Voluntary Conditional Cash Offer by Norford Investments Pte Ltd for CPL

The Board of Directors of Centrepoint Properties Ltd (the "Company") refers to the Offer Document dated 11 December 2001 issued by Oversea-Chinese Banking Corporation Ltd, for and on behalf of Norford Investments Pte Ltd (the "Offer").

The Company will be issuing no later than 24 December 2001, a Circular to shareholders of the Company ("Shareholders") containing the advice of ANZ Singapore Limited, the Independent Financial Adviser, and the recommendations of the Independent Directors on the Offer. Shareholders may wish to refrain from taking any action in relation to their Shares until they have had the opportunity consider the advice and recommendations contained in the Circular.

The Company will make an announcement to inform Shareholders as soon as it despatches the Circular.

The Directors of the Company (including those who have delegated detailed supervision of this Announcement) have taken all reasonable care to ensure that the facts stated in this Announcement are fair and accurate and that no material facts have been omitted and they jointly and severally accept responsibility accordingly.

By Order Of The Board
Lim Joke Mui
Company Secretary

Singapore, 12 December 2001