Starhill Global Real Estate Investment Trust : Payment Of Management Fee By Way Of Issue Of Units In Starhill Global REIT

SGX-ST Announcement

PAYMENT OF MANAGEMENT FEE

BY WAY OF ISSUE OF UNITS IN STARHILL GLOBAL REIT

YTL Starhill Global REIT Management Limited (the "Manager"), the manager of Starhill Global Real Estate Investment Trust ("Starhill Global REIT"), wishes to announce that 3,177,292 new units in Starhill Global REIT ("Units") were issued to the Manager today. The Units were issued at an issue price of S$0.6350 per Unit, as part payment of the base management fee to the Manager (the "Base Fee") for the period from 1 October 2021 to 31 December 2021. The balance of the Base Fee are paid/payable in the form of cash.

The Base Fee is defined in the trust deed constituting Starhill Global REIT dated 8 August 2005, as amended (the "Trust Deed") as 0.5% per annum of the value of the trust property. In accordance with the Trust Deed, the issue price was determined based on the volume weighted average price for a Unit for all trades done on the Singapore Exchange Securities Trading Limited in the ordinary course of trading for 10 business days immediately preceding the date of issue of the Units to the Manager.

The payment of the Base Fee and the manner of such payment are provided for in the Trust Deed. It is provided in the Trust Deed that the Base Fee is payable in the form of cash or Units or a combination of both in such proportions as may be determined at the option of the Manager.

Following the above issue of Units, the total number of Units in issue is 2,232,571,530 of which the Manager's holding is 48,554,375 Units or approximately 2.17%.

YTL Starhill Global REIT Management Limited (Company registration no. 200502123C)

(as manager of Starhill Global Real Estate Investment Trust)

Lam Chee Kin

Joint Company Secretary

Singapore

26 January 2022

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About Starhill Global REIT

Starhill Global REIT is a Singapore-based real estate investment trust investing primarily in real estate used for retail and office purposes, both in Singapore and overseas. Since its listing on the Mainboard of the Singapore Exchange Securities Trading Limited (the "SGX-ST") on 20 September 2005, Starhill Global REIT has grown its initial portfolio from interests in two landmark properties on Orchard Road in Singapore to 10 properties in Singapore, Australia, Malaysia, China and Japan, valued at about S$3.0 billion.

These comprise interests in Wisma Atria and Ngee Ann City on Orchard Road in Singapore, Myer Centre Adelaide, David Jones Building and Plaza Arcade in Adelaide and Perth, Australia, The Starhill and Lot 10 in Kuala Lumpur, Malaysia, a retail property in Chengdu, China and two properties in Tokyo, Japan. Starhill Global REIT remains focused on sourcing attractive property assets in Singapore and overseas, while driving organic growth from its existing portfolio, through proactive leasing efforts and creative asset enhancements.

Starhill Global REIT is managed by an external manager, YTL Starhill Global REIT Management Limited, of which all of its shares are indirectly held by YTL Corporation Berhad.

Important Notice

The value of units in Starhill Global REIT ("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, HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of Starhill Global REIT), or any of their affiliates. An investment in Units is subject to investment risks, including possible delays in repayment, loss of income or principal invested. The Manager and its affiliates do not guarantee the performance of Starhill Global REIT or the repayment of capital from Starhill Global REIT or any particular rate of return. Unitholders have no right to request the Manager to redeem or purchase their Units for so long as the Units are listed on the SGX-ST.

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 document is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units. The past performance of Starhill Global REIT is not indicative of the future performance of Starhill Global REIT. Similarly, the past performance of the Manager is not indicative of the future performance of the Manager.

This document 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, outbreak of contagious diseases or pandemic, interest rate and foreign exchange trends, cost of capital and capital availability, competition from other developments or companies, shifts in expected levels of occupancy rate, property rental income, charge out collections, 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 current view on future events.

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