First Real Estate Investment Trust : Appointment Of Independent Director And Member Of The Audit Committee

(Constituted in the Republic of Singapore pursuant to a trust deed dated 19 October 2006 (as amended))

APPOINTMENT OF INDEPENDENT DIRECTOR AND MEMBER OF THE AUDIT COMMITTEE

The Board of Directors of Bowsprit Capital Corporation 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 the appointment of Mr Martin Lechner as Independent Director of the Manager with effect from 8 January 2018. He will also be appointed as a member of the Audit Committee ("AC").

Mr Lechner will be considered independent for the purposes of Rule 704(8) of the Listing Manual of the Singapore Exchange Securities Trading Limited ("SGX-ST").

The detailed template announcement pursuant to Rule 704(7) of the Listing Manual of the SGX-ST containing the particulars of Mr Lechner is released separately to the SGX-ST.

Following Mr Lechner's appointment and in accordance with Guideline 2.2 of the Code of Corporate Governance, half of the Board now comprise of Independent Directors. The composition of the Board and AC is as follow:

Board of Directors

Executive Director and Chief Executive Officer Bowsprit Capital Corporation Limited (Company Registration No: 200607070D)

As Manager of First Real Estate Investment Trust

8 January 2018