Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES i

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii

Aseana Properties Ltd

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to the notification obligation: iii

LIM Asia Multi-Strategy Fund Inc. and LIM Asia Special Situations Master Fund Limited

4. Full name of shareholder(s)

(if different from 3.): iv

5. Date of the transaction and date on which the threshold is crossed or reached: v

22 May 2015

6. Date on which issuer notified:

27 May 2015

7. Threshold(s) that is/are crossed or

reached: vi, vii

15%, 16%, 17% and 18%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary shares

(ASPL LN)

30,464,026

30,464,026

39,114,226

18.45%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/ConversionPeriod xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

 N/A

 N/A

 N/A

 N/A

 N/A

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exerciseprice

Expirationdate xvii

Exercise/Conversionperiod xviii

Number of votingrights instrumentrefers to

% of voting rights xix, xx

 N/A

 N/A

 N/A

 N/A

 N/A

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

 39,114,226

 18.45%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

LIM Advisors Limited acts as investment manager for LIM Asia Multi-Strategy Fund Inc. and LIM Asia Special Situations Master Fund Limited (the "Funds"). The Funds collectively (currently) hold more than eighteen per cent of the shares of the listed company through open market purchase.

LIM Advisors Limited has indirect interest by virtue of its rights over the shares as investment manager of the Funds.

Proxy Voting:

10. Name of the proxy holder:

 LIM Advisors Limited

11. Number of voting rights proxy holder will cease to hold:

 N/A

12. Date on which proxy holder will cease to hold voting rights:

 N/A

13. Additional information:

 N/A

14. Contact name:

 Ben Mak

15. Contact telephone number:

 +852 2533 0964