1H2016 Financial Results Presentation22 July 2016

25 Pioneer Crescent

Content

Executive Summary

Real Estate Highlights

Financial & Capital Management Highlights

Appendix

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1H2016 Executive Summary

Active Portfolio Management

Proactive asset management Weighted Average Lease Expiry remains steady at 3.6 years (by rental income)

Tenant retention rate of 71.4 % achieved in a challenging operating environment

Healthy portfolio occupancy Portfolio occupancy remains steady at 93.4 %

Targeted divestment strategy Completed divestment of 23 Tuas Avenue 10

Stable Performance and Prudent Capital Management Increase in Gross Revenue

2.5 % increase year-on-year

DPU – achieved 2.190 cents for 1H2016 Adjusted DPU for 1H2016 up 1.9 % as compared to 1H2015

Quality of earnings improving due to no capital distribution and 100 % payment of management fees in cash

103.3 % of net income paid out in 1H2016

86.6% of interest rates fixed for the next 3.4 years

Issued S$50m 7 year MTN at 3.95% The issuance was 1.25x oversubscribed with institutional investors taking 100% of the issuance

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4

2Q2016

(S$

million)

2Q2015

(S$

million)

YoY

(%)

Adjusted

2Q2015

(S$

million) (1)

Adjusted

YoY (%)

Gross Revenue (2) 28.3 27.8 1.7 27.8 1.7

Net Property Income (3) 21.2 21.6 2.0 21.6 1.9

Net Income 12.6 10.7 17.3 10.7 17.3

Net effect of non-taxable items 1.5 4.1

Distribution from capital - 1.0

Amount available for distribution (4) 14.1 15.8 10.9 13.9 1.4

Distribution Per Unit (“DPU”) (cents) 1.078 1.225 12.0 1.081 0.3

Annualised DPU (cents) 4.312 4.913 12.2 4.384 1.6

(1) 2Q2015 results adjusted to reflect management fees wholly paid in cash and no capital distribution for a like-for-like comparison to 2Q2016

(2) Includes straight line rent adjustment of S$0.4 million (2Q2015: S$0.7 million)

(3) Lower due to higher operating expenses of properties converted from single-tenanted property to multi-tenancy offset by revenue contribution from property acquisition in

prior year, leasing up and rental escalations of several properties since 2Q2015

(4) 100% of management fees paid in cash in 2Q2016 compared to 50% cash/50% units in 2Q2015

2Q2016 Financial Summary

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1H2016

(S$

million)

1H2015

(S$

million)

YoY

(%)

Adjusted

1H2015

(S$

million) (1)

Adjusted

YoY (%)

Gross Revenue (2) 56.7 55.3 2.5 55.3 2.5

Net Property Income (3) 42.7 42.8 0.4 42.8 0.4

Net Income 26.3 25.4 3.8 25.4 3.8

Net effect of non-taxable items 2.3 4.0

Distribution from capital - 2.1

Amount available for distribution (4) 28.6 31.5 9.2 27.6 3.6

Distribution Per Unit (“DPU”) (cents) 2.190 2.450 10.6 2.150 1.9

Annualised DPU (cents) 4.380 4.941 11.3 4.335 1.0

(1) 1H2015 results adjusted to reflect management fees wholly paid in cash and no capital distribution for a like-for-like comparison to 1H2016

(2) Includes straight line rent adjustment of S$0.8 million (1H2015: S$1.2 million)

(3) Lower due to higher operating expenses of properties converted to multi-tenancy offset by revenue contribution from property acquisition in prior year, leasing up and

rental escalations of several properties since 1H2015

(4) 100% of management fees paid in cash in 1H2016 compared to 50% cash/50% units in 1H2015

1H2016 Financial Summary

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Real Estate Highlights

160A Gul Circle

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Proactive Lease Management

As at 30 June 2016

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By Rental Income

6.3% 7.2% 7.6%

0.8%

8.0%

14.1%

4.0%

16.4%

11.6%

14.8%

6.5%

2.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

2016 2017 2018 2019 2020 2021 +

Single-Tenanted Multi-Tenanted

(5 properties)

• 2 properties are expected to be divested• 1 properties are expected to be renewed / new lease • 1 property is expected to be converted into a multi-tenanted building• 1 property is expected to go through some improvement works

• Weighted Average Lease Expiry (WALE) at 3.6 years

• Renewed and secured approximately 625,844 sq ft of leases in 1H2016

• Tenant retention rate of 71.4 %• Portfolio occupancy at 93.4 %

Completed Divestment of 23 Tuas Avenue 10

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Description

A 4-storey purpose-built industrial

building

Gross Floor Area

102,310 sq ft

Sale Consideration

S$16.5 million

Use of funds

Repay debt and reduce gearing

23 Tuas Avenue 10

Land Tenure

~ 40 years balance

120 Pioneer Road Description

Building façade upgrade, Addition of

Passenger and Cargo Lifts

Total GFA

~248,780 sq ft (additional 4,268 sq ft)

Estimated Contract Cost

S$5 million

Target Completion Date

3rd Quarter 2017

2H2016 Proposed AEIs

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21B Senoko Loop

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Financial and

Capital Management Highlights

Balance Sheet Summary

As at 30 June 2016

(S$ million)

Investment Properties 1,420.4

Total Assets 1,436.0

Total Borrowings (net of loan transaction costs) 534.3

Net assets attributable to Unitholders 873.2

No. of Units Issued (million) 1,304.4

NAV Per Unit (cents) 66.9

Gearing Ratio (%) 37.4

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Key Capital Management Indicators

1H2016

Total Debt (S$ million) 537.0

Gearing Ratio (%) 37.4

All-in Cost (%) p.a. 3.68

Weighted Average Debt Expiry (years) 3.1

Interest Coverage Ratio 3.9

Interest Rate Exposure Fixed (%) 86.6

Proportion of Unencumbered Investment Properties (%) 82.6

Available Committed Facilities (S$ million) 50.0

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• 86.6% of interest rates fixed for the next 3.4 years

• Unencumbered investment properties close to S$1.2bn

Diversified Debt Maturity Profile

• Well-staggered debt maturity profile, with no refinancing due till FY2017

• Available RCF of S$50m provides CIT with financial flexibility

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155 160

5072

100

0

100

200

300

2016 2017 2018 2019 2020 2021 2022 2023

S$ M

il

MTNs Secured Term Loans Unsecured Term Loan

Distribution Timetable

Distribution Details

Distribution Period 1 April 2016 to 30 June 2016

Distribution Rate 1.078 cents per unit from taxable income

Distribution Timetable

Last Trading Day on a “Cum Distribution” Basis 27 July 2016

Distribution Ex-date 28 July 2016

Books Closure Date 1 August 2016

Distribution Payment Date 31 August 2016

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3 Pioneer Sector 3

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Appendix

3 Pioneer Sector 3

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Logistics General Industrial

Warehouse Car Showroom & Workshop

Light Industrial Business Park

Overview of CIT

Jurong Port

Pasir Panjang Terminal

Keppel Terminal

Changi

International Airport

Data as at 30 June 2016

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IPO in July 2006

Current Market Cap ~S$717 million

51 Properties

~8.5 million sq ft of GFA

~7.8 million Sq ft of NLA

S$1.42 billion Property Value

8.5 months of Security Deposits

~93.4% Occupancy Rate

201 Tenants

Diversified Portfolio

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Logistics, 16.4%

Warehousing, 19.4%

Light Industrial, 28.7%

General Industrial, 30.5%

Car Showroom and Workshop,

3.3%

Business Park, 1.7%

Asset Class (By Rental Income)

Logistics, 15.1%

Warehousing, 20.9%

Light Industrial,

26.6%

General Industrial,

32.3%

Car Showroom and Workshop, 2.9%

Business Park, 2.2%

Asset Class (By Valuation)

Multi-Tenanted Properties, 54.6%

Single Tenanted Properties, 45.4%

Single Tenanted vs Multi-Tenanted Properties (By Valuation)

Multi-Tenanted Properties, 55.9%

Single Tenanted Properties, 44.1%

Single Tenanted vs Multi-Tenanted Properties (By Rental Income)

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Diversified Tenant Base and Trade Sectors

Transportation and Storage, 27.6%

Manufacturing, 25.8%

Wholesale, Retail Trade Services and Others,

24.4%

Professional, Scientific and

Technical Activities, 11.2%

Logistics, 11.7%

General Storage, 11.4%

Specialised Storage, 4.5%

Fabricated Metal Products, 9.5%

Computer, Electronic and Optical Products (Manufacturing), 6.2%

Paper and Paper Products, 3.5%Machinery and Equipment, 3.4%

Pharmaceutical, 1.7%

Rubber and Plastic Products, 1.5%

Wholesale of Household Goods, Textiles, Furniture &

Furnishing and Others, 13.3%

Wholesale of Industrial, Construction and IT Related Machinery and

Equipment, 4.3%

Car Distribution, 3.7%

Education, 1.5%

Others, 1.6%

Computer, Electronic and Optical Products, 5.9%

Architectural and Engineering Activities and Related Technical Consultancy, 4.0%

M&E Services and Gas Supply, 1.3%

Civil & Engineering Services, 4.5%

Other Services, 3.4%Precision Engineering, 3.1%

No individual trade sector

accounts for more than 13.3%

of CIT’s total rental income

Construction, 4.5 %

Other Services, 3.4 %

Precision Engineering, 3.1 %

Quality and Diversified Tenant Base

• Top 10 Tenants Account for ~33.0% of Rental Income 30 June 2016

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6.8%

5.2%

3.8%3.4% 3.3%

2.3%2.1% 2.1% 2.0% 2.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

Portfolio Rents

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As at 30 June 2016

$1.10

$1.45

$1.27

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

STBs MTBs TOTAL

Portfolio Rents (Based on Leased Area Per Month Per Sq Ft)

625,844 sq ft renewed in 1H2016Rental reversion of -15.8%*

*Due in large part to the expiry of the master lease and subsequent conversion to multi-tenanted building of the property at 4/6 Clementi Loop.

Portfolio Occupancy Levels by Asset Class

• Healthy portfolio occupancy compared to industry average As at 30 June 2016

CIT Portfolio Average: 93.4%

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*As at 1Q2016

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%97.5%

85.6% 87.1%

69.9%

87.4%

97.7%92.7% 90.7% 92.6%

100.0% 100.0%

93.4%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

Logistics Warehousing Light Industrial General Industrial Car Showroom andWorkshop

Business Park TOTAL

Portfolio Occupancy

STBs MTBs TOTAL

JTC Industrial Average:

90.1%*

Interest Rate Risk Management

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Increase in

Interest Rate

p.a.

Impact on All-in

Cost of Debt

Decrease in

distributable

Income (S$m)

Change as %

of FY2015

Distribution

Impact of

FY2015 DPU

(Cents)(1)

0.5% 3.75% 0.36 0.58% 0.028

1.0% 3.82% 0.72 1.16% 0.055

1.5% 3.88% 1.08 1.75% 0.083

2.0% 3.95% 1.44 2.33% 0.111

• 86.6% of interest rate exposure fixed for next 3.4 years

• Borrowing costs significantly insulated against interest rate increases

(1) Based on number of units in issue as of 31 December 2015

Important NoticeThis material shall be read in conjunction with CIT’s results announcements for the financial period ended 30 June 2016.

The value of units in CIT (“Units”) and the income derived from them may fall as well as rise. Units are not investments or deposits in, or

liabilities or obligations of, Cambridge Industrial Trust Management Limited ("Manager"), RBC Investor Services Trust Singapore Limited

(in its capacity as trustee of CIT) ("Trustee"), or any of their respective related corporations and affiliates (including but not limited to

National Australia Bank Limited, nabInvest Capital Partners Pty Ltd, or other members of the National Australia Bank group) and their

affiliates (individually and collectively "Affiliates"). An investment in Units is subject to equity investment risk, including the possible

delays in repayment and loss of income or the principal amount invested. Neither CIT, the Manager, the Trustee nor any of the Affiliates

guarantees the repayment of any principal amount invested, the performance of CIT, any particular rate of return from investing in CIT, or

any taxation consequences of an investment in CIT. Any indication of CIT performance returns is historical and cannot be relied on as an

indicator of future performance.

Investors have no right to request that the Manager redeem or purchase their Units while the Units are listed. It is intended that investors

may only deal in their Units through trading on Singapore Exchange Securities Trading Limited (the “SGX-ST”). Listing of the Units on

the SGX-ST does not guarantee a liquid market for the Units.

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-looking statements as a result of a number of risks,

uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic

conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of

occupancy or property rental income, changes in operating expenses (including employee wages, benefits and training costs),

governmental and public policy changes and the continued availability of financing in amounts and on terms necessary to support future

CIT business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager’s

current view of future events.

This presentation is for informational purposes only and does not have regard to your specific investment objectives, financial situation or

your particular needs. Any information contained in this presentation is not to be construed as investment or financial advice, and does

not constitute an offer or an invitation to invest in CIT or any investment or product of or to subscribe to any services offered by the

Manager, the Trustee or any of the Affiliates.

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Further Information

Ms. Elena Arabadjieva

Cambridge Industrial Trust Management Limited

61 Robinson Road, #12-01 Tel: (65) 6222 3339

Robinson Centre Fax: (65) 6827 9339

Singapore 068893 elena.arabadjieva@cambridgeitm.com

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