Singapore, 3 March 2003 - CapitaLand has to-date S$2.2 billion worth of assets under management (AUM) and is likely to grow this figure in 2003 through overseas fund management activities. At the time of the merger, in November 2000, CapitaLand had said that one of its targets was to manage S$3 S$5 billion worth of assets. The S$2.2 billion AUM under CapitaLand includes CapitaMall Trust, Eureka Office Fund and the IP Fund.

CapitaLands aim is to move from a traditional real estate company that owns and manages assets to one that has an asset-right real estate portfolio with the balanced income from development, investment and fees. In 2003, it embarked on fund management initiatives in North East Asia, and targets to launch a China fund, primarily for properties in Shanghai and Beijing, by mid 2003. The target fund size will be US$100 million, with the flexibility to increase to US$200 million. A Japan fund is also in the pipeline.

This release may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes, and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events.