Strategic Expansion into Japan

1 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

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