Annual financial statement
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Frasers Centrepoint Trust and its Subsidiaries (Constituted in the Republic of Singapore pursuant to a Trust Deed dated 5 June 2006 (as amended, restated and supplemented)) CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD AND FINANCIAL YEAR ENDED 30 SEPTEMBER 2026
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 TABLE OF CONTENTS ITEM NO. DESCRIPTION Page A. CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION 1 B. CONDENSED INTERIM STATEMENT OF TOTAL RETURN 2 C. DISTRIBUTION STATEMENT 3 D. CONDENSED INTERIM STATEMENTS OF MOVEMENTS IN UNITHOLDERS’ FUNDS 4 E. PORTFOLIO STATEMENT 6 F. CONDENSED INTERIM STATEMENT OF CASH FLOWS 8 G. NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS 11 H. OTHER INFORMATION REQUIRED BY LISTING RULE APPENDIX 7.2 27
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 The accompanying accounting policies and explanatory notes form an integral part of these condensed interim financial statements. 1 CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2026 Group Trust Note 2026 2025 2026 2025 $’000 $’000 $’000 $’000 Non-current assets Investment properties 3 6,084,000 6,449,000 – 2,154,000 Fixed assets 23 13 – – Investment in subsidiaries – – 5,425,396 3,646,641 Investment in joint ventures 4 1,112,578 1,042,638 361,778 361,778 Loan to joint venture 4 58,277 – 58,277 – Derivative financial instruments – – 4,642 19,203 7,254,878 7,491,651 5,850,093 6,181,622 Current assets Trade and other receivables 15,824 13,051 3,572 3,332 Derivative financial instruments – – 106 260 Cash and cash equivalents 440,928 107,530 288,471 10,778 456,752 120,581 292,149 14,370 Total assets 7,711,630 7,612,232 6,142,242 6,195,992 Current liabilities Trade and other payables 84,070 85,787 223,639 196,397 Current portion of security deposits 49,687 44,913 140 13,567 Derivative financial instruments 235 19,022 235 19,022 Provision for taxation 141 283 32 36 Interest-bearing borrowings 6 111,586 404,350 – 309,904 245,719 554,355 224,046 538,926 Non-current liabilities Non-current portion of security deposits 54,663 66,127 – 22,092 Derivative financial instruments 23,067 68,467 11,944 38,248 Interest-bearing borrowings 6 2,449,500 2,181,414 1,226,400 930,788 2,527,230 2,316,008 1,238,344 991,128 Total liabilities 2,772,949 2,870,363 1,462,390 1,530,054 Net assets 4,938,681 4,741,869 4,679,852 4,665,938 Represented by: Unitholders’ funds 4,740,263 4,543,451 4,481,434 4,467,520 Perpetual securities 198,418 198,418 198,418 198,418 4,938,681 4,741,869 4,679,852 4,665,938 Units in issue (’000) 7 2,039,305 2,029,316 2,039,305 2,029,316 Net asset value/Net tangible asset per Unit attributable to Unitholders ($) 8 2.32 2.23 2.19 2.20
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 The accompanying accounting policies and explanatory notes form an integral part of these condensed interim financial statements. 2 CONDENSED INTERIM STATEMENT OF TOTAL RETURN SIX-MONTH PERIOD AND FINANCIAL YEAR ENDED 30 SEPTEMBER 2026 Group Note Six-month period ended 30/9/2026 Six-month period ended 30/9/2025 Increase/ (Decrease) % Year ended 30/9/2026 Year ended 30/9/2025 Increase/ (Decrease) % $’000 $’000 $’000 $’000 Gross revenue 9 223,018 205,212 8.7 444,886 389,603 14.2 Property expenses 10 (62,085) (60,922) 1.9 (123,192) (111,623) 10.4 Net property income 160,933 144,290 11.5 321,694 277,980 15.7 Finance income 11 3,807 536 N.M. 9,165 624 N.M. Finance costs 11 (41,670) (45,199) (7.8) (86,857) (86,163) 0.8 Asset management fees (22,736) (21,814) 4.2 (45,421) (41,187) 10.3 Valuation fees (57) (60) (5.0) (145) (148) (2.0) Trustee’s fees (614) (599) 2.5 (1,224) (1,132) 8.1 Audit fees (186) (164) 13.4 (366) (312) 17.3 Professional fees (603) (500) 20.6 (1,687) (1,058) 59.5 Other charges (307) (323) (5.0) (779) (769) 1.3 Net income 98,567 76,167 29.4 194,380 147,835 31.5 Share of results of joint ventures 82,560 37,332 N.M. 111,099 62,645 77.3 Gain on divestment of investment property 3 – 128 (100.0) – 128 (100.0) Loss on disposal of subsidiaries 5(a) (3,419) – N.M. (3,419) – N.M. Net change in fair value of investment properties 3 66,438 (11,130) N.M. 66,438 (11,130) N.M. Net foreign exchange loss * (2) (100.0) * (3) (100.0) Total return before tax 244,146 102,495 N.M. 368,498 199,475 84.7 Taxation (31) 367 N.M. (31) 387 N.M. Total return for the financial period/year 244,115 102,862 N.M. 368,467 199,862 84.4 Earnings per Unit (cents) 12 Basic 11.74 5.10 17.70 10.44 Diluted 11.70 5.08 17.62 10.40 N.M. – Not meaningful. * Amount less than $1,000.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 The accompanying accounting policies and explanatory notes form an integral part of these condensed interim financial statements. 3 DISTRIBUTION STATEMENT SIX-MONTH PERIOD AND FINANCIAL YEAR ENDED 30 SEPTEMBER 2026 Group Note Six-month period ended 30/9/2026 Six-month period ended 30/9/2025 Year ended 30/9/2026 Year ended 30/9/2025 $’000 $’000 $’000 $’000 Income available for distribution to Unitholders at beginning of the financial period/year 125,054 110,083 121,350 109,407 Total return for the financial period/year 244,115 102,862 368,467 199,862 Net tax and other adjustments (Note A) (134,439) (9,220) (160,355) (34,216) Distributions from joint ventures 29,014 29,447 59,639 67,534 Distributable income for the financial period/year 138,690 123,089 267,751 233,180 Less: Distributions paid to perpetual securities holders (3,947) – (7,960) – Income available for distribution to Unitholders 259,797 233,172 381,141 342,587 Distributions to Unitholders: Distribution of 6.020 cents per Unit for period from 1/4/2024 to 30/9/2024 – – – 109,415 Distribution of 6.054 cents per Unit for period from 1/10/2024 to 31/3/2025 – 110,077 – 110,077 Distribution of 0.096 cents per Unit for period from 1/4/2025 to 3/4/2025 – 1,745 – 1,745 Distribution of 5.963 cents per Unit for period from 4/4/2025 to 30/9/2025 – – 121,344 – Distribution of 6.136 cents per Unit for period from 1/10/2025 to 31/3/2026 125,041 – 125,041 – 125,041 111,822 246,385 221,237 Income available for distribution to Unitholders at end of the financial period/year 134,756 121,350 134,756 121,350 Distributions to Unitholders (1) (2) 13 127,153 123,089 252,194 233,166 Distribution per Unit for the financial period/year (cents) (1) (2) 6.214 6.059 12.350 12.113 Note A – Net tax and other adjustments relate to the following items: - Asset management fees paid/payable in Units 12,252 13,610 24,282 19,411 - Amortisation of transaction costs 11 1,505 2,729 3,593 4,464 - Share of results of joint ventures (82,560) (37,332) (111,099) (62,645) - Amortisation of lease incentives (343) 1,825 (264) 1,910 - Cash flow hedges – gain reclassified to Statement of Total Return 11 (2,820) – (7,520) – - Net change in fair value of investment properties 3 (66,438) 11,130 (66,438) 11,130 - Gain on divestment of investment property 3 – (128) – (128) - Loss on disposal of subsidiaries 5(a) 3,419 – 3,419 – - Other items 546 (1,054) (6,328) (8,358) Net tax and other adjustments (134,439) (9,220) (160,355) (34,216) (1) The distribution relating to period from 1 April 2026 to 30 September 2026 (“2H 2026”) will be paid on 27 November 2026. (2) In determining the distributions relating to FY202 6, FCT retained $ 7.6 million of its tax -exempt income available for distribution to Unitholders.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 The accompanying accounting policies and explanatory notes form an integral part of these condensed interim financial statements. 4 CONDENSED INTERIM STATEMENTS OF MOVEMENTS IN UNITHOLDERS’ FUNDS SIX-MONTH PERIOD ENDED 30 SEPTEMBER 2026 Group Trust Six-month period ended 30/9/2026 Six-month period ended 30/9/2025 Six-month period ended 30/9/2026 Six-month period ended 30/9/2025 $’000 $’000 $’000 $’000 Unitholders’ funds attributable to Unitholders Unitholders’ transactions Balance at beginning of the financial period 4,620,530 4,177,590 4,436,103 4,039,985 Operations Total return for the financial period 244,115 102,862 169,498 119,410 Creation of Units - equity fund raising – 421,282 – 421,282 - issued/issuable as satisfaction of asset management fees 12,252 13,610 12,252 13,610 - issued/issuable as satisfaction of acquisition and divestment fees – 11,503 – 11,503 Issue expenses – (5,520) – (5,520) Distribution paid to Unitholders (125,041) (111,822) (125,041) (111,822) Distributions attributable to perpetual securities holders (3,947) – (3,947) – Net increase in net assets resulting from Unitholders’ transactions 127,379 431,915 52,762 448,463 Balance at end of the financial period 4,747,909 4,609,505 4,488,865 4,488,448 Hedging reserve Balance at beginning of the financial period (34,662) (25,349) (12,056) (10,086) Effective portion of change in fair value of cash flow hedges 17,531 (27,378) 4,625 (7,413) Net change in fair value of cash flow hedges reclassified to the statement of total return – (3,429) – (3,429) Share of movement in hedging reserve of joint ventures 9,485 (9,898) – – Net increase/(decrease) in net assets resulting from hedging reserve 27,016 (40,705) 4,625 (10,842) Balance at end of the financial period (7,646) (66,054) (7,431) (20,928) Balance at end of the financial period 4,740,263 4,543,451 4,481,434 4,467,520 Perpetual securities Balance at beginning of the financial period 198,418 – 198,418 – Proceeds from issuance of perpetual securities – 200,000 – 200,000 Issue expenses – (1,582) – (1,582) Distributions attributable to perpetual securities holders 3,947 – 3,947 – Distributions paid to perpetual securities holders (3,947) – (3,947) – Balance at end of the financial period 198,418 198,418 198,418 198,418
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 The accompanying accounting policies and explanatory notes form an integral part of these condensed interim financial statements. 5 CONDENSED INTERIM STATEMENTS OF MOVEMENTS IN UNITHOLDERS’ FUNDS (CONT’D) FINANCIAL YEAR ENDED 30 SEPTEMBER 2026 Group Trust Year ended 30/9/2026 Year ended 30/9/2025 Year ended 30/9/2026 Year ended 30/9/2025 $’000 $’000 $’000 $’000 Unitholders’ funds attributable to Unitholders Unitholders’ transactions Balance at beginning of the financial year 4,609,505 4,184,204 4,488,448 4,045,336 Operations Total return for the financial year 368,467 199,862 230,480 217,673 Creation of Units - equity fund raising – 421,282 – 421,282 - issued/issuable as satisfaction of asset management fees 24,282 19,411 24,282 19,411 - issued/issuable as satisfaction of acquisition and divestment fees – 11,503 – 11,503 Issue expenses – (5,520) – (5,520) Distributions to Unitholders (246,385) (221,237) (246,385) (221,237) Distributions attributable to perpetual securities holders (7,960) – (7,960) – Net increase in net assets resulting from Unitholders’ transactions 138,404 425,301 417 443,112 Balance at end of the financial year 4,747,909 4,609,505 4,488,865 4,488,448 Hedging reserve Balance at beginning of the financial year (66,054) (23,538) (20,928) (8,380) Effective portion of change in fair value of cash flow hedges 40,907 (40,926) 14,616 (20,927) Net change in fair value of cash flow hedges reclassified to the statement of total return (1,119) 8,379 (1,119) 8,379 Share of movement in hedging reserve of joint ventures 18,620 (9,969) – – Net increase/(decrease) in net assets resulting from hedging reserve 58,408 (42,516) 13,497 (12,548) Balance at end of the financial year (7,646) (66,054) (7,431) (20,928) Balance at end of the financial year 4,740,263 4,543,451 4,481,434 4,467,520 Perpetual securities Balance at beginning of the financial year 198,418 – 198,418 – Proceeds from issuance of perpetual securities – 200,000 – 200,000 Issue expenses – (1,582) – (1,582) Distributions attributable to perpetual securities holders 7,960 – 7,960 – Distributions paid to perpetual securities holders (7,960) – (7,960) – Balance at end of the financial year 198,418 198,418 198,418 198,418
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 The accompanying accounting policies and explanatory notes form an integral part of these condensed interim financial statements. 6 PORTFOLIO STATEMENT AS AT 30 SEPTEMBER 2026 GROUP Description of Property Term of Lease Location Existing Use Carrying Value Percentage of Net Assets (1) 2026 2025 2026 2025 $’000 $’000 % % Investment properties in Singapore Causeway Point 99-year leasehold from 30 October 1995 1 Woodlands Square Commercial 1,356,000 1,354,000 28.6 29.8 Northpoint City South Wing 99-year leasehold from 19 March 2015 1 Northpoint Drive Commercial 1,138,000 1,133,000 24.0 24.9 Northpoint City North Wing 99-year leasehold from 1 April 1990 930 Yishun Avenue 2 Commercial 813,000 800,000 17.2 17.6 Tampines 1 99-year leasehold from 1 April 1990 10 Tampines Central 1 Commercial 821,000 817,000 17.3 18.0 Tiong Bahru Plaza 99-year leasehold from 1 September 1991 302 Tiong Bahru Road Commercial 667,000 665,000 14.1 14.6 Century Square 99-year leasehold from 1 September 1992 2 Tampines Central 5 Commercial 564,000 563,000 11.9 12.4 Hougang Mall 99-year leasehold from 1 May 1994 90 Hougang Avenue 10 Commercial 505,000 467,000 10.7 10.3 White Sands (2) 99-year leasehold from 1 May 1993 1 Pasir Ris Central Street 3 Commercial – 431,000 – 9.5 Central Plaza 99-year leasehold from 1 September 1991 298 Tiong Bahru Road Commercial 220,000 219,000 4.6 4.8 Investment properties, at valuation 6,084,000 6,449,000 128.4 141.9 Investment in joint ventures, including loan to joint venture 1,170,855 1,042,638 24.7 23.0 7,254,855 7,491,638 153.1 164.9 Other assets and liabilities (net) (2,316,174) (2,749,769) (48.9) (60.5) Net assets 4,938,681 4,741,869 104.2 104.4 Less: Perpetual securities (198,418) (198,418) (4.2) (4.4) Net assets attributable to Unitholders 4,740,263 4,543,451 100.0 100.0 (1) Net assets attributable to Unitholders. (2) The divestment of White Sands (“WS”) was completed on 30 September 2026.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 The accompanying accounting policies and explanatory notes form an integral part of these condensed interim financial statements. 7 PORTFOLIO STATEMENT (CONT’D) AS AT 30 SEPTEMBER 2026 Independent valuations of the investment properties were undertaken by Savills Valuation and Professional Services (S) Pte Ltd (“Savills”) and Jones Lang LaSalle Property Consultants Pte Ltd (“JLL”) (FY 2025: JLL and Savills). The Manager believes that these independent valuers possess appropriate professional qualifications and relevant experience in the location and category of the investment properties being valued. The valuations were performed based on the following methods: Description of Carrying Value Property Valuer Valuation Method 2026 2025 $’000 $’000 Investment properties in Singapore Causeway Point Savills (FY2025: JLL) Capitalisation approach and discounted cash flow analysis (FY2025: Capitalisation approach and discounted cash flow analysis) 1,356,000 1,354,000 Northpoint City South Wing Savills (FY2025: JLL) Capitalisation approach and discounted cash flow analysis (FY2025: Capitalisation approach and discounted cash flow analysis) 1,138,000 1,133,000 Northpoint City North Wing Savills (FY2025: JLL) Capitalisation approach and discounted cash flow analysis (FY2025: Capitalisation approach and discounted cash flow analysis) 813,000 800,000 Tampines 1 JLL (FY2025: Savills) Capitalisation approach and discounted cash flow analysis (FY2025: Capitalisation approach and discounted cash flow analysis) 821,000 817,000 Tiong Bahru Plaza JLL (FY2025: Savills) Capitalisation approach and discounted cash flow analysis (FY2025: Capitalisation approach and discounted cash flow analysis) 667,000 665,000 Century Square JLL (FY2025: Savills) Capitalisation approach and discounted cash flow analysis (FY2025: Capitalisation approach and discounted cash flow analysis) 564,000 563,000 Hougang Mall JLL (FY2025: Savills) Capitalisation approach and discounted cash flow analysis (FY2025: Capitalisation approach and discounted cash flow analysis) 505,000 467,000 White Sands (1) N.A (FY2025: Savills) Not applicable (FY2025: Capitalisation approach and discounted cash flow analysis) – 431,000 Central Plaza JLL (FY2025: Savills) Capitalisation approach and discounted cash flow analysis (FY2025: Capitalisation approach and discounted cash flow analysis) 220,000 219,000 (1) The divestment of WS was completed on 30 September 2026. The net change in fair value of these investment properties have been recognised in the statement of total return in accordance with the Group’s accounting policies. The investment properties are mainly leased to third party tenants. Generally, these leases contain an initial non - cancellable period of three years. Subsequent renewals are negotiated with individual lessees. Contingent rent, which comprises gross turnove r rental income, recognised in the statement of total return of the Group for the financial year ended 30 September 2026 amounted to $17,974,000 (FY2025: $15,779,000) (Note 9).
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 The accompanying accounting policies and explanatory notes form an integral part of these condensed interim financial statements. 8 CONDENSED INTERIM STATEMENT OF CASH FLOWS SIX-MONTH PERIOD AND FINANCIAL YEAR ENDED 30 SEPTEMBER 2026 Group Six-month period ended 30/09/2026 Six-month period ended 30/09/2025 Year ended 30/9/2026 Year ended 30/9/2025 $’000 $’000 $’000 $’000 Operating activities Total return before tax 244,146 102,495 368,498 199,475 Adjustments for: Net (written back)/allowance for doubtful receivables (18) 1,136 (20) 1,864 Bad debts written off – 1 – 1 Depreciation of fixed assets 3 12 7 29 Fixed assets written off – 10 – 10 Finance income (3,807) (536) (9,165) (624) Finance costs 41,670 45,199 86,857 86,163 Asset management fees paid/payable in Units 12,252 13,610 24,282 19,411 Share of results of joint ventures (82,560) (37,332) (111,099) (62,645) Gain on divestment of investment property – (128) – (128) Loss on disposal of subsidiaries 3,419 – 3,419 – Net change in fair value of investment properties (66,438) 11,130 (66,438) 11,130 Amortisation of lease incentives (343) 1,825 (264) 1,910 Operating income before working capital changes 148,324 137,422 296,077 256,596 Changes in working capital: Trade and other receivables (3,607) (3,057) (4,821) (2,436) Trade and other payables (1,630) 1,567 (2,918) 1,722 Security deposits 1,881 967 995 776 Cash flows generated from operating activities 144,968 136,899 289,333 256,658 Income tax (paid)/refund received (12) – (164) 20 Net cash flows generated from operating activities 144,956 136,899 289,169 256,678
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 The accompanying accounting policies and explanatory notes form an integral part of these condensed interim financial statements. 9 CONDENSED INTERIM STATEMENT OF CASH FLOWS (CONT’D) SIX-MONTH PERIOD AND FINANCIAL YEAR ENDED 30 SEPTEMBER 2026 Group Six-month period ended 30/09/2026 Six-month period ended 30/09/2025 Year ended 30/9/2026 Year ended 30/9/2025 $’000 $’000 $’000 $’000 Investing activities Disposal of subsidiaries, net of cash and cash equivalents disposed of 458,468 – 458,468 – Acquisition of subsidiaries, net of cash and cash equivalents acquired – (329,487) – (329,487) Net proceeds from divestment of investment property – 34,500 – 34,500 Loan to joint venture (58,277) – (58,277) – Distributions received from joint ventures 29,879 29,749 59,779 67,074 Finance income received 827 548 1,562 636 Capital and other expenditure incurred on investment properties (12,496) (19,816) (31,016) (33,033) Cash flows generated from/(used in) investing activities 418,401 (284,506) 430,516 (260,310) Financing activities Proceeds from borrowings, net of transaction costs 169,919 484,695 1,483,102 1,046,055 Repayment of borrowings (273,461) (717,497) (1,528,924) (1,267,397) Interest expense paid (39,908) (47,157) (85,945) (87,425) Proceeds from issue of new units – 421,282 – 421,282 Proceeds from issue of perpetual securities – 200,000 – 200,000 Distributions to Unitholders (125,041) (111,822) (246,385) (221,237) Distributions paid to perpetual securities holders (3,947) – (7,960) – Payment of issue expenses related to equity fund raising (160) (5,360) (160) (5,360) Payment of issue expenses related to perpetual securities – (1,567) (15) (1,567) Cash flows (used in)/generated from financing activities (272,598) 222,574 (386,287) 84,351 Net increase in cash and cash equivalents 290,759 74,967 333,398 80,719 Cash and cash equivalents at beginning of the financial period/year 150,169 32,563 107,530 26,811 Cash and cash equivalents at end of the financial period/year 440,928 107,530 440,928 107,530
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 The accompanying accounting policies and explanatory notes form an integral part of these condensed interim financial statements. 10 CONDENSED INTERIM STATEMENT OF CASH FLOWS (CONT’D) SIX-MONTH PERIOD AND FINANCIAL YEAR ENDED 30 SEPTEMBER 2026 Significant Non-Cash Transactions During the financial year, 11,285,869 (FY2025: 8,485,413) Units were issued and issuable in satisfaction of asset management fees payable in Units, amounting to a value of $24,282,000 (FY2025: $19,411,000). On 1 October 2025, 73,806 Units were issued in satisfaction of the divestment fee of $173,000 in connection with the divestment of Yishun 10 Retail Podium (“Y10”). On 2 June 2025, 5,421,052 Units were issued in satisfaction of the acquisition fee of $11,330,000 in connection with the acquisition of the entire 100.0% interest in North Gem Trust (“NG Trust”) and its trustee-manager, Frasers Property North Gem Trustee Pte. Ltd. (“NG Trustee-Manager”).
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 11 NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS The following notes form an integral part of the condensed interim financial statements. 1. CORPORATE INFORMATION Frasers Centrepoint Trust (the “Trust” or “FCT”) is a Singapore -domiciled unit trust constituted pursuant to a trust deed dated 5 June 2006 (as amended, restated and supplemented) between Frasers Centrepoint Asset Management Ltd. (the “Manager”) and HSBC Institutional Trust Services (Singapore) Limited (the “Trustee”). The Trust Deed is governed by the laws of the Republic of Singapore. The Trustee is under a duty to take into custody and hold the assets of the Trust and its subsidiaries (collectively, the “Group” and individually as “Group entities”) and the Group’s interest in equity -accounted investees in trust for the holders (“Unitholders”) of units in the Trust (the “Units”). The Trust was formally admitted to the Official List of the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 5 July 2006 and was included in the Central Provident Fund Investment Scheme on 5 July 2006. The principal activity of the Trust is to invest in income -producing properties used primarily for retail purposes, in Singapore and overseas, with the primary objective of delivering regular and stable distributions to Unitholders and to achieve long-term capital growth. The principal activities of the significant subsidiaries are those relating to investment holding, investment in real estate assets, the provision of treasury services and management and maintenance of property. For financial reporting purposes, the Trust is regarded as a subsidiary of Frasers Property Limited (“FPL”), a Singapore-domiciled company. The ultimate holding company is TCC Assets Limited. 2. BASIS OF PREPARATION 2.1 Basis of preparation The condensed interim financial statement s for the six -month period and financial year ended 30 September 2026 (“Condensed Interim Financial Statements”) has been prepared in accordance with the recommendations of Statement of Recommended Accounting Practice (“RAP”) 7 Reporting Framework for Investment Funds issued by the Institute of Singapore Chartered Accountants (“ISCA”), the applicable requirements of the Code on Collective Investment Schemes (the “CIS Code”) issued by the Monetary Authority of Singapore (“MAS”) and the provisions of the Trust Deed, and should be read in conjunction with the Group’s last annual consolidated financial statements as at and for the financial year ended 30 September 2025. RAP 7 requires the accounting policies to generally comply with the principles relating to recognition and measurement under the Financial Reporting Standards in Singapore (“FRS”). The Condensed Interim Financial Statements does not include all the infor mation required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance of the Group since the last annual financial statements for the financial year ended 30 September 2025. The Condensed Interim Financial Statements are presented in Singapore dollars, which is the Trust’s functional currency. All financial information presented in Singapore dollars have been rounded to the nearest thousand, unless otherwise stated. The accounting policies applied in the Condensed Interim Financial Statements are the same as those applied in the FCT Group’s consolidated financial statements as at and for the financial year ended 30 September 2025. 2.2 New accounting standards and amendments The Group has applied Amendments to FRS 21 Lack of Exchangeability for the first time for the annual period beginning on 1 October 2025. The application of these amendments to accounting standards does not have a material effect on the financial statements.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 12 3. INVESTMENT PROPERTIES Group Trust 2026 2025 2026 2025 $’000 $’000 $’000 $’000 At beginning of the financial year 6,449,000 5,283,000 2,154,000 2,164,000 Capital expenditure 35,209 38,170 – 2,191 Effects of lease incentives and amortisation 353 (1,856) – (384) (Disposal)/Acquisition of subsidiaries (Note 5) (467,000) 1,174,816 – – Net change in fair value of investment properties 66,438 (11,130) – 22,193 Disposal – (34,000) – (34,000) Transfer within group – – (2,154,000) – At end of the financial year 6,084,000 6,449,000 – 2,154,000 The investment properties owned by the Group are set out in Portfolio Statement. Certain investment properties of the Group with an aggregate carrying value of $1,702,000,000 (FY2025: $2,127,000,000) are pledged as securities to banks for banking facilities granted (Note 6). During the financial year, the Trust established two wholly -owned limited liability partnerships (“LLPs”) and transferred certain investment properties with an aggregate carrying value of $2,154,000,000 to the LLPs as part of an internal restructuring. Following the transfer, the investment properties are legally held by the LLPs. On 23 September 2025, the Trust divested Y10 for a consideration of $34,500,000 to a wholly -owned subsidiary of FPL, with a net gain on divestment of $128,000. Valuation processes Investment properties and investment properties held through joint ventures, are stated at fair value based on valuations performed by external independent valuers who possess appropriate recognised professional qualifications and relevant experience in the location and category of the investment properties being valued. In accordance with the CIS code, the Group rotates the independent valuers every two years. In determining the fair value, the valuers have used valuation methods which involve certain estimates. The key assumptions used to determine the fair value of investment properties and investment properties held through joint ventures, include market-corroborated capitalisation rates, discount rates and terminal yields. The Manager reviews the appropriateness of the valuation methodologies, assumptions and estimates adopted and is of the view that they are reflective of the market conditions as at 30 September 2026. The fair value measurement for investment properties and investment properties held through joint ventures, for the Group and Trust have been categorised as Level 3 fair values based on the inputs to the valuation techniques used.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 13 3. INVESTMENT PROPERTIES (CONT’D) Valuation techniques and significant unobservable inputs The following table shows the valuation techniques and significant unobservable inputs used in measuring level 3 fair values of investment properties and investment properties held through joint ventures: Valuation techniques Significant unobservable inputs Range of unobservable inputs Relationship of unobservable inputs to fair value Capitalisation approach Capitalisation rate 3.75% - 4.75% (FY2025: 3.75% - 4.75%) The higher the rate, the lower the fair value. Discounted cash flow analysis Discount rate 6.75% - 7.25% (FY2025: 6.50% - 7.25%) The higher the rate, the lower the fair value. Terminal yield 4.00% - 5.00% (FY2025: 4.00% - 5.00%) The higher the rate, the lower the fair value. The significant unobservable inputs correspond to: • discount rate, based on the risk-free rate for 10-year bonds issued by the Government of Singapore, adjusted for a risk premium to reflect the risk of investing in the asset class; • terminal yield which reflects the uncertainty, functional/economic obsolescence and the risk associated with the investment properties; and • capitalisation rate which corresponds to a rate of return on investment properties based on the expected income that the property will generate. 4. INVESTMENT IN JOINT VENTURES Group Trust 2026 2025 2026 2025 $’000 $’000 $’000 $’000 Investment in joint ventures 1,113,710 1,043,770 362,910 362,910 Allowance for impairment (1,132) (1,132) (1,132) (1,132) 1,112,578 1,042,638 361,778 361,778 Loan to joint venture 58,277 – 58,277 – 1,170,855 1,042,638 420,055 361,778 Loan to joint venture is unsecured, interest-bearing and is not expected to be repaid within the next twelve months. Details of the joint ventures are as follows: Name of joint ventures Place of incorporation/ business Effective equity interest held by the Group and Trust 2026 2025 % % Sapphire Star Trust (1) Singapore 50.0 50.0 FC Retail Trustee Pte. Ltd. (1) Singapore 50.0 50.0 Gold Ridge Pte. Ltd. (1) Singapore 50.0 50.0 Gemini Mall Trust (2) Singapore 50.0 – Gemini Trustee Pte. Ltd. (3) Singapore 50.0 – (1) Audited by KPMG LLP, Singapore. (2) No statutory audit performed as the trust was newly incorporated on 15 July 2026. (3) No statutory audit performed as the company was newly incorporated on 10 July 2026.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 14 4. INVESTMENT IN JOINT VENTURES (CONT’D) The Group holds an interest and voting rights in the following joint ventures: (i) Sapphire Star Trust (“SST”), a private trust that owns Waterway Point, a suburban shopping mall located in Punggol , (ii) FC Retail Trustee Pte. Ltd., which is the trustee -manager of SST and (iii) Gold Ridge Pte. Ltd. (“GRPL”), which owns the retail mall known as “NEX” in Serangoon. The Group jointly controls these joint ventures with other joint venture partners and unanimous consent is required for all decisions over the relevant activities. On 10 July 2026 and 15 July 2026, the Trust together with SMCL Urban C2 Pte. Ltd. and Sekisui House, Ltd. established Gemini Trustee Pte. Ltd. and Gemini Mall Trust respectively. The Trust has an interest of 50.0% in each of Gemini Mall Trust and Gemini Trustee Pte. Ltd ., the trustee -manager of Gemini Mall Trust. The Group jointly controls Gemini Mall Trust and Gemini Trustee Pte. Ltd. with SMCL Urban C2 Pte. Ltd. and Sekisui House, Ltd. and unanimous consent is required for all decisions over the relevant activities. On 20 July 2026, Gemini Mall Trust was awarded tender for mixed-use commercial and residential site at Bayshore Drive, a parcel earmarked for a large-scale, integrated mixed-use development in Singapore’s eastern region. Gemini Mall Trust will develop and retain full ownership of the commercial component and the completion is expected to be around end-2030. 5. DISPOSAL/ACQUISITION OF SUBSIDIARIES (a) Disposal of subsidiaries 2026 On 30 September 2026, the Group completed the di sposal of 100.0% of the issued units in a wholly - owned subsidiary, White Sands Trust 1 (“WST1”) (1), a wholly -owned private trust of FCT which indirectly holds 100.0% of WS for a sales consideration of $462,313,000. The following table summarises the recognised amounts of assets disposed and liabilities transferred at the disposal date: 2026 $’000 Investment property at agreed property value (Note 3) 467,000 Fixed assets 1 Trade and other receivables 1,281 Cash and cash equivalents 3,845 Trade and other payables (2,120) Security deposits (7,685) Provision for taxation (9) Carrying amount of net assets disposed of 462,313 Sales consideration 462,313 Less: loss on disposal of subsidiaries (2) (3,419) Add: transaction costs not yet paid and other costs (3) 3,419 Less: cash and cash equivalents of subsidiaries disposed (3,845) Net cash inflow on disposal of subsidiaries, net of cash and cash equivalents disposed of 458,468 (1) WST1 has a 99.99% partnership interest in White Sands LLP (“WS LLP”) who is in turn the registered proprietor of the Property. WST1 also has a 100.0% interest in White Sands Trust 2 (“WST2”) which in turn holds a 0.01% partnership interest in WS LLP. (2) Relating to transaction costs incurred. (3) Includes the acceleration of unamortised transaction costs relating to interest-bearing borrowings of WS LLP of $672,000.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 15 5. DISPOSAL/ACQUISITION OF SUBSIDIARIES (CONT’D) (b) Acquisition of subsidiaries 2025 On 25 March 2025, the Trust entered into: i. a unit purchase agreement ("FCL Amber UPA”) with FCL Amber Pte. Ltd. (“FCL Amber”), a wholly owned subsidiary of FPL, to acquire all of the units in NG Trust held by FCL Amber which shall represent 50.0% of the total number of issued Units in NG Trust as at completion (the “FCL Amber Units Acquisition”); ii. a unit purchase agreement (the “Bright Bloom UPA”) with Bright Bloom Capital Limited (“Bright Bloom”), being a wholly-owned subsidiary of TCC Prosperity Limited, a related party, to acquire all of the units in NG Trust held by Bright Bloom which shall represent 50.0% of the total number of issued Units in NG Trust as at completion, (the “Bright Bloom Units Acquisition”, and together with the FCL Amber Units Acquisition, the “NG Trust Units Acquisition”); and iii. a share purchase agreement (the “SPA”, and together with the FCL Amber UPA and the Bright Bloom UPA, the “Acquisition Agreements”) with FPL to acquire all the issued share capital of NG Trustee-Manager (the “Sale Shares”), (the “Share Acquisition”, and tog ether with the NG Trust Units Acquisition, collectively the “NPCSW Acquisition”). On 26 May 2025, the Group completed NPCSW Acquisition with a total acquisition outlay of approximately $393,238,000 (including transaction costs and completion adjustments) comprising: • the purchase consideration of $380,660,000; • acquisition fee payable to the Manager for NPCSW Acquisition of $11,330,000 which was settled in the form of Units and capitalised as part of investment properties (Note 3 and 7); and • transaction costs of approximately $1,2 48,000 capitalised as part of investment properties (Note 3). The Group now holds 100.0% interest in each of NG Trust, which owns the retail mall known as “Northpoint City South Wing” located in Yishun, and NG Trustee-Manager. The acquisition was accounted for as an acquisition of a group of assets and liabilities. The following table summarises the recognised amounts of assets acquired and liabilities assumed at the acquisition date: 2025 $’000 Investment property (including acquisition costs) 1,174,816 Fixed assets 12 Trade and other receivables 2,850 Cash and cash equivalents 51,369 Trade and other payables (14,934) Security deposits (16,217) Provision for taxation (246) Interest-bearing borrowings (781,851) Derivative financial instruments (22,561) Net identifiable assets acquired 393,238 Consideration paid 380,660 Add: acquisition costs incurred (1) 12,578 393,238 Less: acquisition fee paid to Manager in Units (11,330) Less: outstanding settlement to be made subsequent to year end (1,052) Less: cash and cash equivalents of subsidiaries acquired (51,369) Net cash outflow on acquisition of subsidiaries, net of cash and cash equivalents acquired 329,487 (1) Capitalised as part of investment properties which were subsequently re-measured at fair value (Note 3).
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 16 6. INTEREST-BEARING BORROWINGS Group Trust 2026 2025 2026 2025 $’000 $’000 $’000 $’000 Current liabilities Bank loans (unsecured) 111,600 404,531 – 310,031 Less: Unamortised transaction costs (14) (181) – (127) 111,586 404,350 – 309,904 Non-current liabilities Bank loans (secured) 730,050 978,760 – 70,000 Bank loans (unsecured) 1,648,886 1,131,840 1,150,364 785,036 Medium Term Note (unsecured) 80,000 80,000 – – Loan from subsidiary (unsecured) – – 80,000 80,000 Less: Unamortised transaction costs (9,436) (9,186) (3,964) (4,248) 2,449,500 2,181,414 1,226,400 930,788 Aggregate leverage and interest coverage ratio As at 30 September 202 6, aggregate leverage of the Group was 38.7% (FY2025: 39.6%) and interest coverage ratio (“ICR”)1 for the trailing twelve -month period ended 30 September 202 6 was 4.37 times (FY2025: 3.46 times). The Group manages its interest rate exposure by maintaining a mix of fixed and floating rate debts with varying tenors. The Manager actively reviews its debt portfolio, taking into account the investment holding period and nature of its assets. To manage this mix of debt in a cost -efficient manner, the Group uses hedging instruments such as interest rate swaps and cross -currency interest rate swaps to minimise its exposure to interest rate volatility. In addition, the Manager regularly conduct s stress testing to assess and track the possible impact of the macroeconomic environment on the aggregate leverage ratio and interest coverage ratio to ensure compliance with the Code on Collective Investment Schemes issued by the MAS. The Manager regularly analyses the impact of changing assumptions so as to better understand the level of resilience that the business may demonstrate amid adverse situations. Sensitivity analysis for interest coverage ratio With a 10% decrease in EBITDA and interest expense and borrowing-related fees held constant, ICR for the trailing 12 -month period ended 30 September 202 6 would be 3.93 times. With a 100 basis points increase in interest rates and EBITDA held constant, ICR for the trailing 12 -month period ended 30 September 2026 would be 3.33 times. Details of collaterals: As at 30 September 2026, secured bank loans and certain bank facilities are secured on the following: • a mortgage over Century Square (“CS”) and Northpoint City South Wing (“ NPCSW”) (FY2025: CS, WS and NPCSW); • an assignment of the rights, benefits, title and interest of the respective entities in, under and arising out of the insurances effected in respect of CS and NPCSW (FY2025: CS, WS and NPCSW); • an assignment and charge of the rights, benefits, title and interest of the respective entities in, under and arising out of the tenancy agreements and the bank accounts arising from, relating to or in connection with CS and NPCSW (FY2025: CS, WS and NPCSW); and • a first fixed charge over all present and future assets of the respective entities in connection with CS and NPCSW (FY2025: CS, WS and NPCSW). 1 Calculated by dividing the trailing 12 months earnings before interest, tax, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation) (“EBITDA”), by the trailing 12 months interest expense, borrowing -related fees and distributions on hybrid securities as defined in the Code on Collective Investment Schemes issued by the MAS.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 17 6. INTEREST-BEARING BORROWINGS (CONT’D) Undrawn facilities as at 30 September 2026 amounted to $961,519,000 (FY2025: $888,654,000). As at 30 September 2026, the Group has borrowings which require the Group to comply with covenants principally those relating to balance sheet ratios, including requirements to maintain aggregate leverage, ratio of total loans to total security value, and other financial covenants on an ongoing basis. The Group has complied with these covenants throughout the financial year. 7. UNITS IN ISSUE Group and Trust Six-month period ended 30/9/2026 Six-month period ended 30/9/2025 Year ended 30/9/2026 Year ended 30/9/2025 No. of Units No. of Units No. of Units No. of Units ’000 ’000 ’000 ’000 Units in issue At beginning of the financial period/year 2,036,491 1,818,253 2,029,316 1,811,673 Issue of Units - equity fund raising – 203,450 – 203,450 - issued as satisfaction of asset management fees 2,814 2,192 9,915 8,772 - issued as satisfaction of acquisition fee – 5,421 – 5,421 - issued as satisfaction of divestment fee – – 74 – At end of the financial period/year 2,039,305 2,029,316 2,039,305 2,029,316 Units to be issued - asset management fees payable in Units 6,934 5,563 6,934 5,563 - divestment fees payable in Units – 74 – 74 Total issued and issuable Units at end of the financial period/year 2,046,239 2,034,953 2,046,239 2,034,953 Units issued during the financial year were as follows: 2026 Asset management fees 9,914,797 Units were issued at issue price of $ 2.2099 to $2.3372 per Unit as payment of the base fee component of the Manager’s management fees for the financial period from 1 July 2025 to 30 June 2026 and performance fee component for the financial year ended 30 September 2025 to the Manager. Divestment fee On 1 October 2025, 73,806 Units were issued at an issue price of $2.3372 per Unit in satisfaction of the divestment fee of $173,000 in connection with the divestment of Y10. 2025 Equity fund raising On 4 April 2025 and 25 April 2025, 105,264,000 Units were issued through a private placement at $2.09 per Unit and 98,185,673 Units were issued through a preferential offering at $2.05 per Unit respectively.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 18 7. UNITS IN ISSUE (CONT’D) Asset management fees 8,772,340 Units were issued at issue price of $2.1044 to $2.3251 per Unit as payment of the base fee component of the Manager’s management fees for the financial period from 1 July 2024 to 30 June 2025 and performance fee component for the financial year ended 30 September 2024 to the Manager. Acquisition fee On 2 June 2025, 5,421,052 Units were issued at an issue price of $2.09 per Unit in satisfaction of the acquisition fee of $11,330,000 in connection with NPCSW Acquisition. 8. NET ASSET VALUE/NET TANGIBLE ASSET PER UNIT Group Trust 2026 2025 2026 2025 Net asset value/Net tangible asset attributable to Unitholders per Unit is based on: Net assets/Net tangible assets attributable to Unitholders ($’000) 4,740,263 4,543,451 4,481,434 4,467,520 Total issued and issuable Units (‘000) (Note 7) 2,046,239 2,034,953 2,046,239 2,034,953 9. GROSS REVENUE Group Six-month period ended 30/9/2026 Six-month period ended 30/9/2025 Year ended 30/9/2026 Year ended 30/9/2025 $’000 $’000 $’000 $’000 Gross rental income 201,245 185,416 400,531 351,360 Gross turnover rental income 8,595 7,951 17,974 15,779 Carpark income 4,613 4,207 9,147 7,880 Others 8,565 7,638 17,234 14,584 223,018 205,212 444,886 389,603
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 19 10. PROPERTY EXPENSES Group Six-month period ended 30/9/2026 Six-month period ended 30/9/2025 Year ended 30/9/2026 Year ended 30/9/2025 $’000 $’000 $’000 $’000 Property tax 18,817 18,240 38,097 33,736 Maintenance and utilities 19,729 20,018 37,760 35,490 Property management fees 8,543 7,795 17,109 14,903 Property management reimbursements (1) 10,029 8,258 19,933 15,495 Marketing (2) 3,415 3,545 6,818 6,306 Net (written back)/allowance for doubtful receivables (18) 1,136 (20) 1,864 Bad debts written off – 1 – 1 Bad debts recovered (1) (2) (187) (3) Depreciation of fixed assets 3 12 7 29 Fixed assets written off – 10 – 10 Others 1,568 1,909 3,675 3,792 62,085 60,922 123,192 111,623 (1) Relates to reimbursement of staff costs paid/payable under the respective property management agreements to Frasers Property Retail Management Pte. Ltd. (2) Includes amortisation of leasing fee of $49,000 for 2H 2026 (2H 2025: $68,000) and $118,000 for FY2026 (FY2025: $130,000). 11. NET FINANCE COSTS Group Six-month period ended 30/9/2026 Six-month period ended 30/9/2025 Year ended 30/9/2026 Year ended 30/9/2025 $’000 $’000 $’000 $’000 Interest income 987 536 1,645 624 Cash flow hedges – gain reclassified to Statement of Total Return 2,820 – 7,520 – Finance income 3,807 536 9,165 624 Interest expense (40,165) (42,470) (83,264) (81,699) Amortisation of transaction costs (1,505) (2,729) (3,593) (4,464) Finance costs (41,670) (45,199) (86,857) (86,163)
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 20 12. EARNINGS PER UNIT (i) Basic earnings per Unit The calculation of basic earnings per Unit is based on the weighted average number of Units during the financial period/year and total return attributable to Unitholders for the financial period/year. Group Six-month period ended 30/9/2026 Six-month period ended 30/9/2025 Year ended 30/9/2026 Year ended 30/9/2025 Total return for the financial period/year ($’000) 244,115 102,862 368,467 199,862 Less: Distributions attributable to perpetual securities holders ($’000) (3,947) – (7,960) – Total return attributable to Unitholders ($’000) 240,168 102,862 360,507 199,862 Weighted average number of Units in issue (’000) 2,045,028 2,018,386 2,037,176 1,915,296 (ii) Diluted earnings per Unit In calculating diluted earnings per Unit, the total return attributable to Unitholders for the financial period/year and weighted average number of Units outstanding are adjusted for the effect of all dilutive potential units, as set out below: Group Six-month period ended 30/9/2026 Six-month period ended 30/9/2025 Year ended 30/9/2026 Year ended 30/9/2025 Total return for the financial period/year ($’000) 244,115 102,862 368,467 199,862 Less: Distributions attributable to perpetual securities holders ($’000) (3,947) – (7,960) – Total return attributable to Unitholders ($’000) 240,168 102,862 360,507 199,862 Weighted average number of Units in issue in arriving at basic earnings per Unit (‘000) 2,045,028 2,018,386 2,037,176 1,915,296 Effect of Units to be issued as payment of asset management fees in Units (‘000) 7,624 6,273 9,063 7,192 Weighted average number of Units in issue (diluted) (’000) 2,052,652 2,024,659 2,046,239 1,922,488
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 21 13. DISTRIBUTION PER UNIT Group Six-month period ended 30/9/2026 Six-month period ended 30/9/2025 Year ended 30/9/2026 Year ended 30/9/2025 Total number of Units entitled to distribution 2,046,238,859 2,034,952,990 2,046,238,859 2,034,952,990 Distributions to Unitholders ($’000) 127,153 (1) 123,089 252,194 (1) 233,166 (1) The distribution relating to period from 1 April 2026 to 30 September 2026 will be paid on 27 November 2026. 14. SEGMENT REPORTING Business segments The Group is in the business of investing in retail malls and an office building, which are considered to be the main business segments. Following completion of WS divestment on 30 September 2026, the Group’s portfolio as of 30 September 2026 comprises: 1. Causeway Point; 2. Northpoint City (includes both Northpoint City North Wing and NPCSW); 3. Tampines 1; 4. Tiong Bahru Plaza; 5. Century Square; 6. Hougang Mall; and 7. Central Plaza. The Manager monitors the operating results of the business segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment information is presented in respect of the Group’s business segments, based on its management and internal reporting structure. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment capital expenditure is the total costs incurred during the financial year to acquire segment assets that are expected to be used for more than one financial year. Geographical segments The Group’s operations are primarily in Singapore.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 22 14. SEGMENT REPORTING (CONT’D) Causeway Point Northpoint City (1) Tampines 1 Tiong Bahru Plaza Century Square Hougang Mall White Sands (2) Central Plaza Other investment property (3) Group $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Financial year ended 30 September 2026 Revenue and expenses Gross rental income 88,028 119,750 50,102 41,112 34,451 25,796 28,870 12,419 3 400,531 Others 10,444 14,478 5,756 4,115 1,821 3,413 4,280 32 16 44,355 Gross revenue 98,472 134,228 55,858 45,227 36,272 29,209 33,150 12,451 19 444,886 Segment net property income 72,536 98,014 39,414 33,653 27,099 18,671 23,791 8,474 42 321,694 Finance income 9,165 Finance costs (86,857) Non-property expenses (49,622) Net income 194,380 Share of results of joint ventures 111,099 Net change in fair value of investment properties 1,375 13,040 1,234 885 1,044 12,535 35,920 405 – 66,438 Net foreign exchange loss * Loss on disposal of subsidiaries (3,419) Total return before tax 368,498 Unallocated taxation (31) Total return for the financial year 368,467 * Amount less than $1,000. (1) NPCSW was included in the Group’s portfolio following the completion of NPCSW Acquisition on 26 May 2025. (2) The divestment of WS was completed on 30 September 2026. (3) The amounts mainly relate to adjustments made after divestment of Changi City Point (“CCP”) and Y10 on 31 October 2023 and 23 September 2025 respectively.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 23 14. SEGMENT REPORTING (CONT’D) Causeway Point Northpoint City and Y10 (1) (2) Tampines 1 Tiong Bahru Plaza Century Square Hougang Mall White Sands (3) Central Plaza Other investment property (4) Group $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Financial year ended 30 September 2025 Revenue and expenses Gross rental income 86,798 76,631 49,281 40,628 34,120 23,894 27,865 12,143 – 351,360 Others 10,906 8,942 5,709 3,874 1,766 3,230 3,770 4 42 38,243 Gross revenue 97,704 85,573 54,990 44,502 35,886 27,124 31,635 12,147 42 389,603 Segment net property income 69,931 62,264 38,932 33,335 26,075 17,118 21,715 8,358 252 277,980 Finance income 624 Finance costs (86,163) Non-property expenses (44,606) Net income 147,835 Share of results of joint ventures 62,645 Gain on divestment of investment property 128 Net change in fair value of investment properties 11,212 (31,240) 4,656 3,595 (1,855) 1,292 682 528 – (11,130) Net foreign exchange loss (3) Total return before tax 199,475 Taxation – – 64 82 28 62 51 25 – 312 Unallocated taxation 75 Total return for the financial year 199,862 (1) NPCSW was included in the Group’s portfolio following the completion of NPCSW Acquisition on 26 May 2025. (2) The divestment of Y10 was completed on 23 September 2025. (3) The divestment of WS was completed on 30 September 2026. (4) The amounts mainly relate to adjustments made after the divestment of CCP on 31 October 2023.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 24 14. SEGMENT REPORTING (CONT’D) Causeway Point Northpoint City (1) Tampines 1 Tiong Bahru Plaza Century Square Hougang Mall White Sands (2) Central Plaza Other investment properties (3) Group $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 As at 30 September 2026 Assets and liabilities Segment assets 1,385,430 2,028,506 831,532 680,538 576,272 513,381 – 224,211 672 6,240,542 Investment in joint ventures 1,112,578 Loan to joint venture 58,277 Unallocated assets - Others 300,233 Total assets 7,711,630 Segment liabilities 29,854 45,332 26,762 16,373 14,340 31,330 – 4,622 240 168,853 Unallocated liabilities - Interest-bearing borrowings 2,561,086 - Derivative financial instruments 23,302 - Others 19,708 Total liabilities 2,772,949 Financial year ended 30 September 2026 Other segmental information Net (written back)/allowance for doubtful receivables * (20) 1 – 2 – (3) – – (20) Bad debts recovered (186) – – – – – – – (1) (187) Amortisation of lease incentives 401 386 516 81 428 (2,399) 127 196 – (264) Depreciation of fixed assets – – 3 – 2 1 1 – – 7 Capital expenditure - Investment properties 1,026 5,346 3,282 1,196 384 23,066 207 702 – 35,209 - Fixed assets 5 5 2 2 2 2 – – – 18 * Amount less than $1,000. (1) NPCSW was included in the Group’s portfolio following the completion of NPCSW Acquisition on 26 May 2025. (2) The divestment of WS was completed on 30 September 2026. (3) The divestment of CCP and Y10 was completed on 31 October 2023 and 23 September 2025 respectively.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 25 14. SEGMENT REPORTING (CONT’D) Causeway Point Northpoint City and Y10 (1) (2) Tampines 1 Tiong Bahru Plaza Century Square Hougang Mall White Sands (3) Central Plaza Other investment property (4) Group $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 As at 30 September 2025 Assets and liabilities Segment assets 1,357,686 1,994,970 825,112 676,099 573,701 470,447 437,179 223,369 1,596 6,560,159 Investment in joint ventures 1,042,638 Unallocated assets - Others 9,435 Total assets 7,612,232 Segment liabilities 32,058 47,414 28,365 15,474 13,979 23,383 12,367 4,408 483 177,931 Unallocated liabilities - Interest-bearing borrowings 2,585,764 - Derivative financial instruments 87,489 - Others 19,179 Total liabilities 2,870,363 Financial year ended 30 September 2025 Other segmental information Net allowance/(written back) for doubtful receivables 1,373 22 (38) – 504 – 3 – – 1,864 Bad debts written off – – – – – – 1 – – 1 Bad debts recovered – – (2) (1) – – – – – (3) Amortisation of lease incentives 166 232 389 (254) 583 136 (60) 718 – 1,910 Depreciation of fixed assets 16 7 3 – 1 1 1 – – 29 Fixed assets written off – 10 – – – – – – – 10 Capital expenditure - Investment properties 953 1,656 4,734 1,151 2,439 26,843 257 137 – 38,170 (1) NPCSW was included in the Group’s portfolio following the completion of NPCSW Acquisition on 26 May 2025. (2) The divestment of Y10 was completed on 23 September 2025. (3) The divestment of WS was completed on 30 September 2026. (4) The divestment of CCP was completed on 31 October 2023.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 26 15. FINANCIAL RATIOS The following financial ratios are presented as required by RAP 7: Group 2026 2025 % % Expenses to weighted average net assets (1): • including performance component of asset management fees 1.05 1.03 • excluding performance component of asset management fees 0.62 0.61 Total operating expenses to net asset value (2): 4.1 4.2 Portfolio turnover rate (3) 3.82 0.79 (1) The expense ratios are computed in accordance with the guidelines of Investment Management Association of Singapore. The expenses used in the computation relate to expenses of the Group, excluding property expenses, interest expense, foreign exchange gains and losses and tax expense of the Group. Performance component of asset management fees for the financial year is $20,267,000 (FY2025: $18,067,000). (2) The expense ratios are computed based on total operating expense, including property expenses and all fees and charges paid/payable to the Managers and the interested parties as well as FCT’s proportionate share of the operating expenses incurred by its joint ventures of $200,070,000 (FY2025: $190,228,000) as a percentage of net asset value as at the end of the financial year. (3) The portfolio turnover ratios are computed based on the lesser of purchases or sales of underlying investment properties of the Group expressed as a percentage of weighted average net asset value.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 27 OTHER INFORMATION REQUIRED BY LISTING RULE APPENDIX 7.2 1. REVIEW The condensed interim statements of financial position of Frasers Centrepoint Trust and its subsidiaries as at 30 September 2026 and the related condensed interim statement of total return, distribution statement, condensed interim statements of movements in unitholders’ funds and condensed interim statement of cash flows for the six-month period ended 30 September 2026 and certain explanatory notes have not been audited or reviewed. 2. REVIEW OF PERFORMANCE OF THE GROUP (a)(i) Group financial performance (2H 2026 vs 2H 2025) Gross revenue for the six-month period ended 30 September 2026 totalled $223.0 million, an increase of $17.8 million or 8.7% as compared to the corresponding period last year. The increase was mainly due to the full six-month period impact from NPCSW Acquisition. Excluding NPCSW and Hougang Mall (“HM”) , gross revenue for the six -month period ended 3 0 September 2026 totalled $ 170.4 million, an increase of $ 1.3 million or 0.8% as compared to the corresponding period last year. Property expenses for the six-month period ended 30 September 2026 totalled $62.1 million, an increase of $1.2 million or 1.9% as compared to the corresponding period last year. The increase was mainly due to the full six-month period impact from NPCSW Acquisition. Excluding NPCSW and HM , property expenses for the six -month period ended 3 0 September 2026 totalled $46.2 million, a decrease of $1.7 million or 3.6% as compared to the corresponding period last year. The decrease was mainly due to absence of provision for Cathay arrears with the exit on 1 September 2025. Net property income for the six -month period ended 30 September 2026 was therefore higher at $160.9 million, being $16.6 million or 11.5% higher than the corresponding period last year. Excluding NPCSW and HM, net property income for the six-month period ended 30 September 2026 was higher at $124.2 million, being $3.0 million or 2.5% higher than the corresponding period last year. Net non-property expenses of $62.4 million was $5.8 million or 8.5% lower than the corresponding period last year mainly due to: • Gain on cash flow hedges reclassified to Statement of Total Return of $ 2.8 million which is a non - cash item arising from NPCSW Acquisition. • Lower finance costs of $3.5 million mainly due to lower cost of borrowings. • Interest income of $1.0 million was $0.5 million higher than the corresponding period last year mainly due to higher deposits placed with banks. Total return included: • Share of results of joint ventures of $ 82.6 million was $ 45.2 million higher than the corresponding period last year mainly due to higher share of revaluation gain. • Net change in fair value of investment properties of $66.4 million from the year end revaluation which included the fair value gain of WS of $35.9 million. • Loss on di sposal of subsidiaries of $3.4 million, relating to transaction costs incurred for the completion of divestment of WS on 30 September 2026.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 28 2. REVIEW OF PERFORMANCE OF THE GROUP (CONT’D) (a)(i) Group financial performance (2H 2026 vs 2H 2025) (cont’d) • Except for taxable interest income, no provision had been made for tax at the Trust level, as well as for certain subsidiaries as it was assumed that 100% of the taxable income available for distribution to unitholders in the next financial year will be di stributed. The Tax Ruling grants tax transparency to FCT, Tiong Bahru Plaza Trust 1, White Sands Trust 1, Hougang Mall Trust 1, Tampines 1 Trust 1, Century Square Trust 1, Century Square Trust 2 and Central Plaza Trust 1 on their taxable income that is distributed to unitholders such that the aforementioned entities would not be taxed on such taxable income. (a)(ii) Group financial performance (2H 2026 vs 1H 2026) Gross revenue for the six-month financial period ended 30 September 202 6 totalled $223.0 million, an increase of $ 1.2 million or 0.5% as compared to six -month financial period ended 31 March 202 6. The increase was mainly due to higher gross revenue from HM due to the completion of Asset Enhancement Initiative (“AEI”). Property expenses for the six-month financial period ended 30 September 2026 of $62.1 million was $1.0 million or 1.6% higher as compared to six-month financial period ended 31 March 2026. The increase was mainly due to higher maintenance and utilities expenses. Net property income for the six-month financial period ended 30 September 2026 was therefore higher at $160.9 million, being $0.2 million or 0.1% higher than six-month financial period ended 31 March 2026. Net non-property expenses of $62.4 million was $2.6 million or 4.0% lower than six-month financial period ended 31 March 2026 mainly due to: • Lower finance costs of $3.5 million mainly due to lower cost of borrowings. • Partially offset by l ower gain on cash flow hedges reclassified to Statement of Total Return of $1.9 million which is a non-cash item arising from NPCSW Acquisition. Share of results of joint ventures of $82.6 million was $ 54.0 million higher than the six -month financial period ended 31 March 2026 mainly due to share of revaluation gain. (a)(iii) Group financial performance (FY2026 vs FY2025) Gross revenue for the financial year ended 30 September 2026 totalled $444.9 million, an increase of $55.3 million or 14.2% over the corresponding period last year. The increase was mainly due to full year impact from NPCSW Acquisition. Excluding NPCSW and HM, gross revenue for the financial year ended 30 September 202 6 totalled $341.7 million, an increase of $ 4.3 million or 1.3% as compared to the corresponding period last year. The increase was mainly due to higher passing rents across most malls. Property expenses for the financial year ended 30 September 2026 totalled $123.2 million, an increase of $11.6 million or 10.4% compared to the corresponding period last year mainly due to full year impact from NPCSW Acquisition. Excluding NPCSW and HM, property expenses for the financial year ended 30 September 202 6 totalled $92.4 million, a decrease of $1.4 million or 1.5% lower compared to corresponding period last year. The decrease was mainly due to absence of provision for Cathay arrears with the exit on 1 September 2025. Net property income for the financial year ended 30 September 202 6 was therefore higher at $321.7 million, being $43.7 million or 15.7% higher than the corresponding period last year. Excluding NPCSW and HM, net property income for the financial year ended 30 September 2026 was at $249.3 million, an increase of $5.7 million or 2.3% higher compared to the corresponding period last year.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 29 2. REVIEW OF PERFORMANCE OF THE GROUP (CONT’D) (a)(iii) Group financial performance (FY2026 vs FY2025) (cont’d) Net non-property expenses of $127.3 million was $2.8 million or 2.2% lower than the corresponding period last year mainly due to: • Gain on cash flow hedges reclassified to Statement of Total Return of $7.5 million which is a non - cash item arising from NPCSW Acquisition. • Finance income of $1.6 million was $1.0 million higher than corresponding period last year mainly due to higher deposits placed with banks. • Partially offset by higher asset management fees of $4.2 million mainly due to higher net property income and total assets following NPCSW Acquisition. • Higher finance costs of $0.7 million mainly due to full year impact of additional borrowings following NPCSW Acquisition, partially offset with the lower cost of borrowings. Total return included: • Share of results of joint ventures of $ 111.1 million was $48.5 million higher than the corresponding period last year mainly due to higher share of revaluation gain. • Net change in fair value of investment properties of $66.4 million from the year end revaluation which included the fair value gain of WS of $35.9 million. • Loss on di sposal of subsidiaries of $3.4 million, relating to transaction costs incurred for the completion of divestment of WS on 30 September 2026. (b) Group financial position as at 30 September 2026 Investment properties are stated at valuation performed by independent professional valuers as at 30 September 2026. The decrease in investment properties of $365.0 million was mainly due to the disposal of WS on 30 September 2026, partially offset by the AEI at HM, and the capital expenditure incurred for the portfolio and net change in fair value of investment properties. The increase in investment in joint ventures of $69.9 million was mainly due to share of results of joint ventures, partially offset by distributions received from the joint ventures. The decrease in net financial derivative liabilities of $64.2 million was mainly due to fair value adjustments arising from the mark-to-market of derivative financial instruments. The increase in cash and cash equivalents of $333.4 million was mainly due to net proceeds from disposal of WS, net loan drawdowns and distributions received from joint ventures. It was partially offset by the payment of distribution to Unitholders and capital expenditure. The decrease in interest-bearing borrowings of $24.7 million was mainly due to repayment using part of divestment proceeds of WS . This was partially offset by net loan drawdowns to fund working capital including AEI and capital expenditure. As at 30 September 2026, the Group recorded net current assets of $211.0 million.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 30 3. WHERE A FORECAST, OR A PROSPECT STATEMENT, HAS BEEN PREVIOUSLY DISCLOSED TO SHAREHOLDERS, ANY VARIANCE BETWEEN IT AND THE ACTUAL RESULTS. Not applicable. 4. COMMENTARY ON THE COMPETITIVE CONDITIONS OF THE INDUSTRY IN WHICH THE GROUP OPERATES AND ANY KNOWN FACTORS OR EVENTS THAT MAY AFFECT THE GROUP IN THE NEXT REPORTING PERIOD AND THE NEXT 12 MONTHS. Based on advance estimates, the Singapore economy grew by 5.4% on a year -on year basis in the third quarter of 2026, moderating from the 6.2% growth in the previous quarter. On a quarter -on-quarter seasonally-adjusted basis, the economy expanded by 1.1%, e asing from the 1.5% growth in the second quarter.1 The Department of Statistics reported 1.6% year -on-year increase in retail sales (excluding motor vehicles) for August 2026 2. Retail sales (excluding motor vehicles) rose 0.6% in August 2026 compared to July 2026 on a seasonally adjusted basis. Sales of food & beverage services fell 1.6% in August 2026 on a year-on-year basis. On a seasonally adjusted basis, sales of F&B services increased 1.5% in August 2026 compared to the previous month. Against this backdrop of resilient retail demand, FCT was awarded the government tender for the mixed- use development of Bayshore Drive GLS site in Singapore, as part of a consortium, where it will hold a 50% stake in the commercial component. It successfully completed the divestment of White Sands on 30 September 2026. Hougang Mall’s planned AEI was completed in September 2026, achieving a return on investment of about 8%. In addition, FCT commenced AEI works on NEX in May 2026, with Phase 1 completing in December 2026. It also announced a two -year AEI for Causeway Point which will start in the second quarter of 2027. Among the factors that affect FCT’s performance are interest rate volatility and rising operating costs. The Manager will continue to prudently manage its capital structure and operating costs. Looking ahead, t he Manager anticipates continued resilience in Singapore’s suburban retail market, where positive demand and supply dynamics underpin organic DPU growth through healthy rental reversions and a strong committed occupancy. As part of its proactive asset management strategy, it has put in place a number of targeted AEIs which will continue to drive enhancement growth for FCT going forward. Supported by a prudent balance sheet with current aggregate leverage comfortably below 40%, FCT is well -positioned to optimise its capital efficiency to drive the next phase of sustainable long -term DPU growth. 1 Ministry of Trade and Industry. (14 October 2026). “Singapore’s GDP Grew by 5.4 Per Cent in the Third Quarter of 2026”. Singapore’s GDP Grew by 5.4 Per Cent in the Third Quarter of 2026 | Ministry of Energy, Trade and Industry 2 Department of Statistics (DoS) Singapore. (5 October 2026). Retail Sales Index and Food & Beverage Services Index, Aug 2026. Monthly Retail Sales Index and Food & Beverage Services Index, Aug 2026
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 31 5. DISTRIBUTIONS 5(a) Current financial period Any distribution declared for the current period? Yes Name of distribution Distribution for 1 April 2026 to 30 September 2026 Distribution Type a) Taxable income b) Tax-exempt income Distribution Rate a) Taxable income distribution – 6.209 cents per unit b) Tax-exempt income distribution – 0.005 cents per unit Par value of units Not meaningful Tax Rate Taxable income distribution Individuals who hold the Units as investment assets and not through a partnership in Singapore will receive pre-tax distributions. These distributions are tax-exempt at the individuals’ level. Individuals who hold the Units from the carrying on of a trade, business, or profession or individuals who hold Units through a partnership in Singapore will receive pre -tax distributions. These distributions will be subject to tax at the individuals’ respective tax rates. Other qualifying investors will receive pre -tax distributions. These distributions are subject to tax at their respective tax rates unless otherwise exempt. Qualifying non -resident non -individual investors and qualifying non -resident funds under Section 13D, 13OA, 13U or 13V of the Singapore Income Tax Act will receive distributions after deduction of tax at the rate of 10%. All other non-resident non -individual investors will receive their distributions after deduction of tax at the prevailing corporate tax rate of 17%. Tax-exempt income distribution Tax-exempt income distribution is exempt from tax in the hands of all Unitholders. No tax will be deducted from such distribution.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 32 5. DISTRIBUTIONS (CONT’D) 5(b) Corresponding period of the immediate preceding financial period Any distribution declared for the current period? Yes Name of distribution Distribution for the period from 4 April 2025 to 30 September 20251 Distribution Type a) Taxable income b) Tax-exempt income c) Capital Distribution Rate a) Taxable income distribution – 5.585 cents per unit b) Tax-exempt income distribution – 0.208 cents per unit c) Capital distribution – 0.170 cents per unit Par value of units Not meaningful Tax Rate Taxable income distribution Individuals who hold the Units as investment assets and not through a partnership in Singapore will receive pre-tax distributions. These distributions are tax-exempt at the individuals’ level. Individuals who hold the Units from the carrying on of a trade, business, or profession or individuals who hold Units through a partnership in Singapore will receive pre-tax distributions. These distributions will be subject to tax at the individuals’ respective tax rates. Other qualifying investors will receive pre -tax distributions. These distributions are subject to tax at their respective tax rates unless otherwise exempt. Qualifying non -resident non-individual investors and qualifying non -resident funds under Section 13D, 13OA (with effect from 1 January 2025), 13U or 13V of the Singapore Income Tax Act will receive distributions after deduction of tax at the rate of 10%. All other non-resident non -individual investors will receive their distributions after deduction of tax at the prevailing corporate tax rate of 17%. Tax-exempt income distribution Tax-exempt income distribution is exempt from tax in the hands of all Unitholders. No tax will be deducted from such distribution. Capital distribution The capital distribution component represents a return of capital to Unitholders for Singapore income tax purposes. No tax will be deducted at source from this component. The amount of the capital distribution component will be applied to reduce the cost b ase of Unitholders’ Units for Singapore income tax purposes. For Unitholders who are liable to Singapore income tax on profits from the sale of their Units, the reduced cost base of their Units will be used to calculate any taxable trading gains arising from the disposal of their Units. 5(c) Date payable 27 November 2026 5(d) Books closure date 30 October 2026 (5.00 pm) 5(e) Unitholders must complete and return 12 November 2026 Form A or Form B, as applicable 1 Advanced distribution of 0.096 cents per Unit for 1 April 2025 to 3 April 2025 of taxable income has been paid on 30 May 2025. The total distribution for 1 April 2025 to 30 September 2025 is 6.059 cents per Unit.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 33 6. IF NO DISTRIBUTION HAS BEEN DECLARED/RECOMMENDED, A STATEMENT TO THAT EFFECT. Not applicable. 7. GENERAL MANDATE FROM UNITHOLDERS FOR INTERESTED PERSON TRANSACTIONS FCT Group did not obtain any general mandate from unitholders for interested persons transactions. 8. IN THE REVIEW OF PERFORMANCE, THE FACTORS LEADING TO ANY MATERIAL CHANGES IN CONTRIBUTIONS TO TURNOVER AND EARNINGS BY THE BUSINESS OR GEOGRAPHICAL SEGMENTS. Please refer to section 2 on pages 27 to 29 for the review of the actual performance. ADDITIONAL INFORMATION REQUIRED: 9. BREAKDOWN OF SALES Actual Oct 25 to Sep 26 Actual Oct 24 to Sep 25 Increase / (Decrease) $’000 $’000 % Gross revenue reported for first half year 221,868 184,391 20.3 Total return 124,352 97,000 28.2 Gross revenue reported for second half year 223,018 205,212 8.7 Total return (1) 244,115 102,862 N.M. (1) Total return includes net change in fair value of investment properties. N.M. – Not meaningful. 10. BREAKDOWN OF DISTRIBUTIONS Actual Oct 25 to Sep 26 Actual Oct 24 to Sep 25 $’000 $’000 1 April 2024 to 30 September 2024 – 109,415 1 October 2024 to 31 March 2025 – 110,077 1 April 2025 to 3 April 2025 – 1,745 4 April 2025 to 30 September 2025 121,344 – 1 October 2025 to 31 March 2026 125,041 – 1 April 2026 to 30 September 2026 Refer to page 3 – 11. CONFIRMATION PURSUANT TO RULE 704(13) OF THE SGX-ST LISTING MANUAL Pursuant to Rule 704(13) of the SGX-ST Listing Manual, Frasers Centrepoint Asset Management Ltd (as Manager of FCT) confirms that there is no person occupying a managerial position in the Manager or in any of the principal subsidiaries of FCT who is a relative of a Director, Chief Executive Officer or substantial shareholder/ unitholder of the Manager or FCT. At present, the Manager does not have any subsidiary. 12. CONFIRMATION PURSUANT TO RULE 720(1) OF THE SGX-ST LISTING MANUAL Frasers Centrepoint Asset Management Ltd (as Manager of FCT) confirms that it has procured undertakings from all its Directors and Executive Officers (in the format set out in Appendix 7.7) pursuant to Rule 720(1) of the SGX-ST Listing Manual.
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Frasers Centrepoint Trust and its subsidiaries Condensed Interim Financial Statements For the six-month period and financial year ended 30 September 2026 34 ON BEHALF OF THE BOARD FRASERS CENTREPOINT ASSET MANAGEMENT LTD (Company registration no. 200601347G) (as Manager for FRASERS CENTREPOINT TRUST) Koh Choon Fah Chairman Soon Su Lin Director BY ORDER OF THE BOARD Catherine Yeo Company Secretary 22 October 2026 Important Notice This announcement may contain forward-looking statements that involve 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. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses, property expenses, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's current view on future events. 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 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 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 announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units. The past performance of FCT and the Manager is not necessarily indicative of the future performance of FCT and the Manager.