Keppel DC REIT (KEPE.SI / KDCREIT SP)

Asia Pacific/Singapore Equity Research REITs Rating OUTPERFORM* [V] Price (12 Jan 15, S$) 0.96 Target price (S$) 1.10¹ Upside/downside (%) 14.6 Mkt cap (S$ mn) 847.6 (US$ 636.6) Enterprise value (S$ mn) 1,167 Number of shares (mn) 882.93 Free float (%) 65.0 52-week price range 0.98-0.96 ADTO - 6M (US$ mn) 7.6 *Stock ratings are relative to the coverage universe in each analyst's or each team's respective sector. ¹Target price is for 12 months. [V] = Stock considered volatile (see Disclosure Appendix). Share price performance 2 1.5 1 0.5 0 Dec-14 Price (LHS) Research Analysts Yvonne Voon 65 6212 3026 yvonne.voon@credit-suisse.com Daniel Lim 65 6212 3011 daniel.lim@credit-suisse.com Rebased Rel (RHS) 102 101 100 99 98 The price relative chart measures performance against the FTSE STRAITS TIMES IDX which closed at 3344.89 on 12/01/15 On 12/01/15 the spot exchange rate was S$1.33/US$1 Performance Over 1M 3M 12M Absolute (%) -0.52 Relative (%) -1.1 (KEPE.SI / KDCREIT SP) INITIATION Proxy to growing demand for data centres Initiate with an OUTPERFORM, with a DDM-derived target price of S$1.10, implying 21% total return. trades at 6.6% FY15E yield. Key risks include macroeconomic, competition, relatively short land tenure for some assets, interest rate and acquisition (dilution if the acquisition size is large) risks, among others. First of its kind in Asia: pure-play data centre REIT. consists of eight data centres: two each in Singapore and Australia, and one each in Malaysia, United Kingdom, Netherlands and Ireland, with an aggregate lettable area of 509,913 sq ft and an S$1.022 bn appraised value. Proxy to growing data usage and demand for DCs. Data centre sector fundamentals look favourable, with demand expected to continue its upward trajectory supported by growing data creation and storage needs, pick-up in outsourcing of data centre requirements, cloud-computing and compliance/ regulatory requirements. Meanwhile, supply outlook looks supportive of rental growth given the limitations such as high barriers to entry (high upfront costs, track record, technical know-how). According to BroadGroup, Keppel DC REIT's assets are in markets which exhibit favourable sector dynamics. Growth drivers: organic reversions and acquisitions. With a relatively long weighted average lease expiry (WALE) of 7.8 years by leased lettable area (some longer leases have 2-4% per annum step ups), the visibility of its rental income stream is high, making a defensive play. Further earnings upside potential may come from acquisitions, with ROFR from Sponsor (Keppel T&T) and iseek Communications. Its 27.8% gearing implies ~S$200 mn debt headroom assuming 40% leverage. Financial and valuation metrics Year 12/13A 12/14E 12/15E 12/16E Net property income (S$ mn) 88.8 86.9 85.4 87.6 EBITDA (S$ mn) n.a. 75.8 74.3 76.2 Net attributable profit (S$ mn) 62.6 58.6 57.1 58.6 Distributable income (S$ mn) n.a. 54.3 56.3 58.8 EPS (CS adj.) (S$) n.a. 0.07 0.06 0.07 Consensus EPS (S$) EPS growth (%) n.a. n.a. -2.5 2.7 P/E (x) n.a. 14.5 14.8 14.5 DPU (S$) n.a. 0.06 0.06 0.07 Change from previous DPU (%) DPU yield (%) n.a. 6.4 6.6 6.9 P/Book (x) n.a. 1.1 1.1 1.1 EV/EBITDA (x) n.a. 15.4 15.7 15.4 ROE (%) n.a. 7.7 7.4 7.5 Net debt/equity (%) n.a. 41.8 41.7 41.2 Source: Company data, Thomson Reuters, Credit Suisse estimates. DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION Client-Driven Solutions, Insights, and Access

CRCT SGREIT LMRT MAGIC CMT MCT SPH REIT FCT CCT* KepREIT FCOT OUECT Kep DC REIT^ MLT AREIT SB REIT Cambridge Cache AAREIT Viva MINT Sabana PLife REIT 13 January 2015 Focus charts and tables Figure 1: Geographical breakdown by asset value* Ireland 10% Netherlands 13% UK 8% Malaysia 4% Australia 24% Singapore 41% * Includes 1% interest in Basis Bay DC which will be held by Basis Bay vendor. Source: Company data as at 30 September 2014. Figure 3: Wholesale co-location rent 's assets are located in markets which exhibit favourable data centre sector fundamentals US$ psf lettable Singapore area/month KL Amsterdam 70 60 50 40 30 20 10 Sydney London Dublin 2007 2008 2009 2010 2011 2012 2013 2014F2015F2016F2017F2018F Source: BroadGroup 2013-2018E CAGR: Sydney: 5.0% SG: 4.9% London: 4.6% Amsterdam: 4.6% Dublin: 3.8% KL: 5.8% Figure 2: Breakdown of individual assets by asset value* Almere DC 13% GV7 DC 7% Basis Bay DC 4% iseek DC 3% Citadel 100 DC 10% Gore Hill DC 21% S25 26% T25 16% * Includes 1% interest in Basis Bay DC which will be held by Basis Bay vendor. Source: Company data as at 30 September 2014. Figure 4: WALE versus other S-REITs WALE (years) 10 8 6 4 2 0 6.7 5.9 4.9 2.6 2.5 2.4 2.2 1.4 7.7 6.2 3.9 3.7 5.6 4.6 4.0 3.8 3.7 3.6 3.6 3.5 2.7 2.6 Retail Office DC Industrial Healthcare Source: Company data, Credit Suisse estimates 9.9 Figure 5: Summary of 's initial portfolio Property Location GFA Lettable No. Occupancy Appraised Cap Lease type/ WALE^ area of value# rate arrangement sq ft sq ft "customers" % S$ mn S$ psf ^ % (years) S25 Singapore 225,945 109,574 18 86.0 262.8 2,398 8-8.25 Keppel lease / 3.5 Co-location T25 Singapore 106,726 36,888 4 100 162.0 4,392 8-8.25 Keppel lease / 2.0 Co-location Gore Hill DC* Sydney 127,283 90,955 3 100 210.9 2,319 8.75 Triple-net / 10.3 Co-location iseek DC Brisbane 28,955 12,389 1 100 31.5 2,543 11.5-12.25 Double-net lease 11.9 Basis Bay DC~ Selangor 88,600 48,680 1 100 43.3 924 8.5-9.25 Double-net lease 2.7 GV7 DC London 34,848 24,972 1 100 77.0 3,083 7.5 Triple-net lease 12.5 Almere DC Amsterdam 138,219 118,403 1 100 131.6 1,111 7.25 Double-net lease 14.1 Citadel 100 DC Dublin 125,044 68,052 5 73.7 102.8 1,511 9.2 Co-location 2.3 Total 875,620 509,913 34 93.5 1,021.9 7.8 * One customer on triple-net lease, two customers on co-location for Gore Hill DC. ^ lettable area basis. # Appraised value refers to the average of the two independent valuations conducted by the respective Independent Valuers for each asset. ~ Data includes 1% interest in Basis Bay DC held by the Basis Bay Vendor; is expected to hold a 99% interest. "Customers" include both tenants and end-users, and for S25 and T25 (in the present context), this is on a pass-through basis. iseek Lease treated as a double-net lease for the purpose of this report. Source: Company data as at 30 September 2014. (KEPE.SI / KDCREIT SP) 2

Proxy to growing demand for data centres First of its kind in Asia: Pure-play data centre REIT will be Asia's first pure-play data centre (DC) REIT, with an initial portfolio of eight data centres in six countries across Asia Pacific and Europe: two in Singapore, two in Australia, and one each in Malaysia, United Kingdom, Netherlands and Ireland. The initial portfolio will have an aggregate lettable area of 509,913 sq ft with a S$1.022 bn appraised value. With limited market comparables, there may be a tendency to group along with the other nine industrial S-REITs, but we believe should be viewed independently given the 'higher specifications' and the significantly more challenging barriers to entry for a data centre. is defensive, backed by a long weighted average lease expiry (WALE) of 7.8 years (by leased lettable area). Proxy to growing data usage and demand for DCs provides a unique exposure to the favourable industry fundamentals of the data centre market, which is still in its growth phase. Demand is expected to continue its upward trajectory with growing data creation and storage needs, as well as the pick-up in outsourcing of data centre requirements, cloud-computing and compliance/regulatory requirements on data security. Meanwhile, supply outlook looks supportive of rental growth given the limitations like high barriers to entry (high upfront costs, and technical know-how). According to BroadGroup research, 's assets are located in markets which exhibit favourable data centre sector fundamentals. Growth drivers: Organic reversions and acquisitions The double-net and triple-net leases at a typical data centre tend to be longer in tenure (15 to 20 years) while the co-location arrangements tend to be shorter. With 's relatively long portfolio WALE, this provides with a higher visibility of the rental income stream. Further earnings growth may come from asset enhancement initiatives (unutilised GFA at T25, Citadel 100 DC and Basis Bay DC) and increases in S25's and Citadel 100 DC's occupancies. Inorganic growth could come from acquisitions from Sponsor, Keppel T&T (including T27 in Singapore and Almere Data Centre 2 in Amsterdam), and also from iseek Communications in Australia. 's investment mandate: to principally invest, directly or indirectly, in a diversified portfolio of income-producing real estate assets, which are primarily used for data centre purposes, as well as real estate-related assets with an initial focus on Asia Pacific and Europe. Gearing of 27.8% implies some S$200 mn debt headroom for acquisition assuming a 40% leverage. Initiate with a OUTPERFORM Our DDM-derived target price of S$1.10 implies a potential 15% upside (21% total return) from current level. currently trades on 6.6% FY15E yield, and we believe there may be future upside from incremental acquisitions. Key risks include macroeconomic, competition, relatively short land tenure for its Singapore, Brisbane and Dublin assets, interest rate and acquisition (dilution if the acquisition size is large) risks, among others. 's initial portfolio will consist of eight data centres across six countries, with an appraised value of S$1.022 bn provides a unique play on the data centre market, which is in its growth phase Its long 7.8-years WALE provides earnings visibility with per annum step-up clauses in most of its leases Inorganic growth to come from acquisition Keppel DC REIT has a ROFR from Sponsor, Keppel T&T and iseek Communications in Australia Initiate coverage on Keppel DC REIT with an OUTPERFORM and target price of S$1.10 implies a potential 15% upside, implying a total return of 21%. (KEPE.SI / KDCREIT SP) 3

KEPE.SI / KDCREIT SP Price (12 Jan 15): S$0.96, Rating:: OUTPERFORM [V], Target Price: S$1.10 Target price scenario Scenario TP %Up/Dwn Assumptions Upside Central Case 1.10 14.58 Downside Income statement (S$ mn) 12/13A 12/14E 12/15E 12/16E Gross revenue 101.2 100.9 100.5 103.3 Property expenses 12.3 14.0 15.2 15.7 Real estate taxes Net property income 88.8 86.9 85.4 87.6 Other income Asset mgmt. fees (exp. item) 7.6 7.8 8.0 8.2 Trustee fees (exp. item) 0.18 0.15 0.16 0.16 Other expenses 3.3 3.1 2.8 3.0 EBITDA 77.8 75.8 74.3 76.2 Net interest expense/(inc.) 13.5 13.2 13.2 13.4 Investment income Associates/JV Recurring PBT 64.3 62.6 61.1 62.9 Taxes 1.7 4.0 4.0 4.2 Revaluations Net profit (Credit Suisse) 62.6 58.6 57.1 58.6 Non-tax deductible exp. (4.3) (0.8) 0.2 Tax deductible expenses Other adj. to distrib. inc. (4.0) (4.0) (4.2) Distributable income 54.3 56.3 58.8 Cash flow (S$ mn) 12/13A 12/14E 12/15E 12/16E EBIT 75.8 74.3 76.2 Net interest Tax paid 1.2 1.2 1.3 Working capital (14.8) 0.1 (0.6) Other cash & non-cash items (7.3) (5.3) (4.5) Operating cash flow 54.9 70.3 72.4 Capex (22.4) (4.5) (4.5) Net property acq. (686.5) Other investment/(outflows) Investing cash flow (708.9) (4.5) (4.5) Equity raised 583.2 Dividends paid (55.3) (55.3) (57.5) Net borrowings 168.0 3.0 Other financing cash flow (34.1) (13.2) (13.4) Financing cash flow 661.7 (68.5) (67.9) Adjustments (0.27) Net change in cash 7.4 (2.7) (0.0) Balance sheet (S$ mn) 12/13A 12/14E 12/15E 12/16E Cash & cash equivalents 7.2 4.7 4.7 Short-term investments Current receivables 26.5 26.4 27.1 Other current assets Current assets 33.6 31.1 31.8 Property, plant & equip. Investment properties 1,061 1,071 1,090 Investment in Associates/JV Other investments Other non-current assets 0.82 0.87 0.87 Non-current assets 1,062 1,072 1,091 Total assets 1,096 1,103 1,123 Accounts payable 2.5 2.5 2.6 Short-term debt 3.8 Current provisions Other current liabilities Current liabilities 6.3 2.5 2.6 Long-term debt 322.8 326.5 329.5 Non-current provisions 1.6 1.6 1.6 Other non-current liab. Non-current liabilities 324.4 328.1 331.1 Total liabilities 330.6 330.6 333.7 Unitholder funds 764.9 772.5 789.1 Capital employed 1,089 1,101 1,120 Key earnings drivers 12/13A 12/14E 12/15E 12/16E Singapore 37.5 40.0 43.2 Australia 24.5 26.0 26.3 Malaysia 4.05 4.02 3.94 UK 5.50 5.47 5.55 Europe 24.6 23.7 24.0 Per share data 12/13A 12/14E 12/15E 12/16E Shares (wtd avg.) (mn) 882.9 882.9 882.9 EPS (Credit Suisse) (S$) 0.07 0.06 0.07 DPU (S$) 0.06 0.06 0.07 BVPS (S$) 0.87 0.87 0.89 NAV per share (S$) 0.87 0.87 0.89 Key ratios and 12/13A 12/14E 12/15E 12/16E valuation Growth(%) Gross revenue (0.27) (0.35) 2.72 Net property income (2.18) (1.79) 2.64 Net profit (6.44) (2.53) 2.69 Distributable income 3.59 4.56 DPU 3.59 4.56 Margins (%) NPI margin 86.1 84.9 84.8 Pre-tax profit margin 62.1 60.8 60.9 Net profit margin 58.1 56.8 56.8 Valuation metrics (x) P/E 14.5 14.8 14.5 DPU yield (%) 6.41 6.64 6.94 P/B 1.11 1.10 1.07 EV/EBITDA 15.4 15.7 15.4 Profitability (%) ROE 7.66 7.43 7.51 ROA 5.19 5.27 Credit ratios Net debt/equity (%) 41.8 41.7 41.2 Net debt/ebitda (x) 4.21 4.33 4.26 Debt/asset (%) 29.8 29.6 29.4 Interest cover (x) 5.75 5.63 5.71 Source: Company data, Thomson Reuters, Credit Suisse estimates. 12MF P/E multiple 1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 2006 2007 2008 2009 2010 2011 1.0 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0 2006 2007 2008 2009 2010 2011 Source: IBES 12MF P/B multiple (KEPE.SI / KDCREIT SP) 4

First of its kind in Asia: Pure-play data centre REIT Initial portfolio consists of eight quality data centres across six countries will be Asia's first pure-play data centre (DC) REIT, with an initial portfolio of eight data centres in six countries across Asia Pacific and Europe: two in Singapore, two in Australia, and one each in Malaysia ( to own 99% of Basis Bay DC, with Basis Bay holding remaining 1% interest), United Kingdom, Netherlands and Ireland. The initial portfolio will have an aggregate lettable area of 509,913 sq ft with an aggregate appraised value (average of two independent valuations) of S$1.022 bn as at 30 September 2014. SGX-listed Keppel Telecommunications & Transport Ltd (Keppel T&T, Not Rated, KTEL.SI), is the sponsor of (the "Sponsor") and is primarily involved in two businesses, logistics and data centre, with operations in Asia Pacific and Europe. has eight data centre assets in six countries, with an aggregate appraised value of S$1.022 bn Figure 6: Summary of 's portfolio breakdown by asset value 8 7 6 Netherlands (13.0% of portfolio) 6. Almere Data Centre, Almere (Appraised value: S$131.6mn; 1 tenant) United Kingdom (7.5% of portfolio) 7. GV7 Data Centre, London (Appraised value: S$77.0mn; 1 tenant) Ireland (10.1% of portfolio) 8. Citadel 100 Data Centre, Dublin (Appraised value: S$102.8mn; 5 tenants) Malaysia (4.3% of portfolio) 3. Basis Bay Data Centre, Cyberjaya^ (Appraised value: S$43.3.0mn; 1 tenant) Singapore (40.8% of portfolio) 1. S25 (Appraised value: S$262.8mn; 18 tenants) 2. T25 (Appraised value: S$162.0mn; 4 tenants) 3 1,2 Australia (24.4% of portfolio) 4. Gore Hill Data Centre, Sydney (Appraised value: S$210.9mn, 3 tenants) 5. iseek Data Centre, Brisbane (Appraised value: S$31.5mn, 1 tenant) 4 5 ^ Includes1% interest in Basis Bay DC which will be held by Basis Bay vendor. Source: Company data Unique proposition to a very specific 'missioncritical', defensive and high-specs asset class Data Centre 101: Not the usual "industrial" asset As is the first of its kind in Asia, we would like to highlight some key characteristics of a data centre and why they should not be thought of as just an "industrial asset". Due to the lack of comparables in the market, there may be a tendency to group Keppel DC REIT along with the other nine industrial REITs in Singapore, on the assumption that a data centre is typically a "square box" type of structure, nothing fancy, in a non-prime location (usually industrial/business parks type of location). A data centre should not be thought of as just another industrial asset due to their higher technical specifications, design and mission-critical nature (KEPE.SI / KDCREIT SP) 5

Figure 7: Summary of asset exposure of the existing nine Singapore industrial REITs 100% 90% 80% 70% 60% 19% 15% 32% 4% 18% 58% 10% 4% 13% 48% 9% 52% 3% 39% 50% 40% 30% 20% 10% 0% 27% 100% 100% 78% 3% 12% 58% 17% 58% 42% 36% 23% 19% 5% Viva Sabana Soilbuild AREIT MINT AAREIT Cambridge MLT Cache Hi-tech Biz parks Industrial Flatted factories Logistics & warehouse Others Source: Company data However, given the 'higher specifications' and the significantly more challenging barriers to entry for a data centre, we believe that should be viewed as a unique REIT and not be directly compared to the other nine industrial S-REITs. As summarised in Figure 7 above, the nine industrial REITs currently listed in Singapore largely consist of the usual industrial asset classes including business and science parks, warehouses, light industrial, hi-tech industrial and flatted factories. Although within these names, we note that there are a few of them with pockets of data centre exposures, including: Some industrial S-REITs have data centre exposures, but it is a reasonably small percentage of their portfolio MINT (Tata Communications Exchange, Equinix and 19 Tai Seng Drive classified under Hi-Tech industrial estimated to be c. 5-6% of portfolio by valuation); AREIT (Kim Chuan Complex and 38A Kim Chuan Road classified under Hi-tech industrial, although Pioneer Hub, shared by Equinix and other tenants, is classified under Logistics estimated to be 7% of portfolio by valuation); Other smaller market cap names like Sabana and AAREIT, although exposure as a percentage of portfolio is small, i.e., less than 5% of portfolio. We detail below some of the key differentiating factors/characteristics of a data centre, and why we believe there is a lot more "value" in data centres, compared to the other existing industrial asset classes. Data centres versus other industrial asset classes: A quick comparison Compared to some of the other industrial assets, data centres are more specialised in nature. As it houses mission-critical networking and computer equipment, the level of infrastructure required is therefore more "high-specs" to ensure a highly reliable, secure environment, that is equipped with uninterrupted power (and cooling along with it) and network communication connection. The barriers to entry are therefore meaningfully higher, compared to the usual business parks, warehouses, industrial buildings or factories. The usual tenants of a data centre include organisations such as financial institutions, government agencies, telecommunication service providers, software and internet companies, cloud computing enterprises, and more. Essentially, with every use of internet (as more emails are created at work, or more pictures, news, and more are loaded onto the online platform), or even increased requirement/need for backing up data (for business continuity or compliance), all these lead to demand for data centres. More information on a data centre in Appendix III. Barriers to entry for other industrial-type asset classes tend to be significantly lower compared to a data centre (KEPE.SI / KDCREIT SP) 6

Figure 8: Key features of a data centre Feature Function Uninterruptible Power System (UPS)/generators Cooling equipment Location/accessibility Raised flooring Fire suppression Internet connectivity Security Building and environmental monitoring systems Track record and quality Source: Company data, Credit Suisse research Not everyone can build a data centre Sufficient generators and UPSs to ensure instantaneous, consistent and continuous power supply in the event of outages from local power grids Computer equipment generates a lot of heat, and it is crucial to manage the temperature of the data centre Ideally located near major markets and its customers, with good accessibility. At the same time, accessibility to power grid also enhances the location profile (and of course cost of operations as well and items like utility prices are considered). Other considerations include risk of natural disasters or weather events given their importance. Elevated floor to allow the passage of mechanical and electrical services Systems to detect, contain and respond promptly to any fire outbreaks Availability of sufficient physical telco cables to allow direct connectivity Due to the sensitivity of data storage, security (high levels of it) is therefore one of the dominant features of a data centre Hardware and software to monitor and manage items like temperature, humidity, security, and more. As telecommunications infrastructure is critical to the operations of a data centre, redundancy of infrastructure and multiple carriers are vital to mitigate risks. In addition, in-depth knowledge on designing a data centre allows for better efficiencies Compared to the relatively simpler structure of the usual factories, business parks, industrial buildings or even warehouses, the high specifications and substantial upfront capital expenditure required raises the barriers to entry for the data centre segment. In addition to the high cost of construction, tenants generally look out for quality and prefer operators/developers with proven track record, given that the majority of usage of the data centre is mission-critical. Worth noting that the "Net Lettable Area efficiency" for a typical data centre is generally low as well due to the extensive space required to house mechanical and engineering facilities, coolers, back-up generators, UPSs and others. Significant upfront costs and tenants' preference for operators/developers with proven track record provide high barriers to entry for aspiring new entrants Figure 9: Average rents of a data centre and other industrial asset classes Average rents Average capital (S$ psf lettable area/ month) values (S$ psf lettable area) Data centre* 30-40 3,400 Business parks 3.75 390 Flatted factories 1.65 175 Warehouses 1.80 145 Light industrial 1.50 180 Hi-tech 2.50 260 Figure 10: Comparable mechanical and electrical fit out costs (ex-land and basic shell of building) of data centres, retail, Grade A office and industrial property assets US$ psf 2,500 2,000 2,000 1,500 1,200 1,000 500 350 250 160 0 150 150 100 Data centres Retail Grade A offices Industrial Average: 1,600 250 200 130 * Capital values: Average of S25, T25 S25 includes office component in the lettable area. Source: Company data (data from AREIT, MINT, MLT), BroadGroup Source: BroadGroup, Company data (KEPE.SI / KDCREIT SP) 7

: A quality portfolio Portfolio summary has eight assets strategically located in key data centre hubs three in Asia, three in Europe and another two in Australia in markets which exhibit favourable data centre sector fundamentals. Singapore and Australia are its two largest assets, with two assets in each country, making up 65% of total portfolio by asset value. In addition, we understand that all of 's data centres are of high specifications. More details are summarised in Appendix II. Figure 11: Summary of 's initial portfolio Property Location GFA Lettable No. Occupancy Appraised Cap Lease type/ WALE^ area of value# rate arrangement sq ft sq ft "customers" % S$ mn S$ psf ^ % (years) S25 Singapore 225,945 109,574 18 86.0 262.8 2,398 8-8.25 Keppel lease / 3.5 Co-location T25 Singapore 106,726 36,888 4 100 162.0 4,392 8-8.25 Keppel lease / 2.0 Co-location Gore Hill DC* Sydney 127,283 90,955 3 100 210.9 2,319 8.75 Triple-net / 10.3 Co-location iseek DC Brisbane 28,955 12,389 1 100 31.5 2,543 11.5-12.25 Double-net lease 11.9 Basis Bay DC~ Selangor 88,600 48,680 1 100 43.3 924 8.5-9.25 Double-net lease 2.7 GV7 DC London 34,848 24,972 1 100 77.0 3,083 7.5 Triple-net lease 12.5 Almere DC Amsterdam 138,219 118,403 1 100 131.6 1,111 7.25 Double-net lease 14.1 Citadel 100 DC Dublin 125,044 68,052 5 73.7 102.8 1,511 9.2 Co-location 2.3 Total 875,620 509,913 34 93.5 1,021.9 7.8 * One customer on triple-net lease, two customers on co-location for Gore Hill DC. ^ lettable area basis. # Appraised value refers to the average of the two independent valuations conducted by the respective Independent Valuers for each asset. ~ Data includes 1% interest in Basis Bay DC held by the Basis Bay Vendor; is expected to hold a 99% interest. "Customers" include both tenants and end-users, and for S25 and T25 (in the present context), this is on a pass-through basis. iseek Lease treated as a double-net lease for the purpose of this report. Source: Company data as at 30 September 2014. 's portfolio is currently 93.5% occupied by 34 customers, spread over three different kinds of leases: Keppel lease, double/triple-net leases and co-location arrangements. Keppel Lease: Refers to the S25 Lease and the T25 Lease entered into by Keppel DC REIT with the S25 Lessee and T25 Lessee in relation to S25 and T25, respectively. Due to the pass-through nature of the Keppel Leases, will substantially enjoy the benefits and assume the liabilities of the underlying colocation arrangements entered into by the Keppel Leases and the underlying endusers. Double-net lease: Refers to a lease where the tenant pays for rent, is responsible for facilities management and satisfies at least one of the four property-related expenses such as property tax, or expenses for building insurance (please refer to details in Figure 12). Triple-net lease: Refers to a lease where the tenant pays for rent, is responsible for facilities management and satisfies all of the four property-related expenses (i.e., gross rental income = net property income). Co-location arrangements: Typically entered into by end-users who utilise colocation space for the installation of their servers and other mission-critical IT equipment. In the case of, end-users with co-location arrangements pay for rent and all property-related expenses are borne by. Keppel DC REIT is usually responsible for facilities management as well. (KEPE.SI / KDCREIT SP) 8

13 January 2015 (KEPE.SI / KDCREIT SP) 9 Figure 12: Summary of responsibilities of as owner and/or lessor and the responsibilities of the lessees or end users in the lease and colocation arrangements for the various properties Asset Lease arrangement Description Property tax Building insurance S25 T25 Gore Hill DC (one of three tenants) Gore Hill DC (for one of the two remaining tenants) Keppel Lease / Colocation arrangements (1) (2) Keppel Lease / Colocation arrangements (1) (2) - Lessee: Pays rent and all expenses recharged to Lessor - Lessor: Responsible for facilities management, which will be outsourced to Digihub - Lessee: Pays rent and all expenses recharged to Lessor - Lessor: Responsible for facilities management, which will be outsourced to Datahub Triple-net lease (4) - Lessee: Pays share of all outgoings; responsible for facilities management in their space Co-location arrangements - End-users: Pays rent (1) - Owner: Responsible for facilities management (which will be outsourced to iseek-kdc) and all expenses iseek DC Double-net lease (3) (5) - End-users: Pays all outgoings except building insurance; and responsible for facilities management Basis Bay DC Double-net lease (3) - Lessee: Pays all outgoings except building insurance and property tax; and responsible for facilities management GV7 DC Triple-net lease (4) - Lessee: Pays all outgoings; responsible for facilities management Almere DC Double-net lease (3) - Lessee: Pays all outgoings except building insurance and property tax; responsible for facilities management Citadel 100 DC Co-location arrangements - End-users: Pays rent (1) - Owner: Responsible for facilities management and all expenses Responsibilities of Lessor / Owner Facilities Management Day-to-day maintenance Maintenance operating expenditure Refresh capital expenditure - - - - - - - - - - - - - - - - - - - - - - - 1) Co-location arrangements = typically entered into by end-users who utilise co-location space for installation of their servers and other IT equipment. In the case of, endusers with co-location arrangements pay for rent and all the Property-Related Expenses are borne by (usually responsible for facilities management in respect of such colocation arrangements). (2) Refer to S25 Lease and T25 Lease. Given the pass-through nature, effectively enjoys substantial benefits and assumes the liabilities of the underlying co-location arrangements; (3) Double-net lease refers to lease where tenant pays rent, responsible for facilities management and satisfies at least one of the 4 property-related expenses; (4) Triple-net lease is where the tenant pays for rent, facilities management and satisfies all the property-related expenses; (5) The iseek Lease is legally a co-location arrangement. However, the terms thereof are structured so as to mimic the economic effects of a double-net lease and the responsibilities which iseek Communications bears under the iseek Lease are those it would bear if it were the lessee under a double-net lease and for the avoidance of doubt, the iseek Lease is treated as a double-net lease and not a co-location arrangement for the purpose of this report. Source: Company data.

CRCT SGREIT LMRT MAGIC CMT MCT SPH REIT FCT CCT* KepREIT FCOT OUECT Kep DC REIT^ MLT AREIT SB REIT Cambridge Cache AAREIT Viva MINT Sabana PLife REIT 13 January 2015 Figure 13: 's assets are located in markets which exhibit favourable data centre sector fundamentals: BroadGroup research's summary of market positioning (Scale: 1-5 with 5 being highest score) Local demand International Low competition demand Singapore 3 5 3 5 Growth opportunities Australia 5 4 4 5 Malaysia 4 3 3 5 UK 5 4 3 4 Netherlands 4 5 4 5 Ireland 3 5 3 4 Source: BroadGroup Figure 14: Geographical breakdown by asset value* Ireland 10% Netherlands 13% UK 8% Singapore 41% Figure 15: Breakdown of individual assets by asset value* Almere DC 13% GV7 DC 7% Citadel 100 DC 10% S25 26% Malaysia 4% Australia 24% * Includes 1% interest in Basis Bay DC which will be held by Basis Bay vendor. Source: Company data as at 30 September 2014. Defensive portfolio with long WALE Basis Bay DC 4% iseek DC 3% Gore Hill DC 21% T25 16% * Includes 1% interest in Basis Bay DC which will be held by Basis Bay vendor. Source: Company data as at 30 September 2014. is defensive, backed by a long weighted average lease expiry (WALE) profile, mitigating vacancy risks. Given the large fit-out costs required by the tenants (server costs, etc.), retention rate tends to be high once they have decided to sign on the lease. Portfolio WALE as at 30 September 2014 is 5.6 years by net property income (NPI) for the month of September 2014 on a cash basis (7.8 years by leased lettable area), with a 97.8% customer retention rate. One of the longest WALE among S-REITs: WALE of 7.8 years by leased lettable area, and 5.6 years by net property income Figure 16: WALE of 5.6 years (7.8 years by leased lettable area as at 30 September 2014) WALE (years) 10 8 6 4 2 0 6.7 5.9 4.9 2.6 2.5 2.4 2.2 1.4 7.7 6.2 3.9 3.7 5.6 4.6 4.0 3.8 3.7 3.6 3.6 3.5 2.7 2.6 Retail Office DC Industrial Healthcare * CCT's WALE includes the long-term lease for Raffles City Singapore hotels: Fairmont and Swissötel. ^ WALE by NPI on a cash-basis for the month of September 2014. Source: Company data 9.9 Figure 17: Weighted average lease expiry profile by leased lettable area and rental income* % of lease expiry 60.0 50.0 40.0 30.0 20.0 10.0 0.0 3.3 4.7 14.7 11.3 8.2 6.7 26.0 33.3 0.9 1.3 1.2 1.3 1.01.4 52.7 2014 2015 2016 2017 2018 2019 2020 2021 by leased lettable area by rental income * For the month of September 2014, includes the 1% interest in Basis Bay DC which will be held by Basis Bay vendor. Source: Company data as at 30 September 2014. 32.0 (KEPE.SI / KDCREIT SP) 10

Figure 18: Long land lease expiry*, with a weighted average remaining land tenure by lettable area of 35.6 years by lettable area Figure 19: Gross revenue* breakdown by lease and colocation arrangement (includes Keppel Lease) Double/Triple-net leases 24.4% Weighted average land tenure of 35.6 years by lettable area 54.7% Freehold or land tenure of >150 years 45.3% Co-location arrangements 75.6% * By appraised value as at 30 September 2014. Source: Company data. Figure 20: Rental income* by property (for the month of September 2014) * Based on rental income for the month of September 2014 (includes 1% interest in Basis Bay DC which will be held by Basis Bay vendor). Source: Company data Figure 21: Portfolio leased lettable area* by trade (as at 30 September 2014) Almere DC 8.9% GV7 DC 4.9% Citadel 100 DC 12.4% S25 28.8% Telecommunications 28.4% IT services 38.0% Basis Bay DC 3.8% iseek DC 4.6% Gore Hill DC 20.7% T25 16.0% Financial services 23.6% Internet enterprise Corporate 7.7% 2.3% * Includes 1% interest in Basis Bay DC which will be held by Basis Bay vendor. Source: Company data * Includes 1% interest in Basis Bay DC which will be held by Basis Bay vendor. Source: Company data Due to the sensitivity of information stored in a data centre (hence requiring a higher level of security), is unable to disclose its tenants' profile. However, of the top ten tenants, which make up about 88.4% of rental income for the month of September 2014, we understand them to be high profile names including companies listed on the NASDAQ, NYSE, Euronext, ASX, SGX as well as a statutory board of the Singapore government. Some other tenants include an international provider of outsourcing solutions in IT and managed data centre services across Asia Pacific and Europe, and a businessonly internet service provider specialising in mission-critical data networks which provides business grade internet and data centre server co-location services to businesses across Australia. Top-ten tenants account for 88.4% of rental income, but due to sensitivity of data centre, tenants' profiles are not disclosed (KEPE.SI / KDCREIT SP) 11

Figure 22: Diversified customer base rental income* breakdown for the month of September 2014 by trade Financial services 13.0% Corporate 4.1% Telecommunications 15.2% IT services 41.9% Figure 23: Top ten customers (based on rental income* for the month of September 2014) Customer Trade sector % of rental income A Internet enterprise 25.7 B IT services 20.9 C Telecommunications 8.8 D IT services 8.7 E Financial services 5.4 F IT services 4.9 G Telecommunications 4.6 H IT services 3.8 I IT services 3.1 J Financial services 2.6 Top 10 88.4 Others 11.6 Internet enterprise 25.8% * Includes 1% interest in Basis Bay DC which will be held by Basis Bay vendor. Source: Company data * Includes 1% interest in Basis Bay DC which will be held by Basis Bay vendor. Source: Company data Figure 24: Selected key considerations of data centre demand and supply overview of each of the six locations has a presence in Ease of doing business Global ranking (2013) Accessibility to power and security of energy Global ranking (of 124 countries) Climate risk index for 1993-2012 Global ranking* Broadband penetration Fixed broadband Wireless broadband Australia 11th Australia 26th Australia 38th Australia 29th 6th Ireland 15th Ireland 17th Ireland 135th Ireland 35th 19th Malaysia 6th Malaysia 71st Malaysia 86th Malaysia 74th 83rd Netherlands 28th Netherlands 33rd Netherlands 70th Netherlands 2nd 20th Singapore 1st Singapore 62nd Singapore 174th Singapore 25th 1st UK 10th UK 11th UK 65th UK 10th 14th US 37th US 31st US 20th 9th * The higher the number, the better (Qatar has the highest rank at 178 th ). Source: BroadGroup Singapore: S25 and T25 As noted earlier in Figure 13, Singapore is one of the markets identified by BroadGroup to have strong fundamentals, with healthy growth opportunities supported by good telecommunications, financial and trading infrastructure, as well as a conducive operating environment with the backing from the government, as Singapore seeks to position itself as an economic hub in the region. The country is also among the best positioned on the climate risk front. Demand for data centres is supported by the growing number of multinational and regional organisations, which often use Singapore as their headquarters. Singapore is currently home to a number of Southeast Asia's data centre capacity, including the likes of Google, Tata, Equinix and Digital Realty both Equinix and Digital Realty have their largest Asia Pacific facility in Singapore. According to data by BroadGroup, there is currently about 1.8 mn sq ft of data centre space in Singapore, which implies that commands some 8% of market share. has two assets in Singapore, S25 and T25, commanding some 8% market share (KEPE.SI / KDCREIT SP) 12

Figure 25: Total data centre space in Singapore (sq ft) sq ft 2,000,000 1,800,000 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 - Source: BroadGroup CAGR 2007A-13A = 11.1% 2007A 2008A 2009A 2010A 2011A 2012A 2013A For S25, will grant a lease of 10+5 years lease to S25 Lessee, and under the S25 Lease, the rent payable to comprises a fixed rent component, (S$5 mn per annum, 3% annual escalation), and a variable rent component (99% of the EBITDA after deducting the fixed rent and operating expenses) for S25. Figure 26: S25 summary of asset details Details Six-storey main building with a five storey annexe Address 25 Serangoon North Avenue 5, Singapore 554914 Land title Leasehold (expiring 30 Sept 2025, with option to extend another 30 years) Completion Main building 1996 (converted for use as a data centre in 2001, and major AEI works for high specs data centre in 2011-2013), Annexe 2014. Occupancy 86% GFA (sq ft) 225,945 Lettable area (sq ft) 109,574 Appraised value (S$ mn) 262.8 No. of end-users and WALE 18 end users. WALE: 3.5 years (by leased lettable area) Lease type Keppel Lease / Co-location arrangement Facility manager Digihub Source: Company data as at 30 September 2014 For T25, will grant a lease of 10+5 years to a T25 Lessee, and under the T25 Lease, the rent payable to comprises a fixed rent component, (S$3 mn per annum, 3% annual escalation), and a variable rent component (99% of the EBITDA after deducting the fixed rent and operating expenses) for T25. Figure 27: T25 summary of asset details Details Five-storey main building with a four storey annexe Address 25 Tampines Street 92, Singapore 528877 Land title Leasehold (expiring 31 July 2021, with an option to extend for 30 years) Completion Main building 1991 (extensive retrofitting in 2010 for use as a data centre), Annexe 2011 Occupancy 100% GFA (sq ft) 106,726 Lettable area (sq ft) 36,888 Appraised value (S$ mn) 162 No. of end-users and WALE Four end-users. WALE: 2.0 years (by leased lettable area) Lease type Keppel Lease / Co-location arrangement Facility manager Datahub Source: Company data as at 30 September 2014 (KEPE.SI / KDCREIT SP) 13

Australia: Gore Hill DC (Sydney) and iseek DC (Brisbane) BroadGroup has Australia as one of the best data centre markets in terms of market fundamentals, scoring full points on the demand and growth opportunities front, in a market where competition is relatively low (see Figure 13 earlier). Sydney is the largest data centre market in Australia, leveraging its status as a key hub (demand coming from multi-nationals, financial institutions and global providers of data centres). Meanwhile, in Brisbane, although demand is currently dominated by local providers, there is scope for growth over time as larger providers and global players such as Fujitsu have started to build facilities in the city, though still small in scale, in comparison to Sydney. Overall demand in Australia has also been driven by the growing trend of outsourcing of data centre requirements, where the benefits of such a strategy are better understood by corporations particularly in more mature markets. Demand for data centres in Australia has also been driven by the growing trend of outsourcing has one DC in Sydney and one in Brisbane Figure 28: Total data centre space in Australia (sq ft) sq ft 1,800,000 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 Source: BroadGroup CAGR 2007A-13A = 14.8% 2007A 2008A 2009A 2010A 2011A 2012A 2013A Gore Hill DC is located on one of Sydney's main power and data arteries and is located some nine kilometres north west of Sydney's CBD. Of the space at Gore Hill DC, 50% is leased on a triple-net basis to one of three customers, under a 15-year lease commencing 19 September 2011 subject to a rental escalation of 3.5% per annum excluding market review dates (option to renew the lease three times, each time for a period of five years). The remaining 50% is under co-location arrangements with one of the two end-users and that we understand that one of the two end-users' co-location arrangements is ten years commencing on 1 August 2012 (with two options to extend by five years each) with rental escalation at 4% per annum. Figure 29: Gore Hill DC summary of asset details Details Four-storey data centre Address 5 Broadcast Way (South Gate) Artarmon, NSW 2064 Land title Freehold Completion 2011, additional capex works in 1H12 and mid-2013 Occupancy 100% GFA (sq ft) 127,283 Lettable area (sq ft) 90,955 Appraised value (S$ mn) 221.2 No. of tenants/end-users and WALE One tenant /two end-users; WALE: 10.3 years (by leased lettable area) Lease type Triple-net lease (for one of three tenants) and colocation arrangements (one of two end-users) Facility manager iseek-kdc Source: Company data as at 30 September 2014 Meanwhile, over at iseek DC in Brisbane, under the iseek Lease, which is a co-location arrangement entered into by Securus Australia No. 1 Pty Limited (which will be wholly (KEPE.SI / KDCREIT SP) 14

owned by ) with iseek Communications, the property is leased to iseek Communications for a 20-year term for one level and 10+5+5 year for the other level, where the rental payable is subject to an escalation of 4% per annum. As it is a double-net lease, the tenant basically pays for rent, outgoings of energy costs, facility management fees and others. as the landlord assumes the insurance and property tax as well as capex to the building. Figure 30: iseek DC summary of asset details Details Two-storey purposed-built data centre Address 2 Cycas Lane, Brisbane Airport, Queensland 4009, Land title Leasehold (expiring 29 June 2040, with an option to extend for 7 years) Completion 2010 Occupancy 100% GFA (sq ft) 28,955 Lettable area (sq ft) 12,389 Appraised value (S$ mn) 33.0 No. of tenants and WALE One tenant. WALE: 11.9 years (by leased lettable area) Lease type Double-net lease^ Facility manager iseek Communications ^ The iseek Lease is legally a co-location arrangement. However, the terms thereof are structured so as to mimic the economic effects of a double-net lease and the responsibilities which iseek Communications bears under the iseek Lease are those it would bear if it were the lessee under a double-net lease and for the avoidance of doubt, the iseek Lease is treated as a double-net lease and not a co-location arrangement for the purpose of this report. Source: Company data as at 30 September 2014 Malaysia: Basis Bay DC (Cyberjaya) Due to the relatively low cost of operations (low energy and labour costs), and the relative ease of getting land in Malaysia, coupled with support from the government (data centre industry is central to Malaysia's Economic Transformation Program), we have seen rising interest from global providers with corresponding interest from data centre users. Because of the relatively attractive positioning of Kuala Lumpur as a data centre location, there has been meaningful supply in recent years. So, while Kuala Lumpur as a market scores relatively strong on the growth opportunities front, the market remains relatively competitive with relatively low utilisation rates in the near term due to supply. Figure 31: Total data centre space in Malaysia (sq ft) sq ft 1,400,000 has one asset in Malaysia, solely leased to Basis Bay Services for a duration of 20 years 1,200,000 1,000,000 CAGR 2007A-13A = 12.7% 800,000 600,000 400,000 200,000 0 2007A 2008A 2009A 2010A 2011A 2012A 2013A Source: BroadGroup That said, 's sole Malaysian asset is a single-tenanted property, with a double-net lease with Basis Bay Services for a duration of 20 years commencing from 15 June 2012. The asset is located in Cyberjaya, approximately 50 km south-west of Kuala Lumpur City Centre and 30 km north-west of the Kuala Lumpur International Airport. The 20-year term is split into four lease periods lasting for five years each, where the initial rent (KEPE.SI / KDCREIT SP) 15

is RM10.2 mn per annum with an escalation of 2% per annum for the first five years, which we believe will mitigate concerns on rental and vacancy risks. Figure 32: Basis Bay DC summary of asset details* Details Address Land title Completion April 2009 Occupancy 100% GFA (sq ft) 88,600 Lettable area (sq ft) 48,680 Appraised value (S$ mn) 45.0 No. of tenants and WALE Lease type Facility manager Four-storey data centre with an adjoining two-storey office building No. 4710, Jalan Cyber Point 5, Zone Flagship Cyberjaya 63000 Cyberjaya, Selangor Darul Ehsan Freehold One tenant. WALE: 2.7 years (by leased lettable area) Double-net lease Basis Bay Services * Includes 1% interest in Basis Bay DC which will be held by Basis Bay vendor. Source: Company data as at 30 September 2014 United Kingdom: GV7 DC (London) According to BroadGroup, the United Kingdom is one of the largest data centre markets in Europe, accounting for close to 25% of the Western European third party data centre market. Quite a significant amount of demand is driven by outsourcing (both corporate and government), but also by the rising requirement for data storage (compliance reasons) and the fact that the UK is a strong trading and financial hub, demand outlook for the market tends to be favourable. Figure 33: Total data centre space in the UK (sq ft) sq ft 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 Source: BroadGroup CAGR 2007A-13A = 8.7% 2007A 2008A 2009A 2010A 2011A 2012A 2013A 's sole asset in the UK is located in Greenwich View Place, a secure estate located on the Isle of Dogs, south of Canary Wharf, East London. GV7 is leased to a single tenant for a duration of 15+10 years on a triple-net basis from 10 February 2012. has one asset in the UK, located in London, currently 100% leased to one tenant for 15+10 years on a triple-net basis from 10 February 2012 (KEPE.SI / KDCREIT SP) 16

Figure 34: GV7 DC summary of asset details Details Address Source: Company data as at 30 September 2014 Netherlands: Almere DC (Almere) Two-storey data centre 7 Greenwich View Place, Millharbour Road, London E14 9NN Land title Leasehold (expiring 28 September 2183) Completion 1987 but refurbished in 2000. Occupancy 100% GFA (sq ft) 34,848 Lettable area (sq ft) 24,972 Appraised value (S$ mn) 77.7 No. of tenant and WALE One tenant. WALE: 12.5 years (by leased lettable area) Lease type Triple-net lease The Netherlands as a market ranks highly in terms of attracting both domestic and international demand due to its proximity to major European trading hubs, strong presence of US and multinational corporates, strong telecommunications infrastructure, with Amsterdam's reputation as the 'Internet hub' of Europe. Figure 35: Total data centre space in the Netherlands (sq ft) sq ft 2,500,000 has one asset in Almere, which is 100% leased to one tenant under a double-net lease basis 2,000,000 CAGR 2007A-13A = 9.1% 1,500,000 1,000,000 500,000 0 2007A 2008A 2009A 2010A 2011A 2012A 2013A Source: BroadGroup owns one asset in the Netherlands in Almere. The Almere DC is located in the Sallandsekant business estate, some 50km away from the Schiphol airport and 135km from the Rotterdam harbour. The property is fully let to Borchveste Almere BV on a 20-year term to 17 April 2033 on a double-net basis. The initial annual ground rent is 5,814,899 with an annual indexation (by way of the consumer price index) for the first five years capped at 2.5%. Thereafter the annual indexation of the rent will be up to 2% of the then current annual rent. Figure 36: Almere DC summary of asset details Details Source: Company data as at 30 September 2014 Address Land title Completion 2008 Occupancy 100% GFA (sq ft) 138,219 Lettable area (sq ft) 118,403 Appraised value (S$ mn) 135 No. of tenants and WALE Lease type Three-storey semi-detached data centre and adjoins a mirrored building, with a parting wall between them Rondebeltweg 62 Sallandsekant Business Park, Almere Freehold One tenant. WALE: 14.1 years (by leased lettable area) Double-net lease (KEPE.SI / KDCREIT SP) 17

Ireland: Citadel 100 DC (Dublin) Dublin is a key data centre market in Ireland. Known to be Europe's cloud computing hub, Dublin's operating environment is conducive, with the government providing various initiatives such as tax advantages to improve the attractiveness for data centre industry players. As a result, Ireland has been able to attract many US-based IT and internet companies, financial institutions and pharmaceutical companies, with about 60-80% of third party data centre demand coming from the US. However, given the favourable operating environment, it has also attracted many data centre players, resulting in a relatively competitive market space. has one asset in Dublin, on colocation arrangements with existing five end-users, bringing occupancy to 73.7% as at Sept 2014 Figure 37: Total data centre space in Ireland (sq ft) sq ft 700,000 600,000 CAGR 2007A-13A = 4.3% 500,000 400,000 300,000 200,000 100,000 0 2007A 2008A 2009A 2010A 2011A 2012A 2013A Source: BroadGroup 's sole asset in Dublin is the Citadel 100 DC, which currently houses five customers occupying 73.7% of the space, under a co-location arrangement. Figure 38: Citadel 100 DC summary of asset details Details Two-storey detached data centre Address Citadel 100 - Unit 4031 4033, Citywest Business Park Land title Leasehold (expiring 11 April 2041) Completion 2000 but recently upgraded Occupancy 73.7% GFA (sq ft) 125,044 Lettable area (sq ft) 68,052 Appraised value (S$ mn) 105.4 No. of end users and WALE Five end-users. WALE: 2.3 years (by leased lettable area) Lease type Co-location arrangement Source: Company data as at 30 September 2014 (KEPE.SI / KDCREIT SP) 18

Proxy to growing data usage and demand for DCs Favourable sector fundamentals As the first Asia data centre REIT, provides a unique exposure to the favourable industry fundamentals of the data centre market, which is still in its growth phase. Demand is expected to continue its upward trajectory with growing data creation and storage needs, as well as the pick-up in outsourcing, cloud-computing and compliance/regulatory requirements on data security. Meanwhile, supply outlook looks supportive of rental growth given the limitations such as high barriers to entry (high upfront costs, and technical know-how). Demand drivers Growth in data creation and storage needs The increased penetration of internet-enabled devices like smartphones and tables and the growing trend of digitalisation have led to the increase in the growth in data creation globally. Essentially, e-commerce, social networking, file sharing, video streaming (YouTube reported a 49.5% CAGR in videos uploaded each minute between May-09 to May-13, now with over 6 billion hours of video watched each month on YouTube), and even growth in emails, web-browsing usage, has led to a strong increase in data creation over the years. External studies by Statistic Brain state that Google has c. 6 bn searches a day in 2013, while Facebook has c.1.4 bn monthly active users. The recent trend towards "Big Data" (collection and analysis of historical and real-time data) is also driving demand for data storage. BroadGroup expects internet-enabled devices and global internet users to continue growing at a strong pace, reporting a 2013-18F CAGR of 26.6% and 17.2% to 18.2 bn and 5.3 bn, respectively, all of which should continue to support the growth in data creation/usage. Meanwhile, Cisco estimates that global monthly IP (Internet Protocol) traffic (IP traffic relates to the volume of data that is being transferred across the internet, excludes local traffic like those within an organisation network) will continue to display strong growth momentum, with a 2013-18F CAGR of 21%, after reporting a 125.9% CAGR between 2007 and 2012. A unique play on the favourable data sector fundamentals, with growing demand, high visibility to rental growth (due to stepup clauses) and long WALE Growing data creation and storage needs is one of the key drivers for data centres, which house the servers Figure 39: Total global data created annually Zettabytes (1 bn Terabytes or 1000 7 bytes) 30.0 25.0 2013-2018 CAGR: 47.7% 20.0 15.0 10.0 2008-2013 CAGR: 58.5% 5.0-2008 2009 2010 2011 2012 2013 2014F 2015F 2016F 2017F 2018F Source: BroadGroup Figure 40: Cisco analysis of growth in monthly IP traffic (PetaBytes a month) PetaBytes (1,000 Terabytes or 1000 5 bytes) 50,000 45,000 40,000 Asia Pacific : 2013-18F CAGR: 21% 35,000 30,000 25,000 20,000 North America: 2013-18F CAGR: 20% 15,000 10,000 Western Europe: 2013-2018F CAGR: 18% 5,000-2013 2014F 2015F 2016F 2017F 2018F Asia Pacific North America Western Europe Source: Cisco, BroadGroup (KEPE.SI / KDCREIT SP) 19

Growing demand for data centres with cloud computing and e-commerce Background information: Both "cloud" and "data centre" are similar in that they both store data, but the main difference is that cloud is an "off-premises" form of computing that stores data on the internet, while the data centre is an on-premises hardware that stores data. Businesses generally consider three metrics before deciding whether to have their own data centre or use cloud: business needs, data security and system costs. In a nutshell, a smaller company may opt for cloud as it is more cost effective and the time-tomarket is much faster, whereas a data centre will take longer to get started and cost of operations are quite high. As cloud is also less secure as it is an external form of computing, compared to a data centre which is physically connected to a local network, a business entity can manage the security aspect of it. And lastly, a data centre is ideal for companies that need a dedicated, customised solution, whereas a cloud system would likely appeal to the simpler businesses, and capacity would be scalable as and when required. Cloud computing and the increasing move from conventional shopping to e- commerce are also driving the need for data centres In layman terms, cloud computing is a systems architecture model for internet-based computing. Although it is perceived to be metaphorically "mist-like data hanging out in the ether", as interestingly described in article in TheAtlantic, the cloud actually consists of massive computer servers, powered by generators, cooled by air conditioners and stored in warehouses (also known as data centres). Figure 41: Brief summary on how cloud computing works, and what role a data centre plays Cloud computing allows local computers to access the cloud (a network of computers "off-premises") to process applications without the local computer requiring to do the heavy lifting. An example of cloud computing is when we access our email accounts on a web-based service (e.g., Gmail). The software and storage does not exist on your computer but is stored on the service's computer cloud. Data centres house these remote computers, databases and application servers. Source: HowStuffWorks, Credit Suisse With the dynamism and agileness of the cloud model, cloud computing is fast gaining popularity among corporate and individual end-users thus driving data centre demand. BroadGroup estimates that the cloud infrastructure services will deliver a CAGR of 35-55% per year for the next five years from 2014. Meanwhile, the growing migration of conventional retail to e-commerce has also been driving the need for data creation/usage, and subsequently, the need to host these data would drive the demand for data centres. IDC estimates global e-commerce transaction to grow to 34.8 bn by end of 2014 where the Asia Pacific region alone will represent about 46% of global digital buyers. Meanwhile, studies by emarketer estimate global B-to-C (business-to-consumer) e-commerce sales will grow 20.1% to reach US$1.5 tn in 2014; Asia Pacific to be responsible for over a third of these sales, overtaking North America for the first time in 2014, in terms of sales. (KEPE.SI / KDCREIT SP) 20

Increasing compliance and regulatory requirements on data security The increased compliance and regulatory requirements across various industries like the banking and finance sectors, as well as healthcare industries, has helped boost demand for data centre facilities. Rising need for outsourcing of data centre requirements, allowing businesses to focus on core competencies Increasingly, businesses are more open to the idea of outsourcing of data centre requirements, allowing them to focus on their core competencies and at the same time, not having to incur as much upfront costs required for the data centre. With the growing focus on capital rationalisation and progression towards the 'asset light' business model, this will continue to underpin the demand for outsourced data centre space. Increased compliance and regulatory requirements translate into need for more data centres Outsourcing has been one of the drivers for data centre demand as businesses outsource their data centre requirements Figure 42: Forecast proportion of outsourced data centre space by region (by sq ft) % 60.0 52.5 50.0 48.0 43.0 42.2 38.4 38.1 38.5 40.0 33.0 33.3 34.2 29.4 28.2 30.0 24.0 27.1 21.1 21.2 20.0 16.3 12.1 10.0 3.0 1.0 1.0 0.0 2007 2013 2014F 2015F 2016F 2017F 2018F Asia Pacific Western Europe US Figure 43: Proportion of third party data centre (by sq ft) in 2013 45.0% 40.0% 38.3% 35.0% 34.2% 30.0% 25.0% 24.2% 20.0% 19.2% 17.1% 15.0% 10.0% 9.3% 5.0% 0.0% Singapore Australia UK Netherlands Ireland Malaysia Source: BroadGroup Supply limited by high barriers to entry Source: BroadGroup As briefly highlighted earlier, data centre sub-sector requires significant upfront costs and know-how, which may deter or make it harder for new entrants. Track record is also an important element given the mission-critical nature of the data centre business. It is also challenging to obtain the appropriate site given considerations such as access to sufficient power and fibre connectivity and generally low exposure to natural disasters, yet close enough to the businesses. All these factors add up, thus limiting the availability of significant new supply. However, in certain markets as we shall see in the following sections, some of these challenges are somewhat offset by incentives like government grants and lower taxes. As shown in Figure 10 earlier, the upfront cost of a data centre is significantly higher than other property asset classes, deterring new entrants (KEPE.SI / KDCREIT SP) 21

Individual market outlook Figure 44: Five-year CAGR in internet penetration as well as rental growth projections in the respective markets % growth Five-year (2013-18F) CAGR Internet-enabled devices 26.6% Global Internet users 17.2% Price per KW^ Five-year (2013-18F) CAGR % rental growth Price psf^ Singapore 4.8% 4.9% Sydney 4.3% 5.0% Kuala Lumpur 2.6% 5.8% London 3.1% 4.6% Amsterdam 2.7% 4.2% Dublin 2.3% 3.8% ^US$ per kw and US$ per sq ft. Source: BroadGroup Singapore: Demand and supply outlook The supply situation remains relatively tight due to the overall scarcity of land in the island republic. However, given its limitation, the Singapore government has over the years demonstrated its ability to reposition itself up the value chain, which is in line with its longer term plans on boosting the economy's productivity. As part of efforts to position Singapore as a data centre hub in Southeast Asia, the Infocomm Development Authority of Singapore (IDA) and JTC Corporation (government body which overseas industrial development) announced plans to establish a data centre park, a park which will eventually consist of up to eight data centres of 1.1 mn sq ft GFA of data centre space and may be operational as early as 2016. Overall utilisation remains relatively high at about 85%-levels higher than many other markets, and BroadGroup forecasts utilisation rates will inch up to 92.1% in 2018F. The demand is expected to be coming mainly from financial institutions. As a result, rents are expected to rise at a 4.9% CAGR over the period 2013-18F. BroadGroup expects rentals to deliver 4.9% CAGR over 2013-18F supported by a growing demand for Singapore as a Southeast Asia data centre hub, yet supply is limited Figure 45: Demand, supply and utilisation in Singapore sq ft Utilisation 200,000 100.0% 180,000 95.0% 160,000 90.0% 140,000 85.0% 120,000 80.0% 100,000 75.0% 80,000 70.0% 60,000 65.0% 40,000 60.0% 20,000 55.0% 0 50.0% 2007A 2009A 2011A 2013A 2015F 2017F Incremental Space (sq ft) Absorption (sq ft) Utilisation % Source: BroadGroup Figure 46: Wholesale co-location pricing in Singapore (US$ per kw and sq ft) US$ per kw 350.0 300.0 250.0 200.0 150.0 100.0 50.0 0.0 2007A 2009A 2011A 2013A 2015F 2017F CAGR 2007-13 in price per kw = 2.6% CAGR 2007-13 in price psf = 5.3% Source: BroadGroup Price per kw Price per sq ft US$ psf 50.0 45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 CAGR 2013-18F in price per kw = 4.8% CAGR 2013-18F in price psf = 4.9% (KEPE.SI / KDCREIT SP) 22

Australia: Demand and supply outlook Australia is one of the most advanced data centre services market in the Asia Pacific region in terms of market size, according to the Frost & Sullivan Australian Data Centre Service Market 2013 report. Australia is predicted to be A$1.5 bn revenue market by 2019. Growth is expected to come from growing requirement from the government, banking, financial services and insurance, telco/it sector as well as the outsourcing trend, which will continue to be driven by the need for corporations to streamline operations, tightening IT budgets. BroadGroup expects Sydney's utilisation to improve beyond 2016, supporting its projection of 2013-18F rental growth CAGR of 5% Specifically on the Sydney market, BroadGroup expects absorption to deliver a 4.1% CAGR for 2013-18, driving utilisation levels up to 80% by 2018 from 74% in 2013, supporting a projected rental growth of 5% per annum over the similar 2013-18 period. Meanwhile, in Brisbane, BroadGroup estimates that total supply stands at 100,000 sq ft to 120,000 sq ft of net technical space, with a favourable utilisation of between 80% and 85% for 2013 (expected to reach 88% by 2018). Figure 47: Demand, supply and utilisation in Sydney sq ft 250,000 200,000 150,000 100,000 50,000 0 2007A 2009A 2011A 2013A 2015F 2017F Source: BroadGroup Incremental Space (sq ft) Absorption (sq ft) Utilisation % Malaysia: Demand and supply outlook Utilisation 100.0% 95.0% 90.0% 85.0% 80.0% 75.0% 70.0% 65.0% 60.0% 55.0% 50.0% Figure 48: Wholesale co-location pricing in Sydney (US$ per kw and sq ft) US$ per kw 450.0 400.0 350.0 300.0 250.0 200.0 150.0 100.0 50.0 0.0 0.0 2007A 2009A 2011A 2013A 2015F 2017F CAGR 2007-13 in price per kw = 7.4% CAGR 2013-18F in price per kw = 4.3% CAGR 2007-13 in price psf = 9.5% CAGR 2013-18F in price psf = 5.0% Price per kw Price per sq ft Source: BroadGroup Kuala Lumpur (KL) dominates the data centre market in the nation, supported by good telecommunications infrastructure, and at the same time, KL has also benefitted from the tax advantages provided by the purpose built technology business park near Cyberjaya. With the recent growth in data centre supply, at 12.7% CAGR over the period of 2007-2013, utilisation rates have been at approximately 71% in 2013, led by recent completions of new large-scale builds by players like CSF. However, BroadGroup expects to see sector utilisation in the Kuala Lumpur sub-market improving to 74% (see Figure 49), supportive of rental growth, projected at 5.8% over 2013-18, skewed to the higher quality data centre providers. US$ psf 70.0 60.0 50.0 40.0 30.0 20.0 10.0 BroadGroup expects a 2013-18F rental growth CAGR of 5.8% on the back of improving utilisation rates, skewed to the higher quality data centre providers (KEPE.SI / KDCREIT SP) 23

Figure 49: Demand, supply and utilisation in KL Cyberjaya sq ft 120,000 100,000 80,000 60,000 40,000 20,000 0 2007A 2009A 2011A 2013A 2015F 2017F Source: BroadGroup Utilisation Incremental Space (sq ft) Absorption (sq ft) Utilisation % United Kingdom: Demand and supply outlook 100.0% 95.0% 90.0% 85.0% 80.0% 75.0% 70.0% 65.0% 60.0% 55.0% 50.0% Figure 50: Wholesale co-location pricing in KL Cyberjaya (US$ per kw and sq ft) US$ per kw 160.0 140.0 120.0 100.0 80.0 60.0 40.0 20.0 US$ psf 25.0 0.0 0.0 2007A 2009A 2011A 2013A 2015F 2017F CAGR 2007-13 in price per kw = 0.8% CAGR 2013-18F in price per kw = 2.6% CAGR 2007-13 in price psf = 2.3% CAGR 2013-18F in price psf = 5.8% Price per kw Price per sq ft Source: BroadGroup The UK is the largest data centre market in Europe (~25% of Western European third party data centre market), due to its strong pull of multinational companies to London, and its positioning as a strong trading and financial hub. It is therefore no surprise that the UK has attracted strong players, which has resulted in quite a competitive landscape in recent years. Coupled with the broader UK economic weakness in 2012-13, utilisation levels have been relatively soft in the past two years, especially with the new supply. However, BroadGroup expects market demand to normalise, anticipating a 12.7% 2013-18F absorption CAGR in London, with utilisation rates expected to improve from 72% in 2013 to 86% by the end of 2018, driving rental growth. Figure 51: Demand, supply and utilisation in London sq ft 250,000 200,000 150,000 100,000 50,000 0 2007A 2009A 2011A 2013A 2015F 2017F Source: BroadGroup Utilisation 100.0% Incremental Space (sq ft) Absorption (sq ft) Utilisation % The Netherlands: Demand and supply outlook 95.0% 90.0% 85.0% 80.0% 75.0% 70.0% 65.0% 60.0% 55.0% 50.0% Figure 52: Wholesale co-location pricing in London (US$ per kw and sq ft) US$ per kw 300.0 250.0 200.0 150.0 100.0 50.0 20.0 15.0 10.0 5.0 US$ psf 40.0 0.0 0.0 2007A 2009A 2011A 2013A 2015F 2017F CAGR 2007-13 in price per kw = 1.2% CAGR 2013-18F in price per kw = 3.1% CAGR 2007-13 in price psf = 2.6% CAGR 2013-18F in price psf = 4.6% Price per kw Price per sq ft Source: BroadGroup The Netherlands, specifically Amsterdam, has been growing in appeal among data centre providers over the years including the likes of Global Switch, Digital Realty and Equinix), because of its positioning as a key internet and media hub for Europe, supported by excellent telecommunication infrastructure as well as strong government support including commitment to outsourcing and supportive planning. As such, the market has seen quite a BroadGroup projects London's data centre rents to witness a 4.6% 2013-18E CAGR 35.0 30.0 25.0 20.0 15.0 10.0 5.0 With over 90% utilisation rate in Amsterdam, BroadGroup expects 4.2% 2013-18F rental CAGR (KEPE.SI / KDCREIT SP) 24

strong growth of data centre supply in recent years, but BroadGroup expects utilisation to push above 90%, projecting some 4.2% rental CAGR over 2013-18F as a result. Figure 53: Demand, supply and utilisation in Amsterdam sq ft 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 2007A 2009A 2011A 2013A 2015F 2017F Source: BroadGroup Utilisation Incremental Space (sq ft) Absorption (sq ft) Utilisation % Ireland: Demand and supply outlook 100.0% 95.0% 90.0% 85.0% 80.0% 75.0% 70.0% 65.0% 60.0% 55.0% 50.0% Figure 54: Wholesale co-location pricing in Amsterdam (US$ per kw and sq ft) US$ per kw 200.0 180.0 160.0 140.0 120.0 100.0 80.0 60.0 40.0 20.0 US$ psf 30.0 0.0 0.0 2007A 2009A 2011A 2013A 2015F 2017F CAGR 2007-13 in price per kw = 1.1% CAGR 2013-18F in price per kw = 2.7% CAGR 2007-13 in price psf = 4.0% CAGR 2013-18F in price psf = 4.2% Price per kw Price per sq ft Source: BroadGroup Ireland has been an interesting market while there are tax advantages, and strong presence of US companies (60-80% of third party data centre demand comes from the US), the macro-economic backdrop in the last three years has been challenging on the domestic demand front, also making it more difficult for investors to gain funding for new supply. With the new supply and relatively soft demand, Dublin's utilisation rates fell to 75% levels and is expected to decline until 2016 when absorption is forecast to exceed supply, according to BroadGroup, which also expects utilisation to inch back up to 76% by the end of 2018. BroadGroup is also forecasting a 3.8% rental growth CAGR over the same period. 25.0 20.0 15.0 10.0 5.0 Ireland has seen quite a bit of supply glut, but beyond 2015, BroadGroup expects demand to outweigh supply, projecting a 2013-18F rental CAGR of 3.8% Figure 55: Demand, supply and utilisation in Dublin sq ft Utilisation 80,000 100.0% 70,000 95.0% 90.0% 60,000 85.0% 50,000 80.0% 40,000 75.0% 30,000 70.0% 65.0% 20,000 60.0% 10,000 55.0% 0 50.0% 2007A 2009A 2011A 2013A 2015F 2017F Incremental Space (sq ft) Absorption (sq ft) Utilisation % Source: BroadGroup Figure 56: Wholesale co-location pricing in Dublin (US$ per kw and sq ft) US$ per kw 180.0 160.0 140.0 120.0 100.0 80.0 60.0 40.0 20.0 0.0 2007A 2009A 2011A 2013A 2015F 2017F CAGR 2007-13 in price per kw = 1.9% CAGR 2007-13 in price psf = 4.8% Source: BroadGroup Price per kw Price per sq ft US$ psf 25.0 20.0 15.0 10.0 5.0 0.0 CAGR 2013-18F in price per kw = 2.3% CAGR 2013-18F in price psf = 3.8% (KEPE.SI / KDCREIT SP) 25

Growth drivers: Organic reversions and acquisitions Organic earnings growth driven by step-up clauses in the leases Long leases with per annum step up of between 2% and 4% per annum Due to the nature of data centres and the significant upfront capex, particularly those which are purpose-built, the average lease duration tends to be relatively long. Given 's portfolio relatively long WALE of 7.8 years (by leased lettable area as at 30 September 2014), its income stream is considered to be relatively more resilient compared to most of the other REITs in the market with shorter WALE, with growth underpinned by per annum step-ups, while vacancy risks are mitigated by the longer-thanpeers leases. Table below summarises the types of leases and co-location arrangements within Keppel DC REIT's portfolio, providing rental annual escalations of between 2% and 4% for most of its portfolio. Majority of its leases have imputed step-up clauses of between 2% and 4% per annum, underpinning organic earnings growth Figure 57: Various lease structures provide a combination of long-term stability, yet provide a proxy to rent reversion from its co-location arrangements Co-location arrangements Keppel leases Double-net and triple-net leases Lease types Lease part of the property 10+5 year lease of S25 and T25 leased to Lease the whole or Higher rental than doublenet Keppel Digihub Ltd and Keppel Datahub Pte. Ltd substantially the whole and triple-net leases bears insurance and property property One of the Gore Hill colocation tax Double-net or triple-net arrangements has Fixed and variable rent contribution leases rents growing at 4% per S25: S$5mn fixed rent p.a.+ variable rent of Rental rates with annual annum 99% of the EBITDA (after fixed rent and opex) escalations of between 2.0- T25: S$3mn fixed rent p.a.+ variable rent of 4.0% 99% EBITDA (after fixed rent and opex) Lease terms of between 15 to 3% p.a. rent escalation on fixed rent 20 years Keppel lessees have entered into underlying co-lo arrangements with end users Facility manager Keppel / Keppel affiliates Keppel / Keppel affiliates Typically the customer WALE 3.0 years S25: 3.5 years 11.4 years T25: 2.0 years Properties Gore Hill DC S25 Basis Bay DC Citadel 100 DC T25 GV7 DC Almere DC iseek DC^ Gore Hill DC Rental income* 75.6% 24.4% * Based on percentage contribution of rental income for the month of September 2014. ^ The iseek Lease is legally a co-location arrangement. However, the terms thereof are structured so as to mimic the economic effects of a double-net lease and the responsibilities which iseek Communications bears under the iseek Lease are those it would bear if it were the lessee under a double-net lease and for the avoidance of doubt, the iseek Lease is treated as a double-net lease and not a co-location arrangement for the purpose of this report. Source: Company data Any incremental growth will come from the following drivers: (1) Increased occupancy at S25 and Citadel 100 DC: Only two of its eight-asset portfolio are currently not fully leased, where vacancies are currently 14.0% and 26.3%, respectively. As such, the leasing up of these assets will add to existing top line growth. (2) Further growth to come from rent reviews: The 2-4% per annum step-up growth is not including the further upside that could come from the market review periods, as shown in the WALE earlier on Figure 17. Given the favourable market outlook, and management track record, we believe that growth is likely to be in the positive territory, but the extent of which, will depend on macro and competitive pressures. Further rental income growth can come from rent reviews and higher occupancy (KEPE.SI / KDCREIT SP) 26

Figure 58: Gross revenue trend S$ mn 110 105 100 95 90 85 80 75 70 65 60 0.2 11.3 69.6 1.9 15.0 84.3 5.2 2.6 72.2 0.1 1.3 99.2 2012 2013 9M14 2015E 2016E Cash rent Straight line adjustment Other income Source: Company data, Credit Suisse estimates Figure 60: Gross revenue (cash portion, excluding straight line adjustment) by asset S$ mn 120.0 90.0 60.0 30.0-99.2 102.9 2015E 16.2 0.1 0.3 102.9 14.0 13.8 9.9 10.0 5.5 5.6 4.0 3.9 5.1 5.2 20.9 21.1 16.7 23.8 26.5 2016E S25 T25 Gore Hill DC iseek DC Basis Bay DC GV7 DC Almere DC Citadel 100 DC Figure 59: Net property income growth (cash, excluding adjustments) S$ mn 85.0 80.0 75.0 83.4 70.0 78.2 80.1 65.0 60.0 2014E 2015E 2016E Cash NPI Source: Credit Suisse estimates Figure 61: Occupancy by asset % 9M14* 2015E 2016E S25 86.0 86.0 87.5 T25 100.0 100.0 100.0 Gore Hill DC 100.0 100.0 100.0 iseek DC 100.0 100.0 100.0 Basis Bay DC 100.0 100.0 100.0 GV7 DC 100.0 100.0 100.0 Almere DC 100.0 100.0 100.0 Citadel 100 DC 73.7 73.7 73.7 Source: Credit Suisse estimates Inorganic growth from potential AEIs *as at 30 September 2014. Source: Company data, Credit Suisse estimates for 2015 and 2016. We understand there could be a potential upside in terms of unutilised GFA for T25 asset (further 20,000 sq ft lettable area), Citadel 100 DC (further 40,000 sq ft lettable area from converting unused car park space), for Basis Bay DC (a potential increment of 5,000 sq ft lettable area if the rooftop is converted), adding a total of 65,000 sq ft lettable area or 12.7% incremental space to the existing portfolio lettable area of 509,913 sq ft. However, we understand that there are no immediate plans to exercise these options just yet. Future AEIs may further boost lettable area (KEPE.SI / KDCREIT SP) 27

Acquisition from Sponsor and iseek 's investment mandate is established with the investment strategy of principally investing, directly or indirectly, in a diversified portfolio of income-producing real estate assets, which are primarily used for data centre purposes, as well as real estate-related assets with an initial focus on Asia Pacific and Europe. Inorganic growth can come from acquisitions potentially from Sponsor and iseek, but also from third party. ROFR from Keppel T&T: Sponsor pipeline asset T27 and Almere Data Centre 2 The Sponsor, Keppel T&T, has provided a right-of-first-refusal (ROFR) for the Sponsor's income-producing real estate which is used primarily for data centre purposes including T27, a fully fitted data centre designed with high specifications in Singapore, which is wholly-owned by Keppel Data Centres Holdings Pte Ltd (KDCH), a joint venture that is 70:30 held by Keppel T&T and Keppel Land Limited. The property is located adjacent to T25 and while it was recently completed, we understand that it is currently in the process of obtaining Certificate of Statutory Completion from the Building and Construction Authority. This could potentially add a further 9.2% to its current portfolio lettable area of 509,913 sq ft. 's mandate: To invest directly or indirectly in real estate assets used primarily for data centre purposes, with an initial focus on Asia Pacific and Europe has a ROFR from Sponsor, Keppel T&T, including T27 in Singapore and Almere Data Centre 2 in Amsterdam Figure 62: T27 summary of asset details Address Completion 27 Tampines Street 92, Singapore Completed 3Q14 GFA (sq ft) 134,000 Lettable area (sq ft) 47,000 Source: Company data In addition, the Sponsor, through KDCH recently announced the acquisition of Almere Data Centre 2, a c.53,800 sq ft lettable area high-spec Tier III data centre located adjacent to the Almere Data Centre. We understand that the there is already a major tenant who has signed a binding letter of intent to commit approximately 40% of the space here. ROFR from iseek pipeline asset: iseek DC (future part II), Brisbane iseek Communications Pty Ltd has also provided with a ROFR for its income-producing real estate located in Australia, which is used primarily for data centre purposes, including a data centre that is proposed to be developed on a plot of vacant land adjacent to the iseek Data Centre in Brisbane. Acquisition via third party While management has existing operations across six markets, we understand market fundamentals also look interesting in countries such as France, Germany and cities like Melbourne, Australia. Paris According to CBRE's European Data Centres report, demand for data centre in Paris generally comes from local or multinational corporations which are headquartered in the city. However, like other mature markets, increasingly the trend of outsourcing has gained traction. Cloud hosting provider Host Virtual has added capacity to its data centres in London, Amsterdam and Paris in response to increased demand for its services. Frankfurt Based on a report on European Data Centres by CBRE, demand is rising with the return of occupier confidence which has been building as a result of a stable German economy, iseek Communications Australia has also provided with a ROFR for its incomeproducing data centre assets in Australia (KEPE.SI / KDCREIT SP) 28

MCT MAGIC CMT Fortune CRCT FCT SGREIT LMRT SPH REIT KepREIT OUECT FCOT Suntec CCT Viva Sabana Cambridge MLT MINT AREIT AAREIT SB REIT Cache Kep DC REIT Frasers HT Ascott AHT OUEHT Far East CDLHT PLife REIT First REIT 13 January 2015 hence allowing corporates to re-engage a forward planning strategy, which is increasingly seeing IT infrastructure being integral to business growth. Melbourne, Australia During our site visit to Sydney, we managed to get a bit more colour on the background of the Australia data centre market from our discussion with management. And while Sydney is the largest data centre market in Australia, Melbourne, which has better energy security (because New South Wales depends on gas imports from the state of Victoria and Queensland, which makes it more susceptible to pricing fluctuations Source: Gartner), is also an increasingly attractive data centre market, with large players like IBM and Equinix. Gearing of 27.8% implies some S$200 mn debt headroom for acquisition assuming 40% target will acquire the initial portfolio, with a combination of equity and debt. Assuming that the acquisition price is equivalent to the appraised value of S$1.022 bn, we estimate that will have a relatively low aggregate leverage of S$295 mn (another S$35mn of undrawn revolving credit facility), implying a 27.8% debt-to-asset ratio, which is relatively low versus the peers, compared to the S-REITs average of 34%, regulatory limit without credit rating of 35% and 60% with credit rating. We understand that all in effective interest rate is 3.1% (includes interest on bank borrowings and amortisation of debt, excludes finance lease expenses). Management intends to also enter into interest rate hedging contracts to hedge at least 50% of its interest rate exposure, which should mitigate any near-term impact of interest rate spikes, giving higher visibility to distributable income in the near term. On a side note, we highlight that the Monetary Authority of Singapore had recently released a consultation paper on 9 October 2014, where one of the proposals include standardising the gearing at 45% (regardless of rating status). The existing regulation allows REITs without credit rating to go up to 35% debt-to-asset, and up to 60% with credit rating. is expected to have a gearing of 27.8%, implying some S$200 mn debt headroom assuming a 40% target leverage ratio Figure 63: Gearing relative to S-REIT peers S-REITs average at 34% Gearing (%) 45.0 40.0 35.0 30.0 25.0 38.0 37.7 34.1 31.2 30.8 29.3 29.1 28.3 26.0 42.1 39.8 37.1 35.5 30.2 38.8 37.0 33.9 33.3 33.1 32.6 32.2 30.3 28.8 27.8 41.7 40.0 38.3 34.6 32.7 33.1 31.4 30.2 20.0 Source: Company data, Credit Suisse estimates (KEPE.SI / KDCREIT SP) 29

Figure 64: Well-spread debt maturity with a weighted average debt maturity of 4.4 years 60% 50% 20.4% 40% 30% 27.4% 44.1% 20% Figure 65: Gearing headroom assuming different gearing limits S$ mn 1,400 900 1,200 1,000 800 360 600 135 400 295 200 10% 0% 8.1% 2014 2015 2016 2017 2018 2019 GBP AUD EUR SGD - 27.8% 35% 45% 60% Initial estimated gearing Gearing limit if no rating Gearing limit if no rating (MAS consultation scenario) Gearing limit with rating * Excludes undrawn revolving credit facility. Source: Company data Source: Company data, Credit Suisse estimates Scenario analysis on acquisition: Potentially a 10% accretion on an 8% NPI yielding asset (assuming T27 is valued at S$4,500 psf lettable area, or S$211.5 mn) While T27 is physically completed, we noted that the building has yet to receive its Certificate of Statutory Completion. We understand that the indicative demand for T27 looks interesting, with some enquiries coming from existing customers looking for expansion. Assuming a potential injection in 2016 at about 8% cap rate (both S25 and T25 are at 8-8.25% cap rates), and assuming a psf lettable area valuation of about S$4,500 psf (neighbouring T25 is valued at S$4,392 psf lettable area as at 30 September 2014), this translates into an estimated S$211.5 mn, implying over S$40 psf/month in rent (if we assume the average 60-70% EBITDA margins). While we are not privy to the details of the leases to be signed in this building, taking a very simple assumption, an 8% yield (S25's and T25's cap rates average 8-8.25%), and assuming the average interest cost of about 3.5% and 100% debt financing, we estimate this could potentially translate into some 10% accretion to FY16 distributable income. However, given the potential acquisition size, there may be equity raising risk, which may part mitigate the accretion. Relatively young portfolio: Minimal capital expenditure requirement in the near term 's portfolio is relatively "up-to-date", with a weighted average age of 5.5 years (based on appraised value and calculated using age since TOP or last refurbishment, whichever is later) as its centres are either being recently completed or refurbished. As such, we believe that near-term capex requirements are likely to be fairly minimal. For the avoidance of doubt,, as owners of the data centres are largely responsible in the maintenance and upkeeping of the building and mechanical and engineering aspects, which include the chillers, generators, UPSs, transformers, and not the servers (these generally belong to the tenants). As such, the lifespan for these larger "infrastructure" type of equipment tend to be relatively long: UPSs tend to have a 10 to 15- year replacement cycle, and even so, in parts, while the generators and transformers with frequent maintenance can last some 25 years. Relatively young portfolio, with an average of 5.5 years = minimal capex; i.e., maintenance type capex Capital expenditure for the forecast period of 2015 and projection year of FY16 based on 's forecast is S$12.5 mn for both years for future replacement and improvement work, of which S$8 mn will be borne by the Sponsor. Given its gearing headroom and strong balance sheet, we expect this to be internally funded. (KEPE.SI / KDCREIT SP) 30

Down the line future allocation for capex reserves Based on prospectus estimates, we understand that will be paying out 100% of Distributable income for FY15E and FY16E. However, we understand that it is the intention going forward to set aside some capex reserves or sinking fund to part finance the replacement capex for the mechanical and engineering equipment in the assets, which we understand to account for about a third of the total asset values, with the remaining two-thirds attributable to land and building value. As such, we have assumed 96% payout for 2017E and thereafter 95% payout ratio for distributable income. (KEPE.SI / KDCREIT SP) 31

Cost of equity AAREIT AREIT CACHE MLT MINT CREIT SSREIT SBREIT VIVA CRCT FRT LMRT MCT MAGIC CT FCT SGREIT SPHREIT CCT KREIT SUN FCOT FEHT ART ASCHT CDREIT OUEHT FIRT PREIT 13 January 2015 Initiate with an OUTPERFORM Our DDM-derived target price of S$1.00 implies 21% total return We have made the following assumptions: Cost of equity of 8.50% derived based on a market risk premium of 6.67%, a risk-free rate of 3% and beta of 0.82. Terminal growth of 2.0.5%: We note that the average leases, majority of them have an imputed per annum step up of 2-4%. Based on these assumptions, we arrive at a DDM-derived target price of S$1.10, which implies about 15% potential upside from current levels or a total return of 21%. At S$1.05, the implied FY15E yieldsare 5.8%. Figure 66: S-REITs beta 1.10 1.00 0.90 0.80 0.70 0.9 0.9 0.8 0.8 0.7 0.7 1.0 0.9 0.9 0.9 0.9 0.8 0.8 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 1.0 0.8 0.60 0.50 0.5 0.5 0.4 0.5 0.6 0.40 0.30 Industrial Retail Office Hospitality Health Source: Company data, Credit Suisse estimates Figure 67: Scenario analysis: DDM based on various terminal growth and cost of equity assumptions Terminal growth 1.00% 1.50% 2.00% 2.5% 3.0% 3.50% 7.5% 1.13 1.20 1.27 1.36 1.58 2.09 7.7% 1.10 1.16 1.23 1.31 1.52 1.99 7.9% 1.07 1.13 1.19 1.27 1.46 1.89 8.1% 1.04 1.10 1.16 1.23 1.41 1.81 8.3% 1.02 1.07 1.13 1.19 1.36 1.73 8.5% 0.99 1.04 1.10 1.16 1.31 1.66 8.7% 0.97 1.01 1.07 1.12 1.27 1.59 8.9% 0.95 0.99 1.04 1.09 1.23 1.53 9.1% 0.92 0.96 1.01 1.06 1.19 1.47 Source: Credit Suisse estimates (KEPE.SI / KDCREIT SP) 32

CMT Fortune MAGIC MCT SPH REIT SGREIT FCT CRCT LMRT Suntec KepREIT CCT FCOT OUECT AREIT MLT MINT AAREIT Cambridge Sabana Cache SB REIT Viva Kep DC REIT Ascott Far East CDLHT OUEHT Frasers HT AHT PLife REIT First REIT CMT Fortune MAGIC MCT SPH REIT SGREIT FCT CRCT LMRT Suntec KepREIT CCT FCOT OUECT AREIT MLT MINT AAREIT Cambridge Sabana Cache SB REIT Viva Kep DC REIT Ascott Far East CDLHT OUEHT Frasers HT AHT PLife REIT First REIT 13 January 2015 How does stack up versus peers? Figure 68: Singapore REITs market cap versus T+2 yields Market cap - S$ mn 2015 yield (%) 8,000 7,000 6,000 5,000 4,000 5.6 5.7 5.3 7.1 10.1 5.7 6.2 6.3 7.0 5.9 4.6 5.0 7.0 6.8 6.2 6.4 7.3 7.7 8.3 7.9 8.4 8.4 9.9 6.4 6.2 6.6 6.6 7.5 6.6 8.7 5.2 7.0 12.0 10.0 8.0 6.0 3,000 2,000 1,000 4.0 2.0 0 0.0 Retail Office Industrial DC Hospitality Healthcare Source: Company data, Credit Suisse estimates Figure 69: Singapore REITs by total assets Total assets - S$ mn 12,000 10,000 8,000 6,000 4,000 2,000 0 Retail Office Industrial DC Hospitality Healthcare Source: Company data, Credit Suisse estimates (KEPE.SI / KDCREIT SP) 33

13 January 2015 (KEPE.SI / KDCREIT SP) 34 S-REITs valuation summary Figure 70: S-REITs valuation summary Ticker Singapore REITs Price Rating TP Up/Dn Mkt Cap Yield ROE (%) P/B Debt/ 6M ADT Tot. Assets Free- Price performance (S$) (S$) % (S$mn) T+1 T+2 T+3 T+1 (x) Asset (%) (S$mn) (S$ mn) float (%) 1 Wk (%) 1M (%) 3M (%) 6M (%) 1Y (%) Retail 5.8 6.2 6.9 6.2 0.98 31.5 CT SP CapitaMall Trust 2.08 O 2.40 15 7,201 5.3 5.6 5.7 6.5 1.16 34.1 14.7 9,602 72 1% 3% 9% 7% 12% MCT SP Mapletree Comm. Trust 1.44 O 1.59 10 3,029 5.5 5.7 5.8 6.3 1.24 38.0 3.2 4,080 61 1% -1% 1% 5% 24% SPHREIT SP SPH REIT 1.04 N 1.10 6 2,619 5.2 5.3 5.4 4.8 1.12 26.0 0.8 3,269 30 0% -1% -2% 1% 5% MAGIC SP Mapletree Greater China Comm. 0.95 NR - - 2,578 6.5 7.1 7.1 5.7 0.91 37.7 3.3 4,825 51 1% -2% 4% 7% 17% FRT SP* Fortune REIT 7.91 NR - - 2,549 5.6 5.7 n.a. 4.2 0.77 31.2 0.6 5,300 72 2% 3% 15% 12% 29% FCT SP Frasers Centrepoint Trust 1.92 N 2.12 10 1,758 6.1 6.2 6.3 5.9 1.04 29.3 2.1 2,522 62 0% 1% 2% 3% 8% SGREIT SP Starhill Global 0.81 NR - - 1,733 6.3 6.3 6.2 5.8 0.88 29.1 1.5 2,947 64 0% 1% 3% -3% 6% CRCT SP CapitaRetail China Trust 1.67 NR - - 1,379 6.6 7.0 7.2 7.4 1.13 30.8 1.5 2,218 63 2% 5% 5% 13% 31% LMRT SP Lippo-Malls Indo Retail Trust 0.35 NR - - 891 9.0 10.1 11.6 9.2 0.83 28.3 1.4 1,680 64 1% -1% -14% -15% -16% Office 5.9 5.9 6.3 4.4 0.91 36.9 CCT SP CapitaCommercial Trust 1.80 N 1.59-12 5,301 4.6 4.6 4.8 4.5 1.08 30.2 11.2 6,331 67 4% 7% 14% 7% 24% SUN SP Suntec REIT 1.96 U 1.55-21 4,892 4.8 5.0 5.1 4.5 0.96 35.5 16.5 8,365 95 0% 1% 10% 8% 25% KREIT SP Keppel REIT 1.21 N 1.30 8 3,820 6.0 5.9 5.8 2.6 0.87 42.1 5.3 6,939 53-2% 0% 1% -5% 4% FCOT SP Frasers Commercial Trust 1.42 NR - - 964 7.0 7.0 7.0 4.6 0.89 37.1 1.0 1,882 72 0% 1% 6% 3% 13% OUECT SP OUE C-REIT 0.81 NR - - 701 6.8 6.8 8.7 5.8 0.76 39.8 0.3 1,651 38 0% 0% 3% 2% - Industrial 7.3 7.6 7.5 7.9 1.12 32.2 AREIT SP Ascendas REIT 2.47 N 2.52 2 5,942 6.0 6.2 6.4 7.1 1.19 32.6 15.0 7,866 83 2% 6% 12% 6% 13% MLT SP Mapletree Logistics Trust 1.20 O 1.46 22 2,963 6.3 6.4 6.5 8.2 1.26 33.3 3.5 4,440 59 1% 2% 3% 3% 15% MINT SP Mapletree Industrial Trust 1.52 O 1.68 11 2,624 6.7 7.3 7.7 7.7 1.26 33.1 4.0 3,271 69 1% 2% 7% 6% 13% CACHE SP Cache Logistics Trust 1.15 NR - - 898 7.7 8.3 7.2 8.7 1.19 28.8 1.1 1,088 93 0% 0% 0% -5% 4% AAREIT SP AIMS AMP Industrial REIT 1.44 NR - - 900 7.6 7.7 7.6 9.3 0.95 32.2 0.5 1,454 81 1% 0% -1% -1% 7% CREIT SP Cambridge Industrial Trust 0.69 NR - - 869 7.7 7.9 8.2 7.7 1.00 33.9 1.4 1,350 92 0% 1% -3% -9% -2% AIT SP Ascendas India Trust 0.85 NR - - 783 5.8 5.9 6.5 8.0 1.38 22.0 0.4 1,080 80 4% 1% 16% -1% 24% SSREIT SP Sabana REIT 0.93 NR - - 674 8.4 8.4 n.a. 6.5 0.88 37.0 0.9 1,234 89-1% -2% -7% -11% -13% SBREIT SP Soilbuild Business Space REIT 0.79 NR - - 638 8.3 8.4 n.a. 6.7 0.98 30.3 0.8 972 67-1% 0% -2% -1% 3% VIT SP Viva Industrial Trust 0.81 NR - - 499 8.7 9.9 9.9 8.8 1.08 38.8 0.1 855 15 0% 1% -1% 1% 4% Data Centre 6.4 6.6 6.9 7.7 1.08 27.8 KDCREIT SP 0.96 O 1.10 15 848 6.4 6.6 6.9 7.7 1.08 27.8 10.9 1,097 65-1% -1% - - - Hospitality 7.0 7.1 6.8 5.1 0.98 35.7 ART SP Ascott Residence Trust 1.27 N 1.36 7 1,949 6.2 6.2 6.3 3.4 0.94 40.0 1.3 3,908 48 0% 0% 5% 4% 9% CDREIT SP CDL Hospitality Trusts 1.73 N 1.91 11 1,691 6.3 6.6 6.7 6.4 1.08 30.2 2.0 2,316 63-1% -1% 3% -1% 4% FEHT SP Far East Hospitality Trust 0.83 NR - - 1,473 6.6 6.6 6.3 5.4 0.85 31.4 0.5 2,544 37 1% 1% 2% -6% 0% OUEHT SP OUE Hospitality Trust 0.91 O 1.09 20 1,196 7.4 7.5 7.7 6.3 1.00 32.7 1.1 1,796 66-1% -1% 0% 1% 3% FHT SP Frasers Hospitality Trust 0.89 NR - - 1,055 6.9 7.0 7.9 6.1 1.06 41.7 n.a. n.a. 35 0% 1% -1% - - ASCHT SP Ascendas Hospitality Trust 0.68 NR - - 756 8.5 8.7 7.4 3.1 0.93 38.3 0.6 1,438 55 1% -1% -6% -9% -6% Healthcare 5.9 6.1 7.1 7.9 1.39 33.8 PREIT SP ParkwayLife REIT 2.35 NR - - 1,422 5.1 5.2 n.a. 7.4 1.47 34.6 0.5 1,565 64-1% -2% 1% -3% 1% FIRT SP First REIT 1.28 NR - - 939 6.7 7.0 7.1 8.4 1.31 33.1 0.4 1,137 66 1% 0% 4% 6% 21% Singapore REITs 6.4 6.6 6.9 6.3 1.08 34.0 *Price in HKD; Note: N = NEUTRAL, O = OUTPERFORM, U = UNDERPERFORM, NR = NOT RATED. Priced as at 12 January 2015. Source: Company data, IBES, Credit Suisse estimates

Key risks In our view, these are the key risks to : Risks related to land tenure Of the eight assets owned by, three assets are Freehold: Gore Hill DC, Basis Bay DC and Almere DC. GV7 DC has a reasonably long land lease, which expires in 2183, but the remaining assets Citadel 100 DC, S25, T25 and iseek DC have relatively shorter land leases. The table below summarises the key individual property risks. Figure 71: Summary of key property risks from individual asset's leases Asset Property risk S25 & T25 iseek DC Citadel 100 DC Source: Company data. JTC and HDB (lessors of S25 and T25 respectively) may require to surrender portions of the land without compensation if required for public use. There is no assurance of extending the lease for 30 years after the expiration in Sep 2025 and Jul 2021 for S25 and T25 respectively. Brisbane Airport Corporation Pty Ltd (lessor) has the right to give a surrender notice requiring to surrender its interest as tenant under the lease. If so, must vacate by a specified date (but compensated based on the written down value of iseek). The current land lease expires June 2040 (with an option for a further seven-year extension). If the BAC lease is surrendered and an alternative space is available, will bear the relocation cost. The lease (which expires in April 2041) may not be renewed if the landlord intends to pull down and reconstruct. Industry-related risks: Virtualisation and other new technologies According to BroadGroup, a server virtualisation software can create up to 80 virtual machines from one physical server, which could effectively reduce the number of physical servers required, and hence DC space needs. However, the impact may not be as meaningful as it required higher-specs hardware requirements, which require more power, and the data storage needs have been so exponential over the years, that some companies are often already benefitting from virtualisation. Meanwhile, newer technologies may cut short the lifecycle of the mechanical equipment in 's existing portfolio, which may mean higher-and-sooner-than-anticipated capital expenditures to remain relevant in the space. Economic risks An economic downturn in Asia Pacific and Europe may negatively affect the performance of 's data centres, although some of these risks are mitigated due to the long weighted average lease expiry of 7.8 years, effectively locking in their tenants, hence allaying vacancy risks. We also highlight that since its data centres are mission-critical in nature, 's assets will likely continue to be important from its tenants perspective, through cycle. A downturn may impact the demand for its co-location spaces (vacancy risks), potentially impact its ability to raise rents and capital values of 's portfolio. Acquisition risks Whilst 's portfolio currently comprises of assets in Asia-Pacific and Europe, additional acquisitions overseas may alter the risk profile of the group. Depending on the size of the acquisition, we believe that a large acquisition could also result in an equity raising. Assuming a 40% gearing target, we estimate has a potential S$250 mn debt headroom before requiring further equity. (KEPE.SI / KDCREIT SP) 35

Competition risk competes with various owners, operators and developers of data centres in providing data centre space to customers. Its more prominent competitors are established global data centre providers such as Equinix, Digital Realty Trust and Global Switch, particularly as they grow their presence in the same markets in which the initial portfolios are located. Regional and domestic data centre providers also pose as competition to in specific markets, such as TelecityGroup in Europe, NextDC in Australia, CSF Group in Southeast Asia as well as 1-Net in Singapore. In addition, non-traditional players such as pension funds, institutional investors and private equity funds have also entered the data centre market. These institutional investors are generally traditional real estate investors that do not have the deep data centre investment experience and as a result typically own sale and leaseback or shell and core deals properties that require less operational responsibility and data centre expertise. Rising competition may affect the growth in occupancy and rental rates of the assets, but worth noting that according to BroadGroup rent levels are expected to increase between 2013 and 2018 in key markets where operates due to favourable demand and supply dynamics. Specifically to iseek DC however, the lease with Brisbane Airport Corporation (BAC) permits iseek to be used as a data centre exclusively to for a period of five years until 2015. Thereafter, BAC may enter into lease agreements with other data centre providers to set up facilities within the Brisbane Airport Precinct which may compete with iseek. Tenancy risks Whilst many of 's tenants have invested significant amounts to install customer specific infrastructure within their data centre space and hence tend to have to renew their leases, if a customer becomes insolvent, or fails to restore its space at the end of its lease, this may result in incurring significant costs to restore the space, and affect occupancy. In addition, co-location arrangements (which have shorter lease tenures) account for 75.3% of Rental Income (include 1% of Basis Bay DC owned by Basis Bay Vendor) for the portfolio (for the month of September 2014). Of this, 68.7% of the co-location arrangements have a remaining term of three years or less, which thus, exposes Keppel DC REIT to vacancy risk; the WALE for the co-location arrangements in the portfolio is 3 years versus 11.4 years for double-net and triple-net leases. On the flip side, this could also mean that can capture better rental income, should market rents improve substantially. Refinancing risks, interest rate risks While currently has a weighted average debt maturity profile of 4.4 years (no debt maturing until 2018), the REIT may be subject to the risk that the terms of any refinancing undertaken will be less favourable than the terms of the original borrowings. To partially mitigate its exposure to interest rate risk, has a hedging policy to hedge at least 50% of interest rate exposure. Utilities costs? Majority of the burden lies with the tenants Under the Keppel Leases, triple-net and double-net leases, does not bear the utilities costs, as shown in Figure 12 earlier. Co-location arrangements may be subjected to utilities cost fluctuations although we understand that there are pass-through clauses in most cases, allowing to pass on the increase to the tenants. (KEPE.SI / KDCREIT SP) 36

Long leases: While it provides downside protection, it may limit upside potential We have summarised the leases on the respective assets in Figure 79 later disclosed in the Appendix IV. But effectively, the majority of 's leases have an imputed annual escalation, underpinning organic rental growth. But generally, shorter leases can better capitalise on the upside rental growth potential, depending on market fundamentals. AEIs could cause disruption to income stream AEIs at the assets may disrupt operations, and may result in lower income from the data centres during the period of renovation/refurbishment. Risks from natural disasters Natural disasters such as fire, earthquakes and flooding may cause significant disruption to the business and operations of the assets. GV7 for example, is situated in a flood-prone location with high overall risk of flooding, if flood defences fail. Geographical risks Although 's portfolio already includes properties located in Asia Pacific and Europe, it has a global mandate and its future acquisitions will increase Keppel DC REIT's exposure to the respective countries' geographical risks. Management indicated, however, that it is in no rush to enter the US and other markets, and believe there are still growth opportunities in its existing regions. Currency risks 's reporting currency for financial statements is in SGD, but it also generates revenues and incurs costs in other currencies (AUD, MYR, EUR, GBP). To limit currency risk, will use foreign currency denominated borrowings to match the currency of the asset investment as a natural currency hedge. For 2015 and 2016, close to 100% of foreign interest distributable rate income will be hedged to SGD. Figure 72: 's expected leverage breakdown by currency EUR 20% Figure 73: Geographical breakdown* by value as at 30 September 2014 Ireland 10% GBP 7% SGD 44% Netherlands 13% UK 8% Singapore 41% Malaysia 4% AUD 29% Source: Company data Australia 24% * Includes 1% interest in Basis Bay DC which will be held by Basis Bay vendor. Source: Company data Upside risk could come from more tax efficient structures We understand that the potential conversion of holding structure into the managed investment structure (MIT) in Australia could translate into further tax savings down the line; tax rates are expected to rise in Australia under today's structure, when capital allowances/tax credits run out. (KEPE.SI / KDCREIT SP) 37

Appendix I : Financial summary Figure 74: Summary of financials S$mn, FYE Dec 2012 2013 2014E 2015E 2016E Income statement Gross revenue 81.2 101.2 100.9 100.5 103.3 S25 (Singapore) 12.8 18.8 21.9 23.8 26.5 T25 (Singapore) 12.2 15.5 15.6 16.2 16.7 Gore Hill and iseek (Australia) 19.0 29.3 27.2 26.4 26.0 Basis Bay (Malaysia) 4.2 4.2 4.1 4.0 3.8 Europe 32.9 33.4 32.1 30.1 30.2 Net property income 71.4 88.8 86.9 85.4 87.6 Manager's management fees (7.1) (7.6) (7.8) (8.0) (8.2) Trustee's fee and other trust expenses (3.6) (3.5) (3.3) (3.0) (3.2) Net finance costs (15.1) (13.5) (13.2) (13.2) (13.4) Total return before revaluation 45.6 64.3 62.6 61.1 62.9 Revaluation - - - 18.1 18.9 Tax expense (2.0) (1.7) (4.0) (4.0) (4.2) Minority interest (0.0) (0.0) (0.0) (0.0) (0.0) Total return for the year 43.5 62.6 58.6 75.2 77.6 Net adjustments: Revaluation - - - (18.1) (18.9) Straight line adjustment (11.3) (14.9) (4.7) (1.3) (0.3) Others - - 0.5 0.5 0.5 Payout - - 100% 100% 100% Distributable income - - 54.3 56.3 58.8 DPU (S ) 6.15 6.37 6.66 Balance sheet Investment properties - - 1,061.1 1,071.1 1,090.1 Deferred tax assets - - 0.8 0.9 0.9 Trade and other receivables - - 26.5 26.4 27.1 Cash - - 7.2 4.7 4.7 Total assets - - 1,095.5 1,103.1 1,122.8 Deferred tax - - 1.6 1.6 1.6 Loans and borrowings - - 326.5 326.5 329.5 Trade and other payables - - 2.5 2.5 2.6 Total liabilities - - 330.6 330.6 333.7 Minority interest 0.4 0.5 0.5 Total equity - - 764.9 772.5 789.1 Cash flow statement Total return - - 58.6 75.2 77.6 Revaluation - - - (18.1) (18.9) Net finance expense - - 13.2 13.2 13.4 Others - - (2.1) (0.1) 1.0 Changes in working capital - - (14.8) 0.1 (0.6) Net cash from operating activities - - 54.9 70.3 72.4 Acquisition of investment properties - - (686.5) - - Capex - - (22.4) (4.5) (4.5) Net cash used in investing activities - - (708.9) (4.5) (4.5) Proceeds from issue of units - - 908.5 - - Proceeds from borrowings - - 168.0-3.0 Distribution to unit-holders - - (55.3) (55.3) (57.5) Interest paid - - (13.2) (13.2) (13.4) Others - - (346.2) - - Net cash from / (used in) financing activities - - 661.7 (68.5) (67.9) Net change in cash - - 7.7 (2.7) (0.0) Source: Company data, Credit Suisse estimates (KEPE.SI / KDCREIT SP) 38

13 January 2015 (KEPE.SI / KDCREIT SP) 39 Appendix II: portfolio summary Figure 75: Portfolio summary S25 T25 Gore Hill DC iseek DC Basis Bay DC# GV7 DC Almere DC Citadel 100 DC Portfolio Address 25 Serangoon North Avenue 5, Singapore 554914 25 Tampines Street 92, Singapore 528877 5 Broadcast Way (South Gate), Artarmon, NSW 2064 2 Cycas Lane, Brisbane Airport, Queensland 4009 No. 4710, Jalan Cyber Point 5, Zone Flagship Cyberjaya, 63000 Cyberjaya, Selangor Darul Ehsan 7 Greenwich View Place, Millharbour Road, London E14 9NN Rondebeltweg 62, 'Sallandsekant' Business Park, Almere Unit 4031-4033 Citywest Business Park Co Dublin Country Singapore Singapore Australia Australia Malaysia United Kingdom Netherlands Ireland Land area (sq ft) 78,928 53,820 72,032 41,559 64,809 n/a 85,358 218,236 614,743 Land Lease title Leasehold Leasehold (expiring 30 (expiring 31 July September 2025 2021 with an with an option to option to extend extend for 30 for 30 years) years) Freehold Leasehold (expiring 29 June 2040 with an option to extend for 7 years) Freehold Leasehold (expiring 28 September 2183) Freehold Leasehold (expiring 11 April 2041) GFA (sq ft) 225,945 106,726 127,283 28,955 88,600 34,848 138,219 125,044 875,620 Lettable area (sq ft) 109,574 36,888 90,955 12,389 48,680 24,972 118,403 68,052 509,913 Number of customers (1) 18 4 3 1 1 1 1 5 34 Tenant/end-users (2) Digihub Datahub One tenant and iseek Basis Bay One tenant Borchveste Five end-users two end-users Communications Services Facility manager Digihub Datahub Iseek-KDC (60% iseek Basis Bay - - - owned by the Sponsor) Communications Services Occupancy* 86.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 73.7% 93.5% Independent valuations* ^(S$ mn) Colliers: 262.6 Colliers: 160.0 Colliers: 216.2 Colliers: 32.0 Colliers: 44.4 Colliers: 76.7 Colliers: 134.3 Colliers: 105.4 C&W: 263.0 C&W: 164.0 C&W: 226.1 C&W: 34.1 C&W: 45.6 C&W: 78.8 C&W: 135.7 C&W: 105.5 Appraised value* (S$ mn) 262.8 162.0 221.2 33.0 45.0 77.7 135.0 105.4 1,042.1 Rental income for the month of September 2014* 2.7 1.5 1.9 0.4 0.4 0.5 0.8 1.1 9.3 (S$ mn) Percentage of rental 28.8% 16.0% 20.7% 4.6% 3.8% 4.9% 8.9% 12.4% 100.0% income for the month of September 2014* WALE by leased lettable 3.5 2.0 10.3 11.9 2.7 12.5 14.1 2.3 7.8 area (years) Age of building (years) 1.0 4.0 4.0 5.0 7.0 15.0 12.0 6.0 5.5 Vendor Digihub Datahub Keppel Data Centres iseek Vendor Basis Bay Vendor - - Keppel Data Centres * Data as at 30 September 2014. ^ Based on exchange rate of S$1.00:A$0.90, S$1.00: 0.49, S$1.00: RM2.62, S$1.00: 0.61 as at 2 December. # Data includes 1% interest in Basis Bay DC held by the Basis Bay Vendor; is expected to hold a 99% interest. (1) "Customers" include both tenants and end-users, and for S25 and T25 (in the present context), this is on a pass-through basis. Certain customers have signed more than one co-location arrangement using multiple entities. (2) The terms "Tenant" and "end-users" refer to the tenants or end-users which and/or any of its subsidiaries have a contractual relationship with which arises from lease and co-location arrangements over the properties. Source: Company data.

Appendix III: What is a data centre and the different lease structures What is a data centre? A data centre is a facility which houses "mission-critical" computer and networking equipment which collects, stores, processes and distributes data. Because of the large amounts of data (often containing sensitive information) being stored, data centres must be located close to a large, reliable supply of power, strong network connectivity, and must also be secure from risks of natural disasters. A data centre will typically be divided with areas which house: (1) UPSs (uninterruptible power systems) and generators to provide backup power in the event of power outages; (2) cooling equipment (as the computer and networking equipment generates large amounts of heat, temperatures are typically kept at 18-24 degrees celsius); and (3) server racks on a raised floor (for the passage of mechanical and electrical services). Data centres will also commonly have systems in place to ensure suitable temperature and humidity, security, as well as contain any fire outbreaks. Figure 76: Data centre illustrative schematic Source: BroadGroup Because data centres are required to provide an uninterrupted service, there are classifications which tier data centres. They measure the expected reliability of a data centre, and consider back-up from redundant power and cooling infrastructure. Figure 85 highlights the different data centre tiers from the Uptime Institute. S25 and T25 are certified as Tier 3 data centres. While management mentioned that 's other data centres are not officially certified, they are of high specifications. (KEPE.SI / KDCREIT SP) 40

Figure 77: Data centre tier ratings (Uptime Institute) Tier Maintenance shutdowns Equipment or service failures Maintenance and unplanned outages 1 Two 12-hour shutdowns per year 1.2 failures per year 28.8 hours per year 99.67% 2 Three shutdowns per two years 1 failure per year 22 hours per year 99.75% 3 Shutdowns not required One 4-hour failure per 2.5 years 4 Shutdowns not required One 4-hour failure per 5 years Source: Uptime Institute, Credit Suisse estimates 1.6 hours per year 99.98% 0.8 hours per year 99.99% Data centres can either be owned in-house or leased from a third party Average service availability When leasing from a third party, the lease structure is typically either a wholesale, or a colocation arrangement. Wholesale leases tend to be for larger spaces (over 2,000 sq ft lettable area), and have longer lease terms (typically 5-25 years), whereas in co-location arrangements, tenants occupy smaller spaces and leases generally are for up to five years. In addition, day-to-day capex is borne by the lessee under wholesale arrangement, whereas it is the lessor's responsibility for co-location arrangements. The key differences are summarised in Figure 78 below. Figure 78: Types of data centre lease structures In-house Offering Ownership of servers and hardware Wholesale Buildings may be provided on a "shell and core" basis with only power supplied, or can be fully-fitted Larger space needed (>2,000 sq ft lettable area) Power, cooling and access to multiple carriers Local engineering support Lease type NA Double-net or triple-net lease* Third party suppliers Co-location Building, power, cooling and more managed services than wholesale Smaller space needed (<2,000 sq ft lettable area) Operational and management support Single-net lease (lessee only pays rent, all property related expenses borne by lessor) Lease length NA 5-25 years Up to five years Maintenance NA Lessee's responsibility Lessor's responsibility expenses Rental model NA By gross floor space, net technical space and power By net technical space, power and racks * A double-net lease is a lease where the lessee pays rent and is responsible for facilities management and at least one of: (1) property tax; (2) opex (cleaning, security, utilities, servicing); (3) building insurance; (4) M&E equipment replacement. A triple-net lease is where the lessee pays rent and is responsible for facilities management and is responsible for all of: (1) property tax; (2) opex (cleaning, security, utilities, servicing); (3) building insurance; (4) M&E equipment replacement. Source: BroadGroup (KEPE.SI / KDCREIT SP) 41

Appendix IV: Summary of leases and fees Figure 79: Summary of leases Asset No. of Lease type / arrangement Lease tenure (years) Lease structure customers* S25 18 Keppel lease / Co-location arrangement 10+5 Fixed: S$5 mn p.a. (3% p.a. escalation) Variable: 99% EBITDA (after deducting the fixed rent and opex) of the Lessee T25 4 Keppel lease / Co-location arrangement 10+5 Fixed: S$3 mn p.a. (3% p.a. escalation) Variable: 99% EBITDA (after deducting the fixed rent and opex) of the Lessee Gore Hill DC 3 Triple-net (one tenant) / 15+5+5+5 for triple-net Triple-net lease: 3.5% p.a. rent escalation Co-location arrangement (two 10+5+5 for one of the two (excluding market review dates when lease is end users) co-location arrangements renewed) Co-location: 4% p.a. rent escalation iseek DC 1 Double-net lease ^ 20 for one level and Fixed rent with 4% p.a. escalation (excluding 10+5+5 for the other level market review dates when lease is renewed) Basis Bay DC 1 Double-net lease 5+5+5+5 2% p.a. rent escalation for the first five years. Market review when lease is renewed subject to cap and collar of 7.5% GV7 DC 1 Triple-net lease 15+10 Rent payable is fixed and specified throughout the entire term. Almere DC 1 Double-net lease 20 Lower of Netherlands CPI or 2.5% p.a. rent escalation for the first 5 years (lower of Netherlands CPI or 2% p.a. thereafter) Citadel 100 DC 5 Co-location arrangement n/a 14 occupational agreements in place. * "Customers" include both tenants and end-users, and for S25 and T25 (in the present context), this is on a pass-through basis. Certain customers have signed more than one co-location arrangement using multiple entities. ^The iseek Lease is legally a co-location arrangement. However, the terms thereof are structured so as to mimic the economic effects of a double-net lease and the responsibilities which iseek Communications bears under the iseek Lease are those it would bear if it were the lessee under a double-net lease and for the avoidance of doubt, the iseek Lease is treated as a double-net lease and not a co-location arrangement for purposes. Source: Company data (KEPE.SI / KDCREIT SP) 42

Figure 80: Summary of fees payable by Applicable fee Description Management fee* Base fee of 0.5% per annum of the value of 's Deposited Property # Trustee's fee Acquisition fee Divestment fee Development management fee Facility management fee: Performance fee of 3.5% per annum of 's NPI in the relevant financial year Charged on a scaled basis of up to 0.015% per annum of the Deposited Property 1% of value 0.5% of value 3% total project costs incurred in a development project undertaken by the Manager on behalf of Keppel DC REIT S25 4% of EBITDA derived from underlying end-users of S25. Capex on S25 will be borne by T25 4% of EBITDA derived from underlying end-users of T25. Capex on T25 will be borne by iseek DC No fees payable for routine services as these are provided in consideration of the lease granted to the facility manager. Any expenses incurred by the facility manager will be on a pass-through basis and will be borne by. Gore Hill DC Base fee of A$2.1 mn plus GST per annum which is subjected to an increase of 4% per year. Capex or replacements to Gore Hill DC will be borne by Basis Bay DC No fees payable for routine services as these are provided in consideration of the master lease granted to the facility manager. Fees shall be payable for ordered services performed. Citadel 100 DC Annual charges of 210,809 in 2013; 798,792 in 2014 and 798,792+ 64,774.69 in 2015 to be paid to Mercury Cloud Cover to which Citadel 100 has sub-contracted development, construction and operation/facility management services. Project management fee For the facility managers of S25 and T25, a fee of: - 3% of construction costs if it is S$2.0 mn - Higher of 2% of the construction costs or S$60,000 if it is >S$2 mn but less than S$20 mn - Higher of 1.5% of the construction costs or S$400,000 if it is >S$20 mn but less than S$50 mn - No more than 1.5% of the construction costs if it exceeds S$50 mn * Manager may elect to receive base and performance fee in cash or units or both, but for FY15 and FY16, it is assumed that the management fees will be 100% in cash. # All the assets of, including the Properties and all the authorised investments of held or deemed to be held in accordance with the Trust Deed. Source: Company data (KEPE.SI / KDCREIT SP) 43

Appendix V: Management profile Board of Directors Five of eight of the board members are independent. Chan Hon Chew, Non-Executive Chairman and Non-Executive Director Mr Chan is the CFO of KepCorp (since February 2014). Prior to this, he was the Senior Vice President of Finance with Singapore Airlines Ltd (SIA) from October 2003. Before SIA, Mr Chan was assistant general manager for Finance and Corporate Services at Wing Tai Holdings Ltd, from 1998 to 2003. Lee Chiang Huat, Independent Director and Chairman of the Audit and Risk Committee Mr Lee has over 30 years of experience in accounting, audit and finance. He was CFO of the Nor Offshore Limited Group from April to December 2010. Prior to that, Mr Lee was with Singapore Petroleum Company Ltd, where he was promoted to CFO in 2000. Since April 2012, Mr Lee has been a Non-Executive Independent Director of Keppel REIT's REIT manager and holds directorships in Channoil Asia Pte. Ltd. and Icurrencies Pte. Ltd. Leong Weng Chee, Independent Director Mr Leong has over 30 years of experience in the real estate industry. He was the CEO Real Estate of OUE Ltd from 2012 to 2013, and between 2011 to 2012 he provided real estate consultancy services through Reef Management Pte. Ltd. From 2007 to 2011, Mr Leong was a Director of SC Global Developments Ltd. and prior to that he held various positions including CEO of a Singapore-listed industrial REIT manager (2006 to 2007), and Managing Director for developments for SC Global in 2003 to 2006. Lim Chin Hu, Independent Director Mr Lim has over 30 years of experience in the IT industry and is currently the Managing Partner of Stream Global Pte. Ltd, a venture fund providing seed funding for info-comms start-ups in the social media and interactive digital media space. He was formerly the CEO and Director of Frontline Technologies Corp. Ltd before it was acquired and privatised in March 2008. Mr Lim also serves on the board of Telstra Corporation (Australia's largest telco and media company) and Kulicke & Soffa Industries Inc. Dileep Nair, Independent Director Mr Nair has over 30 years of experience in governance and public service. He is currently with the Ministry of Foreign Affairs serving as the High Commissioner to the Republic of Ghana. Before joining the Ministry of Foreign Affairs, he was the Under-Secretary-General for Internal Oversight Services at the United Nations from 2000 to 2005. From 1997 to 2000, Mr Nair was the CEO of the Post Office Savings Bank of Singapore (acquired by DBS in 1998). Teo Cheng Hiang, Richard, Independent Director Mr Teo has over 30 years of experience in managing funds in senior fiduciary positions in the Government of Singapore Investment Corporation (GIC) and for large blue chip financial institutions and ultra-high net worth individuals. He was the President (Asset Management) of Pacific Star Group from 2005 to 2010. Before that, he spent 18 years from 1988 to 2005 with GIC Real Estate, where he was part of the pioneer team that built GIC Real Estate into one of the top ten largest global real estate organisations. His highest position held was Executive Vice President. Tan Tin Wee, Non-Executive Director Dr Tan has over 25 years of experience in academia, the biomedical, information technology and bioinformatics sectors. He is currently an Associate Professor of the Department of Biochemistry at the National University of Singapore. (KEPE.SI / KDCREIT SP) 44

Thomas Pang Thieng Hwi, Non-Executive Director Mr Pang is an Executive Director and CEO of the Sponsor, since July 2014. From June 2010 to June 2014 he was CEO of Keppel Infrastructure Trust's trustee-manager, Keppel Infrastructure Fund Management Pte. Ltd. He joined the Keppel Group as a senior manager (merger integration office) in Keppel Offshore & Marine Limited in 2002. Key management personnel of Chua Hsien Yang, Chief Executive Officer Mr Chua has more than 13 years of experience in mergers and acquisitions, real estate investments, fund management, business development and asset management in the real estate sector within Asia Pacific. Prior to this, he was the Senior Vice President at Keppel REIT Management Limited, the manager of Keppel REIT, since May 2008, where he headed the investment team. From January 2006 to April 2008, Mr Chua was with Ascott Residence Trust Management Limited, the manager of Ascott Residence Trust as director of business development and asset management, and before this, he was with Hotel Plaza Ltd (presently known as Pan Pacific Hotels Group Ltd) as assistant vice president, asset management. Ian Hay, Chief Financial Officer Mr Hay has over 25 years of finance and accounting experience in the real estate, fund management and investment banking industries in Europe, Australia and Singapore. Prior to this, he was the CFO of the management entity of Securus Fund since April 2011. He was also CFO of Astro Japan Property Management Limited, the fund manager of an ASX-listed REIT, from May 2008 to January 2011. He has also held the positions of Finance Director of the Infrastructure Division of Allco Finance Group Ltd from November 2007 to May 2008, and Associate Director in the Infrastructure Funds Management Division at Macquarie Bank Limited from January 1999 to November 2007. Rebecca Ng, Head of Portfolio Management Ms Ng has over 12 years of regulatory and investment experience in the data centre industry and civil service in Singapore. She has been with the Manager since January 2010, where she was formerly the Senior Vice President, Investments of the Manager where she was responsible for the acquisition, refurbishment and management of data centre assets for the Securus Fund. Prior to this, from June 2006 to December 2009 she was with the Sponsor as an Assistant Manager of Corporate Development, where her responsibilities included the acquisition, refurbishments and management of data centres, including overseeing the Sponsor's investments in overseas technology funds. Maritz Bin Mansor, Head of Corporate Services Mr Mansor has over 18 years of legal and investor relations experience in the fund management and telecommunications industry. He was formerly the Head of Corporate and Investor Relations at Securus Partners since July 2011. Prior to that, he was a Vice President of Corporate and Investor Relations at AEPim from May 2009 to June 2011 and Senior Manager at the Legal Department of Asia Equity Partners Pte. Ltd from May 2007 to June 2009. (KEPE.SI / KDCREIT SP) 45

Appendix VI: REIT and corporate structure Figure 81: structure Keppel T&T Keppel Land Institutional and Public Investors 30.1% % 4.9% 65.0% 100% REIT Manager Management Pte. Ltd. Facility Manager Keppel T&T and third party facility managers Management services Management fees Facility management services Facility management fees Ownership of assets Net property income Singapore properties (held directly by the REIT) Ownership of SPVs Dividends Other properties (held via multi-layer SPVs) Trustee fees Acts on behalf of Unitholders Trustee The Trust Company (Asia ) Ltd Source: Company data Prior to the proposed set up of, the eight assets which form the initial portfolio are held through various entities related to Keppel T&T and Securus Fund, which is a fund consisting of investments by Keppel Data Centres (a wholly-owned subsidiary of Keppel T&T), AEP Investment Management (a member of Saudi Arabia's Al Rajhi Holding Group) and other investors, including Brunei-related entities like Perbadanan Tabung Amanah Islam Brunei, Darussalam Holdings, Insurans Islam TAIB Sdn Bhd and Yayasan Sultan Haji Hassanal Bolkiah. Figure 82: Summary of the ownership of the eight initial portfolio assets pre- Keppel T&T 35% AEP Investment Management* Other investors Securus Fund (est. 2010) 70% 70% 80% 70% 70% 100% 100% 50% S25 T25 Basis Bay 30% Gore Hill iseek GV7 Almere Citadel 100 30% 30% 20% 30% 50% Keppel Land Basis Bay Vendor iseek Vendor * A member of Al Rajhi Holding Group, Saudi Arabia. Source: Company data, Keppel T&T 2013 annual report Figure 83: will hold a 100% stake in seven of the eight assets, it will own 99% in Basis Bay DC 100% 100% 99%* 100% 100% 100% 100% 100% S25 T25 Basis Bay Gore Hill iseek GV7 Almere Citadel 100 *1% of Basis Bay DC will be held by the Basis Bay Vendor. Source: Company data (KEPE.SI / KDCREIT SP) 46

Businesses under the Keppel Group Sponsor, Keppel T&T (80% subsidiary of KepCorp), whose main businesses are logistics and data centre, with operations in Asia Pacific and Europe. On the logistics front, Keppel T&T offers one-stop, integrated logistics solutions with infrastructures in Singapore, China, Hong Kong, Australia, Malaysia, Vietnam and through an associate company, Indonesia. Its data centre division provides data centre co-location and business contingency services in Singapore, Europe, Australia and Malaysia. KepCorp is one of the largest conglomerates in Singapore, founded in 1968 as Keppel Shipyard. Temasek Holdings owns 21% in KepCorp. Figure 84: Keppel Corporation's business divisions Temasek Holdings 21% Keppel Corporation Offshore & Marine Infrastructure Property Investments Keppel Offshore & Marine Keppel Infrastructure Holdings 55% Keppel Bay Keppel Land 36% 31% K1 Ventures KrisEnergy Ltd Listed Un-listed 24% Dyna-Mac Holdings Ltd 49% 80% Keppel Infrastructure Trust Keppel T&T 30.1% 4.9% 45% 20% Keppel REIT Alpha Investment Partners M1 Ltd Source: Bloomberg, Company data (KEPE.SI / KDCREIT SP) 47

Appendix VII: Comparison versus peers Where are cap rates for data centres, versus the conventional industrial sectors? On average, the cap rates used by valuers in Singapore for industrial names are summarised as follows: AREIT portfolio as at March-14: 5.5-6.8% for business and science parks, 5.75-7% for hi-specs industrial, 6.75-8.0% for light industrial, 6.5-7.5% for its logistics and distribution centres, as well as 6.75% for its warehouse retail facilities. MLT portfolio as at March-14: Cap rates for its warehouses are 6.0-7.5% for Singapore, 7.0-8.5% for Malaysia, 5.2-6.2% for Japan, Hong Kong 5.5%, South Korea 8-10.25%, China 8-9%, Vietnam 11.5%. MINT portfolio as at March-14: Cap rates for flatted factories are 6.50-7.25%, Hi-tech 6.5-7.0%, biz parks 6.25%, stack-up/ramp-up at 7.0% and light industrial at 6.75-7.0%. CREIT portfolio as at June-14: Cap rates for logistics was 6.9%, warehousing and car showroom and workshop both at 6.8%, general industrial at 6.7% and light industrial at 6.5%. SSREIT portfolio as at December-13: Cap rates ranged from 6.15%-7.5%. AAREIT portfolio as at March-14: 6.5-7% for warehouses, 6.75-7%for light industrial, 6.25% for business park, Hi-tech 6.65%. Optus Centre in Australia is at 7.5%. CACHE portfolio as at December-13: 6.5-7% for warehouses. SBREIT portfolio as at December-13: Cap rates were between 5.75-6.5%. VIVA portfolio as at December-13: Cap rates ranged from 5.9-8.25%. Figure 85: Singapore "Data centre" comparables valuation on a psf basis may depend on the structure of the leases i.e., some may be leased on a "bare-shell" basis REIT Asset TOP /Date of acquisition GFA (sq ft) Valuation (S$ mn) Valuation (S$ psf) * S25 225,945 262.8 1,163.1 * T25 106,726 162 1,517.9 MINT International Business Exchange Data Centre (Equinix) 2014 385,000 108 280.5 MINT Tata Communications Exchange 2010 172,945 95.6 553.1 MINT 19 Tai Seng Drive (StarHub) 2010 92,645 15.6 168.4 AREIT 38A Kim Chuan Road (SingTel) 2009 363,228 184.7 508.5 AREIT Kim Chuan Telecommunications Complex (SingTel) 2005 381,645 139.4 365.3 Sabana Awan Data Centre 2011 160,361 30.7 191.4 * Based on appraised value as at 30 September 2014. Source: Company data While there have not been many data centre transactions, we note that on average, based on the independent valuers' reports for S25 and T25, data centre cap rates have been relatively higher at 8.0-8.25%, versus the other industrial sub-sectors, despite the "higher specifications". In our view, the cap rates are probably higher for data centres due to: (1) lack of transactions; (2) long leases which may limit the potential to benefit from uplifts in rents; (3) short land leases, although in the case of Singapore, majority of industrial assets are also running on relatively similar short leases. We believe the cap rates used are relatively conservative particularly in the case of Singapore assets because historically, as we can see across markets such as the US, data centre REITs tend to be lower than the industrial average. We have compiled here a list of some examples collated from Bloomberg, sourced from Real Capital Analytics, as well as various sources including JLL. (KEPE.SI / KDCREIT SP) 48

13 January 2015 (KEPE.SI / KDCREIT SP) 49 Figure 86: Data centre transaction cap rates versus Industrial cap rates Location Date Seller/Asset Acquirer Transaction value (US$ mn) Transaction value (US$ psf) Transaction DC cap rate Industrial cap rate* Spread Five- year govt bond yield Area (sq ft) Sydney, AUS Dec-11 Lindsay Bennelog Devts Securus Guernsey 2 Ltd 58.6 474.7 7.6% 8.0% -0.4% 3.4% 123,387 Norcross, US Mar-12 Peak 10 Carter Validus 5.3 160.6 8.1% 7.5% 0.6% 0.9% 33,000 Austin, US Jun-12 TX Data Centre Digital Realty 12.5 201.6 8.5% 7.4% 1.1% 0.6% 62,000 Sydney, AUS Jun-12 Waterloo Rd, Macquarie Park Digital Realty - 233.0 10.9% 8.0% 2.9% 2.4% - Vienna, US Dec-12 Liberty Park at Tysons GI Partners 93.5 415.5 6.2% 7.5% -1.3% 0.7% 225,038 San Diego, US Dec-12 Lightwave Data Centre GI Partners 52.5 314.6 7.5% 7.5% 0.0% 0.7% 166,892 Melbourne, AUS Dec-12 M1 Melbourne Asia Pacific Data Centre 50.0 325.0 9.0% 8.0% 1.0% 2.8% 153,924 Sydney, AUS Dec-12 S1 Sydney Asia Pacific Data Centre 55.8 537.6 9.0% 8.0% 1.0% 2.8% 103,786 Perth, AUS Dec-12 P1 Perth Asia Pacific Data Centre 27.7 318.1 9.0% 8.0% 1.0% 2.8% 87,091 US Mar-13 Raleigh Data Centre Carter Validus 19.5 135.6 8.6% 7.4% 1.2% 0.8% 143,770 Leonia, US Jun-13 1 Data Centre Carter Validus 14.8 220.3 7.5% 7.3% 0.2% 1.4% 67,000 Los Angeles, US Jul-13 One Wilshire/Hines Ppty Trust GI Partners 437.0 690.4 5.7% 7.3% -1.6% 1.4% 633,000 Waukesha, US Sep-13 AT&T Data Centre Carter Validus 52.0 349.1 6.6% 7.5% -0.9% 1.4% 148,952 Clifton, US Oct-13 NJR3 Telx Data Centre GI Partners 53.9 250.7 7.5% 7.5% 0.0% 1.4% 215,000 Ashburn, US Oct-13 - GI Partners 17.0 133.9 5.8% 7.5% -1.7% 1.4% 127,000 US Oct-13 Prudential Real Estate Digital Realty 366.4 345.7 6.7% 7.5% -0.8% 1.4% 1,060,000 Brentwood, US Nov-13 AT&T Data Centre Carter Validus 110.0 317.0 7.0% 7.6% -0.6% 1.4% 347,000 Somerset, US Dec-13 - Digital Realty 35.3 325.4 8.0% 7.3% 0.7% 1.6% 108,336 San Diego, US Dec-13 - Carter Validus 135.0 270.5 7.5% 7.3% 0.2% 1.7% 499,000 Manassas, US Dec-13 - GI Partners 18.0 120.0 6.1% 7.3% -1.2% 1.7% 150,000 Somerset, US Mar-14 - Digital Realty 40.4 372.9 7.1% 7.6% -0.5% 1.5% 108,336 Ashburn, US Sep-14 - Digital Realty 185.5 1,402.3 7.1% 6.8% 0.3% 1.8% 132,280 * For US transactions, industrial cap rates are from Real Capital Analytics. For Australia, industrial cap rates are from JLL. Source: Company data, Avison Young, Bloomberg, JLL. Figure 87: Comparison versus global data centre players Ticker Data Centre plays Type Price Mkt cap Yield (%) ROE (%) P/B Debt/ EV/EBITDA (x) P/E (x) (LC) (S$ mn) T+1 T+2 T+3 T+1 (x) Asset (%) T T+1 T+2 T+3 T+1 T+2 T+3 DLR US Digital Realty Trust, Inc. REIT 68.18 12,329 4.9 5.1 5.4 4.6 3.07 48.8 17.4 16.0 15.4 14.4 7.6 7.2 7.2 DFT US Dupont Fabros Tech. REIT 34.73 3,770 4.1 4.6 5.0 9.0 2.65 34.8 15.5 15.1 14.0 13.2 9.1 8.5 8.5 CONE US CyrusOne REIT 28.30 1,458 2.7 3.3 4.0 0.3 2.31 37.0 13.1 11.6 10.0 8.5 4.4 3.8 3.8 COR US CoreSite Realty REIT 41.51 2,605 3.5 4.1 4.4 21.1 4.29 28.7 14.1 13.0 11.4 10.6 9.6 8.6 8.6 QTS US QTS Realty Trust DC provider 36.42 1,414 3.1 3.9 4.4 7.9 3.49 56.3 16.6 18.1 14.6 12.4 6.5 5.5 5.5 TCY LN TelecityGroup DC operator 8.00 3,283 1.7 2.1 2.6 18.4 3.84 35.2 11.7 11.6 10.5 9.5 9.4 8.5 8.5 EQIX US Equinix DC operator/ provider 216.89 14,401 0.8 2.9 3.0 10.7 4.45 53.4 16.0 13.8 12.2 11.0 5.9 5.3 5.3 AJD AU Asia Pacific DC Group REIT 1.22 153 7.5 7.7 8.2 8.7 1.20 15.8 15.0 12.5 12.2 12.0 10.7 10.4 10.4 INXN US Interxion DC operator/provider 27.93 2,556 0.0 0.0 0.0 8.0 4.67 48.0 12.1 13.7 12.0 10.7 7.5 6.8 6.8 RAX US Rackspace Hosting Inc. Managed cloud provider 47.04 9,004 0.0 0.0 0.0 10.1 5.52 4.7 12.9 10.8 9.2 7.9 5.0 4.3 4.3 Source: Company data, Bloomberg, Credit Suisse estimates. Prices as at 11 January 2015.

Companies Mentioned (Price as of 12-Jan-2015) AIMS AMP Capital (AART.SI, S$1.44) Ascendas Hsp Tru (ASHP.SI, S$0.68) Ascendas REIT (AEMN.SI, S$2.47) Ascott Residence Trust (ASRT.SI, S$1.27) CAMBRIDGE Ind (CMIT.SI, S$0.685) Cache Logis (CALT.SI, S$1.15) CapitaCommercial Trust (CACT.SI, S$1.8) CapitaMall Trust (CMLT.SI, S$2.08) CapitaRetail (CRCT.SI, S$1.665) Far East H-Trust (FAEH.SI, S$0.83) Fortune REIT (FORT.SI, HK$7.91) Frasers (FRHO.SI, S$0.885) Frasers Centrepoint Trust (FCRT.SI, S$1.92) Frasers Commercial Trust (FRCR.SI, S$1.42) Keppel Corporation (KPLM.SI, S$8.29) (KEPE.SI, S$0.96, OUTPERFORM[V], TP S$1.1) Keppel Land (KLAN.SI, S$3.45) Keppel REIT (KASA.SI, S$1.2) Keppel Telecom (KTEL.SI, S$1.42) LMIR Trust (LMRT.SI, S$0.345) MGCCT (MAPE.SI, S$0.95) Mapletree Commercial Trust (MACT.SI, S$1.44) Mapletree Industrial Trust (MAPI.SI, S$1.52) Mapletree Logistics Trust (MAPL.SI, S$1.2) OUE C-REIT (OUEC.SI, S$0.805) OUE Hospitality Trust (OUER.SI, S$0.9) PLife REIT (PWLR.SI, S$2.35) SPH REIT (SPHR.SI, S$1.04) Sabana Shari'ah (SABA.SI, S$0.93) Soilbuild Bu (SBSR.SI, S$0.785) Starhill Global (STHL.SI, S$0.805) Viva Industrial (VIVA.SI, S$0.805) Important Global Disclosures Disclosure Appendix I, Yvonne Voon, certify that (1) the views expressed in this report accurately reflect my personal views about all of the subject companies and securities and (2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report. The analyst(s) responsible for preparing this research report received Compensation that is based upon various factors including Credit Suisse's total revenues, a portion of which are generated by Credit Suisse's investment banking activities As of December 10, 2012 Analysts stock rating are defined as follows: Outperform (O) : The stock s total return is expected to outperform the relevant benchmark*over the next 12 months. Neutral (N) : The stock s total return is expected to be in line with the relevant benchmark* over the next 12 months. Underperform (U) : The stock s total return is expected to underperform the relevant benchmark* over the next 12 months. *Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stock s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractiv e, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European ra tings are based on a stock s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin Ame rican and non-japan Asia stocks, ratings are based on a stock s total return relative to the average total return of the relevant country or regional benchmark; prior to 2nd October 2012 U.S. and Canadian ratings were based on (1) a stock s absolute total return potential to its cu rrent share price and (2) the relative attractiveness of a stock s total return potential within an analyst s coverage universe. For Australian and New Zealand stocks, 12 -month rolling yield is incorporated in the absolute total return calculation and a 15% and a 7.5% threshold replace the 10-15% level in the Outperform and Underperform stock rating definitions, respectively. The 15% and 7.5% thresholds replace the +10-15% and -10-15% levels in the Neutral stock rating definition, respectively. Prior to 10th December 2012, Japanese ratings were based on a stock s total return relative to the average total return of the relevant country or regional benchmark. Restricted (R) : In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications, including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other circumstances. Volatility Indicator [V] : A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24 months or the analyst expects significant volatility going forward. Analysts sector weightings are distinct from analysts stock ratings and are based on the analyst s expectations for the fundamentals and/or valuation of the sector* relative to the group s historic fundamentals and/or valuation: (KEPE.SI / KDCREIT SP) 50

Overweight : The analyst s expectation for the sector s fundamentals and/or valuation is favorable over the next 12 months. Market Weight : The analyst s expectation for the sector s fundamentals and/or valuation is neutral over the next 12 months. Underweight : The analyst s expectation for the sector s fundamentals and/or valuation is cautious over the next 12 months. *An analyst s coverage sector consists of all companies covered by the analyst within the relevant sector. An analyst may cov er multiple sectors. Credit Suisse's distribution of stock ratings (and banking clients) is: Global Ratings Distribution Rating Versus universe (%) Of which banking clients (%) Outperform/Buy* 46% (54% banking clients) Neutral/Hold* 38% (50% banking clients) Underperform/Sell* 14% (43% banking clients) Restricted 2% *For purposes of the NYSE and NASD ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, and Underperform most closely correspond to Buy, Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.) An investor's decision to buy or sell a security should be based on investment objectives, current holdin gs, and other individual factors. Credit Suisse s policy is to update research reports as it deems appropriate, based on developments with the subject company, the sector or the market that may have a material impact on the research views or opinions stated herein. Credit Suisse's policy is only to publish investment research that is impartial, independent, clear, fair and not misleading. For more detail please refer to Credit Suisse's Policies for Managing Conflicts of Interest in connection with Investment Research: http://www.csfb.com/research-andanalytics/disclaimer/managing_conflicts_disclaimer.html Credit Suisse does not provide any tax advice. Any statement herein regarding any US federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purposes of avoiding any penalties. Price Target: (12 months) for (KEPE.SI) Method: Our target price of S$1.10 for is based on our dividend discount valuation model, assuming a 3% risk-free rate, an average cost of equity of 8.5% and a 2% terminal growth rate. Risk: Key investment risks to our target price of S$1.10 for include risks related to land tenure, industry-related risks, refinancing risks, acquisition risks and other macroeconomic concerns. Please refer to the firm's disclosure website at https://rave.credit-suisse.com/disclosures for the definitions of abbreviations typically used in the target price method and risk sections. See the Companies Mentioned section for full company names The subject company (KEPE.SI, CMLT.SI, OUER.SI, MAPL.SI, KASA.SI, SPHR.SI, AEMN.SI, MACT.SI, CACT.SI, FCRT.SI, ASRT.SI, KLAN.SI, KPLM.SI) currently is, or was during the 12-month period preceding the date of distribution of this report, a client of Credit Suisse. Credit Suisse provided investment banking services to the subject company (KEPE.SI, CMLT.SI, OUER.SI, KASA.SI, SPHR.SI, MACT.SI, CACT.SI, ASRT.SI, KLAN.SI, KPLM.SI) within the past 12 months. Credit Suisse has managed or co-managed a public offering of securities for the subject company (KEPE.SI) within the past 12 months. Credit Suisse has received investment banking related compensation from the subject company (KEPE.SI, CMLT.SI, OUER.SI, KASA.SI, SPHR.SI, MACT.SI, CACT.SI, ASRT.SI, KLAN.SI, KPLM.SI) within the past 12 months Credit Suisse expects to receive or intends to seek investment banking related compensation from the subject company (KEPE.SI, CMLT.SI, OUER.SI, MAPL.SI, KASA.SI, SPHR.SI, AEMN.SI, MACT.SI, CACT.SI, FCRT.SI, ASRT.SI, KLAN.SI, KPLM.SI) within the next 3 months. For other important disclosures concerning companies featured in this report, including price charts, please visit the website at https://rave.creditsuisse.com/disclosures or call +1 (877) 291-2683. Important Regional Disclosures Singapore recipients should contact Credit Suisse AG, Singapore Branch for any matters arising from this research report. The analyst(s) involved in the preparation of this report have not visited the material operations of the subject company (KEPE.SI, CMLT.SI, OUER.SI, MAPL.SI, KASA.SI, SPHR.SI, AEMN.SI, MACT.SI, CACT.SI, FCRT.SI, ASRT.SI, MAPI.SI, KLAN.SI, KPLM.SI) within the past 12 months Restrictions on certain Canadian securities are indicated by the following abbreviations: NVS--Non-Voting shares; RVS--Restricted Voting Shares; SVS--Subordinate Voting Shares. Individuals receiving this report from a Canadian investment dealer that is not affiliated with Credit Suisse should be advised that this report may not contain regulatory disclosures the non-affiliated Canadian investment dealer would be required to make if this were its own report. (KEPE.SI / KDCREIT SP) 51

For Credit Suisse Securities (Canada), Inc.'s policies and procedures regarding the dissemination of equity research, please visit http://www.csfb.com/legal_terms/canada_research_policy.shtml. Credit Suisse has acted as lead manager or syndicate member in a public offering of securities for the subject company (KEPE.SI, OUER.SI, SPHR.SI, MACT.SI, CACT.SI, KLAN.SI, KPLM.SI) within the past 3 years. As of the date of this report, Credit Suisse acts as a market maker or liquidity provider in the equities securities that are the subject of this report. Principal is not guaranteed in the case of equities because equity prices are variable. Commission is the commission rate or the amount agreed with a customer when setting up an account or at any time after that. To the extent this is a report authored in whole or in part by a non-u.s. analyst and is made available in the U.S., the following are important disclosures regarding any non-u.s. analyst contributors: The non-u.s. research analysts listed below (if any) are not registered/qualified as research analysts with FINRA. The non-u.s. research analysts listed below may not be associated persons of CSSU and therefore may not be subject to the NASD Rule 2711 and NYSE Rule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Credit Suisse AG, Singapore Branch... Yvonne Voon ; Daniel Lim For Credit Suisse disclosure information on other companies mentioned in this report, please visit the website at https://rave.creditsuisse.com/disclosures or call +1 (877) 291-2683. (KEPE.SI / KDCREIT SP) 52

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In addition, CS is not acting for direct or indirect compensation to solicit the municipality on behalf of an unaffiliated broker, dealer, municipal securities dealer, municipal advisor, or investment adviser for the purpose of obtaining or retaining an engagement by the municipality for or in connection with Municipal Financial Products, the issuance of municipal securities, or of an investment adviser to provide investment advisory services to or on behalf of the municipality. If this report is being distributed by a financial institution other than Credit Suisse AG, or its affiliates, that financial institution is solely responsible for distribution. Clients of that institution should contact that institution to effect a transaction in the securities mentioned in this report or require further information. This report does not constitute investment advice by Credit Suisse to the clients of the distributing financial institution, and neither Credit Suisse AG, its affiliates, and their respective officers, directors and employees accept any liability whatsoever for any direct or consequential loss arising from their use of this report or its content. Principal is not guaranteed. Commission is the commission rate or the amount agreed with a customer when setting up an account or at any time after that. Copyright 2015 CREDIT SUISSE AG and/or its affiliates. All rights reserved. Investment principal on bonds can be eroded depending on sale price or market price. In addition, there are bonds on which investment principal can be eroded due to changes in redemption amounts. Care is required when investing in such instruments. When you purchase non-listed Japanese fixed income securities (Japanese government bonds, Japanese municipal bonds, Japanese government guaranteed bonds, Japanese corporate bonds) from CS as a seller, you will be requested to pay the purchase price only. PY0800.doc (KEPE.SI / KDCREIT SP) 53