Presentation to Phillip Securities

18 August 2022

DISCLOSURE

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

This presentation has not been reviewed by the Monetary Authority of Singapore.

FIRST REIT AT A GLANCE

(as at 30 June 2022)

First REIT is Singapore's first healthcare real estate investment trust that aims to invest in a diversified portfolio of income-producing real

estate and / or real estate-related assets in Asia that are primarily used for healthcare and / or healthcare-related purposes.

FIRST REIT 2.0 GROWTH STRATEGY

Acquire yield-accretive properties in the healthcare and healthcare-related industry and diversify into developed markets including Japan, Australia, UK, Europe and US

LONG LEASE TERMS WITH REPUTABLE COUNTERPARTIES

13.0 years WALE (1)

GROWING FROM A POSITION OF STRENGTH Total Debt: S$462.7 million (2)

Gearing: 35.6%

Weighted Average Cost of Debt: 3.7% (on an all-incosts basis)

Market Capitalisation: c. S$564.0 million (3)

ASSET SIZE AND CLASS

31 assets S$1.2 billion AUM

Japan

12 Nursing Homes (4)

Singapore

Indonesia (5)

3 Nursing Homes

12 Hospitals

2 Integrated Hospital & Malls

1

Integrated Hospital & Hotel

1

Integrated Hotel & Country Club

__________________________

Notes

  1. The WALE is calculated on a gross floor area basis and including the 12 Japan Nursing homes and as at 30 June 2022.
  2. Total debt before transaction costs.
  3. Based on closing price of S$0.275 and 2,050,906,078 units as at 30 June 2022.
  4. The acquisition of 12 nursing homes in Japan was completed on 1 March 2022.
  5. On 18 May 2022, First REIT Management Limited announced the proposed divestment of 100% of the issued and paid up share capital of PT Tata Prima Indah, which holds a 100% interest in Siloam Hospitals Surabaya (the "Proposed

Divestment"); On 25 July 2022, unitholders approved the Proposed Divestment.

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1H 2022

FINANCIAL HIGHLIGHTS

Orchard Kaichi West

KEY FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS

% Change

1H 2022

1H 2021

Rental and Other Income increased 38.2%

(S$' MILLION)

(Y-o-Y)

Y-o-Y to S$53.8 million due to:

RENTAL & OTHER INCOME

53.8

38.9

38.2

- Contribution from 12 Japan Nursing

Homes acquired on 1 March 2022

NET PROPERTY & OTHER

- Rental income from restructured master

52.7

37.6

40.2

lease agreements for 14 hospitals in

INCOME

Indonesia, with a minimum 4.5% annual

escalation from 1 January 2021 to 31

DISTRIBUTABLE AMOUNT

25.3

20.9

20.9

December 2035 (1)

DPU (CENT)

1.32

1.30

1.5

ANNUALISED DPU (CENT)

2.64

2.60

1.5

__________________________

Note

(1) Subject to any extension required in respect of the underlying property title and with an option for a further 15-year renewal term with the mutual agreement of both the relevant master lessors and the relevant master lessees

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First Real Estate Investment Trust published this content on 18 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2022 09:53:06 UTC.