidelines. Dependingon the materiality of the transactions entered into by CIT for the acquisition of assets from, the sale ofassets to or the investment in securities of or issued by, an “interested party”, the Property FundsGuidelines may require that an immediate announcement to the SGX-ST be made, and may alsorequire approval of the Unitholders.

The Listing Manual regulates all “interested person transactions” (as defined therein), includingtransactions also governed by the Property Funds Guidelines. Depending on the materiality of thetransaction, CIT may be required to make a public announcement of the transaction, or to make a publicannouncement of and to obtain the Unitholders’ prior approval for the transaction. The Trust Deedrequires that the Trustee and the Manager comply with the provisions of the Listing Manual relating to“interested person transactions” as well as such other guidelines relating to “interested persontransactions” as may be prescribed by the SGX-ST to apply to REITs.

The Manager may at any time in the future seek a general annual mandate from the Unitholderspursuant to Rule 920(1) of the Listing Manual for recurrent transactions of a revenue or trading natureor those necessary for its day-to-day operations, including a general mandate in relation to tenancyagreements and/or licence agreements to be entered into with “interested persons” (as defined in theListing Manual), and all transactions conducted under such general mandate for the relevant financialyear will not be subject to the requirements of Rules 905 and 906 of the Listing Manual. In seeking sucha general annual mandate, the Trustee will appoint an independent financial adviser (without beingrequired to consult the Manager) pursuant to Rule 920(1)(b)(v) of the Listing Manual to render anopinion as to whether the methods or procedures for determining the transaction prices of thetransactions contemplated under the annual general mandate are sufficient to ensure that suchtransactions will be carried out on normal commercial terms and will not be prejudicial to the interestsof CIT or the Unitholders.

At the extraordinary general meeting held on 25 September 2007, Unitholders approved the GeneralMandate under Rule 887 of the Listing Manual for the issue of new Units, in addition to the New Unitsto be issued under the Global Offering, in FY2007, provided that such number of new Units does notexceed 50.0% of the number of Units in issue immediately upon the completion of the Global Offering,of which the aggregate number of new Units issued other than on a pro-rata basis to existingUnitholders must not be more than 20.0% of the number of Units in issue immediately upon thecompletion of the Global Offering.

The SGX-ST has granted a waiver from compliance with Rule 887(2) of the Listing Manual. Accordingly,the percentage of the number of new Units in issue under the General Mandate may be based on thenumber of Units in issue immediately after the Global Offering (including the number of Units to beissued under the Global Offering), instead of the number of Units in issue at 30 June 2007.

Accordingly, the Manager would be able to issue up to an additional 399,476,623 new Units (based onthe number of Units in issue immediately after the Global Offering (including the number of New Unitsissued under the Global Offering), assuming an issue price per New Unit of S$0.68, in FY2007. TheManager believes that the larger base will provide CIT with additional flexibility to issue Units to fundfuture acquisitions.

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Both the Property Funds Guidelines and the Listing Manual requirements must be complied with inrespect of a proposed transaction which is prima facie governed by both sets of rules. Where mattersconcerning CIT relate to transactions entered or to be entered into by the Trustee for and on behalf ofCIT with a related party (either an “interested party” under the Property Funds Guidelines or an“interested person” under the Listing Manual) of the Manager or CIT, the Trustee is required to ensurethat such transactions are conducted in accordance with applicable requirements of the Property FundsGuidelines and/or the Listing Manual relating to the transaction in question.

The Manager is not prohibited by either the Property Funds Guidelines or the Listing Manual fromcontracting or entering into any financial, banking or any other type of transaction with the Trustee(when acting other than in its capacity as trustee of CIT) or from being interested in any such contractor transaction, provided that any such transaction shall be on normal commercial terms and is notprejudicial to the interests of CIT or the Unitholders. The Manager shall not be liable to account to theTrustee or to the Unitholders for any profits or benefits or other commissions made or derived from orin connection with any such transaction. The Trustee shall not be liable to account to the Manager orto the Unitholders for any profits or benefits or other commissions made or derived from or inconnection with any such transaction.

Generally, under the Listing Manual, the Manager, its “connected persons” (as defined in the ListingManual) and any Director are prohibited from voting their respective Units at, or being part of a quorumfor, any meeting to approve any matter in which it has a material interest in the business to beconducted.

Right of First Refusal and Last Look granted to CITM by CWT

CWT, being a controlling shareholder of the Manager and a holder of a direct and deemed interest in8.75% of the total number of Units as at the Latest Practicable Date, considered an “interested party”pursuant to the Property Funds Guidelines, and all transactions between CWT and the Trusteeincluding transactions pursuant to the ROFR, will be Related Party Transactions.

Please see “The Manager and Corporate Governance — The Manager — The ROFR”.

The Trustee shall ensure that all transactions carried out pursuant to the ROFR are in compliance withthe requirements of the Property Funds Guidelines and the Listing Manual, as set out under “FutureRelated Party Transactions”.

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DESCRIPTION OF THE UNITS

The Units will be issued under the Trust Deed, which is a complex document. The following statementsare brief summaries of the more important rights and privileges of unitholders conferred by the laws ofSingapore and our Trust Deed. These statements summarise the material provisions of our Trust Deedbut are qualified in their entirety by, and are subject to, the contents of our Trust Deed and the laws ofSingapore. Prospective investors should refer to the Trust Deed itself to confirm specific information orfor a detailed understanding of CIT. The Trust Deed is available for inspection at the registered officeof the Manager at 61 Robinson Road, #12-01 Robinson Centre, Singapore 068893.

Units

The rights and interests of Unitholders are contained in the Trust Deed. Under the Trust Deed, theserights and interests are safeguarded by the Trustee.

Each Unit represents an undivided interest in CIT. A Unitholder has no equitable or proprietary interestin the underlying assets of CIT and is not entitled to the transfer to it of any asset (or any part thereof)or of any real estate or real estate-related assets (or any part thereof) of CIT. As at the LatestPracticable Date, CIT has 514,504,160 Units issued which are fully paid-up in cash.

No certificate shall be issued to Unitholders by either the Manager or the Trustee representing Unitsissued to Unitholders. For so long as CIT is listed, quoted and traded on the SGX-ST and/or any otherRecognised Stock Exchange and the Units have not been suspended from such listing, quotation andtrading for more than 60 consecutive calendar days or de-listed permanently, the Manager shall,pursuant to the Depository Agreement, appoint CDP as the Unit depository for CIT, and all Units issuedwill be represented by entries in the register of Unitholders kept by the Trustee or the agent appointedby the Trustee in the name of, and deposited with, CDP as the registered holder of such Units. TheManager or the agent appointed by the Manager shall deliver to CDP not more than ten Business Daysafter the issue of Units a confirmation note confirming the date of issue, the number of Units issued and,if applicable, stating that the Units are issued pursuant to a lock-up and the expiry date of such lock-upand for the purposes of the Trust Deed, such confirmation note shall be deemed to be a certificateevidencing title to the Units issued.

New Units

The Manager may, by extraordinary resolution, issue new Units in CIT. However, the Manager shall notbe bound to accept an application for Units so as to give rise to a holding of fewer than 1,000 Units (orsuch other number of Units as may be determined by the Manager). No fractions of a Unit shall beissued and in issuing such number of Units as correspond to the relevant subscription proceeds (if any),the Manager shall, in respect of each Unitholder’s entitlement to Units, truncate, but not round off, tothe nearest whole Unit and any balance arising from such truncation shall be retained as part of theDeposited Property. Issues of Units shall only be made on a Business Day unless and to the extent thatthe Manager, with the previous consent of the Trustee, otherwise prescribes.

As CIT is listed on the SGX-ST, the Manager may issue new units without the prior approval ofUnitholders if the aggregate number of units issued in a given financial year does not exceed 10% ofthe number of units then in issue. Alternatively, where Unitholders have given a general mandate for theissue of a number of Units not exceeding 50% of the number of units in issue, of which the aggregatenumber of units issued other than on a pro-rata basis to existing Unitholders must not be more than20% of the number of units in issue and the issue (together with any other issue of units in the samefinancial year, from the time the mandate is passed) does not exceed 50% of the number of Units inissue.

On 25 September 2007, Unitholders approved the General Mandate under Rule 887 of the ListingManual for the issue of new Units, in addition to the New Units to be issued under the Global Offering,

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in FY2007, provided that such number of new Units does not exceed 50.0% of the number of Units inissue immediately upon the completion of the Global Offering, of which the aggregate number of newUnits issued other than on a pro-rata basis to existing Unitholders must not be more than 20.0% of thenumber of Units in issue immediately upon the completion of the Global Offering.

See “Related Party Transactions — Future Related Party Transactions” for more details.

In the event the Manager wishes to issue new units exceeding the above thresholds in the relevantyear, specific prior approval by way of a Unitholders’ Extraordinary Resolution must be sought.

Unitholders

An up-to-date register of Unitholders is kept in Singapore by CIT’s share registrar and the register willbe maintained at all times whether CIT is listed or unlisted. For so long as the trust is listed, the Trusteeshall record CDP as the registered holder of all Units in issue in the Register. The entries in the register(save in the case of manifest error) are conclusive evidence of the number of Units held by CDP and,in the event of any discrepancy between the entries in the register and the confirmation notes issuedby the Manager to CDP, the entries in the register shall prevail unless the Manager, the Trustee andCDP mutually agree that the register is incorrect.

Transfer of Units

The transfer of Units between Depositors shall be effected electronically through CDP making anappropriate entry in the CDP register in respect of the Units that have been transferred in accordancewith CDP requirements. There are no restrictions as to the number of Units which may be transferredby a transferor to a transferee. No transfer or purported transfer of a Unit other than a transfer madein accordance with the Trust Deed shall entitle the transferee to be registered in respect thereof; neithershall any notice of such transfer or purported transfer be entered upon the register or CDP’s register.

General Meetings

The Trustee or the Manager may (and the Manager shall at the written request from greater than 50Unitholders or from Unitholder(s) representing not less than one-tenth of the number of the Unitholders,whichever is the lesser) at any time convene a meeting of Unitholders at such time and place as maybe thought fit. Any such meeting convened shall be held in Singapore.

An Ordinary Resolution, requiring the approval of at least 50% or more of the total number of votes castfor such resolution at a meeting of Unitholders or Depositors named in CDP’s register as at 48 hoursbefore the time of such meeting, is necessary for the removal of the Manager.

An Extraordinary Resolution, requiring the approval of at least 75.0% or more of the total number ofvotes cast for such resolution at a meeting of Unitholders or Depositors named in CDP’s register as at48 hours before the time of such meeting, is necessary for the following matters:

• Sanction any modification, alteration or addition to the provisions of the Trust Deed which shall beagreed by the Trustee and the Manager as stipulated in the Trust Deed;

• Sanction a supplemental deed increasing the maximum permitted limit of any change in thestructure of the Management Fee (including the Base Fee and the Performance Fee), theAcquisition Fee, the Disposal Fee and the Trustee’s remuneration as provided for under the TrustDeed;

• Sanction any issue of Units by the Manager under the circumstances set out for an issue of Unitsother than under circumstances provided for under the Trust Deed;

• Removal of the auditors of CIT;

• Removal of the Trustee of CIT; and

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• Direct the Trustee to commence any winding up action under Section 295 of the Securities andFutures Act.

A resolution to delist CIT must be duly proposed and passed by at least 80% of the total number ofvotes cast for such a resolution.

Distributions

The Manager shall make regular distributions of all (or such lower percentage as is determined by theManager in its absolute discretion, subject to compliance with the Tax Ruling) Distributable Income toUnitholders at quarterly, half-yearly or yearly intervals or at such other intervals as the Manager shalldecide in its absolute discretion.

The Manager must notify each Unitholder or each Depositor of the extent to which a distribution iscomposed of, and the types of, income and capital; and any amounts which are deducted pursuant toapplicable tax payments, required by law or payable by the Unitholder or (as the case may be) theDepositor to the Trustee or the Manager.

Termination of CIT

The Manager and the Trustee may terminate CIT as empowered under the Trust Deed. Pursuant tosuch termination, the Trustee shall sell all investments then remaining in its hands as part of theDeposited Property and shall repay any borrowings of CIT, together with any unpaid interest accruedthereon and all other debts and liabilities before applying the balance to the Unitholders. Any balanceof net cash proceeds derived from the realisation of the Deposited Property shall be paid to Unitholdersor Depositors in proportion to their respective interests in the Deposited Property.

Indemnity

The Trustee and the Manager shall incur no liability in the execution of their duties save for any liabilityincurred through their own fraud, gross negligence, wilful default, a breach of the Trust Deed or abreach of trust (in the case of the Trustee).

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TAXATION

The following summary of certain United States and Singapore income tax consequences of thepurchase, ownership and disposition of the Units is based upon laws, regulations, rulings and decisionsnow in effect, all of which are subject to change (possibly with retroactive effect). The summary doesnot purport to be a comprehensive description of all of the tax considerations that may be relevant toa decision to purchase, own or dispose of the Units and does not purport to apply to all categories ofinvestors, some of which may be subject to special rules. Prospective investors should consult withtheir own tax advisers concerning the application of United States and Singapore income tax laws totheir particular situations as well as any consequences of the purchase, ownership and disposition ofthe Units arising under the laws of any other tax jurisdictions. Prospective investors should note thatCIT expects that it will be a PFIC for United States federal income tax purposes.

United States Federal Income Taxation

TO COMPLY WITH INTERNAL REVENUE SERVICE CIRCULAR 230, PROSPECTIVE INVESTORSARE HEREBY NOTIFIED THAT: (A) ANY DISCUSSION OF U.S. FEDERAL TAX ISSUESCONTAINED OR REFERRED TO IN THIS OFFERING CIRCULAR IS NOT INTENDED OR WRITTENTO BE USED, AND CANNOT BE USED BY PROSPECTIVE INVESTORS, FOR THE PURPOSES OFAVOIDING PENALTIES THAT MAY BE IMPOSED ON THEM UNDER THE UNITED STATESINTERNAL REVENUE CODE; (B) SUCH DISCUSSION IS BEING USED IN CONNECTION WITHTHE PROMOTION OR MARKETING BY CIT OF THE TRANSACTIONS OR MATTERS ADDRESSEDHEREIN; AND (C) PROSPECTIVE INVESTORS SHOULD SEEK ADVICE BASED ON THEIRPARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISER.

The following discussion is a general description of certain material U.S. federal income taxconsequences to U.S. Holders (defined below) under present law of an investment in the Units. Thissummary applies only to investors that hold the Units as capital assets and that have the U.S. dollar astheir functional currency. This discussion is based on the tax laws of the United States as in effect onthe date of this Offering Circular and on U.S. Treasury regulations in effect as of the date of this OfferingCircular, as well as judicial and administrative interpretations thereof available on or before such date.All of the foregoing authorities are subject to change, which change could apply retroactively and couldaffect the tax consequences described below.

The following discussion does not address state, local, non-U.S. or other tax laws, or the taxconsequences to any particular investor or to persons in special tax situations such as:

• certain financial institutions;

• insurance companies;

• broker dealers;

• U.S. expatriates;

• traders that elect to mark-to-market;

• tax-exempt entities;

• persons liable for the alternative minimum tax;

• persons holding a Unit as part of a straddle, hedging, conversion or integrated transaction;

• persons that actually or constructively own 10% or more of CIT’s voting Units;

• persons who acquired Units pursuant to the exercise of any employee share option or otherwiseas compensation; or

• persons holding Units through partnerships or other pass-through entities.

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PROSPECTIVE PURCHASERS ARE URGED TO CONSULT THEIR TAX ADVISERS REGARDINGTHE APPLICATION OF THE U.S. FEDERAL TAX RULES TO THEIR PARTICULARCIRCUMSTANCES AS WELL AS THE STATE AND LOCAL, NON-U.S. AND OTHER TAXCONSEQUENCES TO THEM OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF UNITS.

The discussion below of the U.S. federal income tax consequences to “U.S. Holders” will apply to abeneficial owner of Units that is, for U.S. federal income tax purposes:

• an individual who is a citizen or resident of the United States;

• a corporation (or other entity taxable as a corporation) organized under the laws of the UnitedStates, any State thereof or the District of Columbia;

• an estate whose income is subject to U.S. federal income taxation regardless of its source; or

• a trust that (1) is subject to the primary supervision of a court within the United States and thecontrol of one or more U.S. persons for all substantial decisions of the trust, or (2) has a validelection in effect under the applicable U.S. Treasury regulations to be treated as a U.S. person.

The tax treatment of a partner in a partnership or other entity taxable as a partnership for U.S. federalincome tax purposes that holds Units generally will depend on the status of the partner and theactivities of the partnership.

CIT believes that, for U.S. federal income tax purposes, it is characterized as a corporation. Thisdiscussion assumes that CIT is properly characterized as a corporation for U.S. federal income taxpurposes.

CIT expects that it will be classified as a PFIC for U.S. federal income tax purposes. CIT’s status as aPFIC generally will subject U.S. Holders to adverse U.S. federal income tax consequences, which aredifferent than some of the tax consequences set forth below under “—Taxation of Distributions on theUnits” and “—Taxation of a Disposition of Units.” See the additional discussion under “—PassiveForeign Investment Company” below.

Taxation of Distributions on the Units

Subject to the PFIC rules discussed below, the gross amount of distributions paid to a U.S. Holder withrespect to the Units generally will be included in the U.S. Holder’s gross income in the year receivedas foreign source ordinary dividend income, but only to the extent that the distribution is paid out ofCIT’s current or accumulated earnings and profits (as determined under U.S. federal income taxprinciples). To the extent that the amount of the distribution exceeds CIT’s current and accumulatedearnings and profits, it will be treated first as a tax-free return of the U.S. Holder’s tax basis in its Units,and to the extent the amount of the distribution exceeds the U.S. Holder’s tax basis, the excess will betaxed as capital gain. However, CIT does not intend to calculate its earnings and profits under U.S.federal income tax principles. Therefore, a U.S. Holder should expect that a distribution will generallybe reported as a dividend even if that distribution would otherwise be treated as a non-taxable returnof capital or as capital gain under the rules described above. The dividends will not be eligible for thedividends-received deduction allowed to corporations in respect of dividends received from other U.S.corporations and will not be eligible for the preferential income tax rate on “qualified dividendincome.”

The amount of any distribution paid in Singapore dollars will be equal to the U.S. dollar value of suchSingapore dollars on the date such distribution is received by the U.S. Holder, regardless of whetherthe payment is in fact converted into U.S. dollars at that time. Gain or loss, if any, realized on the saleor other disposition of such Singapore dollars will generally be U.S. source ordinary income or loss. Theamount of any distribution of property other than cash will be the fair market value of such property onthe date of distribution.

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Subject to certain limitations, Singapore taxes withheld or owed with respect to a distribution will beeligible for credit against a U.S. Holder’s U.S. federal income tax liability. The limitation on foreign taxeseligible for credit is calculated separately with respect to specific classes of income. For this purpose,dividends distributed by CIT with respect to the Units will be “passive category income” or, in the caseof certain U.S. Holders, “general category income.” The rules relating to the determination of the U.S.foreign tax credit are complex and U.S. Holders should consult their tax advisers to determine whetherand to what extent a credit would be available in their particular circumstances. If a U.S. Holder doesnot elect to claim a foreign tax credit with respect to any foreign taxes for a given taxable year, suchU.S. Holder may instead claim an itemized deduction for all foreign taxes paid in that taxable year.

Taxation of a Disposition of Units

Subject to the PFIC rules discussed below, a U.S. Holder generally will recognize capital gain or losson any sale or other taxable disposition of a Unit equal to the difference between the U.S. dollar valueof the amount realized for the Unit and the U.S. Holder’s tax basis (in U.S. dollars) in the Unit. In thecase of a non-corporate U.S. Holder (including an individual U.S. Holder) who has held the Unit formore than one year, capital gain on a disposition of the Unit generally will be eligible for reduced federalincome tax rates. The deductibility of capital losses is subject to limitations. Any such gain or lossgenerally will be treated as U.S. source income or loss for foreign tax credit limitation purposes.

The amount realized on a sale or other disposition of Units for an amount in foreign currency will be theU.S. dollar value of this amount on the date of sale or disposition. On the settlement date, the U.S.Holder will recognize U.S. source foreign currency gain or loss (taxable as ordinary income or loss)equal to the difference (if any) between the U.S. dollar value of the amount received based on theexchange rates in effect on the date of sale or other disposition and the settlement date. However, inthe case of Units traded on an established securities market that are sold by a cash basis U.S. Holder(or an accrual basis U.S. Holder that so elects), the amount realized will be based on the exchange ratein effect on the settlement date for the sale, and no exchange gain or loss will be recognized at thattime.

Passive Foreign Investment Company

In general, a non-U.S. corporation is considered to be a PFIC for any taxable year if either:

• at least 75.0% of its gross income is passive income, or

• at least 50.0% of the value of its assets (based on an average of the quarterly values of the assetsduring a taxable year) is attributable to assets that produce or are held for the production ofpassive income.

For purposes of these tests, CIT will be treated as owning its proportionate share of the assets andearning its proportionate share of the income of any other corporation in which it owns, directly orindirectly, 25.0% or more (by value) of the stock.

Passive income for this purpose generally includes dividends, interest, royalties, gains from securitiestransactions and, with certain exceptions which CIT does not expect to be applicable, rental income.Passive assets for this purpose generally means assets held for the production of passive income.Because substantially all of CIT’s revenue is rental income, CIT expects that it will be a PFIC for thecurrent taxable year ending December 31, 2007 as well as for future taxable years. The determinationof whether CIT is a PFIC is a factual determination made annually after the end of each taxable yearand CIT’s PFIC status may change.

If CIT is a PFIC for any taxable year during which a U.S. Holder holds Units, such U.S. Holder will besubject to special tax rules with respect to any “excess distribution” that it receives and any gain itrealizes from a sale or other disposition (including a pledge) of the Units, unless it makes a“mark-to-market” election as discussed below. Distributions a U.S. Holder receives in a taxable year

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that are greater than 125.0% of the average annual distributions it received during the shorter of thethree preceding taxable years or its holding period for the Units will be treated as an excess distribution.Under these special tax rules:

• the excess distribution or gain will be allocated ratably over the U.S. Holder’s holding period forthe Units,

• the amount allocated to the current taxable year, and any taxable year prior to the first taxableyear in which CIT became a PFIC, will be treated as ordinary income, and

• the amount allocated to each other year will be subject to tax at the highest tax rate in effect forthat year and the interest charge generally applicable to underpayments of tax will be imposed onthe resulting tax attributable to each such year.

The tax liability for amounts allocated to years prior to the year of disposition or “excess distribution”cannot be offset by any net operating losses for such years, and gains (but not losses) realized on thesale of the Units cannot be treated as capital, even if the U.S. Holder holds the Units as capital assets.

A U.S. Holder of “marketable stock” (as defined below) in a PFIC may make a mark-to-market electionwith respect to such stock to elect out of the tax treatment discussed above. A U.S. Holder that makesa valid mark-to-market election for the Units will include in income each year an amount equal to theexcess, if any, of the fair market value of the Units as of the close of such U.S. Holder’s taxable yearover its adjusted basis in such Units. The U.S. Holder is allowed a deduction for the excess, if any, ofthe adjusted basis of the Units over their fair market value as of the close of the taxable year. However,deductions are allowable only to the extent of any net mark-to-market gains on the Units included insuch U.S. Holder’s income for prior taxable years. Amounts included in a U.S. Holder’s income undera mark-to-market election, as well as gain on the actual sale or other disposition of the Units, aretreated as ordinary income. Ordinary loss treatment also applies to the deductible portion of anymark-to-market loss on the Units, as well as to any loss realized on the actual sale or disposition of theUnits, to the extent that the amount of such loss does not exceed the net mark-to-market gainspreviously included for such Units. A U.S. Holder’s basis in the Units will be adjusted to reflect any suchincome or loss amounts. If a U.S. Holder makes such an election, the tax rules that apply todistributions by corporations that are not PFICs generally would apply to distributions by CIT.

The mark-to-market election is available only for “marketable stock”, which is stock that is traded inother than de minimis quantities on at least 15 days during each calendar quarter on a qualifiedexchange or other market, as defined in the applicable U.S. Treasury regulations. The Units areexpected to be listed on the SGX-ST. Under the applicable U.S. Treasury regulations, a “qualifiedexchange” includes a foreign exchange that is regulated by a governmental authority in the jurisdictionin which the exchange is located and in respect of which certain other requirements are met. Althoughno assurances can be given in this regard, CIT believes that the SGX-ST should constitute a qualifiedexchange for these purposes.

If CIT is a PFIC for any year during which a U.S. Holder owns Units, CIT generally will continue to betreated as a PFIC for all succeeding years during which such U.S. Holder owns Units. A U.S. Holderof Units may avoid taxation under the rules described above by making a “qualified electing fund”election to include its share of CIT’s income on a current basis, or a “deemed sale” election if CIT wereto cease to be a PFIC. However, a U.S. Holder could make a qualified electing fund election withrespect to its Units only if CIT furnished such U.S. Holder annually with certain tax information, and CITdoes not intend to prepare or provide such information.

A U.S. Holder that owns Units in any year in which CIT is a PFIC will be required to file Internal RevenueService (“IRS”) Form 8621 regarding distributions received on the Units and any gain realized on thedisposition of the Units.

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Prospective investors are urged to consult their own tax advisers regarding the application of the PFICrules to their investment in Units, and the availability and advisability of any elections.

Information Reporting and Backup Withholding

Dividend payments with respect to Units and proceeds from the sale, exchange or redemption of Unitsmay be subject to information reporting to the IRS and possible U.S. backup withholding at a currentrate of 28%. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correcttaxpayer identification number and makes any other required certification or who is otherwise exemptfrom backup withholding. U.S. Holders who are required to establish their exempt status generally mustprovide such certification on IRS Form W-9. U.S. Holders should consult their tax advisers regardingthe application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be creditedagainst a U.S. Holder’s U.S. federal income tax liability, and a U.S. Holder may obtain a refund of anyexcess amounts withheld under the backup withholding rules by timely filing the appropriate claim forrefund with the IRS and furnishing any required information.

Singapore Tax Considerations

The IRAS has issued a Tax Ruling on the taxation of CIT and its Unitholders.

Subject to meeting the terms and conditions of the Tax Ruling, the Trustee will not be assessed to taxon the taxable income of CIT provided that the Trustee distributes at least 90.0% of CIT’s taxableincome in the same year in which the income is derived. Instead, the Trustee and the Manager willdeduct income tax at the prevailing corporate tax rate, currently 20.0(38)%, from the distributions madeto Unitholders that are made out of the taxable income of CIT. However, where the beneficial ownersare individuals or Qualifying Unitholders, the Trustee and the Manager will make the distributions tosuch Unitholders without deducting any income tax. Also, where the beneficial owners are QualifyingForeign Non-individual Unitholders, the Trustee and the Manager will deduct Singapore income tax atthe reduced rate of 10.0% for distributions made until 17 February 2010.

A “Qualifying Unitholder” is a Unitholder which is:

(a) a Singapore-incorporated company which is tax resident in Singapore;

(b) a body of persons, other than a company or a partnership, registered or constituted in Singapore(for example, a town council, a statutory board, a registered charity, a registered co-operativesociety, a registered trade union, a management corporation, a club, trade or industryassociation); or

(c) a Singapore branch of a foreign company which has presented a letter of approval from the IRASgranting a waiver from tax deduction at source in respect of distributions by the Trustee of CIT.

A “Qualifying Foreign Non-individual Unitholder” is one which is not a resident of Singapore forincome tax purposes and:

(a) which does not have a permanent establishment in Singapore; or

(b) which carries on any operation in Singapore through a permanent establishment in Singaporewhere the funds used to acquire the Units are not obtained from that operation in Singapore.

(38) In the recent 2007 Budget announcement, it was proposed that the corporate tax rate be reduced to 18.0% with effect fromthe Year of Assessment 2008. The proposal is subject to approval of Parliament.

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To obtain distributions without tax deduction at source, Unitholders who are Qualifying Unitholders mustdisclose their respective tax status in a prescribed form provided by the Trustee and the Manager.Similarly, to obtain distribution where tax is deducted at the reduced rate of 10.0% for distributionsmade until 17 February 2010, Qualifying Foreign Non-individual Unitholders must disclose theirrespective tax status in a prescribed form provided by the Trustee and the Manager (see “IndependentTaxation Report” in Annex III).

Where Units are held in joint names, the Trustee and the Manager will deduct income tax at theprevailing corporate tax rate from the distributions made out of the taxable income of CIT, unless all thejoint Unitholders are individuals.

Where the Units are held through a nominee, the Trustee and the Manager will deduct income tax atthe prevailing corporate tax rate from the distributions made out of CIT’s taxable income except in thefollowing situations:

(a) where Units are held for beneficial owners who are individuals or Qualifying Unitholders, tax maynot be deducted at source under certain circumstances. This includes a situation where adeclaration is made by the nominee of the beneficial owners’ status and the provision of certainparticulars of the beneficial owners in a prescribed form to the Trustee and the Manager;

(b) where Units are held for beneficial owners who are Qualifying Foreign Non-individual Unitholders,tax may be deducted at source at the reduced rate of 10.0% for distributions made until 17February 2010 under certain circumstances. This includes a situation where a declaration is madeby the nominee of the beneficial owners’ status and the provision of certain particulars of thebeneficial owners in a prescribed form to the Trustee and the Manager; and

(c) where Units are held by the nominees as agent banks or Supplementary Retirement Scheme(“SRS”) operators acting for individuals who purchased the Units within the CPF InvestmentScheme or the SRS respectively, tax will not be deducted at source for distributions made inrespect of these Unitholders.

Based on the Tax Ruling, the Trustee of CIT is required to distribute at least 90.0% of its taxable incomein the same year in which the income is derived. For the remaining amount of taxable income notdistributed, tax will be assessed on, and collected from, the Trustee on such remaining amount(referred to as “retained taxable income”). In the event where a distribution is subsequently made outof such retained taxable income, the Trustee and the Manager will not have to make a further deductionof income tax from the distribution.

CIT’s taxable income for the purposes of the tax transparency treatment refers to the income from theletting of its properties and related property maintenance services income after deduction of allowableexpenses, and insignificant interest income from the placement of periodic cash surpluses.

Gains or profits arising from the sale of real properties, if considered to be trading gains derived froma trade or business carried on by CIT, will be taxable under section 10(1)(a) of the Income Tax Act,Chapter 134 of Singapore. Tax on such gains or profits will be assessed on, and collected from, theTrustee. Consequently, if such after tax gains or profits are distributed, the Trustee and the Managerwill not have to make a further deduction of income tax from the distribution.

Gains or profits arising from the sale of real properties, if confirmed to be capital gains by the IRAS, arenot subject to tax as there is no capital gains tax in Singapore. Such capital gains may be distributed(at the discretion of the Trustee and the Manager) to Unitholders. If a distribution is made out of suchconfirmed capital gains, the Trustee and the Manager will not have to deduct tax from the distribution.

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Taxation of CIT’s Unitholders

Distributions of taxable income where tax transparency treatment has been granted

Individuals who hold Units as Investment Assets

All individuals who hold Units in CIT as investment assets (excluding individuals who hold such Unitsas trading assets or individuals who hold such Units through a partnership in Singapore) are exemptfrom income tax on the distributions (excluding distributions out of franked dividends) made by CIT,regardless of the individual’s nationality or tax residence status.

Individuals who hold the Units as trading assets or through a partnership in Singapore

Individuals who hold Units in CIT as trading assets or individuals who hold Units through a partnershipin Singapore are subject to income tax on the gross amount of distributions that are made out of thetaxable income of CIT. Such distributions will be taxed at the individuals’ applicable income tax rates.

Non-individuals except Qualifying Foreign Non-Individuals

Non-individual Unitholders are subject to Singapore income tax on the gross amount of distributionsthat are made out of the taxable income of CIT, regardless of whether the Trustee and the Managerhave deducted tax from the distributions. Where tax had been deducted at source at the prevailingcorporate tax rate, the tax deducted is not a final tax. Non-individual Unitholders can use such taxdeducted at source as a set-off against their Singapore income tax liabilities.

Qualifying Foreign Non-individuals

Distributions made by CIT to Qualifying Foreign Non-individual Unitholders will be subject to taxdeduction at source at the reduced rate of 10.0% until 17 February 2010. This reduced tax rate of10.0% will also apply to nominee Unitholders who can demonstrate that the Units are held for beneficialowners who are Qualifying Foreign Non-individual Unitholders. The 10.0% tax is a final tax.

CIT distributions of retained taxable income or trading income from disposal of Properties

Distributions made out of income previously taxed at the Trustee level (because the distributions weremade out of retained taxable income or out of gains or profits taxed as trading gains from the disposalof real properties) will also be exempt from tax in the hands of all Unitholders.

Distributions of capital gains

Distributions made out of gains or profits arising from a disposal of properties that have been confirmedby the IRAS as capital gains are not taxable in the hands of Unitholders since the gains or profits donot form part of the statutory income of the Trustee of CIT.

Disposal of Units

Any gains on disposal of Units are not subject to Singapore tax provided the Units are not held astrading assets.

Terms and Conditions of the Tax Ruling

The application of the Tax Ruling is conditional upon the Trustee and the Manager fulfilling certain termsand conditions. The Trustee and the Manager have given undertakings to take all reasonable stepsnecessary to safeguard the IRAS against tax leakages and to comply with all administrativerequirements to ensure ease of tax administration.

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The IRAS has expressly reserved the right to review, amend and revoke the Tax Ruling either in partor in whole at any time.

Stamp Duty

By virtue of the Stamp Duties (Real Estate Investment Trust) (Remission) Rules 2005, stamp duty onthe instruments of transfer in respect of Singapore properties to REITs to be listed or already listed onthe SGX-ST is waived for a period of five years from 18 February 2005.

Following this announcement, stamp duty will be waived on the transfer of Singapore properties to CITfor a period of five years from 18 February 2005.

Stamp duty will not be imposed on instruments of transfer relating to the Units. In the event of a changeof trustee for CIT, stamp duty on any document effecting the appointment of a new trustee and thetransfer of trust assets from the incumbent trustee to the new trustee will be charged at a nominal ratenot exceeding S$10.00 as specified under Article 3(g)(ii) of the First Schedule to the Stamp Duties Act,Chapter 312 of Singapore.

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PLAN OF DISTRIBUTION

The New Units will be offered at the Global Offering Price. The Joint Bookrunners have agreed toseverally (but not jointly) purchase the number of New Units indicated below at the Global OfferingPrice according to the terms and subject to the conditions of a purchase agreement to be entered intoamong CITM and the Joint Bookrunners (as initial purchasers) (the “Purchase Agreement”). The NewUnits will be listed and tradeable on the SGX-ST subject to certain transfer restrictions set forth in thesection titled “Transfer Restrictions”.

The number of New Units to be purchased by each of the Joint Bookrunners pursuant to the PurchaseAgreement will depend on the number of New Units to be offered for sale in the Global Offering.

Waivers

The Manager has obtained the following waivers from the SGX-ST for the purpose of allotting NewUnits to certain persons and entities under the Global Offering, details of which are set out below:

Sale of New Units to certain Institutional Investors

The Manager has obtained a general waiver from the SGX-ST from the requirement under Rule 812 ofthe Listing Manual for the issue of New Units under the Global Offering to institutional investors eachholding more than 5.0% of the issued Units (as at 6 September 2007) (the “Relevant InstitutionalInvestors”). The Joint Bookrunners may sell New Units to each of the Relevant Institutional Investorsunder the Global Offering subject to the requirement that the Manager certifies it is independent of eachsuch purchaser.

Sale of New Units to Directors

Under Rule 812(2) of the Listing Manual, the approval of Unitholders by way of Ordinary Resolution isrequired for the issue of New Units to a Director and his immediate family members under the GlobalOffering.

The Manager has obtained Unitholders approval for the issue of New Units under the Global Offeringto each of the Directors and his immediate family members who hold Units so as to maintain hispre-Global Offering unitholding, in percentage terms.

The SGX-ST has granted a waiver from the requirements under Rule 812(1) of the Listing Manual sothat each of the Directors and their immediate family members can accept in full his provisionalallocation of New Units under the Global Offering.

The Global Offering

The Joint Bookrunners have agreed to purchase all of the New Units being sold pursuant to thePurchase Agreement if any of these New Units are purchased. If a Joint Bookrunner defaults, thePurchase Agreement provides that the purchase commitments of the non-defaulting Joint Bookrunnermay be increased or the Purchase Agreement may be terminated.

The Joint Bookrunners may terminate the Global Offering in certain circumstances in accordance withthe terms of the Purchase Agreement prior to payment being made to us. If the Joint Bookrunners arereleased and discharged from their obligations under the Purchase Agreement, the Global Offering willbe cancelled and any moneys received in connection with the Global Offering will be returned toprospective purchasers of the New Units without interest. The Purchase Agreement allows each JointBookrunner to terminate such agreement under such circumstances so long as the non-terminatingJoint Bookrunner agrees to assume the purchase commitments of the terminating Joint Bookrunner asset forth above.

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The Manager, on behalf of CIT, has agreed to indemnify the Joint Bookrunners against certain liabilities,including liabilities under the Securities Act, or to contribute to payments which the Joint Bookrunnersmay be required to make in respect of those liabilities.

The Purchase Agreement is subject to certain conditions, including the validity of the New Units, andother conditions contained in the Purchase Agreement, such as the receipt by the Joint Bookrunnersof officers’ certificates and legal opinions. The Joint Bookrunners reserve the right to withdraw, cancelor modify offers to investors and to reject orders in whole or in part.

The Joint Bookrunners may offer and sell the New Units to or through any of its Affiliates as such termis defined in Rule 501(b) under the Securities Act (each, an “Affiliate”) such Affiliate may offer and sellthe New Units purchased by it to or through any Joint Bookrunner.

The Global Offering Price will be determined, following a book-building process, by agreement amongthe Joint Bookrunners and the Manager. The Global Offering Price will not be more than 10.0% lessthan the volume weighted-average price of the Units for trades undertaken on the SGX-ST for the fullmarket day on which the Purchase Agreement is signed in accordance with Rule 811(1) of the SGX-STListing Manual. No assurance can be given, however, that the prices at which the New Units can besold after the Global Offering will not be lower than the Global Offering Price or that an active tradingmarket in the New Units will continue after the Global Offering.

We will pay the Joint Bookrunners, as compensation for their services in connection with the offer andsale of the New Units in the Global Offering, a selling commission of 1.75% of the aggregate grossproceeds from the sale of the New Units in the Global Offering. Based on the Illustrative Global OfferingPrice, the selling commission per New Unit is S$0.014.

We may also pay the Joint Bookrunners a discretionary incentive commission of up to 0.25% of theaggregate gross proceeds from the sale of the New Units in the Global Offering.

Purchasers of the New Units may be required to pay to the Joint Bookrunners a brokerage fee equalto 1.0% of the Global Offering Price, stamp taxes and other similar charges in accordance with the lawsand pactices of the country of purchase, in addition to the Global Offering Price, as applicable.

Global Offering Expenses

The Manager estimates that the expenses payable in connection with the Global Offering including theselling commission and incentive fee commission, and all other expenses incurred or to be incurred inconnection with to the Global Offering will amount to approximately S$7.4 million. A breakdown of theseestimated expenses is set out below:

(S$’000)

As a Percentage of theGlobal Offering based

on the Illustrative GlobalOffering Price

(%)

Selling commission and incentive fees 3,877 2.0

Professional and other fees 2,324 1.2

Miscellaneous issue costs 1,149 0.6

Total 7,350 3.8

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Notes:

(1) Amounts exclude GST and other applicable tax payable.

(2) Professional fees include solicitors’ fees and fees for the Independent Reporting Accountants, the Independent Tax Adviser,the Independent Valuers and other professionals’ fees.

(3) Miscellaneous issue cost includes the cost of the production of the Offering Circular, roadshow expenses and certain otherexpenses incurred or to be incurred in connection with the Global Offering.

New Units are not Being Registered

The New Units will be sold in transactions not requiring registration under the Securities Act orapplicable state securities laws, including sales pursuant to Rule 144A and Regulation S under theSecurities Act. The New Units will not be sold except:

• within the United States to persons reasonably believed to be qualified institutional buyers withinthe meaning of Rule 144A; or

• outside the United States, pursuant to offers and sales within the meaning of Regulation S.

In addition, until the expiration of 40 days after the commencement of the Global Offering, an offer orsale of the New Units within the United States by a dealer (whether or not participating in this offering)may violate the registration requirements of the Securities Act if such offer or sale is made otherwisethan in accordance with Rule 144A or pursuant to another exemption from registration under theSecurities Act.

New Units sold pursuant to Regulation S may not be offered or resold in the United States, exceptunder an exemption from the registration requirements of the Securities Act or under a registrationstatement declared effective under the Securities Act.

Each purchaser of the New Units will be deemed to have made acknowledgments, representations andagreements as described in “Transfer Restrictions”.

No Sale of Similar Securities and Lock-up

We have agreed, with exceptions, not to sell or transfer any Units for 180 days after the date of thePurchase Agreement without first obtaining the written consent of the Joint Bookrunners. Specifically,we have agreed not to directly or indirectly:

• offer, pledge, sell, contract to sell any Units;

• sell any option or contract to purchase any Units;

• purchase any option or contract to sell any Units;

• grant any option, right or warrant to purchase any Units;

• or otherwise transfer or dispose of any Units;

• file any registration statement or offer information statement with respect to any Units; or

• enter into any swap or any other agreement or any transaction that transfer, in whole or in part,directly or indirectly, the economic consequence of ownership of the Units.

This lockup provision applies to Units or any securities convertible into or exercisable or exchangeablefor Units.

In addition, Mr. Ang Poh Seong and Mitsui have each undertaken not to (i) offer, pledge, sell, contractto sell, sell any option or contract to purchase, purchase any option to contract to sell, grant any option,right or warrant to purchase, lend or otherwise transfer or dispose of, charge or otherwise grant securityover, create any encumbrances over, directly or indirectly, conditionally or unconditionally, any of theirrespective Units beneficially owned immediately after the completion of the Global Offering (the

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“Relevant Units”); (ii) enter into any transaction which would have the same effect as (iii) or any swap,hedge or other arrangement that transfers, in whole or in part, any of the economic consequences ofownership, directly or indirectly, conditionally or unconditionally, of any of the Relevant Units (or anyinterest therein or in respect thereof) or any securities convertible into or exercisable or exchangeablefor the Relevant Units or that represent the right to receive, subscribe for or purchase Relevant Units;(iv) deposit any Relevant Units (or any securities convertible into or exchangeable for Units or whichrepresent the right to receive, subscribe for or purchase Units) in any depository receipt facilities; or (v)agree, or publicly announce any intention, to do any of the above, without the prior written consent ofeach of the Joint Bookrunners for a period of six months commencing from the date of completion ofthe Global Offering.

Selling Restrictions

The New Units may not be offered or sold, directly or indirectly, and neither this Offering Circular norany other offering material or advertisements in connection with the New Units may be distributed orpublished, in or from any country or jurisdiction except under circumstances that will result incompliance with any applicable rules and regulations of any such country or jurisdiction.

Australia

This Offering Circular is not an offer to retail investors in Australia generally. This Offering Circular hasnot been lodged with the Australian Securities and Investments Commission (“ASIC”), and no otherdisclosure document (as defined in the Corporation Act 2001 (the “Act”)) regarding these securities hasbeen lodged with ASIC. Any offer of New Units in Australia is made on the condition that the recipientis a “wholesale client” within the meaning of section 761G of the Act. If any recipient does not satisfythe criteria for these exemptions, no applications for New Units will be accepted from that recipient. Anyoffer to a recipient in Australia, and any agreement arising from acceptance of the offer, is personal andmay only be accepted by the recipient.

If a recipient on-sells their New Units within 12 months of their issue, that person will be required tolodge a disclosure document with ASIC unless either:

(a) the sale is pursuant to an offer received outside Australia or is made to a “wholesale client” withinthe meaning of section 761G of the Act; or

(b) it can be established that we issued, and the recipient subscribed for, the New Units without thepurpose of the recipient on-selling them or granting, issuing or transferring interests in, or optionsor warrants over them. This Offering Circular is not a formal disclosure document and has notbeen lodged with the ASIC. It does not purport to contain all information that an investor or theirprofessional advisers would expect to find in a product disclosure statement for the purposes ofPart 7.9 of the Act in relation to the New Units or us.

European Economic Area

In relation to each Relevant Member State, an offer to the public of any New Units which are the subjectof the offering contemplated by this Offering Circular (the “Securities”) may not be made in thatRelevant Member State, except that an offer to the public in that Relevant Member State of anySecurities may be made at any time under the following exemptions under the Prospectus Directive, ifthey have been implemented in that Relevant Member State:

(a) to legal entities which are authorised or regulated to operate in the financial markets or, if not soauthorised or regulated, whose corporate purpose is solely to invest in securities;

(b) to any legal entity which has two or more of (1) an average of at least 250 employees during thelast financial year; (2) a total balance sheet of more than C43,000,000 and (3) an annual netturnover of more than C50,000,000, as shown in its last annual or consolidated accounts; or

(c) in any other circumstances falling within Article 3(2) of the Prospectus Directive,

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provided that no such offer of Securities shall result in a requirement for the publication by the Issueror any underwriters of a prospectus pursuant to Article 3 of the Prospectus Directive.

For the purposes of this provision, the expression an “offer to the public” in relation to any Securitiesin any Relevant Member State means the communication in any form and by any means of sufficientinformation on the terms of the offer and any Securities to be offered so as to enable an investor todecide to purchase any Securities, as the same may be varied in that Member State by any measureimplementing 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 RelevantMember State.

Hong Kong

The New Units to be sold in the Global Offering may not be offered or sold in Hong Kong, by meansof any document, other than (i) to “professional investors” as defined in the Securities and FuturesOrdinance (Cap. 571) of Hong Kong (the “Securities and Futures Ordinance”) and any rules madeunder that Ordinance; or (ii) in other circumstances which do not result in the document being a“prospectus” as defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitutean offer to the public within the meaning of that Ordinance. No advertisement, invitation or documentrelating to the New Units may be issued whether in Hong Kong or elsewhere, which is directed at, orthe contents of which are likely to be accessed or read by, the public of Hong Kong (except if permittedto do so under the securities laws of Hong Kong) other than with respect to the New Units which areor are intended to be disposed of only to persons outside Hong Kong or only to “professional investors”as defined in the Securities and Futures Ordinance and any rules made under that Ordinance.

United Kingdom

No invitation or inducement to engage in investment activity (within the meaning of Section 21 of theFSMA) in relation to the New Units may be communicated or caused to be communicated to personsin the United Kingdom, except in circumstances where section 21(1) of FSMA does not apply to CIT.All applicable provisions of FSMA must be complied with in respect of anything done in relation to theNew Units in, from or otherwise involving the United Kingdom.

United States

The New Units have not been and will not be registered under the Securities Act, or any state securitieslaws, and may not be offered, sold, pledged or transferred within the United States, except to qualifiedinstitutional buyers in accordance with Rule 144A, or outside the United States in accordance withRegulation S.

In addition, until the expiration of 40 days after the commencement of the Global Offering, an offer orsale of the New Units within the United States by a dealer (whether or not participating in this offering)may violate the registration requirements of the Securities Act if such offer or sale is made otherwisethan in accordance with Rule 144A or pursuant to another exemption from registration under theSecurities Act.

Other Relationships

The Joint Bookrunners, the Joint Global Coordinators and certain of their affiliates may have performedinvestment banking and advisory services for us and our affiliates from time to time for which they havereceived customary fees and expenses. The Joint Bookrunners may, from time to time, trade in oursecurities, engage in transactions with, and perform services for us and our affiliates in the ordinarycourse of their business.

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Persons Intending to Purchase in this Offering

To the Manager’s knowledge, no person intends to subscribe for more than 5.0% of the New Units tobe issued in this Global Offering.

No action has been or will be taken in any jurisdiction that would permit a public offering of the NewUnits outside of Singapore, or the possession, circulation or distribution of this Offering Circular or anyother material relating to us or the New Units in any jurisdiction where action for the purpose is required.Accordingly, the New Units may not be offered or sold, directly or indirectly, and neither this OfferingCircular nor any other offering material or advertisements in connection with the New Units may bedistributed or published, in or from any country or jurisdiction except under circumstances that will resultin compliance with any applicable rules and regulations of any such country or jurisdiction.

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TRANSFER RESTRICTIONS

Because the following restrictions will apply to the Global Offering, purchasers are advised to consultwith their own legal counsel prior to making any offer, resale, pledge or transfer of the New Units.

The New Units have not been registered under the Securities Act and are being offered (a) within theUnited States only to qualified institutional buyers in reliance on the exemption from the registrationrequirements of the Securities Act provided by Rule 144A and (b) to persons in offshore transactionsin reliance on Regulation S.

Rule 144A New Units

Each purchaser of the New Units in this Global Offering within the United States pursuant to Rule 144A,by accepting delivery of this Offering Circular, will be deemed to have represented, agreed andacknowledged that:

• it is (a) a qualified institutional buyer within the meaning of Rule 144A, (b) acquiring such NewUnits for its own account or for the account of a qualified institutional buyer, and (c) aware, andeach beneficial owner has been advised, that the sale of such New Units to it is being made inreliance on Rule 144A;

• the New Units in this Global Offering are being offered in a transaction not involving any publicoffering in the United States within the meaning of the Securities Act and have not been and willnot be registered under the Securities Act and may not be offered, sold, pledged or otherwisetransferred in the absence of such registration or an applicable exemption therefrom, and eachsuch purchaser agrees and acknowledges that the seller of these New Units may be relying onthe exemption from the provisions of Section 5 of the Securities Act provided by Rule 144Athereunder;

• the New Units may not be offered, sold, pledged or otherwise transferred, except (w) in the UnitedStates in accordance with Rule 144A to a person that it and any person acting on its behalfreasonably believe is a qualified institutional buyer purchasing for its own account or for theaccount of a qualified institutional buyer, in a transaction meeting the requirements of Rule 144A,(x) outside the United States in an offshore transaction in accordance with Rule 903 or Rule 904of Regulation S, (y) pursuant to an exemption from registration under the Securities Act providedby Rule 144 thereunder (if available) or (z) pursuant to an effective registration statement underthe Securities Act, in each case in accordance with any applicable securities laws of any state ofthe United States;

• it will notify, and each subsequent purchaser of the New Units from it is required to notify, anysubsequent purchaser from it of the resale restrictions referred to in (w), (x), (y) and (z) above; and

• the New Units sold in the Global Offering will constitute “restricted securities” within the meaningof Rule 144 under the Securities Act and, for so long as they remain “restricted securities”, suchNew Units may not be transferred except as described in the third sub-paragraph above.

We, the Manager, the Joint Global Coordinators, the Joint Bookrunners and their affiliates, and otherswill rely upon the truth and accuracy of the foregoing acknowledgements, representations andagreements from each purchaser. If a purchaser is acquiring any of the New Units in this GlobalOffering for the account of one or more qualified institutional buyers, it represents that it has soleinvestment discretion with respect to each such account and that it has full power to make the foregoingacknowledgements, representations and agreements on behalf of each such account. Prospectivepurchasers are hereby notified that sellers of the New Units in this Global Offering may be relying onthe exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A.

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Regulation S New Units

Each purchaser of the New Units in this Global Offering outside the United States pursuant toRegulation S will be deemed to have represented, agreed and acknowledged that:

• it is acquiring the New Units in an offshore transaction in accordance with Regulation S; and

• it understands that such New Units have not been and will not be registered under the SecuritiesAct and that, prior to the expiration of the period ending 40 days after the later of the GlobalOffering and its closing date, it will not offer, sell, pledge or otherwise transfer such New Unitsother than in accordance with any applicable laws of any state or territory of the United States andany foreign jurisdiction.

We, the Manager, the Joint Global Coordinators, the Joint Bookrunners and our and their affiliates, andothers will rely upon the truth and accuracy of the foregoing acknowledgements, representations andagreements.

General

Each purchaser of the New Units in this Global Offering will be deemed to have represented and agreedthat it is relying on this Offering Circular and not on any other information or representation concerningus or the New Units and none of them, nor any other person responsible for this Offering Circular or anypart of it, nor the Joint Global Coordinators or Joint Bookrunners, will have any liability for any suchother information or representation.

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CLEARANCE AND SETTLEMENT

Introduction

A letter of eligibility has been obtained from the SGX-ST for the listing and quotation of the New Units.For the purpose of trading on the SGX-ST, a board lot for the Units will comprise 1,000 Units. Uponlisting and quotation on the SGX-ST, the Units will be traded under the electronic book-entry clearanceand settlement system of CDP. All dealings in and transactions of the Units through the SGX-ST will beeffected in accordance with the terms and conditions for the operation of Securities Accounts, asamended from time to time.

CDP, a wholly-owned subsidiary of Singapore Exchange Limited, is incorporated under the laws ofSingapore and acts as a depository and clearing organisation. CDP holds securities for itsaccountholders and facilitates the clearance and settlement of securities transactions betweenaccountholders through electronic book-entry changes in the Securities Accounts maintained by suchaccountholders with CDP.

Clearance and Settlement under the Depository System

The Units will be registered in the name of CDP or its nominee and held by CDP for and on behalf ofpersons who maintain, either directly or through depository agents, Securities Accounts with CDP.Persons named as direct Securities Account holders and depository agents in the depository registermaintained by CDP will be treated as Unitholders in respect of the number of Units credited to theirrespective Securities Accounts.

Transactions in the Units under the book-entry settlement system will be reflected by the seller’sSecurities Account being debited with the number of Units sold and the buyer’s Securities Accountbeing credited with the number of Units acquired and no transfer stamp duty is currently payable for thetransfer of Units that are settled on a book-entry basis.

Units credited to a Securities Account may be traded on the SGX-ST on the basis of a price betweena willing buyer and a willing seller. Units credited into a Securities Account may be transferred to anyother Securities Account with CDP, subject to the terms and conditions for the operation of SecuritiesAccounts and a S$10 transfer fee payable to CDP. All persons trading in the Units through the SGX-STshould ensure that the relevant Units have been credited into their Securities Account, prior to tradingin such Units, since no assurance can be given that the Units can be credited into the SecuritiesAccount in time for settlement following dealing. If the Units have not been credited into the SecuritiesAccount by the due date for the settlement of the trade, the buy-in procedures of the SGX-ST will beimplemented.

Clearing Fees

A clearing fee for the trading of Units on the SGX-ST is payable at the rate of 0.05% of the transactionvalue, subject to a maximum of S$200 per transaction. The clearing fee, deposit fee and unit withdrawalfee may be subject to GST of 7.0%.

Dealings in the Units will be carried out in Singapore dollars and will be effected for settlement in CDPon a scripless basis. Settlement of trades on a normal “ready” basis on the SGX-ST generally takesplace on the third Market Day following the transaction date. CDP holds securities on behalf of investorsin Securities Accounts. An investor may open a direct account with CDP or a sub-account with any CDPdepository agent. A CDP depository agent may be a member company of the SGX-ST, bank, merchantbank or trust company.

Other Fees

As the Units will be listed and traded on SGX-ST and Unitholders have no right to request the Managerto redeem their Units, no subscription fee, preliminary charge, realisation fee or switching fee is payablein respect of the Units.

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LEGAL MATTERS

Certain legal matters with respect to the Global Offering will be passed upon for us, the Trustee and theManager, by WongPartnership with respect to Singapore law; and for the Joint Global Coordinators andthe Joint Bookrunners by Rajah & Tann with respect to Singapore law and Latham & Watkins LLP withrespect to New York and United States federal securities law.

None of WongPartnership, Rajah & Tann and Latham & Watkins LLP makes, or purports to make, anystatement in this Offering Circular and none of them is aware of any statement in this Offering Circularwhich purports to be based on a statement made by it and it makes no representation, express orimplied, regarding, and takes no responsibility for, any statement in or omission from this OfferingCircular.

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INDEPENDENT REPORTING ACCOUNTANTS

The Independent Reporting Accountants, KPMG, has reported on the Unaudited Pro Forma BalanceSheet as at 31 December 2006 included as Annex V and the Profit Forecast and Profit Projectionincluded as Annex IV of this Offering Circular. CIT’s financial statements for the period from 31 March2006 (the date of constitution of CIT) to 31 December 2006 have been audited by KPMG.

For the purpose of complying with the Securities and Futures Act and for the purposes of offers andsales outside the United States in reliance on Regulation S under the Securities Act, KPMG has givenand has not withdrawn its written consent to the issue of this Offering Circular with the inclusion hereinof, and all references to (i) its name, (ii) the Independent Accountants’ Report on Profit Forecast andProfit Projection, (iii) the Independent Accountants’ Report on the Unaudited Pro Forma Balance Sheetas at 31 December 2006; and (iv) the audit report dated 12 February 2007 on the audit of the financialstatements of CIT for FP2006, in the form and context in which they are respectively included in thisOffering Circular. The abovementioned reports have been prepared for the purposes of incorporationin this Offering Circular. A written consent under the Securities and Futures Act is different from aconsent filed with the U.S. Securities and Exchange Commission under Section 7 of the Securities Act,which is applicable only to transactions involving securities registered under the Securities Act. As ourUnits in the Global Offering have not and will not be registered under the Securities Act, KPMG has notfiled a consent under Section 7 of the Securities Act.

KPMG’s Independent Accountants’ Report on the Unaudited Pro Forma Balance Sheet as at 31December 2006 is issued in accordance with professional practice standards established in Singapore.KPMG’s work has not been carried out in accordance with auditing or other standards and practicesgenerally accepted in the United States of America and accordingly should not be relied upon as if ithad been carried out in accordance with those standards and practices.

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INDEPENDENT TAX ADVISER

The Independent Tax Adviser, KPMG Tax Services Pte Ltd, has included as Annex III of this OfferingCircular an overview of the Singapore taxation consequences on:

• CIT’s investment in the New Properties and Target Properties in Singapore and the distributionsto Unitholders thereof; and

• The Singapore taxation on the Unitholders on the placement and the acquisition of the New Unitsin CIT.

The Independent Taxation Report is issued in accordance with professional practice generally acceptedin Singapore. KPMG Tax Services Pte Ltd’s work has not been carried out in accordance withprofessional practice standards generally accepted in the United States of America and accordinglyshould not be relied upon as if it had been carried out in accordance with those standards andpractices.

For the purpose of complying with the Securities and Futures Act and for the purposes of offers andsales outside the United States in reliance on Regulation S under the Securities Act, KPMG TaxServices Pte Ltd has given and has not withdrawn its written consent to the issue of this OfferingCircular with the inclusion herein of, and all references to (i) its name and (ii) the Independent TaxationReport in the form and context in which they are respectively included in this Offering Circular. Theabovementioned reports have been prepared for the purposes of incorporation in this Offering Circular.A written consent under the Securities and Futures Act is different from a consent filed with the U.S.Securities and Exchange Commission under Section 7 of the Securities Act, which is applicable onlyto transactions involving securities registered under the Securities Act. As our Units in the GlobalOffering have not and will not be registered under the Securities Act, KPMG Tax Services Pte Ltd hasnot filed a consent under Section 7 of the Securities Act.

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EXPERTS

KPMG Tax Services Pte Ltd (the “Independent Tax Adviser”) was responsible for preparing theIndependent Taxation Report found in Annex III of this Offering Circular.

Jones Lang LaSalle Property Consultants Pte Ltd, Colliers International Consultancy & Valuation(Singapore) Pte Ltd and Chesterton International Property Consultants Pte Ltd (the “IndependentValuers”) were responsible for preparing the valuation certificates and summaries in Annex VI of thisOffering Circular.

Colliers International Consultancy & Valuation (Singapore) Pte Ltd (the “Independent PropertyConsultant”) was responsible for preparing the Singapore industrial property market overview set outin “The Industrial Property Market in Singapore.”

The Independent Valuers and the Independent Property Consultant have each given and have notwithdrawn their written consents to the issue of this Offering Circular with the inclusion herein of theirnames and their respective reports and all references thereto in the form and context in which theyrespectively appear in this Offering Circular and to act in such capacity in relation to this OfferingCircular.

Standard & Poor’s International, LLC has given and has not withdrawn its written consent to the issueof this Offering Circular with the inclusion herein of its name in the form and context in which it appearsin this Offering Circular.

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ENFORCEABILITY OF CIVIL LIABILITIES

We are a Singapore registered real estate investment trust. The Trustee and the Manager are bothlimited liability companies incorporated under the laws of Singapore. Almost all of our, the Trustee’s andthe Manager’s operations are conducted in Singapore, and substantially all of our, the Trustee’s and theManager’s assets are located outside the United States. All of the directors and officers of the Trusteeand the Manager are nationals or residents of jurisdictions other than the United States and all of theirassets are located outside the United States. As a result, it may be difficult for a Unitholder to effectservice of process within the United States upon these persons, or to enforce against the Trustee or theManager or their directors and officers judgements obtained in United States courts, includingjudgements predicated upon the civil liability provisions of the securities laws of the United States orany state of the United States.

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GENERAL AND STATUTORY INFORMATION

1. The Directors collectively and individually accept full responsibility for the accuracy of theinformation given in this Offering Circular and confirm, having made all reasonable enquiries, thatto the best of their knowledge and belief, the facts contained in this Offering Circular are true andaccurate in all material respects, all expressions of opinion, intention and expectation containedin this Offering Circular have been arrived at after due and careful consideration and are foundedon bases and assumptions that are fair and reasonable and there are no material facts theomission of which would make any statement in this Offering Circular misleading. Whereinformation in this Offering Circular has been extracted from public sources, the Directors acceptresponsibility for accurately reproducing such information, but accept no further or otherresponsibility in respect of such information.

2. The profit forecast and profit projection contained in “Profit Forecast and Profit Projection” havebeen stated by the Directors after due and careful enquiry.

3. There are no legal or arbitration proceedings pending or, so far as the Directors are aware,threatened against the Manager the outcome of which, in the opinion of the Directors, may haveor have had during the 12 months prior to the date of this Offering Circular, a material adverseeffect on the financial position of the Manager.

4. There are no legal or arbitration proceedings pending or, so far as the Directors are aware,threatened against CIT the outcome of which, in the opinion of the Directors, may have or havehad during the 12 months prior to the date of this Offering Circular, a material adverse effect onthe financial position of CIT.

5. Save as disclosed below, none of the Directors or Executive Officers of the Manager is or wasinvolved in any of the following events:

• during the last 10 years, an application or a petition under any bankruptcy laws of anyjurisdiction filed against him or her or against a partnership of which he or she was a partnerat the time when he or she was a partner or at any time within two years from the date heor she ceased to be a partner;

• during the last 10 years, an application or a petition under any law of any jurisdiction filedagainst an entity (not being a partnership) of which he or she was a director or an equivalentperson or a key executive at the time when he or she was a director or an equivalent personor a key executive of that entity or at any time within two years from the date he or sheceased to be a director or an equivalent person or a key executive of that entity, for thewinding-up or dissolution of that entity or, where that entity is the trustee of a business trust,that business trust, on the ground of insolvency;

• having any unsatisfied judgment against him or her;

• convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which ispunishable with imprisonment, or been the subject of any criminal proceedings (includingany pending criminal proceedings which he or she is aware of) for such purpose;

• convicted of any offence, in Singapore or elsewhere, involving a breach of any law orregulatory requirement that relates to the securities or futures industry in Singapore orelsewhere, or been the subject of any criminal proceedings (including pending criminalproceedings which he is aware of) for such breach;

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• during the last 10 years, any judgment entered against him in any civil proceeding inSingapore or elsewhere involving a breach of any law or regulatory requirement that relatesto the securities or futures industry in Singapore or elsewhere, or a finding of fraud,misrepresentation or dishonesty on his part, or been the subject of any civil proceedings(including any pending civil proceedings which he is aware of) involving an allegation offraud, misrepresentation or dishonesty on his part;

• convicted in Singapore or elsewhere of any offence in connection with the formation ormanagement of any entity or business trust;

• disqualified from acting as a director or an equivalent person of any entity (including thetrustee of a business trust), or taking part in any way directly or indirectly in the managementof any entity or business trust;

• been the subject of any order, judgment or ruling of any court, tribunal or governmental bodypermanently or temporarily enjoining him from engaging in any type of business practice oractivity;

• to his knowledge, been concerned with the management or conduct, in Singapore orelsewhere, of the affairs of:

(i) any corporation which has been investigated for a breach of any law or regulatoryrequirement governing corporations in Singapore or elsewhere;

(ii) any entity (not being a corporation) which has been investigated for a breach of any lawor regulatory requirement governing such entities in Singapore or elsewhere;

(iii) any business trust which has been investigated for a breach of any law or regulatoryrequirement governing business trusts in Singapore or elsewhere; or

(iv) any entity or business trust which has been investigated for a breach of any law orregulatory requirement that relates to the securities or futures industry in Singapore orelsewhere; or

• been the subject of any current or past investigation or disciplinary proceedings, or beenreprimanded or issued any warning, by the Authority or any other regulatory authority,exchange, professional body or government agency, whether in Singapore or elsewhere.

6. Dr. Tan Seng Chin, Finian, the Chairman and a Non-Executive Director of the Manager, hadrepresented Draper Fisher Jurvetson Eplanet International (Singapore) Advisers Pte Ltd inPhosistor Technologies, Inc., a company incorporated in the United States, as a Non-Executivedirector. Dr. Tan resigned from his position as a Non-Executive director of Phosistor Technologies,Inc. in April 2002. Dr. Tan believes that Phosistor Technologies, Inc. was subsequently wound upat around the third quarter of 2003. Draper Fisher Jurvetson Eplanet International (Singapore)Advisers Pte Ltd wrote off its investment in Phosistor Technologies, Inc. in December 2003.

7. There are no family relationships amongst the Directors and Executive Officers of the Manager.

8. The financial year-end of CIT is 31 December. The annual audited financial statements of CIT willbe prepared and sent to Unitholders within three months of the financial year-end.

9. A full valuation of each of the real estate assets held by CIT will be carried out at least once a yearin accordance with the Property Funds Guidelines. Generally, where the Manager proposes toissue new Units or to redeem existing Units, a valuation of the real properties held by CIT mustbe carried out in accordance with the Property Funds Guidelines. The Manager or the Trusteemay at any other time arrange for the valuation of any of the real properties held by CIT if it is ofthe opinion that it is in the best interest of Unitholders to do so.

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10. While CIT is listed on the SGX-ST, investors may check the SGX-ST website http://www.sgx.comfor the prices at which Units are being traded on the SGX-ST. Investors may also check one ormore major Singapore newspapers such as The Straits Times, The Business Times and LianheZaobao for the price range within which Units were traded on the SGX-ST on the preceding day.

11. The Manager does not intend to receive soft dollars (as defined in the CIS Code) in respect of CIT.Save as disclosed in this Offering Circular, unless otherwise permitted under the Listing Manual,neither the Manager nor any of the Manager’s Associates will be entitled to receive any part of anybrokerage charged to CIT, or any part of any fees, allowances or benefits received on purchasescharged to CIT.

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GLOSSARY OF DEFINED TERMS AND ABBREVIATIONS

Properties

Initial Portfolio

“CWT Distripark” : 24 Jurong Port Road Singapore 619097

“Jurong Districentre” : 3 Pioneer Sector 3 Singapore 628342

“ODC Districentre” : 30 Toh Guan Road Singapore 608840

“31 Tuas Avenue 11” : 31 Tuas Avenue 11 Singapore 639105

“25 Changi South Avenue 2” : 25 Changi South Avenue 2 Singapore 486594

“YCH DistriPark” : 30 Tuas Road Singapore 638492

“1 Third Lok Yang Road” and“4 Fourth Lok Yang Road”

: No. 1 Third Lok Yang Road Singapore 627996 and No. 4Fourth Lok Yang Road Singapore 629701

“21 Ubi Road 1” : 21/23 Ubi Road 1 Singapore 408724/408725

“136 Joo Seng Road” : 136 Joo Seng Road Singapore 368360

“CSE Global Building” : 2 Ubi View Singapore 408556

“MI Building” : 11 Serangoon North Avenue 5 Singapore 554809

“Olivine Building” : 130 Joo Seng Road Singapore 368357

“Panasonic Building” : 2 Jalan Kilang Barat Singapore 159346

“MEC TechnoCentre” : 87 Defu Lane 10 Singapore 539219

“86/88 International Road” : 86/88 International Road Singapore 629176/629177


“9 Tuas View Crescent” : 9 Tuas View Crescent Singapore 637612

“27 Pandan Crescent” : 27 Pandan Crescent Singapore 128476

“7 Gul Lane” : 7 Gul Lane Singapore 629406

“31 Kian Teck Way” : 31 Kian Teck Way Singapore 628751

“Techplas Industrial Building” : 45 Changi South Avenue 2 Singapore 486133

“2 Tuas South Avenue 2” : 2 Tuas South Avenue 2 Singapore 637601

“28 Woodlands Loop” : 28 Woodlands Loop Singapore 738308

“Standard Form Building” : 37 Tampines Street 92 Singapore 528885

“16 Tuas Avenue 18A” : 16 Tuas Avenue 18A Singapore 638864

“160 Kallang Way” : 160 Kallang Way Singapore 349246

“23 Lorong 8 Toa Payoh” : No. 23 Lorong 8 Toa Payoh Singapore 319257

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New Properties

“Armorcoat InternationalBuilding”

: 361 Ubi Road 3 Singapore 408664

“Lam Soon IndustrialBuilding”

: 97 strata units in the building which is constructed on Lot2506M of Mukim 10 at 63 Hillview Avenue Singapore669569

“Mintwell Building” : 55 Ubi Avenue 3 Singapore 408864

“28 Senoko Drive” : 28 Senoko Drive Singapore 758214

“DP Computers Building” : 128 Joo Seng Road Singapore 368356

“31 Changi South Avenue 2” : 31 Changi South Avenue 2 Singapore 486478

“Natural Cool Building” : 81 Defu Lane 10 Singapore 539217

Target Properties


“7 Ubi Close” : 7 Ubi Close Singapore 408604

“9 Bukit Batok Street 22” : 9 Bukit Batok Street 22 Singapore 659585

“120 Pioneer Road” : 120 Pioneer Road Singapore 639597

“Enterprise Hub” : 120 strata units in the building which is constructed on Lot7659A of Mukim 5 at 48 Toh Guan Road East Singapore608586

“23 Woodlands Terrace” : 23 Woodlands Terrace Singapore 738472

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General

“%” or “per cent.” : Per centum or percentage

“A&A Works” : Alterations and Additions works

“ABN AMRO Bank” : ABN AMRO Bank N.V., Singapore branch

“Acquisition Completion Date” : The respective dates of completion of the sale andpurchase of each Property pursuant to the terms andconditions of the sale and purchase agreements as set forthin “Summary”

“Acquisition Fee” : Has the meaning ascribed to it in the Trust Deed and as setout under “Summary — Structure of Cambridge IndustrialTrust: Certain Fees and Charges” and “The Manager andCorporate Governance — Management Fees”

“Acquisition Related Costs” : Has the meaning as set out in the “Plan of Distribution” ofthis Offering Circular

“Acquisition Value” : In relation to each Property, its acquisition value asdetermined in accordance with the relevant Sale andPurchase Agreement

“Agent” : ABN AMRO Bank N.V., Singapore Branch

“Aggregate Acquisitions” : The acquisition of the Aggregate Properties

“Aggregate Leverage” : The ratio of CIT’s borrowings and deferred payments(including deferred payments for assets whether to besettled in cash or Units) to the value of its DepositedProperty

“Aggregate Properties” : The New Properties and the Target Properties

“Agreement to Lease” : Agreement to lease dated 1 February 2006 between JTC asthe lessor and C&P Asia as the lessee, to be assigned toCIT on completion of the acquisition of 1 Tuas Avenue 3

“Appraised Value” : In relation to each Property, the appraised value by theIndependent Valuers as at the date set out in this OfferingCircular in “Business and Properties”

“Arranger” : ABN AMRO Bank N.V., Singapore Branch

“Associate” : Has the meaning ascribed to it in the Listing Manual

“Authority” : The Monetary Authority of Singapore

“Base Fee” : 0.5% per annum of the value of CIT’s Deposited Property

“Benchmark Index” : Has the meaning ascribed to it in the Trust Deed and as setout in the section titled “The Manager and CorporateGovernance — Management Fees”

“Board” : The Board of Directors of the Manager

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“Boundaries and Survey MapsAct”

: The Boundaries and Survey Maps Act of Singapore(Chapter 25), as amended, modified or supplemented fromtime to time

“Bridge Loan” : The six-month secured bridge loan facility of S$400.0million extended to the Trustee, on behalf of CIT, by ABNAMRO Bank N.V. on 3 July 2006 that was refinanced by theFacility Agreement

“Business Day” : Any day (other than a Saturday, Sunday, or gazetted publicholiday) on which commercial banks are generally open forbusiness in Singapore and the SGX-ST is open for trading

“C&P Asia” : C&P Asia Warehousing Pte Ltd

“C&P Group” : C & P Holdings and its subsidiaries

“C&P Holdings” : C & P Holdings Pte Ltd

“CDP” : The Central Depository (Pte) Limited

“Cents” : Singapore cents

“CEO” : Chief Executive Officer

“Certificate of StatutoryCompletion”

: A certificate of statutory completion issued under section 21of the Building Control Act, Chapter 29 of Singapore

“Chairman” : The presiding officer of the Board or a committee

“Chesterton International” : Chesterton International Property Consultants Pte Ltd, theindependent valuer commissioned by the Trustee

“Chief Surveyor” : The Chief Surveyor is appointed by the Minister of Law toadminister the Boundaries and Survey Maps Act

“China” : People’s Republic of China, excluding the Hong KongSpecial Administrative Region and the Macau SpecialAdministrative Region for the purposes of this Prospectusand for geographical reference only

“CIS Code” : The Code on Collective Investment Schemes issued by theAuthority

“CIS Promotion Order” : The Financial Services and Markets Act 2000 (Promotion ofCollective Investment Schemes) (Exemptions) Order 2001

“CIT” : Cambridge Industrial Trust

“CITM” : Cambridge Industrial Trust Management Limited

“CITM Shares” : Shares in the issued share capital of the Manager

“City Centre” : Fullerton Hotel, Singapore at 1 Fullerton Square, Singapore049178

“CMFAS Exam” : Capital Markets and Financial Advisory ServicesExamination

“CMS” : Capital market services

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“Collector of Land Revenue” : Any officer of the SLA or any public officer or officer of anyother public authority constituted under any written law for apublic purpose, appointed by the Minister to be a Collectorof Land Revenue, and includes any Deputy Collector ofLand Revenue appointed before the date ofcommencement of the Singapore Land Authority Act,Chapter 301 of Singapore

“Colliers” : Colliers International Consultancy & Valuation (Singapore)Pte Ltd

“Companies Act” : Companies Act, Chapter 50 of Singapore

“Completed New Properties” : Lam Soon Industrial Building, Mintwell Building, ArmorcoatInternational Building, 31 Changi South Avenue 2, DPComputers Building and 28 Senoko Drive, the acquisitionsof which were completed in the first half of 2007, and in thecase of 31 Changi South Avenue 2, 27 July 2007

“Completion” : The completion of the sale and purchase of the Propertiespursuant to the Sale and Purchase Agreements

“Completion Date” : The respective dates of completion of the sale andpurchase of each property pursuant to the terms andconditions of the Sale and Purchase Agreements

“Conveyancing and Law ofProperty Act”

: Conveyancing and Law of Property Act, Chapter 61 ofSingapore

“Counter Offer” : The terms offered after the Trustee’s review of the proposedTransfer Terms, and thereafter matches the offer made tosuch third parties

“CREIM” : Cambridge Real Estate Investment Management Pte Ltd

“Cumulative Distribution” : The proposed distribution of CIT’s Distributable Income forthe period from 1 July 2007 to the day immediately prior tothe date on which the New Units are issued

“Current Unit Value” : At any time, the NAV of the Deposited Property divided bythe number of Units in issue and deemed to be in issue atthat time

“CWT” : CWT Limited (formerly known as CWT Distibution Limited)

“CWT Lease” : The proposed lease of 1 Tuas Avenue 3 to CWT

“CWT Term” : The eight-year period commencing on 25 July 2006whereby CWT Distripark is leased back to CWT

“DCF Method” : Discounted Cash Flow Method

“Deposited Property” : The value of all the gross assets of CIT, including theProperties and all the authorised investments of CIT for thetime being held or deemed to be held upon the trustconstituted under the Trust Deed

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“Depositor” : (i) a direct account holder with the CDP; or

(ii) a Depository Agent, but, for the avoidance of doubt,does not include a Sub-Account Holder, whose nameis entered into the CDP register in respect of Unitsheld by him

“Depository Agent” : Means any person or body approved by the CDP or which:

(i) performs services as a depository agent for holders ofaccounts maintained by it in accordance with theterms of depository agent agreement entered intobetween it and CDP;

(ii) deposits book-entry securities with the CDP on behalfof Sub-Account Holders; and

(iii) establishes an account in its name with CDP

“Depository Agreement” : The Depository Agreement dated 26 April 2006 entered intobetween CDP, the Manager and the Trustee relating to thedeposit of the Units with CDP

“Directors” : The directors of the Manager

“Disposal Fee” : Has the meaning ascribed to it in the Trust Deed, as set outin the sections titled under “Structure of CambridgeIndustrial Trust — Certain Fees and Charges” and “TheManager and Corporate Governance — ManagementFees”

“Distributable Income” : CIT’s taxable income comprised largely of income from theletting of its properties after deduction of allowableexpenses and including an insignificant amount of interestincome from the placement of periodic cash surpluses infixed deposits, as determined to be distributed inaccordance with CIT’s distribution policy

“DPU” : Distribution per Unit

“Dutch Standards” : The standards adopted for assessing land contaminationand remediation. The Dutch Standards specify two limits forheavy metals, inorganic compounds, aromatic compounds,hydrocarbons, pesticides and other pollutants in both soiland groundwater as follows:

(i) intervention values: when concentration level is abovethe intervention value, the soil/sediment/groundwateris considered as seriously contaminated and clean upof the site is required; and

(ii) target values: when concentration level is below thetarget value, the soil/sediment/groundwater isconsidered as unpolluted

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“EBS” : Environmental Baseline Study which is an instrusive soiland groundwater investigation conducted to establish thebaseline level of potential contaminants in the soil andgroundwater beneath a site on which a property is situatedand to assess the extent of contamination of the site (andpotential impacts to the site’s occupants)

“EEA” : The European Economic Area

“Enlarged Portfolio” : The Initial Portfolio, the New Properties and the TargetProperties

“Equity Market Capitalisation” : Has the meaning ascribed to it in the Trust Deed and meansthe volume weighted-average price for a Unit for all tradeson the SGX-ST in the ordinary course of trading during thefive Business Days preceding the last day of the relevantHalf Year (including the last day of the relevant Half Year)and the five Business Days after the last day of the relevantHalf Year (ten Business Days in total) multiplied by thenumber of Units in issue at the close of the last day of theprior Half Year

“Executive Directors” : The executive directors of the Manager as at the date of thisOffering Circular

“Executive Officers” : The executive officers of the Manager as at the date of thisOffering Circular

“Existing Portfolio” : The Initial Portfolio and the Completed New Properties

“Existing Units” : The Units in issue on the day immediately prior to the dateon which the New Units are issued

“Extraordinary Resolution” : A resolution proposed and passed as such by a majorityconsisting of 75.0% or more of the total number of votescast for and against such resolution at a meeting ofUnitholders duly convened under the provisions of the TrustDeed

“Facility Agreement” : The facility agreement entered into on 8 February 2007between the Trustee, the Warehouse Facility Lender, theArranger and the Security Trustee to raise funds of up toS$400.0 million for the purpose of refinancing the BridgeLoan.

The Facility Agreement comprises the Warehouse Facilityof up to an aggregate of S$390.0 million from theWarehouse Facility Lender and the Overdraft Facility of upto an aggregate of S$10.0 million from the Arranger. TheWarehouse Facility and the Overdraft Facility are availablefor two years from 8 February 2007, with an option to extendfor a further period of two years with the consent of theArranger

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“Financial Year” : Has the meaning ascribed to it in the Trust Deed andmeans:

(i) for the first Financial Year, the period from andincluding the date of constitution of CIT to 31December 2006.

Although CIT was constituted on 31 March 2006, itwas dormant during its private trust period from 31March 2006 to 24 July 2006. The acquisition of theInitial Portfolio was only completed on 25 July 2006and CIT was listed on the SGX-ST on 25 July 2006.Consequently, the actual income derived from theInitial Portfolio was for the period from 25 July 2006 to31 December 2006;

(ii) for the last Financial Year, the period from andincluding the most recent 1 January before the dateCIT terminates to and including the date CITterminates; and

(iii) in all other circumstances, the 12-month period endingon 31 December in each year

“First Right and Last LookPeriod”

: The right of first refusal granted by CWT on 3 October 2005for a period of three years where it will be extended for suchperiod as:

(a) the Manager is the manager of CIT;

(b) CIT and the Units are listed and quoted on the OfficialList of the SGX-ST;

(c) Vickers Financial Group Ltd and the funds managedby Vickers Financial Group Ltd, Mr Chan Wang Kinand Mr Ang Poh Seong have collectively not less thana 30.0% effective interest in the Manager; and

(d) CWT owns not less than 20.0% of the total issuedshare capital of the Manager (excluding any changesdue to dilution)

“Forecast Gross Revenue” : Forecast Gross Revenue comprises the Manager’s forecastof the aggregate of (i) Gross Rent and (ii) other incomeearned from CIT’s properties for a particular period

“Forecast Period 2007” : The period from 18 September 2007 to 31 December 2007

“FP2006” : The financial period from 31 March 2006 (date ofconstitution of CIT) to 31 December 2006.

Although CIT was constituted on 31 March 2006, it wasdormant during its private trust period from 31 March 2006to 24 July 2006. The acquisition of the Initial Portfolio wasonly completed on 25 July 2006 and CIT was listed on theSGX-ST on 25 July 2006. Consequently, the actual incomederived from the Initial Portfolio was for the period from 25July 2006 to 31 December 2006

“FSMA” : The Financial Services and Markets Act 2000

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“FTSE” : FTSE International Limited. “FTSE®” is the trade mark ofthe London Stock Exchange Plc and the Financial TimesLimited and is used by FTSE International Limited underlicence

“FTSE AllCap Singaporeuniverse”

: The top 98.0% of all entities listed on the SGX-ST ranked bythe entities’ full market capitalisation. The bottom 2.0% ofentities by market capitalisation are excluded. The entitiesincluded are subject to three further tests as follows:

(i) size — only entities with market capitalisation greaterthan US$100.0 million;

(ii) liquidity — only entities whose securities have aturnover of at least 0.5% of their securities in issue inat least 10 months out of every 12; and

(iii) free float — only entities whose securities have morethan 15.0% free float

“FY2007” : The financial year ending 31 December 2007

“GDP” : Gross domestic product

“General Promotion Order” : The Financial Services and Markets Act 2000 (FinancialPromotion) Order 2005

“GFA” : Gross floor area

“Global Offering” : The offering of New Units through a private placement ofNew Units to institutional and other investors outside of theUnited States in reliance on Regulation S and to qualifiedinstitutional buyers within the United States in reliance onRule 144A, so as to raise gross proceeds of approximatelyS$193.9 million

“Gross Rent” : Comprises net rental income (after rent rebates andprovisions for rent free periods), service charge whereapplicable (which is a contribution paid by tenant(s) towardsthe operating and maintenance expenses of the propertiesof CIT) and licence fees (where applicable)

“Gross Revenue” : Consists of (i) Gross Rent and (ii) other income earned fromCIT’s properties

“GST” : Goods and Services Tax

“ha” : Hectares

“Half Year” : Has the meaning ascribed to it in the Trust Deed and meansa period of six months ending 30 June or 31 December ineach year and for the first Half Year, the period from andincluding the Listing Date to 31 December 2006

“HDB” : Housing and Development Board

“HDB Lease” : The land lease from HDB under which certain of theProperties are held

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“High Building Specifications” : Means building technical specifications with high floorloading, high ceiling height and wide column span

“Illustrative Global OfferingPrice”

: S$0.80 per New Unit

“Independent ReportingAccountants”

: KPMG

“Independent Tax Adviser” : KPMG Tax Services Pte Ltd

“Independent Valuers” : Chesterton International Property Consultants Pte Ltd,Jones Lang LaSalle Property Consultants Pte Ltd andColliers International Consultancy & Valuation (Singapore)Pte Ltd and “Independent Valuer” shall mean any of them

“Initial Offer” : The offer whereby CWT and its subsidiaries are required tomake to the Trustee, before making such offer to thirdparties, during the First Right and Last Look Period in theevent they wish to sell their Industrial Properties

“Initial Offer Period” : The 45-day period after the date of the Initial Offer beingmade

“Initial Offer Terms” : The terms on which the Trustee notifies CWT and/or itssubsidiary (as the case may be) as to whether it wishes topurchase the Industrial Property, and if so, the price atwhich it proposes to purchase such Industrial Property andthe payment terms thereof, communicated with the InitialOffer Period

“Initial Portfolio” : CWT Distripark, Jurong Districentre, ODC Districentre, 31Tuas Avenue 11, 25 Changi South Avenue 2, YCHDistriPark, 1 Third Lok Yang Road and 4 Fourth Lok YangRoad, 21 Ubi Road 1, 136 Joo Seng Road, CSE GlobalBuilding, MI Building, Olivine Building, Panasonic Building,MEC TechnoCentre, 86/88 International Road, 23 TuasAvenue 10, 9 Tuas View Crescent, 27 Pandan Crescent, 7Gul Lane, 31 Kian Teck Way, Techplas Industrial Building, 2Tuas South Avenue 2, 28 Woodlands Loop, Standard FormBuilding, 16 Tuas Avenue 18A, 160 Kallang Way and 23Lorong 8 Toa Payoh, being the properties in CIT’s propertyportfolio at its initial public offering of Units

“Initial Properties” : Any of the properties comprised within the Initial Portfolio

“Initial Term” : The eight-year term of the CWT Lease commencing on thecompletion of the acquisition of the IPT Property

“Interest Rate Swap” : The interest rate swap agreement (comprising the 1992Master Agreement of the International Swaps andDerivatives Association, Inc. and an attached schedule)entered into between the Trustee, on behalf of CIT, and ABNAMRO Bank N.V., Singapore

“IPO” : Initial public offering

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“IPO Prospectus” : The prospectus dated 14 July 2006 issued by CIT inconnection with the IPO

“IPO 2007 Projection DPU” : The DPU for the Initial Portfolio for the projection year 2007set out in CIT’s prospectus dated 14 July 2006

“IRAS” : Inland Revenue Authority of Singapore

“ITG Group” : Internet Technology Group Limited

“JD Term” : The eight-year period commencing on 25 July 2006whereby Jurong Districentre will be leased back to JurongDistricentre Pte Ltd

“Joint Bookrunners” : CLSA Singapore Pte Ltd and Merrill Lynch (Singapore) Pte.Ltd.

“Joint Global Coordinators” : CLSA Merchant Bankers Limited and Merrill Lynch(Singapore) Pte Ltd

“Jones Lang LaSalle” : Jones Lang LaSalle Property Consultants Pte Ltd, theindependent property valuer commissioned by the Manager

“JTC” : Jurong Town Corporation of Singapore

“JTC Lease” : The land lease from JTC under which certain of theProperties are held

“km” : Kilometre

“kN/m2” : Kilonewton per square metre

“Land Revenue” : Every sum now due or which hereafter becomes due to theState on account of premium, rent, royalty, charges andfees of any kind chargeable in respect of land as defined inthe Land Revenue Collection Act, Chapter 155 of Singapore

“Latest Practicable Date” : 21 September 2007, being the latest practicable date priorto the date of lodgement of this Offering Circular with theAuthority

“Lettable Area” : Space comprised in the Properties in respect of which CITwill be receiving Gross Rent. In respect of a Property,consists of the gross floor area

“Listing Date” : The date of admission of the Units to the Official List of theSGX-ST, being 25 July 2006

“Listing Manual” : The Listing Manual of the SGX-ST

“LTA” : Land Transport Authority of Singapore

“Management Fees” : Has the meaning ascribed to it in the Trust Deed and as setout under “The Formation and Structure of CambridgeIndustrial Trust — Certain Fees and Charges” and “TheManager and Corporate Governance — ManagementFees”

“Manager” : Cambridge Industrial Trust Management Limited

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

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“Market Price” : The volume weighted-average traded price for a Unit for alltrades on the SGX-ST, in the ordinary course of trading, forthe period of ten Business Days immediately preceding therelevant business day or, where the Manager believes thatsuch price is not a fair reflection of the market price of aUnit, such amount as determined by the Manager and theTrustee (after consultation with a stockbroker approved bythe Trustee), as being the fair market price of a Unit

“Master Plan” : The master plan that was originally submitted to andapproved under the Singapore Improvement Ordinance,Chapter 259 of Singapore, and as subsequently amendedunder the repealed Planning Act, Chapter 232 of Singapore,or the Planning Act, and includes the approved maps andwritten statement

“Member State” : Any member state of the European Economic Area

“Mitsui” : Mitsui & Co., Ltd.

“Moody’s” : Moody’s Investors Services, Inc.

“MRT” : Mass Rapid Transit

“NAREIT” : National Association of Real Estate Investment Trusts.“NAREIT®” is the trade mark of the National Association ofReal Estate Investment Trusts

“NAV” : Net asset value

“Net Property Income” : Consists of Gross Revenue less Property Expenses

“New Properties” : Armorcoat International Building, Lam Soon IndustrialBuilding, Mintwell Building, 28 Senoko Drive, DPComputers Building, 31 Changi South Avenue 2 and NaturalCool Building

“New Units” : Up to 285,119,729 new Units proposed to be issued underthe Global Offering

“Non-Completed NewProperty”

: 81 Defu Lane 10 Singapore 539217 also known as NaturalCool Building

“NPV” : Net present value

“NTA” : Net tangible assets

“Offer Information Statement” : The offer information statement to be lodged with theAuthority on 1 October 2007

“Offering Circular” : This offering circular dated 27 September 2007

“Olivine” : Olivine Magnetics Pte Ltd

“Option Agreements” : The option agreements entered into between CREIM, or asthe case may be, the Trustee and the Vendors relating tothe acquisition of the Properties

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“Ordinary Resolution” : A resolution proposed and passed as such by a majoritybeing more than 50.0% of the total number of votes cast forand against such resolution at a meeting of Unitholders dulyconvened under the provisions of the Trust Deed

“Overdraft Facility” : The bank overdraft facility of up to S$10.0 million from ABNAMRO Bank N.V., Singapore Branch

“Overdraft Lender” : ABN AMRO Bank N.V, Singapore Branch

“Ossia Group” : Ossia International Limited

“Performance Fee” : Has the meaning ascribed to it in the Trust Deed, as set outunder “The Formation and Structure of CambridgeIndustrial Trust — Certain Fees and Charges” and “TheManager and Corporate Governance — ManagementFees” of this Offering Circular

“PFIC” : Passive foreign investment company

“Planning Act” : Planning Act, Chapter 232 of Singapore

“Prime Lending Rate” : The Overdraft Lender’s prime lending rate

“Projection Year 2008” : The period from 1 January 2008 to 31 December 2008

“Properties” : Refers collectively to the forty (40) properties as set outunder “Information Regarding Title to the Properties” and“Business and Properties” or certain of these properties (asthe context requires) and “Property” shall mean any one ofthem

“Property Expenses” : Comprises (a) the Property Manager’s fees, (b) propertytax, (c) payments of land rents to JTC and HDB, and (d)other property expenses

“Property Funds Guidelines” : The guidelines for REITs issued by the Authority asAppendix 2 to the CIS Code (as revised on 28 September2007)

“Property ManagementAgreement”

: The property management agreement entered into betweenthe Manager, the Property Manager and the Trustee on 21April 2006

“Property Manager” : Cambridge Industrial Property Management Pte Ltd

“Prospectus Directive” : Directive 2003/71/EC (together with any applicableimplementing measures in any Member State) implementedby any Member State

“Purchase Agreement” : The purchase agreement to be entered into between theManager and the Joint Bookrunners in respect of the GlobalOffering

“Purchase Consideration” : In relation to each Property, its purchase consideration asdetermined in accordance with the relevant Sale andPurchase Agreement

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“Put and Call OptionAgreements”

: The put and call option agreements entered into betweenthe Trustee and the respective vendors of the Non-Completed New Property and Target Properties in relationto the proposed sale of the Target Properties, as the casemay be

“Qualifying Foreign Non-Individual Unitholder”

: A Non-Individual Unitholder which is a non-resident ofSingapore for income tax purposes and which does nothave a permanent establishment in Singapore or whichcarries on any operation in Singapore through a permanentestablishment in Singapore, where the funds used toacquire the Units are not obtained from that operation inSingapore

“Qualifying Unitholders” : A Unitholder who is a Singapore incorporated companywhich is a tax resident in Singapore, body of persons, otherthan a company or a partnership registered or constituted inSingapore (for example, town council, a statutory board,registered charity, a registered cooperative society, aregistered trade union, a management corporation, a cluband a trade and industry association) and a Singaporebranch of a foreign company which has presented a letter ofapproval from the IRAS granting a waiver from taxdeduction at source in respect of distributions from CIT

“Real Estate” : Has the meaning ascribed to it in the Trust Deed and refersto any land, and any interest, option or other right in or overany land, and includes any shares in an unlisted companywhose sole purpose is to hold/own such real estate, such asa Special Purpose Vehicle

“Real Estate-Related Assets” : Has the meaning ascribed to it in the Trust Deed and meanslisted or unlisted debt securities and listed shares of orissued by property companies or corporations or a SpecialPurpose Vehicle, mortgaged-backed securities, listed orunlisted units in unit trusts or interests in other propertyfunds and assets incidental to the ownership of Real Estate,including, without limitation, furniture, carpets, furnishings,machinery and plant and equipment installed or used or tobe installed or used in or in association with any Real Estateor any building thereon

“Recognised Stock Exchange” : Any stock exchange of repute in any part of the world

“Regulation S” : Regulation S under the Securities Act

“REIT” : Real estate investment trust

“Related Party” : Refers to an “interested person” (as defined in the ListingManual) and/or, as the case may be, an “interested party”(as defined in the Property Funds Guidelines)

“Relevant Member State” : Each Member State of the European Economic Area whichhas implemented the Prospectus Directive

“Retention Sum” : A sum to be retained under the relevant Sale and PurchaseAgreement

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“ROFR” : The right of first refusal granted by CWT to CIT on 3 October2005 over each of the industrial properties owned or thatmay be owned by CWT or its subsidiaries in Singapore andsuch other properties that may be owned by CWT or itssubsidiaries in Malaysia, Indonesia, Thailand, Philippines,Australia, China, Taiwan and the Special AdministrativeRegions of Hong Kong and Macau

“ROFR Properties” : The industrial properties owned or that may be owned byCWT or its subsidiaries in Singapore, and such otherproperties that may be owned by CWT or its subsidiaries inthe Territories, which are the subject of the ROFR

“ROFR Terms and Conditions” : The Manager has been granted a ROFR and last lookgranted by CWT over each of the industrial propertiesowned or that may be owned by CWT or its subsidiaries inSingapore, and such other properties that may be owned byCWT or its subsidiaries in Malaysia, Indonesia, Thailand,Philippines, Australia, China, Taiwan and the SpecialAdministrative Regions of Hong Kong and Macau

CWT undertakes that it shall give the Manager a ROFR andlast look for such period as:

(i) the Manager is the manager of CIT;

(ii) CIT is admitted to the Main Board of SGX-ST and theUnits are listed and quoted on the Official List of theSGX-ST;

(iii) Vickers Financial Group Limited and the fundsmanaged by Vickers Financial Group Limited, MrChan Wang Kin and Mr Ang Poh Seong havecollectively not less than 30.0% effective interest in theManager; and

(iv) CWT owns not less than 20.0% shares of the totalissued shares of the Manager (excluding dilutionarising from the issuance of new shares in the capitalof the Manager);

or for a period of three (3) years from 31 March 2006,whichever is longer

The above mentioned rights of first refusal and last lookshall be subject to the unanimous approval of the jointowners of such industrial properties and/or shareholders ofthe relevant subsidiary of CWT in the Other Territories

“RSA 421-B” : Chapter 421-B of the New Hampshire Revised Statutes

“Rule 144A” : Rule 144A under the Securities Act

“S$” or “Singapore dollars” : Singapore dollars, the lawful currency of Singapore

“Sale and PurchaseAgreements”

: The sale and purchase agreements to be entered intobetween the Trustee and the Vendors relating to theacquisition of the Properties and “Sale and PurchaseAgreement” refers to any one of them

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“Scheduled Distribution” : The next distribution originally scheduled to take place on29 November 2007 in respect of CIT’s Distributable Incomefor the period from 1 July 2007 to 30 September 2007 forthe Existing Units

“SCM” : S C Merah Pte Ltd

“Second Link” : The immigration checkpoint in Tuas linking Singapore andMalaysia

“Securities Account” : Securities account or sub-account maintained by aDepositor (as defined in section 130A of the CompaniesAct) with CDP

“Securities Act” : The U.S. Securities Act of 1933, as amended

“Security Trustee” : HSBC Institutional Trust Services (Singapore) Limited

“SFA” or “Securities andFutures Act”

: Securities and Futures Act, Chapter 289 of Singapore

“SFRS” : Singapore Financial Reporting Standards

“SGX-SESDAQ” : Stock Exchange of Singapore Dealing & AutomatedQuotation System

“SGX-ST” : Singapore Exchange Securities Trading Limited

“Shareholders’ Agreement” : The shareholders’ agreement entered into between theManager, CREIM, Mitsui and CWT on 31 March 2006

“Shareholders’ Undertaking” : The undertaking by CREIM, Mitsui and CWT in theShareholders’ Agreement to own for a period of two yearscommencing from the date of the Shareholders’ Agreement,not less than 60.0%, 20.0% and 20.0% respectively of thetotal issued share capital of the Manager

“Share Purchase Agreement” : The agreement entered into by Mitsui and CREIM on 29March 2006 to acquire 160,000 CITM Shares

“SLA” : Singapore Land Authority

“SLA Undertaking” : The undertaking given by the Vendor of Panasonic Building,SCM, to SLA at SLA’s request, in a form and on the termsstipulated by SLA in connection with the encroachment

“Soon Lee” : Soon Lee Realty Ltd

“Special Purpose Vehicle” : Any entity whose primary purpose is to hold or own RealEstate, including owning all or part of the issued sharecapital of any corporation in or outside Singapore

“sq ft” : Square feet

“sq m” : Square metres

“Standard & Poor’s” : Standard and Poor’s Ratings Group, a division of theMcGraw-Hill Companies, Inc.

“State Lease” : A lease from the President of Singapore

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“Strata Units” : Any parcel of air space or any subterranean space heldapart from the surface of the earth described with certaintyby reference to a plan approved by the Chief Surveyor andfiled in the Survey Department and includes any estate orinterest therein

“Sub-Account Holder” : Means a holder of an account maintained with a DepositoryAgent

“Subscription Agreement” : The subscription agreement entered into between Mitsuiand Manager on 29 March 2006 to subscribe 50,000 CITMshares

“Target Acquisitions” : The acquisition of the Target Properties

“Tax Ruling” : The tax transparency ruling dated 21 November 2005issued by the IRAS on the taxation of CIT and theUnitholders

“Territories” : Singapore, Malaysia, Indonesia, Thailand, the Philippines,Australia, China, Taiwan and the Special AdministrativeRegions of Hong Kong and Macau

“Trigger Event” : Has the meaning ascribed to it in the Trust Deed and as setout in the section titled “The Manager and CorporateGovernance — Management Fees”

“Trust Deed” : The trust deed dated 31 March 2006 entered into betweenthe Trustee and the Manager constituting CIT (as amendedby the supplemental deed of amendment dated 15 August2007)

“Trust Index” : Has the meaning ascribed to it in the Trust Deed and as setout under “The Manager and Corporate GovernanceManagement Fees” section of this Offering Circular

“Trustee” : RBC Dexia Trust Services Singapore Limited (formerlyknown as Dexia Trust Services Singapore Limited)

“Unaudited Pro FormaBalance Sheet”

: An unaudited pro forma balance sheet of CIT as at 31December 2006

“Unit” : An undivided interest in CIT as provided for in the TrustDeed, including the New Units

“United States” or “U.S.” : The United States of America

“Unitholder(s)” : The registered holder for the time being of a Unit includingpersons so registered as joint holders, except that wherethe registered holder is CDP, the term “Unitholder” shall, inrelation to Units registered in the name of CDP, mean,where the context requires, the depositor whose SecuritiesAccount with CDP is credited with Units

“Unitholding” : A holding of Units by a Unitholder

“URA” : Urban Redevelopment Authority

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“U.S. GAAP” : Generally accepted accounting principles in the UnitedStates

“US$” : United States dollars, the lawful currency of the UnitedStates

“Vendor(s)” : For the Initial Portfolio:

CWT Limited, Jurong Districentre Pte Ltd, ODC Logistics(S) Pte Ltd, SLS Holdings (Pte) Ltd, Wan Tai and Company(Private) Limited, YCH DistriPark (Pte) Ltd, Chempark PteLtd, Brilliant Manufacturing Limited, CSE Global Limited, MITechnologies Pte Ltd, Olivine Magnetics Pte Ltd, S C MerahPte Ltd, The Excalibur Corporation Pte Ltd, Gliderol Door(S) Pte Ltd, Uchem Products Pte Ltd, United CentralEngineering Pte Ltd, Wong Sam Ngian Engineering (Pte)Ltd, BG Casting Private Limited, Brilliant Magnesium PteLtd, Chung Shan Plastics Pte Ltd, CS Industrial Land PteLtd, Sanwa Plastic Industry Pte Ltd, Standard Form Pte Ltd,StorHub Self Storage Pte Ltd and Exklusiv Auto ServicesPte Ltd

For the New Properties:

Lam Soon Realty (Pte) Limited, Mintwell Industry Pte Ltd,Armorcoat International Pte Ltd, Tat Seng Packaging GroupLtd, DP Computers Pte Ltd, Presscrete Engineering Pte Ltdand Natural Cool Airconditioning & Engineering Pte Ltd

For the Target Properties:

C&P Asia Warehousing Pte Ltd, Ascender Investment PteLtd, Exklusiv Auto Services Pte Ltd, Compact MetalIndustries Ltd, Soon Lee Realty Ltd and Metform IndustriesPte Ltd

“VGO Group” : VGO Corporation Limited (formerly known as eWorld ofSports.com Limited)

“VP” : Vice President

“Warehouse Facility” : The two-year secured term loan warehouse facilityarranged by ABN AMRO Bank N.V., Singapore Branch andextended by Orchid Funding (Singapore) Limited for up toS$390.0 million

“Warehouse Facility Lender” : Orchid Funding (Singapore) Limited, a bankruptcy remotespecial purpose vehicle established in Singapore which willextend loans in Singapore dollars to CIT on the basis ofissuing indebtedness in the form of a variable funding notevia the United States asset-backed commercial papermarket

“weighted-average” : Unless otherwise specified in this Offering Circular, theweighted-average based on Acquisition Value

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ANNEX I

AUDITED FINANCIAL STATEMENTS FOR THE PERIODFROM 31 MARCH 2006 TO 31 DECEMBER 2006

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