Singapore, 01 March, 2004 CapitaRetail Singapore Limited, a private property fund whichowns three suburban malls in Singapore, has successfully closed a S$506 million issue of Commercial Mortgage Backed Securities (CMBS). This is the first CMBS issue with Eurodenominated Notes launched out of Singapore todate.The CMBS comprises five classes of Notes/Bonds denominated in Euros (Class A and B Notes) and Singapore dollars (Class C, D and E Bonds). The Notes/Bonds are backed by the cashflow and mortgages of three Singapore retail properties, namely, Lot One Shoppers' Mall, Bukit Panjang Plaza, and Rivervale Mall. All the Notes/Bonds have a final maturity datein August 2009.The Class A, B and C Notes/Bonds have been rated by the three international rating agencies: Fitch, Moody's and Standard & Poor's. The ratings are as follows:Class:ASize:EUR67.5 million Rating: AAA/Aaa/AAAClass:BSize:EUR13.5 million Rating: AA/Aa2/AAClass:CSize:S$33.0 million Rating: A/A2/AClass:DSize:S$83.0 millionRating: NRClass:ESize:S$213.0 million Rating: NRTotal: S$506.0 millionThe CapitaRetail Singapore Fund was originated, structured and launched last year by CapitaLand Financial Limited, a wholly-owned subsidiary of CapitaLand. CapitaLand Financial was also the arranger for the Class E Bonds (equity tranche). The Fund is managed by CapitaLand through its indirect wholly-owned subsidiary, CapitaRetail Singapore Management Pte Ltd.Said Mr Liew Mun Leong, President and CEO of CapitaLand, "We are very pleased with the success of the CMBS issue. The multi-tiered capital structure we have put in place has allowed us to meet the demands of a variety of global investors from several countries with different risk appetites. The strong demand we have seen across all tranches is testament to the confidence the investors have in the CapitaRetail Singapore Fund."BNP Paribas and OCBC Bank were the joint arrangers for the Class A, B, C and D Notes/Bonds.About CapitaLandCapitaLand is one of the largest listed property companies in Asia.Headquartered in Singapore, the multi-national company's core businesses are in residential, commercial and industrial property and property-related services, such as property funds and real estate financials. The real estate business is focused in selected gateway cities in China, Australia and the UK. In these countries, CapitaLand is in partnership with reputable local players and has established a management team that understands the market, business practices and socio-economic factors.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.For more information on CapitaLand, please visit www.capitaland.com.sg