Cambridge Industrial Trust : Completion Of Acquisition By Esr Subsi Of 80 % Indirect Interest In Citm And Appt Of New Directors

(Constituted in the Republic of Singapore pursuant to a trust deed dated 31 March 2008 (as amended))

COMPLETION OF ACQUISITION BY E-SHANG REDWOOD SUBSIDIARY OF 80 PERCENT INDIRECT INTEREST IN THE MANAGER AND APPOINTMENT OF NEW NON-EXECUTIVE DIRECTORS

Cambridge Industrial Trust Management Limited ("Manager" or "CITM"), as the Manager of Cambridge Industrial Trust ("CIT"), is pleased to announce that nabInvest Capital Partners Pty Limited ("NAB") (a wholly-owned subsidiary of National Australia Bank Limited) and CREIM Limited ("Oxley") (a wholly-owned subsidiary of Oxley Global Limited) have completed the sale of their aggregate 80% indirect interest in the Manager to e-Shang Infinity Cayman Limited ("Infinity"), a subsidiary of e-Shang Redwood Limited ("ESR") (the "Transaction"). Infinity has also acquired 100% indirect interest in Cambridge Industrial Property Management Pte. Ltd. ("CIPM"), the property manager of CIT, following completion of the Transaction.

With the completion of the Transaction, Mr Jeffrey Shen Jinchu, co-CEO of ESR and Mr Jeffrey David Perlman, Head Southeast Asia and Managing Director of Warburg Pincus (Singapore) Pte Ltd1 will be appointed as the new non-executive directors of CITM. Mr David Ian MacGregor, General Manager, Boutiques, NAB Asset Management, has stepped down from the Board of CITM.

Following the above resignation and appointment of directors, the composition of the Board will be follows:

• Mr Ooi Eng Peng (Independent Chairman)

• Mr Bruce Kendle Berry (Independent Non-Executive Director, Chairman of Audit, Risk Management and Compliance Committee)

• Mr Erle William Spratt (Independent Non-Executive Director)

• Mr Akihiro Noguchi (Non-Executive Director)

• Mr Jeffery Shen Jinchu (Non-Executive Director)

• Mr Jeffrey David Perlman (Non-Executive Director)

• Mr Michael Patrick Dwyer (Non-Executive Director)

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)

Shane Hagan

Acting Chief Executive Officer 18 January 2017

1 Warburg Pincus (Singapore) Pte Ltd is related to WP OCIM One LLP which is one of the direct shareholders of ESR.

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For further enquiries, please contact:

Cambridge Industrial Trust Management Limited

Elena Arabadjieva

Head of Investor Relations and Corporate Communications Tel: [phone]

[e-mail]

About Cambridge Industrial Trust

Cambridge Industrial Trust ("CIT"), publicly listed on the Singapore Exchange Securities Trading Limited since 25 July 2006, is Singapore's first independent industrial real estate investment trust ("REIT").

CIT invests in quality income-producing industrial properties and has a diversified portfolio of 50 properties located across Singapore, with a total gross floor area of approximately 8.4 million sq ft and a property value of S$1.4 billion as at 30 September 2016. The properties range from logistics, warehousing, light industrial, general industrial, a car showroom and a workshop to a business park, and are located close to major transportation hubs and key industrial zones island-wide.

The Manager's objective is to provide unitholders with a stable and secure income stream through the successful implementation of the following strategies:

• Acquisition of value-enhancing properties;

• Pro-active asset management;

• Divestment of non-core properties; and

• Prudent capital and risk management.

For further information on CIT, please visit http://www.cambridgeindustrialtrust.com/

About e-Shang Redwood Limited

ESR is a leading pan-Asia logistics real estate developer, owner and operator focused on the key metropolitan areas most closely tied with consumption and global trade. Backed by some of the worlds' preeminent investors including APG, Warburg Pincus, PGGM, CPPIB, Ping An, Morgan Stanley and Goldman Sachs, our platform represents one of the largest in the region with over 6.5 million square metres of projects owned and under development across China, Japan and South Korea, and capital and funds management offices in Hong Kong and Singapore. ESR is one of the largest third-party landlords for some of the world's top e- commerce companies as well as for cold-chain logistics.

For further information on ESR, please visit http://en.e-shang.com.cn/ for e-Shang and http://www.redwoodgroup.com/about/ for Redwood Group.

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CAMBRIDGE INDUSTRIAL TRUST

Important Notice

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 (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 announcement 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 announcement 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 announcement 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.