The Board of Directors of CapitaLand Limited wishes to announce that, further to its announcement on 28 November 2001, its indirect wholly-owned subsidiary, SingMall Property Trust Management Limited ("SPTML"), the manager of the private trust, SingMall Property Trust ("SPT"), has today signed separate subscription agreements with Fairprice Investment Pte Ltd ("Fairprice") and Quek Shin & Sons Pte Ltd ("Quek Shin") for Fairprice and Quek Shin to subscribe for an aggregate of 95 million units in the SPT. 

An aggregate of 720 million units at S$1 per unit will be issued in the SPT. 625 million units have been subscribed by CapitaLand Investments Pte Ltd ("CIPL") and Pyramex Investments Pte Ltd ("Pyramex") (both indirect wholly-owned subsidiaries of CapitaLand Limited), for an aggregate subscription price of S$625 million.

Under the said subscription agreements, Fairprice and Quek Shin have agreed to subscribe for 65 million and 30 million units in the SPT for an aggregate subscription price of S$65 million and S$30 million respectively.

The proceeds from the above subscription of 720 million units are to be used towards the purchase of Tampines Mall, Junction 8 Shopping Centre and Funan The IT Mall by the SPT, which is scheduled to be completed on 28 December 2001.

None of the Directors of CapitaLand Limited has any interest, direct or indirect, in the transactions described above and the Directors are not aware of any substantial shareholders of CapitaLand Limited having any interest in the transactions.