13 August 2020

Philippine Stock Exchange, Inc.

6th Floor, PSE Tower, 28th Street corner 5th Avenue,
Bonifacio Global City, Taguig City

To Janet A. Encarnacion
Head, Disclosure Department

Philippine Dealing and Exchange Corporation

29th Floor, BDO Equitable Tower
8751 Paseo de Roxas, Makati City

To Atty. Marie Rose M. Magallen-Lirio

Head, Issuer Compliance and Disclosures Department

Securities and Exchange Commission

PICC Complex, Roxas Boulevard, Pasay City

To Hon. Vicente Graciano P. Felizmenio, Jr.

Director, Market Regulation Department

Dear Mesdames and Gentlemen,

Please see attached press release on AREIT’s initial public offering.

Thank you.

MICHAEL ANTHONY L. GARCIA

Head, Investor Communications and Compliance
PSE EDGE System Administrator

AREIT, Inc.
28F Tower One and Exchange Plaza, Ayala Triangle, Ayala Avenue, Makati City, Philippines 1226
www.areit.com.ph
Press Release

NOT FOR PUBLICATION OR DISTRIBUTION IN THE UNITED STATES, EUROPEAN ECONOMIC AREA, THE UNITED KINGDOM,
CANADA, JAPAN, AND AUSTRALIA

This document is not an offer of securities for sale in the United States or elsewhere. The shares of AREIT, Inc. (“AREIT”) are
not being registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be
offered or sold in the United States unless registered under the U.S. Securities Act or pursuant to an exemption from such
registration. There will be no public offering of the shares of AREIT in the United States.

______________________________________________________________________________

AREIT debuts in the PSE, successfully concludes its PHP13.6B IPO

13 August 2020 - AREIT, Inc. (“AREIT” or the “Company”), the first real estate investment trust (“REIT”) company in the
Philippines debuted in the Philippine Stock Exchange after it successfully completed its PHP13.6 billion initial public
offering ("IPO"), following the close of the offer period on 3 August 2020.

Following the conclusion of the offer, ALI will continue to hold at least 51% of AREIT. The post-offer market capitalization
will be PHP27.7 billion, while the public float of AREIT will fall between 44.5% and 49.0%, subject to the exercise of the
over-allocation option. Non-Filipino investors account for 15.7 % of total outstanding shares.

Ayala Land is pleased to have concluded this offering which would promote and strengthen the country's capital
markets. The passing of the REIT law in 2009 signified a new opportunity to diversify the offerings in the real estate
industry and Ayala Land was preparing for this as early as 2008.

Philippine Rating Services Corporation (PhilRatings) also assigned an Issuer Credit Rating of PRS Aaa, with a Stable
Outlook, to AREIT.

BPI Capital Corporation served as the Sole Global Coordinator and Joint Bookrunner for the IPO while UBS AG Singapore
Branch was the Sole International Bookrunner for the international tranche of the IPO. BPI Capital Corporation, PNB
Capital and Investment Corporation, and SB Capital Investment Corporation, were collectively Underwriters for the
domestic tranche. BPI Stock Transfer Office served as the Receiving Agent and Stock Transfer Agent.

For more information on AREIT and its initial public offering, please visit www.areit.com.ph or contact
investor.relations@areit.com.ph.

AREIT, Inc.
28F Tower One and Exchange Plaza, Ayala Triangle, Ayala Avenue, Makati City, Philippines 1226
www.areit.com.ph