Frasers Property Ltd. · SGX:TQ5

Frasers Property — Frasers Commercial Trust — Citi Asean Investor Conference 2010

31 slides from Frasers Property's conference presentation, Aug 12, 2010

1. Slide 1: Frasers Commercial Trust – Citi Asean Investor Conference 2010

   Frasers Commercial Trust Citi Asean Investor Conference 2010 11- 12 August 2010

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  Who we are  FCOT’s investment proposition  FY11 outlook  Supplementary materials

4. Slide 4: Who we are

   Who we are FRASERS COMMERCIAL TRUST 2 GF

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 ‘FrasersComm’, stock code A48U Listings CPPUs – March 2010 on Singapore Exchange Securities Trading Limited Ticker ‘FrasersComm CPPU 500’,

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

    Where we are – geographic and asset 66 With 10 property assets and a strong Singapore anchor to the portfolio, FCOT has exposure to 5 distinct property markets Properties Portfolio Value 1 Portfolio Net Property Income 1 Tokyo Osaka 3 office assets SINGAPORE 1 business space asset S$1,260.0 millio

7. Slide 7: FCOT's investment proposition

   FCOT’s investment proposition

8. Slide 8: FCOT's investment proposition – Contents

    FCOT’s investment proposition Contents 88 1. Stability of income  Strong lease expiry profile  Stable occupancy and WALE  Quality tenants and master leases  Organic growth 2. Solid fundamentals 3. Attractive valuation

9. Slide 9: Stability of Income – strong lease expiry profile

   1. Stability of Income – strong lease expiry profile 9 Only 2.9% of effective gross rental income expiring for remaining FY09/10 Property Lease Expiry as a proportion of total Portfolio Gross Rental Income FY09/10 FY10/11 6% 5.3% 5% 4% 3% 2.6% 2% 1.4% 1.7% 1.0% 1% 0.6% 0.5% 0.4% 0.5% 2.2% 0.5% 0.0%

10. Slide 10: Stability of Income – strong lease expiry profile

    1. Stability of Income – strong lease expiry profile 10 95% of gross rental income is secured >83% gross rental income will expire post FY10/11 Portfolio Lease Expiry by Gross Rental Income 50% 46.1% 30% 27.0% 11.6% 10.1% 10% 5.1% FY09/10 FY10/11 FY11/12 FY12/13 FY13/14 and -10% beyond Number of lea

11. Slide 11: Stability of Income – stable occupancy and WALE

    1. Stability of Income – stable occupancy and WALE 11 Singapore and Australia occupancy rates >95% and contribute more than 90% of portfolio Net Property Income (“NPI”) Geographical Occupancy and % of NPI Contribution As at Key portfolio statistics 30 June 2010 Ave Occupancy Rates % of NPI Contribut

12. Slide 12: Stability of Income – quality tenants and master leases

    1. Stability of Income – quality tenants and master leases 12 Master lessees/ blue chip tenants with long leases contribute over 65% of total gross rental income Master Leases Other Tenants, % (Gross Rental 34.2% Tenant Lease Expiry Income) Master Leases, 37.1% Alexandra Technopark – Orrick Investme

13. Slide 13: Stability of income – organic growth

    1. Stability of income – organic growth 13 22% of gross rental income has built-in fixed rent step-ups of approximately 4.0% for FY10/11 FY10/11 - Fixed % mid-term lease rent reviews GROSS RENTAL INCOME Property Leases Average fixed rent review Property Total Portfolio KeyPoint 8 11.7% 3.9% 0.5% 55

14. Slide 14: FCOT's investment proposition – Contents

     FCOT’s investment proposition Contents 14 14 1. Stability of income 2. Solid fundamentals  No near-term refinancing risk  Borrowings hedged  Improving market conditions  Growing demand  Asset enhancements 3. Attractive valuation

15. Slide 15: Solid fundamentals – no near-term refinancing risk

    15 2. Solid fundamentals – no near-term refinancing risk 15 No debt maturing until after July 2012 Statistics Borrowings and assets by currency As at 30 June 2010 All debt facilities mature post-July 2012 1500 Total Assets (S$’000) 2,028,276 1260 Gross Borrowings (S$’000) 818,470 1000 Units on Issue

16. Slide 16: Solid fundamentals – borrowings hedged

    2. Solid fundamentals – borrowings hedged 16 Hedged more than 80% of Gross Borrowings Hedging Debt Debt Composition – Floating vs Hedged As at As a % of: 30 June 2010 Floating, 19.6% SGD Borrowings 75.2% AUD Borrowings 75.8% JPY Borrowings 100.0% Total Gross Borrowings 80.4% Hedged, 80.4% For quarte

17. Slide 17: Solid fundamentals – improving market conditions (Perth)

    2. Solid fundamentals – improving market conditions 17 Improved economic conditions yield increased in demand for Perth CBD office space Perth CBD average net face rents 1  Market conditions 2 – Perth’s CBD office leasing market made a strong start to 2010, with local business confidence in Western

18. Slide 18: Solid fundamentals – improving market conditions (Singapore)

    2. Solid fundamentals – improving market conditions 18 Strengthening of business confidence and better economic outlook for Singapore  Market conditions URA rental index – Government forecasts economy to grow at 200 13.0% to 15.0% in 2010 1 URA Rental Index 180 – Office rents bottomed in Q2 2010 af

19. Slide 19: Solid fundamentals – growing demand: KeyPoint

    2. Solid fundamentals – growing demand 19 KeyPoint  Tenancy activity: KeyPoint Occupancy rate KeyPoint Occupancy – 11 new leases commenced in 3QFY09/10 85% with average rental of $4.1 psf pm 80% 78.6% 75% – Non-renewals of 2,486 sq ft were completely offset by new leases in 3QFY09/10 with net 70% t

20. Slide 20: Solid fundamentals – asset enhancements: China Square Central

    2. Solid fundamentals – asset enhancements 20 China Square Central  Healthy committed occupancy rate: Committed occupancy rate Office 95.9% Retail 79.7% Total 91.5% – Signed committed new leases and renewals of  Capital enhancement works: 67,543 sq ft in 3QFY09/10 – Create an outdoor alfresco dini

21. Slide 21: FCOT's investment proposition – Contents

     FCOT’s investment proposition Contents 21 21 1. Stability of income 2. Solid fundamentals 3. Attractive valuation  Attractive trading yield  Fair asset values

22. Slide 22: Attractive valuation – attractive trading yield

    3. Attractive valuation – attractive trading yield 22 Trading at attractive yield & discount to NAV Yield1 returns compared to Singapore 10-year bond2 NAV compared to share price3 FCOT 10-year Government bond yield NAV Share price Yield % (¢) 26.0 7.2% 42% discount 526 bps 15.0 spread 1.9% 1 Based o

23. Slide 23: Attractive valuation – fair asset values

    3. Attractive valuation – fair asset values 23 Prudent valuations for portfolio As at 30 June 2010 As at 30 June 2008 % of asset write- Local currency Local currency down since 30 June Assets Date of valuation (millions) Capital value (millions) 2008 55 Market Street September 2009 2 S$119.5 S$1,657

24. Slide 24: FY11 Outlook

    = ERASERS a KL COMMERCIAL TRUST

25. Slide 25: Proactive capital management

     Proactive capital management 25 Capital Management  Focused on — Extending and spreading maturity of borrowings — Diversifying funding sources — Managing interest rate exposure through hedging Gearing Ratio  Target gearing — Between 40% to 45% so as to have financial flexibility for potential ac

26. Slide 26: Growth strategy

    26  Growth strategy 26 Growth Drivers Positive rental Central reversion Park Step – up Singapore rents Australia Distributable KeyPoint, Central Park income Increase in occupancy 55 Market Street Pipeline Acquisition Assets

27. Slide 27: Growth strategy – pipeline assets

     Growth strategy – 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 Area (

28. Slide 28: Supplementary materials

    Supplementary materials

29. Slide 29: Results – Financial highlights: 3Q distributable income up 39%

     Results – Financial highlights 29 3Q distributable income up 39% Y-o-Y 1 Apr 2010 – 30 Jun 2010 3Q Y-o-Y Contributing factors (S$ ‘000) FY09/10 Change (%)  Full quarter contribution from Alexandra Gross Revenue 29,222 29% Technopark, more favourable A$ exchange rate  Increase in Gross Revenue ca

30. Slide 30: Results – Financial highlights: YTD DPU increased 21%

     Results – Financial highlights 30 YTD DPU increased 21% Y-o-Y 1 Oct 2009 – 30 Jun 2010 YTD Y-o-Y Contributing factors (S$ ‘000) FY09/10 Change (%)  Full nine months contribution from Alexandra Gross Revenue 88,643 24% Technopark, more favourable A$ exchange rate  Increase in Gross Revenue carrie

31. Slide 31: 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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