Voluntary Conditional Cash Offer by Norford Investments for CPL

The Board of Directors of Centrepoint Properties Ltd (the "Company") wishes to announce that the Company has today despatched a circular (the "Circular") to the shareholders of the Company ("Shareholders") in relation to the Offer by Norford.

The Circular contains the advice of ANZ Singapore Limited, the independent financial adviser to the Independent Directors of the Company (the "Independent Directors"), on the Offer as well as the recommendations of the Independent Directors on the Offer and the statement issued by the Company in compliance with Part C of the Tenth Schedule to the Companies Act (Chapter 50) of Singapore.

Shareholders who have not received the Circular in the next two days may obtain a copy from:

Barbinder & Co Pte Ltd
8 Cross Street
#11-00 PWC Building
Singapore 048424

ANZ Singapore Limited, the independent financial adviser to the Independent Directors, has also issued today a letter to the optionholders of the Company (the "Optionholders") in relation to the Options Proposal from Oversea-Chinese Banking Corporation Limited, for and on behalf of Norford, to the Optionholders.

A soft copy of the Circular and Letter to Optionholders are available on the website of the Singapore Exchange Securities Trading Limited at www.sgx.com. Shareholders should note that Norford has given notice that the Offer will close at 3.30 p.m. on 10 January 2002 or such later date(s) as may be announced from time to time by or on behalf of Norford. Any acceptances received after 3.30 p.m. on 10 January 2002 or such later date(s) as may be announced from time to time by or on behalf of Norford will be rejected.

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 (Mrs)
Company Secretary