Singapore, 27 February 2003 - CapitaLand Limited announced today key management changes at CapitaLands business units. With effect from 2 April 2003, Kee Teck Koon, Chief Executive Officer and Managing Director of The Ascott Group, will take over as the chief executive for the CapitaLand Commercial (CCL) and CapitaLand Financial (CFL) business units. Hiew Yoon Khong, the present CEO for the two strategic business units (SBUs), will be leaving the Company to pursue his family business.

CapitaLand Limited President and CEO, Liew Mun Leong said, Yoon Khong has worked for the Group for about seven years since he joined Pidemco Land in 1996. We thank Yoon Khong for his excellent services at the Commercial and Financial business units and earlier as the Chief Financial Officer for the Company. He had approached me sometime last year to pursue an alternative career and I managed to persuade him to stay and help me with the launch of CapitaMall Trust. Not only did he successfully complete the first REIT IPO in Singapore, he also did a yeoman service of strengthening the CapitaMall Trust assets with the planned acquisition of IMM Building. He was a much valued player in the merger of Pidemco Land and DBS Land to form CapitaLand. In his position as Chief Financial Officer of CapitaLand, he sought out alternative sources of financing by tapping into the capital markets and created innovative products such as asset securitisation of residential projects. I had requested and he agreed to remain on the Board of CapitaLand Financial. I wish him all the best in his personal pursuits.

With Kee Teck Koons appointment, the two SBUs (CCL and CFL) will benefit from his track record in transforming The Ascott Group into one of the largest serviced residence companies in the world. In his previous positions, from 1996 to 1998, he was responsible for Pidemco Lands Singapore property investment strategy, portfolio allocation, business and investment evaluation and value chain coordination. He will be no stranger to his new role.

Said Liew, Teck Koon will build upon the good work done by Yoon Khong and will continue with the twin strategic thrusts for the two SBUs to increase our fee-based income, and to enhance yields and maximise the potential of the assets which we own and manage. Teck Koon has successfully led the transformation of The Ascott Group from a 265-unit, under Pidemco, to a 13,500-unit serviced residence company operating in 37 cities and 15 countries. The company has been successfully turned around, recording three successive years of profitability, despite tough markets. Both the CapitaLand Commercial and CapitaLand Financial SBUs are part of the core profit drivers of CapitaLand. In this difficult macro environment, I am confident that Teck Koon will provide strong and focused leadership to his experienced and dedicated team.

Besides these changes, which take effect from 2 April 2003, CCL has augmented the management ranks with Soong Hee Sang designated as Deputy CEO (Asset Management), Pua Seck Guan as Deputy CEO (Real Estate Capital Management), and Wen Khai Meng as Deputy CEO (Real Estate Financial Products). Seck Guans chief responsibility continues to be the CapitaMall Trust. Lawrence Yeo continues as the CFO for CapitaLand Commercial. At the Corporate office, Senior Vice President Lam Wei Siong will take over the portfolio of Risk Management from Wen Khai Meng.

Said Liew, Today, CapitaLand is an international real estate and hospitality company operating globally in over 50 cities. It must develop its management and leadership bench strength both in depth and breadth to help grow such a large international enterprise. The management team and I are committed to the identification, development, and diversity of talents within the Group, and to ensure alignment of competencies and performance with our business strategies and goals.

Kee Teck Koon has been the CEO and MD of The Ascott Group Limited since the mergers, in November 2000, of DBS Land and Pidemco Land to form CapitaLand Limited, and of The Ascott and Somerset Holdings to form The Ascott Group. Prior to the mergers, Kee was the Executive Vice President of Pidemco Land and Chief Executive Officer of Somerset Holdings Limited. During his stint at Pidemco, he played a key role in the company's property investment strategy, portfolio allocation, business and investment evaluation and value-chain coordination for its activities in Singapore. From 1993 to 1996, Kee was the Group Corporate Director of L&M Group, the largest Singapore engineering and construction company then, with projects and operations in 13 countries. Prior to this, Kee held key appointments as Director of Planning & Policy and Corporate Affairs at the National Science and Technology Board (NSTB), and as Director of Corporate Planning and Services for SISIR. He started his career with the Singapore Armed Forces and the Ministry of Defence from 1982 to 1991. Besides Honours and Masters degrees in Engineering Science from Oxford University, UK, in 1979 and 1986 respectively, he has also attended the Programme for Global Leadership at Harvard University. He was awarded the Peoples Scholarship in 1974 and Singapore Armed Forces Overseas Scholarship in 1976.

CCL is the largest manager of office and retail space in Singapore with interests in the gateway cities of London, Shanghai, Hong Kong, Japan and Kuala Lumpur. Its vision is to move beyond building mere concrete structures to create living, vibrant and integrated communities where people love to work, shop and entertain.

In Singapore, CCL manages seven prime retail properties: Plaza Singapura and Scotts Shopping Centre along the prime Orchard Road/Scotts Road shopping belt; Junction 8 and Tampines Mall located in densely populated suburban centre; Liang Court, popular with the Japanese community; Clarke Quay, Singapores first festival village by the Singapore River; as well as specialist mall Funan The IT Mall.

CCL is the commercial property business unit of CapitaLand, one of the largest listed real estate companies in Asia.

CFL was set up to capitalise on its real estate capabilities to exploit opportunities between real estate and the capital market, investing and transforming real estate into quality financial products with the aim of increasing fee-based income for the Group. CFL works closely with CCL and other business units to identify attractive and stable assets for injection into new property funds to meet the different risk-return profiles of investors. It will continue to pursue sector specific and regional funds targeting local and international investors.

CapitaLand is one of the largest listed property companies in Asia. Headquartered in Singapore, the multi-national company's core businesses in residential, commercial and industrial property and property-related services, such as property funds and real estate financials, are focused in select gateway cities in China, Australia and the UK. In these countries, CapitaLand is in partnership with reputable local players and has established a management team that understands the market, business practices and socio-economic factors.

The Company's hospitality businesses, in hotels and serviced residences, span more than 50 cities around the world. CapitaLand also leverages on its significant real estate asset base and market knowledge to develop fee-based products and services in Singapore and the region.