Frasers Property (TQ5) Investor presentation summary

Strategic rationale and objectives

• Portfolio optimisation aims to enhance capital efficiency and long-term shareholder value through asset categorisation and targeted transaction strategies.

• Assets are classified as stabilised, with potential, or non-core, each with a tailored approach for retention, redevelopment, or divestment.

• The initiative follows the 2025 privatisation of FHT, leveraging multi-asset class capabilities for value creation.

• Ownership structures are unified, and legacy obligations such as fixed rentals and guarantees are removed to maximise flexibility.

• Capital recycling and disciplined allocation underpin the approach, focusing on risk-adjusted returns and recurring income.

Transaction structure and financial terms

• The transaction value is approximately S$674.3 million, representing 7.7% of the latest audited NTA.

• Portfolio is transacted at a 6.7% premium to the latest independent valuation and a 1.6% premium to the implied take-private valuation.

• Key assets include Frasers House Singapore, The Westin Kuala Lumpur, ANA Crowne Plaza Kobe, and others, with adjusted gross asset values detailed.

• Preference units and new trust structures are used to retain exposure and facilitate future divestments or redevelopments.

• Transaction completion will result in a lighter balance sheet, reducing on-balance sheet hospitality assets from S$3.7b to S$2.5b.

Shareholder approval and governance

• Transactions are classified as Interested Person Transactions, requiring shareholder approval under Rule 906(1)(a) of the Listing Manual.

• Approval threshold is more than 50% of shares present and voting, with certain related parties abstaining.

• Independent Financial Adviser (IFA) and relevant directors unanimously recommend voting in favour, citing normal commercial terms and no prejudice to minority shareholders.

• EGM is scheduled for 28 August 2026, with proxy voting available until 25 August 2026.