First Real Estate Investment Trust : Issuance Of S$100,000,000 3.25 Per Cent. Guaranteed Bonds Due 2027

ISSUANCE OF S$100,000,000 3.25 PER CENT. GUARANTEED BONDS DUE 2027

UNCONDITIONALLY AND IRREVOCABLY GUARANTEED BY

CREDIT GUARANTEE AND INVESTMENT FACILITY

Unless otherwise defined herein, all capitalised terms shall have the same meaning as that set out in the announcement dated 1 April 2022 on the pricing of S$100,000,000 3.25 per cent. Guaranteed Bonds due 2027 unconditionally and irrevocably guaranteed by Credit Guarantee and Investment Facility (the "Bonds").

First REIT Management Limited, in its capacity as manager of First Real Estate Investment Trust ("First REIT", and as manager of First REIT, the "Manager"), wishes to announce that the Bonds have been issued on 7 April 2022.

Approval in-principle has been obtained from the Singapore Exchange Securities Trading Limited (the "SGX-ST") for the listing and quotation of the Bonds on the SGX-ST. The Bonds are expected to be admitted to the Official List of the SGX-ST with effect from 9.00 a.m. on 8 April 2022.

The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed or reports contained herein. The approval in-principle and the admission to the Official List of the SGX-ST for the listing and quotation of the Bonds on the SGX-ST are not to be taken as an indication of the merits of the Issuer, First REIT, Manager, the Guarantor, their respective subsidiaries or associated companies, or the Bonds.

By Order of the Board

Tan Kok Mian Victor

Executive Director and Chief Executive Officer First REIT Management Limited

(Company registration no. 200607070D)

As Manager of First Real Estate Investment Trust

7 April 2022

Important Notice

This announcement is for information only and does not constitute or form part of an offer of, or an invitation to subscribe for or purchase, any of the Bonds and may not be used for the purpose of an offer to, or a solicitation by, anyone in any jurisdiction or in any circumstances in which such offer, invitation to subscribe or purchase, or solicitation is not authorised or would be unlawful.

Neither this announcement nor any copy hereof may be taken into or distributed in the United States or to U.S. persons (as defined in Regulation S ("Regulation S") under the United States Securities Act of 1933, as amended (the "Securities Act")). The Bonds and the CGIF Guarantee have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction. The Bonds and the CGIF Guarantee may not be offered, sold, pledged or otherwise transferred within the United States or to, or for the account of benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Bonds and the CGIF Guarantee are being offered and sold only outside the United States to non-U.S. persons in reliance on Regulation S.

Neither this announcement nor any portion hereof may be sent or transmitted into the United States or to U.S. persons or any jurisdiction where to do so is unlawful. Any failure to comply with these restrictions may constitute a violation of the United States securities law or the securities laws of other jurisdictions.