For Immediate Release 29 March 2006 NEWS RELEASE

MGM MIRAGE and CapitaLand submit proposal for Marina Bay Integrated

Singapore, 29 March 2006 – MGM MIRAGE and CapitaLand today submitted their joint proposal for the Marina Bay Integrated Resort (IR) to the Government at the ’s office.

Mr J Terrence Lanni, Chairman and CEO of MGM MIRAGE, said: “Today marks the culmination of a long creative effort. With our partners at CapitaLand, we submit a proposal for the Marina Bay Integrated Resort which will have inspiring architecture and compelling amenities appealing to international business travellers and tourists. Our proposal not only satisfactorily fulfils the goals of the Singapore Tourism Board, but will immediately become a vital element of a growing Singapore economy. The resort we propose is also something I believe Singaporeans will be proud to have in their city and represent Singapore to the world. We stand behind our proposal with the full strength of both our companies and with our experience in the development and operation of world-class . We are proud to be a part of such an important day in Singapore’s future.”

Mr Liew Mun Leong, President and CEO of CapitaLand Group, said: “We have put together a compelling proposal, which brings together the best of East and West in resort planning and entertainment. MGM MIRAGE is also a leader in the global MICE business, operating more than half of the privately-owned MICE space in Las Vegas, the largest convention city in the world. We believe that ours is a partnership of strength, one that harnesses the best ideas and resources globally to create a world-class resort which will appeal to Singaporeans and visitors alike. With this stunning project, we will build a unique and iconic resort that will make Singapore a ‘must visit’ city in Asia."

The MGM-CapitaLand partnership was first announced on 20 January 2005, prior to the Request for Concept submission. MGM MIRAGE will have the majority 60 per cent stake in the IR, while CapitaLand will have the remaining 40 per cent. This partnership has remained unwavering and firm in its commitment to create a world-class integrated resort at Marina Bay. MGM MIRAGE has indicated that the Marina Bay IR would be the company’s flagship property in Asia.

Page 1 of 2 About MGM MIRAGE MGM MIRAGE, (NYSE: MGM), one of the world's leading and most respected and gaming companies, owns and operates 23 properties located in Nevada, Mississippi and Michigan, and has investments in four other properties in Nevada, New Jersey, Illinois and the United Kingdom. MGM MIRAGE has also announced plans to develop Project CityCenter, a multi-billion dollar integrated urban development project in the heart of Las Vegas, and has a 50 per cent interest in MGM Grand Macau, a hotel- resort currently under construction in Macau S.A.R. MGM MIRAGE supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE also has been the recipient of numerous awards and recognitions for its industry-leading Diversity Initiative and its community philanthropy programs. For more information about MGM MIRAGE, please visit the company's website at www.mgmmirage.com.

About CapitaLand Group (www.capitaland.com.sg) CapitaLand is one of the largest listed property companies in Asia. Headquartered in Singapore, the multinational company's core businesses in property, hospitality and real estate financial services are focused in gateway cities in Asia Pacific, Europe and the Middle East.

The company's property and hospitality portfolio spans more than 70 cities in 18 countries. CapitaLand also leverages on its significant real estate asset base and market knowledge to develop fee-based products and services in Singapore and the region.

The listed subsidiaries and associates of CapitaLand include The Ascott Group, Raffles Holdings, CapitaMall Trust, CapitaCommercial Trust and Australand, which is listed both in Singapore and Australia.

Issued by : CapitaLand Limited (Regn. No.: 198900036N) Date : 29 March 2006

For more information, please contact:

Media Contact: CapitaLand Limited MGM MIRAGE Julie Ong Gordon Absher Corporate Communications Corporate Affairs CapitaLand Limited MGM MIRAGE DID : +65 68233541 DID: +1-7028917006 [email protected] [email protected]

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