Singapore – 21 November, 2008 – Frasers Centrepoint Asset Management (Commercial) Ltd, the manager of Frasers Commercial Trust (FCOT) (SGX:FrasersComm) wishes to announce that British and Malayan Trustees Limited as trustee for Frasers Commercial Trust (the Borrower) has today entered into a loan agreement (the Loan Agreement) with F&N Treasury Pte. Ltd. (F&NT), a wholly owned subsidiary of Fraser and Neave, Limited with respect to a fixed term, unsecured loan facility of S$70 million (the Loan).

Under the terms of the Loan Agreement, F&NT has today extended S$70 million to the Borrower which has been utilised for repayment of S$70 million of Loan Notes issued to the Commonwealth Bank of Australia, Singapore Branch..

The Loan, which is made on normal commercial terms and on arms’ length basis, is for an initial period of six months and with an interest rate of 3.73% per annum.

The Manager is in discussions to refinance the Loan together with all debt maturing in 2009 and will update the market at the appropriate time.