First Real Estate Investment Trust : Minutes Of Annual General Meeting Held On 27 April 2021

(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 27 APRIL 2021

First REIT Management Limited, as manager of First Real Estate Investment Trust ("First REIT", and the manager of First REIT, the "Manager"), wishes to inform unitholders that in accordance with the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020, the minutes of the annual general meeting ("AGM") of First REIT which was convened and held by way of electronic means on Tuesday, 27 April 2021 at 2:00 p.m. has been recorded and is attached hereto as Appendix

A.

The Manager had on 26 April 2021 released on SGXNET its responses to substantial and relevant questions received from unitholders 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

25 May 2021

IMPORTANT NOTICE

The 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 MEETING

HELD AT

Held via electronic means pursuant to the COVID-19 (Temporary Measures) (Alternative Arrangements for Meeting for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020

ON

TIME

Tuesday, 27 April 2021

2:00 p.m.

PRESENT	Chan Pengee Adrian	Lead Independent Director and Chairman
		of the Nominating and Remuneration
		Committee

IN ATTENDANCE VIA ELECTRONIC MEANS

CHAIRMAN OF THE MEETING

WELCOME

ADDRESS

Victor Tan Kok Mian	Executive Director and Chief Executive
	Officer
As per attendance record	Unitholder and Invitee attending via
maintained by the Manager	electronic means
Christopher James Williams	Chairman of the Board, Non-Independent
	Non-Executive Director
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-IndependentNon-Executive Director
Sin Li Choo	Representative from the Trustee,
	Perpetual (Asia) Limited
Chan Pengee Adrian	Chairman of the Meeting/Proxy for
	Unitholders
	(As per record maintained by the
	Manager)

1.1 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"), Mr Chan Pengee Adrian, the Lead Independent Director and Chairman of the Nominating and Remuneration Committee, welcomed the unitholders of First REIT (the

FIRST REAL ESTATE INVESTMENT TRUST

Annual General Meeting held via electronic means on 27 April 2021 - Page 2

		"Unitholders") present at the Annual General Meeting of
		First REIT (the "Meeting") via electronic means. Mr Chan
		Pengee Adrian informed Unitholders that he would chair
		the Meeting on behalf of the Board Chairman.
	1.2	The Chairman introduced the panel to the Unitholders
		and informed the Unitholders that he had been nominated
		by Perpetual (Asia) Limited, the trustee of First REIT, in
		accordance with the trust deed constituting First REIT to
		preside as the Chairman of the Meeting (the "Chairman").
	1.3	Thereafter, Mr Tan Kok Mian Victor ("Mr Tan"), the
		Executive Director and Chief Executive Officer of the
		Manager, gave a short presentation. After	the
		presentation, Mr Tan handed the proceedings of the
		Meeting to the Chairman.
	1.4	A copy of the presentation, which was posted via SGXNet
		and First REIT's website on 27 April 2021, is annexed to
		this Minutes as "Annex A".
QUORUM	2.1	As there were sufficient Unitholders to form a quorum, the
		Chairman called the Meeting to order and went through
		the items on the Agenda.
NOTICE OF MEETING	3.1	The notice of the Meeting dated 5 April 2021	(the
		"Notice") was taken as read.
	3.2	The Chairman informed the Unitholders that responses to
		substantial and relevant questions submitted by
		Unitholders prior to the Meeting had been published via

FIRST REAL ESTATE INVESTMENT TRUST

Annual General Meeting held via electronic means on 27 April 2021 - Page 3

RESOLUTION 1: STATEMENT OF THE TRUSTEE, THE STATEMENT BY THE MANAGER, THE AUDITED FINANCIAL STATEMENTS OF FIRST REIT FOR THE FINANCIAL YEAR

SGXNET and also posted on First REIT's website on 26 April 2021. The responses to substantial and relevant questions received from the Unitholders are annexed to this Minutes as "Annex B".

1. The Chairman informed the Unitholders that in accordance with COVID-19 (Temporary Measures) Act 2020 and the related order on the conduct of general meetings, all votes on the resolutions tabled at the Meeting will be by proxy and only the Chairman of the Meeting may be appointed as a proxy. He informed the Unitholders that he had been appointed as proxy by a number of Unitholders on all the resolutions set out in the Notice, and would vote according to their respective instructions.
2. The Chairman informed the Unitholders that all resolutions tabled at the Meeting were voted by poll based on the proxy forms that were submitted to the Manager at least 72 hours before the Meeting.
3. The Chairman informed the Unitholders that RHT Governance, Risk & Compliance (Singapore) Pte. Ltd. had been appointed as Scrutineers to conduct the poll.

4.1 The motion in respect of Resolution No. 1 was duly proposed.