Frasers Centrepoint : 1QFY17 Financial Statements Announcement

FRASERS COMMERCIAL TRUST FINANCIAL STATEMENTS ANNOUNCEMENT FOR THE QUARTER ENDED 31 DECEMBER 2016

FRASERS COMMERCIAL TRUST ("FCOT" or the "Trust") is a real estate investment trust established under a Trust Deed dated 12 September 2005 (as restated, amended and supplemented) entered into between Frasers Centrepoint Asset Management (Commercial) Ltd (as manager of FCOT) (the "Manager") and British and Malayan Trustees Limited (as trustee of FCOT) (the "Trustee").

The principal activities of FCOT and its subsidiaries (the "Group") are those relating to investment in a portfolio of commercial real estate and real estate related assets with the primary objective of delivering regular and stable distributions to Unitholders, and to achieve long-term growth in such distributions and the net asset value per Ordinary Unit of FCOT ("Unit").

The property portfolio of FCOT as at 31 December 2016 consists of six properties as follows:-

Singapore

1. China Square Central located at 18, 20 & 22 Cross Street ("China Square Central")

2. Alexandra Technopark located at 438A/438B Alexandra Road ("ATP")

3. 55 Market Street

Australia

1. 50.0% indirect interest in Central Park located in Perth ("Central Park")

2. Caroline Chisholm Centre located in Canberra ("Caroline Chisholm Centre")

3. 357 Collins Street located in Melbourne ("357 Collins Street").

SUMMARY OF CONSOLIDATED RESULTS OF FCOT AND ITS SUBSIDIARIES - 1 October 2016 to 31 December 2016 ("1Q2017") vs 1 October 2015 to 31 December 2015 ("1Q2016")

Group
1/10/2016 to	1/10/2015 to	Change
31/12/2016	31/12/2015
Gross revenue	S$'000	S$'000	%	-
	39,679	39,623
Net property income	29,212	29,378	(1%)
Total return for the period	18,736	17,700	6%
Distribution Income for Unitholders	19,939	19,702	1%
Distribution per Unit (cents)	2.51	(1)	2.51	-
Unitholders
For the period
Annualised	9.94	9.96	-

Footnotes:

(1) The number of Units used to calculate the amount available for distribution per Unit ("DPU") is 795,818,663. Please see Section 1(d)(ii) for the details of changes in the number of Units.

1(a) Consolidated Statement of Total Return together with a comparative statement for the corresponding period of the immediately preceding financial year

Group
1/10/2016 to	1/10/2015 to	Change
31/12/2016	31/12/2015
S$'000	S$'000	%
39,679	39,623	-
(10,467)	(10,245)	2%
29,212	29,378	(1%)
134	171	(22%)
(3,442)	(3,415)	1%
(383)	(439)	(13%)
(5,993)	(6,128)	(2%)
19,528	19,567	-
248	246	1%
281	(141)	NM
87	(769)	NM
(185)	11	NM
19,959	18,914	6%
(1,223)	(1,214)	1%
18,736	17,700	6%

Gross revenue (1)

Property operating expenses (2)

Net property income (3)

Interest income

Manager's management fees Trust expenses

Finance costs (4)

Net income before foreign exchange differences, fair value changes and taxation

Foreign exchange gain

Net change in fair value of investment properties (5)

Net change in fair value of derivative financial instruments Realised (loss)/gain on derivative financial instruments(6)

Total return before tax

Taxation

Total return for the period

NM - Not meaningful

Reconciliation of Total Return for the Period to Income Available for Distribution

Group
1/10/2016 to	1/10/2015 to	Change
31/12/2016	31/12/2015
S$'000	S$'000	%
18,736	17,700	6%
-	786	NM
156	145	8%
377	406	(7%)
(281)	141	NM
(87)	769	NM
272	322	(16%)
(249)	(249)	-
132	(275)	NM
883	(43)	NM
1,203	2,002	(40%)
19,939	19,702	1%
17,750	19,702	(10%)
2,189	-	NM
19,939	19,702	1%

Total return for the period

Non-tax deductible / (non-taxable) items and other adjustments: Management fees payable in Units

Trustees' fees

Amortisation of borrowing costs

Net change in fair value of investment properties

Net change in fair value of derivative financial instruments Deferred taxation

Unrealised exchange gain

Effects of recognising accounting income on a straight line basis over the lease term

Other non-tax deductible items and temporary differences Net effect of non-tax deductible / (non-taxable) items and other adjustments

Income available for distribution to Unitholders (7)

Unitholders' distribution comprise:

• from operations

• from capital returns (8)

NM - Not meaningful