SUNTEC REIT FINANCIAL RESULTS For the 4th Quarter and Financial Year ended 31 December 2016

25 January 2017

Agenda 03

FY 16 Highlights

05

Financial Highlights

18

Office Portfolio Performance

26

Retail Portfolio Performance

36

Convention Performance

39

9 Penang Road Development

44

FY 17 Focus

46

Unit Performance

2

FY16 HIGHLIGHTS 3

Countdown 2017, Suntec City

FY16 Highlights FY16 Distributable Income

S$253.7 million +0.7% YOY Portfolio Occupancy

98.6% Office 97.7% Retail

FY16 DPU

10.003 cents 5.94%1 yield

177 Pacific Highway, Sydney

01/8/16 practical completion

Secured refinancing

S$670 million

Southgate Complex, Melbourne

04/11/16 All-In Financing Cost

completed initial 25% acquisition

AUM

9 Penang Road

2.56%

S$9.5 billion

With 6 prime assets in Singapore & Australia

01/12/16 commenced redevelopment

Note: 1. Based on 24/1/17 closing price of S$1.685 per unit.

4

FINANCIAL HIGHLIGHTS 5

Q4 16 Distributable Income down 4.9% y-o-y

Distributable Income (S$ mil) 69.5 8.4

66.1 8.0

Mainly due to:

DPU (SG Cents)

2.750 0.332

• Divestment of Park Mall

2.596 0.314

• Cessation of income 61.1

58.1

2.418

support for MBFC

2.282

From Operations

Q4 15

Q4 16

Q4 15

Q4 16

• Offset by higher contribution from 177

Financial Highlights Distributable Income

Distribution Per Unit

S$66.1

2.596

-4.9% y-o-y

-5.6% y-o-y

million

From Capital

properties

Pacific Highway

cents

6

FY16 Distributable Income up 0.7% y-o-y

Distributable Income (S$ mil) 252.0 19.0

253.7 24.0

Mainly due to:

DPU (SG Cents) 10.002 0.753

10.003

• Higher contribution from

0.946

Suntec City mall 233.0

229.7

9.249

• Higher contribution from

9.057

From Operations

FY 15

FY 16

FY 15

FY 16

From Capital

177 Pacific Highway

• Capital distribution • Offset by divestment of

Financial Highlights Distributable Income

Distribution Per Unit

Park Mall, and cessation

S$253.7

10.003

of income support for

million

+0.7% y-o-y

cents

MBFC properties

DPU yield 5.94%1

Note: 1. Based on 24/1/17 closing price of S$1.685 per unit.

7

Q4 16 Gross Revenue up 1.6% y-o-y

Gross Revenue (S$ mil)

Net Property Income (S$ mil)

Mainly due to:

• Rental contribution from 177 Pacific Highway 87.5

88.9

62.5

60.7

• Offset by divestment of Park Mall and lower

Q4 15

Q4 16

Q4 15

Q4 16

Singapore

Financial Highlights Gross Revenue

Net Property Income

S$88.9

S$60.7

+1.6% y-o-y

-2.9% y-o-y

million

revenue from Suntec

million

8

FY16 Gross Revenue down 0.3% y-o-y

Gross Revenue (S$ mil)

Net Property Income (S$ mil)

Mainly due to:

• Divestment of Park Mall and lower revenue from 329.5

328.6

229.2

224.6

Suntec Singapore

• Offset by rental FY 15

FY 16

FY 15

FY 16

Pacific Highway

Financial Highlights Gross Revenue

Net Property Income

S$328.6

S$224.6

-0.3% y-o-y

-2.0% y-o-y

million

contribution from 177

million

9

Performance of Joint Ventures One Raffles Quay Income Contribution (S$ mil)

Income Contribution (S$ mil)

Higher y-o-y due to better performance 23.6

Q4 15

21.5

Q4 16

96.1

FY 15

Financial Highlights

FY 16

MBFC

Lower y-o-y due to cessation of income support Southgate

Q4 16

FY16

S$21.5

S$89.7

-8.5% y-o-y

-6.6% y-o-y

million

89.7

million

Acquisition of the initial 25% completed on 4 Nov 2016

10

FY16 Gross Revenue by Segment S$ mil

• Divestment of Park Mall offset by contributions from 177 Pacific Highway & Suntec City

Office

S$ mil

177 Pacific Highway

14.59

Suntec City

- 0.3%

S$ mil

+7.0% - 5.1%

3.80

Park Mall

-8.72

UP

+9.68

Retail

S$ mil

Suntec City

11.44

Park Mall

-14.30

Suntec Singapore

-3.75

DOWN

-6.61

- 6.3%

• Lower Convention revenue due to FY15 FY16

Office 137.8 147.5

Retail 128.3 121.8

Convention 63.3 59.3

Total 329.5 328.6

one-off events in 2015

11

FY16 Net Property Income by Segment S$ mil

• Higher Office NPI due to

completion of 177 Pacific in FY16, offset by divestment of Park Mall

- 2.0%

S$ mil

+4.8% - 5.1%

- 25.7%

FY15 FY16

Office 113.6 119.1

Retail 94.6 89.8

Convention 21.1 15.6

Office

S$ mil

177 Pacific Highway

+13.10

Park Mall

-6.06

Suntec City

-1.50

UP

+5.54

Retail

S$ mil

Suntec City

+9.28

Park Mall

-9.89

Suntec Singapore

-4.16

DOWN

-4.77

• Lower Convention NPI due to oneTotal 229.2 224.6

off events in FY15

12

FY16 Net Property Income & JV Contributions S$ mil

• Lower JV contributions due to cessation of MBFC properties’ income support

-3.4%

S$ mil

Office

S$ mil

MBFC properties

-11.19

ORQ

+3.02

Southgate

+1.93

Others

+5.54

DOWN

-0.70

• Office portfolio accounts for 65% of NPI & Income

-0.3% 65%

FY16

-4.9%

30%

-25.7%

FY15 FY16

Office 205.7 205.0

Retail 98.6 93.7

Convention 21.1 15.6

Total 325.3 314.3

5% Office

Retail

Convention

13

Balance Sheet & Key Financial Indicators Balance Sheet

31 Dec 2016

Key Financial Indicators

31 Dec 2016

Total Assets

S$9,093 mil

Total Debt Outstanding (Group)

Total Liabilities

S$3,500 mil

Debt-to-Asset Ratio

36.4%

Net Assets Attributable to Unitholders

S$5,469 mil

Aggregate Leverage Ratio1

37.7%

2.28%

NAV Per Unit1

S$2.147

All-in Financing Cost (Q4 FY16)

Adjusted NAV Per Unit2

S$2.121

Interest Coverage Ratio % of Fixed / Hedged Debt

Notes: 1. Based on 2,547,447,348 units. 2. After DPU adjustment of 2.596 cents for the quarter ended 31 December 2016.

S$3,335 mil

4.0x ~60%

Note: 1. “Aggregate Leverage Ratio” refers to the ratio of total borrowings (inclusive of proportionate share of borrowings of joint ventures) and deferred payments (if any) to the value of the Deposited Property.

14

Proactive Capital Management • Raised S$670 million of

Debt Maturity Profile (REIT Level)

S$ 'mil 1,200

financing in 2016

1,000

• 2017 re-financing needs

800

reduced to S$100 mil or

600

3.4% of total borrowings

400 200 0 FY17

FY18

FY19

FY20

FY21

S$100 mil loan facility

S$310 mil medium term note

S$500 mil loan facility

S$120 mil loan facility

S$500 mil loan facility

S$250 mil loan facility

S$105 mil medium term note

S$300 mil convertible bonds

S$800 mil loan facility

15

S$8.1 billion of financing since 2008 Financing Track Record

2,000 1,805

1,800

1,600 1,400

1,280

S$ mil

1,200 1,000

1,110 870

825

800 600 429 400

270 153

200

350 250

200 105

300

120

0 2008

2009

Global Financial Crisis

2010

2011

2012

Debt

2013

2014

2015

Jan 16

May 16

Aug 16

Equity

• All-in financing cost maintained at 2.28% in 4Q FY16 16

Portfolio Valuation Investment Properties

31 Dec 2015 (S$M)

31 Dec 2016 (S$M)

31 Dec 2016 (S$ psf)

YoY Variation

Cap Rate

Discount Rate

2,216.8

2,217.4

2,467

0.02%

5%

6.5%

Suntec City Office *

3,000

3,008

2,258

0.27%

4%

6.5%

177 Pacific Highway

371.8

553.4

1,284

48.8%

5.5% (2015: 6%)

7.125% (2015: 7.5%)

Suntec Convention (60.8%) *

189.3

201.2

510

6.3%

6.25%

6.5%

One Raffles Quay (1/3) *

1,263

1,273

2,870

0.79%

3.75%

6%

MBFC Properties (1/3) *

1,682

1,693

2,926

0.65%

3.75%

6%

Southgate Retail (25%)

-

29.5

1,114

-

5.5%

7.5%

Southgate Office (25%)

-

130.9

733

-

6.25%

7%

123.5

163.5

-

32.4%

-

-

8,846.4

9,269.9

Suntec City Mall *

9 Penang Rd (30%) ** Total

* Cap rates and discount rates unchanged YoY. ** Carrying value reflected. The valuation based on Gross Development Value was $280.5M as of 24 Nov 2016. 17

OFFICE PORTFOLIO PERFORMANCE 18

Office Portfolio Summary Office Portfolio

NLA (sq ft) Committed Occupancy (%)

Gross Revenue (S$ mil) Net Property Income (S$ mil)

Suntec City Office

One Raffles Quay (1/3)

MBFC Towers 1&2 (1/3)

SG Office Portfolio

177 Pacific Highway

Southgate Complex (25%)

AUS Office Portfolio

Total Office Portfolio

~1.3 mil

~444,000

~548,000

~2.3 mil

~431,000

~178,000

~610,000

~2.9 mil

98.9 (FY16)

100 (FY16)

99.8 (FY16)

99.3 (FY16)

100.0 (FY16)

86.1 (FY16)

95.9 (FY16)

98.6 (FY16)

99.3 (FY15)

99.8 (FY15)

99.3 (FY15)

99.3 (FY15)

- (FY15)

- (FY15)

- (FY15)

99.4 (FY15)

-

132.7 (FY16)

14.6 (FY16)

128.9(FY15)

128.9 (FY15)

- (FY15)

105.5 (FY16)

105.5 (FY16)

13.1 (FY16)

107.0 (FY15)

- (FY15)

132.7 (FY16)

-

-

-

107.0 (FY15)

Income Contribution from JVs1,2 (S$ mil)

% Contribution3

-

-

147.3 (FY16) 128.9 (FY15)

13.1 (FY16)

118.6 (FY16)

- (FY15)

107.0 (FY15)

1.9 (FY16)

1.9 (FY16)

85.9 (FY16)

- (FY15)

- (FY15)

92.1(FY15)

-

29.2 (FY16)

54.8 (FY16)

84.0 (FY16)

26.1(FY15)

66.0 (FY15)

92.1(FY15)

52% (FY16)

14% (FY16)

27% (FY16)

93% (FY16)

6% (FY16)

1% (FY16)

7% (FY16)

100% (FY16)

54%(FY15)

13%(FY15)

33% (FY15)

100% (FY15)

- (FY15)

- (FY15)

- (FY15)

100% (FY15)

-

-

Note: 1. Refers to One Raffles Quay, MBFC Properties & Southgate Complex 2. Total Income contribution from MBFC is based on approx. 93% split between office and 7% retail 3. Refers to net property income and income contribution from JVs

19

Singapore Office Portfolio

99.7%

100%

99.2%

• Achieved committed

100.0% 99.6%

99.3%

98.8%

99.3%

96.8%

occupancy of 99.3% versus overall CBD Grade A occupancy of 93.3% in 4Q 2016

• Average rent secured for

95.6%

95.0%

95% 93.9% 93.0%

92.4%

93.3%

91.8%

91.4%

Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16

90%

the quarter was S$8.65 psf/mth versus overall CBD rent of S$8.54 psf/mth

• Singapore office market expected to remain under pressure, given the supply coming onstream

Overall CBD Grade A Occupancy Suntec REIT Singapore Office Portfolio Occupancy

Source: JLL, ARATMS

20

Proactive Leasing Strategy SG Office Replacement & Renewal (sq ft) 224,000

Total leases signed in 2016 176,000

% of new leases

164,000 122,000

1Q 16

FY 2016

2Q 16

3Q 16

4Q 16

686,000 sq ft 39%

Portfolio Occupancy (as at 31 Dec)

99.3%

Tenant retention ratio1

77.6%2

Note: 1. Tenant retention ratio = Net lettable area renewed in FY2016 divided by total net lettable area due for renewal in FY2016 2. Including replacement of 2 anchor tenants space, the retention ratio for FY2016 was 65.4%.

Tenants secured in 4Q 16 include:

21

FY17 Office Expiring Leases Reduced to 9.3% Expiry Profile As at 31 Dec 16

Net Lettable Area1 Sq ft

% of Total

Lease Expiry as % of Total Office NLA1 (sq ft) % 50

FY 2017

271,325

9.3%

FY 2018

623,125

21.3%

30

FY 2019

415,238

14.2%

20

10.5%

10

FY 2020

307,750

43.3

40

21.3 14.9

14.2

10.5

9.3

FY 2021 & Beyond

1,267,492

43.3%

0 2017

2018

2019

2020

2021 & Beyond

• Balance of office leases expiring in FY 2017 reduced to 9.3% • Portfolio WALE: 4.10 years o Singapore Portfolio: 3.22 years o Australia Portfolio: 7.63 years Note: 1. Assumes one third of total office net lettable area of One Raffles Quay and Marina Bay Financial Centre Office Towers 1 and 2 and 25% interest in Southgate Complex

22

Suntec City Office maintained high occupancy Diversified tenant mix for 2017 lease expiries 1% 3%2% 5%

19%

9%

10% 16%

10%

11%

14%

• Committed occupancy maintained at 98.9% as at 31 Dec16

• Leases secured for the quarter at an average

• Approx. 50% of the leases in the

• Retention rate of 80%1 for FY2016 •