Investor Relations

Clarification On Business Times Report

Ascott Residence Trust Management Limited (the "Manager"), manager of Ascott Residence Trust ("Ascott Reit") refers to the Business Times article dated 25 November 2010, entitled "Ascott Raffles Place said to be on the market".

Ascott REIT had, by an agreement (the "ROFR Agreement") entered into on 20 January 2006 (as amended) with The Ascott Limited ("TAL"), acquired a right of first refusal over the proposed purchases or sales by TAL of properties which are used, or primarily used, as serviced residences or rental housing in the Pan-Asian region and Europe. With respect to Ascott Raffles Place Singapore, no offer under the right of first refusal has been received by the Manager from TAL and no definitive agreement has been entered into as at the date of this announcement.

The Manager is continually evaluating various yield-accretive assets for the purposes of expanding Ascott Reit's portfolio of serviced residences. The Manager will, in compliance with the SGX listing rules, make the appropriate announcement if and when there are any material developments.