Parkway Life Real Estate Investment Trust : Investor Presentation Slides

INVESTOR PRESENTATION

4Q 2020 Results

(25 January 2021)

Disclaimer

This document is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for units in Parkway Life Real Estate Investment Trust ("Parkway Life REIT" and the units in Parkway Life REIT, the "Units").

The value of the Units and the income derived from them may fall as well as rise. The Units are not obligations of, deposits in, or guaranteed by, Parkway Trust Management Limited, as manager of Parkway Life REIT (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.

Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders of Parkway Life REIT may only deal in their Units through trading on Singapore Exchange Securities Trading Limited (the "SGX-ST"). Listing of the Units on SGX-ST does not guarantee a liquid market for the Units.

The past performance of Parkway Life REIT or the Manager is not necessarily indicative of the future performance of Parkway Life REIT or the Manager.

This document may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from these forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition, shifts in expected levels of property rental income, changes in operating expenses, property expenses, governmental and public policy changes and the continued availability of financing in the amounts and on the terms necessary to support Parkway Life REIT's future business. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's current view of future events.

2

Agenda
1.	Overview of Parkway Life REIT
2.	4Q 2020 Key Highlights
3.	Our Properties
4.	Growth Strategy & Core Markets
5.	Capital & Financial Management
6. Appendices
	3
	1. Overview of Parkway Life REIT
	4

PLife REIT Portfolio

One of the largest listed healthcare REITs in Asia with an enlarged portfolio of S$2.02 billion1

Core Strengths:

• Defensive long term lease structure with downside protection
• Stable income stream supported by regular rental revision
• Diversified portfolio of high quality and yield accretive properties
• Well-positioned in fast growing healthcare sector within the Asia-Pacific region

54 32

Properties Lessees

	Weighted	Properties	Downside
	Average Lease	(By Gross
	Protection2
Portfolio Size	to Expiry	Revenue)3
S$2.02	(By Gross	Singapore:	(By Gross
Revenue)3
Revenue)3
billion1	5.74	57.4%	With:
Japan:	95%
	years	42.5%

Note:

1. Based on latest appraised values (excludes right-of-use assets)
2. Based on existing lease agreements and subject to applicable laws
3. Based on Gross Revenue as at 31 December 2020, including Malaysia property at 0.1%

5

2. 4Q 2020 Key Highlights

6

4Q and Full Year 2020 Key Highlights

• Steady DPU Growth Since IPO
• • DPU for 4Q 2020 up 6.7% (4Q Y-O-Y) to 3.57 cents
  • Full year DPU growth of 4.5% Y-O-Y to 13.79 cents
  • Strong growth of 118.2% since IPO
• Strengthening of Japan Portfolio
• • Completed the acquisition of a nursing home on 18 December 2020
  • Acquired property at JPY1.65 billion/S$21.2 million1 with net property yield of 6.4%
  • Purchase price was approximately 4.6% below valuation
• Valuation Gain in Properties
• • Valuation gain of $7.4 million (0.4%) of the total portfolio as at 31 December 2020

Note:

1. At an exchange rate of S$1.00 = JPY78.00 per announcement released on 10 December 2020

7

4Q and Full Year 2020 Key Highlights (cont'd)

• No Long-Term Debt Refinancing Need till 2022
• • Put in place 6-year committed loan facilities to term out two loans upon their maturity in June 2021
  • Extended the maturity of the remaining loan facility due in 2021
  • Debt maturity profile extended to 2027 (post refinancing)
• Strong Capital Structure1
• • Interest cover ratio of 18.1 times
  • Gearing remains optimal at 38.5%
  • About 87% of interest rate exposure is hedged
  • All-incost of debt of approximately 0.53%

Note:

1. As at 31 December 2020

8