Frasers Property Ltd. · SGX:TQ5

Frasers Property — Frasers Commercial Trust — Merger or Acquisition (June 2015)

65 slides from Frasers Property's merger presentation, June 2015

1. Slide 1: Frasers Commercial Trust Investor meetings in Singapore and Hong Kong

   Artist’s impression of the Hotel 357 Collins Street, Melbourne, Australia Frasers Commercial Trust Investor meetings in Singapore and Hong Kong June 2015

2. Slide 2: Important Notice

   Important Notice 2 The information contained in this Presentation is for information purposes only, and is qualified in its entirety by, and should be read in conjunction with, the full text of a circular to Unitholders dated 3 June 2015 (the “Circular to Unitholders”). Certain statements in this Pr

3. Slide 3: Contents

   Contents 3 I About FCOT II Proposed Entry into the Building Agreement for the development of the Hotel and the Grant of a Long Lease at the China Square Central Property (“China Square Central Hotel Transaction”) III Proposed Acquisition of 357 Collins Street, Melbourne, Victoria, Australia (“357 Co

4. Slide 4: I About FCOT

   | About FCOT 2. GH (untae TRUST

5. Slide 5: Contents: About FCOT

   Contents 5 I About FCOT  FCOT overview  FCOT’s investment proposition

6. Slide 6: Key highlights

   a i = = — wz A daa a ii ‘ - - LE Key highlights

7. Slide 7: Key highlights – Asset locations and valuation

    Key highlights – Asset locations and valuation 7  FCOT offers balanced exposure to 5 quality properties in Singapore and Australia  No single property consists of more than 32% of portfolio value 1HFY15 Portfolio Net Property Properties Portfolio Value (1) Income 2 office assets SINGAPORE S$1,21

8. Slide 8: Key highlights – Financial performance

    Key highlights – Financial performance 8  Achieved the highest distributable income  Achieved new high in DPU in FY14 - highest to Unitholders in FY14 since listing^ DPU since listing^  Distributable income to Unitholders grew  Fifth consecutive year of growth in DPU at 13.5% CAGR from FY10 –

9. Slide 9: Key highlights – Past 1 year Unit price performance

    Key highlights – Past 1 year Unit price performance 9 FCOT Unit price has outperformed the FTSE REIT and FTSE Small Cap Indices for the past 1 year 120% FCOT FSTE Small Cap FTSE REIT FCOT, 114.3% FCOT total return (1) 115% 3 years to date 96.1% 110% 105% FTSE Small Cap, 103.7% 1 year to date 21.8%

10. Slide 10: FCOT's investment proposition

    FCOT’s investment proposition

11. Slide 11: Contents: FCOT's investment proposition

     FCOT’s investment proposition Contents 11 11 1. Stability of income  Healthy lease expiry profile  Positive rental reversions  Healthy occupancy and long weighted average lease expiry (“WALE”)  Quality tenants and master lease  Organic growth 2. Solid fundamentals 3. Growth strategy

12. Slide 12: Portfolio review – Lease expiry profile

     Portfolio review – Lease expiry profile 12  Proactive leasing reduced lease expiries in FY15 and lengthened lease expiry profile  Well spread lease expiry provides income stability Portfolio lease expiry by gross Lease rental income expiries reduced to 6.8% after early renewal* Number of leases

13. Slide 13: Portfolio review – Lease expiry profile

     Portfolio review – Lease expiry profile 13 13 FY15 and FY16 - Potential for higher income due to low passing rents Property Lease Expiry as a proportion of total Property Lease Expiry as a proportion of total Portfolio Gross Rental Income in FY15 17.3% Portfolio Gross Rental Income in FY16 Lease e

14. Slide 14: Portfolio review – Rental reversions

     Portfolio review – Rental reversions 14 14 Achieved positive weighted average rental reversions for new and renewed leases that commenced in 1QFY15(1) and 2QFY15(2) China Square Central 55 Market Street Alexandra Technopark 1QFY15: +1.2% 1QFY15: +7.1% 1QFY15: +16.9% 2QFY15: + 15.6% 2QFY15: + 4.6%

15. Slide 15: Portfolio review – Occupancy Rates & WALE

    Portfolio review – Occupancy Rates & WALE 15 15  Robust average occupancy rate of 96.5%  Healthy WALE of 3.5 years(1) Geographical occupancy and % of NPI contribution As at Key portfolio statistics 31 March 2015 Ave Occupancy 96.5% WALE by gross rental income 3.5 years(1) As at 31 March 2015. Exc

16. Slide 16: Portfolio review – Mid-term rent reviews

     Portfolio review – Mid-term rent reviews 16 16 More than 34% of leases have built-in step-up rents FY15 - Fixed % and other fixed lease rent reviews FY15 – 18 - Portfolio fixed % reviews GROSS RENTAL INCOME Average Total Property Leases step-up rent Property Portfolio China Square 5 3.0% 6.6% 1.5%

17. Slide 17: Contents: FCOT's investment proposition

     FCOT’s investment proposition Contents 17 17 1. Stability of income 2. Solid fundamentals  Natural hedge in place  Well spread debt maturity profile  Positive market outlook  Growing demand 3. Growth strategy

18. Slide 18: Capital Management – Debt statistics

     Capital Management – Debt statistics 18 18  Healthy interest coverage ratio of 4.4 times  Low blended interest rate of 2.9%  Borrowings in AUD provide natural hedge for the Australian properties Statistics Borrowings and assets by currency As at 31 March 2015 Total Assets (S$’000) 1,849,589 Gro

19. Slide 19: Capital Management and debt statistics

     Capital Management and debt statistics 19 19  Well spread debt maturity profile  No refinancing required until FY17  Hedged 78% of gross borrowings Debt maturity Debt composition – floating vs. hedged Post debt prepayment and divestment of Japanese properties 1 Hedging debt As at As a % of: 31

20. Slide 20: Delivering growth

     Delivering growth 20 Organic and in-organic initiatives to deliver growth in distributable income Positive rental reversions Alexandra Technopark – Grow portfolio significant organically contribution and from underlying inorganically leases will boost future income DPU and DPU

21. Slide 21: II China Square Central Hotel Transaction

    II China Square Central Hotel Transaction

22. Slide 22: Contents

     Contents 22 22 II China Square Central Hotel Transaction  Overview of the China Square Central Hotel Transaction  Valuation  Location of the Hotel  Rationale and Benefits

23. Slide 23: Overview of the China Square Central Hotel Transaction

     Overview of the China Square Central Hotel Transaction 23 23  FCOT(1) proposes to enter into a building agreement with FHCS Trustee(2) to enable FHCS Trustee to undertake the development of a 16 storey Hotel with 16,000 sq m of Additional GFA (“Hotel”) and Commercial Project at China Square Centr

24. Slide 24: Overview of the China Square Central Hotel Transaction

     Overview of the China Square Central Hotel Transaction 24  Certain spaces at China Square Central will be relocated to new spaces due to the Hotel Project  An estimated 1,081 sq m of new lettable spaces to be created at China Square Central under the Commercial Project with better frontage and v

25. Slide 25: China Square Central Hotel Transaction – Valuation

     Overview of the China Square Central Hotel Transaction - Valuation 25  Hotel Consideration of S$44.8 million is in line with the independent valuations(1) S$45.0 mil S$44.8 mil S$44.6 mil Colliers' valuation Savills' valuation Hotel Consideration Taking into account:  Appraised values as at 20 A

26. Slide 26: China Square Central Hotel Transaction – Location of Hotel

     China Square Central Hotel Transaction – Location of Hotel 26 16 storey Hotel to be constructed over the existing open square between 20 and 22 Cross Street and in front of 18 Cross Street 2 Upon completion, 3 the Hotel would be assigned its own separate strata lot for the Leasehold 2 Term (1) 1 1

27. Slide 27: China Square Central Hotel Transaction – Location of Hotel

     China Square Central Hotel Transaction – Location of Hotel 27 Hotel China Square Central Hotel Artist’s impression of the Hotel Artist’s impression of the Hotel is subject to changes.

28. Slide 28: China Square Central Hotel Transaction – Rationale and Benefits

     China Square Central Hotel Transaction – Rationale and Benefits 28 Rationale  Enhance and create a more vibrant retail, entertainment and hospitality destination  Crystalise the value of the Additional GFA  Consistent with the proactive asset management strategies of FCOT  FCL is a full-fledge

29. Slide 29: China Square Central Hotel Transaction – Rationale

     China Square Central Hotel Transaction – Rationale 29 Enhance and create a more vibrant retail, entertainment and hospitality destination  Hotel to further rejuvenate and enhance vibrancy and liveliness of China Place  Raise the profile of China Square Central as an integrated development, compr

30. Slide 30: China Square Central Hotel Transaction – Rationale

     China Square Central Hotel Transaction – Rationale 30 FCL is a full-fledged international real estate company with an established track record  Multi-segment capabilities across residential, commercial,  Listed on the Main Board of SGX- industrial and hospitality properties ST  Management exper

31. Slide 31: China Square Central Hotel Transaction – Benefits

     China Square Central Hotel Transaction – Benefits 31 Realise the value of  S$44.8 mil Hotel Consideration to paid in cash to FCOT is approx. 7.7% the Additional GFA of the value of China Square Central(1)  Further rejuvenation to create a vibrant retail and hospitality destination Further rejuve

32. Slide 32: III 357 Collins Street Acquisition

    III 357 Collins Street Acquisition

33. Slide 33: Contents

     Contents 33 III 357 Collins Street Acquisition  Overview of 357 Collins Street  Valuation  Rationale and Benefits  Proposed Financing Structure

34. Slide 34: Overview of 357 Collins Street

     Overview of 357 Collins Street 34 357 Collins Street - Grade A office located in the heart of the Melbourne CBD Description 25 storey office building with Grade A specifications Tenure Freehold NLA 31,920 sqm (30,095 sq m office; 1,825 sq m retail) Purchase Consideration A$222.5 million Vendor Aus

35. Slide 35: Overview of 357 Collins Street

     Overview of 357 Collins Street 35 357 Collins Street has a diversified tenant base comprising of well-established corporations and multinational corporations Trade sector mix by gross rental income as at 31 March 2015

36. Slide 36: 357 Collins Street – Valuation

     357 Collins Street – Valuation 36 Purchase consideration of A$222.5 million is in line with the independent valuations(1)  The valuations take into consideration that Australand Holdings Limited(2) will bear all outstanding incentives granted by the Vendor  Australand Holdings Limited will reimb

37. Slide 37: Rationale and benefits

     357 Collins Street – Rationale and Benefits 37 Rationale and benefits  Strategic addition of a Grade A office in the heart of the Melbourne CBD  Enhance FCOT’s overall portfolio  Accretive transaction  Consistent with the Manager’s strategy  Increased trading liquidity and investor interest

38. Slide 38: Grade A office in the heart of Melbourne CBD

     357 Collins Street Acquisition – Grade A office in the heart of Melbourne CBD 38 Grade A specifications and well served by amenities Food hall at lower ground floor Retail tenant Office lobby  Modern lobby with contemporary façade  Upper floors have attractive views of Yarra River and Southbank

39. Slide 39: Strategic location with good connectivity

     357 Collins Street Acquisition – Grade A office in the heart of Melbourne CBD 39 Strategic location with good connectivity  Collins Street is regarded as a prime office location in the Melbourne CBD  Well established pedestrian, vehicle and public transport access  Within walking distance to: 

40. Slide 40: Well-established and quality tenants

     357 Collins Street Acquisition – Grade A office in the heart of Melbourne CBD 40  Well-established and quality tenants  High occupancy rate of 95.0%(1) Commonwealth Bank of Australia  One of the ‘Big Four’ Australian banks  Listed on the Australian Stock Exchange (ASX) Wilson HTM Services Pty

41. Slide 41: Long WALE of 6.0 years provides income stability

     357 Collins Street Acquisition – Grade A office in the heart of Melbourne CBD 41 Long WALE of 6.0 years provides income stability  No leases expiring until FY2018  Increase the WALE of FCOT’s existing portfolio from 3.5(1) to 3.9 years Lease expiry by gross rental income of 357 Collins Street as

42. Slide 42: Maiden entry into the Melbourne CBD office market

     357 Collins Street Acquisition – Enhance FCOT’s overall portfolio 42 Maiden entry into the Melbourne CBD office market  Expand FCOT’s Australian footprint to 3 cities Northern Territory Queensland Western Australia South Australia New South Wales Central Park, Perth Caroline Victoria Chisholm Cen

43. Slide 43: Gain exposure into the Melbourne CBD office market

     357 Collins Street Acquisition – Enhance FCOT’s overall portfolio 43 Gain exposure into the Melbourne CBD office market and benefit from the future growth of Melbourne  Melbourne CBD is the second largest office market in Australia  Stronger growth outlook in net absorption  Prime gross effecti

44. Slide 44: Enlarge FCOT's Existing Portfolio and greater income diversification

     357 Collins Street Acquisition – Enhance FCOT’s overall portfolio 44 Enlarge FCOT’s Existing Portfolio and greater income diversification  FCOT’s portfolio size will increase 14.2% from S$1.8 billion to S$2.0 billion  357 Collins Street will contribute 12.8% of Enlarged Portfolio’s forecast NPI

45. Slide 45: Leases with fixed annual increments provide organic growth

     357 Collins Street Acquisition – Enhance FCOT’s overall portfolio 45 Leases with fixed annual increments provide organic growth and stable income  97.1% of leases at 357 Collins Street have fixed annual increments between 3.75% to 4.00%  In FY2016, average fixed annual increment for 357 Collins

46. Slide 46: 357 Collins Street Acquisition – Accretive transaction

     357 Collins Street Acquisition – Accretive transaction 46  Unitholders can expect to see higher DPU  Leases with average fixed annual increment of 3.9% in FY16 will increase DPU further Forecast DPU for 4Q2015(cents) (1,2) Annualised Yield for FY2015(%) 0.02% 0.8% 6.09 3.9% average 6.07 fixed an

47. Slide 47: Rationale and benefits

     357 Collins Street Acquisition – Rationale and benefits 47  Consistent with the Manager’s strategy to build a strong and balanced portfolio of quality commercial properties  Deliver stable and sustainable distribution to Unitholders  Increased trading liquidity and investor interest FCOT Free F

48. Slide 48: Proposed financing structure

     357 Collins Street Acquisition – Proposed financing structure 48 357 Collins Street Acquisition will be funded by a combination of debt and equity financing to provide DPU accretion while maintaining an optimum gearing level 357 Collins Street Acquisition Purchase Consideration: A$222.5m Total Acq

49. Slide 49: IV Proposed Placement of New Units to the FCL Group

    IV Proposed Placement of New Units to the FCL Group

50. Slide 50: Proposed Placement of New Units to the FCL Group

     Proposed Placement of New Units to the FCL Group 50 Proposed Placement of New Units to the FCL Group under the Private Placement  To demonstrate the alignment of interest and support of the FCL Group for FCOT, the Manager is seeking Unitholders’ approval for the proposed issue of New Units to the

51. Slide 51: V Illustrative Pro Forma Financial Effects

    V Illustrative Pro Forma Financial Effects

52. Slide 52: Illustrative pro forma financial effects

     Illustrative pro forma financial effects 52 Pro forma DPU (1) (S$ cents) Pro forma Gearing (%) (2) Unitholders can expect to see a higher Gearing to remain below 40% DPU 4.0% 1.6% 1) The pro forma financial effects on DPU for FY2014, as if the proposed transaction(s) was/were entered into on 1 Oct

53. Slide 53: VI Extraordinary General Meeting

    VI Extraordinary General Meeting

54. Slide 54: Summary of Extraordinary General Meeting Resolutions

     Summary of Extraordinary General Meeting Resolutions 54  The Proposed Entry into the Building Agreement for the Resolution 1 Development of the Hotel and the Grant of a Long Lease at the China Square Central Property  The Proposed Acquisition of 357 Collins Street, Melbourne, Resolution 2 Victor

55. Slide 55: Key Dates

     Key Dates 55 Important Dates and Times for Unitholders Last date and time for lodgement of : Saturday, 20 June 2015 at 10.00 a.m. Proxy Forms Date and time of Extraordinary General : Monday, 22 June 2015 at 10.00 a.m. Meeting Place of Extraordinary General Meeting : Level 2, Alexandra Point, 438 A

56. Slide 56: Appendices

    Appendices Z= FRASERS SG COMMERCIAL TRUST

57. Slide 57: Existing Portfolio – Properties in Singapore

     Existing Portfolio – Properties in Singapore 57 55 Market Street, Singapore China Square Central, Singapore Alexandra Technopark, Singapore Description • 16-storey commercial property with 2 • 15-storey commercial office tower and • High-tech business space development floors (incl. basement) of r

58. Slide 58: Existing Portfolio – Properties in Australia

     Existing Portfolio – Properties in Australia 58 Central Park, Perth Caroline Chisholm Centre, Canberra Description • 47-storey premium grade, tallest building in Perth • 5-storey Grade A contemporary office building • Equipped with state of the art facilities, located in the heart of the CBD • Loc

59. Slide 59: Portfolio review – Singapore asset updates

     Portfolio review – Singapore asset updates 59 China Square Central – high 55 Market Street – full Alexandra Technopark – occupancy rate occupancy rate high occupancy rate Occupancy 97.1%^ 100.0% 97.4% WALE 2.0 years 1.6 years 1.8 years* New leases, MKS Precious Metals, Abeam Consulting, Itron Mete

60. Slide 60: Portfolio review – Australia asset updates

     Portfolio review – Australia asset updates 60 Central Park – Healthy Caroline Chisholm Centre –full occupancy WALE of 3.3 years with long WALE of 10.3 years Occupancy 88.6% 100.0% Property occupied by a single tenant, i.e. the Commonwealth of Australia as represented by Centrelink (Aaa rated*) unt

61. Slide 61: Solid fundamentals – Singapore office rents

     Solid fundamentals – Singapore office rents 61 61 Singapore office - vacancy rates expected to remain low due to limited pipeline office space over the next 12 months Singapore Grade A and Grade B office rents (S$ psf)1 Grade A ↑ 1.8% qoq to S$11.40 psf Islandwide Grade B ↑ 0.6% qoq to S$8.05 psf

62. Slide 62: Solid fundamentals – Singapore business park rents

     Solid fundamentals – Singapore business park rents 62 62 Singapore business park rents trend – Rents have stablised for city fringe business park Singapore Business Park (city fringe) rents (S$ psf)1 1 Source: CBRE Research

63. Slide 63: Perth CBD office supply and rents

     Perth CBD office supply and rents 63 63 Premium Grade average net face rents is around A$775 psm per annum Perth CBD office supply (sqm)1 Perth CBD average net face rents1 Market conditions 1  According to the Property Council of Australia, Perth CBD office vacancy was 14.8% as at January 2015, u

64. Slide 64: Results – 1HFY15 Financial highlights

     Results – 1HFY15 Financial highlights 64 Higher contribution from Alexandra Technopark following the expiry of the master lease and better performances of China Square Central and 55 Market Street 22% 20%

65. Slide 65: Thank you

    Thank you Frasers Centrepoint Asset Management (Commercial) Limited Level 21 | 438 Alexandra Road | Alexandra Point | Singapore 119958 Tel: +65 6276 4882| Fax: +65 6276 8942| Email: fcot@fraserscentrepoint.com www. fraserscommercialtrust.com

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