Keppel : Payment Of Management Fee By Way Of Issue Of Units In Keppel REIT

(Con111tutedIn1119 Rllp&lllc of Slnaapore pinuant to

abull dNd dad 28 lllovllmber 2005 (a1merded))

PAYMENT OFMANAGEMENT FEE BY WAY OFISSUEOF UNITSINKEPPEL REIT

The Board of Directora of Keppel REIT Management Limited (the "Company"'), as manager of Keppel REIT,wishes to announce that 10,034,593 Units ("Uanqement Fee Unlta") in KeppelREIT have been issued today at a price of 5$1.0273 per Unit as payment of the base fee component of its management feel for the period from 1Aprll 2016to 30 June 2016.

The issue price per Management Fee Unit is the volume weighted average price for a Unit for alltrades done on the Singapore Exchange Securiliea Trading Limited (the "SGX S'r)in the ordinary course of trading for the period of ten business days immediately preceding 30 June 2016, being the last business day forthe period.

The payment of the management fee and the manner of auch payment are provided for Inthe trust deed dated 28 November 2005, aa may be amended from time to Ume,constituting KeppelREIT (the "Tnlst Deed"). It Is provided Inthe Truat Deed that from Keppel RErra flnanclalyear ended 31 December 2008 and onwards,the Company is entitled to receive its management feein a combination of Units and cash in such proportions as it may elect. For the period from 1April2016 to 30 June 2018, the Company has elected to receive 100%of Its management fee Inthe form of Units.

Followlng the Issuance of the Management Fee Unlta,the Company's unltholdlngIn Keppel REIT has Increased to 33,253,983 Units, repreaenUng approlllmately 1.02% of the total number of Issued Unlta In Keppel REIT.The total number of issued Units in Keppel REIT as at the date of this announcement is

3,271,906,41o.

By Order of the Board KeppelREIT Management Limited

(Company Registration Number: 200411357K) as manager of Keppel REIT

Marc TanI KelvlnChua Company Secretary

29 July 2016

11haperfmnan:efNmnpcnant of man111em111t wll bepaid out on an annual baals,In m:ordancewith the S11COnd

Amending & Ra&tallng Oiied dlll8d 23 March 2016.

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 Company, as manager of Keppel REIT, 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.