General Announcement::Corporate Update

Corporate Update

August 2021

18 Robinson, Singapore

Disclaimer

This presentation and the information contained herein does not constitute or form any part of and should not be constructed as any offer, invitation or recommendation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities of Tuan Sing Holdings Limited (the "Company") or any of its subsidiaries, associated companies (collectively with the Company, the "Group") in any jurisdiction or an inducement to enter into investment activity and nothing contained herein shall form the basis of or be relied upon in connection with any contract or commitment or investment decision whatsoever. For the purposes of this notice, "presentation" means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed during any roadshow presentation meeting.

This presentation is being furnished to you solely for your information and may not be released, reproduced or redistributed, directly or indirectly and in whole or in part, to any other person or published, in whole or in part, for any purpose. This presentation has not been independently verified. Reliance should not be placed on the information or opinions in this presentation. No representation, warranty or undertaking, express or implied, of any nature is given by or on behalf of the Company or any member of the Group, DBS Bank Ltd., United Overseas Bank Limited, Credit Suisse (Singapore) Limited, any of their respective joint venture and/or associated companies, or any of such person's respective affiliates, directors, officers, employees, agents, advisors or representatives as to, and no reliance should be placed on, the fairness, correctness, accuracy, reliability or completeness of the information, opinions or conclusions contained herein, and no responsibility or liability is assumed by any such persons for any such information or opinions or for any errors or omissions. This presentation is being communicated only to (i) institutional investors (as defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA")) pursuant to Section 274 of the SFA, (ii) relevant persons (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA and (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors Regulation) 2018 or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA (all such persons being referred to as "relevant persons"). Any reference to the "SFA" is a reference to the Securities and Futures Act, Chapter 289 of Singapore and a reference to any term as defined in the SFA or any provision in the SFA is a reference to that term or provision as modified or amended from time to time including by such of its subsidiary legislation as may be applicable at the relevant time. The information and opinions in this presentation are provided as at the date of this presentation and are subject to change without notice. This presentation does not purport to contain all of the information that may be required to evaluate any investment in the Company, the Group or any of its securities and should not be relied upon to form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No assurance is made as to the accuracy of this presentation and it may be incomplete or condensed and it may not contain all material information concerning the Company or the Group.

The information in this presentation is not financial product advice and does not take into consideration the investment objectives, financial situation or particular needs of any particular person. A recipient must rely on its own independent representatives and advisers, including its own legal and financial advisers and accountants, as to legal, tax and related matters concerning this presentation, its contents and any investment in any securities. Certain statements in this presentation constitute "forward-looking statements", including forward-looking financial information. Such forward-looking statements and financial information are based on numerous assumptions regarding the present and future business strategies of the Group that are subject to business, economic, competitive and other risks, uncertainties and contingencies which are subject to change and in many cases outside the control of the Company and/or the Group, and actual future performance could differ materially from these forward-looking statements and financial information. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. No assurance is given that any forward-looking statements and financial information will be achieved and recipients should not place undue reliance on such forward-looking statements. There is no obligation to update, modify or amend this communication or to otherwise notify the recipient if information, opinions, assumptions, projections, forecasts or estimates set forth therein, changes or subsequently becomes inaccurate or if there is any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this presentation or to update or to keep current any other information contained in this presentation. None of the Company, or any member of the Group, DBS Bank Ltd., United Overseas Bank Limited, Credit Suisse (Singapore) Limited, or any of their respective affiliates, directors, officers, employees, agents, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of or reliance on this presentation, the information or opinions contained in this presentation or otherwise arising in connection with it. Rounding adjustments have been made in calculating some of the financial and other numerical information included in this presentation.

No offering of the Company's securities will be registered under the U.S. Securities Act of 1933, as amended, or with any securities regulatory authority of any state or other jurisdiction of the United States. Subject to certain exceptions, the Company's securities may not be offered, sold or delivered within the United States or to, or for the account or benefit of, any U.S. person (as defined in Regulation S under the U.S. Securities Act).

Neither this presentation nor any copy or portion of such presentation may be taken or transmitted into the United States or distributed, directly or indirectly, in the United States. The information presented here is not an offer for sale within the United States of any securities of the Company. The distribution of this presentation in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions. By attending this presentation or by accepting this document, you will be taken to have represented, warranted and undertaken that: (i) you are a relevant person (as defined above); (ii) you are not a person located in the United States or any agent, fiduciary or other intermediary acting on a non-discretionary basis for a principal giving instructions from within the United States or any U.S. person; (iii) you are bound by the foregoing limitations and agree you have read and agreed to comply with the contents of this notice; and (iv) any investment in any securities of the Company will be made solely on the basis of your own independent investigation of the financial condition and affairs and appraisal of the credit worthiness of the Company and the Group and review of the information in the disclosure document prepared by the Company and after seeking appropriate financial and professional advice, and not on this presentation. Any failure to comply with these restrictions may constitute a violation of applicable securities law.

© Tuan Sing Holdings Limited

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Contents

• Part A: Our Corporate Profile	4
• Part B: Key Investment Highlights	10
• Part C: Key Financials	17
•	Part D: General Outlook and Impact of Covid-19	21
•	Appendix: Our Businesses	24

© Tuan Sing Holdings Limited

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18 Robinson, Singapore

Part A

Our Corporate Profile

About Tuan Sing Holdings Limited

Shareholdings Statistics1

Nuri Holdings (S) Pte Ltd	Public	Total Assets
Shareholders
53.16%	46.84%	S$2.8 billion

Investment

Properties

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Background of Tuan Sing Holdings Limited (TSH)

• Established in 1969, headquartered in Singapore and listed on SGX-ST since 1973
• Diversified business segments comprising real estate investment, real estate development, hospitality, industrial services and other investments
• Owns strategically located properties across Singapore, Australia, Indonesia and China

1. Latest Practicable Date as of 9 August 2021
2. Refers to Land Bank in Batam (Indonesia) and Fuzhou (China)

© Tuan Sing Holdings Limited

Market Cap1	Land Bank2
S$662 million	1.41 million m2

Projects Under	Hospitality
Development	Properties
4	2

Presence in Key Asia-Pacific Cities

China

Singapore

Indonesia

Australia

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