CapitaLand Commercial Trust : Issuance Of S$150 Million Fixed Rate Notes Due 2024 Under US$2 Billion Euro-Mtn Programme-Rcs Trust

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED

STATES, EUROPEAN ECONOMIC AREA (EXCLUDING THE UNITED KINGDOM), CANADA OR JAPAN.

This announcement is for information only and does not constitute an invitation or offer to sell, acquire, purchase or subscribe for securities in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer under applicable securities laws and offers to purchase securities will not be accepted from investors thereof in any jurisdiction where such offer or purchase is unlawful. Neither this announcement nor any copy hereof may be taken into or distributed in the United States. This announcement is not an offer of securities for sale in the United States, European Economic Area (excluding the United Kingdom), Canada or Japan. The Notes (as defined below) issued under the EMTN Programme (as defined below) have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. Any public offering of securities to be made in the United States would be made by means of a prospectus that may be obtained from an issuer and would contain detailed information about such issuer and management, as well as financial statements. There will be no public offering of the Notes in the United States.

ANNOUNCEMENT

ISSUANCE OF S$150,000,000 FIXED RATE NOTES DUE 2024 PURSUANT TO THE

US$2,000,000,000 EURO-MEDIUM TERM NOTE PROGRAMME OF RCS TRUST

CapitaLand Commercial Trust Management Limited (the "CCT Manager"), as manager of CapitaLand Commercial Trust ("CCT"), and CapitaLand Mall Trust Management Limited (the "CMT Manager"), as manager of CapitaLand Mall Trust ("CMT") are pleased to announce that HSBC Institutional Trust Services (Singapore) Limited, in its capacity as the trustee-manager of RCS Trust (the "Issuer" or the "RCS Trustee-Manager"), has issued S$150,000,000 fixed rate notes (the "Notes") to institutional and/or sophisticated investor(s) pursuant to its US$2,000,000,000 Euro-Medium Term Note Programme (the "EMTN Programme"). The Notes are assigned an "A- rating" by S&P Global Rating Services.

The Notes will mature on or about 4 September 2024 and will bear interest at a rate of 3.05 per cent. per annum, payable semi-annually in arrear.

RCS Trust is an unlisted special purpose sub-trust which is 60.0 per cent owned by CCT and 40.0 per cent owned by CMT. RCS Trust owns Raffles City Singapore, an integrated development comprising Raffles City Tower, Raffles City Shopping Centre, two hotels and a convention centre.

The proceeds from the issue of the Notes will be used to refinance the existing borrowings of RCS Trust and its subsidiaries (if any) (the "Group"), to finance or refinance any asset enhancement works or capital expenditure of the Group, and to finance the general corporate and working capital purposes in respect of the Group.

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The Singapore Exchange Securities Trading Limited ("SGX-ST") has granted approval-in-principle for the listing and quotation of the Notes on the SGX-ST and the Notes will be listed and quoted on the SGX-ST with effect from 9.00 a.m., Wednesday, 5 September 2018. Admission of the Notes to the Official List of the SGX-ST and quotation of the Notes on the SGX-ST is not to be taken as an indication of the merits of the Issuer, the EMTN Programme or the Notes.

BY ORDER OF THE BOARD

This announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for Notes.

The Notes to be issued under the EMTN Programme have not been and will not be registered under the Securities Act and may not be offered or sold within the United States, except pursuant to an exemption from, or transactions not subject to, the registration requirements of the Securities Act. This notice is for information purposes only and does not constitute an offer or sale of Notes in the United States or any other jurisdiction. Neither this notice nor any portion hereof may be sent or transmitted into the United States or any jurisdiction where to do so is unlawful. Any failure to comply with these restrictions may constitute a violation of the United States securities law or the securities laws of any such other jurisdiction.

The value of units in CCT (the "CCT Units") and CMT (the "CMT Units") and the income derived from them may fall as well as rise. CCT Units and CMT Units are not obligations of, deposits in, or guaranteed by, the CCT Manager, the CMT Manager or any of their respective affiliates. An investment in CCT Units or CMT Units is subject to investment risks, including the possible loss of the principal amount invested.

Investors have no right to request the CCT Manager or the CMT Manager to redeem their CCT Units or, as the case may be, CMT Units while the CCT Units or, as the case may be, CMT Units are listed. It is intended that unitholders may only deal in their CCT Units or, as the case may be, CMT Units through trading on the SGX-ST. Listing of the CCT Units and the CMT Units on the SGX-ST does not guarantee a liquid market for the CCT Units or, as the case may be, CMT Units.

The past performance of CCT and CMT is not necessarily indicative of the future performance of CCT or CMT.

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