Singapore, 3 March 2003 - CapitaLand is set to increase its overseas earnings to over 50% in 2003, up from 45% reported for 2002. In FY2002, EBIT from overseas operations increased to S$342 million, from S$74 million in FY2001. China operations contributed 12% to the total EBIT in FY2002, Australia 20% and other overseas operations 13%.

Expanding overseas is a key platform in our strategy to improve returns. In 2002, 45% of our earnings before interests and tax were from our overseas operations, which form 33% of our total assets. In short, the overseas assets have been 66% more productive per dollar, compared to our Singapore assets. We will deploy more capital to higher yielding markets, which are primarily overseas. Our focus will continue to be on key gateway cities that are growth and stable economies, said Liew Mun Leong, President and CEO, CapitaLand Limited.

CapitaLand has built for itself a critical mass in each key foreign market through its multi-local strategy, based on partnerships with reputable local players; continual networking with local corporate players and authorities; strong local management, and local operations that understand the market, local business practices, regulations and social economic factors.

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.