CapitaMalls Asia Limited has, through its wholly-owned subsidiary Clarke Quay Pte Ltd, entered into a sale and purchase agreement today with HSBC Institutional Trust Services (Singapore) Limited, the trustee of CapitaMall Trust (CMT), for the sale of Clarke Quay at a price of S$268 million in cash.

This represents a 2.3% premium over the valuation of $262 million as at end-2009, as well as a 5.9% yield on Clarke Quay’s net property income of S$15.8 million in 2009. The

transaction, which is conditional upon CMT unitholders’ approval, among other things, is

expected to be completed by July 2010.

Clarke Quay is an integrated food and beverage, entertainment and lifestyle riverfront

development. It is located along the Singapore River, near Singapore’s Central Business

District and the upcoming Marina Bay Sands integrated resort. It is also within walking

distance of the Clarke Quay mass rapid transit (MRT) train station.

CapitaMalls Asia carried out several major asset enhancements of Clarke Quay between

February 2004 and December 2006 to reposition it as a one-stop entertainment and lifestyle hub.

Liew Mun Leong, Chairman of CapitaMalls Asia, said: “We see tremendous growth

potential in Asia’s shopping mall sector and periodically reconstitute our portfolio to free up capital for new opportunities. The monetisation of Clarke Quay is in line with CapitaMalls Asia’s strategy to recycle capital for reinvestment once an asset has stabilised. The monetisation further strengthens CapitaMalls Asia’s investment strategy of acquiring new malls, like Meili Mall in Chengdu, for higher returns. We continue to focus on expanding our presence in Singapore, China, Malaysia, Japan and India, where we currently operate.”

Lim Beng Chee, CEO of CapitaMalls Asia, said: “This is the right time to monetise Clarke

Quay as the property has stabilised. There is growth potential in Clarke Quay which is best realised through our stake in CMT going forward, after CMT has acquired the property from us. Our subsidiaries CapitaMall Trust Management Limited and CapitaLand Retail Management Pte Ltd will continue to be the asset manager and property manager of Clarke Quay respectively, and Clarke Quay will remain within our portfolio of 87 retail properties in Asia.”