Singapore, 5 July 2010 - Treasury Holdings Real Estate Pte Ltd, the Trustee Manager of Treasury China Trust (TCT), today announced that its real estate portfolio recorded a 6.64% increase for the 12 month period ending 30 June 2010 and a 2.53% increase in RMB terms since 31 December 2009. International firm DTZ Debenham Tie Leung has confirmed the total value at RMB9.42 billion or SGD 1.94 billion. In Singapore dollar terms this represents a 2.7% increase in the value since 31 December 2009 (SGD1.889 billion).

Individual asset values, determined in accordance with RICS1 standards, are as follows:

1. Royal Institute of Chartered Surveyors

Treasury China Trust (TCT), which owns a high-quality portfolio of commercial income-producing
real estate and development projects located in China's financial and political centres of Shanghai and Beijing, commenced trading on the Main Board of Singapore Exchange Securities Trading Limited (SGX-ST) on 21 June 2010.

Richard David, Chief Executive Officer of TCT, commented, "This is very positive news for TCT and demonstrates that our long-term strategy of focusing our expertise in commercial real estate in a market in which we have extensive experience is reaping benefits. Our China based management platform of more than 80 including a seasoned team of investment and asset management professionals will continue their dedicated approach of proactive asset management of our existing portfolio and potential new commercial property investment and development opportunities with the aim of delivering strong total return to our investors. Our "Total Return" business model is further reinforced with a portfolio that is entirely denominated in Chinese Renminbi (RMB) and similarly 100% of the company's revenues are earned in RMB and the Chinese central government's recent announcements on introducing greater flexibility in the trading of the Chinese currency provide further upside potential. We further benefit from the fact that the majority of our debt is denominated in US dollars."

Further expanding on the leasing activity within TCT's portfolio, Mr David commented, "The retail
leasing market remains strong underpinned by the continued growth in domestic consumption, and the office leasing market which reflected a challenging environment from late 2008 throughout 2009, has improved in the first half of 2010."

TCT has further capitalised on this improvement in market conditions with the recent market
release of Central Plaza, with its comprehensive refurbishment completed in May of this year.
Richard David further expressed his confidence in the TCT business model as achieving its
objectives as a total return vehicle, "Our considerable expertise in the proactive management of
commercial real estate extends to refurbishment and repositioning of previously under-performing properties and Central Plaza is no exception. TCT has successfully executed a strategy that has delivered high quality tenants such as Metlife Insurance and Prudential Insurance and secured existing tenant Boston Consulting Group (BCG) for a further 4 years. In addition to a vast improvement in the tenant profile, the rental yield relative to the original cost of the building has increased by 22%, whilst undertaking a very moderate capex program that equated to only 3.2% of the building's original cost."

This is a theme that is being proactively implemented across the portfolio which has witnessed an
infusion of high quality tenants in the first half of 2010 such as Casio, Johnson & Johnson and Bank of Beijing, whilst retaining strong, international tenants such as SPX and Ingersoll Rand; a selection of which is outlined below: