Message from CEO
This June marks a number of major milestones for TCT, the first of which being the 1st anniversary of its listing in Singapore.

The Unit Buy-back program which commenced in early May has delivered a satisfactory outcome, fulfilling TCT’s commitment to proactive and responsible capital management.

“ By Year End, TCT had consolidated its position as a leading player in China’s fast maturing commercial real estate landscape through the delivery of a strong operational result, whilst
committing to further balance sheet growth underpinned by a December 2010 equity raising that was substantially over-subscribed.”

Mr. Richard Barrett, Chairman

As you will note from the “Economic Scoreboard” on the following page China has successfully negotiated a very fruitful 2010 in the face of stormy global weather, with GDP growth of 10.3% underlining the continuing strength of China’s development. Similarly, TCT
has produced a strong result exemplified by the recent release of our annual independent valuation result which revealed an annual increase of 4.61% to more than RMB9.6billion, partially attributed to the strong occupancy growth which surged nearly 9% during the
year.

Follow this link to download the TCT investment presentation as a PowerPoint document.

Proceeds to fund TCT’s further expansion into China’s growing retail property sector
Acquisitions planned in Qingdao and Shanghai.

■ Issuance of SGD26.7 million new equity

On 9 December 2010, TCT announced the successful issue of 16,095,047 new units by way of a private placement raising gross proceeds of SGD26,717,779 to partially fund the proposed acquisitions of Central Avenue Mall in Qingdao and retail mall in Shanghai.

Chairman’s Forward
The listing of TCT as a Singapore main board listed entity on 21 June 2010 is an important milestone for its long term growth as one of very few opportunities for investors to exclusively access China’s fast growing commercial real estate sector. The recent publication of our first quarterly result underlines the strength of the business model and it is particularly pleasing to announce a Net Profit After Tax (NPAT) of SGD 18.675 million which translates into Earnings Per Unit (“EPU”) of SGD 7.78 cents.

Welcome to the September edition of the TCT Newsletter. Since our listing on the main board of Singapore Exchange in June this year, Asia has continued to strengthen with many economies exhibiting stable growth patterns.

On 21 June 2010, the units of Treasury China Trust (Ticker symbol TCT)
commenced trading on the Main Board of Singapore Exchange Securities
Trading Limited (SGX-ST).