Starhill Global Real : Starhill Global REIT Asset Valuation

SGX-ST Announcement STARHILL GLOBAL REIT ASSET VALUATION

YTL Starhill Global REIT Management Limited, the manager of Starhill Global Real Estate Investment Trust ("Starhill Global REIT"), wishes to announce that independent valuations of the properties owned (directly and indirectly) by HSBC Institutional Trust Services (Singapore) Limited as trustee of Starhill Global REIT, have been completed by CBRE Pte Ltd, YY Property Solutions (Valuation) Sdn. Bhd., CBRE HK Limited, CBRE (C) Pty Ltd and Land Coordinating Research Inc. in Singapore, Malaysia, China, Australia and Japan respectively as at 31 December 2011.

These valuations are reflected in Starhill Global REIT's balance sheet as at 31 December 2011. Summary details of the valuations are as follows:

Name of property	Location of property	Description of property	Valuation as at 31 December 2011
Wisma Atria	435 Orchard Road, Singapore 238877	74.23% strata title interest in total share value of Wisma Atria (retail and office use)	S$878.0 million
Ngee Ann City	391/391B Orchard Road, Singapore 238872/238874	27.23% strata title interest in total share value of Ngee Ann City (retail and office use)	S$982.0 million
Starhill Gallery	No. 181, Jalan Bukit Bintang, 55100 Kuala Lumpur, Malaysia	Shopping centre comprising part of a 7-storey building with 5 basements and a 12-storey annex building with 3 basements	S$275.5 million 1 (RM674.0 million)
Lot 10	No.50, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia	8-storey building with a basement and a lower ground floor for retail use and a 7-storey annex building	S$166.4 million 1 (RM407.0 million)
Renhe Spring Zongbei Department Store	No. 19, 4th Section Renmin South Road, Chengdu, Sichuan, China	4-storey plus mezzanine level retail podium department store	S$89.5 million 2 (RMB434.0 million)
David Jones Building	622-646 Hay Street Mall, Perth, Western Australia	4-storey retail shopping complex	S$153.0 million 3 (AUD116.0 million)

Name of property	Location of property	Description of property	Valuation as at 31 December 2011
Roppongi Primo	Roppongi 7-chome, Minato-ku, Tokyo, Japan	8-storey building for office and retail use	S$12.9 million 4 (JPY772.0 million)
Holon L	Kita Aoyama 3-chome, Minato-ku, Tokyo , Japan	3-storey building for retail use	S$17.4 million 4 (JPY1,040.0 million)
Daikanyama	Ebisu Nishi 1-chome, Shibuya-ku, Tokyo, Japan	3-storey building for retail use	S$20.1 million 4 (JPY1,200.0 million)
Harajyuku Secondo	Jingumae 1-chome, Shibuya-ku, Tokyo, Japan	3-storey building for retail use	S$5.3 million 4 (JPY317.0 million)
Roppongi Terzo	Roppongi 7-chome, Minato-ku, Tokyo, Japan	5-storey building for retail use	S$45.9 million 4 (JPY2,740.0 million)
Nakameguro	Aobadai 1-chome, Meguro-ku, Tokyo, Japan	4-storey building for retail use	S$7.4 million 4 (JPY438.0 million)
Ebisu Fort	Ebisu-Minami, 1-chome, Shibuya-ku, Tokyo, Japan	7-storey building for office and retail use	S$56.3 million 4 (JPY3,360.0 million)
Total	S$2,709.7 million

1 Based on exchange rate of SGD1 : RM2.45

2 Based on exchange rate of SGD1 : RMB4.85

3 Based on exchange rate of SGD1 : AUD0.76

4 Based on exchange rate of SGD1 : JPY59.70

The valuation reports are available for inspection at the registered office of YTL Starhill Global REIT Management Limited during business hours for three months from today.

YTL Starhill Global REIT Management Limited

(Company Registration No. 200502123C)

As Manager of Starhill Global Real Estate Investment Trust

Lam Chee Kin

Joint Company Secretary

30 January 2012

About Starhill Global REIT

Starhill Global REIT is a Singapore-based real estate investment trust investing primarily in real estate used for retail and office purposes, both in Singapore and overseas. Since its listing on the Mainboard of the Singapore Exchange Securities Trading Limited on 20 September 2005, Starhill Global REIT has grown its initial portfolio from interests in two landmark properties on Orchard Road in Singapore to 13 properties in Singapore, Malaysia, Australia, Japan and China, valued at about S$2.7 billion.

These include interests in Wisma Atria and Ngee Ann City on Orchard Road in Singapore, Starhill Gallery and Lot 10 in Kuala Lumpur, Malaysia, full ownership of a premier retail property in Chengdu, China, seven properties in the prime areas of Tokyo, Japan and the David Jones Building in Perth, Australia. Starhill Global REIT remains focused on sourcing attractive property assets in Singapore and overseas, while driving organic growth from its existing portfolio, through proactive leasing efforts and creative asset enhancements.

Starhill Global REIT is managed by an external manager, YTL Starhill Global REIT Management Limited. The Manager is a wholly-owned subsidiary of YTL Starhill Global REIT Management Holdings Pte. Ltd. which is in turn an indirect subsidiary of YTL Corporation Berhad.

Important Notice

The value of Starhill Global REIT units ("Units") and the income derived from them may fall or rise. The 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 unitholders of Starhill Global REIT 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.
This document is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units. The past performance of Starhill Global REIT is not necessarily indicative of the future performance of Starhill Global REIT.
This document may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's view of future events.