Ascendas India Trust : Payment Of Base Fee By Way Of Issue Of New Units In Ascendas India Trust

ASCENDAS INDIA TRUST

(Registration Number: 2007004)

(a business trust registered under the Business Trusts Act, Chapter 31A of Singapore)

ANNOUNCEMENT

PAYMENT OF BASE FEE BY WAY OF ISSUE OF NEW UNITS IN

ASCENDAS INDIA TRUST

Ascendas Property Fund Trustee Pte. Ltd. ("APFT"), the Trustee-Manager of Ascendas India Trust ("a-iTrust"), wishes to announce that 1,087,159 units ("Units") in a-iTrust have been issued to APFT on 13 May 2020.

The Units were issued to APFT pursuant to the Trust Deed constituting a-iTrust (the "Trust Deed") as payment of 50% of the Base Fee for the period from 1 January 2020 to 31 March 2020. The balance 50% of the Base Fee was paid in cash.

The number of Units was determined based on an issue price of S$1.1244 per Unit, which was the volume weighted average traded unit price for all trades on the Singapore Exchange Securities Trading Limited in the ordinary course of trading for the last 10 business days of the relevant period in which the Base Fee accrues (as provided in the Trust Deed). The timing of the issue of the Units to APFT is in accordance with the Trust Deed (i.e. within 60 days of the last day of every calendar quarter in arrears).

With the above-mentioned issue of Units, APFT holds an aggregate of 59,794,834 units and the total number of units in issue as at 13 May 2020 is 1,146,603,831.

By Order of the Board

Mary Judith de Souza Company Secretary

Ascendas Property Fund Trustee Pte. Ltd. (Company Registration No. 200412730D) as Trustee-Manager of a-iTrust

13 May 2020

Important Notice

The value of a-iTrust units ("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 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 Trustee-Manager to redeem their Units while the Units are listed. It is intended that Unitholders of a-iTrust may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

The past performance of a-iTrust is not necessarily indicative of the future performance of a-iTrust.