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

BackDec 22, 2008
Part I
1. Date of notice to issuer 22/12/2008
2. Name of Substantial Shareholder Ascendas Pte Ltd ("APL")
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 22/12/2008
2. The change in the percentage level From 17.13 % To 24.88 %
3. Circumstance(s) giving rise to the interest or change in interest # Others

(i)Open market purchases by Ascendas Land International Pte Ltd ("ALI"), a wholly-owned subsidiary of APL; and
(ii)a block purchase of 52,000,000 Units (" Sale Units") beneficially owned by General Electric Capital Corporation (the Sale Units are registered in the name of Citibank Nominees Singapore Pte Ltd as depositary agent) by ALI, pursuant to a sale and purchase aggreement dated 18 December 2008.
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 transactions referred to in Part III (3) as above.
Part IV
1. Holdings of Substantial Shareholder, including direct and deemed interest :
 
  Direct Deemed
No. of shares held before the change 0 128,883,669
As a percentage of issued share capital 0 % 17.13 %
No. of shares held after the change 0 187,983,713
As a percentage of issued share capital 0 % 24.88 %
Footnotes A. Where reference is made to shares, it refers to units in Ascendas India Trust ("a-iTrust").

B. The percentages before the change were computed based on 752,055,643 units in issued as at 30 January 2008.

C. The percentages after the change were computed based on 755,514,687 units in issued as at 22 December 2008.

D. APL is deemed to be interested in the units held by Ascendas Property Fund Trustee Pte Ltd and ALI, being the trustee-manager of a-iTrust and sponsor of a-iTrust respectively, by virtue of the operation of Section 7 of the Singapore Companies Act, Cap. 50.