#1FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST INVESTOR PRESENTATION 投資家向けプレゼンテーション June 2023#2Disclaimer FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST This presentation has been prepared by First REIT Management Limited, in its capacity as the manager of First Real Estate Investment Trust ("First REIT", and the manager of First REIT, the "Manager"). 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 the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. The value of units in First REIT ("Units") and the income 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. This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties based on the Manager's current view of future events. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of risks, uncertainties and assumptions - representative examples include, without limitation, general economic and industry conditions, interest rate trends, cost of capital, capital availability, shifts in expected levels of property rental income, change in operating expenses, property expenses and government and public policy changes and continued availability of financing in the amounts and the terms necessary to support future 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. The past performance of First REIT is not necessarily indicative of the future performance of First REIT. This presentation has not been reviewed by the Monetary Authority of Singapore. 2#3Overview of First REIT FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST 1st healthcare REIT in Singapore, 32 assets across Asia with assets-under-management ("AUM") of S$1.15 billion as at 31 December 2022 Our vision is to become Asia's premier healthcare trust, with >50% of AUM in developed markets by FY2027 JAPAN 14 nursing homes (25.1% of AUM) SINGAPORE 3 nursing homes (2.8% of AUM) INDONESIA 11 hospitals 2 integrated hospitals & malls 1 integrated hospital & hotel 1 hotel & country club (72.1% of AUM) www THE 3#4Trust structure UNITHOLDERS Holding of Units Acts on behalf of Unitholders PERPETUAL (ASIA) LIMITED (THE "TRUSTEE") Trustee's Fees ↑ Ownership of the properties FIRST Distributions REIT ASIA'S PREMIER HEALTHCARE TRUST Rental Income SINGAPORE PROPERTIES Notes (1) Onshore SPCs refer to Singapore Special Purpose Companies (2) Offshore SPCs refer to Overseas Special Purpose Companies Ownership of ordinary and redeemable preference shares FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST Sponsors OUE Limited and OUE Healthcare's combined stake in First REIT is 44.35% as at 31 March 2023. Management Services FIRST REIT MANAGEMENT LIMITED (THE "MANAGER") Sponsors own 60% and 40% respectively of the Manager. Management Fees Dividends and redemption proceeds Dividends ONSHORE SPCS 1 OFFSHORE SPCS 2 Ownership of shares Rental Income OVERSEAS PROPERTIES Ownership of the properties 4#5Long leases with stable revenue streams Healthy Weighted Average Lease to Expiry ("WALE") WALE BY GFA (1) 12.2 years 100.0% 80.0% 60.0% 40.0% FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST Sustainable rent escalation built into master lease structure COMMITTED OCCUPANCY (1) Healthcare Assets (3) Indonesia (Prior to 2021) Indonesia (Since 2021) 100% Base Rent Escalation 2x of Singapore's CPI increase for the preceding calendar year (capped at 2%) Japan (Entered in 2022) Singapore • Annual rental Variable / Based Rent Variable rent factor (0%-2%) applied Performance- to a function of the gross operating revenue 4.5% annually 8.0% of preceding financial year gross operating revenue • may be revised upwards upon negotiation every 2 to 3 years for 12 assets, and every 5 years for 2 assets . Fixed base rental with annual increment of 2% 20.0% 0.0% Total Rent Payable Base Variable FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 Higher of Base or Performance Based Rent Negotiation based on the increase in Japan's consumer price index and interest rates and beyond By GFA (2) By Rental Income (2) Currency SGD IDR JPY SGD Notes (1) As at 31 March 2023 (2) As at 31 December 2022 (3) As at 31 December 2022, 89.5% of Rental Income are from Healthcare Assets 5#6Financial performance since 2021 Rental and other income (S$' million) (1) 19.3 19.6 19.2 (2) 44.2 FRS116 straight-line adjustment 28.2 30.4 Total debt 25.5 27.1 26.8 FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST FY 2020 FY 2021 FY 2022 1Q 2023 S$492.4m S$352.4m S$461.2m S$464.6m Gearing ratio 49.0% (3) 33.6% 38.5% 39.0% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 Weighted average debt to maturity 1.2 0.9 3.4 3.1 years years years years Notes Net property and other income (S$' million) 43.7 (2) All-in Cost of debt 3.6% 4.2% 3.7% 4.7% (1) 18.6 19.0 18.9 تا 29.5 27.5 25.2 26.4 25.8 Interest Cover Ratio 3.6x 5.2x 5.0x 4.2x % debt with fixed rates or hedged 40.0% 55.9% 59.6% 62.8% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 (1) Restructured master leases in Indonesia took effect in 1Q21 (2) A straight-line adjustment, in line with the accounting treatment under FRS116 – lease, took effect from 4Q21. The straight-line adjustment for a full year was recognised in 4Q21, and subsequently recognised on a quarterly basis. (3) In November 2020, First REIT announced the restructuring of Master Lease Agreements in Indonesia for long term sustainability. In December 2020, First REIT announced a proposed Sponsor-backed S$158 million rights issue. On a pro forma basis post rights issue, the gearing ratio for FY 2020 was 34.6%. 6#7Active execution of 2.0 Growth Strategy 1 Diversify into Developed Markets Reshape Portfolio For Capital Efficient Growth 3 FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST Strengthen Capital Structure to Remain Resilient Continue to Pivot to Ride Megatrends Increase portfolio in developed markets to >50% of AUM by FY 2027 27.9% of AUM in developed markets as at 31 December 2022 Recycle capital from non-core, non-healthcare assets, mature assets Completed divestment of Siloam Hospitals Surabaya in September 2022 Identified IAHCC (1) as a non- core asset which is being marketed for divestment Diversify funding sources, continue to optimise financial position Successfully priced Singapore's first healthcare social bond in April 2022 No refinancing requirements until May 2025 Improve ESG, ride on opportunities in ageing demographics and under-penetrated healthcare sector SGX= Fixed Income Recognised as Sustainable Fixed Income Notes (1) Imperial Aryaduta Hotel & Country Club First REIT 2.0 Growth Strategy: www.first-reit.com/about-growth-strategy.html First REIT 2.0 Growth Strategy (*) : www.first-reit.com/jp/growth-strategy.html 7#8• • Entry into Japan in 2022 FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST ■ March 2022: Completed the acquisition of 12 well established freehold nursing homes from OUE Healthcare for JPY 24.2 billion September 2022: Completed the acquisition of two more high-quality freehold nursing homes from third parties (1) for JPY 2.6 billion 14 nursing homes operated by five independent, well-established and experienced operators Hikari Heights Varus Co., Ltd Operating track record (2): ~35 years Listed on Sapporo Stock Exchange SAPPORO 7 . • Benesse Style Care Co.,Ltd. Operating track record (2): ~19 years 2nd largest nursing home operator in Japan with market share of 3.2% (2) Orchard Care Co., Ltd • Operating track record (2): ~8 years Notes AICHI JAPAN Lobby 1-bed room Reading corner NAGANO 1 KYOTO 2 ΤΟΚΥΟ KANAGAWA 2 NARA (1) One acquired from Healthcare Management Partner and one acquired from Healthcare & Medical Investment Corporation (2) As at 31 December 2022 Recreation room Games room Dining area Social Welfare Research Institute Co, Ltd. • • Operating track record (2): ~15 years Safety Life Co., Ltd Operating track record (2): ~22 years 8#9Diversifying tenant base FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST Increase in third-party tenants and higher direct contribution from Siloam, the largest private hospital network in Indonesia Notes Indonesia Tenants % FY2022 Rental Income (1) 1 PT Lippo Karawaci Tbk and subsidiaries ("LPKR") (excluding Siloam) 39.8% 2 PT Siloam International Hospitals Tbk and subsidiaries ("Siloam") 35.7% 3 PT Metropolis Propertindo Utama and subsidiaries (“MPU”) 6.1% Japan Rental Contribution from Indonesia Mix (%) 56.3% FY 2022 43.8% 1 Hikari Heights Varus Co., Ltd. 2 Safety Life Co., Ltd. 3 Orchard Care Co., Ltd 9.7% 2.2% 18.7% 1.6% 4 Benesse Style Care Co., Ltd 0.2% 5 Social Welfare Research Institute Co., Ltd 0.1% Singapore 1 The Lentor Residence Pte. Ltd 2 Pacific Healthcare Nursing Home Pte. Ltd 3 Pacific Eldercare And Nursing Pte. Ltd 2.0% 1.3% 1.3% Long term(2) 81.3% Largest Private Hospital Network in Indonesia Third party tenant Siloam LPKR or MPU (1) Before recognition of FRS 116 rental straight-line adjustments (2) Based on the terms of the Tripartite MLAs, from 1 October 2026, Siloam will pay 6.5% of the preceding year's gross operating revenue ("GOR"), leaving LPKR or MPU to pay 1.5% of the preceding year's GOR. The percentages represented in this projection assumes that the rentals for each of the Tripartite MLAs beyond year 2026 are calculated based on the performance-based rent of 8.0% of each hospital's preceding year's GOR 9#10Strengthening capital structure (S$' million) Debt Maturity Profile as at 31 March 2023 500 S$107.1 million TMK bond due May 2025 S$240.7 million term loan due May 2026 400 S$16.8 million Shinsei Social Loan due Sep 2026 300 S$100.0 million CGIF-Guaranteed Social Bond due Apr 2027 200 No refinancing requirements until May 2025 100 23.1% 55.4% 51.8% 21.5% FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST Total Debt as at 31 March 2023: $464.6 million ~62.8% debt on fixed rates or hedged 23.1% JPY Floating JPY Fixed 14.1% SGD Floating 37.7% SGD Hedged 21.5% SGD Fixed A B FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 Currency & Interest Rates In November 2022, First REIT completed early refinancing of a secured term loan and revolving credit facilities that was due in March 2023. As at 31 March 2023, gearing ratio was 39.0% and interest cover ratio was 4.2x; weighted average debt to maturity was 3.1 years; and cost of debt was 4.7% per annum ✓ Managing the foreign currency exposures arising from future IDR-denominated dividend income 10#11Positioned to deliver sustainable distributions FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST 1 Nov 2020: Announced restructuring of Master Lease 8.60 8.60 Agreements in Indonesia for long term sustainability I Mar 2022: Acquired 12 nursing homes in Japan from OUE Healthcare Limited 4Q 44 2.15 2.15 Dec 2020: Proposed S$158 million rights issue Sep 2022: Acquired two nursing homes in Japan from third parties Distribution 3Q 2.15 2.15 Per Unit 4.15 (Singapore cent) 0.84 2.15 2.15 2.61 2.64 2Q 1.01 For illustrative purposes only 0.66 0.66 0.44 0.65 0.66 2.15 2.15 1.86 0.65 0.66 1Q 0.65 0.66 (1) (2) FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 0.62 1Q 2023 Distribution Yield (3) 8.7% 8.6% 17.7% 8.6% Price-to-book (4) 0.96x 1.00x 0.47x 0.83x 0.85x AUM in developed markets (5) 2.6% 2.6% 3.6% 3.4% 27.9% 10.2% 9.5% 0.87x >50% by FY 2027 Notes (1) Distribution per unit is lower mainly due to the issuance of 791,062,223 rights units on 24 February 2021. These new rights units were entitled to participate in the 1Q to 4Q 2021 distribution (2) A total of 431,147,541 new units at an issue price of S$0.305 per unit were issued to OUE Healthcare Limited, a related party as partial consideration of S$131,500,000 paid pursuant to the acquisition of subsidiaries on 1 March 2022 (3) Distribution yield based on end of period's closing unit price and distributions declared during the period (4) Price-to-book ratio based on end of period's closing unit price and net asset value per unit during the period (5) Singapore, Japan, and other Developed Markets such as Australia, UK, Europe, the US 11#12FIRST REIT MANAGEMENT LIMITED 333 Orchard Road #33-02 Hilton Singapore Orchard Singapore 238867 Tel: (65) 6435 0168 FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST Q&A Follow First REIT on LinkedIn: www.linkedin.com/company/first-reit 12 222#13FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST APPENDIX 13#14Strong sponsors support As at 31 March 2023, First REIT's sponsors' combined stake in First REIT was 44.35%. 2018 FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST ■ OUE OUE Limited OUE HEALTHCARE OUE Healthcare Limited ("OUEH") ■ ' A leading pan-Asian, full service real estate development, investment and management company with assets across the commercial, hospitality, retail, residential and healthcare sectors. As at 31 December 2022, OUE's total assets were valued at S$9.5 billion. A Pan-Asian healthcare group that owns, operates and invests in quality healthcare businesses in high-growth markets including: - - - Operating and managing a respiratory and cardiothoracic specialist group in Singapore; Jointly developing and operating two hospitals in China with China Merchants Group; as well as - Jointly operating and managing Myanmar's leading private hospital group. Itochu Corporation, listed on the Tokyo Stock Exchange and amongst the largest and most diversified trading companies in the world, holds close to 20% stake in OUEH as at 31 December 2022. Sponsors completed acquisition of the Manager of First REIT 2020 Sponsors provided irrevocable undertakings in respect of a S$158 million rights issue - - ― Leveraging on Sponsor Network for S$260 million debt refinancing (1) 2022 12 out of the 14 Japan nursing homes in First REIT's portfolio were acquired from OUEH (2) Agreed Purchase Price was at a 2.9% - 3.8% discount to valuations Approximately 78.3% of purchase price were funded by issuance of new units to OUEH, conserving cash and ensuring acquisition is DPU accretive 431,147,541 Units issued at $$0.305: S$0.305 was 9.3% premium to the 3-month VWAP of S$0.279 as at 6 December 2021 Manager voluntarily waive the acquisition fee of approximately S$3.0 million Notes (1) S$260mm debt refinancing to refinance a S$400 million secured loan facilities including a $196.6 million repayment which was due on 1 March 2021 (2) For more information, please see https://firstreit.listedcompany.com/newsroom/20211208_075636 AW9U_IT2DTH6ZCC47TB4X.3.pdf 14#15FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST Experienced management Management has extensive experience in accounting and finance and real estate asset management • MR TAN KOK MIAN, VICTOR EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER More than 25 years of experience in the healthcare industry Full executive responsibilities over the business directions and operational decisions concerning the management of First REIT MS NG CHWEE NGOR, VALERIE CHIEF FINANCIAL OFFICER • More than 20 years of experience in financial matters Oversees all matters relating to financial reporting, taxation, • capital management, treasury and risk management. MR CHAN SENG LEONG, JACKY SENIOR VICE PRESIDENT, ASSET & INVESTMENT MANAGEMENT • Extensive real estate and property experience in cities where First REIT is invested in, Hong Kong, as well as the People's Republic of China. • Leads the Manager's Asset & • MR KOJI OTANI GENERAL MANAGER, FRM JAPAN MANAGEMENT CO., LTD. More than 17 years of experience in real estate asset management and investment management in Japan. Leads the Manager's asset management activities in Japan. Investment Management team. 15 45#161Q 2023: Key financial highlights Note FINANCIAL HIGHLIGHTS (S$' MILLION) 1Q 2023 1Q 2022 RENTAL & OTHER INCOME 26.8 25.5 4.9% NET PROPERTY & OTHER INCOME 25.8 25.2 2.7% FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST % Change (Y-o-Y) Rental and Other Income increased 4.9% y-o-y to S$26.8 million, largely attributed to: A full quarter of rental income contribution from 14 Japan nursing homes Higher rental income from built-in rent increment in Indonesia and in Singapore Offset by the absence of rental income from Siloam Hospitals Surabaya and the depreciation of foreign currencies against the Singapore Dollar DPU in 1Q 2023 was 6.1% lower y-o-y mainly due to higher financing costs and a depreciation of foreign currencies against the Singapore Dollar DISTRIBUTABLE AMOUNT 12.7 11.7 8.3% TOTAL ISSUED AND ISSUABLE UNITS (MILLIONS) (1) 2,068.0 2,050.9 0.8% DPU (CENTS) 0.62 0.66 (6.1%) (1) Total issued and issuable units include the issuance of 431.1 million Units in early March 2022 to partially fund an acquisition of 12 nursing homes. 16#171Q 2023: Balance sheet & financial position Note S$' MILLION ASSETS NON-CURRENT (1) CURRENT TOTAL AS AT 31 MARCH 2023 AS AT 31 DECEMBER 2022 1,136.0 1,146.6 54.2 52.0 1,190.2 1,198.6 LIABILITIES NON-CURRENT CURRENT 516.5 512.1 21.0 21.2 TOTAL 537.5 533.3 UNITHOLDERS' FUNDS 619.8 632.1 TOTAL ISSUED AND ISSUABLE 2,068.0 2,050.9 UNITS (MILLIONS) NAV/UNIT (CENT) 30.04 30.70 FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST Total assets was lower at S$1,190.2 million due to the depreciation of Japanese Yen and Indonesian Rupiah in 1Q23 vs 1Q22 Total issued and issuable units include 431.1 million new units to our sponsor OUE Healthcare in early March 2022 to partially fund an acquisition of 12 nursing homes. As at 31 March 2023, First REIT's sponsors' combined stake in First REIT was 44.35% and has strong alignment with other unitholders of First REIT (1) Non-current assets comprise investment properties which declined from $$1,145.3 million as at 31 December 2022 to S$1,135.3 million as at 31 March 2023 due to the depreciation of foreign currencies against the Singapore Dollar. 17#18Lease expiry profile LEASE EXPIRY PROFILE AS % OF GFA (AS AT 31 MARCH 2023) Lease Expiry within 5 Years Property 73.0% WALE(1) 12.2 years FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST Expiry Imperial Aryaduta Hotel & Country Club Dec 2023 16.9% Siloam Hospitals Lippo Cikarang Dec 2025 Pacific Healthcare Nursing Home @ Bukit Merah Apr 2027 Pacific Healthcare Nursing Home II @ Bukit Panjang Apr 2027 10.0% Medical and Rehabilitation Home Bon Sejour Komaki May 2027 The Lentor Residence Within 5 years Within 5-10 years ■More than 10 years Hotel Aryaduta Manado Notes (1) The WALE is calculated on a gross floor area basis and as at 31 March 2023 Jun 2027 Nov 2027 18#19Indonesia 15 INDONESIA VALUATION (1) S$825.6 million GROSS FLOOR AREA 333,343 square metres 10 HOSPITAL BEDS 3,762 FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST Average number of hospital beds in Indonesia of 1.0 per 1,000 people remains below regional averages (2), (3) Japan (2020) 12.6 Asia Pacific-High Income 5.4 Asia Pacific-Lower Income and Low Income 2.8 9 Asia Pacific-Upper Middle Income Singapore (2021) 2.6 2.9 Indonesia (2017) 1.0 0 4 8 12 16 Per 1 000 population 6 8 11 12 13 14 15 3 12. Siloam Hospitals Lippo Cikarang 1. Siloam Hospitals Yogyakarta 6. Siloam Hospitals Purwakarta 11. Mochtar Riady Comprehensive Cancer Centre 2. Siloam Hospitals Buton & Lippo Plaza Buton 7. Siloam Hospitals Bali 3. Siloam Hospitals Labuan Bajo 8. Siloam Hospitals TB Simatupang 13. Siloam Hospitals Lippo Village 4. Siloam Hospitals Kupang & Lippo Plaza 9. Kupang Siloam Hospitals Manado & Hotel Aryaduta Manado 14. Siloam Hospitals Kebon Jeruk 5. Siloam Sriwijaya 10. Siloam Hospitals Makassar 15. Imperial Aryaduta Hotel & Country Club Indonesia hospitals are strategically located within large catchment areas of potential patients and each hospital has a "Centre of Excellence" or area of specialty. Built-in Rent Increment for 13 Hospitals Higher base rent escalation of 4.5%; OR Performance-based rent escalation of 8.0% of hospital's gross operating revenue in the preceding financial year Triple net lease agreements ensures inflation managed by Master Lessee Cost of utilities and repair managed by Master Lessee Notes (1) Based on appraised values as at 31 December 2022 (2) Source: OECD Health Statistics 2022 (3) Source: Singapore Department Of Statistics, Ministry of Health 19#20Indonesia FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST June 2022 Recycling capital from non-core, non-healthcare assets, mature assets Terminated Development Works Agreement Existing Main SHS Building Not Affected New SHS Development Site Works Halted Jalan Raya Gubeng Road Closure (18/12/2018 - 27/12/2018) September 2022 For Divestment IAHCC Divested Siloam Hospitals Surabaya Siloam Hospitals Siloam Hospilas IMPERIAL ARYADUTA 532 ➤ A Road Subsidence took place in close proximity to Siloam Hospitals Surabaya. Development works were halted. June 30th Received amount of S$30.6 million for the proposed settlement in respect of the terminated development works adjacent to Siloam Hospitals Surabaya Opportunity to recycle a mature asset instead of taking on excessive development risk, and a holistic approach to resolve downstream complications ➤ September 27th. Completed the divestment of SHS for S$40.3 million Imperial Aryaduta Hotel & Country Club (IAHCC) is a non-core asset which is being marketed for divestment. December 22nd: Renewed lease for a 1-year term ending 31 December 2023. Short term lease provides revenue stability while still allowing strategic flexibility. Appraised value of S$27.5 million (IDR 316.7 billion) as at 31 December 2022 20 20#21Japan 14 VALUATION (1) S$287.2 million JAPAN GROSS FLOOR AREA ROOMS 103,234 square metres 1,655 FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST Cap rates of all asset classes in Japan have trended down over the past 5 years; senior housing cap rates higher than other asset classes Cap rates (%) by market segment, Japan (all cities) (2) 1. Hikari Heights Varus Ishiyama 6.0% 1 2 3 SAPPORO 2. 4 5 6 Hikari Heights Varus Tsukisamu- Koen 5.5% 3. Hikari Heights Varus Fujino 5.0% 4. Hikari Heights Varus Kotoni 4.5% 5. Hikari Heights Varus Makomanai- Koen 4.0% 6. Varus Cuore Yamanote 7. Varus Cuore Sapporo-Kita & Annex AICHI NAGANO KYOTO 8. Elysion Mamigaoka & Annex 9. Elysion Gakuenmae 10. Orchard Amanohashidate 11 12 10 13 14 ΤΟΚΥΟ KANAGAWA 11. Orchard Kaichi North 12. Orchard Kaichi West 8 NARA Notes (1) Based on appraised values as at 31 December 2022 (2) Source: MSCI RCA (March 2023) (3) FRM Japan Management Co., Ltd is licensed by the Tokyo Metropolitan Government (4) Every 2 to 3 years for 12 properties, and every 5 years for 2 properties 13. Loyal Residence Ayase 14. Medical Rehabilitation Home Bon Séjour Komaki 3.5% Q1 2015 Q1 2016 Q1 2017 Q1 2019 CBD Office Logistics Q1 2018 Q1 2020 Q1 2022 Retail Hotel Apartment Senior Housing/Care Q1 2021 March 2023: Completed the acquisition of FRM Japan Management Co., Ltd, a licensed asset management company which will support existing portfolio and future growth (3) 14 Japan nursing homes which were newly acquired in FY2022 are high-quality freehold assets and 100% master-leased Scope for Rent Increment for 14 Nursing Homes upon negotiation, based on the increase in Japan's consumer price index and interest rates (4); Utilities costs managed by Master Lessee in single and triple net lease agreements 21#22Singapore 3 SINGAPORE VALUATION (1) S$32.5 million 2 GROSS FLOOR AREA 11,161 square metres 1 3 ROOMS 732 1. Pacific Healthcare Nursing Home 2. @ Bukit Merah Pacific Healthcare Nursing Home II @ Bukit Panjang 3. The Lentor Residence Notes (1) Based on appraised values as at 31 December 2022 (2) The Business Times, 20 April 2023, Ageing Singapore can stay economically vibrant by growing workforce, productivity: Ong Ye Kung, Singapore (3) The Straits Times, 13 June 2022, 'Singapore to double number of eldercare centres by 2025, expand their services', Ministry of Health FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST By 2026, Singapore is expected to become “super aged" society, when those aged 65 and above is expected to form 21% per cent of the population (2). Ministry of Health also plans to increase the number of nursing home beds to more than 31,000 in the next 10 years, vs ~16,900 beds in 2021 (3) Singapore properties are well-run nursing homes staffed by well-qualified, dedicated and experienced healthcare professionals. Built-in Rent Increment for 3 Nursing Homes Fixed base rental Annual increment of 2% Cost of utilities managed by Master Lessees in double net lease and triple net lease agreements 22#23FIRST REIT MANAGEMENT LIMITED 333 Orchard Road #33-02 Hilton Singapore Orchard Singapore 238867 Tel: (65) 6435 0168 FIRST REIT ASIA'S PREMIER HEALTHCARE TRUST THANK YOU Follow First REIT on LinkedIn: www.linkedin.com/company/first-reit 23 223