CapitaLand refers to the article in today's Business Times 'Write-down could see property stocks slip further' which cited the report issued by Credit Suisse dated 29 September 2008. CapitaLand wishes to clarify that the various estimates for the property write-down in the article and the Credit Suisse report are speculative and premature. Furthermore, the Singapore residential assets represent only about 7% of the total Group's assets as at 30 June 2008. CapitaLand has a strong balance sheet with S$3.4 billion of cash as at 30 June 2008 and this does not even include recycled capital of S$2.9 billion from the divestment of properties such as 1 George Street and Somerset Orchard in Singapore, the Raffles City projects in China, Capital Tower Beijing and Citibank Menara in Kuala Lumpur, after 30 June 2008. With its strong balance sheet, unlike in 2001, CapitaLand will take advantage of the opportunities now to invest.