Frasers Logistics mmercial Trust : FLCT 1HFY21 DPU Up 9.5% To 3.80 Singapore Cents

PRESS RELEASE

FLCT 1HFY21 DPU UP 9.5% TO 3.80 Singapore Cents1

1HFY21 Highlights

• Completed 62,587 sq m of leasing for the period from January to March 2021, bringing total leasing activity in 1HFY21 to 126,133 sq m or 5.0% of total portfolio lettable area
• Maintained high portfolio occupancy rate of 96.8% with a WALE of 4.7 years as at 31 March 2021
• Healthy aggregate leverage of 35.3% and NAV per unit of S$1.14 as at 31 March 2021
• FLCT included as a constituent of the benchmark Straits Times Index (STI) on 13 April 2021; and was also assigned a first-time 'BBB+' credit rating with a 'Stable' outlook by S&P Global on 15 April 2021

Summary of Results2

	S$'000	1HFY21		1HFY20		Variance (%)
	Revenue	231,701		118,745		95.1
	Adjusted Net Property	173,890		96,980		79.3
	Income3
	Distributable Income	130,426		76,217		71.1
	DPU (Singapore cents)	3.80		3.47		9.5
	S$	As at 31 Mar 21		As at 30 Sep 20		Variance (%)
	NAV per unit	1.14		1.10		3.6

SINGAPORE, 6 MAY 2021

Frasers Logistics & Commercial Asset Management Pte. Ltd., the manager of Frasers Logistics & Commercial Trust ("FLCT" and the manager of FLCT, the "REIT Manager"), today announced FLCT's results for the six-month period ended 31 March 2021 ("1HFY21").

1HFY2021 FINANCIAL PERFORMANCE AND DISTRIBUTION

FLCT achieved a record revenue of S$231.7 million and Adjusted Net Property Income of S$173.9 million for 1HFY21, representing increases of 95.1% and 79.3% respectively, from S$118.7 million and S$97.0 million in the corresponding financial period ("1HFY20"). The increases were mainly contributed from the merger with Frasers Commercial Trust (the "Merger") which was completed in April 2020, acquisitions made in the financial year ended 30 September 2020, as well as the strengthening of the AUD:SGD and EUR:SGD. These were partly offset by the divestments made in 1HFY21 and rental waivers and allowance for doubtful receivables of S$1.2 million attributable to the Covid-19 pandemic. Accordingly, distributable income rose 71.1% to S$130.4 million for 1HFY21, from S$76.2 million a year ago.

The distribution per unit ("DPU") for 1HFY21 was 3.80 Singapore cents, up 9.5% from 3.47 Singapore cents in 1HFY20, which will be paid on 18 June 2021.

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FLCT's distributions are made on a semi-annual basis for the six-month periods ending 31 March and 30 September

FLCT has adopted S$ as its functional currency with effect from 15 April 2020, being the effective date of the Merger. Prior period results were based on A$ translated at the 15 April 2020 exchange rate of A$1: S$0.9016 used for conversion of the accounts to S$. The change in functional currency has no impact on distributable income

Calculated based on the actual net property income excluding straight lining adjustments for rental income and adding lease payments of right-of-use assets

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PORTFOLIO UPDATE

In 1HFY21, FLCT executed 33 leasing transactions, representing a lettable area of 126,133 square metres ("sq m")4. The healthy leasing momentum enabled FLCT to maintain a strong occupancy rate of 96.8%5 and a weighted average lease expiry ("WALE") of 4.7 years5, with minimal upcoming lease expiries of just 3.5%5 of gross rental income in the financial year ending 31 September 2021 ("FY2021").

The divestment of FLCT's three leasehold properties in South Australia was also completed on 24 March 2021. Post-divestment, the FLCT portfolio comprises 90 logistics and industrial properties and 7 commercial properties, with a total value of approximately S$6.3 billion as at 31 March 2021. Its net asset value ("NAV") per unit was S$1.14 as at 31 March 2021.

Mr. Robert Wallace, Chief Executive Officer of the REIT Manager, said, "I am delighted that FLCT is in a position to report a record 1HFY21 DPU of 3.80 Singapore cents, and a healthy portfolio occupancy rate of 96.8%. FLCT's performance in the year-to-date demonstrates the strength and resiliency of our prime logistics and commercial portfolio, further reinforced by our proactive asset, capital and investment management approach."

"We also achieved two milestones in April 2021, firstly with FLCT being included as a constituent stock of the benchmark Straits Times Index and secondly, the assignment to FLCT of an inaugural 'BBB+' credit rating with a 'Stable' outlook by global rating agency S&P Global. Both achievements are expected to elevate FLCT's profile and will assist it to generate sustainable long-term growth for unitholders."

CAPITAL MANAGEMENT

As at 31 March 2021, FLCT's aggregate leverage was 35.3%. Total borrowings were S$2,319 million, 70.6% of which were at fixed interest rates. The weighted average interest rate for borrowings excluding upfront debt related expenses for 1HFY21 was 1.9%6 per annum.

OUTLOOK

The overall operating environment is expected to remain uncertain as the COVID-19 pandemic continues to disrupt global economic activity. While the progressive rollout of vaccines against the coronavirus offers a path out of the pandemic, there remains significant uncertainty as to when a return to normalcy would be fully realised, as concerns of the emergence of new virus variants, as well as resurgence of COVID-19 infections, remain.

In Australia, the number of COVID-19 cases has significantly declined, with little to no community transmissions, as a result of stringent mitigation strategies. Nevertheless, COVID-19 remains a major public health issue that may bring about significant effects on the domestic economy and financial system. There are also concerns relating to the deterioration of relationships between the Australian and Chinese governments and any implications that may arise as a result of any trade restrictions implemented by China. Following a record 7.0% decline in GDP for the quarter to June 2020 following public health measures that were implemented in late March, Australia's GDP rebounded to report growth of 3.4% and 3.1% for the September and December quarters respectively, as stringent public health measures were relaxed. According to the latest statement from the Reserve Bank of Australia in February 2021, the country's GDP is expected to reach pre- pandemic levels over the course of 2021, around 6-12 months earlier than previously expected, and the International Monetary Fund (IMF) has also said in April 2021 that it expects the Australian economy to grow by 4.5% in 2021.

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Please refer to Slide 13 of FLCT's Results Presentation dated 6 May 2021 for details

Based on gross rental income, being the contracted rental income and estimated recoverable outgoings for the month of March 2021. Excludes straight lining rental adjustments and include committed leases

Based on trailing 12 months borrowing cost (including FCOT from date of completion of Merger)

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In Singapore, a recent increase in the number of locally-transmittedCOVID-19 cases has prompted the authorities to implement additional community measures, including the tightening of workplace measures for the period from 8 May through 30 May 2021, such as requiring employees to ensure that no more than 50% of employees who are able to work from home return to the workplace at any time. The REIT Manager is closely monitoring this developing situation and is basing its actions and decisions on recommendations from local authorities. According to the Monetary Authority of Singapore's statement on 28 April 2021, the Singapore economy, which grew 2.0% quarter-on-quarter in the first quarter of 2021, is expected to exceed the upper end of an earlier official 4 - 6% GDP growth forecast for 2021.

In Germany and the Netherlands, following a surge in infection cases, the authorities have maintained tight COVID-19 restrictions to contain the virus spread. For the United Kingdom, supported by the rollout of its nationwide vaccine program and a declining rate of COVID-19 transmission, the government ended the 'Stay at Home' national lockdown on 29 March 2021. Progressive easing of their lockdown by phases started from 12 April 2021, including the re-opening of non-essential retail and a return to the workplace.

According to the IMF, the 2021 projected real GDP for German, British and Dutch economies are forecast to increase by 3.6%, 5.3% and 3.5% respectively.

As we continue to navigate through this period of global uncertainty, FLCT remains focused on managing any financial implications arising from COVID-19 and will continue to work closely with our tenant community to overcome this trying period.

Although the situation remains dynamic, there has been no material impact to the FLCT portfolio to-date with only the retail segment of the commercial portfolio, which represents just 1.8%7 of FLCT's total portfolio income, being more challenged. Capital and liquidity management remains a key strategic priority. FLCT's resilient portfolio, strong balance sheet and financial flexibility, well positions the REIT to face the current challenging global environment.

Looking ahead, the REIT Manager will continue to focus on proactive asset and lease management strategies to generate sustainable long-term value for FLCT unitholders.

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7Based on GRI, being the contracted rental income and estimated recoverable outgoings for the month of March 2021. Excludes straight lining rental adjustments and include committed leases.

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About Frasers Logistics & Commercial Trust

Frasers Logistics & Commercial Trust ("FLCT") is a Singapore-listed real estate investment trust with a portfolio comprising 97 industrial and commercial properties, worth approximately S$6.3 billion, diversified across five major developed markets - Australia, Germany, Singapore, the United Kingdom and the Netherlands. FLCT was listed on the Mainboard of Singapore Exchange Securities Trading Limited ("SGX-ST") on 20 June 2016 as Frasers Logistics & Industrial Trust and was subsequently renamed Frasers Logistics & Commercial Trust on 29 April 2020 following the completion of a merger with Frasers Commercial Trust.

FLCT's investment strategy is to invest globally in a diversified portfolio of income-producing properties used predominantly for logistics or industrial purposes located globally, or commercial purposes (comprising primarily CBD office space) or business park purposes (comprising primarily non-CBD office space and/or research and development space) located in the Asia-Pacific region or in Europe (including the United Kingdom). FLCT is sponsored by Frasers Property Limited.

FLCT is a constituent of the FTSE EPRA Nareit Global Real Estate Index Series (Global Developed Index), Straits Times Index and Global Property Research (GPR) 250.

For more information about FLCT, visit www.frasersproperty.com/reits/flct

About Frasers Property Limited

Frasers Property Limited ("Frasers Property" and together with its subsidiaries, the "Frasers Property Group" or the "Group"), is a multi-nationalowner-operator-developer of real estate products and services across the property value chain. Listed on the Main Board of the Singapore Exchange Securities Trading Limited ("SGX-ST") and headquartered in Singapore, the Group has total assets of approximately S$38.7 billion as at 30 September 2020.

Frasers Property's multi-national businesses operate across five asset classes, namely, residential, retail, commercial & business parks, industrial & logistics as well as hospitality. The Group has businesses in Southeast Asia, Australia, Europe and China, and its well-established hospitality business owns and/or operates serviced apartments and hotels in over 70 cities and 20 countries across Asia, Australia, Europe, the Middle East and Africa.

Frasers Property is also the sponsor of two real estate investment trusts ("REITs") and one stapled trust listed on the SGX- ST. Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust are focused on retail, and industrial & commercial properties, respectively. Frasers Hospitality Trust (comprising Frasers Hospitality Real Estate Investment Trust and Frasers Hospitality Business Trust) is a stapled trust focused on hospitality properties. In addition, the Group has two REITs listed on the Stock Exchange of Thailand. Frasers Property (Thailand) Public Company Limited is the sponsor of Frasers Property Thailand Industrial Freehold & Leasehold REIT, which is focused on industrial & logistics properties in Thailand, and Golden Ventures Leasehold Real Estate Investment Trust, which is focused on commercial properties.

The Group is committed to inspiring experiences and creating places for good for its stakeholders. By acting progressively, producing and consuming responsibly, and focusing on people, Frasers Property aspires to raise sustainability ideals across its value chain, and build a more resilient business. It has committed to be a net-zero carbon corporation by 2050. Building on its heritage as well as leveraging its knowledge and capabilities, the Group aims to create lasting shared value for its people, the businesses and communities it serves. Frasers Property believes in the diversity of its people and are invested in promoting a progressive, collaborative and respectful culture.

For more information on Frasers Property, please visit frasersproperty.comor follow us on LinkedIn.

FOR INVESTOR AND MEDIA QUERIES, PLEASE CONTACT:

Frasers Logistics & Commercial Asset Management Pte. Ltd.

Ng Chung Keat

T [phone]

1. [e-mail]

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IMPORTANT NOTICE

This news release is for information purposes only and does not constitute or form part of an offer, solicitation, recommendation or invitation of any offer, to buy or subscribe for any securities of FLCT in Singapore or any other jurisdiction, nor should it or any part of it form the basis of, or be relied on in connection with, any investment decision, contract or commitment whatsoever.

The value of the units in FLCT ("Units") and the income derived from them may fall or rise. The Units are not obligations of, deposits in, or guaranteed by the Manager, Perpetual (Asia) Limited, in its capacity as trustee of FLCT, or Frasers Property (as the sponsor of FLCT).

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 redeem or purchase their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

This news release may contain forward-looking statements or financial information that involve assumptions, 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. Predictions, projections or forecasts of the economy or economic trends of the markets are not necessarily indicative of the future or likely performance of FLCT. The forecast financial performance or financial information of FLCT is not guaranteed. A potential investor is cautioned not to place undue reliance on these forward-looking statements or financial information, which are based on the Manager's current view of future events.

This news release is not an offer or sale of the Units in the United States. The Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration except pursuant to an exemption from, or in a transaction not subject to, the registration requirements under the Securities Act. Any public offering of the Units in the United States would be made by means of a prospectus that would contain detailed information about FLCT, the Manager and its management, as well as financial statements.

This news release is not to be distributed or circulated outside of Singapore. Any failure to comply with this restriction may constitute a violation of United States securities laws or the laws of any other jurisdiction.

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