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

BackApr 01, 2011
Part I
1. Date of notice to issuer 01/04/2011
2. Name of Substantial Shareholder CapitaLand Limited
3. 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
1. Date of change of Interest 30/03/2011
2. The change in the percentage level From 47.74 % To 48.49 %
3. Circumstance(s) giving rise to the interest or change in interest # Others

Receipt of an aggregate of 16,091,785 new units in Ascott Reit ("Units") by Ascott Residence Trust Management Limited (as manager of Ascott Reit) ("ARTML") in respect of the following:

(i) 754,600 Units on 4 November 2010 as payment of 50% of the Base Fee and Base Performance Fee of the Management Fees for the period from 1 July 2010 to 30 September 2010;

(ii) 2,130,699 Units on 11 February 2011 as payment of (a) 100% of the Management Fees 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; and (b) 50% of the Management Fees in respect of other properties held by Ascott Reit, for the period from 1 October 2010 to 31 December 2010; and

(iii) 13,206,486 Units on 30 March 2011 comprising (a)12,018,471 Units as payment of the Acquisition Fee in relation to the completion of the acquisition (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; and (b) 1,188,015 Units as payment of the Divestment Fee in relation to the completion of the divestment of Ascott Reit's entire interest in Ascott Beijing.

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

As ARTML is a wholly-owned subsidiary of CL, CL is deemed to be interested in the above units held by ARTML.
4. 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
1. Holdings of Substantial Shareholder, including direct and deemed interest :
 
  Direct Deemed
No. of shares held before the change 0 528,548,000
As a percentage of issued share capital 0 % 47.74 %
No. of shares held after the change 0 544,639,785
As a percentage of issued share capital 0 % 48.49 %
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 1,107,098,074 units in issue of Ascott Reit as at 7 October 2010.

3. Percentage unitholdings held after the change is expressed based on 1,123,189,859 units in issue of Ascott Reit as at 30 March 2011.