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Notice Of A Change In The Percentage Level Of A Substantial Shareholder's Interest

BackMay 08, 2012

Part I

Date of notice to issuer

08/05/2012

Name of Substantial Shareholder

The Ascott Limited

Notice Type

Notice of a Change in the Percentage Level of a Substantial Shareholder's Interest or Cessation of Interest.

Part II - Not Required

Part III

Date of change of Interest

04/05/2012

The change in the percentage level

From 48.49 % To 49.02 %

Circumstance(s) giving rise to the interest or change in interest

# Others

Receipt of an aggregate of 11,591,325 new units in Ascott REIT ("Units") by Ascott Residence Trust Management Limited (as manager of Ascott REIT) ("ARTML") in respect of the following:

(i) 2,029,969 units on 6 May 2011 as payment of the Management Fees for the period from 1 January 2011 to 31 March 2011 (both dates inclusive).

(ii) 2,160,661 units on 2 August 2011 as payment of the Management Fees for the period from 1 April 2011 to 30 June 2011 (both dates inclusive).

(iii) 2,490,971 units on 1 November 2011 as payment of the Management Fees for the period from 1 July 2011 to 30 September 2011 (both dates inclusive).

(iv) 2,631,595 units on 3 February 2012 as payment of the Management Fees for the period from 1 October 2011 to 31 December 2011 (both dates inclusive).

(v) 2,278,129 units on 4 May 2012 as payment of the Management Fees for the period from 1 January 2012 to 31 March 2012 (both dates inclusive).

As ARTML is a wholly-owned subsidiary of TAL, TAL is deemed to be interested in the above units held by ARTML.

A statement of whether the change in the percentage level is the result of a transaction or a series of transactions:

A series of transactions

Part IV

Holdings of Substantial Shareholder, including direct and deemed interest :

	Direct	Deemed
No. of shares held before the change	307,592,000	237,047,785
As a percentage of issued share capital	27.39 %	21.10 %
No. of shares held after the change	307,592,000	248,639,110
As a percentage of issued share capital	27.11 %	21.91 %
Footnotes	1. Where references are made to shares, it refers to the units in Ascott Reit. 2. Percentage unitholdings held before the change is expressed based on 1,123,189,859 units in issue of Ascott Reit as at 30 March 2011. 3. Percentage unitholdings held after the change is expressed based on 1,134,781,184 units in issue of Ascott Reit as at 4 May 2012.