11 May

Ascott Announces Several Senior Appointments For Its Expanded Operations

The Ascott Group has made three new senior appointments for its expanded operations, following its acquisition of the Citadines serviced residence chain in Europe and new management contracts secured.

It has appointed Ms Hazel Chew as its new chief financial officer, with effect from May 16. It has also appointed Mr Gerald Lee as its senior vice president for Brand & Marketing in April, and Mr Jean Claude Erne as its managing director for Europe in February.

Ascott’s chairman, Mr Lim Chin Beng, said: "The appointments are part of Ascott’s efforts to strengthen its top country and functional leadership teams following its expansion by over 5,000 serviced apartments in Europe, with the Citadines acquisition. It is also opening new residences this year in Dubai, Seoul, Shanghai, Guangzhou, Kuala Lumpur and Bangkok."

Mr Liew Mun Leong, Ascott’s deputy chairman, and president and CEO of its parent company CapitaLand Limited, said: "The appointments are part of CapitaLand group’s talent management and succession planning process. Due to the breadth of CapitaLand group’s operations, the high performing executives are given greater development opportunities, such as being posted across subsidiaries or across business units within subsidiaries. The group will also post its top officers to manage its international offices."

Mr Cameron Ong, Ascott’s chief executive officer, said: "We are expanding our top management teams, in line with plans to increase our portfolio to 25,000 serviced residence units by 2010, from 14,000 units now. Our rapid expansion will enable Ascott to capitalise on the worldwide growth opportunities in the international serviced residence industry, and our brand leadership position in many markets today."

As chief financial officer, Ms Chew will oversee Ascott’s financial operations across 40 cities in Europe, Asia, Australia /NZ and the Gulf region. Her responsibilities will span the group’s financial and management accounting, internal controls, treasury, tax and infocomm systems.

Ms Chew was previously vice president (Finance and Management Accounting), in charge of group financial reporting at Ascott’s parent company, CapitaLand Limited. With almost 20 years’ experience, Ms Chew has revamped and computerised finance divisions and instituted internal control systems across multi-country operations. She has also been involved in project feasibility studies, mergers and restructurings, and preparations for IPOs.

Ms Chew holds a Bachelor of Accountancy degree from the National University of Singapore and is a graduate from the Institute of Chartered Secretaries and Administrators.

As senior vice president, Brand & Marketing, Mr Lee will be responsible for further strengthening Ascott’s worldwide brand leadership position and product differentiation.

He will also oversee Ascott’s marketing initiatives to maximise the potential of its new Citadines portfolio, and accelerate cross-marketing of its The Ascott, Somerset and Citadines brands in Europe, Asia, Australia /NZ and the Gulf region.

Prior to joining Ascott, Mr Lee was assistant chief executive, Leisure at the Singapore Tourism Board. His working experience also includes stints at Sentosa Development Corporation and the Ministry of Trade and Industry. Mr Lee holds a Bachelor of Science (distinction) degree from Cornell University, US.

As Ascott’s managing director for Europe, Mr Jean Claude Erne will drive Ascott’s European business and the integration of Citadines and Ascott’s operations.

Mr Erne was previously Ascott’s vice president for Product, Procurement and Processes. He was responsible for the group’s global product design and development, innovation, and technical and engineering services. Prior to this, Mr Erne was Ascott’s country general manager for Singapore, and was responsible for the overall profitability of the group’s residences in the country.

Mr Erne has more than 20 years’ international experience in the hospitality industry. Before joining Ascott, he worked with several hotel groups and managed hotels and hotel clusters in Indonesia and Northeast and Southern China. He also supervised the opening of several hotels in China and provided technical expertise for projects across Asia. Mr Erne has a Hotel Management diploma from The Lausanne Hotel School, Switzerland.

The Ascott Group is a leading international serviced residence company with over 14,000 serviced residence units in 40 cities in 17 countries in Europe, Asia Pacific and the Gulf region. It is the serviced residence arm of CapitaLand Limited, one of Asia’s largest listed property companies.



About The Ascott Group

The Ascott Group is a leading international serviced residence company with over 14,000 serviced residence units in the key cities of Europe, Asia Pacific and the Gulf region.

Ascott's global presence spans 40 cities in 17 countries. These include London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Hanoi, Kuala Lumpur, Tokyo, Seoul, Shanghai and Beijing in Asia; Sydney, Melbourne and Auckland in Australia/NZ; and Dubai in the Gulf region.

Through its marketing alliance with Equity Corporate Housing, the group also offers upper-tier serviced apartments throughout the US. Headquartered in Singapore, The Ascott Group pioneered the Asia Pacific's first branded luxury serviced residence in 1984. Today, it boasts a 21-year industry track record and serviced residence brands that enjoy recognition worldwide.

The group's flagship The Ascott luxury serviced residence brand projects an elegant lifestyle appealing to top executives. Its Somerset upper-tier brand offers stylish, contemporary living for senior to upper management executives. The mid-tier Citadines brand provides corporate executives with comfortable city residences.

Recent awards the group has clinched include First Position in the 2005 ‘China's Top 100 Serviced Residences’ ranking for its eight properties in China; 2005 Vietnam Economic Times' ‘Best Service in Serviced Apartments’ awards in Hanoi and Ho Chi Minh City; and 2005 Thailand Apartment Living’s ‘Most Innovative Serviced Residence’ award for The Ascott Sathorn in Bangkok.

The group has also won the 2004 Business Traveller ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence property’ in Asia Pacific awards; and ‘Best Annual Report’ and ‘Best Operating & Financial Review’ awards at the 2004 Singapore Annual Report Awards.

Listed on the mainboard of the Singapore Exchange, Ascott is the serviced residence arm of CapitaLand Limited, one of Asia’s largest listed property companies. Headquartered in Singapore, the multinational company's core businesses in property, hospitality, property services and real estate financial services are focused in gateway cities in Asia, Australia and Europe. Its property and hospitality portfolio spans 88 cities in 30 countries.

For reservations on Ascott properties, call Central Reservations on (65) 6272-7272 or visit www.the-ascott.com .



Ida Lim, VP, Investor Relations & Corporate Communications

Hp: (65) 9628 8339

Email: ida.lim@the-ascott.com

Lilian Goh, Manager

Hp: (65) 9795 5225

Email: lilian.goh@the-ascott.com