Investor Presentaiton

Financials Key credit metrics LTV (Net Debt / Investment Properties) (1) Aggregate Leverage 425 372 335 246 39.6% 50.0% 36.1% 33.0% 34.2% 45.0% The aggregate 42.5% 33.7% 34.6% 35.9% leverage will reduce to 40.2% post acquisition of Lippo Mall Puri FY2017A FY2018A FY2019A 30Sep2020A FY2017A FY2018A MAS regulatory leverage limit NPI / Interest Expense (3) 6.8x 5.3x 4.7x 2.6x FY2017A FY2018A FY2019A 30Sep2020A(3) FY2019A 30Sep2020A % of Unencumbered Assets (4) Debt Headroom (2) (S$ millions) 100.0% 100.0% 100.0% 77.6% FY2017A FY2018A FY2019A 30Sep2020A Credit ratios weakened in FY2020E due to impact from Covid-19 Nevertheless, credit metrics are expected to recover in FY2021 on the back of Lippo Mall Puri acquisition (1) Net debt excludes perpetual securities. (2) Debt headroom computed based on the MAS regulatory aggregate leverage limit and assumes proceeds from additional debt incurred to acquire new assets. (3) Calculated as NPI divided by interest expense (excluding amortisation of fees and other charges) on a twelve months rolling basis. (4) Proportion of investment properties that are not pledged as security. 35

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