Disclosure of Interest of Directors/Management

Remarks
Disposal of Securities via market transaction Amount of consideration paid or received by Substantial Shareholder/Unitholder (excluding brokerage and stamp duties): 500,000 units @S$1.1420 per unit = S$571,000.00 Immediately after the transaction

No. of ordinary voting shares/units held: 1938100 (Direct Interest); 80403900 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.11720000 (Direct Interest); 4.86270000 (Deemed Interest)

Before the transaction, it consisted of 68,261,600 units held by AIA Singapore Private Limited through Citibank Nominees Singapore Pte Ltd and 12,642,300 units held by AIA International Limited. After the transaction, it consisted of 68,261,600 units held by AIA Singapore Private Limited through Citibank Nominees Singapore Pte Ltd and 12,142,300 units held by AIA International Limited. The percentage figures shown above are calculated based on 1,653,470,506 units issued shares as at 20 December, 2016.

Remarks
Disposal of Securities via market transaction Amount of consideration paid or received by Substantial Shareholder/Unitholder (excluding brokerage and stamp duties): 500,000 units @S$1.1420 per unit = S$571,000.00 Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 82342000 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 4.97990000 (Deemed Interest)

Before the transaction, it consisted of 1,938,100 units held by AIA Co Ltd (Brunei Branch) through Citibank Nominees Singapore Pte Ltd; 68,261,600 units held by AIA Singapore Private Limited through Citibank Nominees Singapore Pte Ltd and 12,642,300 units held by AIA International Limited. After the transaction, it consisted of 1,938,100 units held by AIA Co Ltd (Brunei Branch) through Citibank Nominees Singapore Pte Ltd; 68,261,600 units held by AIA Singapore Private Limited through Citibank Nominees Singapore Pte Ltd and 12,142,300 units held by AIA International Limited. The percentage figures shown above are calculated based on 1,653,470,506 units issued shares as at 20 December, 2016.

Remarks
Partial payment of base fee for the period 1 July 2016 to 30 September 2016 by way of issue of 2,135,546 new Units to Ascott Residence Trust Management Limited. Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 744506528 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 45.02000000 (Deemed Interest)

Temasek does not have a direct interest in voting units of the Listed Issuer ("Units"). Temasek is filing this notification to report a change in deemed interest from 44.95% to 45.02% due to the partial payment of base fee for the period 1 July 2016 to 30 September 2016 by way of issue of 2,135,546 new Units to Ascott Residence Trust Management Limited (the "Manager"). The filing of Temasek's deemed interest arises from the aggregation of the deemed interests held by or for the benefit of Surbana Jurong Private Limited (Surbana Jurong"), CapitaLand Limited ("CapitaLand"), DBS Group Holdings Ltd ("DBSH") and Keppel Corporation Limited ("KCL"). (A) Temasek's deemed interest through Surbana Jurong 0.026% (i) Aetos Holdings Pte. Ltd. ("Aetos") holds 0.026% of Units. (ii) Aetos is a wholly owned subsidiary of Surbana-Jurong, which is in turn an indirect wholly owned subsidiary of Temasek. (B) Temasek's deemed interest through CapitaLand 43.910% (i) CapitaLand through its wholly owned subsidiaries hold 43.910% of Units. (ii) Temasek has a more than 20% interest in CapitaLand. (C) Temasek's deemed interest through DBSH 1.064% (i) DBSH through its wholly owned subsidiary DBS Bank Ltd holds 1.064% of Units. (ii) Temasek has a more than 20% interest in DBSH. (D) Temasek's deemed interest via KCL 0.024% (i) Alpha Real Estate Securities Fund ("ARESF") holds 0.024% of Units. ARESF is an unquoted unit trust which invests primarily in equity securities issued by REITS (Real Estate Investment Trusts), LPTs (Listed Property Trust) or other property trusts listed and traded in recognized markets in and outside Singapore. (ii) KCL through its wholly owned subsidiaries has a controlling interest in ARESF and Alpha Investment Partners Limited, the manager of ARESF. (vi) Temasek has a more than 20% interest in KCL. Total deemed interest of Temasek 45.02% Surbana Jurong, CapitaLand, DBSH and KCL are independently managed Temasek portfolio companies. Temasek is not involved in their business or operating decisions, including those regarding their positions in the voting units of the Listed Issuer. The percentage of interest immediately before the change is calculated on the basis of 1,651,334,960 Units. The percentage of interest immediately after the change is calculated on the basis of 1,653,470,506 Units. In this Notice, figures are rounded down to the nearest 0.01% or 0.001%, as the case may be.

Remarks
Issue and allotment of 2,000,000 voting units to DBS Bank Ltd. ("DBS Bank") pursuant to the private placement of 94,787,000 new voting units announced in March 2016 Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 738251460 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.82000000 (Deemed Interest)

Temasek Holdings (Private) Limited ("Temasek") does not have any direct interest in the voting units of Ascott Residence Trust (the "Listed Issuer"). Temasek is filing this notification to report a change in deemed interest from 47.42% to 44.82% of voting units of the Listed Issuer due to the allotment of 2,000,000 voting units to DBS Bank pursuant to the private placement of 94,787,000 new voting units announced in March 2016. Temasek's deemed interest arises from the aggregation of the deemed interests of Aetos Holdings Pte. Ltd. ("Aetos"), CapitaLand Limited ("CapitaLand"), DBS Group Holdings Ltd ("DBSH") and Keppel Corporation Limited ("KCL"). (A) Temasek's deemed interest through Aetos 0.0267% (i) Aetos Security Management Pte. Ltd. ("ASMPL") hold 0.0267% of voting units. (ii) ASMPL is a subsidiary of Aetos which in turn is an indirect wholly owned subsidiary of Temasek. (B) Temasek's deemed interest through CapitaLand 43.6978% (i) CapitaLand through its wholly owned subsidiaries hold 43.6978% of voting units. (ii) Temasek has a more than 20% interest in CapitaLand. (C) Temasek's deemed interest through DBSH 1.0716% (i) DBSH through its wholly owned subsidiary holds 1.0716% of voting units. (ii) Temasek has a more than 20% interest in DBSH. (D) Temasek's deemed interest via KCL 0.0250% (i) Alpha Real Estate Securities Fund ("ARESF") holds 0.0250% of voting units. ARESF is an unquoted unit trust which invests primarily in equity securities issued by REITS (Real Estate Investment Trusts), LPTs (Listed Property Trust) or other property trusts listed and traded in recognized markets in and outside Singapore. (ii) KCL through its wholly owned subsidiaries has a controlling interest in ARESF and Alpha Investment Partners Limited, the manager of ARESF. (vi) Temasek has a more than 20% interest in KCL. Total deemed interest of Temasek 44.82% Aetos, CapitaLand, DBSH and KCL are independently managed Temasek portfolio companies. Temasek is not involved in their business or operating decisions, including those regarding their positions in the voting units of the Listed Issuer. The percentage of interest immediately before the change in interest is calculated on the basis of 1,552,314,363 issued voting units of the Listed Issuer. The percentage of interest immediately after the change of interest is calculated on the basis of 1,647,101,363 issued voting units of the Listed Issuer.

Remarks
Acquisition of Securities via a placement Amount of consideration paid or received by Substantial Shareholder/Unitholder (excluding brokerage and stamp duties): 7,957,000 units @S$1.055 per unit; i.e. S$8,394,635.00 Immediately after the transaction

No. of ordinary voting shares/units held: 1938100 (Direct Interest); 82218600 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.11770000 (Direct Interest); 4.99170000 (Deemed Interest)

It consisted of 68,261,600 units held by AIA Singapore Private Limited through Citibank Nominees Singapore Pte Ltd and 13,957,000 units held by AIA International Limited The shares outstanding changed from 1,552,314,363 units (as at 22 March, 2016) to 1,647,101,363 units (as at 23 March 2016).

Remarks
Acquisition of Securities via a placement Amount of consideration paid or received by Substantial Shareholder/Unitholder (excluding brokerage and stamp duties): 7,957,000 units @S$1.055 per unit; i.e. S$8,394,635.00 Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 84156700 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 5.10940000 (Deemed Interest)

1,938,100 units held by AIA Company Limited (Brunei Branch) through Citibank Nominees Singapore Pte Ltd. 68,261,600 units held by AIA Singapore Private Limited through Citibank Nominees Singapore Pte Ltd. 13,957,000 units held by AIA International Limited. The shares outstanding changed from 1,552,314,363 units (as at 22 March, 2016) to 1,647,101,363 units (as at 23 March 2016).