1

2Q FY 2008/09

Financial Results

Presentation

30 October 2008

Singapore’s First Listed Indian Property Trust

2

Disclaimers

This presentation focuses on results for the financial quarter ended 30

September 2008 (“2Q FY 2008/09”). This shall be read in conjunction with

a-iTrust‟s announcement of results for the quarter in the SGXNet

announcement, either from www.sgx.com or www.a-itrust.com .

This presentation 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 developments or

companies, shifts in expected levels of property rental income and occupancy rate, changes in

operating expenses (including employee wages, benefits and training, property expenses),

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 Trustee-Manager’s current

view on future events.

3

• Overview

• Financial Results

• Growth Strategies

• Financial Indicators

Agenda

4

• Overview

• Financial Results

• Growth Strategies

• Financial Indicators

Agenda

5

Key Highlights

2Q FY 08/09 DPU of 1.82 Singapore cents, being:

- 23% above same period last year*

- 10% above last quarter

1H FY 08/09 distribution reflects annualised yield of:

- 13.2% over the closing price of S$0.525 on 30 September 2008

- 16.3% over the closing price of S$0.425 on 29 October 2008

* Results and DPU for the first and second quarters last year were reported together, post listing of

a-iTrust, at 2.95 Singapore cents. For illustrative purposes, had the DPU been equal and hence 1.475

Singapore cents for each quarter, 2Q FY 08/09 would have been 23% higher.

1H FY 08/09 DPU of 3.47 Singapore cents, 18% above same

period last year

Net Asset Value was S$750 million or S$0.99 per unit as at 30

September 2008

6

Key Highlights

For 1H FY 08/09, 0.6 million sq ft of space was leased or renewed

at a higher rental rate, posting a strong retention rate of 85%

98% portfolio occupancy as at 30 September 2008

During 2Q FY 08/09, 96,050 sq ft of space in ITPB was acquired

and leased back to Tata Consultancy Services (TCS). This S$10

million acquisition was immediately yield enhancing

Current gearing at 5% (loan to value), hence substantial debt

capacity to fund future development space / acquisition

7

• Overview

• Financial Results

• Growth Strategies

• Financial Indicators

Agenda

8

Financial Results –2Q FY08/09 vs 2Q FY07/08

2Q FY08/09

(S$ „000)

2Q FY07/08

(S$ „000)

Variance

(%)

Reasons

Total

Property

Income

29,820 25,292 18% • Income from newly completely buildings,

Vega & Crest

• Higher rental rates

• One time income of S$ 2.7 million for

provision of extra power by TCS‟s built-to-suit

building amortized over 36 months from Sep

08; effect in 2Q FY08/09 minimal

Net

Property

Income

15,691 15,371 2% • Marketing fee for Vega & Crest

• Increased maintenance expenses due to

larger portfolio

• Increased charges to tenant to mitigate higher

utilities expenses

Net Profit

after tax

11,006 9,120 21% • Lower finance cost

• Fair value gain on derivatives this quarter

• No IPO cost

DPU

(Singapore

cents)

1.82 1.475 23% • Results for 1Q and 2Q last yr were announced

together

• Total Distribution was 22.7m and DPU 2.95

cents

• Comparison assumes equal amt for those

2 quarters

9

1Q FY08/09

1 April 2008 to 30 September 2008

1.65 ¢ per unit

Distributions are paid on semi-annual basis, for the six-month periods ending

31 March and 30 September of each year

Period

1.82 ¢ per unit

Distribution per Unit

18% increase

over same

period last FY

2Q FY08/09

1H FY08/09 3.47 ¢ per unit

1H FY07/08 2.95 ¢ per unit

Books Closure Date

Distribution Payment Date

14 November 2008

25 November 2008

10% increase q-o-q

23% increase y-o-y

10

• Overview

• Financial Results

• Growth Strategies

• Financial Indicators

Agenda

11

Pro

pose

d D

evelo

pm

ent

Mar 07

Total Owned SBA of 4.8 mm sq ftOperating

Buildings

Upcoming SBA of 1.5

mm sq ft

Proposed

Developments

Land Available

for

Development

Potential SBA of

2.7 mm sq ft

Unique three-pronged acquisition

strategy

Exte

rnal

Acquisitions

Org

anic

4.2 mm sq. ft.

= 89% of current

operating

buildings

Growth Strategy

12

100,000

200,000

300,000

400,000

500,000

600,000

700,000

Organic GrowthLease Activities From 1 April 2008 to 30 September 2008

85%

Retention

Renewed

Leases

New

Leases

Renewed & New

Leases

Leases Concluded

Over The Year

Forward

Leasing*

Area (Sqft)

218,000

381,500

73,500

* Include signed leases which have not commenced

Expired

Leases

186,000

567,500

186,000

567,500

641,000

381,500

13

Organic Growth - Stability

Portfolio Weighted Average Occupancy as at 30 September 2008 is 98%.

100% 96%1 96% 100%

Maintaining High Occupancy Rates

ITPB ITPC The V CyberPearl

1 Includes retail space. Occupancy rate for office space in ITPC is 100%

a-iTrust Occupancy

Market

Occupancy of

Peripheral Area2

2 Jones Lang Laselle Market Report as at 30 September 08

77%

83%

98% 98%

14

-

500,000

1,000,000

1,500,000

2,000,000

Organic Growth - Lease Expiry Profile

17.4%

12.4%

34.8%

Financial

Year 2009

Financial

Year 2010

Portfolio Lease Expiry Profile

Financial

Year 2011

Financial

Year 2012

Financial Year

2014 & Beyond

13.6%14.4%

Sq ft expiring

7.4%

Weighted Average Lease Term – 3.9 yrs as at 30 September 2008

Financial

Year 2013

15

Hyderabad35.5%

Chennai27.0%

Bangalore37.5%

Organic Growth - Stability

Geographical Diversification of Properties

Total Owned SBA = 4.8 million sq. ft.

Strong Tenant Base

Total Number of Tenants

Average space

per tenant

No single tenant takes up

more than 4%

of the portfolio base rent

250

18,462 sq. ft.

As at 30 September 2008

Operating Buildings of a-iTrust

16

Affiliated Computer Services of India Pvt. Ltd.

Applied Materials India Pvt. Ltd.

Cognizant Technology Solution (India) Pvt. Ltd.

General Motors India Pvt. Ltd.

iNautix Technologies India Pvt. Ltd.

Invensys Development Center India Pvt. Ltd.

Merrill Lynch (India) Technology Services

Paprikaas Interactive Services Pvt. Ltd.

Pfizer Pharmaceutical India Pvt. Ltd.

ZapApp / First Indian Corporation / First Advantage

Top 10 Tenants collectively accounted for about 29% of the portfolio base rent

Portfolio - Top Ten Tenants in Alphabetical Order

Portfolio Top 10 Tenants

17

IT63.0%

R&D4.8%

F&B0.9%

Others5.1%

ITES17.1%

IT/ITES9.2%

Organic Growth - Tenant Development

30 September 2008

Tenant sector by base rental

18

MNC90.7%

India Based Company

9.3%

Organic Growth - Tenant Development

30 September 2008

Tenants‟ country origin & company structure by base rental

US67.1%

India15.6%

Germany5.3%

UK3.7%

Japan1.9%

Netherland1.9%

Singapore1.9%

Finland1.0% France

0.6%Others1.0%

19

Work Live Play at the Parks

Ascendas excellence award

@ ITPCVega inauguration ceremony

@ THE V

Talentz & Techpark

@ ITPB

Livewire 2008 @ CyberPearl Livewire 2008 @ The V

20

Development

3 property development in the parks – additional 1.5 mil sq ft

BTS for Avestha Gengraine

Technologies (ITPB)Retail Mall (ITPB)

Zenith

3rd building (ITPC)

440,000 sq ft SBA mall 294,000 sq ft SBA 802,000 sq ft SBA

• Funding of S$140 million loan at SOR* + 70 basis points organised

• Design & construction tender

completed

• Site preparation and barricading

in progress

• After value engineering, floor area

increased by 13% from 708,000 sq

ft as previously disclosed

• Marketing yet to commence,

received interest indication for

30% of space

• Fully pre-leased

• Site preparation and

barricading in progress

• Construction scheduled to

commence in 3Q FY 08/09

* Citibank 6 months SOR as of 16 October 2008 was 1.69%

21

Development

Further development in ITPB – additional 2.7 million sq. ft.

• Completed master plan to

develop balance 2.7 million

sq ft of space as SEZ

• Building approval

submission for a 536,000

sq ft multi-tenanted

building in progress

Existing Income-

producing space

Hotel

Amenities / Future

developments

SEZ

Proposed BTS Proposed Retail Mall

22

Completed Acquisition

Space Acquisition @ ITPB from Tata Consultancy Service Limited

Acquired 96,051.88 sq ft of office space in International Tech Park

Bangalore from Tata Consultancy Services Limited (TCS) for Rs 307.8

million (S$9.8 million1)

1 Based on exchange rate of Rs 1 = S$0.032.

Acquisition will be funded by drawing down existing loan facility at

interest rate of 70 bps above Swap Offer Rate

Upon this yield accretive acquisition, pro forma effect on DPU for FY

ended 31 March 2008, is expected to be additional 0.088 Singapore

cents per unit2

2 Assuming a-iTrust had purchased, held and operated the office unit for whole FY ended 31 March 08,

and the Trustee-Manager had elected to receive half of base and performance fees.

23

Acquisition

CyberVale in Chennai, an IT SEZ comprising a proposed 1.1M sq ft of SBA

over 4 buildings over 18.5 acres of land

Right of First Refusal – Ascendas Land International Pte Ltd

3 pronged acquisition strategy

Building 1

SBA (sq. ft.)

Building 2

Building 3

Building 4

250,000

280,000

285,000

280,000

Completed and fully leased

BTS for MindTree Consulting

(completed) *

Land available for development

Pre – committed to a single tenant

and construction targeted to complete

in end January 2009

* 99-year lease CyberVale represents an opportunity for a-iTrust to acquire

535,000 sq ft of space and 4.4 acres of land for development

24

Acquisition

9.7 mil sq ft development potential identified in key cities such as

Gurgaon, Pune and Coimbatore

Right of First Refusal – Ascendas India Development Trust

3 pronged acquisition strategy

AIDT has committed equity of S$500 mil & target investment size of

S$1 billion

This ROFR represents a strong acquisition pipeline for a-iTrust once

AIDT progressively completes the development of space

AIDT finalising further investments & will announce at appropriate stage

25

Acquisition

a-iTrust has substantial debt capacity before reaching its voluntary

gearing limits*

Acquisition from the market

3 pronged acquisition strategy

Trustee-Manager pursuing opportunities

* Voluntary gearing limits stipulated in the trust deed. Business trusts have no gearing limit under the

Business Trust Act.

Preference is to fund third-party properties acquisition or development

beyond the said 1.5 mil sq ft of additional space within the portfolio via

debt

26

Agenda

• Overview

• Financial Results

• Growth Strategies

• Financial Indicators

27

0

100

200

300

400

500

600

700

800

900

1,000

Substantial Debt Headroom

S$ Million

Available Debt Capacity to 35% & 60% Leverage as at 30 September 08

Total Debt * Total Assets * Available Debt Capacity

* Exclude Minority Interests

35% Cap About S$280 mil

Debt Capacity

60% Cap About S$520 mil

Debt Capacity

Current

Gearing 5%

28

Hedging Strategy

To enhance the stability of distribution to Unitholders, the Trustee-Manager

had put in place forward contracts to hedge a substantial portion of the

forecast repatriation from India to Singapore for FY 08/09 and 1H FY 09/10

distributions

The Trustee-Manager does not intend to take speculative position on the

currency market and had, as a matter of policy continued to hedge at least a

year prior to the planned repatriation date

29

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Delivering Attractive Yield

Yield (%)

a-iTrust

13.20%1 /

16.3%%7

Source: CEIC, CPF, IBES

3.21% 2.40%

3.99% 3.97%

2.50%

0.73%

10-yr Govt

Bond 35-yr Govt

Bond 312-mth (S$)

Fixed

Deposit 3

SGX

Stocks 4SGX

Property

Counters 5

CPF

Ordinary

Account 6

1 Annualised yield based on DPU 3.47 cents for 1H FY0809 and at closing price of S$0.525 per unit as at 30 September 2008

2 IBES Estimates, Bloomberg as at 30 September 2008

3 As at September 2008

4 Average 12 months dividend yield of total stocks listed in SGX, as at August 2008

5 Average 12 months dividend yield of all SGX listed property counters inclusive of REITs, as at August 2008

6 Prevailing CPF Ordinary Account saving rate

7 Annualised yield based on 1H FY08/09 DPU and closing price of S$0.425 per unit as at 29 October 2008

a-iTrust’s annualised yield (30 September 2008) is

4.80% – 12.47% above various indicators.

a-iTrust is targeted to grow its income organically,

through development and acquisition.

Wtd Avg

S-Reit Yield2

8.40%

30

20

40

60

80

100

120

140

160

180a-iTrust

Property Index

STI Index

All Share Index

REITs Index

Sensex Index

Dow Jones Index

Bombay SE Realty Index

Trading Price (Indexed)

a-iTrust

IPO Sep 07 Dec 07 Mar 08 Jun 08

Data Source: Bloomberg

Oct 08

31

0

25

50

75

100

125

150

175

200

225

250a-iTrust

Indiabulls Real Estate Ltd

DLF Ltd

Unitech Ltd

HDIL

Ishaan Property Trust

Hirco Property Trust

Indiabulls Properties Investment Trust

Trading Price vs Equities (Indexed)

a-iTrust

IPO Sep 07 Dec 07 Mar 08 Jun 08

Data Source: Bloomberg

Oct 08

32

10,000

12,000

14,000

16,000

18,000

20,000

22,000

24,000

26,000

28,000

30,000

Maintain Stable Performance

Net Property IncomeTotal Property Income

S$‟000

1Q 2Q 3Q

23,220

25,290

26,970

15,71015,370

13,340

S$‟000

27,233

4Q

16,116

FY 2007 / 08

16,03028,641

1Q

FY 2008 / 09

* Net Property Income in SGD terms was about 2% lower as compared to last quarter due to strengthening of SGD against INR

and functional currency of a-iTrust being INR. In INR term, there is no change in the net property income. The exchange rates are

hedged for the distribution for 1H FY 08/09 and 2H FY 08/09.

15,691*

2Q 1Q 2Q 3Q 4Q 1Q 2Q

29,820

33

1.00

1.20

1.40

1.60

1.80

2.00

DPU Growth

S$cents

3Q

1.640

1.500

1.475*

4Q

FY 2007 / 08

1Q

FY 2008 / 09

* DPU for first and second quarters last year were reported together, post listing of a-iTrust. DPU for both quarters

was 2.95 cents. For illustrative purposes, has the DPU been equal for both quarters, ie 1.475 cents.

1.475*

1.650

1Q 2Q

1.820

2Q

34

Putting things in perspective

Indian investment case remains attractive:

- GDP forecast to be ahead of many other economies

- Large population, increasing affluence including that

from a middle income class and room for further market

liberalization augur well for its market potential

- Current credit conditions may slowdown new supply of space

- Quality labour for IT at competitive rates

Countries Local Currency US Dollar

India 300,000 6,200

Malaysia 35,555 10,000

China 100,000 15,000

Korea 31,537,450 24,000

Singapore 37,588 26,000

Hong Kong 200,000 26,000

Japan 3,683,078 36,000

Australia 53,525 38,000

UK 27,002 47,000

US 63,979 64,000

Source and date : PayScale (provider of global online compensation date), October 2008

35

Putting things in perspective

Portfolio well positioned to serve target market of MNCs

Stable Income stream:

- Low single client exposure

- Less than 18% of space is due for renewal in this current

financial year, and less than 13% in the next year

Healthy balance sheet to leverage on growth from:

- Developing land within portfolio

- Tap on acquisition opportunities, be it through Right of First

Refusal (ROFR) or from the market

36

Moving Forward

The Trustee-Manager will continue to focus on enhancing

the operating earnings of its assets, optimising its capital

structure and growing its portfolio through development

and acquisition.

The Trustee-Manager is maintaining the DPU forecast of

6.85 Singapore cents for FY 2008 / 2009 provided in the

listing prospectus, bearing any unforeseen circumstances.

37

Ascendas Property Fund Trustee Pte Ltd

(Trustee-Manager of a-iTrust)

www.a-itrust.com

THANK YOU

38

International Tech Park Bangalore

Park Statistics

Site area: 69 acres

Operating buildings: 1.8 mm

sq ft Owned SBA

Proposed Development:

744,000 sq ft SBA

Land Available for Development:

24 acres or 2.7 million sq ft SBA (based on

max. plot ratio of 2.5)

Park Population: 24,200 people

39

International Tech Park Chennai

Park Statistics

Site area: 15 acres

Operating Buildings: 1,258,000 sq ft

Owned SBA

Proposed Development: Up to 708,000 sq ft

SBA

Park Population: 12,300 people

40

CyberPearl

Park Statistics

Site area: 6 acres

Operating Buildings: 431,000 sq

ft Owned SBA

Park Population: 5,000 people

41

The V

Park Statistics

Site area: 19 acres

Operating Buildings: 1,288,000 sq ft

Owned SBA

Park Population: 10,500 people

42

Structure of Ascendas India Trust

Unitholders

a-iTrustAscendas Property Fund Trustee Pte. Ltd.

(the Trustee-Manager), a wholly-owned subsidiary

of Ascendas Pte Ltd

Ascendas Property Fund (India) Pte. Ltd.

(the Singapore SPV)

The VCUs

Information Technology Park Limited (92.8% ownership)1

Ascendas Information Technology Park Chennai Ltd. (89.0% ownership)1

Cyber Pearl Information Technology Park Private Limited (100.0% ownership)

VITP Private Limited (100.0% ownership)

Ascendas Property

Management Services

(India) Private Limited

(the property manager)

Holding of units Distributions

Trustee’s fee and management fees

Acts on behalf of unitholders/

management services

100% ownership and

shareholder’s loan

Dividends, principal

repayment

of shareholder’s loan

Ownership of ordinary

shares, compulsorily convertible preference shares

(“CCPS”) and shareholder’s loans

Dividends on ordinary shares and CCPS, interest

income, principal repayment of shareholder’s loans

and proceeds from share buyback

The Properties

ITPB

ITPC

Cyber Pearl

The VProperty management fees

Provides property

management services

Ownership4 Net property income

Singapore

India

1 ITPB is 7.2% owned by Karnataka State Government and ITPC is 11.0% owned by Tamil Nadu State Government respectively

43

REIT-like characteristics enhance stability of distributions

a-iTrust will possess key safeguarding provisions while retaining

upside potential through 20% development limit

Adherence to safeguarding

provisions on allowable investments

under Property Fund Guidelines

Permissible

Investment

100% distributions to 31 March 2009

and ≥ 90% thereafter

Distributable

income

≤ 35% of deposited property

(≤ 60.0% with credit rating)Gearing

Distribution exempt from Singapore taxTax-free

distributions