Cash Dividend/ Distribution :: Mandatory

(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 31 March 2006 (as amended))

NOTICE IS HEREBY GIVEN that the Transfer Books and Register of Unitholders of Cambridge Industrial Trust ("CIT") will be closed at 5.00 pm on 4 May 2017 for the purpose of determining Unitholders' entitlements to CIT's distribution.

The Manager of CIT has announced a distribution of 1.004 cents per unit from taxable income for CIT units for the period 1 January 2017 to 31 March 2017.

Unitholders whose securities accounts with The Central Depository (Pte) Limited are credited with CIT units as at 5.00 pm on 4 May 2017 will be entitled to the distribution that will be paid on 31 May 2017.

Tax will be deducted at source from the taxable income distribution in certain circumstances. The following section describes the circumstances in which tax will or will not be deducted from such distribution.

1. The Trustee and Manager of CIT will not deduct tax from distributions made out of CIT's taxable income that is not taxed at CIT's level to:

2. Unitholders who are individuals and who hold the units either in their sole names or jointly with other individuals;

3. Unitholders which are Central Provident Fund ("CPF") members who use their CPF funds under the CPF Investment Scheme and where the distributions received are returned to the CPF accounts;

4. Unitholders who are individuals and use their Supplementary Retirement Scheme ("SRS") funds and where the distributions received are returned to the SRS accounts;

5. Unitholders which are companies incorporated and tax resident in Singapore;

6. Unitholders which are Singapore branches of companies incorporated outside Singapore; or

7. Unitholders which are non-corporate entities (excluding partnerships) constituted or registered in Singapore, such as:

8. statutory boards;

9. co-operative societies registered under the Co-operative Societies Act (Cap. 62);

10. trade unions registered under the Trade Unions Act (Cap. 333);

11. charities registered under the Charities Act (Cap. 37) or established by any written law; and

12. town councils

13. Unitholders which are international organisations that are exempt from tax on such distributions by reason of an order made under the International Organisations (Immunities and Privileges) Act (Cap. 145).

14. For distributions made to classes of Unitholders that do not fall within the categories stated under Note 1 above, the Trustee and the Manager of CIT will deduct tax at the rate of 10% if the Unitholders are foreign non-individual investors. A foreign non-individual investor is one which is not a resident of Singapore* for income tax purposes and:

15. which does not have a permanent establishment^ in Singapore; or

16. which carries on any operation in Singapore through a permanent establishment in Singapore, where the funds used to acquire the units in CIT are not obtained from that operation.

17. Unitholders are required to complete the applicable Section A, B or C of the "Declaration for Singapore Tax Purposes Form A" ("Form A") if they fall within the categories (d) to (g) stated under Note 1 or Section D of Form A if they qualify as a foreign non-individual investor as described under Note 2.

18. The Trustee and the Manager of CIT will rely on the declarations made in Form A to determine (i) if tax is to be deducted for the categories of Unitholders listed in (d) to (g) under Note 1; and (ii) if tax is to be deducted at the rate of 10% for distributions to foreign non-individual investors as described under Note 2.

19. Unitholders who fall within class (a) to (c) under Note 1 are not required to submit Form A. The gross distribution received by these unitholders (irrespective of their tax residence status) is exempt from tax. However, this tax exemption does not apply to such unitholders in respect of distribution derived by them through a partnership in Singapore or from the carrying on of a trade, business or profession. Such unitholders, i.e. to whom the exemption does not apply, must declare the distribution received as income in their income tax returns.

20. Unitholders who do not fall within the classes of Unitholders listed in Note 1 and Note 2 above can choose not to return Form A as tax will be deducted from the distributions made to them at the prevailing corporate tax rate in any case.

21. The Trustee and the Manager of CIT will deduct tax at the prevailing corporate tax rate from distributions made out of CIT's taxable income that is not taxed at CIT's level, in respect of units held by depository agents except where the beneficial owners of these units are:

22. Individuals and the units are not held through a partnership in Singapore;

23. Qualifying unitholders as listed in categories (d) to (g) under Note 1; or

24. Foreign non-individual investors.

    For units held through the depository agents, the depository agents must complete the "Declaration by Depository Agents for Singapore Tax Purposes Form B" ("Form B") and its annexes (Annex 1 for individuals, Annexes 2 and 2.1 for qualifying Unitholders and Annex 3 for foreign non-individuals).

25. Form A and Form B (and its annexes) will be sent to Unitholders and depository agents

    respectively, by CIT's Unit Registrar, B.A.C.S. Private Limited, on or around 9 May 2017.

26. Unitholders (Form A) and the depository agents (Form B and its annexes) will have to complete the forms legibly and send it to the Unit Registrar such that it is received by 5.00

    p.m. on 19 May 2017. The Trustee and the Manager of CIT will rely on the declarations made in Form A and Form B to determine if tax is to be deducted. Failure to comply with any of these requirements will render Form A and Form B invalid and the Trustee and the Manager of CIT will be obliged to deduct the appropriate amount of tax from the distributions in respect of which this announcement is made.

27. Unitholders who hold units under the Central Provident Fund Investment Scheme (CPFIS) and the Supplementary Retirement Scheme (SRS) do not have to return the Form as they will receive gross distributions paid to their respective CPFIS and SRS accounts.

28. IMPORTANT REMINDER

    Unitholders and the depository agents must complete and return the "Declaration for Singapore Tax Purposes Forms A and B (and its annexes)" to B.A.C.S. Private Limited's office by 5.00 pm on 19 May 2017 in order to receive the distributions either at gross or at net as described above.

    DECLARATION IN INCOME TAX RETURN

    This distribution is considered as income for the year 2017. Beneficial owners of these distributions, other than those who are exempt from tax on distributions, are required to declare the taxable income component of the distributions as taxable income in their income tax return for the Year of Assessment 2018.

    IMPORTANT DATES AND TIMES

    Timeline	Event
    9.00 a.m., 2 May 2017 (Tues)	Units will be traded ex-date
    5.00 p.m., 4 May 2017 (Thurs)	Close of CIT's Transfer Books and Register of Unitholders
    5.00 p.m., 19 May 2017 (Fri)	Unitholders and depository agents must have completed and returned the "Declaration for Singapore Tax Purposes Form A and Form B" to the Unit Registrar, B.A.C.S. Private Limited.
    31 May 2017 (Wed)	Payment of distribution

    Should Unitholders have any queries in relation to these procedures, please do not hesitate to contact:

    Cambridge Industrial Trust Management Limited Ms Amy Low

    Financial Controller Tel: +65 6827 9336

    amylow@cambridgeitm.com By Order of the Board

    Cambridge Industrial Trust Management Limited As Manager of Cambridge Industrial Trust

    (Company Registration No. 200512804G, Capital Markets Services Licence No. 100132-5)

    Adrian Chui

    Chief Executive Officer 25 April 2017

    Notes

    * A Company is not a resident of Singapore if the management and control of its business is exercised outside Singapore.

    ^ Under the Singapore Income Tax Act, permanent establishment means a fixed place where business is wholly or partly carried on including a place of management, a branch, an office, a factory, a warehouse, a workshop, a farm or plantation, a mine, oil well, quarry or other place of extraction of natural resources, a building or work site or a construction, installation or assembly project. A unitholder shall be deemed to have a permanent establishment in Singapore if it:

29. carries on supervisory activities in connection with a building or work site or a construction, installation or assembly project; or

30. has another person acting on the Unitholder's behalf in Singapore who:

31. has and habitually exercises an authority to conclude contracts;

32. maintains stock of goods or merchandise for the purpose of delivery on its behalf; or

33. habitually secures orders wholly and almost wholly for the Unitholder or for such other enterprises as are controlled by the Unitholder.