Singapore

Australia

United Kingdom

InvestorPresentation

February 2019

Disclaimers

▪ This material shall be read in conjunction with Ascendas Reit’s financial statements for the financial yearended 31 December 2018.

▪ This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties.Actual future performance, outcomes and results may differ materially from those expressed in forward-lookingstatements as a result of a number of risks, uncertainties and assumptions. Representative examples of thesefactors include (without limitation) general industry and economic conditions, interest rate trends, cost of capitaland capital availability, competition from similar developments, shifts in expected levels of property rentalincome and occupancy, changes in operating expenses, including employee wages, benefits and training,property expenses and governmental and public policy changes and the continued availability of financing in theamounts and the terms necessary to support Ascendas Reit's future business. Investors are cautioned not toplace undue reliance on these forward-looking statements, which are based on the Manager’s current view onfuture events.

▪ The value of Units in Ascendas Reit (“Units”) and the income derived from them, if any, may fall as well as rise.Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment inUnits is subject to investment risks, including the possible loss of the principal amount invested. Investorsshould note that they will have no right to request the Manager to redeem or purchase their Units for so long asthe Units are listed on the SGX-ST. It is intended that unitholders of Ascendas Reit may only deal in their Unitsthrough trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for theUnits. The past performance of Ascendas Reit is not necessarily indicative of the future performance ofAscendas Reit.

▪ Any discrepancies between the figures in the tables and charts and the listed amounts and totals thereof aredue to rounding.

2

Agenda

3

Overview of Ascendas Reit 4

Investment Management 12

Capital Management 20

Asset Management 25

Portfolio Resilience 30

Corporate Governance 34

Market Outlook 38

Overview of

Ascendas Reit

4

Ave: S$3.3b Ave: S$4.8b Ave: S$4.3b Ave: S$3.0b Ave: S$1.5b

Source: Bloomberg

Largest Singapore Reit

5

▪ First and largest business space and industrial REIT listed on the Singapore Exchange

▪ Largest Singapore Industrial Reit by AUM and Market Capitalisation

▪ A constituent of many indices such as MSCI, FTSE, EPRA/NAREIT, Straits Times Index

98

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1,4

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Industrial Commercial Retail Hospitality Healthcare &Others

S$m

Assets Under Management (As at 31 Dec 2018)

Market Capitalisation

S$8.0b

Investment PropertyS$11.1b

3 CountriesSingapore 79%Australia 14%United Kingdom 7%

171 Properties

Largest Singapore Reit

6

Business Park and 36% Suburban Office

Logistics & Distribution Centres 29%

High-Specifications & Data 20%Centres

Light Industrial & Flatted 8%Factories

Integrated Development 7%As at 8 February 2019

7.630

15.988

11.887

FY02/03 FY17/18 YTD FY18/19

Steady Growth since Listing

7

Distribution per Unit(cents)

8

131

171

FY02/03 FY17/18 YTD FY18/19

No. of Properties

Singapore 79%

Australia 14%

United Kingdom

7%

Business & Science Parks, 33%

High-Specifications Industrial and Data Centres, 20%

Light industrial and Flatted Factories, 8%

Integrated Development, Amenities & Retail, 7%

Logistics & Distribution Centres Singapore, 11%

Logistics and Distribution Centres Australia, 11%

Suburban Offices Australia, 3%

Logistics and Distribution Centres United Kingdom, 7%

Well Diversified Portfolio (By Investment Property Value)

8

Total Investment Properties

S$11.1b

As at 8 February 2019

Business & Science Parks

42%

High-Specifications Industrial and Data Centres

25%

Light industrial and Flatted

Factories11%

Integrated Development, Amenities &

Retail8%

Logistics & Distribution

Centres Singapore

14%

Properties are well-located along major expressways, airport, seaport and proximity to MRT stations

Investment Properties

S$8.7b

Widest variety of industrial properties

Singapore: 98 properties

9

As at 8 February 2019

Business & Science ParksIntegrated Development, Amenities & RetailHigh-Specifications Industrial and Data CentresLight Industrial and Flatted FactoriesLogistics & Distribution Centres Singapore

Sydney40%

Brisbane33%

Melbourne25%

Perth2%

Western Australia

Brisbane 207,061 sqmLogistics 9 properties Suburban 2 PropertiesOffice

Melbourne 321,189 sqm Logistics 12 properties

Perth 20,895 sqmLogistics 1 property

Sydney 261,627 sqmLogistics 10 properties Suburban 1 PropertyOffice

Logistics79%

Suburban21%

Breakdown by Geography Located in 4 key cities: Sydney, Melbourne, Brisbane and Perth

Breakdown by Property

Investment Properties

S$1.5b

Australia: 35 properties (32 logistics + 3 suburban offices)

10

Investment Properties

S$1.5b

As at 8 February 2019

Queensland

New South Wales

Victoria

Yorkshire and the Humber11%

East England4%

West Midlands50%

East Midlands7%

South East 12% North West

16%

Yorkshire & 67,409 sqmthe HumberLogistics 4 properties

East Midlands 50,083 sqmLogistics 2 properties

East England 13,016 sqmLogistics 1 property

South East 40,439 sqmEngland Logistics 3 properties

North West 105,489 sqmEngland Logistics 5 properties

West Midlands 232,596 sqmLogistics 23 properties

United Kingdom: 38 logistics properties

11

Breakdown by Geography

As at 8 February 2019

Investment Properties

S$0.8b

Investment Management

12

AUM Growth

13

8

131

171

FY02/03 FY17/18 YTD FY18/19

636

10,354

11,970

FY02/03 FY17/18 YTD FY18/19

No. of Properties Total Assets(S$ m)

▪ Third party acquisitions: 59%

▪ Sponsor’s pipeline: 29%

▪ Development: 12%

Capital Recycling

14

FY13/14: 6 Pioneer Walk and Blk 5006 at TP2FY14/15: 1 Kallang PlaceFY15/16: 26 Senoko Way and BBR BuildingFY16/17: Four Acres Singapore, Jiashan Logistics Centre (China),

Ascendas Z-Link (China) and A-REIT City @ Jinqiao (China) FY17/18: 10 Woodlands Link , 13 International Business Park and

84 Genting LaneYTD FY18/19: 30 Old Toh Tuck Road and 41 Changi South Ave 2

YTD FY18/19: 41 Changi South Avenue 2

YTD FY18/19: 30 Old Toh Tuck Road

Completed Divestments to Date

70 13 39

442

61 38

2

1

2

4

3

2

FY

13

/14

FY

14

/15

FY

15

/16

FY

16

/17

FY

17

/18

YT

D F

Y1

8/1

9

A S S E T V A L U E ( S $ B ) N O . O F P R O P E R T I E S

▪ Divested 14 projects (S$0.7b) at above NAV

(1) Valuation for DBS Asia Hub Phase 2 is not available. The entire property was valued at S$165.6 million. Note: Divested properties Four Acres Singapore and Jiashan Logistics Centre were not included in the table above.

Development Capability

15

Development Segment CompletionDevelopment

Cost (S$m)

Revaluation31 Mar 2018

(S$m)

Capital Gains(S$m)

1 Courts Megastore Integrated Development Nov-06 46.0 65.7 +43%

2 Giant Hypermart Integrated Development Feb-07 65.4 86.0 +31%

3 Hansapoint @ CBP Business & Science Park Feb-08 26.1 113.4 +334%

4 15 Changi North Way Logistics & Distribution Centres Jul-08 36.2 39.7 +10%

5 Pioneer Hub Logistics & Distribution Centres Aug-08 79.3 119.8 +51%

61,3 & 5 Changi Business Park Crescent (Citibank)

Business & Science ParkFeb-09, Sep-09, Dec-10

200.9 323.4 +61%

7 71 Alps Avenue Logistics & Distribution Centres Sep-09 25.6 21.6 -16%

8 38A Kim Chuan RoadHigh-Specifications

(Data Centre)Dec-09 170.0 178.3 +5%

9 90 Alps Avenue Logistics & Distribution Centres Jan-12 37.9 50.5 +33%

10 FoodAxis @ Senoko Light Industrial Feb-12 57.8 87.1 +51%

11 Nexus @one-north Business & Science Park Sep-13 181.3 191.4 +6%

12 DBS Asia Hub Phase 2 (1) Business & Science Park Apr-15 21.8 N.A. N.A.

1350 Kallang Avenue(Schneider Electric)

High-Specifications Jun-17 45.2 90.0 +99%

14 20 Tuas Avenue 1 Logistics & Distribution Centres Apr-18 61.4 86.4 +41%

Total 1,054.9 1,453.3 +40%

▪ Has capability and capacity to develop own properties profitably

Asset Enhancement Initiatives

16

Maximise Plot Ratio

20 Tuas Avenue 1 50 Kallang Avenue

Multi-tenant to Built-to-Suit Facility Redevelopment

40 Penjuru Lane

▪ Construction of a new four storeywarehouse block with GFA of 24,062sqm

▪ New block is connected to theexisting 40 feet vehicular ramp anddriveway, greatly improving theutilization of the premises

▪ Completed: October2015

▪ Upgrading the specifications forSchneider Electric

▪ Maximised building’s potential plotratio of 2.5

▪ Installed aluminium cladding and finsto the building’s external façade. Thebuilding

▪ Retrofitted with larger windows, newair-conditioning system and lifts

▪ Completed: June 2017

▪ Redeveloped into a ramp-up 3-storeywarehouse block with efficient andregular floor plate sizes

▪ Features include a concrete rooftopcarpark for 40 foot container andlorries

▪ Plot ratio was maximised▪ Completed: April 2018

▪ Continuously identify buildings to maximise returns

Country

Purchase Consideration/

Total Development Cost (S$m)

Completion Date

Acquisition 459.2

2nd United Kingdom Portfolio (26 logistics properties)

United Kingdom(England)

459.2 (1) 4 Oct 2018

Development - Post 3Q FY18/19 181.2

Built-to-suit business park development for Grab

Singapore 181.2 3Q FY20/21

(1) Refers to Agreed Portfolio Value of the 2nd UK Logistics Portfolio

Investment Highlights in 3Q FY18/19

17

Agreed Portfolio Value (1)(2) £257.46 m (S$459.18 m)

Acquisition Fee, Stamp Duty and Other Transaction Costs

£6.80 m (S$12.13 m)

Total Acquisition Cost (3) £260.05 m (S$463.80 m)

Vendor Griffen Group UK Holding Limited

Valuation (as at 14 Aug 2018) £257.48 m (S$459.22 m)

Estimated Land Area 586,850 sqm

Land Tenure Freehold (4)

Gross Internal Area (GIA) 266,184 sqm

Occupancy 100% (5)

Weighted Average Lease Expiry 9.1 years

Key TenantsAston Martin Lagonda, Amethyst Group, Eddie Stobart, Royal Mail, Sainsbury, Vax

Initial NPI Yield 5.54% (5.39% post-cost yield) (6)

Completion Date 4 Oct 2018

(1) S$ amount based on exchange rate of £1.00:S$1.7835 as at 28 Sep 2018 (as at date of announcement on 29 Sep 2018).

(2) Includes rental guarantee and incentives provided by the Vendor.(3) Adjusted for the estimated net assets and liabilities of the companies acquired.(4) 25 properties are on freehold land and 1 property is on 965-year leasehold land.(5) Includes rental guarantee provided by the Vendor for the vacant space. Physical occupancy rate is 92.4%.(6) Includes the estimated NPI expected in the first year of acquisition, rental guarantee and incentives

provided by the Vendor. The NPI yield is derived accordingly.

Acquisition2nd Portfolio of 26 Logistics Properties, United Kingdom

18

The Portfolio: ▪ Well-specified and functional logistics properties

e.g. eaves height of 6 m to 16 m, yard depths of 15 m to 60 m

▪ Property sizes range between 835 sqm to 35,104 sqm

Well-Located: ▪ About 70% of the portfolio’s gross internal area is

situated within the West Midlands, an important logistics hub located at the centre of UK’s motorway network.

26 logistics properties, United Kingdom

New: Build-to-suit Business Park Development in Singapore for Grab

19

Land Premium S$84.0 m

Total Construction Costs S$88.8 m

Stamp Duty & Other Transaction Costs

S$8.4 m

Total Development Costs S$181.2 m

Land Area 11,435 sqm

Land Tenure 30 years

Gross Floor Area (GFA) 42,310 sqm

Occupancy Rate (upon completion)

100% pre-committed

Weighted Average Lease Expiry 11.0 years

Initial NPI Yield 6.4% (1)

Tenant GrabTaxi Holdings Pte Ltd (Grab)

Estimated Completion Date 3Q FY20/21

Artist’s Impression

(1) The NPI yield is derived using the net property income expected in the stabilised year of operationof the BTS development.

Build-to-suit development: ▪ Well-specified business park property with two

tower blocks (9 storeys and 4 storeys) connected via a sky bridge; Green Mark Gold Plus building -green features include energy efficient low emissive glass façade to reduce solar heat gain, recycled building materials

Well-Located: ▪ Within one-north, a vibrant business park which

houses Singapore’s knowledge economy sectors such as biomedical sciences, info-communications technology and media; 10 minutes’ drive to Singapore’s CBD

Capital Management

20

Healthy Balance Sheet

Weighted TenureOf Debt

3.6 years

Aggregate Leverage36.7%

Average all-in Debt Cost

3.0%

Interest Cover5.3X

Debt/ EBITDA7.1X

Unencumbered Properties as % of Total Investment Properties

91.0%

Moody’s RatingA3 Positive

3

21

▪ Disciplined approach towards capital and risk management

▪ Competitive cost of capital – A3 Moody’s credit rating

Well-spread Debt Maturity Profile

22

200

- - - - - - - --

95

162

330

150 200

354

217 163

103

-

100

273

132 469 356 - 273

-

-

559

-

-

-

-

0

100

200

300

400

500

600

700

FY18/19 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 FY25/26 FY26/27 FY29/30

S$ (

mill

ion

)

Committed Revolving Credit Facilities Medium Term Notes Term Loan Facilities Revolving Credit Facilities

13%

5%

39%

43% Diversified

Financial

Resources

▪ Well-spread debt maturity with the longest debt maturing in 2029

▪ Average debt maturity remained stable at 3.6 years

▪ In 3QFY18/19:

▪ Partially funded UK acquisition with new 3-year and 4-year term loans totaling £115m

▪ Refinanced a A$282m term loan for 7 years

(S$1.54 b)

(S$1.18 b)

(S$0.82 b) (S$0.82 b)

TotalAustralia

Assets

TotalAustralia

Borrowings

TotalUnited

KingdomAssets

TotalUnited

KingdomBorrowings

£0.47 b

High Level of Currency Hedge

GBPNatural Hedge

100%

AUD Natural Hedge

76.8%A$1.59 b

A$1.22 b

£0.47 b

23

▪ Achieved high level of natural hedge in Australia (76.8%) and the United Kingdom (100%) to minimise the effects of adverse exchange rate fluctuations

Change in Interest Rates

Decrease in Distribution

(S$m)

Change as % of FY17/18 Distribution

Pro Forma DPU Impact (cents) (1)

+50 bps 5.0 -1.1% -0.16

+100 bps 10.1 -2.2% -0.32

+150 bps 15.1 -3.2% -0.49

+200 bps 20.2 -4.3% -0.65

Prudent Interest Rate Risk Management

24

(1) Based on number of Units in issue of 3,111m as at 31 Dec 2018.

▪ 75.6% of borrowings are on fixed rates with an average term of 3.2 years

▪ 50 bps increase in interest rate is expected to have a pro forma impact of S$5.0m decline in distribution or 0.16 cent decline in DPU

Asset Management

25

87.3%

98.1% 100.0%

91.3%87.1%

98.5% 100.0%

90.6%88.8%

98.5%

91.1%

Singapore Australia United Kingdom Total

Dec-18 Sep-18 Dec-17

(1) Gross Floor Area as at 31 Dec 2018.(2) Gross Floor Area for Australia portfolio refers to the Gross Lettable Area/Net Lettable Area.(3) Gross Floor Area for United Kingdom portfolio refers to the Gross Internal Area.

Overview of Portfolio Occupancy

26

N.A.

Gross Floor Area (sqm) (1) 3,034,122 810,772 (2) 509,032 (3) 4,353,926

Portfolio Rental Reversions

% Change in Renewal Rates for Multi-tenant Buildings (1) 3Q FY18/19 2Q FY18/19 3Q FY17/18

Singapore 3.2% 2.3% 5.8%

Business & Science Parks 5.4% 3.0% 6.6%

High-Specifications Industrial and Data Centres 1.7% 1.9% 5.8%

Light Industrial and Flatted Factories 4.5% 1.6% 2.2%

Logistics & Distribution Centres 1.7% 0.3% -2.3%

Integrated Development, Amenities & Retail 10.3% 1.2% 15.3%

Australia - (2) - (2) -1.0%

Suburban Offices - (2) - (2) - (2)

Logistics & Distribution Centres - (2) - (2) -1.0%

United Kingdom - (2) - (2)

Logistics & Distribution Centres - (2) - (2)

Total Portfolio: 3.2% 2.3% 3.1 %

27

(1) Percentage change of the average gross rent over the lease period of the renewed leases against the preceding average gross rent from lease start date. Takes into account renewed leases that were signed in their respective periods and average gross rents are weighted by area renewed.

(2) There were no renewals signed in the period for the respective segments.

▪ Achieved portfolio reversion of 3.2% for leases renewed in 3Q FY18/19

▪ Rental reversion is expected to see slight improvement in FY18/19

Weighted Average Lease Expiry (By gross revenue)

WALE (as at 31 Dec 2018) Years

Singapore 3.9

Australia 4.5

United Kingdom 11.3

Portfolio 4.4

28

▪ Portfolio Weighted Average Lease Expiry (WALE) improved to 4.4 years (from 4.3 years as at 30 Sep 2018)

2.1%

6.4%

1.7% 0.8%2.5% 2.1% 1.0%

4.5%1.7% 0.7%

16.5%

14.5%

11.9%

9.5% 6.3%

3.8%

0.3%

0.3%

0.1% 2.1%

1.6%

18.6%

20.9%

13.6%

10.3%8.8%

5.9%

1.4%

4.8%

0.2%1.8%

2.8%1.7% 1.2% 1.0%

5.4%

FY

18/1

9

FY

19/2

0

FY

20/2

1

FY

21/2

2

FY

22/2

3

FY

23/2

4

FY

24/2

5

FY

25/2

6

FY

26/2

7

FY

27/2

8

FY

28/2

9

FY

29/3

0

FY

30/3

1

FY

31/3

2

FY

32/3

3

>F

Y32

/33

% o

f G

ross

Re

nta

l In

com

e (

Tota

l Po

rtfo

lio)

Multi-tenant BuildingsSingle-tenant Buildings

Portfolio Lease Expiry Profile (as at 31 Dec 2018)

29

(1) New leases refers to new, expansion and renewal leases. Excludes leases from new acquisitions.

Breakdown of expiring leases

for FY18/19 and FY19/20

18%

19%

14%

47%

1% 1%

FY18/19

38%

19%

13%

11%

9%

10%

FY19/20

Business and Science Parks

High-Specifications Industrial and Data Centres

Light Industrial and Flatted Factories

Logistics & Distribution Centres

Integrated Development, Amenities & Retail

Logistics & Suburban Offices (Australia)

▪ Portfolio weighted average lease to expiry (WALE) of 4.4 years

▪ Lease expiry is well-spread, extending beyond 2032

▪ About 1.6% of gross rental income is due for renewal for the remaining of FY18/19

▪ Weighted average lease term of new leases (1) signed in 3Q FY18/19 was 4.2 years and contributed 2.2% of 3Q FY18/19 total gross revenue

Portfolio Resilience

30

Tenants’ Industry DiversificationBy Monthly Gross Revenue

31

Note: Others include research & development, manufacturing, oil and gas, multi-media products etc.

More than20 industries

12.5%

0.5%

0.8%

0.9%

1.1%

1.2%

1.4%

1.5%

1.6%

1.7%

2.0%

2.6%

2.7%

2.7%

6.4%

6.6%

6.7%

7.5%

8.5%

9.1%

9.1%

13.1%

Others

Rubber and Plastic Products

Fabricated Metal Products

Printing & Reproduction of Recorded Media

Chemical

Textiles & Wearing Apparels

Healthcare Products

Repair and Servicing of vehicles

Hotels and restaurants

Medical, Precision & Optical Instruments, Clocks

Construction

Food Products & Beverages

Public Services

Wholesale and Retail Trade

Electronics

Telecommunication & Datacentre

Information Technology

Life Science & Other Scientific Activities

M&E and Machinery & Equipment

Distributors, trading company

Financial

3rd Party Logistics, Freight Forwarding

Quality and Diversified Customer Base

32

4.6%

3.0%

2.0% 2.0%1.6% 1.5% 1.5%

1.2% 1.2% 1.2%

SingaporeTelecomm-unications

Ltd

DSONational

Laboratories

Citibank,N.A

DBS Bank Ltd WesfarmersGroup

CevaLogisticsS Pte Ltd

JPMorganChase

Bank, N.A

A*STARResearchEntities

SiemensPte Ltd

Hydrochem(S) Pte Ltd

Note:Hyflux Ltd’s subsidiaries (“Hyflux”) were tenants at two of Ascendas reit’s properties. In January 2019, Hyflux has vacated Hyflux Building. Its lease at Hyflux InnovationCentre is currently under negotiation. Ascendas Reit has drawn down the security deposits amounting to S$7.6 million.

▪ Total customer base of around 1,350 tenants

▪ Top 10 customers (as at 31 Dec 2018) account for about 19.8% of monthly portfolio gross revenue

▪ On a portfolio basis, weighted average security deposit is about 5.3 months of rental income

No single property

accounts for more than

5.1% of Ascendas Reit’s

monthly gross revenue

Aperia, 5.1%ONE @ Changi City, 4.0%12, 14 & 16 Science Park Drive, 3.5%1, 3 & 5 Changi Business Park Crescent, 3.2%Kim Chuan Telecommunication Complex, 2.6%TelePark, 2.3%Neuros & Immunos, 2.2%Hyflux Innovation Centre, 2.0%Pioneer Hub, 2.0%TechPlace II, 1.9%Nexus@One North, 1.8%TechPoint, 1.7%The Aries, Sparkle & Gemini, 1.7%40 Penjuru Lane, 1.7%Techview, 1.7%31 International Business Park, 1.5%Techlink, 1.5%Corporation Place, 1.5%DBS Asia Hub (Phase I & II), 1.5%Siemens Centre, 1.4%The Kendall, 1.4%TechPlace I, 1.4%Cintech III & IV, 1.2%10 Toh Guan Road, 1.2%197-201 Coward Street, 1.2%FoodAxis @ Senoko, 1.1%HansaPoint @ CBP, 1.1%Infineon Building, 1.0%Nordic European Centre, 1.0%Giant Hypermart, 1.0%The Capricorn, 0.9%The Galen, 0.9%LogisTech, 0.9%Changi Logistics Centre, 0.9%AkzoNobel House, 0.9%19 & 21 Pandan Avenue, 0.8%Courts Megastore, 0.8%100 Wickham Street, 0.8%7 Grevillea Street, 0.8%The Alpha, 0.8%Acer Building, 0.8%21 Jalan Buroh, 0.8%108 Wickham Street, 0.7%Others, 32.8%

Diversified Portfolio

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Corporate Governance

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Corporate Governance Framework

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AFM, as manager of Ascendas Reit, is a Capital Markets Service License Holder. Activities conducted by AFM

are regulated by MAS.

Ascendas Reit, listed since November 2002, is governed by the

SGX Listing requirements

Key Guidelines

Gearing

▪ Aggregate leverage should not exceed 45% of the fund's deposited property

Valuation

▪ Full valuation at least once a year

Interested Party Transaction

▪ Asset is acquired from the interested parties at a price not more than the higherof the two assessed values, or sold to interested parties at a price not less thanthe lower of the two assessed values

Development

▪ Total contract value of property development activities

• should not exceed 10% of the deposited property.

• may exceed 10% (subject to a maximum of 25%) only if:

• the additional allowance of up to 15% of the property fund’s deposited property is utilised solely for the redevelopment of an existing property that has been held by the property fund for at least three years and which the property fund will continue to hold for at least three years after the completion of the redevelopment

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High Standards of Corporate Governance: Staying Ahead in Best Practices & Policies

▪ Early adopter of best practices:

• First AGM held in 2007, MAS made it compulsory for S-REITs in 2010

• Nominating and Remuneration Committee in 2005, before 2016 requirement

• One of the first S-REITs to publish sustainability report in 2013

▪ Well-diversified Board

• Varied expertise

• 6 independent directors, of which 2 are female (out of a board of 9)

SIAS Investors’ Choice Award

Most Transparent Company (2007 to 2015)

Singapore Corporate Award

Best Investor Relations Silver (2016, 2017)

Best Annual Report (2011, 2012, 2015)

Finance Asia’s Annual Poll

Singapore's Best Managed Companies (2009, 2012)

Singapore’s Best Investor Relations (2016)

Singapore Top 100 Brands

(2013 to 2018)

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Market Outlook

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Market Outlook

▪ Uncertainties surrounding US-China trade negotiations and Brexit have clouded the global economic outlook.

▪ Singapore’s economy grew 3.3% in 2018 and is expected to grow by 1.5% to 3.5% in 2019 (MTI).

• Businesses remain cautious and continue to review their space requirements amid theuncertain economic outlook.

▪ Australia’s economy is forecast to grow by 3.0% in 2018 and 2.7% in 2019(Bloomberg).

• Weaker outlook of global economies, especially China, may pose headwinds for Australia.Stable performance of the portfolio is underpinned by the long WALE of 4.5 years andaverage annual rent escalations of approximately 3% per annum.

▪ UK’s economy is forecast to grow by 1.3% in 2018 and 1.5% in 2019 (source:Bloomberg).

• Ascendas Reit’s UK portfolio has strong attributes such as the long WALE of 11.3 years,good quality tenants, and the domestic nature of the tenants’ logistics business. Theseattributes will stand Ascendas Reit in good stead to overcome any potential impact arisingfrom Brexit.

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Important Notice

This presentation has been prepared by Ascendas Funds Management (S) Limited as Manager for Ascendas Real Estate Investment Trust. The details in this

presentation provide general information only. It is not intended as investment or financial advice and must not be relied upon as such. You should obtain

independent professional advice prior to making any decision. This presentation is not an offer or invitation for subscription or purchase of securities or other

financial products. Past performance is no indication of future performance. All values are expressed in Singaporean currency unless otherwise stated.

Thank you

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