CapitaLand Mall Trust : Proposed Merger Of Capitaland Mall Trust And Capitaland Commercial Trust (Dealings Disclosure)

CAPITALAND MALL TRUST

(Constituted in the Republic of Singapore pursuant to a trust deed dated 29 October 2001 (as amended))

ANNOUNCEMENT

DEALINGS DISCLOSURE

1. INTRODUCTION
   CapitaLand Mall Trust Management Limited (the "Company" or "CMT Manager"), as manager of CapitaLand Mall Trust ("CMT"), refers to the announcement dated 22 January 2020 (the "Joint Announcement") issued by the Company and CapitaLand Commercial Trust Management Limited, as manager of CapitaLand Commercial Trust ("CCT"), in relation to the proposed merger (the "Merger") of CMT and CCT by way of a trust scheme of arrangement, to be effected in accordance with the Singapore Code on Take-overs and Mergers (the "Code").
   Unless otherwise defined, all capitalised terms used and not defined herein shall have the same meanings given to them in the Joint Announcement.
2. DEALINGS BY AN ASSOCIATE
   Pursuant to Rule 12.1 of the Code and based on information received by the Company on 23 March 2020 from BlackRock, Inc. ("BlackRock"), the Company wishes to announce the following dealings in the CMT Relevant Securities and CCT Relevant Securities by BlackRock, an associate of the Company1:

2.1 Dealings in CMT Relevant Securities

1. CMT Units

	Date of Dealing		Nature of Dealing	Number of CMT		Dealing Price (S$)
				Units
	20 March 2020		Purchase	484,800		1.78
		Sale	1,063,800		1.78

• BlackRock is deemed under the Code to be an "associate" of the Company in relation to the Merger solely by virtue of the fact that BlackRock holds 5 per cent. or more CMT Units in issue at the time of the relevant dealings. As such, the Code requires dealings by BlackRock in the CMT Relevant Securities and the CCT Relevant Securities to be disclosed.

1

Date of Dealing	Nature of Dealing	Number of CMT	Dealing Price (S$)
		Units
	Purchase	18,700	1.79
	Purchase	18,000	1.7918
	Sale	40,200	1.7789
	Purchase	10,400	1.7843
20 March 2020	Sale	4,773,800	1.7654
	Sale	11,100	1.7826
	Sale	166,100	1.7756
	In-specie Transfer	45,800	N/A
	Stock Loan Return	432,195	N/A

Based on the information received from BlackRock on 23 March 2020, BlackRock holds 212,344,025 CMT Units after the dealings reported above, representing approximately 5.75 per cent. of the total issued CMT Units2.

1. CMT Relevant Securities

Date	of	Nature	of	Number	of	Dealing Price	Consideration
Dealing		Dealing		Underlying		(S$)	Paid	or
				CMT Units			Received
							(US$)
		Contract for
20 March 2020	Difference -		5,100		1.78	6,281.51
		Selling

2.2 Dealings in CCT Relevant Securities

1. CCT Units

	Date of Dealing		Nature of Dealing	Number of	CCT	Dealing Price (S$)
				Units
			Purchase	58,900		1.49
			Sale	12,600		1.49
			Purchase	33,400		1.48
			Purchase	18,900		1.5066
	20 March 2020		Purchase	4,110,200		1.491
		Purchase	108,600		1.5183
			Sale	19,300		1.5075
			Sale	13,500		1.5051
			In-specie Transfer	26,100		N/A
			Stock Loan Return	244,495		N/A

Based on the information received from BlackRock on 23 March 2020, BlackRock holds 181,415,949 CCT Units after the dealings reported above, representing approximately 4.70 per cent. of the total issued CCT Units3.

• Calculated based on a total of 3,690,154,580 CMT Units.
  3 Calculated based on a total of 3,861,876,136 CCT Units.

2

1. CCT Relevant Securities

	Date	of		Nature	of	Number	of	Dealing Price	Consideration
	Dealing			Dealing		Underlying		(S$)	Paid	or
						CCT Units			Received
				Contract for
				Difference -		135,400		1.5117	US$141,786.74
	20 March 2020		Buying
		Contract for
				Difference -		13,000		1.5056	S$19,584.54
				Buying to Close

The CMT Manager wishes to reiterate that BlackRock is not a party acting in concert with CMT in respect of the Merger.

3. RESPONSIBILITY STATEMENT

The directors of the CMT Manager (including those who may have delegated detailed supervision of this Announcement) have taken all reasonable care to ensure that the facts stated and opinions expressed in this Announcement are fair and accurate and that there are no other material facts not contained in this Announcement the omission of which would make any statement in this Announcement misleading. The directors of the CMT Manager jointly and severally accept responsibility accordingly.

Where any information has been extracted or reproduced from published or otherwise publicly available sources, the sole responsibility of the directors of the CMT Manager has been to ensure through reasonable enquiries that such information is accurately extracted from such sources or, as the case may be, reflected or reproduced in this Announcement.

BY ORDER OF THE BOARD

CapitaLand Mall Trust Management Limited (Registration Number: 200106159R)

as manager of CapitaLand Mall Trust

Lee Ju Lin, Audrey

Company Secretary

23 March 2020

3