3Q FY2017 Financial Results Presentation 24 October 2017 Agenda - PowerPoint PPT Presentation

3Q FY2017 Financial Results Presentation 24 October 2017

Agenda Slide Performance Highlights 3 Financial Performance 5 Capital Management 10 Portfolio Performance 14 Market Outlook & Strategy 23 Appendix: About Cache Logistics Trust 32 2

1 Performance Highlights Summary of Financial Performance 3Q FY2017 Y-o-Y Q-o-Q Gross Revenue S$27.4 million (2.2%) (1.7%) Net Property Income S$21.3 million (3.3%) (1.5%) Distribution per Unit 1.541 cents (12.8%) (10.5%) Lease Management  Portfolio Occupancy 97.3% committed as at 30 September 2017  Lease Expiry Long WALE of 3.3 yrs, with only 1.1% of NLA expiring remaining in FY2017  Total leases signed Approx. 43,500 sf in 3Q FY2017; 386,300 sf YTD  51 Alps Ave Matter Holding Arrangement remains in place with efforts being taken to resolve the matter Capital Management  Completed the S$102.7 million underwritten, renounceable Rights Issue  All-in Finance Cost 3.46% for the quarter (YTD FY2017: 3.47%)  Aggregate Leverage 43.6% as at 30 September 2017 35.7% post-Rights Issue and repayment of borrowings on 16 October 2017 Portfolio Rebalancing & Growth Strategy  Portfolio rebalancing and focus on growth continues, enhanced by the increased debt headroom post-Rights Issue  Divested Cache Changi Districentre 3 for S$25.5 million in January 2017 and reinvested A$22.25 million into the acquisition of the Spotlight warehouse in Melbourne in March 2017 3

2 Financial Performance CWT Commodity Hub is one of Singapore’s largest warehouses and one of the largest CWT Commodity Hub in SE Asia. Measuring close to 2.3 million sf, the large floor plate and high ceiling height appeals to 3 rd Party Logistics Providers.

Financial Performance 2 3Q FY2017 and YTD FY2017 Y-o-Y Performance 3Q 3Q Change YTD YTD Change S$’000 unless otherwise noted FY2017 FY2016 (%) FY2017 FY2016 (%) Gross Revenue 27,432 28,049 (2.2) 82,384 84,005 (1.9) Net Property Income (NPI) 21,338 22,069 (3.3) 63,771 66,674 (4.4) Income Available for Distribution 16,448 16,582 (0.8) 48,936 52,660 (7.1) - from operations 15,883 16,582 (4.2) 47,324 51,013 (7.2) - from capital (1) 565 - nm 1,612 1,647 (2.1) Distribution per Unit (DPU) (cents) (2) 1.541 1.767 (12.8) 4.986 5.621 (11.3) - from operations 1.488 1.767 (15.8) 4.821 5.445 (11.5) - from capital (1) 0.053 - nm 0.165 0.176 (6.2) Excluding impact of the Rights Units and bonus element of the Rights Issue 3Q 3Q Change YTD YTD Change FY2017 FY2016 (%) FY2017 FY2016 (%) Distribution per Unit (DPU) (cents) 1.818 1.847 (1.6) 5.418 5.875 (7.8) - from operations 1.756 1.847 (4.9) 5.240 5.691 (7.9) - from capital (1) - nm 0.178 0.184 (3.3) 0.062 Notes: (1) Relates to the sale proceeds from the disposal of Kim Heng Warehouse (2) As reported and recomputed Review of Performance: • Lower Gross Revenue due to divestment of Cache Changi Districentre 3 and lower income from 51 Alps Ave due to ongoing legal proceedings, partially offset by higher rental contribution from DHL Supply Chain Advanced Regional Centre, Cache Cold Centre and the Australia portfolio. • Reduction in NPI mainly attributable to 40 Alps Ave conversion from a triple-net master lease to gross rent lease structure in a soft rental market. • Lower DPU mainly attributable to lower income available for distribution from operations and an enlarged number of 5 units in issue due to the Rights Issue.

Financial Performance 2 3Q FY2017 Q-o-Q Performance Review of Performance: 3Q 2Q Change S$’000 unless otherwise noted FY2017 FY2017 (%) • Higher Gross Revenue and NPI from Australia portfolio offset by Gross Revenue 27,432 27,894 (1.7) lower Gross Revenue and NPI from the Singapore portfolio due to lower Net Property Income (NPI) 21,338 21,657 (1.5) rentals signed during the quarter and interim tenant movements. Income Available for Distribution 16,448 16,253 1.2 - from operations 15,883 16,135 (1.6) • Income Available for Distribution - from capital (1) 565 118 378.8 increased 1.2% due to higher Distribution per Unit (DPU) (cents) (2) 1.541 1.722 (10.5) capital distribution from the sale - from operations 1.488 1.709 (12.9) proceeds from the disposal of Kim - from capital (1) 0.053 0.013 307.7 Heng Warehouse. Excluding impact of the Rights Units and bonus element of the Rights Issue • DPU fell by 10.5% to 1.541 cents in 3Q FY2017. Excluding impact of the 3Q 2Q Change Rights Units and bonus element of FY2017 FY2017 (%) the Rights Issue, the DPU would Distribution per Unit (DPU) (cents) 1.818 1.800 1.0 have been 1.0% higher at 1.818 - from operations 1.756 1.787 (1.7) cents. - from capital (1) 0.062 0.013 376.9 Notes: (1) Relates to the sale proceeds from the disposal of Kim Heng Warehouse (2) As reported and recomputed 6

Financial Performance 2 Balance Sheet 30 September 2017 30 June 2017 S$’000 unless otherwise noted as at Investment Properties 1,241,942 1,240,055 Other Assets 2,410 17,507 Total Assets 1,244,352 1,257,562 Debt, at amortised cost (546,057) (542,971) Other Liabilities (16,270) (18,951) Total Liabilities (562,327) (561,922) Net Assets Attributable to Unitholders 695,838 695,640 Total units in issue (1) (‘000 units) 904,591 (2) 903,143 Net Asset Value (NAV) per Unit (S$) 0.769 0.770 Notes: (1) Includes units issued to the Manager as partial consideration of Manager’s fees for each financial period and the Manager’s annual performance fees (2) Excludes the 162,565,716 new Units issued on 9 October 2017 pursuant to the underwritten and renounceable Rights Issue 7

Financial Performance 2 Distribution Details SGX Distribution Per Unit Payment Distribution Period Stock Code (S$) Date K2LU 1 July – 30 September 2017 1.541 cents 28 November 2017 Distribution Timetable Last day of trading on “cum” basis 27 October 2017 Ex-Dividend Date 30 October 2017 Books Closure Date 1 November 2017 Distribution Payment Date 28 November 2017 8

3 Capital Management Pan Asia Logistics Centre, Pan Asia Logistics Centre is on a 10-year master lease to Pan Asia Logistics Singapore Pte Ltd, a global provider of integrated logistics and supply chain solutions. Singapore

Capital Management 3 Successful Completion of Rights Issue Oversubscribed at 187.3% Proceeds used to partially repay existing borrowings Net result: Stronger balance sheet and greater debt headroom for future growth Rights Issue Terms S$0.632 per Rights Unit, representing a discount of: Issue Price – Approximately 25.0% to theoretical ex-rights price (“TERP”) of S$0.842 – Approximately 28.2% to closing price of S$0.880 (1) Rights Ratio (2) 18 Rights Units for every 100 existing Units (“Existing Units”) in Cache Gross Proceeds Approximately S$102.7m – S$99.9m will be used to partially repay existing borrowings to reduce aggregate leverage and Use of Proceeds create additional debt headroom for future growth – S$2.8m will be used to pay for the total costs and expenses related to the Rights Issue ARA Real Estate Investors V Limited (3) and Sponsor, CWT Limited subscribed fully for their pro rata Undertakings rights entitlements, aggregating to approximately 7.3% (4) of the Rights Issue Remaining Rights Units are underwritten by DBS Bank Ltd. and The Hongkong and Shanghai Underwriters Banking Corporation Limited, Singapore Branch Notes: (1) Based on the closing price of S$0.880 per Unit on the SGX-ST on 4 September 2017, being the last trading day of the Units prior to the announcement of the launch of the Rights Issue (2) The Rights Units will be issued pursuant to the general mandate that was given by the Unitholders to the Manager for the issue of new Units, pursuant to an ordinary resolution obtained at the annual general meeting of Unitholders held on 19 April 2017 (3) Wholly-owned subsidiary of ARA Asset Management Limited (4) ARA Real Estate Investors V Limited and CWT Limited hold 3.2% and 4.1% of the total unitholdings respectively as at 4 September 2017 10

Capital Management 3 Overview of Key Statistics • All-in cost of financing in 3Q FY2017 was 3.46% (YTD FY2017: 3.47%) • S$99.9 million of the gross Rights Issue proceeds has been used to repay borrowings on 16 October 2017. As a result, Cache’s aggregate leverage has been reduced from 43.6% to 35.7% post 3Q FY2017. • Following the repayment of borrowings, debt headroom has increased to S$213.4 million (1) for future growth opportunities. 30 September 2017 30 June 2017 For the quarter ending Total Borrowings (2) S$548.7 million S$545.9 million Aggregate Leverage Ratio 43.6% 43.4% 35.7% (3) Aggregate Leverage Ratio post debt repayment - Weighted Average Debt Maturity 2.0 years 2.3 years Average All-in Financing Cost (4) 3.46% 3.46% Interest Cover Ratio (ICR) 4.0 times 4.0 times Notes: (1) Based on the S-REIT regulatory cap of 45.0% for aggregate leverage (2) Includes AUD loan facilities, excludes unamortised transaction costs (3) S$99.9 million of the gross Rights Issue proceeds has been used to repay borrowings on 16 October 2017 (4) Includes margin and amortisation of capitalised upfront fee 11