#1Keppel DC REIT Investor Presentation SGX-DBSV-NH Singapore Corporate Day Seoul, Korea 6 March 2019 Keppel#2Important Notice The past performance of Keppel DC 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, 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 DC REIT ("Unitholders") are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of Keppel DC REIT Management Pte. Ltd., as manager of Keppel DC 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 DC 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 DC 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 DC REIT 1#3Content Key Highlights Portfolio Review Capital Management Outlook Additional Information Keppel DC REIT 2#4管風 Keppel DC REIT Key Highlights#5Portfolio Growth since Listing maincubes Keppel DC Singapore 3 Keppel DC Dublin 2 Data Centre Keppel DC Singapore 5 Cardiff Data Centre Milan Data Centre Intellicentre 2 Data Centre 12 Dec 2014 31 Dec 2015 AUM: $1.1b 31 Dec 2016 AUM: $1.2b 31 Dec 2017 AUM: $1.5b AUM: $1.0b IPO with 8 assets across 6 countries (1) Not included in $2.0b AUM as at 31 Dec 2018. Completion is expected in 2020. Keppel DC REIT Intellicentre 3 East Data Centre¹ 31 Dec 2018 AUM: $2.0b 15 assets across 8 countries @O00 4#6Strengthened foothold in key data hubs Asia Pacific Europe Acquired Keppel DC Singapore 5, largely funded by private placement of 224.0m new Units; obtained tax transparency treatment in Jan 2019 ■ Entered into agreement with Macquarie Telecom to construct Intellicentre 3 East Data Centre on vacant land within Intellicentre 2 Data Centre site Completed acquisition of maincubes Data Centre in Offenbach am Main, Germany ■ Entered into agreement to acquire remaining 999-year leasehold land interest in Keppel DC Dublin 1 with expected completion in 1H 2020 Keppel DC Singapore 5 Intellicentre 3 East Data Centre maincubes Data Centre Keppel DC REIT 5#7Intellicentre 3 East Data Centre Strengthened foothold in Sydney through optimising land use in an existing asset Expected to be DPU-accretive, consistent with investment strategy ■ Greater income stability with new 20-year triple net master lease with MT incorporating both IC2 DC and IC3 East DC will commence upon development completion The development of IC3 East DC will be undertaken by Macquarie Telecom, the master lessee of IC2 DC. Keppel DC REIT Location Sydney, Australia Lettable Area Min. 86,000 sq ft Lease Type Shell & core Expected Completion 2020 Costs Payable Actual total costs of construction works: within A$26-36 million, payable on completion 6#8Key Highlights Steady growth in adjusted DPU, increased by 5.0% to 7.32 cents in FY 2018 Stable income stream with healthy portfolio occupancy and long WALE Low aggregate leverage provides financial flexibility to pursue growth Adjusted DPU (cents) 7.50 7.00 Portfolio Occupancy 93.1% as at 31 Dec 2018 Portfolio WALE Aggregate Leverage³ 30.8% as at 31 Dec 2018 Interest Coverage 7.32 6.50 6.972 6.681 6.51 6.00 FY 2015 FY 2016 FY 2017 FY 2018 by leased area as at 31 Dec 2018 8.3 years 11.4 times (1) Exclude the impact of the pro-rata preferential offering and the one-off net property tax refund in 2016. (2) Exclude the one-off capital distribution arising from the later completion of Keppel DC Singapore 3 in 2017. (3) Aggregate Leverage was computed based on gross borrowings as a percentage of the deposited properties, both of which do not take into consideration the finance lease liabilities pertaining to land rent commitments for iseek Data Centre and Keppel DC Dublin 1. Keppel DC REIT 7#9Keppel DC REIT RE Portfolio Review#10Well-diversified Portfolio ■ 67.4% of portfolio in Asia Pacific and 32.6% in Europe Long portfolio WALE of 8.3 years and strong occupancy rate of 93.1% Portfolio AUM breakdown As at 31 Dec 2018 Lease expiry profile (by leased area) As at 31 Dec 2018 Germany Italy 6.9% 2.9% Ireland 9.2% Netherlands 7.1% U.K. Singapore 51.0% 6.5% Australia 15.0% Malaysia 1.4% 65.5% 16.2% 7.6% 2.7% 4.7% 3.3% 2019 2020 2021 2022 2023 ≥2024 (1) Portfolio AUM is based on respective independent valuations, capital expenditures and ownership interests Keppel DC REIT 9#11Well-diversified Portfolio (cont'd) Rental income breakdown for the month of Dec 2018¹ By trade sector: Corporate 1.6% Financial Internet enterprise 46.5% Quality data centres that cater to the requirements of global clientele Colocation facilities provide diverse client profile and lease expiry Fully fitted and shell & core facilities provide income stability with typically longer lease terms Ownership of Data Centre Components services 8.0% IT services 24.1% Telecoms 19.8% Client WALE² Lease Type Count (years) M&E Equipment By lease type: Colocation Multi 3.3 Fully fitted Single 11.2 Shell & core, 8.8% Shell & core Single 11.1 Colocation, 73.1% Fully fitted, 18.1% Keppel DC REIT Facility Management Servers & Racks (1) Based on the colocation agreements and lease agreements with clients of the properties, treating the Keppel leases on a pass-through basis to the underlying clients. (2) By leased area as at 31 Dec 2018. 10 10#12Keppel DC REIT 1° 1 Capital Management#13Prudent Capital Management Diversifying sources of funding: Issued €50m in floating rate notes due 2023 in Mar 2018, and another €50m due 2026 in Feb 2019 Managing interest rate exposure: Interest rates of loans substantially hedged with floating-to-fixed interest rate swaps Maintaining low aggregate leverage: Provides flexibility and a healthy debt headroom for growth Borrowings on fixed rate As at 31 Dec 2018 Fixed Floating Rate Rate 86% 14% As at 31 Dec 2018 Total debt Available facilities Aggregate Leverage¹ Average cost of debt² Debt tenor ~$674.0m of external loans/notes (unencumbered) ~$140.0m of undrawn credit facilities ■ 30.8% ■ 1.9% per annum ■ 3.0 years Interest coverage³ ■ 11.4 times Debt maturity profile As at 31 Dec 2018 9.1% 18.2% 23.6% 19.3% 9.5% 10.8% 4.6% 1.9% 3.0% 2019 2020 2021 2022 2023 SGD AUD ■GBP EUR (1) Aggregate Leverage was computed based on gross borrowings as a percentage of the deposited properties, both of which do not take into तुल (2) consideration the finance lease liabilities pertaining to land rent commitments for iseek Data Centre and Keppel DC Dublin 1. Including amortisation of upfront debt financing costs and excluding finance lease charges. (3) Calculated as EBIT / Finance costs, where EBIT is NPI less Manager's base and performance fees, Trustee's fee and Other trust expenses. Finance costs pertain to interest expense based on total debt drawn and debt amortisation costs. Keppel DC REIT 12#14Prudent Capital Management (Cont'd) ■ Mitigating impact of currency fluctuations: . Hedged forecasted foreign-sourced distributions till 1H 2020 through foreign currency forward contracts Adopted natural hedging by borrowing in currencies that match the corresponding investments Debt currency breakdown (as at 31 Dec 2018) SGD 19.3% Investment properties breakdown¹ (as at 31 Dec 2018) Italy Ireland2.9% 9.0% Netherlands (1) EUR 55.5% 7.0% Germany AUD 12.7% 6.8% U.K. 6.5% GBP 12.5% Australia 14.8% Asia Australia Europe Malaysia 1.4% Singapore 51.6% Total borrowings: Approx. $684m Total carrying value: Approx. $2.00b Based on 100% carrying value as at 31 Dec 2018 without taking into consideration the finance lease liabilities pertaining to the land rent commitments for iseek Data Centre and Keppel DC Dublin 1. Keppel DC REIT 13#15Keppel DC REIT Outlook#16Sound Industry Fundamentals Demand for data centre space underpinned by increasing cloud adoption, rapid digital transformation, data centre outsourcing and data sovereignty regulations ■ Global cloud infrastructure market is expected to grow by 25% CAGR in 2019-20231 ■ Global co-location market is expected to grow by 15-17% in 20191 (1) Source: BroadGroup Consulting Keppel DC REIT 15 15#17Positioned for Growth ■ The Manager will continue to strengthen Keppel DC REIT's presence and position it to capitalise growth opportunities in the data centre industry Ireland Keppel DC Dublin 1, Dublin Keppel DC Dublin 2, Dublin United Kingdom GV7 Data Centre, London Cardiff Data Centre, Cardiff The Netherlands Proactive 1 Asset Management 2 Almere Data Centre, Almere Germany Keppel DC REIT maincubes Data Centre, Offenbach am Main Malaysia Focused Investment Strategy Italy Basis Bay Data Centre, Cyberjaya Singapore Milan Data Centre, Milan Keppel DC Singapore 1 Keppel DC Singapore 2 Keppel DC Singapore 3 Prudent Capital Management Keppel DC Singapore 5 3 (1) Construction expected to be completed in 2020. Keppel DC REIT Australia iseek Data Centre, Brisbane Gore Hill Data Centre, Sydney Intellicentre 2 Data Centre, Sydney Intellicentre 3 East Data Centre, Sydney¹ 16 16#18Committed to Deliver Value Vision: To be the preferred data centre real estate investment trust, serving as a trusted partner to our stakeholders. Mission: Guided by the Keppel Group's operating principles and core values, we will create value for our investors by growing a quality portfolio of data centre assets that generates sustainable returns. Keppel DC REIT 17#19Keppel DC REIT DC.RE Additional Information#20Distributable Income +/(-) ($'000) FY 2018 FY 2017 % Distributable Income to Unitholders Gross Revenue 96,096 82,320 +16.7 175,535 139,050 +26.2 Property Expenses (17,862) (13,931) +28.2 Net Property Income 157,673 125,119 +26.0 Distribution per Unit 1,2 (DPU) (cents) 7.32 7.12 +2.8 Adjusted DPU 2,3 (cents) 7.32 6.97 +5.0 Distribution Yield 2,4 (%) 5.42 5.27 +15 bps (1) FY 2017 DPU included a one-off capital distribution of 0.15 cents per Unit for the month of Dec 2016 arising from the later completion of Keppel DC Singapore 3. This excludes the Capex Reserves set aside for Keppel DC Singapore 3 and Keppel DC Singapore 5. (2) The Manager declared distributions of 3.62 cents per Unit for 1H 2018. For 2H 2018, eligible Unitholders received a distribution of 3.70 cents per Unit. (3) Excluding the one-off capital distribution of 0.15 cents per Unit recorded in 1Q 2017, the adjusted DPU for FY 2017 would be 6.97 cents. (4) Distribution yields were computed based on FY 2018 closing price of $1.350. Keppel DC REIT 19#21Balance Sheet Highlights ($'000) Investment Properties Total Assets Gross Borrowings¹ Total Liabilities As at 31 Dec 2018 As at (-)/+ 31 Dec 2017 % 2,028,672 1,570,090 +29.2 2,252,931 1,763,282 +27.8 673,952 546,481 +23.3 776,937 646,780 +20.1 Unitholders' Funds 1,444,839 1,089,716 +32.6 Units in Issue ('000) 1,351,578 1,127,171 +19.9 Net Asset Value (NAV) per Unit ($) 1.07 0.97 +10.3 Unit Price (Closing price of last trading day) ($) 1.350 1.430 (5.6) Premium to NAV (%) +26.2 +47.4 -21.2 bps (1) Gross borrowings relates to bank borrowings drawn down from loan facilities and the medium term note programme. Keppel DC REIT 20 20#22Portfolio Overview (as at 31 Dec 2018) Attributable Asia Pacific lettable area No. of Occupancy Valuation² WALE Location Interest (sq ft) clients¹ rate (%) ($m) Lease type (years) Keppel DC Singapore 100% 109,721 17 86.9 287.0 Singapore 1 Keppel lease/ Colocation 3.2 Keppel DC Singapore 100% 37,098 4 100.0 169.0 Singapore 2 Keppel lease/ Colocation 2.6 Keppel DC Singapore 90% 49,433 2 100.0 231.3 Singapore 3 Keppel lease/ Colocation 3.4 Land lease title Leasehold (Expiring 30 Sep 2025, with option to extend by 30 years) Leasehold (Expiring 31 Jul 2021, with option to extend by 30 years) Leasehold (Expiring 31 Jan 2022, with option to extend by 30 years) Keppel DC Singapore 99% 97,781 3 84.2 316.8 Singapore 5 Keppel lease/ Colocation Leasehold 2.8 (Expiring 31 Aug 2041) Basis Bay Data Centre Cyberjaya, Malaysia 99% 48,193 1 63.1 27.6 Colocation 3.5 Freehold Triple-net Gore Hill Sydney, 100% 90,955 3 100.0 207.5 (Shell & core) 6.4 Freehold Data Centre Australia / Colocation Intellicentre 2 Data Centre Sydney, Australia 100% 87,930 1 100.0 53.9 Triple-net (Shell & core) 16.6 iseek Data Centre Brisbane, Australia 100% 12,389 1 100.0 34.7 Double-net³ (Fully fitted) 7.5 Freehold Leasehold (Expiring 29 Sep 2040, with option to extend by 7 years) Intellicentre 3 East Data Centre4 Sydney, Australia 100% Min. 86,000 1 100.04 (under development) A$26.0-A$36.0m (development costs) Triple-net (Shell & core) 20.04 Freehold (1) Certain clients have signed more than one colocation arrangement using multiple entities. (2) Based on respective independent valuations and respective ownership interests as at 31 Dec 2018. (3) Keppel DC REIT has in place the iseek Lease with the client of iseek Data Centre. While the iseek Lease is called a colocation arrangement, the terms are structured as effectively equivalent to a double-net lease. (4) This development is expected to be completed in 2020 and is excluded from the portfolio's asset under management; Facility will be fully leased to Macquarie Telecom upon completion. Keppel DC REIT 21#23Portfolio Overview (as at 31 Dec 2018) (Cont'd) Europe Attributable Location Interest lettable area No. of clients¹ Occupancy rate (%) Valuation² ($m) WALE Lease type Land lease title (years) (sq ft) Cardiff Data Centre Cardiff, United Kingdom 100% 79,439 1 100.0 65.4 Triple-net (Shell & core) 12.5 Freehold GV7 Data Centre London, United Kingdom 100% 24,972 1 100.0 63.5 Triple-net (Fully fitted) 8.1 Leasehold (Expiring 28 Sep 2183) Almere Data Centre Almere, Netherlands 100% 118,403 13 100.0 139.0 Double-net (Fully fitted) 9.7 Freehold Leasehold4 Keppel DC Dublin 1 Dublin, Ireland 100% 68,118 17 61.1 76.7 Colocation 1.7 (Expiring 11 Apr 2041) Keppel DC Dublin 2 Dublin, Ireland 100% 25,127 4 90.7 104.8 Colocation 9.7 Leasehold (Expiring 31 Dec 2997) Milan Data Centre Milan, Italy 100% 165,389 1 100.0 57.3 Double-net (Shell & core) 9.0 Freehold maincubes Data Centre Offenbach am Main, Germany 100% 97,043 1 100.0 135.5 Triple-net (Fully fitted) 14.3 Freehold (1) Certain clients have signed more than one colocation arrangement using multiple entities. (2) Portfolio AUM is based on respective independent valuations and respective ownership interests as at 31 Dec 2018. (3) Keppel DC REIT, through its wholly-owned subsidiary has entered into the Ground Lease with Borchveste. With the Ground Lease in place, the lease with the underlying client becomes conceptually similar to a sub-lease, with Borchveste being (i) the leasehold client of KDCR Almere B.V. and (ii) the lessor to the underlying client. (4) On 14 Mar 2018, Keppel DC REIT entered into a contract to acquire the remainder of the 999-year (from 1 Jan 2000) leasehold land interest in Keppel DC Dublin 1. Legal completion of the acquisition is expected in 1H 2020. Keppel DC REIT 22 22#24Overview of Lease Arrangements Asia Pacific Lease Property Description Arrangement Keppel DC Singapore 1 Keppel DC Singapore 2 Keppel DC Singapore 3 Keppel DC Singapore 5 Keppel lease¹/ Colocation³ Keppel lease1/ Colocation³ Keppel lease² / Colocation³ Keppel lease² / Colocation³ Basis Bay Data Centre Colocation³ Gore Hill Data Centre (for one client) Gore Hill Data Centre (for two clients) Intellicentre 2 Triple-net lease Colocation Arrangement4 Triple-net lease Double-net lease4 Data Centre iseek Data Centre Intellicentre 3 East Data Centre5 Triple-net lease (under development) ■Client: Pays rent ■ Owner: Bears all expenses; responsible for facilities management ■■■Client: Pays rent ■Owner: Bears all expenses; responsible for facilities management ■Client: Pays rent ■Owner: Bears all expenses; responsible for facilities management ■Client: Pays rent; ■ Owner: Bears all expenses; responsible for facilities management ■Client: Pays rent; responsible for facilities management ■ Owner: Bears pre-agreed facilities management amount, insurance and property tax ■Client: Pays rent and all outgoings; responsible for facilities management in their space ■Client: Pays rent ■Owner: Bears all expenses; responsible for facilities management ■Client: Pays rent and all outgoings; responsible for facilities management ■Client: Pays rent and all outgoings except building insurance; responsible for facilities management ■Client: Pays rent and all outgoings except building insurance and property tax; responsible for facilities management Keppel DC REIT Responsibilities of Owner Property Tax Building Insurance Maintenance Opex Refresh Capex 23 23#25Overview of Lease Arrangements (Cont'd) Europe Lease Property Description Arrangement Responsibilities of Owner Property Tax Building Insurance Maintenance Opex Refresh Capex Cardiff Data Centre GV7 Data Centre Triple-net lease Triple-net lease Almere Data Centre Double-net lease Keppel DC Dublin 1 Keppel DC Dublin 2 Colocation 3,6 Colocation 3,6 Milan Data Centre Double-net lease maincubes Data Centre Triple-net lease ■Client: Pays rent and all outgoings; responsible for facilities management ■Client: Pays rent and all outgoings; responsible for facilities management ■Client: Pays rent and all outgoings except building insurance and property tax; responsible for facilities management ■Client: Pays rent ■Owner: Bears all expenses; responsible for facilities management ■Client: Pays rent ■Owner: Bears all expenses; responsible for facilities management ■Client: Pays rent and all outgoings except building insurance and property tax; responsible for facilities management ■Client: Pays rent and all outgoings; responsible for facilities management 1 1 (1) (2) (3) (4) 350 (5) (6) Refers to the leases entered into by Keppel DC REIT with the Keppel lessees (Keppel DC Singapore 1 Ltd and Keppel DC Singapore 2 Pte Ltd) in relation to Keppel DC Singapore 1 and Keppel DC Singapore 2 respectively. However, due to the pass-through nature of the Keppel leases, Keppel DC REIT will substantially enjoy the benefits and assume the liabilities of the underlying colocation arrangements between Keppel lessees and the underlying clients. Refers to the lease entered into by Keppel DC Singapore 3 LLP and Keppel DC Singapore 5 Pte Ltd with the Keppel lessee (Keppel DCS3 Services Pte Ltd) in relation to Keppel DC Singapore 3 and Keppel DC Singapore 5 respectively. However, due to the pass-through nature of the Keppel lease, Keppel DC REIT will substantially enjoy the benefits and assume the liabilities of the underlying colocation arrangement between Keppel lessee and the underlying client. Colocation arrangements are typically entered into by end-clients who utilise colocation space for the installation of their servers and other mission critical IT equipment. Keppel DC REIT is usually responsible for facilities management in respect of such colocation arrangements, except in the case of Basis Bay Data Centre where the client is responsible for facilities management. Keppel DC REIT has in place the iseek Lease with the client of iseek Data Centre. While the iseek Lease is called a colocation arrangement, the terms thereof are structured as effectively equivalent to a double-net lease. This development is expected to be completed in 2020 and is excluded from the portfolio's asset under management; Facility will be leased to Macquarie Telecom upon completion Keppel DC REIT has in place colocation arrangements with the clients of Keppel DC Dublin 1 and Keppel DC Dublin 2. Keppel DC REIT 24 24#26Keppel DC REIT Structure Keppel Capital The REIT Manager can leverage the scale and resources of a larger asset management platform 50% Keppel Telecommunications & Transportation The REIT Manager can leverage the Sponsor's expertise and track record in this industry 50% 25.0% Institutional and Public Investors 74.8% 0.2% REIT Manager Management services Acting on behalf of Unitholders Trustee Keppel DC REIT Keppel DC REIT Management Pte. Ltd. Management fees Ownership of assets Income contribution Facility management services Facility Managers¹ Properties Facility management fees Trustee's fees Perpetual (Asia) Limited (1) The Facility Managers are appointed pursuant to the facility management agreements entered into for the respective properties. Keppel DC REIT 25#27What is a Data Centre? As data centres support clients' critical business operations, technical expertise and intricate understanding of the industry and clients' needs are required Internet Connectivity Physical telecommunication cables brought into the data centre to allow direct connectivity Uninterruptible Power System (UPS) / Generators To provide continuous power supply in the event of outages from local power grids Fire suppression and building monitoring systems Hardware and associated software to monitor and control elements such as the facility's temperature, humidity, security and operations Client's servers Enclosures to house client's computer servers and connect to power and cooling sources Cooling equipment To maintain a facility's temperature, typically at 18 24 degrees Celsius Raised flooring An elevated structural floor to allow the passage of mechanical and electrical services Source: BroadGroup Research Keppel DC REIT 26 26#28Strong Fundamental Growth Drivers 1 Growing data requirements Strong growth in data creation, usage and requirements expected to continue. Mission-critical 2 infrastructure Data centre facilities support clients' critical day-to-day business operations, and/or meet regulatory and compliance requirements. Substantial 3 relocation costs Long lead time to 4 develop data centres Scarcity of 5 attractive sites The need to replicate costly and high specifications set of IT services and data centre equipment for seamless relocation. Risk of downtime and business disruptions. Technical expertise and intricate understanding of industry and clients' needs are required. Anchor clients or significant pre-let, on top of the necessary power, cooling and network connectivity, have to be secured before development. Limited suitable sites with specialised data centre requirements: - Access to sufficient power and fibre connectivity Minimal risk factors such as flooding or natural disasters Keppel DC REIT 27 27#29Keppel DC REIT 4 Thank you