Josh King then made it 3-0 with a 41st-minute penalty after Ricardo Pereira was ruled to have handled in the box.
Leicester defender Wes Morgan was sent off for a second yellow card in the 69th minute and nine minutes from the end Fraser set up Adam Smith for the fourth.
The visitors enjoyed a late flurry with James Maddison's 88th minute penalty and Marc Albrighton's header a minute later.
(Reporting by Simon Evans; Editing by Tony Lawrence)
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