Ascendas India Trust : 1Q FY2020 Business Updates

Ascendas India Trust

1Q FY2020 Business Updates

27 April 2020

Disclaimer

This presentation may contain forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other developments or companies, shifts in customer demands, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training, property operating expenses), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business.

You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management regarding future events. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Neither Ascendas Property Fund Trustee Pte. Ltd. ("Trustee-Manager") nor any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation.

The past performance of Ascendas India Trust ("a-iTrust") is not indicative of future performance. The listing of the units in a-iTrust ("Units") on the Singapore Exchange Securities Trading Limited (the "SGX-ST") does not guarantee a liquid market for the Units. The value of the Units and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Trustee-Manager. An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the Trustee-Manager redeem or purchase their Units while the Units are listed on the SGX-ST. It is intended that holders of Units may only deal in their Units through trading on the SGX-ST.

This presentation for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units.

All measurements of floor area are defined herein as "Super Built-up Area" or "SBA", which is the sum of the floor area enclosed within the walls, the area occupied by the walls, and the common areas such as the lobbies, lift shafts, toilets and staircases of that property, and in respect of which rent is payable.

The Indian Rupee and Singapore Dollar are defined herein as "INR/₹" and "SGD/S$" respectively.

Any discrepancy between individual amounts and total shown in this presentation is due to rounding.

2

Notice: Change to Half-yearly Reporting

Ascendas Property Fund Trustee Pte. Ltd. (the "Trustee-Manager"), as trustee-manager of a- iTrust, refers to the recent amendments to Rule 705(2) of the Listing Manual of the Singapore Exchange Securities Trading Limited which were effective from 7 February 2020.

The Trustee-Manager announced on 26 February 2020 that a-iTrust will adopt the announcement of half-yearly financial statements with effect from the financial year ending 31 December 2020 ("FY2020"). For FY2020, the next financial results announcement will be for the half-year period ending 30 June 2020.

The Trustee-Manager will continue its proactive engagement with stakeholders through its various communication channels, including providing relevant business updates between the announcements of half-yearly financial statements.

3

1Q FY2020 Business Updates

International Tech Park Bangalore

COVID-19 in India

• First COVID-19 case reported in end January.
• Entire country was put under a 21-day lockdown from 25 March to avert massive outbreak. The nationwide lockdown, which was due to end on 14 April, was subsequently extended to 3 May.
• Only essential services in operation.
• All public transport shut down, movement of private vehicles banned and all domestic and international flights grounded.
• Modest relaxation of restrictions on agricultural, banking, courier services and public works from 20 April onwards to ease supply chain and alleviate economic impact, except in virus hotspots.
• The lockdown appears to have reduced the rate of increase of the virus infection in many parts of the country.

Geographical spread of COVID-19 cases in India

Mumbai

(Panvel) Pune

Hyderabad

Bangalore

Chennai

5

Source: Ministry of Health and Family Welfare India; India Today. Data as of 26 April 2020. Circles represent COVID-19 death tolls.

Impact of COVID-19

Safeguarding the health and safety of all staff, tenants and parkites in our properties remains our highest priority. We are closely monitoring the evolving situation and will take appropriate actions to protect our tenants' premises and their employees.

Current Assessment of

Impact on Business

With the extension of the lockdown in India

till 3 May 2020, we expect adverse impact

on our business. The situation continues to evolve and due to the lockdown, there is insufficient information available at this juncture to allow for the assessment (and disclosure) of the financial impact of Covid- 19 with certainty.

The weak economic conditions brought about by COVID-19 could reduce demand for office space, resulting in lower occupancies, softening of rents and potentially higher bad debt provisions. A drop in interest income from forward

purchases may be possible.

The impact on our retail tenants at Park Square Mall will be high due to the mall closure since14 March 2020. Retail comprised 1.4% of net property income in FY2019.

	Preparedness		Current Operations
Since February, all our parks had in place		• With India's country-wide lockdown, all
precautionary measures:		staff and tenants are working from
• intensifying cleaning and disinfecting of		home except for operation-critical roles
	common areas		• Our parks remain open for essential
•	ensuring logistics readiness		services to support a few tenants'
	critical IT & ITES operations
	(temperature screening / masks /
	sanitisers / travel declarations)		• Closure of Park Square Mall and F&B
•	designated isolation rooms		outlets

• raising staffs' / tenants' awareness
• activating regional and global response

teams to provide around-the-clock	Power	Food courts
assistance	Airconditioning	Amenities
Preparations for re-opening are underway	Water
Housekeeping
and we plan to take necessary precautious	Security
to ensure the safety of our parks and	Specialised sanitation team
tenants. These measures can extend
beyond the end of the lockdown period
and will lead to higher operating expenses.

Logistics: Arshiya Khurja, NCR

Acquisition details

Property details

Location	Khurja, NCR
Site area	4.5 acres/1.8 ha
Floor area	0.19m sq ft
Right to acquire	3.85m sq ft

1. Entered into with Arshiya Limited, the same vendor as Arshiya Panvel forward purchase deal. Acquisition is subject to fulfilment of certain Conditions Precedent.
2. Net of security deposit. Based on an exchange rate of S$1 to INR 51.3.

Investment details

Share Purchase Agreement1

• Acquisition of 1 Grade-A warehouse (0.19m sq ft)
• Upfront payment of ₹0.2 bn (S$5m2) and deferred consideration of up to ₹0.7 bn (S$14m2) to be paid over the next 4 years.

Lease Arrangement

• Operating lease arrangement with an affiliate of the vendor to lease-back the warehouse for 6 years.

Framework Agreement

• Right to finance construction of future warehouses.
• Right to acquire another 2 existing warehouses (0.30m sq ft) and future warehouses (approx. 3.55m sq ft).

Growing warehouse footprint in North India

• Transaction provides opportunity to expand our

warehousing presence to North India and further
diversify business parks portfolio.	7

Capital management

International Tech Park Hyderabad

Capital management

Currency hedging strategy

Balance sheet

• Trustee-Managerdoes not hedge equity.
• At least 50% of debt must be denominated in INR.
  Income
• Income is repatriated semi-annually from India to Singapore.
• Trustee-Managerlocks in the income to be repatriated by buying forward contracts on a monthly basis.

Funding strategy

• The Trustee-Manager's approach to equity raising is predicated on maintaining a strong balance sheet by keeping the Trust's gearing ratio at an appropriate level.
• Trustee-Managerdoes not borrow INR loans onshore in India as it costs less to hedge SGD borrowings to INR-denominated borrowings using cross-currency swaps and derivatives.

Income distribution policy

• To distribute at least 90% of its income available for distribution.
• a-iTrustretains 10% of its income available for distribution to provide greater flexibility in growing the Trust.

9

Debt maturity profile

Effective borrowings: S$751 million	Hedging ratio
INR: 65% SGD: 35%

S$ Million		236.3
211.0 1			209.9
60.2
		158.3
			165.9
150.8	45.5			48.2
		78.0		48.2
	45.5		43.9
FY2020	FY2021	FY2022	FY2023	FY2024

SGD Denominated debt

INR Denominated debt

Information as at 31 March 2020.

1. Secured a new and undrawn committed 5-year S$100mil Term Loan facility in April 2020 and in the process of closing a 4-year S$50 million Term Loan 10 facility, which may be used for the refinancing of some loans maturing in FY2020.

Capital structure

Indicator	As at 31 March 2020
Interest service coverage	4.0 times
(EBITDA/Interest expenses)	(YTD FY2020)
Percentage of fixed rate debt	81%
Percentage of unsecured borrowings	100%
			Gearing: 28%3
Effective weighted average cost of debt1	5.9%
Gearing limit	50%2
Available debt headroom	S$1,214 million
Cash and cash equivalent	S$121 million
1.	Based on borrowing ratio of 65% in INR and 35% in SGD as at 31 March 2020.
2.	As announced by MAS on 16 April 2020, the gearing limit was increased from 45% to 50% with immediate effect.	11
3.	As at 31 March 2020, the effective borrowings to net asset ratio and total borrowings less cash and cash equivalent to net asset ratio is 53.0% and 46.6% respectively.

Operational review

International Tech Park Hyderabad

Office markets healthy

Bangalore (Whitefield)

5.0	12.0%
4.0			8.9%	9.7%	8.8%
		7.2%
3.0
2.0
1.0
0.0
	CY 2016	CY 2017	CY 2018	CY 2019	CY2020

Chennai (OMR)

3.0
9.0%
2.0			5.8%	5.9%
1.0	3.3%	3.3%
0.0
CY 2016	CY 2017	CY 2018	CY 2019	CY2020

Supply (in million sq ft) Gross Absorption (in million sq ft) Vacancy (%) Source: CBRE Research

1. Higher vacancy is due to supply of 0.3m sq ft into the micro-market in 2020.
2. Includes HITEC City and Madhapur.

Hyderabad (IT Corridor I2)

4.0
3.0
2.0		6.2%
		5.7%		4.7%1
1.0	3.0%			2.6%
0.0
	CY 2016	CY 2017	CY 2018	CY 2019	CY2020

Pune (Hinjawadi)

2.0
15.2%
1.0	9.9%	8.6%		6.3%
		6.0%
0.0
CY 2016	CY 2017	CY 2018	CY 2019	CY2020

13

Diversified portfolio

Portfolio breakdown by area

Mumbai

6%

Pune

12%

Bangalore

34%

Chennai

22%

Hyderabad

26%

Floor area 13.1 million sq ft

All information as at 31 March 2020.

Customer Base

Total number of tenants	340
Average space per tenant	37,800 sq ft

Largest tenant accounts for 9% of the portfolio base rent

14

Healthy portfolio occupancy

Committed portfolio occupancy:	99%
99%	98%	100%	98%	100%	98%	100%	100%
	96%	95%	95%
		94%	95%
	91%						90%
ITPB	ITPC	CyberVale	aVance	CyberPearl	ITPH	aVance	Arshiya1
	a-iTrust occupancy			Hyderabad			Pune	Panvel
	Market occupancy of peripheral area2

All information as at 31 March 2020.

1. There are no comparable warehouses in the micro-market that the Arshiya Panvel warehouses are located in.

2. CBRE market report as at 31 March 2020.

15

Transacted vs effective rents1

	Bangalore	Chennai	Hyderabad
40%		36%
35%
30%			28%
25%			23%
20%			18%
15%	15%
			11%
10%
5%
0%

ITPB	ITPC	CyberVale	aVance	ITPH	CyberPearl
			Hyderabad
All information as at 31 March 2020.
1. Difference in average transacted rents by a-iTrust over the past 12 months against effective rents at the respective properties.
Effective rent refers to the weighted average amortised rent for the respective properties for the last month of the reporting period.	16
Average transacted rent refers to the weighted average signing rents for the respective properties for the past 12 months.

Spread-out lease expiry profile

Weighted average lease term:	Weighted average lease expiry:
6.6 years	3.6 years

Sq ft expiring

5,500,000					41%
5,000,000
4,500,000
4,000,000
3,500,000		23%
3,000,000
2,500,000			17%
2,000,000
12%
1,500,000
			7%
1,000,000
500,000
-
	FY2020	FY2021	FY2022	FY2023	FY2024 & beyond

All information as at 31 March 2020.

Note: Retention rate for the period 1 April 2019 to 31 March 2020 was 65%. This excludes leases in ITPH which are affected by the redevelopment of Auriga building.

17

Diversified tenant base

Tenant core business & activity by base rental

	Retail	Telco Oil & Gas	F&B1
Others	2%	1%	1%
3%	2%

Healthcare &

Pharma

3%

Automobile

5%

Electronics,

Semiconductor &

Engineering

7%

Tenant core

IT, Software & Application

Development and Service Support

51%

Retail & F&B R&D1 Others

ITES1 3% 1% 1% 5%

Logistics &

warehousing

7%

Tenant core

IT 1 48%

Logistics

7%

business

activity

Design, Gaming

and Media

7%

Banking & Financial Services

11%

IT/ITES1 35%

All information as at 31 March 2020.

1. IT - Information Technology; ITES - Information Technology Enabled Services; R&D - Research & Development; F&B - Food & Beverage.

18

Diversified tenant base

Tenant country of origin & company structure by base rental

	Singapore	UK	Others
	1%
Japan	2%	4%
			India Co 2
2%
France			USA	14%
		56%
7%

Country of

origin

India1 28%

All information as at 31 March 2020.

1. Comprises Indian companies with local and overseas operations.
2. Comprises Indian companies with local operations only.
3. Multinational corporations, including Indian companies with local and overseas operations.

Company

structure

MNC 3 86%

19

Growth strategy

International Tech Park Chennai

Good growth track record

Total developments:	Total acquisitions:
5.0 million sq ft	4.8 million sq ft

Floor area

(million square feet)

						6.9	6.9	7.5
					6.5	0.6
				6.0	0.4
				0.5
	4.7	4.8	4.8
	1.2
3.6	1.1	0.1
					6.9	6.9
					6.0	6.5
		4.7	4.8	4.8
3.6	3.6

			11%
			CAGR
			12.61	13.1
		11.9	0.5
		0.8
	9.7	1.9
	0.4
8.8	0.3
	0.6
1.3

	11.9	12.6
8.8	9.7
7.5

IPO Dec-07Dec-08Dec-09Dec-10Dec-11	Dec-12Dec-13Dec-14Dec-15Dec-16	Dec-17Dec-18Dec-19
		Portfolio		Development		Acquisition	21
1. Reduction in floor area due to the demolition of Auriga building (0.2m sq ft) in ITPH as part of the redevelopment.

Clear growth strategy

Growth strategy

Development pipeline

Sponsor assets

3rd party acquisitions

Logistics

• 3.8m sq ft1 in Bangalore
• 3.5m sq ft in Hyderabad
• 0.4m sq ft in Chennai
• 2.3m sq ft from CapitaLand
• Ascendas India Growth Programme
• 1.8m sq ft aVance Hyderabad
• 2.1m sq ft aVance Business Hub 2
• 1.4m sq ft AURUM IT SEZ
• 1.8m sq ft BlueRidge 3
• 2.8m sq ft2 Arshiya Panvel warehouses
• 3.9m sq ft3 Arshiya Khurja warehouses
• Ascendas-Firstspaceplatform

1.	Includes buildings under construction and additional development potential of 1.0m sq ft due to the widening of the road in front of International Tech Park
	Bangalore and 1.1m sq ft due to revised government regulation.	22
2.	Includes a 7th warehouse under construction (0.3 million sq ft).
3.	Includes a warehouse to be acquired upon completion of Conditions Precedent (0.2m sq ft).

Outlook

International Tech Park Bangalore

Growth based on committed pipeline

Floor area	22.8
(million square feet)
74%	0.2
0.3
	1.8
	2.1
	1.8
	1.4
13.1	1.4
	0.7

13.1

	Mar-20			Growth pipeline
	Portfolio		MTB 5			ITPH redevelopment - Phase I
	AURUM IT SEZ		aVance 5 & 6			aVance A1 & A2	24
	BlueRidge 3 - Phase 1 & 2		Arshiya Panvel			Arshiya Khurja

Growth Pipeline

aVance Hyderabad	aVance Business Hub 2	AURUM IT SEZ	BlueRidge 3	Arshiya Panvel	Arshiya Khurja
										TOTAL
aVance 5	aVance 6	aVance A1	aVance A2	Building 1	Building 2	Phase 1	Phase 2	7th warehouse	1 warehouse

Floor area

1.16

0.64

1.05

1.05

0.60

0.80

1.41

0.43

0.33

0.19

7.66

(mil sq ft)

Time of

1H

Dec

2H

2H

OC5

2H

1H

2H

2H

Upon

N.A.

Completion1

2021

20173

2023

2023

received

2020

2021

2023

2020

completion of

CP5

Expected total

₹13.5b

₹14.0b

₹9.3b

₹9.8b

₹2.1b6

₹1.0b6

₹49.7b

consideration2

(S$270m)

(S$278m)

(S$186m)

(S$194m)

(S$42m)

(S19m)

(S$987m)

Amount disbursed2

₹8.4b

₹0.5b4

₹4.0b

₹1.8b

₹0.2b

-

₹14.8b

(S$168m)

(S$10m)

(S$79m)

(S$36m)

(S$3m)

(S$295m)

Remaining

₹5.1b

₹13.5b

₹5.3b

₹8.0b

₹1.9b

₹1.0b

₹34.9b

commitment2

(S$102m)

(S$268m)

(S$107m)

(S$159m)

(S$38m)

(S19m)

(S$692m)

1. Refers to building completion. For Arshiya Khurja, completion refers to the acquisition of 1 Grade-A warehouse.
2. Based on exchange rate at the time of investment/announcement.
3. Based on existing investment structure, aVance 6 will be acquired together with aVance 5.

4. Excludes disbursement of ₹2.0 billion (S$39 million2) towards refinancing of loan taken by PVPL towards acquisition of additional land in aVance Business Hub 2.	25
5.	OC refers to occupancy certificate; CP refers to Conditions Precedent.
6.	Net consideration after deduction of security deposit.

Appendix

Glossary

Trust properties	: Total assets.
Derivative financial	: Includes cross currency swaps (entered to hedge SGD borrowings into INR), interest rate swaps, options and
instruments	forward foreign exchange contracts.
DPU	: Distribution per unit.
EBITDA	: Earnings before interest expense, tax, depreciation & amortisation (excluding gains/losses from foreign
	exchange translation and mark-to-market revaluation from settlement of loans).
Effective borrowings	: Calculated by adding/(deducting) derivative financial instruments liabilities/(assets) to/from gross borrowings,
	including deferred consideration.
Gearing	: Ratio of effective borrowings to the value of Trust properties.
ITES	: Information Technology Enabled Services.
INR or ₹	: Indian rupees.
MAS	: Monetary Authority of Singapore.
SEZ	: Special Economic Zone.
SGD or S$	: Singapore dollars.

Super Built-upArea or SBA : Sum of the floor area enclosed within the walls, the area occupied by the walls, and the common areas such as the lobbies, lift shafts, toilets and staircases of that property, and in respect of which rent is payable.

26

Average currency exchange rate

Average exchange rates used to translate a-iTrust's INR income statement to SGD

1 Singapore Dollar buys	1Q	2Q	3Q	YTD
Indian Rupee
FY2019	51.2	51.5	51.5	51.4
FY18/19	50.2	51.3	52.5	51.3
SGD appreciation/	2.0%	0.4%	(1.9%)	0.2%
(depreciation)

Note: These rates represent the average exchange rates between Indian Rupee & Singapore Dollar for the respective periods.

27

Recap: FY2019 vs YTD FY18/19 results

	FY20191	YTD FY18/191	Variance
SGD/INR FX rate2	51.4	51.3	0.2%
Total property income	₹7,728m	₹6,930m	12%
S$150.3m	S$134.7m	12%
Net property income	₹5,827m	₹5,159m	13%
S$113.4m	S$100.4m	13%4
Income available for distribution	₹3,881m	₹3,334m	16%
S$75.5m	S$64.9m	16%
Income to be distributed	₹3,493m	₹3,001m	16%
S$67.9m	S$58.4m	16%
Income to be distributed (DPU3)	₹3.32	₹2.89	15%
6.45¢	5.63¢	15%
Weighted average number of units	1,054,828	1,036,361	2%
('000)

• Income from Anchor building at ITPB;
• higher income from aVance Pune; and
• positive rental reversions.
• Increase due to higher total property income;
• one-offprovision for water supply and sanitary connection charges in ITPB in YTD FY18/19; and
• partially offset gains from one-off scrap sale of Dedicated Power Plant in ITPB in YTD FY18/194.
• Mainly due to net property income growth and interest income from investments in Arshiya Panvel, AURUM IT SEZ, aVance 5 & 6, aVance A1 & A2 and BlueRidge 3.
• After retaining 10% of income available for distribution.

1. FY2019 refers to the 9-month period ended 31 December 2019. YTD FY18/19 refers to the 9-month period ended 31 December 2018.
2. Average exchange rate for the period.

3.

Distribution per unit.

28

4. Excluding the one-off items, FY2019 net property income in SGD would have increased by 11%.

Quarterly DPU since listing

DPU1 (S¢)				Change since listing				INR/SGD exchange rate2
								(Indexed)
10.00				INR depreciation against SGD: -50%				130
				SGD DPU3: +49%
9.00												120
8.00												110
7.00												100
6.00												90
5.00
4.00												80
3.00												70
2.00												60
1.00												50
0.00												40
CY2007	CY2008	CY2009	CY2010	CY2011	CY2012	CY2013	CY2014	CY2015	CY2016	CY2017	CY2018	CY2019
		1Q		2Q		3Q	4Q		INR/SGD exchange rate

1.	DPU (income available for distribution) refers to 100% of distributable income. 10% of distributable income was retained starting from 2Q CY2012.	29
2.	Average daily spot INR/SGD exchange rate for the period, pegged to 1 August 2007 using data sourced from Bloomberg.
3.	Last 12 months DPU compared against first 12 months DPU.

Growth strategy

Development: ITPB pipeline

Future development potential

• Increase in development potential from 2.7 million sq ft to 3.8 million sq ft1.
• Construction of MTB 5 (0.7 million sq ft) is in progress.

Park Square

(Mall)

Taj Vivanta

(Hotel)

Special Economic Zone2

Aviator (Multi-tenanted building)

Voyager (Multi-tenanted building)

International Tech Park Bangalore

Anchor

(Multi-tenanted building)

Victor (Multi-tenantedbuilding)

MTB 5

(Under construction)

1.	Includes buildings under construction and additional development potential due to the widening of the road in front of International Tech Park Bangalore
	and revised government regulation.	30
2.	Red line marks border of SEZ area.

Growth strategy

Development: MTB 5, Bangalore

		Artist's impression
Property	International Tech Park Bangalore
Floor area	0.68m sq ft
Construction status	• Construction has commenced and structure works are ongoing
• Completion expected by 2H 2020
			31
Leasing status	100% pre-leased to a leading IT Services company

Growth strategy

Development: ITPH redevelopment - Phase I

		Artist's impression
Name	International Tech Park Hyderabad (ITPH) redevelopment - Phase I
Floor area	1.36m sq ft
Development status	• Excavation is in progress and foundation work has commenced

• Completion expected by 2H 2021	32

Growth strategy

3rd party: Acquisition criteria for commercial space

• Target cities:
• • Bangalore
  • Chennai
  • Hyderabad
  • Pune
  • Mumbai
  • Delhi
  • Gurgaon
• Investment criteria:
• • Location
  • Tenancy profile
  • Design
  • Clean land title and land tenure
  • Rental and capital growth prospects
  • Opportunity to add value

33

Growth strategy

3rd party: aVance Hyderabad

							(3)	(5)
									(6)
			(8)		(4)
						(7)
	(2)
(5)						(1)

(9)

Artist's impression

(10)

(6)

Park Statistics

Site area:	25.7 acres / 10.4 ha	(1), (2), (3) & (4) owned by a-iTrust:	1.50m sq ft
Vendor assets:	marked in black	Proposed acquisitions of (5) & (6)1:	1.80m sq ft
Land owner assets:	marked in white	ROFR to (7), (8), (9) & (10):	1.16m sq ft

1. Share Purchase Agreement executed for proposed acquisition of aVance 5 & 6.

34

Growth strategy

3rd party: aVance Business Hub 2, Hyderabad

aVance	(6)
Hyderabad
(7)	(A1)

(A2) (A3) (A4) (A5)

Artist's impression

Artist's impression

Park Statistics

Site area:	14.4 acres / 5.8 ha	Proposed acquisition of
(A1) to (A5)1:	4.53m sq ft
Vendor assets:	marked in black	Construction status:	Excavation work commenced
	for the project
Land owner assets:	marked in white

1. Master Agreement executed for proposed acquisition of Vendor assets. The total leasable area has been reduced from 5.20m sq ft to 4.53m sq ft due to changes in	35
the Master Plan.

Growth strategy

3rd party: AURUM IT SEZ, Navi Mumbai

(3)		(2)

(1)

Artist's impression

Location	Ghansoli, Navi Mumbai
Floor area	•	Building 1: 0.6m sq ft; Building 2: 0.8m sq ft
• Right of First Refusal on Building 3: up to 1.1m sq ft
Expected completion	• Building 1 - Occupancy Certificate received; Building 2 - 2H 2020
Leasing status	•	Building 1: 44% pre-committed

Acquisition of	Upon completion of each building, and within a period of up to 2 years post completion
Building 1 & 2
	36

Growth strategy

3rd party: BlueRidge 3, Pune

Location	Hinjawadi Phase 1, Pune
Floor area	Phase 1: 1.4m sq ft; Phase 2: 0.4m sq ft
Expected completion	Phase 1: 1H 2021; Phase 2: 2H 2023
Construction status	Incubation fit-out work in IT Building 1 is completed and Occupancy	37
Certificate has been obtained

Growth strategy

Logistics: Arshiya Panvel, Mumbai

Property	Arshiya Panvel warehouses
Site area	24.5 acres / 9.9 ha
Floor area	0.8m sq ft
Forward purchase	At least 2.8m sq ft (includes 0.3m sq ft warehouse under construction)

38

World-class IT and logistics parks

City	Bangalore	Chennai	Hyderabad	Pune	Mumbai
	• Intl Tech Park	•	Intl Tech Park	•	Intl Tech Park	• aVance Pune	• Arshiya Panvel
Property	Bangalore		Chennai		Hyderabad		warehouses
	•	CyberVale	•	CyberPearl
				•	aVance Hyderabad
Type	IT Park	IT Park	IT Park	IT Park	Warehouse
Site area	68.3 acres	33.2 acres	51.2 acres1	5.4 acres	24.5 acres
27.6 ha	13.5 ha	20.5 ha1	2.2 ha	9.9 ha
Completed floor	4.5m sq ft2	2.8m sq ft	3.4m sq ft2	1.5m sq ft	0.8m sq ft
area
Number of	11	6		11		3	6
buildings
Park population	49,600	35,400	31,600	13,800	-
Land bank
(development	3.8m sq ft3	0.4m sq ft	3.5m sq ft4	-	-
potential)

1. Includes land not held by a-iTrust.
2. Only includes floor area owned by a-iTrust.
3. Includes buildings under construction and additional development potential due to the widening of the road in front of International Tech Park Bangalore and revised government

regulation.	39
4. Includes buildings under construction.

Lease expiry profile

City	FY2020	FY2021	FY2022	FY2023	FY2024	Total
& beyond
Bangalore	302,600	1,255,300	646,600	64,500	2,167,100	4,436,100
Chennai	655,400	884,900	678,300	259,500	315,200	2,793,300
Hyderabad	489,100	780,700	759,100	540,500	731,700	3,301,100
Pune	137,000	-	64,100	58,300	1,244,300	1,503,700
Mumbai	-	-	-	-	832,200	832,200
Total	1,584,100	2,920,900	2,148,100	922,800	5,290,500	12,866,400

40

Quality tenants

Top 10 tenants (in alphabetical order)

1. Applied Materials 2 Arshiya Panvel

1. Bank of America

1. Cognizant
2. Mu Sigma
3. Renault Nissan
4. Societe Generale
5. Tata Consultancy Services
6. The Bank of New York Mellon
7. Technicolor

All information as at 31 March 2020.

Top 5 sub-tenants of Arshiya Panvel (in alphabetical order)

1. DHL Logistics
2. Huawei Telecommunications
3. Labdhi Manufacturing
4. Rolex Logistics (CISCO)
5. ZTE Corporation

Top 10 tenants accounted for 37% of portfolio base rent

41

Revenue growth trends

Total Property Income (INR)

INR million		10%
				CAGR
						10,188
						9,336
						8,626
						7,220
						6,579
		5,550	5,584	6,124
		4,658
	4,005	4,078

Total Property Income (SGD)

5%

S$ million																CAGR
										184.0	197.6
										183.0
										148.4
						129.9			141.1
				124.4			127.3
	120.8	121.3			119.8

42

Income growth trends

Net Property Income (INR)

INR million			12%
									CAGR
										7,668
										6,791
										5,827
										4,790
										4,249
		3,197	3,260	3,654
	2,460	2,628
	2,391

Net Property Income (SGD)

								7%
S$ million																CAGR
								148.6
								133.8
								123.6
								98.4
								91.1
	74.3	71.1	70.1	74.9	75.9
				69.8

43

a-iTrust unit price versus major indices

(Indexed)				Indicator
				a-iTrust
175				Trading yield	7.2%1
						(as at 31 March 2020)
				FTSE STI Index
150				FTSE ST REIT Index	Average daily trading	2,110,100 units
						volume (1Q FY2020)
125				Bombay SE Realty Index
			INR/SGD FX rate
100
75
50
25

0

IPO

Dec 07

Jun 08

Dec 08

Jun 09

Dec 09

Jun 10

Dec 10

Jun 11

Dec 11

Jun 12

Dec 12

Jun 13

Dec 13

Jun 14

Dec 14

Jun 15

Dec 15

Jun 16

Dec 16

Jun 17

Dec 17

Jun 18

Dec 18

Jun 19

Dec 19 Mar 20

Source: Bloomberg

a-iTrust

FTSE ST REIT Index FTSE STI Index

INRSGD FX Rate

Bombay

SE Realty

Index

1. Trading yield based on annualised 3Q FY2019 DPU of 8.60 cents at closing price of S$1.20 per unit as at 31 March 2020.

44

Structure of Ascendas India Trust

Unitholders

Holding of units	Distributions
				Trustee's fee & management fees
	a-iTrust
		Acts on behalf of unitholders/
100% ownership &	Dividends, principal	management services
shareholder's loan	repayment
		of shareholder's loan

Singapore SPVs

1. Ascendas Property Fund (India) Pte. Ltd.
2. Ascendas Property Fund (FDI) Pte. Ltd.

Ownership of ordinary shares; Subscription to Fully &	Dividends on ordinary shares, proceeds from share buyback
Compulsory Convertible Debentures ("FCCD") and
& interest on FCCD and NCD
Non-Convertible Debentures ("NCD")
The VCUs

Ascendas Property Fund Trustee Pte. Ltd.

(the Trustee-Manager), a wholly owned subsidiary of

CapitaLand

Singapore

India

• Ascendas Panvel FTWZ Limited1
  (100.0% ownership)

• Information Technology Park Limited (92.8% ownership)2
• Ascendas Information Technology Park Chennai Ltd. (89.0% ownership)2
• Cyber Pearl Information Technology Park Private Limited (100.0% ownership)
• VITP Private Limited (100.0% ownership)
• Hyderabad Infratech Private Limited (100.0% ownership)
• Avance-AtlasInfratech Private Limited (100.0% ownership)
• Deccan Real Ventures Private Limited (100.0% ownership)

Ownership	Master rental income		Ownership	Net property income
The Properties									Provides property
• Arshiya Panvel warehouses		•	ITPB	•	ITPH			management services	Ascendas Services
			•	ITPC •	aVance Hyderabad			(India) Private Limited
			•	CV	•	aVance Pune			(the property manager)
			•	CP					Property management fees

1. Entered into a master lease agreement with Arshiya Limited ("AL") to lease back the warehouses to AL for a period of six years. AL will operate and manage the warehouses and pay pre- agreed rentals.

2. Karnataka State Government owns 7.2% of ITPB & Tamil Nadu State Government owns 11.0% of ITPC.

45

Investor contact

Tan Choon Siang Chief Financial Officer

Ascendas Property Fund Trustee Pte Ltd (Trustee-Manager of a-iTrust)

Office: [phone]

Email: [e-mail]

Website: www.a-iTrust.com