FRASERS Centrepoint Trust (FCT) is a leading developer-sponsored retail real estate investment trust (Reit) focused on growing shareholder value for its unitholders through growing its investments in retail malls and active asset management. The sponsor of FCT is Frasers Centrepoint Limited, a leading Singapore-based property company and the property arm of Fraser & Neave, Limited.

FCT's primary focus is to be a leading retail mall owner and manager, and it looks to deliver sustainable distribution per unit (DPU) growth to its unitholders. Over the past 12 months, FCT has grown its DPU through four strategic growth thrusts: building up of pipeline assets for future injection into the Reit; growing through increasing its rental reversions; growth through asset enhancement initiatives, and growth through overseas expansion. There is certainty of growth as FCT gains further traction in these strategic growth thrusts over the next 24 months.

FCT's initial portfolio consists of three well-established quality suburban malls: Causeway Point, Northpoint and Anchorpoint, located in densely populated and growing residential areas with excellent connectivity to MRT and public transport. These malls enjoy high occupancy rates and dominant positions in their respective trading areas.

In the past four quarters, FCT has grown its acquisition pipeline to four identified assets: Northpoint 2, YewTee Point, a greenfield development at Bedok Town Centre, and The Centrepoint, providing a high degree of growth certainty for investors. These identified assets are set to double FCT's net lettable area from 638,786 sq ft to more than 1.2 million sq ft upon injection.

Anchorpoint's asset enhancement is the first in a series of three mall asset enhancement initiatives. At a cost of more than $12 million, the asset enhancement initiative to reposition Anchorpoint with a village-mall concept commenced in May 2007 and is on schedule for completion at the end of November 2007. Visitors will enjoy a new shopping and F&B experience at the new Anchorpoint. The repositioned mall will have a strong F&B offering with a wider range of retail concepts in cozy village mall setting.

Further, Anchorpoint will feature a unique cluster of factory outlet concepts currently not found in any other Singapore mall with initial signings that include Charles & Keith, FOS, G2000 and Club Marc.

FCT seeded a Malaysian growth platform in May 2007 through a strategic investment in Hektar Real Estate Investment Trust (Hektar), Malaysia's only pure retail Reit. The investment of a 27 per cent stake in Hektar provides FCT with a yield-accretive investment in an underlying portfolio of prominent and high quality suburban regional malls in Malaysia - namely Subang Parade in Selangor and Mahkota Parade in Melaka. These retail malls have a total net lettable area of about 944,500 sq ft, house more than 230 major international and domestic retailers, and enjoy high transient traffic.

In the span of 12 months since going public in July 2006, FCT's investment portfolio net lettable area, which includes pipeline assets under development, has more than tripled to 2.2 million sq ft and its market capitalisation almost doubled to $1.1 billion under the management of Frasers Centrepoint Asset Management Ltd, the real estate and fund management division of Frasers Centrepoint Limited.

FCT won the "Most Transparent Company Award (New Issues category)" at the 7th Investors Choice Awards organised by the Securities Investors Association of Singapore (SIAS).

Causeway Point

This is the largest suburban shopping mall in FCT's portfolio. It is located in the heart of Woodlands Regional Centre, next to the Woodlands MRT station and bus interchange. The seven-storey mall has 250 stores and a high traffic count of more than 25 million visitors in FY2006. In 2004, Causeway Point was voted the Best Suburban Mall by The Straits Times.

Northpoint

Northpoint is Singapore's pioneer suburban mall. It was the first mall to be built on HDB-tendered land and became an informal hub for residents of Yishun. The success of Northpoint served as a model for other suburban malls. Located next to the Yishun MRT station and bus interchange, Northpoint has 92 stores and a traffic count of more than 17 million visitors in FY2006.

Anchorpoint

This project was one of the first mixed developments in Singapore and is located at the junction of Queensway and Alexandra Road. The mall is undergoing asset enhancement to reposition it with a village mall concept, offering a wider range of F&B and fashion options. The asset enhancement is scheduled for completion at the end of November 2007.

Frasers Centrepoint Asset
Management Ltd
438 Alexandra Road
#02-00 Alexandra Point
Singapore 119958
Tel: (65) 6277-2620
Fax: (65) 6272-8776
www.fraserscentrepointtrust.com

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