TEXT-S&P summary: SABANA SHARI'AH COMPLIANT REIT

(The following statement was released by the rating agency)

July 31 -

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Summary analysis -- SABANA SHARI'AH COMPLIANT REIT ---------------- 31-Jul-2012

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CREDIT RATING: BBB-/Stable/-- Country: Singapore

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Credit Rating History:

Local currency Foreign currency

29-Jul-2011 BBB-/-- BBB-/--

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Rationale

The rating on Singapore-based SABANA SHARI'AH COMPLIANT REIT (Sabana) reflects the trust's good quality and well located industrial property assets. The rating also reflects Sabana's stable cash flow, with an occupancy rate of 99% and average tenant security deposit of 12 months' rent. Sabana's limited geographic and tenant diversity, and somewhat limited financial flexibility temper these strengths. The short record of the manager operating the REIT through a property cycle remains a credit weakness. We assess the REIT's business risk profile as "satisfactory" and its financial risk profile as "intermediate".