Capitaland Rights Issue

CapitaLand announced the Rights Issue to raise gross proceeds of approximately S$1.84 billion. Up to 1,415,839,907 Rights Shares will be offered at the Issue Price of S$1.30 per Rights Share on the basis of one (1) Rights Share for every two (2) existing Shares held by Shareholders as at the Books Closure Date.

Rights Issue provides all Shareholders with the pre-emptive opportunity to subscribe for the Rights Shares at the Issue Price of S$1.30 which is at a discount of approximately:

• 45% to the closing price on 6 February 2009 (being the trading day immediately preceding the date of this announcement) of S$2.36 per Share;

• 51% to the volume weighted average trading price per Share for the one-month period immediately preceding the date of this announcement of S$2.66 per Share;

• 35% to the theoretical ex-rights trading price1 of S$2.01 per Share; and

• 54% to CapitaLand’s post-Rights Issue NTA of S$2.80 per Share.

The theoretical ex-rights trading price of S$2.01 per Share is at a discount of approximately 28% to CapitaLand’s post-Rights Issue NTA of S$2.80 per Share. The theoretical ex-rights price is calculated based on the closing price of S$2.36 per Share on the SGX-ST on 6 February 2009, being the last trading day of the Shares on the SGX-ST prior to this announcement.

The Board has proposed a first and final dividend of 5.5 cents per Share for the year ended 31 December 2008. In addition, in light of CapitaLand’s good performance for the year ended 31 December 2008, the Board has decided to propose a special dividend of 1.5 cents per Share. Based on the current indicative timetable of the Rights Issue, the Rights Shares will be entitled to the dividends proposed for the year ended 31 December 2008, which will be tabled for Shareholders’ approval at CapitaLand’s upcoming annual general meeting scheduled to be held in April 2009.

Indicative Timetable

Lodgement of Offer Information Statement with MAS	Monday, 16 February 2009
Shares trade ex-Rights	Thursday, 19 February 2009 from 9.00 a.m.
Books Closure Date	Monday, 23 February 2009 at 5.00 p.m.
Despatch of the Offer Information Statement and accompanying documents, to Entitled Shareholders	Thursday, 26 February 2009
Commencement of trading of Rights	Thursday, 26 February 2009 at 9.00 a.m.
Last date and time for trading of Rights	Friday, 6 March 2009 at 5.00 p.m.
Last date and time for acceptance of and payment for Rights Shares	Thursday, 12 March 2009 at 5.00 p.m. (at 9.30 p.m. for electronic applications)
Expected date for issuance of Rights Shares	Friday, 20 March 2009
Expected date for commencement of trading of Rights Shares	Monday, 23 March 2009

As at 31 December 2008, the net debt-to-equity ratio of the Group was 0.47 and the NTA per Share was S$3.57. After adjusting for the estimated net proceeds of the Rights Issue, the proforma net debt-to-equity ratio of the Group is expected to improve to 0.28 and the NTA per Share is expected to decrease to S$2.80.

Source: Capitaland Announcement, 9 Feb 2009