#1FRASERS LOGISTICS & COMMERCIAL TRUST Blythe Valley Park, the United Kingdom Frasers Logistics & Commercial Trust Investor Presentation 16 June 2021#2Important Notice FRASERS LOGISTICS & COMMERCIAL TRUST This presentation is for information only and does not constitute or form part of an offer, solicitation, recommendation or invitation for the sale or purchase or subscription of securities, including units in Frasers Logistics & Commercial Trust (formerly known as Frasers Logistics & Industrial Trust) ("FLCT", and the units in FLCT, the "Units") or any other securities of FLCT. No part of it nor the fact of its presentation shall form the basis of or be relied upon in connection with any investment decision, contract or commitment whatsoever. The past performance of FLCT and Frasers Logistics & Commercial Asset Management Pte. Ltd. (formerly known as Frasers Logistics & Industrial Asset Management Pte. Ltd.), as the manager of FLCT (the "Manager"), is not necessarily indicative of the future performance of FLCT and the Manager. This presentation contains "forward-looking statements", including forward-looking financial information, that involve assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance, outcomes or achievements of FLCT or the Manager, or industry results, to be materially different from those expressed in such forward-looking statements and financial information. Such forward-looking statements and financial information are based on certain assumptions and expectations of future events regarding FLCT's present and future business strategies and the environment in which FLCT will operate. The Manager does not guarantee that these assumptions and expectations are accurate or will be realised. 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. The Manager does not assume any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise, subject to compliance with all applicable laws and regulations and/or the rules of the Singapore Exchange Securities Trading Limited ("SGX-ST") and/or any other regulatory or supervisory body or agency. The information and opinions in this presentation are subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning FLCT. None of Frasers Property Limited, FLCT, the Manager, Perpetual (Asia) Limited, in its capacity as trustee of FLCT, or any of their respective holding companies, subsidiaries, affiliates, associated undertakings or controlling persons, or any of their respective directors, officers, partners, employees, agents, representatives, advisers or legal advisers makes any representation or warranty, express or implied, as to the accuracy, completeness or correctness of the information contained in this presentation or otherwise made available or as to the reasonableness of any assumption contained herein or therein, and any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation is expressly disclaimed. Further, nothing in this presentation should be construed as constituting legal, business, tax or financial advice. The value of Units and the income derived from them, if any, may fall or rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. Investors should note that they have no right to request the Manager to redeem their Units while the Units are listed. It is intended that holders of Units 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 advertisement has not been reviewed by the Monetary Authority of Singapore. Nothing in this presentation constitutes or forms a part of any offer to sell or solicitation of any offer to purchase or subscribe for securities for sale in Singapore, the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 2#3Glossary Frasers Property entities FLCT: Frasers Logistics & Commercial Trust FLT: Frasers Logistics & Industrial Trust FCOT: Frasers Commercial Trust FPL or the Sponsor: Frasers Property Limited The Group: Frasers Property Limited, together with its subsidiaries Financial Year FY19: Period from 1 October 2018 to 30 September 2019 FY20: Period from 1 October 2019 to 30 September 2020 FY21: Period from 1 October 2020 to 30 September 2021 2HFY19: Period from 1 April 2019 to 30 September 2019 1HFY20: Period from 1 October 2019 to 31 March 2020 2HFY20: Period from 1 April 2020 to 30 September 2020 1HFY21: Period from 1 October 2020 to 31 March 2021 2QFY21: Period from 1 January 2021 to 31 March 2021 Additional notes In the tables, the arrow direction indicates the increase (up) or decrease (down) of the absolute figure, The colour indicates if the change is positive (green), negative (red) or neutral (black). Other acronyms AEI: Asset Enhancement Initiative CBD: Central Business District COVID-19: Coronavirus disease 2019 DPU: Distribution per Unit EURIBOR: Euro Interbank Offered Rate FY: Financial year GRESB: Global Real Estate Sustainability Benchmark GRI: Gross Rental Income IPO: Initial Public Offering L&I: Logistics & Industrial NAV: Net Asset Value NLA: Net Lettable Area p.p.: percentage points REIT: Real estate investment trust RBA: Reserve Bank of Australia ROFR: Right of First Refusal S&P: S&P Global Ratings SGX-ST: Singapore Exchange Securities Trading Limited SME: Small and Medium-sized Enterprise sq ft: Square feet sqm: Square metres TTM: Trailing 12-month UK: the United Kingdom WALE: Weighted average lease expiry WALB: Weighted average lease to break Y-o-Y: Year-on-year FRASERS LOGISTICS & COMMERCIAL TRUST 3#4Overview of FLCT FRASERS LOGISTICS & COMMERCIAL TRUST 103-131 Wayne Goss Drive, Brisbane, Australia#5Frasers Logistics & Commercial Trust A flagship portfolio of 103 properties in five developed countries Australia 103 properties Across 5 Countries(1) S$6.8 billion % Portfolio Value(1) Germany 96.8% Occupancy Rate(2) 風 Singapore United Kingdom nickscali 62 Properties worth $2.98 billion (43.6% of total FLCT portfolio) 29 Properties worth $1.50 billion (22.0% of total FLCT portfolio) 2 Properties worth $1.27 billion (18.5% of total FLCT portfolio) L&I 59 L&I 29 CBD Commercial 1 CBD Commercial 2 Business Park 1 Business Park 1 FRASERS LOGISTICS & COMMERCIAL TRUST 5.0 years WALE (2) Sustainable Leadership GRESB Sector Leader (Industrial) for 3 consecutive years 4 Properties worth $0.77 billion (11.3% of total FLCT portfolio) The Netherlands 6 Properties worth $0.32 billion (4.6% of total FLCT portfolio) 1 L&I 6 L&I Business Park 3 Note: S$ values, unless otherwise stated, are based on an exchange rate of A$1: S$1.0221, €1:S$1.5866 and £1:S$1.8537 as at 31 March 2021. Unless otherwise stated, the portfolio metrics in this presentation includes the five properties in Germany and the UK acquired by FLCT on 4 June 2021, and the property in the Netherlands to be acquired by FLCT. For details, please refer to the related announcements on 24 May 2021 and 4 June 2021. 1. As at 31 March 2021. Excludes the recognition of right-of-use assets upon the adoption of FRS 116 Leases with effect from 1 October 2019. 2. Based 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. 5#61HFY21 Performance Highlights Robust financial performance and healthy key financial indicators FRASERS LOGISTICS & COMMERCIAL TRUST 1HFY21 Results Highlight Revenue 1HFY21 231.7 S$231.7 m 95.1% As at 31 March 2021 Aggregate Leverage 35.3% NAV per Unit 1.14 1HFY20 118.7 S$1,929m debt headroom (1) Adjusted NPI Cost of Borrowings 1.10 +3.6% S$173.9 m 1HFY21 173.9 1.9%(2) 1HFY20 97.0 79.3% Distributable Income S$130.4 m Avg. Weighted Debt Maturity 3.1 years 30-Sep-20 31-Mar-21 1HFY21 130.4 ▲ 71.1% 1HFY20 76.2 % of Fixed-rate Borrowings 70.6% DPU 1HFY21 3.80 S cents 1HFY20 3.80 3.47 ▲ 9.5% 00º Interest Coverage Ratio 6.8 times (3) Assigned first time 'BBB+' BBB+ credit rating by S&P Global, with a 'Stable' outlook on 15 April 2021 Note: As reported by FLCT in its 1HFY21 results announcement dated 6 May 2021. 1. Prior to reaching the 50.0% aggregate regulatory leverage limit. 2. Based on trailing 12 months borrowing cost (including FCOT from date of completion of merger). 3. As defined in the Code on Collective Investment Schemes revised by the Monetary Authority of Singapore on 16 April 2020 and clarified on 29 May 2020 and computed as trailing 12 months EBITDA (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), over trailing 12 months borrowing costs. Borrowing costs include effects of FRS 116. 6#7Five-year Track Record in Value Creation Over threefold net growth in portfolio size in the five years since IPO Proven track record in executing value-accretive acquisitions: Over $5.0 billion (1) of accretive acquisitions since IPO in June 2016 Active portfolio rebalancing: ~S$460.8 million in strategic divestments all at premiums to book value ◆ Completed transformational merger with Frasers Commercial Trust in April 2020 Announced S$562.4 million portfolio acquisition of six European properties in May 2021 FY20 FRASERS LOGISTICS & COMMERCIAL TRUST FY21 S$6.8b AUM FY17 FP16 S$1.6b AUM FRASERS LOGISTICS & INDUSTRIAL TRUST Listed on SGX-ST (20 Jun 2016) 51 Australian properties+three call options IPO price at S$0.89 S$1.9b AUM Acquired seven new logistics & industrial ("L&I") properties in Australia FY18 S$2.9b AUM Maiden acquisition of 21 German and Dutch L&I properties & acquired two Australian L&I properties I Divested two non-core Australian properties FY19 S$3.5b AUM Strengthened presence in Europe and Australia through I the acquisition of 13 new L&I properties I Divested two non-core Australian properties and 50% interest in one Australian property FRASERS COMMERCIAL TRUST S$6.2b AUM FRASERS LOGISTICS & COMMERCIAL TRUST FRASERS Maiden entry into the UK logistics sector, with an LOGISTICS & INDUSTRIAL integrated logistics and TRUST Completed milestone merger with Frasers Commercial Trust !! introducing a new asset class and two new geographies ! ! | Acquired a L&l property in Australia and a I business park in the UK Divested remaining 50% interest in one Australian property business park in I Birmingham; acquired I I four L&I properties in Germany and the Netherlands(3) Divested three non- I core South Australian ! Properties I I I per unit 1. Excludes three IPO call option properties. Includes the FCOT portfolio's book value of approximately S$2.5 billion and based on 100% interest in Farnborough Business Park 2. Announced on 10 December 2020 with an expected completion in March 2021. 3. Please refer to the announcements dated 24 May 2021 and 4 June 2021 for details. 7#8Delivering Sustainable Long-term Returns Trailing 12-month total return of 29.3% (1) Trading Performance (Trailing 12-month to 11 June 2021) 145% 135% FLCT Opening Price: 125% S$1.17 (11 Jun 20) 115% 105% FLCT FTSE ST REIT STI FRASERS LOGISTICS & COMMERCIAL TRUST FLCT Closing Price: S$1.42 (11 Jun 21) 6th largest SREIT S$5.2 billion market capitalisation (2) ~10.7 million units Average Daily Traded Volume(1) 95% 85% 11 Jun 20 17 Jul 20 25 Aug 20 29 Sep 20 03 Nov 20 08 Dec 20 14 Jan 21 19 Feb 21 26 Mar 21 03 May 21 09 Jun 21 Attractive Trading Yield 5.4% 5.3% 3.3% 1.4% 0.8% 0.2% FLCT Average SREIT Annualised Yield TTM Yield STI TTM Yield 12-month S$ Fixed Deposit % ~5.4%(3) Attractive Distribution Yield +21.4% Trailing 12-month unit price movement Key Index Memberships EPRA REAL ESTATE ASSOCIATION Nareit. Constituent of the FTSE EPRA/NAREIT Global Developed Index since March 2019 FTSE Russell Sources: Bloomberg LLP, Monetary Authority of Singapore (MAS). 10-yr Singapore Government Bond 5-yr Singapore Government Bond Included as a constituent stock of the benchmark Straits Times Index (STI) on 13 April 2021 1. For the period from 11 June 2020 to 11 June 2021. 2. As at 11 June 2021. 3. Based on FLCT's closing price of S$1.42 per unit as at 11 June 2021 and by annualising FLCT's 1HFY21 distribution of 3.80 Singapore cents. 8#9Our Strategy for Long-term Value Creation Harnessing FLCT's competitive advantages Our Objectives: > Deliver stable and regular distributions to unitholders > Achieve sustainable long-term growth in DPU Active Asset Management Selective Development Acquisition Growth 56 FRASERS LOGISTICS & COMMERCIAL TRUST Capital & Risk Management ◆ Proactive leasing to maintain high occupancy rate, long WALE and a diversified tenant base Assess and undertake AEIS(1) to unlock further value ♦ Incorporate green features to improve environmental performance ◆ Development of properties complementary to the existing portfolio ◆ Re-development of existing assets and by leveraging the Sponsor's development pipeline ♦ Incorporate sustainability initiatives in the development ◆ Pursue strategic acquisition opportunities of quality properties - Sponsor's ROFR, with a value in excess of S$5 billion - Third party acquisitions ◆ Optimise capital mix and prudent capital management ◆ Maintain a healthy balance sheet and well-spread debt expiry profile with diverse funding sources At least 50% borrowings are at or hedged to fixed interest rates 1. Development activities can be up to 10% of the current AUM as per MAS guidelines. FLCT may exceed the regulatory limit of not more than 10% of the company's deposited property (subject to maximum of 25%) only if additional allowance of up to 15% of the deposited property is utilised solely for redevelopment of an existing property that has been held for 3 years and continues to be held for 3 years after completion and specific approval of unitholders for redevelopment is obtained. 9#10SAURER. Portfolio Highlights FRASERS LOGISTICS & COMMERCIAL TRUST Gustav-Stresemann Weg 1, Münster, Germany#11Portfolio Overview High-quality portfolio with attractive metrics Breakdown by Asset Type and Geography(1) 103 Properties in Five Developed Countries (1) Office & Business Parks, 23.0% CBD United Kingdom, 11.3% Singapore, 18.5% Germany, 22.0% The Netherlands, 4.6% Logistics & Industrial, 58.1% Australia, 43.6% Logistics & Industrial 95 Properties $3,969.1 m Portfolio value (1) Commercial 8 Properties Total FRASERS LOGISTICS & COMMERCIAL TRUST 103 Properties $2,870.2 m Portfolio value(1) $6,839.3 m Portfolio value(1) 2,274,129 sqm Lettable area years 5.5 WALE(2) 381,362 sqm Lettable area 4.2 years WALE (2) 2,655,491 sqm Lettable area 5.0 years WALE (2) years 5.5 WALB(2) 3.6 years WALB(2) 4.7 years WALB(2) Commercial, 18.9% 100.0% Occupancy rate(2) 92.9% Occupancy rate (2) 96.8% Occupancy rate (2) Note: Unless otherwise stated, the portfolio metrics in this presentation includes the five properties in Germany and the UK acquired by FLCT on 4 June 2021, and the property in the Netherlands to be acquired by FLCT. For details, please refer to the related announcements on 24 May 2021 and 4 June 2021. 1. As at 31 March 2021 and based on portfolio value which excludes the recognition of right-of-use assets upon the adoption of FRS 116 Leases with effect from 1 October 2019. 2. Based 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. 11#12Portfolio Overview - Logistics & Industrial Prime and modern properties in Australia, Germany, the Netherlands and the UK FRASERS LOGISTICS & COMMERCIAL TRUST As at 31 March 2021 No. of Properties Australia 59 Germany 29 The Netherlands UK 6 1 Portfolio Value(1) S$2,081.5 m S$1,501.6 m Lettable Area 1,311,199 sqm 709,848 sqm S$315.3 m 233,548 S$70.7 m 19,534 Total 95 S$3,969.1 m Average Age by Value 8.6 years 7.1 years 12.5 years 4.0 years 2,274,129 sqm 8.3 years WALE(2) 4.4 years 7.1 years 8.6 years 10.4 years 5.6 years WALB(2) 4.4 years 7.0 years 8.6 years 9.5 years 5.5 years Occupancy Rate (2) 100.0% 100.0% 100.0% 100.0% 100.0% Average Annual Rental Increment 3.1% Fixed/CPI-linked(3) Proportion of Freehold Assets (1) 71.1% 94.9% CPI-linked 100.0% CPI-linked 100.0% N.M. 82.9% Bad Rappenau, Germany Venlo, The Netherlands Bielefield, Germany Sydney, Australia Brisbane, Australia Mainz, Germany Connexion, the UK Note: Unless otherwise stated, the portfolio metrics in this presentation includes the five properties in Germany and the UK acquired by FLCT on 4 June 2021, and the property in the Netherlands to be acquired by FLCT. For details, please refer to the related announcements on 24 May 2021 and 4 June 2021. 1. As at 31 March 2021 and excludes the recognition of right-of-use assets upon the adoption of FRS 116 Leases with effect from 1 October 2019. 2. Based on GRI, being the contracted rental income and estimated recoverable outgoings for the month of March 2021. Excludes straight lining rental adjustments and include committed leases. 3. 95.6% of the leases have either CPI-linked indexation or fixed escalations. 12 12#13Portfolio Overview - Offices & Business Parks High-quality properties in attractive locations FRASERS LOGISTICS & COMMERCIAL TRUST As at 31 March 2021 Caroline Chisholm Centre Alexandra Technopark Farnborough Business Park Maxis Business Blythe Valley Park Park AT2 Country Canberra, Australia Singapore United Kingdom United Kingdom United Kingdom Caroline Chisholm Centre Alexandra Technopark Ownership 100.0% 100.0% 100.0% 100.0% 100.0% Property Value 251.0 624.2 328.8 125.8 244.7 (S$ m)(1) Lettable Area 40,244 96,086 51,006 17,859 41,679 Farnborough Business Park Maxis Business Park (sqm) WALE(2) 4.3 years 2.8 years 5.2 years 5.9 years 7.5 years WALB(2) 4.3 years 2.6 years 3.9 years 2.6 years 5.1 years Occupancy Rate(2) 100.0% 98.7% 91.8% 100.0% 95.7% Blythe Valley Park Note: Unless otherwise stated, the portfolio metrics in this presentation includes the five properties in Germany and the UK acquired by FLCT on 4 June 2021, and the property in the Netherlands to be acquired by FLCT. For details, please refer to the related announcements on 24 May 2021 and 4 June 2021. 1. As at 31 March 2021. 2. Based 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. 13#14Portfolio Overview - CBD Commercial High-quality commercial assets in prime locations As at 31 March 2021 Cross Street Exchange 357 Collins Street Central Park Country FRASERS LOGISTICS & COMMERCIAL TRUST Singapore Melbourne, Australia Perth, Australia Cross Street Exchange Ownership 100.0% 100.0% 50.0% Property Value 644.2 327.5 324.0(2) (S$ m)(1) Lettable Area (sqm) 36,497 31,962 66,029 WALE(3) 2.5 years 2.4 years 6.0 years WALB(3) 2.5 years 2.4 years 6.0 years Occupancy Rate (3) 82.6% 95.6% 82.9% 357 Collins Street Central Park Note: Unless otherwise stated, the portfolio metrics in this presentation includes the five properties in Germany and the UK acquired by FLCT on 4 June 2021, and the property in the Netherlands to be acquired by FLCT. For details, please refer to the related announcements on 24 May 2021 and 4 June 2021. 1. As at 31 March 2021. 2. Based on 50% interest in the property. 3. Based 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. 14#15Portfolio Lease Expiry Profile Minimal near-term lease expiries Portfolio Lease Expiry Profile as at 31 March 2021(1) 3.8 % % of GRI due for renewal in FY2021 Well spread-out lease expiry profile with no more than 16.4% of GRI expiring in any single year, translating into reduced concentration risk 6 industrial and 34 commercial leases expiring in FY2021, each constituting ≤0.3% of GRI FRASERS LOGISTICS & COMMERCIAL TRUST ■Logistics & Industrial ■Business Space 16.4% 15.4% 17.4% 4.8% 10.7% 9.9% 10.8% 10.7% 8.8% 4.8% 4.5% 1.8% 6.9% 12.6% 5.1% 2.0% 3.8% 0.4% 3.2% 2.0% 5.9% 6.5% 6.3% 7.0% 4.7% 4.7% 4.9% 3.2% 1.5% 0.0% -0.6% 1.8% 0.9% Vacant Sep 21 Sep 22 Sep 23 Sep 24 Sep 25 Sep 26 Sep 27 Sep 28 Sep 29 Sep 2030 and beyond Note: Unless otherwise stated, the portfolio metrics in this presentation includes the five properties in Germany and the UK acquired by FLCT on 4 June 2021, and the property in the Netherlands to be acquired by FLCT. For details, please refer to the related announcements on 24 May 2021 and 4 June 2021. 1. Based 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. 15 15#16Top-10 Portfolio Tenants High-quality and well-diversified tenant base FRASERS LOGISTICS & COMMERCIAL TRUST 23.4% % GRI contribution 5.3 No. Top-10 Portfolio Tenants (1) Country % of GRI WALE (Years) years from Top-10 tenants Average WALE for Top-10 tenants 1. Commonwealth of Australia Australia 4.7% 4.3 2. Google Asia Pacific Singapore 3.7% 3.8 ◆ High-quality tenant base with majority of portfolio tenants comprising Government or related entities, MNCs, conglomerates and listed companies 3. Hermes Germany GmbH Germany 2.6% 11.5 4. Rio Tinto Shared Services Australia 2.3% 9.3 Well-diversified tenant base with no single tenant accounting for more than 4.7% of portfolio GRI(1) FFE Caroline Chisholm Centre, Canberra, Australia 5. Commonwealth Bank of Australia Australia 1.9% 1.8 6. CEVA Logistics (Australia) Australia 1.8% 4.2 7. BMW Germany 1.7% 6.7 8. Techtronic Industries Australia Australia 1.7% 2.6 9. Schenker Australia 10. Fluor Australia 1.6% 3.6 United Kingdom 1.4% 4.1 Note: Unless otherwise stated, the portfolio metrics in this presentation includes the five properties in Germany and the UK acquired by FLCT on 4 June 2021, and the property in the Netherlands to be acquired by FLCT. For details, please refer to the related announcements on 24 May 2021 and 4 June 2021. 1. Based 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. 16#17Tenant Sector Breakdown Well-diversified tenant base with lower concentration risk Portfolio Tenant Sector Breakdown(1)(2) 57.1% 3PL Distribution Consumer & Retail Products of GRI contribution from L&I tenants Manufacturing 6.5% Automotives Manufacturing 3.8% IT Products & Services 7.7% Government and related 5.1% -82.3% of the enlarged portfolio enjoys exposure Insurance & Financial Services 4.5% to Consultancy/Business Solutions 3.8% tenants in government- linked; core and resilient industries; and attractive New Economy (3) sectors Media & Telecoms 2.5% Flexible Workspace 2.2% Medical/Pharmaceuticals 1.9% Mining/Resources 2.8% Engineering 2.7% Food & Beverage 2.0% Others 4.1% 6.1% 23.4% 19.3% 1.6% FRASERS LOGISTICS & COMMERCIAL TRUST Logistics & Industrial Business Space Note: Unless otherwise stated, the portfolio metrics in this presentation includes the five properties in Germany and the UK acquired by FLCT on 4 June 2021, and the property in the Netherlands to be acquired by FLCT. For details, please refer to the related announcements on 24 May 2021 and 4 June 2021. 1. Based 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. 2. Exclude vacancies. 3. "New Economy" sectors refer to high-growth industries with a high adoption of technology and innovation in operations, such as third-party logistics; e-commerce (consumer and enterprise); Information Technology and services amongst others. 17#18Leadership in Sustainability Continuing commitment to high ESG standards Industrial Leadership FRASERS LOGISTICS & COMMERCIAL TRUST The industrial portfolio was named Global Sector Leader (Listed Industrial) for the third consecutive year in the 2020 GRESB Assessment(1) GRES B ***** 2020 greenstar NABERS BREEAM® delivered by bre Strong Commercial Performance Highest Rated Industrial Portfolio in Australia Minimum 4.5-star NABERS(4) Energy ratings BREEAM ratings (5) ◆ Top-5 in Asia Pacific Diversified - Office/Industrial(1) Highest Green Star performance-rated industrial portfolio in Australia(2) First to achieve 6 Star Green Star ratings for industrial facilities in each of New South Wales, Victoria and Queensland ◆357 Collins Street and Caroline Chisholm Centre: minimum 5.0-star ◆ Central Park: first commercial building in Australia to achieve 4.5-star NABERS Energy base building rating, first premium office building in Perth to attain 5.0-star NABERS Energy base building rating Farnborough Business Park and Maxis Business Park: 'Excellent'/ 'Very Good' BREEAM ratings BCA rating (6)(7) BCA Green Mark Gold Plus Cross Street Exchange: BCA Green Mark Gold Plus certification Please visit the FLCT website for more details on its sustainability strategy and performance 1. Refers to the 2020 Real Estate Assessments by GRESB, the global ESG benchmark for real estate. 2. Portfolio Green Star ratings as at 30 September 2020. Green Star ratings are awarded by the Green Building Council of Australia (GBCA) which has assessed the Australian properties against nine key performance criteria - energy, water, transport, materials, indoor environment quality management, land use and ecology, emissions and innovation. 3. Based on lettable area. 4. Refers to the National Australian Built Environment Rating System, Australia's leading independent, evidence based built environment rating system. 5. Refers to the Building Research Establishment Environment Assessment Method, the world's leading sustainability assessment for master planning projects, infrastructure and buildings. 6. Green Mark certification by the Building and Construction Authority, Singapore. 7. Green Mark re-certification for Alexandra Technopark is currently underway. Alexandra Technopark was certified Green Mark Gold prior to re-certification. 18#19Our COVID-19 Response Update and commentary FRASERS LOGISTICS & COMMERCIAL TRUST The REIT Manager is working closely with FLCT's customers to overcome this challenging period together while focusing on managing any near- to mid-term downside risk from the pandemic ◆ The COVID-19 impact on FLCT's distributable income in 1HFY21 is approximately S$1.2 million, comprising mainly rental waivers and allowance for doubtful receivables attributable to the Covid-19 pandemic, which has not been material for the REIT The REIT Manager will continue to monitor the situation closely, support our tenants and exercise prudence Australia Singapore Europe & UK FLCT Limited impact on the ◆ Minimal impact arising from recent COVID-19 measures industrial and commercial properties Expects near- to mid-term impact on the retail components of the Australian portfolio ◆ Expects near- to mid-term impact on the retail components of the Singapore portfolio impact on the Limited German and Dutch industrial portfolio amid ongoing lockdowns in Europe ◆ For the UK, the 'Stay at Home' lockdown nation's national ended on 29 March; progressive easing of lockdown by phases since 12 April, including re-opening of non-essential retail(1) No material impact to the FLCT portfolio to-date with only the retail segment of the commercial portfolio, which represents just 1.6% (2) of FLCT's overall income, being more challenged Structural changes driven by the growth of e-commerce activities and 'hub-and- spoke' trend are expected to drive demand for logistics and suburban office spaces, respectively FLCT's resilient portfolio, strong balance sheet and financial flexibility well- positions the REIT to face the current challenging global environment Note: Unless otherwise stated, the portfolio metrics in this presentation includes the five properties in Germany and the UK acquired by FLCT on 4 June 2021, and the property in the Netherlands to be acquired by FLCT. For details, please refer to the related announcements on 24 May 2021 and 4 June 2021. 1. Guidance, National lockdown: Stay at Home, 4 January 2021. 2. Based 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. 19#20Market Information FRASERS LOGISTICS & COMMERCIAL TRUST Maxis Business Park, Bracknell, the United Kingdom#21Operating Environment in Australia Key economic indicators and market overview Key Economic Indicators (1) Sequential GDP +1.8% for the Mar 21 quarter Overview of the Industrial and Commercial Market (3) Industrial Prime Grade Net Face Rent (A$/sqm/yr) FRASERS LOGISTICS & COMMERCIAL TRUST Prime CBD Commercial Net Face Rent (A$/sqm/yr) +3.2% for the preceding quarter Brisbane Melbourne $150 Sydney $145 ⚫ Perth $700 $140 Unemployment Rate (+1.2% y-o-y) $650 $130 5.6% for the month of Mar 21 $600 $120 $116 Melbourne $625 (+0.0% y-o-y) $624 (-0.6% y-o-y) Improved from 5.8% in Feb 21 $110 (+0.3% y-o-y) $550 $100 $94 $500 $90 Consumer Price Index 1.1% for the 12 months to Mar 21 0.9% for the 12 months to Dec 20 (+0.0% y-o-y) $80 $450 1Q17 1Q18 1Q19 1Q20 1Q21 1Q17 1Q18 1Q19 1Q20 1Q21 National Total Supply for Industrial ('000 sqm) National Total Supply for CBD Commercial ('000 sqm) Cash Rate 0.1% 1,950 Unchanged since Nov 20 1,750 1,550 10-year bond yield 1,350 1.57% 1,150 600 500 10-year average 400 300 200 As at 9 Jun 21(2) 950 750 1Q17 1Q18 1Q19 1Q20 1Q21 10-year average MM 100 1Q17 1Q18 1Q19 1Q20 1Q21 1. Sources: Australian Bureau of Statistics and the Reserve Bank of Australia. 2. Capital Market Yields - Government Bonds - Daily (As at 9 June 2021). 3. Jones Lang LaSalle Real Estate Intelligence Service Q1 2021. 21 21#22Operating Environment in Germany and the Netherlands Key economic indicators and market overview Key Economic Indicators in Germany(1) Sequential GDP -1.8% for the Mar 21 quarter +0.5% for the preceding quarter Consumer Price Index 2.0% for the 12 months to Apr 21 From 1.7% in Mar 21 Unemployment Rate 4.6% for the month of Apr 21 Unchanged from 4.6% in Mar 21 Overview of the German Industrial Market(3) EURIBOR -0.543% 3-month EURIBOR Remained in the negative range(2) • Take-up in Germany increased 19% year-on-year in Q1 2021 as the market continues to recover from the effects of COVID-19. Demand is largely driven by the e-commerce market which saw several large transactions transacted. • Prime rents have remained high in major logistics hubs as a result of limited supply and transactions signed for speculative developments of logistics parks. • Investment volumes recorded €2 billion in Q1 2021 across the major logistics hubs, a decrease of 12% year-on-year. • Prime yields however have remained at a record low of 3.35% from the last quarter after falling from 3.50% in Q3 2020. Take-up and Prime Rents in Germany (for warehouses >5,000 sqm) Key Economic Indicators in the Netherlands(4) Sequential GDP -0.5% for the Mar 21 quarter From -0.1% in the preceding quarter Consumer Price Index 2.1% for the 12 months to May 21 From 1.9% for the 12 months to Apr 21 Overview of the Dutch Industrial Market(3) . FRASERS LOGISTICS & COMMERCIAL TRUST Unemployment Rate 3.4% for the month of Apr 21 From 3.5% in Mar 21 Take-up levels increased 8.7% year-on-year in Q1 2021. Activity was boosted by demand from retail and distribution sectors, which accounted for more than half of total take-up. • Prime rents have stabilized, but strong demand and low availability are continually putting an upward pressure on rents. Investment volumes have dropped in Q1 2021, partly reflecting changes in the tax regime (RETT increased from 6% to 8%). However, demand is still strong, reflecting a shift from other sectors to the logistics sector. • Prime yields have compressed throughout the market to 3.4% in Q1 and are further expected to decrease by the end of the year. Take-up and Prime Rents in the Netherlands (for warehouses >5,000 sqm) '000 sqm Q1 Q2-Q4 Prime Rents €/sqm/yr '000 sqm 4,000 Q1 Q2-Q4 Prime Rents €/sqm/yr 8,000 85.0 86.4 80 80 6,000 2,000 4,000 60 60 60 2,000 1,280 1,280 0 2016 2017 1,540 2018 1,200 2019 1,484 2020 1,765 0 330 40 2016 690 2017 550 2018 780 2019 690 2020 750 40 2021 2021 1. Source: Destatisches Bundesamt (Federal Statistics Office of Germany). 2. Source: https://www.euribor-rates.eu/en/current-euribor-rates/ (As at 9 June 2021). Applicable for both Germany and the Netherlands. 3. Source: BNP Paribas Real Estate Q1 2021. 4. Source: CBS (Statistics Netherlands). 22 22#23Operating Environment in Singapore Key economic indicators and market overview Key Economic Indicators (1) Sequential GDP +2.0% for the Mar 21 quarter Overview of the Singapore Office and Business Park Markets(3) Grade A and Grade B Office Rents (S$ psf per month) Business Park Rents(4) (S$ psf per month) FRASERS LOGISTICS & COMMERCIAL TRUST +3.8% in the preceding quarter Grade A Grade B Islandwide $14.0 11.15 11.50 Business Park (City Fringe) Business Park (Rest of the Island) $12.0 10.40 Unemployment Rate $6.5 5.80 5.85 5.65 5.75 8.95 8.95 5.50 $10.0 2.9% for the month of Mar 21 $5.5 $8.0 $4.5 3.70 3.70 3.80 3.75 3.65 From 3.0% for the month of Feb 21 $6.0 7.90 8.00 7.20 6.85 6.85 $3.5 $4.0 $2.5 $2.0 Consumer Price Index 1Q17 1Q18 1Q19 1Q20 1Q21 1Q17 1Q18 1Q19 1Q20 1Q21 2.1% y-o-y in Apr 21 1.3% y-o-y in Mar 21 Singapore Overnight Rate (2) 0.1203% As at 9 Jun 21 10-year bond yield 1.46% As at 9 Jun 21(2) mil sq ft 1.5 1.0 0.5 0.0 -0.5 0116 Office Supply-Demand Dynamics 0118 0318 61 10 0319 01.20 03 20 0121 8% 6% 4% 2% 0% mil sq ft 1.2 20 1.0 0.8 0.6 0.4 0.2 0.0 -0.2 91 LO Business Park Supply-Demand Dynamics 16% 15% 14% 13% 12% Net supply Net absorption Vacancy rate (RHA) Net supply Net absorption Vacancy rate (RHA) 1. Sources: Singstat, Ministry of Trade and Industry Singapore, Ministry of Manpower Singapore. 2.Source: MAS SGS. 3. Source: CBRE, Singapore Market View, Q1 2021. 4. Alexandra Technopark is a high-specification B1 industrial development located at the city-fringe, with certain physical attributes similar to business parks. Due to limited availability of market research information directly relating to the asset class of Alexandra Technopark, market research information for business parks is provided for indicative reference. 03 16 21 10 03 17 01 18 03 18 Q1 19 Q3 19 Q1 20 03.20 01 21 11% 23 23#24Operating Environment in the United Kingdom Key economic indicators and market overview Key Economic Indicators (1) Sequential GDP -1.5% for the Mar 21 quarter +1.3% in the preceding quarter Unemployment Rate 4.8% for the three months to Mar 21 4.9% for the three months to Feb 21 South East Office Trends and Outlook (3) . FRASERS LOGISTICS & COMMERCIAL TRUST Take-up levels across the South East totaled 647,890 sqft in Q1 2021, the highest level of take-up since the beginning of the pandemic. This is also the strongest Q1 since 2015 and an increase of 8% on the 10-year Q1 average. The development pipeline remains severely constrained with just 289,000 sf completing in 2020, 68% below average. ⚫ Prime rents have remained largely stable across the South East office market. South East Investment Volumes Consumer Price Index 5,000 4,000 Bank Rate 3,000 £ mil 1.6% for the 12 months to Apr 21 Q1 Q2-Q4 Q1 5-Year Average 30.0 29.0 01.0% for the 12 months to Mar 21 27.5 28.0 27.5 28.0 28.0 26.5 28.0 28.0 26.0 27.0 26.5 South East Office Headline Rents (£ psf per year) Bracknell ⚫Farnborough 0.1% 2,000 24.0 Unchanged since March 20 23.5 23.5 1,000 22.0 501 1,070 367 482 597 500 501 0 20.0 2016 2017 2018 2019 2020 2021 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 1. Source: Office for National Statistics. 2. Source: Bank of England, published April 2021. 3. Source: CBRE Research South East Q1 2021. 24 24#25de isafe Inspiring experiences, creating places for good. FRASERS LOGISTICS & COMMERCIAL TRUST#26Appendix: 1HFY21 Performance Highlights FRASERS LOGISTICS & COMMERCIAL TRUST 150-168 Atlantic Drive, Keysborough, Melbourne, Australia#27Key Financial Highlights First half ended 31 March 2021 3.80 Singapore cents 1HFY21 DPU ▲ 9.5% y-o-y 100% Distributable income payout since IPO Key Highlights DPU for 1HFY21 at 3.80 Singapore cents is 9.5% higher than 1HFY20 FRASERS LOGISTICS & COMMERCIAL TRUST Higher revenue and adjusted net property income resulted from the Merger (1) with Frasers Commercial Trust in April 2020, the acquisitions undertaken in FY20 and strengthening of AUD:SGD and EUR:SGD. This was partially offset by the effect of the Sandstone Place Divestment and SA Portfolio Divestment (1) and S$1.2 million of rental waivers and allowance for doubtful receivables attributable to the Covid-19 pandemic The increase in finance costs was due mainly to higher borrowings due to the Merger with FCOT Gain on divestment of investment properties relates to (a) Sandstone Place Divestment which was completed on 23 November 2020; and (b) SA Portfolio Divestment which was completed on 24 March 2021. Financial Highlights (S$'000) 1HFY21 1HFY20 Change (%) Revenue 231,701 118,745 ▲ 95.1 Policy to hedge distributions on a Adjusted Net Property Income (2) 173,890 96,980 ▲ 79.3 rolling six-month basis Finance costs 23,416 13,656 ▲ 71.5 to manage forex Gain on divestment of investment properties 2,451 1,422 ▲ 72.4 volatility on income Distributable Income to Unitholders DPU (Singapore cents) 130,426 76,217 ▲ 71.1 3.80 3.47 ▲ 9.5 Note: As reported by FLCT in its 1HFY21 results announcement dated 6 May 2021. 1. Please refer to Pages 2 and 4 of FLCT's Financial Statements Announcement dated 6 May 2021 for details of the capitalised terms. 2. Adjusted Net Property Income is calculated based on the actual net property income excluding straight lining adjustments for rental income and adding lease payments of right-of-use assets. 27 27#28Healthy Balance Sheet As at 31 March 2021 FRASERS LOGISTICS & COMMERCIAL TRUST ◆ The value of investment properties decreased by 0.6% from S$6,501 million as at 30 September 2020 to S$6,462 million as at 31 March 2021, due mainly to: > The completion of the divestment of the 50% interest in 99 Sandstone Place, Parkinson, Queensland > The completion of the divestment of three leasehold industrial properties in South Australia partially offset by: > Higher AUD/SGD and GBP/SGD exchange rates FLCT is in a net current liability position as at 31 March 2021 due to the maturity of short-term borrowings of S$320 million. The REIT Manager is in discussion with banks to refinance the various loans ◆ Net asset value per Unit increased 3.6% from S$1.10 as at 30 September 2020 to S$1.14 as at 31 March 2021. Balance Sheet (S$'000) Investment properties Other non-current assets Current assets Total assets As at 31 Mar 21 6,461,951 As at 30 Sep 20 6,500,881(1) Net asset value per Unit (S$) 1.14 60,985 34,182 204,799 199,584 6,727,735 6,734,647 1.10 +3.6% 2,471,071 2,620,806 Other liabilities Total liabilities Note: As reported by FLCT in its 1HFY21 results announcement dated 6 May 2021. 317,739 2,788,810 307,164 2,927,970 30-Sep-20 31-Mar-21 1. Includes investment property held for sale. 2. Gross borrowings net of upfront debt related expenses, includes lease liabilities recognised due to the adoption of FRS 116 Leases effective from 1 October 2019. Loans and borrowings(2) 20 28#29Key Credit Metrics Well-spread debt maturity profile with weighted average debt tenor of 3.1 years Key Credit Metrics As at 31 Mar 2021 Change from 31 Dec 2020 Well-spread Debt Maturity Profile FRASERS LOGISTICS & COMMERCIAL TRUST Successfully refinanced and partially paid down c.S$378 million of borrowings in 1HFY21 The Manager is in advanced discussion with banks on the refinancing of the borrowings maturing in the next 6 months and is confident of refinancing them Aggregate Leverage Cost of Borrowings 35.3% ▼ 0.9 p.p. Total Gross Borrowings: S$2,319 million 1.9%(1) DEBT MATURITY PROFILE (S$ MILLIONS, AS AT 31 MARCH 2021) 698 636 50 313 Average Weighted Debt Maturity 3.1 years 00% $$$ % of Borrowings at Fixed Rates 70.6% ▲ 13.2 p.p. 314 116 300 240 586 Interest Coverage Ratio 6.8x(2) ▲ 0.3x 140 66 115 82 131 62 20 138 51 203 185 Debt Headroom (3) S$1,929 m ▲ S$118 m 112 61 19 FY2021 FY2022 FY2023 FY2024 FY2025 > FY2025 Credit Rating (S&P) BBB+ / Stable N.A. ■S$ Debt ■A$ Debt € Debt £ Debt Note: As reported by FLCT in its 1HFY21 results announcement dated 6 May 2021. 1. Based on trailing 12 months borrowing cost (including FCOT from date of completion of merger). 2. As defined in the Code on Collective Investment Schemes revised by the Monetary Authority of Singapore on 16 April 2020 and clarified on 29 May 2020 and computed as trailing 12 months EBITDA (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), over trailing 12 months borrowing costs. Borrowing costs include effects of FRS 116. 3. Prior to reaching the 50.0% aggregate regulatory leverage limit. 29 29#30Prudent Capital Management As at 31 March 2021 Investment Properties (1) and Debt (2) as at 31 March 2021 6,301 2,984 2,319 Total Portfolio ■Investment Properties Debt FRASERS LOGISTICS & COMMERCIAL TRUST 1,590 1,030 1,270 700 367 457 222 Australian Portfolio European Portfolio Singapore Portfolio UK Portfolio Interest Risk Management as at 31 March 2021 SGD, 16.0% $ 70.6% Borrowings at fixed rates Fixed, 70.6% Variable, 29.4% ▲ 13.2 p.p from 31 Dec 20 EUR, 11.9% AUD, 1.5% Note: As reported by FLCT in its 1HFY21 results announcement dated 6 May 2021. 1. Excludes recognition of right-of-use assets upon the adoption of FRS 116 Leases with effect from 1 October 2019. 2. Refers to debt in the currency or hedged currency of the country of the investment properties. 30#31Leasing Update 62,587 sq m of leasing for the period from January to March 2021 ("2QFY21") 2QFY21 Industrial Leasing Summary 62,587 sqm FRASERS LOGISTICS & COMMERCIAL TRUST No. of Leases Lettable Area (sqm) Average Lease Term Annual Increment Reversion(1) 5 53,683 2.5 years 3.0-3.3% -3.6% Australia leased/renewed in 2QFY21, totaling Europe 0 126,133 sqm for 1HFY21 % +0.1% portfolio rental reversion for 2QFY21 2QFY21 Reversion: -3.6% TTM (2) Reversion: -4.1% 2QFY21 Commercial Leasing Summary No. of Leases Lettable Area (sqm) Average Lease Term Reversion(1) Singapore 12 8,559 3.0 years 3.7% Australia 1 345 5.0 years 9.9% 2QFY21 Reversion: 4.0% TTM (2) Reversion: 1.8% Note: As reported by FLCT in its 1HFY21 results announcement dated 6 May 2021. 1. Calculated based on the signing gross rent (excluding any contracted fixed annual rental step-ups) of the new/renewed lease divided by the preceding terminating gross rent of each new/renewed lease (weighted by gross rent) of existing space. 2. Refers to reversion on leases contracted for the trailing 12-month period from 1 April 2020 to 31 March 2021. 31 334#32Appendix: Additional Market Information 18 Cross Street CROSS STREET EXCHANGE FRASERS LOGISTICS & COMMERCIAL TRUST Cross Street Exchange, Singapore#33Australian Industrial Market Sydney FRASERS LOGISTICS & COMMERCIAL TRUST ◆ Supply: Over the last 12 months, 439,990 sqm of new stock was completed in Sydney which is below the historic ten-year average. There were limited new completions in the first quarter of 2021 ("1Q21") with only 3 developments reaching completion totalling 31,749 sqm of GLA. The Sydney development pipeline remains strong with approximately 539,000 sqm of new stock either under construction or with approved plans. Demand: In 1Q21, Sydney recorded 313,113 sqm of gross take-up which is significantly higher than the historic ten-year average. The strong gross take-up is supported by rising demand from eCommerce users. This has resulted in the Retail Trade sector accounting for 41% of gross take up during the quarter. The second and third largest user groups were Postal, Transport and Warehousing users (32%) and Wholesale Trade users (10%). Rents: Low vacancy rates and a shortage of developable land has translated to an average y-o-y rental growth of approximately 1.2% across all industrial precincts. The Outer Central West continues to perform strongly with net face rents growing by 3.2% to A$130/sqm. Prime industrial incentives have also increased slightly over the previous 12 months although they remain relatively low compared to other markets. Average prime incentives in the Outer Central West currently sitting at 16%. ◆ Vacancy: As at March 2021, industrial vacancies in Sydney remain near historic 5-year lows with approximately 575,149 sqm of available space. Sydney industrial vacancy are expected to increase over the next 12 months as new speculative stock is completed. Sydney Industrial Total Supply Sydney Industrial Prime Grade Net Face Rents 800 150 $145 $143 $139 700 140 $135 (ubs 000,) 600 500 400 300 200 (A$/sqm/yr) $129 130 $119 $121 $122 $124 120 $115 110 100 0 100 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 Completed 10-year annual average Annualised as at 1Q21 Sources: Jones Lang LaSalle Real Estate Intelligence Service - Sydney Industrial Final Data 1Q21; Jones Lang LaSalle Real Estate Intelligence Service - Sydney Industrial Snapshot 1Q21; Jones Lang LaSalle Real Estate Data Solution - Sydney Construction Projects from Q2 2011 to 1Q 2021; Knight Frank Research - National Industrial March 2021. 33#34Australian Industrial Market Melbourne FRASERS LOGISTICS & COMMERCIAL TRUST ◆ Supply: A total of four projects with a total GLA of 125,660 sqm reached practical completion in Melbourne over 1Q21. Over the last 12 months, 767,325 sqm of new stock was completed in Melbourne which is significantly above the historic ten-year average. In 1Q21, the bulk of new industrial supply were concentrated in the Northern (53%) and Western Precincts (47%), reflective of their less restrictive land supply environments. Demand: With lockdown restrictions easing in Victoria, leasing activity has significantly increased over the previous two quarters. Gross take-up for 1Q21 totalled 546,939 sqm which is the highest recorded gross-take up for the Melbourne market on record. The West industrial precincts recorded over 307,000 sqm of gross take representing 56% of all take up during the quarter. Rents: Due to high levels of new supply in Melbourne, industrial face rents have generally remained flat, however there has been a slight face rental growth in the South East and North industrial precincts. The South East continues to be one of the strongest performing precinct with face rents increasing slightly to A$95/sqm net. Incentives in South East have also remained stable at around 23%. ◆ Vacancy: During the March quarter, vacancies in Melbourne declined 20% as a result of strong tenant demand. As at March 2021, there was approximately 886,314 sqm of available industrial space in the Melbourne market. However, vacancy rates in Melbourne are expected to increase over the next 12 months as new speculative stock is completed. ('000 sqm) 900 800 700 600 500 400 300 200 Melbourne Industrial Total Supply 100 0 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 Completed Annualised as at 1Q21 10-year annual average Melbourne Industrial Prime Grade Net Face Rents 100 95 $93 $94 $94 (A$/sqm/yr) 89 $92 $90 00 90 $88 $89 $89 $87 $84 85 80 60 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 Sources: Jones Lang LaSalle Real Estate Intelligence Service - Melbourne Industrial Final Data 1Q21; Jones Lang LaSalle Real Estate Intelligence Service - Melbourne Industrial Snapshot 1Q21; Jones Lang LaSalle Real Estate Data Solution - Melbourne Construction Projects from Q2 2011 to 1Q 2021; ; Knight Frank Research - National Industrial March 2021. 34 ==#35Australian Industrial Market Brisbane FRASERS LOGISTICS & COMMERCIAL TRUST ◆ Supply: During the March quarter, two developments were completed in Brisbane adding 12,800 of GLA to the market. Over the last 12 months, development activity in Brisbane has exceeded the 10-year average, with 378,605 sqm of new stock being added to the market. The largest completion during the quarter was a 7,000 sqm warehouse at 498 Progress Road, Wacol developed by Garda Capital Group. The supply pipeline remains relatively strong with 11 projects under construction, totalling 205,450 sqm which are expected to complete in 2021 and 2022. Demand: Tenant demand for industrial space in Brisbane has remained in line with the historic 10-year quarterly average. During the March quarter Brisbane recorded a gross take-up of 117,994 sqm. 75% the new leases were concentrated in the South with the remaining 25% in the Trade Coast. The largest transaction of the quarter was a 19,650 sqm lease to Eureka Street Furniture at 33 Iris Place, Acacia Ridge. Rents: Rental rates remained relatively stable across Brisbane over 1Q21. The only market to record rental growth over the previous 12 months was the Southern industrial precinct. Face rents increase 0.9% to A$111/sqm net. Incentives in Brisbane South have remained stable at 20% for prime industrial assets however incentives are expected to increase as new speculative developments reach completion. ◆ Vacancy: Vacancy levels in Brisbane have increased in 1Q21 as a result of speculative developments reaching completion. As at March 2021, the level of available industrial space is approximately 612,732 sqm. However, vacancy rates in Brisbane are expected to increase over the next 12 months as new speculative stock is completed. ('000 sqm) 450 400 350 300 250 200 150 100 50 0 Annualised as at 1Q21 Brisbane Industrial Total Supply (A$/sqm/yr) 130 Brisbane Industrial Prime Grade Net Face Rents $120 $120 $119 $118 $117 120 $115 $115 $116 $112 $110 110 100 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 Completed 10-year annual average 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 Sources: Jones Lang LaSalle Real Estate Intelligence Service - Brisbane Industrial Final Data 1Q21; Jones Lang LaSalle Real Estate Intelligence Service - Brisbane Industrial Snapshot 1Q21; Jones Lang LaSalle Real Estate Data Solution - Brisbane Construction Projects from Q2 2011 to 1Q21; Knight Frank Research - National Industrial March 2021. 35 35#36Australian Commercial Market Melbourne CBD office FRASERS LOGISTICS & COMMERCIAL TRUST ◆ Supply: There were no new major commercial developments completed in the Melbourne CBD in 1Q21. During 2020, a total of seven new projects were completed in the Melbourne CBD contributing approximate 329,000 sqm of net lettable area ("NLA") making 2020 the highest year for completions since 1991. There are currently five new developments and two building refurbishments under construction in the Melbourne CBD. The developments will provide 260,270 sqm of NLA to the market and are due to be completed by 2023. . Demand: Tenant demand in Melbourne CBD has continued to remain weak however enquiry has begun to pick up as COVID restrictions continue to ease in Victoria. During 1Q21, the Melbourne CBD experienced negative net absorption of 56,195 sqm as tenants continued to offer sublease space to the market. Occupier demand is expected to remain subdued over the short term, as tenants continue to assess future office space requirements. JLL expects the Melbourne market to recover throughout 2021 with leasing activity increasing throughout the year. ◆ Rents: Tenant demand in the Melbourne CBD has remained subdued over Q1 2021 and has resulted in an increase in vacancies and incentives. Over the last 12 months average net prime rents in Melbourne CBD have increased by 1.2% to A$624/sqm. Although we note that face rents have not recovered to their pre-COVID levels. Prime incentives in the Melbourne CBD have also increased slightly over the quarter and are currently at 34%. Despite the positive rental growth, the increase of incentives has resulted in negative effective rental growth over the quarter. ◆ Vacancy: As at 1Q21, the vacancy rate in Melbourne's CBD rose to 14.3%, being the highest level since 1999. This increase is due to a combination of weak tenant demand, increased sublease space as well as several large tenant contractions. As at 31 March 2021, there is approximately 727,725 sqm of vacant commercial space in the Melbourne CBD. According to JLL, vacancies are expected to peak in 2021 as new supply reaches completion and additional sublease space is offered to the market. ('000 sqm) 350 300 250 200 150 100 50 0 Melbourne Commercial Total Supply Melbourne Prime Grade Net Face Rent 700 650 $628 $624 $580 600 $562 Jim (A$/sqm/yr) $515 550 $466 500 $450 $432 $417 450 $400 400 350 300 + 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 Completed 10-year annual average Annualised as at 1Q21 Sources: Jones Lang LaSalle Real Estate Intelligence Service - Melbourne CBD Office Final Data 1Q21; Jones Lang LaSalle Real Estate Intelligence Service - Melbourne CBD Office Snapshot 1Q21; Jones Lang LaSalle Real Estate Data Solution - Melbourne CBD Office Construction Projects from 2Q 2011 to 1Q 2021. 36#37Australian Commercial Market Perth CBD office FRASERS LOGISTICS & COMMERCIAL TRUST ◆ Supply: Development activity in the Perth CBD has been subdued with no new developments being completed in the last 12 months. There are currently two major new developments under construction in the Perth CBD, Chevron HQ and Capital Square Tower 2. The two developments are expected to be completed in 4Q 2023 and 4Q 2021 respectively and will provide approximately 79,200 sqm of commercial space to the Perth Market. Due the persistently high vacancy rates in Perth there is unlikely to be any additional developments added to the supply pipeline. . . Demand: Tenant demand has remained subdued with Perth CBD experienced negative net absorption of 2,600 sqm. Tenant enquiry has begun to pick up particularly for fitted out B-grade office accommodation. The new enquiry is primarily driven by the mining and professional service sectors. The WA State Government remains an active player in the market as it continues to review its office space requirements. Rents: Despite softening demand, prime rents in the Perth CBD remained stable over the previous 12 months. The average net prime rents in the Perth CBD are currently A$625/sqm. Over the quarter incentives for prime office space have also remained stable at 49%. The high-level of incentives is due to continued high vacancy rates and modest tenant demand in the Perth CBD office market. ◆ Vacancy: During 1Q 2021 the vacancy rate in Perth CBD increased slightly to 20.16%. Currently, there is approximately 364,401 sqm of vacant commercial space in the Perth CBD market. Vacancy rates are expected to decrease as demand from the mining and professional service sector are expected to increase over the next 12 months. ('000 sqm) 160 140 80 60 20 ༄ ༈ ༄ ¥ 8 ° 120 100 Perth CBD Office Total Supply (A$/sqm/yr) Perth CBD Office Prime Grade Net Face Rent 800 $747 $722 750 $701 700 $660 $635 650 $621 $617 $621 $625 $625 600 550 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 Completed 10-year annual average Annualised as at 1Q21 Sources: Jones Lang LaSalle Real Estate Intelligence Service - Perth CBD Office Final Data 1Q21; Jones Lang LaSalle Real Estate Intelligence Service - Perth CBD Office Snapshot 1Q21; Jones Lang LaSalle Real Estate Data Solution - Perth CBD Office Construction Projects from Q2 2011 to 1Q21. 37 37#38(S$ psf per month) Singapore Commercial Market CBD office FRASERS LOGISTICS & COMMERCIAL TRUST ◆ Supply: There has been some new office completions in Q1 21, bringing total new completions in the 12-month period to 31 March 21 at c.636k mil sq ft. The bulk of the office supply will be injected into the market from 2021 to 2023, with bigger projects that include Capitaspring, Guoco Midtown and Central Boulevard Towers slated for completion by 2023. Demand: There has been an uptick in leasing momentum, total net absorption in 1Q21 was positive at 134,348 sq ft. In particular, Grade A (Core CBD) market registered a positive net absorption, as occupier capitalised on declining rents and moved to prime office buildings. Demand mainly driven by firms from the technology and financial services industries. Rents: In Q1 21, Grade A rental rates remained stable q-o-q at $10.40 psf/month. While Grade B market rents continue to grapple, seeing a further rental decline of 1.3% q-o-q to $7.80 psf/month. ◆ Vacancy: Coupled with lower occupancy of the new-builds upon completion, as well as the impact of slower demand with firms re-evaluating their real estate footprint and downsizing, vacancy rose from 5.0% in Q1 20 to 5.9% in Q1 21. Singapore Grade A and Grade B office rents $14 11.15 11.4 $12 11.5 10.6 10.3 10.25 9.55 9.7 10.40 9.9 $10 8.95 Singapore office rents 1Q 21 (psf/month) Q-o-q (%) $8 Grade A CBD Core S$10.40 8.05 7.9 8 $6 7.12 7.25 7.55 7.5 7.1 6.85 7.1 7.20 $4 Grade B CBD Core Grade B Islandwide S$7.80 1.3 S$7.20 ▼ 2.0 $2 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 Grade A Grade B Islandwide Source: CBRE, Singapore Market View, Q1 2021. 38#39Singapore Commercial Market Business park(1) FRASERS LOGISTICS & COMMERCIAL TRUST ◆ Supply: The completion of on-going projects are expected to be delayed by at least three months due to disruptions in the construction industry. From 2021 to 2023, an estimated 4.14 million sq ft of new supply will come on stream. Demand: Leasing activity was subdued in Q1 2021, with renewals and relocations continuing to feature. Total island wide net absorption registered at negative 35,817 sq ft in Q1 2021. . Rents: With landlords becoming more flexible in rental negotiations as they seek to maintain occupancy levels, both City Fringe and Rest of Island markets registered a drop in rents. The former saw a decrease of 0.9% q-o-q to $5.75 psf/ month whereas the latter saw a less steep drop of 1.4% q-o-q to $3.65 psf/month. The upcoming supply e.g. Clean TechPark slated for completion in 2021 is likely to put pressure on rents. ◆ Vacancy: Island wide vacancy rate eased slightly from 13.0% in 3Q20 to 12.8% in 4Q20 with no new supply over the past three months. Occupancy rate is unlikely to dip significantly as there is limited large contiguous space in city fringe business parks (S$ psf per month) Singapore Business Park rents $6.5 $6.0 5.8 5.85 5.75 5.4 5.5 5.5 5.65 Singapore business park rents 5.25 5.3 5.4 $5.5 5.05 $5.0 $4.5 $4.0 $3.5 City fringe Rest of Island 1Q 21 (psf/month) S$5.75 Q-o-q (%) ▼ 0.9 S$3.65 ▼ 1.4 3.8 3.85 3.8 3.7 3.7 3.65 3.65 3.7 3.7 3.75 3.65 $3.0 $2.5 + 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 Business Park (City Fringe) Source: CBRE, Singapore Market View, Q1 2021. Business Park (Rest of the Island) 1. Alexandra Technopark is a high-specification B1 industrial development located at the city-fringe, with certain physical attributes similar to business parks. Due to limited availability of market research information directly relating to the asset class of Alexandra Technopark, market research information for business parks is provided for indicative reference. 39 39#40Trends in E-commerce Strong logistics industry tailwinds in the UK, Germany and the Netherlands UK and Germany are the two largest e-commerce markets in Europe and among the top 10 globally E-commerce sales in top-10 e-commerce markets (USD bn, 2020) FRASERS LOGISTICS & COMMERCIAL TRUST % change 16.0% 18.0% 14.7% 5.8% 19.5% 16.2% 17.1% 21.0% 20.7% 22.9% 2,090 1,802 2019 2020 710 602 134 154 123 131 87 104 79 92 66 77 43 52 32 39 27 33 The COVID-19 pandemic has accelerated online retail spending in the UK, spurring strong demand for logistics real estate Y-o-Y breakdown of UK retail sales through e-commerce (%) E-commerce-driven industrial demand in UK (m sq ft) No. of UK logistics units vs vacancy rate 50% 100 160 10% 45% 92 Only 4 40% I Online retails sales as a % of 35% I 30% total retail sales has accelerated! due to the pandemic +46.0% 90 c.3x 140 500k sq ft + 9% 80 120 buildings 8% 70 available 7% 60 25% units 100 50 80 20% 40 30 15% 30 10%- 20 Number 60 TTT 6% 5% 4% 3% 40 2% 5% 10 20 1% 0% 0 0 2016 0% 2017 2018 2019 2020 2020 2021F 2022F 2023F 2024F 2016 2017 100-250k sq ft 500k sq ft + 2018 2019 2020 250-5000k sq ft UK vacancy rate (rhs) Source: CBRE Limited, Property Data, UK Office for National Statistics. 40 40#41Trends in E-commerce Strong logistics industry tailwinds in the UK, Germany and the Netherlands Sharp growth in online penetration in Germany and the Netherlands Changing consumer behaviour driven by the COVID-19 pandemic has accelerated the shift in retail spending to online Online penetration in Germany increased 20.7% y-o-y in 2020 Online penetration in the Netherlands increased 24.7% y-o-y in 2020 Online penetration FRASERS LOGISTICS & COMMERCIAL TRUST Online penetration and year-on-year ("y-o-y") growth for Germany and the Netherlands 15% Germany Netherlands German Y-o-Y Growth Dutch Y-o-Y Growth 10% 8.2% 8.7% 8.3% 7.8% 7.4% 7.4% 6.5% 5.7% 50% 10.5%10.3% 40% 30% 5% +24.7% +20.7% 20% 0% 10% 2016 2017 2018 0% 2019 2020 y-o-y growth German industrial take-up (sqm'000) (for warehouse > 5,000 sqm) Dutch industrial take-up (sqm'000) (for warehouse > 5,000 sqm) Strong take-up in industrial space in Germany and the Netherlands Take-up in Germany increased 19.0% year-on-year in Q1 2021 Take-up in Netherlands increased 8.7% year-on-year in Q1 2021 4,800 4,931 5,694 5,348 2,280 1,850 2,050 4,241 1,530 Demand is largely driven by the e-commerce market in Germany and retail and distribution sectors in the Netherlands 690 1,280 1,280 1,540 1,200 1,484 1,765 690 330 550 780 690 750 2016 ■ Q1 2017 2018 2019 ■ Q2-Q4 2020 2021 2016 2017 2018 2019 2020 2021 ■ Q1 ■Q2-Q4 Source: eMarketer, BNP Paribas Real Estate Q1 2021. 41