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June 2020 Month End

SMDAM Asia-Pacific REIT (ex. Japan) Strategy Introduction: Attractiveness of Asia-Pacific REITs

■ This strategy is to invest in Asia-Pacific REITs (ex. J-REITs) with higher dividend yields than those of other regions by bottom up REIT stock selection.

■ We believe the REITs in Asia have huge growth potential as they are relatively young investment vehicles and expected to keep growing with big trend of “Asian growth and urbanization”. Property needs in Asian big cities will keep growing by urbanization and immigration.

■ We believe that Asia-Pacific REIT strategy is a good investment idea to keep enough liquidity of the portfolio and investment opportunities. Combined investments in Australian REITs with large market caps and Asian REITs with higher dividend yields offer a useful investment vehicle.

Investment Strategy

Name of the Strategy: SMDAM Asia-Pacific REIT (ex. Japan) strategy

Investment Objective: To seek for mid-to-long term asset growth by investment in Asia-Pacific REITs (ex. Japan)

Country Allocation*: No benchmark allocation weight is set. *Negotiable on client’s investment needs

Benchmark: No specific benchmark index** **A custom made reference index setting can be negotiable

Investment Universe: All REIT securities that are listed on Stock Exchanges of Asia (ex. Japan) and Pacific regions

Number of REIT Stock Holdings: 31 names in the representative fund (As of the end of June 2020)

AUM of the strategy: JPY 123.0 bn (USD 1.1bn) (The end of June 2020, 1USD=JPY 107.885 as of the end of June 2020)

Inception Date: 30th September 2011

Average Dividend Yield: 4.5% for the representative fund (As of the end of June 2020)

Performance Overview

Accumulated Return (on NAV base) (USD)

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Features Attractive dividend yields, higher than government bonds, normal stocks, and REITs in other regions.

Selective REIT stock investment on bottom-up basis

Focus on profit growth, dividend yield, valuation, and market liquidity

Decent combination of: (a) Asian REITs (mostly in Singapore and Hong Kong)

- to take advantage of relatively higher dividend yield from continuous growing economies (b) Pacific REITs (mostly Australian REITs)

- to form a portfolio that produce stable dividend yields from well-established markets

Performance of SMDAM Asia-Pacific REIT(ex.Japan) StrategySince

inception CY2011 CY2012 CY2013 CY2014 CY2015 CY2016 CY2017 CY2018 CY2019 CY2020

(from Sep-11) Last 3 months Apr-20 May-20 Jun-20Portfolio 89.2% 5.1% 36.3% -10.4% 14.4% -6.4% 6.8% 27.6% -3.3% 20.9% -13.6% 19.3% 9.8% 5.1% 3.4%

Note: As of the end of June 2020. Data period is from 30 Sep 2011 to the end of June 2020. Net of fees (1.73% p.a. of Net Asset Value + Consumption Tax).

Presenting the performance data of rep. fund, SMAM Asian Nice Dividend Yields REIT Fund (monthly dividend type). Indexation at 29-Sep-2011=100.

The investment performance is based on unit price growth rate of the rep. fund on reinvestment of paid dividends income tax),

therefore, the performance figure is different from the unit price growth rate of the real fund (after paying dividends).

Performance is in terms of USD,rate of the real fund (after paying dividends).

Performance is in terms of USD, calculated by converting the unit price in yen term into USD using WM/Reuter closing spot rate at the end of each day.

Past performance is not indicative of future result.

Source: SMDAM

Investment Performance

Global REIT Indices

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Dividend yield levels of Singapore and Australia are higher than those of UK, US and Japan.

In terms of yield spreads, Singapore REIT remains appealing with over 3% differences.

Country Allocation weight is comprehensively determined considering market cap size, liquidities, investment opportunities, and market outlook of each country *Other product including J-REITs is also available depending on your investment needs.

REIT Dividend Yield Levels and Yield Spreads

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2015 2016 2017 2018 2019 2020Capitalland Commercial Trust Capitalland Mall TrustLink REIT Ascendas REITScentre Group

（USD100mil） （USD）

（year）

ForecastDividend per share

Note: Fiscal Year End: March for Link REIT and Ascendas Reit. December for the rest. Bloomberg estimate beyond year 2019. The data of Link REIT and Ascendas Reit for 2019 are final. Source: SMDAM, based on Bloomberg L. P. data.

Increased population in urban Asian areas can be a driver of property market development with growing demands for office, housing and commercial facility.

Solid Earnings Growth Expectation Growing population in Asian Cities

Note: The data after the year 2018 is based on estimation of World Urbanization Prospects: The 2018 Revision. This data does not guarantee the future result and market environment. Source: United Nations, data compiled by SMDAM.

Note: As of March 2020 month end. REIT Dividend yields are average dividend yield of each country and area that constitutes S&P Developed country REIT Index. Yield spread is not matching subtraction of the REIT Dividend Yields from 10 year Government Bond Yields because of rounding off. Above data is a fact in the past but not indicative of future result. Source: FactSet and Bloomberg, data compiled by SMDAM.

The above mentioned company is for illustrative purpose only and do not constitute any investment advice or recommendation. The strategy may not invest in the above companies.

(Billion)

Stable dividend can be expected by earnings expansion of Asia Pacific ex Japan REITs supported by relatively strong economic growth in the respective regions.

“Operational Profit and Total Dividend of Typical Asia Pacific ex Japan REITs”

Forecast

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SMDAM REIT Investment Team

Portfolio Overview

No Name Country Weight(%)

Dividend Yield(%)

1 KEPPEL DC REIT Singpore 9.7 3.02 MAPLETREE LOGISTICS TR Singpore 9.6 4.13 LINK REIT Hong Kong 9.4 4.54 GOODMAN GROUP Australia 9.4 2.05 ASCENDAS REAL ESTATE INV Singpore 7.3 5.16 MAPLETREE INDUSTRIAL TR Singpore 5.8 4.17 SCENTRE GROUP Australia 4.2 5.38 CAPITALAND MALL TR Singpore 4.1 6.09 CAPITALAND COMMERCIAL TR Singpore 3.7 4.9

10 DEXUS Australia 3.3 5.6Average 4.5

Top 10 Holdings in the Portfolio

Investment Process

■ Combination of top down and bottom up stock selection approach.

■ Invest in selected REITs that are attractive and valuable, after conducting an intensive research

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Disclaimer Please read this disclaimer carefully.

Country Allocation

Note: As of the end of June 2020. The dividend yields of REITs are on prospective yield base, therefore, the dividend payments in the future are not guaranteed. The average dividend yield is on weight average on total investment value. The sum of the percentage figures for each countries could not be 100% as the figures after the one decimal places are rounded off. Future dividend from the portfolio is not guaranteed. Country refers to listing country of each REIT. Source: Date on SMAM Asian REIT Sub Trust (Cayman domiciled master fund), was compiled as an investment destination by SMDAM. Also, Bloomberg data (for prospective dividend yield), was compiled by SMDAM.