Keppel Ltd. · SGX:BN4
Keppel — Keppel REIT — Merger or Acquisition (December 2025)
19 slides from Keppel's merger presentation, Dec 11, 2025
Slide 1: Acquisition of an Additional One-Third Interest in Marina Bay Financial Centre Tower 3
Acquisition of an Additional One-Third Interest in Marina Bay Financial Centre Tower 3 11 December 2025 Capitalised terms used herein, unless otherwise defined, shall have the meanings ascribed to them in the announcements of Keppel REIT dated 11 December 2025 titled “Acquisition of an Additional On
Slide 2: Outline
Outline 1. Overview – Pg 3 3. Method of Financing – Pg 13 2. Key Investment Merits 4. Preferential Offering – Pg 6 – Pg 16 © Keppel REIT 2
Slide 3: Overview
01 TOP RYDE CITY SHOPPING CENTRE, SYDNEY Overview 3
Slide 4: Acquisition Overview
Acquisition Overview Acquisition of an S$1,453.0m Additional S$3,268 psf S$937.5m Total Acquisition One-Third Agreed Property Value (based on one-third Cost interest in Marina Bay interest) Financial Centre Tower 3, a premium Grade A office tower with strong tenant base 99.5% c. 1.0% Committed Occup
Slide 5: Key Property Details
Key Property Details Marina Bay Financial Centre Tower 3 (“MBFC Tower 3”) Description MBFC Tower 3 is a 46-storey1 premium Grade A office tower, with a 3-storey retail podium and 3 basement levels of car park, that is connected to Marina Bay Link Mall, the Downtown MRT Station and the Raffles Place
Slide 6: Key Investment Merits
02 Key Investment Merits 6
Slide 7: Key Investment Merits
Key Investment Merits 1 Rare Opportunity to Increase Ownership in MBFC Tower 3, a Premium Grade A Office Asset 2 Deepen Keppel REIT’s Presence in Core CBD, Marina Bay Area 3 Strong Office Market Fundamentals in Singapore with No Expected New Office Supply in Marina Bay Area 4 Potentially Enhances Ke
Slide 8: Rare Opportunity to Increase Ownership in MBFC Tower 3, a Premium Grade A Office Asset
Rare Opportunity 1 Rare Opportunity to Increase Ownership in MBFC Tower 3, a Premium Grade A Office Asset Attractive Agreed Property Value Premium Asset with Strong Tenant Profile Below Independent Valuation1 Tenant Business Property Valuation Valuation Per Square Foot Sectors2 (S$m) by NLA (S$/sq f
Slide 9: Deepen Keppel REIT's Presence in Core CBD, Marina Bay Area
Deepen Presence 2 Deepen Keppel REIT’s Presence in Core CBD, Marina Bay Area Downtown Core of Singapore’s CBD Portfolio of Prime CBD Assets 1 2 3 NS26 EW14 600m 1 OFC 79.9% Interest Ocean Financial One Raffles Marina Bay Financial Centre (OFC) Quay (ORQ) Centre (MBFC) 400m Towers 1, 2 and 3 DT18 2 O
Slide 10: Deepen Keppel REIT's Presence in Core CBD, Marina Bay Area
Deepen Presence 2 Deepen Keppel REIT’s Presence in Core CBD, Marina Bay Area Following the Acquisition, Keppel REIT’s portfolio exposure in Singapore will increase from 75.8%1 to 79.0% Singapore, Singapore, 75.8% Portfolio 79.0% Portfolio Australia, Value 20.5% Value Australia, S$9.8b South Korea, S
Slide 11: Strong Office Market Fundamentals in Singapore with No Expected New Office Supply
Strong Fundamentals 3 Strong Office Market Fundamentals in Singapore with No Expected New Office Supply in Marina Bay Area No New Office Supply in Marina Bay; which may be Prolonged even Beyond 2029 New Grade A Office Supply 2026 – 20291 (square metre) 1 Potential prolonged drought of new offices in
Slide 12: Potentially Enhances Keppel REIT's Market Capitalisation
Market Cap 4 Potentially Enhances Keppel REIT’s Market Capitalisation Enlarged market capitalisation enhances visibility of Keppel REIT within investment community and improves its position on the Straits Times Index (“STI”) reserve list Enhanced Market Capitalisation Improves Position on the STI Re
Slide 13: Method of Financing
03 Method of TOP RYDE CITY SHOPPING CENTRE, SYDNEY Financing 13
Slide 14: Total Acquisition Outlay and Method of Financing
Total Acquisition Outlay and Method of Financing Initially funded by an Equity Bridge Loan on completion Equity Bridge Loan to be fully repaid with the proceeds of the Preferential Offering Breakdown of Total Acquisition Cost S$m 94.5% Purchase Consideration 908.1 Equity1 Sources of S$886.3m Funding
Slide 15: Pro Forma DPU, NAV and Aggregate Leverage Post-Completion of the Preferential Offering
Pro Forma DPU, NAV and Aggregate Leverage Post-Completion of the Preferential Offering Pro Forma DPU Pro Forma NAV Before the Acquisition After the Acquisition1 Pre-Acquisition Post-Acquisition7 Adjusted NAV (A) (B) (C) (D) (E) per Unit6 S$1.24 S$1.18 Actual (A) + (B) + (C) + Acquisition (C) + Acqui
Slide 16: Preferential Offering
04 Preferential TOP RYDE CITY SHOPPING CENTRE, SYDNEY Offering 16
Slide 17: Key Details of the Preferential Offering
Key Details of the Preferential Offering Sponsor Commitment Key Details c.37.3% S$886.3m S$0.96 23 for 100 Sponsor Issue Size Issue Price Allotment Ratio Subscription1 Irrevocable undertaking to subscribe for Represents c. 23% of the Represents a discount of New Units issued on the respectiv
Slide 18: Timetable of the Preferential Offering
Timetable of the Preferential Offering Important dates and times for the subscription of the Preferential Offering1 1 Thursday, 18 December 2025 Last date that the Units are quoted on a “cum” Preferential Offering basis 2 Friday, 19 December 2025 Units trade ex-Preferential Offering 3 Monday, 22 Dec
Slide 19: Important Notice
Important Notice This presentation is for information purposes only and does not constitute or form part of an offer, inducement, invitation or solicitation of any offer to purchase or subscribe for any securities of Keppel REIT in Singapore or any other jurisdiction nor should it or any part of it