First Reit FY10 Financial Results

Key Highlights
Year 2010
•Including deferred rental income from proposed Pacific Cancer Centre @ Adam Road (currently under redevelopment), gross revenue increased by 4.4% to S$31.5* million, mainly due to higher rental income from the Indonesia properties
Variable rental growth component of 1.25%of the total gross revenue of four Indonesian assets kicks in in FY 2010; in addition to the annual escalation based on 2 times Singapore CPI (capped at 2%)

•Net property income increased by 4.2% to S$31.1* million

•Distributable income increased by 1.8% to S$21.3 million

•Net asset value per unit at 77.00¢as at 31 Dec 2010 (based on enlarged share base a result of rights issue)

•No major refinancing needs till 2012

Projection Year 2011
•Projected distribution per unit (DPU) stands at 6.4 cents

•Projected distribution yield for 2011 at 9.14%, based on a theoretical ex-rights price of S$0.70 (as per the Circular to unitholders dated 10 November 2010)

•Based on the projected DPU of 6.4 cents and the closing price of S$0.765 as at 19 January 2011, the yield is 8.37%.

DPU
•Distribution per unit is lower in 4Q 2010 due to the issuance of 345,664,382 Rights Units on 31 December 2010 in relation to the acquisitions of MRCCC and SHLC

•Holders of new rights units will be entitled to 4Q 2010 distribution, but the properties only start to contribute to earnings and distributions in 2011

•For Unitholders who subscribed to the new rights units, the effective distribution per unit would be equivalent to 1.96 cents.
*Actual DPU for 4Q 2010.Consistent DPU

Distribution Per Unit 0.87¢
-Taxable 0.07¢
-Tax-Exempt 0.72¢
-Capital 0.08¢
Book Closure Date: 31 January 2011
Distribution Payment Date: 28 February 2011

EPS
31/12/2010 15.69 cents
31/12/2009 9.39 cents