CapitaLand: Boosted By Divestment Gains

CapitaLand Limited (CapLand) posted a 25.6% YoY drop (-18.6% QoQ) in 3Q08 PATMI to
S$419.4m, which accounts for 38.2 - 38.6% of our FY08 estimates and the Street’s. Stripping
away divestment gains, namely from the sale of Capital Tower Beijing, Raffles City China
portfolio and 1 George Street, 3Q08 PATMI would have been S$102.0m.
3Q08 Topline was down 33.3% YoY to S$597.2m, on the back of lower sales from development
projects as fewer projects were launched for sale in China. On the bright side, this was mitigated
by new malls in Malaysia and, as well as better performance from REITs and investment
properties.

The Material provided above is for information only and does not constitute an offer or solicitation to purchase or sell the shares mentioned