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Resounding success of Malaysia's first international REIT

   
From left: Chang Tou Chen (Managing Director, Head of Global Investment, Southeast Asia, The Hongkong and Shanghai Banking Corporation Limited); David Chua (Chief Operating Officer, ECM Libra Group); Tan Sri Francis Yeoh; Eng Seat Moy (Managing Director, Debt Capital Markets, DBS Bank Ltd).

London, 2 December 2005

Speech by Tan Sri Francis Yeoh:

Today, I am very proud to announce that we have successfully closed the order books for Starhill REIT, with a final subscription rate of 8.8x (times).

This is a marvellous result for Starhill REIT, for YTL Corp. and for Malaysia.

Investors have demonstrated overwhelming support for this groundbreaking transaction, and they have done so at the top end of the pricing range. International investors have voted with their pockets, outpacing domestic demand by 2 to 1. Our international investor list is a top tier list.

But I have decided to reward our loyal supporters. The pricing range that we marketed was 93 cents to RM1.03. I have decided to price this issue at RM1.01, to reward our investors who have demonstrated support and confidence in us.

I want our investors, both domestic and international investors, to experience from Day One, our solemn intention to reward our investors.

This is Malaysia's first international REIT. It is my pleasure and it is an honour to me and to Malaysia, to draw prestigious international investors to the Malaysian capital markets in this groundbreaking transaction.

I hope the success of this transaction will encourage more international investors to Malaysia, more REITs to list in Malaysia and deepen the Malaysian capital markets.

If I have achieved this humble start for the Malaysian capital markets, my joy is my reward. My joy is founded in the opportunity to work with the finest intellectual capital from the finest institutions in the carnation of ECM Libra, AmMerchant Bank, DBS Bank and HSBC that accompanied me on this road show. I thank them for their indefatigable efforts and their unwavering support and their intellectual integrity.

They say success has a thousand fathers but I would like to thank our Father in heaven for His blessings. I thank our Good Lord Jesus on my bended knees for perfuming YTL's name again. Once again I give Him all the credit and all the honour. Thank you and God bless all of you.

Francis Yeoh
Managing Director
YTL Corporation Berhad





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