Singapore, 19 April 2004 - CapitaLand-sponsored Japan property fund, CapitaRetail Japan Fund, is targeting to buy four to six malls in Japan, following the successful close of its first fund raising exercise. A total of 10 billion (S$155 million) worth of investment capital from institutional investors was raised. These investors comprise insurance companies, pension funds and large corporations from Asia and Europe, as well as CapitaLand which holds a 30% stake in the Fund. The Fund's targeted annual distribution yield is 7% - 10%, with a total return of 10% - 13%.With a current fund size of 10 billion, the Fund could acquire assets worth up to 30 billion after securing debt financing. Its strategy is to invest in retail assets in Japan that have secure and steady annuity incomes, and the potential for asset enhancement. It will focus on popular malls which cater to basic necessity shopping.Mr Liew Mun Leong, President and CEO of CapitaLand Limited, said, "We are pleased that CapitaRetail Japan Fund has received such positive endorsement from our network of institutional investors. It demonstrates that the investors have confidence in CapitaLand's integrated property fund and retail management business model. They like our successful track record which includes CapitaMall Trust and CapitaRetail Singapore, and our ability to enhance the value of assets in these funds. The Japan Fund provides us with an opportunity to expand our fund and retail management platform beyond Singapore. Going forward, we will create similar funds in other countries across Asia."Said Mr Kee Teck Koon, CEO of CapitaLand Financial Limited and CapitaLand Commercial Limited, "We are targeting to raise another 10 billion to 20 billion at the final close for CapitaRetail Japan Fund by the end of 2004. This would increase the fund size to between 20 billion - 30 billion, allowing us to assemble an asset portfolio worth about 100 billion over the next three to four years. The Japan retail market is attractive and provides us exciting opportunities to leverage on our retail skill sets. We are targeting possible acquisitions in the Greater Tokyo area and in other key cities like Fukuoka, Osaka and Nagoya."The fund manager and retail manager for CapitaRetail Japan Fund is CapitaLand Financial Limited ("CFL") and CapitaLand Commercial Limited ("CCL") respectively.Earlier in November 2003, CapitaLand acquired its first retail mall in Tokyo's Edogawa Ward as seed investment for the Fund. La Park Mizue, a suburban retail mall, was acquired for about S$80 million. As the largest shopping mall in the Mizue suburb and conveniently located next to the Mizue station of the Shinjuku-Toei subway line, La Park Mizue caters to the daily needs of the residents in this suburb.CFL currently manages over S$5 billion in assets which include CapitaMall Trust ("CMT"), CapitaRetail Singapore ("CRS") and CapitaCommercial Trust ("CCT"). CapitaLand launched Singapore's first listed real estate investment trust (REIT) in 2002, CMT, which invests in quality income-producing retail properties in Singapore. In September 2003, CCL set up CRS, a private retail property fund, to hold three suburban retail malls in Singapore under a securitisation structure. In May 2004, CapitaLand plans to list CCT, Singapore's first commercial property REIT, which owns a S$2 billion portfolio of properties located in the Singapore central business district.About CapitaLand

CapitaLand is one of the largest listed property companies in Asia. Headquartered in Singapore, the multinational company's core businesses in property, hospitality, property services and real estate financial services are focused in gateway cities in Asia, Australia and Europe. The company's hospitality businesses, in hotels and serviced residences, span more than 60 cities around the world. CapitaLand also leverages on its significant real estate asset base and market knowledge to develop fee-based products and services in Singapore and the region. The listed subsidiaries and associates of CapitaLand Limited include Raffles Holdings, The Ascott Group, Australand Property Group (which is listed both in Singapore and Australia) and CMT.For more information on CapitaLand, please visit www.capitaland.com.sg