Singapore, 10 January 2002 - CapitaLand Commercial Limited (CCL) and the ERGO Insurance Group (ERGO), Germanys second largest primary insurance group, officially launched the Eureka Office Fund today. The wholesale property fund comprises of S$875 million of prime CapitaLand office properties - Temasek Tower, Pidemco Centre and The Adelphi - located in Singapores central business district. CCL and ERGO have an equal 50:50 stake in the fund.

At the official launch this afternoon, Frank-Rainer Vaessen, Managing Director of ERGO Trust said, "We are delighted to celebrate the official launch of the Eureka Office Fund. We continue to believe that Singapore is a springboard for our entry into the Asian market. Moreover, with CapitaLand Commercial, an established Asian partner armed with the necessary property-related skills and disciplines, we plan to actively pursue investment opportunities in Asia for our Group, institutional partners and clients. Going forward, we will be targeting further investment opportunities in Asia.

Ed Ng, CEO of CapitaLand Commercial said, The official launch of the Eureka Office Fund is a significant milestone for CapitaLand. In recent months, the strength of our strategic alliance has seen us weather an unforeseen event of the magnitude of the September 11 terrorist attacks in the U.S. In the aftermath of the attacks, and amidst the backdrop of a global slowdown, ERGO proceeded with its investment in this fund, thereby showing its confidence in the Singapore economy and in our partnership.

About Eureka Office Fund Eureka Office Fund comprises of S$875 million of prime CapitaLand office properties - Temasek Tower, Pidemco Centre and The Adelphi - located in Singapores central business district.

This portfolio possesses diversified income characteristics steady rental income from the fully-leased Temasek Tower, redevelopment upside from Pidemco Centre, and sales income from The Adelphi which delivers a unique, balanced risk-return profile to investors.

About CapitaLand Commercial Limited CapitaLand Commercial owns, develops and manages an extensive portfolio of commercial properties in Singapore and the region.

In Singapore, CapitaLand Commercial is the largest manager of office, retail and industrial space, with a portfolio of 10.9 million square feet of net lettable area in total. Overseas, it has investments in several key gateway cities including Shanghai, Hong Kong, Tokyo, Kuala Lumpur and London.

CapitaLand Commercial is a strategic business unit of CapitaLand Limited, one of the largest listed property companies in Asia with property, hospitality and property-related products and services spanning more than 50 cities around the world.

About ERGO Trust GmbH