Frasers Property Ltd. · SGX:TQ5

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

40 slides from Frasers Property's merger presentation, Apr 27, 2015

1. Slide 1: Frasers Commercial Trust: China Square Central Hotel Transaction and 357 Collins Street Acquisition

   Artist’s impression of the Hotel 357 Collins Street, Melbourne, Australia Frasers Commercial Trust I China Square Central Hotel Transaction II 357 Collins Street Acquisition 27 April 2015

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 I 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”) II Proposed Acquisition of 357 Collins Street, Melbourne, Victoria, Australia (“357 Collins Street Ac

4. Slide 4: I China Square Central Hotel Transaction

   I China Square Central Hotel Transaction

5. Slide 5: Contents: China Square Central Hotel Transaction

   Contents 5 I China Square Central Hotel Transaction  Overview of the China Square Central Hotel Transaction  Location of the Hotel  Valuation  Rationale and Benefits

6. Slide 6: Overview of the China Square Central Hotel Transaction

    Overview of the China Square Central Hotel Transaction 6 6 URA granted Provisional China Square Precinct Master Permission (“PP”) for the Hotel Plan (“PMP”) Project2 PP granted on 28 May 2013 subject  Revitalised the downtown to the following: heritage area and created a vibrant retail, entertain

7. Slide 7: Overview of the China Square Central Hotel Transaction

    Overview of the China Square Central Hotel Transaction 7 7  FCOT1 entered into a conditional agreement with FHCS Trustee2 to enable FHCS Trustee to undertake the development of the Hotel and Commercial Projects at China Square Central  FCOT to grant a long lease of the Hotel to FHCS Trustee upon

8. Slide 8: Overview of the China Square Central Hotel Transaction

    Overview of the China Square Central Hotel Transaction 8 8  Certain spaces at China Square Central will be relocated to new spaces due to the Hotel Project  New spaces to be created at China Square Central under the Commercial Project with better frontage and visibility will benefit China Square

9. Slide 9: Location of the Hotel

    China Square Central Hotel Transaction - Location of the Hotel 9 9 16 storey Hotel to be constructed over the existing open square between 20 and 22 Cross Street and in front of 18 Cross Street Upon completion, the Hotel would be assigned its own separate strata lot for the Leasehold Term 1 Hotel

10. Slide 10: Location of the Hotel

     China Square Central Hotel Transaction - Location of the Hotel 10 10 Hotel China Square Central Hotel Artist’s impression of the Hotel Artist’s impression of the Hotel is subject to changes.

11. Slide 11: Valuation: Hotel Consideration of S$44.8 million in line with independent valuations

     China Square Central Hotel Transaction - Valuation 11 11 Hotel Consideration of S$44.8 million is in line with the independent valuations1 Taking into account:  Appraised values as at 20 April 2015  FHCS Trustee to bear all costs and expenses (including GST) of the Hotel Project and Retail Units

12. Slide 12: Rationale and benefits of the China Square Central Hotel Transaction

    Rationale and benefits of the China Square Central Hotel Transaction

13. Slide 13: Rationale and benefits

     China Square Central Hotel Transaction - Rationale and benefits 13 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

14. Slide 14: Enhance and create a more vibrant retail, entertainment and hospitality destination

     China Square Central Hotel Transaction - Rationale 14 14 Enhance and create a more vibrant retail, entertainment and hospitality destination  Hotel to further rejuvenate and enhance vibrancy and liveliness of China Place  Position China Square Central as an integrated development  China Square

15. Slide 15: Crystalise the value of the Additional GFA

     China Square Central Hotel Transaction - Rationale 15 15 Crystalise the value of the Additional GFA  Enables FCOT to crystalise the value of the Additional GFA  Minimise FCOT’s exposure to any development risks Pedestrian crossing at China Street Consistent with the proactive asset management st

16. Slide 16: FCL and Frasers Hospitality track record

     China Square Central Hotel Transaction - Rationale 16 16 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 ex

17. Slide 17: Benefits

     China Square Central Hotel Transaction - Benefits 17 17 Realise the value of  S$44.8 mil Hotel Consideration to paid in cash to FCOT the Additional GFA  S$44.8 mil is approx. 7.7% of the value of China Square Central1  Further rejuvenation to create a vibrant retail and hospitality destination

18. Slide 18: II 357 Collins Street Acquisition

    II 357 Collins Street Acquisition

19. Slide 19: Contents: 357 Collins Street Acquisition

    Contents 19 II 357 Collins Street Acquisition  Overview of 357 Collins Street  Valuation  Rationale and Benefits  Financing for the 357 Collins Street Acquisition

20. Slide 20: Overview of 357 Collins Street

    Overview of 357 Collins Street

21. Slide 21: 357 Collins Street, Grade A office building in Melbourne CBD

     Overview of 357 Collins Street 21 357 Collins Street – Grade A office building 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) Floor plates Majority greater than 1,000

22. Slide 22: Purchase consideration of A$222.5 million in line with independent valuations

     Overview of 357 Collins Street 22 Purchase consideration of A$222.5 million is in line with the independent valuations1  The valuations take into consideration that Australand Holdings Limited2 will bear all outstanding incentives granted by the Vendor  Australand Holdings Limited will reimburse

23. Slide 23: Rationale and benefits of the Proposed 357 Collins Street Acquisition

    Rationale and benefits of the Proposed 357 Collins Street Acquisition

24. Slide 24: Rationale and benefits

     357 Collins Street Acquisition 24 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

25. Slide 25: Grade A office in the heart of the Melbourne CBD

     357 Collins Street Acquisition - Grade A office in the heart of the Melbourne CBD 25 Grade A specifications and well served by amenities Food court at lower ground floor Retail tenant Office lobby  Modern lobby with contemporary façade  Upper floors have attractive views of Yarra River and South

26. Slide 26: Strategic location with good connectivity

     357 Collins Street Acquisition - Grade A office in the heart of the Melbourne CBD 26 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 t

27. Slide 27: Well established and quality tenants

     357 Collins Street Acquisition - Grade A office in the heart of the Melbourne CBD 27  Well established and quality tenants  High occupancy rate of 95.5%1 Commonwealth Bank of Australia  One of the ‘Big Four’ Australian banks  Listed on the Australian Stock Exchange (ASX) Wilson HTM Services Pt

28. Slide 28: Long WALE of 6.0 years provides income stability

     357 Collins Street Acquisition - Grade A office in the heart of the Melbourne CBD 28 Long WALE of 6.0 years provide income stability  No leases expiring until FY2018  Increase the WALE of FCOT’s existing portfolio Lease expiry by gross rental income of 357 Collins Street 1 As at 31 March 2015.

29. Slide 29: Maiden entry into the Melbourne CBD office market

     357 Collins Street Acquisition - Enhance FCOT’s overall portfolio 29 Maiden entry into the Melbourne CBD office market  Expand FCOT’s footprint to 3 cities in Australia Northern Territory Queensland Western Australia South Australia New South Wales Central Park, Perth Caroline Victoria Chisholm C

30. Slide 30: Gain exposure into the Melbourne CBD office market

     357 Collins Street Acquisition - Enhance FCOT’s overall portfolio 30 Gain exposure into the Melbourne CBD office market  Melbourne CBD is the second largest office market in Australia Melbourne CBD office market vacancy & absorption1  Current Grade A net face rents are A$440 psm pa  Vacancy rat

31. Slide 31: Enlarge FCOT's existing portfolio and greater income diversification

     357 Collins Street Acquisition - Enhance FCOT’s overall portfolio 31 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 billion1  Total portfolio NLA will increase 15.1% from 211,747 sq m to 243,667 sq m1 

32. Slide 32: Leases with fixed annual increments provide organic growth

     357 Collins Street Acquisition - Enhance FCOT’s overall portfolio 32 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

33. Slide 33: Accretive transaction

     357 Collins Street Acquisition - Accretive transaction 33 357 Collins Street Acquisition to be accretive  Unitholders can expect to see higher DPU  357 Collins Street Acquisition to be financed with a combination of equity and debt financing  With the appropriate combination of equity and debt

34. Slide 34: Consistent with the Manager's strategy

     357 Collins Street Acquisition 34 Consistent with the Manager’s strategy  Build a strong and balanced portfolio of quality commercial properties  Deliver a stable and sustainable distribution to Unitholders Increased trading liquidity and investor interest  Market capitalisation to increase aft

35. Slide 35: Financing for the 357 Collins Street Acquisition

    Financing for the 357 Collins Street Acquisition

36. Slide 36: Financing

     357 Collins Street Acquisition - Financing 36 36  357 Collins Street Acquisition to be financed by a combination of equity and debt financing  Equity and debt financing mix to be determined Acquisition Cost A$ million Purchase Consideration 222.5 Total Acquisition Cost = Manager’s acquisition 2.

37. Slide 37: Appendix – Existing Portfolio

    Appendix – Existing Portfolio

38. Slide 38: Existing Portfolio: Properties in Singapore

     Existing Portfolio- Properties in Singapore 38 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 re

39. Slide 39: Existing Portfolio: Properties in Australia

     Existing Portfolio- Properties in Australia 39 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 • Loca

40. Slide 40: 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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