Change - Change in Corporate Information::Members' Voluntary Liquidation of Wholly Owned Subsidiaries

ASCOTT RESIDENCE TRUST

A stapled group comprising:

Ascott Real Estate Investment Trust	Ascott Business Trust
(A real estate investment trust constituted on 19	(A business trust constituted on 9 September 2019
January 2006 under the laws of the Republic of	under the laws of the Republic of Singapore)
Singapore)
Managed by	Managed by
Ascott Residence Trust Management Limited	Ascott Business Trust Management Pte. Ltd.
(Company Registration No. 200516209Z)	(Company Registration No. 201925299R)

ANNOUNCEMENT

MEMBERS' VOLUNTARY LIQUIDATION OF WHOLLY OWNED SUBSIDIARIES

Ascott Residence Trust Management Limited, as manager of Ascott Real Estate Investment Trust ("Ascott Reit"), and Ascott Business Trust Management Pte Ltd, as trustee-manager of Ascott Business Trust, (collectively the "Managers"), wish to announce that Ascott Residence Trust's dormant wholly owned subsidiaries incorporated in Hong Kong, Biyun Investments (Hong Kong) Limited ("BIHKL") and Gaoxin Investments (Hong Kong) Limited ("GIHKL"), have been placed under members' voluntary liquidation.

The liquidation of BIHKL and GIHKL are not expected to have any material impact on the net tangible assets or earnings per share of Ascott Residence Trust for the financial year ending 31 December 2021.

None of the Directors or the controlling shareholder of the Managers has any interest, direct or indirect, in the liquidation of BIHKL and GIHKL.

By Order of the Board

ASCOTT RESIDENCE TRUST MANAGEMENT LIMITED

(Company Registration No. 200516209Z)

As manager of Ascott Real Estate Investment Trust

ASCOTT BUSINESS TRUST MANAGEMENT PTE. LTD.

(Company Registration No. 201925299R) As trustee-manager of Ascott Business Trust

Karen Chan

Company Secretary

15 November 2021

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IMPORTANT NOTICE

The past performance of Ascott Residence Trust ("ART") is not indicative of future performance. The listing of the stapled securities in ART (the "Stapled Securities") on the Singapore Exchange Securities Trading Limited (the "SGX-ST") does not guarantee a liquid market for the Stapled Securities. The value of the Stapled Securities and the income derived from them may fall as well as rise. Stapled Securities are not obligations of, deposits in, or guaranteed by, Ascott Residence Trust Management Limited as manager of Ascott Real Estate Investment Trust or Ascott Business Trust Management Pte. Ltd. as trustee-manager of Ascott Business Trust (collectively, the "Managers") or any of their respective affiliates. An investment in the Stapled Securities is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the Managers redeem or purchase their Stapled Securities while the Stapled Securities are listed on the SGX-ST. It is intended that holders of Stapled Securities may only deal in their Stapled Securities through trading on the SGX- ST.

This announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Stapled Securities.

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