OUE Commercial REIT - Annual Report 2021

The Manager will continue to strike a balance between sustaining occupancy levels and maximising rents to optimise OUE C-REIT’s portfolio performance. Due to safe management measures imposed by the authorities, borders remained substantially closed in Singapore and office workers continued to adopt remote working for most of the year. Hence, leasing demand at OUE C-REIT’s Singapore retail portfolio (comprising Mandarin Gallery, One Raffles Place Shopping Mall as well as the retail components of OUE Bayfront) which serves primarily the working population in the Singapore Central Business District ("CBD") and tourists, remained challenged in 2021. Mandarin Gallery’s committed occupancy as at 31 December 2021 was 86.7%. Including short-term leases to support tenants’ space requirements and evolving retail strategies, committed occupancy was 94.3%. With high vaccination rates achieved and the progressive easing of border restrictions, the retail sector is likely to benefit from the improvement in consumer sentiment and economic activity going forward. We will continue to focus on exercising flexibility in lease management and terms as well as repositioning of spaces where feasible, for an enhanced and sustainable tenant mix to strengthen the property’s appeal to shoppers. To drive shopper traffic and tenant sales, we will also seek opportunities for collaboration with various partners to host unique events and attractions at Mandarin Gallery, as well as tap on e-commerce platforms to support our tenants’ omni-channel retailing strategies. Resilient Committed Occupancy (%) Notes: 11 Committed rents for renewals and new leases 12 For the month of December 2021 FY 2021 Committed and Average Office Rents Range of committed office rents 11 Average office passing rents 12 OUE Bayfront S$10.98 - S$15.00 psf per month S$12.49 psf per month One Raffles Place S$9.00 - S$11.50 psf per month S$9.98 psf per month OUE Downtown Office S$7.50 - S$8.50 psf per month S$8.04 psf per month Lippo Plaza RMB6.86 – RMB11.00 psm per day (S$4.13 – S$6.61 psf per month) RMB9.00 psm per day (S$5.41 psf per month) OUE Bayfront OUE Downtown Office Lippo Plaza Mandarin Gallery One Raffles Place Commercial Segment 2017 2018 2015 2016 2013 2014 2020 2021 2019 96.8 94.7 94.3 94.8 92.0 98.0 92.5 91.5 95.2 33 A N N U A L R E P O R T 2 0 2 1