Financial and Business Strength

Rights issue to raise approximately S$1.84 billion

CapitaLand records healthy S$1.26 billion net profit for FY2008

Third consecutive year above S$1 billion

Singapore, 9 February 2009

(PATMI) of S$1,260 million for FY2008. Excluding unrealised fair value changes, PATMI was still

above the S$1 billion mark at $1,040 million. The healthy profit is a result of the consistent

implementation of the Group’s strategy of focussing on capital productivity in its property

development and investment activities, whilst growing a solid base of sustainable fee and rental

income. This is the third consecutive year that CapitaLand has achieved net profit above

S$1 billion including FY2006 PATMI of S$1,013 million and exceptional FY2007 PATMI of

S$2,759 million.

Revenue in FY2008 was S$2,752 million compared to S$3,793 million in FY2007, contributed by

lower sales revenue from development projects in Singapore, China and Australia but mitigated by

higher fee and rental income. The Group manages five real estate investment trusts and 17

private equity real estate funds with assets under management of S$25.9 billion, a year-on-year

increase of S$8.2 billion.

Group Earnings before Interest and Tax (EBIT) for FY2008 was S$2,214 million against the

exceptional S$3,824 million achieved in FY2007. The lower EBIT in FY2008 was due to reduced

fair value gains from investment properties, lower development profits and the absence of writeback

of provisions. Contributing to FY2008 earnings were gains from the divestment of properties

in Singapore and China, mainly the outright sale of Capital Tower Beijing and Hitachi Tower, the

divestment of One George Street to CapitaCommercial Trust, and the sale of the Raffles City

portfolio into CapitaLand’s 50%-owned Raffles City China Fund.

Overseas operations remained significant contributors to earnings, in line with the Group’s multigeography,