Capitaland : CCTML: Notice of valuation of real assets

(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 SGX-ST Listing Manual, the Manager wishes to announce that the Manager has obtained new independent valuations for the Singapore properties owned by CCT.
The value of CCT's Singapore properties, including its 60.0% interest in Raffles City Singapore held through RCS Trust but excluding its 40.0% interest in Market Street office development held through MSO Trust, is S$5,729.8 million in aggregate as at
31 December 2011. This represents an upward valuation of S$149.6 million or approximately 2.7% from the aggregate value of S$5,580.2 million as at 30 June
2011 for the same properties. The valuations for the respective properties are set out
below.
The valuation of Market Street office development carried out on 30 November 2011 is S$664.0 million. This valuation takes into consideration the differential premium
paid. CCT's 40% interest in MSO Trust amounts to S$265.6 million.

Owner	CCT (held through HSBC Institutional Trust Services (Singapore) Limited as trustee of CCT)
Date of Valuation	31 December 2011
Valuer	CBRE Pte. Ltd.
Description of Property	Valuation S$ million
Capital Tower 168 Robinson Road	1,200.0
Six Battery Road 6 Battery Road	1,178.0
One George Street 1 George Street	947.61
HSBC Building 21 Collyer Quay	378.5
Wilkie Edge 8 Wilkie Road	155.2

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Bugis Village 62 to 67 Queen Street 151 to 166 Rochor Road 229 to 253 (odd numbers only) Victoria Street	60.6
Golden Shoe Car Park 50 Market Street	110.1

Note:

(1) Open market value takes into consideration the yield protection to CCT for five years, from

July 2008 to July 2013

Owner	RCS Trust (held through HSBC Institutional Trust Services (Singapore) Limited as trustee-manager of RCS Trust)
Date of Valuation	31 December 2011
Valuers2	CBRE Pte. Ltd. and Jones Lang LaSalle Property Consultants Pte. Ltd.
Description of Property		Valuation
S$ million
Raffles City Singapore 250 & 252 North Bridge Road, 2 Stamford Road and 80 Bras Basah Road	2,833.03

Note:

(2) CBRE Pte. Ltd. valued the office and retail components while Jones Lang LaSalle Property

Consultants Pte. Ltd. valued the hotel component in Raffles City.

(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% interest in Raffles City Singapore amounts to S$1,699.8 million.

Owner	MSO Trust (held through Market Street Office Trustee Pte. Ltd. in its capacity as trustee-manager of MSO Trust.)
Date of Valuation	30 November 2011
Valuer	CBRE Pte. Ltd.
Description of Property	Valuation S$ million
Market Street Development Site 146 Market Street	664.04

Note:

(4) Based on Residual Land Value, inclusive of estimated differential premium of S$614.4mil in

respect of the change of use from "Transport Facilities" zone to "Commercial" zone, CCT's

40% interest in MSO Trust amounts to S$265.6 million.

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Copies of the valuation reports for the above properties are available for inspection at the Manager's registered office at 39 Robinson Road #18-01, Robinson Point, Singapore 068911, during normal business hours for a period of three months from the date hereof. Prior appointment would be appreciated.
BY ORDER OF THE BOARD CapitaCommercial Trust Management Limited (Company registration no. 200309059W)
As manager of CapitaCommercial Trust
Michelle Koh Company Secretary Singapore
18 January 2012
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Definitions used in this announcement are set out below:

CCT CapitaCommercial Trust Manager CapitaCommercial Trust Management Limited, as Manager of

CCT

SGX-ST Singapore Exchange Securities Trading Limited 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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