CapitaLand Limited (CapitaLand) today announced that its 2001 turnover will exceed its previous guidance. In February, CapitaLand projected that its turnover would increase in 2001 by 10 to 15%. Based on its preliminary calculations, the company expects to report 2001 turnover growth in excess of 15%. Consistent with its previous guidance, CapitaLand anticipates recording a full year 2001 loss comparable to the full year loss it recorded in 2000. To assist analysts in updating their earnings estimates, CapitaLand provides the following information on recent events: Deferral of the listing of the Singmall Property Trust (SPT): In our 3Q01 earnings release, we stated that the listing of the SPT would result in a gain of S$99 million at the Group level. Because we have deferred the IPO of the SPT, the Group will not recognize this gain in 4Q01. (The Group will, however, recognize a gain of S$29.2 million on the sale of 131 Finsbury Pavement in London in 4Q01.) In addition, the Group incurred pre-payment expenses associated with the early repayment of loan on Tampines Mall. Provisions attributable to certain CapitaLand overseas properties, The Ascott Group Limited and Raffles Holdings Limited: All Strategic Business Units (SBUs) have substantially completed their property valuations. Having made appropriate provisions in August, the Residential SBU need not make further provisions for its Singapore residential assets at year end 2001. However, consistent with our policy to accurately reflect the current value of our assets on our balance sheet, the Residential SBU will write down the value of its Hong Kong residential property. Any provisions related to Singapore commercial properties will not materially impact the profit & loss statement as they will be offset by revaluation reserves for domestic properties. The Commercial SBU will take provisions on certain commercial properties outside Singapore. These provisions will flow through to the profit & loss statement. Our listed subsidiaries, The Ascott Group Limited and Raffles Holdings Limited will also take certain provisions. Despite these provisions, both of these listed subsidiaries will post a full year profit. ______________________________________________ CapitaLand will release its results for the quarter and year ending 31 December 2001 and provide guidance on its expectations for 2002 on or about February 8, 2002. 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 current view of management on future events. The company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.