Recurring DPU growth for Q3 is stable at 2.5%. Plife is really stable and steady! Competitive advantage remains Singapore Hospitals

• Suuuuuuuuuper long master leases (15+15 years, from 2007)
• Fully committed (Gleneagles, Mount Elizabeth, Parkway East)
• Downside protection: CPI + 1% rent review guarantees a minimum 1% upside even if CPI is negative

Japan nursing homes

• 70% of revenue with "up-only" rental revision
• 5.9% of revenue with annual revision linked to Japan CPI (downside protection like Singapore)
• 5.3% of revenue with fixed rental for 9 years (from 2007)
• Japan = aging population
• Properties covered with earthquake insurance
• Protected from forex risk (hedged)

Revenue segmental breakdown Singapore 61% Japan 38% Downside Protection risk 93% of revenue with protection scheme in place Good debt management Gearing ratio:   35.8% Cost of debt:     1.5% No debt financing until 2017 78% of debts are interest rate hedged Looooong ......