PRIVATE AND CONFIDENTIAL

2020 Q4 Business Overview

27 January 2021

PRIVATE AND CONFIDENTIAL PRIVATE AND CONFIDENTIAL Disclaimer

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1 PRIVATE AND CONFIDENTIAL Table of Contents

Section 1 Overview

Section 2 Financial Results

Section 3 Investors Relation

Section 4 Pavilion Kuala Lumpur Mall

Section 5 Intermark Mall

Section 6 DA MEN Mall

Section 7 Elite Pavilion Mall

Section 8 Pavilion Tower

Section 9 Investment Opportunities / Growth Strategies

2 1. Overview

3 PRIVATE AND CONFIDENTIAL Asset Portfolio

 Pavilion REIT consists of : − Pavilion Kuala Lumpur Mall, a 7-storey retail podium, together with a 3-storey retail office block and a 4-storey entertainment annex located at Jalan Bukit Bintang, Kuala Lumpur − Elite Pavilion Mall, a 10-storey retail mall seamlessly connected to Pavilion Kuala Lumpur Mall − Intermark Mall, a 6 level retail with rooftop at intersection of Jalan Tun Razak and Jalan Ampang, Kuala Lumpur − DA MEN Mall, a 5-storey retail mall with a lower ground floor located in USJ Subang Jaya − Pavilion Tower, a 20-storey office block located adjacent to Pavilion Kuala Lumpur Mall

In the M-REIT market, Pavilion REIT Sector Retail Office  has the largest retail mall, by valuation  within the top 4 in terms of market Total Asset Value RM6,108m RM134m capitalization as at 31 Dec 2020  part of FTSE Bursa Malaysia Mid 70 Index  part of MSCI Malaysia Annual Property (31 Dec 2019) (RM6,223m) (RM134m) Index  reviewed by MSCI ESG Research LLC Weightage 97.8% 2.2%

4 2. Financial Results

5 PRIVATE AND CONFIDENTIAL Highlights from Statement of Comprehensive Income – Current Year Quarter against Same Quarter Last Year Current Quarter ended 31 December Current Year Last Year Favourable / (unaudited) (unaudited) (Adverse) RM’000 RM’000 % Gross Revenue 130,794 145,962 (10.4) Property Operating 62,334 54,714 (13.9) Expenses Net Property Income 68,460 91,248 (25.0) Income before Taxation 40,039 59,717 (33.0) (excl revaluation deficit / gain) Distributable Income 42,380 62,328 (32.0) Earnings per unit (sen) 1.31 2.46 (46.7) (excl revaluation deficit / gain) Proposed / Declared DPU 1.39 2.06 (32.5) (sen) 6 PRIVATE AND CONFIDENTIAL Highlights from Statement of Comprehensive Income – Current Year Quarter against Last Preceding Quarter Quarter ended 31 Dec 2020 30 Sept 2020 Favourable / (unaudited) (unaudited) (Adverse) RM’000 RM’000 % Gross Revenue 130,794 118,718 10.2 Property Operating 62,334 57,842 (7.8) Expenses Net Property Income 68,460 60,876 12.5 Income before Taxation 40,039 32,036 25.0 (excl revaluation deficit / gain) Distributable Income 42,380 34,371 23.3 Earnings per unit (sen) 1.31 1.05 24.8 (excl revaluation deficit / gain) Proposed / Declared DPU 1.39 1.13 23.0 (sen) 7 PRIVATE AND CONFIDENTIAL Pavilion REIT’s Gross Revenue (RM’000)

160,000 Gross Revenue (RM'000)

150,000 147,059 150,922 144,119 144,350 145,962 140,000 R 134,315 135,060 141,348 M 130,794 ' 131,510 2017 130,000 0 126,393 2018 129,448 0 121,356 2019 0 118,941 120,000 2020 120,256 118,718

110,000

100,000 Q1 Q2 Q3 Q4 Quarter

8 PRIVATE AND CONFIDENTIAL Pavilion REIT’s Net Property Income (RM’000)

Net Property Income (RM'000) 101,508 100,000 100,984 94,176 91,352 89,003 90,000 91,248 90,624 91,076 89,059

80,000 R 78,973 78,162 M 76,719 2017 ' 70,000 2018 65,120 68,460 0 2019 0 60,000 2020 0 60,876

50,000

39,068 40,000

30,000 Q1 Q2 Q3 Q4 Quarter

9 PRIVATE AND CONFIDENTIAL Pavilion REIT’s Distribution (sen)

Year Jan to June (sen) July to Dec (sen) Total (sen) Change

2017 3.96 4.28 8.24 - 2018 4.34 4.44 8.78 6.6% 2019 4.40 4.10 8.50 (3.2%) 2020 1.61 2.52 4.13 (51.4)%

2.37 2.32 2.30 2.29 2.14 2.30 2.05 2.03 2.04 2.06

2.02 1.80 1.94 1.96

s 2017 e 1.39 1.30 1.21 2018 n 1.13 2019 2020

0.80

0.40 0.30 Q1 Q2 Q3 Q4 Quarter

10 PRIVATE AND CONFIDENTIAL Pavilion REIT Debt as at 31 December 2020

Fixed vs Floating Rate Debt Maturity Profile (RM million)

Fixed Rate

1,200 1,081 Floating Rate 1,000

800 700 42.7% 600 375 57.3% 400

200

- 2021 2022 2023

Average Interest Cost : 4.3% Gearing : 34.7%

11 3. Investors Relation

12 PRIVATE AND CONFIDENTIAL Capital appreciation of 66.7% since listing, 7 Dec 2011

Trading Performance 31 Dec 2019 31 Dec 2020 Closing unit price as at 31 December 2019 / 31 December 2020 RM1.74 RM1.50 Highest traded price during the year RM1.92 RM1.82 Lowest traded price during the year RM1.61 RM1.35 Capital appreciation (closing price on institutional IPO price of RM0.90) 93.3% 66.7% Market capitalization (RM’000) as at 31 Dec 2019 / 31 Dec 2020 5,291,497 4,567,961

13 PRIVATE AND CONFIDENTIAL Unitholders’ Composition based on Unitholdings as at 31 December 2020 Type of Holders Category of Holders

Total number of unitholders as at 31 Dec 2020 : 6,475 (6,068 as at 31 Dec 2019)

14 PRIVATE AND CONFIDENTIAL Top 10 Unitholders’ as at 31 December 2020

No Name % 1 HSBC Nominees (Asing) Sdn Bhd 33.13 CS (Switz) for Qatar Holding LLC

2 CIMB Group Nominees (Tempatan) Sdn Bhd 22.67 Pledged Securities Account – CIMB Investment Bank Berhad for Lim Siew Choon (UCDSB-SSCA) 3 CIMB Group Nominees (Tempatan) Sdn Bhd 9.25 Pledged Securities Account – CIMB Investment Bank Berhad for Tan Kewi Yong (UCDSB-SSCA) 4 Citigroup Nominees (Tempatan) Sdn Bhd 7.11 Employees Provident Fund Board 5 Kumpulan Wang Persaraan (Diperbadankan) 5.61

6 UOBM Nominees (Tempatan) Sdn Bhd 5.09 Pledged Securities Account for Lim Siew Choon 7 Amanah Trustees Berhad 2.17 Amanah Saham Bumiputera 8 Permodalan Nasional Berhad 1.14

9 Citigroup Nominees (Tempatan) Sdn Bhd 1.05 Exempt an for AIA Bhd 10 Citigroup Nominees (Tempatan) Sdn Bhd 0.85 Employees Provident Fund Board (Affin HWG)

15 4. Pavilion Kuala Lumpur Mall

16 PRIVATE AND CONFIDENTIAL Pavilion Kuala Lumpur Mall – Tenancy Status

Top 10 retail tenants by Gross Rent Tenant Mix by NLA

% of Anchor Name Trade sector occupied Tenant NLA (>70,000 Parkson Elite Departmental Store 18.7% sq ft of NLA), Dadi Cinema Urban Leisure 4.4% 19%

Forever 21 Fashion 1.8%

Padini Concept Store Fashion 1.6% Speciality Anchors Zara Fashion 1.3% Speciality (10,000 Tenants to 70,000 Adidas Fashion 1.1% (<10,000 sq ft of sq ft of Food Republic Food & Beverage 0.9% NLA), NLA), 19% Cartier Timepiece 0.5% 62%

Hermes Fashion 0.3%

Richard Mille Timepiece 0.3% Total 30.9% 1.3m square feet of NLA

Top 10 retail tenants contributes 18.9% of Gross Rent High proportion of speciality tenants Pavilion Kuala Lumpur mall enjoys a diverse and unique tenant base along with rising rental rates and consistently high occupancy rates

17 PRIVATE AND CONFIDENTIAL Pavilion Kuala Lumpur Mall – Tenancy Status

Occupancy rate at the end of quarter

97.8% 97.2% 98.0% 97.4% 96.4% 96.5% 95.6% 95.2%

Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20

Projected tenancy expiry schedule on NLA

57%

20% 17%

6%

Monthly 2021 2022 2023 2024 18 PRIVATE AND CONFIDENTIAL Pavilion Kuala Lumpur Mall – Tenancy Status

Trade sector analysis based on NLA Trade sector analysis based on Gross Rental

Services Shoes Bags & Travel Gift & Services Shoes Bags & Travel Gift & Optical & Optical & 1% Leather Souvenirs 1% Leather Souvenirs Urban Leisure Storage Urban Leisure Eyecare Storage Eyecare 4% 2% 3% 3% 6% 0% 3% 1% 0% 1% Office Beauty & Beauty & Personal Care Office Personal… 1% 3% 7% Dept Store Smart 8% Dept Store Elect IT & Jew el T-Piece Smart Jew el T-Piece Writing Digital 21% Writing 2% 5% 12%

Home Décor Elect IT & Furnishing Digital 1% 3% Home Décor Furnishing Health & 1% Fitness 1% Health & Food & Fitness Beverages 1% 20%

Food & Fashion Beverages Fashion 28% 22% 37%

19 5. Intermark Mall

20 PRIVATE AND CONFIDENTIAL Intermark Mall – Tenancy Status

Top 10 retail tenants by Gross Rent Tenant Mix by NLA

% of Name Trade sector occupied NLA Speciality Anchors Jaya Grocer Supermarket 16.6% (between 10,000 Hua Wei IT 7.9% and 70,000 sq Primrose Hill Active LearningEdutainment 7.4% ft of NLA), MST Golf Sports 5.8% 37.7% Sports Direct Sports 4.9% Speciality Tenants Sketchers Sports 3.4% (<10,000 sq ft of Oriental Landmark Food & Beverage 3.1% NLA), 62.3% McDonald's Food & Beverage 2.9%

Hanare Food & Beverage 2.1%

In-Colonial Food & Beverage 2.0% Total 56.1% 222k square feet of NLA

Top 10 retail tenants contributes 46.4% of Gross Rent Intermark Mall being positioned to cater to middle income professionals, expatriate and family conveniences

21 PRIVATE AND CONFIDENTIAL Intermark Mall – Tenancy Status

Occupancy rate at the end of quarter

95.9% 97.1% 94.8% 93.9% 93.9% 88.8% 87.4% 85.7%

Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20

Projected tenancy expiry schedule on NLA

53%

31% 9% 0% 7%

Monthly 2021 2022 2023 2024 22 PRIVATE AND CONFIDENTIAL Intermark Mall – Tenancy Status

Trade sector analysis based on NLA Trade sector analysis based on Gross Rental

Urban Leisure Urban Leisure Beauty & 10% Beauty & 13% Personal Care Personal Care 10% 10% Services 4% Services 4% Convenience / Convenience / Retail Others Retail 2% 2% 3% Others 1% Dept Store Smart Dept Store Home Décor Smart Furnishing 12% 17% Home Décor 1% Furnishing 1%

Fashion 12% Elect IT & Digital Fashion Elect IT & 1% 16% Digital 0% Food & Food & Beverages Beverages 36% 46%

23 6. DA MEN Mall

24 PRIVATE AND CONFIDENTIAL DA MEN Mall – Tenancy Status

Top 10 retail tenants by Gross Rent Tenant Mix by NLA

% of Name Trade sector occupied NLA Jaya Grocer Supermarket 10.3%

Dadi Cinema Urban Leisure 10.3% Speciality Anchors Food Arcade Food & Beverage 4.9% (between 10,000 Speciality and Grand Harbour Restaurant Food & Beverage 4.3% Tenants 70,000 sq (<10,000 ft of NLA), Music Box Urban Leisure 3.5% sq ft of 46.1% NLA), Chi-X Fitness Urban Leisure 3.4% 53.9% Mr DIY Home Furnishing 3.2% New Nanyang Food Street Food & Beverage 2.7%

Nam Heong Ipoh Food & Beverage 1.5%

Swensen's Food & Beverage 0.7% Total 44.8% 434k square feet of NLA

Top 10 retail tenants contributes 53.7% of Gross Rent Da men Mall targeting offerings of F&B and edutainment, catering to middle income suburb residential, commercial and industrial clientele

25 PRIVATE AND CONFIDENTIAL DA MEN Mall – Tenancy Status

Occupancy rate at the end of quarter

73.5% 71.7% 71.7% 72.1% 69.3% 68.9% 67.9% 65.4%

Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20

Projected tenancy expiry schedule on NLA

41% 35%

15% 0% 9%

Monthly 2021 2022 2023 2024 26 PRIVATE AND CONFIDENTIAL DA MEN Mall – Tenancy Status

Trade sector analysis based on NLA Trade sector analysis based on Gross Rental

Beauty & Urban Leisure Beauty & Personal Care Toys & Hobbies 21% Personal Care Urban Leisure 6% 24% 1% 10%

Dept Store Smart Shoes Bags & Dept Store Toys & Hobbies 9% Leather Smart 1% 0% 6% Services 1%

Shoes Bags & Leather Others 11% 1%

Optical & Food & Eyecare Beverages Services 1% 1% 30% Home Décor Furnishing Others 0% 6% Food & Beverages Optical & Health & Eyecare 51% Fitness Fashion 0% Home Décor Health & 1% 1% Furnishing Fitness Fashion 13% 1% 4%

27 7. Elite Pavilion Mall

28 PRIVATE AND CONFIDENTIAL Elite Pavilion Mall – Tenancy Status

Top 10 retail tenants by Gross Rent Tenant Mix by NLA

% of Name Trade sector occupied Speciality NLA Anchors (between JD Sports, King of Trainer Fashion 7.2% 10,000 and Muji Fashion 6.7% 70,000 sq ft of NLA), Red Box Plus Urban Leisure 6.5% Speciality 32.3% Toys R Us Leisure Hobbies & Toys 6.5% Tenants (<10,000 Haidilao Hot Pot Food & Beverage 5.4% sq ft of NLA), COS Fashion 3.8% 67.7%

Coach Fashion 3.1% Lululemon Fashion 2.0%

Rimowa Travel & Luggage 1.1%

LukFook Jewellery Jewellery Timepiece 1.0% Total 43.3% 228k square feet of NLA

Top 10 retail tenants contributes 47.9% of Gross Rent An extension to Pavilion Kuala Lumpur mall, it offers additional variety of shopping options

29 PRIVATE AND CONFIDENTIAL Elite Pavilion Mall – Tenancy Status

Occupancy rate at the end of quarter

95.0% 95.2% 92.2% 92.4% 89.1% 82.8% 83.2%

Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20

Projected tenancy expiry schedule on NLA 54%

11% 17% 18%

Monthly 2021 2022 2023 2024 30 PRIVATE AND CONFIDENTIAL Elite Pavilion Mall – Tenancy Status

Trade sector analysis based on NLA Trade sector analysis based on Gross Rental

Urban Leisure Urban Leisure Beauty & 5% Beauty & 9% Personal Care Personal Care 3% Travel Gift & Elect IT & 5% Souvenirs Elect IT & Travel Gift & Digital 6% Digital Souvenirs 3% 5% 4%

Toys & Hobbies 4%

Toys & Hobbies 8% Others Food & 1% Beverages Food & 26% Beverages Optical & Others 37% Eyecare 1% 2%

Optical & Eyecare 2% Jew el T-Piece Writing 7% Jew el T-Piece Writing 3% Fashion Fashion 29% 40%

31 8. Pavilion Tower

32 PRIVATE AND CONFIDENTIAL Pavilion Tower One of Kuala Lumpur’s premier business addresses

Projected expiry schedule on NLA

42%

25% 19% 14%

Monthly 2021 2022 2023 2024

Benefits of Pavilion Tower

 Connected to Pavilion Kuala Lumpur Mall

 Tenants across multiple trade sectors, including property development, construction, retail, service office and others

86% space occupied  Major tenants include Malton Group, Mrail International, arcc service office and KL Metro

33 PRIVATE AND CONFIDENTIAL Pavilion Tower Office – Tenancy Status

Trade sector analysis based on NLA Trade sector analysis based on Gross Rental

Banking, Banking, Trading Insurance & Construction Trading Insurance & Construction 3% Financial 3% 3% Financial 3% Services Services 3% 3% Service Office & Legal Service Office & Legal Co Working 1% Co Working 1% Space Space 7% 7%

Services Services 11% 12%

Real Estate & Real Estate & Property Property Services Services 72% 71%

34 9. Investment Opportunities / Growth Strategies

35 PRIVATE AND CONFIDENTIAL Opportunities for future growth

Potential for acquisition growth : Rights of First Refusal

General retail development fahrenheit88 (artist rendering)

The fahrenheit88 ROFR The General ROFR

 Granted by Makna Mujur Sdn Bhd  Granted by Urusharta Cemerlang Sdn Bhd  Located in Bukit Bintang opposite Pavilion  Future retail developments of the Sponsor Kuala Lumpur Mall  Covers the whole of Malaysia  Awaiting for intention to sell

Pavilion REIT benefits from several ROFRs which place it in a strong position to grow its NLA in the future

36 PRIVATE AND CONFIDENTIAL

Pavilion REIT Management Sdn Bhd Level 10 Pavilion Kuala Lumpur 168 Jalan Bukit Bintang 55100 Kuala Lumpur Telephone Number : +603 – 2118 8888 Facsimile Number : +603 – 2118 8889 Email : [email protected] Website : www.pavilion-reit.com

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