CapitaLand Commercial Limited (CCL), a wholly-owned subsidiary of listed CapitaLand Limited (CapitaLand), has entered into a conditional put and call option agreement to acquire IMM Building which enjoys a prime location near the Jurong East MRT station and bus interchange. The total acquisition cost amounts to S$262.6 million. This includes the purchase price of S$247.4 million and after taking into account the transaction costs such as stamp duty (estimated to be S$8.4 million) and other fees and expenses for financial advisory, accounting, tax, legal and property due diligence. Mr Liew Mun Leong, President and CEO of CapitaLand said : IMM Building has delivered strong cashflow and attractive yields. It caters to the shopping needs of the densely populated housing suburbs in the western part of Singapore and benefits from a loyal customer base. We also see a tremendous potential for growth through asset enhancements. IMM Building is owned by International Merchandise Mart Ltd (IMML). The agreement with IMML is conditional on, among other things, IMML successfully implementing schemes of arrangement to restructure its debts. The restructuring process will involve the refinancing of IMMLs existing financial indebtedness (inclusive of default interest and dividends in arrears) for secured creditors and preference shareholders, and shareholders approval for the sale of IMM Building. Right of First Refusal to CapitaMall Trust Pursuant to an agreement between CCL and the trustee of CapitaMall Trust (CMT) dated 28 June 2002, CCL has granted CMT a right of first refusal to purchase retail properties which may be acquired by CCL. Accordingly, CCL has today offered CMTs trustee the right of first refusal to purchase IMM Building at the same terms and conditions offered to CCL. Specifically, if CMT decides to accept the right of first refusal and enters into a purchase agreement with IMML, CMT would have to pay the purchase price and bear all transactional costs incurred for the acquisition. In the event that CMT decides not to acquire IMM Building, CCL will complete the purchase of IMM Building for its own investment purposes. Expected Timeline Subject to the fulfilment of conditions, the acquisition is currently expected to complete within approximately 20 weeks. Barring unforeseen circumstances, this allows adequate time for IMML to undertake the restructuring and the schemes of arrangements and for CMT to procure the necessary unit-holder approvals and financing arrangements. About IMM Building

The 172,300sqm IMM Building consists of a five-storey retail, warehouse and office complex with its rental income predominantly derived from its retail space. This suburban building serves the western part of Singapore, including the HDB heartlands in Jurong East, Bukit Batok and Clementi. It enjoys convenient accessibility as it is located near the Jurong East MRT station and bus interchange. The tenant mix includes popular household brand names and diverse anchor tenants like Giant hypermarket which occupies 100,000 sq ft, Best Denki, a leading electrical chain store in Singapore, and Daiso, which sells everything at S$2. Family-friendly facilities abound including playgrounds, movie corners, generous corridor areas, and ample food and beverage outlets. About CapitaLand Commercial CapitaLand Commercial is the commercial property business unit of CapitaLand and 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, the company 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 centres; 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. About CapitaMall Trust

The launch of CMT by CapitaLand Limited in July 2002 marked the establishment of the first listed real estate investment trust (REIT) in Singapore. CMT currently owns three major shopping malls - Tampines Mall, Junction 8 and Funan The IT Mall. The total net lettable area of the three malls is in excess of 800,000 sq ft with more than 420 individual leases. About CapitaLand Limited

CapitaLand is one of the largest listed property companies in Asia. Headquartered in Singapore, the multi-national company has property and property-related services focused in select gateway cities in China, Australia and the UK. The Company's hospitality businesses, in hotels and serviced residences, span more than 50 cities around the world. Its business interests cover commercial and industrial buildings, residential properties, property funds, real estate financials and property services, besides hotels and serviced residences. CapitaLand also leverages on its significant real estate asset base and market knowledge to develop fee-based products and services.