Transparent & Disciplined Leadership

A prevalent state, circumstance, opportunity or means favourable to success or desired interest.

01 Transparent & Disciplined Leadership

Strong corporate governance

One-stop business space solution

In seeking sustainable growth for our Unitholders, a-iTrust has a unique market advantage that stems from three key pillars of strength – our transparent leadership, our proven expertise and our local and international perspective. Together, they add to a strong foundation for success and a reputation that is built to last.

Established reputation in India with international mindset

02 Strong corporate governance

As a Business Trust, a-iTrust has among its unique qualities the

ability to pursue property development more actively, putting it

in a better position to meet Unitholders’ objective of tapping into

India’s growth story. Guided by an experienced Trustee-Manager,

Ascendas Property Fund Trustee Pte Ltd, and an independent

Board of Directors that is committed to upholding the highest level

of governance, Unitholders can be assured that their interests are

protected at all times.

04 05 One-stop business space solution

With access to Ascendas Group’s complete expertise in business

space solution, a-iTrust is able to provide high quality, one-stop service

to its tenants. Recognising the importance of qualities beyond the

physical space, the Trust seeks to provide comprehensive business

park ecosystems that promote work-live-play lifestyles with

amenities, facilities and activities that contribute positively to our

tenants’ staff retention.

06 07 Established reputation in India with international mindset

a-iTrust bene ts from over two decades of Ascendas’ pan-Asian

experience which spans 30 cities across 10 countries. In India,

Ascendas has been establishing long term partnerships for 17 years.

This broad and deep understanding of international requirements

coupled with operational track record in India have proven vital in

securing the con dence of customers and achieving long term growth

potential for Unitholders.

08 09 CONTENTS

11 Mission Statement 12 Financial Highlights 13 Key Milestones in FY2010/2011 Mission Statement 14 Note to Unitholders Deliver to our Unitholders stable and growing 17 Trust Structure distributions and returns, through portfolio growth and 18 Trustee-Manager’s Board of Directors prudent capital management. 22 Trustee-Manager’s Management Team 24 Property Manager’s Management Team 26 Operating & Financial Review 28 Portfolio Overview 42 Growth Strategies 44 Risk Management 46 Capital Management 48 Corporate Social Responsibility / Lifestyle Events Delivering Value 51 Event Calendar 52 Corporate Governance Report • Our assets are distinguished by the 60 Investor Relations “Ascendas Advantage” - 65 Financial Statements of a-iTrust quality space, reliable solutions and 122 Financial Statements of Ascendas Property Fund Trustee Pte Ltd (APFT) international business lifestyle; 146 Unitholding Statement as at 20 May 2011 148 Glossary • We generate income through active asset 150 Appendix - Independent Market Research Report management, an in-built development pipeline 188 Notice of Annual General Meeting and accretive acquisitions; and

Proxy Form Corporate Information • Our Unitholders’ interests are safeguarded through prudent capital and risk management and disciplined corporate governance.

10 11 MAY 2010 TOTAL PROPERTY INCOME Sixth distribution to Unitholders for the period 1 October 2009 to 31 March 2010 of 3.64 Up marginally from the previous year, largely due to increase in energy billing and Singapore cents per Unit. S$ m car park income in International Tech Park Bangalore (“ITPB”). 121.5 Reﬁ nancing of an existing S$ 50 million term loan ahead of expiry, to take advantage of the low interest rate environment and to extend the maturity proﬁ le of outstanding debt obligations.

NET PROPERTY INCOME (“NPI”) OCTOBER 2010 Down 4% from the previous year mainly because of higher property expenses from the December 2010 completion of two new buildings for which income contribution Ascendas Services (India) Pvt Ltd (“ASIPL” or the “Property Manager”) had its management S$70.6m has yet to fully stablise, and hikes in electricity tariff and cost of fuel. system upgraded from ISO 9001:2000 to ISO 9001:2008, a certifi cation standard which covers design, construction, marketing, operation and maintenance of commercial complexes. DISTRIBUTION PER UNIT (“DPU”) Distribution income is substantially based on the cash fl ow generated by the NOVEMBER 2010 portfolio’s assets, net of tax and non-controlling interests. DPU was lower due to Seventh distribution to Unitholders for the period 1 April 2010 to 30 September 2010 of 3.36 lower NPI and a marginal loss realised on fi nancial derivatives, compared to a gain Singapore cents per Unit. S$ c last year. 6.58 DECEMBER 2010 Completion of 1.19 million sq ft business space within the portfolio, comprising Park Square GEARING (450,000-sq ft retail mall in ITPB) and Zenith (737,000-sq ft multi-tenanted offi ce building in Down 1% from the previous year due to partial repayment of external commercial International Tech Park Chennai (“ITPC”)). 18% borrowings by Information Technology Park Ltd (“ITPL”). FEBRUARY 2011 Execution of a conditional agreement with Phoenix Infocity Private Limited to acquire a INTEREST COVERAGE RATIO portfolio of 5 buildings in Hitec City 2 Special Economic Zone (“SEZ”) in Hyderabad, which will subsequently be rebranded as “aVance Business Hub”. Refers to earnings before interest expense, tax, depreciation and changes in fair times value of investment properties (“EBITDA”) over interest expense for FY2010/2011. 4 CLOSING DISTRIBUTION CLOSING UNIT SGD FY2010/2011 FY2009/2010 Change % PER UNIT PERFORMANCE PRICE PERFORMANCE Total property income $ 121.5m $ 120.9m + 1% 8.00 – 7.54 7.55 1.10 – Net property income $ 70.6m $ 73.8m - 4% 7.00 – 1.06 Net pro t attributable to Unitholders $ 36.7m $ 49.6m - 26% 6.58 6.09 Distribution per Unit 6.58 cents 7.55 cents - 13% 6.00 – 1.00 – 5.00 – SGD FY2010/2011 FY2009/2010 Change % 0.98 Total assets $ 1,051.7m $ 1,146.6m - 8% 0.955

4.00 – S$ Total liabilities $ 401.8m $ 417.6m - 4% Total borrowings $ 181.5m - 8% S$ cents 3.00 – $ 165.9m 0.90 – Net asset value per Unit $ 0.90 - 11% 0.90 $ 0.80 2.00 – Gearing 18% 19% - 1% 1.00 –

0 – 0.80 – FY2007/08 FY2008/09 FY2009/10 FY2010/11 Apr Jun Sep Dec Mar 2010 2010 2010 2010 2011 12 13 million sq ft in FY2007/2008 through development, which We expect the acquisition of the fi rst 2 buildings to be were almost fully committed on completion. immediately accretive to Unitholders’ distribution, with further accretion from the 3 future buildings when acquired. More recently, we completed the development of another 1.19 million sq ft in December 2010, comprising Park CLEAR AND PRESENT ADVANTAGE Square, a retail mall of 450,000 sq ft9 in ITPB, and Zenith, a We believe a-iTrust has a unique market position, built on a multi-tenanted offi ce building of 737,000 sq ft in ITPC. This number of key strengths. increased our total portfolio size by 25%, from 4.75 million sq ft to 5.94 million sq ft at the end of FY2010/2011. Strong corporate governance a-iTrust is appropriately structured for its purpose. Instead The pre-marketing of the 1.19 million sq ft of new space of taking the obvious route of structuring as a Real Estate was carried out during a period when the general business Investment Trust (“REIT”), a-iTrust is structured as a Business environment remained cautious, as it overlapped with the Trust (“BT”) and voluntarily adopted the safeguarding global fi nancial crisis. The tenancy commitments of Park provisions of REIT guidelines, such as permissible Square and Zenith were 62% and 58% respectively today10. investments, gearing limit and minimum distribution rate. Dear Unitholders, views of our customers through an independent survey. In We will focus on leasing out the remaining space effi ciently, The key difference is that a-iTrust can develop space more In the past year, Ascendas India Trust (“a-iTrust” or the the annual tenant survey by Nielsen for 2010, 88% of the and we expect the contribution from the 2 new buildings actively than a REIT. As a result, a-iTrust can better meet “Trust”) has been growing income from its operating respondents indicated that they were satisfi ed, while 65% to Unitholders’ distribution to be felt progressively over the objectives of Unitholders who want to access India’s 6 portfolio and by developing the land it owns. In addition, expressed delight with the overall management of our parks . FY2011/2012. growth story through property development and yet enjoy a we are pleased to report that in Financial Year ended 31 stable dividend distribution. As a BT, a-iTrust has the added March 2011 (“FY2010/2011”), a-iTrust made its fi rst major Our fi nancial performance stayed resilient. Total property Further development of the balance land a-iTrust owns is in fl exibility of adjusting its structure at any point in time so 1 conditional acquisition , which is expected to be accretive income for FY2010/2011 grew 1% from a year ago to S$ progress. long as majority of Unitholders decide so in an Extraordinary immediately on acquisition. 121.5 million. Excluding the effect of foreign exchange General Meeting, whereas a REIT’s provisions can only be movements, the growth of total property income in Indian GROWING THROUGH ACQUISITION altered by law. We were mindful that market sentiments remained cautious, Rupee terms was higher at 4%. In addition to development, we seek acquisition as a with the world having only recently emerged from an concurrent way to grow our portfolio. We have been To guide the management and see that Unitholders’ interests exceptional economic crisis and digesting the effects of the NPI and distributable income were S$ 70.6 million and S$ disciplined to consider only deals that are fi nancially are protected at all times, a-iTrust’s trustee-manager, Ascendas confl ict in the Middle East and Japan’s earthquake. Hence, 50.3 million respectively for FY2010/2011. DPU made to attractive to Unitholders. Property Fund Trustee Pte Ltd (“APFT” or the “Trustee- other than seeking growth during the fi nancial year, we Unitholders in FY2010/2011 amounted to 6.58 Singapore Manager”), has an independent Board of Directors (the also focused on the stability of existing income stream by cents per Unit, which represents a yield of 6.9% over the We are pleased that our efforts had yielded results when, “Board”). 6 of the 8 directors of the Board are independent managing our properties and serving our tenants well. closing price of a-iTrust Units of S$ 0.955 on 31 March 2011. in February 2011, we inked a conditional agreement to and bring with them vast and diverse experience. The Board DPU is 13% lower than the year before due to two reasons. purchase a portfolio of 5 buildings in Hitec City 2, an IT/ is committed to consistently uphold the highest level of a-iTrust’s portfolio ended FY2010/2011 with a strong Firstly, substantial unintended hedging gains were realised ITES11 SEZ in Hyderabad, which will subsequently be governance. In making investment, funding and operational 2 occupancy rate of 97% , which is signifi cantly better than in the previous fi nancial year, compared to marginal hedging rebranded as “aVance Business Hub”. decisions, the Board, together with the management, seeks 3 7 the market . The high occupancy refl ected an effective losses realised in FY2010/2011 . Secondly, revenue was to fi nd the optimal balance between growth and fi nancial management of the leases that expired during FY2010/2011, recognised only partially while cost was recognised fully We expect to complete the fi rst phase of the transaction in prudence which maximises Unitholders’ value. 4 which amounted to 33% of the portfolio . Our tenant base for new space completed in December 2010, resulting in June 2011, when a-iTrust would acquire 2 operating and fully continues to be diversifi ed. As at 31 March 2011, our largest a temporary reduction in DPU for FY2010/2011 as the new occupied buildings (total 427,651 sq ft12) for S$ 50.4 million13. This appropriate structure and strong corporate governance tenant comprised only 4.7%, while our ten largest tenants buildings’ occupancy levels stabilise. The remaining 3 buildings, with a total of 1.75 million sq ft, would allow a-iTrust to nimbly tap onto the growth of India. collectively represented only 31%, of a-iTrust’s monthly will be acquired as and when each building is completed 5 portfolio base rent . Net asset value was S$ 609 million or S$ 0.80 per Unit and leased, at the same yield as the fi rst 2 buildings. The 3 One-stop business space solution at the end of FY2010/2011. Our gearing (loan-to-value) future buildings are expected to be completed over the next a-iTrust stands to benefi t from the Ascendas Group’s 8 Property consultants constantly tell us that the rental rates of stood at 18% as at 31 March 2011, which offers fl exibility 4 years: complete expertise in business space, from planning, our properties are at a premium to the market. We believe for the funding of future portfolio growth, whether through developing, marketing and operating properties, to creating this is because our clients recognised the differentiation development or acquisition. Future Target 14 SBA and managing property funds. This results in not just well- in our offering, not just in terms of the specifi cations of the Building Completion (sq ft) considered fund structures, but also complete business space, but also the quality of amenities, services and lifestyle GROWING THROUGH DEVELOPMENT 1 In progress, expected in 2012 660,000 space solutions for the tenants. Hence, a-iTrust offers quality at our parks, and the manner in which the properties are a-iTrust has on the onset distinguished itself from other listed business space which continued to garner the appreciation 2 Expected in 2013 500,000 managed. property trusts by having a structure that allows it to actively of leading international and local corporations. In addition, seek growth through development. As a result, a-iTrust’s 3 Expected in 2014 590,000 we recognise that corporations and their employees are In addition to regular direct feedback, we also seek the completed space grew from 3.6 million sq ft at listing by 1.1 Total 1,750,000 sophisticated and look beyond the physical space within which they operate. Therefore, we believe in providing 1 In August 2008, a-iTrust acquired about 100,000 sq ft of offi ce space in ITPB from Tata Consultancy Services Limited. The current acquisition in Hyderabad is complete ecosystems at our parks which promote the work- subject to fulfi lment of conditions precedent. live-play lifestyle. 2 Excludes Park Square & Zenith, which have recently been completed in December 2010. 3 Source: Jones Lang LaSalle Property Consultants Pvt Ltd. These refer to the occupancy rates of 63%, 60% and 97% respectively as at 31 March 2011, for the micro-markets in Bangalore, Chennai and Hyderabad, within which a-iTrust properties are located. 9 This and all built-up area are based on Super Built-up Area (“SBA”) basis, which includes areas within the walls, areas covered by the walls and common areas 4 Based on the portfolio size of 4.75 million sq ft as at 31 March 2010, which had since increased to 5.94 million sq ft as at 31 March 2011. such as lift lobbies and toilets. It is the area for which rent is payable. 5 Includes leases in Park Square & Zenith for which possession of units have taken place. 10 As at 20 May 2011. Includes committed leases for which security deposits have been collected but possession of units have not taken place. 6 Satisfaction was measured on a 7-point scale, where the delight score was based on the highest ratings of 6 and 7. 11 IT - Information Technology; ITES - IT-Enabled Services. 7 Gains from forward foreign exchange contracts at settlement in the fi rst quarter of FY2009/10 were for contracts entered into when a-iTrust was listed in 2007, 12 Excludes 32,671 sq ft, which is on a 99-year lease to a tenant. at eventually very favourable exchange rates. Losses were realised on contracts settled in FY2010/11, which were entered into more recently at the prevailing rates. 13 Based on the exchange rate of S$ 1.00 to INR 34.5 used for the announcement on 23 February 2011. 8 Excludes Minority Interests and the proposed asset acquisition in Hyderabad. 14 Represents target completion timeline, which is contingent on demand conditions at that time.

14 15 We offer an extensive array of amenities in our parks to over the coming years. India’s growth is expected to remain UNITHOLDERS support the every need of tenants, including retail outlets, strong going into FY2011/2012, during which GDP growth is restaurants, business centres, banks, gymnasiums and sport forecast by the Government at between 8.75% and 9.25%. Invest facilities. Every year, a vast variety of activities is held within in Units Distributions park compounds, with diverse themes such as those relating We seek to manage any uncertainties by continuing to focus to sports, art, festivities and charity. Such events are typically on fundamentals and leverage on our ‘Clear and Present very well-received by the occupiers of our parks, and provide Advantage’. Fees ASCENDAS opportunities for occupiers to mingle with each other, hence eliciting a sense of belonging at the workplace. We ended FY2010/2011 with a portfolio of 5.94 million sq ft PROPERTY FUND valued at $ 943 million15, across 4 IT parks situated in the TRUSTEE PTE LTD We believe that our offering of complete business space fi rst tier Indian cities of Bangalore, Chennai and Hyderabad. (“APFT” or the solution contributes positively to our customers’ staff In FY2011/2012, we look forward to the stabilisation of 1.19 Services “Trustee-Manager”) retention. million sq ft of space completed late last year, and the resulting income contribution. In addition, the completion of Established reputation in India with international mindset the initial acquisition of 2 buildings in aVance Business Hub a-iTrust enjoys the benefi t of Ascendas’ pan-Asian (427,651 sq ft) and the completion of Voyager (535,000 sq ft), experience of over 20 years, with presence in 30 cities a multi-tenanted building in ITPB’s SEZ, will increase a-iTrust’s ASCENDAS PROPERTY FUND (INDIA) PTE LTD across 10 countries. Since its fi rst investment in India in 1994, portfolio size by 16% to 6.91 million sq ft. (the Singapore Special Purpose Vehicle) Singapore Ascendas has accumulated 17 years of experience operating 16 locally and built long-term partnerships on ground. Following Voyager’s strong pre-commitment level of 68% India ahead of its completion, a second multi-tenanted building India, like most emerging markets, is often noted for (540,000 sq ft) is being planned in ITPB’s SEZ, which is Information Ascendas IT CyberPearl Information VITP Pvt Ltd the operational diffi culties faced especially by foreign expected to complete around end-2013. Including this, ITPB companies. The inter-play of Ascendas’ regional and local still has additional development potential of approximately Technology Park (Chennai) Technology Park Pvt (“VITPPL”) experiences results in a powerful marketing network and a 2.5 million sq ft in its SEZ which can be developed over time, Park Ltd (“ITPL”) Ltd (“AITPCL”) Ltd (“CPITPPL”) 17 balanced mindset operating in India. Our understanding of in addition to other acquisition rights . 92.8%18 89.0%19 100% 100% international requirements, coupled with operational track record in India has been vital in us securing customers and APPRECIATION giving confi dence that we will provide solutions which allow We take this opportunity to thank the Board for their them to focus on their businesses. unyielding commitment, and the management teams for their tireless efforts in the past year. We would also like to express This balanced mindset and track record helps to assure our our gratitude to all our Unitholders and tenants for their tenants that we understand and will meet their needs. continued belief in the philosophy and prospects of a-iTrust.

LOOKING FORWARD International Tech Park International Tech Park CyberPearl The V Bangalore Chennai We are mindful of the cautious outlook on the global economy due to the threat of infl ation, rising oil price and political unrest in the Middle East and North Africa. We are, however, Fees Services encouraged by the India Government’s expressed intention to control infl ation, reduce India’s budget defi cit-to-Gross Philip Yeo Jonathan Yap Domestic Product (“GDP”) ratio and develop infrastructure Chairman CEO ASCENDAS SERVICES 15 Consists of Investment Properties (including undeveloped land) and Investment Properties Under Construction. (INDIA) PRIVATE LIMITED 16 Represents pre-commitments as at 20 May 2011. Voyager is expected to be completed in June 2011. 17 a-iTrust currently has 2 right of fi rst refusal (“ROFR”) arrangements to acquire substantially income-producing business space from Ascendas Land International (“ASIPL” or the “Property Manager”) Pte Ltd, the Sponsor, and Ascendas India Development Trust, which collectively have over 10 million sq ft of business space development potential in India. Through the aVance acquisition, 3 buildings with total of 1.75 million sq ft will be acquired as and when each building is completed and leased. In addition, up to 18 Karnataka State Government holds 7.2% stake through Karnataka Industrial Areas Development Board. 4 further buildings with total of 2.35 million sq ft could be acquired in aVance, in respect of a ROFR with the owners of the land. 19 Tamil Nadu State Government holds 11% stake through Tamil Nadu Industrial Development Corporation Limited.

16 17 Michael Grenville Gray Independent Director

Mr Michael Gray, 65, is the Chairman of the Audit Committee.

Mr Gray has more than 35 years of experience in professional advisory and audit services, mostly in Southeast Asia. Prior to his retirement at the end of 2004, he was a partner in PricewaterhouseCoopers Singapore and, before that, Territorial Senior Partner for PricewaterhouseCoopers Indochina (Vietnam, Cambodia and Laos). He is an Independent Director and Chairman of the Audit Committees of Singapore Exchange-listed Avi-Tech Electronics Limited, JEL Corporation (Holdings) Ltd, and Grand Banks Yachts Limited, and the United Kingdom (“UK”)-listed VinaCapital Vietnam Opportunity Fund.

He obtained a Bachelor of Science Degree in Maritime Studies in 1973 from the University of Plymouth, UK and a Masters of Arts Degree in Southeast Asian Studies from the National University of Singapore in 2005.

Philip Yeo Liat Kok He is a Fellow of the Institute of Chartered Accountants in England and Wales, the Institute of Certiﬁ ed Public Accountants of Chairman & Independent Director Singapore and the Singapore Institute of Directors. An active Singapore Citizen, Mr Gray has held a number of positions in statutory boards, grassroots organisations and Voluntary Welfare Organisations. He was awarded the Public Service Medal in In addition to being the Chairman of the Board, Mr Yeo, 64, is also the Chairman of the Nominating Committee, and Human 1992, Public Service Star in 1999 and the Public Service Star (Bar) in 2010, by the Singapore Government. Resource and Remuneration Committee.

Mr Yeo is currently the Special Advisor for Economic Development (Prime Minister’s Ofﬁ ce) and the Chairman of SPRING Singapore (a government development agency with the mission of nurturing local enterprises especially Small and Medium David Lim Tik En Enterprises). Independent Director

As Special Advisor for Economic Development in the Prime Minister’s Offi ce, Mr Yeo assists the Prime Minister’s Offi ce in Mr Lim, 55, serves as the Chairman of the Investment Committee and member of the Audit Committee, Nominating Committee, establishing new economic links with foreign governments who value Singapore’s development experience, and provide and Human Resource and Remuneration Committee. strategic inputs to establish strategic partnerships and open up opportunities with other fast-growing economies. Mr Lim has served in both the public and private sectors in Singapore and overseas. His past roles included Group Chief Mr Yeo serves as a member of the United Nations Committee of Experts in Public Administration, established by the Economic Executive Offi cer (“CEO”) of Neptune Orient Lines Limited, CEO of Port of Singapore Authority, Jurong Town Corporation and and Social Council from 2010-2013 for the promotion and development of public administration and governance among China-Singapore Suzhou Industrial Park (based in Shanghai). He was also the Chairman of the National Computer Board. Mr member states, in connection with the United Nations Development Agenda. Lim was a Member of Parliament from 1997 to 2006, and served in a number of portfolios, with the last appointment being Acting Minister for Information, Communications and the Arts. He was the Chairman of the Agency for Science, Technology & Research (A*STAR) and the Economic Development Board. He is the Chairman of Accuron Technologies Ltd, MTIC Holdings Pte Ltd, Singapore Aerospace Manufacturing Pte Ltd and Mr Lim is the Chairman of Jurong International Holdings Pte Ltd. He is also a Director of Wheelock Properties (Singapore) Ltd Hexagon Development Advisors Pte Ltd. Mr Yeo is a non-executive director on the Board of City Developments Limited and and Singapore Dance Theatre Limited. Vallar PLC (Jersey). Mr Lim graduated with a Bachelor of Engineering (First Class Honours) degree from the University of Melbourne, and obtained Mr Yeo holds a Bachelor of Applied Science (Industrial Engineering) and an honorary Doctorate in Engineering from the a Master in Business Administration degree from the National University of Singapore. Mr Lim also completed the Programme University of Toronto, an honorary Doctorate in Medicine from the Karolinska Institutet, Sweden, a Master of Science (Systems for Management Development at Harvard University, USA. Mr Lim is an Eisenhower Fellow. Engineering) from the University of Singapore, a Master of Business Administration from Harvard University, United States of America (“USA”), and a Doctor of Science from Imperial College, London. Amal Ganguli He has received numerous honours and awards including France’s Ordre National du Merite (National Order of Merit), Independent Director Indonesia’s Bintang Jasa Utama (the First Class Order of Service Award), Belgium’s National Order of the Crown, the CEO Lifetime Achievement Award, Asia Pacifi c IPA Awards 2003, an honorary degree of Doctor of Medicine by Karolinska Institutet Mr Ganguli, 72, is a member of the Investment Committee. (2006), the 11th Nikkei Asia Prize for Science, Technology and Innovation Award (2006), The Order of the Nila Utama (First Class, one of the most prestigious Singapore National Day Awards 2006) award, the Harvard Business School’s prestigious Mr Ganguli was the Chairman and Senior Partner of PricewaterhouseCoopers, India until his retirement on 31 March 2003. In a Alumni Achievement Award 2006, a Doctor of Science degree by the Imperial College in London (2007), the Order of the distinguished career spanning four decades, he was involved in a wide spectrum of fi elds, including audit, taxation, mergers Rising Sun, Gold and Silver by the Japanese Government (2007), the Distinguished Service (Star) award by the Singapore’s and acquisitions, corporate restructuring, and cross border investments. Labour Movement, National Trade Unions Congress (2008), the University of Toronto Engineering Alumni Medal (2008) and the 1st BioSpectrum Asia-Pacifi c Lifetime Achievement Award in March 2009. Mr Ganguli is on the Board of various companies, including Tata Communications Limited, Tata Teleservices Maharashtra Limited, Maruti Suzuki India Limited, Century Textiles and Industries Limited, Tube Investments of India Limited, HCL Technologies Limited, New Delhi Television Limited, Hughes Communications India Limited, Triveni Turbine Ltd and AVTEC Limited.

Mr Ganguli was trained in the UK as a Chartered Accountant. He is a Fellow of the Institute of Chartered Accountants of England and Wales and the Institute of Accountants of India, and a member of the New Delhi chapter of the Institute of Internal Auditors, Florida, USA.

18 19 Chong Siak Ching Non-Executive Director

Ms Chong, 52, is a member of the Investment Committee, Nominating Committee, and Human Resource and Remuneration Committee.

Ms Chong has been the President and CEO of Ascendas Pte Ltd since 2000. She sits on the Board of Ascendas Pte Ltd and its subsidiaries. Ascendas pioneered Singapore’s ﬁ rst business space trust, Ascendas REIT which was listed in November 2002, and Asia’s ﬁ rst India-based property business trust, a-iTrust which was listed in August 2007.

She is the Deputy Chairman of SPRING Singapore, the enterprise development agency of Singapore, as well as an Independent Director on the Board of Singapore Press Holdings Limited. She is also a Board member of Jurong Health Services and a member of National University of Singapore (“NUS”) Board of Trustees. Previously Jurong Town Corporation’s Rakesh Kumar Aggarwal Deputy CEO, she has extensive experience in business space management. Independent Director Ms Chong studied Estate Management at the NUS where, in 1981, she graduated with honours and was awarded a Gold Medal by the Singapore Institute of Surveyors and Valuers. In 1991, Ms Chong obtained a Masters in Business Administration Mr Aggarwal, 58, is a member of the Investment Committee. from the same university. Ms Chong completed the Advanced Management Programme at Harvard Business School in 1998. In recognition of her unwavering commitment and service to her alma mater, she was conferred the NUS Distinguished Alumni For nearly 25 years, Mr Aggarwal was a banker at Citibank and Union Bank of Switzerland (Singapore). During that time, he Award by the Faculty of Architecture and Building Management in 1999, and the NUS Distinguished Alumni Service Award managed a wide range of ﬁ nancial services activities and obtained considerable management experience. in 2009.

Immediately after graduation, he started his banking career with Citibank in India in 1975. Various domestic and international In March 2009, Ms Chong was recognised as the ‘Outstanding CEO of the Year’ in the Singapore Business Awards 2009 for assignments provided him rich professional experience. Mr Aggarwal later served as Regional Risk Asset Reviewer in the her steadfast leadership and dynamism in establishing Ascendas as Asia’s leading provider of business space across Asia. Asia Paciﬁ c group where he assessed risk exposures at different Citicorp entities based in Japan, South Korea, Australia, New Zealand, Singapore and India.

After his illustrious years with Citibank, Mr Aggarwal joined Union Bank of Switzerland (“UBS”), Singapore in 1990, and Jonathan Yap Neng Tong became the Chairman of East Asia Credit Committee, where he managed all counter-party risks in the region at a time when Executive Director & CEO UBS was expanding rapidly. He was also involved in corporate and structured ﬁ nance, initial public offering underwriting, direct investments and other functions as Director of UBS (East Asia) Ltd, Singapore. Mr Yap, 43, is the CEO of the Trustee-Manager and a member of the Investment Committee.

Mr Aggarwal is currently a Director of MSM Satellite (Singapore) Pte Ltd, a television broadcasting business. In the last 10 Mr Yap has been with Ascendas Group since 2004 and was appointed CEO (India Funds) from 1 June 2007, managing years, he has been involved in promoting and managing new private enterprises in Singapore, India, USA and Australia, a-iTrust and Ascendas India Development Trust, a private fund focusing on integrated real estate development in India. He principally in industries such as media, technology and building materials. is also the Executive Vice President, Real Estate Funds, focusing on the formation of new private funds for Ascendas and developing synergies across the funds. Mr Yap was previously CEO, India Operations while also managing a-iTrust when it Mr Aggarwal holds a Master of Business Administration degree from the Indian Institute of Management, Ahmedabad, India was a private fund, then known as Ascendas India IT Parks Trust. and a Bachelor of Technology (Mechanical Engineering) from the Indian Institute of Technology, New Delhi, India. Prior to that, he was with the Australian Stock Exchange-listed Lend Lease Corporation since 1997 and his last held position was Investment Director of its Asian real estate investment business and concurrently, Deputy Fund Manager of Asia Paciﬁc Investment Company I and II (private funds focusing on Asian real estate). From 1992 to 1997, Mr Yap was with Tan Chong Cavinder Bull Realty Pte Ltd (the real estate arm of the Hong Kong Stock Exchange-listed Tan Chong Group) and the Inland Revenue Independent Director Authority of Singapore. (Appointed on 1 July 2010) Mr Yap holds a Bachelor of Science in Estate Management (Honours) degree and a Masters of Science in Project Management Mr Bull, 43, is a member of the Audit Committee. from the National University of Singapore.

A Senior Counsel, Mr Bull is presently a Director of Drew & Napier LLC. He practises corporate and commercial litigation and is actively engaged in trial and appellate advocacy at all levels of the Singapore Courts as well as international arbitrations.

Mr Bull worked for the Chief Justice of Singapore as a Justices’ Law Clerk before joining Drew & Napier in 1994 as a litigation associate. In 1995, he was awarded the Lee Kuan Yew Scholarship and left for Harvard Law School where he received an LL.M. He passed the New York Bar exams and was admitted to practise in New York. He practised as a litigation associate with Sullivan & Cromwell in New York until late 1997, when he returned to Singapore and joined Drew & Napier. Mr Bull was made a Partner of Drew & Napier in 1998, and a Director in May 2002. He also sits on the Board of Singapore International Arbitration Centre, National Healthcare Group Pte Ltd and Singapore Technologies Electronics Limited. He is a member of the Board of Trustee of Singapore University of Technology and Design.

Mr Bull graduated with First Class Honours in Law from Oxford University in 1992.

20 21 development in Singapore and foreign markets, transaction Prior to joining Ascendas, he was with IBM, managing negotiations and due diligence. forecasting, analysis and reporting. Before IBM, Shiva worked with Ernst & Young Pvt Ltd (”E&Y”), in charge of ﬁ nancial Prior to joining Ascendas Group in 2007, he was with Wing accounting and reporting and was involved in ﬁ nancial Tai Holdings Limited and Chesterton International Property systems implementation for E&Y Global Services. Consultants Pte Ltd.

Shiva holds a Bachelor degree from Kuvempu University, Wayne holds a Bachelor of Business (majoring in Property) majoring in Commerce and is a qualifi ed Chartered from the University of South Australia and a Master of Accountant from The Institute of Chartered Accountants of Science (majoring in Real Estate) from National University of India. Singapore. Chang Min Wai Mary Judith de Souza managing the investment approval and risk assessment Manager, Investor Relations Company Secretary process. Jonathan Yap Neng Tong Min Wai has over fi ve years of experience in corporate Mary joined Ascendas in 2005 and has more than seventeen Executive Director & CEO Prior to joining Ascendas, she was with Mapletree fi nance advisory and private equity. years of practice as a corporate and commercial lawyer. Her experience was acquired during her appointment as Please refer to page 21 for Jonathan’s work experience. Investments Pte Ltd and the CapitaLand Group, where she handled marketing and leasing, property and asset Prior to joining Ascendas, Min Wai was with a special legal counsel with a government-linked technology group management functions. During her tenure with the situations investment fund in Singapore and CIMB Investment and thereafter, while in practice in a local law fi rm based in CapitaLand Group, she worked in Malaysia and Thailand Bank in Kuala Lumpur, where he was involved in the analysis Singapore with several branches in the region. Johnnie Tng Chin Hwee for over fi ve years. She was seconded to set up the country and structuring of private equity investments. He commenced Chief Financial Offi cer operations, and carried out integrated asset management of his career with the Corporate Finance advisory arm of RHB She has worked with both local and foreign companies and prime offi ce properties in Kuala Lumpur and Bangkok. Investment Bank in Kuala Lumpur. has acquired a broad-based understanding of the concerns Johnnie is concurrently the Chief Financial Offi cer of the and needs of investors in Southeast Asia. As a result of her Trustee-Manager and the Property Manager. Prior to joining Yean Cheng holds a Bachelor of Business Administration He holds a Bachelor of Science in Economics from the regional exposure while in legal practice, she has been able Ascendas in 2006, Johnnie had held senior corporate from the National University of Singapore. London School of Economics and Political Science and is a to acquire fi rst hand knowledge of the commercial, business, fi nance and private equity investment positions. He was CFA Charterholder. cultural and operational issues encountered in doing Vice President-Corporate Finance at RGM International, business outside Singapore. an Indonesian conglomerate involved in resource-based Sandra Chia Sien Inn industries, where he had led several multimillion dollar Ashwini Kumar Mathur Mary currently heads Ascendas Group’s Legal team. She mergers and acquisitions. Before RGM International, Johnnie Assistant Vice President, Finance holds an LL.B. (Hons) degree from the National University of Assistant Manager, Investment advised a private investor on the takeover and subsequent Singapore and is an advocate and solicitor of the Supreme debt restructuring of a freight forwarding company listed on Sandra joined Ascendas in 2007. She is responsible Court of Singapore. Ashwini has over fi ve years of experience in conducting the Singapore Exchange Securities Trading Ltd (“SGX-ST”), for the fi nance function including SGX-ST reporting and real estate market research and feasibility studies across Freight Links Express Holding Ltd. Post acquisition, he also compliance for a-iTrust. She has 22 years of fi nancial and India. He joined Ascendas in 2008 as part of the investment structured the disposal of non-core assets which brought the accounting experience. Prior to joining Ascendas, she was management team. group back to profi tability. a Financial Controller at Asurion Asia Pacifi c Pte Ltd, a leading provider of mobile protection services to the wireless Prior to joining Ascendas, he was with Cushman & Wakefi eld Prior to the above, Johnnie spent the initial ten years of his telecommunications industry. Prior to the above, Sandra advising clients on real estate development feasibility, entry career with the Monetary Authority of Singapore (“MAS”), was with a NASDAQ-listed company, which was principally strategies and location analysis. Ashwini has also worked SBC Warburg and Nomura, where he was largely involved in involved in operating network-neutral data centres and with Crisil Ltd (Indian affi liate of Standard & Poor’s) in areas of investment banking and private equity investments. internet exchange services. credit research and analysis.

Johnnie holds a Bachelor of Accountancy (Honours) degree Sandra holds a Bachelor of Accountancy degree from the Ashwini holds a Bachelor degree from Utkal University, from the Nanyang Technological University of Singapore. Oxford Brooke University (UK). majoring in Commerce and Post Graduate degree in Business Management with specialisation in Finance from Chin Yean Cheng Shiva Kumar Konakere Vasappa NL Dalmia Institute of Management Studies & Research. Vice President, Senior Manager, Finance Asset & Investment Management Shiva has fi fteen years of experience in accounting, Wayne Lee Weng Bunn Senior Fund Analyst Yean Cheng joined Ascendas in 2006. She has more than fi nance, taxation, audit and management reporting across fi fteen years of real estate experience. Prior to the current manufacturing, retail, services, IT and real estate sectors. Wayne has close to nine years of experience in fund position, she was Assistant Vice President-Portfolio, Asset Shiva joined Ascendas in 2006, based in India, and was modelling, conducting feasibility assessment, business and Risk Management, responsible for monitoring the heading Ascendas’ Bangalore fi nance team before he portfolio asset performance and capital allocation, and relocated to Singapore.

22 23 BANGALORE

THOMAS TEO City Head Bangalore, ASIPL (Covering) Please refer to page 24 for Thomas’ work experience.

SANJEEV BHUJLE RAMAKRISHNA P SANDEEP CHANDA Property Services Company Secretary Business Development

RAJESH A ADARSH RAI BEENA BHARATH Project Management Marketing & Customer Service Customer Service

ANSHU BHARDWAJ JOYAPPA THRINATH BABU Communications Legal Retail Mall Operations

RAVISHANKAR A V HEADQUARTERS Finance Thomas Teo CEO, ASIPL CHENNAI As CEO of ASIPL, Thomas manages Ascendas’ business in India, which includes the development and management of an IT Balaji V V park portfolio across several key Indian cities, as well as its activities and expansion in this key market. Prior to this, Thomas was City Head Chennai, ASIPL the CEO of Ascendas Services Pte Ltd, the property management arm of Ascendas Pte Ltd, where he was responsible for asset management, property & facilities management, lease and customer service management, and project management. He was Balaji joined Ascendas India in 2001 and is currently Head of Chennai Operations. His previous appointments include, Vice CEO of Ascendas Land from 2002 to 2008 looking after Ascendas’ Singapore real estate investment and development portfolio. President and Head, Business Development of Ascendas India, and Head, Finance of Ascendas Chennai.

Thomas joined Technology Parks Ltd (which merged with JTC International to form Ascendas in 2001) in 1996 as Senior Manager Before joining Ascendas, Balaji headed the ﬁ nance department of Avanti Kopp Ltd, an Indo-German switch manufacturing company. to head the Project Management division. He has over twenty years of working experience in companies including DBS Land He previously worked in the Hyderabad-based Lamtuf group, where he was involved in managing its funding requirements. and OCBC Property Services.

Balaji holds a Bachelor‘s Degree in Mathematics with Physics and Chemistry as ancillaries from the University of Madras. He has Thomas holds a Master of Science degree in Construction Management from the University of Bath as well as professional a professional qualiﬁ cation from the Institute of Chartered Accountants of India (“ICAI”) and is a fellow member of ICAI. memberships from the Chartered Institute of Building (UK) and the Association for Project Management (UK). He also completed the Advanced Management Programme at Berkerley-Nanyang Business Schools in 2010. K THIRUMAL RAO ASHOK SHANKAR RAMESH M Property Services Finance Marketing & Customer Service

Lee Fu Nyap SANDEEP BHASKAR KALYANARAMAN A S SENTHIL KUMAR Assistant CEO (“ACEO”), ASIPL Project Management Company Secretary Legal

Fu Nyap rejoined the Ascendas Group in 2005, and is ACEO – India Operations. Fu Nyap has about twenty years of regional MUNIRA HUSSAIN real estate experience in valuation, investment, operation, development and portfolio asset management. Other than Ascendas Communications Group, he has worked with Keppel Land International Pte Ltd and Inland Revenue Authority of Singapore. Fu Nyap holds a Bachelor of Science in Estate Management (Honours) from the National University of Singapore and a Masters degree in Business Administration from Leicester University. HYDERABAD

LEE FU NYAP JOHNNIE TNG J AMMAIAPPAN ANIRBAN CHOUDHURY City Head Hyderabad, ASIPL (Covering) CFO Head, Legal Head, Communications Please refer to page 24 for Fu Nyap’s work experience.

SHEKAR B IAN PETER MUNISH MATHUR SHEKAR B GOVARDHAN CHAWLA UMESH C S Head, Project Management Head, Property Management Head, Business Development Project Management & Property Services Finance Marketing & Customer Service

JOEY KHOO NARESH YADAV B AMARENDRA BABU AJIT VERMA Head, Marketing & Customer Service Property Services Company Secretary Legal

NEHA PARDESI Communications

24 25 S$ 18.0m S$ 18.3m (25.4%) (24.8%) The V The V

S$ 70.6m S$ 73.8m NET NET S$ 30.2m S$ 32.6m PROPERTY PROPERTY (42.8%) (44.2%) INCOME ITPB INCOME ITPB FY2010/2011 FY2009/2010

S$ 17.0m S$ 17.7m (24.1%) (24.0%) TOTAL PROPERTY INCOME ITPC ITPC S$ 5.4m S$ 5.2m SGD FY2010/2011 FY2009/2010 Change % (7.7%) (7.0%) CP CP Gross rent $ 69.9m $ 71.4m - 2% DISTRIBUTION PER UNIT Amenities income $ 2.5m $ 2.5m + 0% a-iTrust delivered full-year DPU of 6.58 Singapore cents, down by 13% from the previous year due to; • lower NPI; Fit-out rental income $ 3.8m $ 4.2m - 9% • higher ﬁ nancing costs arising from Zenith and Park Square (while occupancy was still being ramped up); and • marginal loss realised on ﬁ nancial derivatives, compared to a gain last year. Operations and maintenance income $ 37.9m + 5% $ 39.9m 6.09 Singapore cents FY2007/2008 Car park and other income $ 5.4m $ 4.9m + 10% 7.54 Singapore cents $ 120.9m + 1% Total property income $ 121.5m FY2008/2009

Total property income for FY2010/2011 of S$ 121.5 million was marginally higher than that for FY2009/2010 primarily due to: 7.55 Singapore cents • Higher operations and maintenance income resulting from an increase in energy billings at ITPB where there is a power FY2009/2010 plant; and • Higher car park income resulting from the multi-level car park in ITPB which was completed in mid-FY2009/2010. 6.58 Singapore cents FY2010/2011

S$ 23.3m S$ 24.8m (19.2%) (20.5%) 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 S$ 66.7m S$ 64.3m The V The V (54.9%) (53.2%) MAJOR BALANCE SHEET ITEMS ITPB ITPB SGD 31 March 201131 March 2010 Change %

S$ 121.5m S$ 120.9m Total assets $ 1,051.7m $ 1,146.6m - 8% S$ 8.2m TOTAL S$ 8.1m TOTAL Total liabilities $ 417.6m - 4% (6.7%) $ 401.8m PROPERTY (6.7%) PROPERTY CyberPearl CP Total borrowings $ 165.9m $ 181.5m - 8% (“CP”) INCOME INCOME FY2010/2011 FY2009/2010 Net assets attributable to Unitholders $ 609.1m $ 687.8m - 11%

Net asset value per Unit $ 0.80 $ 0.90 - 11%

S$ 23.3m S$ 23.7m (19.2%) (19.6%) Market capitalisation $ 731.2m $ 761.9m - 4% ITPC ITPC KEY MOVEMENTS The decrease in balance sheet items was mainly attributable to the effect of foreign currency translation, as SGD appreciated NET PROPERTY INCOME against INR by 11% year-on-year. Albeit the currency effect, the portfolio has grown due to the completion of Zenith and Park NPI for FY2010/2011 at S$ 70.6 million was 4% lower than that for FY2009/2010. This was mainly because of higher property Square in December 2010 and as a result, the higher value of Investment Properties20 compared to that in FY2009/2010. Lower expenses from the December 2010 completion of two new buildings for which income contribution have yet to fully stablise, and borrowings was due to the external commercial borrowings in ITPL being partially repaid during the ﬁ nancial year. hikes in electricity tariff and cost of fuel.

20 Consists of completed buildings and interest in freehold land for currently undetermined future use, held for long term rental yields and capital appreciation.

26 27 • The key southern cities of Bangalore, Hyderabad and Chennai maintained their strong performance in the IT sector, in terms of both SEZ and non-SEZ commercial projects. The improvement in demand for ofﬁ ce space (corporate as well IT/ ITES space) is expected to continue during FY2011/2012. Improving business sentiments, prospects of global economic recovery and expected long term growth in domestic markets will play a key role in enhancing the demand for ofﬁ ce space in the country.

• Commercial ofﬁ ce space rentals are expected to be ﬁ rm in 2011 with demand picking up on the back of economic recovery and growth in IT/ITES outsourcing in the second half of 2010. However, with the inventory overhang, rental growth in the year is expected to be capped.

• Investment sale transactions in the commercial real estate sector were minimal in the year, as buyers were cautious, and vendors were unwilling to lower their expectations.

DIVERSIFIED PORTFOLIO OF WORLD-CLASS IT PARKS a-iTrust owns a diversiﬁ ed portfolio of four world-class and pioneering IT parks within high-growth sectors and cities in INDIAN ECONOMY AND REAL ESTATE OVERVIEW India, comprising:

Economic Overview (i) International Tech Park Bangalore • GDP growth for FY2010/2011 was estimated at 8.6%21. According to Reserve Bank of India, growth had moderated in the (ii) International Tech Park Chennai preceding two years as the global economy was impacted by the global fi nancial crisis. The growth during FY2010/2011 (iii) The V, Hyderabad; and refl ected a rebound in agriculture and sustained levels of activity in industry and services. Indian economy continued to (iv) CyberPearl, Hyderabad outperform most emerging markets during FY2010/2011, retaining its position as the second fastest growing economy, after China, amongst the G-20 economies. As at 31 March 2011, the portfolio was valued at S$ 943 million, comprising 5.94 million sq ft of income-producing space, 0.5 million sq ft of space under construction, and land with 2.5 million sq ft development potential. • According to the Reserve Bank of India, pick-up in private spending in FY2010/2011 helped to sustain growth recovery 25 after the global fi nancial crisis. Exports from India also witnessed strong growth, refl ecting diversifi cation of products from COMPOSITION OF S$ 943 MILLION PORTFOLIO labour-intensive manufacturing to higher value-added products in engineering and petroleum sectors.

84% • Macroeconomic outlook for FY2011/2012 remains favourable on the back of buoyant overall agricultural performance and 18% COMPLETED continued services sector growth momentum. However, supply side infl ation poses risks to growth. Hyderabad 50% BUILDINGS The V Bangalore Investment Scenario in India ITPB • The investment climate remains favourable in India with foreign direct investment (“FDI”) as well as foreign institutional investment (“FII”) infl ow remaining strong during the last fi nancial year.

• Cumulative FDI infl ow from April 2010 till February 2011 was USD 18.35 billion22 with Mauritius, Singapore and USA being 23 PORTFOLIO the three largest sources of FDI equity infl ow. Net FII in India was USD 31.03 billion from April 2010 till February 2011. PORTFOLIO COMPOSITION BY BY TYPE Overview of IT/ITES Industry in India PROPERTY • The Indian IT/ITES industry witnessed a rebound in overall growth during FY2010/2011, with key outsourcing markets 26% increasing technology spending including outsourcing and off-shoring of services. Industry recovery was broad based Chennai across mature and emerging verticals. ITPC 11% VACANT • According to Economic Survey 2011, overall Indian IT/ITES revenues have grown to USD 63.7 billion in FY2009/2010 LAND FOR and an estimated USD 76.1 in FY2010/2011, translating into a compounded annual growth rate (“CAGR”) of 22.5% from DEVELOPMENT FY2004/2005 to FY2010/2011. The outlook for the Indian IT/ITES industry remains positive. 6% 5% Hyderabad ONGOING 24 Offi ce Space Real Estate Market Overview CP DEVELOPMENT • With the global economy recovering and the return of corporate spending on IT, commercial offi ce space segment in India witnessed a rebound of space absorption across established cities. Offi ce space supply was marginally down by 4% over the previous year, and space absorption witnessed a jump of 53.9%. Offi ce space supply and absorption was recorded at 39.7 million sq ft and 30.0 million sq ft respectively, for the full year 2010 in the seven key cities in India.

21 Source: Reserve Bank of India – Macroeconomic and Monetary Developments in FY2010/2011. 22 Source: Department of Industrial Policy & Promotion, Government of India. 23 Source: Provisional data from Department of Industrial Policy & Promotion, Government of India. 24 Source: Jones Lang LaSalle Property Consultants Pvt Ltd. 25 Based on 31 March 2011 valuation. Consists of Investment Properties (including undeveloped land) and Investment Properties Under Construction.

28 29 SPACE UNDER CONSTRUCTION ON LAND OWNED BY A-ITRUST Completing in FY2011/2012 0.5 million sq ft Future 2.5 million sq ft Development

COMPETITIVE STRENGTHS OF A-ITRUST’S IT PARKS

Strategic location a-iTrust’s IT parks are strategically situated in the high-growth IT/ITES centres of Bangalore, Chennai and Hyderabad. These cities are attractive because of the availability of highly educated human resource, appealing work destination for IT professionals from all over India. The properties are also located near residential developments and social infrastructure.

GROWTH IN INCOME-PRODUCING SPACE SINCE LISTING High quality investment properties built and managed to international standards At listing in August 2007, the trust owned 3.6 million sq ft of operating space. Through development and acquisition, the Each of the properties offers tenants an environment to inspire work excellence, enhance productivity and customer portfolio of operating space has grown to 5.9 million sq ft as at 31 March 2011. experience, uniquely branded as the “Ascendas Advantage”.

Development • Quality Business Space Since listing, we have developed 4 buildings with a total area of 2.3 million sq ft. Physical spaces are built and managed to international standards to offer the best quality and service to the 66,000 IT - In FY2007/08, we completed the construction of Crest (offi ce building in ITPC) and Vega (offi ce building in The V), adding professionals working in the IT parks. 1.1 million sq ft to the portfolio. - In FY2010/11, we completed the construction of Zenith (offi ce building in ITPC) and Park Square (retail mall in ITPB), • Reliable Business Solutions adding another 1.2 million sq ft. Building services are tailored to suit customers’ needs and to remove the hassles of managing real estate so they can focus on their own businesses. We are constructing Voyager (offi ce building in ITPB’s SEZ), which is expected to complete in June 2011. Upon completion, the portfolio’s total operating space would be 6.4 million sq ft. • International Business Lifestyle a-iTrust’s IT parks offer holistic lifestyles that knowledge workers aspire to have. Extensive amenities are provided within With 68% of Voyager leased, we are planning to build another offi ce building of 540,000 sq ft in ITPB’s SEZ. We expect to have landscaped setting incorporating lush gardens and artworks. Amenities include gymnasium and fi tness facilities, large the building ready in end 2013. Including the said building under planning, we have land in ITPB that can yield another 2.5 food courts, restaurants and delicatessans. Conveniences range from banks, gift shops to pharmacies and travel agencies. million sq ft. Organised activities include festive celebrations, and sporting and charity events to create a vibrant and balanced lifestyle.

Acquisition Ascendas brand name well reputed for quality of service We bought back 0.1 million sq ft of offi ce space in ITPB in FY2008/09. The Ascendas brand name is well perceived by our tenants and their employees and in the respective sub-market of a-iTrust’s properties, and is associated with quality services and good park upkeep and maintenance. On 23 February 2011, the Trustee-Manager announced that it reached a conditional agreement with Phoenix Infocity Private Limited to acquire its portfolio of 5 buildings in Hitec City 2 SEZ, Hyderabad. 2 of the buildings are completed and 100% Diverse and high quality tenants 27 occupied, while the other 3 buildings will be completed progressively over the next 4 years. The portfolio comprises more than 260 tenants, including leading multinational corporations which operate in diverse business areas, including Affi liated Computer Services, General Motors and Applied Materials. No single tenant represented 27 The Trust will immediately acquire the 2 completed buildings, with a total area of 0.4 million sq ft, for INR 1,659 million (S$ more than 5% of monthly portfolio base rent as at 31 March 2011. 50.4 million26). The remaining 3 buildings, with a total area of 1.8 million sq ft, will be acquired as and when each building is completed and leased. The pricing of the 3 buildings will be based on the NPI achieved at the time of acquisition, and is Substantially locked-in, medium-term leases with high security deposits 27 presently estimated at INR 6,809 million (S$ 197.4 million26). The portfolio’s weighted lease term by monthly base rent was approximately 4.1 years as at 31 March 2011. Additionally, the properties possess a healthy lease expiry profi le, with a fairly even spread of leases expiring in the forthcoming years. COMPLETED SPACE

At Listing 3.6 million sq ft

31 March 2008 4.7 million sq ft

31 March 2009 4.8 million sq ft

31 March 2010 4.8 million sq ft

31 March 2011 5.9 million sq ft

26 Based on the exchange rate of S$ 1.00 to INR 34.5 used for the announcement on 23 February 2011. 27 Includes leases in Park Square & Zenith for which possession of units have taken place.

30 31 TENANT MIX BY BASE RENT AS AT 31 MARCH 201133 5.1% 3.8% PHARMACEUTICAL R&D & RESEARCH1.5% 1.5% & HEALTHCARE F&B OTHERS 2.3% 5.5% 38.2% RETAIL 4.3% R&D IT & SOFTWARE AUTOMOBILE DEVELOPMENT, 3.9% APPLICATION RETAIL & SUPPORT & F&B ACTIVITY 2.0% 14.9% OTHERS BANKING & FINANCIAL IT Information Technology 62.2% CORE IT ITES IT-Enabled Services R&D Research & Development BUSINESS F&B Food & Beverage 12.9% ITES 7.4% OCCUPANCY AS AT 31 MARCH 2011 CORPORATE SERVICES ITPB (Excl 63% Park Square) 99% 6.2% ITPC ELECTRONIC, 60% 13.4% SEMICONDUCTOR (Excl Zenith) 97% IT/ITES 9.1% 5.8% & ENGINEERING GRAPHIC & TELECOMMUNICATION The V 97% GAMING & NETWORK 93% DESIGN CyberPearl 97% 100% 1.1% 11.3% OTHERS INDIA BASED 35 Park Square (ITPB) 28 1.8% COMPANY 61% 62% FRANCE 28 0.4% Zenith (ITPC) 33% 58% AUSTRALIA 2.2% Voyager (ITPB) 39% 68%29 SINGAPORE 0.5% Portfolio Average 30 97% JAPAN (Excl new buildings) 0.8% a-iTrust Occpancy Market Occupancy of micro-markets based on Jones Lang NETHERLANDS LaSalle Market Report as at 31 March 2011 68.1% COUNTRY OF 5.0% COMPANY LEASE EXPIRY PROFILE AS AT 31 MARCH 201131 US ORIGIN UK STRUCTURE 3.7% GERMANY FY2012 25.3% FY2013 18.4% FY2014 28.6% FY2015 8.9% 16.4% 88.7% 34 36 INDIA MNC FY2016 11.9% FY2017 & 6.9% Beyond TOP 10 TENANTS BY BASE RENT AS AT 31 MARCH 2011 (IN ALPHABETICAL ORDER) Area (Sq ft) 500,000 1,000,000 1,500,000 • Affiliated Computer Services India Pvt Ltd LEASING ACTIVITIES IN FY2010/2011 • Applied Materials India Pvt Ltd Expired/ 1,637,000 • Bally Technologies India Private Limited Terminated • Cognizant Technology Solutions (India) Pvt Ltd Renewed 1,029,000 • General Motors India Pvt Ltd New 483,000 • Inautix Technologies India Private Limited Renewed & New 1,029,000 (Renewed) 483,000 (New) (Existing Portfolio) 1,512,000 • Merrill Lynch (India) Technology Services Pvt Ltd 240,500 274,000 210,500 New Buildings Zenith Park Square Voyager 725,000 99,500 • Paprikaas Interactive Services Pvt Ltd (Forward leasing32 - 725,000 Concluded 1,512,000 Excl new buildings) (New buildings) • Tata Consultancy Services Ltd over FY2010/2011 2,336,500 • ZapApp / First Indian Corporation / First Advantage / First Amercian (India)37 Area (Sq ft) 500,000 1,000,000 1,500,000 2,000,000 2,500,000 Top 10 Tenants collectively accounted for about 31% of the monthly portfolio base rent.

28 Includes committed leases for which security deposits had been collected but possession of unit had not taken place. Additional 1% and 25% commitments had been signed for Park Square and Zenith respectively after 31 March 2011, resulting in commitment levels of 62% and 58% as at 20 May 2011. 33 Includes leases in Park Square & Zenith for which possession of units have taken place. Percentages may not add up to 100% due to rounding. 29 Represents pre-commitments. Additional 29% commitments had been signed for Voyager after 31 March 2011, resulting in commitment level of 68% as at 20 May 34 Comprises Indian companies with operations within India and/or offshore. 2011. Voyager is expected to be completed in June 2011. 30 Excludes Park Square & Zenith, which have recently been completed in December 2010. 35 Comprises Indian companies with operations within India only. 31 Includes leases in Park Square & Zenith for which possession of units have taken place. 36 Multi-national corporations, including Indian companies with operations within India and offshore. 32 Signed leases which have yet to commence. 37 Each of ZapApp / First Indian Corporation / First Advantage / First American (India) is a subsidiary of First American Corporation. 32 33 INTERNATIONAL TECH PARK BANGALORE (“ITPB”)

STATISTICS Site Area 69 acres Land Tenure / Stake Freehold / 92.8% (7.2% owned by Karnataka Industrial Areas Development Board) Owned Super Built-up Area (“SBA”) as at 31 March 2011 2.26 m sq ft No. of Buildings 6 IT buildings, a retail mall and a lower ground mall Park Population 27,000 people Valuation as at 31 March 2011 S$ 474 m38 Ongoing Development 0.5 m sq ft Vacant Land for Development 23 acres or potential 2.5 m sq ft SBA (incl. the 540,000-sq ft building being planned)

38 Based on the exchange rate of S$ 1.00 to INR 35.71.

34 35 INTERNATIONAL TECH PARK CHENNAI (“ITPC”)

STATISTICS Site Area 15 acres Land Tenure / Stake Freehold / 89.0% (11% owned by Tamil Nadu Industrial Development Corporation Limited) Owned SBA as at 31 March 2011 1.97 m sq ft No. of Buildings 3 buildings Park Population 22,000 people Valuation as at 31 March 2011 S$ 249 m39

39 Based on the exchange rate of S$ 1.00 to INR 35.71.

36 37 CYBERPEARL HYDERABAD (“CP”)

STATISTICS Site Area 6 acres Land Tenure / Stake Freehold / 100% Owned SBA as at 31 March 2011 0.43 m sq ft No. of Buildings 2 buildings Park Population 5,000 people Valuation as at 31 March 2011 S$ 54 m40

40 Based on the exchange rate of S$ 1.00 to INR 35.71.

38 39 THE V HYDERABAD

STATISTICS Site Area 19 acres Land Tenure / Stake Freehold / 100% Owned SBA as at 31 March 2011 1.28 m sq ft No. of Buildings 5 buildings Park Population 12,000 people Valuation as at 31 March 2011 S$ 166 m41

41 Based on the exchange rate of S$ 1.00 to INR 35.71.

40 41 STRONG IN-BUILT DEVELOPMENT PIPELINE We aim to grow the portfolio through our in-built development pipeline, by developing the vacant land the Trust owns in a phased manner. We seek Build-to-Suit (“BTS”) opportunities, which will be constructed with pre-commitment from a tenant. A multi- tenanted building will be considered for development only when we are confi dent in the underlying demand, through market research and understanding of our tenants’ future space requirements. We completed Zenith and Park Square during FY2010/2011. The construction of Voyager, a multi-tenanted offi ce building in ITPB’s SEZ, is expected to complete in June 2011. As at 20 May 2011, 68%44 of the space had been pre-leased. Given Voyager’s strong pre-commitment, we are planning for another 0.5 million sq ft multi-tenanted offi ce building in the ITPB’s SEZ. Including the new building under planning, the Trust has vacant land in ITPB, mainly in the SEZ, which can yield another 2.5 million sq ft of built up space.

GROWTH MODEL

Zenith at ITPC Park Square at ITPB Voyager at ITPB GROWTH THROUGH ACQUISITION Built-up Potential Unique We will pursue opportunities to acquire assets that will provide attractive cash fl ows and yields relative to a-iTrust’s cost of capital, Total owned area under built-up area three-pronged and potential for future income and capital growth. In evaluating opportunities, we seek acquisitions that may enhance the built-up area development of 2.5 million acquisition diversifi cation of the portfolio by geography and tenancy profi le, and optimise risk-adjusted returns to Unitholders. of 5.9 of 0.5 million sq ft strategy million sq ft On 23 February 2011, we announced that the Trustee-Manager reached a conditional agreement with Phoenix Infocity Private sq ft Limited to acquire its portfolio of 5 buildings in Hitec City 2 SEZ, Hyderabad. • 2 completed buildings (0.4 million sq ft), 100% occupied, will be acquired upon transaction closing. • 3 future buildings (1.8 million sq ft) will be acquired only when completed and required occupancy levels are met. • The acquisition, subject to certain regulatory approvals and satisfaction of certain conditions by the vendor, is expected to close in June 2011. We have a three-pronged approach of acquiring suitable assets to grow a-iTrust’s portfolio. Development Trust Right of First Refusal (“ROFR”) • Ascendas India Development Trust (”AIDT”) has granted a-iTrust a ROFR to acquire income-producing properties it develops. AIDT has a capital of S$ 500 million and targeted total investment value of up to S$ 1.0 billion. AIDT, which undertakes new development projects in India, will provide a-iTrust with a pipeline comprising high-quality business space properties strategically located in key growth cities in India. AIDT has committed land with about 10 million sq ft of Rights of business space development potential in key cities including Chennai, Gurgaon and Coimbatore. First Refusal Land Sponsor ROFR & Third Party Operating Ongoing Available • Ascendas Land International Pte Ltd (“ALI” or the “Sponsor”) currently owns 1) CyberVale in Chennai, an IT SEZ comprising Buildings Development for 535,000 sq ft of operating space and 4.4 acres of land for development, and 2) a proposed 2.5 million sq ft development Development project in Pune, International Tech Park Pune. External Acquisition Third-party acquisitions • We will also actively source and acquire quality third party properties in cities where a-iTrust already has investments, or those which are assessed to be desirable from our tenants’ perspective. ORGANIC GROWTH POTENTIAL • We will leverage on the Sponsor’s presence in India and access to market information to provide a competitive advantage with respect to identifying, evaluating and acquiring properties. a-iTrust’s stabilised portfolio of 4.8 million sq ft of operating space recorded strong occupancy of 97%42 as at 31 March 2011. • We make decisions in a prudent manner, with Unitholders in mind, when assessing opportunities that can add value to the Zenith and Park Square were completed in December 2010, bringing total operating portfolio size to 5.9 million sq ft. Committed Trust, while maintaining a strong fi nancial position. occupancy rates for Zenith and Park Square as at 20 May 2011 were 58%43 and 62%43 respectively, and the balance space is being actively marketed. ASCENDAS INDIA ASCENDAS LAND THIRD PARTY DEVELOPMENT TRUST INTERNATIONAL ACQUISITIONS Total property income for FY2010/2011 was S$ 121.5 million or S$ 0.6 million (1%) higher compared to FY2009/2010. In INR • ROFR from AIDT over income- • ROFR from ALI over income- • Income-producing business space terms, total property income was up by 4%, largely because of increase in operations and maintenance income. producing business space in India. producing business space in India. and/or partially completed • Capital of S$ 500 million and targeted • ALI currently owns CyberVale in development projects across In FY2011/2012, fi lling up and growing the income stream of Zenith and Park Square will be imperative. We will also continue to investment value of S$ 1 billion. Chennai and proposed International India which meet a-iTrust’s nurture our relationships with existing tenants, and provide value-added services and amenities, so as to achieve high tenant • Current portfolio includes about 10 Tech Park Pune. investment criteria. retention rates. We will focus on managing early lease renewals, engaging in active marketing to refresh and expand clientele million sq ft of business space in cities • Conditional acquisition of income base, and creating a work-live-play environment in our parks. including Chennai. Gurgaon and generating offi ce space in SEZ Coimbatore. in Hyderabad. 42 Excludes Park Square & Zenith, which have recently been completed in December 2010. 43 Includes committed leases for which security deposits have been collected but possession of units have not taken place. 44 Represents pre-commitments. Voyager is expected to be completed in June 2011.

42 43 debt outstanding is with ﬁ xed interest rate.

Currency Risk The Group is exposed to foreign currency risk as a result of having operations in two countries. Whilst the distribution to Unitholders is in Singapore Dollar (reporting currency), the Group’s income is in Indian Rupee (functional currency). To enhance the stability of distribution to Unitholders, the Group enters into forward contracts to hedge a substantial portion of the cash ﬂ ow it expects to receive from VCUs. The exposure as a result of foreign currency loan at a VCU is also managed through the use of cross-currency swaps. To address the short term operating requirements for currencies other than Indian Rupee, the Group will buy or sell the foreign currency at the prevailing spot rate.

Credit Risk Credit risk is the potential ﬁ nancial loss resulting from the failure of a customer or counterparty to settle its ﬁ nancial and contractual obligations to the Group, as and when they fall due.

The Property Manager conducts fi nancial assessments on tenants before entering into lease agreements. Tenants are required It is a-iTrust’s policy that the a-iTrust Group (“Group”) will implement a consistent risk management approach and methodology to place signifi cant amount of security deposits for lease and fi t-out rentals. The Property Manager monitors their account across the Group’s entities, recognising that risk management is integral and essential to achieving the Trust’s strategic goals receivable balances on an ongoing basis to minimise the impact of a defaulting customer on the performance of the property. and business outcomes. Liquidity Risk The Group has minimal direct employees. APFT and ASIPL act as the Trustee-Manager and Property Manager respectively. The Group maintains suffi cient cash and cash equivalents to meet the normal operating cash requirement. The Group regularly Hence, the risk management processes and practices will be executed by APFT, ASIPL and such other parties providing monitors and observes bank covenants for borrowings. services to the Group, for or on behalf of the Group. Derivative Financial Instrument Risk The Group accepts, as an organisational philosophy, that: The Group’s derivative fi nancial instruments comprise currency forward contracts, interest rate swaps and cross-currency • Management of risk is critical to the governance and forms part of the management’s responsibilities at all levels within the swaps. These instruments are deployed to hedge underlying obligations mentioned above. The derivative fi nancial instruments Group (Board, senior management and, ultimately, all staff); are initially recognised at its fair value on the date of contract and are subsequently marked to market. The fair value changes • Guidance for discharge of these responsibilities will be provided via key strategic and operational risk management are included in the income statement in the fi nancial year when the changes arise. Fair values of trading derivatives are principles applicable throughout the organisation; and presented as current assets or liabilities in the balance sheet. The net fair value of these fi nancial derivatives as at 31 March • External assistance may be enaged periodically to independently verify implementation of this policy and key risk 2011 is 0.16% of the net assets of the Group. management principles.

Enterprise wide risk management processes are put in place to ensure potential risks are identiﬁ ed and key controls to mitigate these risks are established and implemented. This is continuously assessed, monitored and reviewed in light of changing circumstances and regulatory requirements, and re-aligned as required.

KEY RISKS & CONTROL MEASURES Investment Risk Investment risk arises when the Trust develops existing land within the portfolio, acquires new properties, or does not divest existing investments when it is timely to do so. Such risks encompass market risk, as well as the impact of new investments on the existing portfolio. The Trustee-Manager adopts the following measures to mitigate investment risk: • A research-driven investment approach focusing on the relevant national macroeconomic outlook, analysis of the relevant micro real estate markets (including supply and demand, vacancy and rental), and detailed asset analysis; • Detailed property and technical due diligence prior to any new acquisition; • Independent valuation as a guide to the purchase price; • Detailed evaluation of the impact of any proposed acquisition on the portfolio income, geographical and tenant diversiﬁ cation, and lease expiry proﬁ le; and • Review and approval of the investment by the Investment Committee / Board.

Operational Risk The Group has integrated risk management into its day-to-day activities across all functions. These include a comprehensive operating, reporting and monitoring controls put in place to manage risks arising from leasing, management and maintenance activities of the Group. The Trustee-Manager monitors and reviews such controls regularly and improves them where necessary.

Interest Rate Risk The Group’s exposure to changes in interest rates relates primarily to interest-earning fi nancial assets and interest-bearing fi nancial liabilities. The Group has put in place a cross-currency swap to hedge an existing fl oating-rate loan at the VCU level denominated in Japanese Yen into fi xed-rate Indian Rupee obligations. During the year, the Group entered into an interest rate swap to exchange fl oating-rate interest on a SGD loan of S$ 50 million, for fi xed interest rate. As at 31 March 2011, 70% of the

44 45 KEY RATIOS (as at 31 March 2011)

4 times Interest Cover 5.6%47 Average Cost of Debt 18% Gearing Ratio (Loan-to-Value) 4 times Debt Cover (Unitholders’ Funds / Debt) FUNDING AND BORROWINGS At the beginning of FY2010/2011, the Group had S$ 60 million medium term notes in issue and an outstanding S$ 50 million CASH MANAGEMENT term loan from Citibank and DBS Bank. The S$ 50 million term loan matured during FY2010/2011 and was refi nanced by a S$ The Group monitors and maintains a level of cash and cash equivalents deemed adequate to meet the Group’s operations 50 million secured loan from Citibank and DBS Bank. as well as to meet any short term liabilities. The cash generated from operations at VCUs are placed in bank fi xed deposits to maximise interest income prior to the intended repatriation event. In addition, ITPL had a ¥1.8 billion (INR 700 million or S$ 20 million45) amortising term loan facility by DBS Bank, one quarter of which was repaid in FY2009/2010 and half of which was repaid during FY2010/2011. The balance of the loan will be repaid in CASH FLOWS AND LIQUIDITY FY2011/2012. Operating net cashfl ow for FY2010/2011 is S$ 69 million, which is slightly lower than that in the preceding fi nancial year.

45 During the FY2010/2011, ITPL and AITPCL had drawn down the balance of INR 818 million (about S$ 23 million ) from the INR OPERATING ACTIVITIES loan facility of INR 2,500 million (about S$ 70 million45) to fund construction of Park Square and Voyager at ITPB, and Zenith at NPI for FY2010/2011 is S$ 71 million as compared to S$ 74 million in the preceding ﬁ nancial year. ITPC. During the year, INR 700 million (about S$ 20 million45) of the INR facility was repaid. INVESTING ACTIVITIES In summary, the total borrowings of the Group as at 31 March 2011 after adjusting for foreign exchange ﬂ uctuation and interest The Group has a unique growth model comprising organic growth with an “in-built” development pipeline of existing land the cost amortisation, was S$ 166 million and the gearing ratio was 18%. The gearing ratio is calculated as total borrowings Trust already owns. During the year, construction of following properties was completed: divided by the market value of assets46. The ratio of secured borrowings to total asset value at the same date was 11%. • Park Square at ITPB; and DEBT MATURITY PROFILE • Zenith at ITPC;

SGD FY2011/2012 FY2012/2013 FY2013/2014 FY2014/2015 FY2015/2016 A multi-tenanted building, Voyager in ITPB’s SEZ is under construction.

JRY Loan $ 6 m - - - - Bulk of the cash outﬂ ow under investing activities represents development cost of the above properties. SGD Loan - $ 60 m $ 25 m - $ 25 m

INR Loan $ 11 m $ 11 m $ 11 m $ 11 m $ 6 m FINANCING ACTIVITIES During the year, the Group received loans of S$ 74 million and repaid S$ 80 million. The Group constantly monitors its cash TOTAL $ 17 m $ 71 m $ 36 m $ 11 m $ 31 m position and deploys surplus cash in interest-yielding bank ﬁ xed deposits.

DEBT COMPOSITION CASH AND CASH EQUIVALENTS As at 31 March 2011, the value of cash and cash equivalents of the Group stood at S$ 40 million compared to S$ 97 million as S$ 50m at 31 March 2010. 30% Floating Interest Rate

S$ 116m 70% Fixed Interest Rate

45 Based on the exchange rate of S$ 1.00 to INR 35.71. 46 Consists of Investment Properties (including undeveloped land) and Investment Properties Under Construction. 47 Net of tax shield beneﬁ ts.

46 47 Community & Charity As part of the community, we want to return the support we received by contributing to the less fortunate segments of the society. For instance, in partnership with the Tamil Nadu Handicapped Federation Charitable Trust in Chennai, we held the fourth annual Ascendas Excellence Award in July 2010, where we recognised the outstanding achievements of 10 differently-abled achievers in the ﬁ elds of music, arts, academics and sports. Blood Donation Camps are also periodically held at ITPB and ITPC, where tenants have the opportunity to do their part for charity.

In December 2010, the Grand Jigsaw Challenge was organised in ITPB, where tenants competed with each other to solve a 3,000-piece jigsaw puzzle. The proceeds from CORPORATE SOCIAL RESPONSIBILITY participation fees collected were matched one-for-one by the APFT adopts Ascendas Group’s Corporate Social Property Manager and presented to the Divine Light Trust for Responsibility (”CSR”) philosophies and practices in the Blind, a special children school in Whiteﬁ eld (where ITPB managing a-iTrust. is situated), Bangalore.

As Asia’s leading business space provider, Ascendas Group In Singapore, the Trustee-Manager visited the AWWA believes that good corporate citizenship means leveraging Community Home for Senior Citizens to care for and spend on our core competencies to help improve the quality of life time with its residents. in the societies we operate, in an economically, socially and environmentally responsible manner. ITPB Grand Jigsaw Challenge

The CSR programme focuses on three key areas, namely the Environment, Health & Safety (“EHS”) Arts, Community and Charity, and Environment, Health and In addition to ensuring that we comply with EHS-related law, we seek to minimise our business operations’ impact on the Safety. natural environment and promote the importance of health and safety at the workplace. We held the Green Month event across all our parks between June and July 2010, which comprised a lineup of weekly activities of various themes such as the Tree Arts Plantation Week, Eco Drive Week, Green Idea Week and Eco Bazaar Week. These activities were excellent opportunities for We believe in nurturing creative talents and inspiring the park occupiers to enjoy themselves while at the same time doing their bit in the ﬁ ght against global warming. creativity and innovation in the parks within the a-iTrust portfolio. One of the ways we sought to do this is by showcasing art works of emerging Indian artists, including paintings, sculptures and installation arts, within our properties.

A Celebration of Colours at ITPC

Unplugged Rock Concert: Tribute to Pink Floyd at ITPB

48 49

INTERNATIONAL BUSINESS LIFESTYLE BANGALORE We believe in providing total business environments that inspire people to excel, which include amenities, services ITPB Ethnic Day April2010 and activities aiming at creating a healthy work-life balance. Blood Donation Camp July 2010 In addition to the CSR events described above, we further create other events focusing on sports, social interaction, ITPB Talentz Day September 2010 lifestyle and entertainment. Ascendas Connect 2010 (CEOs Night) September 2010 For example, the Healthy Lifestyle and Sports Meet is Blood Donation Camp November 2010 an annual sports week organised in all our parks where participants competed with each other in games such as Interface 2010 (Networking Event) December 2010 volleyball, athletics and tug-of-war. Another very popular ITPB Grand Jigsaw Challenge December 2010 event is the Talent Hunt contest, where tenants are invited to showcase their talents to colleagues, or simply to enjoy light- Healthy Lifestyle & Sports Meet 2011 February 2011 hearted moments with each other. Unplugged Rock Concert: Tribute to Pink Floyd February 2011

CHENNAI ITPB Healthy Lifestyle & Sports Meet 2011 Healthy Lifestyle & Sports Meet 2010 July 2010 ITPB Talentz Day Ascendas Excellence Award July 2010 Blood Donation Camp July 2010 Flea Market September 2010 Talent Hunt @ ITPC October 2010 Christmas Carnival December 2010 Blood Donation Camp December 2010 A Celebration of Colours @ ITPC January 2011

HYDERABAD Livewire June 2010 Ascendas Connect 2010 (CEOs Night) October 2010 Healthy Lifestyle & Sports Meet 2010 December 2010 Colors 2011 January 2011

ALL CITIES Green Month Celebration June-July 2010

50 51 The Board has adopted a set of internal guidelines and and assess Management’s performance. This enables the fi nancial regulations, which set out approval limits for, Management to benefi t from their invaluable and objective amongst others, capital expenditure, new investments perspectives on issues brought before the Board. The and divestments, operation of bank accounts, and bank composition of the Board is reviewed annually to ensure that borrowings. In addition to matters such as the issue of new the Board has the appropriate size and mix of expertise and Units, income distribution and remuneration of the Trustee- experience. The Board is of the view that the current number Manager (which are at all times referred to the Board for of Directors and composition are appropriate and effective, approval), the Board also approves transactions exceeding taking into consideration the scope and nature of operations certain threshold limits, while delegating authority for of the Group. transactions below those limits to the IC. For transactions below a certain level, the authority is further delegated to The profi les of the Directors are set out on pages 18 to 21 of Management, to facilitate operational effi ciency. this Annual Report.

BOARD COMPOSITION CHAIRMAN AND The Board of the Trustee-Manager comprises eight Directors, CHIEF EXECUTIVE OFFICER INTRODUCTION Jonathan Yap Neng Tong, Executive Director and CEO of the six of whom are Independent Directors. The composition The positions of Chairman and CEO are held by two different a-iTrust is a Business Trust constituted under the Singapore Trustee-Manager. The Board is also assisted by the Audit of the Board of the Trustee-Manager is determined by the persons to ensure an appropriate balance of power and Business Trusts Act and is listed on the Main Board of SGX- Committee (“AC”), the Investment Committee (“IC”), the following principles: authority, increased accountability and greater capacity of ST. It is principally regulated by: Nominating Committee (“NC”) and Human Resource and (i) at least the majority of Directors shall be independent the Board for independent decision making. The Chairman Remuneration Committee (“HRRC”). from management and business relationships with the is responsible for the effective functioning of the Board and (a) the Securities and Futures Act (“SFA”); Trustee-Manager; facilitating the best interests of Unitholders. The CEO has (b) The Business Trusts Act, Chapter 31A; The Board meets at least fi ve times a year to discuss and (ii) at least one-third of the Directors shall be independent full executive responsibility over the operational decisions (c) The Listing Manual of SGX-ST; and review the key activities, strategies, policies, potential from management and business relationships with the in the day to day management of the Trustee-Manager and (d) The Trust Deed. acquisitions and fi nancial performance of the Trust, including Trustee-Manager and from every substantial shareholder the Trustee-Manager is responsible for implementing the approving the quarterly and full-year fi nancial results. As and of the Trustee-Manager; and strategies and policies approved by the Board. The CEO and The Trust has also voluntarily adopted certain key provisions when necessary, Board meetings are also supplemented (iii) at least the majority of the Directors shall be independent Management of the Trustee-Manager are accountable to the of the Code on Collective Investment Schemes (“CIS”), by resolutions circulated to the Directors for decisions. A from any single substantial shareholder of the Trustee- Board. issued by the Monetary Authority of Singapore (“MAS”), in record of the Directors’ attendance at Board and Committee Manager. particular, the Property Fund Guidelines under Appendix 2 of meetings for FY2010/2011 is shown below: BOARD MEMBERSHIP the CIS. The Board has conducted an annual review of the Directors’ The current NC comprises Mr Philip Yeo as Chairman, Mr Name of Board Audit Investment Nominating Human independence in accordance with Regulation 12 of the David Lim Tik En and Ms Chong Siak Ching. New Directors a-iTrust is managed by Ascendas Property Fund Trustee Pte Director Meeting Committee Committee Committee Resource and Business Trusts Regulations 2005. Based on the review, the are appointed by way of a Board resolution after the NC Meeting Meeting Meeting Remuneration Ltd, the Trustee-Manager. The Trustee-Manager recognises Committee following Directors are deemed independent: recommends their appointments to the Board for approval. that a strong and effective corporate governance culture Meeting During the year under review, the Board approved the is critical to safeguard the interests of Unitholders at large Mr Philip Yeo appointment of Mr Cavinder Bull as Director. Philip Yeo 5 - - 1 1 and ensure the success of the Trust, and is committed to the Mr Michael Grenville Gray highest standards of corporate governance. Michael 6 4 - - - Mr David Lim Tik En The search for candidates to be appointed to the Board is Grenville Mr Amal Ganguli conducted through contacts and recommendations. Gray This report describes the corporate governance policies Mr Rakesh Aggarwal Suitable candidates are carefully evaluated by the NC so and practices that the Trustee-Manager has implemented David Lim 6 4 4 1 1 Mr Cavinder Bull that decisions made on appointments are objective and and abides by, with reference to the Code of Corporate well supported. Amal 5 - 3 - - Governance 2005. Ganguli Ms Chong Siak Ching and Mr Jonathan Yap Neng Tong are considered Non-Independent Directors. Ms Chong is It is a practice of the Trustee-Manager that upon their Rakesh 6 - 4 - - BOARD’S CONDUCT OF AFFAIRS Aggarwal a Director on the Board of Ascendas Pte Ltd, a deemed appointment to the Board, all Directors are given formal The principal function of the Board of the Trustee-Manager controlling Unitholder of the Trust and the ultimate holding letters setting out the Director’s duties, obligations and is to oversee the management of the Trust. It is the Cavinder 3 3 - - - Bull (i) company of the Trustee-Manager, and Mr Yap is CEO of the responsibilities, copies of the Trust Deed, the Trustee- responsibility of the Board to set corporate strategies, direct Trustee-Manager. Manager’s Memorandum and Articles of Association and the Management, review and approve annual business plans, Chong 6 - 4 1 1 introductory information on the current Board. Newly- Siak budgets, investments and funding of the Trust. The Board Ching The Statement on Composition of the Board of Directors of appointed Directors are briefed on the business activities also approves appointments and resignations of directors. the Trustee-Manager pursuant to Regulation 12(8) of the of the Trust, its business plan, the regulatory environment in The Board has established a framework of prudent and Jonathan 6 4 4 1 1 Yap Business Trusts Regulations 2005 can be found on Page 76 which the Trust operates, corporate governance practices effective risk management practices and internal control of this Annual Report. and their statutory duties and responsibilities as Directors. procedures to assess and manage business risks and ensure Total 6 4 4 1 1 compliance with applicable laws. The Board’s role includes no. of meetings The current Board comprises Directors with mixed The NC reviews the independence of the Directors in respect ensuring that obligations to Unitholders are understood and held backgrounds including considerable experience in the areas of every fi nancial year of the Trustee-Manager. The NC met. of accounting and fi nance, legal, business, management, adopts the defi nition in the Code of Corporate Governance (i) Mr Cavinder Bull was appointed as Director on 1 July 2010. industry knowledge and strategic planning. The Independent 2005 and the principles in Regulation 12 of the Business The Board has delegated the day-to-day operations of the Directors actively participate in setting and developing Trusts Regulations 2005 to determine the independence of Trust to an experienced and qualifi ed team headed by Mr strategies and goals for the Management and they review the Directors.

52 53 • Directors’ responsibilities and contributions; and the Statement of Financial Position, a comparison of actuals • Industry practices and norms on remuneration, including against budgets and explanatory notes for signifi cant the guidelines set out in the Statement of Good Practice variances for the month and year-to-date performance. issued by the Singapore Institute of Directors. AUDIT COMMITTEE Directors’ fees paid to each of the following Non-Executive The current AC comprises Mr Michael Grenville Gray as Directors for FY2010/2011 did not exceed S$ 250,000: Chairman, Mr David Lim Tik En and Mr Cavinder Bull. All AC members, including the Chairman, are considered Mr Philip Yeo; independent. Mr Michael Grenville Gray; Mr David Lim Tik En; The Board is of the view that the members of the AC are Mr Amal Ganguli; appropriately qualifi ed to discharge their responsibilities. Mr Rakesh Aggarwal; Mr Gray and Mr Lim have extensive accounting and related Mr Cavinder Bull; and fi nancial management expertise and experience, whilst Mr Ms Chong Siak Ching. Bull is a qualifi ed lawyer with considerable experience and BOARD PERFORMANCE in Singapore and India taxation, and laws and regulations expertise. A review of the Board’s performance was undertaken in affecting the Trust and/or the Trustee-Manager. Every Director The Trustee-Manager advocates a performance-based 2010 to assess the effectiveness of the Board as a whole visited India at least once in the past year to understand the remuneration system for key executive offi cers of the Trustee- The AC’s primary role is to assist the Board in discharging and the contribution by each Director to the effectiveness operating environment fi rst hand. Manager. The system is fl exible, responsive to the market its statutory and other responsibilities relating to internal of the Board. The review allowed each individual Director and based on individual employee’s performance. The controls, fi nancial and accounting matters, compliance, to express his/her personal and confi dential assessment In addition, the Board has independent access to the remuneration structure is designed as such to retain, reward business and fi nancial risk management. The AC’s of the Board’s overall effectiveness in accomplishing its Management, the Company Secretary, internal and external and motivate the individual to stay competitive and relevant. responsibilities include: goals and discharging its responsibilities. It provided auditors, at all times. Where necessary, the Board will insights into the functioning of the Board, whilst identifying request for independent professional advice to enable the Remuneration of key executive offi cers of the Trustee- • Reviewing the procedures put in place to address areas that might need strengthening and development. Directors to discharge their duties. The Company Secretary Manager is reviewed and approved by the HRRC. any confl ict that may arise between the interests The review of the Board’s performance included the Board administers, attends and prepares minutes of Board of the Unitholders and the interests of the Trustee- size, composition, independence, access to information, meetings and proceedings of all Board Committees. She The total remuneration mix of key executive offi cers Manager, including interested person transactions, processes, accountability and oversight, and standards of assists the Chairman of the Board and the Board Committees comprises fi xed annual salary and annual performance the indemnifi cation of expenses or liabilities incurred conduct. Each Director was required to complete a Board to ensure that proper procedures are followed and that bonus. The fi xed annual salary component includes the by the Trustee-Manager and the setting of fees and Performance Evaluation Questionnaire. Based on the the Company’s Memorandum and Articles of Association annual basic salary plus fi xed allowances. The annual charges payable out of the Trust property; Questionnaire returned by each Director, a consolidated and relevant rules, regulations, best practices and internal performance bonus is tied to the individual employee’s • Reviewing with the external auditors and internal report was prepared and presented to the NC. The NC will policies, including applicable provisions of the Property Fund performance and the performance of the Trust. This auditors, the audit plans and reports as well as the make recommendations to the Board on proposed changes if Guidelines, are complied with. Under the direction of the encourages employees to achieve excellent performance. effectiveness of actions taken and policies necessary, to maintain the effectiveness and effi ciency of the Chairman of the Board and the Board Committees, she is implemented by the Management based on the Board. responsible for ensuring information fl ows within and among Emphasis is also placed on the annual performance bonus. recommendations and observations of the auditors; the Board, the Board Committees and the Management. This allows the Trustee-Manager to align key executives’ • Reviewing signifi cant fi nancial reporting issues and The review of an individual Director’s performance was remuneration towards Unitholders’ value creation. treatments so as to ensure the integrity of the fi nancial based on attendance at Board and Committee meetings and She also works with the Management to ensure that Board statements of the Trust and recommending to the contributions made in overseeing the management of the and Board Committee papers are provided to each Director No compensation is payable to any Director, senior Board the fi nancial statements for release to the SGX-ST; Trust. ahead of meetings. The Company Secretary and the CEO are management or staff of the Trustee-Manager in the form of • Reviewing the scope of internal audits, the reports the primary channels of communication between the Trustee- options in units or pursuant to any bonus or profi t-sharing and its cost effectiveness, which includes ensuring ACCESS TO INFORMATION Manager and SGX-ST. plan or any other profi t-linked agreement or arrangement that where defi ciencies in internal controls have been The Management provides the Board with complete and under the service contracts. identifi ed, appropriate and prompt remedial action is adequate information on a monthly basis and prior to Board REMUNERATION OF DIRECTORS AND taken by the Management; meetings. Information provided includes background or KEY EXECUTIVE OFFICERS ACCOUNTABILITY • Reviewing policies and practices put in place by the explanatory information relating to matters to be brought All fees and remuneration payable to the Directors, key The Board is responsible for providing a balanced and Management to ensure compliance with applicable before the Board, updates on fi nancial results, business executive offi cers and staff of the Trustee-Manager in respect comprehensive assessment of the Trust’s performance, laws, regulations, guidelines and constitutive updates, property information, changes to regulations of services rendered to the Trustee-Manager, will be paid by position and prospects, including interim and other price documents; including India taxation, accounting standards and other the Trustee-Manager and not out of the property of the Trust. sensitive public reports and reports to the regulators • Recommending the appointment, re-appointment and relevant matters. In addition, the Management provides (if required). Financial reports and other price sensitive removal of the external or internal auditors to the Board; monthly management accounts to the Directors to keep The members of the current HRRC are Mr Philip Yeo as information are disseminated to Unitholders through • Reviewing the independence and objectivity of the them updated on the fi nancial performance, position and Chairman, Mr David Lim Tik En and Ms Chong Siak Ching. announcements via SGXNET, press releases, the Trust’s external auditors annually, including considering the prospects of the Trust. The Management also updates website, media and briefi ngs to analysts. The Annual nature and extent of the non-audit services performed the Board on the latest changes in applicable laws and The structure of Directors’ fees for Non-Executive Directors Report is sent to all Unitholders and is accessible on the by them; regulations which may have a signifi cant bearing on the Trust. comprises a base fee for serving as a Director and additional Trust’s website. • Meeting external and internal auditors, without the fees for serving on Board Committees. It takes into account presence of the Management, at least once annually; At the quarterly Board meetings, Directors are updated on the following: Management provides the Board with reports on the Trust’s developments and changes in the operating environment, performance, position and prospects on a monthly basis. including changes in the accounting standards, changes • Financial performance of the Trust and the Trustee-Manager; Such reports include the Consolidated Income Statement,

54 55 • Involvement of experienced and suitably qualifi ed Chong Siak Ching and Mr Jonathan Yap Neng Tong. Save employees who take responsibility for important for Ms Chong and Mr Yap, all IC members are considered business functions; and independent. The Terms of Reference of the IC require • Segregation of key functions which may give rise to at least two committee members to be independent of possible errors or irregularities. management and business relationships with the Trustee- Manager and every substantial shareholder of the Trustee- There are documented procedures in place that cover Manager. The responsibilities of the IC include: management accounting, fi nancial reporting, project appraisal, compliance and other risk management issues. • Reviewing and recommending investment policies to The Trust also has both a comprehensive insurance coverage the Board; and a business continuity plan. Based on the work performed • Evaluating and approving any proposed investment, by the internal auditor for FY2010/2011 and the review divestment and other transactions, including undertaken by the external auditors, the Board is of the fi nancing and banking facilities, which are within the opinion that there were adequate internal controls in place in IC’s fi nancial authority limits; the Trust. • Recommending to the Board, where required, any • Reviewing and reporting to the Board on any The table below sets out the fees and expenses paid/ proposed investment, divestment or other inadequacies, defi ciencies or matters of concern of accrued to PwC for FY2010/2011: In the course of their statutory audit, the external auditor transactions, including fi nancing and banking which the AC becomes aware or that it suspects, had considered the risks assessment conducted by the facilities, exceeding the IC’s fi nancial authority limits; arising from its review of internal fi nancial controls, Nature of Services Figures in % $’000 internal auditor. Any material non-compliance and internal • Evaluating and recommending changes to the IC’s operational and compliance controls and risk control weakness, together with the internal auditor’s fi nancial authority limits and other matters as set out management policies and systems of the Trustee- Audit fees 138 48 recommendations to address them, are reported to the AC. in the Terms of Reference; Manager and the Trust; • Reporting any decisions of the IC to the Board; • Reviewing and reporting to the Board any breach Other services 148 52 The AC’s core functions include oversight, assessment • Reviewing, evaluating and assessing, from time to of applicable laws and regulations that the AC and review of internal controls. To give support to AC in its time when deemed necessary by the Board, any of becomes aware of or that it may suspect; Total 286 100 execution of its core functions, the Management completes the Trust’s investment, divestment and other • Reporting to MAS if the AC is of the view that the Board a checklist verifying that adequate internal controls were in transactions, as well as related fi nancing and banking has not taken, or does not propose to take, appropriate place to monitor fi nancial, legal and other relevant risks at the facilities; and action to deal with any matter reported to the Board; Risk Management and Internal Controls end of the fi nancial year. • Undertaking other responsibilities that may be • Undertaking such other functions as may be agreed The Board’s approach to risk management and the identifi ed directed or delegated to the IC by the Board. to by the AC and the Board; and fi nancial risk factors are outlined in Note 27 of the Financial In the fi nancial year under review, the AC reviewed the • Investigating any matters within the AC’s terms Statements of a-iTrust. The AC assists the Board in examining effectiveness of the internal control and risk management COMMUNICATION WITH UNITHOLDERS of reference, whenever it deems necessary. the effectiveness of the Trust’s risk management policies to procedures of the Trust and is satisfi ed that the Trust’s risk The Trustee-Manager is committed to open and regular ensure that a robust risk management system is maintained. management and internal control procedures are adequate communication with the investing community, in particular, For FY2010/2011, the AC has reviewed the external The AC reviews and guides Management in the formulation to meet the needs of the Trust in its current business with its Unitholders. Quarterly results with detailed fi nancial and internal auditors’ fi ndings. The AC also met with the of risk policies and processes to effectively identify, evaluate environment. and operational metrics are publicly available on the Trust’s external and internal auditors without the presence of the and manage any material risk. The AC reports to the Board and SGX-ST’s websites. The Trust’s website also contains Management. The AC is satisfi ed with the processes put in on material fi ndings and makes recommendations in respect Internal Audit the Trust’s disclosed fi nancial information, annual reports, place to mitigate fraud risk exposure in the Trust. The AC is of any material risk issues. The role of the internal auditors is to assist the AC by investor presentation slides, distribution notices, press also satisfi ed that the whistle blowing arrangements put in ensuring that the Management maintains a sound system of releases and other material developments announced place by the Management provide a channel through which The Board regularly reviews the business risks of the Trust internal controls by regular monitoring of key controls and through the SGX-ST’s website. staff may, in confi dence, raise concerns about possible and examines liability management and risks relating to the procedures and ensuring their continued effectiveness. In the improprieties in matters of fi nancial reporting or other matters. India property sector. fi nancial year under review, the internal audit function of the Investor relations matters are handled by the Management. Trust was carried out by KPMG. The Management meets with analysts, institutional External Audit The key risks of the Trust have been identifi ed by investors and fund managers regularly to promote the Trust, Messrs PricewaterhouseCoopers (“PwC”) has been Messrs KPMG (“KPMG”), the appointed internal auditor, Staffed by qualifi ed executives, KPMG has unrestricted communicate its business performance and developments, re-appointed as the external auditor for a-iTrust for and endorsed by the AC. The risks are categorised access to the AC. KPMG reports to the Chairman of the AC and gather views and feedback. The Management FY2010/2011. The AC has assessed the performance of the as environmental, treasury, fi nancial, operational and and is guided by the Standards for the Professional Practice participates in conferences organised by securities houses external auditor based on factors such as the performance compliance risks. of Internal Auditing. These standards comprise attribute, and banks, locally and overseas. The Management also and quality of their audit and the independence of the auditor, performance and implementation standards. addresses queries raised by retail Unitholders via phone and recommended PwC’s re-appointment to the Board for the The overall framework established by the Board to enhance calls, emails or the website. Such regular interaction allows fi nancial year ending 31 March 2012. the soundness of the Trust’s fi nancial reporting, risk During the year, KPMG adopted a risk-based auditing the Management to consider feedback from the investing management, compliance and internal control systems approach covering fi nancial, operational and compliance community before formulating capital management strategies In order to assess the independence of the external auditor includes: controls. Internal audits were carried out on all the VCUs of and Unitholders’ resolutions. for the purpose of re-appointment, the AC has also reviewed the Trust. Internal audit reports are submitted to the AC for the non-audit services provided by the external auditor • Audits performed by an internal auditor in review and the summary of fi ndings and recommendations For the forthcoming Annual General Meeting (“AGM”), the during the fi nancial year and the quantum of fees paid for accordance with the audit plan; are discussed at the AC meetings. Board will be in attendance to address Unitholders’ queries. such services. The AC is satisfi ed that the independence of • Process improvement initiatives undertaken by the PwC has also been invited to attend the AGM and assist the the external auditor has not been impaired by the provision of Venture Capital Undertakings (“VCUs”); INVESTMENT COMMITTEE Directors in addressing queries from Unitholders relating to those non-audit services. • Implementation of formal policies and procedures The IC comprises fi ve Directors, namely Mr David Lim Tik the conduct of the audit and the preparation and content of relating to the delegation of authority; En as Chairman, Mr Amal Ganguli, Mr Rakesh Aggarwal, Ms the audited fi nancial statements of the Trust.

56 57 DIRECTORSHIPS AND OTHER MAJOR APPOINTMENTS OVER THE LAST 3 YEARS

MR PHILIP YEO LIAT KOK MR RAKESH KUMAR AGGARWAL Special Advisor, Economic Development, Prime Minister’s Offi ce Director, Ace Telefi lms (India) Pvt Ltd Senior Advisor, Science & Technology, Ministry of Trade and Industry Director, Alauda Securities Ltd Chairman, Standards, Productivity and Innovation Board (SPRING) Director, Atlas Equifi n Pvt Ltd Chairman, A-Bio Pharma Pte Ltd Director, BEN-SET Ltd Chairman, Accuron Technologies Ltd Director, Grandway Global Holdings Ltd Chairman, Hexagon Development Advisors Pte Ltd Director, In House Studios Pvt Ltd Chairman, MTIC Holdings Pte Ltd Director, Novatech Finvest (India) Pvt Ltd Chairman, Singapore Aerospace Manufacturing Pte Ltd Director, Multi Screen Media Private Limited Director, Blue Dot Capital Pte Ltd Director, Mainline Sports Pte Ltd Director, City Developments Limited Director, MSM Satellite (Singapore) Pte Ltd Director, Far Eastern Bank Ltd Director, MSM North America, Inc Director, PLE Investment Pte Ltd Director, World Media Group Pte Ltd Director, P*YEO Investments Pte Ltd Member, Advisory Board, Nanyang Business School, Singapore Director, S*Bio Pte Ltd The Board fully supports Unitholders’ participation at AGMs. WHISTLE-BLOWING POLICY Director, Singbridge International Singapore Pte Ltd MS CHONG SIAK CHING A registered Unitholder may appoint a proxy to attend and The Trustee-Manager adopts a zero tolerance approach Director, United Overseas Bank Ltd Chairman, IE Singapore’s Network India Steering Committee vote, or may vote in absentia by facsimile. The Company towards fraud. The AC will investigate all complaints of Director, Vallar PLC Deputy Chairman, Standards, Productivity and Innovation Board Secretary prepares minutes of Unitholders’ meetings, which suspected fraud in an objective manner and has put in place Member, United Nations Committee of Experts in Public Administration (SPRING) incorporate substantial comments or queries from Unitholders a whistle-blowing policy and procedures which provide Member, Biomedical Sciences Institutes Deputy Chairman, Ascendas Funds Management (S) Limited and responses from the Board and Management. These employees with well-defi ned and accessible channels for Director, President & CEO, Ascendas Pte Ltd MR MICHAEL GRENVILLE GRAY Director, Ascendas Property Fund (India) Pte Ltd minutes are available to Unitholders upon request in writing. reporting suspected fraud, corruption, dishonest practices Director, Avi-Tech Electronics Limited Director, Ascendas Investment Pte Ltd or other similar matters. The policy and procedures aim to DEALINGS IN UNITS Director, Grand Banks Yachts Limited Director, Ascendas Land International Pte Ltd encourage the reporting of such matters in good faith, with Director, JEL Corporation (Holdings) Ltd Director, Ascendas Land (Singapore) Pte Ltd The Trust has adopted a trading policy based on SGX- confi dence on the part of employees making such reports, Director, Kumarama Investments Pte Ltd Director, Ascendas Development Pte Ltd ST’s best practices on dealings in securities. Directors and that they will be treated fairly and, to the extent possible, be Director, Raffl es Marina Holdings Ltd Director, Ascendas Frasers Pte Ltd employees of the Trustee-Manager and relevant employees protected from reprisal. Director, Singapore International Foundation Director, Ascendas (China) Pte Ltd of the Trustee-Manager’s related corporations have been Director, Song Hin Sdn Bhd Director, Ascendas Nanjing-Jiangning Investment Holding Pte Ltd guided that they are prohibited from dealing in the Units as Director, UON Singapore Pte Ltd Director, Ascendas China Commercial Trustee Pte Ltd follows: Director, VinaCapital Vietnam Opportunity Fund Limited Director, Ascendas China Trustee Pte Ltd Director, Vina Properties (Singapore) Pte Ltd Director, Ascendas IT Park (Chennai) Limited • during the period commencing one month before Director, Ascendas Holdings (Manila) Pte Ltd the public announcement of the Trust’s annual MR DAVID LIM TIK EN Director, Ascendas Japan Pte Ltd fi nancial results and two weeks before the public Chairman, Jurong International Holdings Pte Ltd Director, Ascendas (Korea) Pte Ltd announcement of the Trust’s quarterly fi nancial results, Director, Wheelock Properties (Singapore) Ltd Director, Ascendas (Malaysia) Pte Ltd and ending on the date of announcement of the relevant Director, Singapore Dance Theatre Limited Director, Ascendas Philippines Properties Pte Ltd results; and Director, Ascendas S.E. Asia Business Space Fund Trustee Pte Ltd • at any time while in possession of price sensitive MR CAVINDER BULL Director, Ascendas Suzhou Science & Technology Park Pte Ltd Director, Ascendas Vietnam Investments Pte Ltd information. Director, Drew & Napier LLC Director, Singapore International Arbitration Centre Director, Ascendas Media Hub Pte Ltd Director, National Healthcare Group Pte Ltd Director, Ascendas Venture Pte Ltd The policy also discourages trading on short-term Director, Singapore Technologies Electronics Ltd Director, Ascendas-Citramas Pte Ltd considerations. Member of Board of Trustee, Singapore University of Technology Director, China-Singapore Suzhou Industrial Park Development and Design Group Co, Ltd Each Director of the Trustee-Manager is required to give Director, Carmelray-JTCI Corporation notice in writing to the Trustee-Manager of his/her acquisition MR AMAL GANGULI Director, Frasers Property (China) Limited Director, Information Technology Park Ltd of Units or changes to the number of Units held in his/her Director, Maruti Suzuki India Ltd Director, Jurong Health Services Pte Ltd interests, within two business days after such Director is Director, Tube Investments of India Limited Director, Singapore-Suzhou Township Development Pte Ltd Director, HCL Technologies Limited appointed or upon the occurrence of any of the aforesaid Director, Singapore Press Holdings Limited Director, New Delhi Television Limited events. Senior Economic Advisor, Su-Tong Science and Technology Park Director, Aptuit Laurus Pvt Ltd Member, National Community Leadership Institute Director, Avtec Ltd Member, National University of Singapore Board of Trustees All dealings in Units by Directors will be announced via Director, Tata Communications Ltd Member, Singapore Tourism Board SGXNET, with the announcement to be posted on the internet Director, AIG Trustee Co India Pvt Ltd on SGX-ST’s website http://www.sgx.com and the Trust’s Director, ML Infomap Pvt Ltd MR JONATHAN YAP website http://www.a-itrust.com. Director, Century Textiles and Industries Ltd Director, ICRA Ltd Director, Ascendas Property Fund (India) Pte Ltd Director, Ascendas India Development Fund Management Pte Ltd In addition, the Trustee-Manager will announce to the SGX-ST Director, Hughes Communications Ltd Director, Aricent Technologies (Holdings) Ltd Director, AIDT 2 Fund Management Pte Ltd the particulars of its holdings in the Units and any changes Director, Triveni Turbine Ltd Director, Ascendas China Fund Management Pte Ltd thereto, within two business days after it acquires or disposes Director, Tata Teleservices Maharashtra Ltd Director, Ascendas China Commercial Fund Management Pte Ltd of any Units. Partner, Veritas Advisors LLP Director, Ascendas Asia Fund Management Pte Ltd Director, Ascendas Property Fund (FDI) Pte Ltd

58 59 • WEBSITE www.a-itrust.com

For the convenience of Unitholders and the public, we maintain a website containing the latest information on a-iTrust, including:

• Information on and photo gallery of our portfolio; • Quarterly results announcements, ﬁ nancial highlights, presentations and press releases; • The listing prospectus and annual reports; • Webcasts of results brieﬁ ngs; • Option for a-iTrust email alert service; • Information on the Board and the Management; and • a-iTrust whistle-blowing policy.

We aim to maintain open channels of communication to ensure maximum awareness, fair disclosure and transparency on The website also carries our contact details and an option to forward queries or comments to us. corporate developments to the investment community. We seek to consistently facilitate a better understanding of a-iTrust and address queries and concerns in a timely manner. We also disclose material information through the websites of SGX-ST and a-iTrust. CLOSING UNIT PRICE PERFORMANCE (INDEXED) a-iTrust promotes effective investor communications through the following channels: 180 • MEDIA We distribute press releases to key media agencies, including the local press and international broadcast wire agencies in Singapore and India, after posting the relevant announcements on SGXNET. This encourages the coverage of such 160 announcements to ensure maximum awareness. We also interact with media agencies to maintain relationship and organise interviews and interactions, where appropriate, to aid the dissemination of information to the general public. 140 • ANALYSTS AND BROKERAGE FIRMS We hold semi-annual fi nancial results briefi ngs for analysts, including those who have yet to cover the Trust. In April 120 2010, we held a briefi ng to announce the full-year FY2009/2010 fi nancial results, and in October 2010, we held a briefi ng to announce the half-year FY2010/2011 fi nancial results of a-iTrust. The Management remains accessible to analysts at all times during the year to respond to queries. In addition, the Management maintains good rapport with analysts and 100 brokerage fi rms by attending investor forums organised by various brokerage fi rms throughout the year, which at the same time maximises a-iTrust’s exposure to investors. 80

In March 2011, Standard Chartered initiated coverage on a-iTrust. Including JP Morgan, Citigroup and DBS Vickers, there are currently a total of 4 analysts actively covering a-iTrust. 60

• MEETINGS WITH INSTITUTIONAL UNITHOLDERS We regularly interact with fund managers and institutional investors via meetings, conference calls and emails. We 40 also participate in investor conferences and roadshows organised by investment banks, to meet existing and prospective investors. Over the year, the Management has held about 150 meetings and conference calls with investors from 20 Singapore, USA, Hong Kong, Australia, UK, the Netherlands and other European countries. We also conduct property tours for investors who wish to gain further insight to the operations and quality of the portfolio. 0 • INTERACTION WITH RETAIL UNITHOLDERS The Management attends to retail Unitholders’ queries by phone, email or via a-iTrust’s website.

a-iTrust FTSE ST REIT Index FTSE ST Real Estate Index FTSE ST Mid Cap Index STI FTSE ST All Share Index Bombay SE Realty Index Sensex Index Dow Jones Index

60 61 COMPARATIVE YIELDS48

a-iTrust 49 6.9% Weighted Average 50 S-Reit Yield 5.8% Singapore 10-year 51 Government Bond Yield 2.5%

51 Singapore 5-year 1.2% Government Bond Yield

52 STI Stocks Yield 2.7% 53 Central Provident Fund TRADING PRICE (“CPF”) Ordinary Account 2.5%

(1 April 2010 to 31 March 2011) 54 12-month (S$) Fixed Deposit 0.4% India 10-year Government 55 1 April 2010 opening price S$ 0.98 Bond Yield (Pre-Tax) 7.9%

55 31 Mar 2011 closing price S$ 0.955 India 10-year Government Bond Yield (Pre-Tax) 6.3% India 10-year Government Highest closing price S$ 1.06 7.8% Bond Coupon Rate (Pre-Tax) India 10-year Government Lowest closing price S$ 0.90 6.2% Bond Coupon Rate (Post-Tax) 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% Highest intra-day price S$ 1.07

Lowest intra-day price S$ 0.89

MONTHLY TRADING VOLUME (‘000)

April 10 26,477 May 10 22,940 June 10 17,234 July 10 16,475 August 10 13,839 September 10 24,368 October 10 27,931 November 10 17,952 December 10 31,205 January 11 33,615 February 11 34,939 48 Sources: MAS, CPF, Bloomberg, Reserve Bank of India, Economic Times. 49 Distribution yield based on full-year DPU of 6.58 Singapore cents and at the closing price of S$ 0.955 per Unit as at 31 March 2011. March 11 26,882 50 Average 12-month dividend yield of SGX listed REITs as at 31 March 2011. 51 As at 31 March 2011. 52 Average 12-month dividend yield of SGX listed stocks under STI as at 31 March 2011. 53 Prevailing CPF Ordinary Account saving rate. 54 As at March 2011. 55 After factoring tax of 20.6% for investments in Government of India securities by registered foreign institutional investors. Total return for Government of India securities is further affected by tax on any capital gains realised upon sale of securities of 10%-40% (depending on investor type and holding period).

62 63 FINANCIAL STATEMENTS OF A-ITRUST

66 Report of the Trustee-Manager INCLUSION IN KEY INDICES Investor Relations enquiries: 69 Statement by the Trustee-Manager FTSE ST Real Estate Index Ascendas Property Fund Trustee Pte Ltd FTSE ST Real Estate Investment Trusts Index 61 Science Park Road 70 Trustee-Manager’s Certiﬁ cate FTSE ST Small Cap Index #04-01 The Galen Global Property Research General Index Singapore 117525 71 Statement by the Chief Executive Ofﬁ cer of the Trustee-Manager Standard & Poor Developed BMI Property Index Phone: (65) 6774 1033 72 Statement on Policies and Practices in Relation to the Management [email protected] Email: and Governance of the Trust FINANCIAL CALENDAR Website: www.a-itrust.com For FY2011/2012 (tentative) 76 Statement on Composition of the Board of Directors July 2011 January 2012 Unitholder Depository depository-related matters 77 Independent Auditor’s Report to the Unitholders of Ascendas India Trust 1Q FY2011/2012 3Q FY2011/2012 such as change of details pertaining to Unitholders’ Results Announcement Results Announcement 78 investment records: Consolidated Income Statement October 2011 April 2012 The Central Depository (Pte) Ltd 79 Consolidated Statement of Comprehensive Income 2Q FY2011/2012 FY2011/2012 Full Year 4 Shenton Way #02-01 SGX Centre 2 Results Announcement Results Announcement Singapore 068807 80 Statement of Financial Position Phone: (65) 6535 7511 82 Consolidated Statement of Changes in Unitholders’ Funds November 2011 May 2012 Email: [email protected] 1H FY2011/2012 2H FY2011/2012 Website: www.cdp.com.sg 83 Consolidated Statement of Cash Flows Distribution to Unitholders Distribution to Unitholders 85 Notes to the Financial Statements June 2012 Annual General Meeting

INVESTOR RELATIONS OBJECTIVE Moving forward, we will continue to keep Unitholders abreast of a-iTrust’s progress and key events in a timely manner.

64 65 DIRECTORS’ CONTRACTUAL BENEFITS REPORT OF Since the end of the previous financial year, no Director has received or became entitled to receive a benefit in the Trust by reason of a contract made by the Trustee-Manager, on behalf of the Trust or a related corporation, with the Director, or with a company of which such Director was a member of or in which such Director had a substantial financial interest.

THE TRUSTEE-MANAGER UNIT OPTIONS For the financial year ended 31 March 2011 There were no options granted during the financial year to acquire unissued units in the Trust.

No units have been issued during the financial year by virtue of the exercise of options to take up unissued units in the Trust.

There were no unissued units in the Trust under option as at the end of the financial year.

AUDIT COMMITTEE The Audit Committee comprises three independent directors. The members at the end of the financial year were as follows:

The Directors of Ascendas Property Fund Trustee Pte. Ltd., the Trustee-Manager (“Trustee-Manager”) of Ascendas India Trust Mr Michael Grenville Gray (Chairman) (the “Trust”) and its subsidiaries (together referred to as the “Group”), are pleased to present their report to the holders of the Mr David Lim Tik En Trust together with the audited financial statements of the Group for the financial year ended 31 March 2011 and the statement Mr Cavinder Bull of financial position of the Trust as at 31 March 2011. The Audit Committee carried out its functions in accordance with Regulation 13(6) of the Singapore Business Trusts Regulations, DIRECTORS including the following: The Directors of the Trustee-Manager in office at the date of this report are as follows: - Reviewing of the audit plan and reports of the external and internal auditors and consideration of the effectiveness of Mr Philip Yeo Liat Kok actions/policies carried out by the Management of the Trustee-Manager based on the recommendations and observations Mr Michael Grenville Gray of the auditors. Mr David Lim Tik En Mr Amal Ganguli - Reviewing of the assistance given by the Management of the Trustee-Manager to the auditors of the Trust. Mr Rakesh Kumar Aggarwal Mr Cavinder Bull - Reviewing of the policies and practices put in place by the Management of the Trustee-Manager to ensure compliance with Ms Chong Siak Ching the applicable laws, regulations, guidelines and constitutional documents of the Trust. Mr Jonathan Yap Neng Tong

ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE UNITS AND DEBENTURES - Reviewing of the procedures put in place to address any conflict that may arise between the interests of the Unitholders and those of the Trustee-Manager, including interested person transactions, the indemnification of expenses or liabilities Neither at the end of nor at any time during the financial year was the Trustee-Manager a party to any arrangement whose incurred by the Trustee-Manager and the setting of fees and charges payable out of the trust property. objective was to enable any or all Directors of the Trustee-Manager to acquire benefits by means of the acquisition of units in, or debentures of, the Trust. - Reviewing of significant financial reporting issues and treatments so as to ensure the integrity of the financial statements of DIRECTORS’ INTERESTS IN UNITS OR DEBENTURES OF THE TRUST the Trust and recommend to the Board the financial statements for release to the Singapore Exchange. According to the Register of Directors’ Unitholdings and for the purpose of Section 76 of the Singapore Business Trusts Act, - Reviewing of and report to the Board of Directors of the Trustee-Manager on any inadequacies, deficiencies or matters of only those Directors as shown below hold units in or debentures, of the Trust: concern of which the Audit Committee becomes aware or that it suspects, arising from its review of financial, operational and compliance controls and risk management policies and systems established by the Management of the Numbers of Units Holdings as at Trustee-Manager. Name of Director 01.04.2010 31.03.2011 21.04.2011 - Reviewing of and report to the Board of Directors of the Trustee-Manager on any breach of the Singapore Business Trusts Direct Deemed Direct Deemed Direct Deemed Act or any breach of the provisions of the Trust Deed of which the Audit Committee becomes aware or that it suspects. Mr Philip Yeo Liat Kok 300,000 - 300,000 - 300,000 - - Reporting to the Monetary Authority of Singapore if the Audit Committee is of the view that the Board of Directors of the Mr David Lim Tik En 150,000 130,000 150,000 130,000 150,000 130,000 Trustee-Manager has not taken, or does not propose to take, appropriate action to deal with a matter reported by the Audit Committee to the Board of Directors. Mr Rakesh Kumar Aggarwal - 5,000 - 5,000 - 5,000

Ms Chong Siak Ching 500,000 400,000 500,000 400,000 500,000 400,000 - Annual review of the independence and objectivity of the external auditors, including consideration of the nature and extent of the non-audit services performed by them. Mr Jonathan Yap Neng Tong 500,000 150,000 500,000 150,000 500,000 150,000

- Meeting with the external and internal auditors, without the presence of the Management of the Trustee-Manager, at least once annually.

- Nomination for appointment or re-appointment of the external auditor of the Trust.

- Ensuring the adequacy of the internal audit function.

66 67 REPORT OF STATEMENT BY THE TRUSTEE-MANAGER THE TRUSTEE-MANAGER For the financial year ended 31 March 2011 For the financial year ended 31 March 2011

AUDIT COMMITTEE (continued) In the opinion of the directors, - Investigation of any matters within the Audit Committee’s terms of reference, whenever it deems necessary. (a) the statement of financial position of the Trust and the consolidated financial statements of the Group as set out on - Undertaking such other functions as may be agreed to by the Audit Committee and the Board of Directors of the pages 78 to 121 are drawn up to give a true and fair view of the state of affairs of the Trust and of the Group as at 31 Trustee-Manager. March 2011, and of the results of the business, changes in Unitholders’ funds and cash flows of the Group, for the financial year then ended; and The Audit Committee has recommended to the Board of Directors, the nomination of PricewaterhouseCoopers LLP for re- appointment as the independent auditor of the Trust at the forthcoming Annual General Meeting of the Unitholders. (b) at the date of this statement, there are reasonable grounds to believe that the Trustee-Manager will be able to fulfil, out of the trust property of the Trust, the liabilities of the Trust as and when they fall due.

For and on behalf of the Trustee-Manager, Ascendas Property Fund Trustee Pte. Ltd., For and on behalf of the Trustee-Manager, Ascendas Property Fund Trustee Pte. Ltd.,

Chong Siak Ching Joanthan Yap Neng Tong Director Director Chong Siak Ching Joanthan Yap Neng Tong Director Director 27 April 2011 27 April 2011

68 69 TRUSTEE-MANAGER’S STATEMENT BY THE CHIEF EXECUTIVE CERTIFICATE OFFICER OF THE TRUSTEE-MANAGER For the financial year ended 31 March 2011 For the financial year ended 31 March 2011

The Directors of Ascendas Property Fund Trustee Pte. Ltd. being the Trustee-Manager of Ascendas India Trust (the “Trust”), I, the Chief Executive Officer of Ascendas Property Fund Trustee Pte. Ltd. (as Trustee- Manager of Ascendas India Trust), in my hereby certify that: personal capacity, certify that I am not aware of any violation of duties of the Trustee-Manager which would have a materially adverse effect on the business of the Trust or on the interests of all the Unitholders of the Trust as a whole. - the fees or charges paid or payable out of the trust property of the Trust to the Trustee-Manager are in accordance with the Trust Deed of the Trust;

- the interested person transactions are not detrimental to the interests of all the Unitholders of the Trust as a whole based on the circumstances at the time of the transactions; and

- the Board of Directors of the Trustee-Manager is not aware of any violation of duties of the Trustee-Manager which would Joanthan Yap Neng Tong have a materially adverse effect on the business of the Trust or the interest of all the Unitholders of the Trust as a whole. Director

27 April 2011

For and on behalf of the Trustee-Manager, Ascendas Property Fund Trustee Pte. Ltd.,

Chong Siak Ching Joanthan Yap Neng Tong Director Director

27 April 2011

70 71 Potential conflicts of interest(continued) STATEMENT ON POLICIES AND • In respect of matters in which the Sponsor and/or its subsidiaries have an interest, direct or indirect, any nominees appointed by the Sponsor and/or its subsidiaries to the Board to represent its/their interests will abstain from voting. In such matters, the quorum must comprise a majority of the Independent Directors and must exclude nominee PRACTICES IN RELATION TO THE Directors of the Sponsor and/or its subsidiaries. • Where matters concerning the Trust relate to transactions to be entered into by the Trustee-Manager for and on behalf of the Trust with a related party of the Trustee-Manager, the Board is required to consider, after the AC has reviewed, MANAGEMENT AND GOVERNANCE the terms of such transactions to satisfy itself that such transactions are conducted on normal commercial terms, are not prejudicial to the interests of the Trust and the Unitholders, and are in accordance with all applicable laws, regulations OF THE TRUST and guidelines. Present and Ongoing Interested Person Transactions (i) Property Management Agreements The Trustee-Manager, on behalf of the Trust, has entered into a Master Property Management Agreement and an Initial Properties Management Agreement with a related corporation, Ascendas Services (India) Pvt Limited (“ASIPL”) The Board of Directors of Ascendas Property Fund Trustee Pte. Ltd. (”Trustee-Manager”), as Trustee-Manager of Ascendas (the ”Property Manager”) for the management of properties of a-iTrust. The Trustee-Manager believes that the terms of India Trust (the ”Trust”) is responsible for safeguarding the interests of the Unitholders as a whole and managing the business these agreements, established since the listing of the Trust, were made on normal commercial terms and are not of the Trust. The Trustee-Manager has general powers of management over the business and assets of the Trust and its main prejudicial to the interests of the Trust and the Unitholders. The Trustee-Manager believes that the Property Manager has responsibility is to manage the Trust’s assets and liabilities for the benefit of the Unitholders as a whole. In the event of a the necessary expertise and resources to perform property management, lease management and marketing services for conflict between the interests of the Unitholders as a whole and its own interests, the Trustee-Manager will give priority to the the Trust under these agreements. interests of the Unitholders as a whole over its own interests.

(ii) Exempted Agreements The Board of the Trustee-Manager, in exercising its powers and carrying out its duties as Trustee-Manager of Trust, has put in The fees and charges payable by the Trust to the Trustee-Manager under the Trust Deed and to the Property Manager place the measures in order to ensure that the following are met: under the property management agreements, are interested person transactions which are deemed to have been specifically approved by the Unitholders upon subscription for the Units, to the extent that there is no subsequent • the property of the Trust is properly accounted for and is kept distinct from the property held by Trustee-Manager in its change to the rates and/or bases of the fees charged thereunder or the terms thereof which would adversely affect the own capacity; Trust. The renewal of such agreements will not be subject to Rules 905 and 906 of the Listing Manual. • adherence with the business scope of the Trust as set out in the Trust Deed; • potential conflicts between the interests of the Trustee-Manager and the interests of the Unitholders of the Trust as a Interested Person Transactions in FY2010/2011 whole are appropriately managed; The interested person transactions in FY2010/2011 are set out below: • interested person transactions are transparent and properly recorded; • expenses and cost allocations payable to the Trustee-Manager out of the property of the Trust, and that fees and Aggregate value of all interested person transactions in FY2010/2011 expenses charged to the Trust are appropriate and in accordance with the Trust Deed; and (excluding transactions less than S$100,000 each) • compliance with the Business Trusts Act and with the Listing Rules of Singapore Exchange Securities Trading Ltd. Name of Interested Person Transactions not conducted under Transactions conducted under unithold- unitholders’ mandate pursuant to Rule 920 ers’ mandate pursuant to Rule 920 Trust Property Properly Accounted For ($’000) ($’000) Towards ensuring that the property of the Trust is properly accounted for and is kept distinct from the property held by the ASIPL Trustee-Manager in its own capacity, the accounting records of the Trust are kept by a team of accounting professionals (1) Property Manager’s fees paid/payable * separate from the team that keeps the accounting records of the Trustee-Manager. - Property management services 2,424 - - Lease management services 1,212 - Adherence To Business Scope - General management services 2,306 - The Trust is established to invest in real estate (which may be by way of direct ownership of real estate or by way of holding - Marketing services 2,925 - shares or units or interests in special purpose vehicles), real estate related assets and/or such other authorised investments and the Trustee-Manager manages the property of the Trust so that the principal investments of the Trust are real estate. The - Project management services 414 - Investment Committee (“IC”) assists the Board in ensuring adherence to the business scope. The responsibilities of the IC are (2) Others set out on page 57 of this report. - Lease office space to ASIPL 590 -

Potential conflicts of interest Trustee-Manager’s fees paid/payable* As the Trustee-Manager is an indirect wholly-owned subsidiary of Ascendas Land International Pte Ltd, the Sponsor and - Management fee 4,418 - controlling Unitholder of the Trust, there may be potential conflicts of interest between the Trust, the Trustee-Manager and the - Performance fee 2,661 - Sponsor. - Trustee fee 175 -

The Trustee-Manager has instituted, amongst others, the following procedures to deal with issues of conflicts of interest: Jurong Consultants (India) Pvt Ltd - Procurement of consultancy services, includ- • A Board comprising six Independent Directors, who form three-quarters of the Board. ing architecture & landscape, civil & structural, 216 • All executive officers are directly employed by the Trustee-Manager. M&E engineering design rendered to ITPL • All resolutions in writing of the Directors in relation to matters concerning the Trust must be approved by majority of the * Refer to “Exempted Agreements” in paragraph (ii) above Independent Directors. • Strict compliance with the Code of Corporate Governance.

72 73 Fees payable to the Trustee-Manager (continued) STATEMENT ON POLICIES AND • 0.5% of the value of the underlying real estate (after deducting the interest of any co-owners or co-participants) sold or divested by the Trustee-Manager on behalf of a-iTrust, whether directly or indirectly through an SPV, or 0.5% of the PRACTICES IN RELATION TO THE sale price of any authorised investment sold or divested by the Trustee-Manager on behalf of the Trust. The acquisition fee and the divestment fee are payable to the Trustee-Manager in the form of cash and/or Units (as the Trustee- Manager may elect) at the then prevailing price. In accordance with the Trust Deed, when the Trust acquires or disposes of MANAGEMENT AND GOVERNANCE real estate from an interested person, the acquisition or, as the case may be, the divestment fee may be in the form of cash and/or Units issued at prevailing market price, and, if received in the form of Units by the Trustee-Manager, such Units shall not OF THE TRUST be sold within one year from the date of issuance. Any payment to third party agents or brokers in connection with the acquisition or divestment of any asset of the Trust shall be paid by the Trustee-Manager to such persons out of the property of the Trust or the assets of the relevant SPV, and not out of the acquisition fee or the divestment fee received or to be received by the Trustee-Manager.

(iii) Future Interested Person Transactions Any increase in the maximum permitted level of the Trustee-Manager’s acquisition fee or disposal fee must be approved by Depending on the materiality of the transaction, the Trust may make a public announcement of such transaction or obtain a special resolution passed at a Unitholders’ meeting duly convened and held in accordance with the provisions of the Trust Unitholders’ prior approval for such transaction. If necessary, the Board may make a written statement in accordance Deed. with the resolution of the Board and signed by not less than two Directors on behalf of the Board certifying that, inter alia, that such interested person transaction is not detrimental to the interests of the Unitholders of the Trust as a whole, Under the Trust Deed, the Trustee-Manager is entitled to a trustee fee in cash of up to 0.02% per annum of the value of the based on the circumstances at the time of the transaction. property of the Trust.

The Trustee-Manager may, in future, seek a general annual mandate from the Unitholders for recurrent transactions of Any increase in the maximum permitted amount or any change in the structure of the trustee fee must be approved by a revenue or trading nature or those necessary for its day-to-day operations with interested persons, and all transactions special resolution passed at a Unitholders’ meeting duly convened and held in accordance with the provisions of the Trust would then be conducted under such a general mandate for the relevant financial year. In seeking such a general annual Deed. mandate, the Trustee-Manager may appoint an independent financial adviser to enderr an opinion as to whether the methods or procedures for determining the transaction prices contemplated under the annual general mandate The table below sets out the fees earned by the Trustee-Manager for the financial year ended 31 March 2011: are sufficient, in an effort to ensure that such transactions will be carried out on normal commercial terms and will not be prejudicial to the interests of the Trust and the Unitholders. Amount ($’000) Management Fee 4,418 When the Trust acquires assets from the Sponsor or parties related to the Sponsor in future, the Trustee-Manager will Performance Fee 2,661 obtain valuations from independent parties. In any event, interested person transactions entered into by the Trust, Trustee Fee 175 depending on the materiality of such transactions, may be publicly announced or, as the case may be, approved by Total 7,254 Unitholders, and will, in addition, be:

The Board meets every quarter to review the expenses charged to the Trust against the budget approved by the Board. - reviewed and recommended by the Audit Committee of the Trustee-Manager, which comprises only Independent Directors; and The expenses charged to the Trust for the financial year ended 31 March 2011 are set out below: - decided by the Board, of which two-thirds of the Directors are Independent Directors. Amount ($’000) Fees and expenses charged to the Trust are appropriate and in accordance with the Trust Deed Travel & Entertainment 32

Fees payable to the Trustee-Manager The Trustee-Manager is entitled under the Trust Deed to the following management fees: • a Management Fee at the rate of 0.5% per annum of the value of the property of the Trust; and • a Performance Fee at the rate of 4% per annum of the Net Property Income of theTrust in the relevant financial year (calculated before accounting for the Performance Fee in that financial year).

Any increase in the rate or any change in the structure of the Trustee-Manager’s management fees must be approved by a special resolution passed at a Unitholders’ meeting duly convened and held in accordance with the provisions of the Trust Deed.

The Management Fee and the Performance Fee are payable to the Trustee-Manager in the form of cash and/or Units (as the Trustee-Manager may elect). The Trustee-Manager has elected to receive 50% of both the Management Fee and Performance Fee in Units and the remainder in cash for FY2010/2011.

The Trustee-Manager is also entitled to: • 1% of the value of the underlying real estate (after deducting the interest of any co-owners or co-participants purchased by the Trustee-Manager on behalf of the Trust, whether directly or indirectly through a special purposes vehicle (“SPV”), or 1% of the acquisition price of any authorised investment acquired by the Trustee-Manager on behalf of a-iTrust; and

*Refer to “Exempted Agreements” in paragraph (ii) above

74 75 STATEMENT ON COMPOSITION OF INDEPENDENT AUDITOR’S THE BOARD OF DIRECTORS REPORT TO THE UNITHOLDERS OF ASCENDAS INDIA TRUST For the financial year ended 31 March 2011

The Board of Directors of Ascendas Property Fund Trustee Pte Ltd, being the Trustee-Manager of Ascendas India Trust, We have audited the accompanying financial statements of Ascendas India Trust (the “Trust”) and its subsidiaries (the “Group”) has determined that the following Directors are independent from management and business relationships with the Trustee- set out on pages 78 to 121, which comprise the statement of financial position of the Trust and of the Group as at 31 March Manager, and independent from every substantial shareholder of the Trustee-Manager: 2011, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in unitholders’ funds and the consolidated statement of cash flows of the Group for the financial year then ended, and a Mr Philip Yeo Liat Kok summary of significant accounting policies and other explanatory information. Mr Michael Grenville Gray; Mr David Lim Tik En; TRUSTEE-MANAGER’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS Mr Cavinder Bull; The Trustee-Manager is responsible for the preparation of financial statements that give a true and fair view in accordance Mr Amal Ganguli; and with the provisions of the Singapore Business Trusts Act, (the “Act”) and Singapore Financial Reporting Standards and for Mr Rakesh Kumar Aggarwal devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition, that transactions are properly authorised and that they are Mr David Lim is considered an Independent Director as the Board of Directors of the Trustee-Manager has determined that recorded as necessary to permit the preparation of true and fair profit and loss accounts and balance sheets and to maintain Mr Lim’s independent judgment and ability to act with regard to the interests of all the Unitholders of the Trust as a whole will accountability of assets. not be fettered although Mr Lim is a Director on the Board of Jurong International Holdings Pte Ltd (”JIPL”), whose subsidiary, Jurong Consultants (India) Pvt Ltd had entered into contracts with International Technology Park Ltd, a subsidiary of the AUDITOR’S RESPONSIBILITY Trustee-Manager. JIPL is a wholly-owned subsidiary of Jurong Town Corporation, a deemed controlling Unitholder of the Trust. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those Standards require that we comply with ethical requirements and plan Ms Chong Siak Ching and Mr Jonathan Yap Neng Tong are considered Non-Independent Directors by the Board of Directors and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. of the Trustee-Manager. Ms Chong is an Executive Director on the Board of Ascendas Pte Ltd, a deemed controlling Unitholder of the Trust and the ultimate holding company of the Trustee-Manager. Mr Yap is the Chief Executive Officer of the Trustee- An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. Manager. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity’s preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the management as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION In our opinion, the consolidated financial statements of the Group and statement of financial position of the Trust are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Group and the Trust as at 31 March 2011, and the results, changes in equity and cash flows of the Group for the financial year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS In our opinion, the accounting and other records required by the Act to be kept by the Trustee-Manager, have been properly kept in accordance with the provisions of the Act.

PricewaterhouseCoopers LLP Public Accountants and Certified Public Accountants Singapore 27 April 2011

76 77 CONSOLIDATED CONSOLIDATED STATEMENT INCOME STATEMENT OF COMPREHENSIVE INCOME For the financial year ended 31 March 2011 For the financial year ended 31 March 2011

Notes 2011 2010 2011 2010 $’000 $’000 $’000 $’000 Property Income Base rent 69,886 71,416 Profit for the period 40,523 52,618 Amenities income 2,505 2,487 Cash flow hedges Fit-out rental income 3,832 4,241 - fair value change in interest rate swap (933) - Operations and maintenance income 39,937 37,847 - finance cost transferred to income statement 246 - Car park and other income 5,346 4,871 (687) - Total property income 121,506 120,862 Translation differences arising from the conversion of (69,044) 22,939 functional currency into presentation currency 75,557 Property Expenses Total comprehensive (loss)/income for the year (29,208) Operating, maintenance and security (9,521) (9,581) Total comprehensive (loss)/income attributable to: Service and property taxes (2,300) (1,839) Unitholders of the Trust 71,188 Property management fees (6,216) (6,461) (28,878) Non-controlling interests 4,369 Utilities expenses (27,011) (22,752) (330) 75,557 Employee compensation 5 (263) (255) (29,208) Other property operating expenses 6 (5,619) (6,181) Total property expenses (50,930) (47,069)

Net Property Income 70,576 73,793

Trustee-Manager’s fees (7,254) (7,015) Other trust operating expense (1,456) (1,738) Fair value loss on derivative financial instruments (1,426) (6,549) Fair value gain on investment properties 15,407 7,501 Finance cost 7 (5,956) (5,051) Exchange (loss)/gain - net (9,252) 5,793 Interest income 4 3,484 2,442 (6,453) (4,617) Profit before tax 64,123 69,176

Income tax expense 8 (23,600) (16,558)

Net profit 40,523 52,618

Attributable to: Unitholders of the Trust 36,717 49,560 Non-controlling interests 3,806 3,058 40,523 52,618 Earnings per unit attributable to unitholders of the Trust, expressed in cents per unit - basic and diluted (cents) 9 4.80 6.52

78 79 Notes Group Trust 2011 2010 2011 2010 STATEMENT OF $’000 $’000 $’000 $’000 UNITHOLDERS’ FUNDS Units on issue 24 594,208 590,597 594,208 590,597 FINANCIAL POSITION Foreign currency translation reserve 25(a) (198,887) (133,979) (138,158) (100,201) As at 31 March 2011 Hedging reserve 25(b) (687) - (687) - Other reserves 25(c) 30,514 16,654 - - Retained earnings 183,940 214,540 (133,275) (55,039)

Net assets attributable to unitholders 609,088 687,812 322,088 435,357 Non-controlling interests 40,799 41,129 - -

649,887 728,941 322,088 435,357

Notes Group Trust 2011 2010 2011 2010 $’000 $’000 $’000 $’000 ASSETS Current assets Cash and cash equivalents 10 40,293 97,195 1.110 55,121 Inventories 11 1,063 1,443 - - Other assets 12 331 2,313 32 284 Loan to a subsidiary company 13 - - 422,411 480,420 Trade and other receivables 14 15,767 15,010 185 514 Derivative financial instruments 15 1,881 4,088 - - Current income tax recoverable 8 16,183 16,903 - - 75,518 136,952 423,738 536,339

Non-current assets Other assets 12 10,876 6,053 - - Equipment 16 785 1,673 - - Investment properties under construction 17 46,350 149,035 - - Investment properties 18 896,504 828,444 - - Goodwill 19 21,431 23,728 - - Investment in a subsidiary company 20 - - 14,420 15,966 Finance lease receivables 21 272 681 - - 976,218 1,009,614 14,420 15,966

Total assets 1,051,736 1,146,566 438,158 552,305

LIABILITIES Current liabilities Trade and other payables 22 63,378 53,633 6,014 5,811 Borrowings 23 18,199 68,855 - 50,000 Derivative financial instruments 15 152 1,444 152 1,444 81,729 123,932 6,166 57,255

Non-current liabilities Trade and other payables 22 29,806 38,041 - - Borrowings 23 147,739 112,661 109,217 59,693 Derivative financial instruments 15 687 - 687 - Deferred income tax liabilities 8 141,888 142,991 - - 320,120 293,693 109,904 59,693

Total liabilities 401,849 417,625 116,070 116,948

NET ASSETS 649,887 728,941 322,088 435,357

80 81 CONSOLIDATED STATEMENT OF CONSOLIDATED STATEMENT CHANGES IN UNITHOLDERS’ FUNDS OF CASH FLOWS For the financial year ended 31 March 2011 For the financial year ended 31 March 2011

<------Attributable to unitholders of the Trust ------> Group 2010 Units on Foreign Hedging Other Revenue Total Non- Total Notes 2011 $’000 issue currency reserve reserves reserves controlling $’000 translation interests Cash flows from operating activities reserve Net profit after tax 40,523 52,618 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 2011 Adjustments for: Balance at beginning of financial year 590,597 (133,979) - 16,654 214,540 687,812 41,129 728,941 Income tax expense 23,600 16,558 Depreciation of equipment 847 1,370 Total comprehensive (loss)/income - (64,908) (687) - 36,717 (28,878) (330) (29,208) Gain on disposal of equipment - (1) for the period Interest income (3,484) (2,442) Transfer to other reserves - - - 13,860 (13,860) - -- Finance cost 5,956 5,051 Issue of new units 3,611 - - - - 3,611 - 3,611 Investment properties written off - 156 Distribution to unitholders - - - - (53,457) (53,457) - (53,457) Unrealised loss on derivative financial instruments 662 9,348 Fair value gain on investment properties (15,407) (7,501) Balance at end of financial year 594,208 (198,887) (687) 30,514 183,940 609,088 40,799 649,887 Allowance for doubtful receivables 38 (748) Allowance for doubtful advances 769 182 2010 Trustee-Manager’s fees payable in units 3,540 3,428 Balance at beginning of financial year 587,298 (155,607) - 4,865 237,372 673,928 36,760 710,688 Unrealised exchange loss/(gain) 9,044 (7,763) Currency realignment 2,642 1,100 Total comprehensive income/(loss) - 21,628 - - 49,560 71,188 4,369 75,557 for the period Transfer to other reserves - - - 11,789 (11,789) - -- Operating cash flow before working capital changes 68,730 71,356 Issue of new units 3,299 - - - - 3,299 - 3,299 Distribution to unitholders - - - - (60,603) (60,603) - (60,603) Changes in operating assets and liabilities Inventories 241 (286) Other assets (3,651) 69 Balance at end of financial year 590,597 (133,979) - 16,654 214,540 687,812 41,129 728,941 Trade and other receivables (1,800) 5,820 Trade and other payables 10,750 4,908

Cash generated from operations 74,270 81,867

Interest received 3,191 2,089 Income tax paid (net) (11,620) (10,871)

Net cash generated from operating activities 65,841 73,085

Cash flows from investing activities Purchase of equipment (92) (476) Additions to investment properties under construction (39,252) (69,490) Additions to investment properties (1,872) (2,986) Proceeds from disposal of equipment - 1

Net cash used in investing activities (41,216) (72,951)

82 83 CONSOLIDATED STATEMENT NOTES TO THE OF CASH FLOWS FINANCIAL STATEMENTS For the financial year ended 31 March 2011 For the financial year ended 31 March 2011

Group These notes form an integral part of and should be read in conjunction with the accompanying financial statements. Notes 2011 2010 $’000 $’000 1. GENERAL INFORMATION Cash flows from financing activities Ascendas India Trust (“the Trust”) is a Singapore-domiciled trust originally constituted as a private trust pursuant to the Repayment of borrowings (5,250) (80,350) trust deed dated 7 December 2004, with Ascendas Property Fund Trustee Pte. Ltd. as its Trustee-Manager. The Distribution to unitholders (60,603) (53,457) Trust Deed was amended by an amending and restating deed dated 28 June 2007 ( “Trust Deed”) to comply with Interest paid (12,425) (6,806) the requirements of, among others, the Monetary Authority of Singapore (“MAS”) and the Singapore Exchange Proceeds from borrowings 74,111 48,419 Proceeds from medium term notes - 59,650 Securities Trading Limited (“SGX-ST”), for a listed business trust. The Trust is a registered business trust constituted by the Trust Deed and is principally regulated by the Securities and Futures Act (“SFA”) and the Singapore Business Net cash generated from/(used in) financing activities (72,121) 35,410 Trusts Act. The Trust Deed is governed by the laws of the Republic of Singapore.

Net (decrease)/increase in cash and cash equivalents (47,496) 35,544 On 3 July 2007, the Trust was registered as a business trust and on 1 August 2007, the Trust was listed on the Main Cash and cash equivalents at beginning of financial year 59,662 97,195 Board of the SGX-ST. Effects of exchange rate changes on cash and cash equivalents (9,406) 1,989 The registered office of Ascendas Property Fund Trustee Pte. Ltd. is at 61 Science Park Road, #04-01 Cash and cash equivalents at end of financial year 10 40,293 97,195 The Galen, Singapore 117525.

The principal activity of the Trust is owning income producing real estate used primarily as business space in India and real estate related assets in relation to the foregoing. The Trust may acquire, hold and develop land or uncompleted developments to be used primarily for business space with the objective of holding the properties upon completion. The principal activities of the subsidiary companies are as disclosed in Note 20 to the financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES 2.1 Basis of preparation These financial statements have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”). The financial statements have been prepared under the historical cost convention, except as disclosed in the accounting policies below.

The preparation of financial statements in conformity with FRS requires management to exercise its judgment in the process of applying the Group’s accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements ear disclosed in Note 3.

On 1 April 2010, the Group adopted the new or amended FRS and Interpretations to FRS (“INT FRS”) that are mandatory for application from that date. Changes to the Group’s accounting policies have been made as required, in accordance with the transitional provisions in the respective FRS and INT FRS.

• FRS27R, ‘Consolidated and Separate Financial Statements’. The revised standard requires the effect of all transactions involving non-controlling interests to be recorded in Unitholders’ fund if there is no change in control and these transactions will no longer result in recognition of goodwill, gains or losses.The standard also specifies the accounting when control over a subsidiary is lost in which case, any remaining interest in the entity is re- measured at fair value with the corresponding gain or loss recognised in profit or loss.

84 85 2. SIGNIFICANT ACCOUNTING POLICIES (continued) NOTES TO THE 2.2 Revenue recognition (continued) (c) Car park and other income Car park income includes revenue earned from the operations of the parking facilities, which is recognised when FINANCIAL STATEMENTS the services are rendered. For the financial year ended 31 March 2011 Other income includes miscellaneous income earned from the properties such as kiosks and advertising revenue, which is recognised when the services are rendered.

(d) Interest income Interest income, including income arising from finance leases and other financial instruments, is recognised as it accrues using the effective interest rate method.

2.3 Group accounting a) Subsidiary companies 2. SIGNIFICANT ACCOUNTING POLICIES (continued) (i) Consolidation 2.1 Basis of preparation (continued) Subsidiary companies are entities (including special purpose entities) over which the Group has power to • The change in accounting has been applied prospectively, no adjustments were necessary to any of the amounts govern the financial and operating policies, generally accompanied by a shareholding giving rise to the previously recognised in the financial statements. There were no transactions with non-controlling interests in majority of the voting rights. The existence and effect of potential voting rights that are currently exercisable or the current financial year. Accordingly, these changes do not have any impact on the financial statements for the convertible are considered when assessing whether the Group controls another entity. Subsidiaries are current financial year. consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date on which control ceases. • FRS103R, ‘Business Combinations’. The revised standard introduces a number of changes in the accounting for business combinations that will impact the amount of goodwill recognised, the reported results in the period In preparing the consolidated financial statements, transactions, balances and unrealised gains on that an acquisition occurs, and future reported results. transactions between group entities are eliminated. Unrealised losses are also eliminated but are considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been changed where All payments to purchase a business are to be recorded at fair value at the acquisition date, with contingent necessary to ensure consistency with the policies adopted by the Group. payments classified as debt subsequently re- measured through profit or loss. There is a choice on an acquisition-by- acquisition basis to measure the non-controlling interest either at fair value or at the non-controlling Non-controlling interests are that part of the net results of operations and of net assets of a subsidiary interest’s proportionate share of the acquiree’s net assets. All acquisition-related cost should be expensed off. attributable to the interests which are not owned directly or indirectly by the equity holders of the Trust. They are shown separately in the consolidated statement of comprehensive income, statement of changes As the changes have been applied prospectively, no adjustments were necessary to any of the amounts previously in equity and statement of financial position. Total comprehensive income is attributed to the non-controlling recognised in the financial statements. interests based on their respective interests in a subsidiary, even if this results in the non- controlling interests having a deficit balance. • Amendments to FRS39 ‘Financial Instruments: Recognition and Measurement – Eligible Hedged Items’. This amendment clarifies how the principles that determine whether a hedged risk or portion of cash flows is eligible for (ii) Acquisition of businesses designation should be applied in particular situations. The acquisition method of accounting is used to account for business combinations by the Group.

2.2 Revenue recognition The consideration transferred for the acquisition of a subsidiary comprises the fair value of the assets Revenue comprises the fair value of the consideration received or receivable for the sale of goods and rendering of transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred services in the ordinary course of the Group’s activities. Revenue is presented, net of applicable tax, rebates and also includes the fair value of any contingent consideration arrangement and the fair value of any pre-existing discounts, and after eliminating sales within the Group. Revenue is recognised as follows: equity interest in the subsidiary.

(a) Base rent, amenities income, fit-out entalr income Acquisition-related costs are expensed as incurred. Base rent, amenities income and fit-out entalr income, net of incentives granted are recognised in profit or loss on a straight-line basis and over the term of the lease. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. Base rent comprises rental income earned from the leasing of the owned built-up area of the properties. On an acquisition-by-acquisition basis, the Group recognises any non- controlling interest in the acquiree at the Amenities income is rental revenue earned from the space utilised as amenities such as canteen and business centre. date of acquisition either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net identifiable assets. Fit out rental income is rental revenue earned from the fit-out provisions for the tenants at the properties. Fit out rents typically arise from the additional costs related to tenant-specific fit-out requirements, which are in turn passed The excess of the consideration transferred, the amount of any non- controlling interest in the acquiree and through to those tenants via fit-out provisions in their lease agreements. the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the net identifiable assets acquired is ecognisedr as goodwill. Please refer to the paragraph “Intangible assets – (b) Operations and maintenance income Goodwill for the subsequent accounting policy on goodwill. Operations and maintenance income is recognised when the services are rendered. Operations and maintenance income is revenue earned from the operation and maintenance of the properties. (iii) Disposals of subsidiaries or businesses When a change in the Trust’s ownership interest in a subsidiary results in a loss of control over the subsidiary, the assets and liabilities of the subsidiary including any goodwill are derecognised. Amounts recognised in other comprehensive income in respect of that entity are also reclassified to profit or loss or transferred directly to retained earnings if required by specific Standard. 86 87 2. SIGNIFICANT ACCOUNTING POLICIES (continued) NOTES TO THE 2.5 Investment properties Investment properties of the Group, principally comprising completed office buildings and interest in freehold land held for a currently undetermined future use, are held for long-term rental yields and capital appreciation. Investment FINANCIAL STATEMENTS properties are classified as non-current investments and are initially recognised at cost and subsequently carried at For the financial year ended 31 March 2011 fair values, determined on an annual basis by an independent professional valuer. Changes in fair values are recognised in profit or loss. Investment properties are not subject to depreciation.

Investment properties are subject to renovations or improvements at regular intervals. The cost of major renovations and improvements is capitalised as addition and the carrying amounts of the replaced components are written off to profit or loss. The cost of maintenance, epairsr and minor improvement is charged to profit or loss when incurred.

On disposal of investment properties, the difference between the net disposal proceeds and the carrying amount is taken to profit or loss.

2. SIGNIFICANT ACCOUNTING POLICIES (continued) 2.6 Investment properties under construction 2.3 Group accounting (continued) All investment properties under construction where fair value can reliably determinable are measured at fair value. (a) Subsidiary companies (continued) The difference between the fair value and the carrying amount are taken to profit or loss. Investment properties under (iii) Disposals of subsidiaries or businesses (continued) construction for which the fair value cannot be reliably measured at present, but for which in future the fair value would Any retained interest in the equity is re-measured at fair value. The difference between the carrying amount of be reliably determinable is accounted for at cost for the property as a whole. the retained investment at the date when control is lost and its fair value is recognised in profit or loss. 2.7 Investment in subsidiary companies Please refer to the paragraph “Investments in subsidiaries” for the accounting policy on investments in Investments in subsidiary companies are carried at cost less accumulated impairment losses in the Trust’s statement subsidiaries in the separate financial statements of the Trust. of financial position. On disposal of investments in subsidiary companies, the difference between disposed proceeds and the carrying amounts of the investments are recognised in profit or loss. (b) Transactions with non-controlling interests Changes in the Trust’s ownership interest in a subsidiary that do not result in a loss of control over the subsidiary 2.8 Goodwill on acquisitions are accounted for as transactions with equity owners of the Group. Any difference between the change in Goodwill on acquisitions of subsidiaries on or after 1 April 2010 represents the excess of the consideration transferred, the carrying amounts of the non-controlling interest and fair value of the consideration paid or received is the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity recognised in a separate reserve within equity attributable to the equity holders of the Trust. interest in the acquire over the fair value of the net identifiable assets acquired.

2.4 Equipment Goodwill on acquisition of subsidiaries prior to 1 April 2010 represents the excess of the cost of an acquisition of (a) Measurement subsidiary companies over the fair value of the Group’s share of the identifiable net assets acquired. Equipment are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses. Goodwill on acquisition of subsidiaries is recognised separately as intangible assets and carried at cost less accumulated impairment losses. The cost of an item of equipment includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended Gains and losses on the disposal of subsidiaries include the carrying amount of goodwill relating to the entity sold, by management. except for goodwill arising from acquisitions prior to 1 April 2010. Such goodwill was adjusted against retained profits in the year of acquisition and is not recognised in profit or loss on disposal. (b) Depreciation Depreciation on computers, furniture and equipment is calculated using the straight line method to allocate the 2.9 Borrowing costs depreciable amounts over the estimated useful lives as follows: Borrowing costs are recognised in profit or loss using the effective interest method except for those costs that are directly attributable to the construction or development of properties. This includes those costs on borrowings Computers, furniture and equipment – acquired specifically for the construction or development of properties, as well as those in relation to general borrowings used to finance the construction or development of properties. The residual values, estimated useful lives and depreciation method of equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are included in profit or loss The actual borrowing costs incurred during the period up to the issuance of the temporary occupation permit less any for the financial year in which the changes arise. investment income on temporary investment of these borrowings are capitalised in the cost of the investment properties under construction. Borrowing costs on general borrowings are capitalised by applying a capitalisation rate (c) Subsequent expenditure to construction or development expenditures that are financed by general borrowings. Subsequent expenditure relating to equipment that has already been recognised is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the Group 2.10 Impairment of non-financial assets and the cost of the item can be measured reliably. All other repair and maintenance expenditure are recognised in (a) Goodwill profit or loss when incurred. Goodwill is tested for impairment annually and whenever there is indication that the goodwill may be impaired.

(d) Disposal For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group’s cash-generating- On disposal of equipment, the difference between the net disposal proceeds and its carrying amount is taken to units (CGU) expected to benefit from synergies arising from the business combination. profit or loss within “Other property operating expenses”.

88 89 2. SIGNIFICANT ACCOUNTING POLICIES (continued) NOTES TO THE 2.11 Inventories Inventories are carried at the lower of cost and net realisable value. Cost is determined on weighted average basis and includes all costs in bringing the inventories to their present location and condition. Net realisable value is the FINANCIAL STATEMENTS estimated selling price in the ordinary course of business, less the costs of completion and selling expenses. For the financial year ended 31 March 2011 2.12 Financial assets – loans and receivables (a) Classification The Group classifies its financial assets as loans andeceivables. r The classification depends on the purpose for which the assets were acquired.

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those maturing later than 12 months after the statement of financial position date which are classified as non- current assets. Loans and receivables are included in “trade and other receivables”, “other current assets”, “cash and cash equivalents” and “loans 2. SIGNIFICANT ACCOUNTING POLICIES (continued) recoverable from subsidiary company” on the statement of financial position. 2.10 Impairment of non-financial assets(continued) (a) Goodwill (continued) (b) Recognition and derecognition An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the Loans and receivables are recognised when the Group has established the rights to receive cash flows from the recoverable amount of the CGU. Recoverable amount of a CGU is the higher of the CGU’s fair value less cost to financial assets and are derecognised when the rights to receive cash flows from the financial assets have expired sell and value-in-use. or have been transferred and the Group has transferred substantially all risks and rewards of ownership.

The total impairment loss of a CGU is allocated first to educer the carrying amount of goodwill allocated to the CGU On sale of a financial asset, the difference between the net disposal proceeds and its carrying amount is taken to and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. profit or loss.

An impairment loss on goodwill is recognised in profit or loss and is not reversed in a subsequent period. (c) Measurement Loans and receivables are initially recognised at fair value plus transaction costs, and are subsequently carried at (b) Equipment amortised cost using the effective interest method. Investments in subsidiary companies Equipment and investments in subsidiary companies are tested for impairment whenever there is any objective (d) Impairment evidence or indication that these assets may be impaired. The Group assesses at each statement of financial position date whether there is objective evidence that a financial asset or a group of financial assets is impaired and recognises an allowance for impairment when such For the purpose of impairment testing of these assets, recoverable amount (i.e. the higher of the fair value less evidence exists. cost to sell and value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, the recoverable amount is An allowance for impairment of loans and receivables, including trade and other receivables, is recognised when determined for the CGU to which the asset belongs. there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying financial re-organisation, and default or delinquency in payments are considered indicators that the receivable amount of the asset (or CGU) is reduced to its recoverable amount. The impairment loss is recognised in profit is impaired. The amount of allowance is the difference between the asset’s carrying amount and the present value or loss. of estimated future cash flows, discounted at the original effective interest rate. The amount of the allowance for impairment is recognised in profit or loss within “other property operating expenses”. Subsequent recoveries of The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit amounts previously written off are recognised against the same line item in profit or loss. or loss. 2.13 Derivative financial instruments and hedging activities An impairment loss for an asset other than goodwill is reversed if, and only if, there has been a change in the A derivative financial instrument is initially recognised at its fair value on the date the contract entered into and estimates used to determine the assets’ recoverable amount since the last impairment loss was recognised. The is subsequently carried at its fair value. The method of recognizing the resulting gain or loss depends on whether the carrying amount of an asset other than goodwill is increased to its revised recoverable amount, provided that this derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group amount does not exceed the carrying amount that would have been determined (net of depreciation) had no designates its hedge as a cash flow hedge. impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset other than goodwill is recognised in profit or loss. Fair value changes on derivatives that are not designated or do not qualify for hedge accounting are recognised in profit or loss when the changes arise.

The Group has entered into an interest rate swap that is cash flow hedge for the Group’s exposure to interest rate risk on its borrowings. The contract entitle the Group to receive interest at floating rates on notional principal amounts and oblige the Group to pay interest at fixed rates on the same notional principal amounts, thus allowing the Group to raise borrowings at floating rates and swap them into fixed rates.

90 91 2. SIGNIFICANT ACCOUNTING POLICIES (continued) NOTES TO THE 2.17 Leases (continued) (b) When the Group entity is the lessor: FINANCIAL STATEMENTS The Group leases out investment properties to third parties. For the financial year ended 31 March 2011 Operating leases Assets leased out under operating leases are included in investment properties. Rental income from operating leases (net of any incentives given to lessees) is recognised in profit or loss on a straight-line basis over the lease term.

Initial indirect costs incurred by the Group in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised as an expense in profit or loss over the lease term on the same basis as the lease income.

Finance leases Leases of investment properties where substantially all the risks and rewards incidental to legal ownership of the 2. SIGNIFICANT ACCOUNTING POLICIES (continued) assets are transferred by the Group to the lessees are classified as finance leases. 2.13 Derivative financial instruments and hedging activities(continued) Where the interest rate swaps are effective hedges in a cash flow hedge relationship, the change in fair value of the The leased asset is derecognised and the present value of the lease receivable (net of initial direct costs for interest rate swaps relating to the effective portion is recognised in hedging reserve. Fair value changes relating to the negotiating and arranging the lease) is included under the “trade and other receivables” in the statement of financial ineffective portion is taken to profit or loss. position. The difference between the gross receivable and the present value of the lease receivable is recognised as unearned finance income. 2.14 Borrowings Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently stated Each lease payment received is applied against the gross investment in the finance lease receivable to reduce both at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is the principal and the unearned finance income. The finance income isecognised r in profit or loss on a basis that recognised in profit or loss over the period of the borrowings using the effective interest method. reflects a constant periodic rate of eturnr on the net investment in the finance lease receivable.

Borrowings which are due to be settled within 12 months after the statement of financial position date are presented as Initial direct costs incurred by the Group in negotiating and arranging finance leases are added to finance lease current borrowings on the statement of financial position even though the original term was for a period longer than 12 receivables and recognised as an expense in profit or loss over the lease term on the same basis as the months and an agreement to refinance, or to reschedule payments, on a long- term basis is completed after the lease income. statement of financial position date and before the financial statements ear authorised for issue. Other borrowings due to be settled more than 12 months after the statement of financial position date are presented as non-current borrowings on 2.18 Income taxes the statement of financial position. Current income tax for current and prior periods is recognised at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantially enacted by the statement of 2.15 Trade and other payables financial position date. Trade and other payables are initially recognised at fair value, and subsequently carried at amortised cost, using the effective interest method. Deferred income tax is recognised for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial 2.16 Fair value estimation recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction, The carrying amounts of current financial assets and liabilities, carried at amortised costs, are assumed to approximate affects neither accounting nor taxable profit or loss. their fair values. Deferred income tax liability is recognised on temporary differences arising on investments in subsidiary companies, The fair values of financial liabilities carried at amortised costs are estimated by discounting the future contractual cash except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the flows at the current market interest rates that are available to the Group for similar financial liabilities. temporary difference will not reverse in the foreseeable future.

2.17 Leases Deferred income tax asset is recognised to the extent that it is probable that future taxable profit will be available against (a) When the Group entity is the lessee: which the deductible temporary differences and tax losses can be utilised. The Group leases certain equipment from third parties. Deferred income tax is measured:- Operating leases (a) at the tax rates that are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled, based on tax rates and tax laws that have been enacted or substantially enacted by the Leases of equipment where substantially all of the risks and rewards of ownership are retained by the lessor are statement of financial position date; and classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are taken to profit or loss on a straight-line basis over the period of the lease. (b) based on the tax consequence that would follow from the manner in which the Group expects, at the statement of financial position date, to recover or settle the carrying amounts of its assets and liabilities. When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessee by way of penalty is recognised as an expense in the financial year in which termination takes place. Current and deferred income taxes are recognised as income or expense in profit or loss for the period, except to the extent that the tax arises from a business combination or a transaction which is recognised directly in equity. Deferred tax arising from a business combination is adjusted against goodwill on acquisition.

92 93 2. SIGNIFICANT ACCOUNTING POLICIES (continued) NOTES TO THE 2.21 Currency translation (continued) (c) Translation of Group entities’ financial statements The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary FINANCIAL STATEMENTS economy) that have a functional currency different from the presentation currency are translated into the presentation For the financial year ended 31 March 2011 currency as follows: (i) Assets and liabilities are translated at the closing exchange rates at the date of the statement of financial position; (ii) Income and expenses are translated at average exchange rates (unless the average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated using the exchange rates at the dates of the transactions); and (iii) All resulting currency translation differences are recognised in the foreign currency translation reserve.

2.22 Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents comprise cash on hand and deposits with financial institutions which are subject to an insignificant risk of change in value. Cash balances which 2. SIGNIFICANT ACCOUNTING POLICIES (continued) are subjected to restriction are excluded from the cash and cash equivalents in the statement of cash flows. 2.19 Provisions for other liabilities and charges Provisions for other liabilities and charges are recognised when the Group has a present legal or constructive obligation 2.23 Segment reporting as a result of past event; it is more likely than not that an outflow of resources will be required to settle the obligation; and Operating segments are reported in a manner consistent with the internal reporting provided to the “Chief the amount has been reliably estimated. Operating Decision Maker” (CODM) who is responsible for allocating resources and assessing performance of the operating segments. Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax discount rate that reflects the current market assessment of the time value of money and the risks specific to 2.24 Distributions to Unitholders the obligation. The increase in the provision due to the passage of time is recognised in profit or loss as finance cost. Distributions to Unitholders are recorded in the period in which they are declared payable by the Trustee-Manager.

Changes in the estimated timing or amount of the expenditure or discount rate are recognised in profit or loss when the 2.25 Transfer to other reserves changes arise. Other reserves represent profits statutorily transferred to the dividend distribution reserve and capital redemption reserve of the Indian subsidiary companies under Indian regulatory provisions. 2.20 Employee compensation (a) Defined contribution plans 3. CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS Defined contribution plans are post-employment benefit plans under which the oupGr pays fixed contributions Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other into separate entities such as the Central Provident Fund on a mandatory, contractual or voluntary basis. The Group factors, including expectations of future events that are believed to be reasonable under the circumstances. has no further payment obligations once the contributions have been paid. The Group’s contributions are recognised as employee compensation expense when they are due. Critical accounting estimates and assumptions The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by (b) Employee leave entitlement definition, seldom equal the related actual esults.r The estimates and assumptions that have a significant risk of causing Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. estimated liability for annual leave as a result of services rendered by employees up to the statement of financial position date. Valuation of properties The fair values are determined using the income method, discounted cash flow method and direct comparison method. 2.21 Currency translation The income and discounted cash flow methods involve the estimation of income and expenses, taking into account (a) Functional and presentation currency expected future changes in economic and social conditions, which may affect the value of the properties. The direct Items included in the financial statements of each entity in the Group are measured using the currency of the primary comparison method involves the comparison of recent sales transactions of similar properties. The Trustee-Manager is of economic environment in which the entity operates (“functional currency”). The functional currency of the Trust is the view that the valuation methods and estimates are reflective of the current market condition. Indian Rupee. The presentation currency is the Singapore Dollar as the financial statements are meant primarily for users in Singapore. Uncertain tax positions The Group is subject to taxes in numerous jurisdictions. Significant judgment is required in determining the taxability (b) Transactions and balances of certain income, capital allowances and deductibility of certain expenses during the estimation of the provision for Transactions in a currency other than the functional currency (“foreign currency”) are translated into the functional taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the currency using the exchange rates at the dates of the transactions. Currency translation differences from the ordinary course of business. The Group recognises liabilities for anticipated tax issues based on estimates of whether settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign additional taxes will be due. These are based on management’s best estimates of the most likely outcome of the tax currencies at the closing rates at the statement of financial position date are recognised in profit or loss. liability. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax and the relevant tax provisions in the period in which such Non-monetary items measured at fair values in foreign currencies are translated using the exchange rates at the date determination is made. when the fair values are determined. Deferred income tax assets The Group recognises deferred income tax assets on carried forward tax losses and carried forward tax credit of minimum alternate tax, paid in accordance with the Indian Income Tax Law, to the extent there are sufficient estimated future taxable profits and/or taxable temporary differences against which the tax losses can be utilised and that the Group is able to satisfy the continuing ownership test.

94 95 7. FINANCE COST Group NOTES TO THE 2010 2011 $’000 $’000 FINANCIAL STATEMENTS Interest expense - financial institutions 7,173 For the financial year ended 31 March 2011 10,319 - medium term notes 3,237 1,286 - others 18 18

13,574 8,477 Interest expense capitalised during the year (Note 17) (7,618) (3,426) 5,956 5,051

8. INCOME TAXES 4. INTEREST INCOME (a) Income tax expense Group Group 2011 2010 2011 2010 $’000 $’000 $’000 $’000 Interest income Tax expense attributable to profit is made up of:- - financial institutions 2,897 1,473 Current income tax expense - others 587 969 - based on current year’s results 10,708 10,299 - under provision in respect of prior years 24 657 3,484 2,442 10,732 10,956 Deferred income tax expense

5. EMPLOYEE COMPENSATION - based on current year’s results 12,868 5,602 Group 23,600 16,558 2011 2010 $’000 $’000 The tax expense on profit differs from the amount that would arise using the Singapore standard rate of income tax is as explained below: Salaries, wages and other employee benefits 261 253 Group Employer’s contributions to defined contribution plans 2 2 2011 2010 $’000 $’000 255 263 Profit before tax 64,123 69,176 6. OTHER PROPERTY OPERATING EXPENSES Tax calculated at tax rate of 17% (2010: 17%) 10,901 11,760 Group Effects of: 2011 2010 - Different tax rates arising from foreign jurisdiction 11,377 $’000 $’000 10,864 - Expenses not deductible for tax purpose 3,838 2,558 - Tax incentives (6,200) Advertising and publication 443 585 (2,557) - Effect of change in foreign tax rate - (3,045) Depreciation of equipment 847 1,370 - Dividend distribution tax 966 29 Insurance 302 314 - Under provision in respect of prior years 24 657 General management fee 2,306 2,027 - Others (436) (578) Travel and hotel accommodation 96 79 Professional fee 436 365 Tax charge 23,600 16,558 Allowance / (Write-back) for doubtful receivables 38 (748) Allowance for doubtful advances 1,476 182 Gain on disposal of equipment - (1) (Write-back) / Provision for sales tax (707) 1,089 Other direct costs 382 919

5,619 6,181

96 97 8. INCOME TAXES (continued) NOTES TO THE (c) Deferred income tax liabilities and assets (continued) The movements in the deferred income tax assets and liabilities are as follows:

Fair value gains on investment properties FINANCIAL STATEMENTS 2010 2011 For the financial year ended 31 March 2011 $’000 $’000

Balance at beginning of financial year 155,973 149,479 Tax charged to:

- Income Statement 10,165 1,419 Translation differences (15,198} 5,075 Balance at end of financial year 150,940 155,973

(continued) 8. INCOME TAXES Minimun Taxes losses Other Total (b) Movements in current income tax recoverable/(liabilities) Alternate Tax carried forward Group $’000 $’000 $’000 $’000 2011 2010 2011 $’000 $’000 Balance at beginning of financial year (8,655) (2,727) (1,601) (12,983) Tax charged to income statement 327 2,489 (113) 2,703 Balance at beginning of financial year 16,485 16,903 Translation differences 834 238 156 1,228 Tax charge for the year (10,708) (10,299) Overprovision in respect of prior years (657) (24) Balance at end of financial year (7,494) - (1,558) (9,052) Tax paid during the year 5,629 (1,913) Tax deducted at source to be recovered 12,784 5,991 Minimun Taxes losses Other Total Translation differences (1,608) 503 Alternate Tax carried forward $’000 $’000 $’000 $’000 2010 Balance at end of financial year 16,183 16,903 Balance at beginning of financial year (5,201) (9,411) (2,111) (16,723)

Included in the income tax balances are $27,440,424 (2010: 24,262,378) of tax deducted at source relating to rental Tax charged to income statement (3,192) 6,810 565 4,183 income from investment properties. Translation differences (261) (126) (55) (442)

(c) Deferred income tax liabilities and assets Balance at end of financial year (8,654) (2,727) (1,601) (12,982) Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current income tax assets against current income tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred income tax assets are recognised for minimum alternate tax credit available and tax losses carried forward to The amounts, determined after appropriate offsetting, are shown on the statement of financial position as follows: the extent that realisation of the related tax benefits through future taxable profits is probable.

Group 2011 2010 9. EARNINGS PER UNIT $’000 $’000 The calculation of basic earnings per unit is based on:

Group Deferred income tax assets: 2011 2010 - to be settled within one year 1,558 4,328

Total profit attributable to unitholders ($’000) 36,717 49,560 Deferred income tax liabilities:

- to be settled after one year (143,446) (147,319) Weighted average number of units outstanding during the year (‘000) 764,413 760,429

Deferred income tax liabilities - net 141,888 142,991 Earnings per unit (cents) 4.80 6.52

The above comprises the following: Diluted earnings per unit are the same as the basic earnings per unit as there are no dilutive instruments in issue - Fair value gains on investment properties 150,940 155,973 during the financial year. - Minimum Alternate Tax (7,494) (8,654) - Tax losses carried forward - (2,727) - Others (1,558) (1,601) 141,888 142,991

98 99 NOTES TO THE 13. LOAN TO A SUBSIDIARY Trust 2011 2010 FINANCIAL STATEMENTS $’000 $’000 Loan to a subsidiary For the financial year ended 31 March 2011 - Current 422,411 480,420 422,411 480,420

At 31 March 2011, the loan to a subsidiary company is unsecured, interest-free, repayable on demand and approximates its fair value. 14. TRADE AND OTHER RECEIVABLES

10. CASH AND CASH EQUIVALENTS Group Trust 2011 2010 2011 2010 Group Trust $’000 $’000 $’000 $’000 2011 2010 2011 2010 Current $’000 $’000 $’000 $’000 Trade receivables 3,709 3,304 - - Less: Allowance for impairment of receiva- (523) - Cash at bank and on hand 6,060 61,259 1,110 55,121 bles (507) - Fixed deposits 35,936 - 34,233 - Trade receivables – net 3,202 2,781 - -

40,293 97,195 1,110 55,121 Other receivables

Advances recoverable 3,171 1,847 - - The exposure of cash and cash equivalents to interest rate risks and currency risks is disclosed in Note 27. Less: Allowance for doubtful advances (3,171) (1,847) ------Fixed deposits at the statement of financial position date had an average maturity within 6 months (2010: 6 months). Fixed deposits with maturities in excess of 3 months, upon early-termination, will earn interest at the stipulated rate up to the actual period of deposit, and are subject to an insignificant risk of changes in value. Finance lease receivables (Note 21) 344 734 - - Amount owing from a subsidiary company - - 83 412 11. INVENTORIES Non-related parties • Advances to suppliers 543 2,062 - - Group • Interest receivable 1,340 822 - - 2011 2010 $’000 $’000 • Unamortised transaction fees 3,604 3,386 - - • Service input tax recoverable 4,766 3,284 - - Operational supplies 1,063 1,443 • Others 1,968 1,941 102 102

The cost of inventories recognised as expense and included in “utilities expenses” amounted to $17,427,508 (2010: 15,767 15,010 185 514 $16,663,000). The other receivable owing from a subsidiary company is unsecured, interest-free and repayable on demand. 12. OTHER ASSETS Group Trust The carrying amounts of current trade and other receivables approximate their fair values. 2011 2010 2011 2010 $’000 $’000 $’000 $’000 The exposure of current trade and other receivables to interest rate risks and currency risks is disclosed in Note 27. Current Deposits 5 1,604 5 3 Impairment loss on trade receivables and advances recoverable from regulatory authorities of $38,088 (2010: $NIL), and $1,475,894 (2010: $181,942) were recognised as expenses and included in ‘other property operating expense’. Prepayments 326 709 27 281 331 2,313 32 284

Non-current Deposits 10,853 5,707 - - Prepayments 23 346 - - 10,876 6,053 - -

The carrying amounts of deposits, denominated in Indian Rupees, approximate their fair values.

100 101 16. EQUIPMENT

NOTES TO THE Group Computers, furniture and equipment FINANCIAL STATEMENTS 2011 2010 $’000 $’000 For the financial year ended 31 March 2011 Cost Balance at beginning of financial year 10,519 9,847 Additions 92 476 Disposals/write-offs - (142) Translation differences (1,072) 338 Balance at end of financial year 9,539 10,519

15. DERIVATIVE FINANCIAL INSTRUMENTS Accumulated depreciation

Group Balance at beginning of financial year 8,846 7,345 2011 2010 Depreciation charge 847 1,370 Contract/ Fair values Contract/ Fair values Disposals/write-offs - (142) Notional Notional Amount Assets Liabilities Amount Assets Liabilities Translation differences (939) 273 $’000 $’000 $’000 $’000 $’000 $’000 Balance at end of financial year 8,754 8,846 Current Non-hedging instruments Net book value - currency forward (buy) 21,000 - (152) 36,000 - (1,444) - cross-currency interest Balance at end of financial year 785 1,673 16,275 4,088 - rate swaps 4,900 1,881 -

Balance at beginning of financial year 1,673 2,502 Non-Current Cash flow hedges

- interest rate swaps 50,000 (687) - - 17. INVESTMENT PROPERTIES UNDER CONSTRUCTION Total 1,881 (839) 4,088 (1,444) Group 2011 2010 Trust $’000 $’000 2010 2011 Cost Contract/ Fair values Contract/ Fair values Balance at beginning of financial year 149,035 103,534 Notional Notional Amount Assets Liabilities Amount Assets Liabilities Fair value gains 16,452 46 $’000 $’000 $’000 $’000 $’000 $’000 Additions during the year 37,954 66,064 Current Interest capitalised (Note 7) 3,426 Non-hedging instruments 7,618 Transfer (to)/from Investment properties - net (153,622) (28,582) - currency forward (buy) 21,000 - (152) 36,000 - (1,444) Translation differences (11,087) 4,547 Balance at end of financial year 149,035 Non-Current 46,350 Cash flow hedges

- interest rate swaps 50,000 - (687) - - Total - (839) - (1,444)

At 31 March 2011, the Group held cross-currency swap to exchange floating-rate JPY obligations for fixed-rate INR obligations. The fixed interest rates on interest rate swaps is 7.22% per annum and the floating rates range from 1.0% to 1.1% per annum, based on the 6 months JPY-Libor-BBA plus 0.55% spread.

During the year, the group also entered into interest rate swap to exchange floating rate interest, on SGD loan of S$ 50 million, into fixed-rate interest. As at 31 March 2011, the average fixed interest rate on interest rate swap is 4.42% per annum and the average floating rate is 3.08% per annum, based on the 6 months SGD SIBOR plus 2.65% spread.

102 103 20. SUBSIDIARY COMPANIES NOTES TO THE The details of the Trust’s subsidiary companies are as follows: Trust Subsidiary Principal Country of Class of Percentage of equity Cost of investment FINANCIAL STATEMENTS companies activities incorporation/ shares held by the Trust For the financial year ended 31 March 2011 place of business 2011 2010 2011 2010 % % $’000 $’000 Direct subsidiary company Ascendas Investment Property Fund vehicle of Singapore Ordinary 100 15,966 (India) Pte. 100 14,420 listed trust Ltd. * Ascendas Investment Property vehicle of Singapore Ordinary 100 - # - 18. INVESTMENT PROPERTIES Fund FDI *** listed trust

Group Indirect subsidiary companies 2011 2010 $’000 $’000 VITP Private Development, Limited ** owning and Cost management Balance at beginning of financial year 828,444 763,271 of information India Ordinary 100 100 technology Fair value gain/(loss) (1,045) 7,455 parks in Hyderabad Additions during this year 1,296 2,986 Disposals/write-offs - (156) Information Development, Transfer from/(to) investment properties under construction - net 153,622 28,582 Technology owning and Translation differences (85,813) 26,306 Park Limited ** management of information India Ordinary 92.8 92.8 technology Balance at end of financial year 896,504 828,444 parks in Bangalore Investment properties were valued annually at statement of financial position date by an independent professional valuer. Valuations were made on the basis of open market value which is on a highest and best use basis. It is the CyberPearl Development, intention of the Trustee-Manager to hold the investment properties for the long term. Information owning and Technology management Park Private of information India Ordinary 100 100 Total property expenses, recognised in the consolidated profit or loss, represents direct operating expenses arising Limited ** technology parks in from investment properties that generated rental income. The Group doesn’t have any investment properties that did Hyderabad. not generate rental income.

Ascendas IT Development, Investment properties amounting to $189,000,000 (2010: $213,000,000) are mortgaged to secure bank loans (Note 23). Park (Chennai) owning and Limited ** management of information India Ordinary 89 89 19. GOODWILL technology Group parks in Chennai 2011 2010 $’000 $’000 Hyderabad Development, Infratech owning and Pvt Ltd **** management of information India Ordinary - Balance at beginning of financial year 23,728 22,962 100 technology Translation differences (2,297) 766 SEZ in Hyderabad

Balance at end of financial year 21,431 23,728

Impairment tests for goodwill # Less than 1000 * Audited by PricewaterhouseCoopers LLP, Singapore Goodwill is allocated to the Group’s cash-generating unit (CGUs) identified according to countries of operation and ** Audited by member firm of PricewaterhouseCoopers business segment. The above goodwill has been allocated to the Group’s real estate investment in CGU in India. *** Company was incorporated on 31 January 2011. No requirement to be audited in the current financial year. **** Company was incorporated on 18 January 2011. No requirement to be audited in the current financial year. The recoverable amount of a CGU, including goodwill allocated to the CGU, was determined based on the fair value less costs to sell of the CGU. Fair value less costs to sell of the CGU has been determined by applying the yield rate of comparable market transactions to the Group as at the statement of financial position date. The yield rate is considered as 10.75% (2010: 10.75%) for calculating the fair value of respective CGU.

104 105 NOTES TO THE 22. TRADE AND OTHER PAYABLES Group 2011 2010 FINANCIAL STATEMENTS $’000 $’000 Current For the financial year ended 31 March 2011 Trade payables - non-related parties 442 369

Other payables - non-related parties - interest payable 2,608 2,227 - construction costs payable 5,374 4,854 - others 1,407 766 21. FINANCE LEASE RECEIVABLES - unitholder with significant influence over the Group - 1 - companies under common control by a unitholder that has significant Group influence over the Group 1,630 1,255 2011 2010 $’000 $’000 Advances Gross receivables due: - non-related parties 488 227 - Not later than one year 481 1,004 - Later than one year and not later than five years 303 867 Accruals 19,534 18,968 784 1,871 Rental deposits 29,880 23,122 Less: Unearned finance income (168) (456) Others 2,015 1,844 63,378 53,633 Net finance lease receivable 616 1,415

Non-current The net finance lease receivable may be analysed as follows: Rental deposits 28,453 37,127 Group Others 1,353 914 2011 2010 38,041 $’000 $’000 29,806 93,184 91,674

Not later than one year (Note 14) 344 734 Later than one year and not later than five years 272 681 Trust 2011 2010 $’000 $’000 616 1,415 Other payables - non-related parties 2,010 1,268 The exposure of non-current finance lease receivables to interest rate risks, currency risks and credit risks is disclosed - unitholder with significant influence over the Group 1,207 in Note 27. 1,199

The finance lease receivables are receivable over a period of 36 months commencing April 2011. Interest is charged Accruals at 23.79% per annum (2010: 22.337% per annum). - others 2,805 3,336 6,014 5,811 The carrying amounts of non-current finance lease receivables approximate their fair values.

The amounts owing to related companies, unitholder with significant influence over the oupGr and the companies under common control with that unitholder, are non-trade, unsecured, interest-free and repayable on demand.

The carrying amounts of trade and other payables approximate their fair values. The exposure of trade and other payables to interest rate risks and currency risks is disclosed in Note 27.

106 107 23. BORROWINGS (continued) NOTES TO THE Terms and debt repayment schedule Group Total Within 1 year After 1 year but FINANCIAL STATEMENTS within 5 years $’000 $’000 $’000 For the financial year ended 31 March 2011 2011 Secured bank loans - Variable rate loans - SGD term loan 49,412 - 49,412 - JPY term loan 6,999 6,999 - - INR term loan 49,722 11,200 38,522 106,133 18,199 87,394

23. BORROWINGS Unsecured notes - 5.255% 3 years medium term notes 59,805 - 59,805 Group 59,805 - 59,805 2011 2010 $’000 $’000 Current Total 165,938 18,199 147,739 Secured bank loans 18,199 68,855 Group Total Within 1 year After 1 year but Non-current within 5 years Secured bank loans 87,934 52,968 $’000 $’000 $’000 Unsecured medium term notes 59,805 59,693 2010 Secured bank loans 147,739 112,661 - Variable rate loans - SGD term loan 50,000 50,000 - 165,938 181,516 - JPY term loan 20,598 13,732 6,866 - INR term loan 51,225 5,123 46,102 Trust 121,823 68,855 52,968 2011 2010 $’000 $’000 Current Unsecured notes Secured bank loans - 50,000 - 5.255% 3 years medium term notes 59,693 - 59,693 59,693 - 59,693 Non-current Secured bank loans 49,412 - Total 181,516 68,855 112,661 Unsecured medium term notes 59,805 59,693 Security granted 109,217 59,693 As at 31 March 2011, the JPY and INR term loans are secured by mortgages over investment properties (Note 18). 109,217 109,693 The SGD term loan is secured by a pledge over the total issued share capital of Ascendas Property Fund (India) Pte Ltd The carrying values of the non-current borrowings approximate their fair values. and a negative pledge over the shares of the subsidiary companies. Trust Total Within 1 year After 1 year but within 5 years $’000 $’000 $’000 2011 Secured bank loans - SGD term loan 49,412 - 49,412 Unsecured notes - 5.255% 3 years medium term notes 59,805 - 59,805 109,217 - 109,217 2010 Secured bank loans - SGD term loan 50,000 50,000 - Unsecured notes - 5.255% 3 years medium term notes 59,693 - 59,693 109,693 50,000 59,693

108 109 25. RESERVES (a) Foreign currency translation reserve NOTES TO THE Group 2011 2010 FINANCIAL STATEMENTS $’000 $’000 For the financial year ended 31 March 2011 Balance at beginning of financial year (133,979) (155,607) Net currency translation differences arising from translation from functional currency to presentation currency (64,908) 21,628 Balance at end of financial year (198,887) (133,979)

Trust 2011 2010 $’000 $’000 23. BORROWINGS (continued) Interest rate risks Balance at beginning of financial year (100,201) (114,527) Net currency translation differences arising from translation from The weighted average effective interest rates of total borrowings at the statement of financial position date were as follows: functional currency to presentation currency (37,957) 14,326 Group Balance at end of financial year (138,158) (100,201) 2011 2010 Secured bank loans (b) Hedging reserve - SGD 3.08% 6.02% Group and Trust - JPY 0.95% 1.18% 2010 - INR 10.00% 2011 10.00% $’000 $’000

Unsecured notes Balance at beginning of financial year - - - 5.255% 3 years medium term notes 5.26% 5.26% Fair value change in interest rate swap (933) - Finance cost transferred to income statement - Trust 246 2011 2010 Balance at end of financial year (687) - Secured bank loans - SGD 3.08% 6.02% (c) Other reserves Group Unsecured notes 2011 2010 - 5.255% 3 years medium term notes 5.26% 5.26% $’000 $’000

During the year, the group entered into an interest rate swap to exchange floating-rate interest, on SGD loan of S$50 million, Balance at beginning of financial year 4,865 into average fixed-rate interest of 4.42% per annum. The Group also has a cross currency swap to swap JPY denominated 16,654 borrowings into INR and to exchange floating-rate JPY obligations for fixed rate INR obligations at 7.22% per annum. Transfer from retained earnings 13,860 11,789 Balance at end of financial year 30,514 16,654 24. UNITS ON ISSUE Group and Trust Other reserve represent profits transferred to the statutory reserves of the Indian subsidiary companies under Indian 31 March 2011 31 March 2010 regulatory provisions.

Number of units Number of units (in thousands) $’000 (in thousands) $’000

Balance at beginning of financial year 761,893 590,597 756,641 587,298

Issue of new units 3,715 3,611 5,252 3,299

Balance at end of financial year 765,608 594,208 761,893 590,597

The holders of units are entitled to receive distribution as and when declared by the Trust. At any time, all the units in a class are of equal value and shall have equal rights and obligations.

All issued units are fully paid.

110 111 26. RELATED PARTY TRANSACTIONS (continued) NOTES TO THE (b) Property Manager’s management fees (continued) (iv) Marketing services For the marketing services, the property owner will pay the Property Manager the following commissions: FINANCIAL STATEMENTS (i) One month’s rent (including property and fit-out rental) for every lease with duration of less than one year; For the financial year ended 31 March 2011 (ii) One and a half months’ rent (including property and fit-out rental) for every lease with a duration of between one and three years; (iii) Two months’ rent for every lease with duration of more than three but not exceeding ten years; (iv) 2% of the total lease payment for the entire lease period for every lease with a duration exceeding ten years; (v) Renewal of an existing lease will be calculated at half of the above commission otherwise payable for a new tenancy; (vi) 2% of the total sale consideration for the sale of property.

(v) Project management services For the project management services, the property owner will pay the Property Manager a fee of 2% of the 26. RELATED PARTY TRANSACTIONS construction cost for development, re-development, refurbishment, retrofitting, addition and alteration and renovation works to the property. The Group has entered into several service agreements in relation to the management of the Trust and its property operations. These agreements are entered into with the Trustee-Manager and Ascendas Services (India) Private In addition to the transactions disclosed elsewhere in the financial statements, the following are related party Limited (the “Property Manager”), which are companies that are controlled by a unitholder that has significant transactions during the financial year based on agreed terms: influence over the Group. The fee structures of these services are as follows: Group (a) Trustee-Manager’s fees 2011 2010 $’000 (i) Management and trustee fees $’000 The Trustee-Manager shall be entitled to receive a base fee of 0.5% per annum of the value of the Trust Property. Companies under common control with a unitholder that has significant influence over the Group: The Trustee-Manager shall be entitled to receive a trustee fee of 0.02% per annum of the value of the Trust Property. Trustee-Manager’s fees paid/payable 7,254 7, 01 5 Property Manager’s fees paid/payable

(ii) Postponement, reduction of fees - Property management services 2,424 2,405 The Trustee-Manager may postpone the receipt of any fee (or any part of a fee) or charge a lower fee than it is - Lease management services 1,212 1,203 entitled to receive under the Trust Deed. - General management fee 2,306 2,027 (iii) Performance fees - Marketing services 2,925 2,166 The Trustee-Manager is entitled to receive a performance fee of 4% per annum of the Trust’s net property income. - Project management fees capitalised 414 1,246 Office rental income received/receivable 590 601 (iv) Acquisition / divestment fees The Trustee-Manager is entitled to a fee upon the acquisition of an asset by any subsidiary company calculated as 1% of the acquisition value of the investment. 27. FINANCIAL RISK MANAGEMENT Financial risk factors The Trustee-Manager is entitled to a fee upon the disposal / divestment of an asset by any subsidiary company The Group’s activities expose it to market risk (including currency risk and interest rate risk), credit risk and liquidity calculated as 0.5% of the sale value of the investment. risk in the normal course of its business. The Group’s overall risk management strategy seeks to minimise adverse effects from the unpredictability of financial markets on the Group’s financial performance. The Group uses financial (b) Property Manager’s management fees instruments such as currency forwards, interest rate and foreign currency swaps to hedge certain financial (i) Property management services risk exposures. For the property management services, the property owner will pay the Property Manager a fee calculated based on 2% of the total property income of each property. The Trustee-Manager is responsible for setting the objectives and underlying principles of financial risk management for the Group. This is supported by comprehensive internal processes and procedures which are formalised in the (ii) Lease management services Trustee-Manager’s organisational and reporting structure, operating manuals and delegation of authority guidelines. For the lease management services, the property owner will pay the Property Manager a fee calculated based on 1% of the total property income of each property. The Audit Committee oversees how management monitors compliance with the Group’s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. (iii) General management services The Audit Committee is assisted in its oversight role by Internal Audit. Internal Audit undertakes both regular and For the general management services, the property owner will pay the Property Manager the overall costs incurred adhoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee. plus 20% over and above the cost incurred. This fee is exclusive of the costs which shall be directly attributable to the property owner. (a) Market risk (i) Currency risk The Group is exposed to foreign currency risk on purchases and borrowings that are denominated in a currency other than the functional currency of the Trust and its subsidiary companies. The currencies giving rise to this risk are primarily Singapore Dollar, U.S. Dollar and Japanese Yen.

112 113 27. FINANCIAL RISK MANAGEMENT (continued) NOTES TO THE Financial risk factors (continued) (a) Market risk (continued) FINANCIAL STATEMENTS (i) Currency risk (continued) INR SGD USD JPY TOTAL For the financial year ended 31 March 2011 $’000 $’000 $’000 $’000 $’000 At 31 March 2010 Financial Assets Cash and cash equivalents 41,729 55,203 263 - 97,195 Trade and other receivables (including finance lease receivables) 15,589 102 - - 15,691 Other financial assets 7,308 3 - - 7,311

27. FINANCIAL RISK MANAGEMENT (continued) Financial Liabilities Financial risk factors (continued) Trade and other payables (85,760) (5,914) - - (91,674) (a) Market risk (continued) Borrowings (51,225) (109,693) - (20,598) (181,516) (i) Currency risk (continued) The Group’s distribution to unitholders is in Singapore Dollar. To enhance the stability of distribution to unitholders, the Group entered into forward contracts to hedge a substantial portion of the cash flow it expects to receive. Net financial (liabilities)/assets (72,359) (60,299) 263 (20,598) (152,993) The hedging of Indian Rupee cash flows receivable from the subsidiary companies is effected through a forward Less: Net financial liabilities denominated in the sale of Indian Rupees and purchase of Singapore Dollars. respective entities’ functional currencies 72,359 - - - 72,359 Cross currency swaps - - - 20,598 20,598 In respect of other monetary assets and liabilities held in currencies other than the Indian Rupees, the Group Currency forwards - 36,000 - - 36,000 ensures that the net exposure is kept to an acceptable level by buying and selling foreign currencies at spot rates, where necessary, to address short term imbalances. Net currency exposure - (24,299) 263 - (24,036)

The Group’s main currency exposure based on the information provided to key management is as follows: The Group has a cross currency swap to swap JPY denominated borrowings into INR amounting to $5 million (2010: $16 million).

INR SGD USD JPY TOTAL $’000 $’000 $’000 $’000 $’000 If SGD and USD change against INR by 10% (2010: 10%) and 10% (2010: 10%) respectively with all other variables including tax rate being held constant, the effects from the net financial liability/asset position will be as follows: At 31 March 2011 Financial Assets 2011 2010 Cash and cash equivalents 39,067 1,163 63 - 40,293 <------Increase/(Decrease)------> Trade and other receivables (including finance Profit after tax Other Profit after tax Other lease receivables) 15,937 102 - - 16,039 Comprehensive Comprehensive Other financial assets 10,853 5 - - 10,858 Income Income $’000 $’000 $’000 $’000 Group Financial Liabilities SGD against INR Trade and other payables (84,891) (6,109) - (169) (91,169) - strengthened (9,306) - (2,430) - Borrowings (49,722) (109,217) - (6,999) (165,938) - weakened 9,306 - 2,430 - USD against INR - strengthened - 26 - Net financial (liabilities)/assets (68,756) (114,056) 63 (7,168) (189,917) 6 - weakened (6) - (26) - Less: Net financial liabilities denominated in the respective entities’ functional currencies 68,756 - - - 68,756 Cross currency swaps - - - 7,168 7,168 (ii) Cash flow and fair value interest rate risk The Group’s exposure to changes in interest rates relates primarily to interest- earning financial assets and interest- Currency forwards - 21,000 - - 21,000 bearing financial liabilities. Cash flow interest rate risk is the risk that the future cash flows of a financial instrument Net currency exposure - (93,056) 63 - (92,993) will fluctuate because of changes in market interest rates.

Fair value interest rate risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market interest rates. As the Group has no significant interest-bearing assets, its income and operating cash flows are substantially independent of changes in market interest rates.

114 115 27. FINANCIAL RISK MANAGEMENT (continued) NOTES TO THE Financial risk factors (continued) (b) Credit risk (continued) (ii) Financial assets that are past due and/or impaired (continued) 2011 2010 FINANCIAL STATEMENTS $’000 $’000 For the financial year ended 31 March 2011

Past due 0 to 3 months 2,495 2,248 Past due over 3 months 4,385 2,903 6,880 5,151

The carrying amounts of trade receivables and advances recoverable determined to be impaired and the movement in the related allowance for impairment are as follows:

2011 2010 27. FINANCIAL RISK MANAGEMENT (continued) $’000 $’000 Financial risk factors (continued) Group (a) Market risk (continued) Gross amount 3,678 2,527 (ii) Cash flow and fair value interest rate risk(continued) Less: Allowance for impairment (3,678) (2,370) The Group’s exposure to cash flow interest rate risks arises mainly from variable–rate borrowings. The Group - 157 borrows at variable rates mainly in SGD and INR. If interest rates increase/decrease by 0.5% (2010: 0.5%) with all other variables including tax rate being held constant, the profit after tax will be lower/higher by $252,000 (2010: Beginning of financial year 2,914 S$510,664) as a result of higher/lower interest expense on these borrowings. 2,370 Currency translation difference (206) 22 The Group holds a cross-currency swap to exchange floating-rate JPY obligations for fixed-rate INR obligations Allowance made 1,514 182 which is recognised at fair value. During the year, the group also entered into interest rate swap to exchange Allowance written back - (748) floating-rate interest, on SGD loan of S$50 million, into fixed-rate interest and the same is recognised at fair value. End of financial year 3,678 2,370

(b) Credit risk The Group establishes an allowance for impairment that represents its estimate of incurred losses of trade and Credit risk is the potential financial loss esultingr from the failure of a customer or counterparty to settle its financial other receivables. This allowance is a specific loss component that elatesr to individually significant exposures. and contractual obligations to the Group, as and when they fall due. The allowance account in respect of trade and other receivables is used to record impairment losses unless the Group is satisfied that no ecoveryr of the amount owing is possible. At that point, the financial asset is The Trustee-Manager has established credit limits for customers and monitors their balances on an ongoing basis. considered irrecoverable and the amount charged to the allowance account is written off against the carrying Credit appraisal is performed by the Trustee-Manager before lease agreements are entered into with customers. The amount of the impaired financial asset. risk is also mitigated due to customers placing significant amount of security deposits for lease and fit-out rentals. Cash and short-term bank deposits are placed with financial institutions which are regulated. (c) Liquidity risk The Trustee-Manager monitors and maintains a level of cash and cash equivalents deemed adequate to finance the At the statement of financial position date, there was no significant concentration of editcr risk. The maximum exposure Group’s operations. In addition, the Trustee-Manager also monitors and observes the bank covenants imposed by the to credit risk is represented by the carrying value of each financial asset in the statement of financial position. banks on the various borrowings.

The credit risk for trade receivables based on the information provided to key management is as follows: The table below analyses the maturity profile of the Group’s financial liabilities (including derivative financial liabilities) (i) Financial assets that are neither past due nor impaired based on contractual undiscounted cash flows. Bank deposits that are neither past due nor impaired are mainly deposits with banks which are regulated. Trade and other receivables (including finance lease receivables) that are neither past due nor impaired are Group Less than 1 year Between 1 and 2 Between Over 5 years substantially from companies with a good collection track record with the Group. years 2 and 5 years $’000 $’000 $’000 $’000 Deposits that are neither past due nor impaired are substantially due from the Indian Statutory undertakings and As at 31 March 2011 represent retention money paid as guarantee deposits. Management doesn’t foresee any uncertainty in ultimate Net-settled interest rate swaps (2.232) {2,208) (2,699) - collection of these amounts. Gross-settled currency forwards - Receipts 21,000 - - - (ii) Financial assets that are past due and/or impaired There is no other class of financial assets that is past due and/or impaired except for trade receivables and - Payments (21,071) - - - advances recoverable. Trade and other payables (63,378) (29,806) - - Borrowings (including interest) (23,640) (76,393) (81,267) - The age analysis of trade receivables and advances recoverable past due but not impaired is as follows: (89,321) (108,407) (83,966) -

116 117 27. FINANCIAL RISK MANAGEMENT (continued) NOTES TO THE Financial risk factors (continued) (d) Capital risk (continued) The Group is in compliance with the borrowing limit requirements imposed by the Trust Deed and all externally FINANCIAL STATEMENTS imposed capital requirements for the financial years ended 31 March 2011 and 2010. For the financial year ended 31 March 2011 (e) Fair value measurements The assets and liabilities are measured at fair value and classified by level of the following fair value measurement hierarchy: (a) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); (b) inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (is as prices) or indirectly (ie derived from prices) (Level 2); and (c) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).

As at 31 March 2011, there are no financial assets and liabilities which are categorised in Level 1 and Level 3. 27. FINANCIAL RISK MANAGEMENT (continued) Financial risk factors (continued) As at 31 March 2011, the Group has forward foreign exchange contracts and cross currency swap, which are (c) Liquidity risk (continued) categorised in Level 2. The fair value of forward foreign exchange contracts is determined using mark-to-market valuation, which is calculated on the basis of quoted forward exchange rates at the balance sheet date, received Group Less than 1 year Between 1 and 2 Between Over 5 years from respective banking and financial institutions. The fair value of interest rate swap and cross currency swap are years 2 and 5 years $’000 $’000 $’000 $’000 also determined using mark-to-market valuation, which is calculated as the present value of the estimated future cash flows, received from respective banking and financial institutions. These derivative financial instruments are As at 31 March 2011 recognised at fair value in these financial statements. Net-settled interest rate swaps (643) (27) - -

Gross-settled currency forwards The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair - Receipts 36,000 - - - values. The fair value of current borrowings approximates their carrying amount. - Payments (37,492) - - - 28. COMMITMENTS Trade and other payables (54,547) (37,127) - - As at the end of the financial year, the Group had the following commitments: Borrowings (including interest) (78,649) (24,348) (98,349) (5,209)

(135,331) (61,502) (98,349) (5,209) Development and capital expenditure for investment properties under construction:

2011 2010 The Group and Trust manage the liquidity risk by maintaining sufficient cash from borrowings and cash generated from $’000 $’000 operations to enable them to meet their capital expenditure and operating commitments. Amounts approved and contracted for 252,997 45,924 (d) Capital risk Amounts approved but not contracted for 1,455 3,593 The Trustee-Manager’s objective when managing capital is to optimise the Group’s capital structure within the borrowing 254,452 49,517 limits set out in the Trust Deed to fund future acquisitions and asset enhancement works at the Group’s properties. To maintain or achieve an optimal capital structure, the Trustee-Manager may issue new units or source additional borrowing For financial year ended 31 March 2011, amount approved and contracted for includes S$247.4 million pertaining to from both financial institutions and capital markets. the acquisition of five buildings in Hitec City 2 Special Economic Zone in Hyderabad. Two of the buildings are completed and 100% occupied, while the other three buildings are expected to be ready over the next 4 to 5 years. The Trustee-Manager monitors capital based on gearing ratio. Under the Trust Deed, the Group is required to maintain The acquisition, subject to certain regulatory approvals and satisfaction of certain conditions by the vendor, is a gearing ratio of not exceeding 35% (2010: 35%) without credit rating or 60% (2010: 60%) with credit rating or unless expected to close in the next 2 months. specifically approved by the Unitholders in the general meeting. The gearing ratio is calculated as total borrowings divided by market value of the properties. Operating lease commitments – where a group company is a lessor Group The Group leases out investment properties under non-cancellable operating leases with varying terms, escalation 2010 2010 $’000 $’000 clauses and renewal rights.

The future minimum lease receivable under non-cancellable operating leases contracted for at the statement of Total Borrowings 165,938 181,516 financial position date but not recognised as eceivablesr is analysed as follows: Market value of properties 942,854 977,479 2011 2010 $’000 $’000 Gearing ratio 18% 19% Lease receivables:

- within 1 year 50,720 56,431 - after 1 year but within 5 years 48,427 47,545 - after 5 years 5,266 1,144 104,413 105,120

118 119 29. OPERATING SEGMENT (continued) NOTES TO THE Segment assets include all assets, except derivative financial assets, current income tax recoverable, deferred income tax assets and assets specifically attributable to corporate activities. Segment liabilities comprise operating liabilities and exclude borrowings, derivative financial liabilities, deferred income tax liabilities and liabilities specifically FINANCIAL STATEMENTS attributable to corporate activities. For the financial year ended 31 March 2011 30. DISTRIBUTION TO UNITHOLDERS Group and Trust 2010 2010 $’000 $’000 Distribution paid: Exempt distribution of 4.07 cents per unit paid on 26 May 2009 - 30,834 Exempt distribution of 3.91 cents per unit paid on 26 Nov 2009 - 29,769 Exempt distribution of 3.64 cents per unit paid on 26 May 2010 27,754 - Exempt distribution of 3.36 cents per unit paid on 22 Nov 2010 25,703 - 29. OPERATING SEGMENT 53,457 60,603 The CODM makes the strategic resource allocation and assesses performance of the operating segments. The CODM considers the operating segments based on the portfolio of investment properties. The reportable operating segment A tax-exempt distribution of 3.22 cents per unit amounting to $24,652,570 will be proposed on 27 April 2011 by derives income from the “Rental of Investment Properties”. The Group has only one operating segment as it operates the Board of Directors of the Trustee-Manager. These financial statements do not reflect this distribution, which will be primarily in India. accounted for in Unitholders’ funds as an appropriation of revenue reserve in the financial year ending 31 March 2012.

The segment’s results provided to CODM for the reportable segment is as follow: 31. CONTINGENT LIABILITIES 2011 2010 $’000 $’000 VITP Private Limited and Cyber Pearl Information Technology Park Private Limited (subsidiary companies of the Group) Segment revenue 121,506 120,862 had received demand notices from the Commercial Tax Department of Andhra Pradesh levying Value Added Tax (“VAT”) Segment result 70,576 73,793 on lease rentals attributable to fit-outs. In the opinion of the rustee-Manager,T fit-outs and furniture are considered as integral part of the investment property which is ‘immovable property’ whereas VAT is only levied on the ‘moveable A reconciliation of profit after tax is provided as follows: property’. Appeals against such demand notices are being filed by the subsidiary companies. The potential tax Segment results 70,576 73,793 exposure, attributable to such demand notices and not recognised in these financial statements, is estimated to be INR Trustee-Manager fees (7,254) (7,015) 28,427,000 (2010: INR 43,182,727) (equivalent to $796,000 (2010: $1,338,665)). Other trust operating expense (1,456) (1,738) Loss on derivative financial instruments (1,426) (6,549) 32. NEW OR REVISED ACCOUNTING STANDARDS AND INTERPRETATIONS Gain on investment properties 15,407 7,501 Below are the mandatory standards, amendments and interpretations to existing standards that have been published Finance cost (5,051) (5,956) and are relevant for the Group’s accounting periods beginning on or after 1 April 2011 or later periods: Exchange loss (9,252) 5,793 Interest income 3,484 2,442 (a) Amendments to FRS 24 – Related party disclosures (effective for annual periods beginning on or after 1 January 2011) Income tax (23,600) (16,558) 40,523 52,618 The amendment removes the requirement for government-related entities to disclose details of all transactions with the government and other government-related entities. It also clarifies and simplifies the definition of a related party. The segment’s assets and liabilities provided to CODM for the reportable segment is as follow: (b) Amendments to FRS 32 Financial Instruments: Presentation – classification of rights issues (effective for annual Total segment assets 1,032,308 1,069,720 Total segment liabilities 87,025 85,707 periods beginning on or after 1 February 2010) The amendment addresses the accounting for rights issues (rights, options or warrants) dominated in a currency Reportable segment’s assets are reconciled to total assets as follows: other than the functional currency of the issuer. The amendment requires that, if such rights issued are issued pro rata on an entity’s existing shareholders for a fixed amount of any currency, they should be classified as equity, Segment assets for reportable segment 1,032,308 1,069,720 Unallocated: regardless of the currency in which the exercise price is denominated. Cash and cash equivalents 1,230 55,469 Trade and other receivables 102 102 (c) Amendments to INT FRS 114 – Prepayments of a minimum funding requirement (effective for annual reports Other assets 32 284 commencing on or after 1 January 2011) Current income tax recoverable 16,183 16,903 This amendment applies only to companies that are required to make minimum funding contributions to a defined Derivative financial instruments 4,088 1,881 benefit pension plan. Total assets per the statement of financial position 1,051,736 1,146,566 33. AUTHORISATION OF FINANCIAL STATEMENTS Segment liabilities for reportable segment 87,025 85,707 These financial statements were authorised for issue in accordance with a resolution of the Board of Directors of the Unallocated: Trustee-Manager, Ascendas Property Fund Trustee Pte. Ltd. on 27 April 2011. Trade and other payables 6,159 5,967 Derivatives financial instruments 839 1,444 Borrowings 165,938 181,516 Deferred income tax liabilities 141,888 142,991

Total liabilities as per the statement of financial position 401,849 417,625

120 121 DIRECTORS’ REPORT AUDITED FINANCIAL The directors present their report to the shareholder together with the audited fi nancial statements of the Company for the fi nancial year ended 31 March 2011. STATEMENTS OF APFT Directors The directors of the Company in offi ce at the date of this report are as follows: For the fi nancial year ended 31 March 2011 Philip Yeo Liat Kok Michael Grenville Gray David Lim Tik En Sundaresh Menon (Resigned on 30 June 2010) Amal Ganguli Chong Siak Ching Jonathan Yap Neng Tong Rakesh Kumar Aggarwal Cavinder Bull (Appointed on 1 July 2010)

Arrangements to enable directors to acquire shares and debentures Neither at the end of nor at any time during the fi nancial year was the Company a party to any arrangement whose object was to enable the directors of the Company to acquire benefi ts by means of the acquisition of shares or debentures of the Company or any other body corporate.

CONTENT Directors’ interests in shares or debentures 123 Directors’ Report According to the register of directors’ shareholdings, none of the directors holding offi ce at the end of the fi nancial year had interest in the shares or debentures of the Company or its related corporations. 124 Statement by Directors Directors’ contractual benefi ts 125 Independent Auditor’s Report to the Shareholder of Ascendas Since the end of the previous fi nancial year, no director has received or become entitled to receive a benefi t by reason of Property Fund Trustee Pte Ltd a contract made by the Company or a related corporation with the director or with a fi rm of which he is a member or with a company in which he has a substantial fi nancial interest except as disclosed in the accompanying fi nancial statements, and 126 Statement of Comprehensive Income except that certain directors receive remuneration as a result of their employment with related corporations. 127 Balance Sheet Share options 128 Statement of Changes in Equity There were no options granted during the fi nancial year to subscribe for unissued shares of the Company. 129 Cash Flow Statement No shares have been issued during the fi nancial year by virtue of the exercise of options to take up unissued shares of the 130 Notes to Audited Financial Statements of APFT Company.

There were no unissued shares of the Company under option at the end of the fi nancial year.

Independent auditor Ernst & Young LLP have expressed their willingness to accept reappointment as auditors.

On behalf of the Board of Directors

Chong Siak Ching Jonathan Yap Neng Tong Director Director

27 April 2011

122 123 INDEPENDENT AUDITOR’S REPORT AUDITED FINANCIAL To the shareholder of Ascendas Property Fund Trustee Pte. Ltd. Report on the Financial Statements STATEMENTS OF APFT We have audited the accompanying financial statements of Ascendas Property Fund Trustee Pte. Ltd. (the “Company”) For the financial year ended 31 March 2011 set out on pages 126 to 145, which comprise the balance sheet of the Company as at 31 March 2011, the statement of comprehensive income, statement of changes in equity and cash flow statement for the financial year then ended, and a summary of significant accounting policies and other explanatory notes. The financial statements for the financial year ended 31 March 2010 were audited by another auditor whose report dated 29 April 2010 expressed an unqualified opinion on those statements.

Management’s Responsibility for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Singapore Companies Act, Cap. 50 (the “Act”) and Singapore Financial Reporting Standards, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets STATEMENT BY DIRECTORS are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are In the opinion of the directors, recorded as necessary to permit the preparation of true and fair profit and loss accounts and balance sheets and to maintain accountability of assets. a) the accompanying balance sheet, statement of comprehensive income, statement of changes in equity, and cash flow statement together with notes thereto are drawn up so as to give a true and fair view of the state of affairs of the Auditor’s Responsibility Company as at 31 March 2011 and of the results of the business, changes in equity and cash flows of the Company Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in for the year ended on that date, and accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts misstatement. as and when they fall due. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material On behalf of the Board of Directors misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. Chong Siak Ching Joanthan Yap Neng Tong Director Director We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 27 April 2011 Opinion In our opinion, the financial statements of the Company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Company as at 31 March 2011 and the results, changes in equity and cash flows of the Company for the financial year ended on that date.

Report on other Legal and Regulatory Requirements In our opinion, the accounting and other records required by the Act to be kept by the Company have been properly kept in accordance with the provisions of the Act.

ERNST & YOUNG LLP Public Accountants and Certified Public Accountants Singapore

27 April 2011

124 125 BALANCE SHEET AUDITED FINANCIAL As at 31 March 2010 Notes 2011 2010 $’000 $’000 STATEMENTS OF APFT ASSETS For the financial year ended 31 March 2011 Non-current assets Property, plant and equipment 9 11 14 Available-for-sale financial assets 10 14,057 10,750 Deferred tax assets 8 15 9 14,083 10,773

Current assets Trade and other receivables 11 8,432 18,485 Prepayment 61 STATEMENT OF COMPREHENSIVE INCOME 41 Deposit 7 7 Notes 2011 2010 8,480 18,553 $’000 $’000

Total assets 22,563 29,326 Revenue 4 7,254 7, 01 5 Other gains 5 901 688 LIABILITIES Current liabilities Expenses Trade and other payables 12 1,329 4,893 Depreciation of property, plant and equipment 9 (10) (10) Current income tax liabilities 8 794 851 Employee compensation 6 (1,955) (1,155) 2,123 5,744 Other operating expenses 7 (747) (718) Total expenses (2,752) (1,883) Total liabilities 2,123 5,744

Profit before income tax 5,403 5,820 NET ASSETS 20,440 23,582

Income tax expense 8 (741) (827) EQUITY Share capital 13 1,000 1,000 Net profit 4,662 4,993 Fair value reserve 14 1,934 2,238 Revenue reserve 17,506 20,344 Other comprehensive income/(loss), net of tax: Available-for-sale financial assets TOTAL EQUITY 20,440 23,582 - fair value gains/(losses) 10 (304) 4,419

Total comprehensive income 4,358 9,412

126 127 CASH FLOW STATEMENT

AUDITED FINANCIAL 2010 2011 $’000 $’000 STATEMENTS OF APFT Cash flows from operating activities Net profit before tax 5,403 5,820 For the financial year ended 31 March 2011 Adjustments for:

Depreciation of property, plant and equipment 10 10 Dividend income (901) (688) Fund management fee received/receivable in units of listed property trust (3,540) (3,435) Operating cash flow before working capital changes 972 1,707

Changes in operating assets and liabilities

Trade and other receivables 9,982 2,209 STATEMENT OF CHANGES IN EQUITY Other current assets 20 (61) Trade and other payables (16) Shared Fair value Revenue Total (3,564) Notes capital reserve reserves equity Cash generated from operations 7,410 3,839 $’000 $’000 $’000 $’000 2011 Income tax paid (804) (4,527) 1,000 2,238 20,344 23,582 Beginning of financial year Net cash generated from / (used in) operating activities 6,606 (688) Net Profit - - 4,662 4,662 Other comprehensive income: Cash flows from investing activities Available-for sale financial assets fair value losses - (304) - (304) Purchase of property, plant and equipment (7) - Dividends 15 - - (7,500) (7,500) Dividend received 901 688 1,000 1,934 17,506 20,440 End of financial year Net cash generated from investing activities 894 688

2010 Cash flows from financing activities Beginning of financial year 1,000 (2,181) 19,351 18,170 Dividend paid (7,500) - Net Profit - - 4,993 4,993 Net cash used in financing activities (7,500) - Other comprehensive income: Available-for sale financial assets fair value gains - 4,419 - 4,419 Net increase in cash and cash equivalents - - Dividends 15 - - (4,000) (4,000) Cash and cash equivalents at beginning of financial year - - End of financial year 1,000 2,238 20,344 23,582 Cash and cash equivalents at end of financial year - -

128 129 2. SIGNIFICANT ACCOUNTING POLICIES (continued) NOTES TO AUDITED FINANCIAL 2.2 Standards issued but not yet effective (continued) Revised FRS 24 Related Party Disclosures The revised FRS 24 clarifies the definition of a related party to simplify the identification of such relationships and to STATEMENTS OF APFT eliminate inconsistencies in its application. The revised FRS 24 expands the definition of a related party and would treat For the financial year ended 31 March 2011 two entities as related to each other whenever a person (or a close member of that person’s family) or a third party has control or joint control over the entity, or has significant influence over the entity. The revised standard also introduces a partial exemption of disclosure requirements for government-related entities. The Company is currently determining the impact of the changes to the definition of a related party has on the disclosure of related party transaction. As this is a disclosure standard, it will have no impact on the financial position or financial performance of the Company when implemented in the next financial year.

2.3 Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable for These notes form an integral part of and should be read in conjunction with the accompanying financial statements. the rendering of services in the ordinary course of the Company’s business activities. Revenue is presented, net of goods 1. CORPORATE INFORMATION and services tax, rebates and discounts. Revenue is recognised as follows: Ascendas Property Fund Trustee Pte. Ltd. (the “Company”) is a limited liability company, which is domiciled and a) Fees from provision of fund management (fund management fee, trustee fee, performance fee and acquisition fee incorporated in Singapore. It is a wholly-owned subsidiary company of Ascendas Investment Pte Ltd which is from a-iTrust) and other consultancy services are recognised when the services have been rendered. incorporated in Singapore and its ultimate holding entity is Jurong Town Corporation, a body incorporated by statute in Singapore. The address of its registered office and the principal place of business of the Company is 61 Science Park b) Dividend income is recognised when the right to receive payment is established. Road, #04-01, The Galen, Singapore Science Park II, Singapore 117525.

2.4 Property, plant and equipment The principal activities of the Company are those relating to investment advisor, property fund management and to act a) Measurement as fund manager and trustee for Ascendas India Trust (“a-iTrust”), a business trust listed on the Singapore Exchange Property, plant and equipment are initially recognised at cost and subsequently carried at cost less accumulated Securities Trading Limited. Prior to its listing, a-iTrust was originally constituted as a private trust and known as Ascendas depreciation and accumulated impairment losses (Note 2.5). India IT Parks Trust (“AIITPT”).

2. SIGNIFICANT ACCOUNTING POLICIES The cost of an item of property, plant and equipment includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by 2.1 Basis of preparation management. The financial statements of the Company have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”). The financial statements have been prepared on the historical cost basis except as disclosed in the b) Depreciation accounting policies below. Depreciation on property, plant and equipment is calculated using the straight line method to allocate their depreciable amounts over the estimated useful lives as follows: The preparation of financial statements in conformity with FRS requires management to exercise its judgement in the process of applying the Company’s accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgement or complexity, or areas where assumptions and Useful lives estimates are significant to the financial statements, are disclosed in Note 3. Renovations and improvements 5 years Computers, furniture and equipment 3 to 5 years The financial statements are presented in Singapore Dollars and all values presented are rounded to the nearest thousand ($’000) as indicated. The residual values, depreciation method and estimated useful lives of property, plant and equipment are reviewed, and adjusted as appropriate, at each balance sheet date. The effects of any revision are recognised in profit or loss when the The accounting policies adopted are consistent with those of the previous financial year except in the current financial changes arise. year, the Company has adopted all the new and revised standards and Interpretations of FRS (“INT FRS”) that are effective for annual periods beginning on or after 1 April 2010. The adoption of these standards and interpretations did c) Subsequent expenditure not have any effect on the financial performance or position of the Company. Subsequent expenditure relating to property, plant and equipment that has already been recognised is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow 2.2 Standards issued but not yet effective to the Company and the cost of the item can be measured reliably. All repair and maintenance expenses are The Company has not adopted the following standards and interpretations that have been issued but not yet effective: recognised in profit or loss when incurred.

Description Effective for annual periods beginning on or after d) Disposal On disposal of an item of property, plant and equipment, the difference between the net disposal proceeds and its Revised FRS 24 Related Party Disclosures 1 January 2011 carrying amount is taken to profit or loss.

Except for the revised FRS 24, the directors expect that the adoption of the other standards and interpretations above will have no material impact on the financial statements in the period of initial application. The nature of the impending changes in accounting policy on adoption of the revised FRS 24 is described below.

130 131 2. SIGNIFICANT ACCOUNTING POLICIES (continued) NOTES TO AUDITED FINANCIAL 2.6 Financial assets (continued) On disposal of a financial asset, the difference between the carrying amount and sale proceeds received and any STATEMENTS OF APFT cumulative gain or loss that had been recognised in other comprehensive income is recognised in profit or loss. For the financial year ended 31 March 2011 c) Initial measurement Financial assets are initially recognised at fair value plus transaction costs.

d) Subsequent measurement Available-for-sale financial assets are subsequently carried at fair value. Loans and receivables are subsequently carried at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the loans and eceivablesr are derecognised or impaired, and through the amortisation process

Interest and dividend income on available-for-sale financial assets are recognised separately in profit or loss. Changes in fair values of available-for-sale financial assets which are monetary instruments denominated in foreign currencies 2. SIGNIFICANT ACCOUNTING POLICIES (continued) are analysed into currency translation differences on the amortised cost of the assets and other changes. The 2.5 Impairment of non-financial assets currency translation differences are recognised in profit or loss and the other changes are recognised in the fair Property, plant and equipment are reviewed for impairment whenever there is any objective evidence or indication that value reserve. these assets may be impaired. When available-for-sale financial assets are sold or impaired, the accumulated fair value adjustments recognised in For the purpose of impairment testing of these assets, the recoverable amount (i.e. the higher of the fair value less cost to the fair value reserve are transferred to profit or loss as gain or loss on disposal of available-for-sale financial assets. sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, recoverable amount is determined for the CGU to e) Impairment which the asset belongs. The Company assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired and recognises an allowance for impairment when such evidence exists. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. i) Loans and receivables Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy, and default or The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit significant delay in payments are objective evidence that these financial assets ear impaired. or loss. The carrying amount of these assets is reduced through the use of an impairment allowance account which is An impairment loss for an asset is reversed if, and only if, there has been a change in the estimates used to determine calculated as the difference between the carrying amount and the present value of estimated future cash flows, the assets’ recoverable amount since the last impairment loss was recognised. The carrying amount of an asset is discounted at the original effective interest rate. When the asset becomes uncollectible, it is written off against the increased to its revised recoverable amount, provided that this revised recoverable amount does not exceed the carrying allowance account. Subsequent recovery of amounts previously written off is recognised against the same line item amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in in profit or loss. prior years. A reversal of impairment loss for an asset is recognised in profit or loss. The allowance for impairment loss account is reduced through profit or loss in a subsequent period when the 2.6 Financial assets amount of impairment loss decreases and the related decrease can be objectively measured. The carrying amount a) Classification of the asset previously impaired is increased to the extent that the new carrying amount does not exceed the The Company classifies its financial assets in the following categories: loans and receivables and available-for-sale. amortised cost had no impairment been recognised in prior periods. The classification depends on the nature of the asset and the purpose for which the asset was acquired. Management determines the classification of its financial assets at initialecognition. r ii) Available-for-sale financial assets In addition to the objective evidence of impairment described in Note 2.6(e)(i), a significant or prolonged decline i) Loans and receivables in the fair value of an equity security below its cost is considered as an indicator that the available-for-sale financial Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted asset is impaired. in an active market. They are presented as current assets, except for those maturing more than 12 months after the balance sheet date which are presented as non-current assets. Loans and receivables are presented as trade If any evidence of impairment exists, the cumulative loss that was recognised in the fair value reserve is reclassified and other receivables on the balance sheet. to profit or loss. The cumulative loss is measured as the difference between the acquisition cost (net of any principal repayments and amortisation) and the current fair value, less any impairment loss previously recognised as an ii) Available-for-sale financial assets expense. The impairment losses recognised as an expense on equity instruments are not reversed through profit or Available-for-sale financial assets include equity securities. Equity investment classified as available for sale are loss but recognised directly in other comprehensive income. those which are neither classified as held for trading nor designated at fair value through profit or loss. Impairment losses recognised in profit or loss on equity instruments classified as available-for-sale financial assets b) Recognition and derecognition are not reversed through profit or loss, until the equity instruments are disposed of. Financial assets are recognised on the balance sheet when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. Regular way purchases and sales of financial assets are recognised on trade-date–the date on which the Company commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership.

132 133 2. SIGNIFICANT ACCOUNTING POLICIES (continued) NOTES TO AUDITED FINANCIAL 2.9 Income taxes (continued) A deferred income tax asset is recognised to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilised except where the deferred tax asset STATEMENTS OF APFT relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that For the financial year ended 31 March 2011 is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at the end of each reporting period and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Deferred income tax is measured: (a) at the tax rates that are expected to apply when the related deferred income tax asset is realised or the deferred 2. SIGNIFICANT ACCOUNTING POLICIES (continued) income tax liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the 2.7 Financial liabilities balance sheet date; and (a) Initial recognition and measurement Financial liabilities are recognised on the balance sheet when, and only when, the Company becomes a party to the (b) based on the tax consequence that will follow from the manner in which the Company expects, at the balance sheet contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities date, to recover or settle the carrying amounts of its assets and liabilities. at initial recognition. Current and deferred income taxes are recognized as income or expenses in profit or loss, except to the extent that All financial liabilities are ecognisedr initially at fair value, and in the case of other financial liabilities, plus directly the tax arises from a business combination or a transaction which is recognised directly in equity. attributable transaction costs. 2.10 Provisions for other liabilities and charges (b)Subsequent measurement Provisions for other liabilities and charges are recognised when the Company has a present obligation (legal or The measurement of financial liabilities depends on their classification as follows: constructive) as a result of past events, it is more likely than not that an outflow of resources embodying economic (i) Other financial liabilities benefits will be required to settle the obligation and the amount can be reliably estimated. After initial recognition, financial liabilities other than those at fair value through profit or loss are subsequently measured at amortised cost, using the effective interest rate method. Gains and losses are recognised in profit or Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no loss when the liabilities are derecognised, and through the amortisation process. longer probable that an outflow of economic resources will be required to settle the obligation, the provision is reversed. If the effect of the time value of money is material, provisions are discounted using a current pre tax rate that reflects, The carrying amount of total financial liabilities carried at amortised cost amount to S$1,329,000 (2010: S$4,893,000). where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. (c)Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When 2.11 Employee compensation an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms (a) Defined contribution plans of an existing liability are substantially modified, such an exchange or modification is eatedtr as a derecognition of Defined contribution plans are post-employment benefit plans under which the Company pays fixed contributions into the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is separate entities such as Central Provident Fund on a mandatory or contractual basis. The Company has no further recognised in profit or loss. payment obligations once the contributions have been paid.

2.8 Fair value estimation of financial assets and liabilities (b) Employee leave entitlement The fair values of financial instruments traded in active markets (such as exchange-traded and over-the-counter Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the securities) are based on quoted market prices at the balance sheet date. The quoted market prices used for financial estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date. assets held by the Company are the current bid prices; the appropriate quoted market prices for financial liabilities are the current ask prices. 2.12 Currency translation (a) Functional and presentation currency The fair values of current financial assets and liabilities carried at amortised cost approximate their carrying amounts. Items included in the financial statements are measured using the currency of the primary economic environment in which the Company operates (“the functional currency”). The Company’s financial statements are presented in 2.9 Income taxes Singapore Dollar, which is the Company’s functional currency. Current income tax liabilities and assets for the current and prior periods are recognised at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively (b) Transactions and balances enacted by the balance sheet date. Transactions in currencies other than the functional currency (“foreign currencies”) are translated into the functional currency using the exchange rates at the dates of the transactions. Currency translation differences from the Deferred income tax is recognised for all temporary differences arising between the tax bases of assets and liabilities settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign and their carrying amounts in the financial statements except when the deferred income tax arises from the initial currencies at the closing rates at the balance sheet date are recognised in profit or loss. recognition of an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.

134 135 2. SIGNIFICANT ACCOUNTING POLICIES (continued) NOTES TO AUDITED FINANCIAL 2.17 Related parties (continued) (g) The party is a post-employment benefit plan for the benefit of the employees of the Company, or of any entity that is a related party of the Company.

STATEMENTS OF APFT 3. Critical accounting estimates, assumptions and judgements For the financial year ended 31 March 2011 Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical judgements in applying the entity’s accounting policies

Impairment of available-for-sale financial assets

The Company follows the guidance of FRS 39 in determining when an available-for-sale financial asset is considered impaired. This determination requires significant judgement. The Company evaluates, among other factors, the 2. SIGNIFICANT ACCOUNTING POLICIES (continued) duration and extent to which the fair value of a financial asset is below its cost, the financial health of and near-term 2.12 Currency translation (continued) business outlook for the investee, including factors such as industry and sector performance, changes in technology (b) Transactions and balances (continued) and operational and financing cash flow. Management is of the view that the factors considered for the purpose of Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the determining impairment of available-for-sale financial assets are appropriate and meet the requirements of FRS 39. exchange rates as at the dates of the initial transactions. Non-monetary items that are measured at fair values in foreign currencies are translated using the exchange rates at the date when the fair values are determined. 4. REVENUE Currency translation differences on non-monetary items whereby the gains or losses are recognised directly in equity, such as equity investments classified as available-for-sale financial assets are included in the fair 2011 2010 value reserve. $’000 $’000

2.13 Cash and cash equivalents Fund management fee from a-iTrust 4,418 4,075 Cash and cash equivalents comprise cash at bank. Trustee fee from a-iTrust 175 160 Performance fee from a-iTrust 2,661 2,780 2.14 Share capital 7,254 7, 01 5 Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against share capital.

2.15 Dividends Interim dividends are recorded in the financial year in which the dividends are declared payable. Final dividends are 5. OTHER GAINS recorded in the financial year in which the dividends are approved by the shareholders. Other gains comprise the following: 2011 2010 $’000 $’000 2.16 Government grants Grants from the government are recognised as a receivable at their fair value when there is reasonable assurance that Dividend income from a-iTrust 901 688 the grant will be received and the Company will comply with all the attached conditions. Government grants relating to Currency exchange gain # expenses are offset against the related expenses. # 901 688 2.17 Related parties # Less than $1,000 A party is considered to be related to the Company if: (a) The party, directly or indirectly through one or more intermediaries, (i) controls, is controlled by, or is under common control with the Company; (ii) has an interest in the Company that gives it significant influence over the Company; or 6. EMPLOYEE COMPENSATION (iii) has joint control over the Company; 2011 2010 $’000 $’000 (b) The party is an associate;

Salaries, wages and employee benefits (c) The party is a jointly-controlled entity; 1,868 1,119 Employer’s contributions to defined contribution plans including Central Provident Fund 129 71 (d) The party is a member of the key management personnel of the Company or its parent; Government Grant – Jobs Credit Scheme (2) (35) (e) The party is a close member of the family of any individual referred to in (a) or (d); or 1,995 1,155

(f) The party is an entity that is controlled, jointly controlled or significantly influenced by or for which significant voting The Jobs Credit Scheme is a cash grant introduced in the Singapore Budget 2009 to help business preserve jobs in the power in such entity resides with, directly or indirectly, any individual referred to in (d) or (e); or economic downturn. The Jobs Credit will be paid to eligible employers in 2009 in four payments and the amount an employer can receive would depend on the fulfillment of the conditions stated in the Scheme.

136 137 8. INCOME TAXES (continued) NOTES TO AUDITED FINANCIAL (a) Income tax expense (continued) The tax expense on profit differs from the amount that would arise using the Singapore standard rate of income tax due to the following:

STATEMENTS OF APFT 2010 2011 For the financial year ended 31 March 2011 $’000 $’000 Profit before income tax 5,403 5,820

Income tax using the statutory tax rate of 17% (2010: 17%) 919 989 Statutory stepped income exemption (26) (26) Income not subject to tax (153) (123) Under/(over) provision in respect of prior years 2 (6) Tax effect of non-deductible expenses # - 7. OTHER OPERATING EXPENSES Others (1) (7) Other operating expenses comprise the following: 741 827 2011 2010 $’000 $’000 (b) Movements in current income tax liabilities 2011 2010 $’000 Professional fees 3 33 $’000 Travel-related expenses 147 166 Beginning of financial year 4,539 Communication expenses 29 41 851 Income tax paid (4,527) Insurance expenses 99 44 (804) Tax expense 838 Directors’ fees 414 370 745 Under provision in respect to prior years 1 Others 55 64 2 End of financial year 851 747 718 794

2011 2010 8. INCOME TAXES $’000 $’000 (a) Income tax expense Deferred income tax asset 2011 2010 Provisions (15) (11) $’000 $’000 Tax expense attributable to profit is made up of: Current tax expense Deferred income tax liabilities Differences in depreciation for tax purposes - 2 - based on current year’s results 745 838 (15) (9) - under provision in respect of prior years 2 1

Deferred tax credit Movements in the deferred income tax account are as follows: 2010 - current year (6) (5) 2011 $’000 $’000 - over provision in respect of prior years - (7) Beginning of financial year (9) 3 741 827 Deferred taxation recorded in profit or loss (6) (12) End of financial year (15) (9)

138 139 10. AVAILABLE-FOR-SALE FINANCIAL ASSETS 2011 2010 NOTES TO AUDITED FINANCIAL $’000 $’000

STATEMENTS OF APFT Beginning of financial year 10,750 3,032 Additions 3,299 For the financial year ended 31 March 2011 3,611 Fair value (losses)/gains recognised in equity (Note 14) (304) 4,419 End of financial year 14,057 10,750

Non-current portion 14,057 10,750

Available-for-sale financial assets are analysed as follows: 2011 2010 $’000 $’000

9. PROPERTY, PLANT AND EQUIPMENT Quoted equity securities - Singapore 14,057 10,750

Renovations and Computers, furniture The Company measures the listed property trust units at fair value based on quoted market prices at the balance improvements and equipment Total sheet date. $’000 $’000 $’000 2011 Cost Beginning of financial year 10 30 40 11. TRADE AND OTHER RECEIVABLES 2010 Additions - 7 7 2011 $’000 $’000 End of financial year 10 37 47 Trade receivables - a-iTrust 3,854 3,989 Accumulated depreciation Beginning of financial year 6 20 26 Other receivables Depreciation charge 2 8 10 - non-related parties 2 1 End of financial year 8 28 36 - intermediate holding company 4,554 14,485 - other related company 22 10 4,578 14,496 Net book value 18,485 End of financial year 2 9 11 8,432

Other receivables from intermediate holding company and other related company are unsecured, interest-free and 2010 repayable on demand. Cost Beginning of financial year 10 30 40

Accumulated depreciation 12. TRADE AND OTHER PAYABLES Beginning of financial year 4 12 16 2011 2010 $’000 Depreciation charge 2 8 10 $’000 End of financial year 6 20 26 Other payables

- non-related parties 182 91 Net book value - other related companies 34 End of financial year 4 10 14 41 223 125

Dividend payable to immediate holding company - 4,000 Accrued operating expenses 1,106 768 1,329 4,893

Other payables to other related companies are unsecured, interest-free and repayable on demand.

Other payables to non-related parties represent mainly sundry payables and goods and services tax payable.

140 141 17. FINANCIAL RISK MANAGEMENT NOTES TO AUDITED FINANCIAL Financial risk management objectives and policies The Company’s activities expose it to market risk (including currency risk, price risk and interest rate risk), credit risk and liquidity risk. The Company’s overall risk management strategy seeks to minimise adverse effects from the STATEMENTS OF APFT unpredictability of financial markets on the Company’s financial performance. The Company sets policies, strategies and For the financial year ended 31 March 2011 mechanism, which aim at effective management of these risks within its unique operating environment.

Risk management is carried out in accordance with established policies and guidelines approved by the Board of Directors. Management continually monitors the Company’s risk management process to ensure that an appropriate balance between risk and control is achieved. Risk management objectives and policies are reviewed regularly to reflect changes in market conditions and the Company’s activities.

(a) Market risk (i) Currency risk The Company’s exposure to currency risk is minimal as its revenue, expenses, assets and liabilities are 13. SHARE CAPITAL substantially denominated in SGD. The Company’s share capital comprises fully-paid up 1,000,000 (2010: 1,000,000) ordinary shares with no par value, amounting to a total of $1,000,000 (2010: $1,000,000). (ii) Price risk The Company has available-for-sale investment in equity securities listed in Singapore and is exposed to price risk. The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per share without restrictions. Sensitivity analysis If prices for the equity securities listed in Singapore change by the percentages indicated below with all other 14. FAIR VALUE RESERVE variables including tax rates being held constant, the effects on profit after tax and equity will be as follows:

2011 2010 $’000 $’000 2011 2010

Profit After Tax Equity Profit After Tax Equity Beginning of financial year 2,238 (2,181) $’000 $’000 $’000 $’000 Fair value (losses)/gains on available-for-sale financial assets (Note 10) (304) 4,419 Equity security End of financial year 1,934 2,238 Listed in Singapore - increased by 16% (2010: 26%) - 2,249 - 2,795 - decreased by 16% (2010: 26%) - (2,249) - (2,795) 15. DIVIDENDS (iii)Interest rate risk 2011 2010 The Company is not exposed to any interest rate risk as its financial assets and liabilities are not interest-bearing. $’000 $’000 (b) Credit risk Ordinary dividends paid or proposed Credit risk is the potential financial loss esultingr from the failure of a customer or a counterparty to settle its financial Interim tax exempt (one-tier) dividend proposed and contractual obligations to the Company, as and when they fall due. In managing credit risk exposure, credit in respect of the financial year review and approval processes as well as monitoring mechanism are applied. of $7.50 (2010: $4) per share 7,500 4,000 For trade receivables, the Company adopts the policy of dealing only with customers of appropriate credit history, and obtaining sufficient security where appropriate to mitigate credit risk. For other receivables, the Company deals only 16. RELATED PARTY TRANSACTIONS with high credit quality counterparties. In addition to the information disclosed elsewhere in the financial statements, the following transactions took place between the Company and related parties at terms agreed between the parties: The maximum exposure to credit risk is represented by the carrying amount of that class of financial instruments presented on the balance sheet. 2011 2010 $’000 $’000 (i) Financial assets that are neither past due nor impaired Holding company: Trade receivables that are neither past due nor impaired are receivables from a-iTrust which represent the Fees paid/payable Company’s maximum exposure to credit risk. a-iTrust has relatively healthy financial position and management does not expect the company to fail to meet its obligations. - Directors’ fee 44 50

(ii) Financial assets that are past due and/or impaired Key management personnel compensation: There are no financial assets that are either past due and/or impaired. - salaries and other short term employee benefits 1,048 963 - post-employment benefits - contribution to CPF 28 22 1,076 985

142 143 18. COMPARATIVE FIGURES NOTES TO AUDITED FINANCIAL The financial statements for the financial year ended 31 March 2010 were audited by another firm of Certified Public Accountants. STATEMENTS OF APFT 19. AUTHORISATION OF FINANCIAL STATEMENTS These financial statements for the year ended 31 March 2011 were authorised for issue in accordance with a resolution of For the financial year ended 31 March 2011 the Board of Directors of Ascendas Property Fund Trustee Pte. Ltd. on 27 April 2011.

17. FINANCIAL RISK MANAGEMENT (continued) (c) Liquidity risk Excess cash in the Company will be transferred to the ultimate holding company for efficient cash management. To meet payment obligations in a timely manner, the ultimate holding company makes fund transfers back to the Company as and when the need arises.

The Company’s trade and other payables of $1,329,000 (2010: $4,893,000), based on contractual undiscounted cash flows, are due within 1 year from the balance sheet date.

(d) Capital risk The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain or achieve an optimal capital structure, the Company may adjust the amount of dividend payment, return capital to shareholder, issue new shares, obtain new borrowings or sell assets to reduce borrowings.

As at the balance sheet date, the Company does not have any external borrowings and total capital is the same as total equity.

The Company is not subject to any externally imposed capital requirements for the financial years ended 31 March 2011 and 2010.

(e) Fair value measurements The Company classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

(i) Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); (ii) Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (Level 2); and (iii) Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).

The following table presents the assets and liabilities measured at fair value at 31 March 2011.

Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000

Assets Available-for-sale financial assets 14,057 - - 14,057

The Company has no derivative financial instruments at 31 March 2011.

The carrying value of current trade and other receivables and payables approximate their fair values.

144 145 PUBLIC UNITHOLDERS UNITHOLDING STATEMENT Based on the information available to the Trustee-Manager as at 20 May 2011, approximately 50.06% of the number of Units issued is held by the public and therefore, the Trustee-Manager has complied with Rules 1207 and 723 of the SGX-ST AS AT 20 MAY 2011 Listing Manual which requires that at least 10% of the total number of Units issued is at all times held by the public. SUBSTANTIAL UNITHOLDERS (AS AT 20 MAY 2011)

Name Direct Deemed Total %

Ascendas Land International Pte Ltd 183,279,388 - 183,279,388 23.92

Ascendas Pte Ltd - 198,658,869 198,658,869 25.92 (1)

Jurong Town Corporation - 198,658,869 198,658,869 25.92 (1)

The Capital Group Companies, Inc - 71,933,400 71,933,400 9.38 (2)

ANALYSIS OF UNITHOLDINGS Matthews International Capital - 66,781,000 66,781,000 8.71 (3) Management, LLC Number of Units issued 766,189,843 Matthews International Funds - 66,141,000 66,141,000 8.63 (3) Market capitalisation S$ 720,218,452 Burton Ltd 43,094,000 - 43,094,000 5.62 Voting rights One vote per Unit IREO Fund II Ltd - 43,094,000 43,094,000 5.62 (4)

IREO Side Fund II Ltd - 43,094,000 43,094,000 5.62 (4) DISTRIBUTION OF UNITHOLDINGS

NO. OF NO. OF Notes : RANGE OF UNITHOLDINGS UNITHOLDERS % UNITS % (1) Jurong Town Corporation and Ascendas Pte Ltd are deemed to be interested in the Units held by Ascendas Land 1 - 999 11 0.10 1,773 0.00 International Pte Ltd and Ascendas Property Fund Trustee Pte Ltd. 1,000 - 10,000 9,043 80.93 25,959,379 3.39 (2) The Capital Group Companies, Inc is a holding company for several subsidiaries that engaged in investment 10,001 - 1,000,000 2,099 18.78 113,506,744 14.81 management activities. The Units are held in accounts under the discretionary investment management of one or moreof 1,000,001 AND ABOVE 21 0.19 626,721,947 81.80 the investment management companies.

TOTAL 11,174 100.00 766,189,843 100.00 (3) Matthews International Capital Management, LLC (“MICM”) is a USA-registered investment advisor and Matthews International Funds (“MIF”) is a USA-registered investment trust. MICM acts as an investment advisor to MIF and its other TWENTY LARGEST UNITHOLDERS clients. MICM has discretionary authority over its clients’ Units.

NO. NAME NO. OF UNITS % (4) IREO Fund II Ltd and IREO Side Fund II Ltd are deemed to be interested in the Units held by Burton Ltd. 1 ASCENDAS LAND INTERNATIONAL PTE LTD 183,279,388 23.92 2 CITIBANK NOMINEES SINGAPORE PTE LTD 101,844,281 13.29 3 DBS NOMINEES PTE LTD 88,176,186 11.51 4 DBSN SERVICES PTE LTD 67,331,800 8.79 5 RAFFLES NOMINEES (PTE) LTD 58,153,459 7.59 6 HSBC (SINGAPORE) NOMINEES PTE LTD 45,897,344 5.99 7 UNITED OVERSEAS BANK NOMINEES PTE LTD 29,146,408 3.80 8 ASCENDAS PROPERTY FUND TRUSTEE PTE LTD 15,379,481 2.01 9 MORGAN STANLEY ASIA (SINGAPORE) SECURITIES PTE LTD 7,698,000 1.00 10 BANK OF SINGAPORE NOMINEES PTE LTD 4,488,000 0.59 11 UOB KAY HIAN PTE LTD 3,919,000 0.51 12 OCBC SECURITIES PRIVATE LTD 3,351,000 0.44 13 DBS VICKERS SECURITIES (S) PTE LTD 3,260,000 0.43 14 MERRILL LYNCH (SINGAPORE) PTE LTD 3,084,564 0.40 15 DB NOMINEES (S) PTE LTD 2,877,036 0.38 16 PHILLIP SECURITIES PTE LTD 2,071,000 0.27 17 BNP PARIBAS NOMINEES SINGAPORE PTE LTD 1,577,000 0.21 18 KIM ENG SECURITIES PTE LTD 1,571,000 0.21 19 CHUA HONG THUAN 1,382,000 0.18 20 RAJIV MALHOTRA 1,135,000 0.15 TOTAL 625,621,947 81.67

146 147 GDP Gross Domestic Product GLOSSARY Group a-iTrust Group HRRC Human Resource & Remuneration Committee IC Investment Committee INR Indian Rupee INT FRS Interpretation to FRS IT Information Technology ITES Information Technology Enabled Services ITPB International Tech Park Bangalore ITPC International Tech Park Chennai ITPL Information Technology Park Ltd IT SEZ Information Technology Special Economic Zone a-iTrust / the Trust Ascendas India Trust JIPL Jurong International Holdings Pte Ltd AC Audit Committee JPY Japanese Yen AGM Annual General Meeting KPMG Messrs KPMG AIDT Ascendas India Development Trust Listing Manual The Listing Manual of SGX-ST AIITPT Ascendas India IT Parks Trust m million AITPCL Ascendas IT Park (Chennai) Limited MAS Monetary Authority of Singapore ALI / Sponsor Ascendas Land International Pte Ltd MNC Multi-National Corporation APFT / Trustee-Manager / the Company Ascendas Property Fund Trustee Pte Ltd NC Nominating Committee ASIPL / Property Manager Ascendas Services (India) Pvt Ltd NPI Net Property Income b billion Pvt / Pte Ltd Private Limited BFSI Banking, Financial Services and Insurance PwC Messrs PricewaterhouseCoopers LLP Board Board of Directors REIT Real Estate Investment Trust BPO Business Process Outsourcing ROFR Right of First Refusal BT Business Trust SBA Super Built-up Area BTS Build-to-Suit SEZ Special Economic Zone CAGR Compounded Annual Growth Rate SFA Singapore Securities and Futures Act CDP Central Depository (Pte) Limited SGD / S$ Singapore Dollar CEO Chief Executive Officer SGX-ST Singapore Exchange Securities Trading Limited CGU Cash-Generating Units SPV Special Purpose Vehicle CIS Code on Collective Investment Schemes Sq. ft. Square foot / feet CODM Chief Operating Decision Maker STI Straits Times Index CP CyberPearl STPI Software Technology Parks of India CPF Central Provident Fund The V The V, Hyderabad CPITPPL CyberPearl Information Technology Park Pvt Limited TIDCO Tamil Nadu Industrial Development Corporation Limited CSR Corporate Social Responsibility Trust Deed Trust Deed constituting a-iTrust (as amended on 28 June 2007) DPU Distribution Per Unit UK United Kingdom E&Y Ernst & Young USA United States of America EBITDA Earnings Before Interest Expense, Tax, Depreciation and Changes in USD United States Dollar Fair Value of Investment Properties VAT Value Added Tax Environment, Health & Safety EHS VCU Venture Capital Undertaking Foreign Direct Investment FDI VITPPL VITP Pvt Ltd FII Foreign Institutional Investment FRS Singapore Financial Reporting Standards FY Financial Year Ended / Ending 31 March FY2010/2011 Financial Year Ended 31 March 2011

148 149 A INDIA: ECONOMIC & COMMERCIAL REAL ESTATE OVERVIEW APPENDIX - INDEPENDENT 1 India Economic Overview India is the world’s twelfth largest economy at market exchange rates and the fourth largest economy when adjusted for purchasing power parity1. With growing urbanisation, 30% of the Indian population currently is city-dwelling and by 2050, MARKET RESEARCH REPORT the percentage is expected to touch 55%2. By Cushman & Wakefield India Indian economy has been one of the fastest growing economies in the world and has consistently demonstrated a positive growth rate averaging just below 9% over the last five-years3. With the onset of global recession, India’s economy did suffer a visible impact. By the third quarter of 2008, India felt the tremors of the economic meltdown. However, in spite of the meltdown, the estimated Gross Domestic Product (“GDP”) for 2010 – 11 was INR 48,792 billion4 (USD 1,084 billion5) as compared to INR 44,937 billion (USD 998 billion) for 2009 – 10 (+8.6% year on year). The GDP for April, 2010 – December, 2010 was at INR 35,534 billion (USD 789 billion) as compared to INR 32,713 billion (USD 726 billion) for April, 2009 – December, 2009 (8.6% year on year). The projected growth rate of GDP for 2011 – 12 estimated at 9%6 suggests that domestic momentum remains strong for India.

This independent market research has been carried out by Cushman & Wakefield India as per the requirements stated by and There are several progressive indicators for the economy at large, including positive estimates for the GDP, exports is addressed to its client, Ascendas Property Fund Trustee Pte Ltd (as Trustee-Manager of Ascendas India Trust). The report and Foreign Direct Investment (“FDI”) for the year ahead. India’s exports during the year 2010-11 amounted to USD expresses Cushman & Wakefield India’s independent opinion and not necessarily that of Ascendas Property Fund Trustee Pte 245.8 billion (provisional), as compared to USD 178.7 billion recorded during 2009-10. India’s imports during 2010-11 Ltd (as Trustee-Manager of Ascendas India Trust). stood at USD 350.7 billion (provisional), as compared to USD 288.3 billion during 2009-10. Overall, trade deficit for 2010- 11 amounted to USD 104.9 billion (provisional), as compared to USD 109.6 billion during 2009-10. In line with the rebound in global economic activity and trade, India’s exports have registered positive growth rates since November 31 March 2011 20097. India’s foreign exchange reserves increased to USD 279.1 billion by March 2010, from USD 252.0 billion as on March 2009 and have further increased to USD 294.0 billion as at January 7, 2011. In the recent times, India has entered into several Free Trade Agreements and Preferential Trade Agreements like South Asia Free Trade Agreement (SAFTA), A India: Economic & Commercial Real Estate Overview F Hyderabad Commercial Market Overview Global System of Trade Preferences (GSTP), Asia Pacific Trade Agreement (APTA), India-ASEAN FTA and others, with the 1 India Economic Overview 1 Micro-Market Description objective of promoting trade with many countries and regional groupings of which Commonwealth countries are 2 Investment Scenario in India 2 Supply, Absorption & Vacancy Trends members8. As per the Ministry of Commerce & Industry, Government of India, the country registered exports of USD 3 Overview of IT/ITES Industry in India 3 Supply, Absorption Trends for Office Space in Suburban Market 164.7 billion (INR 7,516 billion ) during the year April – December, 2010 registering a growth of 29.5% in Dollar terms 4 Overview of Office Space Market in India and 23.4% in Rupee terms over the same period last year9. 5 Outlook G The V: Property Analysis 1 Introduction The Indian banks too have emerged stronger and have made it to the list of ‘Top 500 Global Financial Brands 2009’ with B Bangalore Commercial Market Overview 2 Profile of The V, Hyderabad the biggest gainer being HDFC Bank, besides 13 government-run, new entrants. Indian banks have been considered 1 Micro-Market Description 3 Location & Accessibility safe and secure with net average NPA of 1% in 2009-10. The Average Capital Adequacy Ratio (“CAR”) of private sector 2 Supply, Absorption & Vacancy Trends 4 Tenant Mix banks improved from 15.23% in FY 2008-2009 to 17.45% in 2009-1010, indicating a strong performance by the Indian 3 Supply and Absorption Trends in PBD for Commercial Space 5 Development Performance 6 Competition Analysis banking sector. C ITPB: Property Analysis 7 SWOT Analysis 1 Introduction The Indian Economy is growing at a faster pace after the recent recession; however the rising global commodity and 2 Location & Accessibility H CyberPearl: Property Analysis crude oil prices would have an adverse affect on the inflation and trade deficit. Indian economy being second fastest 3 Tenant Mix 1 Profile of CyberPearl, Hyderabad growing economy in Asia with a well established banking system and vibrant trade links, provides a great opportunity for 4 Development Performance 2 Location & Accessibility investment in India. 5 Competition Analysis 3 Tenant Mix 6 SWOT Analysis 4 Development Performance 2 Investment Scenario in India 7 Outlook 5 Competition Analysis According to the World Investment Report 2010, global investment inflows are expected to reach over INR 54 trillion \ 6 SWOT Analysis (USD 1.2 trillion), INR 58.5–67.5 trillion (USD 1.3–1.5 trillion), and INR 72–90 trillion (USD 1.6-2 trillion) by 2010, 2011, and D Chennai Commercial Market Overview 7 Outlook 2012, respectively. However, majority of the investments are expected to be in the services and primary sectors. 1 Micro-Market Description According to United Nations Conference on Trade And Development World Investment Prospects Survey 2009 - 2011, 2 Supply, Absorption & Vacancy Trends I Caveats & Limitations India ranked 3rd among global FDI destinations after China and United States (“US”) in 2009, and is expected to remain 3 Supply, Absorption Trends for Office Space in among the top five most attractive destinations for international investors during 2010-11. Ernst and Young’s 2010 Suburban Market European Attractiveness Survey is another study that ranks India in the top five, where India is the fourth most attractive FDI destination in 2010. According to Department of Industrial Policy & Promotion, Ministry of Commerce and Industry, E ITPC: Property Analysis 1 Introduction 2 Location & Accessibility 1 CIA World Factbook 2010. 3 Tenancy Mix 2 United Nations. 4 Development Performance 3 Central Statistical Organisation (CSO), Government of India. 4 Ministry of Statistics and Programe Implementation, CSO. 5 Competition Analysis 5 Exchange rate: 1USD = INR 45. 6 SWOT Analysis 6 Union Budget 2011 – 2012 – Macro Economic Framework Statement. 7 www.eximbankindia.com. 7 Outlook 8 http://commerce.nic.in. 9 Ministry of Commerce and Industry, Government of India. 10 A Profile of Banks 2009-10, Reserve Bank of India.

150 151 A INDIA: ECONOMIC & COMMERCIAL REAL ESTATE OVERVIEW (continued) APPENDIX - INDEPENDENT 2 Investment Scenario in India (continued)

Sector wise cumulative FDI Equity Inflow (April ‘00 - Dec ‘10) MARKET RESEARCH REPORT 1,400 – – 25% By Cushman & Wakefield India 21% 1,200 – – 20% 1,000 –

800 – – 15%

600 – 8% 8% 7% 7% –10% In INR Billion

400 – (%) of total flow 4% 4% 3% 3% – 5% A INDIA: ECONOMIC & COMMERCIAL REAL ESTATE OVERVIEW (continued) 200 – 2% 2 Investment Scenario in India (continued) total FDI11 inflow was recorded at INR 1,165.5 billion (USD 25.9 billion) (up to February 2011), as compared to INR 0 – – 0% 1,674.0 billion (USD 37.2 billion) during FY 2010. Likewise, investment trends in 9M FY 2011 (Apr – Dec 2010) have been Metal 12 13 Power moderate, recording total FDI of only INR 731.7 billion (USD 16.03 billion) . Mauritius, Singapore and US were the top Service Telecom Computer Petroleum Chemical Real Estate Automobile investing countries in India accounting for 42.2%, 9.4%, and 7.5%, respectively in the cumulative total FDI inflows since Construction Apr 2000-Dec 2010. Source: Ministry of Commerce and Industry The service sector accounted for the highest total FDI with cumulative inflow of INR 1,182.7 billion (USD 26.4 billion) from Country wise cumulative FDI Equity Inflow (April ’00 - Dec ‘10) Apr 2000 till Dec 2010 accounting for 21% share of the total inflow. Computer Software & Hardware and Telecommunication sectors ranked 2nd and 3rd in cumulative total FDI inflows (from Apr 2000 till Oct 2010), attracting 2,500 – – 45% 42% INR 471.4 billion (USD 10.6 billion) (with a share of 8.5%) and INR 467.2 billion (USD 10.2 billion) (with a share of 8.1%), – 40% respectively. Housing & real estate sector attracted INR 420.5 billion (USD 9.4 billion) from Apr 2000 to Dec 2010 (7.4% of the cumulative total FDI inflow). 2,000 – – 35%

– 30% State wise cumulative FDI Equity Inflow (April ‘00 - Dec ‘10) 1,500 – – 25% 250,000 – – 40% – 20% 1,000 – 35% – 35%

In INR Billion – 15% 200,000 – (%) of total flow – 30% 9% 7% –10% 500 – 5% 4% 4% 4% 150,000 – – 25% 2% 2% 1% – 5% – 20% 0 – – 0% 19% 100,000 – UK – 15%

USA UAE In INR Billion Japan Cyprus France (%) of total flow Mauritius Singapore Germany – 10% Netherlands 50,000 – 6% 5% 5% 5% Source: Ministry of Commerce and Industry 1% – 5% 0 – – 0%

Delhi Mumbai Chennai Kolkata Bangalore Ahmedabad Hyderabad Source: Ministry of Commerce and Industry During Apr 2000 to Dec 2010, Mumbai region (which includes Maharashtra, U.T. of Dadra & Nagar Haveli, Daman & Diu) attracted the highest cumulative Equity FDI inflow in India of INR 1,976 billion (USD 44.2 billion) (35% of the cumulative Equity FDI inflow). During the same period, New Delhi (which includes Delhi, part of Uttar Pradesh and Haryana) attracted cumulative Equity FDI inflow of INR 1,113 billion (USD 24.6 billion) (accounting for 20%), and Bangalore (Karnataka) attracted INR 357 billion (USD 8 billion) (accounting for 6%).

According to India Brand Equity Foundation, India’s real estate sector (market size) is expected to reach INR 8,100 billion (USD 180 billion) by 202014, supported by INR 945 billion (USD 21 billion) fresh FDI investment over the next 10 years. The current contribution of the real estate sector to India’s GDP is approximately 5%, which is also expected to grow in 11 Includes equity, reinvested earnings, and other capital. the coming years. 12 Department of Industrial Policy & Promotion, Ministry of Commerce and Industry. 13 Exchange rate : USD 1 = INR 45. 14 IBEF.org.

152 153 A INDIA: ECONOMIC & COMMERCIAL REAL ESTATE OVERVIEW (continued) 3 Overview of IT/ITES Industry in India (continued) APPENDIX - INDEPENDENT 16 The industry’s vertical mix is well balanced across several mature (like BFSI ) and emerging sectors (like retail, hospitality). While BFSI as a vertical and US as geography accounted for the largest revenue growth, emerging verticals MARKET RESEARCH REPORT and new geographies growth rate was 1.3-1.5 times of core markets reiterating the industry’s focus on diversification in By Cushman & Wakefield India the coming decade.

Even though India has a 50-55% market share of the off shoring market, there is tremendous headroom for growth as current off shoring market is still a small part of the outsourcing industry. Significant opportunities exist in core vertical and geographic segments of BFSI and US, and emerging geographies and vertical markets such as Asia Pacific, etail,r healthcare and government respectively. Development of these new opportunities can triple the current addressable market, and can lead Indian IT/ITeS revenues to USD 225 billion by 2020. The industry also has the potential to transform India by harnessing technology for inclusive growth.

4 Overview of Office Space Market in India A INDIA: ECONOMIC & COMMERCIAL REAL ESTATE OVERVIEW (continued) With signs of economic stabilisation and positive business sentiment aided by strong economic expansion, property 3 Overview of IT/ITES Industry in India markets in India have picked up the momentum during the year 2010. Many of India’s corporate expansion plans that 15 The IT/ITeS industry in India has become a country’s premier growth engine, contributing substantially to the country’s were put on hold because of the financial crisis were executed in the first half of 2010, resulting in a healthy revival of the GDP, employment and exports. The Federal and the State Governments have played a major role in positioning India as office market nationwide. The occupancy levels in office market recovered substantially from the downtrend seen the IT hub and a major outsourcing location in Asia. Notable policies included the IT policy and creation of Software in 2009 to positive growth in 2010. The rentals increased in the range of 5-15% in major micro-markets across the leading Technology Parks of India (“STPI”) and promulgation of Special Economic Zones (“SEZ”). On the fiscal front, companies commercial centres of India17. were provided incentives such as duty-free imports of software and hardware products and exemptions in the corporate income tax. This promoted investment having potential for growth in the country and gave a further boost to employment. By end-2010, commercial office space supply across major cities was recorded at approx. 43 million sq. ft18. SEZ Growth in the IT/ITeS industry in India has fuelled demand for all kinds of real estate asset classes like commercial office supply for the year recorded at approximately 9.2 million sq. ft.19, witnessing a drop of 30% from the previous year. space, residential, retail and hospitality in the country. Bangalore accounted for the highest SEZ supply, followed by NCR and Hyderabad.

The following table highlights the industry’s performance over the last couple of years: The major demand for office space continues to be from Information Technology / Information Technology Enabled Services (“IT/ITES”) followed by Banking, Financial Services and Insurance (“BFSI”) and Pharmaceutical sectors. Particulars Unit 2006-07 2007-08 2008-09 2009-10 2010-11E 5 Outlook IT Software & Services USD Billion 39.3 52.0 59.9 63.7 76.0 The year 2011 is also expected to be strong for real estate sector. Corporate office space has witnessed an increasing occupier interest and is expected to continue in the current year. Construction activity, which had slowed down in the Growth in IT software & % 30% 32% 15% 6% 19% services year 2009, has gained momentum in the past few months and is expected to provide a substantial addition to the existing stock levels in the current year. This supply addition is also expected to counter the effects of increasing demand Exports USD Billion 31.1 40.4 47.1 49.7 59.0 levels thereby keeping the price escalation in control. Growth in exports % 32% 30% 17% 6% 19%

Exports % of total % 79% 78% 79% 78% 78%

Employment No. 1,621,000 2,010,000 2,196,000 2,300,000 2,540,000

Increase No. 328,000 389,000 186,000 92,010 240,000

Source: NASSCOM

As can be seen from the above table, the IT/ITeS industry has more than doubled during the above period. During 2009- 10, the industry’s steady double digit growth was affected by the global recession. However, in year 2010-11, with the global economy improving, the Indian IT/ITeS industry witnessed a quick rebound and is expected to grow by 19%. As a proportion of national GDP, the sector revenues have grown from 1.2% in year 2007-2008 to 6.1% in year 2009-10 and further to an estimated 6.4% in year 2010-11. India’s share in the global sourcing market has increased from 51% in 2009-10 to 55% in 2010-11. The total direct employment from the industry is also estimated to have reached 2.5 million. It is estimated that for every 1 direct employment, the industry generates indirect employment of 3.6 - 4.0 person translating to about 9-10 million indirect employment. In year 2011-12 Software and services export revenues and domestic revenues is expected to grow by 16-18% and 15-17% respectively.

Availability of quality talent at cost effective rates, rapidly developing infrastructure, an enabling innovation environment, supportive regulatory policies and a positive overall business environment – are all central pillars to India’s value proposition.

16 Banking, Financial Services and Insurance. 17 Cushman & Wakefield Research. 18 Cushman & Wakefield Research. 15 Information Technology and Information Technology Enabled Services. 19 Cushman & Wakefield Research.

154 155 B BANGALORE COMMERCIAL MARKET OVERVIEW (continued) APPENDIX - INDEPENDENT 1 Micro-Market Description (continued) Government of Karnataka has initiated various infrastructure projects which are expected to have signifi cant impact on the growth of Bangalore city. At present, some of these projects are still in the planning stage. The projects are aimed MARKET RESEARCH REPORT at introducing international standard infrastructure into the city, which is also a key necessity for the balanced growth of By Cushman & Wakefi eld India the city. The same has been highlighted in the table below.

Projects Description

Airport City The new International Airport is expected to provide impetus for economic activities in the northern Bangalore region. The Airport City is expected to bring in commercial, retail and hospitality developments. However, it should be noted that the commercial component is expected to be developed in a phased manner spreading over the next 5 – 8 years time horizon. Commercial component: The airport commercial complex is expected to have office space development of approximately 8 million sq. ft. supporting aeronautical and non-aeronautical activities.

Retail Component: The total built up of the retail component is expected to be approximately 750,000 B BANGALORE COMMERCIAL MARKET OVERVIEW sq. ft. within the terminal. 1 Micro-Market Description Bangalore is the capital of State of Karnataka and is located in the south east of the State. Greater Bangalore is spread Hospitality Component: The upcoming star category hotel under the Trident Hilton brand will be located approximately 600 metres from the airport terminal comprising 321 rooms. over a total area of over 786 sq km (conurbation area) with a population of around 5.6 Million (2001 census). As per Bangalore Development Authority population of Bangalore Metropolitan Area is estimated to be 8.84 million by 2015. Metro Rail Project The project is to be developed in two phases covering a total area of 33 km across the city. The fi rst Currently, it is the third most populous city and the fi fth most populous urban agglomeration in India. phase consists of two corridors of double lines- the east-west corridor and the north-south corridor.

The total number of passengers expected to travel on the metro per day are 1 million in 2011 and 1.6 million in 2021. The fi rst leg of the fi rst phase of the project is expected to be operational by mid 2011.

Peripheral Ring Road A Peripheral Ring Road (“PRR”) of about 110 km is proposed around Bangalore at a radial distance between 2.80 to 11.50 km from the existing Outer Ring Road and 14 to 22 km from the city centre.

The PRR will link major highways at Tumkur Road, Mysore Road, Old Madras Road, and the Hosur Road.

Townships Bangalore Metropolitan Regional Development Authority is planning the development of fi ve satellite townships around Bangalore offering a total of 61,000 acres for development. Currently these townships are at planning stage with no defi ned development plans. The townships are:

• Sathanur Township (16,230 acres) • Ramanagaram Township (4,000 acres) • Bidadi Township (9,178 acres) • Solur Township (12,500 acres) • Nandagudi Township (18,500 acres)

The Bidadi Township was the fi rst township scheduled for development. The Bangalore Metropolitan Region Development Authority (“BMRDA”) in 2007 invited bids for the development. After evaluation of bids, DLF Ltd. was awarded the project. However, DLF has put forward a proposal to BMRDA to withdraw from the project and hence the project has not started.

There are no defi nite timelines on the development of these townships currently.

Bangalore Mysore Infra- The project consists of the construction of a 4-lane (convertible to 6) toll expressway, 5 townships structure Corridor and associated link roads, power plant and support infrastructure. The 4-lane, 111km concrete expressway will connect Bangalore with Mysore and is expected to cut driving time from the present 4 hours to 90 minutes.

At the Bangalore end, a 41km tolled outer peripheral road connects the expressway to NH 4 (Bangalore-Pune) and NH 7 (Bangalore-Hosur). A major portion of this toll expressway is complete The city, known as Silicon Valley of India, has emerged as a favourite IT/ITES destination over the last 5-7 years. Home and has become operational since December 2008. to companies like Microsoft, Yahoo, Wipro, Infosys, IBM, GE, Google, Accenture, TCS, etc, the city has been the front runner in attracting technology companies. Apart from successfully attracting IT companies, Bangalore is also considered to be a Biotech destination as well. Bangalore houses some of the most prominent biotechnology research institutions of India like Indian Institute of Science and National Centre for Biological Resources.

The other industries in Bangalore related to manufacturing of Aircraft, Earthmoving equipment, Watches, Garments, Silk, Machine Tools amongst others. The city has the presence of prominent educational institutions like Indian Institute of Management, Indian Institute of Science, National Law School and a number of engineering/medical colleges offering talent pool to the existing corporations.

156 157 B BANGALORE COMMERCIAL MARKET OVERVIEW (continued) 2 Supply, Absorption and Vacancy trends APPENDIX - INDEPENDENT 20 The total stock of commercial office space in Bangalore was estimated at approximately 75.5 million sq. ft. as of 2010 with the peripheral areas constituting approximately 60% of the total stock followed by suburban areas at 30% and CBD/ MARKET RESEARCH REPORT Off CBD at 10%. It is estimated that approximately 6.6 million sq. ft.21 of additional commercial office space comprising By Cushman & Wakefield India SEZ and Non SEZ is expected to come up in year 2011.

Supply, Absorbtion and Vacancy Trends

16 – – 16%

14 – – 14%

12 – – 12%

10 – – 10%

B BANGALORE COMMERCIAL MARKET OVERVIEW (continued) 8 – – 8% 1 Micro-Market Description (continued) 6 – – 6% Bangalore micro-market classification and location for commercial sector Vacancy Rate (%) Vacancy

Area (million sq. ft.) Area 4 – – 4%

Micro-market Locations included 2 – – 2%

0 – – 0% Central Business District MG Road 2003 2004 2005 2006 2007 2008 2009 2010 (CBD) Supply Absorption Vacancy Off Central Business Lavelle Road, Infantry Road, Vittal Mallya Road, Palace Road, Residency Road, Millers Road, District (Off CBD) Richmond Road, Queens Road, Cunningham Road, Ulsoor Road, Kasturba Road, Victoria Road, Source: Cushman and Wakefield Research Brigade Road, Murphy Road For the year 2010 the new supply was approximately 11.21 million sq. ft. The total supply for the year in the city Suburban Business Koramangala including Adugodi (Hosur Road), Bannerghatta Road up to Outer Ring Road, registered over 100% growth compared to 2009. Total absorption in the city was recorded at approx. 10.26 million sq. ft. 22 District (SBD) Indiranagar, Hosur Road (till Silk Board Junction), Airport road including Intermediate Ring Road, CV Ramannagar, JP Nagar, Jayanagar and Old Madras Road for the entire 2010. The rental values for commercial office space across most micro markets have continued to remain stable barring Whitefield (marginal growth) during the last quarter of 2010. The overall market sentiment has remained Peripheral Business Whitefield, Electronic City, Outer Ring Road (Hebbal Flyover – Sarjapur Road), Hosur Road (From positive since 2Q 2010 with the developers / landlords gearing up for pre-recession demand levels. The overall rentals in District (PBD) Silk Board Junction – Electronic City) the city are likely to see an upward movement across select micro markets during 2011.

The real estate development has evolved from the centre of the city, with the core Business District (MG Road) located The city’s overall vacancy level has increased to approximately 16.6% in 2010, from 15.4% registered a year ago. CBD/ at the centre of the city. The development pattern of the city is undergoing a significant shift with development shifting Off CBD, Suburban and peripheral locations registered vacancy rates at approximately 9.4%, 9.1% and 21.6% in 2010, from the central areas to the peripheral areas, mainly along the south-eastern corridor owing to the IT/ITES companies respectively. and the northern corridor due to the International Airport at Devanahalli. These corridors have witnessed large scale commercial as well as residential developments. 3 Supply and Absorption Trends in PBD for commercial space 10 – Eastern corridor comprising Whitefield, Outer Ring Road (Sarjapur – Marathahalli) and south eastern corridor comprising Hosur Road represents the largest clusters of IT/ITES companies in Bangalore. These peripheral areas have accounted for approximately 70% of the aggregate leasing in the city. The CBD and Off CBD locations lose out to the suburban and 8 – peripheral locations because of the lack of large contiguous spaces. 6 – The International Airport at Devanahalli has led to a spurt in development along the northern quadrant of Bangalore. Numerous residential and commercial projects are under development in this micro market. 4 –

The western and north western corridors of Bangalore city have been concentrated with industries. The major industrial Area (million sq. ft.) Area presence is represented by Peenya Industrial Area along Bangalore-Tumkur road (NH – 4). The south western corridor 2 – has been a trading and residential hub with industrial presence being mainly represented by the Bidadi Industrial Development Area along the Bangalore-Mysore state highway. 0 – 2003 2004 2005 2006 2007 2008 2009 2010 The development of Ring Roads is expected to boost real estate developments in the city. The development of the Outer Ring Road has contributed to the connectivity of the peripheral areas of the city. The proposed development of Supply - peripheral Absorption - Peripheral the Intermediate Ring Road and the Satellite Town Ring Road is expected to further improve the connectivity of the Source: Cushman and Wakefield Research peripheral locations to the other parts of the city.

20 Cushman & Wakefield Research. 21 Cushman & Wakefield Research. 22 Cushman & Wakefield Research.

158 159 C INTERNATIONAL TECH PARK BANGALORE (“ITPB”): PROPERTY ANALYSIS (continued) APPENDIX - INDEPENDENT 1 Introduction (continued) Profi le of International Tech Park Bangalore (ITPB) (continued)

MARKET RESEARCH REPORT Location By Cushman & Wakefi eld India Surrounding Localities Whitefi eld main Road on the north, on the west is GR Tech Park, on the east is Nagarjuna Signet building while the south the property is abutted by a connecting road.

Access to Public Transport ITPB is well connected by the local Bangalore bus network to important commercial and residential locations in Bangalore.

Access to Hired Transport Close to the development are auto rickshaw stands and call cabs vendors.

Infrastructure

Power Supply Dedicated captive power plant of 20 MW operating in synchronous with 220 KV state grid.

Voice & Data Communication The park is supported by eight service providers for voice and data for seamless communication C INTERNATIONAL TECH PARK BANGALORE (“ITPB”): PROPERTY ANALYSIS connectivity. The park has WiFi-enabled zones as well. 1 Introduction Security System Advanced security systems, including CCTV camera surveillance, boom/fl ap barriers and visitor The property is located in Whitefi eld (East Bangalore) within the Export Promotion Industrial Park zone (approximately management system. 650 acres). The micro-market houses over 400 companies, prominent amongst them are Oracle, SAP, TCS, Cap Gemini, Fire Protection System Includes smoke detectors, water sprinklers, portable fi re extinguishers and fi re hydrant hose reels IBM, GM, Nipuna, GE, HUL, iGate, Aviva, 24*7, HCL Perot Systems, Intel etc. Currently, the accessibility in the micro- and 24-hour security. market is good with access to MG Road - the CBD and the new International Airport at Devanahalli. Further the Building Management Centrally monitored and controlled at a common console. Common area lighting and air connectivity is expected to improve in the future with the development of the Peripheral Ring Road. System conditioning are time controlled through the building management system.

Parking Basement car park and a Multi Level Car Park. Profi le of International Tech Park Bangalore (ITPB) Amenities Overview Business Centre Incubation centre for companies wishing to start an office immediately, comprising cabins, Nov 1998 discussion and conference rooms. It has six cabins with total 9 workstations, two suites with 16 Date of Operation workstations and one discussion room and three multi purpose halls. Confi guration Retail Mall (covers the ATMs, food court, coffee shops, telephone service providers, convenience store, travel agent, and health care centre/ clinic and pharmacy. Total Project Area (Land) 68.5 acres basement fl oors) Source: Ascendas Property Fund Trustee Pte. Ltd. Development Mix Commercial development with support retail and other amenities. The retail mall and SEZ office building are expected to be operational by July 2011. 2 Location & Accessibility Built up Area Non SEZ office space - 1.8 million sq. ft. of owned space (SBA). The area is in 6 blocks along with the retail mall. ITPB is located in Whitefi eld which is a PBD of Bangalore. Whitefi eld is located in the Eastern quadrant of Bangalore. It is approximately 20 km from the CBD and 45 km from the International Airport at Devanahalli. Park Square Mall – 0.4 million sq. ft.

Voyager (SEZ office space under construction) – 0.5 million sq. ft.

Floor Plate Area (Approx) Varying fl oor plates

No. of Floors Varying fl oors for different blocks

Location

Address Whitefi eld main road, Sadarmangala / Pattandur Agrahara, Krishnarajpura Hobli, Bangalore Urban District, India

Business District Peripheral Business District (PBD)

Proximity to CBD 20 km (45 - 60 minutes)

Proximity to Airport 45 km (75 -115 minutes)

Proximity to Railway Station 20 km (45 - 60 minutes) (Bangalore city station)

Proximity to nearest Prime Residential Development: 12 km (25 - 30 minutes) Kormangala and HSR layout

Proximity to nearest Retail / Within ITPB Entertainment

Connecting arterial roads Whitefi eld main road

160 161 C INTERNATIONAL TECH PARK BANGALORE (“ITPB”): PROPERTY ANALYSIS (continued) APPENDIX - INDEPENDENT 5 Competition Analysis (continued) Quoted Rental (INR MARKET RESEARCH REPORT Year of Total Area Vacancy per sq. ft. Main By Cushman & Wakefield India Building Name Developer Completion (sq.ft) (sq.ft) Type per month) Occupiers Embassy Embassy Crest 2007 266,081 266,081 Warm shell 38 - Group RMZ Centennial AVIVA, Shell RMZ 2008 888,215 48,825 Warm shell 28 networks and Tyco Tata Xylem Tata Housing 2008 360,000 360,000 Warm shell 40 Invitrogen

Embassy Embassy Intel and 2009 367,323 160,358 Warm shell 38 Paragon Group Hypermarket Kalyani Delphi, UL Kalyani Platina 2009 360,000 70,000 Warm shell 31 C INTERNATIONAL TECH PARK BANGALORE (“ITPB”): PROPERTY ANALYSIS (continued) Developers India 3 Tenant Mix DivyaSree Techno DivyaSree 2010 200,000 Nil - - Accenture The property has a diverse client base of IT/ITES, Telecom, Engineering, Advanced Research industry occupiers. The Park A2 developers major tenants in the development are Affiliated Computer Services, General Motors and First India Corporation. etc. The Brigade Brigade 2010 800,000 550,000 Warm shell 33 Cap Gemini development caters to companies with space requirements in the range of 10,000-150,000 sq. ft. Metropolis Group

Global Axis L&T Infotech, 4 Development Performance Infinite Gopalan 2010 2,500,000 Nil Bare shell 30 Computer ITPB was conceptualised as a ‘plug-and-play’ concept and is equipped with such features to provide a complete lifestyle Enterprises Solutions and environment with value-added amenities. Some of these features include - TCS • Dedicated captive power plant of 20.0 MW, WiFi/broadband connectivity. EFI, APC, • Large floor plates for efficient space usage and layout, central air-conditioning. Infineon Kalyani Platina - Mohan Fully • State-of-the-art fire and security systems, centrally controlled and monitored building management systems. 2010 420,000 Nil 52 Technologies, Block 2 Enterprises Furnished • Lush landscaping with water features adds an aesthetic appeal to the property. HP and Mu Sigma • In addition, round-the-clock in-house maintenance teams and qualified project management teams are available to Prestige Prestige Sonus oversee all requirements such as general maintenance and fit-out requirements of the tenants. 2010 3,100,000 3,029,000 Warm shell 35 Shanthinekatan Constructions Networks • Dedicated retail area with food courts and five star hotel. Source: Cushman and Wakefield Research 5 Competition Analysis ITPB was the first Grade A office space development in Bangalore. ITPB provides extended warm shell space while Upcoming Commercial Developments in Whitefield most developments in the vicinity offer only warm shell space23. Due to the extended warm shell specification as well as the other facilities ITPB offers, it commands higher rentals as compared to any other development in the vicinity. Quoted Rentals Expected Status (Delayed (INR per sq. ft. Building Name Developer Completion / On time) Area (sq. ft.) per month) Whitefield’s commercial micro market comprises a mix of Build-To-Suit, campus and speculative development’s. The success of ITPB led to development of many commercial buildings/projects in the micro -market. The present stock of Bhoruka Tech Park Bhoruka Park Pvt. Ltd. 2011 Delayed 650,000 32 office space in Whitefield is approximately 20 million sq. ft. (including ITPB) and accounts for approximately 26% of the Global Research Triangle Beary’s Group 2011 Delayed 750,000 36 office stock in the city. The micro-market has witnessed high infusion of office space in the last 3 – 4 years leading to over supply. Additionally the micro-market witnesses competition from developments on Outer Ring Road too. DivyaSree Technopark - C4 DivyaSree developers 2011 Delayed 625,000 _ Gopalan Enterprises Gopalan Axis 2012 Delayed 540,000 30 Current Commercial Developments in Whitefield (India) Pvt. Ltd Source: Cushman and Wakefield Research Quoted Rental (INR The upcoming supply for the year 2011 is estimated at approximately 2.2 million sq. ft. in Whitefield. While ITPB is Year of Total Area Vacancy per sq. ft. Main commanding rentals in the range of INR 45 - 50 per sq. ft. per month for extended warm shell which is comparable to the Building Name Developer Completion (sq.ft) (sq.ft) Type per month) Occupiers suburban location, the quoted rentals for the warm shell commercial space in Whitefield micro market is between INR 25- HP, Sapient, Salarpuria GR Salarpuria Fully TCS, 38 per sq. ft. per month as highlighted in the table above. However transactions in Whitefield have been in the range of 2006 1,200,000 77,924 56 Tech Park Group Furnished Goldman INR 26 – 30 per sq. ft. ITPB commands higher rentals compared to the market due to its brand, the quality of Sachs infrastructure it provides and its facility management services directed towards reducing the overall occupancy cost of Prestige Thomson the occupiers. Prestige Fully Holdings, Featherlite 2006 98,946 52,920 48 Constructions Furnished Next Edge, Ametek The growth of IT/ITeS offices created a significant demand for residential / retail spaces in the vicinity. In the recent past, Raheja Whitefield the Whitefield micro market witnessed few mall / stand alone retail developments with few more in planning / B Raheja 2007 200,975 200,975 Warm shell 30 - Palms development stages. Cem Adarsh Ecoplace Adarsh Fully 2007 200,000 90,000 51 Technologies, Developers Furnished Allignbiz

23 Includes A/C ducting, False Ceiling, Lighting and Fire Fighting Systems.

162 163 C INTERNATIONAL TECH PARK BANGALORE (“ITPB”): PROPERTY ANALYSIS (continued) APPENDIX - INDEPENDENT 6 SWOT Analysis Strength Weakness MARKET RESEARCH REPORT • Established Brand with International quality Grade A • Traffic congestion during peak hours development By Cushman & Wakefield India • Located within the IT corridor of the city with good connectivity and enjoys good frontage on the access road

• A part of the development is an SEZ and can cater to demand for such space in the future

• Captive power plant and high tension 220 KV Bescom backup power line makes it a state of art facility with no power cuts round the year

• It has large scope for expansion to cater to future market demand and expansion needs of existing occupiers C INTERNATIONAL TECH PARK BANGALORE (“ITPB”): PROPERTY ANALYSIS (continued) 5 Competition Analysis (continued) • The integrated development (retail / SEZ / Non SEZ / Current Mall Developments in Whitefield hospitality) adds value to the property Infrastructure Location Year of Total Area Vacancy Name Developer Completion sq. ft. (sq. ft.) Main Occupiers • Preferred location for clients requiring higher warm shell • Upcoming supply in the micro-market. specifications Esprit, Mega Mart, Planet Forum Value Mall Prestige Constructions 2009 300,000 0% Sports, UCB • With development of retail, residential and hotel projects on Pantaloons, Talwarkars, Whitefield Road, the location is expected to become more Cosmos Mall NA 2006 130,000 0% Food Bazaar self-sufficient and thus attractive in near future

Source: Cushman and Wakefield Research 7 Outlook It should be noted that apart from the mall developments, the micro-market has the presence of standalone retail like Over the next 5-10 years the micro market is expected to become a satellite town with good connectivity to the airport Big Bazaar, Hypercity, Dominos, Reliance Fresh, Heritage Fresh, Nilgiris, Namdhari’s, Coffee Day and Costa Coffee and the CBD. Rentals are expected to remain stable over next 3-4 years due to current vacant stock and potential amongst others. upcoming supply. However, due to the facilities provided by ITPB and the extended warm shell option, the property is expected to continue commanding premium in the future. Additionally, the development of the SEZ in the property is Upcoming Mall Developments in Whitefield expected to cater to the demand in that segment.

Quoted D CHENNAI COMMERCIAL MARKET OVERVIEW Vanilla Rentals 1 Micro-market description Expected Area (sq. (INR per sq .ft . Building Name Developer Completion Ft.) per month) Prominent Tenants % Leasing Chennai, the capital city of Tamil Nadu is spread over a total area of 174 sq. km (Metropolitan Area: 1,177 sq. km.). It has Shopper’s Stop, a population of approximately 7.0 million people. The city has a fairly well developed physical infrastructure and it GF – 115 -130 Levi’s, Converse, possesses a reasonably mature road, rail, air and sea transport network. Inorbit Mall K Raheja Corp. 2011 360,000 35% FF - 100 Sphagetti Kitchen, Titan, Zodiac Chennai is the third largest commercial and industrial centre in India, and is known for its cultural heritage and temple GF – 110 Market City PVR, Zara, Mark & Phoenix Builders 2012 900,000 FF - 100 30 – 35% architecture. The city, known as the ‘automobile manufacturing hub’ of India, is a preferred manufacturing destination with Mall Spenser, Carrefour SF - 90 over 40% share of India’s automobile industry. Currently not Metropolis Brigade Group 2013 - 2014 450,000 - NA marketing Chennai serves as the manufacturing base for large multinationals like Ford Motors, Hyundai, Saint-Gobain, Nokia and Currently not MBD MBD 2013 - 2014 500,000 - NA Flextronics. It is also home to IT/ ITeS majors like Infosys, Wipro, Polaris, Accenture, I-Flex, TCS, Cognizant, etc. marketing Prestige Currently not Infrastructure Development Forum II - Prestige Construction 2013 - 2014 650,000 - NA marketing Shanthiniketan Chennai is well connected to the rest of the country by rail, road and air network. Chennai’s airport provides both domestic and international connectivity and is located off GST Road, 16 km from the city centre. Chennai is currently Source: Cushman and Wakefield Research serviced by 19 international and 9 domestic airlines. Chennai is a leader in bandwidth capability with 13.52 tbps bandwidth availability via two submarine cables. The world’s biggest and India’s first private submarine Optical Fibre Cable project i2i network with a bandwidth of 8.4 tbps will make Chennai the ‘Connectivity Gateway of India’. Chennai port is the second largest port in India, after Mumbai. The Chennai city gets funding for about 18 infrastructure projects from the Jawaharlal Nehru National Urban Renewal Mission for improving facilities within the city. Some of the important projects are the Mass Rapid Transit System (extension from Velacherry), Outer Ring Road project, Infrastructure development on IT corridor. The other infrastructure development planned by the state includes improvement of Mount Poonamalle High road, Flyover project on Kathipara junction and development of the satellite township at Maraimalai Nagar. The primary growth drivers in the region are: • IT/ ITeS services; • Automobile Industry and • Telecommunication industry.

164 165 D CHENNAI COMMERCIAL MARKET OVERVIEW (continued) APPENDIX - INDEPENDENT 1 Micro-market description (continued) Infrastructure Development (continued) There are primarily six commercial clusters in the city and with the exception of peripheral areas of Old Mahabalipuram MARKET RESEARCH REPORT Road and GST Road, all clusters are a mix of commercial and retail developments. Based on areas with high By Cushman & Wakefi eld India concentration of commercial, IT/ ITeS and IT SEZ developments, Chennai can be divided into the following established commercial micro markets:

D CHENNAI COMMERCIAL MARKET OVERVIEW (continued) 1 Micro-market description (continued) Infrastructure Development (continued)

Initiatives for Development Present Status Impact

Outer Ring Road: The Chennai Metropolitan Development Authority Pegmarking of the area The ORR upon its completion would reduce (“CMDA”) proposed to have an Outer Ring Road for Phase II of ORR is commute times by easing the traffic of heavy alignment as an express way with Rapid Rail in progress. vehicles in the city and would provide an system from Vandalur to Minjur for a length of 62 alternative route for vehicles, which were kms with inter-change facilities at fi ve major road otherwise passing through the city. crossing at an estimated cost of Rs 4 billion.

Improvement of Mount Poonamallee Road: Completed The re-development of Mount Poonamallee Road The CMDA undertook the project of widening has improved its accessibility and visibility as and improving a 10 kilometre stretch of Mount an attractive destination for manufacturing and Poonamallee road – a major light industrial area in service industries. Chennai and an emerging IT/ITeS industry corridor.

Flyover Project On Kathiapara Junction Completed Improvement in movement of traffic.

Development of the Satellite Township of Maraimalai Nagar: The project envisages development of 2100 acres The planning and The development of these townships will add in phases to accommodate one lakh population in development of this to the growth of the residential sector in the a time span of 20 years. CMDA has developed so township is underway. peripheral locations of Chennai. far 1400 acres. The development consists of mainly developed plots for residential and industrial purposes. Central Business District (“CBD”) Mass Rapid Transit System - II (“MRTS”): The planning and The Metro Rail project would substantially ease The CBD encompasses an area of 3-4 kms of roadways radiating out from the Gemini Flyover (Anna Flyover), which is a Following the completion of the MRTS phase I, development of this the pressure of vehicular traffic on the already central landmark. The primary areas within the CBD are Anna Salai / Mount Road, Nungambakkam High Road (N H Phase II of the project was launched by extending township is underway. congested roads and enable easy movement of the project from Thirumylai to Velachery. population. Road) and Radha Krishnan Salai (R K Salai), which includes Cathedral Road. Some prominent off-CBD locations are TTK Road (Off R.K. Salai), Village Road, College Road, Haddows Road and K H Road. Anna Salai or Mount Road is the Metro Rail Corridor (Upcoming): arterial commercial road of Chennai. In addition to being a prominent offi ce micro market, N H Road is also an A Detailed Project Report (DPR) relating to the established high street retail destination. Chennai Metro Rail Project was prepared and submitted by the Delhi Metro Rail Corporation Limited (DMRC). The DPR envisages the creation Secondary Business District (“SBD”) of 2 initial corridors under the proposed Chennai The areas which comprise Chennai’s SBD are spread out and not concentrated in any one region. From the northwest Metro Rail Project as shown below (Ambattur) to the south (Guindy - Velachery, Sardar Patel Road, Mount Ponamalle road and Adyar), areas within the SBD Corridor-1: Washermenpet – Broadway (Prakasam The Metro Rail project would substantially ease The planning and are mostly a mix of commercial and retail establishments, except for Guindy and Ambattur, which are former industrial Road), Chennai Central Station – Rippon Building the pressure of vehicular traffic on the already development of this estates and are being re-developed into commercial destinations. along Cooum River – Tarapore Towers – Spencers congested roads and enable easy movement of initiative is underway – Gemini – Anna Salai – Saidapet – Guindy – population. Chennai Airport. Peripheral Business District (“PBD”)

Corridor-2: Chennai Fort – Chennai Central – The PBD consists primarily of Old Mahabalipuram Road (“OMR”), a 26 km stretch promoted by the State government as along EVR Periyar Salai – Vepery, Kilpauk Medical the “IT Highway” and extending from Taramani (Tidel Park) to Siruseri in the South. Although a former industrial area, it College, Aminjikarai, Shenoy Nagar – Annanagar has rapidly transformed into a software corridor, spurred on by Tidel Park, one of the largest and earliest software East – Anna Nagar Tirumangalam – Koyambedu – CMBT – along Inner Ring Road – Vadapalani technology parks in India. The other notable Peripheral Business District location is along NH-45 (Great Southern Trunk Road). – Ashok Nagar – SIDCO – Alandur – St. Thomas Mount.

166 167 D CHENNAI COMMERCIAL MARKET OVERVIEW (continued) APPENDIX - INDEPENDENT 2 Supply, Absorption and Vacancy trends (continued) Chennai office market is expected to witness increased supply and demand in the year 2011 with a projected supply of 5.49 million sq. ft. Around 19.1% of the supply is expected to come in the first quarter of 2011. With the improved MARKET RESEARCH REPORT supply demand situation, rentals in most markets of the city are expected to remain balanced or witness slight By Cushman & Wakefield India appreciation in short term.

3 Supply, Absorption trends for Office space in Suburban Market 8 – – 50

7 – – 45 – 40 6 – – 35 5 – – 30 4 – – 25 D CHENNAI COMMERCIAL MARKET OVERVIEW (continued) 2 Supply, Absorption and Vacancy trends 3 – – 20 The stock of commercial office space till 2010 in Chennai was approximately 66.3 million sq. ft. with the suburban areas – 15

Area (million sq. ft.) Area 2 – constituting approximately 45% of the total stock followed by Off CBD at 15%, CBD (Central Business District) at 19% – 10 and Peripheral at 21% each. 1 – – 5 Rentals in INR/sq ft/month

Supply, Absorbtion and Vacancy Trends 0 – – 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 12 – – 27% Supply Absorption Rent – 24% 10 – – 21% Source: Cushman and Wakefield Research 8 – – 18% As at the end of 2010, the total commercial office stock in suburban micro market was estimated at approximately 28 – 15% million sq. ft. Some of the prominent existing commercial office developments in Taramani / Perungudi micro market are 6 – – 12% listed as under: 4 – – 9% Vacancy Rate (%) Vacancy

Area (million sq. ft.) Area Prominent Developments Area sft – 6% 2 – – 3% Ascendas ITPC 2,000,000 0 – – 0% RMZ Millenia 2,200,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 SP Info city 2,600,000

Supply Absorption Vacancy India Infoline 250,000

Source: Cushman and Wakefield Research TVH Agnitio 600,000 Prince Info city I 300,000

Out of total supply of around 9.8 Million sq. ft in the year 2008, about 68% was located in the Suburban micro markets Prince Info city II 800,000 and 23% in the Peripheral region. The same trend was witnessed in the year 2009; the year saw supply of 8.39 Million sq. ft. with 70% in the suburban and 29% in peripheral regions. Total supply for 2010 was 4.8 million sq.ft. Royala Tech Park 125,000 TIDEL Park 1,280,000 During 2010 Chennai office market witnessed consistent demand and controlled supply which resulted in higher rentals Sterling Technopolis 220,000 and lower vacancy levels in comparison to 2009. Due to steady demand in the CBD and Off CBD regions, rental values have remained stable during the fourth quarter. Also peripheral regions have continued to witness high vacancies as a KG 360 230,000 result of which rentals have remained stable. Stargate 300,000

Arihant Insight II 130,000 Total new supply for the year 2010 was 4.87 million sq. ft. which was considerably lower in comparison to the total supply of 8.39 million sq. ft. in 2009. The total demand for the quarter was estimated at 950,000 sq. ft. which consisted of 30,000 The total potential supply in the micro market is estimated to be in the range of 5 - 6 million sq. ft. in the next few years sq. ft. of pre-commitments and 920,000 sq. ft. of fresh absorption. With the total absorption of 990,000 sq. ft. during of which approximately 1.5 million sq. ft is expected to come up in year 2011. By the end of 2010, the vacancy in the fourth quarter of 2010, the total absorption for all of 2010 was at 3.85 million sq. ft. micro market was approximately 20%. The prevailing quoted warm shell in Taramani / Perungudi was INR 27- 44 / sq. ft. / month. The overall vacancy for the city has remained stable at 20.4% in comparison to the previous quarter but has declined by 4.0 percentage points when compared to the vacancy at the end of 2009. This decline in vacancy may be attributed to the fact that around 66.3% of the fresh supply during 2010 was absorbed during the year. Whilst CBD and Off CBD locations have registered low vacancy of 6.1% and 10.6% respectively, peripheral region registered a vacancy of 36.8%.

168 169 E INTERNATIONAL TECH PARK CHENNAI (“ITPC”): PROPERTY ANALYSIS (continued) APPENDIX - INDEPENDENT 1 Introduction (continued) Profile of ITPC(continued) MARKET RESEARCH REPORT Location By Cushman & Wakefield India Address Taramani, off Old Mahabalipuram Road, Chennai, India Business District Peripheral

Proximity to CBD 9 km (20 - 25 minutes)

Proximity to Airport 10 - 12 km (20 - 25 minutes)

Proximity to Railway Station 20 - 23 km (50 - 60 minutes) (Chennai Central)

Proximity to nearest Prime 1 - 2 km (5 minutes) Residential Development

E INTERNATIONAL TECH PARK CHENNAI (“ITPC”): PROPERTY ANALYSIS Connecting arterial roads Taramani Road 1 Introduction Surrounding Localities Taramani Road on the north, American School on the south, World Bank and vacant land on the Taramani as an established IT/ITeS micro market, located at the beginning of the IT growth corridor of OMR. It is known west and TIDEL Biotech Park and vacant land on the east. for IT parks situated in this area like Tidel Park, ITPC, Elnet Software City, and TICEL Biotech Park. It is located adjacent Thiruvanmiyur MRTS station is at a distance of less than a kilometre from ITPC. to the posh residential locality of Adyar in south Chennai. Tidel Park, an information technology park that houses many IT Access to Public Transport companies. Access to Hired Transport Intermediate public (auto rickshaws and call taxis) transport is available from OMR (which is only 100 metres away).

Taramani borders the Indian Institute of Technology (“IIT”), Chennai. Taramani is home to several research labs and Infrastructure institutions, such as Central Leather Research Institute (“CLRI”), Central Electronics Engineering Research Institute Dual primary power through two sub-stations and 100% generator power backup. (“CEERI”), National Environmental Engineering Research Institute (“NEERI”), and Voluntary Health Services and the most Power Supply renowned polytechnic of Tamil Nadu, Central Polytechnic (“CPT”). 80% of those who have studied at CPT are working Voice & Data Communication The park is supported by five service providers for voice and data for seamless communication connectivity. The park has WiFi-enabled zones as well. abroad. The National Institute of Fashion Technology (“NIFT”) is also present in Taramani. Further south, several small scale industries and factories are located in the Vikram Sarabhai Instronics Estate Security System Advanced security systems, including CCTV camera surveillance, boom/flap barriers and visitor management system.

The World Bank opened one of its largest offices in the world in Taramani to house its growing financial and technical Fire Protection System Includes smoke detectors, water sprinklers, portable fire extinguishers and fire hydrant hose reels. support services. The 120,000 sq. ft. facility is on a 3.5-acre plot near ITPC. Building Management Centrally monitored and controlled at a common console. Common area lighting and air System conditioning are time-controlled through the building automation system. The area is developing rapidly owing to the IT sector booming around the locality. Good roads had been laid and it is A total of 1,083 car parking lots and 2,019 two-wheeler parking lots. also developing to be one of the attractive residential localities in Chennai. The Taramani Railway station is in Thandhai Parking Periyar Nagar, a prominent avenue in the locality. It is also close to the newly developed residential locality of Velachery. Amenities

Fitness Centre Includes a fully equipped gymnasium, an aerobics studio and shower and changing facilities. Profile of ITPC Business Centre Incubation centre for companies wishing to start an office immediately. Comprises of cabins, discussion and conference rooms. Overview Retail ATMs, food court, coffee shops, telephone service providers, convenience store, travel agent, and Date of Operation Phase 1 – August 2005, Phase 2 – December 2007 and Phase 3 – December 2010 pharmacy.

Configuration

Total Project Area (Land) 15 Acres

Development Mix Commercial development with support retail and other amenities

Built up Area Approximately 2 million sq. ft. (Phase I,II&III)

Floor Plate Area (Approx) 65,000 sq. ft. (Phase I), 70,000 sq. ft. (Phase II), 70,000 sq. ft. (Phase III)

No. of Floors 12 (Phase I), 15 (Phase II), 14 (Phase III)

170 171 E INTERNATIONAL TECH PARK CHENNAI (“ITPC”): PROPERTY ANALYSIS (continued) APPENDIX - INDEPENDENT 4 Development Performance ITPC was conceptualised as a ‘plug-and-play’ concept and is equipped with such features to provide a complete lifestyle environment with value-added amenities. Some of these features include: MARKET RESEARCH REPORT • Food courts, 100% power backup, WiFi/broadband connectivity. By Cushman & Wakefi eld India • Large fl oor plates for effi cient space usage and layout, central air-conditioning. • State-of-the-art fi re and security systems centrally controlled and monitored building management systems, and a pharmacy. • Lush landscaping with fountains adds an aesthetic appeal to the property. • In addition, round-the-clock in-house maintenance teams and qualifi ed project management teams are available to oversee all requirements such as general maintenance and fi t-out requirements of the tenants.

5 Competition Analysis ITPC is equipped with unique features to provide an integrated business environment with complete lifestyle and value- added amenities. Due to the high end warm shell offi ce space and the facilities provided, it commands higher rentals in E INTERNATIONAL TECH PARK CHENNAI (“ITPC”): PROPERTY ANALYSIS (continued) the market although the micro-market landscape is dotted with plenty of similar developments. 2 Location and Accessibility The property is located in Taramani, Chennai. It is located along Chennai’s IT Corridor and is at a distance of Current Commercial Developments around Taramani approximately 10 km from the Chennai CBD. Surrounding of the property are primarily commercial developments like TIDEL Park, ELNET IT Park, SP Infocity and RMZ Millenia. Quoted Rentals (INR The subject project is well connected to major locations in the city via road networks. The distances of the subject site Year of Total Area Vacancy per sq. ft. from major locations are as follows: Building Name Developer Completion sq. ft. (sq. ft.) per month) Main Occupiers TCS, Satyam , Ajuba, • Approximately 10 km from the Chennai CBD. Tidel Park TIDCO & ELCOT 2000 1,280,000 30,000 40 iNautix • Approximately 2.5 km from the Madhyakailash junction and • Approximately 11 km from the Chennai international airport. KLA Tencor , Dun Prince Info City I Prince Foundations 2005 300,000 23,000 35 & Bradstreet, CG Maersk

TCS, Sutherland , ETL Chennai One ETL Infrastructure 2006 1,400,000 127,000 45 Siemens

C-Dot Alcatel , K7 Rayala Techno Park Rayala Grop 2006 125,000 0 0 Computing

KG 360 Degrees KG Developers 2007 230,000 150,000 35 Temenos

Earlier tenant 3i Prince IT Park Prince Foundations 2007 190,000 190,000 35 Infotech

Techscape Towers Indus Cityscape 2008 250,000 100,000 35 India Infoline

Tek Medows Rattha 2008 240,000 100,000 26 First Source

AKDR Tech Park Individual 2009 200,000 200,000 25 -

SP Info City (Phase I) Shapoorji & Pallonji 2009 900,000 300,000 38 Amazon , Saksoft

RMZ Millennia Phase Ford, Caterpillar , RMZ Corp 2010 1,600,000 200,000 40 II Shell, HP, Adventity

Source: Cushman and Wakefi eld Research The total stock around Taramani is approximately 9.5 million sq. ft. spread across over 22 projects some of which are highlighted in the table above. Even though this location was the fi rst to witness a Grade A commercial development as early as 2001, the location was not a preferred destination until the declaration of OMR as IT corridor.

Future Commercial Developments around Micro-market (Taramani)

Quoted Rentals (INR Year of Total Area Vacancy per sq. ft. Building Name Developer Completion sq. ft. (sq. ft.) per month) Main Occupiers TRIL Ramanujan IT 3 Tenancy Mix TRIL Phase I – 2011 600,000 375,000 58 NA City The IT Park has a tenant mix of IT, BPO, ITES and other knowledge based industries. The development caters to companies in the IT/ITeS space with space requirements in the range of 10,000-150,000 sq. ft. Some of the major tenants TRIL Ramanujan IT Rest of the TRIL 2,400,000 NA NA NA are iNautix Technologies, Merrill Lynch, and Pfi zer. City development

Source: Cushman and Wakefi eld Research

172 173 F HYDERABAD COMMERCIAL MARKET OVERVIEW APPENDIX - INDEPENDENT 1 Micro-Market Description Hyderabad, the capital city of the State of Andhra Pradesh, is an established IT/ITeS, Pharmaceutical and Biotech destination. It is the economic and financial capital of Andhra Pradesh. The city of Hyderabad is spread over five districts viz. Hyderabad, Ranga Reddy, Medak, Nalgonda and Mahboobnagar. The Hyderabad Metropolitan area (under MARKET RESEARCH REPORT 24 By Cushman & Wakefield India the jurisdiction of HMDA ) comprises of nearly 6300 sq km and is proposed to be extended to 7100 sq km. Industrial activity in Hyderabad is quite broad based with sectors like IT, bio-technology, apparel parks, pharmaceuticals, construction etc. having presence in the city. IT and pharmaceutical & biotechnology industry are the dominant players and are expected to play an increasing role even in future.

Hyderabad as an office destination presents a number of advantages: • Relatively low cost of living as compared to other Indian metros; • Relatively better quality of life; and • Rapid pace of infrastructure development.

E INTERNATIONAL TECH PARK CHENNAI (“ITPC”): PROPERTY ANALYSIS (continued) Hyderabad is well connected to various parts of the country through a good network of road, rail and airport. Various 6 SWOT Analysis initiatives undertaken by the Government to enhance the infrastructure in Hyderabad are as follows:

Strength Weakness • The project is located in the IT Corridor, which is a prominent • Lack of additional land for expansion beyond Zenith. Initiatives for Development Present Status Impact and established IT/ITeS location. Outer Ring Road (ORR) Phase I - Already Expected to relieve congestion in the city area, • The current expansion can cater to future market demand and • Phase I - INR 1610 million (35.2 million USD) Operational from facilitate development of satellite townships, expansion needs of existing occupiers. project of 22 km stretching from Gachibowli to November 2008 and provide linkage to the proposed Multi Shamshabad Modal Transport system (“MMTS”), Mass Rapid • The project is integrated with retail uses and food court. Transport System (“MRTS”) and bus networks • Phase II - to be carried out in two sub-phases of Phase II- Under through radial roads. • ITPC is located close to the MRTS corridor. It is thus easily A and B construction (Expected accessible by train to the downtown locations in central to be ready 2012) Chennai and the southern suburbs – an advantage enjoyed a. Phase II-A from Shamshabad to Hayathnagar by few projects on OMR. would be covering a distance of 62.3 km &

Opportunities Threats b. Phase II-B - the remaining distance of 77.7 km is of phase II-B from Hayathnagar to • It enjoys proximity to residential catchment areas of Adayar • Micro Market Supply: Upcoming real estate supply in the Gachibowli. and Velacheri. OMR is also witnessing high supply of micro-market. residential apartments. Metro Rail Transit System Work on this has Expected to improve the connectivity of various • Competition: Might face competition from other IT SEZ’s in the The project is proposed to cover a distance of commenced recently micro markets across the city. • With proposed road connections to GST Road through city offering lower lease rentals approximately 71 km Velacheri and Pallavaram, the location will have speedy access to airport. Elevated expressway 12 km stretch from Shamshabad (International Operational Better connectivity to airport from the city. • Tenant Mix: With the current tenant mix, the subject property airport) to Mehdipatnam. may attract high profile tenants. The growth in Hyderabad city’s economic base (primarily establishment of IT/ITeS industry) has altered the real estate 7 Outlook dynamics in the city. There has been development of all segments of real estate (office space, residential, retail and ITPC commands rentals that are higher as against those demanded by most other projects in the vicinity. We do not hospitality) in the city. The entry of leading national and international developers into the city has accelerated real estate foresee a situation of significant entalr correction or higher vacancies in ITPC in the immediate future. This ability to hold development. on to the higher rentals as well as higher occupancy would be a result of its established reputation and high quality of facilities which has enabled it to differentiate itself from the rest of the market. The city houses many of the Fortune 500 Corporations, majority of them related to the IT industry – Microsoft (the largest R&D campus outside the US) Computer Associates, Amazon, GE, IBM, AMD, Accenture, Google, Motorola, Deloitte, ITPC phase III is ready, which will be an additional supply of approximately 737,000 sq. ft. New SEZ developments within Yahoo, Dell, QUALCOMM, Verizon, Convergys, Hewlett-Packard and the likes. Besides international giants, Indian Taramani could pose competition to this new development. For eg. Tata Realty is proposing to set up a 3,000,000 sq. ft. companies also have a strong presence here. Infosys, Wipro, Cognizant Technologies, TCS, ICICI, Polaris and more have IT SEZ development in Taramani which will add significant supply to the micro market. set up their development centres in the city. Hyderabad is also home to several financial services companies like Wells Fargo, GE, Deloitte, UBS (now Cognizant). The establishment of these industries has triggered the growth of the commercial office market in Hyderabad.

Based on areas of commercial developments, Hyderabad can be divided into the following established commercial micro markets.

24 Hyderabad Metropolitan Development Authority.

174 175 F HYDERABAD COMMERCIAL MARKET OVERVIEW (continued) APPENDIX - INDEPENDENT 1 Micro-Market Description (continued) MARKET RESEARCH REPORT Cluster Locations Nature Off CBD areas Begumpet, Somajiguda, Located on the eastern and southern periphery of the CBD, this micro By Cushman & Wakefi eld India Rajbhavan road , S P market has regional/sales/marketing offices of companies of various Road industries. The developments in this micro market are a mix of commercial and retail developments. Prominent companies in this micro market are Nokia Siemens, YES Bank, Aurobindo Pharma, Sonata, Bharti AXA life insurance, Aircel, Airtel.

Prime Suburban areas Rest of Banjara Hills, Located on the northern and western periphery of the CBD, this Jubliee Hills micro market has companies in IT, Consulting & Advisory. Most of the developments in this micro market are a mix of commercial and retail developments. Companies that have presence here are Madhucon, Halcrow, Monster, Seaways Shipping, Prajay Construction.

Suburban areas Madhapur, Gachibowli Located in the western quadrant of the city and approximately 5-7 km north-west of the CBD of Hyderabad, this micro market largely houses F HYDERABAD COMMERCIAL MARKET OVERVIEW (continued) offices of IT/ITeS and fi nancial services companies. The developments 1 Micro-Market Description (continued) mostly comprise large scale Grade A commercial developments. Companies like Infosys, TCS, IBM, Accenture, Oracle, Deloitte, Wells Fargo have presence in this micro market.

Peripheral areas Pocharam, Located in periphery of the city this micro market currently has only few Shamshabad developments. Existing and upcoming commercial developments are mostly IT/ITeS focused. There is yet to be signifi cant leasing momentum.

The suburban micro-market is located in the north western quadrant of Hyderabad city. This micro-market is the IT/ITeS hub of Hyderabad housing leading IT/ITeS and fi nancial services companies. It is well connected to major parts of the city through road and rail network and enjoys good physical infrastructure. The commercial developments in Madhapur being recent, comprise of large scale Grade A commercial developments. Companies like Tata Consultancy Services, Google, Accenture, Cognizant, Deloitte, Wells Fargo etc have presence in this micro market. Some of the prominent IT parks in the micro market are The V and K Raheja IT Park (Mindspace). Among all the commercial micro markets in the city, this micro market is currently witnessing considerable activity.

2 Supply, Absorption and Vacancy trends The stock of commercial offi ce space till 2010 in Hyderabad was approximately 31.74 million sq. ft. with the suburban areas constituting approximately 70% of the total stock followed by Off CBD at 14%, CBD (Central Business District) at 8% and Prime Suburban and Peripheral at 4% each. SEZ stock which accounts for about 20% of the total city stock is located in the Suburban and Peripheral commercial markets.

The City has witnessed fresh supply of approximately 3-4 million sq. ft. every year from 2006 till 2008. In the year 2009, the total fresh commercial supply in the city was highest at approximately 5.4 million sq. ft. due to some large offi ce buildings becoming operational like TSI Wave Rock (approximately 0.7 million sq. ft.), DLF Cyber City Block no. 3 (approximately 0.85 million sq. ft.) and Raheja Mindspace Building no. 9 (approximately 1.0 million sq. ft.). 2010 closed at 2.77 million sq. ft. of fresh supply. It is estimated that approximately 3.9 million sq. ft. of commercial offi ce space is expected to come up in year 2011 with SEZ space accounting for about 29%. Suburban micro markets of Madhapur & There are primarily fi ve commercial clusters in the city. With the exception of suburban areas of Madhapur and Gachibowli remained as the most active region and accounted for approximately 80% of the fresh supply in year 2010. Gachibowli, all clusters have a mix of commercial and retail developments. A detailed profi le of the commercial corridors of Hyderabad is listed in the table below: Average absorption in the city has also been approximately 3-4 million sq. ft. per year till year 2009. 2008 witnessed least absorption of approximately 1.8 million sq. ft. due to economic slowdown. With the economic and commercial markets recovering in year 2010, various companies fi rmed up their expansion and consolidation plans resulting in year Cluster Locations Nature 2010 closing at a record high of 5.27 million sq. ft. of absorption with suburban micro market accounting approximately 92% of the total absorption. SEZ absorption has accounted for about 25%-27% of the total absorption in the city with Central Business Banjara Hills Road no. Located in the heart of the city, this commercial micro market comprises District (CBD) 1, 2, 10 ,12 largely corporate offices of infrastructure/ construction, real estate, IT & 2010 being an exception. In 2010, SEZ absorption has been at 38%. fi nancial companies. It is the prime commercial micro market of the city. Most of the developments are a mix of commercial and retail developments. Prominent companies that have presence in this micro market are Vacancy rates which were hovering in the range of 5% during 2005-2007 increased to 9-14% during 2008 and further Broadridge, D E Shaw, Karvy, HSBC (Hongkong and Shanghai Corporation to about 29% in Q4 2009. Due to improved absorption, year 2010 closed at commercial offi ce vacancy of about 14%. Limited), IVR Prime, Aparna Constructions, Applabs, Uninor. The vacancy in the suburban market dropped to approximately 8% in year 2010.

176 177 F HYDERABAD COMMERCIAL MARKET OVERVIEW (continued) APPENDIX - INDEPENDENT 3 Supply, Absorption trends for Office space in Suburban Market(continued) As at the end of 2010, the total commercial office stock in suburban micro market was estimated at approximately 22 million sq. ft. Some of the prominent existing commercial office developments in Madhapur / Gachibowli micro market are MARKET RESEARCH REPORT listed as under: By Cushman & Wakefield India Prominent Developments Area sft

Raheja Mindspace (SEZ & non SEZ) 6,200,000

Ascendas V 1,200,000

CyberPearl 430,000

Cyber Tower 580,000

Lakshmi Cyber City 575,000 F HYDERABAD COMMERCIAL MARKET OVERVIEW (continued) Divyasree Omega 900,000 2 Supply, Absorption and Vacancy trends (continued) Lease rentals witnessed an upward trend from year 2006 to 2008 (8-37% across various micro markets) due to limited L&T Hitec - II (SEZ) 910,000 supply of office space. In 2009, due to economic slowdown the rentals corrected by approximately 15%-21% across Ananth Infopark 420,000 various commercial corridors. 2010 witnessed increase in absorption due to revival of the economic and commercial DLF SEZ 2,600,000 markets coupled with prevailing low rentals. During 2010, as the vacancy rates dipped, downward correction of the rentals was arrested and the rentals more or less witnessed stabilization. Q-City 800,000 TSI Waverock 700,000 City - Supply, Absorption, Rent Trend Divyasree Orion 480,000 5 – – 70 Lanco Hills 388,000 – 60 4 – The total potential supply in the micro market is estimated to be in the range of 15-16 million sq. ft. in the next few years – 50 of which approximately 3.9 million sq. ft. is expected to come up in year 2011. Most of the supply is expected to come up from 2012 onwards. By the end of 2010, the vacancy in the micro market was approximately 8%. The prevailing quoted 3 – – 40 warm shell in Madhapur/ Gachibowli was INR 37-38/sq. ft. / month. – 30 2 – G THE V: PROPERTY ANALYSIS – 20 1 Introduction Area (million sq. ft.) Area 1 – The micro-market of Madhapur is located in the North West of Hyderabad city. This micro-market is close to prominent – 10 Rentals in INR/sq ft/month locations like Gachibowli and Jubilee hills. It is well connected to major parts of the city through road and rail network. 0 – – 0 Madhapur micro market largely houses offices of IT/ITeS and financial services companies. These developments being 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 recent, comprise large scale Grade A commercial developments. Companies like Infosys, Tata Consultancy Services, IBM, Accenture, UBS, Deloitte, Wells Fargo have presence in this micro market. Among all the commercial micro Supply Absorption CBD Rentals markets, this micro market is currently witnessing considerable activity. There are several IT parks such as The V and K Source: Cushman and Wakefield Research Raheja IT Park (Mindspace). Inorbit mall, which is one of the biggest malls in south India is located in the micro-market. The micro-market also has several large scale residential projects like My Home Navadweepa and Fortune Towers. 3 Supply, Absorption trends for Office space in Suburban Market

5 – – 45 2 Profile of The ,V Hyderabad – 40 Overview 4 – – 35 Date of Operation Mariner (2000) – 30 Auriga (2002) 3 – Orion (2004) – 25 Capella (2005) Vega (2008) – 20 2 – – 15 Configuration

Area (million sq. ft.) Area Total Project Area (Land) 19.4 acres 1 – – 10 – 5 Rentals in INR/sq ft/month Development Mix Commercial Office 0 – – 0 Built up Area 1.28 million sq. ft. 2002 2003 2004 2005 2006 2007 2008 2009 2010 No. of Floors Mariner (4 floors) Auriga (7 floors) Supply Absorption Suburban Rentals Orion (8 floors) Capella (8 floors) Source: Cushman and Wakefield Research Vega (14 floors)

178 179 G THE V: PROPERTY ANALYSIS (continued) APPENDIX - INDEPENDENT 3 Location & accessibility (continued) MARKET RESEARCH REPORT By Cushman & Wakefi eld India

G THE V: PROPERTY ANALYSIS (continued) 2 Profi le of The V, Hyderabad (continued)

Location

Address Software units layout, Madhapur

Proximity to CBD Approximately 11 km from CBD

Proximity to Airport Approximately 25 km from International airport

Proximity to Railway Station Approximately 3-4 km from HITEC city railway station

No. of approach roads 3 (from Durgam cheruvu, from Gachibowli and from Cyber Towers) 4 Tenant mix Surrounding areas Kondapur, Gachibowli and Jubilee hills The tenants in The V are major IT and BPO fi rms along with some fi nance companies. Some of the major companies in Availability of public Buses and Auto rickshaws The V are Cognizant Technologies, JDA Software, EA Games, etc. transport

Infrastructure 5 Development performance The IT Park is spread over 19 acres with a total area of approximately 1.28 million sq. ft spread over fi ve commercial Power Supply & Back up There is 100% back up for all the facilities in the IT park offi ce buildings/ blocks (Mariner, Auriga, Orion, Capella & Vega). Apart from the offi ce spaces these buildings also have The facility includes fi re alarm, sprinklers and 24 hour security Fire Protection System cafeterias, convenience stores, gyms, auditorium, recreation areas, 100% power back-up, high effi ciency offi ces, food Parking There are 2466 parking slots for 4 wheelers & 2 wheelers courts and high-tech management systems which provide a unique experience and compared to other IT parks in the vicinity. Amenities

Convenience stores, gyms, recreation areas form major amenities in the IT park 6 Competition analysis

Source: Ascendas Property Fund Trustee Pte. Ltd. Some of the large scale commercial developments (SEZ and non SEZ) in the suburban region of Madhapur & Gachibowli are Mind Space IT Park, L&T (Larsen & Toubro) HITEC city, Cyber Towers, Cyber Gateway, RMZ Futura and I Labs. The 3 Location & accessibility vacancies & expansions in the existing commercial developments coupled with upcoming supply in and around the The property is located in HITEC (Hyderabad Information Technology Engineering Consultancy) city, Madhapur, micro market like Divyasree Orion, Divyasree Omega, K Raheja Corporation (KRC) Mindspace (Building # 20), Hyderabad. It is located approximately 1 km from Cyber Towers and is adjacent to the Inorbit mall at Madhapur. The Meenakshi Techpark etc. are expected to be competition for The V. The following table shows the details of major surrounding real estate are commercial developments like Mindspace IT Park, I labs and Infotech campuses. The IT upcoming commercial space in the suburban micro market till 2012: Park is spread over an area of approximately 19 acres with a total area of approximately 1.28 million sq. ft. spread over fi ve commercial offi ce buildings/ blocks (Mariner, Auriga, Orion, Capella & Vega). The IT park (property) has been developed in phases over 8 years with Vega being the latest (operational from 2008). The property is located adjacent to Mind space IT park, Madhapur 1 million sq. ft. in Building # 20 by 2011 the Inorbit Mall.

Divyasree Orion 0.6 million sq. ft. in 2011 The subject property is well connected to major locations in the city via road networks. The distance of the subject site from major locations is as follows: Divyasree Omega 0.4 million sq. ft. by 2012

• Approximately 3-4 km from the Outer ring road at Gachibowli TSI Waverock 1.7 million sq. ft. by 2012 • Approximately 25-27 km from the International airport through ORR (Outer Ring Road) • Approximately 12-13 km from Begumpet micro market (erstwhile CBD) Meenakshi Techpark 0.7 million sq. ft. by 2011

Source: Cushman and Wakefi eld Research

180 181 H CYBERPEARL: PROPERTY ANALYSIS APPENDIX - INDEPENDENT 1 Profile of CyberPearl, Hyderabad Overview MARKET RESEARCH REPORT Date of Operation Phase I (2004) Phase II (2006) By Cushman & Wakefield India Configuration

Total Project Area 6.05 acres

Development Mix Commercial

Built up Area 0.43 million sq. ft.

No. of Floors Block 1 – Stilt +7 floors, Block 2 – 7 floors

Location

G THE V: PROPERTY ANALYSIS (continued) Address Software units layout, Madhapur 7 SWOT analysis Proximity to CBD Approximately 11 km from CBD

Strength Weakness Proximity to Airport Approximately 25 km from International airport • Location: Well located in the commercial and business hub of • Lack of land for further expansion. Proximity to Railway Station Approximately 3-4 km from HITEC city railway station Hyderabad i.e. HITEC City, Madhapur and Gachibowli. No. of approach roads 3 (from Durgam cheruvu, from Gachibowli and from Cyber Towers) • Accessibility: It is on the road connecting HITEC city and Durgam Cheruvu, which is a prime commercial road. It is Surrounding areas Kondapur, Gachibowli and Jubilee hills also easily accessible and close to old Mumbai highway and expressway. The property is also close to the new road (under Availability of public Buses and Auto rickshaws construction) connecting HITEC City & Gachibowli, which transport shall further enhance the accessibility of the property. Infrastructure • Good tenant profile: The tenant profile of the subject property There is 100% back up for all the facilities in the IT park is considered good as they comprise of leading IT/ITeS Power Supply & Back up companies. Fire Protection System The facility includes fire alarm, sprinklers and 24 hour security • Contracted Lease Rent: The contracted leases in the subject There are 850 parking slots for 4 wheelers & 2 wheelers properties have been contracted at higher rates than the Parking prevailing market rents in the region. Amenities Opportunities Threats Convenience stores, gyms, recreation areas form major amenities in the building

• The improving profile of Madhapur and its surrounding areas • Upcoming supply in this micro market is likely to pose a threat Source: Ascendas Property Fund Trustee Pte. Ltd. as a world class commercial destination. on the market rentals. 2 Location & accessibility • Improving infrastructure profile of the locality. The property is located in HITEC city, Madhapur, Hyderabad. It is located at a distance of less than ½ km from Cyber • Well Maintained: despite few of the blocks being more than 5 Towers and is next to Cyber Gateway. The surrounding real estate are primarily commercial developments like TCS years old, the property has been well maintained which would increase the attractiveness of the property compared to the Deccan Park, Cyber Gateway and Infotech campuses. The IT park is spread over a land area of approximately 6 acres similar ones in the vicinity. with a leasable area of approximately 0.43 million sq. ft. Apart from the office spaces these buildings also have cafeterias, gyms and recreation areas. CyberPearl has two buildings.

The subject project is well connected to major locations in the city. The distance of the subject site from major locations is as follows:

• Approximately 3-4 km from the Outer Ring Road at Gachibowli; • Approximately 25-27 km from the International airport through ORR (outer ring road); • Approximately 12-13 km from Begumpet micro market (erstwhile CBD).

182 183 H CYBERPEARL: PROPERTY ANALYSIS (continued) APPENDIX - INDEPENDENT 5 Competition analysis Some of the large scale commercial developments (SEZ and non SEZ) in the suburban region of Madhapur & Gachibowli are Mind Space IT Park, L&T (Larsen & Toubro) HITEC city, Cyber Towers, Cyber Gateway, RMZ Futura and I Labs. The MARKET RESEARCH REPORT vacancies & expansions in the existing commercial developments coupled with upcoming supply in and around the By Cushman & Wakefi eld India micro market like Divyasree Orion, Divyasree Omega, K Raheja Corporation (KRC) Mindspace (Building # 20), Meenakshi Techpark etc. are expected to be competition for the property. The following table shows the details of major upcoming commercial space in the suburban micro market till 2012:

Mind space IT park, Madhapur 1 million sq. ft. in Building # 20 by 2011

Divyasree Orion 0.6 million sq. ft. in 2011

Divyasree Omega 0.4 million sq. ft. by 2012

H CYBERPEARL: PROPERTY ANALYSIS (continued) TSI Waverock 1.7 million sq. ft. by 2012 2 Location & accessibility (continued)

Meenakshi Techpark 0.7 million sq. ft. by 2011

Source: Cushman and Wakefi eld Research 6 SWOT analysis

Strength Weakness • Location: Well located in the commercial and business hub of • Lack of land for further expansion. Hyderabad i.e. HITEC City, Madhapur and Gachibowli.

• Accessibility: It is on the road connecting HITEC city and Durgam Cheruvu, which is a prime commercial road. It is also easily accessible and close to old Mumbai highway and expressway. The property is also close to the new road (under construction) connecting HITEC City & Gachibowli, which shall further enhance the accessibility of the property.

• Good tenant profi le: The tenant profi le of the subject property is considered good as they comprise of leading IT/ITeS companies.

Opportunities Threats • The improving profi le of Madhapur and its surrounding areas • Upcoming supply in this micro market is likely to pose a threat as a world class commercial, institutional destination. on the market rentals.

• Improving infrastructure profi le of the locality and its vicinity (Gachibowli).

7 Outlook 3 Tenant mix The Hyderabad commercial offi ce market posted a strong increase in demand in 2010 with increased leasing activity The tenants in CyberPearl are major IT and BPO fi rms along with some fi nance companies. Some of the major being witnessed in terms of entry of new players such as JP Morgan Chase and Facebook and the expansion of existing companies in CyberPearl are GE India, Xilinx India Technology Services and Powerwave Technologies R&D. tenants including TCS, Accenture, Google and Cognizant in the city. Though the prevailing rentals in various commercial markets in the city have shown signifi cant increase from last year (2010), considerable supply of commercial offi ce space 4 Development performance (mostly in suburban micro market) is expected to be infused by 2012 resulting in slight correction or stabilization of rentals. The IT Park is spread over an area of approximately 6 acres with a leasable area of approximately 0.43 million sq. ft. The CyberPearl block is located in two separate wings (buildings). Apart from the offi ce spaces these buildings also have cafeterias, gyms, recreation areas, 100% power back-up, high effi ciency offi ces, food courts and high-tech management systems which provide a unique experience and compared to other IT parks in the vicinity.

184 185 I CAVEATS & LIMITATIONS (continued) APPENDIX - INDEPENDENT g. In the preparation of the Report, C&WI will rely on the following information: i. Information provided to us by the Client and its affiliates and subsidiaries and third parties; ii. Recent data on the industry segments and market projections; MARKET RESEARCH REPORT iii. Other relevant information provided to us by the Client and its affiliates and subsidiaries at C&WI’s request; By Cushman & Wakefield India iv. Other relevant information available to C&WI; and v. Other publicly available information and reports.

3. The Report will reflect matters as they currently exist. Changes may materially affect the information contained in the Report.

4. All assumptions made in order to determine the opinion of value of the identified property(ies) will be based on information or opinions as current. In the course of the analysis, C&WI would be relying on information or opinions, both written and verbal, as current obtained from the Clients as well as from third parties provided with, including limited information on the market, financial and operating data, which would be accepted as accurate in bona-fide I CAVEATS & LIMITATIONS belief. No responsibility is assumed for technical information furnished by the third party organisations and this is 1. The Market Research Report (hereafter referred to as “Report”) will not be based on comprehensive market research bona-fidely believed to be reliable. of the overall market for all possible situations. Cushman & Wakefield India (hereafter referred to as “C&WI”) will cover specific markets and situations, which will be highlighted in the Report. C&WI will not be carrying out 5. No investigation of the title of the assets will be made and owners’ claims to the assets will be assumed to be valid. comprehensive field esearchr based analysis of the market and the industry given the limited nature of the scope of No consideration will be given to liens or encumbrances, which may be against the assets. Therefore, no the assignment. In this connection, C&WI will rely solely on the information supplied to C&WI and update it by responsibility is assumed for matters of a legal nature. reworking the crucial assumptions underlying such information as well as incorporating published or otherwise available information. 6. C&WI’s total aggregate liability to the Client including that of any third party claims, in contract, tort including negligence or breach of statutory duty, misrepresentation, restitution or otherwise, arising in connection with the 2. In conducting this assignment, C&WI has carried out analysis and assessments of the market(s) under consideration performance or contemplated performance of the services shall be limited to an aggregate sum not exceeding three and the demand-supply for the commercial / retail / hospitality / residential sector in general. C&WI has also obtained times the total fees paid for each instructions accepted. C&WI shall not be liable for any pure economic loss, loss other available information and documents that were additionally considered relevant for carrying out the exercise. of profit, loss of business, depletion of goodwill, in each case whether direct or indirect or consequential or any The opinions expressed in the Report will be subject to the limitations expressed below. claims for consequential loss compensation whatsoever which, arise out of or in connection with services provided a. C&WI is not a registered valuer of properties. In the absence of mandatory statutory valuation standards under under this engagement. the Indian laws for evaluating a property, C&WI has adopted valuation method based on its own expertise and knowledge and has endeavored to develop forecasts on demand, supply and pricing on assumptions that were 7. C&WI endeavors to provide services to the best of ability and in bona-fide good faith. The report issued shall be only considered relevant and reasonable at that point of time. All of these forecasts are in the nature of likely or for the use by the Client and the Authorised Parties. In the event that it is proven by C&WI beyond reasonable possible events/occurrences and the Report does not constitute a recommendation to Ascendas Property Fund doubt that the Client has provided a copy of the Report to any person or entity other than any of the Authorised Trustee Pte Ltd (hereafter referred to as the “Client”) or its affiliates and subsidiaries or its customers or any other Parties and in violation by the Client of its obligations pursuant to this agreement, the Client shall indemnify and party to adopt a particular course of action. The use of the Report at a later date may invalidate the assumptions hold C&WI harmless from and against all damages, expenses, claims and costs, including reasonable attorney fees and bases on which forecasts have been generated and is not recommended as an input to a financial decision. but not including indirect or consequential damages, incurred by C&WI in investigating and defending any claim made by a party (not being any of the authorised parties) against C&WI for such party’s reliance on the report b. It should be noted that C&WI’s value assessments will be based upon the facts and evidence available at the date provided that any liability incurred by the Client hereunder shall not at any time exceed an amount equivalent to three of assessment. It is therefore recommended that the value assessments be periodically reviewed. times the total fees payable to C&WI by the Client pursuant to the engagement letter. The Client and C&WI each disclaims any and all of its respective liability to any other party other than to each other and as provided in the c. Changes in socio-economic and political conditions could result in a substantially different situation than those engagement letter. presented at the stated effective date. C&WI assumes no responsibility for changes in such external conditions. 8. The Client including its agents, affiliates and employees, must not use, eproducer or divulge to any third party any d. In the absence of a detailed field survey of the market and industry (as and where applicable), C&WI will rely information it receives from C&WI for any purpose and should take all reasonable precautions to protect such upon secondary sources of information for a macro-level analysis. Hence, no direct link is sought to be information from any sort of disclosure. The information or data, whether oral or in written form (including any established between the macro-level understandings on the market with the assumptions estimated for the negotiations, discussion, information or data) forwarded by C&WI to the Client may comprise confidential information analysis. and the Client undertakes to keep such information strictly confidential at all times.

e. The services provided will be limited to assessment and will not constitute an audit, a due diligence, tax related 9. In the event of any party wants to disclose any information it shall take prior written consent of C&WI and shall make services or an independent validation of the projections. Accordingly, C&WI will not express any opinion on the only such disclosures as allowed by C&WI. However, the non-disclosure condition shall not apply to any information financial information of the business of any party, including the Client and its affiliates and subsidiaries. The that is already in the public domain or required by any court of law or authorities under any law. In such an event the Report will be prepared solely for the purpose stated, and should not be used for any other purpose. disclosing party shall intimate the other party before making such disclosure.

f. While the information included in the Report will be believed to be accurate and reliable, no representations or 10. This engagement shall be governed by and construed in accordance with Indian laws and any dispute arising out of warranties, expressed or implied, as to the accuracy or completeness of such information is being made. C&WI or in connection with the engagement, including the interpretation thereof, shall be submitted to the exclusive will not undertake any obligation to update, correct or supplement any information contained in the Report. jurisdiction of courts in Bangalore.

186 187 (b) issue Units in pursuance of any Instrument made or granted by the Trustee-Manager while this Resolution was in force (notwithstanding that the authority conferred by this Resolution may have ceased to be in NOTICE OF ANNUAL force at the time such Units are issued), GENERAL MEETING provided that: (1) the aggregate number of Units to be issued pursuant to this Resolution (including Units to be issued pursuant to Instruments made or granted under this Resolution) shall not exceed fifty per cent (50%) of the total number of issued Units (excluding treasury Units, if any) calculated in accordance with sub- paragraph (2) below, of which the aggregate number of Units to be issued other than on a pro rata basis to Unitholders (including Units to be issued pursuant to Instruments made or granted under this Resolution), shall not exceed twenty per cent (20%) of the total number of issued Units (excluding treasury Units, if any);

(2) subject to such manner of calculation as may be prescribed by the SGX-ST for the purpose of determining the aggregate number of Units that may be issued under sub-paragraph (1) above, the percentage of issued Units shall be calculated based on the total number of issued Units (excluding treasury Units) at the time this Resolution is passed, after adjusting for:

ASCENDAS INDIA TRUST (a) any new Units arising from the conversion or exercise of any Instruments which are outstanding or (Registration Number: 2007004) subsisting at the time this Resolution is passed; and (a Business Trust registered under the Singapore Business Trusts Act, Chapter 31A) Managed by Ascendas Property Fund Trustee Pte Ltd, as Trustee-Manager (b) any subsequent bonus issue, consolidation or subdivision of Units; NOTICE IS HEREBY GIVEN that the Fourth Annual General Meeting of the Unitholders of Ascendas India Trust (“a-iTrust”) will (3) in exercising the authority conferred by this Resolution, the Trustee-Manager shall comply with the be held at Orchard Hotel Singapore, Orchard Ballroom 3, Level 3, 442 Orchard Road, Singapore 238879 on Thursday, 23 June provisions of the Listing Manual of the SGX-ST for the time being in force (unless such compliance has 2011 at 2.00 p.m. to transact the following business: been waived by the SGX-ST) and the Trust Deed constituting a-iTrust (as amended) (“Trust Deed”) for the time being in force (unless otherwise exempted or waived by The Monetary Authority of Singapore); ORDINARY BUSINESS (4) unless revoked or varied by the Unitholders in a general meeting, the authority conferred by this Resolution 1 To receive and adopt the Report of the Trustee-Manager, Statement by the Trustee-Manager and Audited Resolution shall continue in force until (i) the conclusion of the next AGM or (ii) the date by which the next Financial Statements of a-iTrust, for the financial year ended 31 March 2011, together with the Auditors’ AGM is required by applicable regulations to be held, whichever is earlier; Repor t thereon.

(5) where the terms of the issue of the Instruments provide for adjustment to the number of Instruments or Resolution 2 To re-appoint Messrs PricewaterhouseCoopers LLP as Independent Auditor of a-iTrust, to hold office until the Units into which the Instruments may be converted, in the event of rights or any other events, the Trustee- conclusion of the next Annual General Meeting (“AGM”) of a-iTrust and to authorise the directors of the Manager is authorised to issue additional Instruments notwithstanding that the authority conferred by this Trustee-Manager to fix their emuneration.r Resolution may have ceased to be in force at the time the Instruments are issued; and

SPECIAL BUSINESS (6) the Trustee-Manager be and is hereby authorised to complete and do all such acts and things (including executing all such documents as may be required) as the Trustee-Manager may consider expedient or To consider and, if thought fit, to pass, with or without modifications, the following resolution as Ordinary Resolution: necessary or in the interests of a-iTrust to give effect to the authority conferred by this Resolution. Resolution 3 That pursuant to Section 36 of the Singapore Business Trusts Act, Cap. 31A, Rule 806 of the Listing Manual of (Please see Explanatory Note) Singapore Exchange Securities Limited (“SGX-ST”), and Clause 6.1.1 of the Trust Deed, the Trustee-Manager be authorised and empowered to:

(a) (i) issue units of a-iTrust (“Units”) whether by way of rights, bonus or otherwise; and/or By Order of the Board of Ascendas Property Fund Trustee Pte Ltd as Trustee-Manager of Ascendas India Trust (ii) make or grant offers, agreements or options (collectively, “Instruments”) that might or would require Units to be issued, including but not limited to the creation and issue of (as well as adjustments to) Mary Judith de Souza securities, warrants, debentures or other instruments convertible into Units, Company Secretary at any time and upon such terms and conditions and for such purposes and to such persons as the Singapore Trustee-Manager may in its absolute discretion deem fit; and 6 June 2011

188 189 NOTICE OF ANNUAL PROXY FORM Number of Units held: GENERAL MEETING

ASCENDAS INDIA TRUST (Registration Number: 2007004) (a Business Trust registered under the Singapore Business Trusts Act, Chapter 31A) Managed by Ascendas Property Fund Trustee Pte Ltd, as Trustee-Manager Notes: FOURTH ANNUAL GENERAL MEETING 1. A Unitholder entitled to attend and vote at the AGM, is entitled to appoint not more than two (2) proxies to (Before completing this form, please read the notes behind.) attend and vote in his/her stead. A proxy need not be a Unitholder. I, (Name)

2. Where a Unitholder appoints more than one (1) proxy, the appointments shall be invalid unless he/she specifies of (Address) the proportion of his/her holding (expressed as a percentage of the whole) to be represented by each proxy. being a Unitholder of Ascendas India Trust (“a-iTrust”), hereby appoint: 3. The proxy form must be deposited at the registered office of the Unit Registrar, Boardroom Corporate & PROPORTION OF Advisory Services Pte Ltd at 50 Raffles Place #32-01, Singapore Land Tower, Singapore 048623, not later than NAME ADDRESS NRIC/ PASSPORT NO. UNITS (%) 2.00 pm on 21 June 2011. (a)

Explanatory Note: and/or (delete as appropriate) Ordinary Resolution 3 (b)

The Ordinary Resolution 3, if passed, will empower the Trustee-Manager from the date of this Annual General Meeting until (i) the conclusion of the next Annual General Meeting of a-iTrust, or (ii) the date by which the next Annual General Meeting of a-iTrust is required by the applicable regulations to be held, whichever is earlier, to issue Units and to make or grant or failing him/her, the Chairman of the 4th Annual General Meeting of a-iTrust, as my proxy/proxies to attend and to vote for me/ us on my/our behalf and, if necessary, to demand a poll, at the 4th Annual General Meeting of a-iTrust to be held at 2.00 p.m. instruments (such as securities, warrants or debentures) convertible into Units and issue Units pursuant to such instruments, on Thursday, 23 June 2011 at Orchard Hotel Singapore, Orchard Ballroom 3, Level 3, 442 Orchard Road, Singapore 238879, up to a number not exceeding fifty percent (50%) of the total number of issued Units (excluding treasury Units, if any), of which and at any adjournment thereof. up to twenty percent (20%) may be issued other than on a pro rata basis to Unitholders. I direct my proxy/proxies to vote for or against the resolutions to be proposed at the 4th Annual General Meeting of a-iTrust as indicated hereunder. If no specific direction as to voting is given, my proxy/proxies will vote or abstain from voting at his/her/ For determining the aggregate number of Units that may be issued, the percentage of issued Units will be calculated based their discretion, as he/she/they may on any other matter arising at the 4th Annual General Meeting of a-iTrust. on the issued Units at the time the Ordinary Resolution 3 is passed, after adjusting for new Units arising from the conversion or exercise of any Instruments which are outstanding at the time this Resolution is passed and any subsequent bonus issue, (Please indicate with an “X” in the space provided, whether you wish your votes to be cast for or against the Ordinary consolidation or subdivision of Units. Resolutions as set out in the Notice of Annual General Meeting of a-iTrust)

With effect from 1 January 2011, issuers are allowed to undertake non-renounceable rights issue without specific unitholders’ NO. RESOLUTION FOR AGAINST approval, provided the rights issue is priced at a discount not exceeding 10%. 1. To receive and adopt the Trustee-Manager’s Report, the Trustee-Manager’s Statement, the Audited Financial Statements of a-iTrust for the financial year ended 31 March 2011 and the Fund raising by issuance of new Units may be required in instances of property acquisitions or debt repayments. In any event, Auditors’ Report thereon. if the approval of Unitholders is required under the Listing Manual of the SGX-ST and the Trust Deed or any applicable laws and regulations in such instances, the Trustee-Manager will then obtain the approval of Unitholders accordingly. 2. To re-appoint Messrs PricewaterhouseCoopers LLP as Independent Auditor of a-iTrust to hold office until the conclusion of the next Annual General Meeting and to authorise the Trustee-Manager to fix their remuneration. 3. To authorise the Trustee-Manager to issue Units and to make or grant convertible instruments.

Dated this ______day of ______2011

Signature or Common Seal of Unitholder 190 CORPORATE 3rd fold here, glue along the dotted line and fold flap INFORMATION Postage will be paid by addressee. For posting in Singapore only

BUSINESS REPLY SERVICE PERMIT NO. 08271

ASCENDAS INDIA TRUST AUDIT COMMITTEE Website: www.a-itrust.com Mr Michael Grenville Gray (Chairman) The Company Secretary Email: [email protected] Mr David Lim Tik En Ascendas Property Fund Trustee Pte Ltd SGX Code: AscendasIndT Mr Cavinder Bull Bloomberg Code: AIT SP (as Trustee-Manager of Ascendas India Trust) Reuter Code: AINT.SI INVESTMENT COMMITTEE c/o: Boardroom Corporate & Advisory Services Pte. Ltd. Mr David Lim Tik En (Chairman) 50 Raffles Place TRUSTEE-MANAGER Mr Amal Ganguli #32-01 Singapore Land Tower Ascendas Property Fund Trustee Pte Ltd Mr Rakesh Kumar Aggarwal Singapore 048623 61 Science Park Road Ms Chong Siak Ching #04-01 The Galen Mr Jonathan Yap Neng Tong Singapore 117525 NOMINATING COMMITTEE AUDITOR Mr Philip Yeo Liat Kok (Chairman) 2nd fold here PricewaterhouseCoopers LLP Mr David Lim Tik En Notes: Public Accountants and Certified Public Accountants Ms Chong Siak Ching 1. Please insert at the top right hand corner of this Proxy Form the number of Proxy Form, failing which the Proxy Form may be treated as invalid. 8 Cross Street #17-00 PWC Building Units in Ascendas India Trust (“a-iTrust” or the “Trust”) registered in your name in the Depository Register maintained by The Central Depository (Pte) 8. Any alteration made in the Proxy Form must be initialed by the person who Singapore 048424 HUMAN RESOURCE & Limited (“CDP”) in respect of the Units in your securities account with CDP. If signs it. REMUNERATION COMMITTEE no number is inserted, this Proxy Form shall be deemed to relate to all the 9. The Trustee-Manager shall be entitled to reject a Proxy Form which is Units held by you. Audit Partner-in-charge: Choo Eng Beng Mr Philip Yeo Liat Kok (Chairman) incomplete, improperly completed or illegible or where the true intentions 2. A Unitholder entitled to attend and vote at the Annual General Meeting of of the appointor are not ascertainable from the instructions of the appointor Year of Appointment: 2007 Mr David Lim Tik En a-iTrust is entitled to appoint one or two proxy/proxies to attend and vote in specified on the Proxy Form. In addition, in the case of Units entered in Ms Chong Siak Ching his/her stead. A proxy need not be a Unitholder of the Trust. the Depository Register, the Trustee-Manager may reject a Proxy Form if the Unitholder, being the appointor, is not shown to have Units entered 3. A Unitholder is not entitled to appoint more than two (2) proxies to attend and PROPERTY MANAGER against his her name in the Depository Register as at 48 hours before vote on his/her behalf. Where a Unitholder appoints two proxies, the the time appointed for holding the Annual General Meeting or the adjourned Ascendas Services India Pvt Ltd COMPANY SECRETARY appointments shall be invalid unless he/she specifiesthe proportion of his/ meeting, as certified by CDP to the rustee-Manager.T her Unitholding (expressed as a percentage of the whole) to be represented 1st Floor Innovator Building Ms Mary Judith de Souza by each proxy. 10. All Unitholders will be bound by the outcome of the Annual General Meeting International Tech Park Bangalore regardless of whether they have attended or voted at the Annual General 4. The sending of a Proxy Form by a Unitholder does not preclude him/her Meeting. Whitefield Road UNIT REGISTRAR from attending and voting in person at the Annual General Meeting of a-iTrust if he/she finds that he/she is able to do so. In such event, the 11. At any meeting, a resolution put to the vote of the meeting shall be decided on Bangalore 560066, India Boardroom Corporate & Advisory Services Pte Ltd relevant Proxy Form will be deemed to be revoked. a show of hands unless a poll is (before or on the declaration of the result of the 50 Raffles Place show of hands) demanded by the Chairman or by five or more Unitholders 5. To be effective, this Proxy Form must be deposited at the registered office present in person or by proxy, or holding or representing one-tenth BOARD OF DIRECTORS #32-01 Singapore Land Tower of the Unit Registrar, Boardroom Corporate & Advisory Services Pte Ltd at in value of the Units represented at the meeting. Unless a poll is so 50 Raffles Place, #32-01 Singapore Land Tower, Singapore 048623, by 2.00 Mr Philip Yeo Liat Kok (Chairman) Singapore 048623 demanded, a declaration by the Chairman that such a resolution has pm on 21 June 2011. been carried or carried unanimously or by a particular majority or lost Mr Michael Grenville Gray 6. This Proxy Form must be signed by the appointor or by his/her attorney duly shall be conclusive evidence of the fact without proof of the number or authorised in writting. In the case of a corporation, this form must be proportion of the votes recorded in favour of or against such resolution. Mr David Lim Tik En executed under its common seal or signed by its duly authorised attorney 12. On a show of hands, every Unitholder who (being an individual) Mr Amal Ganguli or officer. is present in person or by proxy or (being a corporation) is present Mr Rakesh Kumar Aggarwal 7. Where the Proxy Form is signed on behalf of the appointor by an attorney or by one of its officers as its proxy shall have one vote. On a poll, every a duly authorised officer, the power of attorney or other authority (if any) under Unitholder who is present in person or by proxy shall have one vote Mr Cavinder Bull which it is signed, or a duly certified copy of such power or authority must for every Unit of which he/she is the Unitholder. A person entitled to more Ms Chong Siak Ching (unless previously registered with the Trustee-Manager) be lodged with the than one vote need not use all his/her votes or cast them the same way. Mr Jonathan Yap Neng Tong 1st fold here