CAPITAMALL TRUST MANAGEMENT LIMITED

(Constituted in the Republic of Singapore pursuant to a trust deed dated 6 February 2004 (as amended))

ASSET VALUATION

Pursuant to Rule 703 of the Singapore Exchange Securities Trading Limited ("SGX- ST") Listing Manual, CapitaCommercial Trust Management Limited (the "Manager"), as manager of CapitaCommercial Trust ("CCT"), wishes to announce that new independent valuations, as at 31 December 2014, have been obtained for the Singapore properties owned by CCT as listed below.
The value of CCT's Singapore properties, including its 100.0% interest in Twenty Anson held through FirstOffice Pte. Ltd., but excluding its 60.0% interest in Raffles City Singapore held through RCS Trust and 40.0% interest in CapitaGreen held through MSO Trust, is S$4,882.4 million in aggregate as at 31 December 2014. This represents an upward valuation of S$44.5 million or approximately 0.9% from the aggregate value of S$4,837.9 million as at 30 June 2014 for the same properties.
The value of Raffles City Singapore as at 31 December 2014 is S$3,109.5 million, an increase of S$31.5 million or 1.0% from the previous valuation as at 30 June
2014. CCT's 60.0% interest in Raffles City Singapore held through RCS Trust amounts to S$1,865.7 million.
The value of CapitaGreen as a completed development is S$1,526.0 million as at
31 December 2014. Temporary Occupation Permit for CapitaGreen was obtained on 18 December 2014 and the development has been assessed as an operating asset instead of a property under construction. CCT's 40.0% interest in CapitaGreen held through MSO Trust amounts to S$610.4 million.
The overall value of CCT's investment properties, including the proportionate interests in Raffles City Singapore and CapitaGreen, is S$7,358.5 mi llion as at 31
December 2014. The valuations for the respective properties are set out below.
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Owner

CCT (held through HSBC Institutional Trust Services

(Singapore) Limited as trustee of CCT)

Date of Valuation

31 December 2014

Valuer

CBRE Pte. Ltd.

Description of Property

Valuation

S$ million

Capital Tower

168 Robinson Road

1,309.0

Six Battery Road

6 Battery Road

1,330.0

One George Street

1 George Street

975.0

HSBC Building

21 Collyer Quay

450.0

Wilkie Edge

8 Wilkie Road

191.0

Bugis Village1

62 to 67 Queen Street

151 to 166 Rochor Road

229 to 253 (odd numbers only) Victoria Street

55.4

Golden Shoe Car Park

50 Market Street

141.0

Note:

(1) The valuation of Bugis Village took into account the right of the President of the Republic of

Singapore, as Lessor under the State Lease, to terminate the said Lease on 1 April 2019.

Owner FirstOffice Pte. Ltd. (held through HSBC Institutional

Trust Services (Singapore) Limited as trustee of CCT)

Date of Valuation 31 December 2014 Valuer CBRE Pte. Ltd. Description of Property Twenty Anson2

20 Anson Road

Valuation S$ million

431.0

Note:

(2) The valuation of Twenty Anson did not take into account the yield stabilization sum commencing with effect from 22 March 2012 for a period of 3.5 years. CCT owns 100.0% interest in FirstOffice Pte. Ltd.

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Owner RCS Trust (held through HSBC Institutional Trust Services (Singapore) Limited as trustee-manager of RCS Trust) Date of Valuation 31 December 2014 Valuer CBRE Pte. Ltd. Description of Property Raffles City Singapore3

250 & 252 North Bridge Road, 2 Stamford Road and

80 Bras Basah Road

Valuation S$ million

3,109.5

Note:

(3) As Raffles City Singapore is an integrated development, the value reflected in this announcement is the total value of the integrated development, and CCT's 60.0% interest in Raffles City Singapore held through RCS Trust amounts to S$1,865.7 million.

Owner

MSO Trust (held through Market Street Office Trustee

Pte Ltd in its capacity as trustee-manager of MSO Trust)

Date of Valuation

31 December 2014

Valuer

Knight Frank Pte Ltd

Description of Property

Valuation

S$ million

CapitaGreen4

138 Market Street

1,526.0

Note:

(4) Refers to the valuation of the completed development as an operating asset. TOP for the asset was obtained on 18 December 2014. CCT's 40.0% interest in CapitaGreen held through MSO Trust amounts to S$610.4 million.

Copies of the valuation reports for the above properties are available for inspection at the Manager's registered office at 168 Robinson Road, #30-01 Capital Tower, Singapore 068912, during normal business hours for a period of three months from
the date hereof. Prior appointment would be appreciated.
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BY ORDER OF THE BOARD CapitaCommercial Trust Management Limited (Company registration no. 200309059W)
As manager of CapitaCommercial Trust
Doris Lai
Company Secretary
Singapore
21 January 2015

Important Notice

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

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

The past performance of CCT is not necessarily indicative of the future performance of CCT.

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