Sale of Shares in Greencliff Developments

Pursuant to Clause 904(2)(c) of the Listing Manual, CPL (Australia) Pte Ltd ("CPL Australia") a company in which Centrepoint Properties Ltd and SQ International Pte Ltd hold 75% and 25% of the shares respectively), has on 16 August 2001 entered into a Sale and Purchase Agreement with SQ Holdings Pte Ltd ("SQ Holdings") for the sale of CPL (Australia)'s wholly-owned subsidiary, Greencliff Developments Pty Ltd (a company incorporated in New South Wales, Australia) ("Greencliff"), to SQ Holdings.

Greencliff, which was previously engaged in the business of residential project management, has transferred all its interest and management contracts to Greencliff (CPL) Developments Pty Ltd, a wholly-owned subsidiary of CPL (Australia).

The consideration of A$1 (approximately S$0.93) was arrived at on a willing buyer and willing seller basis and was based on the net tangible asset value of Greencliff. Completion of the sale and purchase of all 250,000 shares of A$1 each in the capital of Greencliff took place on 22 August 2001. The divestment is not expected to have any material effect on earnings or net tangible assets per share of the CPL Group in the current financial year.

No director or substantial shareholder of CPL has any direct or indirect interest in the transaction.