#1Keppel REIT Investor Presentation October 2023 DBS HSBC#2Outline ■ 9M 2023 Key Highlights ■ Financial Highlights ■ Portfolio Review Market Review ■ Additional Information Constituent of: 3 FTSE Russell 4 FTSE ST Large & Mid Cap Index 7 14 19 FTSE4Good FTSE4GOOD Developed & FTSE4GOOD ASEAN 5 Index IMPORTANT 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 EPRA Nareit. FTSE EPRA Nareit Global Developed Index lobal property research Glob Solutions for customized GPR 250 property indices Index Series MSCI ✪ MSCI Singapore Small Cap Index 2#39M 2023 Key Highlights A Resilient Portfolio of Prime Commercial Assets Anchored in key business districts of Singapore, Australia, South Korea and Japan Singapore, 79.0% $9.2b Prime commercial portfolio as at 30 Sep 2023 Australia, 16.8% South Korea, 3.3% Japan, 0.9% Healthy Demand for Prime Office High Portfolio Occupancy 95.9% (1) As at 30 September 2023 Long Portfolio WALE 5.6 years Top 10 tenants' WALE at 10.0 years As at 30 September 2023 Stable Leasing Momentum 1,103,800 sf Space committed in 9M 2023 Prudent Capital Management Aggregate Leverage 39.5% As at 30 September 2023 All-in interest rate 2.85% p.a. As at 30 September 2023 Fixed Borrowings 76% Borrowings on fixed rates as at 30 September 2023 Keppel REIT (1) The portfolio occupancy would have been 97.9% which is an increase from 97.0% as at 30 June 2023 if Blue & William, which achieved practical completion on 3 April 2023, is excluded. Blue & William achieved committed occupancy of 42.5% and is receiving a rental guarantee on unlet space for a period of up to three years from the practical completion date. Rental guarantee received for the period from practical completion date to 30 September 2023 amounted to $7.5 million. 3#4Financial Highlights Keppel Keppel Bay Tower, Singapore Keppel 77#5Increase in Property Income from Higher Rentals and Portfolio Occupancy Property Income for 9M 2023 increased 5.0% year-on-year due to higher rentals, increased portfolio occupancy and contribution from KR Ginza || 9M 2023 Distributable Income from Operations was lower due to increased borrowing costs, and higher property expenses mainly as a result of higher property tax and utility costs, offset partially by higher property income and rental support Distributable Income ($m) 9M 2023 9M 2022 +/(-) Property Income (1) $172.6m $164.4m 5.0% 165.4m 163.6m Net Property Income (NPI) $134.0m $132.6m 1.0% Less: Attributable to Non-controlling Interests ($13.6m) ($12.7m) 7.7% 15.0m i NPI Attributable to Unitholders $120.4m $119.9m 0.3% Interest Income(2) $5.6m $16.1m (65.4%) 165.4m 148.6m Share of Results of Associates (3) $60.5m $63.3m (4.3%) Share of Results of Joint Ventures(4) $17.9m $17.2m 4.4% Borrowing Costs ($48.8m) ($40.5m) 20.3% 9M 2022 9M 2023 Anniversary Distribution From Operations Distributable Income from Operations Anniversary Distribution (5) $148.6m $165.4m (10.1%) $15.0m 100.0 Distributable Income Including Anniversary Distribution $163.6m $165.4m (1.1%) (1) Property income relates to income from directly-held properties including Ocean Financial Centre, 50% interest in 8 Exhibition Street office building and 100% interest in the three adjacent retail units, 50% interest in Victoria Police Centre, Pinnacle Office Park, T Tower, Keppel Bay Tower and KR Ginza II after it was acquired on 30 Nov 2022. (2) Includes interest income from advances to associates. The decrease is due mainly to repayments of advance by an associate in Jan 2023 and Apr 2023. (3) Share of results of associates relates to Keppel REIT's one-third interests in One Raffles Quay and Marina Bay Financial Centre. The decrease is due mainly to higher borrowing costs. (4) Share of results of joint ventures relates to Keppel REIT's 50% interests in 8 Chifley Square and David Malcolm Justice Centre. (5) In appreciation to Unitholders for their support and to celebrate Keppel REIT's 20th anniversary in 2026, Keppel REIT announced on 25 October 2022 that it will distribute a total of $100 million 5 of Anniversary Distribution over a 5-year period. $20 million will be distributed annually with such distribution to be made semi-annually.#6Proactive & Prudent Capital Management Aggregate leverage at 39.5% with 76% of borrowings on fixed rates AUD, KRW and JPY denominated loans formed ~17%, ~4% and ~3% of total portfolio borrowings (1) respectively Sustainability-focused funding constituted 68% of total borrowings (1) Access to ~$1 billion of available borrowing facilities (1) This includes Keppel REIT's share of external borrowings accounted for at the level of associates. (2) Defined as trailing 12 months earnings before interest, tax, depreciation and amortisation (EBITDA) (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), over trailing 12 months interest expense and borrowing-related fees. Defined as trailing 12 months EBITDA (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), over trailing 12 months interest expense, borrowing-related fees and distributions on hybrid securities. (3) (4) Refers to changes to SORA and BBSW for applicable loans on floating rates. (5) Computed based on DPU of 5.92 cents for FY 2022. (6) The $88m loan will be refinanced with existing available facilities. (7) Initiated refinancing discussion with respective lenders for majority of debt. As at 30 Sep 2023 3.3x 2.9x Interest Coverage Ratio (2) Adjusted Interest Coverage Ratio (3) All-in Interest Rate Aggregate Leverage Weighted Average Term to Maturity Borrowings on Fixed Rates Sensitivity to Interest Rates(4) Debt Maturity Profile (As at 30 Sep 2023) 22% 54m 75m 21% 2.85% p.a. 39.5% 2.7 years 76% +50 bps = ~0.12 cents/~2.0% (5) in DPU p.a. 29% 150m 16% 36m 10% 905m TMK bond: (7) 775m 671m 2m 2% 561m 366m 88m 2023(6) Bank loans 2024 2025 2026 2027 2028 5-year convertible bonds at 1.9% (Issued in Apr 2019) $150m 7-year MTN at 2.07% (Issued in Sep 2021) TMK bond 6 $75m 7-year MTN at 3.275% (Issued in Apr 2017)#7Portfolio Review Blue & William, Sydney ACARPETS VINYLS#8Diversified Portfolio of Prime Commercial Assets in Asia Pacific $9.2b portfolio of prime quality assets anchored across different markets enhance T Tower, Seoul 99.4% Interest Occupancy: 95.8% income stability and long-term growth opportunities South Korea 3.3% Japan 0.9% KR Ginza II, Tokyo 98.5% Interest Occupancy: 74.5% Marma Pinnacle Office Park, Sydney 100% Interest Occupancy: 90.2% Blue & William, Sydney 100% Interest Occupancy: 42.5%(1) 8 Exhibition Street, Melbourne 50% Interest Occupancy: 97.2% Keppel REIT Australia 16.8% Victoria Police Centre, Melbourne 50% Interest Occupancy: 100.0% 8 Chifley Square, Sydney 50% Interest Occupancy: 97.1% David Malcolm Justice Centre, Perth 50% Interest Occupancy: 100.0% Singapore 79.0% Keppel Bay Tower 100% Interest Occupancy: 99.0% Ocean Financial Centre 79.9% Interest Occupancy: 100.0% Marina Bay Financial Centre 33.3% Interest Occupancy: 98.6% One Raffles Quay 33.3% Interest Occupancy: 99.7% Note: 1. Blue & William achieved practical completion on 3 Apr 2023 and is receiving rental guarantee on unlet space for a period of from the practical completion date. It secured its third tenant and increased committed occupancy to 42.5%. up to three years 8#99M 2023 Portfolio Performance Leases Committed Singapore, 63.2% by Geography (1) O Australia, 25.4% South Korea, Japan, 2.5% 8.9% Leases Committed by Type (¹) New, Rent review, 56.1% 2.5% Renewal, 41.4% Total Leases Committed ~1,103,800 sf (Attributable ~561,900 sf) Retention Rate 71.4% (1) Based on committed attributable area. (2) Excluding Blue & William which achieved its practical completion on 3 Apr 2023, portfolio committed occupancy would be 97.9%, an increase from 97.0% as at 30 Jun 2023. New leasing demand and expansions from: Banking, insurance and financial services 22.6% As at 30 Sep 2023: 95.9% (2) Portfolio committed occupancy 10.0 years Technology, media and telecommunications 22.4% Top 10 tenants' WALE Government agency 15.7% Accounting & consultancy services 12.3% Energy, natural resources, shipping and marine 7.4% Real estate & property services 3.4% Retail and F&B 2.3% Legal 1.6% Services 0.9% Manufacturing and distribution 0.5% Others 10.9% 5.6 years Portfolio WALE Singapore portfolio: 2.6 years ▪ Australia portfolio: 11.8 years ■ South Korea portfolio: 3.7 years Japan portfolio: 2.7 years Total 100.0% 9#10Well-spread Lease Expiry Profile Average signing rent for Singapore office leases (1) concluded in 9M 2023 was $12.43 psf pm, supported by healthy demand for prime office space Average expiring rents of Singapore office leases (2) (psf pm): $11.58 in 2023, $11.05 in 2024 and $11.13 in 2025 Lease Expiries and Rent Reviews as at 30 Sep 2023 (Based on Committed Attributable NLA) 27.1% Expiring Leases 24.4% 14.9% 13.3% 13.7% 12.5% Rent Review Leases 2.5% 0.0% 1.1% 2023 2024 2025 2026 2027 2028 and beyond Lease Expiries and Rent Reviews (Based on Committed Attributable Gross Rent) Expiring leases 1.7% 15.7% 18.1% 23.5% 15.0% Rent review leases 1.4% 26.1% 9.8% Geographic Breakdown of Expiries and Rent Reviews (3) Singapore 0.4% 11.6% 14.9% 16.4% 9.3% 8.4% Australia South Korea Japan 1.5% 0.6% 1.6% 0.8% 6.7% 2.9% 29.2% 0.1% 1.0% 1.5% 2.0% 0.3% 0.3% Keppel REIT (1) Weighted average for Ocean Financial Centre, Marina Bay Financial Centre and One Raffles Quay. (2) Weighted average based on attributable NLA of office lease expiries and rent reviews in Ocean Financial Centre, Marina Bay Financial Centre and One Raffles Quay. (3) Based on committed attributable area. 10#11Established and Diversified Tenant Base Keppel REIT has a diversified tenant base of 455 (1) tenants, many of which are established blue-chip corporations Top 10 tenants take up 38.2% of NLA and contribute 33.0% of gross rent Top 10 Tenants Tenant Business Sector % Banking, insurance and financial services 28.5% State of Victoria 9.7% Government agency 15.4% DBS 4.4% Technology, media and telecommunications 15.0% Aristocrat Technologies 4.1% Manufacturing and distribution 7.2% Energy, natural resources, shipping and Government of Western Australia 4.1% 7.0% Victoria Police Centre marine Keppel 3.8% 8 Exhibition Street Real estate and property services 6.5% Marina Bay Ernst & Young 3.2% Legal 5.7% Financial Centre Pinnacle Office Park Accounting and consultancy services. 5.3% BNP Paribas 3.1% David Malcolm Services 2.7% TikTok 2.1% Justice Centre Retail and F&B 2.7% Drew & Napier 1.9% Others Total 4.0% 100.0% Standard Chartered 1.8% Keppel Bay Tower One Raffles Quay Ocean Financial Centre Keppel REIT Note: All data as at 30 Sep 2023 and based on portfolio committed NLA. (1) Tenants with multiple leases were accounted as one tenant. 11#12ESG Activities in 3Q 2023 One Raffles Quay collaborated with Dignity Kitchen to cook and serve afternoon tea and host lively karaoke sessions with seniors on 4th August. Keppel REIT B B Orders Ready for Collection SOFT PLASTIC SOFT PLASTIC RECYCLING ecobin 3 new EV Chargers were installed at 8 Chifley Square and will be fully operational by October 2023. These EV chargers, together with the building, are 100% powered by renewable electricity. REGROUND GROUND COFFEE ONLY THIS BIDE TO HOLD At Victoria Police Centre, Soft Plastics and Coffee Ground Recycling have been added to waste streams. 12#13Sustainable and Future Ready Portfolio with ESG Excellence Keppel REIT's ESG Targets Environmental Stewardship ■ Halve Scope 1 and 2 emissions by 2030 from 2019 levels ■ 10% reduction in energy usage by 2030 from 2019 levels ■ 5% reduction in water usage by 2030 from 2019 levels Increase renewable energy usage to 40% by 2030 سرا . ESG Benchmarks MSCI ESG Rating maintained at 'A' ISS Governance Risk Rating maintained at lowest risk level of “1” and ESG Corporate Rating maintained at "Prime" status GRESB - Green Star status; 'A' rating for Public Disclosure ESG Indices . ¡Edge SG ESG Transparency Index and ESG Leaders Index Responsible Business Attain green certification for all properties by 2023 ■ Maintain sustainability-focused funding at 50% ☐ Uphold high standards of corporate governance and risk management People and Community To have at least an average of 20 hours of training per employee Uplift communities wherever it operates To have at least 30% female board representation . . iEdge-UOB APAC Yield Focus Green REIT Index Morningstar Singapore REIT Yield Focus Index Solactive Carbon Care Asia Pacific Green REIT Index Green Credentials and Green Financing 100% of operational properties are green certified All Singapore office assets have maintained BCA Green Mark Platinum certification Majority of the operational Australian assets achieved 5 Stars and above in the NABERS Energy rating Fully powered by renewable energy¹: Keppel Bay Tower, 8 Chifley Square, David Malcolm Justice Centre, 8 Exhibition Street and Victoria Police Centre Carbon neutral: 8 Exhibition Street and Victoria Police Centre Approximately 68% of Keppel REIT's total borrowings are green 1 For consumed electricity 13#14Market Review Marina Bay Financial Centre, Singapore standard chartered 李印#15Singapore Office Market Average core CBD Grade A office rents increased to $11.85 psf pm and average occupancy in core CBD increased to 95.3% in 3Q 2023 Grade A Rent and Core CBD Occupancy Demand and Supply (million sf) 2.1 1.9 1.9 1.7 95.8% 93.8% 94.8% 95.8% 93.8% 93.3% 94.7% 94.5% 94.8% 95.3% 0.8 0.8 0.9 0.4 0.3 0.7 0.2 0.5 0.2 0.4 0.2 0.2 $0.0 $11.55 $11.70 $11.75 $11.80 $11.85 $10.80 $10.40 $10.80 -0.1 $9.10 $9.40 -0.8 -0.9 2016 2017 2018 2019 2020 2021 2022 2Q 2023 2024 2025 2026 2023 Dec Dec Dec Dec Dec Dec Dec Mar Jun Sep 2019 2020 2021 2022 2023 2023 2023 2016 2017 2018 Source: CBRE, 3Q 2023. Keppel REIT Average Grade A Rent ($ psf pm) (1) Net Supply (1) Net Demand ■Forecast Supply (2) Key Upcoming Supply in CBD(2) IOI Central Boulevard Towers 2024 333 North Bridge Road Keppel South Central 2025 Shaw Tower Redevelopment 2026 Solitaire on Cecil sf 1,258,000 40,000 613,500 435,000 195,500 (1) Based on URA data on historical net demand and supply of office space in Downtown Core and Rest of Central Area as at 2Q 2023. Supply is calculated as net change of stock over the year and I may include office stock removed from market due to demolitions or change of use. (2) Based on CBRE data on CBD Core and CBD Fringe. 15#16Australia Office Market Sydney CBD Prime Grade occupancy at 84.1% 94.9% 96.0% 95.2% 964 1,032 1,045 87.5% 88.6% 85.3% 85.7% 85.1% 84.1% 947 92.1% 90.4% 89.9% 75.5% 79.9% 84.0% 83.0% 79.0% 75.8% 930 919 934 947 885 North Sydney 641 676 729 670 686 684 684 688 651 Prime Grade occupancy at 75.8% Macquarie Park Prime Grade occupancy at 83.4% 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 1Q23 2Q23 3Q23 Prime Gross Effective Rent (AUD psm/year) Prime Grade Occupancy (%) 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 1Q23 2Q23 3Q23 Prime Gross Effective Rent (AUD psm/year) Prime Grade Occupancy (%) 93.7% 93.6% 94.7% 89.6% 94.0% 97.0% 98.2% 88.8% 86.6% 85.6% 83.6% 83.4% 86.2% 84.7% 84.0% 83.8% 83.4% 83.9% Melbourne CBD 573 503 538 546 522 522 526 524 516 344 367 391 378 378 375 366 379 362 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 1Q23 2Q23 3Q23 Prime Gross Effective Rent (AUD psm/year) Prime Grade Occupancy (%) Prime Grade occupancy at 83.9% 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 1Q23 2Q23 3Q23 I Prime Gross Effective Rent (AUD psm/year) Prime Grade Occupancy (%) Perth CBD Prime Grade occupancy at 85.8% Keppel REIT Source: JLL Research, 3Q 2023. 81.4% 84.0% 86.5% 84.3% 86.0% 85.0% 83.4% 84.4% 85.8% 435 447 453 448 453 451 458 444 447 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 1Q23 2Q23 3Q23 Prime Gross Effective Rent (AUD psm/year) Prime Grade Occupancy (%) 16#17Seoul Office Market CBD Grade A vacancy remains low with occupancy at 96.6% in 3Q 2023 CBD Grade A Rent and Occupancy 97.0% 98.5% 98.1% 96.6% 90.7% 86.6% 89.2% 86.7% 82.7% 121,356 124,110 126,629 130,553 91,845 92,325 91,656 97,572 98,926 IIII 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 ICBD Grade A Net Effective Rent (KRW per py pm) Source: JLL Research, 3Q 2023. Keppel REIT 1Q23 2Q23 3Q23 CBD Grade A Occupancy (%) T Tower, Seoul 17#18Tokyo Office Market Higher occupancy for Grade A office in Tokyo central 5 wards at 95.3% while Grade B office occupancy increased to 96.5% in 3Q 2023 Tokyo Central 5 Wards Grade A Rent and Occupancy Tokyo Central 5 Wards Grade B Rent and Occupancy 99.6% 99.8% 99.1% 99.0% 99.4% 98.7% 98.1% 97.8% 97.5% 96.3% 96.1% 96.1% 96.5% 96.5% 96.3% 95.8% 95.2% 95.3% 27,866 26,365 26,650 25,471 23,609 22,198 21,714 21,380 21,070 15,990 16,570 17,837 17,566 16,003 14,891 14,594 14,329 14,086 IIIII 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 1Q23 2Q23 3Q23 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 1Q23 2Q23 3Q23 I Grade A Net Effective Rent (JPY per tsubo pm) Keppel REIT Source: JLL Research, 3Q 2023. Grade A Occupancy (%) I Grade B Net Effective Rent (JPY per tsubo pm) Grade B Occupancy (%) 18#19Additional Information Pinnacle Office Park, Sydney CAFÉ PINNACLE 19#20Singapore Portfolio Valuations (As at 30 June 2023) Valuation based on attributable interest Variance 31 Dec 2022 30 Jun 2023 30 Jun 2023 Cap Rate (%) S$ % Ocean Financial Centre (79.9% interest) S$2,140.5m S$2,140.5m S$3,069psf 3.40 Towers 1 & 2, and S$1,770.0m S$13.0m 0.7 S$3,082psf 3.29 Marina Bay Financial Centre MBLM(1): S$1,757.0m (33.3% interest) Tower 3: S$1,310.0m S$1,336.0m S$26.0m 2.0 S$3,006psf 3.25 One Raffles Quay (33.3% interest) S$1,282.0m S$1,282.0m S$2,902psf 3.50 Keppel Bay Tower (100% interest) S$710.0m S$710.0m S$1,838psf 3.55 Singapore Portfolio S$7,199.5m S$7,238.5m S$39.0m 0.5 Keppel REIT (1) Refers to Marina Bay Link Mall. 20 20#21Local Currency (A$/KRW/JPY) 31 Dec 2022 30 Jun 2023 A$/KRW/JPY Overseas Property Valuations (As at 30 June 2023) Valuation based on Keppel REIT's interest S$ Variance Variance 30 Jun 2023 % 31 Dec 2022 30 Jun 2023 S$ % Cap Rate (%) 8 Chifley Square(¹) A$227.5m A$222.5m A$(5.0m) (2.2) S$209.2m S$195.3m S$(13.9m) (6.7) (50% interest) A$22,945 psm 5.13 Pinnacle Office Park(1) A$7,594 A$305.0m A$265.0m A$(40.0m) (13.1) S$280.5m S$232.6m S$(47.9m) (17.1) 6.00 (100% interest) Blue & William (1, 2) A$230.0m A$295.0m A$65.0m 28.3 S$211.5m S$259.0m S$47.4m 22.4 (100% interest) 8 Exhibition Street(1, 3) A$304.7m A$304.7m S$280.2m S$267.5m S$(12.8m) (4.6) (50% interest) Victoria Police Centre(1) A$430.0m A$430.0m S$395.5m S$377.5m S$(18.0m) (4.6) (50% interest) psm A$20,766 psm A$13,409 psm A$12,709 psm 5.00 5.25(4) 4.25 David Malcolm Justice Centre(1) A$241.0m A$240.0m A$(1.0m) (0.4) S$221.6m S$210.7m S$(11.0m) (5.0) A$15,056 psm 5.63 (50% interest) Australia Portfolio A$1,738.2m A$1,757.2m A$19.0m 1.1 S$1,598.6m S$1,542.5m S$(56.2m) (3.5) T Tower (5) KRW 275.9b KRW 293.5b KRW 17.6b 6.4 S$286.4m S$299.9m S$13.6m 4.7 (99.4% interest) KR Ginza II(6) (98.5% interest) JPY 9.0b JPY 9.0b S$88.3m S$86.8m S$(1.5m) (1.7) KRW 23.5m/py JPY 2.7m psm 3.90 2.70 S$9,172.8m S$9,167.7m S$(5.1m) (0.1) Total Portfolio Due to rounding to the nearest 1 decimal place, numbers in the table may not add up. (1) Based on the exchange rates of A$1 = S$0.9197 as at 31 Dec 2022 and A$1 = S$0.8778 as at 30 Jun 2023. (2) Achieved practical completion on 3 Apr 2023, 31 Dec 2022 valuation was based on "as is" while 30 Jun 2022 valuation was based "on completion" value. (3) Includes 100% interest in the three adjacent retail units. (4) Refers to Keppel REIT's 50% interest in the office building. (5) Based on the exchange rates of KRW 1,000 = S$1.038 as at 31 Dec 2022 and KRW 1,000 = S$1.022 as at 30 Jun 2023. (6) Based on the exchange rates of JPY 100 = S$0.9849 as at 31 Dec 2022 and JPY 100 = S$0.9683 as at 30 Jun 2023. 21 21#22Portfolio Information: Singapore As at 30 Sep 2023 Attributable NLA Ownership Marina Bay Financial Ocean Financial Centre 697,434 sf 79.9% Centre(4) 1,017,609 sf 33.3% One Raffles Quay Keppel Bay Tower 441,690 sf DBS Bank, Principal tenants (1) BNP Paribas, Drew & Napier, The Executive Centre Standard Chartered Bank, HSBC 99 years expiring Tenure 13 Dec 2110 Purchase price (on acquisition) Valuation (2) Capitalisation rate(2) S$1,838.6m (3) 99 years expiring 10 Oct 2104(5) and 7 Mar 2106(6) S$1,426.8m(5) S$1,248.0m(6) 99 years expiring S$941.5m S$1,770.0m (5) S$2,140.5m S$1,282.0m S$1,336.0m (6) 33.3% TikTok, Deutsche Bank, Ernst & Young 12 Jun 2100 386,224 sf 100.0% Keppel Group, Pacific Refreshments, Syngenta Asia Pacific 99 years expiring 30 Sep 2096 S$657.2m S$710.0m 3.40% 3.29% (5); 3.25% (6) 3.50% 3.55% (2) Valuation and capitalisation rate as at 30 Jun 2023, valuation was based on Keppel REIT's interest in the respective properties. (3) Based on Keppel REIT's 79.9% of the historical purchase price. (4) Comprises Marina Bay Financial Centre (MBFC) Towers 1, 2 and 3 and Marina Bay Link Mall (MBLM). (1) On committed gross rent basis. Keppel REIT (5) Refers to MBFC Towers 1 and 2 and MBLM. (6) Refers to MBFC Tower 3. 222 22#238 Chifley Square, Sydney Pinnacle Office Blue & William(3), Park, Sydney Sydney Portfolio Information: Australia, South Korea & Japan As at 30 Sep 2023 8 Exhibition Street(4), Melbourne Victoria Police Centre, Melbourne T Tower, Seoul KR Ginza II, Tokyo David Malcolm Justice Centre, Perth Attributable 104,381 sf 375,652 sf 152,203 sf 244,600 sf 364,180 sf 167,784 sf 226,949 sf 36,323 sf NLA Ownership 50.0% 100.0% 100.0% 50.0% 50.0% 50.0% 99.4% 98.5% Principal tenants (¹) QBE Insurance, NSW Business Chamber Konica Minolta, Coles Aristocrat Technologies, Equifax, Temenos Australia Services, Human Supermarkets Synergistics Australia Pty Limited Ernst & Young, Amazon, Minister for Philips Korea, Minister for Finance - State Minister for Works - Korea Medical Netyear Dispute Mediation Group Government of Finance - State of Victoria of Victoria Western Australia and Arbitration Agency, SK Communications Corporation, Energy Gap Tenure 99 years expiring 5 Apr 2105 Freehold Freehold Freehold Freehold 99 years expiring 30 Aug 2114 Freehold Freehold Purchase price (on acquisition) A$165.0m A$306.0m A$327.7m S$197.8m S$289.9m S$322.2m A$168.8m S$201.3m(4) A$347.8m S$350.1m A$165.0m S$208.1m KRW252.6b S$292.0m JPY 8.83b S$84.4m A$222.5m A$265.0m A$295.0m A$304.7m A$430.0m Valuation (2) S$195.3m S$232.6m S$259.0m S$267.5m(4) S$377.5m A$240.0m S$210.7m KRW293.5b S$299.9m JPY 9.0b S$86.8m Capitalisation rate(2) 5.13% 6.00% 5.00% 5.25%(5) 4.25% 5.63% 3.90% 2.70% (1) On committed gross rent basis. (2) Valuation and capitalisation rate as at 30 Jun 2023, valuation was based on Keppel REIT's interest in the respective properties and the exchange rates of A$1 = S$0.8778, KRW 1,000 = S$1.022 and JPY 100 = S$0.9683 (3) Keppel REIT Blue & William achieved practical completion on 3 April 2023. (4) Keppel REIT owns a 50% interest in the 8 Exhibition Street office building and a 100% interest in the three adjacent retail units. (5) Refers to Keppel REIT's 50% interest in the office building. 23#24Committed to Delivering Stable Income & Sustainable Returns • . Portfolio Optimisation Improve yield by enhancing Keppel REIT's portfolio of quality assets through strategic acquisitions and divestments Provide income stability and long-term capital appreciation of portfolio, anchored by prime CBD assets in Singapore and across different markets Asset Performance • Drive individual asset performance with proactive leasing and cost management strategies. • Implement initiatives to future proof assets and enhance sustainability Capital Efficiency • Optimise capital structure to reduce borrowing costs and improve returns Portfolio Optimisation Asset Performance Capital Efficiency • Manage debt maturities and hedging profiles to reduce risk Keppel REIT 14 24#25Well-Executed Portfolio Optimisation Strategy Expanded footprint to Australia: 77 King Street (100%), Sydney, and 275 George Street (50%), Brisbane Listed on SGX >$600m AUM 4 assets in Singapore Acquired - 8 Chifley Square (50%), Sydney - Ocean Financial Centre Acquired - David Malcolm Justice Centre (50%), Perth - 8 Exhibition Street (50%), Melbourne Acquired three adjacent retail units (100%) at 8 Exhibition Street, Melbourne Acquired Victoria Police Centre (50%), Melbourne Expanded footprint to South Korea: T Tower (99.4%), Seoul Acquired Expanded footprint to Japan: KR Ginza II (98.5%), Tokyo Pinnacle Office Park (100%), Sydney (87.5%), Singapore 2023 $9.2b AUM 12 assets in Singapore, 2021 2022 2020 2019 2018 2016 2017 2015 2006 2014 2013 2012 2010 2011 Acquired 2009 2007 Divested 20% minority stake in Ocean Financial Centre (to Acquired Increased One Raffles stake in Singapore Asset swap: Keppel Towers Quay Prudential (33.3%), Towers, Singapore and GE Tower for MBFC Towers 1 & 2 and MBLM (33.3%), Singapore Increased stake in Ocean Financial Centre (to 99.9%), Singapore MBFC Tower 3 (33.3%), Divested Acquired 77 King Street, Sydney Singapore Purchase: A$116.0m Prudential Tower, Singapore Sale: A$160.0m (+38%) 79.9%), Divested Purchase: $349.1m Sale: $512.0m (+47%) Singapore Divested Bugis Junction Towers, Singapore Purchase: $159.5m Sale: $547.7m (+243%) Purchase: $460.2m Sale: $537.3m (+17%) - Keppel Bay Tower, Singapore - Blue & William, Sydney Divested 275 George Street, Brisbane Australia, South Korea & Japan Purchase: A$166.0m Sale: A$264.0m (+59%) Keppel REIT 25#26To Distribute an Additional $100m Over Five Years to Celebrate Keppel REIT's 20th Listing Anniversary in 2026 Accumulated capital gains through successful execution of portfolio optimisation since listing in 2006 As announced on 25 October 2022, to celebrate Keppel REIT's 20th anniversary in 2026, $100m of Anniversary Distribution will be distributed out of accumulated capital gains as an appreciation to Unitholders for their support Distribute $20m annually, such distributions to be made semi-annually Keppel REIT will continue to drive its portfolio optimisation strategy to create value and deliver sustainable total returns to Unitholders Keppel REIT 26#27Thank you One Raffles Quay, Singapore