Parkway Trust Management Limited, as manager of Parkway Life Real Estate Investment Trust, together with IHH Healthcare Berhad, announced their strategic collaboration in relation to the: New master lease agreements ("New Master Lease Agreements") to be entered into between HSBC Institutional Trust Services (Singapore) Limited (as trustee of PLife REIT) ("Trustee"), as master lessor, and Parkway Hospitals Singapore Pte Ltd. which in turn is an indirect wholly-owned subsidiary of IHH Healthcare, as master lessee ("Master Lessee"), for each of Mount Elizabeth Hospital Property, Gleneagles Hospital Property and Parkway East Hospital Property (together with certain medical centre units, retail units and car park lots, where applicable, for each hospital, collectively referred to as the "Singapore Hospitals"). The Trustee has entered into an agreement for lease framework with the Master Lessee in relation to the agreed terms of the aforesaid New Master Lease Agreements, the Renewal Capex Agreement and the ROFR. The New Master Lease Agreements will be for a term of approximately 20.4 years from 23 August 2022 to 31 December 20422 ("Renewal Term"). There is also an option to renew for a further 10 years from 1 January 2043 to 31 December 2052. The annual rent payable ("Rent"), rental escalation and other conditions under the New Master Lease Agreements were negotiated on an arm's length basis and based on normal commercial terms. With the New Master Lease Agreements, IHH Healthcare's ability to continue operating the three hospitals in the prime locations of Singapore is maintained, strengthening its long term ability and commitment to serving patients in Singapore. Given the differentiated profiles and value proposition of Mount Elizabeth Hospital Property, Gleneagles Hospital Property and Parkway East Hospital Property, these properties capture different segments of the healthcare market and are significant contributors to the Group's profitability. The Rent for the Singapore Hospitals for the first financial year of the Renewal Term under the New Master Lease Agreements is in line with prevailing market rates3 and IHH Healthcare does not foresee any material financial impact to its profitability. For PLife REIT, the New Master Lease agreements provide a steady stream of quality rental income by ensuring 100% committed occupancy for the Singapore Hospitals over a long lease term. With the Singapore Hospitals being key assets of PLife REIT 4, the secured lease arrangements for the Singapore Hospitals will continue to underpin the organic growth of PLife REIT. The weighted average lease expiry of PLife REIT's overall portfolio (by gross rent) is also expected to improve significantly from 5.7 years to 16.6 years as at 31 December 2020.