Notice Of Valuation Of Real Assets :: Asset Valuation Announcement

(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 12 July 2007 (as amended))

ASSET VALUATION ANNOUNCEMENT

The Board of Directors of Parkway Trust Management Limited, the Manager of Parkway Life Real Estate Investment Trust ("PLife REIT") is pleased to announce that independent valuations, as at 31 December 2021, for all its properties have been completed.

The property valuations which have been adopted in the financial statements of PLife REIT for the financial year ended 31 December 2021, with a revaluation surplus of S$239.2 million recognised in the Statement of Total Return, are as follows:

			Appointed Appraiser		Appraised Value
	Properties			as at 31-Dec-21
					S$ million 1
	Mount Elizabeth Hospital and Medical		CBRE Pte. Ltd.	883.0
	Centre
	Gleneagles Hospital and Medical Centre	CBRE Pte. Ltd.	503.0
	Parkway East Hospital	CBRE Pte. Ltd.	86.0
	Total Singapore Portfolio				1,472.0
	Bon Sejour Yokohama Shin-Yamashita		CBRE K.K.	20.4
	More Habitation Akashi 2		Cushman & Wakefield K.K.	20.2
	More Habitation Suma 3		Cushman & Wakefield K.K.	12.0
	Senior Chonaikai Makuhari Kan	Enrix Co., Ltd	22.2
	Smiling Home Medis Musashi Urawa		Enrix Co., Ltd	9.8
	Smiling Home Medis Koshigaya Gamo	Enrix Co., Ltd	19.5
	Sompo no le Nakasyo		Cushman & Wakefield K.K.	8.7
	Maison des Centenaire Ishizugawa		Cushman & Wakefield K.K.	11.3
	Maison des Centenaire Haruki		Cushman & Wakefield K.K.	8.5
	Hapine Fukuoka Noke	CBRE K.K.	10.8
	Fiore Senior Residence Hirakata	Cushman & Wakefield K.K.	6.3
	Iyashi no Takatsuki Kan	Cushman & Wakefield K.K.	20.6
	As Heim Nakaurawa		Cushman & Wakefield K.K.	13.4
	Hanadama no le Nakahara	CBRE K.K.	10.9
	Sawayaka Obatake Ichibankan		CBRE K.K.	10.0
	Sawayaka Sakurakan	Enrix Co., Ltd	10.9
	Sawayaka Nogatakan		CBRE K.K.	9.8

1. Valuation for the Japan and Malaysia Portfolio is translated at an exchange rate of SGD1.00: JPY84.18 and SGD1.00 per RM3.09 respectively as at 31 December 2021.
2. Formerly known as Palmary Inn Akashi.
3. Formerly known as Palmary Inn Suma.

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			Appointed Appraiser		Appraised Value
	Properties			as at 31-Dec-21
					S$ million 1
	Sawayaka Shinmojikan		CBRE K.K.	12.8
	Sawayaka Fukufukukan	CBRE K.K.	8.9
	Sawayaka Obatake Nibankan	CBRE K.K.	4.8
	Sawayaka Higashikagurakan		Enrix Co., Ltd	12.5
	Happy Life Toyonaka		CBRE K.K.	6.6
	More Habitation Shin-Kobe4		Cushman & Wakefield K.K.	19.0
	Sawayaka Seaside Toba		JLL Morii Valuation & Advisory K.K.	19.1
	Sawayaka Niihamakan		JLL Morii Valuation & Advisory K.K.	18.3
	Sawayaka Mekari Nibankan	JLL Morii Valuation & Advisory K.K.	4.0
	Sawayaka Kiyotakan		JLL Morii Valuation & Advisory K.K.	12.4
	Sawayaka Minatokan		JLL Morii Valuation & Advisory K.K.	9.2
	Maison des Centenaire Hannan	CBRE K.K.	24.0
	Maison des Centenaire Ohhama		CBRE K.K.	9.0
	Sunhill Miyako	CBRE K.K.	11.2
	Habitation Jyosui	CBRE K.K.	46.1
	Ocean View Shonan Arasaki		JLL Morii Valuation & Advisory K.K.	25.7
	Habitation Hakata I, II, III	JLL Morii Valuation & Advisory K.K.	48.4
	Excellent Tenpaku Garden Hills		JLL Morii Valuation & Advisory K.K.	22.5
	Liverari Shiroishi Hana Ichigo-kan		Enrix Co., Ltd	4.6
	Liverari Shiroishi Hana Nigo-kan	Enrix Co., Ltd	2.2
	Sunny Spot Misono	Enrix Co., Ltd	2.5
	Silver Heights Hitsujigaoka		Enrix Co., Ltd	14.1
	(Ichibankan & Nibankan)
	Habitation Wakaba		Enrix Co., Ltd	26.1
	Habitation Hakusho	Enrix Co., Ltd	20.0
	Group Home Hakusho		Enrix Co., Ltd	1.2
	Kikuya Warakuen		Enrix Co., Ltd	10.3
	Sanko		Enrix Co., Ltd	6.6
	Konosu Nursing Home Kyoseien	Cushman & Wakefield K.K.	20.6
	Haru no Sato		Cushman & Wakefield K.K.	16.2
	Hodaka no Niwa		Cushman & Wakefield K.K.	16.4
	Orange no Sato		Cushman & Wakefield K.K.	14.7
	Habitation Kamagaya	Enrix Co., Ltd	20.8
	Crea Adachi 5		Enrix Co., Ltd	15.1
	Will-Mark Kashiihama 5		Enrix Co., Ltd	38.1

1. Formerly known as Palmary Inn Shin-Kobe.
2. Acquisition of two nursing homes located in Japan was completed on 9 July 2021.

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			Appointed Appraiser		Appraised Value
	Properties			as at 31-Dec-21
					S$ million 1
	Habitation Kisarazu Ichibankan 6		CBRE K.K.	40.9
	Total Japan Portfolio				810.2
	Gleneagles Intan Medical Centre, Kuala		Knight Frank Malaysia Sdn Bhd	6.5
	Lumpur
	Total Malaysia Portfolio				6.5
	Total PLife REIT Portfolio				2,288.7

The valuation reports are available for inspection at the registered office of Parkway Trust Management Limited during business hours for three months from the date of this announcement.

By Order of the Board

Parkway Trust Management Limited (Company registration no. 200706697Z)

As Manager of Parkway Life Real Estate Investment Trust

Chan Wan Mei

Company Secretary

24 January 2022

6 Acquisition of one nursing home located in Japan was completed on 17 December 2021.

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Important Notice

This Announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for units in Parkway Life Real Estate Investment Trust ("Parkway Life REIT" and the units in Parkway Life REIT, the "Units").

The value of the Units and the income derived from them may fall as well as rise. The Units are not obligations of, deposits in, or guaranteed by, Parkway Trust Management Limited, as manager of Parkway Life REIT (the "Manager"), or any of its affiliates. Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that unitholders of Parkway Life REIT may only deal in their Units through trading on Singapore Exchange Securities Trading Limited (the "SGX-ST"). Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. The past performance of Parkway Life REIT or the Manager is not necessarily indicative of the future performance of Parkway Life REIT or the Manager. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested.

This announcement may contain forward-looking statements that involve assumptions, 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, shifts in expected levels of property rental income, changes in operating expenses, property expenses, 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 current view of future events.

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