Remarks
Acquisition of Securities as part of management, acquisition and/or divestment fees paid by the Listed Issuer

Immediately after the transaction

No. of ordinary voting shares/units held: 188013417 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 9.09000000 (Direct Interest); 0.00000000 (Deemed Interest)

The percentage of unitholding is calculated based on 2,066,026,324 Units in issue before the change and 2,067,794,135 Units in issue after the change.

Remarks
Acquisition of Securities as part of management, acquisition and/or divestment fees paid by the Listed Issuer

Immediately after the transaction

No. of ordinary voting shares/units held: 186245606 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 9.01000000 (Direct Interest); 0.00000000 (Deemed Interest)

The percentage of unitholding is calculated based on 2,063,602,516 Units in issue before the change and 2,066,026,324 Units in issue after the change.

Remarks
Acquisition of Securities as part of management, acquisition and/or divestment fees paid by the Listed Issuer

Immediately after the transaction

No. of ordinary voting shares/units held: 183821798 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 8.91000000 (Direct Interest); 0.00000000 (Deemed Interest)

The percentage of unitholding is calculated based on 2,061,810,076 Units in issue before the change and 2,063,602,516 Units in issue after the change.

Remarks
Acquisition of Securities as part of management, acquisition and/or divestment fees paid by the Listed Issuer

Immediately after the transaction

No. of ordinary voting shares/units held: 182029358 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 8.83000000 (Direct Interest); 0.00000000 (Deemed Interest)

The percentage of unitholding is calculated based on 2,058,581,403 Units in issue before the change and 2,061,810,076 Units in issue after the change.

Remarks
Acquisition of Securities as part of management, acquisition and/or divestment fees paid by the Listed Issuer

Immediately after the transaction

No. of ordinary voting shares/units held: 178800685 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 8.69000000 (Direct Interest); 0.00000000 (Deemed Interest)

The percentage of unitholding is calculated based on 2,057,790,009 Units in issue before the change and 2,058,581,403 Units in issue after the change.

Remarks
An aggregate of 3,439,390 Units have been issued to FRML on 8 November 2022, comprising of (a) 1,578,881 Units as payment of the performance fee component of FRML's management fees for the period from 1 July 2021 to 30 September 2021; and (b) 1,860,609 Units as payment of the base fee component of FRML's management fee for the period from 1 July 2022 to 30 September 2022.

Immediately after the transaction

No. of ordinary voting shares/units held: 677997828 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 32.95000000 (Direct Interest); 0.00000000 (Deemed Interest)

OHIPL is 100% owned by OUELH (Singapore) Pte. Ltd. ("OUELH (SG)"), which is in turn 100% owned by OUELH (SEA) Pte. Ltd. ("OUELH (SEA)").

An aggregate of 3,439,390 units in First REIT ("Units") have been issued to FRML on 8 November 2022 (the "Transaction"). The percentage of unitholdings (a) immediately before the Transaction, is calculated based on the total number of The percentage of unitholdings is calculated based on the total number of issued Units of 2,054,350,519 Units before the Transaction and 2,057,790,009 Units after the Transaction.

Remarks

Remarks
An aggregate of 3,439,390 Units have been issued to FRML on 8 November 2022, comprising of (a) 1,578,881 Units as payment of the performance fee component of FRML's management fees for the period from 1 July 2021 to 30 September 2021; and (b) 1,860,609 Units as payment of the base fee component of FRML's management fee for the period from 1 July 2022 to 30 September 2022.

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 677997828 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 32.95000000 (Deemed Interest)

OHIPL is 100% owned by OUELH (SG), which is in turn 100% owned by OUELH (SEA). OUELH (SG) and OUELH (SEA) are all deemed to be interested in the Units held by OHIPL.

Remarks
Acquisition of Securities as part of management, acquisition and/or divestment fees paid by the Listed Issuer

Immediately after the transaction

No. of ordinary voting shares/units held: 178009291 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 8.65000000 (Direct Interest); 0.00000000 (Deemed Interest)

The percentage of unitholding is calculated based on 2,055,929,400 Units in issue before the change and 2,057,790,009 Units in issue after the change.

Remarks
Acquisition of Securities as part of management, acquisition and/or divestment fees paid by the Listed Issuer

Immediately after the transaction

No. of ordinary voting shares/units held: 176148682 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 8.57000000 (Direct Interest); 0.00000000 (Deemed Interest)

The percentage of unitholding is calculated based on 2,054,350,519 Units in issue before the change and 2,055,929,400 Units in issue after the change.

Remarks
Acquisition of Securities as part of management, acquisition and/or divestment fees paid by the Listed Issuer

Immediately after the transaction

No. of ordinary voting shares/units held: 174569801 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 8.50000000 (Direct Interest); 0.00000000 (Deemed Interest)

The percentage of unitholding is calculated based on 2,052,494,681 Units in issue before the change and 2,054,350,519 Units in issue after the change.

Remarks
Acquisition of Securities as part of management, acquisition and/or divestment fees paid by the Listed Issuer

Immediately after the transaction

No. of ordinary voting shares/units held: 172713963 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 8.41000000 (Direct Interest); 0.00000000 (Deemed Interest)

The percentage of unitholding is calculated based on 2,050,906,078 Units in issue before the change and 2,052,494,681 Units in issue after the change.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 902594405 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.01000000 (Deemed Interest)

3,427,317 units in First REIT ("Units") had been issued to First REIT Management Limited ("FRML"), a subsidiary of OUE Limited ("OUE"), on 6 May 2022 as payment for FRML's performance fee for the period from 1 January 2021 to 31 March 2021 and as payment for FRML's base fee for the period from 1 January 2022 to 31 March 2022 (the "6 May Issuance"). As a result of the 6 May Issuance, FRML has a direct interest of 171,125,360 Units (the "FRML Units").

Clifford Development Pte. Ltd. ("CDPL"), a subsidiary of OUE, has a direct interest in 53,471,217 Units (the "CDPL Units").

OLH Healthcare Investments Pte. Ltd. ("OHI"), an indirect wholly-owned subsidiary of OUE Lippo Healthcare Limited, which in turn, is an indirect subsidiary of OUE, has a direct interest in 677,997,828 Units (the "OHI Units").

Accordingly, OUE has a deemed interest in (i) the FRML Units in which FRML has a direct interest in, (ii) the CDPL Units in which CDPL has a direct interest in and (iii) the OHI Units in which OHI has a direct interest in, amounting to a total interest of 902,594,405 Units (the "OUE Deemed Interest Units").

OUE is a subsidiary of Lippo ASM Asia Property Limited ("LAAPL"), which is jointly held by Admiralty Station Management Limited ("Admiralty") and HKC Property Investment Holdings Limited ("HKC Property"). Accordingly, Admiralty has a deemed interest in the OUE Deemed Interest Units in which OUE has an interest.

HKC Property and Admiralty jointly hold LAAPL. OUE is the subsidiary of LAAPL.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 902594405 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.01000000 (Deemed Interest)

Argyle Street Management Holdings Limited ("ASMHL") is the holding company of ASML. ASML has a controlling interest in Admiralty. Admiralty and HKC Property jointly hold LAAPL, which is the intermediate holding company of OUE. Accordingly, ASMHL has a deemed interest in the OUE Deemed Interest Units in which OUE has an interest.

ASMHL is the holding company of ASML. ASML has a controlling interest in Admiralty. HKC Property and Admiralty jointly hold LAAPL. OUE is the subsidiary of LAAPL.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 902594405 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.01000000 (Deemed Interest)

Argyle Street Management Limited ("ASML") has a controlling interest in Admiralty. Admiralty and HKC Property jointly hold LAAPL, which is the intermediate holding company of OUE. Accordingly, ASML has a deemed interest in the OUE Deemed Interest Units in which OUE has an interest.

ASML has a controlling interest in Admiralty. HKC Property and Admiralty jointly hold LAAPL. OUE is the subsidiary of LAAPL.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 902594405 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.01000000 (Deemed Interest)

Kin Chan is the beneficial owner of more than 20% of the issued share capital of ASMHL. ASMHL is the holding company of ASML. ASML has a controlling interest in Admiralty. Admiralty and HKC Property jointly hold LAAPL, which is the intermediate holding company of OUE. Accordingly, Kin Chan has a deemed interest in the OUE Deemed Interest Units in which OUE has an interest.

Kin Chan is the beneficial owner of more than 20% of the issued share capital of ASMHL. ASMHL is the holding company of ASML. ASML has a controlling interest in Admiralty. HKC Property and Admiralty jointly hold LAAPL. OUE is the subsidiary of LAAPL.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 902594405 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.01000000 (Deemed Interest)

V-Nee Yeh is the beneficial owner of more than 20% of the issued share capital of ASMHL. ASMHL is the holding company of ASML. ASML has a controlling interest in Admiralty. Admiralty and HKC Property jointly hold LAAPL, which is the intermediate holding company of OUE. Accordingly, V-Nee Yeh has a deemed interest in the OUE Deemed Interest Units in which OUE has an interest.

V-Nee Yeh is the beneficial owner of more than 20% of the issued share capital of ASMHL. ASMHL is the holding company of ASML. ASML has a controlling interest in Admiralty. HKC Property and Admiralty jointly hold LAAPL. OUE is the subsidiary of LAAPL.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 904238993 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.09000000 (Deemed Interest)

Dr. Stephen Riady holds the entire issued share capital of LCG, which is the holding company of LCH. LCH in turn is an intermediate holding company of LL. Accordingly, Dr. Stephen Riady has a deemed interest in the LL Units in which LL has an interest.

Dr. Stephen Riady holds the entire issued share capital of LCG. LCG is the holding company of LCH. LCH is the holding company of LCL. LCL is the holding company of LL. LL is the holding company of PSL. PSL is the holding company of Hennessy. Hennessy is the holding company of HCL. HCL is the holding company of HKC Property. HKC Property and Admiralty jointly hold LAAPL. LAAPL is the holding company of FCL. FCL is the holding company of GCAL. GCAL is the holding company of OUER. OUE is the subsidiary of OUER.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 902594405 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.01000000 (Deemed Interest)

Fortune Crane Limited ("FCL") is the holding company of GCAL and an intermediate holding company of OUE. Accordingly, FCL has a deemed interest in the OUE Deemed Interest Units in which OUE has an interest.

FCL is the holding company of GCAL. GCAL is the holding company of OUER. OUE is the subsidiary of OUER.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 902594405 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.01000000 (Deemed Interest)

Golden Concord Asia Limited ("GCAL") is the holding company of OUER and an intermediate holding company of OUE. Accordingly, GCAL has a deemed interest in the OUE Deemed Interest Units in which OUE has an interest.

GCAL is the holding company of OUER. OUE is the subsidiary of OUER.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 902594405 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.01000000 (Deemed Interest)

OUE is a subsidiary of LAAPL, which is jointly held by Admiralty Station Management Limited ("Admiralty") and HKC Property Investment Holdings Limited ("HKC Property"). Accordingly, HKC Property has a deemed interest in the OUE Deemed Interest Units in which OUE has an interest.

HKC Property and Admiralty jointly hold LAAPL. LAAPL is the holding company of FCL. FCL is the holding company of GCAL. GCAL is the holding company of OUER. OUE is the subsidiary of OUER.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 902594405 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.01000000 (Deemed Interest)

OUE is a subsidiary of LAAPL, which is jointly held by Admiralty and HKC Property. Hennessy Holdings Limited ("Hennessy") is an intermediate holding company of HKC Property. Accordingly, Hennessy has a deemed interest in the OUE Deemed Interest Units in which OUE has an interest.

Hennessy is the holding company of HCL. HCL is the holding company of HKC Property. HKC Property and Admiralty jointly hold LAAPL. LAAPL is the holding company of FCL. FCL is the holding company of GCAL. GCAL is the holding company of OUER. OUE is the subsidiary of OUER.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 902594405 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.01000000 (Deemed Interest)

OUE is a subsidiary of LAAPL, which is jointly held by Admiralty and HKC Property. Hongkong Chinese Limited ("HCL") is the immediate holding company of HKC Property. Accordingly, HCL has a deemed interest in the OUE Deemed Interest Units in which OUE has an interest.

HCL is the holding company of HKC Property. HKC Property and Admiralty jointly hold LAAPL. LAAPL is the holding company of FCL. FCL is the holding company of GCAL. GCAL is the holding company of OUER. OUE is the subsidiary of OUER.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 902594405 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.01000000 (Deemed Interest)

Lippo ASM Asia Property Limited ("LAAPL") is the holding company of FCL. FCL is an intermediate holding company of OUE. Accordingly, LAAPL has a deemed interest in the OUE Deemed Interest Units in which OUE has an interest.

LAAPL is the holding company of FCL. FCL is the holding company of GCAL. GCAL is the holding company of OUER. OUE is the subsidiary of OUER.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 904238993 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.09000000 (Deemed Interest)

Lippo Capital Group Limited ("LCG") is the holding company of LCH, which in turn is an intermediate holding company of LL. Accordingly, LCG has a deemed interest in the LL Units in which LL has an interest.

LCG is the holding company of LCH. LCH is the holding company of LCL. LCL is the holding company of LL. LL is the holding company of PSL. PSL is the holding company of Hennessy. Hennessy is the holding company of HCL. HCL is the holding company of HKC Property. HKC Property and Admiralty jointly hold LAAPL. LAAPL is the holding company of FCL. FCL is the holding company of GCAL. GCAL is the holding company of OUER. OUE is the subsidiary of OUER.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 904238993 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.09000000 (Deemed Interest)

Lippo Capital Holdings Company Limited ("LCH") is an intermediate holding company of LL. Accordingly, LCH has a deemed interest in the LL Units in which LL has an interest.

LCH is the holding company of LCL. LCL is the holding company of LL. LL is the holding company of PSL. PSL is the holding company of Hennessy. Hennessy is the holding company of HCL. HCL is the holding company of HKC Property. HKC Property and Admiralty jointly hold LAAPL. LAAPL is the holding company of FCL. FCL is the holding company of GCAL. GCAL is the holding company of OUER. OUE is the subsidiary of OUER.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 904238993 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.09000000 (Deemed Interest)

Lippo Capital Limited ("LCL") is the holding company of LL. Accordingly, LCL has a deemed interest in the LL Units in which LL has an interest.

LCL is the holding company of LL. LL is the holding company of PSL. PSL is the holding company of Hennessy. Hennessy is the holding company of HCL. HCL is the holding company of HKC Property. HKC Property and Admiralty jointly hold LAAPL. LAAPL is the holding company of FCL. FCL is the holding company of GCAL. GCAL is the holding company of OUER. OUE is the subsidiary of OUER.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 904238993 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.09000000 (Deemed Interest)

OUE is a subsidiary of LAAPL, which is jointly held by Admiralty and HKC Property. Lippo Limited ("LL") is an intermediate holding company of HKC Property. Accordingly, LL has a deemed interest in the OUE Deemed Interest Units in which OUE has an interest.

Hongkong China Treasury Limited ("HKCTL"), a subsidiary of LL, has a direct interest of 1,644,588 Units (the "HKCTL Units"). Accordingly, LL also has a deemed interest in the HKCTL Units in which HKCTL has a direct interest in, amounting to a total interest of 904,238,993 Units (the "LL Units").

LL is the holding company of PSL. PSL is the holding company of Hennessy. Hennessy is the holding company of HCL. HCL is the holding company of HKC Property. HKC Property and Admiralty jointly hold LAAPL. LAAPL is the holding company of FCL. FCL is the holding company of GCAL. GCAL is the holding company of OUER. OUE is the subsidiary of OUER.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 904238993 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.09000000 (Deemed Interest)

Mr. James Tjahaja Riady effectively holds all the shares of PT Trijaya. PT Trijaya holds more than 20% of the shares in LCL, which is the holding company of LL. Accordingly, Mr. James Tjahaja Riady has a deemed interest in the LL Units in which LL has an interest.

Mr. James Tjahaja Riady effectively holds all the shares of PT Trijaya. PT Trijaya holds more than 20% of the shares in LCL. LCL is the holding company of LL. LL is the holding company of PSL. PSL is the holding company of Hennessy. Hennessy is the holding company of HCL. HCL is the holding company of HKC Property. HKC Property and Admiralty jointly hold LAAPL. LAAPL is the holding company of FCL. FCL is the holding company of GCAL. GCAL is the holding company of OUER. OUE is the subsidiary of OUER.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 902594405 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.01000000 (Deemed Interest)

3,427,317 units in First REIT ("Units") had been issued to First REIT Management Limited ("FRML"), a subsidiary of OUE Limited ("OUE"), on 6 May 2022 as payment for FRML's performance fee for the period from 1 January 2021 to 31 March 2021 and as payment for FRML's base fee for the period from 1 January 2022 to 31 March 2022 (the "6 May Issuance"). As a result of the 6 May Issuance, FRML has a direct interest of 171,125,360 Units (the "FRML Units").

Clifford Development Pte. Ltd. ("CDPL"), a subsidiary of OUE, has a direct interest in 53,471,217 Units (the "CDPL Units").

OLH Healthcare Investments Pte. Ltd. ("OHI"), an indirect wholly-owned subsidiary of OUE Lippo Healthcare Limited, which in turn, is an indirect subsidiary of OUE, has a direct interest in 677,997,828 Units (the "OHI Units").

Accordingly, OUE has a deemed interest in (i) the FRML Units in which FRML has a direct interest in, (ii) the CDPL Units in which CDPL has a direct interest in and (iii) the OHI Units in which OHI has a direct interest in, amounting to a total interest of 902,594,405 Units (the "OUE Deemed Interest Units").

OUE Realty Pte. Ltd. ("OUER") is the holding company of OUE. Accordingly, OUER has a deemed interest in the OUE Deemed Interest Units in which OUE has an interest.

OUE is the subsidiary of OUER.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 904238993 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.09000000 (Deemed Interest)

PT Trijaya Utama Mandiri ("PT Trijaya") holds more than 20% of the shares in LCL, which is the holding company of LL. Accordingly, PT Trijaya has a deemed interest in the LL Units in which LL has an interest.

PT Trijaya holds more than 20% of the shares in LCL. LCL is the holding company of LL. LL is the holding company of PSL. PSL is the holding company of Hennessy. Hennessy is the holding company of HCL. HCL is the holding company of HKC Property. HKC Property and Admiralty jointly hold LAAPL. LAAPL is the holding company of FCL. FCL is the holding company of GCAL. GCAL is the holding company of OUER. OUE is the subsidiary of OUER.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 902594405 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.01000000 (Deemed Interest)

OUE is a subsidiary of LAAPL, which is jointly held by Admiralty and HKC Property. Prime Success Limited ("PSL") is an intermediate holding company of HKC Property. Accordingly, PSL has a deemed interest in the OUE Deemed Interest Units in which OUE has an interest.

PSL is the holding company of Hennessy. Hennessy is the holding company of HCL. HCL is the holding company of HKC Property. HKC Property and Admiralty jointly hold LAAPL. LAAPL is the holding company of FCL. FCL is the holding company of GCAL. GCAL is the holding company of OUER. OUE is the subsidiary of OUER.

The percentage of unit-holding (a) immediately before the 6 May Issuance is calculated on the basis of 2,047,478,761 Units; and (b) immediately after the 6 May Issuance is calculated on the basis of 2,050,906,078 Units.

Remarks
Receipt of 1,717,641 Units by FRML as payment of the performance fee component of FRML's management fees for the period from 1 January 2021 to 31 March 2021, and receipt of 1,709,676 Units by FRML as payment of the base fee component of FRML's management fee for the period from 1 January 2022 to 31 March 2022.

Immediately after the transaction

No. of ordinary voting shares/units held: (Direct Interest); 902594405 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 44.01000000 (Deemed Interest)

Total of 3,427,317 Units were issued to FRML (as Manager of First REIT), a subsidiary of OUE, as payment of FRML's management fee on 6 May 2022. As a result, FRML has a direct interest in 171,125,360 Units (the "FRML Units").

Clifford Development Pte. Ltd. ("CDPL"), a subsidiary of OUE, has a direct interest in 53,471,217 Units (the "CDPL Units").

OLH Healthcare Investments Pte. Ltd. ("OHIPL"), an indirect wholly-owned subsidiary of OUE Lippo Healthcare Limited, which in turn, is an indirect subsidiary of OUE, has a direct interest in in 677,997,828 Units (the "OHIPL Units").

Accordingly, OUE has a deemed interest in (i) the FRML Units in which FRML has a direct interest in, (ii) the CDPL Units in which CDPL has a direct interest in and (iii) the OHIPL Units in which OHI has a direct interest in, amounting to a total interest of 902,594,405 Units.

The percentage of unitholdings is calculated based on 2,047,478,761 Units in issue before the change and 2,050,906,078 Units after the change.

Remarks
Acquisition of Securities as part of management, acquisition and/or divestment fees paid by the Listed Issuer

Immediately after the transaction

No. of ordinary voting shares/units held: 171125360 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 8.34000000 (Direct Interest); 0.00000000 (Deemed Interest)

The percentage of unitholding is calculated based on 2,049,196,402 Units in issue before the change and 2,050,906,078 Units in issue after the change.

Remarks
Acquisition of Securities as part of management, acquisition and/or divestment fees paid by the Listed Issuer

Immediately after the transaction

No. of ordinary voting shares/units held: 169415684 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 8.27000000 (Direct Interest); 0.00000000 (Deemed Interest)

The percentage of unitholding is calculated based on 2,047,478,761 Units in issue before the change and 2,049,196,402 Units in issue after the change.

Remarks
Allotment and issuance of 431,147,541 Consideration Units at an issue price of S$0.305 per Consideration Unit as part satisfaction of the consideration for the Proposed Transaction.

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 899167088 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 43.92000000 (Deemed Interest)

OUE Lippo Healthcare Limited ("OUELH"), an indirect subsidiary of OUE Limited ("OUE"), has entered into sale and purchase agreements dated 7 December 2021 in respect of the proposed divestment of 100% of the issued and paid-up share capital in each of (a) OUELH Japan Medical Facilities Pte. Ltd., which owns a 100% interest in 12 nursing homes located in Japan; and (b) OUELH Japan Medical Assets Pte. Ltd. to Perpetual (Asia) Limited (in its capacity as trustee of First REIT) (the "Proposed Transaction"). As part of the consideration payable for the Proposed Transaction, OLH Healthcare Investments Pte. Ltd. ("OHIPL"), a wholly-owned subsidiary of OUELH, was nominated by OUELH to receive the Consideration Units (as defined below), and OHIPL has on 1 March 2022 been allotted 431,147,541 new units ("Units") in First REIT ("Consideration Units") at the issue price of S$0.305 per Consideration Unit (the "Acquisition"). As a result of the Acquisition, OHIPL has a direct interest in 677,997,828 Units (the "OHIPL Units").

First REIT Management Limited ("FRML"), a subsidiary of OUE, has a direct interest in 167,698,043 Units (the "FRML Units").

Clifford Development Pte. Ltd. ("CDPL"), a subsidiary of OUE, has a direct interest in 53,471,217 Units (the "CDPL Units").

Accordingly, OUE has a deemed interest in (i) the OHIPL Units in which OHIPL has a direct interest in, (ii) the FRML Units in which FRML has a direct interest in, and (iii) the CDPL Units in which CDPL has a direct interest in, amounting to a total interest of 899,167,088 Units (the "OUE Units").

Lippo ASM Asia Property Limited ("LAAPL") is an intermediate holding company of OUE, and LAAPL is jointly held by Admiralty Station Management Limited ("Admiralty") and HKC Property Investment Holdings Limited ("HKC Property"). Accordingly, Admiralty has a deemed interest in the OUE Units in which OUE has an interest.

Admiralty jointly holds LAAPL with HKC Property. LAAPL is an intermediate holding company of OUE.

The percentage of unit-holding (a) immediately before the Acquisition is calculated on the basis of 1,616,331,220 Units in issue; and (b) immediately after the Acquisition is calculated on the basis of 2,047,478,761 Units in issue.

Remarks
Allotment and issuance of 431,147,541 Consideration Units at an issue price of S$0.305 per Consideration Unit as part satisfaction of the consideration for the Proposed Transaction.

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 899167088 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 43.92000000 (Deemed Interest)

Argyle Street Management Holdings Limited ("ASMHL") is the holding company of ASML. ASML has a controlling interest in Admiralty. LAAPL is an intermediate holding company of OUE, and LAAPL is jointly held by Admiralty and HKC Property. Accordingly, ASMHL has a deemed interest in the OUE Units in which OUE has an interest.

ASMHL is the holding company of ASML. ASML has a controlling interest in Admiralty. Admiralty jointly holds LAAPL with HKC Property. LAAPL is an intermediate holding company of OUE.

The percentage of unit-holding (a) immediately before the Acquisition is calculated on the basis of 1,616,331,220 Units in issue; and (b) immediately after the Acquisition is calculated on the basis of 2,047,478,761 Units in issue.

Remarks
Allotment and issuance of 431,147,541 Consideration Units at an issue price of S$0.305 per Consideration Unit as part satisfaction of the consideration for the Proposed Transaction.

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 899167088 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 43.92000000 (Deemed Interest)

Argyle Street Management Limited ("ASML") has a controlling interest in Admiralty. LAAPL is an intermediate holding company of OUE, and LAAPL is jointly held by Admiralty and HKC Property. Accordingly, ASML has a deemed interest in the OUE Units in which OUE has an interest.

ASML has a controlling interest in Admiralty. Admiralty jointly holds LAAPL with HKC Property. LAAPL is an intermediate holding company of OUE.

The percentage of unit-holding (a) immediately before the Acquisition is calculated on the basis of 1,616,331,220 Units in issue; and (b) immediately after the Acquisition is calculated on the basis of 2,047,478,761 Units in issue.

Remarks
Allotment and issuance of 431,147,541 Consideration Units at an issue price of S$0.305 per Consideration Unit as part satisfaction of the consideration for the Proposed Transaction.

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 899167088 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 43.92000000 (Deemed Interest)

Kin Chan is the beneficial owner of more than 20% of the issued share capital of ASMHL, the holding company of ASML. ASML has a controlling interest in Admiralty. LAAPL is an intermediate holding company of OUE, and LAAPL is jointly held by Admiralty and HKC Property. Accordingly, Kin Chan has a deemed interest in the OUE Units in which OUE has an interest.

Kin Chan is the beneficial owner of more than 20% of the issued share capital of ASMHL. ASMHL is the holding company of ASML. ASML has a controlling interest in Admiralty. Admiralty jointly holds LAAPL with HKC Property. LAAPL is an intermediate holding company of OUE.

The percentage of unit-holding (a) immediately before the Acquisition is calculated on the basis of 1,616,331,220 Units in issue; and (b) immediately after the Acquisition is calculated on the basis of 2,047,478,761 Units in issue.

Remarks
Allotment and issuance of 431,147,541 Consideration Units at an issue price of S$0.305 per Consideration Unit as part satisfaction of the consideration for the Proposed Transaction.

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 899167088 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 43.92000000 (Deemed Interest)

V-Nee Yeh is the beneficial owner of more than 20% of the issued share capital of ASMHL, the holding company of ASML. ASML has a controlling interest in Admiralty. LAAPL is an intermediate holding company of OUE, and LAAPL is jointly held by Admiralty and HKC Property. Accordingly, V-Nee Yeh has a deemed interest in the OUE Units in which OUE has an interest.

V-Nee Yeh is the beneficial owner of more than 20% of the issued share capital of ASMHL. ASMHL is the holding company of ASML. ASML has a controlling interest in Admiralty. Admiralty jointly holds LAAPL with HKC Property. LAAPL is an intermediate holding company of OUE.

The percentage of unit-holding (a) immediately before the Acquisition is calculated on the basis of 1,616,331,220 Units in issue; and (b) immediately after the Acquisition is calculated on the basis of 2,047,478,761 Units in issue.