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DBS Land Shareholders Vote in Favour of Merger with Pidemco Land

Singapore, 18 October, 2000

CapitaLand will be the largest listed property company in Singapore and Southeast Asia

18 October 2000, Singapore : DBS Land shareholders at the Court Meetings and Extraordinary General Meeting earlier today voted in favour of the proposed merger with Pidemco Land to form CapitaLand.

"We would like to express our appreciation to shareholders for their confidence in the management of DBS Land and Pidemco Land to form CapitaLand. We will now press full steam ahead to deliver to shareholders the value we believe CapitaLand can create.

Your endorsement of the merger places us in a position to achieve our common vision to become a world-class property company which will deliver sustainable shareholder value," said Mr Hsuan Owyang, Chairman of DBS Land.

CapitaLand will be the largest listed property company in Singapore and Southeast Asia with a wide geographic presence in the Asia Pacific region and London with operations in 31 cities in 15 countries.

Voting Patterns

There were four meetings held today and the requisite majority of shareholders at the Court meetings and the Extraordinary General Meeting have voted in favour of the resolutions proposed. The results of the voting on a poll are as follows:

a) At the Court Meeting of Shareholders :
For : 86 %
Against : 14%

b) At the EGM of Shareholders and RCCPS holders :
- on special resolution 1,
For : 87%
Against : 13%
- on special resolution 2,
For : 87%
Against : 13%
- on ordinary resolution 3,
For : 87%
Against : 13%

c) At the Court Meeting of RCCPS holders:
For : 100%
Against : -

The RCCPS Holders Meeting has been adjourned to 25 October 2000 at noon at Stamford Ballroom, The Westin Stamford & Westin Plaza, due to a lack of quorum.

The Board of Directors are pleased to announce that the merger will continue as planned notwithstanding the adjournment, as the merger is not conditional upon the RCCPS scheme of arrangement.

DBS Land shares will be exchanged for equivalent new shares in CapitaLand Limited, which will be listed on SGX after the merger is effective. CapitaLand shares are expected to trade on the SGX on a "when issued" basis on 21 November 2000 and a "ready" basis on 27 November 2000.

(Please see below for press release issued by Pidemco Land)


Pidemco Land to Merge with DBS Land to Create CapitaLand

18 October, Singapore : Pidemco Land is pleased that the proposed merger with mainboard-listed DBS Land will proceed as planned following the positive majority vote by DBS Land's shareholders today at the latter's extraordinary general meeting on the merger.

"We would like to thank the DBS Land shareholders who have voted in favour of the merger to form CapitaLand Limited. On behalf of the team leading CapitaLand , I would like to assure all shareholders and interested parties that we will endeavour to do our best to create a company that can deliver world-class businesses and sustainable and enhanced shareholder value," said Mr Liew Mun Leong, President of Pidemco Land. and President and CEO-designate for CapitaLand.

Eighty-seven per cent of the votes cast at the DBS Land EGM today were in favour of the merger which will create CapitaLand Limited, the largest listed property company in Singapore and Southeast Asia. The company's core businesses include residential, commercial, fund management, hotels, serviced residences and property services. It has a strong presence in the Asia-Pacific region and London with operations in 31 cities in 15 countries.

The merger brings together two highly experienced management teams, drawn from Pidemco Land and DBS Land, who have considerable depth and breadth of skills, expertise and knowledge of the local and international property markets. The following are the Key Management Designates of CapitaLand :

As first announced on July 12th, 2000, the Chairman of CapitaLand will be Mr Philip Yeo (currently Pidemco Land's Chairman) while Mr Hsuan Owyang (DBS Land Chairman) will be the Deputy Chairman of the Merged Group. The President and Chief Executive Officer will be Mr Liew Mun Leong.

Mr Hiew Yoon Khong will be the Chief Financial Officer for CapitaLand Group and Mrs Lim Joke Mui is the Group Company Secretary and concurrently the Chief Financial Officer for the Commercial and Fund Management business units. Key management heading CapitaLand's Strategic Business Units are:

- Mr Ed Ng, CEO, Commercial
- Mr Ed Ng, CEO, Fund Management
- Mr Tham Kui Seng, CEO, Residential
- Mr Anthony Seah, CEO, Property Services
- Mr Kee Teck Koon, CEO, Serviced Residences
- Mr Richard Helfer, CEO, Raffles Holdings Limited (Hotels)

DBS Land shares will be exchanged for equivalent new shares in CapitaLand Limited, which will be listed on SGX after the merger is effective. CapitaLand Limited is expected to trade on a "when issued" basis on the Singapore Exchange on November 21, 2000 and on a "ready" basis on November 27, 2000. A further announcement will be made when the dates are confirmed.


Issued by: Pidemco Land
Date: Oct 18, 2000