Interested Person Transactions

The transactions entered into with interested persons during the financial year, which fall under the listing manual and the property fund appendix, are as follows:

1. For the purposes of Clause 907 of the Listing Manual of the SGX-ST, in arriving at this figure, the market price of the CMT Units (being the closing price of the Units traded on the SGX-ST on the relevant date of issue of the Units) issued to the Manager for the performance component of its management fees, was used to determine the amount of the aggregate asset management fees paid to the Manager for the period from 1 January 2011 to 31 December 2011. A total of 2,925,650 CMT Units amounting to an aggregate of S$5,355,808 have been or will be issued to the Manager as payment of the performance component of the asset management fees (as computed pursuant to the Trust Deed) for the period from 1 January 2011 to 31 December 2011. In respect of the period from 1 January 2011 to 31 March 2011, a total of 704,271 CMT Units at issue prices of S$1.8484 per Unit, were issued on 4 May 2011 to the Manager. The market price at the date of issue was S$1.86 per Unit and the aggregate market value of these Units was S$1,309,944 based on this market price. In respect of the period from 1 April 2011 to 30 June 2011, a total of 693,311 CMT Units at issue prices of S$1.9040 per Unit, were issued on 29 July 2011 to the Manager. The market price at the date of issue was S$1.885 per Unit and the aggregate market value of these Units was S$1,306,891 based on this market price. In respect of the period from 1 July 2011 to 30 September 2011, a total of 722,254 CMT Units at issue prices of S$1.8592 per Unit, were issued on 28 October 2011 to the Manager. The market price at the date of issue was S$1.89 per Unit and the aggregate market value of these Units was S$1,365,060 based on this market price. In respect of the period from 1 October 2011 to 31 December 2011, a total of 805,814 CMT Units at issue prices of S$1.6954 per Unit, were issued on 1 February 2012 to the Manager. The market price at the date of issue was S$1.705 per Unit and the aggregate market value of these Units was S$1,373,913 based on this market price.
2. Total development cost of Westgate is approximately S$1,565 million.

Save as disclosed above, there were no additional Interested Person Transactions (excluding transactions of less than S$100,000 each) entered into during the financial year under review.

On 10 February 2004, the SGX-ST has granted a waiver to CMT from Rules 905 and 906 of the SGX-ST's Listing Manual in relation to payments for management fees, payments for acquisition and divestment fees, payments of property management fees, reimbursements to the property manager in respect of payroll and related expenses as well as payments of trustee's fees. Such payments are not to be included in the aggregated value of total related party transactions as governed by Rules 905 and 906 of the SGX-ST's Listing Manual.

Please also see Significant Related Party Transactions on Note 26 in the financial statements.

Subscription of CMT Units
For the financial year ended 31 December 2011, an aggregate of 144,158,040 CMT units were issued and subscribed for. As at 31 December 2011, 3,328,416,755 CMT units were in issue and outstanding. On 1 February 2012, 805,814 CMT units were issued to the Manager as part payment of the performance component of its asset management fees for the fourth quarter of 2011.