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

BackMar 10, 2009

Part I

Date of notice to issuer

10/03/2009

Name of Substantial Shareholder

CapitaLand Limited ("CL")

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 Deemed Interest

06/03/2009

The change in the percentage level

From 46.46 % To 47.23 %

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

# Others

Change in deemed interest due to the following circumstances:

(1) The issue of 136,312 new units in Ascott Reit to Ascott Residence Trust Management Limited ("ARTML") for payment of Acquisition Fee (as defined in the trust deed dated 19 January 2006 constituting Ascott Reit) 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.

(2) The issue of 789,338 new units in Ascott Reit to ARTML for payment of management fees to ARTML on 14 August 2007.

(3) The issue of 565,873 new units in Ascott Reit to ARTML for payment of management fees to ARTML on 30 November 2007.

(4) The issue of 569,242 new units in Ascott Reit to ARTML for payment of management fees to ARTML on 15 February 2008.

(5) The issue of 734,329 new units in Ascott Reit to ARTML for payment of management fees to ARTML on 6 May 2008.

(6) The issue of 880,751 new units in Ascott Reit to ARTML for payment of management fees to ARTML on 31 July 2008.

(7) The issue of 2,403,409 new units in Ascott Reit to ARTML for payment of management fees to ARTML on 31 October 2008.

(8) The issue of 2,782,849 new units in Ascott Reit to ARTML for payment of management fees to ARTML on 6 March 2009.

As ARTML is an indirect wholly-owned subsidiary of CL, CL 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	0	280,953,628
As a percentage of issued share capital	0 %	46.46 %
No. of shares held after the change	0	289,815,731
As a percentage of issued share capital	0 %	47.23 %
Footnotes	Notes: 1. Where references are made to shares, it refers to the units in Ascott Reit. 2. Based on 604,735,218 units in issue of Ascott Reit as at 26 March 2007. 3. Based on 613,597,321 units in issue of Ascott Reit as at 6 March 2009.