Notice Of Valuation Of Real Assets :: Notice Of Valuation Of Real Assets

(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 12 July 2007 (as amended))

ASSET VALUATION ANNOUNCEMENT

The Board of Directors of Parkway Trust Management Limited, the Manager of Parkway Life Real Estate Investment Trust ("PLife REIT") is pleased to announce that independent valuations, as at 31 December 2017, for all its properties have been completed.

The property valuations which have been adopted in the financial statements of PLife REIT for the financial year ended 31 December 2017, with a revaluation surplus of S$26.0 million recognised in the Statement of Total Return, are as follows:

Properties	Appointed Appraiser	Appraised Value as at 31-Dec-17 S$ million 1
Gleneagles Hospital and Medical Centre	CBRE Pte. Ltd.	355.80
Mount Elizabeth Hospital and Medical Centre	CBRE Pte. Ltd.	675.50
Parkway East Hospital	CBRE Pte. Ltd.	56.90
Total Singapore Portfolio		1,088.20
P-Life Matsudo	K.K. Halifax Associates	27.78
Bon Sejour Shin-Yamashita	K.K. Halifax Associates	18.87
Palmary Inn Akashi	K.K. Halifax Associates	20.65
Palmary Inn Suma	K.K. Halifax Associates	12.23
Senior Chonaikai Makuhari Kan	K.K. Halifax Associates	21.25
Smiling Home Medis Musashi Urawa	K.K. Halifax Associates	9.34
Smiling Home Medis Koshigaya Gamo	K.K. Halifax Associates	19.11
Sompo no le Nakasyo 2	K.K. Halifax Associates	8.49
Maison des Centenaire Ishizugawa	K.K. Halifax Associates	11.12
Maison des Centenaire Haruki	K.K. Halifax Associates	8.37
Hapine Fukuoka Noke	K.K. Halifax Associates	10.84
Fiore Senior Residence Hirakata	K.K. Halifax Associates	6.42
Iyashi no Takatsuki Kan	K.K. Halifax Associates	19.94
As Heim Nakaurawa	K.K. Halifax Associates	13.77
Fureai no Sono Musashi Nakahara	K.K. Halifax Associates	10.68
Sawayaka Obatake Ichibankan	International Appraisals Incorporated	9.77
Sawayaka Sakurakan	International Appraisals Incorporated	10.53
Sawayaka Nogatakan	International Appraisals Incorporated	9.25

1 Valuation for the Japan and Malaysia Portfolio is translated at an exchange rate of SGD1.187 per JPY100 and SGD1.00 per RM3.04 respectively as at 31 December 2017.

2 Formerly known as Amille Nakasyo.

Properties	Appointed Appraiser	Appraised Value as at 31-Dec-17 S$ million 1
Sawayaka Shinmojikan	International Appraisals Incorporated	12.30
Sawayaka Fukufukukan	International Appraisals Incorporated	8.77
Sawayaka Obatake Nibankan	International Appraisals Incorporated	4.63
Sawayaka Higashikagurakan	International Appraisals Incorporated	12.27
Happy Life Toyonaka	K.K. Halifax Associates	6.34
Palmary Inn Shin-Kobe	K.K. Halifax Associates	18.87
Sawayaka Seaside Toba	International Appraisals Incorporated	18.47
Sawayaka Niihamakan	International Appraisals Incorporated	17.91
Sawayaka Mekari Nibankan	International Appraisals Incorporated	4.18
Sawayaka Kiyotakan	International Appraisals Incorporated	11.82
Sawayaka Minatokan	International Appraisals Incorporated	8.75
Maison des Centenaire Hannan	International Appraisals Incorporated	22.55
Maison des Centenaire Ohhama	International Appraisals Incorporated	8.98
Sunhill Miyako	International Appraisals Incorporated	11.15
Habitation Jyosui	International Appraisals Incorporated	43.88
Ocean View Shonan Arasaki	International Appraisals Incorporated	23.68
Habitation Hakata I, II, III	International Appraisals Incorporated	46.29
Excellent Tenpaku Garden Hills	International Appraisals Incorporated	21.81
Liverari Shiroishi Hana Ichigo-kan	International Appraisals Incorporated	4.14
Liverari Shiroishi Hana Nigo-kan	International Appraisals Incorporated	2.01
Liverari Misono	International Appraisals Incorporated	2.30
Silver Heights Hitsujigaoka (Ichibankan & Nibankan)	K.K. Halifax Associates	13.77
Wakaba no Oka 3	K.K. Halifax Associates	24.81
Hakusho no Sato 3	K.K. Halifax Associates	19.70
Group Home Hakusho 3	K.K. Halifax Associates	1.26
Kikuya Warakuen 3	K.K. Halifax Associates	10.08
Sanko 3	K.K. Halifax Associates	6.42
Total Japan Portfolio		635.55
Gleneagles Intan Medical Centre, Kuala Lumpur	Knight Frank Malaysia Sdn. Bhd.	7.31
Total Malaysia Portfolio		7.31
Total PLife REIT Portfolio		1,731.06

3 Acquisition of 4 nursing homes and 1 group home located in Japan was completed on 24 February 2017.

The valuation reports are available for inspection at the registered office of Parkway Trust Management Limited during business hours for three months from the date of this announcement.

By Order of the Board

Parkway Trust Management Limited (Company registration no. 200706697Z)

As Manager of Parkway Life Real Estate Investment Trust

Chan Wan Mei

Company Secretary 26 January 2018

4

Important Notice

This Announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for units in Parkway Life Real Estate Investment Trust ("Parkway Life REIT" and the units in Parkway Life REIT, the "Units").

The value of the Units and the income derived from them may fall as well as rise. The Units are not obligations of, deposits in, or guaranteed by, Parkway Trust Management Limited, as manager of Parkway Life REIT (the "Manager"), or any of its affiliates. Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that unitholders of Parkway Life REIT may only deal in their Units through trading on Singapore Exchange Securities Trading Limited (the "SGX-ST"). Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. The past performance of Parkway Life REIT or the Manager is not necessarily indicative of the future performance of Parkway Life REIT or the Manager. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested.

This announcement may contain forward-looking statements that involve assumptions, 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, interest rate trends, cost of capital and capital availability, competition, shifts in expected levels of property rental income, changes in operating expenses, property expenses, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business.

Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's current view of future events.