MACQUARIE APAC ELC - NEW YOR K

5 - 6 December 2017

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FIRST ••.REIT

FIRST REAL ESTATE INVESTMENT TRUST ....

This presentation has been prepared by Bowsprit Capital Corporation Limited, in its capacity as the manager of First Real Estate Investment Trust ("First REIT" and as manager of First REIT, the "Manager").

Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders 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 value of units in First REIT ("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.

This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties based on the Manager's current view of future events. Actual future performance, outcomes and results may differ materially from those expressed in forward- looking statements as a result of risks, uncertainties and assumptions - representative examples include, without limitation, general economic and industry conditions, interest rate trends, cost of capital, capital availability, shifts in expected levels of property rental income, change in operating expenses, property expenses and government and public policy changes and continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's current view of future events.

The past performance of First REIT is not necessarily indicative of the future performance of First REIT.

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Siloam Hospitals Labuan Bajo

NEWLY-ACQUIRED PROPERTIES BOOST INCOME STREAMS, GROWTH PIPELINE REMAINS STRONG
  • Recently completed acquisition of Buton Property - Siloam Hospitals Buton and Lippo Plaza Buton on 10 October 2017 at a purchase consideration of S$28.50 million

  • Portfolio size of 19 properties across Indonesia, Singapore & South Korea, with total assets-under-

    management at S$1.30 billion

  • Announced the JV with LMIRT to jointly acquire the Yogyakarta Property, to which First REIT will acquire the hospital component, Siloam Hospitals Yogyakarta for a purchase consideration of S$27.0 million

  • Financial Performance

    3Q 2017

    3Q 2016

    Y-O-Y

    9M 2017

    9M 2016

    Y-O-Y

    Gross Revenue (S$'m)

    27.8

    26.9

    3.3%

    82.4

    80.0

    3.0%

    Net Property Income (S$'m)

    27.5

    26.6

    3.2%

    81.5

    79.1

    3.0%

    Distributable Income (S$'m)

    16.7

    16.3

    2.2%

    49.9

    48.8

    2.4%

    DPU (cents)

    2.14

    2.12

    0.9%

    6.42

    6.34

    1.3%

  • Annualised DPU of 8.58 cents translates to distribution yield of 6.4%(1)

  • Maintained gearing below 45% despite significant growth in portfolio value, distributable amount and DPU

Note

(1) Based on closing price of S$1.350 on 24 November 2017.

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First Real Estate Investment Trust published this content on 05 December 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 05 December 2017 10:01:09 UTC.

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