Extraordinary/ Special General Meeting :: Voluntary

CIRCULAR DATED 30 JUNE 2022

THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.

Singapore Exchange Securities Trading Limited (the "SGX-ST") takes no responsibility for the accuracy of any statements or opinions made, or reports contained, in this circular to holders of units in First Real Estate Investment Trust ("First REIT", the units in First REIT, "Units", and the holders of Units, "Unitholders") dated 30 June 2022 (this "Circular"). If you are in any doubt as to the action you should take, you should consult your stockbroker, bank manager, solicitor, accountant or other professional adviser immediately.

If you have sold or transferred all your Units, you should immediately forward this Circular, together with the Notice of Extraordinary General Meeting and the accompanying Proxy Form, to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for onward transmission to the purchaser or transferee.

This Circular is not for distribution, directly or indirectly, in or into the United States of America ("U.S."). It is not an offer of securities for sale into the U.S.. The Units have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the U.S. or other jurisdiction, and the Units may not be offered or sold within the U.S. except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws. Any public offering of securities of First REIT in the U.S. would be made by means of a prospectus that would contain detailed information about First REIT and First REIT Management Limited ("FRML"), as manager of First REIT (the "Manager"), as well as financial statements. The Manager does not intend to conduct a public offering of securities in the U.S..

FIRST REAL ESTATE INVESTMENT TRUST

(Constituted in the Republic of Singapore

pursuant to a trust deed dated 19 October 2006 (as amended))

MANAGED BY

FIRST REIT MANAGEMENT LIMITED

(Company Registration Number: 200607070D)

CIRCULAR TO UNITHOLDERS

IN RELATION TO:

THE PROPOSED DIVESTMENT OF SILOAM HOSPITALS SURABAYA THROUGH

THE DIVESTMENT OF A PROPERTY HOLDING COMPANY,

AS AN INTERESTED PERSON TRANSACTION

Independent Financial Adviser to the Independent Directors and the Audit and

Risk Committee of the Manager and to Perpetual (Asia) Limited

(in its capacity as trustee of First REIT)

(Incorporated in the Republic of Singapore)

(Company Registration Number: 200105040N)

IMPORTANT DATES AND TIMES FOR UNITHOLDERS
Last date and time for pre-registration for Extraordinary General Meeting ("EGM")	: 22	July 2022	at 2:30 p.m.
Last date and time for lodgement of Proxy Forms	:	22	July 2022	at 2:30 p.m.
Date and time of EGM convened and held by way of electronic means	:	25 July 2022 at 2:30 p.m.

		TABLE OF CONTENTS
			Page
CORPORATE INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	ii
SUMMARY . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1
INDICATIVE TIMETABLE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	7
LETTER TO UNITHOLDERS
1.	Summary of Approval Sought . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	8
2.	Resolution: The Proposed Divestment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	8
3.	Rationale for the Proposed Divestment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	13
4.	Requirement of Independent Unitholders' Approval . . . . . . . . . . . . . . . . . . . . . . . . .	16
5.	PRO FORMA Financial Effects of the Proposed Divestment . . . . . . . . . . . . . . . . . . . .	18
6.	Advice of the IFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	21
7.	Interests of Directors and Substantial Unitholders . . . . . . . . . . . . . . . . . . . . . . . . . .	21
8.	Directors' Service Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	24
9.	Recommendations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	24
10.	Extraordinary General Meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	24
11.	Abstentions from Voting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	25
12.	Actions to be Taken by Unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	26
13.	Directors' Responsibility Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	29
14.	Consents	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	29
15.	Documents on Display . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	30
IMPORTANT NOTICE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	31
GLOSSARY . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	32
APPENDICES
Appendix A	Details of Siloam Hospitals Surabaya, the Existing Portfolio and the
		Revised Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	A-1
Appendix B Independent Financial Adviser's Letter . . . . . . . . . . . . . . . . . . . . . . . . . . .	B-1
Appendix C	Valuation Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	C-1
NOTICE OF EXTRAORDINARY GENERAL MEETING . . . . . . . . . . . . . . . . . . . . . . . . . . .	D-1
PROXY FORM

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CORPORATE INFORMATION

Directors of First REIT	:	Mr Christopher James Williams
Management Limited		(Chairman and Non-IndependentNon-Executive Director)
("Directors")		Mr Tan Kok Mian Victor
		(Executive Director and Chief Executive Officer)
		Mr Chan Pengee Adrian (Lead Independent Director)
		Mr Ferris Charles Bye (Independent Director)
		Mr Tan Chuan Lye (Independent Director)
		Mr Martin Lechner (Independent Director)
		Ms Minny Riady
		(Non-IndependentNon-Executive Director)
Registered Office of the	:	333 Orchard Road
Manager		#33-02
		Singapore 238867
Trustee of First REIT	:	Perpetual (Asia) Limited
(the "Trustee")		(in its capacity as trustee of First REIT)
		8 Marina Boulevard
		#05-02 Marina Bay Financial Centre
		Singapore 018981

Legal Adviser for the Proposed Divestment and to the Manager as to Singapore Law

Legal Adviser to the Manager for the Proposed Divestment as to Indonesia Law

Legal Adviser to the Trustee

• Allen & Gledhill LLP
  One Marina Boulevard #28-00 Singapore 018989
• Soemadipradja & Taher Wisma GKBI, Level 9
  JI. Jenderal Sudirman No. 28 Jakarta 10210, Indonesia
• Dentons Rodyk & Davidson LLP 80 Raffles Place #33-00
  UOB Plaza 1 Singapore 048624

Independent Financial	:	Stirling Coleman Capital Limited
Adviser to the		9 Raffles Place
Independent Directors		Distrii Level 6, Republic Plaza
and the Audit and Risk		Singapore 048619
Committee of the
Manager and to the
Trustee ("IFA")

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Independent Valuers	:	Cushman & Wakefield VHS Pte. Ltd., in conjunction with
		KJPP Firman Suryantoro Sugeng Suzy Hartomo & Rekan
		("C&W")
		88 Market Street
		#47-01 CapitaSpring
		Singapore 048948
		(appointed by the Trustee)
		KJPP Willson & Rekan in association with Knight Frank
		("Knight Frank")
		Chase Plaza 17th Floor
		Jl. Jend. Sudirman Kav. 21
		Jakarta 12920, Indonesia
		(appointed by the Manager)
Unit Registrar and Unit	:	Boardroom Corporate & Advisory Services Pte. Ltd.
Transfer Office		1 Harbourfront Avenue
(the "Unit Registrar")		#14-07 Keppel Bay Tower
		Singapore 098632

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