Replace - Extraordinary/ Special General Meeting :: Voluntary

(Constituted in the Republic of Singapore pursuant to

a trust deed dated 12 July 2007 (as amended))

EXTRAORDINARY GENERAL MEETING ON 30 SEPTEMBER 2021

RESPONSES TO THE SUBSTANTIAL AND RELEVANT QUESTIONS

Parkway Trust Management Limited, as manager of Parkway Life Real Estate Investment Trust ("Parkway Life REIT", and the manager of Parkway Life REIT, the "Manager"), refers to:

1. Parkway Life REIT's notice of extraordinary general meeting ("EGM") dated 8 September 2021; and
2. the accompanying general announcement released on 8 September 2021 setting out, inter alia, the alternative arrangements relating to attendance at the EGM via electronic means.

The Manager would like to thank all Unitholders who have submitted their questions in advance of the EGM.

Please refer to the Annex hereto for the Manager's responses to the substantial and relevant questions which have been submitted by Unitholders.

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

29 September 2021

ANNEX

LIST OF SUBSTANTIAL AND RELEVANT QUESTIONS AND RESPONSES

No.	Question			Response
1	Given the ROFR over Mount	The right of first refusal over the Mount Elizabeth Novena Hospital
	Elizabeth Novena Hospital, how	Property to be granted to Parkway Life REIT ("ROFR") is in
	possible is ParkwayLife in terms of	connection with the Proposed Transaction, which is subjected to
	commitment	and	financial	Unitholders' approval at the Extraordinary General Meeting on 30
	considering the debt headroom to	September 2021. The period of which shall be for 10 years and will
	acquire the property. If so, how is	commence from the date of ROFR agreement. Currently, the
	the fund raising and also the	parties have yet to initiate any formal discussion and evaluation of
	estimated timeline.		the proposed acquisition of the ROFR asset. Proposed timing and
				decision will be subject to various considerations including but not
				limited to the financial viability of the deal etc. Regardless, given the
				high quality attributes of the ROFR asset, Parkway Life REIT is
				committed to proactively explore the proposed acquisition of the
				ROFR asset as part of its strategic portfolio expansion. Funding
				decision will have to accordingly take into account the then
				prevailing market conditions and Parkway Life REIT will seek out
				the most optimal available funding options. We will keep the market
				apprised when there are further developments.
2	The rental renewal is based on	The	annual	rent	review	formula	is based on the higher of
	either base rent + variable rent or	{(1 + (CPI+1%)	X	total	rent payable for the immediately
	base rent + CPI. Which formula will	preceding year} or {Base Rent + Variable Rent} for the respective
	provide a better yield? Could the	properties. Depending on which tabulations provide a higher rent
	management give some highlights	figure i.e. better yield, it will accordingly be adopted as the actual
	on the delta between both and also	annual rent payable for the respective properties for the particular
	how often each of the formula was	year.
	achieved during the previous rental	In general, the tabulations under the rent review formula each year
	agreement?
				are subjected to various attributing factors such as Singapore CPI
				trends, performance of the hospital operations etc. In terms of the
				past statistics, we would like to share that with Singapore's high
				inflationary trends particularly in the initial few years of the existing
				15-year term, the annual rent reviews for the Singapore hospitals
				were	largely		dominated	by the	CPI + 1% tabulation. The
				{Base Rent	+	Variable	Rent} tabulation had kicked in for the
				Gleneagles Hospital and Parkway East Hospital at the start of the
				15-year term with Parkway East Hospital property continuing to
				register variable rent growth in the last few years as well.
				With the Singapore hospitals continue to be underpinned by the
				annual rent review formula from Year 4 of the Renewal Term, this
				will guarantee a minimum rental growth of 1.0% for the Singapore
				hospitals annually while providing the opportunity for Parkway Life
				REIT to ride on the variable rent growth following completion of the
				Renewal Capex Works.

No.	Question	Response
3	The ROFR previously was based	In line with the key principles in driving the strategic expansion of
	on assets over Asia-Pacific	Parkway Life REIT, we seek to invest in more developed markets
	Region. Why is the ROFR this time	with mature healthcare systems. As such, we have selectively
	only based on a single Novena	negotiated for a ROFR over the high quality Mount Elizabeth
	property instead of Asia-Pacific or	Novena Hospital Property in Singapore. Singapore, being a
	better still based on global assets	developed country, remains a key market for Parkway Life REIT
	as the sponsor's assets are	given its political stability and developed healthcare system. The
	present globally?	healthcare sector is poised for strong growth, driven mainly by the
		rapidly ageing population, the rising number of chronic disease
		patients and medical tourism.
4	Please highlight the progress of	We understand that "the 3rd mandate" mentioned in the question
	the 3rd mandate as mentioned last	here refers to a third key market which Parkway Life REIT could
	year.	expand into.
		Parkway Life REIT is continually looking for a suitable third key
		market to invest, but with the current uncertain external
		environment, we remain cautious and will only invest into new
		market when we are sufficiently comfortable with the improvement
		in the economic environment.
		We will keep the market apprised when there are further
		developments.

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 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. 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 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.

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 these 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 on the terms necessary to support Parkway Life REIT's 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.