** NEW ISSUE : FRASERS HOSPITALITY REIT SGD SUBORDINATED PERPNC5 **

– A new SGD Subordinated PerpNC5 for Perpetual (Asia) Limited (in its capacity as trustee of Frasers Hospitality Real Estate Investment Trust (“FH-REIT”)) has been announced

– Initial Price Guidance at 4.75% area

– Issue size: S$100 million (capped)

– Structure: Unrated, subordinated PerpNC5
Reset at Year 5, no step-up
Dividend stopper, no dividend pusher
Non-cumulative coupon deferral

– Comps: KREITS 4.98 Perp 102.93/ 4.25%
ARTSP 4.68 Perp 101.53/ 4.27%