LEE CHEE KOON APPOINTED AS CHIEF EXECUTIVE OFFICER OF THE ASCOTT LIMITED

(Singapore, 29 April 2013) – CapitaLand Limited (CapitaLand) wishes to announce that its wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has appointed Mr Lee Chee Koon as its Chief Executive Officer (CEO) with effect from 1 June 2013. He will succeed Mr Chong Kee Hiong who has resigned to pursue other opportunities.

Mr Chong will step down as Ascott's CEO and as a Non-Independent Non-Executive Director from the Board of Ascott Residence Trust Management Limited (ARTML), the manager of Ascott Residence Trust, with effect from 1 June 2013. Mr Lee will take over Mr Chong on the Board of ARTML, subject to approval from the Monetary Authority of Singapore.

Mr Lim Ming Yan, President and Group CEO of CapitaLand Limited said: “We thank Kee Hiong for his contributions to CapitaLand. The decision to leave is not an easy one for him and for us but we fully respect Kee Hiong’s decision to pursue the next stage of his career. Kee Hiong has served the company for 12 years and has been instrumental in leading the growth of Ascott and Ascott Residence Trust. We wish him all the best in his future endeavours”

He added: “With Chee Koon’s extensive experience in strategy development and his wealth of knowledge in operations, we are confident that he will lead Ascott to further strengthen its position as a world leader in the serviced residence industry.”

Mr Lee will relinquish his current appointments as Ascott’s Deputy CEO and Managing Director for North Asia.

Before Mr Lee joined Ascott in 2009 as its Managing Director for China, he was Vice President in the Office of the President at CapitaLand. Prior to joining CapitaLand in 2007, Mr Lee held appointments in various ministries such as the Ministry of Trade and Industry, Ministry of Finance, and the Monetary Authority of Singapore.