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MAXIMISING POTENTIAL ANNUAL REPORT 2014/15 At A GLANCE WHO WE ARE Ascendas India Trust (“a-iTrust” or the “Trust”) is a property trust which owns six IT parks in India valued at S$1 billion as at 31 March 2015. With a 8.1 million sq ft portfolio spread across Bangalore, Chennai and Hyderabad, a-iTrust is well positioned to capitalise on the fast growing IT and business process management industries in India. Our strategy is simple — to generate superior portfolio returns for unitholders by investing in IT parks and office properties in key Indian cities. Our properties provide quality and reliable business space to our discerning tenants. This differentiation helps us attract and retain prominent tenants that commit to long leases, thereby fostering a stable income profile for the Trust. Our growth is founded on a prudent approach to capital management. We are geared towards maintaining a strong balance sheet that meets the liquidity needs of the business. KEY STATISTICS IT 6parks million8.1 sq ft million 3.6sq ft of potential floor area in land bank 324tenants 85,000park employees committed97% occupancy ASCENDAS INDIA TRUST ANNUAL REPORT 2014/15 PERFORMANCE SINCE LISTING Floor Area (million sq ft) 8.1 7.5 0.6 127% 6.9 6.9 0.6 6.0 0.4 0.5 4.8 1.2 4.7 0.1 4.8 3.6 1.2 3.6 3.6 4.7 4.8 4.8 6.0 6.9 6.9 7.5 IPO Mar 08 Mar 09 Mar 10 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Portfolio Development Acquisition Revenue and Net Property Income ( million) 6,108 5,774 5,540 4,899 118% Revenue 4,182 4,007 3,783 2,801 123% Net Property 1,651 2,117 2,448 2,425 2,805 3,165 3,450 3,681 Income FY 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 Revenue Net Property Income 2 3 /S$ Exchange Rate (Indexed) 120 100 41% 80 60 40 IPO Mar 08 Mar 09 Mar 10 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Distribution Per Unit (S¢), (Based on 100% Income Payout Ratio*) 11% 6.1 7.5 7.6 6.6 6.0 5.2 5.1 5.4 FY 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 * 10% of distributable income was retained from FY12/13 onwards Notes: • All information as at 31 March 2015 unless otherwise stated. • All measurements of floor area are defined herein as “Super Built-up Area” or “SBA”, which is the sum of the floor area enclosed within the walls, the area occupied by the walls, the common areas such as the lobbies, lift shafts, toilets and staircases of that property, and in respect of which rent is payable. • The Indian Rupee and Singapore dollar are defined herein as “INR/ ” and “SGD/S$” respectively. • Any discrepancy between individual amounts and total shown in this annual report is due to rounding. ASCENDAS INDIA TRUST ANNUAL REPORT 2014/15 BUSINESS MODEL WHAT AFFECTS US. Market Factors • Indian economy • IT industry • Office market a-iTrust Rent & WHAT WE DO. Units Other Investment Management Income a-iTrust Own Asset Management DPU Capital Management Unitholders Earnings WHAT SUSTAINS OUR BUSINESS. Sustainability • Financial stability • Good governance • Social responsibility • Environmental awareness Market Factors Investment Management Asset Management Capital Management The Indian economy, We grow by developing We provide quality space We aim to maintain financial IT industry, and office our land bank, and buying that is managed to flexibility while retaining our market are key factors that stabilised properties from international standards. strong financial position as influence the performance third parties and our sponsor. we grow. of our properties. 08 Economic & 18 Development Strategy 25 Asset Portfolio 34 Summary Market Review 18 Acquisition Strategy 28 Asset Review 35 Funding Strategy 172 Market Research Report 36 Cash Management 37 Income Hedging Strategy 37 Distribution Policy 4 5 Overview WHY GO ONLINE? 01 At A Glance Our corporate website contains detailed information 02 Performance Since Listing about the Trust and is frequently updated as additional 04 Business Model details become available. You can sign up for email alerts 06 Note to Unitholders of our latest news and keep track of the latest events on 07 Q&A with CEO the Event Calendar page. Other Information Our corporate website www.a-itrust.com 171 Glossary 230 Notice of AGM 235 Proxy Form 237 Corporate Information a-iTrust Earnings Unitholders Sustainability a-iTrust is a business trust The bulk of our income We are committed to Sustainability is a key goal in and has voluntarily adopted comprises rental income timely and transparent all our business endeavours; certain regulations governing earned from leasing our communications with it embodies our desire to real estate investment trusts properties. unitholders. operate in an economically, to provide stable distributions socially and environmentally to unitholders. responsible manner. 10 Trust Structure 42 Earnings Review 38 Investor Relations 46 Sustainability Report 11 Risk Management 61 a-iTrust Financial 41 Unit Price Review 52 Corporate Governance 12 Board of Directors Statements 169 Unitholding Statement 16 Trustee-Manager 142 Trustee-Manager 17 Property Manager Financial Statements ASCENDAS INDIA TRUST ANNUAL REPORT 2014/15 NOTE TO UNITHOLDERS “ With the Indian economy Dear Unitholders poised for faster growth, The Financial Year ended 31 March 2015 (“FY14/15”) marked a period of we want to maximise our firm growth for a-iTrust. potential by capitalising We remained focussed on providing the right product, at the right price point, to our customers while creating value for our unitholders. Our efforts on the rising demand for have resonated with our customers as reflected in the portfolio’s committed occupancy of 97% as at 31 March 2015. In FY14/15, we signed leases quality IT space.” totalling 2.3 million sq ft as we leased out space that became available through expiries. In Chennai, we achieved strong rental reversions on expiries as there was a dearth of supply in that location. Demand remained stable in Bangalore. We progressively recognised income from Aviator, a new multi-tenanted building in Bangalore that received its occupation permit in January 2014. All of the above factors helped us grow our FY14/15 revenue by 6% to ₹ ₹6.1 billion compared to the previous year. In terms of the Trust’s FY14/15 distribution per unit, we recorded year-on-year growth of 7% to 4.86 Singapore cents. In India, macroeconomic indicators are pointing towards a resurgent Indian economy. Aided by lower oil prices, inflation in India has fallen from 8.3% in March 2014 to 5.0% as at February 20151. India’s current account deficit is forecast to decrease from its peak of 4.9% in FY11/12 to 1.3% in FY14/152. The current growth forecast for India’s GDP in 2015 is encouraging at 7.5%3. These developments have helped stabilise the Indian Rupee. Compared to March 2014, the Indian Rupee has strengthened by 6% against the Singapore dollar in March 2015. A stable Indian Rupee bodes well for a-iTrust as we convert rentals earned in Indian Rupees into Singapore dollars and pay out Singapore dollar distributions to our unitholders. Philip Yeo With the Indian economy poised for faster growth, we want to maximise Chairman our potential by capitalising on the rising demand for quality IT space. We currently have land banks in Bangalore, Chennai and Hyderabad that can yield in total 3.6 million sq ft of potential floor area. In Bangalore, we have started constructing Victor, a 0.6 million sq ft IT building that is expected to be completed in 2016. In Hyderabad, we are developing a new 0.4 million sq ft IT building and a multi-level car park with 660 car park lots to meet demand in that city. In Chennai, CyberVale, which was recently acquired by the Trust, has vacant land that will be developed into a 0.4 million sq ft building when we have clear visibility of leasing demand. On the acquisition front, in December 2014, we announced the acquisition of BlueRidge Phase II (“BlueRidge”), a 1.5 million sq ft IT SEZ for approximately S$133.0 million (₹ ₹6.4 billion)4. The acquisition of BlueRidge will take place over phases. Currently, we have provided construction financing to the vendor, and we expect to assume control by December 2016 provided the vendor meets pre-agreed conditions. BlueRidge marks our entry into Pune, an important market for both existing and potential clients. In March 2015, we also completed the acquisition of CyberVale, a 0.6 million sq ft IT SEZ in Chennai, from Ascendas Group for around S$35.9 million (₹ ₹1.7 billion)4. CyberVale has high occupancy, multinational tenants and is located close to Oragadam, the car manufacturing hub of Chennai. 1 Source: Ministry of Statistics and Programme Implementation 2 Source: Reserve Bank of India 3 Source: International Monetary Fund, April 2015 4 Amount translated into Singapore dollars using spot exchange rate at the time of investment. 5 Source: National Association of Software and Services Companies 6 7 In Hyderabad, aVance Business Hub provides a pipeline of assets On another note, you may have heard about the pending that may be acquired by us. We have already invested about merger between a-iTrust’s sponsor, Ascendas Pte. Ltd. and S$48.6 million (₹2.2 billion)4 through construction financing loans Singbridge Group. We wish to inform you that it will be in aVance 3, and we expect to acquire the building in the near business as usual for the Trust.

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