FY2017 Results Presentation

28 February 2018
Disclaimer
This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may
differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of
these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other
developments or companies, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including
employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts and the terms
necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of
management on future events.

The information contained in this presentation has not been independently verified. No representation or warranty expressed or implied is made as to, and no
reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Neither EC World
Asset Management Pte. Ltd. (the “Manager”) nor any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for
any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection
with this presentation.

The forecast performance of EC World Real Estate Investment Trust (“EC World REIT”) is not indicative of the future or likely performance of EC World REIT. The
forecast financial performance of EC World REIT is not guaranteed.

The value of units in EC World REIT (“Units”) and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by,
the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested.

Investors should note that they will have no right to request the Manager to redeem or purchase their Units for so long as the Units are listed on the Singapore
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This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for Units.

DBS Bank Ltd. is the sole financial adviser, global coordinator and issue manager for the initial public offering of EC World REIT. DBS Bank Ltd., Bank of China
Limited, Singapore Branch, China International Capital Corporation (Singapore) Pte. Limited and Maybank Kim Eng Securities Pte. Ltd. are the joint bookrunners
and underwriters for the initial public offering of EC World REIT

1
Agenda

Section A FY2017 Key Highlights

Section B Financial Review

Section C Portfolio Update

2
 Section A: FY2017 Key Highlights

2/28/2018 3
FY2017 Key Highlights
1 Strong financial results outperforming IPO forecasts for the second consecutive year

Gross Revenue of S$91.4 million 1.0% higher than IPO forecast

Net Property Income of S$82.7 million 0.9% higher than IPO forecast

Distribution Per Unit of 6.025 cents 1.5% higher than IPO forecast

FY2017 distribution yield of 7.9% (1)

2 Resilient portfolio continues to deliver stable returns

 Portfolio valuation increased 1.8% in RMB terms to RMB6,522 million as at 31 Dec 2017
 Committed occupancy remains at 100%, with the underlying end-tenant occupancy of 97.5%
 Resilient leases with weighted average lease expiry (“WALE”) of 3.0 years (2) and built-in
escalations
3 Positive outlook for growth

 China and Hangzhou’s GDP expanded by 6.9% (3) and 8.0% (4) respectively while the e-
commerce sector in Hangzhou grew by 36.6% (4) in 2017
 Relatively low gearing of 29.2% provides debt headroom for acquisitions
 Actively looking to expand asset portfolio in China and high growth markets in Southeast Asia
(1) Based on the closing price of S$0.76 on 29 December 2017
(2) By gross rental and as at 31 December 2017
(3) National Bureau of Statistics
(4) Hangzhou Bureau of Statistics
4
Consistently Strong Operating and Financial Performance
Gross Revenue Net Property Income Distributable Income

SGD’000 SGD’000 SGD’000

7.5% 4.6% 2.4% 5.5%

24,739 (8.6%)
4.1% 5.4% 7.7%
23,663 23,866 2.8%
23,161
23,004 22,613 22,613 22,612 (12.5%)
22,613 21,774 22,086
21,601
21,072
20,678 20,909 20,500 20,500 20,499
20,500

17,945

3.5% 3.3% (3.0%)

2.0%
1.5%
12,024
11,387 12,010 11,281 11,802
11,622 11,626
11,164 11,621 11,626

(1)
4Q16 1Q17 2Q17 3Q17 4Q17 4Q16 1Q17 2Q17 3Q17 4Q17 4Q16 1Q17 2Q17 3Q17 4Q17

Due to straight-lining accounting adjustment and On a like for like basis, Distributable Income would
provision of impairment (RMB5.2m) of receivables at be SGD12.0m, 3.4% higher than IPO forecast
Fu Zhuo. Both had no impact on DPU in FY2017

Actual Forecast

(1) Due to 5% withholding tax expenses incurred during the cash repatriation process which was not assumed in the IPO forecast

5
Exposure to Fast Growing Geography and Sector
Overview of Hangzhou

Capital of
Population (1) GDP (1) Chinese Capital
Zhejiang
9.5 million RMB 1.2 trillion of E-Commerce
Province

 One of the core cities in the Yangtze River Delta Economic Zone, Hangzhou is
positioned as an economic, cultural, science and education centre and a transport hub

 Strong economic growth with GDP growth rates outstripping national average

E-Commerce industry in Hangzhou has been growing at very fast pace, expanding
 36.6% in 2017

Rapidly Expanding E-Commerce Industry –

Strong Economic Growth – GDP (1) Sector Size (1)

RMB’b RMB’b 39
1,256 36
1,105 32
1,005 29
921 27
840 25 24
783
704 20

2011 2012 2013 2014 2015 2016 2017 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017

(1) Hangzhou Bureau of Statistics

6
Portfolio Provides Critical Connectivity in the Product Fulfilment Cycle

EC World REIT’s asset portfolio almost covers the entire product fulfillment cycle and supply chain

Handling and
Fulfillment Cycle

Online Office / processing:

platforms Transport： Trade & Unloading /
Products

/ Brand River / Land Ware Exhibition / Storage / End

Delivery
owners / / Air house Experiential Picking consumers
Manufact Shop /Packaging &
urers Labelling /
Sorting

Fu Heng Warehouse
EC World REIT Assets

Stage 1 Bei Gang

Hengde Logistics

Chongxian Port Investment

Chongixan Port Logistics
Fu Zhou Industrial

E-Commerce Logistics Specialized Logistics Port Logistics

7
Symbiotic Relationship between an Asset Owner and An Asset Operator

Operator
Asset Owner
Asset

“Skull” – physical structure “Brain” – operations and management

 Ownership of physical asset that houses  Manage the business processes, systems and
the operations operations

 Collect rental and pays ownership  Earns operating revenue (handling,

related costs such as property taxes, processing, packaging etc.) and pays rental
maintenance and repair expenses to the asset owner

Strategic benefits

 Full integration of physical warehousing and

logistics facilities, advanced IT management
system and data analytics

 Extensive supply chain network across key

markets in China

 Provide "one-stop" integrated intelligent

logistics services to domestic and international
customers
8
RuYiCang:
Well-Established Omni-Channel Client Base
Clients include blue chip e-commerce marketplaces / platforms, brand owners, manufacturers and
last mile service providers

Selected Clients

Market Places

Brands

Last Mile
Delivery

9
 Section B: Financial Review

2/28/2018 10
Summary Results

Strong FY17 Results Outperforming IPO Forecast

For the period For the period

Variance Variance
1 Oct 2017 to 31 Actual Forecast # 1 Jan 2017 to 31 Dec Actual Forecast #
(%) (%)
Dec 2017 2017
Gross revenue Gross revenue
20,678 22,612 (8.6%) 91,368 90,451 1.0%
(S$’000) (S$’000)
Net property Net property income
17,945 20,499 (12.5%) 82,704 81,999 0.9%
income (S$’000) (S$’000)
Distributable Distributable income
11,802 11,626 1.5% 47,117 46,495 1.3%
income (S$’000) (S$’000)

Distribution per unit Distribution per unit

1.504 1.496 0.5% 6.025 5.936 1.5%
(Singapore cents) (Singapore cents)
# As per data in IPO prospectus

Distribution Timetable
4Q2017
:
Last Day of Trading on “cum” Basis 5 Mar 2018

:
Ex-date 6 Mar 2018

:
Books Closure Date 8 Mar 2018

:
Distribution Payment Date 29 Mar 2018

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Review of FY2017 Performance between Actual and Forecast Results
Net Property Income
S$ m
82.7
 Higher gross revenue primarily due to additional
rental income from the asset enhancement
initiative at Chongxian Port Investment
82.0 (construction of a sheltered warehouse)

 NPI mainly benefited higher gross revenue and

favourable exchange rate movement vis-à-vis
Forecast Actual forecasted FX rate

Income Tax Expense

S$ m  Income tax expense was 70.7% higher than forecast
23.8
primarily due to withholding tax incurred on the
cash repatriated from the PRC asset companies in
13.9
September 2017 and deferred tax expenses on the
fair value of the investment properties in December
2017

Forecast Actual

Distributable Income
S$ m
47.1
 Due to higher rental revenue following the
completion of the AEI at Chongxian Port
46.5
Investment and favourable exchange rate
movement vis-à-vis forecast FX rate

 Due mainly to the abovementioned factors,

Forecast Actual distributable income is 1.3% higher than forecast

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Prudent Capital Management
 Annualized all-in interest rate of 5.3%

 100% of offshore SGD facilities on fixed rate

 Entered into FX forward contracts to lock in SGDRMB for our RMB income source for 1Q18 distributions
at at SGD/RMB 4.843. Continues to maintain a rolling 6 month FX hedging strategy

Key Debt Figures Aggregate Leverage Ratio

• RMB 993.6 million onshore
Total Debt Drawdown
• S$ 200.0 million offshore
as at 31 Dec 2017
• S$ 38.0 million RCF (1)

Tenure 3 years (except for RCF)

• Onshore(2) – 6.3% p.a.

Annualized All-in
• Offshore(3) – 5.0% p.a.
Interest Rate
• RCF – 1.5% p.a.
Forex (SGD/RMB) 28.9% 27.6%
29.2% 29.2%

FY2017 5.03 (IPO Assumption)

3Q2017 4.996 (Hedged)

4Q2017 4.95 (Hedged)

At IPO Listing 31-Dec-16 30-Jun-17 31-Dec-17

1Q 2018 4.843 (Hedged)
Date
(1) S$38.0 million drawn down from the S$50.0 million revolving credit facility
(2) Onshore loan is pegged to PBOC rate
(3) Offshore fixed component at 1.485% and 1.745%, variable component is pegged to 3 month SOR

13
Healthy Balance Sheet

As at As at As at
S$’000
31 Dec 2017 31 Dec 2016 Listing Date

Cash and cash equivalents(1) 138,644 103,665 91,417

Investment Properties(2) 1,337,010 1,333,297 1,303,443

Total Assets 1,511,404 1,482,529 1,404,934

Borrowings 435,501 398,830 393,254

Total Liabilities 793,786 756,410 722,910

Net Assets attributable to

Unitholders
717,618 726,119 682,024

NAV per unit (S$) 0.91 0.93 0.88

(1) Includes RMB301.7 million (S$61.8 million) security deposits received from the Master Lease tenants.
(2) Investment Properties are based on independent valuations performed by Savills as at 31 December 2017. Investment properties are pledged as security for the
Group’s borrowings.

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 Section C: Portfolio Update

2/28/2018 15
Summary Assets Performance – FY2017

Breakdown by Gross Revenue and NPI (SGD m) NPI Yield (1)

91.4
82.7
8.7 8.3%
8.0
25.8 Portfolio: 6.8%
22.0 6.3% 6.2%

5.6%
14.8
13.8
4.6%
1.6
0.5
11.2 9.9

29.3 28.5 2.0%

Gross revenue NPI

Chongxian Port Investment Chongxian Port Logistics
Chongxian Chongxian Fu Zhuo Hengde Stage 1 Bei Fu Heng
Fu Zhuo Hengde Port Port Gang
Investment Logistics
Stage 1 Bei Gang Fu Heng

Due to provision of impairment of receivables at Fu Zhuo.

Without this impairment, NPI Yield for the Portfolio and Fu
(1) In RMB terms. Based on valuation as at 31 December 2017 Zhou will be 6.3% and 6.6% respectively
16
Resilient, Specialized and Balanced Asset Portfolio

Valuation has increased for 2 consecutive years while achieving 100% committed occupancy

Portfolio Valuation (RMB m) Portfolio Occupancy

6,522 100% 100% 100% 100% 100%

97.4% 98.3% 97.8% 97.5%
96.4%

6,407
6,357

31/12/2015 31/12/2016 31/12/2017

4Q16 1Q17 2Q17 3Q17 4Q17

Committed occupancy
Underlying occupancy

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 High Quality and Diversified Asset Portfolio
Breakdown of Portfolio Gross Rental Income Breakdown by NLA

 Diversification by asset type (1)

Trading,
Diversification by trade sector (1)

2.0% Others,
16.4% 0.7%
Industrial,
17.0% 34.1% 35.2%

46.6% Total:
698,478
sq m
37.1%
Delivery,
Port Logistics Ecommerc logistics and 30.7%
Specialised Logistics
e services, distribution,
39.9% 40.5%
E-Commerce Logistics

Lease Expiry Profile of Portfolio(2) Breakdown by valuation

WALE by NLA: 2.9 years

WALE by Gross Rental Income: 3.0 years 22.4%
86.7%
78.1%
Total:
RMB 6.5b / 48.9%
S$ 1.3b
%

15.0% 28.8%
3.4% 2.6% 8.1%
0.8% 0.4% 2.7% 2.2%

2018 2019 2020 2021 2022 and beyond

by Net Letted Area by Gross income

(1) For FY2017

Port Logistics Specialised Logistics E-Commerce Logistics
(2) By Gross Rental Income and committed NLA as at 31 December 2017
18
Significant Strategic Growth Opportunities Across Multiple Channels

 EC World REIT is well-positioned for growth through acquisitions and asset enhancement initiatives

A B C D
Asset Enhancement Acquisition via Acquisition via
Organic Growth
Initiatives Sponsor ROFR(1) Third Party Assets

• Positive rental • Convert traditional • 2 Sponsor ROFR • Acquire yield-accretive

reversions due to the warehouses to e- properties with GFA properties and convert
quality of assets commerce logistics over 300,000 sq m them into e-commerce
centres logistics properties
• Built-in escalations in • Leverage on Sponsor’s
existing lease contracts • Proactive retrofitting business networks and • Seek opportunities
and refurbishment relationships to identify beyond China,
• Improving assets works including and pursue acquisition including Singapore
valuation upgrading of existing opportunities and Southeast Asia to
facilities further diversify its e-
commerce portfolio
• Pay “cost” to enjoy
future cash flows

(1) The Sponsor is required to offer these properties to EC World REIT under the right of first refusal which it has granted to EC World REIT (“Sponsor ROFR”) if it wishes to divest its
interest in such properties. EC World REIT is not obliged to acquire any of the properties under the Sponsor ROFR.
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Quality ROFR Assets Focused on E-Commerce Logistics

No. Sponsor ROFR Properties GFA (sq m)

1. Fu Zhou E-commerce Properties 215,643

2. Stage 2 of Bei Gang Logistics, Buildings No. 9 to No. 17 100,777

Total 316,420

Fu Zhou E-Commerce Properties Stage 2 of Bei Gang Logistics

Key Highlights

 Warehousing and office facilities specifically designed to cater to

the e-commerce industry
 Integrated e-commerce business park offering the entire suite of
e-commerce related supporting infrastructure and services

 To be operated and managed by RuYiCang 如意仓  Located next to Stage 1 Bei Gang Logistics, offering increased
scale, efficiency and synergies across the enlarged business park

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 Thank You

2/28/2018 21