MACQUARIE ASEAN CONFER ENCE

23 August 2017

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FIRST ••.REIT

FIRST REAL ESTATE INVESTMENT TRUST ....

DISCLAIMER

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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FINANCIAL RESULTS

Siloam Hospitals Kupang

KEY HIGHLIGHTS NEWLY-ACQUIRED PROPERTIES BOOST INCOME STREAMS, GROWTH PIPELINE REMAINS STRONG

  • Successfully completed the acquisition of Siloam Hospitals Labuan Bajo on 30 December 2016 at a purchase consideration of S$20.0 million

  • Portfolio size of 18 properties across Indonesia, Singapore & South Korea, with total assets-under-

    management at S$1.27 billion

  • Financial Performance

    2Q 2017 2Q 2016 Y-O-Y 1H 2017 1H 2016 Y-O-Y

    Gross Revenue (S$'m) 27.5 26.6 3.3% 54.6 53.1 2.9%

    Net Property Income (S$'m) 27.2 26.3 3.2% 54.0 52.5 2.8%

    Distributable Income (S$'m) 16.6 16.2 2.5% 33.2 32.4 2.5%

    DPU (cents) 2.14 2.11 1.4% 4.28 4.22 1.4%

  • Annualised DPU of 8.63 cents translates to distribution yield of 6.5%1

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

  • Announced proposed acquisition of Buton Property - Siloam Hospitals Buton and Lippo Plaza Buton on 20 July 2017 at a proposed purchase consideration of S$28.50 million

Note

1 Based on closing price of S$1.325 on 15 August 2017

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First Real Estate Investment Trust published this content on 23 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 August 2017 09:32:08 UTC.

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