Altus Holdings Limited · HKEX:8149

Altus — Saizen Real Estate Investment Trust — Merger or Acquisition (March 2016)

13 slides from Altus's merger presentation, Mar 1, 2016

  1. Slide 1: Extraordinary General Meeting Presentation

    Extraordinary General Meeting Presentation 1 March 2016 www.saizenreit.com.sg

  2. Slide 2: Disclaimer

    Disclaimer • The value of units (“Units”) in Saizen Real Estate Investment Trust (“Saizen REIT”) and the income derived from them, if any, may fall or rise. Units are not obligations of, deposits in, or guaranteed by, Japan Residential Assets Manager Limited as manager of Saizen REIT (the “Manager”)

  3. Slide 3: Important Note

    Important Note All information in this presentation for the Extraordinary General Meeting (“EGM”) of Saizen REIT on 1 March 2016 is qualified in its entirety by, and should be read in conjunction with, the full text of Saizen REIT’s circular dated 5 February 2016 (the “Circular”). Meanings of define

  4. Slide 4: EGM Resolutions

    EGM Resolutions  Ordinary Resolution 1: The Proposed Transaction The Proposed Transaction for the disposal of Saizen REIT’s entire portfolio of real estate assets in Japan to Triangle TMK  Ordinary Resolution 2: The Proposed Special Distribution Subject to the passing of Resolution 1, the proposed

  5. Slide 5: Proposed Transaction

    Proposed Transaction  The proposed disposal of Saizen REIT’s entire portfolio of real estate assets in Japan to Triangle TMK for JPY 44.66 billion (S$514.1 million1) (subject to adjustments, if any) Timeline Event 13 Aug 2015 Announced the formation of the Independent Evaluation Committee to lead t

  6. Slide 6: Proposed Transaction: Key Terms

    Proposed Transaction  Key Terms Adjusted Net Asset Value per Unit as at 30 June 2015 S$1.160 Implied Net Offer Price per Unit S$1.162 A Implied Liquidation Value per Unit S$1.146 B Proposed Special Distribution per Unit S$1.056 Note: The Trustee had on 3 November 2015 entered into hedging arrangeme

  7. Slide 7: Rationale for Proposed Transaction

    Proposed Transaction  Rationale for Proposed Transaction The Proposed Transaction enables Unitholders to realise value for their Units now, compared to the realisation of value through potential future appreciation of Saizen REIT’s Unit price, for which the timing is uncertain, and which may or may

  8. Slide 8: Rationale: Consistently traded at a discount to NAV

    Proposed Transaction  Rationale for Proposed Transaction  Saizen REIT has consistently traded at a discount to NAV  Over the last five years (22 Oct 2010 to 22 Oct 2015), the Unit price of Saizen REIT has traded at an average discount of 33.2%, to the NAV per Unit  Saizen REIT is affected by the

  9. Slide 9: Rationale for Proposed Transaction

    Proposed Transaction  Rationale for Proposed Transaction The realisation of value in Saizen REIT through the Proposed Transaction and subsequent declaration of special distributions following Completion will enable the value in the Properties to be realised without any further exposure of the Units

  10. Slide 10: Proposed Transaction and Special Distribution

    Proposed Transaction and Special Distribution  Indicative Timetable If approval for the Proposed Transaction is obtained at the EGM On or before 31 March 2016 (or such other Expected date of Completion date as may be agreed between the Trustee and Triangle TMK) If approval for the Special Distribut

  11. Slide 11: Manager's Post-Transaction Plans

    Proposed Transaction  Manager’s Post-Transaction Plans  Open to considering various options available for Saizen REIT during the liability claim period of up to 4 months after Completion  This may include, among others, a variation to the Manager’s investment policy with regards to type and geogr

  12. Slide 12: Supplemental Payment

    Supplemental Payment  The Supplemental Payment of S$1.2 million to the Manager  Similar to a “discretionary bonus” in relation to the Proposed Transaction  In recognition of services that the Manager has rendered to Saizen REIT in respect of the Proposed Transaction, which is generally outside th

  13. Slide 13: Thank You

    SaizenRElT ): Thank You

Saizen Real Estate Investment Trust — Merger or Acquisition (March 2016) on 6ix