| FRONT COVER PAGE | 1 |
| GROWING THROUGH STRATEGIC FOOTPRINTS | 2 |
| CONTENTS | 2 |
| ABOUT FRASERS HOSPITALITY | 4 |
| OUR VISION AND MISSION | 5 |
| OUR STRATEGY | 6 |
| FINANCIAL HIGHLIGHTS | 10 |
| LETTER TO STAPLED SECURITYHOLDERS | 12 |
| CORPORATE STRUCTURE | 17 |
| BOARD OF DIRECTORS | 20 |
| MANAGEMENT TEAM | 24 |
| OVERVIEW OF PROPERTIES | 28 |
| PORTFOLIO SUMMARY | 30 |
| ASSET PROFILE | 32 |
| FINANCIAL REVIEW | 58 |
| ASSET PORTFOLIO VALUATION | 60 |
| OPERATIONS REVIEW | 61 |
| MARKET OVERVIEW | 67 |
| INVESTOR RELATIONS | 81 |
| SUSTAINABILITY REPORT | 83 |
| GRI CONTENT INDEX(G4 CORE) | 92 |
| RISK MANAGEMENT | 96 |
| CORPORATE GOVERNANCE REPORT | 98 |
| FINANCIAL STATEMENTS | 115 |
| REPORT OF THE TRUSTEE OF FRASERS HOSPITALITY REAL ESTATE INVESTMENT TRUST | 116 |
| STATEMENT BY THE MANAGER OF FRASERS HOSPITALITY REAL ESTATE INVESTMENT TRUST | 117 |
| REPORT OF THE TRUSTEEMANAGER OF FRASERS HOSPITALITY BUSINESS TRUST | 118 |
| STATEMENT BY THE TRUSTEEMANAGER OF FRASERS HOSPITALITY BUSINESS TRUST | 120 |
| STATEMENT BY THE CHIEF EXECUTIVE OFFICER OF THE TRUSTEE-MANAGER | 121 |
| STATEMENT ON THE POLICIES AND PRACTICES IN RELATION TO THE MANAGEMENT AND GOVERNANCE OF THE TRUST | 122 |
| STATEMENT ON COMPOSITION OF THE BOARD OF DIRECTORS | 127 |
| INDEPENDENT AUDITOR’S REPORT TO THE STAPLED SECURITYHOLDERS OF FRASERS HOSPITALITY REAL ESTATE INVESTMENT TRUST AND FRASERS HOSPITALITY BUSINESS TRUST | 128 |
| STATEMENTS OF TOTAL RETURN AND STATEMENTS OF COMPREHENSIVE INCOME | 130 |
| DISTRIBUTION STATEMENTS | 132 |
| STATEMENTS OF FINANCIAL POSITION | 133 |
| STATEMENTS OF CHANGES IN STAPLED SECURITYHOLDERS’ FUNDS | 134 |
| STATEMENTS OF CASH FLOWS | 137 |
| PORTFOLIO STATEMENT | 139 |
| NOTES TO THE FINANCIAL STATEMENTS | 141 |
| FINANCIAL STATEMENTS OF TRUSTEE-MANAGER | 192 |
| STATISTICS OF STAPLED SECURITYHOLDERS | 209 |
| INTERESTED PERSON TRANSACTIONS | 213 |
| NOTICE OF ANNUAL GENERAL MEETING | 217 |
| PROXY FORM | 221 |
| CORPORATE INFORMATION | 223 |
| BACK COVER PAGE | 224 |