CapitaLand Limited ("CapitaLand") refers to the Business Times article dated 25 November 2010, entitled "Ascott Raffles Place said to be on the market". CapitaLand wishes to clarify that it and all its business units including The Ascott Limited ("TAL") are constantly looking at opportunities to enhance shareholder value through the reconstitution of asset portfolios and realisation of assets. TAL is considering the divestment (the "Proposed Divestment") of Ascott Raffles Place Singapore, a serviced residence property in Singapore (the "Property"). A limited tender exercise has been carried out to invite tenders by interested parties. As the Proposed Divestment is subject to, amongst other things, the submission of tenders, giving Ascott Residence Trust the right of first refusal to acquire the Property and the finalisation and execution of definitive agreements by the relevant parties as well as the prevailing market conditions, there is no assurance that the Proposed Divestment will proceed and shareholders and potential investors are accordingly advised to exercise caution when dealing in the securities of CapitaLand. CapitaLand will make the appropriate announcement if and when there are any material developments.