General Announcement::AIMS AMP CAPITAL Industrial REIT to redevelop 3 Tuas Avenue 2 into a modern industrial facility.

AIMS AMP CAPITAL INDUSTRIAL REIT MANAGEMENT LIMITED As Manager of AIMS AMP Capital Industrial REIT One George Street, #23-03 Singapore 049145

Media Release

AIMS AMP Capital Industrial REIT to redevelop 3 Tuas Avenue 2 into a modern industrial facility.

Singapore, 17 May 2018 - Further to its announcement dated 25 April 2018, the Manager of AIMS AMP Capital Industrial REIT (AA REIT) today announced further details on the redevelopment1 of its property at 3 Tuas Avenue 2 under its ongoing asset enhancement strategy.

Due for completion in the second half of 2019, the design-and-build project will transform the site from a purpose-built production and warehouse facility, into a modern and versatile ramp-up industrial facility suitable for both production and storage. The redevelopment will also increase the ease of sub-dividing the property for multi-tenancy usage, enhancing the property's flexibility for customisation and leasing. Gross floor area is expected to increase by 52 per cent to approximately 24,890 sqm and the plot ratio will increase from the current 0.92 to the maximum of 1.40.

The redevelopment will cost approximately S$48.2 million2 and the property's value upon completion is estimated at S$51.0 million3. The redevelopment will have minimal impact on

AA REIT's revenue, with the property contributing less than one per cent of AA REIT's gross rental income in FY2018. AA REIT's proforma leverage will remain healthy at 35.0 per cent based on its position at 31 March 2018, after taking into account the balance payments for AA REIT's recent development projects and the redevelopment of 3 Tuas Avenue 2. AA REIT has sufficient funding capacity for this project.

The Manager's Chief Executive Officer Mr Koh Wee Lih said, "Amidst a softer industrial market, we continue to execute on our asset enhancement initiative strategy to build a high quality and resilient portfolio that can meet evolving market needs and attract quality tenants. The redevelopment of 3 Tuas Avenue 2 is just another excellent example of how we are delivering on strategy to create new value for our Unitholders."

3 Tuas Avenue 2 is located right at the heart of the Jurong Industrial Estate, in close proximity to two major expressways, namely the Pan Island Expressway and the Ayer Rajah Expressway. The property is well-connected in the area and to the city with a 4 km-long, dual three-lane road viaduct to Tuas South Avenue 3, and is within walking distance to Tuas Crescent MRT station.

• 1 Subject to authorities' approvals.

• 2 Including land cost and other transaction costs.

• 3 Based on Jones Lang LaSalle Consultants Pte Ltd's valuation dated 31 March 2018.

The redevelopment is in line with the Singapore government's masterplan to develop and upgrade the Tuas region into a high-performing industrial space anchored by the development of the new Tuas Mega Port. When completed, the Tuas Mega Port will be able to handle up to 65 million standard containers annually, almost double the current capacity.

"With plans to develop the Tuas Mega Port, the Tuas area has been earmarked as the next epicentre of growth. AA REIT's redevelopment of the property is strategic and timely, which will allow us to capitalise on the growth of Tuas as an upcoming logistics hub in Singapore, and capture the rising demand for quality industrial spaces in the area," said Mr Koh.

Artist's impression of the redevelopment

For enquiries, kindly contact:
Media contact:	Investor contact:
Andy Lim	Koh Wee Lih
Baldwin Boyle Shand	Chief Executive Officer
Tel: [phone]	Tel: + 65 6309 1050
Email:[e-mail]	Email:[e-mail]
Important Notice

The value of units of AIMS AMP Capital Industrial REIT ("AA REIT") ("Units") and the income derived from them may fall as well as rise. The Units are not obligations of, deposits in, or guaranteed by, AIMS AMP Capital Industrial REIT Management Limited ("Manager"), or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested.

Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that unitholders of AA REIT may only deal in their Units through trading on the Singapore Exchange Securities Trading Limited (the "SGX-ST"). Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

This announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units. The past performance of AA REIT is not necessarily indicative of the future performance of AA REIT.

This announcement may contain forward-looking statements that involve risks and uncertainties. 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, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. Investors are cautioned not to place undue reliance on these forward- looking statements, which are based on the Manager's view of future events.

About AIMS AMP Capital Industrial REIT

Managed by the Manager, AA REIT was established with the principal investment objective of owning and investing in a diversified portfolio of income-producing industrial real estate located throughout the Asia Pacific that is used for industrial purposes, including, but not limited to warehousing and distribution activities, business park activities and manufacturing activities. The principal sponsors of AA REIT are the AIMS Financial Group

("AIMS") and AMP Capital, part of the AMP Group, one of Australia's largest retail and corporate pension providers and one of the region's most significant investment managers. AA REIT's existing portfolio consists of 26 industrial properties, 25 of which are located throughout Singapore (including one redevelopment at 3 Tuas Avenue 2) with a total value of S$1.23 billion based on valuations obtained as at 31 March 2018. AA REIT also has 49.0% interest in one business park property, Optus Centre, which is located in Macquarie Park, New South Wales, Australia, and is valued at A$450.0 million as at 31 March 2018.

About AIMS Financial Group

Established in 1991, AIMS is a diversified financial services and investment group, active in the areas of mortgage lending, securitisation, investment banking, funds management, property investment, private equity, venture capital, stock broking and high-tech investment. AIMS is also a strategic investor in the Sydney Stock Exchange.

Since 1999, AIMS has raised more than A$4.0 billion in funds from the capital markets. AIMS has issued approximately A$3.0 billion of residential mortgage-backed securities, predominantly rated AAA by both Standard & Poor's and Fitch Ratings and has originated over A$8.0 billion mortgages.

AIMS has actively introduced a number of international investors into the Australian markets and to date has attracted in excess of A$1.0 billion of investment funding into Australia from overseas investors. AIMS is the investment manager for AIMS' funds, which amount to circa A$2.0 billion.

During the global financial crisis ("GFC"), AIMS expanded its activities and acquired three businesses at a time when many other businesses were experiencing immense difficulties.

Since the GFC in 2009, AIMS has completed total asset acquisition and investment volumes of over A$2.0 billion.

AIMS' head office is in Sydney and it has businesses across Australia, China, Hong Kong and Singapore. Our highly qualified, professional and experienced cross-cultural teams enable AIMS to bridge the gap between Australia and Asia across various sectors.

www.aims.com.au

About AMP Capital

AMP Capital is one of the largest investment managers in the Asia Pacific region. As part of the AMP Group, we share a heritage that spans over 160 years.

Our home strength in Australia and New Zealand has enabled us to grow internationally, and today we have operations established in Dubai, China, Hong Kong, India, Ireland, Japan, Luxembourg, the United Kingdom and the United States. We also collaborate with a network of global investment partners, leveraging our shared capabilities to provide greater access to new investment opportunities.

Our asset class specialists, investment strategists and economists work together with the aim of delivering strong investment outcomes for clients. That is why our clients trust us to invest over A$187.7 billion (as at 31 December 2017) on their behalf, across a range of single sector and diversified funds.

www.ampcapital.com.au