Ascendas Real Estate Investment Trust : Disclosure Pursuant To Rule 704 (31) Of The Listing Manual Of The Singapore Exchange Securities Trading Limited

(Constituted in the Republic of Singapore pursuant to a trust deed dated 9 October 2002 (as amended))

ANNOUNCEMENT

DISCLOSURE PURSUANT TO RULE 704 (31) OF THE LISTING MANUAL OF THE SINGAPORE

EXCHANGE SECURITIES TRADING LIMITED

The Board of Directors of Ascendas Funds Management (S) Limited, as manager (the "Manager") of Ascendas Real Estate Investment Trust ("Ascendas Reit"), wishes to announce that Ascendas US REIT LLC (the "Borrower", being a wholly-owned subsidiary of Ascendas Reit) has secured a US$120 million committed term loan facility maturing in 2027 (the "Facility").

The obligations of the Borrower under the Facility are guaranteed by HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of Ascendas Reit).

Pursuant to Rule 704(31) of the Listing Manual of the Singapore Exchange Securities Trading Limited ("SGX-ST"), the Manager wishes to announce that under the Facility, it is an event of default if the Manager is removed and no replacement or substitute manager of Ascendas Reit is appointed in accordance with the terms of the trust deed constituting Ascendas Reit.

If such an event occurs and the Borrower fails to pay the outstanding amounts due and payable under the Facility, it may trigger cross defaults under other facilities, debt issues and borrowings of Ascendas Reit and/or its subsidiaries (collectively, together with the amount owing under the Facility, "Borrowings"). The aggregate level of Borrowings which are outstanding and that may be affected is approximately S$6.3 billion1 (excluding interest) as of today. This has taken into account the reduction in facilities, debt issues and borrowings which are to be repaid using the Facility.

As of the date of this Announcement, the event described above has not occurred.

By Order of the Board

Ascendas Funds Management (S) Limited

(Company Registration No.: 200201987K)

(as Manager of Ascendas Real Estate Investment Trust)

Michelle Koh

Company Secretary

16 March 2022

1Borrowings denominated in foreign currencies are translated at the prevailing exchange rates except for JPY/HKD-denominated debt issues, which are translated at the cross-currency swap rates that Ascendas Reit has committed to.

Important Notice

The value of Units and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the 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 Ascendas Reit 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 Ascendas Reit is not necessarily indicative of the future performance of Ascendas Reit.

This release 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 other companies and venues for the sale or distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's current view on future events.