Dear Gurus,

I want to express my gratitude for the warm welcome I received during the January 13th Guru All Hands and my induction week. It was an incredible opportunity for the Board to witness your dedication and hard work firsthand. The strong leadership position you have built across our four Marketplaces is a remarkable achievement—one that provides a solid foundation for the future of our business.

Our Fundamental Belief in Marketplaces

Real estate markets that are a similar size to ours around the world have consistently enabled a marketplace leader. Becoming that leader is a hard-fought battle, but once established, it allows us to:

• Simplify the buying and renting experience for consumers.
• Deliver profoundly positive and measurable value to our customers.
• Drive sustainable, compounding growth that attracts global investors.

Beyond business success, leading Marketplaces are also great places to work. Employees in these “global number ones” consistently report that their work is both challenging and rewarding, that the business attracts top talent, and that they take pride in contributing to a trusted, household name.

This belief in the power of marketplaces is why EQT invested in PropertyGuru and why our new Board has come together—we are aligned in our vision for the company’s future success.

Our Focus Moving Forward

Given this, it should come as no surprise that our top priority is clear: we must remain the undisputed Marketplaces leader in each of our core markets. We will do this by relentlessly focusing on:

• Enhancing the consumer and customer experience through innovation.
• Increasing the value we provide across our Marketplace businesses.
• Driving sustainable, long-term growth.

To sharpen this focus, we will direct all our energy, resources, and talent towards our Marketplaces in Singapore, Malaysia, Vietnam, and Thailand. As a result, initiatives outside of this core will be phased out or discontinued.

The Changes Ahead

To prioritize our Marketplaces, we are making important adjustments to our business and operations:

• Exiting businesses that don’t align with our future growth strategy – We have made the difficult decision to discontinue Sendhelper, Data & Software Solutions, and PropertyGuru Finance. However, select capabilities from these businesses that enhance our Marketplaces will be retained.
• Simplifying operations for greater efficiency – As we transition to a private company, we will phase out Corporate Development and Investor Relations, as these functions are no longer required.
• Realigning teams for growth – To accelerate the success of our core Marketplaces, we will reorganise teams across Technology, Marketing, Finance, and People & Culture to improve focus and efficiency. Our commitment to our Tech CoE in India remains unchanged.

These decisions were not made lightly. They reflect our commitment to building a more focused, agile, and effective organisation. With Lewis joining us as CEO in March, I’m confident we will be well-positioned to seize all opportunities.

What This Means for Our Team

Regrettably, these changes will affect 174 Gurus, representing less than 12% of our team. This was a difficult decision, made after deep consideration of what’s necessary for our long-term growth and success.

We are immensely grateful to every Guru affected by this change. Your contributions have shaped PropertyGuru’s journey, and we deeply appreciate all you have done.

Affected Gurus will receive meeting invites within the next 30 minutes for one-on-one conversations with their Group Leadership Team (GLT), Group Management Team (GMT), and People & Culture (P&C).

Supporting Our Departing Gurus

We are committed to ensuring that those affected feel valued and supported during this transition. Our support package includes:

• Enhanced severance – One month’s salary per year of service (capped at 12 months) or statutory severance, whichever is higher.
• Goodwill payment – An additional one month’s salary.
• Performance-based compensation – Eligible 2024 performance bonuses for non-sales roles or commissions for sales roles will be paid as per the last day of employment.
• Wellbeing support – Three months of extended medical insurance (or equivalent payment) and continued access to our Employee Assistance Program.
• Career and job search support – Three months of outplacement assistance, including access to a personal career consultant and they will be able to retain their work laptops.
• Visa, relocation, and financial support – Up to three months of extended unpaid leave (subject to local laws), repatriation assistance for affected Gurus and their dependents, and support for early termination of rental leases.

Coming Together

I know this is a lot to process. Let’s come together as a team to support one another, express our gratitude to our departing colleagues, and ensure they leave with the care and respect they deserve.

Please join me at today’s Guru All Hands at 1:30 PM SGT, where I will answer your questions and address any concerns.

Thank you for your resilience, dedication, and commitment as we navigate this transition together.

Regards,
Trevor Mather
Executive Chairman of the Board
PropertyGuru Group