NEWS ROOM

Strategic partnership with The Ascott Group

Date : 29 April 2006

The first property is expected to be operational in Q1 2007.

Following securing a strategic partnership with The Ascott Group, the leading Singapore-based serviced residences operator, Addax structured and placed phase 1 of the capitalisation of MENA Serviced Apartments Company at US$100million. The deal was 150% oversubscribed, and anchored by leading institutional investors from Saudi Arabia, Qatar, Kuwait and the UAE. MENA Serviced Apartments wil roll out the bands of The Ascott Group in the GCC, Levant and North Africa, and is expected to acquire at least 15 properties over the next 5 years.

The first property is expected to be operational in Q1 2007. Addax expect to launch phase 2 of the capitalisation of MENA Serviced Apartments during Q1 2007.