Ascott Appoints Country General Manager To Strengthen Its Lead In Vietnam

Ho Chi Minh City, Vietnam, May 1, 2012 – CapitaLand's wholly-owned serviced residence business unit, The Ascott Limited (http://www.the-ascott.com/) (Ascott), has appointed Mr Graham Black as its Country General Manager for Vietnam. Mr Black, a veteran of the hospitality industry, will oversee Ascott's operations and ensure the continued growth of its serviced residence business in Vietnam.

Mr Alfred Ong, Ascott's Managing Director for Southeast Asia and Australia, said: "As the largest international serviced residence owner-operator in Vietnam, Ascott has over 1,600 apartment units in Ho Chi Minh City, Hanoi, Hai Phong and Danang. Vietnam is a key growth market for Ascott and we will continue to look for opportunities to strengthen our leadership position in Vietnam. Graham has amassed 30 years of experience in the international hospitality sector. With his industry knowledge and expertise, he will play a key role in leading our Vietnam team to enhance Ascott's business in the country."

No stranger to Ascott, Mr Black was the company's General Manager for Sydney from 2003 to 2007. He was instrumental in driving operational efficiencies and achieving record profits across Ascott's properties in Sydney. Besides Ascott, Mr Black has previously held senior appointments at Stamford Hotels and Resorts, Park Hyatt, and Sheraton.

Mr Black said: "I am glad to be back at Ascott and take on this exciting role. As a pioneer in the serviced residence industry in Vietnam, Ascott has built a strong reputation with its award-winning Somerset brand over the past 17 years. As Vietnam rapidly develops, there will be huge opportunities for us to grow. I look forward to working closely with the team as we endeavour to offer the perfect home away from home for global travellers on short and long visits to Vietnam."

Ascott currently operates two serviced residences in Ho Chi Minh City – Somerset Chancellor Court (http://www.somerset.com/vietnam/ho_chi_minh_city/somerset_chancellor_court.html) and Somerset Ho Chi Minh City (http://www.somerset.com/vietnam/ho_chi_minh_city/somerset_ho_chi_minh_city.html), and three serviced residences in Hanoi – Somerset Hoa Binh (http://www.somerset.com/vietnam/hanoi/somerset_hoa_binh.html), Somerset West Lake (http://www.somerset.com/vietnam/hanoi/somerset_west_lake.html) and Somerset Grand Hanoi (http://www.somerset.com/vietnam/hanoi/somerset_grand_hanoi.html). The company will open Somerset Central TD Hai Phong City in 2013 and Somerset Danang Bay in 2014.

About The Ascott Limited

The Ascott Limited is the world's largest international serviced residence owner-operator with about 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as over 8,000 units which are under development, making a total of more than 29,000 units.

The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across more than 20 countries, 15 of which are new cities in Ascott's portfolio where its serviced residences are being developed.

Ascott, a wholly-owned subsidiary of CapitaLand Limited, is headquartered in Singapore. It pioneered Asia Pacific's first international-class serviced residence in 1984. In 2006, it established the world's first Pan-Asian serviced residence real estate investment trust, Ascott Residence Trust. Today, the company boasts a 28-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Recent awards include DestinAsian Readers' Choice Awards 2012 'Best Serviced Apartment in Asia Pacific', Business Traveller Asia-Pacific Awards 2011 'Best Serviced Residence Brand' and 'Best Serviced Residence in Asia-Pacific', Business Traveller UK Awards 2011 'Best Serviced Apartment Company', TTG Travel Awards 2011 'Best Serviced Residence Operator' and TTG China Travel Awards 2011 'Best Serviced Residence Operator in China'.

About CapitaLand Group

CapitaLand is one of Asia's largest real estate companies. Headquartered and listed in Singapore, the multi-local company's core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.

The company's real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments, spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.

The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.