Completion of Acquistion of 29.7% of the total issued share capital of Ascendas IT Park (Chennai) Limited

The board of directors of Ascendas Property Fund Trustee Pte. Ltd., as trustee-manager (the “Trustee-Manager”) of Ascendas India Trust (“a-iTrust”), is pleased to announce that, following the listing of the units in a-iTrust on the Main Board of Singapore Exchange Securities Trading Limited (“SGX-ST”) on 1 Aug 2007 and the receipt of the proceeds from the initial public offering of units in a-iTrust, completion of the acquisition of 30,304,500 fully paid up equity shares in Ascendas It Park (Chennai) Limited (“AITPCL”) (equivalent to 29.7% of the total issued share capital of AITPCL) pursuant to the share purchase agreement dated 2 July 2007 (the “Share Purchase Agreement”) entered into between Ascendas Property Fund (Inddia) Pte. Ltd. (the “Singapore SPV”) and Ascendas Land International Pte Ltd, has taken place today.

Upon the completion of the said share acquisition, the Singapore SPV currently holds 89.0% of the total issued share capital of AITPCL.

J.P. Morgan (S.E.A.) Limited (“JPM”) is the sole financial adviser to the Offspring. JPM, Citigroup Global Markets Singapore Pte. Ltd. and DBS Bank Ltd are the joint Underwriters and Bookrunners.