3 rd Annual General Meeting

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1 3 rd Annual General Meeting 20 April 2012 Disclaimer ThispresentationhasbeenpreparedbyBowspritCapitalCorporationLimited,initscapacityasthemanagerofFirst Real Estate Investment Trust ( First REIT and as manager of First REIT, the Manager ). The value of units in First REIT ( Units ) and the income from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. This presentation may contain forward looking statements that involve assumptions, risks and uncertainties based on the Manager s current view of future events. Actual future performance, outcomes and results may differ materially from those expressed in forward looking statements as a result of risks, uncertainties and assumptions representative examples include, without limitation, general economic and industry conditions, interest rate trends, cost of capital, capital availability, shifts in expected levels of property rental income, change in operating expenses, property expenses and government and public policy changes and continued availability of financing in the amounts and the terms necessary to support future business. The past performance of First REIT is not necessarily indicative of the future performance of First REIT. 2 1

1 2 Financial highlights 3 Our journey so far 4 Looking ahead 3 Enlarged portfolio 3 new acquisitions in the last 2 years Indonesia: MRCCC & SHLC South Korea: Sarang Hospital First REIT now has 10

Pacific Eldercare Pacific Healthcare Nursing Home II @Bukit Panjang and Nursing Pte. Ltd. First Lentor Residence The Lentor Residence Pte. Ltd. S$618.

2 1 2 Financial highlights 3 Our journey so far 4 Looking ahead 3 Enlarged portfolio 3 new acquisitions in the last 2 years Indonesia: MRCCC & SHLC South Korea: Sarang Hospital First REIT now has 10 properties across Indonesia, Singapore and South Korea Private doctor South Korea Sarang Hospital Singapore Pacific Healthcare Pacific Healthcare Nursing Merah Nursing Home Pte. Ltd. Pacific Eldercare Pacific Healthcare Nursing Home Panjang and Nursing Pte. Ltd. First Lentor Residence The Lentor Residence Pte. Ltd. S$618.0 million Value of Assets Under Management 2017 Nearest date of rental renewals 136,433 sqm Total GFA of properties 1,943 Total number of beds / saleable rooms Mochtar Riady Comprehensive Cancer Centre Siloam Hospitals Lippo Cikarang Siloam Siloam Hospitals Lippo Village Hospitals Group Siloam Hospitals Kebon Jeruk Siloam Hospitals Surabaya The Aryaduta Hotel & Resort Group Imperial Aryaduta Hotel & Country Club Indonesia 100% Total committed occupancy years WAAP years WALE 4 2

3 Portfolio valuation since IPO (S$ m) Property *2011 % (2011) Indonesia Siloam Hospitals Lippo Village % Siloam Hospitals Kebon Jeruk % Siloam Hospitals Surabaya % Imperial Aryaduta Hotel & Country Club % Mochtar Riady Comprehensive Cancer Centre % Siloam Hospitals Lippo Cikarang % Subtotal % Singapore Pacific Healthcare Nursing Bukit Merah % Pacific Healthcare Nursing Home Bukit Panjang % The Lentor Residence % Adam Road property Subtotal % South Korea Sarang Hospital % * As at 28 December The Adam Road property was divested on 25 March Based on the valuation of US$13.2 million and exchange rate of US$1 = S$0.77 Grand Total % 5 1. Mochtar Riady Comprehensive Cancer Centre Land Area 4,145 sqm Gross Floor Area Purchase Price Appraised Value 1 Annual Rental No. of Beds / Saleable rooms 37,933 sqm S$170.5 million S$217.5 million S$18,739, No. of Staff 32 full time & part time doctors and 54 nurses & medical staff Year of Building Completion 2010 Centre of Excellence Lease Terms Oncology Digestive Unit 15 years with option to renew for 15 years wef 30 Dec

4 1. Mochtar Riady Comprehensive Cancer Centre Reception 7 1. Mochtar Riady Comprehensive Cancer Centre Lobby 8 4

5 1. Mochtar Riady Comprehensive Cancer Centre PET CT Scanner 9 1. Mochtar Riady Comprehensive Cancer Centre Intensive Care Unit 10 5

6 1. Mochtar Riady Comprehensive Cancer Centre Radiotherapy Mochtar Riady Comprehensive Cancer Centre Control Room 12 6

7 1. Mochtar Riady Comprehensive Cancer Centre MRI Scanner Mochtar Riady Comprehensive Cancer Centre Consultation 14 7

8 1. Mochtar Riady Comprehensive Cancer Centre VIP Room Mochtar Riady Comprehensive Cancer Centre VIP Room 16 8

9 1. Mochtar Riady Comprehensive Cancer Centre Helipad Siloam Hospitals Lippo Cikarang Land Area 9,900 sqm Gross Floor Area Purchase Price Appraised Value 1 Annual Rental No. of Beds / Saleable rooms 11,125 sqm S$35.0 million S$41.3 million S$3,778, No. of Staff 75 full time & part time doctors, 115 nurses and medical staff Year of Building Completion 2002 Centre of Excellence Urology, Internal Medicine, Trauma Lease Terms 15 years with option to renew for 15 years wef 31 Dec

10 2. Siloam Hospitals Lippo Cikarang Reception Siloam Hospitals Lippo Cikarang Ambulance 20 10

11 2. Siloam Hospitals Lippo Cikarang Emergency Ward Siloam Hospitals Lippo Cikarang Intensive Care Unit 22 11

12 2. Siloam Hospitals Lippo Cikarang Operating Theatre Siloam Hospitals Lippo Cikarang MRI Scanner 24 12

13 2. Siloam Hospitals Lippo Cikarang VIP Room Siloam Hospitals Lippo Cikarang Pharmacy 26 13

14 2. Siloam Hospitals Lippo Cikarang Pediatrics Department Siloam Hospitals Lippo Village Land Area 17,442 sqm Gross Floor Area Purchase Price Appraised Value 1 Annual Rental No. of Beds / Saleable rooms 27,284 sqm S$94.3 million S$153.8 million S$13,388, No. of Staff 211 full time & part time doctors and 397 nurses & medical staff Year of Building Completion 1995 Centre of Neuro science centre, Excellence Heart centre Lease Terms 15 years with option to renew for 15 years wef 11 Dec

15 3. Siloam Hospitals Lippo Village Reception Siloam Hospitals Lippo Village Lobby 30 15

16 3. Siloam Hospitals Lippo Village Heart Centre Siloam Hospitals Lippo Village Operating Theatre 32 16

17 3. Siloam Hospitals Lippo Village Outpatient Department Siloam Hospitals Lippo Village Executive Room 34 17

3. Siloam Hospitals Lippo Village VVIP Room 35 3.

18 3. Siloam Hospitals Lippo Village VVIP Room Siloam Hospitals Lippo Village Presidential Suite 36 18

Presidential Suite Living Room 3. Siloam Hospitals Lippo Village 37 4. Siloam Hospitals Kebon Jeruk Land Area 11,420 sqm Gross Floor Area Purchase Price Appraised Value 1 Annual Rental No.

19 Presidential Suite Living Room 3. Siloam Hospitals Lippo Village Siloam Hospitals Kebon Jeruk Land Area 11,420 sqm Gross Floor Area Purchase Price Appraised Value 1 Annual Rental No. of Beds / Saleable rooms 18,316 sqm S$50.6 million S$85.9 million S$7,587, No. of Staff 211 full time & part time doctors and 328 nurses & medical staff Year of Building Completion Centre of Excellence 1991 Urology centre, Orthopaedics Lease Terms 15 years with option to renew for 15 years wef 11 Dec

20 4. Siloam Hospitals Kebon Jeruk Entrance Siloam Hospitals Kebon Jeruk Reception 40 20

21 4. Siloam Hospitals Kebon Jeruk Emergency Ward Siloam Hospitals Kebon Jeruk Radiology 42 21

22 4. Siloam Hospitals Kebon Jeruk Urology Centre Siloam Hospitals Kebon Jeruk Outpatient Department 44 22

23 MRI Scanner 4. Siloam Hospitals Kebon Jeruk 45 Operating Theatre 4. Siloam Hospitals Kebon Jeruk 46 23

24 Laboratory 4. Siloam Hospitals Kebon Jeruk 47 Nursery 4. Siloam Hospitals Kebon Jeruk 48 24

25 4. Siloam Hospitals Kebon Jeruk VIP Ward Siloam Hospitals Kebon Jeruk Business Centre 50 1

26 4. Siloam Hospitals Kebon Jeruk Pharmacy Siloam Hospitals Surabaya Land Area 6,862 sqm Gross Floor Area Purchase Price Appraised Value 1 Annual Rental No. of Beds / Saleable rooms 9,227 sqm S$16.8 million S$30.9 million S$3,001, No. of Staff 257 full time & part time doctors and 249 nurses & medical staff Year of Building Completion Centre of Excellence 1977 Fertility centre, Stroke centre Lease Terms 15 years with option to renew for 15 years wef 11 Dec

27 5. Siloam Hospitals Surabaya Lobby Siloam Hospitals Surabaya Accident & Emergency 54 3

28 5. Siloam Hospitals Surabaya Emergency Ward Siloam Hospitals Surabaya Intensive Care Unit 56 4

29 5. Siloam Hospitals Surabaya CT Scanner 57 Operating Theatre 5. Siloam Hospitals Surabaya 58 5

30 MRI Scanner 5. Siloam Hospitals Surabaya 59 X Ray 5. Siloam Hospitals Surabaya 60 6

31 5. Siloam Hospitals Surabaya Laboratory 61 Pharmacy & Outpatient Department 5. Siloam Hospitals Surabaya 62 7

32 6. Imperial Aryaduta Hotel & Country Club Land Area 54,410 sqm Gross Floor Area Purchase Price Appraised Value 1 Annual Rental 17,427 sqm S$21.2 million S$35.5 million S$3,680,000 No. of Beds / Saleable rooms 197 Year of Building Completion years with option to Lease Terms renew for 15 years wef 11 Dec Imperial Aryaduta Hotel & Country Club Lobby 64 8

33 Swimming Pool and Cabanas 6. Imperial Aryaduta Hotel & Country Club Imperial Aryaduta Hotel & Country Club Balinese Pool 66 9

34 6. Imperial Aryaduta Hotel & Country Club Gymnasium Imperial Aryaduta Hotel & Country Club Tennis Court 68 10

35 6. Imperial Aryaduta Hotel & Country Club Jasmine Garden Imperial Aryaduta Hotel & Country Club Meeting Room 70 11

36 Hokkaido Japanese Restaurant 6. Imperial Aryaduta Hotel & Country Club Imperial Aryaduta Hotel & Country Club Laguna Bar 72 12

37 6. Imperial Aryaduta Hotel & Country Club Lounge Bar Imperial Aryaduta Hotel & Country Club The Gardenia 74 13

38 6. Imperial Aryaduta Hotel & Country Club Parrot Garden Imperial Aryaduta Hotel & Country Club RJ's Sports Bar & Grill 76 14

39 6. Imperial Aryaduta Hotel & Country Club Cabana Room Imperial Aryaduta Hotel & Country Club Signature Room 78 15

40 6. Imperial Aryaduta Hotel & Country Club Presidential Room Imperial Aryaduta Hotel & Country Club Presidential Room 80 16

41 7. Pacific Healthcare Nursing Bukit Merah Land Area 1,984 sqm Gross Floor Area Purchase Price Appraised Value 1 Annual Rental 3,593 sqm S$11.8 million S$11.0 million S$991,000 No. of Beds / Saleable rooms 259 Year of Building Completion 2004 Lease Terms 30 years leasehold from 22 Apr Pacific Healthcare Nursing Bukit Merah Reception 82 17

42 7. Pacific Healthcare Nursing Bukit Merah Open Roof Garden 83 Corridor and Common Areas 7. Pacific Healthcare Nursing Bukit Merah 84 18

43 7. Pacific Healthcare Nursing Bukit Merah Ward 85 Physiotherapy Area 7. Pacific Healthcare Nursing Bukit Merah 86 19

44 7. Pacific Healthcare Nursing Bukit Merah Physiotherapy Pacific Healthcare Nursing Bukit Merah Physiotherapy 88 20

45 7. Pacific Healthcare Nursing Bukit Merah Physiotherapy Pacific Healthcare Nursing Bukit Merah Physiotherapy 90 21

46 8. Pacific Healthcare Nursing Home Bukit Panjang Land Area 2,000 sqm Gross Floor Area Purchase Price Appraised Value 1 Annual Rental 3,563 sqm S$11.5 million S$11.0 million S$966,000 No. of Beds / Saleable rooms 265 Year of Building Completion 2006 Lease Terms 30 years leasehold from 14 May Pacific Healthcare Nursing Home Bukit Panjang Main Entrance 92 22

47 Ground Floor Garden 8. Pacific Healthcare Nursing Home Bukit Panjang Pacific Healthcare Nursing Home Bukit Panjang Reception 94 23

48 8. Pacific Healthcare Nursing Home Bukit Panjang Ward Corridor Pacific Healthcare Nursing Home Bukit Panjang Ward 96 24

49 Common Activity Area 8. Pacific Healthcare Nursing Home Bukit Panjang Pacific Healthcare Nursing Home Bukit Panjang Meals 98 1

50 8. Pacific Healthcare Nursing Home Bukit Panjang Interaction Pacific Healthcare Nursing Home Bukit Panjang Interaction 100 2

51 8. Pacific Healthcare Nursing Home Bukit Panjang Physiotherapy Pacific Healthcare Nursing Home Bukit Panjang Interaction 102 3

52 9. The Lentor Residence Land Area Gross Floor Area Purchase Price Appraised Value 1 Annual Rental 2,486 sqm 2,983 sqm S$12.8 million S$14.0 million S$1,071,000 No. of Beds / Saleable rooms 148 Year of Building Completion 1999 Lease Terms 99 years leasehold from 20 Aug The Lentor Residence Main Entrance 104 4

53 9. The Lentor Residence Extension Block The Lentor Residence Lobby 106 5

54 9. The Lentor Residence Nurse Station The Lentor Residence Communal Area 108 6

55 9. The Lentor Residence Activity Area The Lentor Residence Ward 110 7

56 9. The Lentor Residence Ward The Lentor Residence Interaction 112 8

57 9. The Lentor Residence Interaction Sarang Hospital Land Area Gross Floor Area Purchase Price Appraised Value 1 Annual Rental 2,142 sqm 4,982 sqm US$13.0 million US$13.2 million US$637,000 No. of Beds / Saleable rooms 217 Year of Building Completion 2010 Lease Terms Freehold 114 9

58 10. Sarang Hospital Reception 115 Outpatient Department 10. Sarang Hospital

59 10. Sarang Hospital Corridor Sarang Hospital Ward

60 10. Sarang Hospital Rehabilitation Area Sarang Hospital Physiotherapy Area

61 10. Sarang Hospital Physiotherapy Area Sarang Hospital Consultation Room

62 10. Sarang Hospital X Ray Sarang Hospital Assist Shower Facility

63 10. Sarang Hospital Staff Dining Area Financial highlights 3 Our journey so far 4 Looking ahead 15

5 year financial overview Net Property Income YoY: 71.8% CAGR: 19.

which has since been divested as at 25 March 2011 127 5 year financial overview

0% 29,964 30,162 *31,494 13.4% 13.6% 13.3% 92.9% 91.0% 86.6% 86.4% 86.

64 5 year financial overview Net Property Income YoY: 71.8% CAGR: 19.5% *Includes deferred rental income from Adam Road property as at 31 December 2010, which has since been divested as at 25 March year financial overview Rental Income Breakdown By Geography 54, % 1.5% 26, % 29,964 30,162 *31, % 13.6% 13.3% 92.9% 91.0% 86.6% 86.4% 86.7% *Includes deferred rental income from Adam Road property as at 31 December 2010, which has since been divested as at 25 March

65 1 2 Financial highlights 3 Our journey so far 4 Looking ahead Number of unitholders

66 Unitholders profit from 2006 to now Singapore cents Rights Issue Enlarged share base 131 First REIT share performance First REIT [1YEAR] : 0.92 Since listing in December 2006 Adjusted for Rights Units As at 18 Apr

First REIT vs STI Index vs FTSE ST REIT Index First REIT [1YEAR] : 0.92 Straits Times Index (STI) [1YEAR] : 3003.510 FTSE ST Real Estate Investment Trusts Index [1YEAR] : 645.

price as at 31 Dec 2011 DPU Return: FY 2007 to FY 2011 : 35.97 cents Return on Average Unit Price : 16.67 cents Average Unit Price post Rights = (71.00 x 4 + 50.

67 First REIT vs STI Index vs FTSE ST REIT Index First REIT [1YEAR] : 0.92 Straits Times Index (STI) [1YEAR] : FTSE ST Real Estate Investment Trusts Index [1YEAR] : First REIT STI Index FTSE ST Real Estate Investment Trusts Index As at 18 Apr % of total return YTD & annualised IPO Price Average Unit Price post Rights Closing price as at 31 Dec 2011 DPU Return: FY 2007 to FY 2011 : cents Return on Average Unit Price : cents Average Unit Price post Rights = (71.00 x x 5)/9 Total return to date : cents % gain over Average Unit Price : 88.7% % gain on an annualised basis : 17.5% Rights Issue Enlarged share base DPU (cents) Unit price (cents)

1 2 Financial highlights 3 Our journey so far 4 Looking

expectancies and ageing population (mm) (Years) Source:

68 1 2 Financial highlights 3 Our journey so far 4 Looking ahead Indonesia s healthcare market Longer life expectancies and ageing population (mm) (Years) Source: IMF, CIA World Fact Book, Indonesian Department of Health, Frost & Sullivan 2011: 6.1% of the population consists of people above the age of 65, compared to 5% in

Indonesia s healthcare market Per capita healthcare expenditure in

expenditure as a % of GDP Source: WHO, Frost & Sullivan.

through the 2008 economic crisis 137 Indonesia s healthcare market Private

69 Indonesia s healthcare market Per capita healthcare expenditure in Indonesia (US$) Total (%) Per capita expenditure Total healthcare expenditure as a % of GDP Source: WHO, Frost & Sullivan. Indonesian per capita healthcare expenditure has continued to grow even through the 2008 economic crisis 137 Indonesia s healthcare market Private vs. government healthcare expenditure (US$ b) Source: WHO, World Bank, Frost & Sullivan. Outlook for Indonesia s healthcare expenditure likely to continue its positive growth trend, particularly with the growing penetration of universal public health insurance

Indonesia s healthcare market Average patient cost per tertiary hospital bed (US$ ) Source: Frost & Sullivan.

hospital bed capacity 139 Strong sponsor in Indonesia Lippo Karawaci the largest listed property company in Indonesia Dominates

and internationally accredited LK s growth plans: 20 hospitals in the pipeline LK has 20 hospitals in the pipeline

70 Indonesia s healthcare market Average patient cost per tertiary hospital bed (US$ ) Source: Frost & Sullivan. Indonesia offers the most affordable hospitalization cost among other countries despite facing the highest level of restraint in hospital bed capacity 139 Strong sponsor in Indonesia Lippo Karawaci the largest listed property company in Indonesia Dominates Indonesia s Retail Malls and Hospitals Currently has 7 hospitals with 1,275 beds under the Siloam Hospitals network Nationally and internationally accredited LK s growth plans: 20 hospitals in the pipeline LK has 20 hospitals in the pipeline Transformational hospital group scale up to USD3.5 billion in 5 years First REIT has sufficient headroom for future acquisitions and funding if the need arises

71 Right of first refusal to strong & steady pipeline Completed developments to date Siloam Hospitals Balikpapan East Kalimantan 110 beds Completion: 2011 Siloam Hospitals Jambi East Sumatra 100 beds Completion: 2011 Siloam Hospitals Makassar South Sulawesi 411 beds Completion: Apr 2012 Siloam Hospitals Manado North Sulawesi 249 beds Completion: Apr Right of first refusal to strong & steady pipeline Developments undergoing construction to date Siloam Hospitals Bali Bali 246 beds Completion: 2012 Siloam Hospitals Palembang Palembang 334 beds Completion: 2012 Siloam Hospitals TB Simatupang Simatupang 300 beds Completion:

Singapore & other markets Singapore: Nursing Home Development Programme 2011: A slew of governmental measures aimed at making healthcare more affordable to Singaporeans; more subsidies to cover

72 Singapore & other markets Singapore: Nursing Home Development Programme 2011: A slew of governmental measures aimed at making healthcare more affordable to Singaporeans; more subsidies to cover social care for the elderly and health screening for the elderly December 2010: The Singapore government launched the S$120 million Nursing Home Development Programme to boost healthcare in the home, nursing homes and community hospitals 6 new and upgraded nursing homes are expected to be completed over the next 3 years Demand for such facilities and the number of nursing home beds in Singapore are projected to increase from 9,300 to 14,000 by 2020 Possible acquisitions in other markets Will continue to hunt for quality and yield accretive healthcare related assets in Asia Target to raise asset base to S$1 billion in the next two to three years 143 Thank You Q&As 24

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