OUE Commercial REIT - Annual Report 2021

PORTFOLIO AND NET ASSET VALUE As at 31 December 2021, the value of OUE C-REIT’s investment properties was S$6,018.3 6 million, a decrease of 7.8% from S$6,524.8 million as at 31 December 2020. The decrease was due mainly to the divestment of a 50% interest in OUE Bayfront completed on 31 March 2021. Excluding OUE Bayfront, the overall value of investment properties was stable YoY. The Singapore office properties saw a valuation uplift YoY due to tighter capitalisation rates, while the valuations for the hotel and prime retail segments edged lower amidst continued operating challenges posed by COVID-19, safe management protocols and border restrictions. Net assets attributable to Unitholders as at 31 December 2021 was S$3,128.0 million, translating to a net asset value per Unit of S$0.57. TENANT DIVERSIFICATION The Manager maintains a diverse tenant trade sector profile for OUE C-REIT’s portfolio so as to mitigate concentration risk from any one particular industry. Outside of the Hospitality segment which contributed 26.7%, the Banking, Insurance & Financial Services sector contributed 16.6%, while the Accounting & Consultancy Services and Retail sectors contributed 11.8% and 10.0%, respectively to OUE C-REIT’s portfolio gross rental income as of December 2021. The top ten tenants (including the two hotel master lessees) account for 44.9% of OUE C-REIT’s monthly portfolio gross rental as of December 2021. PORTFOLIO REVIEW Notes: 6 Based on independent valuation as at 31 December 2021 7 As master lessee of Mandarin Orchard Singapore and office tenant 8 As master lessee of Crowne Plaza Changi Airport Portfolio Contribution by Asset Value (By proportionate interest) % One Raffles Place 27.3 Mandarin Orchard Singapore 19.8 OUE Downtown Office 15.8 OUE Bayfront 11.1 Lippo Plaza 10.1 Crowne Plaza Changi Airport 8.0 Mandarin Gallery 7.9 Tenant Trade Sectors by Gross Rental Income (For December 2021 and excluding retail turnover rent) % Hospitality 26.7 Banking, Insurance & Financial Services 16.6 Accounting & Consultancy Services 11.8 Retail 10.0 Food & Beverage 5.1 Real Estate & Property Services 4.4 Energy & Commodities 4.3 Manufacturing & Distribution 4.0 IT, Media & Telecommunications 3.9 Services 3.9 Legal 2.9 Maritime & Logistics 2.7 Others 2.1 Pharmaceuticals & Healthcare 1.6 Top 10 Tenants by Monthly Portfolio Gross Rental Income OUE Limited 7 OUE Airport Hotel Pte. Ltd. 8 Deloitte and Touche LLP Luxury Ventures Bank of America Merrill Lynch Virgin Active Singapore Pte Ltd Professional Investment Advisory Services Pte Ltd Victoria's Secret Allen & Overy LLP Regus 18.4% 8.9% 5.4% 4.3% 2.3% 1.3% 1.3% 1.1% 1.0% 0.9% 31 A N N U A L R E P O R T 2 0 2 1