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

BackSep 22, 2010

Part I

Date of notice to issuer

22/09/2010

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

22/09/2010

The change in the percentage level

From 47.74% % To 48.01 %

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

# Others

Allotment of 125,164,000 new units of Ascott Reit to The Ascott Limited ("TAL") and 78,004,000 new units of Ascott Reit to Somerset Capital Pte Ltd ("SCPL") under the Private Placement of the Equity Fund Raising which comprises the Private Placement and the Preferential Offering, undertaken by Ascott Reit.

The aforesaid allotments under the Private Placement will enable TAL to maintain its interest in Ascott Reit after the Equity Fund Raising. Prior to the Private Placement, TAL's interest in Ascott Reit was approximately 47.74%. Following the Private Placement, TAL's interest in Ascott Reit has increased from approximately 47.74% to 48.01%. The Preferential Offering is expected to complete on 7 October 2010 upon which TAL's interest in Ascott Reit is expected to return to approximately 47.74% from 48.01%, due to TAL's non participation in the application for Excess New Units and the Rounding Mechanism of the Preferential Offering.

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

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

The result of 2 transactions as stated in paragraph 3 of Part III above.

Part IV

Holdings of Substantial Shareholder, including direct and deemed interest :

	Direct	Deemed
No. of shares held before the change	165843426	129955058
As a percentage of issued share capital	26.77 %	20.97 %
No. of shares held after the change	291007426	207959058
As a percentage of issued share capital	28.00 %	20.01 %
Footnotes	Notes: 1. "Private Placement", "Preferential Offering", "Equity Fund Raising", "Excess New Units" and "Rounding Mechanism" shall bear the meanings set out in the Offer Information Statement of Ascott Reit dated 13 September 2010. 2. Where references are made to shares, it refers to the units in Ascott REIT. 3. Percentage unitholdings held before the change is expressed based on 619,580,074 units of Ascott REIT in issue on 10 August 2010. The Ascott Limited is deemed interested in the units of Ascott REIT held by its wholly owned subsidiaries, Somerset Capital Pte Ltd and Ascott Residence Trust Management Limited pursuant to Section 7 of the Companies Act (Cap. 50). 4. Percentage unitholdings held after the change is expressed based on 1,039,240,074 units of Ascott REIT in issue on 22 September 2010. The Ascott Limited is deemed interested in the units of Ascott REIT held by its wholly owned subsidiaries, Somerset Capital Pte Ltd and Ascott Residence Trust Management Limited pursuant to Section 7 of the Companies Act (Cap. 50).