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

BackNov 03, 2011

Part I

Date of notice to issuer

02/11/2011

Name of Substantial Shareholder

Somerset Capital Pte Ltd ("SCPL")

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

01/11/2011

The change in the percentage level

From 18.78 % To 17.96 %

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

# Others

(1) Receipt of an aggregate of 37,618,242 new units in Ascott Residence Trust ("Ascott Reit") ("Units") by Ascott Residence Trust Management Limited (as manager of Ascott Reit) in respect of the following:

(i) An aggregate of 24,081,121 Units in payment of (a) 100% of the Management Fees (comprising Base Fee and Base Performance Fee) for the period from 1 October 2010 to 30 September 2011 in respect of the 28 properties in Europe, Vietnam and Singapore that were acquired by Ascott Reit on 1 October 2010, as disclosed in the Circular to unitholders dated 20 August 2010 for such acquisition; (b) 50% of the Management Fees for the period from 1 January 2007 to 30 September 2011 in respect of other properties held by Ascott Reit; and (c) 50% of the Additional Outperformance Fee for the years ended 31 December 2007 and 31 December 2008.

(ii) 136,312 Units in payment of Acquisition Fee in relation to the completion of the acquisition by Ascott Reit of the remaining 60% of the issued share capital of East Australia Trading Company (S) Pte Ltd on 27 July 2007.

(iii) 194,323 Units in payment of Acquisition Fee in relation to the completion of the acquisition by Ascott Reit of the entire issued share capital of The Ascott (Vietnam) Investments Pte Ltd on 1 December 2009.

(iv) 12,018,471 Units in payment of Acquisition Fee in relation to the completion of the acquisition by Ascott Reit (directly or indirectly through the acquisition of shareholding interests) of 28 serviced residence properties comprising one in Singapore, one in Vietnam, 17 in France, four in the United Kingdom, two in Belgium, two in Germany and one in Spain on 30 March 2011.

(v) 1,188,015 Units in payment of Divestment Fee in relation to the completion of the divestment of Ascott Reit's entire interest in Ascott Beijing on 30 March 2011.

(2) 419,660,000 Units under the Private Placement of the Equity Fund Raising undertaken by Ascott Reit on 22 September 2010, including 78,004,000 Units to SCPL.

(3) 67,858,000 Units under the Preferential Offering of the Equity Fund Raising undertaken by Ascott Reit on 7 October 2010, including 11,357,798 Units to SCPL.

"Base Fee", "Base Performance Fee", "Management Fees", "Additional Outperformance Fee", "Acquisition Fee" and "Divestment Fee" are defined in the trust deed dated 19 January 2006 constituting Ascott Reit (as amended).

"Private Placement", "Preferential Offering" and "Equity Fund Raising" shall bear the meanings set out in the Offer Information Statement of Ascott Reit dated 13 September 2010.

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	113,569,202	0
As a percentage of issued share capital	18.78 %	0 %
No. of shares held after the change	202,931,000	0
As a percentage of issued share capital	17.96 %	0 %
Footnotes	1. Where reference is made to shares, it refers to the units in Ascott Reit. 2. Percentage unitholdings held before the change is expressed based on 604,735,218 units in issue of Ascott Reit as at 26 March 2007. 3. Percentage unitholdings held after the change is expressed based on 1,129,871,460 units in issue of Ascott Reit as at 1 November 2011.