Aseana First Distribution Update

Aseana Properties Limited

("Aseana")

First Distribution Update

The Board wishes to update Shareholders on the status of the first capital repayment. The intention had been to make a first return of capital of US$10m to shareholders as of the end of September 2015 and to then make further returns of capital as cash was raised by the Company as a result of disposals of assets in the portfolio. It is still the firm intention of the Board and the Manager to do this.

The process of raising cash has been progressing steadily with a full sale of the Waterside Estates land already announced for a consideration of US$9.29m with payment in full due to be received by the year end and partial sales of the stake in Nam Long Investment Corporation raising US$5.4m since June 2015. Progress on selling other assets is also well underway, although no further sales are yet at a stage that the Board feels able to announce the likely terms or timing. The Company's cash balance as at 30 September 2015 was approximately US$25.0m and this figure is expected to grow further by the end of 2015. The unaudited Net Asset Value of the Company at 30 September 2015 was US$134.4m. Further details on the portfolio and the NAV as at 30 September 2015 can be found in the Company's Q3 2015 Investor Update which can be found on the Company's website: www.aseanaproperties.com.

An application to make the first capital distribution was submitted to the Company's lenders at the end of August but at present the consent from two lenders remains outstanding. We understand that market conditions in Malaysia caused by the recent political events in the country and the depreciation of the Malaysian Ringgit this year have caused concerns for a number of the Company's lenders who have therefore become cautious about the Company returning capital to Shareholders. At the present time the Board believes that further discussion with the lenders and more portfolio realisations will help to resolve this situation. However, it is possible that capital repayments may not occur until there have been further realisations within the portfolio and the Company has paid down a portion of its project related debts as a result.

We will continue to work closely with all the Company's bankers in order to be able to make the capital distributions that the Shareholders approved at the EGM on 22 June and will update Shareholders as events progress.

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Notes to Editors:

London-listed Aseana Properties Limited (LSE: ASPL) is a property developer investing in Malaysia and Vietnam.

Ireka Development Management Sdn Bhd ("IDM") is the exclusive Development Manager for Aseana. It is a wholly-owned subsidiary of Ireka Corporation Berhad, a company listed on the Bursa Malaysia since 1993, which has over 45 years of experience in construction and property development. IDM is responsible for the day-to-day management of Aseana's property portfolio and the introduction and facilitation of new investment opportunities.