Sabana - Notice to Holders of S$80,000,000 4.50 Per Cent. Convertible Sukuk Due 2017 Adjustment to Conversion Price

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1. SABANA SHARI ’AH COMPLIANT INDUSTRIAL REAL ESTATE INVESTMENT TRUST (a real estate investment trust constituted on 29 October 2010 under the laws of the Republic of Singapore) NOTICE TO HOLDERS OF S$80,000,000 4.50 PER CENT. CONVERTIBLE SUKUK DUE 2017 ADJUSTMENT TO CONVERSION PRICE Unless otherwise defined, capitalised terms used in this announcement shall have the same meaning as defined in the Terms and Conditions. Sabana Real Estate Investment Management Pte. Ltd., as the Manager of Sabana REIT, refers to the Convertible Sukuk and the announcement dated 17 October 2016 made by Sabana REIT in connection with a Distribution of 1.20 Singapore cents per Unit in respect of the financial period from 1 July 2016 to 30 September 2016 to be paid to Unitholders whose names appear in Sabana REIT’s register of Unitholders as at the Book Closure Date. NOTICE IS HEREBY GIVEN THAT the Conversion Price will be adjusted from S$1.0431 to S$1.0131 per Unit. The adjustment to the Conversion Price is effective as at 26 October 2016, being the day immediately after the Book Closure Date. Condition 7(c)(iii) of the Terms and Conditions provides for an adjustment to be made to the Conversion Price of the Convertible Sukuk if and whenever any Capital Distribution (as defined in the Terms and Conditions) is paid or made to the Unitholders (except where the Conversion Price falls to be adjusted under Condition 7(c)(ii) of the Terms and Conditions). The Manager is pleased to set out below, a summary of the adjustment to the Conversion Price, based on the formula set out in Condition 7(c)(iii)(B) of the Terms and Conditions: Adjusted Conversion Price = Conversion Price x ((A-B) /A) Conversion Price = S$1.0431 per Unit B = (total distribution in cash^ -S$0.0226) per Unit Where: A = = = 0.5221 being the Current Market Price of one Unit on the last Trading Day immediately preceding on which the Distribution in cash is first publicly announced (S$0.0376- S$0.0226) per Unit S$0.0150 per Unit, being the amount of Capital Distribution (excluding any Capital Distribution in respect of the same financial year which has previously resulted in an adjustment attributable to one Unit) ^The total distribution in cash per Unit declared in respect of the financial year ending 31 December 2016.
2. Based on the distribution per Unit under the Distribution of 1 .20 Singapore cents and aggregating together with all distributions declared by the Manager in respect of the financial year ending 31 December 2016, the Conversion Price will be adjusted from S$1.0431 to S$1.0131 per Unit. The adjustment to the Conversion Price is effective as at 26 October 2016, being the day immediately after the Book Closure Date. By Order of the Board Sabana Real Estate Investment Management Pte. Ltd. (Company registration number 201005493K) As Manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust For and on behalf of Sabana Treasury Pte. Ltd. (As issuer of the Convertible Sukuk) Kevin Xayaraj Chief Executive Officer and Executive Director 25 October 2016 Definitions used in this announcement are set out below: Book Closure Date 5:00 pm on 25 October 2016 Convertible Sukuk S$80.0 million 4.50 per cent. Convertible Sukuk due 2017, convertible into Units of Sabana REIT and issued by Sabana Treasury Pte. Ltd., a wholly-owned subsidiary of Sabana REIT Conversion Price Current Market Price Distribution Manager Sabana REIT Terms and Conditions Trading Day Unit Unitholders Conversion price of the Convertible Sukuk. The price at which the units will be issued on conversion, as adjusted from time to time Has the same meaning given to it in the Terms and Conditions The distribution to be made by Sabana REIT in respect of the financial period 1 July 2016 to 30 September 2016 and announced on 17 October 2016 Sabana Real Estate Investment Management Pte. Ltd., in its capacity as manager of Sabana REIT Sabana Shari’ah Compliant Industrial Real Estate Investment Trust Terms and conditions of the Convertible Sukuk Has the same meaning given to it in the Terms and Conditions A unit representing an undivided interest in Sabana REIT Holders of Units in Sabana REIT
3. Sabana REIT Sabana REIT was listed on Singapore Exchange Securities Trading Limited on 26 November 2010 . It was established principally to invest in income-producing real estate used for industrial purposes, as well as real estate-related assets, in line with Shari’ah investment principles. Sabana REIT currently has a diversified portfolio of 21 quality properties in Singapore, in the high-tech industrial, warehouse and logistics, chemical warehouse and logistics, as well as general industrial sectors. Its total assets amount to approximately S$1.1 billion. Sabana REIT is listed in several indices within the SGX S-REIT Index, Morgan Stanley Capital International, Inc (MSCI) Index, the Global Property Research (GPR) index, FTSE index and S&P Dow Jones Indices. Sabana REIT is managed by Sabana Real Estate Investment Management Pte. Ltd., (in its capacity as the Manager of Sabana REIT) in accordance with the terms of the trust deed dated 29 October 2010 (as amended). Sabana REIT is a real estate investment trust constituted on 29 October 2010 under the laws of Singapore. For further information on Sabana REIT, please visit http://www.sabana-reit.com. Important Notice This announcement is for information only and does not constitute an offer, invitation or solicitation of securities in Singapore or any other jurisdiction nor should it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. The value of units in Sabana REIT (“Units”) and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager, HSBC Institutional Trust Services (Singapore) Limited, as trustee of Sabana REIT, or any of their respective affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the Manager redeem or purchase their Units while the Units are listed. It is intended that unitholders of Sabana REIT may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. This announcement is not an offer or sale of any Units in the United States. No Units have been or will be registered under the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration except pursuant to an exemption from, or in a transaction not subject to, registration under the Securities Act. This announcement is not to be distributed or circulated outside of Singapore. Any failure to comply with this restriction may constitute a violation of United States securities laws or the laws of any other jurisdiction.