24 March 2008, Singapore – Ascendas-MGM Funds Management Limited (the “Manager”), the manager of Ascendas Real Estate Investment Trust (“A-REIT”) is pleased to announce that A-REIT has signed a put and call option agreement (“Option Agreement”) today to acquire 8 Loyang Way 1, a light industrial property for S$25.0 million from Seow Khim Polythelene Co Pte Ltd (the “Vendor”).

Mr Tan Ser Ping, Chief Executive Officer of the Manager said, “We are pleased to have the opportunity to acquire 8 Loyang Way 1 from Seow Khim Polythelene, a leading manufacturer of consumer plastic products. Being a sale and leaseback transaction, this acquisition will provide us with a stable and predictable income stream and will contribute positively to the DPU for our unitholders. “ The acquisition of the Property will be accretive to A-REIT’s DPU. The annualised pro forma financial effect of the acquisition on the DPU for the financial year ended 31 March
2007 would be an additional 0.03 cents per unit (1).

(1) Assuming that: A-REIT had purchased, held and operated the properties for the whole of the
financial year ended 31 March 2007 (based on 77 properties); the acquisitions were funded using
the optimal gearing level of 40% debt and 60% equity; and in respect of the Properties, the
Manager had elected to receive its base fee 80% in cash and 20% in units and its performance fee entirely in units.

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