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Notice Of Cessation Of Substantial Shareholding

Part I
1.	Date of notice to issuer	31/12/2008
2.	Name of Substantial Shareholder	Newbridge Asia Advisors III, Inc.
3.	Notice Type	Notice of a Change in the Percentage Level of a Substantial Shareholder's Interest or Cessation of Interest.
Part II - Not Required
Part III
1.	Date of change of Deemed Interest	29/12/2008
2.	The change in the percentage level	From 44.85 % To 4.81 %
3.	Circumstance(s) giving rise to the interest or change in interest	# Others Deemed interest in Newbridge Asia Genpar III, LP ("NAG III"). The change arises from a cessation of NAG III's deemed interest in the units held by Parkway Investments Pte. Ltd. in Parkway Life REIT ("PREIT") after NAG III ceased to be associated with Parkway Investments Pte. Ltd. under Section 4 of the Securities and Futures Act (Chapter 289 of Singapore) ("SFA") and a reduction of NAG III's deemed interest as a result of the disposal of 27,948,852 units held by TPG Parkway, LP in PREIT on 29 December 2008.
4.	A statement of whether the change in the percentage level is the result of a transaction or a series of transactions:	A series of transactions.
Part IV
1.	Holdings of Substantial Shareholder, including direct and deemed interest :
	Direct Deemed No. of shares held before the change 0 270,150,264 As a percentage of issued share capital 0 % 44.85 % No. of shares held after the change 0 28,944,412 As a percentage of issued share capital 0 % 4.81 % Footnotes Note: 1) Where reference is made to shares, it refers to the units in Parkway Life REIT. 2) The percentage of issued units held is calculated based on 602,347,258 units in issue as at 31 December 2008. Citigroup Global Markets Singapore Pte. Ltd. and UBS AG, acting through its business group, UBS Investment Bank were the joint global co-ordinators, joint bookrunners and joint lead underwriters to the initial public offering of Parkway Life REIT.