#1Keppel REIT Acquisition of Ginza 2-Chome, Tokyo GINZA CORE 28 October 2022 87 YO 22-10 タクシーの客待ち を除く RE 4月~9月は 土、日期、休日 12-18 10月~3月は 土·白哩、休日 12-17 (特定禁止区域) 「中央区 銀座四丁目 Ginza 4 67333 UNI EUSA Seria PLAZA TAXI WASHINGTON SAKARYA LONGC RINKAN TASAKI AULA#2Outline Transaction Overview Investment Merits 3 6 Constituent of: FTSE Russell FTSE ST Large & Mid Cap Index FTSE4Good FTSE4GOOD Developed & FTSE4GOOD ASEAN 5 Index IMPORTANT NOTICE: This presentation shall be read in conjunction with the announcement of Keppel REIT titled "Acquisition of an Office Asset Located in Tokyo, Japan" announced on 28 October 2022. This presentation is for information purposes only and does not constitute or form legal, financial or commercial advice, or a recommendation of any kind, part of an offer, invitation or solicitation of any offer to purchase or subscribe for any securities of Keppel REIT in Singapore or any other jurisdiction nor should it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. Nothing herein should be or deemed to be construed, or relied upon, as legal, financial or commercial advice or treated as a substitute for specific advice relevant to particular circumstances. It is not intended nor is it allowed to be relied upon by any person. 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, the trustee of Keppel REIT or any of their respective 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. EPRA Nareit. FTSE EPRA Nareit Global Developed Index lobal property research GPR 250 Index Series MSCI MSCI Singapore Small Cap Index indices 2#3Transaction Overview Ginza 2-chome, a freehold boutique office building located in Chuo ward, one of Tokyo's core 3 wards ✓ Strategic entry into Japan, largest developed market in Asia with strong office fundamentals ✓ A quality addition that complements and enhances KREIT's Pan- Asian portfolio and creates long-term value for Unitholders ✓ Acquisition consideration of JPY8.83 billion / S$84.4 million¹ ✓ DPU accretion of 0.5%² when fully leased ✓ Expected to complete the acquisition by end November 2022 Keppel REIT 1. Based on Keppel REIT's effective interest of 98.47% in the Property and an exchange rate of JPY100 to S$0.9553 as at 24 October 2022. 3 2. Pro forma effect on the DPU of Keppel REIT for the financial year ended 31 December 2021, assuming the acquisition was completed on 1 January 2021.#4Ginza 2-Chome, Tokyo Address Land Tenure Gross Floor Area (GFA) Net Lettable Area (NLA) No. of Floors WALE (as at 28 October 2022) Completion Date Effective Interest Effective Consideration Property Valuation Fully Leased NPI Yield DPU Accretion 2-15-2, Ginza, Chuo-ku, Tokyo Freehold 1,542.3 tsubo / 5,098.6 sqm¹ 1,036.7 tsubo / 3,427.1 sqm 1 basement and 8 floors 3.4 years August 2008 98.47% JPY8.83 billion / S$84.4 million² JPY9.1 billion³ 3.1%4 0.5%5 Environmental Credentials 1. 1 tsubo is equivalent to 3.30579 sqm. 2. CASBEE A Rating Based on Keppel REIT's effective interest of 98.47% in the Property, the remaining 1.53% effective interest will be held by Keppel Capital Japan. The total purchase consideration for 100% interest in the Property is JPY8.97 billion (approximately S$85.7 million). Based on an exchange rate of JPY100 to S$0.9553 as at 24 October 2022. 3. Independent valuation (on 100% basis) as at 1 October 2022, by JLL Morii Valuation & Advisory K.K. The independent valuation was prepared primarily using the Discounted Cash Flow Approach with reference to the Direct Capitalisation Approach and Cost Approach. 4. The fully leased NPI yield of 3.1% is before taking into account any potential leasing commission and rent-free incentives arising from the leasing up of vacant space and is in line with the market convention of how yields are quoted in Japan. 5. Pro forma effect on the DPU of Keppel REIT for the financial year ended 31 December 2021, assuming the acquisition was completed on 1 January 2021. 6. Developed in 2001, CASBEE (Comprehensive Assessment System for Built Environment Efficiency) is a method for evaluating and rating the environmental performance of buildings and one of the more widely adopted green certifications in Japan. 4#5Well-Located in Ginza, Chuo Ward, One of Tokyo's Core 3 Wards Shinjuku 433 418 Bunkyo 319 ☑ 1. Chiyoda Ward 302 319 462 315 463 465 14 50 316 C • Chuo Ward, where large corporates such as Bank of Japan and Tokyo Stock Exchange are located Ginza, Tokyo's famous upmarket commercial district, home to the Japanese wholesale businesses and professional services supporting the larger corporations in the vicinity 305 414 AMA 3. Minato Ward 416 eguro 1. Source: JLL 317 15 11 2. Chuo Ward Chub TOYOS 19 484 ADIAKE SHIN 357 Ginza 2-Chome 5#6SEIKO ASTRON SOLAR 22 87 12 SEIKO MIKIMOTO 37 山野 FFFF BE Investment Merits HUBLOT 教 文| 文館ビル」 山野楽器 # Chaze LA MITSUKOSHI Brillia#7Investment Merits 1 Strategic Expansion into Japan 2 Enhances Geographical and Income Diversification 3 Quality Freehold Asset that Enjoys Excellent Accessibility 4 DPU Accretive when Fully Leased 5 Leveraging Keppel Capital's Extensive Experience and Presence in Japan Keppel REIT 7#81 Strategic Expansion into Japan ☐ Japan - Asia's Largest Developed Market ☐ ◉ ☐ ✓ 3rd largest economy in the world ✓ FY2022 GDP growth forecast of 2.0% per annum¹ ✓ Low unemployment rate of 2.5%2 ✓ Low interest rate environment, providing attractive NPI yield spread Tokyo has the largest CBD office market in Asia Pacific, 2.6x larger than Singapore office market Tokyo is also leading in terms of office investment, with transaction value of US$15.6 billion in 2021, 4x higher than Singapore Supported by the economic recovery, demand for office space is expected to continue as companies increase their recruitment in 20223 USD (billion) 4 0 20 262 16 12 Sqm (million) 2 6 8 CBD Office Market Size of Key Gateway Cities in Asia Pacific as of 2Q 20224 Tokyo Shanghai Seoul Beijing Hong Kong Melbourne Office Investment Volume of Key Gateway Cities in Asia Pacific in 20215 Sydney Singapore 1. Source: Cabinet Office, "Mid-Year Economic Projection for FY 2022", 25 July 2022, https://www5.cao.go.jp/keizai1/mitoshi/2022/r040725shisan-e.pdf. 2. Source: Statistics Bureau of Japan, 30 September 2022, https://www.stat.go.jp/english/data/roudou/results/month/index.html#TAB 3. JLL Morii Valuation and Advisory K.K. Market Report, 24 October 2022. JLL Research, 2Q 2022. 4. 5. JLL Singapore, data as at 26 October 2022. Tokyo Seoul Shanghai Beijing Sydney Singapore Hong Kong Melbourne Brisbane 8 Brisbane#92 Enhances Geographical and Income Diversification Building a resilient portfolio of quality assets to enhance income stability and create long-term Unitholder value Post Acquisition AUM: $9.0b¹ T Tower, Seoul 99.4% Interest South Korea 3.2% Japan 1.0% Ginza 2-Chome, Tokyo 98.5% Interest Pinnacle Office Park, Sydney 100% Interest 8 Chifley Square, Sydney 50% Interest Blue & William, Sydney 100% Interest (Under Development) Australia 18.0% 8 Exhibition Street, Melbourne 50% Interest Singapore 77.8% Victoria Police Centre, Melbourne 50% Interest David Malcolm Justice Centre, Perth 50% Interest Keppel Bay Tower 100% Interest Ocean Financial Centre 79.9% Interest Marina Bay Financial Centre 33.3% Interest One Raffles Quay 33.3% Interest Note: Information as of 30 September 2022. 1. Assuming the acquisition was completed in 3Q 2022. Based on Keppel REIT's effective interest in Ginza 2-Chome and an exchange rate of JPY100 to S$0.9553 as at 24 October 2022. 9#10eatre 国劇場 3 Quality Freehold Asset that Enjoys Excellent Accessibility Excellent Accessibility, Within Walking Distance to 4 Metro LAWSON in-Yurakucho... Stations and 5 Metro Lines Po 新有楽町ビル店 ポリ Yurakuchō 有楽町 3 Kyobashi Sta. 京橋 5 min walk to Ginza itchome Station (Yurakucho Line) 警察博物館? Completed in Aug 2008, Ginza 2-Chome is built to high specifications and well-maintained Efficient floor plate (436 sqm) that is column-free, with side core configuration 7-Eleven Hatcho セブンイレブレ 八丁堀2丁目店 HATCHOBORI 八丁堀 Hatchōbori Kyobashi JCT 八丁堀 JM 京橋JCT • Kyobashi 11 High environmental performance 京橋 ローソン 新富一丁目店 rating of CASBEE A¹ Matsuya Ginza 2-Chome 松屋銀座 Ginza-itchome Sta. 10 min walk to Ginza Station (Ginza Line, Marunouchi Line and Hibiya Line) 405 4 Ginza Station GINZA Heisei Dōri Lawson 华環境耦合性能評 建築理 √能評価認証 CASBEE 不動產 2021 SG/アーキクオリディ Rank A [イ] (株) 7-Eleven シイレブン 座7丁目店 E Namiki Dōri St E 銀座 Higashi-ginza Sta 2 中京430号 4 min walk to Higashi Ginza Station (Asakusa Lin and Hibiya Line) 1 Shintomichō Sta. 新富町 2 min walk to Shintomicho Station (Yurakucho Line) 「入船三丁目店 7-Eleven E 新橋 セブン-イレブン 銀座7丁目中央店 Heis Tsukiji, 87 築地 Tsukiji Hongwan-ji 築地本願寺 St. Luke's Internation 聖路加国際鬼 Efficient Floor Plate Keppel REIT 1. Developed in 2001, CASBEE (Comprehensive Assessment System for Built Environment Efficiency) is a method for evaluating and rating the environmental performance of 10 buildings and one of the more widely adopted green certifications in Japan.#11• • 4 DPU Accretive when Fully Leased Anchored by Netyear Group Corporation¹ (subsidiary of the NTT Data Corporation which is part of the NTT Group) Netyear Group Corporation has been a tenant since 2014 and has recently renewed its lease Opportunity to lease up remaining space² Keppel Capital Japan, which has been operating in Japan since 2005, will be appointed as the asset manager • NPI yield of 3.1%³ and DPU accretion of 0.5% on a pro forma basis4, upon fully leased • The acquisition will be fully funded by Japanese Yen denominated borrowings, post-acquisition aggregate leverage will be ~39.0% 5 Keppel REIT 1. Netyear Group Corporation provides strategic marketing consulting services which comprise branding, web site design and sales promotion. The current occupancy of Ginza 2-chome is 36.3%. 2. 23 The fully leased NPI yield of 3.1% is before taking into account any potential leasing commission and rent-free incentives arising from the leasing up of vacant space and is in line with the market convention of how yields are quoted in Japan. 4. The pro forma DPU is based on the audited financial statements of Keppel REIT for the financial year ended 31 December 2021 and assuming that the acquisition was completed on 1 January 2021 and Keppel REIT held and operated the Property to 31 December 2021. 5. Assuming that the acquisition was completed on 30 September 2022. 11#125 Leveraging Keppel Capital's Extensive Experience and Presence in Japan Operating in Japan since 2005, Keppel Capital Japan has 17 years of track record in investing and managing various assets worth >JPY180 billion since inception Keppel REIT will be able to leverage and benefit from the team's experience and expertise in the local market and to seek further growth opportunities Keppel Capital Japan's Track Record Meguro Villa Garden, Tokyo: Executed asset enhancement initiatives to lease up vacant property, optimising rents and capital value. 17 Years Established track record, has been operating in Japan since 2005 Kanda 282, Tokyo: Repositioned and improved performance of underperforming property through renovation works, active asset and lease management. Strong Execution Capability Leverage Keppel Capital Japan's extensive experience and expertise to grow Keppel REIT's portfolio 12#13Recap: Investment Merits 1 Strategic Expansion into Japan 2 Enhances Geographical and Income Diversification 3 Quality Freehold Asset that Enjoys Excellent Accessibility 4 5 DPU Accretive when Fully Leased Leveraging Keppel Capital's Extensive Experience and Presence in Japan 13#14Amaizing Power Fucoidan Thank You For more information, please visit: www.keppelreit.com 77 老眼治療 レーシック 3F 4F 3F Connect with us on: 「飛蚊症治療 PRONTO PRONTO in オープニングスタッフ くし 山店 316 8800 Showa-dori Obey the trafficlights. Look both ways before crossing.