Chief Executive Officer of Centrepoint Properties Ltd - Retirement/Appointment

Mr Jeffrey Heng will be retiring as Chief Executive Officer of Centrepoint Properties Ltd ("CPL"), a wholly-owned subsidiary of the Company. By mutual agreement, his last day of service shall be 30 September 2004.

During his tenure, Mr Heng has overseen the CPL Group's local and overseas property business in Australia and the UK. We wish to record our appreciation to Mr Heng for his service and contributions to the Group and wish him a happy retirement.

Following a search for his successor, the Company is pleased to welcome Mr Lim Ee Seng who will join CPL. Mr Lim has been appointed, with effect from 15 October 2004, Chief Executive Officer of Centrepoint Properties Ltd.

Mr Lim, aged 53, a civil engineer with a M.Sc. in Project Management, is currently Managing Director of MCL Land Ltd, with whom he has worked since 1996. He brings with him a wealth of experience in the property business and in project management.

Submitted by Anthony Cheong Fook Seng, Group Company Secretary on 17/9/2004 to the SGX