Frasers Property Ltd. · SGX:TQ5

Frasers Property — Frasers Commercial Trust — Investor Presentation (April 2012)

38 slides from Frasers Property's investor presentation, Apr 24, 2012

1. Slide 1: Frasers Commercial Trust Investor Presentation for meetings in Hong Kong

   Frasers Commercial Trust Investor Presentation for meetings in Hong Kong 24 to 26 April 2012

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 2 <= FRASERS L COMMERCIAL TRUST

5. Slide 5: Where we are – geographic and asset

    Where we are – geographic and asset 55 FCOT offers a balanced exposure to 9 quality properties with Singapore as the anchor Properties Portfolio Value 1 Portfolio Net Property Income 1 3 office assets Tokyo SINGAPORE 1 business space asset S$1,325.0 million, (67%) S$27.2 million, (55%) Osaka AUSTR

6. Slide 6: Portfolio detail – Singapore & Australia focus

    Portfolio detail – Singapore & Australia focus 6 Focus on key markets of Singapore and Australia Asset values 1 Net property income TOTAL: S$1,954.3 million TOTAL: S$49.393 million 1H FY12  Singapore: S$1,325.0 million (67%) Singapore: S$27.167 million (55%)  Australia: S$515.3 million (27%) 

7. Slide 7: Results – financial highlights: Growing distributions

    Results – financial highlights 7 Growing distributions DPU (Cents) 7.0 6.0 5.75 5.60 5.0 1.55 1.52 4.0 1.38 3.24 1.25 3.0 1.74 2.0 1.60 1.61 1.0 1.20 1.25 1.51 0.0 FY10 FY11 FY12 1Q 2Q 3Q 4Q 1 See 2QFY12 Financial Statements for further information.

8. Slide 8: Results – financial highlights: Higher NPI Y-o-Y

    Results – financial highlights 8 Higher NPI Y-o-Y boosted by share of profits and rising rentals Net Property Income (S$m) TOTAL: S$24.760 million 2Q FY12 Singapore: S$13.813 million (56%) 4% Australia: S$9.259 million (37%) Japan: S$1.688 million (7%) Boosted by Driven by 24.8 share of higher 23.

9. Slide 9: Portfolio reshaping – track record

    Portfolio reshaping – track record 9 Portfolio reshaping strategy has yielded positive results Cosmo Plaza ↓ Gearing by 1.8% January 2011 AWPF ↑ DPU by 4.6% May 2011 50% Caroline Chisholm Centre ↑ DPU by 5.6% April 2012 Divestment Acquisition

10. Slide 10: Portfolio reshaping – KeyPoint: Proposed sale at 26.3% above valuation

     Portfolio reshaping – KeyPoint 10 Proposed sale of KeyPoint – At 26.3% above valuation  Divestment details1 – Entered into a conditional sale and purchase agreement with Bayfront Ventures Pte Ltd2 on 23 April 2012 – Sale consideration of S$360.0 million is 26.3% or S$75.0 million above valuation3

11. Slide 11: Portfolio reshaping – KeyPoint: Sale unlocks value for Unitholders

     Portfolio reshaping – KeyPoint 11 Sale unlocks value of 11.4 cents for Unitholders Before the After the % change divestment1 divestment2 Distributable income 36.32 39.13 7.7% attributable to Unitholders (S$m) Distributable income per Unit (¢) 5.75 6.19 7.7% Gearing (%) 36.13 21.8 14.3% pts Unithol

12. Slide 12: FCOT's investment proposition

    FCOT’s investment proposition

13. Slide 13: Contents: Stability of income

     FCOT’s investment proposition Contents 13 13 1. Stability of income  Strong lease expiry profile  Stable occupancy and WALE  Quality tenants and master lease  Organic growth 2. Solid fundamentals 3. Growth strategy

14. Slide 14: Stability of Income – strong lease expiry profile

    1. Stability of Income – strong lease expiry profile 14 Healthy lease expiry profile Portfolio lease expiry by gross rental income 50% 29.3% 30% 24.9% 21.9% 17.0% 10% 6.8% FY12 FY13 FY14 FY15 FY16 and beyond -10% Number of leases expiring 105 162 82 30 18 NLA (sq ft) expiring 281,306 369,128 1,234,2

15. Slide 15: Stability of Income – breakdown of FY12 profile

    1. Stability of Income – strong lease expiry profile 15 Breakdown of FY12 profile Property Lease Expiry as a proportion of total Portfolio Gross Rental Income 10% 8.9% 9% 8% 7% 6% 5% 4% 3% 2.3% 1.6% 1.7% 1.5% 2% 1.0% 1% 0% China Square Central 55 Market Street KeyPoint Central Park Galleria Otemae A

16. Slide 16: Stability of Income – stable occupancy and WALE

    1. Stability of Income – stable occupancy and WALE 16 Singapore & Australian portfolio contribute > 93% of NPI income Geographical occupancy and % of NPI contribution As at Key portfolio statistics 31 March 2012 Ave Occupancy Rates % of NPI Contribution WALE by gross rental income 3.4 years 100% 96.

17. Slide 17: Stability of Income – quality tenants and master lease

    1. Stability of Income – quality tenants and master lease 17

18. Slide 18: Master lessee / blue chip tenants with long leases

    1. Stability of Income – quality tenants and master lease 18 Master lessee/ blue chip tenants with long leases contribute >42% of total gross rental income Master Lease, Master Lease 18.9% % (Gross Rental Other Tenants, Tenant Lease Expiry Income) 57.9% Alexandra Technopark – Orrick Investments Pte

19. Slide 19: Stability of Income – organic growth

    1. Stability of Income – organic growth 19 Organic growth provided by built-in step-up rents FY12 - Fixed % lease rent reviews FY12 – 15 - Portfolio fixed % reviews GROSS RENTAL INCOME Portfolio gross rental income Weighted average fixed step % Average Total Property Leases step-up rent Property Por

20. Slide 20: Contents: Solid fundamentals

     FCOT’s investment proposition Contents 20 20 1. Stability of income 2. Solid fundamentals  Natural hedge in place  Enhanced debt maturity profile  Borrowings hedged  Positive market outlook  Growing demand  Pipeline assets 3. Growth strategy

21. Slide 21: Solid fundamentals – natural hedge in place

    21 2. Solid fundamentals – natural hedge in place 21 A portion of the investment in overseas assets is hedged naturally Statistics Borrowings and assets by currency As at 31 March 1,500 2012 1,325 Total Assets (S$’000) 2,067,181 Gross Borrowings (S$’000) 746,171 1,000 S$ million Units on Issue and I

22. Slide 22: Solid fundamentals – enhanced debt maturity profile

    22 2. Solid fundamentals – enhanced debt maturity profile 22 Debt maturity Profile Debt Maturity Profile 700 600 108 500 In discussion with the S$ million bankers with the view 400 to undertake early refinancing 300 500 200 100 138 0 FY12 FY13 FY14 FY15 SGD AUD JPY 1 Based on an exchange rate of S$1

23. Slide 23: Solid fundamentals – borrowings hedged

    2. Solid fundamentals – borrowings hedged 23 Hedged about 84% of Gross Borrowings Hedging debt Debt composition – floating vs. hedged As at As a % of: 31 March 2012 Floating, 15.9% Total Gross Borrowings 84.1% Hedged, 84.1% For quarter ended 31 March 2012

24. Slide 24: Solid fundamentals – positive market outlook (Singapore)

    2. Solid fundamentals – positive market outlook 24 Limited new office supply for the rest of the year  Market conditions 1 Singapore office new supply 2  Historical net supply – Market sentiment remains positive in spite of a 3,500  Forecast supply subdued outlook of Singapore’s economy 3,000 2,5

25. Slide 25: Solid fundamentals – positive market outlook (Perth)

    2. Solid fundamentals – positive market outlook 25 Forecast net face rents growth of 13% from 2012 to 2014 Perth CBD supply 1 Perth CBD average net face rents 1 Net Face Rent (AUD per sqm pa)  Market conditions 1 – Record demand from resource related tenants coupled with supply-side constraints – F

26. Slide 26: Solid fundamentals – growing demand: KeyPoint

    2. Solid fundamentals – growing demand 26 KeyPoint – Occupancy at 91.5%  Tenancy activity: KeyPoint occupancy rate Property management by KeyPoint Occupancy – Major tenants commenced/renewed In-house team from May 09 91.5% include Corporate Travel Services, 95% 90% Shinryo Singapore, Singapore Reta

27. Slide 27: Solid fundamentals – growing demand: China Square Central

    2. Solid fundamentals – growing demand 27 China Square Central – Underlying leases achieved net operating income of S$18.5m  Tenancy activity: China Square Central Profit Sharing – Major tenants commenced/renewed 19 18.48 0.93 0.37 include Grasshopper Asia, Straits 18 17.55 Developments and Koei En

28. Slide 28: China Square Central – average passing rent below $6.0

    2. Solid fundamentals – growing demand 28 China Square Central – Average passing rent below $6.0 psf pm Lease expiry by gross rental income 80% 60% 40% 37.0% Committed 12.1% 20% 31.3% 8.9% 8.3% 2.5% 0% FY12 FY13 FY14 FY15 FY16 and beyond Number of leases expiring 37 53 19 8 1 NLA (sq ft) expiring 14

29. Slide 29: Central Park – achieved 12% net property income growth

    2. Solid fundamentals – growing demand 29 Central Park – Achieved 12% net property income growth y-o-y  Tenancy activity: Park-and-Ride Facility – Hamersley Iron commenced new lease in January and will take up another lease for expansion in April 2012 – Robust demand driven by resource related tena

30. Slide 30: Solid fundamentals – pipeline assets

    2. Solid fundamentals – pipeline assets 30 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

31. Slide 31: Contents: Growth strategy

     FCOT’s investment proposition Contents 31 31 1. Stability of income 2. Solid fundamentals 3. Growth strategy  Strategic initiatives

32. Slide 32: Growth strategy – strategic initiatives

    3. Growth strategy – strategic initiatives 32 Strategic initiatives delivering results DPU Growth Reshaping Portfolio - Acquisition ↑ 50% interest in Caroline Capital Management Chisholm Centre - Refinancing of AUD Facility Asset Management ↓ Lower interest - Growth from Australian expenses Portfoli

33. Slide 33: Supplementary materials

    Supplementary materials

34. Slide 34: Portfolio details (1)

     Portfolio details (1) 34 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, Address Road Terrace Perth Singapore 048941 Singapore 1995

35. Slide 35: Portfolio details (2)

     Portfolio details (2) 35 Caroline Chisholm Galleria Otemae Ebara Techno-Serve Property Azabu Aco Building Centre1 Building Headquarters Building Number 2, Tanimachi 2- Block 4 Section 13, Number 32-7, Higashi- Number 1-1, Haneda 5 chome, Address Tuggeranong ACT 2900, Azabu 2-chome, Chome, Chuo-ku,

36. Slide 36: Results – Financial highlights: 2QFY12

     Results – Financial highlights 36 11% growth in distributable income in 2QFY12 1 Jan 2012 – 31 Mar 2012 2Q Y-o-Y Contributing factors (S$ ‘000) FY12 Change (%)  Higher contribution from Central Park and share of Gross Revenue 30,874 4% profits from master lessee of China Square Central  Higher i

37. Slide 37: Results – Financial highlights: 1HFY12 DPU rose 13%

     Results – Financial highlights 37 1HFY12 DPU rose by 13% Y-o-Y 1 Oct 2011 – 31 Mar 2012 1H Y-o-Y Contributing factors (S$ ‘000) FY12 Change (%)  Higher contribution from Central Park and China Gross Revenue 61,535 5% Square Central  Higher income contribution from Central Park and Net Property I

38. Slide 38: 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

Frasers Commercial Trust — Investor Presentation (April 2012) on 6ix