Ascott Residence Trust

Ascott Residence Trust announced its DPU for 3.77 cents per unit.

NOTICE IS HEREBY GIVEN THAT the Transfer Books and Register of Unitholders of Ascott Residence Trust (“Ascott Reit”) will be closed on 29 January 2010 at 5.00 p.m. (the “Books Closure Date”) to determine entitlements of holders of units in Ascott Reit (“Units” and holder of Units, “Unitholders”) to Ascott Reit’s distribution of 3.77 cents per unit for the period from 1 July 2009 to 31 December 2009 (the “Distribution”). Unitholders whose securities accounts with The Central Depository (Pte) Limited are credited with Units as at the Books Closure Date will be entitled to the Distribution to be paid on 26 February 2010.

Ascott REIT receives Yield Protection from Somerset West Lake

The Manager wishes to announce that further to its announcement made on 5 November 2008 in relation to the Acquisition, Ascott Reit will be receiving a total of USD 0.3 million (approximately S$0.5 million) from TAHL, being yield protection amount in relation to Somerset West Lake for the Initial Period. The Manager is making the announcement pursuant to Rule 1013(3)(a) of the Listing Manual.

In connection with the Acquisition, a Deed of Yield Protection was entered into with TAHL under which the latter agreed to provide yield protection to Ascott Reit for 70% of a shortfall of a minimum threshold EBITDA per annum for the JV Company for five years from Completion. For the Initial Period, 70% of the minimum threshold EBITDA was USD 1.0 million (approximately S$1.5 million).

Based on the unaudited management accounts of the JV Company for the Initial Period, 70% of the EBITDA of the JV Company was less than USD 1.0 million (approximately S$1.5 million) by USD 0.3 million (approximately S$0.5 million), resulting in TAHL being required to pay the shortfall. The shortfall was due to lower operating performance as a result of global economic slowdown. The amount of yield protection is subject to adjustment (if any) based on the audited accounts of the JV Company, and will be fully settled after the issue of the audited accounts of the JV Company, in accordance with the Deed of Yield Protection.