ASCOTT RESIDENCE TRUST (Constituted in the Republic of Singapore pursuant to a trust deed dated 19 January 2006 (as amended)) ANNOUNCEMENT

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1 Notice of Valuation of Real Assets::Asset Valuation Page 1 of 1 24Jan17 Notice of Valuation of Real Assets::Asset Valuation Issuer & Securities Issuer/ Manager Securities Stapled Security ASCOTT RESIDENCE TRUST MANAGEMENT LIMITED ASCOTT RESIDENCE TRUST SG1T A68U No Announcement Details Announcement Title Notice of Valuation of Real Assets Date & Time of Broadcast 24Jan :07:43 Status Announcement Sub Title Announcement Reference Submitted By (Co./ Ind. Name) Designation Description (Please provide a detailed description of the event in the box below) New Asset Valuation SG170124OTHRMNIF Karen Chan Company Secretary, Ascott Residence Trust Management Limited The attached announcement issued by Ascott Residence Trust Management Limited for Ascott Residence Trust, is for information. Additional Details Valuation Details Date of Valuation Name of the Valuer Description of Valuation Valuation Amount 31/12/2016 CBRE Please refer to the attached announcement for details of the properties Singapore Dollar 4,512,845,399 31/12/2016 Raine & Horne International Zaki + Partners Sdn. Bhd. Please refer to the attached announcement for details of the properties Singapore Dollar 52,352,080 Valuation of Reports available for inspection at address during office hours 168 Robinson Road #3001 Capital Tower, Singapore Reports available till date 23/04/2017 Additional Information Attachments Please refer to the attached announcement for additional information. Asset Valuation.pdf Total size =54K

ASCOTT RESIDENCE TRUST (Constituted in the Republic of Singapore pursuant to a trust deed dated 19 January 2006 (as amended)) ANNOUNCEMENT ASSET VALUATION Pursuant to Rule 703 of the SGXST Listing

2 ASCOTT RESIDENCE TRUST (Constituted in the Republic of Singapore pursuant to a trust deed dated 19 January 2006 (as amended)) ANNOUNCEMENT ASSET VALUATION Pursuant to Rule 703 of the SGXST Listing Manual, Ascott Residence Trust Management Limited ( Manager ), the manager of Ascott Residence Trust ( ), wishes to announce that the Manager has obtained independent valuations for the properties ( Properties ) owned by as of 31 December 2016 as listed below. The valuations for the Properties (except for Ampang Kuala Lumpur and Fortune Garden s) as at 31 December 2016 were conducted by CBRE. The valuations for the Properties as at 30 June 2016 were conducted by CBRE. As at 31 December 2016, the valuation for Ampang Kuala Lumpur was valued by Raine & Horne International Zaki + Partners Sdn. Bhd. (as consultant to CBRE), while the valuation for Fortune Garden s was based on the selling prices stated in the executed sale and purchase agreements. Australia on Bourke St Georges Terrace (held through DBS Trustee Limited as trustee of ) Melbourne 380 AUD AUD Perth 85 AUD AUD

3 Quest Campbelltown Quest Mascot Quest Sydney Olympics Park Greater Sydney Greater Sydney Greater Sydney (held through DBS Trustee Limited as trustee of ) 81 AUD AUD AUD AUD AUD AUD Indonesia Ascott Jakarta Jakarta 204 USD USD Grand Citra Jakarta 204 USD USD Japan Central Shinjuku Shinjuku Roppongi Residences Azabu East Asyl Court Nakano Sakaue Gala Hachimanyama I Gala Hachimanyama II Joy City Koishikawa Shokubutsuen Joy City Kuramae Akebonobashi Tokyo 206 JPY10, JPY 10, Tokyo 160 JPY 9, JPY 8, Tokyo 64 JPY 3, JPY 3, Tokyo 79 JPY 3, JPY 3, Tokyo 62 JPY 1, JPY 1, Tokyo 76 JPY1, JPY1, Tokyo 16 JPY JPY Tokyo 36 JPY JPY Tokyo 60 JPY 1, JPY 1, Tokyo 12 JPY JPY

4 (held through DBS Trustee Limited as trustee of ) Gotokuji Tokyo 15 JPY JPY Higashi Shinjuku Kagurazaka I Kagurazaka II Kasugacho Koishikawa Komazawa Daigaku II Nishi Shinjuku III Sakura Shinmachi Shin Ekoda Tokyo 19 JPY JPY Tokyo 20 JPY JPY Tokyo 20 JPY JPY Tokyo 32 JPY JPY Tokyo 15 JPY JPY Tokyo 29 JPY JPY Tokyo 29 JPY JPY Tokyo 17 JPY JPY Tokyo 18 JPY JPY Shoin Jinja Tokyo 16 JPY JPY Shoin Jinja II KarasumaGojo Actus Hakata VTower Gravis Court Kakomachi Gravis Court Kokutaiji Gravis Court Nishiharaekimae Tokyo 17 JPY JPY Kyoto 124 JPY 4, JPY 4, Fukuoka 296 JPY 3, JPY 3, Hiroshima 63 JPY JPY Hiroshima 48 JPY JPY Hiroshima 29 JPY JPY

5 (held through DBS Trustee Limited as trustee of ) Big Palace Kita Sapporo 140 JPY 1, JPY 1, jo Infini Garden Fukuoka 389 JPY 6, JPY 6, SResidence Fukushimae Luxe SResidence Hommachi Marks SResidence Midoribashi Serio SResidence Tanimachi 9chome Malaysia Ampang People s Republic of China Fortune Garden s Grand Central Ascott Guangzhou Osaka 178 JPY 3, JPY 3, Osaka 110 JPY1, JPY1, Osaka 98 JPY1, JPY1, Osaka 102 JPY1, JPY1, Kuala Lumpur 205 MYR MYR Beijing 5 RMB RMB Dalian 195 RMB RMB Guangzhou 207 RMB RMB Biyun Shanghai 180 RMB RMB Xu Hui Shanghai 168 RMB RMB Heping Xinghai Olympic Tower Shenyang 270 RMB RMB Suzhou 167 RMB RMB Tianjin 185 RMB RMB

6 Zhuankou (held through DBS Trustee Limited as trustee of ) Wuhan 249 RMB RMB Gaoxin Xi an 251 RMB RMB Singapore Ascott Raffles Place Mount Sophia Liang Court The Philippines Singapore 146 Singapore 154 Singapore Ascott Makati Makati 362 PHP 4, PHP 4, Millennium Vietnam 1 Grand Hanoi Hoa Binh West Lake Chancellor Court Ho Chi Minh City Belgium Sainte Catherine Toison d Or Makati 65 PHP PHP Hanoi 185 VND 1, VND1, Hanoi 206 VND VND Hanoi 90 VND VND Ho Chi Minh City Ho Chi Minh City 172 VND VND VND VND Brussels 169 EUR EUR Brussels 154 EUR EUR For Vietnam properties, the property valuation figures in VND are stated in billion. 5

7 France Croisette Cannes City Centre Grenoble City Centre Lille Presqu île Castellane Prado Chanot Antigone Austerlitz Didot Montparnasse (held through DBS Trustee Limited as trustee of ) Cannes 58 EUR EUR Grenoble 106 EUR EUR Lille 101 EUR EUR Lyon 116 EUR EUR Marseille 97 EUR EUR Marseille 77 EUR EUR Montpellier 122 EUR EUR Paris 50 EUR EUR Paris 80 EUR EUR Les Halles Paris 189 EUR EUR Maine Montparnasse Montmartre Place d Italie République Tour Eiffel Trocadéro Paris 67 EUR EUR Paris 111 EUR EUR Paris 169 EUR EUR Paris 76 EUR EUR Paris 104 EUR EUR Paris 97 EUR EUR

8 (held through DBS Trustee Limited as trustee of ) La Clef Louvre Paris 51 EUR EUR Germany Kurfϋrstendamm Madison Hamburg Arnulfpark Spain Ramblas United Kingdom Barbican HolbornCovent Garden South Kensington Trafalgar Square The United States of America Element New York Times Square West Sheraton Tribeca New York Hotel 2 Berlin 117 EUR EUR Hamburg 166 EUR EUR Munich 146 EUR EUR Barcelona 131 EUR EUR London 129 GBP GBP London 192 GBP GBP London 92 GBP GBP London 187 GBP GBP New York 411 USD USD New York 369 USD USD Acquired on 29 April

9 Copies of the valuation reports of the Properties are available for inspection at the Manager s registered office at 168 Robinson Road, #3001 Capital Tower, Singapore during normal business hours for three months from the date of this announcement. Prior appointment would be appreciated. BY ORDER OF THE BOARD Ascott Residence Trust Management Limited (Company Registration No: Z) As manager of Ascott Residence Trust Karen Chan Company Secretary 24 January 2017 Important Notice The value of units in ( ) and the income from them may fall as well as rise. are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the Manager to redeem their while the are listed. It is intended that Unitholders may only deal in their through trading on Singapore Exchange Securities Trading Limited ( SGXST ). Listing of the on the SGXST does not guarantee a liquid market for the. The past performance of is not necessarily indicative of the future performance of. 8

ASCOTT RESIDENCE TRUST (Constituted in the Republic of Singapore pursuant to a trust deed dated 19 January 2006 (as amended)) ANNOUNCEMENT

ASCOTT RESIDENCE TRUST (Constituted in the Republic of Singapore pursuant to a trust deed dated 19 January 2006 (as amended)) ANNOUNCEMENT ASSET VALUATION Pursuant to Rule 703 of the SGXST Listing Manual,