January 13, 2015

INITIATION

Keppel DC REIT (KEPE.SI) Neutral

Equity Research

Initiate on Asia’s first data center REIT at Neutral Investment view

Investment Profile

We initiate on Keppel DC REIT at Neutral as we see it as fairly valued. We expect FY16 DPU growth of 4.6% (vs. Industrial peers’ 2.3%-3.3%) on: 1) well-located hubs to tap a large customer pool and growing global demand for third party data centers, and 2) a balanced mix of leases (double/triple net leases make up 30% of 2015E net property income). Its long weighted average lease to expiry (7.8 years) should provide stable growth, while low gearing (26.4%) provides room for further acquisitionled growth (not factored in). However, our 12m S$0.99 TP implies only around 2% upside potential (9% total return; 6.9% FY15E dividend yield).

Low

High

Growth

Growth

Returns *

Returns *

Core drivers of growth We see organic avenues for distribution growth in the near term on: 1) rising occupancy rates (93.5% to 96% from 9M14 to 2016E) and a sticky tenant base (c.98% tenant retention in 9M14); 2) embedded 2%-4% rental step ups providing organic rental growth; 3) asset enhancement initiatives which could increase lettable area by c.13%. We also see acquisitions as a viable option given its low 26.4% gearing, potentially raising 2015 distributions by 4%-9% at 35% gearing (or 8%-16% at 40%).

Risks to the investment case (+) Accretive acquisitions, strong demand driving rental growth & leasing. (-) Increased competition, overseas expansion, reputational and operational risk, weaker AUD/EUR/GBP vs. SGD.

Multiple

Multiple

Volatility

Volatility

Percentile

20th

40th

60th

80th

100th

Keppel DC REIT (KEPE.SI) Asia Pacific Property Peer Group Average * Returns = Return on Capital

For a complete description of the investment profile measures please refer to the disclosure section of this document.

Key data Price (S$) 12 month price target (S$) Market cap (S$ mn / US$ mn) Foreign ownership (%)

Current 0.96 0.99 847.6 / 635.5 --

12/13 0.07 -0.07 0.07 NM NM -NM NM

EPS (S$) EPS growth (%) EPS (diluted) (S$) EPS (basic pre-ex) (S$) P/E (X) P/B (X) EV/EBITDA (X) Dividend yield (%) ROE (%)

12/14E 0.07 (2.6) 0.07 0.07 13.9 1.1 15.2 6.8 8.0

12/15E 0.07 (2.3) 0.07 0.07 14.2 1.1 15.4 6.9 7.6

12/16E 0.07 3.0 0.07 0.07 13.8 1.0 15.1 7.3 7.5

Price performance chart 0.980

3,450

0.975

3,400

Our 12-month target price is based on discounted cash flow. The stock is trading at 6.9% FY15E dividend yield vs. Industrial SREITs’ 6.5%-7.1%.

0.970

3,350

0.965

3,300

Industry context

0.960

3,250

We see strong demand for third party DCs, with KDC REIT positioned lower in the value chain, driven by growth in data creation/storage and cloud computing, the need for outsourced DCs, and increased regulatory requirements.

0.955

3,200

Valuation

INVESTMENT LIST MEMBERSHIP Neutral

0.950 Oct-14

3,150 Nov-14 Keppel DC REIT (L)

Share price performance (%) Absolute Rel. to FTSE Straits Times Index

Dec-14 FTSE Straits Times Index (R)

3 month ---

6 month 12 month -----

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 1/12/2015 close.

Coverage View: Neutral Paul Lian +65-6889-2464 [email protected] Goldman Sachs (Singapore) Pte Jason Yeo +65-6889-2485 [email protected] Goldman Sachs (Singapore) Pte Vincent Lim +65-6654-5433 [email protected] Goldman Sachs (Singapore) Pte

The Goldman Sachs Group, Inc.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by nonUS affiliates are not registered/qualified as research analysts with FINRA in the U.S. Global Investment Research

January 13, 2015

Keppel DC REIT (KEPE.SI)

Keppel DC REIT: Summary Financials Profit model (S$ mn)

12/13

12/14E

12/15E

12/16E

Balance sheet (S$ mn)

12/13

12/14E

12/15E

12/16E

Total revenue Cost of goods sold SG&A R&D Other operating profit/(expense) EBITDA Depreciation & amortization EBIT Interest income Interest expense Income/(loss) from uncons. subs. Others Pretax profits Income tax Minorities

101.2 -(12.3) 0.0 (11.1) 77.8 0.0 77.8 0.0 (13.5) 0.0 0.0 64.3 (1.7) 0.0

103.1 -(14.4) 0.0 (11.7) 77.0 0.0 77.0 0.1 (13.0) 0.0 0.0 64.2 (3.1) 0.0

102.2 -(15.2) 0.0 (11.3) 75.7 0.0 75.7 0.1 (13.1) 0.0 0.0 62.7 (3.1) 0.0

105.5 -(16.1) 0.0 (11.6) 77.9 0.0 77.9 0.1 (13.2) 0.0 0.0 64.7 (3.3) 0.0

Cash & equivalents Accounts receivable Inventory Other current assets Total current assets Net PP&E Net intangibles Total investments Other long-term assets Total assets

7.2 27.8 0.0 0.0 34.9 1,061.0 0.0 0.0 0.8 1,096.8

7.3 27.8 0.0 0.0 35.0 1,061.0 0.0 0.0 0.8 1,096.9

7.0 27.5 0.0 0.0 34.5 1,095.5 0.0 0.0 0.8 1,130.9

5.8 28.4 0.0 0.0 34.2 1,138.0 0.0 0.0 0.8 1,173.0

Net income pre-preferred dividends Preferred dividends Net income (pre-exceptionals) Post-tax exceptionals Net income

62.6 0.0 62.6 0.0 62.6

61.0 0.0 61.0 0.0 61.0

59.6 0.0 59.6 0.0 59.6

61.4 0.0 61.4 0.0 61.4

2.3 3.8 0.0 6.0 322.7 1.6 324.3 330.3

2.4 3.8 0.0 6.2 322.7 1.6 324.3 330.5

2.3 3.8 0.0 6.1 324.7 1.6 326.3 332.3

2.4 3.8 0.0 6.1 326.9 1.6 328.5 334.6

EPS (basic, pre-except) (S$) EPS (basic, post-except) (S$) EPS (diluted, post-except) (S$) DPS (S$) Dividend payout ratio (%) Free cash flow yield (%)

0.07 0.07 0.07 0.00 0.0 --

0.07 0.07 0.07 0.07 95.1 8.1

0.07 0.07 0.07 0.07 98.6 8.2

0.07 0.07 0.07 0.07 100.1 8.4

Preferred shares Total common equity Minority interest Total liabilities & equity BVPS (S$) RNAV (S$ mn) RNAVPS (S$)

0.0 766.0 0.4 1,096.8 0.87 ---

0.0 765.9 0.5 1,096.9 0.87 -0.73

0.0 798.0 0.5 1,130.9 0.90 -0.80

0.0 837.9 0.6 1,173.0 0.95 ---

Growth & margins (%) Sales growth EBITDA growth EBIT growth Net income growth EPS growth Gross margin EBITDA margin EBIT margin

12/13 -----NM 76.9 76.9

12/14E 1.9 (0.9) (0.9) (2.6) (2.6) NM 74.7 74.7

12/15E (0.9) (1.7) (1.7) (2.3) (2.3) NM 74.1 74.1

12/16E 3.3 2.9 2.9 3.0 3.0 NM 73.8 73.8

Ratios ROE (%) ROA (%) ROACE (%) Inventory days Receivables days Payable days Net debt/equity (%) Interest cover - EBIT (X)

12/13 NM NM NM NM -NM 41.7 5.8

12/14E 8.0 5.6 NM NM 98.3 NM 41.7 6.0

12/15E 7.6 5.4 NM NM 98.7 NM 40.2 5.8

12/16E 7.5 5.3 NM NM 96.7 NM 38.7 5.9

Cash flow statement (S$ mn) Net income pre-preferred dividends D&A add-back Minorities interests add-back Net (inc)/dec working capital Other operating cash flow Cash flow from operations

12/13 62.6 0.0 0.0 (20.8) 10.9 52.7

12/14E 61.0 0.0 0.0 0.1 9.4 70.6

12/15E 59.6 0.0 0.0 0.2 11.7 71.5

12/16E 61.4 0.0 0.0 (0.8) 12.8 73.4

Valuation P/E basic (X) P/B (X) EV/EBITDA (X) Dividend yield (%)

12/13 NM NM -NM

12/14E 13.9 1.1 15.2 6.8

12/15E 14.2 1.1 15.4 6.9

12/16E 13.8 1.0 15.1 7.3

Capital expenditures Acquisitions Divestitures Others Cash flow from investments

(22.4) (686.5) 0.0 0.0 (708.9)

(2.3) 0.0 0.0 0.1 (2.2)

(2.3) 0.0 0.0 0.1 (2.2)

(2.5) 0.0 0.0 0.1 (2.4)

Underlying valuation Underlying profit (S$ mn) Underlying EPS (S$)

12/13 62.6 0.07

12/14E 61.0 0.07

12/15E 59.6 0.07

12/16E 61.4 0.07

Dividends paid (common & pref) Inc/(dec) in debt Common stock issuance (repurchase) Other financing cash flows Cash flow from financing Total cash flow

(39.4) 160.7 908.5 (356.8) 673.0 16.8

(58.0) 0.0 0.0 (10.3) (68.3) 0.1

(58.8) 2.0 0.0 (12.7) (69.5) (0.2)

(61.5) 2.2 0.0 (12.9) (72.2) (1.2)

NM NM NM NM 0.0 --

8.0 5.6 NM 13.9 95.1 (2.6)

7.6 5.4 NM 14.2 98.6 (2.3)

7.5 5.3 NM 13.8 100.1 3.0

Accounts payable Short-term loans Other current liabilities Total current liabilities Long-term debt Other long-term liabilities Total long-term liabilities Total liabilities

Underlying ROE (%) Underlying ROA (%) Underlying ROACE (%) Underlying P/E (X) Underlying dividend payout (%) Underlying EPS growth (%)

Note: Last actual year may include reported and estimated data. Source: Company data, Goldman Sachs Research estimates.

Analyst Contributors Paul Lian [email protected] Jason Yeo [email protected] Vincent Lim [email protected]

Goldman Sachs Global Investment Research

2

January 13, 2015

Keppel DC REIT (KEPE.SI)

Table of contents Overview: Asia’s first data center REIT but fairly valued; Neutral

4

Strategy: Near-term organic avenues; acquisitions a viable option

5

Portfolio: Diversified with a Singapore base and stable, long leases

11

Key risks

17

Financials: Stable growth profile; debt fully hedged

18

Valuation: DCF as primary methodology; fair valuation

22

Data Center 101: What is a data center?

24

What drives demand for data centers?

26

Demand, supply, utilization and pricing in key markets

28

Disclosure Appendix

30

Prices in the body of this report are based on the market close of January 8, 2015, unless stated otherwise. Exhibit 1: Keppel DC REIT has eight high-specification data centers in key hubs across Asia and Europe Portfolio summary

Property Location Lettable Area (sqft) Year of Completion or Last Refurbishment No. of customers Occupancy, 30 Sep '14 (%) Appraised value (S$ mn) 2015E rental NPI (S$ mn) 2015E rental NPI yield (%)

Lease type

WALE Land lease expiry

Basis Bay Gore Hill Data iseek Data Green Data GV7 Data Almere Data Citadel 100 S25 T25 Centre Centre Centre Centre Centre Data Centre Sydney, Brisbane, Selangor, London, United Almere, Singapore Singapore Dublin, Ireland Australia Australia Malaysia Kingdom Netherlands 109,574 36,888 90,955 12,389 48,680 24,972 118,403 68,052 1996 / 2014 1991 / 2011 2011 2010 2009 2000 2008 2000 18 4 3 1 1 1 1 5 86% 100% 100% 100% 100% 100% 100% 74% 262.8 162.0 221.2 33.0 45.0 77.7 135.0 105.4 22.0 14.7 18.6 5.3 4.0 5.6 8.2 7.2 8% 9% 8% 16% 9% 7% 6% 7% Triple-net lease Keppel lease/Co- Keppel lease/Co(1 tenant); Co-location location location Co-location Double-net lease Double-net lease Triple-net lease Double-net lease arrangement arrangement arrangement arrangement (2tenants) 3.5 2.0 10.3 11.9 2.7 12.5 14.1 2.3 Expiring 30 Sep Expiring 31 July Expiring 29 June 2025, with an 2021, with an 2040, with an Expiring 28 Sep Expiring 11 April Freehold Freehold Freehold option to extend option to extend option to extend 2183 2041 for 30 years for 30 years for 7 years

Note: Rental net property income (NPI) and rental NPI yield are based on 2015E and is on a cash basis; others are based on company data as of September 30, 2014; Basis Bay figures are on a 100% basis (Keppel DC REIT owns 99% of Basis Bay). Source: Company data, Goldman Sachs Global Investment Research.

Goldman Sachs Global Investment Research

3

January 13, 2015

Keppel DC REIT (KEPE.SI)

Overview: Asia’s first data center REIT but fairly valued; Neutral Stable growth anchored by embedded rental step-ups; clean distributions We initiate on Keppel DC (KDC) REIT at Neutral with a 12-month DCF-based target price of S$0.99 implying 2% upside potential. Our valuation is based purely on organic growth, i.e. potential acquisitions are not factored in. We see valuations as fair with the positives well appreciated by the market and priced in. KDC REIT is trading at 6.9% FY15E dividend yield vs. industrial SREITs’ 6.5%-7.1%, while offering 4.6% yoy DPU growth in FY16E vs. industrial SREITs’ 2.3%-3.3%. We believe its distribution structure compares favorably with SREIT peers’, given no income support or management fees paid in units. Keppel DC REIT’s current portfolio comprises eight high quality data centers in six countries, with an aggregate appraised value of S$1.0 bn as of September 30, 2014. The data centers are located in key cities across Asia-Pacific and Europe, positioning Keppel DC REIT to benefit from strong underlying global demand for 3rd party data centers (DCs), driven by: (1) accelerating data creation; (2) cloud computing going mainstream; (3) more companies outsourcing their data center requirements; and (4) increasing compliance requirements on data security, in our view. BroadGroup expects rents to grow at a 3.8%5.8% CAGR from 2013-2018 in key markets where Keppel DC REIT operates. In the near term, we see organic avenues for distribution growth on: (1) high occupancy rates and a sticky tenant base in key cities; (2) embedded rental step-ups; and (3) asset enhancement opportunities. We believe that acquisition is also a viable option given the right of first refusal (ROFR) from Keppel Telecommunications & Transportation Ltd (Keppel T&T) and iseek Communications (iseek); and low gearing of 26.4% (Sep 2014).

We believe Keppel DC REIT’s key strengths are: 

Quality data centers with high specifications and a sponsor with a good track record over 12 years, exemplified by its high tenant retention of c.98% (9M14).



Assets are well-located in key data center hubs across Asia-Pacific and Europe to tap the large and diverse customer pool.



Balanced mix of leases (double/triple net leases, co-location arrangements, Keppel leases) provide stability and growth options; long weighted average lease to expiry (WALE) of 7.8 years by lettable area.



Embedded rental step-ups of 2%-4% p.a. for most leases and co-location arrangements.



Weighted average portfolio age of 5.5 years minimizes medium-term capex requirements; management plans to spend S$40 mn over 10 years on capex.



Leveraging its Sponsor’s (Keppel T&T) experience and relationships, with more than 12 years of data center experience.



Acquisition growth is a clear and viable option, in view of the ROFR pipeline from Keppel T&T and iseek and plans to grow the portfolio.



Low gearing of 26.4% as of Sep 30, 2014 provides room for potential acquisitions to be made comfortably, in our view, as gearing is currently at the low-end of the 30%40% range for SREITs; 3.0% cost of debt for 2014E-2016E; 100% fixed rate debt; average maturity of 4.4 years.

Goldman Sachs Global Investment Research

4

January 13, 2015

Keppel DC REIT (KEPE.SI)

Strategy: Near-term organic avenues; acquisitions a viable option We believe Keppel DC REIT is positioned to benefit from strong global demand for third party data centers, and it plans to focus on expanding through organic avenues over the near term to drive earnings growth. Over the medium term, we believe the company will grow as a result of its visible acquisition pipeline of assets through ROFR assets granted by its sponsor and third party acquisitions. We believe Keppel DC REIT offers a good mixture of organic and acquisition growth drivers.

1. Organic near-term avenues on well-located properties with high occupancies, embedded rental step-ups and AEI opportunities Keppel DC REIT’s current portfolio is located across key cities in Asia-Pacific and Europe, supported by: (1) advanced data center infrastructure (including fiber connectivity); (2) secured power capacity; (3) government support; (4) easy access to major transportation nodes; and (5) proximity to corporate customers and local demand. BroadGroup believes we are now in the fourth wave of demand (beginning in 2013) for third party data centers, where data centers are part of the broader IT and internet infrastructure and are attractive to many market sectors and users. BroadGroup expects incremental demand for data center facilities to exceed incremental supply from 2013-2018 in key markets where Keppel DC REIT operates, driving market utilization rates up and a 3.8%-5.8% rental/sqft CAGR, with Netherlands and Australia ranking top in terms of market demand, supply and growth dynamics. Exhibit 2: Keppel DC REIT’s data centers are strategically located in key cities Keppel DC REIT’s markets

Exhibit 3: Netherlands and Australia rank top in terms of market demand, supply and growth dynamics for Keppel DC REIT’s current markets according to BroadGroup Demand, Supply and Growth scores by market

Market

2013-2018 Absorption 2018 CAGR Utilization

2013-2018 Rental/sqft CAGR

Singapore

4.5%

92.1%

4.9%

Sydney

4.1%

80.4%

5.0%

Malaysia

London

Amsterdam

Dublin

11.2%

74.3%

5.8%

12.7%

86.3%

4.6%

7.4%

>90%

4.2%

14.4%

76.4%

3.8%

Comments Strong demand backed by good telecommunications, financial and trading infrastructure and strong government support Largest data center market in Australia, benefits from its position as the key hub for multi-nationals and global players in the data center industry Strong support from the government, which has a keen focus on developing the data center sector Supported by high outsourcing penetration and its role as a strong trading and financial hub Close proximity to major trading hubs, excellent telecommunications infrastructure and government support Tax advantages in Ireland, hub for IT, financial and pharmaceutical companies

Source: BroadGroup.

Local Demand

International Demand

Low Competition

Growth Opportunities

Singapore

3

5

3

5

Australia

5

4

4

5

Malaysia

4

3

3

5

UK

5

4

3

4

Netherlands

4

5

4

5

Ireland

3

5

3

4

Scale: 1-5 with 5 being the highest (best) score

Source: BroadGroup.

According to BroadGroup, the appeal of a given location for data center can be distilled into three main drivers: (1) main hubs – Tier 1 locations with strong existing data center eco-systems with excellent telecommunications connectivity; (2) large trading hubs; and (3) unique selling points.

Goldman Sachs Global Investment Research

5

January 13, 2015

Keppel DC REIT (KEPE.SI)

Tier 1 locations are generally the most likely data center locations for multi-national organizations while the other two drivers have had mixed success; e.g. large European trading hubs tend to be a far less important consideration in the establishment of data centers than major hubs such as London and Amsterdam, while countries offering specific incentives often have one or two very attractive elements but are weak in other areas and would typically struggle to gain momentum to reach critical mass as the initial customers prove hard to attract. Exhibit 4: Three main drivers in terms of the appeal of a given location for a data center Drivers which influence the location of a data center Driver Main hubs - Tier 1 locations

Benefits - Often capital cities - Major data center hubs

Examples North America: Chicago, Ashburn, San Francisco, New York, Dallas Europe: London, Frankfurt, Paris, Amsterdam Asia Pacific: Tokyo, Singapore, Hong Kong, Sydney

Large trading or financial hubs, or data center ecosysems

- Other large cities - Smaller hubs

- Milan - Brisbane - Zurich - Jakarta

Unique selling points

- Specific vertical markets - Cheap power - Financial incentives

- Luxembourg (finance) - Iceland (US$0.03/kWh for 20 years) - Northern Sweden (no taxes for first 7 years)

Source: BroadGroup.

Quality comes first to customers, then costs; but fragmented market and relatively “commoditized” nature of wholesale keeps pricing competitive Within each region, the market is often fragmented, led by domestic players that are present only in that particular country with local expertise, knowledge and relationships highly important.

Customers expect competitive pricing, but only after they are satisfied with the quality of the data center and credentials of the provider, according to BroadGroup. The fragmented market and relatively “commoditized” nature of wholesale data centers (essentially a provider of quality real estate) vs. retail co-location (typically leasing of up to 2,000 sqft of space; see Exhibit 49 for details) suggests it unlikely for Keppel DC REIT to be able to charge a meaningful premium over market rents, in our view. There is relatively more pricing differentiation for retail co-location providers where connectivity and latency is a key factor; for example, Interxion’s “communities of interest” brings companies operating in the same sector together to co-locate their infrastructure at Interxion’s DCs to benefit from low-cost, low-latency inter-connectivity. From a cost perspective to an end-user who owns and uses the data center, the total cost of ownership (TCO) for the physical infrastructure is comparable to the cost of IT equipment over the lifetime of a data center. Of the physical infrastructure, ~50% of the physical infrastructure TCO is capital expense and ~50% is operating expense. Experienced data center owners would again have an edge, being able to provide more efficient designs for cooling, power usage and reduced wear and tear for example, and helping the end-user to save on costs.

For Keppel DC REIT, depreciable infrastructure typically accounts for 70% of the development cost with the building shell accounting for the remaining 30%.

Goldman Sachs Global Investment Research

6

January 13, 2015

Keppel DC REIT (KEPE.SI)

Exhibit 5: DCs are generally characterized by several larger players and a large number of small players

Exhibit 6: The total cost of ownership of the physical infrastructure is comparable to the cost of IT equipment

UK retail co-location market share by leased sqft (2013)

Breakdown of lifetime total cost of ownership + cost of IT equipment for a rack in a data center Total cost of ownership + IT equipment cost of a rack in a data center

Power equipment, 9%

TeleCity, 16% Cooling equipment, 3%

IT equipment contained in racks, 50%

Engineering & installation, 9%

Equinix, 15%

Space, 8%

Others, 62% Interxion, 7%

Service, 8% System monitoring, 1%

Source: BroadGroup.

Project management, 3%

Electricity, 10% Racks, 1%

Source: Schneider Electric.

Embedded rental step-ups provide organic growth, vacancies provide options Most of Keppel DC REIT’s leases have embedded rental step-ups of 2%-4% p.a., ensuring that organic cash rentals increase each year. As of September 30, 2014, 6 out of 8 of Keppel DC REIT’s data centers are running at full occupancies, with only S25 (86% occupied) and Citadel 100 (74% occupied) with vacancies. We assume occupancies to rise to 93% in 2016E at S25 and to 78% at Citadel 100 driven by demand growth. Should leasing at these two DCs progress faster than expected, we estimate that full portfolio occupancy would raise FY15E distributions by 8%. Exhibit 7: Most leases have embedded annual rental step-ups of 2%-4% Annual rental step-ups

Exhibit 8: Six out of eight DCs are running at full occupancies; vacancies at S25 and Citadel 100 provide options Occupancy rate as of September 30, 2014

Source: Company data, Goldman Sachs Global Investment Research.

Goldman Sachs Global Investment Research

100%

100%

100%

100%

100%

100%

90%

86%

80%

74%

70% 60% 50% 40% 30% 20% 10% Citadel 100 (Ireland)

S25 (Singapore)

Almere (Netherlands)

0% GV7 (UK)

Co-location S25 Singapore arrangement (passGSe: 4.0% through basis) Co-location T25 Singapore arrangement (passGSe: 4.0% through basis) Triple-net lease 3.5% Co-location 0.0% Gore Hill Australia arrangement 1 Co-location 4.0% arrangement 2 iseek Australia Double-net lease 4.0% Basis Bay Malaysia Double-net lease 2.0% GV7 UK Triple-net lease 3.0% Almere Netherlands Double-net lease Up to 2.5% Co-location Citadel 100 Ireland GSe: 4.0% arrangement Note: GSe for S25, T25, Citadel 100 refer to growth in passing rents from 2015-2020E; inclusive of rental reversions. Gore Hill, iseek, Basis Bay, GV7, Almere rental step-ups are based on company data.

Occupancy as of September 30, 2014 (%) 100%

Basis Bay (Malaysia)

Annual rental step-up

iseek (Australia)

Lease

Gore Hill (Australia)

Location

T25 (Singapore)

Property

Source: Company data.

7

January 13, 2015

Keppel DC REIT (KEPE.SI)

AEI opportunities could broaden portfolio lettable area by 13% Potential asset enhancement initiatives (AEIs) within Keppel DC REIT’s current portfolio include the following per management, which could increase the lettable area by 13%: 1.

The potential to convert unused car park space in Citadel 100 Data Center to lettable space with an area of ~40,000 sqft, subject to regulatory approvals;

2.

Unutilized GFA of ~20,000 sqft in T25 which can cater to new demand for lettable space for both new and existing end-users, subject to regulatory approvals; and

3.

Basis Bay Data Center having an expansion potential of ~5,000 sqft of lettable space by converting its rooftop into data center space.

Exhibit 9: AEI opportunities at T25, Citadel 100 and Basis Bay...

Exhibit 10: ...could potentially raise lettable area by 13% Potential increase in lettable area from AEIs

AEI opportunities and ROFR pipeline Property ROFR

Location

NLA (sqft) Comments

T27

Singapore

47,000

iseek Data Center

Brisbane, Australia

n.a.

Completed in 3Q14 Proposed development adjacent to existing iseek DC

Citadel 100 Basis Bay

600

575 510

65

Current Portfolio

AEIs

+13%

500

AEI T25

Lettable Area ('000 sqft) 700

Singapore Dublin, Ireland Cyberjaya, Malaysia

20,000 40,000 5,000

Expansion potential from unutilized gross floor area Potential to convert unused car park space

400

300

Potential to convert rooftop 200

100

0

Source: Company data.

Enhanced Portfolio

Source: Company data.

2. Acquisitions a viable option The mission critical nature of data centers means that tenants put heavy emphasis on the lessor’s reliability and track record. With more than 12 years of data center experience (via sponsor Keppel T&T), Keppel DC REIT is well positioned to leverage on its strong track record (98% tenant retention for 9M14) to scale up its operations and tap on the growing need for third party data center space by acquiring data centers in key data center hubs in Asia and Europe (e.g. Singapore, France, Germany), while maintaining Singapore’s share of the portfolio value at 40%-50% (current portfolio: 41%).

Doubling portfolio in 3-5 years via ROFR and 3rd party acquisitions Management plans to actively seek out acquisition opportunities to grow the portfolio; we believe the current portfolio (an aggregate appraised value of S$1.0 bn as of September 30, 2014) could potentially double in 3-5 years on a combination of the right of first refusal (ROFR) pipeline from sponsor Keppel T&T and iseek, and third party acquisitions. While there are currently only two properties, T27 (Singapore) and iseek (Brisbane, undeveloped), in the ROFR pipeline, Keppel DC REIT will have the ROFR from Keppel T&T over incomeproducing real estate which is used primarily for data center purposes and from iseek Communications for income-producing real estate located in Australia, which is used primarily for data center purposes. Keppel DC REIT plans to acquire these properties only after they are stabilized (occupancy rates of about 90% (benchmarked against S25 with an occupancy close to 90% as of September 30, 2014) in our view).

Goldman Sachs Global Investment Research

8

January 13, 2015

Keppel DC REIT (KEPE.SI)

Exhibit 11: ROFR pipeline provides a platform for Keppel DC REIT to tap on... ROFR pipeline and AEI opportunities

Exhibit 12: ...potentially growing lettable area by 22% (incl. AEIs), but management needs to seek out 3rd party acquisitions given current limited ROFR pipeline Potential increase in lettable area from AEIs and ROFR

Property ROFR

Location

T27

Singapore

NLA (sqft) Comments

Lettable Area ('000 sqft) 700

47,000

622

Completed in 3Q14 600

iseek Data Center

Brisbane, Australia

n.a.

Singapore

20,000

Proposed development adjacent to existing iseek DC

AEI T25 Citadel 100 Basis Bay

Dublin, Ireland Cyberjaya, Malaysia

40,000 5,000

Expansion potential from unutilized gross floor area Potential to convert unused car park space

+8% 510

47

65

+22%

500

400

300

Potential to convert rooftop 200

100

0 Current Portfolio

Source: Company data.

AEIs

T27

Enlarged Portfolio

Source: Company data.

Nonetheless, the current limited ROFR pipeline means that Keppel DC REIT needs to identify third party acquisitions, with a focus on key locations such as Frankfurt (data center hub), France (low energy costs) and existing markets. Looking out 3-5 years, if Keppel DC REIT were to double its portfolio size, we estimate that it would raise 2015E distributions by 2%-18% net of new equity raised (60%-85% on an absolute basis) and raise gearing to about 38%, assuming 7%-8% cap rates and 2.5%-3.5% cost of debt. Exhibit 13: Assuming a doubling of portfolio size funded by 50/50 equity/debt, we estimate acquisitions could raise 2015E distributions by 2%-18% net of new equity raised Scenario analysis: Incremental distributions from acquisitions to double portfolio size, assuming 50/50 equity/debt funding (S$mn) Targeted acquisitions NPI Yield (%) NPI Less: REIT Management fees Trustee fees Acquisition fees (assume in cash) Cost of debt @ 2.5%/3.5% interest rate (50% gearing) Add: Non-tax deductible items Incremental distributions from acquisitions @ 2.5% cost of debt @ 3.5% cost of debt FY15E distributions Increase in distributions @ 2.5% cost of debt @ 3.5% cost of debt Increase in distributions net of new equity raised @ 2.5% cost of debt @ 3.5% cost of debt

1,000 7.0% 70.0

1,000 8.0% 80.0

7.5 0.2 10.0 12.5 / 17.5

7.8 0.2 10.0 12.5 / 17.5

0.2

0.2

40.1 35.1

49.7 44.7

58.8

58.8

68% 60%

85% 76%

7% 2%

18% 12%

Source: Goldman Sachs Global Investment Research.

Goldman Sachs Global Investment Research

9

January 13, 2015

Keppel DC REIT (KEPE.SI)

Low gearing provides room for acquisitions funded through debt Keppel DC REIT’s low gearing of 26.4% as of September 30, 2014 provides room for potential acquisitions, in our view. Assuming a 35%-40% gearing (after obtaining a credit rating), we estimate a debt headroom of about S$148 mn-S$253 mn available for acquisitions. This could translate into an additional S$2.6 mn-S$9.4 mn of distributions (4%-16% over FY15E distribution) on our estimates, assuming 7%-8% cap rates and 2.5%3.5% cost of debt based on current industry trends in Singapore and London. Exhibit 14: At 35%/40% gearing, we estimate acquisitions could raise 2015E distributions by 4%-9%/8%-16% Scenario analysis: Incremental distributions from acquisitions @ 35%/40% gearing (S$ mn) @ 35% gearing 148 Debt headroom NPI Yield (%) 7.0% 8.0% NPI 10.3 11.8 Less: REIT Management fees 1.1 1.2 Trustee fees 0.0 0.0 Acquisition fees (assume in cash) 1.5 1.5 Cost of debt @ 2.5%/3.5% interest rate 3.7 / 5.2 3.7 / 5.2 Add: Non-tax deductible items 0.0 0.0 Incremental distributions from acquisitions @ 2.5% cost of debt 4.1 5.5 @ 3.5% cost of debt 2.6 4.0 FY15E distributions Increase in distributions @ 2.5% cost of debt @ 3.5% cost of debt

@ 40% gearing 253 7.0% 8.0% 17.73 20.26 1.9 0.0 2.5 6.3 / 8.9

2.0 0.0 2.5 6.3 / 8.9

0.0

0.0

7.0 4.4

9.4 6.9

58.8

58.8

58.8

58.8

7% 4%

9% 7%

12% 8%

16% 12%

Source: Goldman Sachs Global Investment Research.

Assuming the acquisition of T27 (ROFR pipeline) is fully funded by debt, we estimate FY15E distributions could be lifted by 14%-21% assuming a valuation psf NLA of S$4,000-S$5,000, NPI yield of 7.5%-8.5% and 2.5% cost of debt. We note that acquisition fees will be received in units as it is a related party transaction, partially contributing to the distribution increase.

Goldman Sachs Global Investment Research

10

January 13, 2015

Keppel DC REIT (KEPE.SI)

Portfolio: Diversified with a Singapore base and stable, long leases Portfolio of high quality data centers Keppel DC REIT’s current portfolio of eight high quality data centers (DCs), with an aggregate appraised valuation of S$1.0 bn as of September 30, 2014, is located in key data center markets across Asia-Pacific and Europe – Singapore, Malaysia, Australia, Netherlands, UK and Ireland. There is an extremely high reliability expected by tenants of a DC. Keppel DC REIT’s data centers are all quality, high-specification data centers; based on industry practice, Tier III data centers (total of 4 tiers) are the de facto standard for users requiring high-quality DC space. Tier IV DCs are extremely rare because it is often not cost-effective – the cost of building and fitting out a Tier IV DC can be 20%-40% more than a Tier III DC, according to BroadGroup. Exhibit 15: Keppel DC REIT’s current portfolio has an appraised valuation of S$1.0 bn Last reported property valuations

8.4 8.0

9.0

9.0

Asset value (S$ bn) 10.0

7.1 6.9

8.0 7.0

5.1 4.7 4.2 4.0 3.6 3.2 3.1 2.9 2.5 2.3 2.2 2.2 2.2 2.0 1.9 1.9 1.8 1.8 1.7 1.6 1.5 1.4 1.4 1.3 1.3 1.2 1.1 1.0 1.0 1.0 0.9 0.8 0.8 0.7 0.5 0.5

6.0 5.0 4.0 3.0 2.0 1.0

CMT Suntec KREIT CCT AREIT Fortune MGCCT MLT MCT ART MIT SPH REIT Starhill Gbl FE H-Trust Indiabulls CDLHT Forterra CRCT FCT PCRT Accordia FCOT OUEHT FHT OUECT PLIFE LMIRT AAREIT ASHT Cambridge Sabana First REIT Keppel DC Cache Soilbuild AiTrust CRT RHT Viva Saizen IREIT

0.0

Source: Company data.

Goldman Sachs Global Investment Research

11

January 13, 2015

Keppel DC REIT (KEPE.SI)

Exhibit 16: Geographically diversified; management plans for Singapore to account for 40%-50% of portfolio value

Exhibit 17: Income streams in five different currencies (SGD, MYR, AUD, EUR, GBP)

Appraised value by property (Sep 30, 2014)

2015E rental NPI by property

Total: S$1,042mn

Citadel 100, $105.4mn, 10% (Ireland)

Europe: 31%

Europe: 24%

Asia: 45%

(Netherlands) Almere, $135.0mn, 13%

(Netherlands) Almere, $8.2mn, 10%

Asia: 48% S25, $22.0mn, 26% (Singapore)

S25, $262.8mn, 25% (Singapore) GV7, $5.6mn, 6% (UK)

GV7, $77.7mn, 8% (UK)

iseek, $5.3mn, 6% (Australia)

T25, $162.0mn, 16% (Singapore)

T25, $14.7mn, 17% (Singapore)

iseek, $33.0mn, 3% (Australia)

Gore Hill, $18.6mn, 22% (Australia)

Gore Hill, $221.2mn, 21% (Australia)

Australia: 24%

2015E rental NPI: $85.6mn

Citadel 100, $7.2mn, 8% (Ireland)

Australia: 28% Basis Bay, (Malaysia) $4.0mn, 5%

Basis Bay, (Malaysia) $45.0mn, 4%

Source: Company data.

Source: Goldman Sachs Global Investment Research.

Exhibit 18: Keppel’s track record and breadth across Asia Pacific and Europe are important...

Exhibit 19: ...given the heavy emphasis tenants place on quality and reliability

Keppel DC REIT market share of 3rd party data center space

Data center tiering system Equipment or Maintenance Service Tier Shutdowns Failures Uptime Institute Tier Ratings Two separate 12 1.2 failures per I hour shutdowns year per year Three One failure per II shutdowns per year two years One 4-hour Shutdowns III failure per 2.5 not required years One 4-hour Shutdowns not IV failure per 5 required years

Keppel DC REIT 2013 market share in various markets (%) 12% 11% 10% 9% 8% 7% 6% 5% 4% 3% 2%

Maintenance Average & Unplanned Service Outages Availability 28.8 hours per year

99.67%

22 hours per year

99.75%

1.6 hours per year

99.98%

0.8 hours per year

99.99%

1% 0% Ireland

Singapore

Australia

Netherlands

Source: Company data, BroadGroup.

Goldman Sachs Global Investment Research

Malaysia

UK

Source: BroadGroup.

12

January 13, 2015

Keppel DC REIT (KEPE.SI)

Exhibit 20: Current portfolio of eight data centers across seven cities in six countries Keppel DC REIT portfolio details Property

S25

T25

Gore Hill Data Centre

iseek Data Centre

Basis Bay Green Data Centre

GV7 Data Centre

Almere Data Centre

Citadel 100 Data Centre

Location

Singapore

Singapore

Sydney, Australia

Brisbane, Australia

Selangor, Malaysia

London, UK

Almere, Netherlands

Dublin, Ireland

78,928 225,945 109,574

53,820 106,726 36,888

72,032 127,283 90,955

41,559 28,955 12,389

64,809 88,600 48,680

N.A. 34,848 24,972

85,358 138,219 118,403

218,236 125,044 68,052

1996 / 2014

1991 / 2011

2011

2010

2009

2000

2008

2000

18 86% 262.8 22.0 8%

4 100% 162.0 14.7 9%

3 100% 221.2 18.6 8%

1 100% 33.0 5.3 16%

1 100% 45.0 4.0 9%

1 100% 77.7 5.6 7%

1 100% 135.0 8.2 6%

5 74% 105.4 7.2 7%

3.5

2.0

10.3

11.9

2.7

12.5

14.1

2.3

Freehold

Expiring 29 June 2040, with an option to extend for 7 yrs

Freehold

Expiring 28 Sep 2183

Freehold

Expiring 11 April 2041

Land Area (sq ft) GFA (sq ft) Lettable Area (sqft) Year of Completion or Last Refurbishment No. of customers Occupancy, 30 Sep '14 (%) Appraised value (S$ mn) 2015E rental NPI (S$ mn) 2015E rental NPI yield (%) WALE by lettable area, 30 Sep 2014 Land lease expiry

Facility management fees to be borne by Keppel DC REIT

Expiring 30 Sep Expiring 31 July 2025, with an option 2021, with an option to extend for 30 yrs to extend for 30 yrs

4% of cash EBITDA

Triple-net: No fees are No fees are payable, No fees are payable. No fees are payable, Lessee pays all (1) (1) Co-location: Base fee of payable except No fees are payable except Lessee pays all outgoings except A$2.1mn plus GST p.a., building insurance building insurance and outgoings and is building insurance 4% of cash EBITDA subjected to an increase and property tax, but property tax, but fees shall responsible for and property tax, of 4% yoy every March 10 fees shall be payable be payable for ordered facilities and is responsible (2) And fees shall be payable for ordered services performed management for facilities (2) (2) for ordered services services performed management performed

(3)

2014: €798,792 (3) 2015: €863,567 MCC is also entitled to be paid at 10% on purchase orders for the procurement of materials, supplies and equipment

Lease details Fixed rent of S$5.0mn p.a. for the first year, subjected to fixed rental escalation of 3.0% (10-year lease with an option to renew for a further 5 years)

Fixed rent of Triple-net lease: 15 years S$3.0mn p.a. for the (5+5+5) commencing on first year, subjected September 19, 2011. to fixed rental Subjected to rental escalation of 3.0% escalation of 3.5% p.a. (10-year lease with an option to renew One of the co-location for a further 5 years) arrangements: 10 years commencing on August 1, 99% of cash EBITDA 99% of cash EBITDA 2012. Subjected to rental escalation of 4% p.a.

20 years for one level and 10 years (5+5) for the other level. Subjected to rental escalation of 4% p.a.

20 years (5+5+5+5) commencing on June 15, 2012. Initial rent is RM10.2mn p.a. and subject to an escalation of 2% p.a. for first five years.

15 years commencing from February 10, 2012 with option to extend for a further 10 years.

Ground lease (exclusive rights to use structures) is a maximum of 20 years to end on April 17, 2033. Initial ground rent is Thereafter, the rent shall be The rental payable is EUR5.8mn p.a., adjusted based on the fixed, increasing by which is currently prevailing market rent, fixed sums as escalated at the subjected to various expressly provided lower of 2% or Dutch conditions and a variable for in the lease. CPI cap and collar.

Minimum term for any co-location agreement is 3 years but many run for 5 years or more and may contain options to renew.

Responsibilities of Keppel DC REIT Triple-net Co-location Co-location Lease type Keppel Lease Keppel Lease lease arrangement Double-net lease Double-net lease Triple-net lease Double-net lease arrangement       Property tax        Building insurance     Facilities management     Day-to-day maintenance     Maintenance opex       Refresh capital expenditure Note: (1) No fees are payable as these are provided in consideration of the lease granted to the facility manager. (2) "Ordered Services" are services that are not routine services and may include services such as ad-hoc fit-out programes, property management services and carrying out capital improvements or replacements. (3) Citadel 100 has sub-contracted certain development, construction and operation/facilities management services in respect of Citadel 100 Data Center, including 24-hour maintenance, floor space management and project management to Mercury Cloud Cover (MCC), which is entitled to the following charges.

Note: Rental NPI and rental NPI yield are based on 2015E and is on a cash basis; others are based on company data as of September 30, 2014; Basis Bay figures are on a 100% basis (Keppel DC REIT owns 99% of Basis Bay).

Source: Company data (all data other than 2015E rental NPI and rental NPI yield), Goldman Sachs Global Investment Research (2015E rental NPI and rental NPI yield).

Goldman Sachs Global Investment Research

13

January 13, 2015

Keppel DC REIT (KEPE.SI)

Well-located in hubs to tap on large and diverse customer pool The IT Services and Internet enterprise sectors are the largest contributors to Keppel DC REIT’s rental income, contributing 42% and 26% respectively in September 2014. Exhibit 21: IT Services and Internet Enterprise sectors are the largest contributors to Keppel DC REIT’s rental income

Exhibit 22: Customers of wholesale co-location DCs can generally be grouped into 5 categories Customer segmentation of wholesale co-location DCs

Breakdown of rental income by trade sector (Sep 2014) Customer segment IT services

Corporate, 4.0%

Purpose of use of data centers Cloud and managed services providers provide customers with services hosted in data centers, including system integrators which use data centers to host outsourced IT applications

Example of customers Dell, HP, IBM, Microsoft, Oracle, SUN Microsystems

Internet enterprises

Use data centers to host a range of webbased services used by other customers

Apple, Amazon, eBay, Google, LinkedIn, Twitter, Yahoo!

Telecom service providers

Use data centers as a marketplace to sell bandwidth, to support customers and to offer managed services which are hosted in the data center For trading, data analytics and storage, as well as other front and back office IT requirements, in-line with regulatory and business needs

AT&T, Deutsche Telekom, Singtel, Starhub, M1, Verizon

Financial Services, 12.9%

IT Services, 42.1% Telecommunications , 15.1%

Financial and healthcare services Internet Enterprise, 25.8%

Corporates

Source: Company data.

For data storage and backup, as well as other front and back office IT requirements together with business continuity and disaster recovery

AIA, Credit Suisse, DBS Bank, JP Morgan, National Health Service (UK), OCBC Bank, Prudential, Raffles Medical, Parkway Pantai, UBS, UOB Bank Keppel, Lufthansa, Procter & Gamble, Shell, Singapore Airlines, Wal-mart

Source: BroadGroup.

While Keppel DC REIT’s portfolio comprises 34 customers as of September 30, 2014, the top 10 customers contribute 88.5% to rental income, making the quality and credit worthiness of the tenants a top priority. Keppel DC REIT counts government-related entities, Fortune 500 companies and MNCs amongst its customers, with 96.1% of rental income for September 2014 derived from government-related entities and MNCs. Exhibit 23: Keppel DC REIT’s top 10 customers accounted for 88.5% of rental income...

Exhibit 24: ...making the credit worthiness and quality of tenants a top priority

Top 10 customers by rental income contribution (Sep 2014)

Description of top 10 customers

Top 10 customers by Rental Income Trade Sector

% of Rental Income

Internet Enterprise

25.7%

IT Services

20.9%

Telecommunications

8.9%

IT Services

8.9%

Financial Services

5.3%

IT Services

• Member of the same group as an S&P 500 company which is listed on the NYSE and is an international provider of enterprise cloud computing, co-location services, managed hosting and professional cloud services

4.9%

Telecommunications

4.5%

IT Services

3.8%

IT Services Financial Services

Description of top 10 customers (not in order of contribution to Rental Income) • Member of the same group as a Fortune Global 500 and S&P 100 company which is listed on the NASDAQ • Member of the same group as a Fortune Global 500 and S&P 100 MNC which is listed on the NYSE and provides IT hardware, software and integrated solutions • Member of the same group as a Fortune Global 500 and S&P 100 MNC which is listed on the NYSE and provides integrated IT infrastructure and software solutions

3.0% 2.5%

Source: Company data.

Goldman Sachs Global Investment Research

• Member of the same group as an international information communications technology company which is listed on the Euronext • Business-only internet service provider which specialises in mission critical data networks and provides business grade internet and data centre server co-location services to businesses across Australia • Member of the same group as an international provider of outsourcing solutions in information technology and managed data centre services across Asia-Pacific and Europe • Financial services company which is listed on the SGX-ST • Member of the same group as a financial services company which is listed on the ASX • Statutory board of the Singapore Government

Source: Company data.

14

January 13, 2015

Keppel DC REIT (KEPE.SI)

A balanced mix of leases provides stability and growth options Keppel DC REIT utilizes a mix of double/triple-net leases, Keppel leases and co-location arrangements to strike a balance between stability and growth, with 52.7%/32.2% of lettable area/rental income expiring in 2021 and beyond.

Double/triple-net lease arrangements are typically for a substantial portion of the whole data center where the tenants operate the data center on long-term leases. -

A double-net lease refers to a lease where the tenant pays for rent, is responsible for facilities management, and bears at least one of the four following property-related expenses: (1) property tax; (2) expenses for day-to-day maintenance including cleaning, security, utilities, servicing of lifts and other mechanical and electrical (M&E) items; (3) expenses for building insurance; and (4) expenses for “end of life” replacement of the M&E equipment.

-

A triple-net lease refers to a lease where the lessee pays for rent, is responsible for facilities management, and bears all of the property-related expenses.

Co-location arrangements are typically entered into by end-users who use co-location space for the installation of their servers and other IT equipment. Most co-location arrangements do not cover the leasing of the whole or substantially the whole of the relevant properties. End-users with co-location arrangements pay for rent while Keppel DC REIT pays for all the property-related expenses and is responsible for facilities management. Co-location arrangements will specify service level commitments which Keppel DC REIT is responsible for meeting.

Keppel leases are lease structures entered into with the S25 and T25 lessees with a fixed (S$3 mn-S$5 mn) and variable fee component (99% of cash EBITDA) payable to Keppel DC REIT, essentially a pass through nature of the underlying co-location arrangements with the end-users. Exhibit 25: We estimate double/triple-net leases will account for 30% of 2015E gross revenue

Exhibit 26: We estimate double/triple-net leases will account for 30% of 2015E rental NPI

2015E gross revenue breakdown by lease arrangement

2015E NPI breakdown by lease arrangement 2015E rental NPI: S$85.6mn

2015E Gross Revenue: S$102.2mn

Co-location, S$31.7mn, 31%

Double/Triple-net leases, S$30.4mn, 30%

Keppel leases, S$40.0mn, 39%

Source: Goldman Sachs Global Investment Research.

Goldman Sachs Global Investment Research

Co-location, S$22.8mn, 27%

Double/Triple-net leases, S$26.1mn, 30%

Keppel leases, S$36.7mn, 43%

Source: Goldman Sachs Global Investment Research.

15

January 13, 2015

Keppel DC REIT (KEPE.SI)

Exhibit 27: Long-term leases provide stability; 52.7%/ 32.2% of lettable area/rental income expiring ≥2021

Exhibit 28: Providers of co-location services charge a higher relative pricing

Portfolio lease expiry profile (Sep 2014)

Typical wholesale and retail co-location deals

Lease Expiry Profile (%) 60.0%

% of Lease Expiry (by Lettable Area)

Provider type

% of Lease Expiry (by Rental Income)

Typical deal Typical length deal size

Deal metric

Relative pricing

52.7% 50.0%

Real Estate

10-40 years

10,000sqft+

sqft

1 time

Wholesale colocation

5-25 years

2,000sqft+

kW, sqft

5-7 times

40.0% 33.4%

32.2%

30.0% 26.0%

20.0%

Retail co-location

14.5%

Up to 5 years 1-2,000sqft

kW, racks 10-15 times

11.3% 8.2%

10.0% 3.3%

6.7%

4.6% 0.9% 1.3%

1.2% 1.3%

1.0% 1.4%

0.0% 2014

2015

2016

2017

2018

2019

2020

Source: Company data.

2021 and beyond

Source: BroadGroup.

Recently built or refurbished assets minimize medium-term capex The current portfolio has a weighted average age of 5.5 years from temporary occupancy permit (TOP) or the last refurbishment, whichever is later, reducing the medium-term capex needs; management plans to spend S$40 mn in capex (back-end loaded) over the next 10 years. A further S$8.0 mn of capex will be borne by the sponsor (Keppel T&T) in 2015 and 2016; this relates to the unspent portion of a pre-planned refurbishment program for S25. Data centers have a peculiar capex profile, with a high percentage of depreciable infrastructure making up about 70% of development costs (our estimate based on industry practice). To account for the replacement cost for the depreciable infrastructure, we factor in an additional annual capex of 5% of NPI (similar to our US team’s assumption) on top of the company’s S$40 mn for a combined c.10% of NPI. Exhibit 29: Weighted average portfolio age of 5.5 years (since TOP or last refurbishment) minimizes medium-term capex requirements; management expects to spend S$40 mn over the next 10 years on capex Portfolio age since completion or last refurbishment

Completion / Last Refurbishment S25 2014 T25 2011 Gore Hill Data Center 2011 iseek Data Center 2010 Basis Bay Data Center 2009 GV7 Data Center 2000 Almere Data Center 2008 Citadel 100 Data Center 2000 Total/Weighted average

Lettable Area (sqft) 109,574 36,888 90,955 12,389 48,680 24,972 118,403 68,052 509,913

Age as of 30 Sep 2014 1.0 4.0 4.0 5.0 7.0 15.0 12.0 6.0 5.5

Source: Company data.

Goldman Sachs Global Investment Research

16

January 13, 2015

Keppel DC REIT (KEPE.SI)

Key risks Upside risks 

Accretive acquisitions: Keppel DC REIT’s low gearing of 26% provides room for acquisitions via its ROFR pipeline and from third-parties, with management also planning to aggressively grow its portfolio.



Stronger-than-expected demand for data centers driving rental growth and leasing: Vacancies of 14%/26% at S25/Citadel 100 data center provide room for further uplifts in rental income, while its other co-location arrangements (shorter leases) will also benefit from stronger rental growth.

Downside risks 

Greater-than-expected supply and competition: While difficult for new entrants to enter the industry, increased supply from existing players (foreign data center providers, telecommunication providers, etc.) and the proposed data center park in Singapore could increase competition.



Infrastructure obsolescence: While all property types are subject to some degree to obsolescence, data centers may face a higher risk of obsolesces. As such, in our view, it is crucial in the data center sector to keep an eye on new frontiers. o

Falling latency. If networking communications get faster, reducing latency, network-dense data centers may be in less demand.

o

Increased server efficiency. If efficiency improves and computing does not increase, there would be negative implications for data center pricing, though unlikely in our view.

o

Reduced need for cooling infrastructure. Some geographic markets allow for newer designs that do not require the expensive cooling infrastructure that most DCs have.

o

Modular designs. Enable customers to deploy DCs in a more decentralized fashion.

Our GS SUSTAIN team notes that the next major wave of IT efficiency is likely to be driven by higher capacity broadband adoption “making it irrelevant where computing is taking place.” This implies that computing may ultimately migrate toward lower-cost locations, supporting wholesale and managed services. In ‘The trouble with tech: Investing for the long term amid disruptive change’, February 12, 2013, our GS SUSTAIN team notes “The rapid adoption of commodity server hardware followed by virtualization in the past decade marked the first major act in reclaiming significant efficiencies in enterprise IT, as data centers move toward cheaper, pooled hardware running at higher levels of utilization. However, as was the case in the consumer space, high-capacity broadband has changed the game by making it irrelevant where computing is taking place. In the enterprise, this has opened the door to significantly expanding the set of economic inefficiencies that enterprise IT is able to address…” 

Overseas expansion may dilute Singapore base: Keppel DC REIT’s expansion strategy is focused on Asia and Europe, which may inadvertently result in acquisitions of standalone data centers in new geographies where Keppel DC REIT does not yet have economies of scale or operating experience, and also increases its FX exposure. While management targets for Singapore to account for 40%-50% of the portfolio, there may be temporary periods where Singapore’s contribution dips below 40%.



Reputational risk and risk of failing to meet service quality standards: Given the mission critical nature of data centers, KDC REIT is required to meet strict service

Goldman Sachs Global Investment Research

17

January 13, 2015

Keppel DC REIT (KEPE.SI)

quality standards, failing which it may be required to provide rebates to customers and risk reputational damage.



Weaker AUD/EUR/GBP vs. SGD. A stronger SGD will be negative for earnings and stock price as most of KDC REIT’s overseas assets are located in Australia, Europe and the UK while its reporting and trading currency is in SGD.

Financials: Stable growth profile; debt fully hedged We forecast DPU to grow 4.6% yoy in 2016E (vs. industrial SREIT peers’ 2.3%-3.3%), driven by rental revenues (excluding rental adjustments and other income) growing by +4.2% and rental NPI growing by +4.0% in 2016E yoy. The mix of double/triple-net leases and colocation arrangements with embedded rental step-ups, coupled with the long-term nature of the leases, provide rental stability and organic rental growth, with vacancies at S25 and Citadel 100 Data Center also providing room for further rental uplifts. Exhibit 30: We expect rental revenues to grow by +6.6%/+4.2% in 2015E/2016E...

Exhibit 31: ...and rental NPI to grow +6.8%/+4.0% in 2015E/2016E

Keppel DC REIT gross revenue

Keppel DC REIT net property income

Gross Revenue (S$ mn)

Net Property Income (S$ mn) Rental Income

120

Rental adjustment

103.1

101.2 1.9

100

Other Income

102.2

5.2 3.5

105.5 0.1 1.3

0.1 0.4

Adjustments for straight-lining/other income

88.8

90

88.7

0.5 1.4

16.9

80

89.5

87.0

8.6

15.0 80

Rental NPI

100

71.4

81.2 0.2 11.3

70 11.6 60

60

50 6.6% 12.1% 21.1%

40

94.5

4.2% 100.8

6.8%

105.0

11.3%

40 20.3%

84.3 30

69.6

80.1

85.6

4.0%

89.0

72.0

59.8

20 20 10 0

0 2012

2013

2014E

2015E

2016E

Source: Company data, Goldman Sachs Global Investment Research.

2012

2013

2014E

2015E

2016E

Source: Company data, Goldman Sachs Global Investment Research.

Our main income assumptions include: 

Passing rent growth of 2%-4% p.a. from 2014-2016E for the respective lease arrangements, at the low-end of BroadGroup’s projected 3.8%-5.8% rental CAGR from 2013-2018 for key markets where Keppel DC REIT operates.



Occupancies at T25, Gore Hill Data Center, iseek Data Center, Basis Bay Data Center, GV7 Data Center and Almere Data Center remain at 100%.



Occupancies at S25 to trend upwards to 93% by 2016E from 86% as of September 30, 2014.



Occupancies at Citadel 100 to trend upwards to 78% by 2016E from 73.7% as of September 30, 2014.



We assume 100% of taxable income will be distributed up till 2016E.

In accordance with FRS 17, all lease revenues over a term of a lease are required to be brought to account on a straight line basis. Therefore, for accounting and reporting purposes, after initial recognition of a lease or co-location arrangement, the rental income will remain constant over the period in the relevant data center’s local currency. Goldman Sachs Global Investment Research

18

January 13, 2015

Keppel DC REIT (KEPE.SI)

Distributions, however, are based on actual rental (i.e. cash) income and straight lining adjustments are reversed out in the calculation of distributable income. Exhibit 32: Vacancies at S25 and Citadel 100 provide room for potential rental uplifts

Exhibit 33: Mix of co-location and double/triple-net leases balances income stability, growth and outgoings

Occupancy of S25, T25, Citadel 100 (co-location arrangements)

Keppel DC REIT lease arrangements and responsibilities

Responsibilities of Lessor/Owner 100.0% 93.0%

87.0%

85.0%

80.0%

89.0%

86.0%

Property 78.0%

76.0%

73.7%

Lease Arrangement Keppel Lease / Colocation arrangement Keppel Lease / Colocation arrangement

S25 T25

70.0%

Gore Hill Data Center (for one tenant) Gore Hill Data Center (for two end-users)

60.0% 50.0% 40.0% 30.0%

Refresh Capex

100.0%

Maintenance Opex

100.0%

Day-to-day Maintenance

Citadel 100

Facilities Management

90.0%

100.0%

98.0%

T25

Building Insurance

100.0%

S25

Property Tax

Occupancy (%)

























-

-

-

-

-

-

Triple-net lease Co-location arrangement













iseek Data Center

Double-net lease

-



-

-

-



Basis Bay Data Center

Double-net lease





-

-

-



GV7 Data Center

Triple-net lease

-

-

-

-

-

-

Almere Data Center

Double-net lease





-

-

-

-

Citadel 100 Data Center

Co-location arrangement













20.0% 10.0% 0.0% 2012

2013

2014E

2015E

2016E

Source: Company data, Goldman Sachs Global Investment Research.

Source: Company data.

Exhibit 34: Data centers have a sticky tenant base, with an exceptionally high tenant retention rate (98% in 9M14 for Keppel DC REIT)

Exhibit 35: Keppel DC REIT’s WALE ranks amongst the highest compared to SREIT peers

Tenant retention rate

Weighted Average Lease Expiry (years)

Tenant retention rate (%) 100%

98%

9.0 87%

90%

Weighted average lease expiry (WALE) – as at Sep 30, 2014 for Keppel DC REIT, as at Jun 30, 2014 for other SREITs

82%

By NLA 7.8

7.8

80%

80%

73% 67%

70%

By rental income/NPI

8.0 7.0

6.2

64%

6.0

5.6

60% 5.0

4.7

50% 3.9

4.0

40% 30%

3.0

20%

2.0

3.9

2.6 2.1

10%

1.5

1.0

0% Keppel DC REIT (9M14)

KREIT (1H14)

CCT (2013)

CMT (1H14)

MCT's VivoCity (FY14)

Source: Company data.

GLP Japan ops (FY14)

MIT (FY14)

0.0 Keppel DC REIT

AREIT

FCOT

MIT

MCT

FCT

Keppel DC REIT

CCT

KREIT

MLT

Source: Company data.

Our main cost assumptions include: 

We expect NPI margins to decline marginally from 85.1% in 2015E to 84.8% in 2016E given cost pressures such as labor and increased security requirements; the more volatile power costs are passed through to the customer.



Management fees paid 100% in cash, comprising a base fee of 0.5% p.a. of deposited property and a performance fee tied to 3.5% p.a. of NPI.



Property management fees for S25, T25, Gore Hill and Citadel 100, based on the respective facilities management agreements.

Goldman Sachs Global Investment Research

19

January 13, 2015

Keppel DC REIT (KEPE.SI)



Total fees including manager’s management fees, property management fees and trustee fees accounted for 12.9% of NPI in 9M14, comparable with other SREITs.



Gearing of 26.4% and all in borrowing costs of 3.0% in FY14E/15E/16E. The interest rate on the current debt of S$295 mn is 100% fixed, with an average debt maturity of 4.4 years. Keppel DC REIT’s policy is to hedge at least 50% of its interest rate exposure using interest rate swaps.

Good capital management Keppel DC REIT has a gearing ratio of 26.4% as of September 30, 2014, at the low end of the 30%-40% range for SREITs. Given that Keppel DC REIT has yet to obtain a credit rating, it is restricted to a maximum regulatory gearing limit of 35%. In our view, Keppel DC REIT’s credit metrics, in terms of interest cover, debt maturity profile, and aggregate leverage, compare well with other SREITs. In addition, its 4.4 years fixed rate debt helps mitigate concerns over rising interest rates and mix of foreign currency denominated debt acts as a natural hedge, matching the currency of the asset investment. Exhibit 36: Keppel DC REIT’s gearing is at the low end of the spectrum; we think it could gear up to 40% comfortably given stable cash flows Credit metrics comparison for Keppel DC REIT and other SREITs (as of Sep 30, 2014) Keppel DC REIT FE H-Trust

OUEHT

BBB-

Ba1

MCT Baa1

MIT BBB+

AREIT A3

CCT A-

KREIT Baa2

CMT A2

Suntec

-

Gearing Ratio (%)

26%

31%

33%

38%

33%

33%

30%

42%

34%

34%

Interest Cover (x)

5.8x

6.5x

7.0x

5.4x

8.0x

6.2x

7.1x

5.1x

4.6x

4.6x

Fixed Rate Debt as % of Total

100%

60%

100%

71%

77%

69%

80%

72%

90-95%

60%

Average Cost of Debt (%)

Credit Rating

Baa2

3.0%

2.2%

2.2%

2.2%

2.1%

2.7%

2.3%

2.2%

3.6%

2.4%

Total Debt (S$mn)

295

798

587

1,551

1,086

2,561

2,229

2,888

3,015

2,907

Avg Debt Maturity (years)

4.4

2.5

2.0

3.1

3.8

4.0

4.0

3.5

4.7

3.9

Debt Expiry (% of total debt) FY2014

-

2%

-

-

-

6%

-

-

-

-

FY2015

-

38%

-

-

-

12%

12%

10%

15%

-

FY2016 Beyond FY2016

-

-

50%

22%

-

14%

42%

14%

17%

13%

100%

60%

50%

78%

88%

68%

46%

76%

68%

87%

Note: Keppel DC REIT interest cover and cost of debt are based on 2014E; other credit metrics are as of September 30, 2014; OUEHT credit rating was assigned on October 16, 2014. Source: Company data, Goldman Sachs Global Investment Research.

Goldman Sachs Global Investment Research

20

January 13, 2015

Keppel DC REIT (KEPE.SI)

Exhibit 37: Keppel DC REIT uses a mix of foreign currency denominated borrowings…

Exhibit 38: …creating a natural hedge by matching the currency of the asset investment

Debt breakdown by currency (September 30, 2014)

Asset breakdown by geography (September 30, 2014)

Debt breakdown by currency (Sep 30, 2014)

Asset breakdown by geography based on appraised value of assets by independent valuers (Sep 30, 2014)

GBP, 7%

UK, 8%

EUR, 21% Europe, 23%

SGD, 44%

AUD, 29%

Singapore, 41%

Australia, 24%

Malaysia, 4%

Source: Company data.

Source: Company data.

Distributable income sensitivity analysis We estimate that a 10% decline in portfolio occupancy would reduce 2015E distributable income by 11%; and a 10% decline in portfolio passing rent growth will reduce 2015E distributable income by 15%. Exhibit 39: A decline of 10% in portfolio occupancy will reduce 2015E distributable income by 11%; a 10% decline in portfolio passing rent growth will reduce 2015E distributable income by 15% on our estimates Sensitivity of 2015E distributable income and implied distribution yield to changes in co-location rental growth and occupancy 2015E - distributable income (S$ mn) Change in portfolio passing rent growth -10.0% -5.0% 0.0% 5.0% 10.0% 58.8 -10.0% 44.6 48.5 52.4 56.3 60.2 Change in -5.0% 47.4 51.5 55.6 59.7 63.8 portfolio 0.0% 50.2 54.5 58.8 63.1 67.4 5.0% 51.2 55.6 60.0 64.3 68.7 occupancy 10.0% 52.2 56.7 61.2 65.6 70.1

2015E - % change in distributable income from base case Change in portfolio passing rent growth -10.0% -5.0% 0.0% 5.0% 10.0% -10.0% -24.1% -17.5% -10.9% -4.2% 2.4% Change in -5.0% -19.4% -12.4% -5.4% 1.5% 8.5% portfolio 0.0% -14.6% -7.3% 0.0% 7.3% 14.6% 5.0% -12.9% -5.4% 2.0% 9.5% 16.9% occupancy 10.0% -11.1% -3.5% 4.0% 11.6% 19.2%

Source: Goldman Sachs Global Investment Research.

Keppel DC REIT’s interest rate on its debt is 100% fixed as of September 30, 2014 and it is thus relatively buffered from near-term changes in interest rates. Nonetheless, assuming a theoretical 100bps rise in cost of debt, we estimate that 2015E distributable income will decline by 5.1% assuming an immediate flow through, disregarding fixed/floating rate debt, the lowest of our SREIT coverage given Keppel DC REIT’s low gearing. Keppel DC REIT is most sensitive to changes in AUD; we estimate that a 10% appreciation of the SGD vs. AUD will reduce 2015E distributable income by 3.7%.

Goldman Sachs Global Investment Research

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January 13, 2015

Keppel DC REIT (KEPE.SI)

Valuation: DCF as primary methodology; fair valuation We believe DCF would be the most appropriate way to value Keppel DC REIT. We use DCF to value Singapore and Hong Kong-listed REITs, applying a base case where we use 10year free cash flows of existing portfolios and expectations of rents, occupancy trends and potential uplift from asset enhancements. We focus on FCF as this represents the earnings potential and capital structure of REITs and removes any effect of payment of management fees in units. Our 12m DCF-based target price of S$0.99 implies 2% upside potential, and 6.7% FY15E dividend yield. Keppel DC REIT is significantly under-geared at 26.4% vs. our target capital structure assumption of 40% gearing. Should Keppel DC REIT gear up to 40% for acquisitions to grow its portfolio, we estimate 2015E distributions could increase by 8-16% (see exhibit 14), which would raise our valuations by 3%-8% to S$1.02-S$1.07, implying a 2015E dividend yield of 6.2%-6.5% Exhibit 40: We have a 12-month DCF-based target price of S$0.99, implying 2% upside potential DCF valuation WACC calculation Equity component Equity market premium Risk free rate Beta Cost of equity

6.0% 3.1% 1.0 9.1%

Debt component Cost of debt

4.0%

Tax rate After-tax cost of debt

4.0%

Long-run debt-to-capital ratio

DCF summary results Firm value (S$) Net debt/(cash) (S$) Minority interest (S$) JTC/HDB land premium (S$)

1.33 0.33 0.00 0.00

0.99

DCF value (S$)

40%

WACC

7.1%

Asset terminal yield

8.2%

Discounted cash flow model (In S$mn)

2016E

EBIT - Tax expense + REIT manager's fee paid in units + Depreciation and amortization - Increase/(decrease) in net working capital - Increase in capital expenditure - Capex reserve + Rental adjustment FCF % growth Number of shares (mn) FCF/share (S$) Terminal value Total FCF

74 3 1 3 3 (0) 63

2017E

2018E

2019E

2020E

2021E

2022E

2023E

2024E

883 0.07

76 3 1 3 3 1 66 4% 883 0.07

77 3 1 3 4 1 68 3% 883 0.08

78 3 1 3 4 2 70 2% 883 0.08

79 3 1 3 4 3 72 3% 883 0.08

83 4 1 4 4 3 74 3% 883 0.08

86 4 1 4 4 4 77 3% 883 0.09

90 4 1 5 4 4 80 3% 883 0.09

94 4 1 6 4 4 82 3% 883 0.09

0.07

0.07

0.08

0.08

0.08

0.08

0.09

0.09

0.09

2025E 98 4 1 7 5 4 85 3% 883 0.10 1.50 1.59

Source: Goldman Sachs Global Investment Research.

Keppel DC REIT is trading at 6.9% FY15 dividend yield, broadly in line with the larger industrial SREITs’ 6.5%-7.1% while KDC REIT’s dividend yield and forward growth of 11.5% is slightly higher than industrial SREIT peers’ 8.8%-10.4% which we believe is to compensate for the higher cap rates, FX risk and relatively limited track record. Keppel DC REIT’s distribution structure also compares favorably to SREIT peers’ underlying yields of 5.2%-5.3% for Office (CCT, KREIT) and 6.4%-7.0% for Industrial (AREIT, MIT) with no income support or management fee paid in units.

Goldman Sachs Global Investment Research

22

January 13, 2015

Keppel DC REIT (KEPE.SI)

Exhibit 41: Keppel DC REIT trades at 6.9% FY15E dividend yield vs. Industrial SREITs’ 6.5%-7.1% Valuation comparable summary table Dividend yield (%) FY15E FY16E 6.9% 7.2%

Mkt cap Price Forward Reported Currency (US$mn) 8-Jan-2015 P/NAV P/B (x) SGD 640 0.97 1.21 1.12

DPU CAGR / yoy growth (%) FY14-16E FY16E 6.9% 4.6%

10-yr Yield bond Spread Underlying P/E (x) yield (bps) FY15E FY16E 2.2% 469 14.4 13.9

EPS CAGR / yoy growth (%) FY14-16E FY16E 4.0% 3.0%

AFFO yield (%) FY15E FY16E 6.6% 6.9%

AFFO CAGR / yoy growth (%) FY14-16E FY16E 7.0% 4.4%

Company Keppel DC REIT

Ticker KEPE.SI

Industrial SREITs Ascendas REIT Mapletree Logistics Trust Mapletree Industrial Trust Average

AEMN.SI MAPL.SI MAPI.SI

SGD SGD SGD

4,306 2,178 1,904

2.40 1.19 1.52

1.08 n.a. 1.09 1.09

1.17 1.21 1.25 1.21

6.5% 6.6% 7.1% 6.7%

6.7% 6.8% 7.3% 6.9%

2.9% 1.9% 3.8% 2.9%

2.3% 2.6% 3.3% 2.7%

2.2% 2.2% 2.2%

437 444 491 457

15.7 14.2 14.2 14.7

15.4 14.8 13.8 14.6

3.0% 1.9% 3.8% 2.9%

2.3% -3.6% 3.4% 0.7%

6.1% n.a. 6.6% 6.4%

6.3% n.a. 6.9% 6.6%

3.1% n.a. 4.0% 3.6%

2.4% n.a. 3.6% 3.0%

Data Centers Equinix Digital Realty Rackspace Telecity DuPont Fabros Interxion 21Vianet QTS CyrusOne Coresite Asia Pacific Data Center Average

EQIX DLR RAX TCY.L DFT INXN VNET QTS CONE COR AJD.AU

USD USD USD GBp USD USD USD USD USD USD AUD

12,238 9,346 6,784 2,469 2,294 1,937 1,142 1,331 1,082 918 112

222.78 68.91 47.26 808.00 34.83 28.03 17.17 35.94 28.00 42.27 1.21

n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

4.57 3.10 5.54 3.88 2.65 3.98 3.11 3.44 2.29 4.37 1.18 3.47

3.0% 5.0% 0.0% 2.2% 4.7% 0.0% 0.1% 3.3% 3.7% 4.0% 7.8% 3.1%

2.9% 5.3% 0.0% 3.1% 5.1% 0.0% 0.4% 3.6% 4.5% 4.6% 8.3% 3.4%

71.2% 5.0% n.a. 39.7% 12.2% n.a. n.a. 6.2% 21.7% 15.2% 4.3% 21.9%

-2.1% 5.1% n.a. 46.2% 10.0% n.a. n.m. 10.0% 21.9% 15.2% 6.4% 14.1%

2.0% 2.0% 2.0% 1.6% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.7%

100 304 n.a. 51 267 n.a. n.a. 130 165 195 511 215

39.2 73.0 50.4 18.6 25.7 32.3 47.1 15.8 n.a. 54.1 12.5 36.9

30.7 53.5 37.9 15.9 22.5 26.8 20.0 14.9 90.0 48.4 12.0 33.9

82.8% -7.7% 33.9% 16.9% 12.1% 25.1% n.m. 9.5% n.a. 19.2% 3.7% 21.7%

27.9% 36.3% 33.0% 16.9% 14.3% 20.5% n.m. 5.6% n.a. 11.8% 4.2% 19.0%

n.a. 7.1% n.a. n.a. 8.4% n.a. n.a. n.a. 15.7% 8.4% n.a. 9.9%

n.a. 7.1% n.a. n.a. 8.4% n.a. n.a. n.a. 15.7% 8.4% n.a. 9.9%

14.5% 7.6% n.a. n.a. 6.8% n.a. n.a. n.a. 16.8% 17.5% n.a. 12.7%

14.0% 9.9% n.a. n.a. 7.6% n.a. n.a. n.a. 17.3% 11.9% n.a. 12.1%

SREITs under GS coverage CapitaMall Trust Ascendas REIT CapitaCommercial Trust Suntec REIT Keppel REIT Mapletree Commercial Trust MGCCT Mapletree Industrial Trust Far East Hospitality Trust OUE Hospitality Trust Average

CMLT.SI AEMN.SI CACT.SI SUNT.SI KASA.SI MACT.SI MAPE.SI MAPI.SI FAEH.SI OUER.SI

SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD

5,247 4,306 3,818 3,667 2,564 2,260 1,929 1,904 1,088 880

2.03 2.40 1.78 1.97 1.23 1.46 0.97 1.52 0.83 0.90

0.95 1.08 0.89 1.03 0.71 1.01 1.18 1.09 0.92 1.00 0.99

1.15 1.17 1.06 0.95 0.86 1.25 0.92 1.25 0.83 0.85 1.03

5.5% 6.5% 5.2% 5.0% 6.0% 5.5% 6.8% 7.1% 6.8% 7.3% 6.2%

5.6% 6.7% 5.7% 5.4% 6.0% 5.7% 6.9% 7.3% 7.0% 7.5% 6.4%

2.0% 2.9% 8.4% 7.7% -2.3% 3.9% 2.1% 3.8% 2.6% 2.1% 3.3%

1.3% 2.3% 9.7% 7.2% -0.5% 4.3% 1.0% 3.3% 2.8% 2.7% 3.4%

2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2%

336 437 299 284 385 332 462 491 460 510 400

17.8 15.7 19.6 23.0 21.6 19.6 19.2 14.2 16.5 15.9 18.3

17.6 15.4 18.2 21.4 20.2 18.7 18.3 13.8 16.0 15.4 17.5

1.9% 3.0% 9.1% 8.3% 8.2% 3.9% 6.1% 3.8% 2.8% 2.6% 5.0%

1.2% 2.3% 7.4% 7.3% 6.5% 4.4% 4.6% 3.4% 3.1% 3.6% 4.4%

5.2% 6.1% 4.8% 4.0% 4.8% 4.8% n.a. 6.6% 5.7% 6.0% 5.3%

5.3% 6.3% 5.2% 4.3% 4.8% 5.0% n.a. 6.9% 5.9% 6.2% 5.5%

2.2% 3.1% 9.9% 9.6% -1.4% 4.2% n.a. 4.0% 3.0% 2.8% 4.1%

1.4% 2.4% 8.0% 8.2% -0.7% 4.7% n.a. 3.6% 3.3% 3.8% 3.9%

Note: For GS covered stocks, estimates are based on GS estimates. For non-GS covered stocks, estimates are based on Bloomberg consensus. For AREIT, MCT, MIT, MLT, MGCCT, fiscal year ends in March of the following year, e.g. FY14E refers to fiscal year ending March 2015. Source: Bloomberg, Goldman Sachs Global Investment Research.

Exhibit 42: Keppel DC REIT offers yield and growth; 11.5% dividend yield and forward DPU growth above industrial SREIT peers to compensate for higher cap rates/FX

Exhibit 43: SREITs trade at 5.9% div. yield and 370bp spread vs. mid-cycle of 6.1% and 368bp spread SREITs sector fwd div. yield and spreads vs. SG 10-yr bond

Industrial SREITs FY15/16E dividend yield and 1-year forward DPU growth Return (%)

FY15/16E Dividend Yield

1-year forward distribution growth

12.0%

Yield (%) 14%

14.0%

12%

11.5% 10.4%

SREITs Div Yield Spread vs. SG 10-Yr Bond (bps) SREITs Div Yield (%) SG 10 yr Bond Yield (%) Sector Median Sector +1 SD Sector -1 SD

Spread (bps) 1,400

1,200

10%

10.0%

9.2% 4.6%

3.3%

8.0%

8%

2.6%

1,000

8.8% 2.3% 6%

Sector +1 SD, 7.6%

800

Sector Median, 6.1%

600

6.0%

5.9% 4%

Sector -1 SD, 4.6%

4.0% 6.9%

7.1%

400 2.2%

6.6%

6.5%

2%

200

0%

0

0.0% KDC REIT

MIT

MLT

Source: Bloomberg, Goldman Sachs Global Investment Research.

Goldman Sachs Global Investment Research

AREIT

Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14

2.0%

Source: Datastream, Goldman Sachs Global Investment Research.

23

January 13, 2015

Keppel DC REIT (KEPE.SI)

Data Center 101: What is a data center? Data centers are specialized facilities to house mission-critical networking and computer equipment including servers, data storage systems and telecommunications equipment. As a result, a data center needs access to greater supplies of power than a typical commercial building, along with significant electrical infrastructure to deliver this power to tenants and provide backup power supply in the event of a utility outage. A data center is connected to telecommunication networks (either carrier-dependent or carrier-neutral), allowing servers and data storage systems within to exchange data with other networks, such the Internet. Exhibit 44: Data centers are designed to high technical standards Typical data center layout

Source: BroadGroup.

Exhibit 45: Key technical features of a data center Key Equipment Air Conditioning Unit (ACU) Uninterruptible Power System (UPS) Raised flooring Fire suppression equipment Internet connectivity

Server cages Building Monitoring Systems (BMS) and Environmental Monitoring Systems (EMS)

Function To maintain cool temperature within the data center, typically at 18-24 degrees Celsius, depending on users' preference Provides instantaneous and continuous power supply in the event of outages of the local power grid An elevated structural floor to allow the passage of mechanical and electrical services Systems to detect, contain and respond immediately to any fire outbreaks Physical telecommunication cables brought into the data center to allow direct connectivity. Data centers can be carrier-dependent or carrierneutral. For carrier-dependent data centers, the owner will bundle a specific carrier service into the data center offering. For carrier-neutral data centers, the responsibility of procurring Internet connectivity belongs to the customer, who will typially have a choice of carriers with whom to connect Enclosures to house the computer servers and connect to power and cooling sources Hardware and associated software to monitor and control elements such as the temperature and humidity of the data center, address issues such as security and operational processes and provide regular reports.

Source: BroadGroup.

Goldman Sachs Global Investment Research

24

January 13, 2015

Keppel DC REIT (KEPE.SI)

Exhibit 46: Data centers have substantial upfront costs

Exhibit 47: Upfront capex for equipment and fit-out range from c.US$1,200-US$2,000 psf of net technical space

Average estimated M&E fit-out costs ex. land and building

Data center building and fit-out costs (excl. land, networking and computer equipment) Description Building shell and preparing site Includes elements such as walls and roof Electrical installation - includes all power systems and high voltage connections Mechanical installation - includes all air handling and cooling units Management and monitoring systems - including control and fire systems Other specialist and security infrastructure - such as CCTV and physical security Other costs such as contingency, leasing and management fees

Estimated mechanical and electrical fit-out costs excluding land and building (US$ psf) 2,500

2,000 2,000

1,500

1,000 1,200 500

350 250 160 150

150

100

Grade A offices

Industrial

0 Data centers

Retail

Source: BroadGroup.

Cost breakdown 15%-20%

35%-50% 15%-25% 5%-15%

5%-10% 10%-15%

Source: BroadGroup.

Exhibit 48: Keppel DC REIT data centers are quality, high-specification data centers Data center tier ratings Equipment or Service Maintenance Failures Tier Shutdowns Uptime Institute Tier Ratings Two separate 12 1.2 failures per I hour shutdowns year per year Three One failure per II shutdowns per year two years One 4-hour Shutdowns III failure per 2.5 not required years One 4-hour Shutdowns not IV failure per 5 required years

Average Maintenance Service & Unplanned Availability Outages 28.8 hours per year

99.67%

22 hours per year

99.75%

1.6 hours per year

99.98%

0.8 hours per year

99.99%

Source: BroadGroup.

Exhibit 49: Key differences between wholesale and retail co-location data centers Data center segmentation Type

In-sourced

Real Estate Real estate investors

Third party providers

Wholesale colocation Large corporations, Typically large Large government agencies corporations corporations/wholesal Typical and global Internet with resources to e co-location providers business operating in users/customers under long-term acquire data the retail co-location/ centers leases cloud services space 2,000 sq ft or more of raise floor space; Space/Power NA NA 500kW or more (costs are passed on to customers Provider

In-house

Retail co-location

Cloud and Managed Services

Large corporations, Large corporations, SMEs and government SMEs and government agencies agencies Up to 2,000 sq ft of raised floor space; Specific kW included in Bundled with services lease (excess are charged separately)

Pricing/Rental model

NA

Lease of the entire building

By GFA, net technical space and power

By net technical space, By service line and power and racks application

Lease duration

NA

10-40 years

5-25 years

Up to 5 years

Up to 3 years

Source: BroadGroup.

Goldman Sachs Global Investment Research

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What drives demand for data centers? International Data Corporation (IDC) forecasts the digital universe to grow by a factor of 300 from 130 exabytes (bn GB) in 2005 to 40,000 exabytes by 2020; to put things into context, this is 45 iPhones (128GB) for each of the 7 bn people in the world worth of data by 2020. We believe demand for data centers will be driven by: (1) accelerating data creation; (2) cloud computing going mainstream; (3) more companies outsourcing their data center requirements; and (4) increasing compliance requirements on data security.

1. Data creation is accelerating The digital universe is not just growing bigger, it is growing faster too. BroadGroup expects annual total global data creation to increase 48% CAGR from 2013-2018. The accelerating growth in volume of data will drive the need for data centers, in our view. Exhibit 51: People are more connected

Exhibit 50: Growth in volume of data to continue; BroadGroup estimates 48% CAGR from 2013-18

Average no. of devices and connections per capita

Total global data created annually (in Zettabytes, or tn GB) Average number of devices and connections per Capita

Total annual global data created (Zettabytes p.a.) 30.0

2013

10.00

2018 9.26

9.00 25.0

CAGR 2013A-18F: 47.7%

8.00 7.00

20.0 6.00

CAGR 2013 to 2018 North America Western Europe Central & Eastern Europe Asia Pacific Latin America Middle East and Africa Global

12% 11% 10% 10% 8% 7% 10%

6.52 5.34

5.00

15.0

3.89

4.00

3.39

3.00

10.0

1.28 CAGR 2008A-13A: 58.5%

5.0

1.00

1.41

2.73

2.58

2.24 2.00

2.10 1.75

1.73

0.92

0.00 Middle East and Africa

0.0 2008

2009

2010

2011

2012

2013

2014

Source: BroadGroup.

2015

2016

2017

2018

Asia Pacific Latin Amercia Central and Eastern Europe

Western Europe

North America

Global

Source: Cisco.

2. Cloud computing going mainstream Cloud computing is widely defined as utilizing a network of remote servers hosted through the Internet to store, manage and process data rather than through a local server. Cisco expects global cloud traffic to grow 35% CAGR from 2012 to 2017, representing two-thirds of global data center traffic by 2017, driving the demand for data centers. We believe cloud adoption is moving to the mainstream. According to SAP, 80% of new applications purchasing in the US is now done on cloud applications. We believe the movement towards cloud computing is driven by cost-consciousness. A recent study by Rackspace of US and UK companies that use the cloud found that 88% of cloud users pointed to cost savings. The boom of video and audio streaming Internet applications is a strong contributor to cloud traffic growth (number of hours of video uploaded to YouTube per minute has grown at 49.5% CAGR from 2009 to 2013); while newer services such as Internet content lockers (e.g. Dropbox and Apple’s iCloud) are also gaining popularity, Cisco forecasts personal content locker traffic to grow at 63% CAGR from 2012 to 2017.

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Keppel DC REIT (KEPE.SI)

3. Outsourced share of existing data centers Organizations have historically kept data centers in-house for control and flexibility. In recent years, however, the cost and complexities of operating data centers have escalated beyond the core competencies of many organizations. With third-party operated data centers that offer round-the-clock support and operational expertise, redundancy through a service level agreement and access to a diverse set of network carriers, users are increasingly realizing that outsourcing can improve their cost structure, accelerate the deployment process and lower their overall IT risk. A minority of corporate users outsource data centers today. BroadGroup estimates only 12%/21%/29% of data center space (sqft) in Asia Pacific/Western Europe/North America is outsourced in 2013, forecasting it grow to c.39%/42%/53% in 2018 respectively. We believe that the percentage of enterprise computing being outsourced is likely to increase over time, given that outsourced data centers have lower total ownership costs (TOC) due to scale and higher dependability/security from a professionally managed data center. Uptime Institute suggests an already accelerating shift from in-house to outsourced data centers based on data from their global survey in 2013. Exhibit 52: BroadGroup expects a rising proportion of outsourced data center space; Asia/Europe still trail US

Exhibit 53: Third-party data center providers are growing faster at the expense of in-house IT operations

Proportion of outsourced data center space (sqft) by region

Uptime Institute global survey (2013) on budgets YoY change for enterprise data centers (in-house) vs. third-party

Outsourced data center space (%) Asia Pacific

Western Europe

North America

2013 Uptime Institute global survey Enterprise data centers vs. third-party budgets YoY change 70%

60%

Enterprise Data Centers Data center budgets expanding over 10% YoY Latin America 57% Asia 44% North America 32% EMEA 27%

60% 50% 50%

42% 39%

40%

Third-Party Data Centers 63%

53%

40% 32%

29%

30%

30% 25% 22%

21%

19%

20%

20%

14%

12% 12%

10%

10%

9% 3%

2%

0% Decrease >10% 0% 2013

2018

2013

2018

Source: BroadGroup.

Goldman Sachs Global Investment Research

2013

2018

Decrease <10%

No change

Increase <10%

Increase >10%

Survey from 1,000 data center facilities operators, IT managers and senior executives around the globe (February 2013 to April 2013)

Source: Uptime Institute.

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Demand, supply, utilization and pricing in key markets Exhibit 54: Demand, supply and utilization in Singapore Incremental space / Absorption (sq ft)

Utilization (%)

Incremental space

200,000

Absorption

Utilization

100%

180,000

95%

160,000

90%

Exhibit 55: Co-location pricing in Singapore Price per kW (US$)

Price per kW

Price per sq ft (US$)

Price per sq ft

50.0

350.0

45.0 300.0

140,000

85%

120,000

80%

100,000

75%

80,000

70%

60,000

65%

40,000

60%

40.0 250.0

35.0 30.0

200.0

25.0 150.0

20.0 15.0

100.0

10.0 50.0

20,000

55%

0

50% 2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

5.0 0.0

0.0

2018

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Source: BroadGroup.

Source: BroadGroup.

Exhibit 56: Demand, supply and utilization in Kuala Lumpur

Exhibit 57: Co-location pricing in Kuala Lumpur

Utilization (%)

Incremental space / Absorption (sq ft) Incremental space

120,000

Absorption

Utilization

100% 95%

Price per kW (US$)

Price per kW

2018

Price per sq ft (US$)

Price per sq ft

25.0

160.0

140.0

100,000 90%

20.0 120.0

85% 80,000 80% 75%

60,000

70%

100.0

15.0

80.0 10.0

60.0

40,000 65% 40.0 60%

5.0

20,000 55% 50%

0 2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

20.0

0.0

0.0 2007

2018

2008

2009

2010

2011

2012

2013

2014

2015

Source: BroadGroup.

Source: BroadGroup.

Exhibit 58: Demand, supply and utilization in Sydney

Exhibit 59: Co-location pricing in Sydney

Utilization (%)

Incremental space / Absorption (sq ft) 250,000

Incremental space

Absorption

Utilization

Price per kW (US$)

100%

450.0

95%

400.0

Price per kW

2016

2017

2018

Price per sq ft (US$)

Price per sq ft

70.0

60.0 90%

200,000

350.0 50.0

85% 300.0 80%

150,000

250.0

40.0

200.0

30.0

75% 70%

100,000

150.0 65% 60%

50,000

20.0 100.0 10.0

0 2007

2008

2009

2010

2011

2012

2013

2014

Source: BroadGroup.

Goldman Sachs Global Investment Research

2015

2016

2017

2018

55%

50.0

50%

0.0

0.0 2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Source: BroadGroup.

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Exhibit 60: Demand, supply and utilization in London Price per sq ft (US$)

Incremental space / Absorption (sq ft) Incremental space

250,000

Exhibit 61: Co-location pricing in London

Absorption

Utilization

100.0%

Price per kW (US$)

Price per kW

Price per sq ft (US$)

Price per sq ft

300.0

40.0

95.0%

35.0 250.0

200,000

90.0% 30.0 85.0% 200.0

150,000

25.0

80.0% 75.0%

100,000

150.0

20.0

70.0%

15.0 100.0

65.0% 10.0 50,000

60.0% 50.0 5.0

55.0% 0

50.0% 2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

0.0

0.0

2018

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Source: BroadGroup.

Source: BroadGroup.

Exhibit 62: Demand, supply and utilization in Amsterdam

Exhibit 63: Co-location pricing in Amsterdam

Price per sq ft (US$)

Incremental space / Absorption (sq ft) Incremental space

140,000

Absorption

Utilization

Price per kW (US$)

100%

200.0

95%

180.0

90%

160.0

85%

140.0

80%

120.0

75%

100.0

70%

80.0

65%

60.0

60%

40.0

55%

20.0

50%

0.0

Price per kW

2017

2018

Price per sq ft (US$)

Price per sq ft

30.0

120,000

25.0

100,000

20.0 80,000

60,000

15.0

10.0 40,000

5.0

20,000

0 2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

0.0 2007

2008

2009

2010

2011

2012

2013

2014

2015

Source: BroadGroup.

Source: BroadGroup.

Exhibit 64: Demand, supply and utilization in Dublin

Exhibit 65: Co-location pricing in Dublin

Price per sq ft (US$)

Incremental space / Absorption (sq ft) Incremental space

80,000

Absorption

Utilization

70,000

Price per kW (US$)

100%

180.0

95%

160.0

90% 60,000

Price per kW

2016

2017

2018

Price per sq ft (US$)

Price per sq ft

25.0

20.0

140.0

85% 120.0 50,000

80%

15.0 100.0

40,000

75% 80.0 70%

30,000

10.0 60.0

65% 20,000 60% 10,000

0 2007

2008

2009

2010

2011

2012

2013

2014

Source: BroadGroup.

Goldman Sachs Global Investment Research

2015

2016

2017

2018

40.0

55%

20.0

50%

0.0

5.0

0.0 2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Source: BroadGroup.

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Keppel DC REIT (KEPE.SI)

Disclosure Appendix Reg AC I, Paul Lian, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs' Global Investment Research division.

Investment Profile The Goldman Sachs Investment Profile provides investment context for a security by comparing key attributes of that security to its peer group and market. The four key attributes depicted are: growth, returns, multiple and volatility. Growth, returns and multiple are indexed based on composites of several methodologies to determine the stocks percentile ranking within the region's coverage universe. The precise calculation of each metric may vary depending on the fiscal year, industry and region but the standard approach is as follows: Growth is a composite of next year's estimate over current year's estimate, e.g. EPS, EBITDA, Revenue. Return is a year one prospective aggregate of various return on capital measures, e.g. CROCI, ROACE, and ROE. Multiple is a composite of one-year forward valuation ratios, e.g. P/E, dividend yield, EV/FCF, EV/EBITDA, EV/DACF, Price/Book. Volatility is measured as trailing twelve-month volatility adjusted for dividends.

Quantum Quantum is Goldman Sachs' proprietary database providing access to detailed financial statement histories, forecasts and ratios. It can be used for in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets.

GS SUSTAIN GS SUSTAIN is a global investment strategy aimed at long-term, long-only performance with a low turnover of ideas. The GS SUSTAIN focus list includes leaders our analysis shows to be well positioned to deliver long term outperformance through sustained competitive advantage and superior returns on capital relative to their global industry peers. Leaders are identified based on quantifiable analysis of three aspects of corporate performance: cash return on cash invested, industry positioning and management quality (the effectiveness of companies' management of the environmental, social and governance issues facing their industry).

Disclosures Coverage group(s) of stocks by primary analyst(s) Paul Lian: ASEAN, Singapore Property/Diversified. ASEAN: Airports of Thailand PCL, Alliance Global Group Inc., Astra Agro Lestari, Astra International, Ayala Corp., Bangkok Chain Hospital, Bangkok Dusit Medical Services, Bloomberry Resorts Corporation, Bumitama Agri, Bumrungrad Hospital, Cosco Singapore, First Resources, Genting, Genting Malaysia Berhad, Genting Singapore Plc, Golden Agri-Resources Ltd., IHH Healthcare Bhd, Indofood Agri Resources, Indomobil Sukses Internasional, IOI Corporation, Jardine Cycle & Carriage, Keppel Corp, KPJ Healthcare Berhad, Kuala Lumpur Kepong, Lafarge Malaysia Berhad, Malaysia Airports Holdings Berhad, Manila Water Company Inc., Nagacorp Ltd, Noble Group Limited, Olam International, PT Holcim Indonesia Tbk, PT Indocement Tunggal Prakarsa Tbk, PT Jasa Marga (Persero) Tbk, PT United Tractors, Raffles Medical, San Miguel, Sembcorp Industries, Sembcorp Marine, Semen Indonesia Persero Tbk, Siam Cement PCL, Siam City Cement Public Co., Siam City Cement Public Co. (Foreign), Siloam International Hospitals, Sime Darby Bhd, UMW Oil & Gas Corporation Berhad, Vard Holdings, Westports Holdings Berhad, Wilmar International, Yangzijiang Shipbuilding. Singapore Property/Diversified: Ascendas Real Estate Investment Trust, Ayala Land, Inc., CapitaCommercial Trust, CapitaLand, CapitaMall Trust, City Developments, Far East Hospitality Trust, Global Logistic Properties, Keppel DC REIT, Keppel Land, Keppel REIT, Mapletree Commercial Trust, Mapletree Industrial Trust, OUE Hospitality Trust, Overseas Union Enterprise, Suntec REIT, UOL Group, Wing Tai Holdings.

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Buy

Hold

Investment Banking Relationships

Sell

Buy

Hold

Sell

Global 33% 54% 13% 44% 38% 32% As of January 1, 2015, Goldman Sachs Global Investment Research had investment ratings on 3,483 equity securities. Goldman Sachs assigns stocks as Buys and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for the purposes of the above disclosure required by NASD/NYSE rules. See 'Ratings, Coverage groups and views and related definitions' below.

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managed public offerings in prior periods; directorships; for equity securities, market making and/or specialist role. Goldman Sachs usually makes a market in fixed income securities of issuers discussed in this report and usually deals as a principal in these securities. The following are additional required disclosures: Ownership and material conflicts of interest: Goldman Sachs policy prohibits its analysts, professionals reporting to analysts and members of their households from owning securities of any company in the analyst's area of coverage. Analyst compensation: Analysts are paid in part based on the profitability of Goldman Sachs, which includes investment banking revenues. Analyst as officer or director: Goldman Sachs policy prohibits its analysts, persons reporting to analysts or members of their households from serving as an officer, director, advisory board member or employee of any company in the analyst's area of coverage. Non-U.S. Analysts: Non-U.S. analysts may not be associated persons of Goldman, Sachs & Co. and therefore may not be subject to NASD Rule 2711/NYSE Rules 472 restrictions on communications with subject company, public appearances and trading securities held by the analysts. Distribution of ratings: See the distribution of ratings disclosure above. Price chart: See the price chart, with changes of ratings and price targets in prior periods, above, or, if electronic format or if with respect to multiple companies which are the subject of this report, on the Goldman Sachs website at http://www.gs.com/research/hedge.html.

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Keppel DC REIT (KEPE.SI)

coverage of this company. Not Covered (NC). Goldman Sachs does not cover this company. Not Available or Not Applicable (NA). The information is not available for display or is not applicable. Not Meaningful (NM). The information is not meaningful and is therefore excluded.

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Initiate on Asia's first data center REIT at Neutral

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