REPL::Placements::Receipt of Approval In-Principle for Listing and Quotation of 88,676,000 New Units

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA). THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES, CANADA OR JAPAN. THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE SECURITIES LAWS OF ANY STATE OR JURISDICTION OF THE UNITED STATES. NO PUBLIC OFFERING OF SECURITIES IS BEING MADE IN THE UNITED STATES.

KEPPEL PACIFIC OAK US REIT MANAGEMENT PTE. LTD.

(a real estate investment trust constituted on 22 September 2017 in the Republic of Singapore)

(managed by Keppel Pacific Oak US REIT Management Pte. Ltd.)

RECEIPT OF APPROVAL IN-PRINCIPLE FOR LISTING AND QUOTATION OF 88,676,000 NEW

UNITS IN KEPPEL PACIFIC OAK US REIT

Further to its announcement dated 28 July 2021 (the "Announcement") in relation to the close of placement of new units ("New Units") in Keppel Pacific Oak US REIT at an issue price of US$0.733 per New Unit (the "Private Placement"), Keppel Pacific Oak US REIT Management Pte. Ltd., as manager of Keppel Pacific Oak US REIT (the "Manager"), is pleased to announce that approval in- principle has been obtained today from Singapore Exchange Securities Trading Limited (the "SGX-ST") for the listing of, and dealing in and quotation on the Main Board of the SGX-ST of 88,676,000 New Units which are proposed to be issued pursuant to the Private Placement.

The SGX-ST's approval in-principle is not to be taken as an indication of the merits of the Private Placement, the New Units, Keppel Pacific Oak US REIT and/or its subsidiaries.

In respect of the Private Placement, the SGX-ST's approval in-principle is subject to:

1. compliance with the SGX-ST's listing requirements;
2. submission of:
3. 1. a written undertaking from the Manager that it will comply with Rule 803 of the listing manual of the SGX-ST (the "Listing Manual");
   2. a written confirmation from the Joint Bookrunners and Underwriters (as defined in the Announcement) that they will ensure that the Manager will comply with Rule 803 of the Listing Manual;
   3. a written confirmation from the Manager that it will not issue the New Units to persons prohibited under Rule 812(1) of the Listing Manual;

1. a written confirmation from the Joint Bookrunners and Underwriters that the New Units will not be placed out to persons under Rule 812(1) of the Listing Manual; and
2. a written undertaking from the Manager that it will comply with Rule 704(30) and Rule 1207(20) of the Listing Manual in relation to the use of proceeds from the Private Placement and where proceeds are to be used for working capital purposes, the Manager will disclose a breakdown with specific details on the use of proceeds for working capital in Keppel Pacific Oak US REIT's announcements on use of proceeds and in its annual report.

By Order of the Board

Keppel Pacific Oak US REIT Management Pte. Ltd. (Company Registration Number: 201719652G)

as manager of Keppel Pacific Oak US REIT

Marc Tan / Darren Tan

Company Secretaries

5 August 2021

IMPORTANT NOTICE

This announcement is for information purposes only and does not constitute or form part of an offer, invitation or solicitation of any securities of Keppel Pacific Oak US REIT in Singapore or any other jurisdiction nor should it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.

This announcement may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies and venues for the sale or distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's view of future events. The past performance of Keppel Pacific Oak US REIT and the Manager are not necessarily indicative of the future performance of any of them.

The value of the Units and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager, Perpetual (Asia) Limited, in its capacity as trustee of Keppel Pacific Oak US REIT, Keppel Capital Holdings Pte. Ltd. and KORE Pacific Advisors Pte. Ltd., as the sponsors of Keppel Pacific Oak US REIT or any of their respective affiliates.

An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. Unitholders have no right to request that the Manager redeem or purchase 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.

This announcement is not to be distributed or circulated outside of Singapore. Any failure to comply with this restriction may constitute a violation of United States securities laws or the laws of any other jurisdiction.

Notification under Section 309B of the Securities and Futures Act, Chapter 289 of Singapore: The New Units are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12:Notice on the Sale of Investment Products and MAS Notice FAA-N16:Notice on Recommendations on Investment Products).