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3Q 2016 Financial Results 18 October 2016

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3Q 2016 Financial Results 18 October 2016 3Q 2016 Financial Results 18 October 2016 1 Outline Key Highlights 5 Financial Highlights 7 Portfolio Analysis 12 Capital Management 24 Market Review & Outlook 27 Awards & Engagement Activities 30 Important Notice The value of Units and the income from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by the Manager, or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders of Keppel REIT may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. The past performance of Keppel REIT is not necessarily indicative of the future performance of Keppel REIT. 2 Overview Best-in-Class Assets Largest Portfolio of Assets Under Well-Diversified Youngest in Strategic Locations Premium Office Assets Management Tenant Base Portfolio 11 office towers in 8 quality 307 tenants Premium Grade and Grade A assets in 3.3 million sf S$8.3 billion diversified across Approx. the business and financial districts total attributable NLA various business 5 years of Singapore and Australia sectors Marina Bay Financial Centre One Raffles Quay Ocean Financial Centre Tower 3 Tower 2 Tower 1 South Tower North Tower 3 Ocean Colours Premium Grade A Office Portfolio ‒ 8 premium office assets with 11 office towers strategically located in the central business districts of Singapore, as well as key cities of Sydney, Melbourne, Brisbane and Perth in Australia Singapore 90% Ocean Financial Centre Marina Bay Financial Centre One Raffles Quay Bugis Junction Towers (99.9% interest) (33.3% interest) (33.3% interest) (100% interest) Australia 10% 8 Chifley Square, 8 Exhibition Street, 275 George Street, David Malcolm Justice Sydney Melbourne Brisbane Centre, Perth (50% interest) (50% interest) (50% interest) (50% interest) 44 Key Highlights Marina Bay Financial Centre, Singapore 5 Key Highlights – 3Q 2016 Financial Stable PI & NPI* 1.60 cents 5.8% DPU Annualised yield 98% tenant retention rate 100% leased for all properties achieved in Raffles Place and Marina Bay Overall Average portfolio Rent reversion of ~3% committed rent Portfolio occupancy YTD Sep 2016 $9.85 psf 99.5% Extended WALE to 8.5 yrs and Renewed all leases expiring in 6.1 yrs for top 10 tenants and 2016. Expiring leases in 2017 & overall portfolio 2018 down to ~5% Lowered all-in Gearing stable at 39% ICR improved interest rate to to 4.7x Capital 2.53% Management Completed all refinancing requirements for 2016 and 2017 74% fixed-rate loans 83% unencumbered assets * Excluded 77 King Street 6 Financial Highlights One Raffles Quay, Singapore 7 Creditable Performance ‒ Continued to perform creditably despite cyclical headwinds in the office market ‒ Excluding contribution from 77 King Street which was divested in 1Q 2016, PI and NPI were stable for 3Q 2016 ‒ Share of results of associates and joint ventures increased to $24.7m and $7.9m for 3Q 2016, up 33.2% and 101.9% y-o-y respectively . Due to higher share of contribution from Marina Bay Financial Centre, One Raffles Quay and David Malcolm Justice Centre (1) ‒ DPU of 1.60 cents for 3Q 2016 and annualised yield of 5.8% Share of Results Share of Results Net Property Property Income of Associates of Joint Ventures Income 33.2% y-o-y 101.9% y-o-y Stable y-o-y Stable y-o-y $24.7 mil $7.9 mil $31.6 mil $39.5 mil $39.7m $39.5m $31.3m $31.6m $24.7m $18.5m $7.9m $3.9m (2) (2) Share of Results of Associates Share of Results of Joint Ventures Net Property Income Property Income 3Q 2015 3Q 2016 (1) Absence of contribution from 77 King Street which was divested in 1Q 2016 (2) Excluded 77 King Street 8 Attractive Yield ‒ Keppel REIT continues to offer an attractive yield for Unitholders (1) Keppel REIT DPU Yield 5.8% (2) FTSE ST REIT Index Dividend Yield 5.6% (2) FTSE ST RE Index Dividend Yield 4.3% (2) STI Dividend Yield 3.9% CPF Ordinary Account 2.5% 10-year SG Govt Bond Yield 1.8% 5-year SG Govt Bond Yield 1.3% Bank Savings Deposit Rate 0.1% (1) Based on market closing unit price of $1.115 as at 30 September 2016. (2) Based on Bloomberg’s dividend yield data for the FTSE ST Real Estate Investment Trust (REIT) Index, FTSE ST Real Estate (RE) Index and Straits Times Index (STI) as at 30 September 2016. Sources: Bloomberg, Monetary Authority of Singapore, Central Provident Fund and Singapore Government Securities. 9 Resilient Balance Sheet As at 30 September 2016 As at 30 June 2016 Non-current Assets $7,164 mil $7,154 mil Total Assets $7,458 mil $7,442 mil Borrowings1 $3,324 mil $3,320 mil Total Liabilities $2,635 mil $2,624 mil Unitholders’ Funds $4,670 mil $4,666 mil Adjusted NAV Per Unit 2 $1.41 $1.41 (1) These included borrowings accounted for at the level of associates and excluded the unamortised portion of upfront fees in relation to the borrowings. (2) For 30 September 2016, this excluded the distribution to be paid in November 2016. For 30 June 2016, this excluded the distribution paid in August 2016. 10 3Q 2016 Distribution Per Unit Distribution Per Unit (DPU) Distribution Period 1.60 cents 1 July 2016 – 30 September 2016 Distribution Timetable Trading on “Ex” Basis Monday, 24 October 2016 Books Closure Date Wednesday, 26 October 2016 Distribution Payment Date Friday, 25 November 2016 11 Portfolio Analysis Ocean Financial Centre, Singapore 12 Proactive Leasing efforts ‒ All of Keppel REIT’s properties in Raffles Place and Marina Bay (Ocean Financial Centre, Marina Bay Financial Centre Towers 1, 2 and 3 as well as One Raffles Quay North and South Towers) are 100% leased ‒ All leases expiring in 2016 completed ‒ Achieved 98% tenant retention rate for the first three quarters of 2016 ‒ Proactive forward renewal efforts brought down expiring leases to a minimal of approximately 5% for 2017 and 2018 respectively . Majority of the expiring leases in 2017 and 2018 are in their first renewal cycles and are likely to be renewed ‒ Rent reversion for new, renewal, forward renewal and review leases were positive at approximately 3% for the first nine months of this year Ocean Financial Centre One Raffles Quay Bugis Junction Towers 13 Robust Leasing Activities ‒ Concluded 39 leases or approximately 635,000 sf of prime office space in 3Q 2016 ‒ New tenants secured in 2016 were mainly from the banking, financial and insurance, legal, real estate and property services, TMT, government agency as well as energy, natural resources, shipping and marine sectors ‒ Of the new office leases signed in Singapore YTD Sep 2016, approximately • 10% were new to Singapore • 75% were “flight to quality” tenants move to Marina Bay and Raffles Place districts • 15% were expansion by existing tenants One Raffles Quay 14 Singapore Office Demand and Supply ‒ Healthy take-up of office space in the upcoming supply ‒ Very limited new office supply in the CBD expected between 2019 and 2021 ‒ Average annual net demand of approximately 1.1 mil sf p.a. in the last 6 years 2.8 Marina One and DUO’s pre- 2.5 commitments of ~0.7m sf & 2.2 ~0.2m sf respectively 2.2 1.9 1.8 1.6 Redevelopment of former 1.6 Guoco Tower’s CPF Building; Not new 1.6 1.5 1.4 pre-commitment addition to supply. of ~0.7m sf 1.3 (1) 1.0 6 years (2010 – 2015) sq ft million sq 1.0 0.5 Ave annual net demand of ~1.1m sf 0.6 0.7 0.6 6 years (2016 – 2021) 0.9 0.5 Ave forecast annual 0.3 0.4 0.8 0.4 0.2 0.3 supply excluding pre- 0.2 0.2 commitments of 0.1 -0.03 0.0 0.0 ~0.55m sf 2010 2011 2012 2013 2014 2015 1H 2016 2016F 2017F 2018F 2019F 2020F 2021F -0.2 Net Supply Net Demand Forecast Supply (2) Pre-commitments Sources: URA and CBRE (1) Net demand and supply of office space in Downtown Core, Orchard and Rest of Central Area (2) Forecast new supply excludes strata offices 15 Healthy Lease Expiry Profile ‒ All leases expiring in 2016 completed ‒ Proactive forward renewal efforts brought down expiring leases to a minimal of approximately 5% for 2017 and 2018 respectively ‒ Average rents for leases due for renewal and review in 2017 and 2018 are at low $9s psf Portfolio Lease Profile (By NLA) as at 30 September 2016 ~95% of leases not due for renewal 2017: Expects to renew 2018: Proactively engaging until 2018 and beyond most of the leases given tenants for lease renewal. that majority of tenants Majority of tenants are in are in their first lease their first lease renewal 21.2% renewal cycles cycles 15.4% 13.4% 16.6% 11.5% 7.5% 4.8% 4.0% 4.2% 2.7% 5.2% 5.4% 2.2% 0 0.0% 2016 2017 2018 2019 2020 Lease expiry as % of total portfolio NLA Rent review as % of total portfolio NLA Lease expiry as at 31 Dec 2015* * Excludes 77 King Street which was divested in 1Q 2016 16 Strong Track Record of Above Market Rents ‒ Continued to command above-market rents for Singapore leases, achieving average committed rent of $9.85 psf for new, renewal and forward renewal leases for YTD Sep 2016, higher than CBRE’s average Grade A rent of $9.30 psf $16.00 $20.00 $18.00 $15.00 $16.00 $14.00 $14.00 $12.90 $12.50 $12.10 $13.00 $11.60 $11.40 $11.30 $12.00 $10.65 $10.70 $10.25 $10.30 $10.10 $9.70 $9.85 $12.00 $10.00 11.40 11.20 11.30 10.95 10.90 $8.00 $11.00 10.60 ~6% 10.40 10.25 $6.00premium 9.90 $10.00 9.75 9.55 9.50 9.30 $4.00 $9.00 $2.00 $8.00 $- Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 CBRE Average Grade A Rental ($ psf pm) Keppel REIT Average Committed Rental ($ psf pm) Source: CBRE,
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