Frasers Centrepoint Trust · SGX:J69U

Frasers Centrepoint Trust — FY2011 Earnings Presentation

33 slides from Frasers Centrepoint Trust's earnings presentation, Oct 21, 2011

1. Slide 1: Frasers Centrepoint Trust 4th Quarter & Full Year FY2011 Results

   Frasers Centrepoint Trust 4th Quarter & Full Year FY2011 Results 21 October 2011

2. Slide 2: Important notice

   Important notice 2 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 re

3. Slide 3: Agenda

    Agenda 3  Results  Balance sheet  Operational performance  Causeway Point Asset Enhancement Initiative (AEI) update  Growth strategy  Summary

4. Slide 4: Results

   Results

5. Slide 5: Results Highlights

    Results Highlights 5 Delivered growth on all fronts, lays foundation for further growth • Record-high DPU in 4Q11 and FY2011 • Rejuvenated Causeway Point expected to provide further uplift to NPI increase • Acquisition of Bedok Point to add $7m to FY2012 NPI • Healthy occupancy and rental reversio

6. Slide 6: 4Q11 DPU grew 9% year-on-year to record-high 2.35¢

    Results 6 4Q11 DPU grew 9% year-on-year to record-high 2.35¢ 3 months ended 30 Sep $’000 4Q11 4Q10 Y-o-Y change Gross Revenue1 34,146 32,487 ▲ 5.1% Property Expenses (8,888) (10,264) ▼ 13.4% Net Property Income1 25,258 22,223 ▲ 13.7% Distribution to Unitholders 18,327 16,536 ▲ 10.8% Distribution p

7. Slide 7: Record-high DPU of 8.32¢ exceeds guidance

    Results 7 Record-high DPU of 8.32¢ exceeds guidance 12 months ended 30 Sep $’000 2011 2010 Y-o-Y Change Gross Revenue 117,884 114,738 ▲ 2.7% Less Property Expenses 35,266 34,688 ▲ 1.7% Net Property Income 82,618 80,050 ▲ 3.2% Distribution to Unitholders 64,375 59,177 ▲ 8.8% Distribution per Unit (

8. Slide 8: Five consecutive years of steady DPU growth

    Results 8 Five consecutive years of steady DPU growth Annual DPU payout trend DPU (¢) 8.20 8.32 7.51 7.29 6.55 6.03* FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 (IPO) * Annualised DPU for the period 5 Jul 06 (IPO) to 30 Sep 06. CAGR: compound annual growth rate.

9. Slide 9: FCT continues to deliver steady quarterly DPU

    Results 9 FCT continues to deliver steady quarterly DPU Quarterly DPU payout trend DPU (¢) 2011 DPU: 8.32¢ ▲ 8.8% yoy ▲ 20.5% qoq 2010 DPU: 8.20¢ 2.35 2.16 0.21 2.06 2.07 2.07 1.94 1.95 1.95 1.91 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 : Income retained from previous quarters.

10. Slide 10: 2011 Gross Revenue & Net Property Income by Property

     Results 10 2011 Gross Revenue & Net Property Income by Property Gross Revenue ▲ 2.7% S$ m 117.9 114.7 2011 ▼ 13.2% 2010 59.4 ▲ 14.7% 51.6 45.0 39.3 ▲ 54.3% ▲ 4.9% 13.0 8.4 8.0 7.7 0.3 0.0 1 FCT Portfolio CWP NP YTP ACP BPT* Net Property Income S$ m ▲ 3.2% 82.6 80.1 2011 ▼ 15.2% 2010 ▲ 16.9% 41.8 3

11. Slide 11: 4Q11 Gross Revenue & Net Property Income by Property

     Results 11 4Q11 Gross Revenue & Net Property Income by Property Gross Revenue S$ m ▲ 5.1% 34.1 32.5 4Q11 ▲ 19.5% 4Q10 17.3 ▼ 12.7% 14.5 11.2 12.8 ▼ 1.7% 3.5 ▲ 14.3% 3.4 2.0 1.7 0.3 0.0 1 FCT Portfolio CWP NP YTP ACP BPT* Net Property Income S$ m ▲ 13.7% 25.3 4Q11 22.2 ▲ 31.9% 4Q10 13.3 ▼ 7.4% 10.1

12. Slide 12: Distribution details

     Results 12 Distribution details Total DPU for period Distribution period 1 Jul to 22 Sep 2011 23 Sep to 30 Sep 2011 1 Jul to 30 Sep 2011 Distribution per unit 2.07 cents 0.28 cents 2.35 cents Ex-date 22 Sep 2011 Est. 26 Jan 20121 22 Sep 2011 Est. 31 Jan 20121 Books closure date at 5 pm at 5 pm Pay

13. Slide 13: Balance sheet

    Balance sheet

14. Slide 14: Net assets grew 16.5% y-o-y on higher property valuation and the acquisition of Bedok Point

     Balance sheet 14 Net assets grew 16.5% y-o-y on higher property valuation and the acquisition of Bedok Point As at 30 Sep 2011 30 Sep 2010 Change Total assets $1,787m $1,516m ▲ 17.9% Net assets $1,152m $989m ▲ 16.5% Total units in issue 819,816,5841 767,276,5722 - NAV per unit $1.403 $1.294 ▲ 8.5%

15. Slide 15: Healthy financial position, prudent capital management

     Balance sheet 15 Healthy financial position, prudent capital management As at 30 Sep 11 30 Sep 10 Gearing ratio1 31.3% 30.3% Interest cover2 4.62x 3.74x Average cost of borrowings 3.01% 3.76% Total debt outstanding $559m $460m S&P: BBB+/Stable (wef 24.02.09) Corporate credit rating Moody’s: Baa1/S

16. Slide 16: Well-staggered debt maturity profile

     Balance sheet 16 Well-staggered debt maturity profile Debt Maturity Profile as at 30 Sep 11 Secured Term Loan $155m Short-Term Loan (unsecured) $80m $264m MTN $75m $55m $60m $25m Loan Type/FY ending 30 Sep FY2012 FY2013 FY2014 FY2015 FY2016 Amount : $75m Amount : $55m Amount : $60m Amount : $25m M

17. Slide 17: Portfolio revaluation gain of $97.2 million, reflects value creation

     Balance sheet 17 Portfolio revaluation gain of $97.2 million, reflects value creation FCT Portfolio as at 30 September 2011 Property Sep 2011 Sep 2011 Revaluation Change Sep 2011 Sep 2010 Change in Valuation book value Variance Cap Rate1 Cap Rate1 cap Rate ($ m) ($ m) ($ m) Causeway Point 820.0 76

18. Slide 18: Operational performance

    Operational performance

19. Slide 19: Healthy 7.9% average rental reversion for renewal leases signed in 4Q11

     Operational performance 19 Healthy 7.9% average rental reversion for renewal leases signed in 4Q11 4Q11 No. of renewals NLA (sq ft) As % Mall’s NLA Increase over preceding rental rates Causeway Point1 2 2,524 0.6% 21.9% Northpoint 20 8,744 3.7% 7.0% Bedok Point - - - - YewTee Point 5 1,216 1.7% 3.

20. Slide 20: Higher rental reversion reflects robust lease renewal interest at FCT's malls

     Operational performance 20 Higher rental reversion reflects robust lease renewal interest at FCT’s malls FY2011 No. of renewals NLA (sq ft) As % Mall’s NLA Increase over preceding rental rates2 Causeway Point1 27 18,894 4.5% 8.8% Northpoint 53 20,972 8.9% 7.3% Bedok Point - - - - YewTee Point 23 8

21. Slide 21: Portfolio occupancy improves as Causeway Point occupancy recovers

     Operational performance 21 Portfolio occupancy improves as Causeway Point occupancy recovers 99.4% 98.1% FCT portfolio 95.1% occupancy 92.1% 87.6% 82.9% Occupancy as at 30 Jun 10 30 Sep 10 31 Dec 10 31 Mar 11 30 Jun 11 30 Sep 11 Causeway Point1 100.0% 97.2% 86.1% 69.0% 78.3% 92.0% Northpoint2 99.1

22. Slide 22: Well-staggered lease expiry profile

     Operational performance 22 Well-staggered lease expiry profile Expiry profile as % of total gross rental income Wt avg lease term to expiry 32.2% 29.5% By NLA 1.75 yrs 23.3% By Gross rent 1.76 yrs 11.8% 2.9% 0.3% Lease expiry1 as at 30 Sep 2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 Number of l

23. Slide 23: Causeway Point AEI Update

    Causeway Point AEI Update

24. Slide 24: Causeway Point posted a strong quarterly performance in 4Q11

    Causeway Point AEI update 24 Causeway Point posted a strong quarterly performance in 4Q11 Quarterly Gross Revenue of Causeway Point ($m) 17.3 Q-o-Q Y-o-Y 14.5 Change Change 3.3 11.5 12.1 10.7 14.0 Gross Revenue ▲ 62% ▲ 19% Net Property Income ▲ 96% ▲ 32% 4Q10 1Q11 2Q11 3Q11 4Q11 Quarterly NPI of Ca

25. Slide 25: Occupancy recovered sharply in 4Q11, projected to stay healthy

    Causeway Point AEI update 25 Occupancy recovered sharply in 4Q11, projected to stay healthy Causeway 110% Point Average Occupancy Projection 100% @ 30 Sep: 92% 90% 80% Occupancy recovered strongly 70% following the re-opening of the refurbished sections at B1, L1 and L2 60% Dec Mar Jun Sep Dec Mar

26. Slide 26: Substantial portion of refurbishment work completed

    Causeway Point AEI update 26 Substantial portion of refurbishment work completed • 65.5% of works completed as at 30 Sep 2011, full completion in Dec 2012 • Next phase of work to shift to higher levels where any disruption to revenue will be more muted 30 Sep 2011: Timeline1 65.5% of work completed

27. Slide 27: Refurbishment expected to add $162 million to Causeway Point's capital value

     Causeway Point AEI update 27 Refurbishment expected to add $162 million to Causeway Point’s capital value Financials Projected Before AEI Change after AEI Through reconfiguring big boxes & Average rent per sq ft $10.2 $12.2 20% improving tenant mix NPI $42.2m $51.5m 22% Incremental NPI of $9.3m Ca

28. Slide 28: Growth strategy

    Growth strategy

29. Slide 29: Clear growth strategy

     Growth strategy 29 Clear growth strategy Strategy Key drivers 1 Acquisition growth • Sponsor’s pipeline assets • Opportunistic 3rd party asset acquisition 2 Enhancement growth • Asset enhancement to drive enhanced and sustainable income growth 3 Organic growth • Positive rental reversions and main

30. Slide 30: Sponsor's pipeline assets

     Growth strategy 30 Sponsor’s pipeline assets Changi City Point The Centrepoint NLA (sf) MRT station Est. completion Est. catchment population Retail mall opening Changi City Point 207,479 Expo 600,000 in Nov 2011 The Centrepoint 395,315 Somerset In operation 4,987,600 Total 602,794 - - -

31. Slide 31: Summary

    Summary

32. Slide 32: Summary: Delivered growth on all fronts, lays foundation for further growth

     Summary 32 Delivered growth on all fronts, lays foundation for further growth • Record-high 2.35¢ DPU in 4Q11, full-year 8.32¢ DPU exceeds guidance • Causeway Point expected to provide >20% NPI increase when AEI is completed • Acquisition of Bedok Point grew assets base by 9%, to add $7m (~8%) to

33. Slide 33: Thank you

    Thank you Analyst & media contact: Chen Fung-Leng Frasers Centrepoint Asset Management Ltd Tel: (65) 6277-2657 Email: fungleng.chen@fraserscentrepoint.com Website: www.fct.sg

Frasers Centrepoint Trust — FY2011 Earnings Presentation on 6ix