SGX, in consultation with the MAS has today introduced further measures to accelerate and facilitate listed issuers’ fund raising, including REITs. The measures will take effect on 20 Feb 2009 and will be in effect until 31 Dec 2010.

1. SGX has decided to increase the limit to allow issuers to issue up to 100% of its issued share capital via a pro-rata renounceable rights issue, subject to the condition that the issuer make periodic announcements on the use of the proceeds as and when the funds are materially disbursed, and provides a status report on the use of proceeds in the annual report. REITs can make use of this measure subject to compliance with provisions of trust deeds, applicable legal requirements and any limitations in existing mandate from shareholders.

2. MAS will be consulting on a proposed requirement for REITs to hold Annual General Meetings to promote good corporate governance and to be in line with the practices for listed companies and business trusts.

3. SGX will allow listed issuers to undertake placements of new shares priced at discounts of up to 20% subject to the conditions that a) the issuer seeks shareholders' approval in a separate resolution at a general meeting to issue new shares on a pro-rata basis at a discount exceeding 10% but not more than 20%; and b) the resolution seeking a general mandate from shareholders for issuance of new shares on a non pro-rata basis is not conditional on this resolution.

4. Subject to compliance with the Companies Act and other statutory requirements, an issuer will not be required to seek shareholders’ approval for Scrip Dividend Schemes as long as shareholders are provided with the option to elect for their distributions to be paid in cash.

5. Allow placements to substantial shareholders without shareholders' approvalas long as the following safeguards in place: a) the substantial shareholder does not have representation on the board of the issuer; does not have control or influence over the issuer in connection with the day-to-day affairs of the issuer and the terms of the placement; b) the placement is effected through an independent process such as book – building; c) the placement is made to more than one placee; and d) the proportion of issued shares of the issuer held by the substantial shareholder immediately after the placement is not more than the proportion of issued shares of the issuer held by it immediately before such a placement.

6. Allow underwriters to include non-major shareholders of the issuer as sub- underwriters

7.To further shorten the market exposure period for participants of rights issues, the exchange will allow “when-issued” trading of the rights shares to commence on the next business day after the close of the rights offer.