Starhill Global Hospitality REIT

In this respect, AmInvestment Bank Berhad, a member of AmInvestment Bank Group, on behalf of Pintar Projek Sdn Bhd, the manager of Starhill REIT (“Manager”) wishes to announce that the Vendor has today entered into two (2) separate conditional sale and purchase agreementswith ABB for the sale and purchase of Starhill Gallery (“Starhill Gallery SPA”) and the Lot 10Property (“Lot 10 Property SPA”) for a sale consideration of RM629.0 million and RM401.0 million, respectively (“Sale Consideration”).

The Sale Consideration for the Properties shall be satisfied via the issuance of convertible preference units at Singapore Dollar (“SGD”) 1.00 each (“CPUs”) by SG REIT equivalent to a nominal value of RM405.0 million (“Consideration Units”) and RM625.0 million in cash (“Cash Consideration”). The salient terms of the Starhill Gallery SPA and Lot 10 Property SPA (collectively referred to as the “SPAs”) are set out in
Section 2.2 of this announcement.

3.3 Earnings and Distribution per Unit (“DPU”)

The adjusted net book value of the Properties based on the audited financial statements as at
30 June 2009 and after adjusting for the value of 42% or 490 of the existing car park bays in
Starhill Gallery to be retained by Starhill REIT for the Marriott Hotel is RM1,055.5 million.

For the financial year ended (“FYE”) 30 June 2009, the Trust recorded a significant unrealised fair value gain on the Properties of approximately RM235.68 million pursuant to a revaluation exercise carried out by the Trustee under clause 11.02(1) of the Guidelines on Real Estate Investment Trusts issued by the SC on 3 January 2005 (which were subsequently replaced and superseded by the Guidelines on Real Estate Investment Trusts which took effect on 21 August 2008).

Therefore, on completion of the Proposed Disposal, Starhill REIT is expected to realise a net loss on disposal of RM25.5 million for the financial year ending 30 June 2010, which is mainly due to a decrease in fair value of the Properties of approximately RM24.66 million since the most recent valuation of the Properties approved by the SC in July 2008.

Nevertheless, the Proposed Disposal will unlock the value of the Properties as it is expected to realise an estimated distributable income of *RM204.18 million. The effects of the Proposed Disposal on the distributable income of the Trust are set out in Section 3.4 of this announcement.

*RM204.18million比去年预测的RM228.9 million减少了, 也因此在七月预测会收到的收入也变少了;

RM204, 000,000/ 1,178,889,000units =RM0.1734

希望到了七月份正式宣布的时候, 不会再减少. 今天的星洲财经有相关报道, 可惜在星洲网站却找不到该连接.

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