1. PURCHASE AGREEMENTS

The Board of Directors (the "

2010, 19 October 2010 and 3 November 2010. Unless otherwise specified, all capitalised terms used

herein but not otherwise defined shall have the same meanings ascribed to them in the Company’s

announcement dated 11 October 2010 and the circular despatched to Shareholders dated 19 October

2010.

The Board wishes to announce that HSBC Institutional Trust Services (Singapore) Limited (in its

capacity as trustee of the Sabana REIT) (the "

(the "

properties at 30 & 32 Tuas Avenue 8 Singapore 639246/639247, 218 Pandan Loop Singapore 128408,

51 Penjuru Road Singapore 609143, 33 & 35 Penjuru Lane Singapore 609200/609202 and 18 Gul Drive

Singapore 629468 (the "

Pursuant to the exercise of the Call Options by the REIT Trustee, each of the Vendors has today

entered into a sale and purchase agreement with the REIT Trustee (collectively, the "

Agreements

Properties.

Shareholders should note that completion under the Purchase Agreements is conditional upon,

(a) the concurrent completion of the sale and purchase of the Properties and certain other properties

comprised in the initial property portfolio of the Sabana REIT (other than the Properties) in accordance

with the terms and conditions of the applicable sale and purchase agreements, and (b) the listing of the

units in the Sabana REIT and commencement of trading of such units on the SGX-ST.Board") of the Company refers to its announcements dated 11 OctoberREIT Trustee") has today exercised all the call optionsCall Options") granted to it by the Vendors pursuant to the Option Agreements to purchase theProperties").Purchase") for the sale by each of the Vendors and the purchase by the REIT Trustee of theinter alia,

2. DOCUMENTS AVAILABLE FOR INSPECTION

Copies of the Purchase Agreements may be inspected at the registered office of the Company at 51

Penjuru Road #04-00 Freight Links Express Logisticentre Singapore 609143, during normal business

hours for a period of three (3) months commencing from the date of this Announcement.

Business Times - 13 Oct 2010

Freight Links delivers IPO with a difference

Logistics firm breaking new ground with $600m Islamic Reit due to list by year's end

By JAMIE LEE

(SINGAPORE) Freight Links Express Holdings expects to list Singapore's first Shari'ah-compliant real

estate investment trust (Reit) worth about $600 million by the end of the year, sources close to the

deal told BT yesterday.

The trust - which would hold about $850 million of Singapore industrial properties - is expected to be

the world's largest certified Shari'ah-compliant Reit.

The three Shari'ah-compliant Reits now available in the region are all listed in Malaysia. They include

Axis Reit, an office property trust that is currently the biggest listed Islamic Reit with a market cap of

812 million ringgit ($341.2 million).

The other two are Al-Hadharah Boustead Reit, which invests in plantation assets, and Al-'Aqar KPJ

Reit, which focuses on healthcare assets.

Logistics company Freight Links, which owns 51 per cent of the Reit's manager, Sabana Investment

Properties, said in a regulatory filing on Monday that it would subscribe up to 5 per cent of the IPO

and invest as much as $30 million.

The other owners of Sabana Investment Properties are Blackwood Investment, which is run by private

investors and owns 45 per cent of the trust, and Tarian Capital Partners, which owns 4 per cent.

BT understands that Singapore-incorporated Tarian Capital was formerly called Emirates Tarian, due

to its links to Emirates Investments Group (EIG), a Dubai-based company known for glitzy property

projects. EIG sold its stake in Emirates Tarian, which was renamed.

EIG, through the former Emirates Tarian, had its fingers in Singapore high-end property projects in

recent years, including working with Ritz-Carlton to develop the Ritz-Carlton Residences.

Sabana Investment Properties, which was incorporated late last year, has been looking for

warehouses to put into its portfolio since then, a source said.

Freight Links has already sold five properties worth $193 million to the Reit manager. The remaining

properties for the trust - known as Sabana Reit - were acquired from various listed and unlisted

parties.

These included Sim Lian Group, which said in May that it would sell properties worth $46.3 million to

Sabana Reit. Soilbuild Group also sold the trust a warehouse in August for $60 million.

BT understands the listing is aimed at attracting funds from Middle Eastern investors, as few Shari'ahcompliant

products are available.

One distinguishing factor of a Shari'ah-compliant Reit versus a conventional one is in having at least

95 per cent of the gross floor area of the properties adhere to Shari'ah laws, which prohibit any links

with alcohol, tobacco and pork consumption, for instance.

This means that earnings generated from the 5 per cent of gross floor area of the warehouses not

certified to be Shari'ah-compliant cannot be deemed for profit or distributed as dividends, and have to

be given to charity.

Varying benchmarks are used by Reits to gauge the level of compliance, given differing schools of

thought in Islamic teaching. Malaysia grants compliance if 80 per cent of the gross floor area follows

Shari'ah law, sources said.

BT understands Sabana Reit is designed to meet stricter requirements expected in the Gulf region -

to draw investors from that area.

The warehouses in the Reit are undergoing the final step in the certification process and are expected

to meet compliance standards, BT understands.

The Reit also has to use Shari'ah-compliant banking and insurance products, given the different

structure under Islamic finance. Under Shari'ah law, businesses cannot make money from interest

fees, for example.

BT understands the upcoming listings of Global Logistic Properties and Mapletree Industrial Trust

have helped boost confidence in the Sabana IPO, which has garnered strong interest from Middle

Eastern investors. The Reit's roadshow is expected to start in November.

Shares of Freight Links surged 6.7 per cent or half a cent to end at eight cents yesterday in response

to Freight Link's announcement made after the end of trading on Monday.

HSBC, Daiwa Capital Markets and UOB are joint book-runners for the Sabana IPO.

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