OUE Commercial REITSGX-RHB Corporate Day

9 October 2019

Important Notice

This presentation should be read in conjunction with the announcements released by OUE Commercial Real Estate Investment Trust (“OUE C-REIT”) on 7 August

2019 (in relation to its Financial Results for 2nd Quarter 2019).

This presentation is for information purposes only and does not constitute an invitation, offer or solicitation of any offer to acquire, purchase or subscribe for units in

OUE C-REIT (“Units”). The value of Units and the income derived from them, if any, may fall or rise. The Units are not obligations of, deposits in, or guaranteed by,

OUE Commercial REIT Management Pte. Ltd. (the “Manager”), DBS Trustee Limited (as trustee of OUE C-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. The past performance of OUE C-REIT is not necessarily indicative

of the future performance of OUE C-REIT.

This presentation 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. These forward-looking statements speak only as

at the date of this presentation. Past performance is not necessarily indicative of future performance. No assurance can be given that future events will occur, that

projections will be achieved, or that assumptions are correct. Representative examples of these factors include (without limitation) general industry and economic

conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income,

changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. You are

cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager’s current view of future events.

Investors should note that they will have no right to request the Manager to redeem or purchase their Units for so long as the Units are listed on the Singapore

Exchange Securities Trading Limited (the “SGX-ST”). It is intended that holders of Units (“Unitholders”) may only deal in their Units through trading on the SGX-ST.

The listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

The information and opinions contained in this presentation are subject to change without notice.

2

▪ Overview

▪ Merger with OUE Hospitality Trust

▪ Financial Highlights

▪ Portfolio Highlights

▪ Appendices

Agenda

3

Overview

Overview of OUE C-REIT

(1) As at 30 September 2019

OUE Bayfront One Raffles Place OUE Downtown Office Lippo Plaza Mandarin Orchard Singapore Crowne Plaza Changi Airport Mandarin Gallery

Successfully completed merger with OUE Hospitality Trust and effective from 4 September 2019

1.9million sq ftPrime office space

306,000 sq ftPrime retail space along

Orchard Road and core CBD

High quality prime assets

3 Asset classes

7

1,640 rooms

Upscale Hotels

Market Capitalisation

S$2.9 billion(1)

Total assets

S$6.9billion7High quality prime assets

6 properties in Singapore and 1 property in Shanghai

Asset classes3

(1) Committed Occupancy as at 30 June 2019

(2) As at 31 December 2018

(3) Based on OUB Centre Limited’s 81.54% interest in One Raffles Place. C-REIT has an indirect 83.33% interest in OUB Centre Limited held via its wholly-owned subsidiaries

(4) Based on SGD:CNY exchange rate of 1:57918 as at 30 June 2019

Premium Portfolio of Assets

OUE Bayfront One Raffles PlaceOUE Downtown

OfficeMandarin Gallery Lippo Plaza

Mandarin Orchard

Singapore

Crowne Plaza

Changi AirportTotal

Description Premium Grade A office

building located at

Collyer Quay between

the Marina Bay

downtown and Raffles

Place

Comprises two Grade A

office towers and a retail

mall located in

Singapore’s central

business district at

Raffles Place

Grade A office

space, a mixed-used

development with

offices, retail and

serviced residences

at Shenton Way

Prime retail landmark

on Orchard Road –

preferred location for

flagship stores of

international brands

Grade A commercial

building located in

Huangpu, one of

Shanghai’s

established core

CBD locations

A world class

hospitality icon in

Singapore since

1971, MOS is the

largest hotel along

Orchard Road

Located at Singapore

Changi Airport and

close to Changi

Business Park

NLA:

Office: 1,884,968

Retail: 306,508

Overall: 2,191,476

1,640 hotel roomsNLA (sq ft) Office: 379,951

Retail: 19,699

Office: 614,006

Retail: 99,323

Office: 530,002 Retail : 126,283 Office: 361,009

Retail: 61,203

1,077 hotel rooms 563 hotel rooms

Occupancy(1) Office: 99.3%

Retail: 100.0%

Overall: 99.4%

Office: 94.5%

Retail: 97.8%

Overall: 95.1%

Office: 93.2% Retail: 99.5% Office: 89.2%

Retail: 98.7%

Overall: 90.6%

- - Office: 94.1%

Retail: 98.3%

Overall: 94.5%

Leasehold

Tenure

OUE Bayfront & OUE

Tower:

99-yrs from 12 Nov 2007

OUE Link:

15-yrs from 26 Mar 2010

Underpass:

99-yrs from 7 Jan 2002

Office T1:

841-yrs from 1 Nov

1985

Office T2:

99-yrs from 26 May

1983

75% of Retail:

99-yrs from 1 Nov 1985

99-yrs from 19 July

1967

99-yrs from 1 July

1957

50-yrs from 2 July

1994

74-yrs from 1 July

2009

99-yrs from 1 July

1957

-

Valuation(2) S$1,173.1m

(S$2,935 psf)

S$1,813.5m(3) (S$2,542

psf)

S$920.0m

(S$1,736 psf)

S$494.0m

(S$3,912 psf)

RMB2,950.0m /

RMB50,409 psm

S$580.9m(4)

(S$1,376 psf)

S$1,227.0m (S$1.1m

/ key)

S$497.0m

(S$0.9m / key)

S$6,705.5m

6

One Raffles Place27%

Mandarin Orchard Singapore

18%

OUE Bayfront18%

OUE Downtown Office14%

Lippo Plaza9%

Crowne Plaza Changi Airport

7%

Mandarin Gallery7%

Commercial(Office/Retail)

74%

Hospitality

26%

Reduced concentration risk associated with exposure to any single real estate asset class

By asset(1) By sector(1)

No single asset represents >27% of total portfolio

Well-Diversified Portfolio

7

(1) Based on valuations as at 31 December 2018

FY2014

FY2015 FY2016 FY2017

FY2018

2019(1)

S$1.6b

AUM

S$3.4b

AUM

S$3.4b

AUM

S$3.5b

AUM

S$4.5b

AUM

S$6.9b

AUM

Milestones Since Listing

Listed on SGX-ST

with two assets –

OUE Bayfront and

Lippo Plaza

Maiden

acquisition

of One

Raffles

Place

(67.95%

effective

interest)

Established S$1.5

billion Multi-Currency

Debt Issuance

Programme

Completed

AEI to

upgrade

common

areas and

restrooms

at Lippo

Plaza

office tower

Debut

issuance of

S$150 million

3.03% fixed

rate notes

due 2020

Completed

acquisition

of OUE

Downtown

Office

Commenced AEI at

One Raffles Place

Shopping Mall with

co-working operator

Spaces anchoring

the AEI

Successful merger

by way of a trust scheme

of arrangement (effective

from 4 Sep 2019)

(1) As at 4 September 2019

▪ Strategic growth track with 2 acquisitions and 2 asset enhancement initiatives

▪ Transformative merger with OUE Hospitality Trust creates one of the largest diversified S-REITs

Merger with

OUE Hospitality Trust

0.6

3.1

Pre merger Post merger

5.1x

(4)

Increased Market Capitalisation and Improved

Trading Liquidity

10

1.4

2.9

Pre mergerAs at

28 Jun 19

Post mergerAs at

30 Sep 19(1)

Increase in Market Capitalisation

(S$ billion)

(S$ million)

Increase in Trading Liquidity (ADTV(2))

Source: Bloomberg. Chart on right only includes REITs with primary listing on the SGX-ST which have a market capitalisation of at least S$1.2 billion as at 30 September 2019

(1) Last trading day of the quarter ended 30 June 2019

(2) ADTV refers to average daily trading value

(3)

2.0x

(3) For the year-to-date period ending 8 September 2019, the day immediately before the new OUE C-REIT units issued pursuant to the merger were listed

(4) For the period from 9 September 2019, the first day of listing of the new OUE C-REIT units issued pursuant to the merger, to 30 September 2019

(4)

9.7

9.7

8.0

6.6

5.9

5.3

5.3

4.3

4.2

3.1

2.9

2.9

2.8

2.8

2.6

2.0

1.9

1.9

1.8

1.8

1.8

1.6

1.5

1.4

1.3

AR

EIT

CM

T

CC

T

MC

T

ML

T

MIN

T

SU

N

KR

EIT

MN

AC

T

FC

T

OU

E C

-RE

IT

AR

T

KD

C

SP

H

FLT

CD

RE

IT

Cro

mw

ell

PR

EIT

CR

CT

Ma

nulif

e

ES

R-R

EIT

SG

RE

IT

FC

OT

FH

T

FE

HT

Market Capitalisation (as at 30 Sep)

(S$ billion)

3M ADTV

(S$ million)34 25 26 22 17 13 18 8 15 8 3 6 13 1 9 4 2 1 4 2 4 2 4 0.7 2

58%

20%

22%

Enhanced Portfolio Diversification And

Stronger Balance Sheet

11

Increased income resilience from portfolio diversification

Hotel master lease agreements

RevenueContribution

Minimum rent of

S$67.5 millionper annum(1)

(2)

(2)

(2)

612

414

1,026

C-REIT post merger

(S$ million)

Equity capacity(3) Debt capacity(4)

Ability to raise up to

S$612 million via

equity fundraising

Ability to raise up to

S$414 million new

debt while

maintaining pro

forma aggregate

leverage

OUE C-REIT FY2018 Revenue

OUE H-Trust FY2018 Revenue

(1) Mandarin Orchard Singapore and Crowne Plaza Changi Airport’s master lease agreements are subject to a minimum rent of $45.0 m illion and S$22.5 million per annum respectively, totaling S$67.5 million

(2) Based on OUE C-REIT and OUE H-Trust FY2018 revenue

(3) Assuming that the general issue mandate is approved by unitholders of OUE C-REIT at an annual general meeting of OUE C-REIT following the merger, based on the enlarged number of OUE C-REIT units in issue of approximately 5,370 million OUE

C-REIT Units and illustrative issue price of S$0.57 per OUE C-REIT unit

(4) Assuming OUE C-REIT raises S$414 million of new debt while maintaining a pro forma aggregate leverage of approximately 40.3% per paragraph 8.1.4 of the circular dated 10 July 2019, following the S$612 million equity fundraising as described in

note (3) above

The rental payment under the hotel master lease agreements comprises:

− Minimum rent component – provides downside protection

− Variable rent component – upside potential

Larger capital base

Ability to undertake larger transactions and asset enhancement initiatives

Provide more flexibility for OUE C-REIT to react with greater speed

Enlarged balance sheet

Attractive Singapore commercial and hospitality

sector fundamentals

◼ Overall Singapore office market outlook toremain positive due to high occupancy amidlimited near-term supply in the core CBDmarket

Sources: CBRE Q2 2019, Colliers International Research Singapore, Cushman & Wakefield, Singapore Tourism Board

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

CBD

Raffles Place / New Downtown

Shenton Way / Tanjong Pagar

(Gross rents | S$ psf per month)

◼ Prime retail rents in Orchard are expected to stayresilient on the back of growing tourism arrivals andlimited prime retail space

◼ Potential for upward trading performance driven bylimited hotel room supply coupled with upcomingSingapore tourism developments and initiatives

2015 2016 2017 2018

12

66,99469,092 69,585 70,070

-1,4502,098 493 485

2018 2019F 2020F 2021F

Total No. of Rooms YoY growth

$10

$15

$20

$25

$30

$35

$40

Q1 2

014

Q2 2

014

Q3 2

014

Q4 2

014

Q1 2

015

Q2 2

015

Q3 2

015

Q4 2

015

Q1 2

016

Q2 2

016

Q3 2

016

Q4 2

016

Q1 2

017

Q2 2

017

Q3 2

017

Q4 2

017

Q1 2

018

Q2 2

018

Q3 2

018

Q4 2

018

Q1 2

019

Q2 2

019

Orchard Road City Hall/Marina Centre

Other City/City Fringe Suburban

(Rents | S$ psf per month)

Office: Positive outlook for reversions Retail: Resilient prime Orchard Road rentsHospitality: Limited supply to drive trading performance

Financial

Highlights

2Q 2019 Financial Highlights

14(1) OUE C-REIT’s annualised distribution yield based on 1H 2019 distribution per unit of 1.68 cents and unit closing price of S$0.54 as at 30 September 2019

▪ Although Singapore’s CBD Grade A office rental growth has moderated, continued leasing

momentum led to higher rents being achieved in 2Q 2019 while maintaining stable occupancy

▪ Positive rental reversions across Singapore portfolio

S$40.8 million

20.1% YoY

S$51.9 million

20.5% YoY

Revenue Net Property Income

S$22.5 million

36.6% YoY

Amount Available for

Distribution

Driven by contribution from OUE Downtown Office which was acquired in November 2018

Portfolio & Financial Management

1Q 2019: 39.4%6.3%

Aggregate Leverage

39.3% (1)

Annualised

Yield

94.5%0.5 ppt QoQ

Portfolio

Committed Occupancy

Change2Q 2019

2Q 2019 vs 2Q 2018

15

• Net property income of S$40.8 million in 2Q 2019 increased 20.1% YoY due primarily to the contribution

from OUE Downtown Office which was acquired in November 2018

• The drawdown of OUE Downtown Office’s rental support, partially offset by higher interest expenses in 2Q

2019 as a result of higher borrowings, resulted in amount available for distribution of S$22.5 million, 36.6%

higher YoY

(1) For the purpose of comparison, 2Q 2018 DPU has been restated to include the 1,288,438,981 new Units issued on 30 October 2018 pursuant to the rights issue (the “Rights Issue”)

Revenue (S$ m)

Net Property Income (S$ m)

Amount Available for Distribution

to Unitholders (S$ m)

DPU (cents) (actual)

DPU (cents) (restated)

51.9

40.8

22.5

0.78

-

20.5%

20.1%

36.6%

-26.4%

34.5%

2Q 2018

43.1

33.9

16.5

1.06

0.58(1)

Change1H 2019

1H 2019 vs 1H 2018

16

• Net property income of S$84.3 million in 1H 2019 was 21.8% higher YoY due primarily to contribution from

OUE Downtown Office which was acquired in November 2018

• The drawdown of OUE Downtown Office’s rental support, partially offset by higher interest expenses in 1H

2019 as a result of higher borrowings, resulted in amount available for distribution of S$48.6 million, 43.2%

higher YoY

(1) For the purpose of comparison, 1H 2018 DPU has been restated to include the 1,288,438,981 new Units issued on 30 October 2018 pursuant to the Rights Issue

Revenue (S$ m)

Net Property Income (S$ m)

Amount Available for Distribution

to Unitholders (S$ m)

DPU (cents) (actual)

DPU (cents) (restated)

107.2

84.3

48.6

1.68

-

23.0%

21.8%

43.2%

-22.9%

41.2%

1H 2018

87.2

69.2

33.9

2.18

1.19(1)

▪ Aggregate leverage ratio as at 30 June 2019 was stable at 39.3%, with weighted average cost of debt of 3.5% per

annum

▪ With 76.1% of debt on fixed rate basis, earnings are mitigated against interest rate fluctuations

▪ Every 25bps increase in floating interest rates is expected to reduce distribution by S$1.0 million per annum, or 0.03

cents in DPU

As at 30 Jun 2019 As at 31 Mar 2019

Aggregate Leverage 39.3% 39.4%

Total debt S$1,677m(1) S$1,685m(2)

Weighted average cost of debt 3.5% p.a. 3.5% p.a.

Average term of debt 3.0 years 3.3 years

% fixed rate debt 76.1% 71.6%

% unsecured debt 62.7% 62.2%

Average term of fixed rate debt 2.2 years 2.1 years

Interest cover ratio 3.1x 3.3x

Capital Management

17

(1) Based on SGD:CNY exchange rate of 1:5.079 as at 30 June 2019 and includes OUE C-REIT’s share of OUB Centre Limited’s loan

(2) Based on SGD:CNY exchange rate of 1:4.958 as at 31 March 2019 and includes OUE C-REIT’s share of OUB Centre Limited’s loan

Debt Maturity Profile as at 30 June 2019

Portfolio

Highlights

Resilient and Stable Portfolio

(1) Proforma committed occupancy as at 30 September 2013 as disclosed in OUE C-REIT’s Prospectus dated 17 January 2014

▪ Lippo Plaza’s overall committed occupancy improved to 90.6% with the leasing of the vacant retail space

during the quarter, resulting in a higher committed retail occupancy of 98.7%

▪ OUE Bayfront’s overall committed occupancy increased to 99.4% with the improvement in committed office

occupancy and leasing up of retail space which is now fully occupied

Portfolio Committed Occupancy

19

Healthy Office Occupancy

Source: CBRE, Colliers Shanghai

Singapore

Shanghai

20

Committed Office Rents In Line Or Above Market

2Q 2019Average Expired

RentsCommitted Rents(1) Sub-market

Comparable Sub-market Rents

Colliers(2) Savills(3)

Singapore

OUE Bayfront S$13.75 S$11.50 – S$14.75New Downtown/ Marina

BayS$11.96 S$13.01

One Raffles

PlaceS$9.46 S$9.20 – S$11.40 Raffles Place S$10.41 S$10.22

OUE

DowntownS$7.07 S$8.00 – S$9.20

Shenton Way/

Tanjong PagarS$10.03 S$8.87 – S$9.21

Shanghai

Lippo Plaza RMB10.15 RMB8.35 – RMB11.20 Puxi RMB9.54 RMB10.26

▪ Renewal rents in 2Q 2019 for the Singapore properties continued to be higher than preceding rents, as

market rental growth continued to be positive

(1) Committed rents for renewals and new leases

(2) Source: Colliers Singapore Office Quarterly 2Q 2019 for Singapore comparable sub-market rents; Colliers Shanghai Office Property Market Overview 2Q 2019 for Shanghai comparable sub-market

rents

(3) Source: Savills Singapore Office Briefing 1Q 2019 for Singapore comparable sub-market rents; Savills Shanghai Grade A Office Market Update 2Q 2019 for Shanghai comparable sub-market rents

Note: For reference, CBRE Research’s 2Q 2019 Grade A Singapore office rent is S$11.30 psf/mth. Sub-market rents are not published21

Average Passing Office Rents

(1) Proforma average passing rents as at 30 September 2013 as disclosed in OUE C-REIT’s Prospectus dated 17 January 2014

Shanghai

Singapore

▪ Average passing office rent for

Singapore properties improved

in 2Q 2019, due to positive

rental reversions in the previous

quarters

▪ Average passing office rent at

Lippo Plaza was RMB9.86

psm/day as of June 2019

22

WALE(1) of 2.2 years by NLA(2) and 2.4 years by Gross Rental Income

Lease Expiry Profile

- Portfolio

(1) “WALE” refers to the weighted average lease term to expiry

(2) “NLA” refers to net lettable area

As at 30 Jun 2019

7.6% of OUE C-REIT’s portfolio gross rental income is due for renewal for the balance of 2019

23

WALE of 2.6 years by NLA and 2.7 years by Gross Rental Income

Lease Expiry Profile

- OUE Bayfront

Well-positioned to benefit from a rising Singapore office market, with 24.3% of OUE Bayfront’s

gross rental income due for renewal in 2019 and 2020

As at 30 Jun 2019

24

WALE of 2.3 years by NLA and by Gross Rental Income

Lease Expiry Profile

- One Raffles Place

As at 30 Jun 2019

Approximately 34.7% of gross rental income due for renewal in 2019 and 2020, with expiring

rents below current market rents

25

WALE of 1.8 years by NLA and by 1.9 years by Gross Rental Income

Lease Expiry Profile

- OUE Downtown Office

As at 30 Jun 2019

Rental revenue for OUE Downtown Office enjoys downside protection from income support

arrangement

26

WALE of 2.6 years by NLA and 3.3 years by Gross Rental Income

Lease Expiry Profile

- Lippo Plaza

As at 30 Jun 2019

WALE increased to 3.3 years from 3.1 years a quarter ago, due to the long-term lease

commitment of a new retail tenant

27

Well-Diversified Portfolio Tenant Base

As at Jun 2019

28

Appendices • Singapore Office Market

• Shanghai Office Market

• Singapore Hospitality Market

Overview of Singapore Office Sector

✓Singapore’s CBD

– Comprises traditional areas of Raffles Place, Robinson Road/Cecil Street, Shenton Way/Tanjong Pagar as well as Marina Bay

– Many established global financial institutions and headquarters of MNCs are located in Marina Bay and Raffles Place, while Robinson Road/Cecil

Street and Shenton Way/Tanjong Pagar are popular with professional services companies and other financial, insurance and real estate companies

✓Historical supply-demand conditions

– Annual average island-wide demand for office space from 2008 – 2017 was about 1.1 million sq ft, compared to annual average supply of 1.4 million

sq ft over the same period. For 2018, island-wide net absorption was 1.6 million sq ft, compared to net new supply of 1.5 million sq ft.

(million sq ft)

Breakdown of Office Stock(1)

Source: CBRE(1) CBRE Research Report, 2Q 2019

Raffles

Place

Marina Bay

Shenton Way/

Tanjong Pagar

30

Singapore CBD

Singapore Office Market

Source: CBRE

▪ Core CBD Grade A office occupancy rose 0.9 ppt QoQ to 96.1% as at 2Q 2019, on the back of positive

islandwide net absorption of 508,443 sq ft due mainly to the completion of an office building in the CBD fringe

▪ With slowing leasing momentum due to the uncertain economic outlook, Grade A CBD core office rental growth

moderated to 1.3% QoQ in 2Q 2019, to S$11.30 psf per month

31

Singapore Office

Demand and Supply vs Office Rental

Source: URA statistics, CBRE Research

2Q 2011 was the last period where CBRE provided Prime office Rental data. Prime Grade A office rental data not available prior to 1Q 2002

Island-wide Office Demand, Supply and Office Rents

32

Singapore Office

Known Supply Pipeline

Note: Excluding strata-titled officeSource: CBRE Research and respective media reports

33

Benign office supply outlook for the Singapore core CBD over next 2 years

Office Supply Pipeline in Singapore (CBD and Fringe of CBD)

34

✓Puxi, the traditional business and commercial hub of Shanghai

– Key office and commercial districts within Puxi are concentrated in the Jing’an, Huangpu and Xuhui areas, which together form the traditional downtown

CBD of Shanghai

– Puxi draws international retailers, service providers and MNC headquarters operations due to its good connectivity and excellent amenities, while Pudong’s

Lujiazui caters to financial institutions due to policy and incentive-driven agglomeration

✓Historical supply-demand conditions

– The six main districts that make up Shanghai core CBD provide Grade A office stock of about 7.57 million sq m as at 2Q 2019

– Average net demand for Shanghai CBD Grade A office from 2014 – 2018 was 426,000 sq m, compared to average net supply of 497,000 sq m over the

same period. In 2018, net absorption was 635,000 sq m, 6.0% increase YoY. Net supply in 2018 was 408,000 sq m, significantly lower than in 2017

Overview of Shanghai Office Sector

(1) Colliers International Research, 2Q 2019

Key Districts of Shanghai CBD Breakdown of CBD Grade A Office Stock(1)

(million sq m)

Shanghai Office Market

Source: Colliers International

▪ Shanghai CBD Grade A office occupancy

edged up 0.8 ppt QoQ to 88.4% as at 2Q

2019, with rents easing 0.5% QoQ to

RMB10.27 psm/day. Puxi Grade A office

occupancy was 91.9% as at 2Q 2019, up 2.2

ppt QoQ, with rents at RMB9.54 psm/day

▪ With a significant amount of new office

supply scheduled to enter the Shanghai

market in 2019, coupled with softer demand

from a slower economy, rental growth is

expected to be subdued in the near-term

Shanghai

Puxi

35

Shanghai CBD

Demand, Supply and Vacancy

Source: Colliers International

36

Source: Colliers International Shanghai, 2Q 2019

Office Supply Pipeline in Shanghai CBD

▪ Shanghai CBD Grade A office supply expected to

abate in the longer term

Grade A Net Absorption, New Supply and Vacancy Rate

7.6

6.1

8.38.9

9.810.3 10.1

9.7

11.6

13.2

14.4

15.615.1 15.2

16.4

17.4

18.5

12.9

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019F

Visitor Arrivals YTD Aug 2019

Sep 11 and SARS Sub-Prime

(1) Singapore Tourism Board, International Visitor Arrivals

(2) Singapore Tourism Board, International Visitor Arrivals Statistics, 9 October 2019

(3) Singapore Tourism Board, Third Consecutive Year of Growth for Singapore Tourism Sector in 2018, 13 February 2019

18.7 –

19.2

Singapore Tourism Board Forecasts Up to 4%

Growth in Visitor Arrivals For 2019

▪ Visitor arrivals grew 1.9% YoY to 12.9 million in Jan-Aug 2019(2) and visitor days

rose 3.2% YoY

▪ For 2019, visitor arrivals are forecast to grow by up to 4% to 19.2 million(3)

37

Historical and Forecast Visitor Arrivals in Singapore (million)(1) YTD Aug 2019 Top 10 Visitor Arrivals (By Country)

YTD Aug 2019 Top 10 Visitor Arrivals (By Country)

China27%

Indonesia21%

India10%

Malaysia8%

Australia8%

Japan6%

Philippines6%

USA5%

South Korea5%

Vietnam4%

-2.0%

-2.0%

-0.5%

-0.4%

0.1%

0.7%

5.1%

5.9%

7.3%

12.2%

India

Vietnam

Indonesia

Malaysia

South Korea

Australia

China

Philippines

Japan

USA

Information & Image Sources: Websites of Changi Airport Group, Mandai Project, Sentosa Development Corporation, Singapore Tourism Board, Women’s Tennis Association, International Rugby Board, F1, International Champions Cup Singapore, Las Vegas Sands, Resorts World

Sentosa, Singapore Art Week, Singapore Food Festival, Ultra Singapore and The World’s 50 Best Restaurants.

Rejuvenation and Expansion of Mandai

Precinct (~2020)

Sentosa Redevelopment (~2030)

Merlion Gateway (2021 )

Greater Southern Waterfront (~2027):

housing, commercial and

entertainment uses

✓ Integration of Terminal 1’s expansion with Jewel will see increased capacity at Changi Airport

✓ Passenger traffic at Changi Airport grew 5.5% y-o-y to 65.6 million in 20181

✓ Terminal 2 to commence expansion and upgrading of facilities in end-20192

✓ Opening of Terminal 5 by ~2030 will increase capacity to 150 million passengers per annum3

(1) Changi Airport Group, Changi Airport Crosses 65 Million Passenger Mark In 2018, 29 January 2019.

(2) The Straits Times, Renovations to Expand Terminal 2 Start Later This Year, 1 July 2019.

(3) Changi Airport Group, Annual Report 2017/18.

Expansion of Marina Bay Sands to include a 15,000-seat arena, a luxury

hotel tower and additional MICE space

Resorts World Sentosa’s expansion

includes new attractions, hotels and

lifestyle offerings

Rejuvenation of Orchard Road

Jurong Lake District

developmental project

(~2026)

✓ Greater Flight Connectivity New and increased flights to key markets of China, India, Japan and USA

✓ Partnerships to drive visitor arrivals and spendingSTB signed three-year partnership with Alibaba to attract Chinese visitors and a memorandum of cooperation with Traveloka to promote Singapore as a preferred destination from five major Southeast Asian markets

✓ Singapore is Qantas' largest hub outside Australia, following a S$5 million partnership between Qantas, STB and Changi Airport; and the opening of Qantas new First Lounge at Changi Airport end-2019Source: Singapore Tourism Board and Singapore Airlines Media Releases

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Upcoming Attractions and Developments Tourism Investment

Strong Leisure and Events Calendar

Enhanced Aviation Facilities at Changi Airport

Singapore – Investment in Tourism

Thank You