Stamford, CT, June 17, 2005 ¨C GE Commercial Finance Real Estate today announced its official entry into commercial real estate investment in India. GE will invest US $63 million in a newly formed fund ¨C the India IT Parks Fund ¨C sponsored by Asia¡¯s leading business space provider, Ascendas Pte Ltd (¡°Ascendas¡±). Ascendas has also invested in the fund along with other international investors.

The Fund will own and invest in Information Technology Parks (IT Parks) that support the IT & ITES industry, a high-growth sector in India. Ascendas will contribute two of the premier IT Parks in India into the fund; International Tech Park, Bangalore and the Vanenburg IT Park in Hyderabad.

¡°Our investment with Ascendas underscores GE¡¯s commitment to growing our presence in the Asian commercial real estate market,¡± noted Mr. Philip Mintz, President, Asia Pacific at GE Commercial Finance Real Estate.

Mintz continued, ¡°Ascendas is a strong partner with a proven track record in managing business properties in the Asian real estate sector. This partnership combines GE¡¯s financial strength with Ascendas strong tenant relationships, enabling us to build a strong, diversified commercial real estate portfolio that will help support the region¡¯s fast-growing IT support sector.¡±

The Fund plans to acquire and develop up to approximately US $500 million in assets over the next seven years. Following this transaction GE Commercial Finance Real Estate Asia Pacific will have aggregate real estate investments of more than US $4 billion with operations in Japan, Korea, Australia, New Zealand and India.

Ms. Chong Siak Ching, President and CEO of Ascendas Pte Ltd, said, ¡°The India IT Parks Fund is very much a part of Ascendas¡¯ business strategy in the region, to re-deploy capital for our growth as Asia¡¯s leading provider of business space, as well as to develop a real estate funds management core business.¡±

¡°Structured as a private fund, the India IT Parks Fund is an ideal vehicle for sophisticated investors to invest in real estate, both matured and development assets, in India¡¯s fast-expanding economy,¡± she continued. ¡°The confidence of investors such as GE is of particular significance to Ascendas.¡±



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