ASCOTT REITs 3Q 2008 UNITHOLDERS’

Extract of Ascott REIT's 3Q results attached below:

Higher contributions from organic growth and newly acquired properties

Singapore, 22 October 2008 – Ascott Residence Trust (Ascott Reit) achieved a unitholders’ distribution1 of S$15.86 million for the quarter ended 30 September 2008, a 32 percent increase compared to the same period last year. Distribution per unit (DPU) for the quarter ended 30
September 2008 is 2.61 cents, a 31 percent increase over the same period
last year.

Mr Lim Jit Poh, Ascott Residence Trust Management Limited’s (ARTML) Chairman, said: “Ascott Reit has again posted strong operating performance for 3Q 2008. Revenue increased S$10.7 million, of which 66 percent is attributable to organic growth across the portfolio and the remaining 34 percent was contribution from newly acquired properties subsequent to 3Q
2007.”

Mr Lim added: “We will continue to focus on active management of our properties to maximise asset yields to deliver stable returns to unitholders, despite the difficult economic conditions. We have been prudent in managing our balance sheet and will continue to apply an active but
conservative approach to capital management whilst keeping a look out for yield accretive acquisitions.”

Mr Chong Kee Hiong, ARTML’s Chief Executive Officer, said: “Ascott Reit has continued to benefit from geographical diversification and the extended stay business model. Our serviced residences posted strong Revenue per Available Unit (RevPAU) growth of 21 percent.

There is no distribution declared for the period 1 July to 30 September 2008. Ascott Reit makes distributions to unitholders on a semi-annual basis, with the amount calculated as at 30 June and 31 December each year for the six-month period ending on each of the said dates.

As at 30 September 2008, Ascott Reit Group’s gearing was 34.9 percent, well within the 60 percent gearing limit allowable under MAS property fund guidelines, with an average cost of debt of 3.3 percent and a healthy interest cover of 5.1 times. More than 70 percent of our debt is on fixed rate as we have consistently taken a conservative approach to capital management. Ascott Reit has approximately S$84.6 million or approximately 15 percent of its total debt due for refinancing in the fourth quarter of 2008. Ascott Reit has sufficient cash and bank facilities to meet these refinancing needs.

More than 80 percent of Ascott Reit’s total debt are only due for refinancing in 2011 and beyond.

About Ascott Residence Trust

Ascott Residence Trust (Ascott Reit) is the first Pan-Asian serviced residence real estate investment trust established with the objective of investing primarily in real estate and real estate-related assets which are income-producing and which are used, or predominantly used, as serviced residences or rental housing properties in the Pan-Asian region. Comprising an initial asset portfolio of 12 strategically located properties in seven Pan-Asian cities, Ascott Reit was listed with an asset size of about S$856 million in March 2006. Ascott Reit’s portfolio has since expanded to S$1.53 billion, comprising 37 properties with 3,552 units in 11 cities across seven countries as at 30 September 2008.

Ascott Reit is managed by Ascott Residence Trust Management Limited, an indirect whollyowned subsidiary of CapitaLand, one of Asia’s largest real estate companies. Properties in Ascott Reit’s portfolio which have recently won awards include Somerset Gordon Heights in Melbourne, Australia which was named the winner in the New Tourism Development Accommodation category at the Hotel, Motel & Accommodation Association (HMAA) of Victoria Awards for Excellence. In Vietnam, Somerset Grand Hanoi, Somerset Ho Chi Minh City and Somerset Chancellor Court, Ho Chi Minh City received the Guide Award for excellent performance in hospitality for 2007-2008. In March 2008, Ascott Beijing won the 2007 China Hotel Starlight Awards in ‘The Best International Apartment Type Hotel of China’.