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3Q FY2007/08Financial Results

Presentation

23rd January 2008

Singapore’s First Listed Indian Property Trust

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Disclaimers

This Presentation is focused on comparing results for the three months ended 31 December 2007. This shall be read in conjunction with a-iTrust’s announcement of results for 3Q FY2007/08 in the SGXNet announcement.

This presentation may contain forward-looking statements that involve risks and uncertainties. Actualfuture 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.

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Agenda

• Overview

• Financial Results

• Growth Strategy

• Full Year Forecast

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Agenda

• Overview

• Financial Results

• Growth Strategy

• Full Year Forecast

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Key Highlights

Distribution per Unit for the first three quarters was4.45 Singapore cents per unit, which reflects an annualisedyield of 5.0% over the IPO price of S$1.18 per unit.

Strong Net Property Income in 3Q FY07/08 of S$15.7M, 57% higher than 3Q last year, 2% higher than 2Q this year.

Net asset value (NAV) was S$857.7M (or S$1.14 per unit) as at 31 December 2007.

Distributable income for 3Q FY07/08 was S$11.3M.Distribution per Unit (DPU) was 1.50 Singapore cents, to be distributed with 4Q FY2007/08 as a-iTrust adopts semi-annual distribution.

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Key Highlights

Portfolio occupancy rate for a-iTrust’s initial 3.6M sq ft is at 99% (31 Dec 07).

Vega received the relevant statutory certification and valuedas a completed building at S$75.9M in 3Q FY07/08, reflecting avaluation gain of S$39.7M, or S$28.1M after providing for deferredtax liability for the valuation gain.

Combined occupancy rate for the 2 newly completed buildingsVega (The V, Hyderabad) and Crest (ITPC) at 91% as at 23 Jan 08.Vega and Crest’s occupancy rates at 90% and 91% respectivelyas at 23 Jan 08.

Crest’s valuation would commence upon receipt of necessary statutory certification, expected in end Jan 08. Changes in valuation will be accounted for in 4Q FY2007/08.

1.8 mil sq. ft. of SBA renewed or leased at higher average rental rates in the first nine months of FY2007/08. Renewal / retention rate of expired leases was a resounding 91%.

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Agenda

• Overview

• Financial Results

• Growth Strategy

• Full Year Forecast

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Financial Results – 3Q 2007/08

ReasonsVariance

(%)

Actual 1 Oct – 31 Dec

2006

(S$ ‘000)

Actual 1 Oct – 31 Dec

2007

(S$ ‘000)

423%

57%

60%

• Fair value gain on properties

• Lower net finance cost6,46333,772Net Profit

• Stronger revenue

• Controlled cost escalation10,01315,707Net Property

Income

• Larger portfolio

• Stronger occupancy

• Rising average rental rates

16,84326,970Total Property Revenue

Note: Please refer to a-iTrust’s announcement of results for 3Q FY2007/08 in the SGXNet for more details

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Distribution Per Unit

Period

3Q Distribution Per Unit

1 Apr 2007 to 31 Dec 2007

1.50¢ per unit

Annualised Yield * 5.0%

* Based on $1.18 IPO price

Distributions are paid on a semi-annual basis, for the six-month periods ending31 March and 30 September of each year.

YTD Distribution Per Unit 4.45¢ per unit

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Agenda

• Overview

• Financial Results

• Growth Strategy

• Full Year Forecast

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Proposed Development

Growth Strategy

Mar 07

Total Owned SBA of 3.6 mm sq ftOperating Buildings

Total Owned SBA of 1.1 mm sq ftCompleted in 3Q & 4Q FY07/08

Completed 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

External

Acquisitions

Organic

5.3 mm sq. ft.

= 148% of

operating

buildings

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0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

Organic Growth - High Retention Rate

Lease Activities From 1 April to 31 Dec 2007

91% Retention

91% of Retention Rate have been achieved for leases expiring from 1 April 2007 to 31 December 2007

Renewed New New & Renewed Leases Concluded

Over The Period

Existing Bldg

Existing Bldg

New Bldg1

New Bldg1

Forward Leasing2

Are

a (

Sq

ft)

354,000

190,000

336,000

336,000

354,000

880,000

872,000

1 Include Vega at The V and Crest at ITPC

526,000

880,000

1,752,000

190,000

2 Include signed leases which have not commenced

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0%5%

10%15%20%25%30%35%40%45%50%55%60%65%70%75%80%85%90%95%

100%

Organic Growth - Stability

Portfolio Weighted Average Occupancy as at 31 Dec 07 is 99.5%

100% 99.6% 98.8% 98.4%

Note: This is based on initial portfolio of 3.6 mil sq ft, and excludes the 2 new buildings, Vega and Crest.

High Occupancy Rates

ITPB ITPC The V CyberPearl

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-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

1,100,000

1,200,000

Organic Growth - Lease Expiry Profile

4.8%

26.6%

15.4%

2.0%

Financial Year 2008

Financial Year 2009

Financial Year 2010

Weighted Average Lease Term – Stretched from 3.59 yrs to 3.80 yrs

Portfolio Lease Expiry Profile

Financial Year 2011

Financial Year 2012

Financial Year 2013 & Beyond

27.3%

12.6%

Sq. ft. expiring

6.8%

4.5%

Existing Buildings

New Buildings (Vega & Crest)

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Organic Growth - Stability

Operating and Newly Completed Buildings

Hyderabad

36%

Chennai

28%

Bangalore

36%

Geographical Diversification of Properties

Total Owned SBA = 4.7 million sq. ft.(including new buildings Crest and Vega)

Strong Tenant Base

Total Number of Tenants

Average space per tenant

Each tenant contributesno more than 6%

of the portfolio base rent

220

17,350 sq. ft.

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F&B

0.9%

Others

5.3%

R&D

6.6%

ITES

17.0%

IT/ITES

11.5%

IT

58.8%

Organic Growth - Tenant Development

F&B

0.8%Others

5.5%

R&D

7.0%

ITES

19.6%

IT/ITES

11.9%

IT

55.1%

30th September 2007

Tenant sector by base rental

31st December 2007

Tenants from the IT sector increased as most of the new tenants in the 2 new buildings Vega and Crest are IT companies

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Work Live Play at Ascendas India Trust Parks

Voice of BangaloreMusical Tamola

Rocking Dandiya Night

The V Health & Lifestyle Meet

Selected events across the parks

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Work Live Play at Ascendas India Trust Parks

Spastic society of Tamil Nadu exhibition

World Environmental Day

Art exhibition

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Work Live Play at Ascendas India Trust Parks

An evening with CyberPearl

Sankranti celebration:Kite flying and Rangoli competitions

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408,000 sq ft SBA building comprising office retail and cafeteria space, and 6 levels of parking

Building completed and statutory certification obtained. Tenants have commenced operations

Total project cost within budget

Valuation completedValuation of Vega was completed and was valued at S$75.9M as at 31 Dec 07, reflecting a valuation gain of S$39.7M, or S$28.1M after providing for deferred tax liability for the valuation gain

Vega5th Building @ The V (Hyderabad)Strong take-up rate of 90% as at 23 Jan 08, at about prevailing base rent of The V and higher fitout revenue than expected

Completed Building – additional 408,000 sq. ft. SBA

Newly Completed

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Vega - 5th Building @ The V (Hyderabad)

Newly Completed

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Vega - 5th Building @ The V (Hyderabad)

Newly Completed

Vega Lobby Vega Cafeteria

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Newly Completed

Crest2nd Building @ International Tech Park, Chennai (Chennai)Strong take-up rate of 91% as of 23 Jan 08, at rentals about 19% higher than prevailing base rent of ITPC

Completed Building – additional 730,000 sq. ft. SBA

Building comprising 660,000 sq. ft. office & 70,000 sq. ft. retail / business center space

Total project cost within budget

In the progress of being valued

Valuation to commence upon receipt of statutory certificate, expected in Jan 08. Changes in value will be reflected in 4Q FY2007/08

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Newly Completed

Crest - 2nd Building @ International Tech Park, Chennai (Chennai)

Tenants Fit-out Under Progress

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Development

• Works on additional development are also in progress. Proposed 1.5 million sq ft of space is in various stages of execution.

• S$140 million loan at SOR + 70 basis points organised to fund these works.

3 property development in the parks – additional 1.5 million sq. ft.

BTS for Avestha GengraineTechnologies (ITPB)

Retail Mall (ITPB)Zenith

3rd building (ITPC)

440,000 sq. ft. SBA mall 294,000 sq. ft. SBA 708,000 sq. ft. SBA

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Development

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

• Master plan to develop balance 2.7 million sq ft of space in ITPB completed.

• Plans are being prepared for submission to government for first phase of the development.

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Agenda

• Overview

• Financial Results

• Growth Strategy

• Full Year Forecast

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Stable & growing distribution and attractive total return profileForecast & Projected DPU (S$ cents)Forecast & Projected DPU (S$ cents)

5.60

6.85

FY 31 Mar 08 FY 31 Mar 09

+22%

At an Offering Price of S$1.18/Unit

Initial yield1

4.75% (IPO price/forecast)5.00% (YTD annualised)

DPU growth2

22%

Total return

27%

Attractive total return profile

1 Based on Offer Price Range of S$1.18/Unit and DPU of 5.60 Singapore cents. Annualied yield based on the period 1 April 2007 to 31 December 2007, DPU is 4.45 Singapore cents.2 Based on the annual DPU growth rate between FY 31 March 2008 and FY 31 March 2009

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10,000

12,000

14,000

16,000

18,000

Year to Date Performance For FY 2007/08

20,000

22,000

24,000

26,000

28,000

4.45 Singapore cents per unit reflects annualised yield of 5.0%

over the IPO price of S$1.18 per unit

1Q-3Q FY 07/08 Net Property Income

1Q-3Q FY 07/08 Total Property Income

S$’000

Q1 Q2 Q3

23,220

25,290

26,970

Q2Q1 Q3

15,710

15,370

13,340

S$’000

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Full Year Forecast

With a high retention rate and higher average rental rates of a-iTrust’s initial portfolio, and the commencement of contribution from the 2 newly completed buildings Vega and Crest (with a high combined occupancy rate of 91%), the Trustee-Manager is confident of at least meeting its DPU forecast of 5.6 Singapore cents for the full year, barring any unforeseen circumstances.

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Ascendas Property Fund Trustee Pte Ltd

(Trustee-Manager of a-iTrust)

www.a-itrust.com

THANK YOU

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Portfolio Top Ten Tenants

ZapApp / First Indian Corporation / First Advantage

Cognizant Technology Solution (India) Pvt. Ltd.

Paprikaas Interactive Services Pvt. Ltd.

Nipuna Services Limited

Infineon Technologies India Pvt. Ltd.

IBM Global Services Pvt. Ltd.

General Motors India Pvt. Ltd.

C A Computer Associates India Pvt. Ltd.

Applied Materials India Pvt. Ltd.

Affiliated Computer Services of India Pvt. Ltd.

*The largest tenant takes up no more than 6% of the portfolio base rent

Portfolio - Top Ten Tenants in Alphabetical Order

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International Tech Park Bangalore

Park StatisticsPark Statistics

Site area: 69 acres

Operating buildings: 1.7 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: 20,000 people

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International Tech Park Chennai

Park StatisticsPark Statistics

Site area: 15 acres

Operating Buildings: 528,000 sq ft Owned SBA

Completed Building: 810,000 sq ft SBA

Proposed Development: Up to 708,000 sq ft SBA

Park Population: 7,000 people

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CyberPearl

Park StatisticsPark Statistics

Site area: 6 acres

Operating Buildings: 431,000 sq ft Owned SBA

– Park Population: 5,000 people

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The V

Park StatisticsPark Statistics

Site area: 19 acres

Operating Buildings: 880,000 sq ft Owned SBA

Completed Building: 408,000 sq ft SBA

Park Population: 7,000 people