#1KIT KEPPEL INFRASTRUCTURE TRUST Investor Presentation - April 2021 1 April 2021#2Outline 1 Overview 2 FY 2020 Financial Results 3 9 3 Acquisition of Philippine Tank Storage International (Holdings) Inc. 17 4 Additional Information 22 KIT KEPPEL TRUST INFRASTRUCTURE 2#3Ixom KIT KEPPEL INFRASTRUCTURE TRUST Overview Chance 2XE 1920 COD LIQUEFIED COMPRESSED CAS KEEP WAY FROM HEAT SOUPLES 1242 IXOM 2XE LIQUEFIEN COMPRESSED AS GEEP AWAY FROM BEAT SOURCES 0/17 2/17 1234 2412 8/17 5/17 2333 5-18 3492 7/17 3420 1135 UPO242 2/17 585 5/17 580 76 נד 661 2836 4154 3355 UP0254 4315 504 5-18 500 3/17 577 75 2-18 55 55 FULL#4Overview of KIT ။။ $ The largest diversified Business Trust listed in Singapore with a portfolio of strategic businesses and assets that provide essential products and services Assets under management of approx. $5.1b1 Long-term growth and sustainable cash flows supported by defensive evergreen businesses, as well as AAA Singapore Government-linked off-takers, creditworthy counterparties and a large well-diversified customer base Difference between Business Trusts and REITs Asset Class Depreciation/Revaluation $11 Gearing Limit Taxation $ IIIII TAX • Business Trusts • No restriction No impact on distribution payout None Subject to income tax REITs • Real estate • No impact on distribution payout 50% Exemption for income from Qualifying Project Debt Securities (QPDS) . Tax transparent 1. Assets under management includes Philippine Coastal, which was acquired on 29 January 2021 KIT INFRASTRUCTURE KEPPEL TRUST 4#5Overview of KIT Portfolio of strategic businesses and assets across a broad range of highly defensive industries that delivers long-term sustainable cash flows to Unitholders Distribution & Network City Gas • Ixom Philippine Coastal Basslink Strategic businesses and assets with potential for long-term growth supported by favourable demand dynamics Energy Keppel Merlimau Cogen Plant (KMC) Waste & Water ☐ ☐ ☐ Senoko Waste-to-Energy Plant Tuas Waste-to-Energy Plant Ulu Pandan NEWater Plant SingSpring Desalination Plant Stable and resilient infrastructure assets anchored by concession contracts that are backed by government and government-linked corporations KIT KEPPEL INFRASTRUCTURE TRUST 5#6Geographical Presence THE PHILIPPINES DISTRIBUTION & NETWORK Philippine Coastal Storage & Pipeline Corporation SINGAPORE DISTRIBUTION & NETWORK ⚫ City Gas ENERGY . Keppel Merlimau Cogen Plant WASTE & WATER . Senoko WTE Plant Keppel Seghers Tuas WTE Plant Keppel Seghers Ulu Pandan NEWater Plant SingSpring Desalination Plant Distribution & Network Energy Waste & Water AUSTRALIA & NEW ZEALAND DISTRIBUTION & NETWORK Ixom - New South Wales - New Territories - Queensland - South Australia - Victoria - Western Australia - North Island - South Island ⚫ Basslink - Tasmania - Victoria#7Well-Diversified Customer Base and Reputable Off-takers Customers & Off-takers Highlights City Gas More than 860,000 residential, commercial and industrial customers ✓ Sole producer and retailer of town gas in Singapore Ixom Philippine Coastal >8,000 customers, including blue chip companies and municipalities Blue-chip customers Basslink Hydro Tasmania KMC Waste & Water Keppel Electric National Environment Agency (NEA) and Public Utilities Board (PUB) of Singapore Sole manufacturer and provider of liquefied chlorine in Australia, as well as a leading provider of manufactured caustic soda and a wide range of essential chemicals ✓ Market leading position supported by an extensive network strategically located across Australia and New Zealand ✓ The largest petroleum products storage facility in the Philippines, located in the tax-friendly Subic Bay Freeport Zone ✓ Well connected to major demand areas of Metro Manila, Central and North Luzon ✓ Only electricity interconnector between Tasmania and mainland Australia ✓ Off-taker is owned by the Australian state of Tasmania ✓ A competitive gas-fired power plant in Singapore ✓ Off-take supported by availability and capacity payments from Keppel Electric ✓ Keppel Electric is owned by Keppel Corporation ✓ Responsible for meeting water demand and waste treatment requirements in Singapore ✓ NEA and PUB are statutory bodies under the Government of Singapore 7#8Portfolio Breakdown By Businesses and Assets (%) Waste & Water Energy 8.4 20.0 11.7 $5.1 billion¹ 16.7 15.1 3.7 24.4 ■City Gas ■ Ixom ■ KMC Trust assets and non-controlling interest ■Basslink ■Philippine Coastal ■ Waste & Water Distribution & Network 1. Assets under management includes Philippine Coastal, which was acquired on 29 January 2021 By Geography (%) 44.7 $5.1 billion¹ 55.3 Singapore ■Australia, New Zealand, Philippines and other countries KIT KEPPEL TRUST INFRASTRUCTURE 8#9FY 2020 Financial Results City Gas KIT KEPPEL INFRASTRUCTURE TRUST CITYS Confined#10Key Results Highlights E : fil 6x5 Grew FY 2020 Group EBITDA¹ by 16.9% YoY and free cash flow to equity (FCFE) 2 by 19.6% YoY Achieved 2H 2020 Group EBITDA of $174.6m', bringing FY 2020 EBITDA to $376.0m³, up 16.9% YoY. FCFE² for 2H 2020 was $112.4m, bringing FCFE2 for FY 2020 to $225.7m, up 19.6% YoY. Achieved payout ratio of 82%; DPU of 3.72 cents for FY 2020 Declared DPU of 1.86 cents for 2H 2020, bringing FY 2020 DPU to 3.72 cents. Payout ratio of 82% allows for capital reinvestments into growth initiatives that will deliver long-term returns. Acquisition of Philippine Tank Storage International (Holdings) Inc. (PTSI) PTSI owns Philippine Coastal Storage and Pipeline Corporation, the largest petroleum product storage facility in the Philippines with strong growth prospects. The acquisition was completed on 29 January 2021. Preserved low gearing of 32.1% Comfortable debt headroom to pursue growth opportunities. Maintained operational excellence and readiness in 2020 All businesses and assets are essential services and continued to operate throughout the COVID-19 pandemic. 1. Excludes one-off acquisition related cost incurred for Ixom's acquisition of Medora (S$0.8m), Ixom's divestment of Latin America and China Life Science businesses (S$16.7m) and Basslink's arbitration provision (S$76.2m). Group EBITDA is S$282.3m without the adjustments 2. FCFE is equivalent to distributable cash flow. FCFE is net of trust expenses, distribution paid/payable to perpetual securities holders, management fees and financing costs KIT KEPPEL TRUST INFRASTRUCTURE 10#11Operational Performance Group EBITDA ($m) Operational Cash Flows ($m)² 157.3 11% 174.61 321.7 17% 376.01 Waste & Water Energy DC One Ixom 11 110.8 255.3 City Gas 19% 214.7 35% 23% 16% 129.0 22% 18% 2% 38% 30% 19% 18% 18% 14% 2% 17% 19% 34% 29% 33% 29% 2H 2019 2H 2020 FY 2019 FY 2020 2H 2019 2H 2020 FY 2019 FY 2020 1. Excludes one-off acquisition related cost incurred for Ixom's acquisition of Medora (S$0.8m), Ixom's divestment of Latin America and China Life Science businesses (S$16.7m) and Basslink's arbitration provision (S$76.2m). Group EBITDA is S$282.3m without the adjustments 2. Excludes Trust expenses and distribution paid/payable to perpetual securities holders, management fees and financing costs. Refer to slide 22 for the full breakdown of KIT Group's free cash flow to equity KIT INFRASTRUCTURE KEPPEL TRUST 11#12Business Updates - Distribution & Network Operational Cash Flows (OCF) ($m) (9)% 19.7 18.0 City Gas 2% 46.0 47.0 || 2H 2019 2H 2020 FY 2019 Ixom 81% FY2020 89.0 City Gas • • . • Customer base grew 0.8% YoY to 866,000 as at end-Dec 2020 FY 2020 recorded slightly lower gas demand compared to FY 2019, due mainly to lower consumption from Commercial & Industrial (C&I) customers as a result of the circuit breaker and various ongoing government control measures to manage the pandemic, and offset slightly by higher consumption from residential customers With Singapore entering phase 2 of reopening in June 2020, demand from C&I customers has increased steadily in 2H 2020, and is expected to continue growing into 2021 OCF was lower YoY in 2H 2020 as a result of a timing difference inherent in the fuel price pass through gas tariff mechanism. City Gas has no exposure to fuel price risk over time Ixom Strong performance in 2H 2020 due to higher demand for cleaning and hygiene products, higher production from the dairy segment, higher trading volume for the mining sector and increased demand for construction-related chemicals; as well as lower capital expenditure in 4Q 2020 Optimised portfolio with planned divestment of non-core businesses in Latin America and North Asia Remain focused on growth initiatives, harnessing know-how in water treatment solutions, manufactured chemicals, supply chain management, as well as leveraging deep local market knowledge to gain market share and provide best-in-class service to customers Basslink² Achieved 99.2% availability and the Commercial Risk Sharing Mechanism was neutral for FY 2020 Post-arbitration, Basslink is in discussions with its advisors to understand the implication of the awards and concurrently undertaking certain mitigating actions in accordance with good electricity industry practice 33.2 49% 49.5 49.31 ☐ | 2H 2019 2H 2020 FY 2019 FY 2020 1. Acquisition of Ixom was completed on 19 February 2019 2. KIT is not dependent on Basslink's cash flows for distributions In discussions with financiers to pursue refinancing in 1H 2021 KIT KEPPEL TRUST INFRASTRUCTURE 12#13Business Updates - Energy and Waste & Water Operational Cash Flows (OCF) ($m) Energy 11% 46.1 41.7 • • 31% 24.5 18.7 Keppel Merlimau Cogen Plant • Achieved 98% annual contracted availability Contracted availability was slightly impacted by unplanned maintenance expenses in 2H 2020 KMC has no tariff exposure to the Singapore wholesale electricity market and has no exposure to fluctuations in fuel oil prices • KMC receives a fee for delivering the availability of the plant to Keppel Electric 2H 2019 2H 2020 FY 2019 FY 2020 37.0 (1)% Waste & Water 36.9 73.0 1% 73.1 || • Senoko and Tuas WTE Plants, Ulu Pandan NEWater Plant and Sing Spring Desalination Plant Fulfilled all contractual obligations and operations remained stable 2H 2019 2H 2020 FY 2019 FY 2020 KIT KEPPEL TRUST INFRASTRUCTURE 13#14Finance and Capital Management Keppel Seghers Ulu Pandan NEWater Plant KIT KEPPEL INFRASTRUCTURE TRUST PROT PROTEC EROTIC POPROTE PROTEC#15Focused on Growing FCFE Free Cash Flow to Equity (FCFE) and Payout Ratio Stable Distribution (cents)1 FCFE ($m) 250 200 150 149.5 144.2 141.2 100 50 ||| 3.72 3.72 3.72 3.72 3.72 Payout Ratio (%) 1.86 1.86 1.86 1.86 1.86 225.7 100 188.7 1.86 1.86 1.86 1.86 1.86 80 80 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 60 1H 2H 40 Comparative Yields² 6.8%³ 20 0 0 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FCFE Payout Ratio 3.9% 3.3% 1.8% 1.0% KIT STI Index FTSE ST REIT Index 10 Yr SG Govt bond 5 Yr SG Govt bond 1. KIT has adopted half-yearly distributions with effect from 2H 2020 2. Sources: Bloomberg and Monetary Authority of Singapore. Comparative yield based on preceding 12-month data as at 30 March 2021 3. Based on the market price per Unit of $0.545 as at 30 March 2021 KIT KEPPEL INFRASTRUCTURE TRUST 15#16Balance Sheet Cash Balance Sheet and Capital Management As at 31 Dec 2020 ($m) Debt Repayment Profile > 5 yr <1 yr 29.7 % Debt Breakdown by Currency 581 20.1% Borrowings 2,161 A$53.5% S$46.5% Net debt 1,580 Total assets 4,930 1-5 yrs Total liabilities 3,435 50.2% Group EBITDA¹ 376 Loan Profile Amount ($m) Maturity/ Call Date Repayment Net gearing 32.1% Basslink A$643.8 May 2021 Amortising* Net debt / EBITDA 4.2x KIT S$100.0 Feb 2022 Bullet* • Hedged 89% of total loans City Gas S$178.0 Feb 2024 Bullet* • Secured S$300m term loan facility to partially finance the acquisition of PTSI Ixom A$532.4 Feb 2024 Bullet* • Stable interest rate of 4-5% SingSpring S$32.7 Dec 2024 • Weighted average term to maturity was 2.9 years² • Perpetual securities of S$300m issued classified as KMC S$700.0 Jun 2027 Amortising Amortising* equity * To be refinanced upon maturity 1. Excludes one-off acquisition related cost incurred for Ixom's acquisition of Medora (S$0.8m), Ixom divestment of Latin America and China Life Science businesses (S$16.7m) and Basslink's arbitration provision (S$76.2m). Group EBITDA is S$282.3m without the adjustments 2. Excluding the Basslink loan, weighted average term to maturity would be 3.9 years KIT KEPPEL INFRASTRUCTURE TRUST 16#17Acquisition of Philippine Tank Storage International (Holdings) Inc. 5 GAS OIL 200.000 BBL CAP. Philippine Coastal Storage & Pipeline Corporation KIT KEPPEL INFRASTRUCTURE TRUST H 4 GAS OIL 200.000 BBL CA#18Key Highlights of Philippine Coastal Storage & Pipeline Corporation Storage Capacity 6 million barrels by early-2021 USD-denominated "take-or-pay" Contracts No exposure to petroleum price and volume risk $8 2019 EBITDA ~S$40 million¹ 西 Products Stored • Diesel ⚫Jet Fuel Gasoline Biodiesel • Ethanol 2014-2019 EBITDA CAGR 5.8% ዩ። Blue Chip Customers Government Agency Oil & Gas Conglomerates Multinational Corporations Domestic Gasoline Retailers 1. Based on 100% interest KIT KEPPEL TRUST INFRASTRUCTURE 18#19Key Merits 1 2 Key attributes of Philippine Coastal Philippine Coastal is the largest petroleum products storage facility in the Philippines Strategically located in the Subic Bay Freeport Zone and an essential service provider 3 Strong competitive advantage and leading market position 4 Sticky blue chip customer base with USD-denominated "take-or-pay" contracts 5 Long-term demand supported by sustained economic growth and healthy demand dynamics Strategically aligned with KIT's investment focus Strengthening KIT'S 'Distribution & Network' segment Strong and stable business with infrastructure -like qualities Long-term stable cash flows with potential growth Provides key products and fundamental services KIT INFRASTRUCTURE KEPPEL TRUST 19#20Three-pronged Growth Strategy The Trustee-Manager will harness the synergies of its three-pronged growth strategy to achieve its goal of long-term value creation Value Creation Generate and grow cash flows from KIT's well-diversified portfolio of businesses and assets Drive organic growth from existing going concern businesses - City Gas, Ixom, Philippine Coastal - that are supported by long-term favourable demand trends Drive strong operational performance and efficiencies, as well as fulfil all contractual requirements Operational Excellence Achieve operational excellence and asset optimisation to extract further value Maintain an optimal capital structure to support growth initiatives, and maximise returns for Unitholders Implement sustainable practices, where feasible, to support a sustainable future for KIT and its stakeholders Focused Acquisition Seek leading businesses and assets with the following investment characteristics: ✓ Generate defensive cash flows and revenues that are inflation-linked and/or GDP-linked with potential for growth ✓ Possess high barriers to entry ✓ Are key providers of essential products and services Potential bolt-on acquisitions at City Gas, Ixom and Philippine Coastal Undertake co-investment and incubation opportunities with Keppel Capital, the Sponsor and/or like-minded investment partners Partner with experienced operators on greenfield investments with limited construction exposure KIT KEPPEL INFRASTRUCTURE TRUST 20 20#21Thank You www.kepinfratrust.com Connect with us on: in Constituent of: MSCI MSCI Singapore Small Cap Index FTSE Russell FTSE ST Large & Mid-Cap Index Keppel Merlimau Cogen Plant KIT KEPPEL INFRASTRUCTURE TRUST Kappe#22Additional Information Keppel Seghers Tuas Waste-to-Energy Plant KIT KEPPEL INFRASTRUCTURE TRUST#23Free Cash Flow to Equity Distribution & Network 2H 2020 S$'000 2H 2019 S$'000 +/(-) FY 2020 FY 2019 +/(-) % S$'000 S$'000 % 67,572 54,991 22.9 136,009 99,941 36.1 City Gas 18,036 19,720 (8.5) 47,047 45,982 2.3 Ixom 49,536 33,247 49.0 88,962 49,2811 80.5 DC One² 2,024 (100.0) 4,678 (100.0) Energy 24,526 18,749 30.8 46,133 41,699 10.6 Waste & Water 36,905 37,018 (0.3) 73,124 73,011 0.2 KIT and Holdco³ (16,647) (16,253) (2.4) (29,592) (25,947) (14.0) Free Cash Flow to Equity 112,356 94,505 18.9 225,674 188,704 19.6 1. Acquisition of Ixom was completed on 19 February 2019 2. KIT divested its 51% stake in DC One on 31 October 2019 3. Comprises Trust expenses and distribution paid/payable to perpetual securities holders, management fees and financing costs KIT KEPPEL INFRASTRUCTURE TRUST 23 23#24Driving Growth Deliver recurring distributions and growth over the long term Anchored By acquiring strategic businesses and assets across a broad range of highly defensive industries Benchmarks Defensive and growing cash flows High barriers to entry with a dominant or leading market position Provider of essential products or services with potential for long-term growth Jurisdictions with well-developed legal frameworks Creditworthy off- takers and/or a large, diversified and stable customer base KIT KEPPEL TRUST INFRASTRUCTURE 24#25Commitment to Sustainability ENVIRONMENTAL STEWARDSHIP We will do our part to combat climate change and are committed to improving resource efficiency and reducing our environmental impact. RESPONSIBLE BUSINESS The long-term sustainability of our business is driven at the highest level of the organisation through a strong and effective board, good corporate governance and prudent risk management. PEOPLE AND COMMUNITY People are the cornerstone of our business. We are committed to providing a safe and healthy workplace, investing in training and developing our people to help them reach their full potential, as well as uplifting communities wherever we operate. UN GLOBAL COMPACT Through Keppel Capital, the Trustee- Manager supports the United Nations (UN) Global Compact as a signatory and adopts the Compact's 10 universal principles, which include human rights, labour, environment and anti-corruption. SUSTAINABLE DEVELOPMENT GOALS Align sustainability approach with nine out of 17 Sustainable Development Goals to ensure that KIT's ESG efforts help address the most crucial sustainability issues globally. KIT KEPPEL INFRASTRUCTURE 25 TRUST#26Portfolio Overview (1) Distribution & Network City Gas Singapore Ixom Australia Basslink Australia Philippine Coastal Philippines Description Sole producer and retailer of piped town gas Industrial infrastructure business in Australia and New Zealand, supplying and distributing key water treatment chemicals, as well as industrial and specialty chemicals Basslink subsea interconnector that transmits electricity and telecoms between Victoria and Tasmania in Australia The largest petroleum products storage facility in the Philippines, located in the tax-friendly Subic Bay Freeport Zone Customer and contract terms Over 860,000 commercial and residential customers Over 8,000 customers comprising municipals and blue-chip companies Service agreement with Hydro Tasmania (owned by Tasmania state government) until 2031, with option for 15-year extension Blue-chip customers Primary source of cash flows Fixed margin per unit of gas sold, with fuel and electricity costs passed through to consumer Payments from customers for delivery of products and provision of services based on agreed terms. Fixed payments for availability of Basslink subsea cable for power transmission USD-denominated "take-or- pay" contracts with no direct exposure to petroleum price and volume risk KIT KEPPEL INFRASTRUCTURE TRUST 26#27Portfolio Overview (2) Energy Waste & Water Keppel Merlimau Cogen Singapore Senoko WTE Plant Singapore Tuas WTE Plant Singapore Ulu Pandan NEWater Plant Singapore SingSpring Desalination Plant Singapore Description 1,300MW combined cycle gas turbine power plant Waste-to-energy plant with 2,310 tonnes/day waste incineration concession Waste-to-energy plant with 800 tonnes/day waste incineration concession One of Singapore's largest NEWater plants, capable of producing 148,000m/day (1) Singapore's first large-scale seawater desalination plant, capable of producing Customer and contract terms Capacity Tolling Agreement with Keppel Electric until 2030 with option for 10-year extension (land lease till 2035, with 30-year extension) NEA, Singapore government agency - concession until 2024 NEA, Singapore government agency - concession until 2034 PUB, Singapore government agency · concession until 2027 Primary source of cash flows Fixed payments for meeting availability targets Fixed payments for availability of incineration capacity Fixed payments for availability of incineration capacity Fixed payments for the provision of NEWater production capacity 136,380m/day of potable water PUB, Singapore government agency - concession until 2025 (land lease till 2033) Fixed payments for availability of output capacity 1. Keppel Seghers Ulu Pandan has an overall capacity of 162,800m³/day, of which 14,800m³/day is undertaken by Keppel Seghers Engineering Singapore KIT KEPPEL TRUST INFRASTRUCTURE 27 27#28Important Notice The information contained in this presentation is for information purposes only and does not constitute or form part of, and should not be construed as, any offer or invitation to sell or issue or any solicitation of any offer or invitation to purchase or subscribe for any units ("Units") in Keppel Infrastructure Trust ("KIT") or rights to purchase Units in Singapore, the United States or any other jurisdiction. This presentation is strictly confidential to the recipient, may not be reproduced, retransmitted or further distributed to the press or any other person, may not be reproduced in any form and may not be published, in whole or in part, for any purpose to any other person with the prior written consent of the Trustee- Manager (as defined hereinafter). This presentation should not, nor should anything contained in it, form the basis of, or be relied upon in any connection with any offer, contract, commitment or investment decision whatsoever and it does not constitute a recommendation regarding the Units. The past performance of KIT 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 businesses and governmental and public policy changes, and the continued availability of financing in the amounts and terms necessary to support future business. Such forward-looking statements speak only as of the date on which they are made and KIT does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. Accordingly, you should not place undue reliance on any forward-looking statements. Prospective investors and unitholders of KIT ("Unitholders") are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of Keppel Infrastructure Fund Management Pte. Ltd. (as trustee-manager of KIT) ("Trustee-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. The information is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and may not contain all material information concerning KIT. 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 and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, KIT, the Trustee-Manager or any of its affiliates and/or subsidiaries. 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 Trustee-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. The information contained in this presentation is not for release, publication or distribution outside of Singapore (including to persons in the United States) and should not be distributed, forwarded to or transmitted in or into any jurisdiction where to do so might constitute a violation of applicable securities laws or regulations. This presentation is not for distribution, directly or indirectly, in or into the United States. No Units are being, or will be, registered under the U.S. Securities Act of 1933, as amended ("Securities Act"), or the securities laws of any state of the U.S. or other jurisdiction and no such securities may be offered or sold in the U.S. except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable state or local securities laws. No public offering of securities is being or will be made in the U.S. or any other jurisdiction. KIT KEPPEL TRUST INFRASTRUCTURE 28