Financial Statements Announcement: 1Q17 (For the financial period 1 October 2016 to 31 December 2016)

(Constituted in the Republic of Singapore pursuant to a trust deed dated 5 June 2006 (as amended))

Frasers Centrepoint Trust Financial Statements Announcement For the financial period 1 October 2016 to 31 December 2016

Frasers Centrepoint Trust ("FCT") is a real estate investment trust ("REIT") constituted by the Trust Deed entered into on 5 June 2006 (as amended) between Frasers Centrepoint Asset Management Ltd., as the Manager of FCT, and HSBC Institutional Trust Services (Singapore) Limited, as the Trustee of FCT. FCT was listed on the Singapore Exchange Securities Trading Limited (the "SGX-ST") on 5 July 2006. FCT's financial year commences on the 1st of October.

FCT's property portfolio comprises the following suburban retail properties in Singapore: Causeway Point, Northpoint and Yishun 10 Retail Podium, Anchorpoint, YewTee Point, Bedok Point and Changi City Point (collectively, the "Properties"). The acquisition of Yishun 10 Retail Podium, financed by bank borrowing, was completed on 16 November 2016. The Properties are strategically located in various established residential townships, and have a large and diversified tenant base covering a wide variety of trade sectors.

FCT holds 31.17% of the units in Hektar Real Estate Investment Trust ("H-REIT"). H-REIT, an associate of FCT, is a retail-focused REIT in Malaysia listed on the Main Market of Bursa Malaysia Securities Berhad. Its property portfolio comprises Subang Parade (Selangor), Mahkota Parade (Melaka), Wetex Parade (Johor), Central Square and Landmark Central (Kedah).

For financial period ended 31 December 2016 1(a) Income statements together with comparatives for corresponding periods in immediately preceding financial year. 1(a)(i) Statement of Total Return (1Q Dec 2016 vs 1Q Dec 2015)

Group			Trust
1Q Oct 16 to Dec 16 (a)	1Q Oct 15 to Dec 15	Inc /(Dec)	1Q Oct 16 to Dec 16 (a)	1Q Oct 15 to Dec 15	Inc /(Dec)
Gross rent	S$'000	S$'000	%	S$'000	S$'000	%
	39,464	41,828	(5.7%)	39,464	41,828	(5.7%)
Other revenue	4,611	5,247	(12.1%)	4,611	5,247	(12.1%)
Gross revenue	44,075	47,075	(6.4%)	44,075	47,075	(6.4%)
Property manager's fee	(1,713)	(1,826)	(6.2%)	(1,713)	(1,826)	(6.2%)
Property tax	(3,656)	(4,174)	(12.4%)	(3,656)	(4,174)	(12.4%)
Maintenance expenses	(3,462)	(4,219)	(17.9%)	(3,462)	(4,219)	(17.9%)
Other property expenses (b)	(3,609)	(3,312)	9.0%	(3,609)	(3,312)	9.0%
Property expenses	(12,440)	(13,531)	(8.1%)	(12,440)	(13,531)	(8.1%)
Net property income	31,635	33,544	(5.7%)	31,635	33,544	(5.7%)
Interest income	-	-	NM	-	-	NM
Borrowing costs	(4,103)	(4,417)	(7.1%)	(4,103)	(4,417)	(7.1%)
Trust expenses	(381)	(363)	5.0%	(382)	(364)	4.9%
Manager's management fees	(3,582)	(3,611)	(0.8%)	(3,582)	(3,611)	(0.8%)
Net income	23,569	25,153	(6.3%)	23,568	25,152	(6.3%)
Unrealised gain from fair valuation of derivatives (c)	448	154	190.9%	448	154	190.9%
Distribution from associate (d)	-	-	NM	943	962	(2.0%)
Distribution from joint venture (e)	-	-	NM	111	157	(29.3%)
Share of associate's results	902	954	(5.5%)	-	-	NM
- operations (f)
Share of joint venture's results (g)	175	159	10.1%	-	-	NM
Total return for the period before tax	25,094	26,420	(5.0%)	25,070	26,425	(5.1%)
Taxation (h)	-	-	NM	-	-	NM
Total return for the period after tax	25,094	26,420	(5.0%)	25,070	26,425	(5.1%)

Footnotes:

NM - Not meaningful

1. Included the results of Yishun 10 Retail Podium which was acquired on 16 November 2016.

2. Included net provision for doubtful debts amounting to S$86,014 (2015: S$Nil) for the quarter ended 31 December 2016.

3. This relates to unrealised differences arising from fair valuation of interest rate swaps for the hedging of interest rate relating to S$170 million (2015: S$319 million) of the loans. This is a non-cash item and has no impact on distributable income.

   For financial period ended 31 December 2016 Footnotes:

4. Being distribution received from investment in H-REIT during the period.

5. Being distribution received from investment in joint venture during the period. Please refer to footnote (g) for details.

6. The results for H-REIT was equity accounted for at the Group level, net of 10% (2015: 10%) withholding tax in Malaysia, and comprises the following:

7. An estimate of H-REIT's results for the quarter ended 31 December 2016, based on H-REIT's actual results for the quarter ended 30 September 2016 (the latest publicly available results) adjusted for significant transactions and events occurring up to the reporting date of the Group, if any; and

8. Difference in the actual results subsequently reported, and the results previously estimated, in respect of the preceding quarter ended 30 September 2016.

9. Share of joint venture's results relates to the carpark operations at Changi City Point, which is operated through a joint venture entity, Changi City Carpark Operations LLP ("CCP LLP"), formed with Ascendas Frasers Pte Ltd on 21 October 2014. The results for CCP LLP was equity accounted for at the Group level.

10. No provision has been made for tax as it is assumed that 100% of the taxable income available for distribution to unitholders in the current financial year will be distributed. The Tax Ruling grants tax transparency to FCT on its taxable income that is distributed to unitholders such that FCT would not be taxed on such taxable income.

1(a)(ii) Distribution Statement (1Q Dec 2016 vs 1Q Dec 2015)

Group			Trust
1Q Oct 16 to Dec 16 (a)	1Q Oct 15 to Dec 15	Inc /(Dec)	1Q Oct 16 to Dec 16 (a)	1Q Oct 15 to Dec 15	Inc /(Dec)
Net income	S$'000	S$'000	%	S$'000	S$'000	%
	23,569	25,153	(6.3%)	23,568	25,152	(6.3%)
Net tax adjustments (Note A)	3,027	1,439	110.4%	3,028	1,440	110.3%
Distribution from associate (b)	943	962	(2.0%)	943	962	(2.0%)
Distribution from joint venture (c)	111	157	(29.3%)	111	157	(29.3%)
Income available for distribution	27,650	27,711	(0.2%)	27,650	27,711	(0.2 %)
Distribution to unitholders	26,621	26,335	1.1%	26,621	26,335	1.1%
Note A: Net tax adjustments relate to the following non-tax deductible items:
Amortisation of upfront fee for credit facilities	197	218	(9.6%)	197	218	(9.6%)
Manager's management fees paid/ payable in units (d)	2,508	722	247.4%	2,508	722	247.4%
Trustee's fees	103	101	2.0%	103	101	2.0%
Other adjustments	219	398	(45.0%)	220	399	(44.9%)
Net tax adjustments	3,027	1,439	110.4%	3,028	1,440	110.3%

Footnotes:

1. Included the results of Yishun 10 Retail Podium which was acquired on 16 November 2016.

2. Being distribution received from investment in H-REIT during the period.

3. Being distribution received from investment in CCP LLP during the period.

4. Being 70% of the base and performance components of the Manager's management fees for the quarter ended 31 December 2016 (2015: 20% of base and performance components).

For financial period ended 31 December 2016 1(b) Balance Sheet together with comparatives as at end of immediately preceding financial year 1(b)(i) Balance Sheet as at 31 December 2016

Group		Trust
As at 31/12/16	As at 30/09/16	As at 31/12/16	As at 30/09/16
Non-current assets	S$'000	S$'000	S$'000	S$'000
Investment properties (a)	2,555,970	2,509,000	2,555,970	2,509,000
Fixed assets	96	86	96	86
Intangible assets	44	48	44	48
Investment in subsidiary	-	-	*	*
Investment in associate (b)	58,557	59,600	63,843	63,843
Investment in joint venture (c)	299	235	1	1
Total non-current assets	2,614,966	2,568,969	2,619,954	2,572,978
Current assets	7,035	6,800	7,035	6,800
Trade and other receivables
Cash and cash equivalents	23,389	18,708	23,389	18,708
Total current assets	30,424	25,508	30,424	25,508
Total assets	2,645,390	2,594,477	2,650,378	2,598,486
Current liabilities	(35,146)	(39,960)	(35,164)	(39,978)
Trade and other payables (d)
Current portion of security deposits	(25,401)	(20,413)	(25,401)	(20,413)
Deferred income - current	(427)	(427)	(427)	(427)
Borrowings - current (e)	(259,000)	(218,000)	(259,000)	(218,000)
Total current liabilities (f)	(319,974)	(278,800)	(319,992)	(278,818)
Non-current liabilities	(525,691)	(516,000)	(525,691)	(516,000)
Borrowings (e)
Non-current portion of security deposits	(21,091)	(23,883)	(21,091)	(23,883)
Deferred income	(149)	(149)	(149)	(149)
Total non-current liabilities	(546,931)	(540,032)	(546,931)	(540,032)
Total liabilities	(866,905)	(818,832)	(866,923)	(818,850)
Net assets	1,778,485	1,775,645	1,783,455	1,779,636
Unitholders' funds (g)	1,798,537	1,794,694	1,783,455	1,779,636
Translation reserve (b)	(20,052)	(19,049)	-	-
Unitholders' funds and reserves	1,778,485	1,775,645	1,783,455	1,779,636

* This relates to the cost of investment in a wholly-owned subsidiary, FCT MTN Pte. Ltd. ("FCT MTN"), which amounts to S$2.