CapitalMall Trust: Rights Issue

The manager of CMT proposed to undertake an underwritten and renounceable Rights Issue to raise gross proceeds of approximately S$1.23 billion. Approximately 1.50 billion Units will be offered at the rights ratio of 9 Rights Units for every 10 Existing Units held as at the Rights Issue Books Closure Date, at the Rights Issue Price of S$0.82 per Rights Unit.

The Rights Issue will allow CMT to strengthen its balance sheet and reduce the CMT Group’s Aggregate Leverage from 43.2% as at 31 December 2008 to 29.1% assuming the Borrowings are repaid immediately after the Rights Issue.

The Rights Issue would provide Unitholders with the opportunity to subscribe for their pro rata entitlement to the Rights Units at the Rights Issue Price which is at a discount of approximately 43.4% to the Closing Price of S$1.45 per Unit, a discount of approximately 49.1% to the 30-day VWAP (volume weighted average price) of S$1.61 per Unit and a discount of approximately 28.7% to the TERP (theoritical ex-rights price) of S$1.15 per Unit.

Time Table:

Last day of “cum-rights” trading for the Rights Issue	3 March 2009
First day of “ex-rights” trading for the Rights Issue	4 March 2009
Date on which the Transfer Books and Register of Unitholders of CMT will be closed to determine the provisional allotments of Eligible Unitholders under the Rights Issue	6 March 2009 at 5.00 pm
Commencement of “nil-paid” rights trading	11 March 2009
Last day of “nil-paid” rights trading	19 March 2009
Last day for acceptance and payment of Excess Rights Units	25 March 2009
Expected date of issue of Rights Units	2 April 2009
Expected date of commencement of trading of Rights Units on the SGX-ST	3 April 2009