Issue of 614,630,000 New Units in Frasers Centrepoint Trust and Completion of Acquisition of Initial Portfolio of Properties by Frasers Centrepoint Trust

The Board of Directors of Frasers Centrepoint Asset Management Ltd., as Manager (the " Manager ") of Frasers Centrepoint Trust (" FCT "), is pleased to announce that in connection with the initial public offering (the " Offering ") of the units in FCT (" Units "), the Manager has today issued an aggregate of 614,630,000 new Units at an issue price of S$1.03 per Unit.

The 614,630,000 new Units comprise an aggregate of 261,930,000 Units issued pursuant to the Offering and 313,500,000 Units and 39,200,000 Units issued to FCL Trust Holdings Pte. Ltd. and FCL Investments Pte. Ltd. respectively in part satisfaction of the purchase price of Causeway Point (as defined herein). The 39,200,000 Units issued to FCL Investments Pte. Ltd. have today been lent to DBS Bank Ltd, as Stabilising Manager, to cover over-allotment of units in connection with the Offering.

These new Units have commenced trading on the Main Board of Singapore Exchange Securities Trading Limited (the " SGX-ST ") at 9.00 am today (" Listing ").

STATUS OF THE NEW UNITS

These 614,630,000 new Units are, upon issue, entitled to the right to any distributions which may be paid for the period from today to 30 September 2006 as well as all distributions thereafter.

COMPLETION OF ACQUISITION OF INITIAL PORTFOLIO OF PROPERTIES BY FRASERS CENTREPOINT TRUST

Prior to Listing, FCT completed its acquisition of FCT's initial portfolio of properties this morning. These properties are:

Causeway Point, being all that piece of land comprised in the whole of Lot 3098T Mukim 13 together with the buildings thereon, and known as 1 Woodlands Square, Causeway Point, Singapore 738099;

Northpoint, being the properties comprised in strata lots U46867C to U46951A all of Mukim 19, being all the 85 strata lots in the building known as 930 Yishun Avenue 2, Northpoint Shopping Centre, Singapore 769098; and

Anchorpoint, being the properties comprised in strata lot U41774C and strata lot U41775M (with Accessory Lots A82V to A134C and A137V to A161K), both of Mukim 1, and known as 368 and 370 Alexandra Road, Anchorpoint Shopping Centre, Singapore 159952/3.

The joint financial advisors of the Offering are DBS Bank Ltd (" DBS Bank ") and Oversea-Chinese Banking Corporation Limited (" OCBC Bank "). The joint lead underwriters and bookrunners of the Offering are DBS Bank, OCBC Bank and UBS AG, acting through its business group, UBS Investment Bank.

Frasers Centrepoint Asset Management Ltd.
(Company Registration Number 200601347G)
as Manager of Frasers Centrepoint Trust

5 July 2006

Important Notice

The value of Units and the income derived from them may fall as well as 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 have no right to request the Manager to redeem their Units while the Units are listed. It is intended that unitholders of FCT 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 not provided to and should not be read by any person other than Singapore residents reading this information within the Republic of Singapore. The information in this announcement must not be published outside the Republic of Singapore and in particular, but without limitation, must not be published in any United States edition of any publication.

Nothing in this announcement constitutes an offer of securities for sale in the United States or any other jurisdiction where it is unlawful to do so. Neither this announcement nor any copy or portion of it may be sent or taken, transmitted or distributed, directly or indirectly, into the United States, Japan or Canada, or to any U.S. person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")). The Units have not been, and will not be, registered under the Securities Act or the securities laws of any state of the U.S. or other jurisdiction and the securities may not be offered or sold within the U.S., or to, or for the account or benefit of, U.S. persons (as defined in regulations under the Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws.

This announcement may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution or reproduction of this information in whole or in part is unauthorised. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions.

This announcement is for information purposes only and does not constitute or form part of an offer, solicitation or invitation of any offer, to buy or subscribe for any securities, nor should it or any part of it form the basis of, or be relied in any connection with, any contract or commitment whatsoever. If you have gained access to this information contrary to any of the foregoing restrictions, you are not authorised and will not be able to purchase any of the securities described therein