#1Keppel REIT Acquisition of 100% Interest in Freehold Grade A Office Building under Development in North Sydney, Australia 30 November 2021 Artist's Impression#2Continuing Portfolio Optimisation: DPU-Accretive Investment with Regular Coupon throughout Development Blue & William will offer panoramic views of the Sydney Harbour Bridge Deepen Australian footprint with 100% interest in a freehold Grade A office building currently under development in North Sydney Strategic expansion into major commercial district with excellent connectivity and positive leasing dynamics 4.5% initial NPI yield after practical completion, with regular coupon throughout development(1) 3-year rental guarantee on any unlet space after practical completion Strong sustainability credentials Keppel REIT Artist's Impression (1) During the development period, Lendlease, as the Developer, will provide a coupon of 4.5% per annum on cumulative progress payments made. Coupon receivable will be applied as a reduction of the progress payments payable by Keppel REIT. 2#3Transaction Overview 100% Interest in Blue & William (2-4 Blue Street and 1-5 William Street, North Sydney) Estimated Net Lettable Area Total Development Consideration(1) "On Completion" Valuation Funding Initial NPI Yield - 14,133 sm (152,128 sf) A$327.7 million (S$322.2 million)(2)(3) A$327.8 million (4) (S$322.3 million)(2) 100% by AUD-denominated loans Progressive payment based on construction milestones 4.5%(5) DPU Accretion Developer 3.0% (6) Lendlease Globally integrated real estate and investment group headquartered in Australia - Bears all development risks Acquisition Completion Estimated Practical Completion (1) End-2021 Mid-2023 Artist's Impression Total development consideration will be subject to further true up adjustments depending on the final surveyed floor area, leasing status and actual rents achieved at the property. (2) Based on an exchange rate of A$1.00 to S$0.9833 as at 25 November 2021. (3) Including estimated transaction costs, the acquisition consideration would be approximately A$342.9 million (S$337.1 million). (4) Keppel REIT "On completion" independent valuation was conducted by CIVAS (NSW) Pty Limited ("Colliers") based on the capitalisation and discounted cash flow approach. The valuation without rental guarantee is approximately A$315.0 million (S$309.7 million). 3 (5) Based on the estimated net property income (NPI) for the first operational year after practical completion and taking into account rental guarantee. (6) On a pro forma basis for FY 2020 assuming Blue & William had achieved practical completion on 1 January 2020.#4Best-in-class Grade A Office with Advanced Green Features Artist's Impression Keppel REIT Designed by leading global architecture firm, Woods Bagot, the property prioritises tenant experience and includes on-site café, end-of-trip facilities, as well as outdoor terraces overlooking the Sydney Harbour Bridge Incorporates smart building technologies: Destination control lifts Motion detection lighting control systems Building monitoring and analytics Designed to certification standards of 5 Star Green Star Design and As Built Rating by the Green Building Council of Australia (GBCA), as well as 5.5 Stars NABERS (National Australian Built Environment Rating System) Base Building Energy Rating 4#5Designed with Tenant Experience as Priority Double height entry and floor to ceiling glass to maximise natural lighting 00 Dedicated end-of-trip and wellness facilities Keppel REIT Note: Images above are artist's impressions. Panoramic views of the Sydney Harbour Bridge NNNNN LO 5#6Investment Merits Property offers panoramic views of the Sydney Harbour Bridge RI Artist's Impression 6#7Investment Merits 1 DPU-accretive investment with regular coupon throughout development 2 Continuing portfolio optimisation that further strengthens and diversifies portfolio 3 Strategic expansion into North Sydney with positive leasing dynamics 4 Well-located in major commercial district with excellent connectivity Keppel REIT Artist's Impression 7#8DPU-Accretive Investment with Regular Coupon Throughout Development (1) DPU-accretive investment, bringing 3.0% DPU accretion on a pro forma basis The Developer will provide regular coupon (2) of 4.5% per annum on cumulative progress payments made by Keppel REIT throughout the development phase Fully funded with AUD-denominated loans for natural hedge FOR ILLUSTRATIVE PURPOSES ONLY: Pro forma financial effects of the acquisition Pro Forma FY 2020 DPU (cents) After Before (FY 2020) (Assuming practical completion was achieved on DPU 5.73 cents DPU Accretion Before (as at 30 September 2021) Aggregate Leverage 37.6% 1 January 2020) 5.90 cents (1) 3.0% (1) After (Assuming practical completion was achieved on 5.73 30 September 2021) 39.9% +3.0% 5.90 Pre-Acquisition Post-Acquisition (1) On a pro forma basis for FY 2020, assuming Blue & William had achieved practical completion on 1 January 2020, was fully funded by debt and including the rental guarantee provided by the Developer. During the development period, Lendlease, as the Developer, will provide a coupon of 4.5% per annum on cumulative progress payments made. Coupon receivable will be applied as a reduction of the progress payments payable by Keppel REIT. Keppel REIT (2) 80#9☐ Continuing Portfolio Optimisation Efforts Acquisition of Blue & William at an initial NPI yield of 4.5% is part of ongoing portfolio optimisation efforts to improve portfolio yield Building a robust portfolio of quality and well-located assets that will further enhance income stability and create long term Unitholder value Portfolio Profile Post-Acquisition: 19.5% 3.4% ■ Singapore AUM: S$9.0b ■ Australia ■ South Korea Keppel REIT South Korea T Tower, Seoul 77.1% Singapore Ocean Financial Centre Marina Bay Financial Centre One Raffles Quay Keppel Bay Tower Australia Blue & William, Sydney 8 Chifley Square, Sydney Pinnacle Office Park, Sydney 8 Exhibition Street, Melbourne Victoria Police Centre, Melbourne David Malcolm Justice Centre, Perth *Expected practical completion in mid-2023* 32.6% NLA: 4.2m sf ■ Leasehold ■ Freehold 67.4% 10* out of 11 green-certified properties Note: Based on assets under management as at 30 September 2021, assuming Blue & William had achieved practical completion and green certification by 30 September 2021. * The Manager is targeting to obtain green certification for T Tower by 2022. 9#10Continuing Portfolio Optimisation Efforts (Cont'd) ■ Reduces Keppel REIT's exposure to any single asset and further diversifies its income streams Portfolio will grow to S$9.0 billion with Grade A commercial assets in key business districts of Singapore, Australia and South Korea Pre-Acquisition 3.6% 16.4% Assets Under Management % Assets Under Management Pre-Acquisition Post-Acquisition Ocean Financial Centre, Singapore 24.0% 23.1% Marina Bay Financial Centre, Singapore 34.0% 32.7% Post-Acquisition 3.4% One Raffles Quay, Singapore 14.4% 13.8% Keppel Bay Tower, Singapore 7.6% 7.5% 19.5% 8 Chifley Square, Sydney 2.7% 2.6% As at 30 Sep 2021 Pinnacle Office Park, Sydney 3.5% 3.4% S$9.0b Blue & William, Sydney 3.7% 8 Exhibition Street, Melbourne Victoria Police Centre, Melbourne 3.1% 3.0% 4.4% 4.2% 77.1% 80.0% David Malcolm Justice Centre, Perth 2.7% 2.6% T Tower, Seoul 3.6% 3.4% As at 30 Sep 2021 S$8.6b Keppel REIT Singapore Australia South Korea Note: Based on assets under management as at 30 September 2021, assuming Blue & William had achieved practical completion by 30 September 2021. 10#11Strategic Expansion into Market with Positive Leasing Dynamics North Sydney recorded its third consecutive quarter of positive leasing demand in 3Q 2021, with new and refurbished buildings continuing to be drivers of leasing activity (1) With no new significant supply anticipated for North Sydney until 2024, the market is well placed to absorb the current availability of stock and drive vacancy down(2) Completion of new metro station in 2024 will enhance connectivity to North Sydney and support future demand in the market(3) Prime Office Absorption, Supply and Vacancy(1) Prime Gross Effective Rent(1) % sm AUD per sm per year 800 120,000 40% 24.5% 700 9.2% 7.9% 9.6% 10.1% 20.7% 20% 729 676 688 600 665 641 656 656 80,000 0% 580 500 -20% 400 40,000 -40% 300 -60% 200 0 2016 2017 2018 2019 2020 9M21 -80% 100 -40,000 -100% 0 4Q16 4Q17 4Q18 4Q19 4Q20 1Q21 2Q21 3Q21 Net Absorption (sm) Net Supply (sm) -Vacancy Rate (%) Keppel REIT (1) JLL Research, 3Q 2021 (2) Knight Frank, North Shore Office Market Report September 2021 (3) JLL Research, February 2021 11#12Well-Located in Major Commercial District with Excellent Connectivity Major commercial district: North Sydney is New South Wales' second largest (1) office market after the Sydney CBD Location of choice for diverse industry sectors including technology, media and telecommunication, as well as professional services and insurance sectors (2) Well connected by major arterial roads and public transportation nodes: The site is approximately 160m from the North Sydney Train Station which connects directly to Wynyard Station and Central Station in Sydney CBD With the upcoming Victoria Cross Metro Station (about 350m from the site) in 2024, commuting time to Barangaroo and Martin Place in the Sydney CBD will be 3 minutes and 5 minutes respectively (3) EDWARD STRE BERRY ST OAK STREET STREET Blue & William NAPIER STREET MOUNT STREET Artist's Impression UNION STREET Source: Third.i ROAD WILLIAM STREET PACIFIC HIGHWAY BLUES POINT ROAD MILLER STREET Keppel REIT (1) (2) Property Council of Australia, Office Market Report July 2021 Knight Frank, North Shore Office Market Report September 2021 (3) Sydney Metro, 2021 LAVENDER STREET MILLER STREET BLUE STREET North Sydney Train Station MACKENZIE STREET WALKER STREET WATT PARK WENDY WHITELEY'S MILLER STREET PACIFIC HIGHWAY Future Metro Station DENISON STREET BERRY STREET LITTLE SPRING STREET SPRING STREET MOUNT STREET HILL STREET WALKER STREET WALKER STREET LITTLE WALKER STREET WARRINGAH FREEWAY WALKER LN ARTHUR STREET ARTHUR STREET BRADFIELD HIGHWAY 12#13Recap: Investment Merits 1 2 DPU-accretive investment with regular coupon throughout development Continuing portfolio optimisation that further strengthens and diversifies portfolio 3 Strategic expansion into North Sydney with positive leasing dynamics 4 Well-located in major commercial district with excellent connectivity Keppel REIT Artist's Impression 13#14Thank You For more information, please visit: www.keppelreit.com Connect with us on: in SM.0770 Artist's Impression 14#15Important Notice The past performance of Keppel REIT is not necessarily indicative of its future performance. Certain statements made in this presentation may not be based on historical information or facts and may be "forward-looking" statements due to 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 or shifts in expected levels of property rental income, changes in operating expenses, including employee wages, benefits and training, property expenses and governmental and public policy changes, and the continued availability of financing in the amounts and terms necessary to support future business. Prospective investors and unitholders of Keppel REIT ("Unitholders") are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of Keppel REIT Management Limited, as manager of Keppel REIT (the "Manager") on future events. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained in this presentation. None of the Manager, the trustee of Keppel REIT or any of their respective advisors, representatives or agents shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. The value of units in Keppel REIT ("Units") and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on Singapore Exchange Securities Trading Limited ("SGX-ST"). Listing of the Units on SGX-ST does not guarantee a liquid market for the Units. Keppel REIT 15