Notice Of Valuation Of Real Assets :: Starhill Global REIT Asset Valuation

SGX-ST Announcement

STARHILL GLOBAL REIT ASSET VALUATION

YTL Starhill Global REIT Management Limited, the manager of Starhill Global Real Estate Investment Trust ("Starhill Global REIT"), wishes to announce that independent valuations of the properties owned (directly and indirectly) by HSBC Institutional Trust Services (Singapore) Limited as trustee of Starhill Global REIT, have been completed by CBRE Pte. Ltd., Valuation Services (SA) Pty Ltd trading as Knight Frank Valuations, Colliers International (WA) Pty Ltd, Nawawi Tie Leung Property Consultants Sdn Bhd, Jones Lang LaSalle Corporate Appraisal and Advisory Limited and JLL Morii Valuation & Advisory K.K., in Singapore, Australia, Malaysia, China and Japan respectively as at 30 June 2021.

These valuations are reflected in Starhill Global REIT's balance sheet as at 30 June 2021.

Summary details of the valuations are as follows:

Name of	Location of property	Description of property	Valuation as at
property			30 June 2021
Ngee Ann City	391/391B Orchard Road,	27.23% strata title interest in total	S$1,130.0 million
	Singapore 238874	share value of Ngee Ann City
		(retail and office use)
Wisma Atria	435 Orchard Road,	74.23% strata title interest in total	S$878.0 million
	Singapore 238877	share value of Wisma Atria (retail
		and office use)
Myer Centre	14-38 Rundle Mall,	8-storey retail centre5, 3 office	S$243.5 million 1
Adelaide	Adelaide, Australia	buildings and 4 basement levels	(AUD241.0 million)
		of carpark
David Jones	622-648 Hay Street Mall,	4-storeyheritage-listed building	S$146.5 million 1
Building	Perth, Australia	for retail use	(AUD145.0 million)
Plaza Arcade	650 Hay Street Mall &	3-storeyheritage-listed building	S$49.0 million 1
	185-191 Murray Street	for retail use	(AUD48.5 million)
	Mall, Perth, Australia
The Starhill 6	181 Jalan Bukit Bintang,	Shopping centre comprising part	S$279.8 million 2
	55100 Kuala Lumpur,	of a 7-storey building with 5	(RM864.0 million)
	Malaysia	basements and a 12-storey
		annex building with 3 basements

Name of	Location of property	Description of property	Valuation as at
property			30 June 2021
Lot 10 Property	50 Jalan Sultan Ismail,	8-storey building with a basement	S$147.0 million 2
	50250 Kuala Lumpur,	and a lower ground floor for retail	(RM454.0 million)
	Malaysia	use and a 7-storey annex
		building
China Property	19, 4th Section	4-storey plus mezzanine level	S$29.8 million 3
	Renminnan Road,	retail building	(RMB143.0 million)
	Chengdu, Sichuan, China
Ebisu Fort	1-24-2Ebisu-Minami,	7-storey building for retail and	S$44.4 million 4
	Shibuya-ku, Tokyo, Japan	office use	(JPY3,650.0 million)
Daikanyama	1-31-12Ebisu-Nishi,	3-storey building for retail and	S$15.9 million 4
	Shibuya-ku, Tokyo, Japan	office use	(JPY1,310.0 million)

1. Based on exchange rate of SGD1 : AUD0.99
2. Based on exchange rate of SGD1 : RM3.09
3. Based on exchange rate of SGD1 : RMB4.81
4. Based on exchange rate of SGD1 : JPY82.25
5. Includes approximately 100,000 sq ft of unactivated vacant area in the retail centre on level 4 and level 5.
6. The Starhill is currently undergoing asset enhancement works which is expected to be completed in the second half of 2021. Details of the Asset Enhancement Works was announced on 18 March 2019, together with the New Master Tenancy Agreements for The Starhill and Lot 10 Property.

The valuation reports are available for inspection at the registered office of YTL Starhill Global REIT Management Limited during business hours for three months from today.

YTL Starhill Global REIT Management Limited

(Company Registration No. 200502123C)

As Manager of Starhill Global Real Estate Investment Trust

Lim Wai Pun / Lam Chee Kin

Joint Company Secretaries

Singapore

29 July 2021

About Starhill Global REIT

Starhill Global REIT is a Singapore-based real estate investment trust investing primarily in real estate used for retail and office purposes, both in Singapore and overseas. Since its listing on the Mainboard of the Singapore Exchange Securities Trading Limited (the "SGX-ST") on 20 September 2005, Starhill Global REIT has grown its initial portfolio from interests in two landmark properties on Orchard Road in Singapore to 10 properties in Singapore, Australia, Malaysia, China and Japan, valued at about S$3.0 billion.

These comprise interests in Wisma Atria and Ngee Ann City on Orchard Road in Singapore, Myer Centre Adelaide, David Jones Building and Plaza Arcade in Adelaide and Perth, Australia, The Starhill and Lot 10 in Kuala Lumpur, Malaysia, a retail property in Chengdu, China and two properties in Tokyo, Japan. Starhill Global REIT remains focused on sourcing attractive property assets in Singapore and overseas, while driving organic growth from its existing portfolio, through proactive leasing efforts and creative asset enhancements.

Starhill Global REIT is managed by an external manager, YTL Starhill Global REIT Management Limited, of which all of its shares are indirectly held by YTL Corporation Berhad.

Important Notice

The value of units in Starhill Global REIT ("Units") and the income derived from them may fall or rise. The 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 possible delays in repayment, loss of income or principal invested. The Manager and its affiliates do not guarantee the performance of Starhill Global REIT or the repayment of capital from Starhill Global REIT or any particular rate of return. Investors have no right to request the Manager to redeem their Units while the Units are listed.

It is intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. This document is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units. The past performance of Starhill Global REIT is not necessarily indicative of the future performance of Starhill Global REIT.

This document may contain forward-looking statements that involve 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, outbreak of contagious diseases or pandemic, interest rate and foreign exchange trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's view of future events.