Singapore, 22 February 2002 - It was announced today that the Asia Pacific division of international real estate services firm Cushman & Wakefield and leading asset services company PREMAS International (a subsidiary of CapitaLand), have joined forces to create the first truly integrated real estate services business in China, which will operate under the trade name Cushman & Wakefield PREMAS. This move breaks new ground in China by offering local and multinational companies a full range of consultancy and brokerage services and asset services. Existing subsidiaries of Cushman & Wakefield and PREMAS International in Shanghai will be utilised as the joint venture companies and jointly trade under the name Cushman & Wakefield PREMAS. The joint venture will be a partnership of equals, with one common identity, one business focus and one set of operating standards. Due to applicable laws and regulations, the joint venture is conditional upon the approval of the Chinese authorities and it will only commence full operations after such approval has been obtained. Mr Anthony Seah, CEO of PREMAS International, will act as Chairman of the Cushman & Wakefield PREMAS joint venture companies in China. Michael WJ Thompson, Group CEO of Cushman & Wakefield, Asia Pacific, will serve as the Managing Director. Since the announcement of Chinas entry into the World Trade Organization, both PREMAS International and Cushman & Wakefield have recognized the tremendous changes that will occur in the Chinese economy over the next five years and the opportunities that this will bring to service both global Multi National Companies in China and Chinese Multi National Companies venturing into the global market. Consequently, both PREMAS International and Cushman & Wakefield feel the timing of their joint venture is opportune. Attending the official launch in Singapore, President and CEO of Cushman & Wakefield Inc, Arthur J Mirante II, commented, China is fast becoming one of the most important and dynamic markets in the world, and we are confident that Cushman & Wakefield PREMAS will play a major role in the development of the real estate industry there. By joining forces with PREMAS International, we have strengthened our position in China to ensure that we deliver the same international standards of excellence, as in other any market where we do business. Mr Anthony Seah, PREMAS International CEO remarked, The joint ventures foremost objective is to become the leading real estate service provider in China, represented by professional staff and state-of-the-art technology systems. By offering a wide range of services, we will be able to pass on significant advantages to our clients, while continuing to provide truly impartial and objective real estate advice. Given the joint venture partners respective positions in the areas of asset services in Asia and an impressive track record in corporate services, consulting and brokerage, Cushman & Wakefield PREMAS will continue to offer service excellence to both the growing group of Chinese multinationals venturing abroad, and to other Asian, American and European multinationals who require local property services for their operations in China. Currently both Cushman & Wakefield and PREMAS International have offices in Shanghai and Beijing. By working together as one company in China, Cushman & Wakefield PREMAS aims to grow and develop synergy with the Chinese economy, setting new standards of excellence in the provision of fully integrated real estate services. Looking ahead, it is anticipated that other gateway cities in China will become part of the network in the near future. About Cushman & Wakefield Cushman & Wakefields sixteen Asian offices provide clients with a full range of real estate services across Asia. Founded in 1917, Cushman & Wakefield is a leading global real estate services firm and a market leader in all businesses, including office and industrial brokerage, investment services, corporate services, valuation advisory services, residential services, retail services, and research services. In 1998, Cushman & Wakefield merged with the 178-year-old London based Healey & Baker, and now globally manages 325 million square feet, through 11,000 employees in 144 offices in 49 countries. About PREMAS International PREMAS International, a wholly-owned subsidiary of property giant CapitaLand, is the largest asset and property management company in Singapore. It manages over 25 million square feet of real estate, and provides a comprehensive scope of services ranging from consultancy and property management, engineering and township management. Based in Singapore, PREMAS International has gradually expanded its geographic spread to include offices in Beijing, Shanghai, Hong Kong and Jakarta, with a strategic presence in Kuala Lumpur.