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

BackJan 23, 2009
Part I
1. Date of notice to issuer 23/01/2009
2. Name of Substantial Shareholder Ascendas Funds Management (S) Limited ("AFM")
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 Deemed Interest 21/01/2009
2. The change in the percentage level From 27.11 % To 22.71 %
3. Circumstance(s) giving rise to the interest or change in interest # Others

Pursuant to the issuance of new units on 21 January 2009 in connection with the private placement, the total number of units in A-REIT in issue has increased to 1,589,763,013.
4. A statement of whether the change in the percentage level is the result of a transaction or a series of transactions: The change in the percentage level is the result of the transaction referred to in Part III (3) above.
Part IV
1. Holdings of Substantial Shareholder, including direct and deemed interest :
 
  Direct Deemed
No. of shares held before the change 23,821,380 337,223,743
As a percentage of issued share capital 1.79 % 25.32 %
No. of shares held after the change 23,821,380 337,223,743
As a percentage of issued share capital 1.50 % 21.21 %
Footnotes A. Where reference is made to shares, it refers to units in Ascendas Real Estate Investment Trust ("A-REIT").

B. The percentages before the change were computed based on 1,331,763,013 units in issue as at 16 December 2008.

C. The percentages after the change were computed based on 1,589,763,013 units in issue as at 21 January 2009.

D. AFM is deemed to be interested in the units held by Ascendas Land (Singapore) Pte Ltd by virtue of the operation of Section 7 of the Singapore Companies Act, Cap. 50.