CapitaMall Trust (Balloting)

(Constituted in the Republic of Singapore pursuant to a trust deed dated October 29, 2001)

OFFER FOR SUBSCRIPTION (THE "OFFERING") BY CAPITAMALL TRUST MANAGEMENT LIMITED (THE "MANAGER") IN RESPECT OF 213,000,000 UNITS ("NEW UNITS") REPRESENTING UNDIVIDED INTERESTS IN CAPITAMALL TRUST ("UNITS") COMPRISING:

1. AN INSTITUTIONAL OFFERING (THE "INSTITUTIONAL OFFERING") OF NEW UNITS; AND



2. A PUBLIC OFFERING (THE "PUBLIC OFFERING") OF NEW UNITS, INCLUDING 10,899,000 NEW UNITS (THE "RESERVED UNITS") RESERVED FOR SUBSCRIPTION BY THE DIRECTORS AND EMPLOYEES OF CAPITALAND LIMITED AND ITS SUBSIDIARIES (THE "CAPITALAND GROUP") AND THE EMPLOYEES OF SINGAPORE TECHNOLOGIES PTE LTD AND ITS SUBSIDIARIES (THE "ST GROUP"),

SUBJECT TO AN OVER-ALLOTMENT OPTION OF UP TO 31,950,000 UNITS.

The Board of Directors of the Manager is pleased to announce that, at the close of the Application List at 11.00 a.m. on July 11, 2002, there were 6,561 valid applications made by way of application forms, automated teller machines and internet bank websites of the Participating Banks (as defined in the Offering Circular dated June 28, 2002) for the 30,000,000 Units allocated to the Public Offering (excluding the 10,899,000 Reserved Units). In total, these applicants applied for 102,386,000 Units, with application moneys received amounting to approximately $98.3 million.

To allow, among other things, sufficient time for the allocation of New Units to overseas investors to be completed, an announcement of the allocation and spread of investors in respect of the Institutional Offering (including applications for Units through the internet website of DBS TD Waterhouse (Singapore) Pte Ltd ("DBS-TDW")) will be made via MASNET before the commencement of trading in the Units on a "ready" basis on July 17, 2002.

Applications pursuant to the Public Offering and indications of interest pursuant to the Institutional Offering were received for a total of 1,068,711,000 Units (including applications for the 10,899,000 Reserved Units) which represent approximately 5.0 times the 213,000,000 New Units available for subscription pursuant to the Offering.

To ensure a reasonable spread of Unitholders, the Underwriter, in consultation with the Manager, has decided that all applicants who submitted valid applications for the 30,000,000 Units under the Public Offering (excluding the Reserved Units) complying in full with the terms and conditions set out in the Offering Circular dated June 28, 2002 will be allocated a proportion of the Units for which they have applied. The allocations are as follows:-

As a result of this method of allocation, a total of 5,000 Units could not be allocated under the Public Offering and, accordingly, have been made available to satisfy applications made under the Institutional Offering.

As stated in the Offering Circular dated June 28, 2002, a total of 21,300,000 Units were reserved for subscription by the directors and employees of the CapitaLand Group and the employees of the ST Group. The balance of 10,401,000 Reserved Units which were not applied for will be used to satisfy the applications made under the Institutional Offering. Details of the applications received for the 10,899,000 Reserved Units are as follows:-

The Directors of the Manager were offered Reserved Units and they applied for and their applications were accepted for the following number of Units:-

In addition, directors of CapitaLand Limited who were offered Reserved Units included Mr Jackson Peter Tai and Mr Lucien Wong Yuen Kuai. Mr Jackson Peter Tai is the Vice-Chairman of DBS Group Holdings Limited and the Chief Executive Officer of DBS Bank, the Lead Manager of the Offering. Mr Lucien Wong Yuen Kuai is the Managing Partner of Allen & Gledhill, the legal adviser to the Offering and to the Manager. They applied for and their applications were accepted for the following number of Units:-

DBS Bank may effect transactions which stabilise or maintain the market prices of the Units for a period of 30 days commencing from the first day of trading of the Units on the Singapore Exchange Securities Trading Limited ("SGX-ST"), subject to compliance with the laws of Singapore. Such stabilisation, if commenced, may be discontinued at any time in accordance with the laws of Singapore.

The Units are expected to commence trading on a "ready" basis on July 17, 2002. There will be NO trading on a "when-issued" basis.

The return of unsuccessful applications using printed Application Forms by ordinary post at the risk of the unsuccessful applicants, together with the full amount of the application moneys (without any interest or any share of revenue or other benefit arising therefrom), will commence today and is expected to be completed within three (3) market days after the close of the Application List. For unsuccessful Electronic Applications, it is expected that the full amount of the application moneys will be refunded (without any interest or any share of revenue or other benefit arising therefrom) by automatically crediting to the applicants' accounts with their Participating Banks, or in the case of applications for Units through the internet website of DBS-TDW, by ordinary post or other means as DBS-TDW may agree with unsuccessful applicants in such cases, at the applicants' own risk, within three (3) market days after the close of the Application List provided that the remittance in respect of such applications which has been presented for payment or other processes has been honoured and the application moneys received in the designated unit issue account.

Unsuccessful applicants using DBS Autobank Cashier's Order Equivalent will have the full amount of their application moneys (without interest or any share of revenue or other benefit arising therefrom) automatically credited to their accounts maintained with DBS Bank.

In respect of partially successfully applications, the balance of the application moneys is expected to be refunded (without any interest or any share of revenue or other benefit arising therefrom) to the applicants, by ordinary post at the applicants' own risk (in the case of applications made using printed Application Forms), or through the crediting of the relevant amount to the applicants' accounts with their Participating Banks (in the case of Electronic Applications for Units under the Public Offering), or by ordinary post at the applicants' own risk or such other means as DBS-TDW may agree (in the case of applications for Units through the internet website of DBS-TDW), within 14 market days after the close of the Application List provided that the remittance in respect of such applications which has been presented for payment or other processes has been honoured and the application moneys received in the designated unit issue account.

The Manager wishes to thank the investors who have applied for the Units pursuant to the Public Offering, the relevant authorities and all who have helped in one way or another in the Offering, for their support and assistance.

DBS Bank and POSB customers may call 1800 111 1111 and 1800 339 6666 respectively to check the provisional results of their IPO applications. Customers will be required to enter their CDP Securities Account Number when utilising the automated service.

Issued by
The Development Bank of Singapore Ltd

For and on behalf of
CapitaMall Trust Management Limited

July 12, 2002