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 April 29, 2013
Lee Chee Koon Appointed As Chief Executive Officer of The Ascott Limited

 CapitaLand Limited (CapitaLand) wishes to announce that its wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has appointed Mr Lee Chee Koon as its Chief Executive Officer (CEO) with effect from 1 June 2013. He will succeed Mr Chong Kee Hiong who has resigned to pursue other opportunities.

Mr Chong will step down as Ascott's CEO and as a Non-Independent Non-Executive Director from the Board of Ascott Residence Trust Management Limited (ARTML), the manager of Ascott Residence Trust, with effect from 1 June 2013. Mr Lee will take over Mr Chong on the Board of ARTML, subject to approval from the Monetary Authority of Singapore.

Mr Lim Ming Yan, President and Group CEO of CapitaLand Limited said: "We thank Kee Hiong for his contributions to CapitaLand. The decision to leave is not an easy one for him and for us but we fully respect Kee Hiong's decision to pursue the next stage of his career. Kee Hiong has served the company for 12 years and has been instrumental in leading the growth of Ascott and Ascott Residence Trust. We wish him all the best in his future endeavours"

He added: "With Chee Koon's extensive experience in strategy development and his wealth of knowledge in operations, we are confident that he will lead Ascott to further strengthen its position as a world leader in the serviced residence industry."

Mr Lee will relinquish his current appointments as Ascott's Deputy CEO and Managing Director for North Asia.

Before Mr Lee joined Ascott in 2009 as its Managing Director for China, he was Vice President in the Office of the President at CapitaLand. Prior to joining CapitaLand in 2007, Mr Lee held appointments in various ministries such as the Ministry of Trade and Industry, Ministry of Finance, and the Monetary Authority of Singapore.

The Ascott Limited

The Ascott Limited is a Singapore company that has grown to be the world's largest international serviced residence owner-operator. It has more than 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 31,000 units in over 200 properties.

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, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore 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 29-year industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

Ascott's achievements have been recognised internationally. Recent awards include DestinAsian Readers' Choice Awards 2013 for 'Best Serviced Apartment/Residence Operator', TTG China Travel Awards 2013 for 'Best Serviced Residence Operator in China', TTG Travel Awards 2012 for 'Best Serviced Residence Operator', Business Traveller Asia-Pacific Awards 2012 for 'Best Serviced Residence Brand' and 'Best Serviced Residence in Asia-Pacific', and Business Traveller UK Awards 2012 for 'Best Serviced Apartment Company'.

www.the-ascott.com