CapitaLand refers to the Business Times article today entitled "S&P cuts CapitaLand's long-term outlook".

CapitaLand wishes to highlight that S&P has not changed its previous rating of "BBB+" on CapitaLand by affiriming the rating before withdrawing it. In its news release yesterday on the withdrawal of the rating, S&P has admitted that "Without full interaction of the company in the rating process, we feel we are no longer able to provide an informed credit opinion based on publicly available information." In fact, there has been no interaction between S&P and CapitaLand in relation to the rating.

CapitaLand wishes to clarify that the rating by S&P is unsolicited. CapitaLand did not engage S&P to conduct this rating and had no control or input in the rating process at all. Instead, S&P has based its rating on publicly available information.

While S&P has mentioned the slowdown in the residential and commercial property business in its news release, CapitaLand wishes to point out that this has been known widely and publicly for many months already. CapitaLand notes that S&P has omitted to mention in its news release the recently announced renounceable fully underwritten rights issue by CapitaLand to raise $1.8 billion. The rights issue is a material development as it will strengthen the balance sheet of CapitaLand.

CapitaLand has no material information to announce at this point in time. It is CapitaLand's policy to disclose material information publicly, in accordance with SGX-ST Listing Rules.