#1Keppel REIT Investor Presentation June 2022#2Outline 1Q 2022 Key Highlights Financial & Portfolio Highlights Market Review ■ Additional Information 3 4 14 19 Constituent of: FTSE Russell FTSE ST Large & Mid Cap Index EPRA Nareit FTSE EPRA Nareit Global Developed Index indices 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. lobal property research Glo Solutions for customized property GPR 250 Index Series MSCI MSCI Singapore Small Cap Index Keppel REIT 2#31Q 2022 Key Highlights 窗 $53.8m 1Q 2022 distributable income from operations (1) Up 4.3% y-o-y 38.7% Aggregate leverage as at 31 Mar 2022 1.81% p.a. All-in interest rate for 1Q 2022 >3 95.1% Portfolio committed occupancy as at 31 Mar 2022 6.1 years Long portfolio weighted average lease expiry (WALE) as at 31 Mar 2022 Top 10 tenants' WALE was 10.7 years Certified Carbon Neutral By Climate Active for Victoria Police Centre in April 2022 Pan-Asian Portfolio with Income Resilience Anchored in key business districts of Singapore, Australia and South Korea $8.9b Singapore, 78.3% Grade A commercial portfolio as at 31 Mar 2022 Australia, 18.2% South Korea, 3.5% Keppel REIT (1) Keppel REIT adopts half-yearly distributions and any distribution of capital gains for 1H 2022 will be disclosed at the 1H 2022 results announcement. 3#4Financial & Portfolio Highlights Pinnacle Office Park, Sydney Hot Tervice ENTRY DAT#5Higher Distributable Income from Operations Distributable income of $53.8 million, a 4.3% year-on-year growth due mainly to the acquisition of Keppel Bay Tower in May 2021 The increase was partially offset by the impact of the divestment of 275 George Street in July 2021 Distributable Income from Operations ($m) 1Q 2022 1Q 2021 +/(-) Property Income (1) $54.5m $51.1m +6.7% +4.3% Net Property Income (NPI) $44.2m $40.7m +8.6% Less: Attributable to Non-controlling Interests ($4.2m) ($4.3m) (2.3%) NPI Attributable to Unitholders $40.0m $36.4m +9.9% 51.6 53.8 Share of Results of Associates (2) $23.0m $24.9m (7.6%) Share of Results of Joint Ventures (3) $5.8m $7.7m (24.7%) 1Q 2021 1Q 2022 Distributable Income from Operations $53.8m $51.6m +4.3% (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 after it was acquired on 18 May 2021 and 50% interest in 275 George Street before it was divested on 30 Jul 2021. (2) Share of results of associates relates to Keppel REIT's one-third interests in One Raffles Quay and Marina Bay Financial Centre. (3) Share of results of joint ventures relates to Keppel REIT's 50% interests in 8 Chifley Square and David Malcolm Justice Centre. LO#6Prudent Capital Management All-in interest rate reduced year-on-year to 1.81% p.a. from 2.01% p.a. ■ Total borrowings on fixed rates increased from 63% to 71% during the quarter, to mitigate interest rate volatility Approximately 48% (1) of Keppel REIT's total borrowings are green loans On 11 April 2022, $146.5 million of the 1.90% convertible bonds due 2024 were redeemed. The redemption was funded through loan facilities at comparable interest rates, maturing mainly in 2026 and 2027 Adjusted NAV per Unit (2) Interest Coverage Ratio (3) All-in Interest Rate Aggregate Leverage As at 31 Mar 2022 Weighted Average Term to Maturity Borrowings on Fixed Rates Sensitivity to Interest Rates (4) $1.29 3.8x 1.81% p.a. 38.7% 3.1 years 71% + 50 bps = ~0.14 cents in DPU p.a. or ~2.4% (5) in DPU p.a. Debt Maturity Profile (As at 31 Mar 2022) 23% 22% $53m 18% $75m 12% 11% (1) This includes Keppel REIT's share of external borrowings accounted for at the level of associates. (2) Excluded the distributable income for the period 1 Jan 2022 to 31 Mar 2022 to be paid in Aug 2022. (3) Computed 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. $775m 8% 6% $641m $685m $150m $400m $147m $268m $245m $58m (4) (5) Refers to changes to SOR/SORA/BBSW for applicable loans on floating rates. Computed based on DPU of 5.82 cents for FY 2021. 2022 2023 2024 2025 2026 2027 2028 Bank loans $200m 5-year convertible bonds at 1.9% (Issued in Apr 2019) Keppel REIT $75m 7-year MTN at 3.275% (Issued in Apr 2017) $150m 7-year MTN at 2.07% (Issued in Sep 2021) 6#7Diversified Pan-Asian Portfolio of Prime Commercial Assets $8.9b portfolio of prime quality assets anchored across different markets enhance income stability and long-term growth opportunities T Tower, Seoul 99.4% Interest Occupancy: 100% As at 31 Mar 2022: Pinnacle Office Park, Sydney 100% Interest Occupancy: 90.6% Blue & William, Sydney 100% Interest (Under Development) 8 Exhibition Street, Melbourne 50% Interest Occupancy: 94.6% 8 Chifley Square, Sydney 50% Interest Occupancy: 68.6% Australia 18.2% South Korea 3.5% Singapore 78.3% Victoria Police Centre, Melbourne 50% Interest Occupancy: 100% Keppel REIT David Malcolm Justice Centre, Perth 50% Interest Occupancy: 100% Keppel Bay Tower 100% Interest Occupancy: 96.4% Note: Information as of 31 Mar 2022. Ocean Financial Centre 79.9% Interest Occupancy: 94.2% 95.1% Portfolio committed occupancy Marina Bay Financial Centre 33.3% Interest Occupancy: 95.9% One Raffles Quay 33.3% Interest Occupancy: 95.8% ☐ 10.7 years Top 10 tenants' WALE 6.1 years Portfolio WALE Singapore portfolio: 2.9 years ■ Australia portfolio: 13.3 years ■ South Korea portfolio: 2.0 years 7#8Robust 1Q 2022 Portfolio Performance Total Leases Committed ~475,000 sf (Attributable ~222,500 sf) Retention Rate 91% Singapore, 99.0% Leases Committed by Geography (1) O Australia, 1.0% Leases Committed Renewal, 80.7% by Type (1) O New, 19.3% Rental collection remained healthy at 99% in 1Q 2022 Tenant relief measures of ~$0.2m were granted in 1Q 2022, to some ancillary retail tenants New leasing demand and expansions from: Real estate and property services Manufacturing and distribution Banking, insurance and financial services Accounting and consultancy services Technology, media and telecommunications Legal Keppel REIT (1) Based on committed attributable area. Retail and F&B 43.4% 23.1% 13.0% ¦ I 8.9% 6.3% 4.3% I 1.0% 8#9Well-spread Lease Expiry Profile Average signing rent for Singapore office leases (1) concluded in 1Q 2022 was $11.15 psf pm Average expiring rents of Singapore office leases (2) (psf pm): $10.10 in 2022, $10.84 in 2023 and $10.72 in 2024 Lease Expiries and Rent Reviews (3) Expiring Leases Rent Review Leases 9.3% 18.1% 14.9% 14.1% 13.6% 25.1% 13.1% 0.3% 0.3% 1.2% 2022 2023 2024 2025 2026 2027 and beyond (1) Weighted average for Ocean Financial Centre, Marina Bay Financial Centre and One Raffles Quay. Keppel REIT (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. 9#10Established and Diversified Tenant Base Keppel REIT has a diversified tenant base of 383 (1) tenants, many of which are established blue-chip corporations Top 10 tenants take up 41.6% of NLA and contribute 36.8% of gross rent Top 10 Tenants Tenant Business Sector % State of Victoria Banking, insurance and financial services 30.0% DBS 4.7% Government agency 15.2% Technology, media and telecommunications 12.9% Aristocrat Technologies 4.4% Government of Legal 7.2% Western Australia 4.3% Manufacturing and distribution 6.8% Keppel Group 4.0% Energy, natural resources, shipping and marine 6.7% Standard Chartered 3.5% Real estate and property services 6.4% Accounting and consultancy services 5.3% Ernst & Young 3.3% Services 4.0% BNP Paribas 3.3% Retail and food & beverage 2.6% Drew & Napier 2.0% Others Total 2.9% 100% Deutsche Bank 1.9% Keppel REIT Note: All data as at 31 Mar 2022 and based on portfolio committed NLA. (1) Tenants with multiple leases were accounted as one tenant. 10.2% Victoria Police Centre 8 Exhibition Street Marina Bay Financial Centre Pinnacle Office Park David Malcolm Justice Centre Keppel Bay Tower One Raffles Quay Ocean Financial Centre 10#11Sustainable Portfolio with ESG Excellence Supporting climate action and the transition to a low-carbon future with Keppel REIT's portfolio including Keppel Bay Tower and Blue & William Artist's Impression میرا ESG Benchmarks MSCI ESG - 'A' Rating ISS ESG Corporate Rating - Prime status Global Real Estate Sustainability Benchmark (GRESB) - Green Star status; 'A' rating for Public Disclosure ESG Indices iEdge SG ESG Transparency Index and ESG Leaders Index ¡Edge-UOB APAC Yield Focus Green REIT Index Morningstar Singapore REIT Yield Focus Index Solactive CarbonCare Asia Pacific Green REIT Index Green Credentials and Green Financing 9 out of 11 Keppel REIT's properties are green certified. T Tower is targeting green certification in 2022 while Blue & William is under development All Singapore office assets have maintained BCA Green Mark Platinum 5 Stars and above in the NABERS Energy rating for majority of the operational Australian assets Fully powered by renewable energy: Keppel Bay Tower, 8 Exhibition Street and Victoria Police Centre Carbon neutral: 8 Exhibition Street and Victoria Police Centre (certified in April 2022) Approximately 48% of Keppel REIT's total borrowings are green loans 11#12ESG Targets Environmental Stewardship Halve Scope 1 and 2 emissions by 2030 from 2019 levels Reduce energy and water usage Increase renewable energy usage Increase waste recycling rate Responsible Business Uphold high standards of corporate governance and risk management Attain green certification for all properties by 2023 Increase sustainability-focused funding to 50% by 2025 People and Community Provide a safe and healthy workplace Invest in developing and training its people Uplift communities wherever it operates Maintain approximately 30% of female directors on the Board Photo Credit PUB Sustainability credentials and potential for enhancement are taken into consideration in investment decisions In support of PUB's "City Turns Blue" initiative, Ocean Financial Centre was lit blue to celebrate World Water Day 2022 Keppel REIT Safety and wellbeing are key considerations in building a safe and healthy workplace 12#13Meeting Diverse Tenant Needs Robust portfolio of Grade A office properties that caters to tenants' diverse business needs Quality Workplaces with Strong ESG Focus Grade A office buildings that are well managed with sustainable and technologically-advanced features Fitted/Flexible Solutions Providing greater tenant flexibility with fully fitted out spaces and/or flexible space operators B CLUBHOUSE Keppel REIT in Keppel REIT's portfolio Hub-and-Spoke Business Model Offering alternatives to tenants seeking cost-effective solutions or dual locations for business continuity purposes 13#14Market Review Marina Bay Financial Centre, Singapore X HSBC#15Singapore Office Market Average core CBD Grade A office rents increased to $10.95 psf pm in 1Q 2022 and average occupancy in core CBD increased to 93.8% Grade A Rent and Core CBD Occupancy Demand and Supply 2.1 1.9 1.7 1.3 95.8% 93.8% 94.8% 95.8% 93.8% 93.3% 93.8% 0.8 0.8 0.9 0.4 0.3 0.7 0.2 0.8 0.5 0.6 $11.55 2016 2017 2018 2019 2020 2021 2022 2023 2024 $10.80 $10.40 $10.80 $10.95 -0.8 $9.10 $9.40 ■Net Supply (¹) ■Net Demand (1) ■Forecast Supply (2) Key Upcoming Supply in CBD (2) Guoco Midtown 2022 Hub Synergy Point Redevelopment 2023 IOI Central Boulevard Towers Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Mar 2022 333 North Bridge Road 2024 Keppel Towers Redevelopment Source: CBRE, 1Q 2022. Average Grade A Rent ($ psf pm) Core CBD Average Occupancy (%) Keppel REIT sf 709,100 131,200 1,258,000 40,000 526,100 (1) Based on URA data as at 4Q 2021, on historical net demand and supply of office space in Downtown Core and Rest of Central Area. Supply is calculated as net change of stock over the year and 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 decreased to 88.4% 91.3% 94.9% 96.0% 95.2% 87.5% 88.6% 88.4% 90.8% 92.1% 90.4% 89.9% 82.7% 75.5% 79.9% 1,032 1,045 964 930 799 885 891 North Sydney 641 676 729 688 580 651 662 Prime Grade occupancy increased to 82.7% 4Q16 4Q17 4Q20 4Q21 1Q22 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 Prime Gross Effective Rent (AUD psm/year) Prime Grade Occupancy (%) 1Q22 4Q18 4Q19 Prime Gross Effective Rent (AUD psm/year) Prime Grade Occupancy (%) 94.3% 93.7% 93.6% 94.7% 92.1% 94.0% 97.0% 98.2% 86.2% 84.7% 84.7% 89.6% 88.8% 88.3% Macquarie Park Melbourne CBD 503 538 573 546 516 519 448 Prime Grade occupancy decreased to 88.3% 321 344 367 391 378 379 379 Prime Grade occupancy maintained at 84.7% 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 1Q22 Prime Gross Effective Rent (AUD psm/year) Prime Grade Occupancy (%) Perth CBD Prime Grade occupancy decreased to 84.6% Keppel REIT Source: JLL Research, 1Q 2022. 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 Prime Gross Effective Rent (AUD psm/year) Prime Grade Occupancy (%) 1Q22 81.4% 84.0% 86.5% 84.3% 86.0% 84.6% 77.7% 431 435 447 453 444 447 448 4Q16 4Q17 4Q19 4Q20 4Q21 1Q22 4Q18 Prime Gross Effective Rent (AUD psm/year) Prime Grade Occupancy (%) 16#17Seoul Office Market CBD Grade A occupancy increased to 91.2% in 1Q 2022 CBD Grade A Rent and Occupancy 90.7% 91.2% 85.0% 86.6% 89.2% 86.7% 82.7% 95,169 97,572 98,926 101,276 91,845 92,325 91,656 4Q16 4Q17 4Q18 4Q19 CBD Grade A Net Effective Rent (KRW per py pm) Keppel REIT Source: JLL Research, 1Q 2022. 4Q20 4Q21 1Q22 CBD Grade A Occupancy (%) 17#18Committed to Delivering Stable Income & Sustainable Returns • Portfolio Optimisation Portfolio optimisation to improve yield, anchored by prime CBD assets in Singapore Hold quality assets across different markets for improved income stability and to provide more long-term growth opportunities 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 18#19Additional Information Keppel Bay Tower, Singapore 19#20Portfolio Information: Singapore As at Ocean Financial Centre 31 Mar 2022 Attributable NLA Ownership Marina Bay Financial Centre (4) One Raffles Quay Keppel Bay Tower 698,312 sf 1,022,508 sf 441,102 sf 79.9% 33.3% 33.3% BNP Paribas, DBS Bank, Drew & Napier, Standard Chartered Bank, Principal tenants (1) The Executive Centre 99 years expiring Tenure 13 Dec 2110 S$1,838.6m(3) Purchase price (on acquisition) Valuation(2) Capitalisation rates S$2,066.2m HSBC 99 years expiring 10 Oct 2104(5) and 7 Mar 2106(6) S$1,426.8m(5) S$1,248.0m (6) S$1,683.3m(5) S$1,265.3m(6) 3.50% 3.45% (7); 3.63%(6); 4.25%(8) Deutsche Bank, Ernst & Young, TikTok 99 years expiring 12 Jun 2100 S$941.5m S$1,250.0m 3.45% 386,223 sf 100.0% Keppel Group, BMW Asia, Pacific Refreshments 99 years expiring 30 Sep 2096 S$657.2m S$674.7m 3.55% 1) On committed gross rent basis. 2) Valuation as at 31 Dec 2021 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). 5) Refers to MBFC Towers 1 and 2 and MBLM. Keppel REIT 6) Refers to MBFC Tower 3. 7) Refers to MBFC Towers 1 and 2. 8) Refers to MBLM. 20 20#21Portfolio Information: Australia & South Korea Blue & William(3), As at 31 Mar 2022 8 Chifley Square, Sydney Pinnacle Office Park, Sydney Sydney (Under Development) 8 Exhibition Street(4), Melbourne Victoria Police Centre, Melbourne David Malcolm Justice Centre, T Tower, Seoul Perth Attributable NLA 104,055 sf 375,640 sf 152,666 sf 244,490 sf 364,180 sf 167,784 sf 226,949 sf Ownership 50.0% Principal tenants (1) Corrs Chambers Westgarth, QBE Insurance, Berkshire Hathaway 100.0% Aristocrat Technologies, Konica Minolta, Coles 100.0% 50.0% 50.0% 50.0% 99.4% Pending Practical Completion Supermarkets Ernst & Young, Amazon, Minister for Finance State of Victoria Minister for Minister for Finance - State of Victoria Works - Government of Western Hankook Corporation, Philips Korea, SK Australia Communications 99 years expiring Tenure Freehold Freehold Freehold Freehold 5 Apr 2105 99 years expiring Freehold 30 Aug 2114 Purchase price A$165.0m A$306.0m (on acquisition) S$197.8m S$289.9m A$327.7m S$322.2m A$168.8m S$201.3m(4) A$347.8m A$165.0m KRW252.6b S$350.1m S$208.1m S$292.0m A$234.5m Valuation (2) A$310.0m A$166.8m(3) A$294.4m A$405.0m A$237.5m KRW272.0b S$228.5m S$302.1m S$162.5m S$286.9m(4) S$394.7m S$231.4m S$313.1m Capitalisation 4.63% 5.13% 4.50% 5.00%(5) 4.38% 5.38% 3.80% rates 1) On committed gross rent basis. 2) Keppel REIT 3) Valuation as at 31 Dec 2021 based on Keppel REIT's interest in the respective properties and the exchange rates of A$1 = S$0.9745 and KRW 1,000 = S$1.151. Under development and based on "as-is" valuation as at 31 Dec 2021. 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 and 100% interest in the three adjacent retail units. 21 221#22Thank You For more information, please visit: www.keppelreit.com Connect with us on:in Victoria Police Centre, Melbourne BE Polo 22