Blue & William Acquisition Overview

DPU-Accretive Investment with Regular Coupon Throughout Development (1) DPU-accretive investment, bringing 3.0% DPU accretion on a pro forma basis The Developer will provide regular coupon (2) of 4.5% per annum on cumulative progress payments made by Keppel REIT throughout the development phase Fully funded with AUD-denominated loans for natural hedge FOR ILLUSTRATIVE PURPOSES ONLY: Pro forma financial effects of the acquisition Pro Forma FY 2020 DPU (cents) After Before (FY 2020) (Assuming practical completion was achieved on DPU 5.73 cents DPU Accretion Before (as at 30 September 2021) Aggregate Leverage 37.6% 1 January 2020) 5.90 cents (1) 3.0% (1) After (Assuming practical completion was achieved on 5.73 30 September 2021) 39.9% +3.0% 5.90 Pre-Acquisition Post-Acquisition (1) On a pro forma basis for FY 2020, assuming Blue & William had achieved practical completion on 1 January 2020, was fully funded by debt and including the rental guarantee provided by the Developer. During the development period, Lendlease, as the Developer, will provide a coupon of 4.5% per annum on cumulative progress payments made. Coupon receivable will be applied as a reduction of the progress payments payable by Keppel REIT. Keppel REIT (2) 80

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