OUE Commercial REIT - Annual Report 2021

Crowne Plaza Changi Airport is an award-winning hotel that was conferred the title of World’s Best Airport Hotel by Skytrax for six consecutive years since 2015. Managed by the InterContinental Hotels Group, the 563-room hotel is situated within the vicinity of the passenger terminals of Changi Airport. Crowne Plaza Changi Airport has four food and beverage outlets and six meeting rooms including a ballroom. Facilities at the hotel include an outdoor landscaped swimming pool, a fitness centre, a spa and a business centre. The hotel is connected directly to Changi Airport Terminal 3 and enjoys seamless connectivity to Jewel Changi Airport via a pedestrian bridge from Terminal 3. The hotel is also located within a short drive from Changi Business Park and the Singapore EXPO Convention & Exhibition Centre, and connected to the city by expressway and MRT. Notes: 1 Based on valuation carried out by Savills Valuation and Professional Services (S) Pte Ltd as at 31 December 2021. Valuation was determined by Income Capitalisation Method, Discounted Cash Flow Analysis and Direct Comparison Method 2 Based on valuation as of the merger with OUE Hospitality Trust effective from 4 September 2019 3 The rental under the master lease will be the minimum rent if the amount of variable rent for that operating year is less than the amount of minimum rent PROPERTY DESCRIPTION Situated within the vicinity of the passenger terminals of Changi Airport, comprising 563 guest rooms, four dining outlets and six meeting rooms LAND USE RIGHT EXPIRY 74-year lease from 1 July 2009 GROSS FLOOR AREA 40,913.5 sq m (440,389 sq ft) MASTER LEASE DETAILS Master Lessee: OUE Airport Hotel Pte. Ltd. Term: First term of master lease to expire in May 2028 with an option for the Master Lessee to extend for an additional two consecutive five-year terms Lease rental: Variable rent comprising sum of: i. 4% of hotel’s F&B revenues; ii. 33% of hotel rooms and other revenues not related to F&B; iii. 30% of hotel gross operating profit; and iv. 80% of gross rental income from leased space; subject to minimum rent of S$22.5 million per annum 3 51 A N N U A L R E P O R T 2 0 2 1