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Proposed Acquisition of the Office Components of OUE Downtown and Rights Issue

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Proposed Acquisition of the Office Components of OUE Downtown and Rights Issue Proposed Acquisition of the Office Components of OUE Downtown and Rights Issue 10 September 2018 Page Title: 22 pt; Arial Important Notice 255 255 255 This presentation should be read in conjunction with the announcement released by OUE Commercial REIT (“OUE C-REIT”) on 10 September Placeholder Heading 2018 (in relation to its proposed Acquisition of the Office Components of OUE Downtown (the “Acquisition”), the proposed fully underwritten and Font color – 52/62/72 renounceable Rights Issue and the proposed payment of the sub-underwriting commission. Fill Color – 255/255/255 Line: 182/136/44 This presentation is for information purposes only and does not constitute an invitation, offer or solicitation of any offer to acquire, purchase or subscribe for units in OUE C-REIT (“Units”). The value of Units and the income from them, if any, may fall or rise. The Units are not obligations of, deposits in, or guaranteed by, OUE Commercial REIT Management Pte. Ltd. (the “Manager”), DBS Trustee Limited (as trustee of OUE C-REIT) or Charts/Objects Color Scheme any of its affiliates. An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. The past 224 192 127 performance of OUE C-REIT is not necessarily indicative of the future performance of OUE C-REIT. 61 82 97 This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. These 122 208 228 forward-looking statements speak only as at the date of this presentation. Past performance is not necessarily indicative of future performance. No 188 82 92 assurance can be given that future events will occur, that projections will be achieved, or that assumptions are correct. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, 182 136 44 competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. You are cautioned not to place undue reliance 120 139 157 on these forward-looking statements, which are based on the Manager’s current view of future events. 168 187 200 Investors should note that they will have no right to request the Manager to redeem their Units while the Units are listed on the Singapore Exchange Securities Trading Limited (the “SGX-ST”). It is intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the 211 221 227 Units on the SGX-ST does not guarantee a liquid market for the Units. The information and opinions contained in this presentation are subject to change without notice. Highlight for Tables 210 110 42 The presentation is qualified in its entirety by, and should be read in conjunction with, the full text of the Circular dated 10 September 2018. Meanings of defined terms may be found in the Glossary of the Circular dated 10 September 2018. Key Message (Unbold) 52 62 72 1 Page Title: 22 pt; Arial Table of Contents 255 255 255 Placeholder Heading Font color – 52/62/72 Section 1 Overview Fill Color – 255/255/255 Line: 182/136/44 Section 2 Transaction Rationale Charts/Objects Color Scheme 224 192 127 Section 3 Financial Effects of the Proposed Transactions 61 82 97 Section 4 Conclusion 122 208 228 188 82 92 182 136 44 120 139 157 168 187 200 211 221 227 Highlight for Tables 210 110 42 Key Message (Unbold) 52 62 72 2 1. Overview OUE Downtown Page Title: 22 pt; Arial Transaction Overview 255 255 255 Placeholder Heading OUE C-REIT’s second acquisition since IPO and a strategic addition of a new Singapore CBD Font color – 52/62/72 submarket to the portfolio Fill Color – 255/255/255 . OUE Downtown Office Component 1 and OUE Downtown Office Component 2 Line: 182/136/44 (the “Properties”) Proposed . OUE Downtown Office Component 1: Grade A office space from 35th to 46th Acquisition storeys of OUE Downtown 1 (50-storey high-rise tower) Charts/Objects Color Scheme . OUE Downtown Office Component 2: Grade A office space from 7th to 34th storeys of OUE Downtown 2 (37-storey high-rise tower) 224 192 127 With the Rental Support Without the Rental Support 61 82 97 Independent Savills S$927.0 million (S$1,749 psf) S$891.0 million (S$1,681 psf) Valuation(1) 122 208 228 Colliers S$945.0 million (S$1,783 psf) S$920.0 million (S$1,736 psf) 188 82 92 . S$908.0 million (S$1,713 psf) Purchase . Translates to a 2.0% to 3.9% discount to independent valuations with Rental Consideration 182 136 44 Support . Up to an aggregate amount of S$60.0 million or for a period of up to 5 years Rental Support 120 139 157 upon Completion, whichever is earlier . Rights Issue: S$587.5 million 168 187 200 Funding . Debt: S$361.6 million Structure Acquisition Fee in Units: S$6.8 million 211 221 227 . Underwritten and renounceable Rights Issue on a basis of 83 Rights Units for Proposed every 100 Existing Units in OUE C-REIT Rights Issue Highlight for Tables . Rights Issue Price: S$0.456 per Rights Unit . Sub-Underwriting Commitment from the Sponsor to subscribe for 66% of the 210 110 42 Proposed Sub- total number of Underwritten Rights Units Underwriting . Sub-Underwriting Commission of 1.80% payable to Sponsor by the Joint Lead Agreement Managers and Underwriters OUE Downtown Key Message (Unbold) (1) Valuation of the Properties with the Rental Support by Independent Valuers as at 30 June 2018. 52 62 72 4 Page Title: 22 pt; Arial Overview of the Properties 255 255 255 Placeholder Heading . The Properties are part of OUE Downtown, a mixed- Font color – 52/62/72 use development, comprising two high-rise towers, a Fill Color – 255/255/255 OUE Downtown Description retail podium and a multi-storey car park 1 Office Line: 182/136/44 Component . The Properties comprise only the office components OUE of the mixed-use development C-REIT Charts/Objects Color Scheme to Head Title . 99-year leasehold title commencing 19 July 1967 acquire 224 192 127 . Total: 752,634 sq ft Gross Floor – OUE Downtown 1: 161,351 sq ft OUE Downtown Area 61 82 97 OUE Downtown 2: 591,283 sq ft 2 Office – Component . Total: 529,981 sq ft 122 208 228 Net Lettable – OUE Downtown 1: 88,400 sq ft Area 188 82 92 – OUE Downtown 2: 441,581 sq ft Committed . 95.1% 182 136 44 Occupancy(1) Net Property 120 139 157 Oakwood Premier . 5.0% OUE Singapore Income Yield(2) (Serviced 168 187 200 Apartments) Weighted . By gross rental income: 2.0 years Average Lease . By NLA: 2.0 years 211 221 227 Expiry(1) . Deloitte & Touche LLP Key Tenants . Aviva Ltd Highlight for Tables OUE Downtown . Moody’s Analytics Singapore Pte. Ltd. Gallery (Retail) 210 110 42 . 53.16% of the total share value of the strata lots in Share Value OUE Downtown Key Message (Unbold) (1) As at 30 June 2018. 52 62 72 (2) Based on the Properties’ 1H 2018 annualised NPI including the Rental Support, adjusted for one-off expenses, and assumes 12 months of the Management Corporation expenses divided by the Purchase Consideration. 5 Page Title: 22 pt; Arial Total Acquisition Cost and Funding 255 255 255 Placeholder Heading Font color – 52/62/72 Fill Color – 255/255/255 Line: 182/136/44 Total Acquisition Cost Sources of funding Charts/Objects Color Scheme 224 192 127 Acquisition Fee Acquisition 61 82 97 S$6.8m Fee in Units Rights Issue Purchase (1%) S$6.8m S$587.5m 122 208 228 Consideration (1%) (61%) S$908.0m 188 82 92 (95%) 182 136 44 Total Total S$955.9m S$955.9m 120 139 157 Debt Transaction S$361.6m 168 187 200 costs (38%) S$41.1m 211 221 227 (4%) Highlight for Tables 210 110 42 Key Message (Unbold) 52 62 72 6 Page Title: 22 pt; Details of the Rights Issue and Arial Sub-Underwriting Agreement 255 255 255 Rights Issue Price Placeholder Heading Proposed . Fully underwritten and renounceable Rights Issue to raise Font color – 52/62/72 Rights Issue gross proceeds of approximately S$587.5 million Fill Color – 255/255/255 S$0.665 Line: 182/136/44 S$0.570 Discount Discount 31.4% Rights Ratio . 83 Rights Units for every 100 Existing Units S$0.456 20.0% Charts/Objects Color Scheme 224 192 127 Sponsor . Irrevocable undertaking by Sponsor to subscribe and pay 61 82 97 Irrevocable in full for its provisional allotments of Right Units, Undertaking representing about 55.9% of the Rights Issue size 122 208 228 (1) Rights Issue Price TERP Closing Price(2) 188 82 92 Use of proceeds of the Rights Issue Joint Lead 182 136 44 . Credit Suisse (Singapore) Limited Managers and Stamp duty, professional and . Oversea-Chinese Banking Corporation Limited Underwriters other fees and expenses(3) 120 139 157 S$30.5m (5%) 168 187 200 Part finance Total the Purchase 211 221 227 S$587.5m Consideration S$550.1m Proposed . Sponsor to sub-underwrite 66% of the total number of Total costs and (94%) Sub- Underwritten Rights Units expenses relating to the Highlight for Tables Underwriting .
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