Cambridge Industrial Trust Management Limited (the “Manager”), the Manager of Cambridge Industrial Trust (“CIT”), is pleased to announce that CIT’s trustee, on behalf of CIT, has entered into an interest rate swap (“IRS”) agreement with the Hongkong and Shanghai Banking Corporation Limited (“HSBC”) .

The details of the IRS are:
• Notional Amount : S$358 million
• Tenor : 5.5 years
• CIT Pays : 2.58% per annum
• CIT Receives : Singapore Dollar Swap Offered Rate (“SOR”)
• Current Debt Hedged : 100%

The swap will provide an all-in, fixed cost of borrowing of 3.32% per annum for CIT’s entire current outstanding debt from February 2008 until July 2013. This compares to an all-in cost of debt of 4.10% per annum forecast for 2008 in the Offering Circular dated 15 October 2007.

Mr Ang Poh Seong, Chief Executive Officer of the Manager, said “This transaction represents another milestone in CIT’s strategy of prudent capital management. We have taken advantage of the current low interest rate environment to lock in additional returns for unitholders.”

It is the intention of the Manager to fully hedge interest rates, subject to market conditions.