Cambridge – SGX

Singapore, 21 April 2010 – Cambridge Industrial Trust Management Limited (“CITM”), the Manager (“Manager”) of CIT, announced that CIT achieved gross revenue of S$18.6 million and a net property income (“NPI”) of S$16.3 million for its 1Q2010 financial results. “CIT has achieved a set of stable first quarter financial results for its Unitholders.

Unitholders will receive a DPU of 1.274 cents, which will be payable on Monday, 14 June 2010,” said Mr. Chris Calvert, Chief Executive Officer of CITM. “While the outlook for 2010 has improved, we remain cautiously optimistic of a full economic recovery. This further reinforces the need for management to maintain its disciplined strategy of prudent capital and risk management, pro-active asset management and the divestment of noncoreassets that do not meet the Trust’s investment criteria.”

1Q2010 NPI increased by 1.2% to S$16.3 million in comparison to 1Q2009. The increase is attributed to rental escalations and the improved occupancy in CIT’s two multi-tenanted properties. 1Q2010 NPI was marginally lower by 2.4% in comparison to 4Q2009, predominantly due to a reduction in rental revenue arising from asset disposals (i.e. 32 Urbanstrata units at 48 Toh Guan Road East, Enterprise Hub were divested during 1Q2010).

Total gross sale proceeds of S$21.5 million exceeded book value by S$1.6 million. “Divestment proceeds will be used to lower CIT’s gearing level where they cannot be reinvested into the Trust’s existing assets to create additional capital value. The Manager expects gearing level to be around the 38% mark by the end of 2010,” highlighted Mr. Calvert.

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