Singapore, 30 June 2009 – Frasers Centrepoint Asset Management (Commercial) Ltd. (the “Manager”), as the Manager of Frasers Commercial Trust (“FCOT”), today announced a package of recapitalisation measures to reinforce FCOT’s capital structure and diversify its investment portfolio. These measures will address the high gearing of FCOT and strengthen its balance sheet to facilitate the completion of debt refinancing. The package includes:

• a fully underwritten and renounceable rights issue (the “Rights Issue”) to raise gross proceeds of S$213.9 million;

• the acquisition of a 99-year leasehold interest in Alexandra Technopark, Singapore (“Alexandra Technopark”) for S$342.5 million (the “Acquisition”) from Orrick Investments Pte Limited (“Orrick”), a wholly-owned subsidiary of Frasers Centrepoint Limited (“FCL”);

• the issue of convertible perpetual preferred units (“Series A CPPUs”), a form of preferred equity, to fully satisfy the purchase consideration of the Acquisition (the “Series A CPPUs Issue”); and

• a master lease over Alexandra Technopark for five years at an annual net rental of S$22.0 million. FCL will provide an irrevocable undertaking to guarantee the performance by Orrick of its obligations under the master lease,(collectively, the “Transactions”). The Transactions are subject to the approval of Unitholders at an extraordinary general meeting (“EGM”) to be convened on 22 July 2009.