"Raffles International Limited is the wholly-owned hotel management subsidiary of Raffles Holdings Limited.

Mr. Liew Mun Leong, Chairman of the Executive Committee of Raffles Holdings and President and Chief Executive of CapitaLand, said: "Expanding the presence of Raffles International in a major city in Japan, such as Osaka, has been one of our major goals. I am pleased that we have achieved this objective with a very established partner such as Nankai Electric Railway Co. Limited. With this agreement, we have steadily widened our hospitality footprint in Japan where we currently already have a strategic alliance to explore business opportunities." CapitaLand is the majority shareholder of Raffles Holdings.

Added Ms Jennie Chua, President and CEO of Raffles Holdings, "Japan is one of the top five source markets for our hotels in the Asia Pacific and among the top 10 for the majority of our international hotels. Our company is hence familiar with the Japanese travel market and we are fortunate to enjoy excellent ties with the Japanese travel community. The name Raffles, through our flagship Raffles Hotel in Singapore, is well-recognised and enjoys a good reputation among the Japanese. We believe that the domestic travel community and international travel market will be assured of the quality standards of Raffles International when we take over the management of the Nankai South Tower Hotel." President of Nankai Electric Railway Co. Ltd, Mr. Makoto Yamanaka, said: "The district we call 'Minami' is where the Nankai group started, and it remains the centre of our company's business. We see it as our mission to turn Minami into an even more exciting, forward-looking district that serves as a gateway for Kansai International Airport and offers attractions for people from around the world."

He added: "This fall, our company will launch Nankai Parks, an ambitious project encompassing office buildings, entertainment facilities and a rooftop park. Since hotels are a big part of what Minami has to offer, I am delighted that this alliance with Raffles International, a well-respected international hotel management company, will benefit the upcoming Nankai Parks project."

This lease agreement for the Nankai South Tower Hotel is an important step in furthering Raffles Holdings' stated strategic objectives of expanding its geographical footprint and pursuing asset light growth in gateway cities. The Group's portfolio now expands to 38 hotels in 33 destinations worldwide.

About Nankai South Tower Hotel, Osaka

Located in the heart of "Minami", one of the two commercial centres in Osaka, Nankai South Tower Hotel was opened in March 1990. The 36-floor super skyscraper, currently operated by Nankai South Tower Hotel Co., a subsidiary of Nankai Electric Railway, has 548 rooms and suites and nine Food and Beverage establishments. It is in the middle of the shopping district and 30 minutes to Kansai International Airport by the Airport Express Train.

The city of Osaka is the second largest commercial city and an international cultural crossroad of Japan. It has an active economy based on large-scale production and market consumption. The City of Osaka has highly concentrated wholesale and information related services that fulfill central administrative needs and support various economic activities.

About Nankai Electric Railway Co.

Founded in December 1885, Nankai Electric Railway Co. was the first railway system in Japan to be built entirely with private capital. With its nucleus in the Nanba Terminal, the company has worked since then to provide the community, its residents and visitors with a comprehensive range of the necessities and amenities of life. Two years from now the firm will celebrate its 120th year in business.

Nankai's core business is public transportation. Its trains, buses and ships link Minami with Wakayama through a wide-ranging system of inter-city transport. The firm also operates real estate rental agencies, shopping centres and other retail outlets, sports clubs, amusement parks and other entertainment facilities in and around the region.

Nankai trains whisk passengers to Kansai International Airport in about 30 minutes, while limousine buses provide airport service from many cities..

About Raffles International

Raffles International Limited, formed in 1989, is a name well respected in the industry for its standards of quality, award-winning concepts and innovative approach towards hotel management.

Raffles International's hotels and resorts are marketed under a two-tiered brand structure. The "Raffles brand" hotels distinguish themselves by the highest standards of products and services available in major cities on an international level. The "Swissôtel" hotels offer quality accommodation and the full range of modern facilities and amenities expected by today's discerning traveller, with an emphasis on quality and comfort. Many hotels in the Raffles International portfolio have been voted top hotels in the world.

Raffles International also operates one of the largest spa networks in the world - Amrita Spa. Raffles International's Amrita facilities are found in 15 locations. These include Raffles L'Ermitage, Beverly Hills in USA; Swissôtel Quito in Ecuador; Le Montreux Palace in Switzerland; Swissôtel Berlin in Germany, Raffles Brown's Hotel in the UK and Swissôtel Dalian. Raffles International also operates the SPAcademy, Singapore's premier spa education and skills training institute. The Raffles International Training Centres in Singapore and Phnom Penh offer training programmes for the hospitality and service industry.

About Raffles Holdings and CapitaLand Raffles International Limited is the hotel management subsidiary of Raffles Holdings Limited. Raffles Holdings Limited's portfolio comprises hotels and resorts in major destinations across Asia, Australia, Europe, North America and South America. Raffles Holdings is a subsidiary of CapitaLand Limited. Both companies are listed on the Singapore Exchange Securities Trading Limited.

CapitaLand is one of the largest listed property companies in Asia. Headquartered in Singapore, the multi-national company's core businesses in residential, commercial and industrial property and property-related services, such as property funds and real estate financials are focused in select gateway cities in China, Australia and the UK. In these countries, CapitaLand is in partnership with reputable local players and has established a management team that understands the market, business practices and socio-economic factors.

The Company's hospitality businesses, in hotels and serviced residences, span more than 50 cities around the world. 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.