Ascendas India Trust : Investor Presentation - Us Non-Deal Roadshow (2 - 6 March 2020)

ASCENDAS INDIA TRUST

US Non-deal Roadshow 2 - 6 March 2020

Disclaimer

This presentation on a-iTrust's results for the 9-month period ended and quarter ended 31 December 2019 ("FY2019" & "3Q FY2019") should be read in conjunction with a-iTrust's quarterly results announcement, a copy of which is available on www.sgx.comor www.a-iTrust.com.

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

Overview

International Tech Park Bangalore

Introduction to a-iTrust

Our presence

13.1 million sq ft of completed floor area

Mumbai

6%

Pune

12%Bangalore

34%

Mumbai

Chennai

(Panvel)

Pune

22%

•

Arshiya

•

aVance Pune

warehouses

Bangalore

Hyderabad

•

International Tech

•

International Tech Park

Park Bangalore

Hyderabad

1

7.7 million sq ft2

•

CyberPearl

of potential floor

Chennai

•

aVance Hyderabad1

area

•

International Tech

Park Chennai

•

CyberVale

Hyderabad

46%

1. International Tech Park Hyderabad was previously known as The V.
2. Includes buildings under construction and increase in development potential of 1.1 million sq ft in ITPB.

Hyderabad

26%

Chennai

5%

Bangalore

49%

4

World class IT parks and warehouses

Our products

Modern IT Parks built to international specifications & standards.

Award winning properties

• ITPC: 2018 CNBC-AWAAZ Real Estate Awards Winner, "Best Commercial Project"
• ITPC: 2013 FIABCI Prix d'Excellence Award Gold Winner, Industrial Category
• ITPB: 2012 FIABCI Prix d'Excellence Award Gold Winner, Industrial Category

Arshiya warehouses

Modern warehouses with state of the art technology.

Grade-A specifications

• Up to G+6 racked structure
• 13 metres ceiling height
• M35 grade super flat floor
• Advanced fire detection system and security services

5

Key safeguarding provisions

Our structure

a-iTrust is a business trust that has voluntarily adopted the following SREIT restrictions:

Permissible investment	Adheres to Property Fund Appendix's definition of allowable investments
Investment restriction	Invests at least 75% of the Trust property in income-producing real estate
Development limit	20% of Trust property
Distributable income	Minimum 90% to be distributed
Tax-exempt distributions	Distributions exempt from Singapore tax
Gearing limit	45%

6

CapitaLand Limited

Our sponsor

• CapitaLand is one of Asia's largest diversified real estate groups, with assets under management of S$131.9 billion as at 31 December 2019.
• CapitaLand's portfolio spans across commercial, retail; business park, industrial and logistics; integrated development, urban development; as well as lodging and residential.
• It manages seven listed REITs and business trusts, as well as over 20 private funds.
• CapitaLand has presence across more than 200 cities in over 30 countries, including Singapore, China, India, Vietnam, Australia, Europe and the USA.

Capital Tower, Singapore

7

3Q FY2019 results

	3Q FY2019	3Q FY18/19	Variance
SGD/INR FX rate1	51.5	52.5	(1.9%)
Total property income	₹2,653m	₹2,361m	12%
S$51.5m	S$44.9m	15%
Net property income	₹1,886m	₹1,779m	6%
S$36.6m	S$33.9m	8%
Income available for distribution	₹1,306m	₹1,239m	5%
S$25.4m	S$23.6m	7%
Income to be distributed	₹1,176m	₹1,115m	5%
S$22.8m	S$21.2m	7%
Income to be distributed (DPU2)	₹1.09	₹1.07	2%
2.12¢	2.05¢	4%
Weighted average number of units	1,080,314	1,037,821	4%
('000)

1. Average exchange rate for the period.
2. Distribution per unit.

• Income from Anchor building at ITPB;
• higher income from aVance Pune; and
• positive rental reversions.
• Increase due to higher total property income; and
• partially offset by higher operational and maintenance expenses.
• Mainly due to net property income growth and interest income from investments in Arshiya, AURUM IT SEZ, aVance 5 & 6, aVance A1 & A2 and BlueRidge 3; and
• partially offset by higher tax expense compared to 3Q FY18/19 which was lower due to one-off tax benefit arising from the merger of the legal entities of ITPH and aVance Pune.
• After retaining 10% of income available for distribution.

8

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, 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.

9

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

Consistent growth

Our INR financial performance

	INR million						9,389
						8,943
Total property income					7,587		7,7281
				6,784
			5,540	5,774	6,108
			4,899
12% CAGR2	3,783	4,007	4,182
2,801

FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 FY12/13 FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 FY18/19 FY2019

INR million

6,999

6,089 5,8271

Net property income							5,047
							4,415
					3,165	3,450	3,681
				2,805
14% CAGR2		2,117 2,448	2,425
1,651

FY07/08

FY08/09

FY09/10

FY10/11

FY11/12

FY12/13

FY13/14

FY14/15

FY15/16

FY16/17

FY17/18

FY18/19

FY2019

1.

FY2019 refers to the 9-month period ended 31 December 2019. Hence results are not comparable to those of prior years.

10

2.

CAGR from FY07/08 to FY18/19.

Consistent growth

Our SGD financial performance

S$ million								188.2	182.0
							144.0	156.7		150.31
Total property income
118.1	120.9	121.5	127.5	126.3	120.7	128.8
	102.7
5% CAGR2

	FY07/08	FY08/09	FY09/10	FY10/11	FY11/12	FY12/13	FY13/14	FY14/15	FY15/16	FY16/17	FY17/18	FY18/19	FY2019
S$ million
											128.1	135.7
Net property income										104.2			113.41
								93.7
		66.2	73.8	70.6	73.0	72.1	72.1	77.6
	60.5
8% CAGR2

FY07/08

FY08/09

FY09/10

FY10/11

FY11/12

FY12/13

FY13/14

FY14/15

FY15/16

FY16/17

FY17/18

FY18/19

FY2019

1.

FY2019 refers to the 9-month period ended 31 December 2019. Hence results are not comparable to those of prior years.

11

2.

CAGR from FY07/08 to FY18/19.

Quarterly DPU since listing

DPU1 (S¢)	Change since listing
INR depreciation against SGD: -50%

INR/SGD exchange rate2 (Indexed)

9.00				SGD DPU3: +49%						130
8.00												120
7.00												110
6.00												100
5.00												90
4.00												80
3.00												70
2.00												60
1.00												50
0.00												40
FY07/08	FY08/09	FY09/10	FY10/11	FY11/12	FY12/13	FY13/14	FY14/15	FY15/16	FY16/17	FY17/18	FY18/19	FY2019

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 1Q FY12/13.

2. Average daily spot INR/SGD exchange rate for the period, pegged to 1 August 2007 using data sourced from Bloomberg.	12
3. Last 12 months DPU compared against FY07/08 DPU.

Robust returns to shareholders

SGD DPU1

51%2

Growth since 2015

			7.33
		6.10	6.45 3
	5.69
5.50

4.86

FY

14/15

15/16

16/17

17/18

18/19

2019

Equity Fund Raise

in Nov 2019

a-iTrust Share Price
88%
Equity Fund Raise
Growth since 2015	in Feb 2018

1.69 4

1.131.19

1.01

0.90 0.88

Mar-15Mar-16Mar-17Mar-18Mar-19Feb-20

1.	Refers to distribution per unit post retention of 10% of income.
2.	SGD DPU growth and CAGR from FY14/15 to FY18/19.	13
3.	FY2019 refers to the 9-month period ended 31 December 2019. Hence, figure is not comparable to those of prior years.
4.	Closing price on 25 February 2020.

Consistent NAV growth

Adjusted NAV per unit1/	INR/SGD exchange rate2
a-iTrust share price (S$)	(Indexed)

1.80					120
1.60					115
1.40				1.31	1.38
			110
1.20			1.15
	1.05			105
1.00	0.87
				100
0.80
0.60					95
0.40					90
0.20					85
0.00					80
	Mar 16	Mar 17	Mar 18	Mar 19	Dec 19

			Adjusted NAV per unit (S$)		INR/SGD exchange rate		a-iTrust share price
1.	Adjusted net asset value per unit. Excludes deferred income tax liabilities on capital gains due to fair value revaluation of investment properties.
2.	Closing INR/SGD exchange rate.			14

Ranked highly on shareholder returns

1 Year Annualised Total Returns

Keppel DC REIT			Ranked 2nd out of 38												56.1		66.3
Ascendas India Trust
Mapletree Industrial Trust												41.2	46.5
Mapletree Logistics Trust
Mapletree Commercial Trust												39.9
Sasseur REIT											38.2
Manulife US REIT											36.5
									31.8
Frasers Centrepoint Trust
Parkway Life REIT									28.2 31.6
Keppel Pacific Oak US REIT								20.923.6
Ascendas REIT
Cromwell European REIT
IREIT Global								20.2
Fraser Logistics & Industrial Trust								19.8
Sabana Shari'ah Compliant Industrial REIT							16.7	19.6
OUE Commercial REIT
Frasers Commercial Trust							16.2
Ascott Residence Trust							16.1
CapitaLand Commercial Trust							14.3
AIMS APAC REIT							13.7
ESR-REIT							12.1
CapitaLand Retail China Trust							11.5
CapitaLand Mall Trust						10.1
Starhill Global REIT						9.2
SPH REIT					8.3
Far East Hospitality Trust					8.3
EC World REIT					7.6
Keppel REIT					7.3
Cache Logistics Trust					5.6
Dasin Retail Trust					4.6
Suntec REIT					0.3
Mapletree North Asia Commercial Trust			-0.2		0
Frasers Hospitality Trust
BHG Retail REIT			-0.3
CDL Hospitality Trusts			-1.2
First REIT			-1.3
Lippo Malls Indonesia Retail Trust			-2.2
Soilbuild Business Space REIT			-9.9
-20	-10	0	10	20	30	40	50	60	70	80
1. Bloomberg, SGX, data as of 31 January 2020. Based on Total Returns (%). Trusts which listed within the period are not included. RHT Health Trust is			15
excluded as it has divested its portfolio on 15 Jan 19 and is now a cash trust

Equity Fund Raising

Private Placement (November 2019)

• Approximately S$150 million was raised.
• The placement was more than four times covered.
• 99,470,000 new units issued on 28 November 2019.
• The issue price of S$1.508 represents a discount of 2.0% to the adjusted volume weighted average price.
• Most of the proceeds raised will be used to part finance the initial upfront funding of Phase 1 of a potential investment1.

Gearing

33%

28%

Before Private	Post Private
Placement 2	Placement3

Debt headroom

• In the interim, net proceeds have been used to repay existing loans.
• If the potential investment does not take place, the proceeds may be used for other purposes, like funding existing committed pipelines or repaying existing loans.

S$802m

S$514m

	Before Private	Post Private
	Placement 2	Placement3
1.	a-iTrust has entered into a non-binding agreement for a potential investment by way of forward purchase of a business park.	16
2.	As at 30 September 2019.
3.	As at 31 December 2019.

Market review

Global IT powerhouse

India's IT industry

Largest global IT

sourcing destination1

India

55%

Rest of

the world

45%

Most cost competitive

IT sourcing destination2

IT engineer's salary

2 IT engineers in Singapore

The salary of
1 IT engineer in
USA
is equivalent to	11 IT engineers in India

1.	Source: India Brand Equity Foundation.
2.	Source: December 2019 median salary from PayScale (provider of global online compensation data), converted into USD from local currencies using exchange rate from Bloomberg	18
	(31 December 2019).

India office market growth

India Grade A office stock (in mil sq ft)1

165% growth from 2009 to 2019

597

479

310

225

2009201220162019

1. Source: JLL. Refers to top 7 cities: Bangalore, Chennai, Hyderabad, Mumbai, NCR Delhi, Pune and Kolkata.	19

Strong growth in Grade A office supply

India Grade A office supply-absorption trend1	Absorption
~ 59mil sq ft
80.0

70.0
60.0
50.0
40.0
30.0
70%
20.0
10.0
0.0
2013	2014	2015	2016	2017	2018	2019	2020E	2021E

Supply (in million sq ft)				Gross Absorption (in million sq ft)

1. Source: CBRE Research

20

Office markets healthy

Bangalore (Whitefield)

5.0
15.5%
4.0	12.0%
3.0				9.7%1
	7.2%	8.9%		6.0%	6.0%
2.0
1.0
0.0
CY 2015	CY 2016	CY 2017	CY 2018	CY 2019	CY 2020E	CY 2021E

Chennai (OMR)

3.0
	9.0%
2.0	7.0%		5.8%	5.3%
1.0	3.3%	3.3%		3.6%
0.0

CY 2015 CY 2016 CY 2017	CY 2018 CY 2019 CY 2020E	CY 2021E
	Supply (in million sq ft)		Gross Absorption (in million sq ft)		Vacancy (%)

Source: CBRE Research

1. Higher vacancy is due to supply of 4.4m sq ft into the micro-market in 2019.
2. Includes HITEC City and Madhapur.

Hyderabad (IT Corridor I2)

4.0
3.0
	12.0%
2.0		5.8%	5.4%
	6.2%	5.7%
1.0	3.0%	2.6%
0.0

CY 2015 CY 2016 CY 2017 CY 2018 CY 2019 CY 2020E CY 2021E

Pune (Hinjawadi)

2.0
	15.2%			8.9%
1.0	9.9%	8.6%		6.7%
	6.0%	6.3%
0.0

CY 2015 CY 2016 CY 2017 CY 2018 CY 2019 CY 2020E CY 2021E

21

Operational review

International Tech Park Hyderabad

Quality tenants

Tenant statistics

Top 10 tenants (in alphabetical order)

1	Applied Materials
2	Arshiya1

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

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

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

All information as at 31 December 2019.
1. The Trust is in a master lease agreement with Arshiya Limited ("Vendor") for the Arshiya warehouses. Rents paid by subtenants of the Vendor are	23
deposited into an escrow account controlled by the Trust. Hence, this allows for the Trust to be paid first before all other expenses.

Diversified tenant base

Tenant country of origin & company structure by base rental

57% US companies	86% multinational companies
UK	Singapore	Others
Japan 2%	1%	4%	India Co
2%
	USA	14%
France
	57%
7%

Country of	Company
origin	structure

India

27%

MNC

86%

All information as at 31 December 2019.	24

Diversified tenant base

Tenant statistics

Diversified tenant industry

344 tenants

130,500 park employees

Largest tenant accounts for

8% of total base rent

Top 10 tenants accounts for

36% of total base rent

All information as at 31 December 2019.

Telco Retail Oil & Gas

Others 2% 2% 1%

3%

Healthcare & Pharma

3%

Automobile

6%

Electronics,

Semiconductor &

Engineering

6%

Logistics

7%

Design, Gaming

and Media

7%

Banking &

Financial Services

11%

F&B

1%

IT, Software & Application

Development and Service

Support

51%

25

Healthy portfolio occupancy

Committed portfolio occupancy: 99%

98%	100%	100%		98%	97%	100%	97%	98%	97%	100%	100%
	94%	95%
									94%
	90%
ITPB	ITPC	CyberVale		aVance		CyberPearl		The V		aVance	Arshiya1
				Hyderabad						Pune

a-iTrust occupancy		Market occupancy of peripheral area2

All information as at 31 December 2019.

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

2. CBRE market report as at 31 December 2019.

26

Transacted vs effective rents1

Bangalore		Chennai		Hyderabad		Pune
40%
35%	34%
30%
25%				23%
20%			19%
15%		13%				11%
10%
7%
5%					3%
0%
ITPB	ITPC	CyberVale	aVance	The V	CyberPearl	aVance
			Hyderabad			Pune

All information as at 31 December 2019.

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.	27
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:
6.7 years	3.8 years

Sq ft expiring

5,500,000					40%
5,000,000
4,500,000
4,000,000
3,500,000
3,000,000		21%
2,500,000	15%		17%
2,000,000
1,500,000
1,000,000				7%
500,000
-
	FY2020	FY2021	FY2022	FY2023	FY2024 & beyond

All information as at 31 December 2019.

Note: Retention rate for the period 1 January 2019 to 31 December 2019 was 63%. This excludes leases in ITPH which are affected by the redevelopment of Auriga building.28

Capital management

International Tech Park, Chennai

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.

30

Debt maturity profile

Effective borrowings: S$719 million	Hedging ratio
INR: 71% SGD: 29%

S$ Million		236.6
			212.2
172.8
		158.6
76.8			168.9
96.0	48.0			49.4
	78.0
	48.0		49.4
		43.3
FY2020	FY2021	FY2022	FY2023	FY2024

SGD Denominated debt

INR Denominated debt

Information as at 31 December 2019.

31

Capital structure

Indicator	As at 31 December 2019
Interest service coverage	3.6 times
(EBITDA/Interest expenses)	(FY2019)
Percentage of fixed rate debt	89%
		Gearing: 28%2
Percentage of unsecured borrowings	100%
Effective weighted average cost of debt1	6.3%
Gearing limit	45%
Available debt headroom	S$802 million

1.	Based on borrowing ratio of 71% in INR and 29% in SGD as at 31 December 2019.
2.	As at 31 December 2019, the effective borrowings to net asset ratio and total borrowings less cash and cash equivalent to net asset ratio is 53.9% and 49.7%	32
	respectively.

Growth strategy

International Tech Park Chennai

Steady track record

Portfolio growth

Floor area

11% CAGR

		Total developments:			Total acquisitions:
		5.0 million sq ft				4.8 million sq ft
Floor area
(million square feet)
											12.8	12.61	13.1
											0.5
											1.2
										11.1
										0.4
									9.0	1.5
									0.6
								8.1
							7.5	1.0
					6.9	6.9	0.6
					0.6
				6.0	0.4
										12.6	12.6
					0.5
	4.7	4.8	4.8	1.2							11.1
3.6	1.1	0.1								9.2
							8.1
				6.9	6.9	7.5
					6.0

4.7 4.8 4.8

3.6 3.6

IPO	Mar-08Mar-09Mar-10Mar-11Mar-12	Mar-13Mar-14Mar-15	Mar-16Mar-17Mar-18Mar-19Dec-19
			Portfolio			Development			Acquisition

1. Reduction in floor area due to the demolition of Auriga building (0.2m sq ft) in ITPH as part of the redevelopment.	34

Clear growth strategy

Development pipeline

Sponsor

Growthassets strategy

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 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	35
	Bangalore and 1.1m sq ft due to revised government regulation.
2.	Includes a 7th warehouse under construction (0.3 million sq ft).

Development: ITPB pipeline

Future development potential

International Tech Park Bangalore

• Increase in development potential from 2.7 million sq ft to 3.8 million sq ft1.
• Anchor building (0.5 million sq ft) completed in May 2019.
• Construction of MTB 5 (0.7 million sq ft) has commenced.

Park Square

(Mall)

Taj Vivanta

(Hotel)

Special Economic Zone2

Aviator (Multi-tenanted building)

Voyager (Multi-tenanted building)

MTB 5

(Under construction)

Anchor

(New building)

Victor (Multi-tenantedbuilding)

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.	36
2.	Red line marks border of SEZ area.

Development: MTB 5, Bangalore

		Artist's impression
Floor area	0.68m sq ft
Property	International Tech Park Bangalore
Construction status	• Construction has commenced and structure works are ongoing
• Completion expected by 2H 2020
			37
Leasing status	100% pre-leased to a leading IT Services company

Development: ITPH redevelopment

Existing Master Plan (1.5m sq ft1)

MLCP

Capella

Vega

Atria

Phase I

Orion

Auditorium Auriga

Mariner

Proposed Master Plan (5.0m sq ft)

	BLOCK E
Atria	BLOCK D

Phase I

BLOCK C

BLOCK A	BLOCK B

Key Highlights

Redevelopment to increase the development potential, rejuvenate the existing park, and leverage strong demand in Hyderabad:

• Net increase of 3.5m sq ft of leasable area
• Development planned in multiple phases over the next 7 to 10 years
• Construction for Phase I has commenced and excavation is in progress

1. Excludes the leasable area of Auriga building (0.2m sq ft) which has been demolished.	38

Development: ITPH redevelopment - Phase I

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

• Completion expected by 2H 2021	39

Sponsor: Assets in India

Sponsor presence1

Gurgaon

Pune

Chennai

Private fund managed by sponsor

• Ascendas India Growth Programme

1. Excludes a-iTrust properties.

International Tech Park, Pune

• Three phases comprising 1.9 million sq ft completed
• Final phase of 0.4 million sq ft under development

40

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

41

3rd party: aVance Hyderabad

Acquisition details

Property details

Location	HITEC City, Hyderabad
Site area	25.7 acres/10.4 ha
Floor area	1.50m sq ft
Forward purchase of (5) & (6)	1.80m sq ft
ROFR on (7), (8), (9) & (10)	1.16m sq ft

1. Based on exchange rate of S$1 to INR 50.04.
2. Dependent on the leasing commitment at the time of acquisition.

Investment details

Owned by a-iTrust

• aVance 1 - 4 with total floor area of 1.5 million sq ft.

Construction funding

• Total construction funding towards aVance 5 & 6: Up to ₹8.9 bn (S$177m1).
• As at 31 December 2019, ₹8.4 bn (S$168m1) has been disbursed.
• aVance 6 was completed in December 2017. aVance 5 is expected to complete in 2H 2020.

Forward purchase agreement

• Total consideration not expected to exceed ₹13.5 bn2 (S$270m1).

42

3rd party: aVance Business Hub 2, Hyderabad

Acquisition details

Property details

Location	HITEC City, Hyderabad
Site area	14.4 acres/5.8 ha
Forward purchase of (A1) & (A2)1	2.10m sq ft
Proposed acquisition of (A3) to (A5)1	2.44m sq ft

Investment details - aVance A1 & A2

Construction funding

• Total construction funding towards aVance A1 & A2: Up to ₹8.0 bn (S$158m2).
• Construction completion expected by 2H 2022.
• As at 31 December 2019, ₹0.5 bn (S$10m2) has been disbursed.

Forward purchase agreement

• Total consideration not expected to exceed ₹14.0 bn3 (S$278m2).

1. Master Agreement executed for proposed acquisition of Vendor assets. The total leasable area of A1 to A5 has been reduced from 5.20m sq ft to 4.53m sq ft due to changes in the Master Plan.

2.	Based on exchange rate of S$1 to INR 50.44.	43
3.	Dependent on the leasing commitment at the time of acquisition.

3rd party: AURUM IT SEZ, Navi Mumbai

Acquisition details

Property details

(3)

(2)

(1)

		Artist's impression
Location	AURUM IT SEZ, Navi Mumbai
Site area	16.06 acres/6.50 ha
Forward purchase of (1) & (2)	1.40m sq ft
ROFR on (3)	1.13m sq ft

1. Based on exchange rate of S$1 to INR 50.04.
2. Dependent on the leasing commitment at the time of acquisition.

Investment details

Construction funding

• Total construction funding towards Building 1 and Building 2: Up to ₹5.0 bn (S$100m1).
• As at 31 December 2019, ₹4.0 bn (S$79m1) has been disbursed.

Forward purchase agreement

• Total consideration not expected to exceed ₹9.3 bn2 (S$186m1).

Buildings 1 & 2 (0.6m & 0.8m sq ft)

• Building 1: Occupancy Certificate received; Building 2: Expected completion 2H 2020.

Strategic location

• Marks entry into Navi Mumbai, an important market for large MNCs.
• Located next to Thane-Belapur Expressway; close proximity to the Ghansoli train station.

44

3rd party: BlueRidge 3, Pune

Acquisition details

Property details

		Artist's impression
Location	Hinjawadi Phase 1, Pune
Site area	10.45 acres/4.23 ha
Forward purchase of (1) & (2)	1.84m sq ft

1. Based on exchange rate of S$1 to INR 50.48.
2. Dependent on the leasing commitment at the time of acquisition.

Investment details - Phase 1 & Phase 2

Loan re-financing and balance land funding

• ₹0.6 bn (S$12m1) disbursed.

Construction funding

• Total construction funding towards Phase 1 & 2: Up to ₹5.6 bn (S$110m1).
• As at 31 December 2019, ₹1.2 bn (S$23m1) has been disbursed.

Forward purchase agreement

• Total consideration not expected to exceed ₹9.8 bn2 (S$194m1).

Phase 1 & 2 (1.4m & 0.4m sq ft)

• Phase 1: Expected completion 1H 2021; Phase 2: Expected completion 2H 2023.

45

Logistics: Key demand drivers

1	Rise of	• Rapid progress under 'Make in India' campaign to raise sector's share from 13-17% to 25% of GDP
		manufacturing	(e.g FDI increase in defence and railways; new plants announced by MNCs like Apple, Hitachi,
		sector	Foxconn)

2	Retail &	• The Indian e-commerce market is expected to grow from USD 38.5 billion in 2017 to USD 200 billion
		E-Commerce
		by 2026
		boom
3	GST	• GST has been introduced since July 1, 2017 and is expected to lead to the simplification of the
		implementation	tax regime, leading to a more efficient supply chain
4	Trend towards	• Trend towards modern logistics and manufacturing facilities for speed and efficiency
		quality	• Sectors such as manufacturing, retail and e-commerce demand for modern warehouses

Source: Euromonitor, BCG, Goldman Sachs, Various Govt. ministries, IBEF and JLL Research

46

Logistics: Growing demand for warehousing space

Leasing at an all-time high of 33 million sq ft in 2019

Million sq ft	Pre - GST	Post - GST
35

30

25

20

15

10

5

0

2015	2016	2017	2018	2019
	Full-year:			Full-year:
	~9.4 million sq ft		~ 251%	~33 million sq ft

Source: CBRE

47

Logistics: CapitaLand partnership with Firstspace Realty

Sponsor initiative

• The Ascendas-Firstspace platform is a joint venture between CapitaLand and Firstspace Realty.
• Aims to deliver state-of-the-art logistics and industrial facilities across major warehousing and manufacturing hubs in India.
• Targets to develop close to 15 million sq ft of space over the next five to six years.
• Provides a-iTrust with a potential pipeline of quality warehouses in the future.

48

Logistics: Arshiya warehouses, Mumbai

Acquisition details - 6 operating warehouses

Property details

Location	Panvel, near Mumbai
Site area	24.5 acres/9.9 ha
Floor area	0.83m sq ft
Forward purchase	At least 2.80m sq ft1

1. Includes a 7th warehouse under construction (0.33 million sq ft).
2. Based on an exchange rate of S$1 to INR 47.50.

Investment details

6 operating warehouses (0.83m sq ft)

• Acquired in February 2018.
• Upfront payment of ₹4.3 bn (S$91m2) and deferred consideration of up to ₹1.0 bn (S$21m2) to be paid over the next 4 years.
• As at 31 December 2019, ₹0.4 bn (S$7m2) deferred consideration has been paid.
• Operating lease arrangement with vendor to lease- back the warehouses for 6 years.

Forward purchase agreement

• Additional future development potential of at least 2.80m sq ft1.
• Right to provide co-financing of construction loan.
• Exclusive right to acquire all future warehouses.

49

Logistics: Arshiya warehouses, Mumbai

Acquisition details - additional warehouse

Property details

Investment details

Additional warehouse (0.33m sq ft)

• In July 2019, a-iTrust has exercised its right under the forward purchase agreement to extend construction funding and finalise the acquisition terms for an additional warehouse.

Construction funding

• Total construction funding: up to ₹0.7 bn (S$14 m2).

• As at 31 December 2019, ₹0.2 bn (S$3m2) has been disbursed.

Location	Panvel, near Mumbai
Site area	24.5 acres/9.9 ha
Floor area	0.33m sq ft
Forward purchase	At least 2.80m sq ft1

1. Includes a 7th warehouse under construction (0.3 million sq ft).
2. Based on an exchange rate of S$1 to INR 51.0.

Acquisition

• Total consideration not expected to exceed ₹2.1 bn (S$42 m2).

Master lease structure

• Operating lease arrangement with a subsidiary company of the vendor to lease-back the warehouse for 6 years.

50

Outlook

International Tech Park Bangalore

Growth based on committed pipeline

Floor area

(million square feet)

13.1

Floor area

73%

22.6

0.3

1.8

2.1

1.8

1.4

1.4

0.7

13.1

Dec-19

Growth pipeline

Portfolio

MTB 5

The V redevelopment - Phase I

AURUM IT SEZ

aVance 5 & 6

aVance A1 & A2

BlueRidge 3 - Phase 1 & 2

Arshiya

52

Growth Pipeline

aVance Hyderabad

aVance Business Hub 2

AURUM IT SEZ

BlueRidge 3

Arshiya

TOTAL

aVance 5

aVance 6

aVance A1

aVance A2

Building 1

Building 2

Phase 1

Phase 2

7th warehouse

Floor area

1.16

0.64

1.05

1.05

0.60

0.80

1.41

0.43

0.33

7.47

(mil sq ft)

Time of Completion

2H

Dec

2H

2H

OC3

2H

1H

2H

2H

N.A.

2020

2017

2022

2022

received

2020

2021

2023

2020

Expected total

₹13.5b

₹14.0b

₹9.3b

₹9.8b

₹2.1b4

₹48.7b

consideration1

(S$270m)

(S$278m)

(S$186m)

(S$194m)

(S$42m)

(S$969m)

Amount disbursed1

₹8.4b

₹0.5b2

₹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

₹33.9b

commitment1

(S$102m)

(S$268m)

(S$107m)

(S$159m)

(S$38m)

(S$673m)

Information as at 31 December 2019.

1. Based on exchange rate at the time of investment/announcement.
2. Excludes disbursement of ₹2.0 billion (S$39 million1) towards refinancing of loan taken by PVPL towards acquisition of additional land in aVance Business Hub 2.

3.	Refers to occupancy certificate.	53
4.	Net consideration after deduction of security deposit is ₹2.0 billion (S$40 million1).

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

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.
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.

55

Average currency exchange rate

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

1 Singapore Dollar buys				Oct	Nov	Dec
Indian Rupee
2019				51.4		51.5	51.6
2018				53.5		52.4	51.8
SGD appreciation/(depreciation)			(3.9%)	(1.7%)	(0.4%)
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.

56

Balance sheet

As at 31 December 2019	INR	SGD
Total assets	₹135.87 billion	S$2,577 million
Total borrowings	₹39.08 billion	S$741 million
Derivative financial instruments	(₹1.19 billion)	(S$23 million)
Effective borrowings1	₹37.90 billion	S$719 million
Long term receivables	₹16.77 billion	S$318 million
Net asset value	₹57.40 per unit	S$1.09 per unit
Adjusted net asset value2	₹73.00 per unit	S$1.38 per unit

1.	Calculated by adding/(deducting) derivative financial instruments liabilities/(assets) to/from gross borrowings, including deferred consideration.
2.	Excludes deferred income tax liabilities of ₹17.8 billion (S$339 million) on capital gains due to fair value revaluation of investment properties.	57

World-class IT and logistics parks

City	Bangalore	Chennai	Hyderabad	Pune	Mumbai
	• Intl Tech Park	•	Intl Tech Park	•	Intl Tech Park	• aVance Pune	• Arshiya warehouses
Property	Bangalore		Chennai		Hyderabad
	•	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	35,500	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. Excludes the leasable area of Auriga building (0.2m sq ft) in ITPH, which has been demolished.
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.	58
4. Includes buildings under construction.

Lease expiry profile

City	FY2020	FY2021	FY2022	FY2023	FY2024	Total
& beyond
Bangalore	452,400	1,234,400	648,700	64,600	2,023,800	4,423,900
Chennai	835,000	865,500	666,700	174,100	256,800	2,798,200
Hyderabad	558,600	571,100	759,100	540,500	811,000	3,240,300
Pune	137,000	-	64,100	58,300	1,244,300	1,503,700
Mumbai	-	-	-	-	832,200	832,200
Total	1,983,000	2,671,100	2,138,500	837,500	5,168,200	12,798,300

59

a-iTrust unit price versus major indices

(Indexed)

175

150

125

100

75

50

25

0

a-iTrust

FTSE STI Index FTSE ST REIT Index Bombay SE Realty Index INR/SGD FX rate

Indicator
Trading yield	5.5%1
(as at 31 December 2019)
Average daily trading	1,493,400 units
volume (3Q FY2019)

a-iTrust

FTSE ST REIT Index FTSE STI Index

INRSGD FX Rate

Bombay

SE Realty

Index

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

Source: Bloomberg

1. Trading yield based on annualised 3Q FY2019 DPU of 8.60 cents at closing price of S$1.55 per unit as at 31 December 2019.

60

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 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.

61