Frasers Property Ltd. · SGX:TQ5

Frasers Property — Frasers Commercial Trust — Citi Asia Pacific Property Conference 2011

35 slides from Frasers Property's conference presentation, May 5, 2011

1. Slide 1: Frasers Commercial Trust – Citi Asia Pacific Property Conference 2011

   Frasers Commercial Trust Citi Asia Pacific Property Conference 2011 5 May 2011

2. Slide 2: Important notice

   Important notice Certain statements in this Presentation constitute “forward-looking statements”, including forward-looking financial information. Such forward-looking statement and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual resu

3. Slide 3: Contents

   Contents 3  FCOT overview  FCOT’s investment proposition  Supplementary materials

4. Slide 4: FCOT Overview

   FCOT Overview 2B <= FRASERS es COMMERCIAL TRUST

5. Slide 5: Who we are – Snapshot

    Who we are – Snapshot 55 Singapore’s first Pan Asia listed commercial REIT Ordinary Units – March 2006 on Singapore Exchange Securities Trading Limited Ticker ‘Frasers Comm’, stock code ND8U Listings CPPUs – March 2010 on Singapore Exchange Securities Trading (Convertible Perpetual Limited Ticker

6. Slide 6: Where we are – geographic and asset

    Where we are – geographic and asset 66 9 property assets with a strong Singapore anchor to the portfolio Properties Portfolio Value 1 Portfolio Net Property Income 1 Tokyo Osaka 3 office assets SINGAPORE 1 business space asset S$1,298.9 million, (67%) S$26.9 million, (57%) AUSTRALIA 2 office asset

7. Slide 7: Portfolio detail – Singapore & Australia focus

    Portfolio detail – Singapore & Australia focus 7 Focus on key markets of Singapore and Australia Asset values 1 Net property income TOTAL: S$1,945.0 million TOTAL: S$23.868 million 2Q FY11  Singapore: S$1,298.9 million (67%) Singapore: S$13.502 million (57%)  Australia: S$511.5 million (26%) 

8. Slide 8: Results – Financial highlights

    Results – Financial highlights 8 Strong performance since completion of refinancing and recapitalisation in end 2009 DPU (¢) Annualised 29% 5.6 5.7 4.4 2.8 2.8 2.9 2.5 1.9 FY09 (1) FY10 1HFY11 Y-o-Y change 1H 2H FY * Adjusted for unit consolidation which was completed on 11 February 2011 based on

9. Slide 9: FCOT's investment proposition

   FCOT’s investment proposition

10. Slide 10: FCOT's investment proposition – Contents

     FCOT’s investment proposition Contents 10 10 1. Stability of income  Strong lease expiry profile  Stable occupancy and WALE  Quality tenants and master leases  Organic growth 2. Solid fundamentals 3. Growth strategy

11. Slide 11: Stability of Income – strong lease expiry profile

    1. Stability of Income – strong lease expiry profile 11 Healthy lease expiry profile Portfolio lease expiry by gross rental income 50% 28.5% 26.6% 30% 25.1% 13.1% 10% 6.7% FY11 FY12 FY13 FY14 FY15 and beyond -10% Number of leases expiring 54 90 82 21 24 NLA (sq ft) expiring 107,088 563,978 215,030 1

12. Slide 12: Only 6.7% of gross rental income due for renewal in FY11

    1. Stability of Income – strong lease expiry profile 12 Only 6.7% of gross rental income is due for renewal for FY11 Property lease expiry as a proportion of total portfolio gross rental income 4% 3.7% 4% 3% 3% 2% 1.6% 2% 1.0% 1% 0.3% 1% 0.1% 0% 55 Market Street KeyPoint Central Park Galleria Otemae

13. Slide 13: Stable occupancy and WALE

    1. Stability of Income – stable occupancy and WALE 13 Robust portfolio occupancy rate of 97.7% Geographical occupancy and % of NPI contribution As at Key portfolio statistics 31 March 2011 Ave Occupancy Rates % of NPI Contribution WALE by gross rental income 3.9 years 100.0% 100% 97.4% 93.0% Ave Occ

14. Slide 14: Quality tenants and master leases

    1. Stability of Income – quality tenants and master leases 14 Master lessees/ blue chip tenants with long leases contribute >62% of total gross rental income Master Leases Other Tenants, % (Gross Rental Tenant Lease Expiry Income) 37.1% Master Leases, 36.8% Alexandra Technopark – Orrick Investments

15. Slide 15: Organic growth – fixed rent step-ups

    1. Stability of Income – organic growth 15 Almost 25% of gross rental income has built-in fixed rent step-ups of approximately 4.0% for FY11 FY11 - Fixed % lease rent reviews FY11 - 14 - Portfolio fixed % reviews GROSS RENTAL INCOME Portfolio gross rental income Weighted average fixed step % Average

16. Slide 16: FCOT's investment proposition – Contents

     FCOT’s investment proposition Contents 16 16 1. Stability of income 2. Solid fundamentals  No near-term refinancing risk  Borrowings hedged  Positive market outlook  Growing demand  Asset enhancement  Pipeline assets 3. Growth strategy

17. Slide 17: No near-term refinancing risk

    17 2. Solid fundamentals – no near-term refinancing risk 17 Healthy balance sheet Statistics Borrowings and assets by currency As at 31 March All debt facilities mature post-November 2012 1500 2011 1299 Total Assets (S$’000) 2,039,282 Gross Borrowings (S$’000) 770,606 1000 S$ million Units on Issue

18. Slide 18: Borrowings hedged

    2. Solid fundamentals – borrowings hedged 18 Hedged more than 78% of Gross Borrowings Hedging debt Debt composition – floating vs. hedged As at As a % of: 31 March 2011 Floating, 21.1% SGD Borrowings 75.2% AUD Borrowings 75.8% JPY Borrowings 100.0% Total Gross Borrowings 78.9% Hedged, 78.9% For quar

19. Slide 19: Positive market outlook – Office market begins to stabilise

    2. Solid fundamentals – positive market outlook 19 Office market begins to stabilise  Market conditions 1 FCOT’s Singapore properties average occupancy 98.0% 97.4% – Office market begins to stabilise after the sharp 97.0% upward market adjustments in 2010 97.0% 96.1% 96.0% – Grade A rents rose 4.0%

20. Slide 20: Prime grade vacancy tightened in Perth's CBD office market

    2. Solid fundamentals – positive market outlook 20 Prime grade vacancy tightened in Perth’s CBD office market  Market conditions 1 Perth CBD average net face rents 1 – Net face rentals look to have stabilised with Premium office rentals in the region of A$700 psm pa Net Face Rent (AUD per sqm pa) –

21. Slide 21: KeyPoint – Strong growth momentum

    2. Solid fundamentals – growing demand 21 KeyPoint – Strong growth momentum KeyPoint occupancy rate & average signing rent KeyPoint occupancy Weighted average signing rent (new leases and renewals) up 6.3% 100% 94.9% $10 87.4% Weighted average signing rent S$psf pm 81.1% 80% 75.2% $8 71.3% $6.2 Occu

22. Slide 22: China Square Central – Rise in committed occupancy

    2. Solid fundamentals – growing demand 22 China Square Central – Rise in committed occupancy  Healthy committed occupancy rate: – Committed occupancy has increased to 94.3% in March from 93.7% in December – New and renewal leases commenced include Hinoki Japanese Dining, Chatham Financial and Obtec

23. Slide 23: China Square Central – Average passing rent below $6.0 psf pm

    2. Solid fundamentals – growing demand 23 China Square Central – Average passing rent below $6.0 psf pm Lease expiry by gross rental income 60% 57.1% 40% 24.0% 20% 16.5% 2.4% 0.0% 0% FY11 FY12 FY13 FY14 FY15 and beyond Number of leases expiring 26 55 28 5 0 NLA (sq ft) expiring 90,034 189,650 53,622

24. Slide 24: 55 Market Street – Above 95% committed occupancy

    2. Solid fundamentals – growing demand 24 55 Market Street – Above 95% committed occupancy 55 Market Street occupancy rate & average signing rent 55 Market Street occupancy Weighted average signing rent (new leases and renewals) 100.0% 100.0% 100% Up 12.7% $15 $13.0 95.8% 93.1% Weighted average sign

25. Slide 25: Central Park – Fully occupied

    2. Solid fundamentals – growing demand 25 Central Park – Fully occupied  Positive rental growth: Level Preceding rental Existing rental % change Mid (3 floors) AUD 525 psm pa AUD 725 psm pa 38.1% Low (2 floors) AUD 327 psm pa AUD 433 psm pa 32.4%  Tenancy activity: – Jones Lang LaSalle commenced a

26. Slide 26: Central Park – New lobby café

    2. Solid fundamentals – asset enhancement 26 Central Park – New lobby café  Capital enhancement works: – Awarded additional GFA for café (20 sq m) by City of Perth for activating external walkway – Tenant signed a 6 year lease with annual CPI review and contributed towards the cost of the Lobby caf

27. Slide 27: Pipeline assets from developer-sponsor

    2. Solid fundamentals – pipeline assets 27 FCOT’s developer–sponsor, providing quality assets for sustainable growth pipeline Property Alexandra Point Valley Point 20-storey office tower with a two-storey Description 24-storey office building retail podium 222,246 sq ft (20,647 sq m) Net Lettable Ar

28. Slide 28: Contents – Growth strategy

     FCOT’s investment proposition Contents 28 28 1. Stability of income 2. Solid fundamentals 3. Growth strategy  Growth drivers

29. Slide 29: Growth Drivers

    3. Growth strategy – growth drivers 29 Growth Drivers Distributable Income Healthy Committed Occupancy Boost Organic Growth Potential Savings Acquisitions NPI Central Park – 100.0% Step – up Rents Capitalise on prevailing Additional headroom 55 Market Street – 95.8% -Singapore low interest rate crea

30. Slide 30: Supplementary materials

    Supplementary materials

31. Slide 31: Portfolio details (1)

     Portfolio details (1) 31 Property China Square Central 55 Market Street KeyPoint Alexandra Technopark Central Park1 18,20 & 22 Cross Street, Marsh & McLennan 438A/438B Alexandra 152-158 St Georges Centre & 55 Market Street, 371 Beach Road, Terrace Address Road Singapore 048941 Singapore 199597 Chi

32. Slide 32: Portfolio details (2)

     Portfolio details (2) 32 Caroline Chisholm Galleria Otemae Ebara Techno-Serve Property Azabu Aco Building Centre1 Building Headquarters Building Number 2, Tanimachi 2- Number 32-7, Higashi- Number 1-1, Haneda 5 Block 4 Section 13, chome, Address Azabu 2 Chome, Minato- Chome, Tuggeranong ACT 2900 C

33. Slide 33: Results – 2Q distributable income up 2% Y-o-Y

     Results – Financial highlights 33 2Q distributable income up 2% Y-o-Y 1 Jan 2011 – 31 Mar 2011 2Q Y-o-Y Contributing factors (S$ ‘000) FY11 Change (%)  Higher contribution from Central Park and KeyPoint Gross Revenue 29,626 - was offset by loss of contribution from Cosmo Plaza  Higher contributi

34. Slide 34: Results – 1H results lifted by improvement in 2Q

     Results – Financial highlights 34 1H results lifted by improvement in 2Q 1 Oct 2010 – 31 Mar 2011 1H Y-o-Y Contributing factors (S$ ‘000) FY11 Change (%)  Higher contribution from the strengthening of the Gross Revenue 58,607 1% A$ and KeyPoint was offset by loss of contribution from Cosmo Plaza

35. Slide 35: 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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