News

Singapore, 09 December 2002 Further to the earlier announcement on CPFIS, Ascendas-MGM Funds Management Limited ( AMFM ), the manager of the Ascendas Real Estate Investment Trust ( A-REIT ), announced today that the Ministry of Finance has confirmed in a separate letter that approval has been granted for the scope of tax transparency to be extended to two groups: Singapore permanent residents who are tax residents in Singapore and non-corporate Singapore constituted or registered entities (e.g. town councils, statutory boards); and there is a relaxation of the condition imposed in the tax ruling which originally requires a 100% distribution of taxable income to 90%.

Mr Goh Kok Huat, Chief Executive Officer of Ascendas-MGM, said, This is positive news for Singapore permanent residents who have used either Central Provident Fund Investment Scheme or cash to purchase units of A-REIT and non-corporate Singapore constituted or registered entities. Though there is a relaxation of the tax ruling, it is our current intention to distribute 100% of our income. We will continue to work closely with the regulatory authorities on the details of tax transparency for A-REIT distributions.

Visit the A-REIT website at www.a-reit.com.sg for more details.


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A-REIT has a diversified portfolio of eight properties comprising business park (including science park), light industrial and built-to-suit properties in Singapore, valued at approximately S$607.2 million (as at 1 August 2002). These properties house a tenant base of more than 300 international and local companies operating in a range of industries and activities, including research and development, life sciences, information technology, engineering and light manufacturing. Tenants include Bioprocessing Technology Centre, Federal Express, Honeywell, Institute of Microelectronics, Lilly Systems Biology, Teradyne and Venture Corporation, just to name a few. The rental income from the tenants contributes to the stable distributions to be delivered by A-REIT.

A-REIT is managed by Ascendas-MGM Funds Management Limited, a joint venture between Singapore-based Ascendas Investment Pte Ltd, a related company of Ascendas Land (Singapore) Pte Ltd, and Australian-based Macquarie Goodman Industrial Management Pty Limited.

For more information, please contact:

Media Contact

Singapore

Ho Mei Peng
Investor Relations, Ascendas-MGM Funds Management Limited
Tel: +65 6774 9152,
Mobile: +65 9668 8290,
Email: meipeng.ho@ascendas-mgm.com

Australia

Jayne Gerrie
Communications, Macquarie Goodman Management Limited
Tel: +612 9230 7400,
Mobile: +61 4090 77200,
Email: jgerrie@macquariegoodman.com.au

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