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Notice Of A Change In The Percentage Level Of A Substantial Shareholder's Interest

Part I
1.	Date of notice to issuer	24/01/2011
2.	Name of Substantial Shareholder	Parkway Holdings Limited
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 Interest	21/01/2011
2.	The change in the percentage level	From 35.79 % To 35.83 %
3.	Circumstance(s) giving rise to the interest or change in interest	# Others Issuance of 230,933 units to Parkway Trust Management Limited ("PTM"), a wholly-owned subsidiary of Parkway Holdings Limited, being payment of 20% of PTM's management fee, as Manager of Parkway Life REIT, for the period from 1 October 2010 to 31 December 2010.
4.	A statement of whether the change in the percentage level is the result of a transaction or a series of transactions:	A transaction
Part IV
1.	Holdings of Substantial Shareholder, including direct and deemed interest :
	Direct Deemed No. of shares held before the change 0 216,500,481 As a percentage of issued share capital 0 % 35.79 % No. of shares held after the change 0 216,731,414 As a percentage of issued share capital 0 % 35.83 % Footnotes Notes: Percentages calculates based on 604,970,414 issued units in Parkway Life REIT as at 21 January 2011.