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Confirmation Of Effective Date Of Capital Reduction And Distribution In Specie And Announcement Of The Total Number Of CCT Units In Issue And Listed

BackMay 15, 2004

The Board of Directors (the "Board") of CapitaLand Limited ("CapitaLand" or "Company") refers to its circular (the "Circular") to shareholders ("Shareholders") of CapitaLand dated 16 March 2004 and its announcement dated 22 April 2004 entitled "Distribution In Specie of Units in CapitaCommercial Trust - Notice of Books Closure and Dates in relation to the Trading of CCT Units". Unless otherwise defined, capitalised terms used in this announcement shall have the same meaning as defined in the Circular despatched to Shareholders.

The Board wishes to confirm that the Capital Reduction and Distribution In Specie took effect today. As of the date of this announcement, an aggregate of 839,116,700 CCT Units are in issue, of which 503,896,645 CCT Units were distributed to Shareholders pursuant to the Distribution In Specie. All the CCT Units have been listed on Singapore Exchange Securities Trading Limited (the "SGX-ST") since the commencement of "when issued" trading in the CCT Units on 11 May 2004. The CCT Units will begin trading on a "ready" basis on the SGX-ST at 9.00 a.m. on 17 May 2004.

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