Treasury China Trust - (a business trust registered in the Republic of Singapore)
(managed by Treasury Holdings Real Estate Pte. Ltd)

Central Avenue Mall Acquisition Completed
The Board of Directors of Treasury Holdings Real Estate Pte Ltd., in its capacity as trustee-manager of Treasury China Trust (“TCT”), is pleased to announce that the acquisition of a 55% interest in Central Avenue Mall, Qingdao, China has been completed.
This acquisition reinforces TCT’s position as a leading force in China’s commercial real estate market as a proactive owner, manager and developer with total assets of approximately RMB11.0 billion.
As outlined in the announcement dated 9 December 2010 Central Avenue Mall is a large scale retail property in the Laoshan District of Qingdao, designated as the city’s new central business district. The Mall comprises an existing 43,643 square metre retail shopping mall, currently 98% leased, and 3 adjoining development sites zoned for retail use totaling 335,000 square metres in gross floor area. TCT’s acquisition was completed via the purchase of 100% of the shares in Central Avenue Limited, a Hong Kong domiciled company which ultimately owns a 55% interest in Sanyang Property Development Co. Ltd (“Sanyang”), a Qingdao domiciled special purpose vehicle which owns 100% of the Central Avenue Mall property including the existing mall and adjoining development sites.
This transaction represents the first under TCT’s Strategic Partnership with TRIO Group (“TRIO”), which was announced in August 2010. TRIO retains a 45% interest in Sanyang while TCT with the majority 55% shareholding will be responsible for all design and management with TRIO retaining responsibility for government relations. The perpetual rights for the appointment of the Chairman, General Manager and majority of board members for Sanyang rest with TCT.
The acquisition was settled with the payment of S$20.23 million1 (RMB105.0 million) and issuance of five year convertible bonds for S$6.93 million¹ carrying an annual coupon of 6%p.a with a conversion price of S$2.80/unit. Funds for the acquisition were sourced from the equity placement TCT completed in December 2010 which raised S$26.7 million and the recent convertible bond transaction which yielded S$59.7 million. As previously announced DTZ Debenham Tie Leung confirmed a market valuation of RMB1.045 billion as at September 2010 for TCT’s 55% ownership stake, representing a premium of RMB568.0 million (S$109.45 million) to TCT’s acquisition cost.
The residual funds from the equity placement and convertible bond transaction will be utilized for TCT’s acquisition of Huai Hai Mall (refer to announcement dated 23 February 2011), which is expected to settle in May 2011.