(Constituted in the Republic of Singapore pursuant to a trust deed dated 19 October 2006 (as amended))
MINUTES OF THE ANNUAL GENERAL MEETING HELD ON 29 APRIL 2025First REIT Management Limited, as manager of First Real Estate Investment Trust ("First REIT", and the manager of First REIT, the "Manager"), wishes to inform the unitholders of First REIT (the "Unitholders") that the minutes of the sixteenth annual general meeting ("AGM") of First REIT which was convened and held at Hilton Singapore Orchard (333 Orchard Road, Singapore 238867), Grand Ballroom, Level 6, Orchard Wing on Tuesday, 29 April 2025 at 10.00 a.m. have been recorded and are attached hereto as Appendix A.
The Manager had on 23 April 2025 released on SGXNET its responses to the substantial and relevant questions received from Unitholders and the Securities Investors Association (Singapore) relating to the agenda of the AGM.
By Order of the Board
Tan Kok Mian Victor
Executive Director and Chief Executive Officer First REIT Management Limited
(Company registration no. 200607070D)
As Manager of First Real Estate Investment Trust 28 May 2025
IMPORTANT NOTICEThe value of the units in First REIT ("Units") and the income derived from them may fall or rise. The Units are not obligations, or deposits in, or guaranteed by the Manager, or Perpetual (Asia) Limited (as trustee of First REIT). An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. Unitholders have no right to request that the Manager redeems or purchases their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on the Singapore Exchange Securities Trading Limited ("SGX-ST"). Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.
This announcement may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's current view of future events.
APPENDIX A MINUTES OF AGM FIRST REAL ESTATE INVESTMENT TRUST(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 19 October 2006)
MINUTES OF ANNUAL GENERAL MEETINGHELD AT | ON | TIME |
Hilton Singapore Orchard (333 Orchard Road, Singapore 238867), Grand Ballroom, Level 6, Orchard Wing | Tuesday, 29 April 2025 | 10.00 a.m. |
PRESENT Christopher James Williams Chairman of the Board, Non-Independent Non-Executive Director Tan Kok Mian Victor Chief Executive Officer ("CEO") and Executive Director Chan Pengee Adrian Lead Independent Director and Chairman of the Nominating and Remuneration Committee Ferris Charles Bye Independent Director and Chairman of the Audit and Risk Committee Tan Chuan Lye Independent Director Martin Lechner Independent Director Minny Riady Non-Independent Non-Executive Director Ng Chwee Ngor, Valerie Chief Financial Officer Kelvin Chua Company Secretary Sin Li Choo Representative from the Trustee, Perpetual (Asia) Limited Linda Tan Audit Partner, KPMG LLP Please refer to the Corporate Representatives / Proxies Attendance Record (Corporate Representatives / Proxy Holders) Please refer to the Unitholders Attendance Record (Unitholders) Please refer to the Observers Attendance Record (Observers) | ||
On behalf of First REIT Management Limited, the manager of First Real Estate Investment Trust ("First REIT", and the manager of First REIT, the "Manager"), the master of ceremonies, Ms Melissa Ng ("Ms Ng"), welcomed the unitholders of First REIT (the "Unitholders") present at the Annual General Meeting of First REIT (the "Meeting"). Ms Ng informed the Unitholders that Mr Christopher James Williams, the Chairman and Non-Independent Non-Executive Director of the Manager, had been nominated by Perpetual (Asia) Limited, as trustee of First REIT, in accordance with the trust deed constituting First REIT to preside as the Chairman of the Meeting ("Chairman"). Ms Ng then introduced the panel to the Unitholders.
Mr Tan Kok Mian Victor, the CEO and Executive Director of the Manager (the "CEO"), gave a short presentation on First REIT's financial performance for the financial year ended 31 December 2024.
A copy of the presentation, which was posted on SGXNet and First REIT's corporate website on 29 April 2025, is annexed to these Minutes as "Annex A".
After the presentation, Ms Ng handed the proceedings of the Meeting to the Chairman.
were sufficient Unitholders present to form a quorum, the Chairman called the Meeting to order.
NOTICE OF MEETINGThe notice of the Meeting dated 1 April 2025 (the "Notice") was taken as read.
The Chairman informed the Unitholders that the Meeting would proceed by putting each Resolution for Unitholders' consideration. In order to facilitate Unitholder engagement, separate Q&A sessions will be held after each Resolution is introduced and explained. The Chairman requested that in due consideration for all Unitholders present, each Unitholder limits himself or herself to a reasonable number and length of questions and to matters which are relevant to the agenda for the Meeting. He also asked that Unitholders raise their questions or comments only after the motion in respect of that agenda item had been proposed and seconded.
The Chairman informed the Unitholders that the Manager had received various questions from the Unitholders on the Resolutions in advance of the Meeting by the deadline of 5.00
p.m. on 14 April 2025. The Manager has addressed the substantial and relevant questions through its announcement on SGXNET and on First REIT's corporate website on 23 April 2025 (a copy of the announcement is annexed to these Minutes as "Annex B"). The Chairman also informed Unitholders that no further questions had been received from Unitholders in advance of the Meeting after the 14 April 2025 submission deadline for questions.
The Chairman stated that the Directors very much appreciate that the annual general meeting is an opportunity for Unitholders to ask questions and to give feedback and comments to the Board, and that the Directors appreciate and do take notice of the views expressed by Unitholders. As an example, at the 2024 annual general meeting of First REIT, Unitholders raised the suggestion