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Distribution In Specie Of Units In CapitaCommercial Trust - High Court Approval For Capital Reduction

BackApr 20, 2004

The Board of Directors (the "Board") of CapitaLand Limited (the "Company") refers to the announcement dated 6 February 2004 entitled "The Establishment of CapitaCommercial Trust and the Distribution In Specie of Units in CapitaCommercial Trust to Shareholders" and its circular to Shareholders dated 16 March 2004 ("Circular"). Unless otherwise defined, capitalised terms used in this announcement shall have the same meaning as defined in the Circular despatched to Shareholders.

The Board is pleased to announce that the High Court of the Republic of Singapore has given its approval and confirmation for the Capital Reduction on 16 April 2004 and that the Order of Court confirming the Capital Reduction has been extracted. The Capital Reduction and the Distribution In Specie will become effective upon the electronic filing of the Order of Court with the Accounting and Corporate Regulatory Authority ("Effective Date"). An announcement confirming the Effective Date and the date of commencement of trading of the CCT Units on the Main Board of the SGX-ST will be made in due course.

This announcement is not an offer of securities for sale in the United States. Securities may not be sold in the United States unless they are registered or are exempt from registration. The Company does not intend to register any portion of this offering in the United States or to conduct a public offering in the United States. Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about the Company and its management, as well as financial statements. Copies of this announcement are not being, and should not be, distributed in or sent into the United States.

It may be unlawful to distribute these materials in certain jurisdictions.

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In particular, the units of CapitaLand Commercial Trust have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the U.S. Securities Act. The units of CapitaLand Commercial Trust are only being offered outside the United States in reliance on Regulation S under the U.S. Securities Act or otherwise pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the U.S.

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