Unveiling First REIT 2.0: Our New Growth Strategy

4 Consistent with First REIT 2.0 Strategy and Reflects the Sponsor's Commitment to First REIT ALIGNMENT WITH UNITHOLDER INTERESTS The Proposed Acquisition with three pillars of support from the Sponsor is a testament to the Sponsor's firm commitment to the First REIT 2.0 Strategy Acquisition at a Discount (JPYbn) 3.8% discount 2.9% discount 25.2 24.9 Issuance at a Premium (S$) 3.4% premium 9.3% premium 0.305 Waiver of Acquisition Fees (S$mm) 3.0 100% waiver 0.295 24.2 0.279 0.0 Higher of Two Valuations Average of Two Valuations Agreed Purchase Price Current Price(1) 3-month VWAP(2) Issuance Price The Agreed Purchase Price is at a 2.9% (JPY0.7bn) and 3.8% (JPY1.0bn) discount to the aggregate of the averages and higher of the two independent valuations of each Japan Nursing Home respectively The Sponsor will undertake the entire issuance of 431mm units or S$131.5mm at a 3.4% and 9.3% premium to the Current Price and 3-month VWAP respectively Chargeable Acquisition Fees Actual Acquisition Fees The Manager has elected to voluntarily waive the acquisition fee which would have been payable to the Manager of approx. S$3.0mm to facilitate First REIT's maiden entry into the Japan nursing home market to align interests with Unitholders 21 Source: Factset (as of 6 Dec 2021) (1) As of 6 December 2021 (2) Refers to Volume-Weighted Average Price over the preceding 3-month period as of 6 December 2021 I FIRST" REIT ASIA'S PREMIER HEALTHCARE TRUST

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