Ascendas Real Estate Investment Trust : Transfer Of Units In Ascendas REIT To Ascendas Land International (Investments) Pte Ltd

(Constituted in the Republic of Singapore

pursuant to a trust deed dated 9 October 2002 (as amended))

ANNOUNCEMENT

TRANSFER OF UNITS IN ASCENDAS REAL ESTATE INVESTMENT TRUST TO

ASCENDAS LAND INTERNATIONAL (INVESTMENTS) PTE LTD

Ascendas Funds Management (S) Limited ("Manager" or "AFM"), the manager of Ascendas Real Estate Investment Trust ("Ascendas Reit"), wishes to announce the transfer to Ascendas Land International (Investments) Pte Ltd ("ALII") of 90,106, 211 units held by AFM in Ascendas Reit. ALII, which is wholly owned by CapitaLand Limited ("CapitaLand"), is an investment holding company for CapitaLand's Singapore and international business. The transfer is pursuant to an internal restructuring of the CapitaLand Group (the "Restructuring") that follows CapitaLand's acquisition of the Ascendas-Singbridge Group in June 2019. The Restructuring also involves the transfer to ALII of all units in Ascendas Reit held by CapitaLand Singapore (BP&C) Pte. Ltd. ("CL (BP&C)"), amounting to 599,722,315 units.

Following the transfers, AFM's interest in Ascendas Reit will be reduced to 5,494,086 units and its interest in Ascendas Reit (in percentage terms) will be 0.15%. CapitaLand's interest in units of Ascendas Reit remains unchanged at 695,322,612 and its interest in Ascendas Reit (in percentage terms) remains at 19.20%.

The transfers are not expected to have any impact on the net tangible assets or distribution per unit of Ascendas Reit for the financial year ending 31 December 2020.

None of the directors of AFM (acting as Manager of Ascendas Reit) or the controlling unitholders of Ascendas Reit has any interest, direct or indirect, in the transfers.

By Order of the Board

ASCENDAS FUNDS MANAGEMENT (S) LIMITED

(Company Registration No. 200201987K)

(as Manager of Ascendas Real Estate Investment Trust)

Mary Judith de Souza Company Secretary 3 August 2020

Important Notice

The past performance of Ascendas Real Estate Investment Trust ("Ascendas Reit") is not indicative of future performance. The listing of the units in the Ascendas Reit ("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, Ascendas Funds Management (S) Limited (the "Manager") or any of its affiliates. 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 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 announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units.