Unaudited Financial Statement for Fourth Quarter Ended 31 March 2008

Summary of Results - 4Q FY 07/08

Consolidated Income Statement (4Q FY 07/08 vs 4Q FY 06/07)

Consolidated Balance Sheet (Group)

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Commentary

The Ministry of Finance of India has reported that India’s overall GDP for October to December 2007 grew by 8.4% over the same quarter of the previous year. Full year GDP growth was estimated at 8.7%.

The growth by sectors in the current fiscal year is set out below.

GDP Growth	Services	Industry	Agriculture	Overall
Oct - Dec 07	10.3%	8.4%	3.2%	8.4%
Apr - Dec 07	10.4%	9.1%	3.5%	8.9%

Ongoing concerns over the effects of the US sub-prime crisis and US recessionary pressure have dampened the outlook for the global economy in 2008. The International Monetary Fund ("IMF") has cut its global growth projection to 3.7%11. IMF estimated that the brunt of the financial crisis would be felt in the US and Western Europe. In contrast, emerging and developing economies have so far been less affected by the financial turbulence. IMF projected that economic growth in emerging Asia (excluding Japan), would remain robust at about 7.5% in 2008 and 7.8% in 2009.

a-iTrust's current high occupancy of 96% and leases with locked in terms would enable a-iTrust to continue to enjoy income stability. Also, a-iTrust’s properties have been leased to reputable and diverse tenants, where no tenant contributed more than 5% of the portfolio base rent as at 31 March 2008.

a-iTrust's high quality properties with ancillary facilities would be well-placed to weather market uncertainties, as there was still a general shortage of good quality buildings in India. The strong and fast take-up of the 2 newly completed buildings, Vega (93%) and Crest (92%) within a short time from completion was a testimony to the robust demand for quality space.

In its 3Q 2007 report, Jones Lang LaSalle’s ("JLL") projected the following movement in capital and rent values for office space in the 3 cities where a-iTrust has invested into :

	Future movement in capital values	Future movement in rental values
Bangalore - Central Business District (CBD) Bangalore - Peripheral District (PD)	Rise Stable	Rise Stable
Hyderabad - CBD Hyderabad – PD	Rise Rise	Rise Stable
Chennai – CBD Chennai – PD	Rise Rise	Rise Stable

In order to enhance the performance of a-iTrust and returns to Unitholders, the Trustee-Manager remained committed on active asset management of its portfolio to deliver stable income stream with organic growth as well as growing the portfolio through its in-built development pipeline and making yield-accretive acquisitions.