Frasers Property Ltd. · SGX:TQ5

Frasers Property — Frasers Commercial Trust — Standard Chartered Equities Real Estate Corporate Access Days 2010

33 slides from Frasers Property's conference presentation, Dec 9, 2010

1. Slide 1: Frasers Commercial Trust - Standard Chartered Real Estate Corporate Access Days 2010

   Frasers Commercial Trust Standard Chartered Equities Real Estate Corporate Access Days 2010 09-10 December 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  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 ‘FrasersComm’, stock code A48U 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 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$1,298.9 millio

7. Slide 7: Portfolio detail – Asset diversification

    Portfolio detail – Asset diversification 7 Pan-Asian investment strategy limits exposure to any one concentrated property market Asset values 1 Net property income TOTAL: S$1,985.2 million TOTAL: S$93.038 million FY2010  Singapore: S$1,298.9 million (66%) Singapore: S$53.989 million (58%)  Aust

8. Slide 8: Results – Financial highlights

    Results – Financial highlights 8 Full year distributable income increased 31% Y-o-Y 1 Oct 2009 – 30 Sep 2010 Y-o-Y 1 FY10 Contributing factors (S$ ‘000) Change (%)  Full twelve months contribution from Alexandra Gross Revenue 117,934 21% Technopark, more favourable A$ exchange rate  Increase in

9. Slide 9: FCOT's investment proposition

   FCOT’s investment proposition

10. Slide 10: Contents - Stability of income

     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. Attractive valuation

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% 28.6% 30% 23.8% 23.8% 11.2% 11.6% 10% FY11 FY12 FY13 FY14 FY15 and beyond -10% Number of leases expiring 88 90 55 8 18 NLA (sq ft) expiring 197,557 568,542 187,138 1

12. Slide 12: Only 11.2% of gross rental income due for renewal in FY11

    1. Stability of Income – strong lease expiry profile 12 Only 11.2% of gross rental income is due for renewal for FY11 Property lease expiry as a proportion of total portfolio gross rental income 6% 5.3% 5% 4% 3% 2.2% 1.7% 2% 1.0% 1% 0.3% 0.5% 0% 55 Market Street KeyPoint Central Park Cosmo Plaza Gal

13. Slide 13: Stable occupancy and WALE

    1. Stability of Income – stable occupancy and WALE 13 Singapore and Australia occupancy rates >96% and contribute more than 91% of portfolio Net Property Income (“NPI”) Geographical occupancy and % of NPI contribution As at Key portfolio statistics 30 September 2010 Ave Occupancy Rates % of NPI Cont

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 65% of total gross rental income Master Leases Other Tenants, % (Gross Rental 35.0% Tenant Lease Expiry Income) Master Leases, 36.8% Alexandra Technopark – Orrick Investments P

15. Slide 15: Stability of income – organic growth

    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: Contents - Financing and growth

     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 enhancements  Pipeline assets 3. Attractive valuation

17. Slide 17: No near-term refinancing risk

    17 2. Solid fundamentals – no near-term refinancing risk 17 Gearing below 40% Statistics Borrowings and assets by currency As at 30 September No debt maturing till post-August 2012 1500 2010 1299 Total Assets (S$’000) 2,094,108 Gross Borrowings (S$’000) 828,461 1000 S$ million Units on Issue and Iss

18. Slide 18: Borrowings hedged

    2. Solid fundamentals – borrowings hedged 18 Hedged more than 80% of Gross Borrowings Hedging debt Debt composition – floating vs. hedged As at As a % of: 30 September 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

19. Slide 19: Positive market outlook – Singapore office

    2. Solid fundamentals – positive market outlook 19 Demand for office space continued to improve  Market conditions 1 URA office rental index – Office rents continued to strengthen after turning 200 around in Q2 2010 URA Office Rental Index 180 – Grade A rents rose 6.5% q-o-q to average $9.00 per sq

20. Slide 20: Positive market outlook – Perth CBD office

    2. Solid fundamentals – positive market outlook 20 Perth’s CBD office market has seen a surge in activity in 1H10 Perth CBD average net face rents 1 $900 forecast $790 Net Face Rent (AUD per sqm p.a.) $800 $720 $700 $600 $500 $400 $300 $200 $100 $0 Jan-08 Jan-06 Jan-07 Jan-09 Jan-10 Jan-11 Jan-12 Ja

21. Slide 21: Growing demand – KeyPoint

    2. Solid fundamentals – growing demand 21 KeyPoint  Tenancy activity: KeyPoint occupancy rate Property management by KeyPoint Occupancy 85% – 15 new leases and renewals have In-house team from May 09 81.1% commenced in 4QFY10 with average 80% rental range from $3.9 to $5.0 psf pm 75% 70% – Non-rene

22. Slide 22: Growing demand – China Square Central

    2. Solid fundamentals – growing demand 22 China Square Central  Growing occupancy: – Committed occupancy has increased from 91.5% in June to 93.1% in September – New leases and renewals signed include  Mouth Restaurant – retail  Don’s pie – retail  Berkley Insurance Company – office Committed As

23. Slide 23: China Square Central lease expiry

    2. Solid fundamentals – growing demand 23 China Square Central Lease expiry by gross rental income 80% 57.5% 60% 40% 26.2% 20% 15.5% 0.8% 0.0% 0% FY11 FY12 FY13 FY14 FY15 and beyond Number of leases expiring 29 53 24 2 0 NLA (sq ft) expiring 94,840 184,752 49,773 2,217 0 Expiries as % total Gross Re

24. Slide 24: Asset enhancements – Central Park

    2. Solid fundamentals – asset enhancements 24 Central Park  Asset Enhancement: – Lavatory refurbishment for Central Park office tower – 44% out of 47 floors will be completed by 2010 – Target to refurbish 4 to 5 floors per year  Commencement of lease: – DLA Phillips Fox has commenced its 10 year l

25. Slide 25: Pipeline assets from developer-sponsor

    2. Solid fundamentals – pipeline assets 25 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

26. Slide 26: Contents - Attractive valuation

     FCOT’s investment proposition Contents 26 26 1. Stability of income 2. Solid fundamentals 3. Attractive valuation  Fair asset values  Attractive trading yield

27. Slide 27: Attractive valuation – fair asset values

    3. Attractive valuation – fair asset values 27 1.9% increase in portfolio value Variance from last financial year Local currency Translation as at Date of Value 30 September 2010 Total variance Total variance Asset valuation (millions) (S$ million) 1 (S$ million) (%) China Square Central 30 Septembe

28. Slide 28: Attractive trading yield

    3. Attractive valuation – attractive trading yield 28 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 % (¢) 27.0 6.8% 39% discount 16.5 450 bps spread 2.3% 1 Based o

29. Slide 29: Supplementary materials

    Supplementary materials

30. Slide 30: Results – Financial highlights 4Q

     Results – Financial highlights 30 4Q DPU up 55% Y-o-Y 1 Jul 2010 – 30 Sep 2010 4Q Y-o-Y Contributing factors (S$ ‘000) FY10 Change (%)  Full quarter contribution from Alexandra Gross Revenue 29,291 Technopark and improved performance for KeyPoint 14% & Australia properties  Increase in Gross Rev

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 Cosmo Plaza Azabu Aco Building Centre1 Building Headquarters Building Number 2, Tanimachi 2- 15, Nankokita 1-chome, Number 32-7, Higashi- Number 1-1, Haneda 5 Block 4 Section 13, chome, Address Suminoe-ku, Osaka

33. Slide 33: 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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