FY 2025 Full-Year Financial Results Briefing

Okay, let me see here. I'm gonna really put the incanticase. Let me see if I can see by the last one second. I do not see a bit of the incanticase. Okay, I do. Can I start the first thing? Oh, but now. Okay. Okay, can I start the audio test? Okay. Can you hear me?

You just count. Okay. Okay. Okay. So I will keep counting. Spending from now. So one, two, three, four. Because we can't actually put the eye in the middle of the table because of the other side.

Yes. Because this is our usual process. How is it? Because we need to give this. This is a bit. Okay. One more.

There are going to be five people. Yes. Okay.

See, we need to get rid of this. Okay. This presentation may contain four looking statements. Actually, two future performance outcome and result may differ. Matyrally from those expressed in for the best payment as a result of a number of risks and certainty and assumption. See, please continue.

Thomas is that is that okay. Okay. So you have me to face away from the microphone. Okay, representative examples of these factors include

without limitation, general industry and commit conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other developments or companies shift in customer demand, shift in expected levels of occupancy rate, from the rental income, cash out collection, changes in operating expenses, putting employee wages, benefits and training, Okay. And I think there are just the two main presenters and I'll be at the seat to do the moderate thing.

But okay, right now, I'm at the seat for I have no design or I think you will present only for like that. But the mic is quite perfect. Okay. You are question not to case and the reliance on this for looking statements, which are based on the current view of management regarding future events. No representation over on this. First of all, it's made us to have a real entry place. That's it.

Okay. Trying. Yes. This is the, I think I'll let my IPM hit sit here and my answer be of questions. Okay. The past performance of CLCT is not indicative of future performance. The listing of the units in CLCT on the same purpose has changed the current these training limited does not guarantee a liquid market for the units. If for the value of the units and income

derived from them may fall as well as rise. Units and not obligations of because it's in our guarantee. The manager or any of these affiliates and the investment in the units is subject to investment risk including possible laws of principle or more investor. Okay.

Okay. Um, just want to let you know right, our server is a bit slow in office today. So it's like, you know, all of you can take. I'm just not a tree.

David, that's that is okay. Right. Yeah. Because this one is more in case he gets asked questions last. So I think should still be okay. Okay. Yes, I send you the slicing. I'm a step this morning. He's on slice. So you. Okay. Uh,

my manager will come in about then 15. So we'll do a quick round when they come in. Thank you.

My question is here. Yes. Okay. I think most of my management is in. Let me just have my mommy needs. I think I think Joanne went to the mushroom. You know,

so it's a bit like choppy. Hi, Thomas. Can you hear me? You do a round sound. Yes. I can ask us. Then I can just count to 20. Okay. One, two, three, four, five, six, seven, eight, nine, eleven. Okay. I would do it. Okay. One, two, three, four, five, six, seven, eight, nine, ten, eleven,

one, two, three, four, five, six, seven, seven, three, four, five, six, seven, eight, nine, ten. Uh, last one here, one, two, three, four, five, six, seven, eight, nine, 10. Okay. Thank you. Let's start. Good. Here is your... Keke, good morning everyone. Welcome to CRCTs from year 2025 and the least amidobry fund.

I'm Seo Yee in investor relations for CRCT. Joining me today we have our CEO, Jerry, CFO, Joanne, CFO, Des replenishing Tongue and here I P Buyonutong. For this briefing we'll start with a brief presentation followed by Q&A session. If you have a question, please use the recent feature and are there at the time to you. If there are now handover the time to Jerry, please go ahead. Welcome everyone to CLCT School Year 2025 Financials Without Refink. Thank you for making time. The 10 of presentation is going. First CLCT is the first and largest trans focus S-RIT and we uniquely offer connectivity

to both S-RIT and C-RIT markets. Our TLDA assets now is 4.5 billion. We have eight retail malls, five business parks, and four logistics parks. We predominantly tier one and tier two city exposure. Distribution you based on our announced FY25, two years, 25 by GPU is 6.2% in terms of our asset allocation. Retail is our largest and most resilient asset class 69% of gross rent income. This is bread and butter more relatively defensive and benefits from government initiatives to boost domestic consumption. We also have new economy assets, business parks,

largest expansion, which formed smaller part of our portfolio at the 21% providing around some exposure to China's efforts to grow technology and innovation, including key sectors semiconductors, electronics, and ICT. Our retail portfolio, while retail portfolio, one of the key highlights in 2025, was our establishment and listing of our C-RIT platform, CLCR on Shanghai Stock Exchange together with our sponsor. We managed to monetize one of CLCT's asset capital market working from a kilo to city in Changsha into the C-RIT, CLCR at a premium to our valuation.

CLCR has, the C-RIT has also done well and since listing has traded up almost 20% here today. So all the transactions that we have done in 2012 by validate the value and liquidity of our retail assets and CLCT will continue the sick opportunities to utilize this unique S-RIT C-RIT connection, the benefit of unit holders. This also gave us greater confidence to actively source for new retail assets for investments. Well, we want to repeat what we have done in the marketing space that is we buy well at value with our operational and EIA expertise and we cycle at the good price within a radically short period of time.

While we are happy with the successful divestment of our retail value proposition, we did some income which we will need to the financial over time. This would show up in our full year revenue and NTR which our now address for full year 25 over all business conditions have been solved. Among the three sectors, we do have relative resilience, logistics, we have stabilized, amidst our rent resets for that portfolio but business part has seen a week demand. Our full year gross revenue and NTR drop about 9% year on year excluding the party on Simstar basis, popular GIR and gross revenue and NPI.

Narrows, the drop narrows to about negative 6% year on year. For retail revenue declined by 9.6%, but narrows to 4% or 9% on Simstar basis taking excluded by the factor which was the biggest factor for retail. This year we had and but also on a number of EIs in Superman, Rock Square (Guangzhou), Wang Ting and Jifu. Involving anchor or mini anchors upgrading. The EIs at downtime around four to nine months but that would benefit us when the EIs are completed and started fully contributing by year end of the 2020. We do have also been affected by some of the continued position

at our weekly small single and general weekly overall rent and occupancy in the bank and more and one single. Next, for business part revenue declined by 9% year on year new to lower rent and occupancy in Hangzhou and Sian. Many factors were the pre-term nation of the service of these master tenants in Hangzhou based two and delays for EIT in fact, the link that they can see created for large tenant relocation a year ago. We're happy to share that EIT has made good progress. Now EIT is the 85% occupancy although most of it came in in the last quarter of 2025 for Hangzhou based two

that for the service office operator, back truly we have back few to 70%. We've single digit positive conversion for the area that we have back few. In terms of occupancy for BPS first quarter of 2025 was the lowest point or BPS here 83.7% but we have since worked hard to lease it up and by the end of the year, the whole BPS portfolio had an occupancy of 86.7%. Logistics, our smaller sector generally had seen improvement as we had missed out our previously vacant shunt at home scene and the lease was for three years among some lease and we have also improved occupancy

in Qunshan and Sian too. And so the whole lot of low looks in a much better ship than maybe a year plus ago for our full year occupancy and Sian, 98.1% which is higher than a year ago. Deep view wise, the view for second half, 2025 is 2.33 cents, two year 25 is a 4.2 cents. So this 2.33 cents includes a one time top up distribution for second half or 0.33 cents which amounts to about 5.7 million single dollars. That roughly equates the loss DI from

dividing which we digested in 2.0 to five. Our one time top up distribution is drawn from our past divestment gains that CLCT has done and we'll be funded through that and we only have a marginal plus 0.1% bearing effect. What we see to do here is to provide unit order with some income stability despite difficult conditions while we look for equality replacement accept to replenish and hopefully accept the loss income from dividing. I would also like to emphasize again this is an interim measure. So what management is doing is therefore focusing on finding good assets this year in 2.0 to 6 as well

as working on different ways to deliver further cost savings in financial cost, reduce our DPU while continuing to work on preparations for further asset stabilization to the series on our older mature retail assets which will of course expand our pathway for popular constitution and widget validation for our assets in our portfolio. For retail assets there's been an improvement in shop or traffic and tendency in 2.025. On the whole portfolio traffic grew 2.7% year and year and tendency grew 2.1%. Of here was a strong order for the year

outperforming nine months with 4% to 5% growth in both traffic and sales as EI efforts kicked in especially with the full reopening of the new supermarkets in shape or wanting and settlement oil or which the results came in the portfolio. In fact for the school markets we can see in the portfolio. Sales growth was last 47% and which is a very strong portfolio number once the school markets were open. Overall, tendency is now above pre-COVID levels that slightly above about 2% of both pre-COVID levels. In terms of overall frequency cost,

we are at 17.5%. That's a healthy level compared to pre-COVID range of both 20. Tree cats that done well, maybe I just mentioned a few highlights here. FMB we have the positive 5.8% year and year. That's the biggest trick for retail for us at 39.4%. So there was strong acceleration in sales in particular for Q driven by introduction of the new high performing 20 brands which have been two factors for our shoppers.

Growth was brought base. You have low low low low low low low low low low low low low and new ones like Haltzian, Japanese sushi chain sushi low and even Starbucks delivered growth. I, when we have also IT which grew 9.3% for the full year, this sector is most, this trick is boosted by consumption vouchers as well as expansion of more digital brands during our EIs in Shur-4A once in. Really the cater for the evolving consumer demand and broaden the appealing in the most. So in this sector we have, in this category, we have Apple, VGI, Xiaomi. These are some of the brands that have good growth in 2025. Jewelry and watches also did well plus 18.3%.

That's driven by increasing the amount of investment in gold, sales increase for most efficient brands especially in Beijing. Post and hobbies done very well this year, plus 52.3%. This basically stems from the continued popularity of collectible toys market. Popmark for example, year and year, the sales went up 100% and many so also that's strong, very strong, that the digital number. So they are still growing strong in this category. We also benefited from our EIs. The supermarket upgrading in one thing, Shur-4A and Citiman. As I mentioned, power, is the market category in Popcue by 47% sales rules, which we expect to spew over to first half,

to 0.26, helping to reimburse the supermarket downtrend in sales that we have seen in the first half of the 2012. We kept the loan which was introduced in one of the million anchor EIs in Rock Square (Guangzhou) in October was also done successfully and basically produced sales growth from the spotting goods category for us in Popcue. The spotting was very actually grew 39%, right largely due to the capital loans introduction. Of course there are weekly tickets that offset our general sales growth. We have mentioned before, fashion and beauty and health has been trending now it.

And in Portifue here, they have trendowets about single digits in sales portfolio. In those off- the market, we have seen a set for single which continues to require some repositioning to attract shoppers. Rent-of-reversion-wise, we clocked, we are at 2.4, might negative 2.4%, we are affected by EV consolidation, which we have spoke about in previous quarters. And we are also pivoting the less EV reliance across our portfolio. So without EV impact,

the rent-of-reversion-folded retail is actually negative 0.6%, for 2026. We still have some EV tenants to view it, but there will be at half the number of lease that will expire when you compare 2026 and 2025. So there will be a lesser impact. So we versions probably slightly stronger than the 2025 print of minus 2.4%. But it will still be Maoli, negative. In terms of business tax, our business path occupancy, which forms a 20 cent, a GRI, this sector generally faced with the demand and, you know, and per supply.

Our business path overall occupancy is now at 86.7%, this is improvement on the Q, which was at 85.2%, due to, you know, our improvement in C&A IT leasing progress. Our business path asset generally outperformed the asset markets despite the generous of leasing environment for this sector. CNCU, our strongest business path asset continue the strong year at 95% occupancy for the C&C cluster. We have made good progress, especially with electronics and ICT tenants. AIT asset occupancy is now at 85.2%, and we have made big strides to backfill

the major tenant that was really a bit one year ago. So you can see that order, we actually, you know, improved from 75.4%, the center order to 85.2%, currently. Right, one of the bigger tenants that came in to the backfill space was a Lansing memory, which took up half the space of that major tenant, which relocated. And Tauncey memory is basically the largest new manufacturing in China and is known as the domestic alternative, right? To some soon, as we hear it, and my point, so it's important, important tenant are very much in theme with the kind of companies that have been supported

by the government in China nowadays. AIT also improved order to quarter at 86.7%, the center occupancy for HANA job. HANA job based one and two, this cluster has more challenging the C&R management compared to the rest of the VP clusters with lots of supply. HANA job based one occupancy, sleep versus the Q2, center 3.6%, due to the loss of large, large culture tenant about 2.6%, KA square meters, which we are looking to fill that. HANA job based two, we have been working through our service office, Master tenants, which we have discussed before, which over the course of in the 2012 time,

we basically took back about 55,000 square meters and we have successfully released 70% of the area of the sub tenants and we managed to push by the end of the year for the overall 100% occupancy to 74.9%, what we have versus the Q, which was 60.7%. Overall, VP reversions at minus 8.1%, driven mostly by C&R and HANA, where we are pursuing tenant occupancy in a soft market. For 2.026 for VP, I would feel that reversions were likely being the same order of this year of 25.

For logistics, but the smallest segment, 3.7% of GRI, our logistics portfolio of stabilized, our shanghang hai, the phone is here and set, which is not released for much of 2.024, it's not released and rent paying from July 2.5. We have also instruments in GENTU, GENTU, GENTU, GENTU, GENTU, so all this group of occupancy up to 98.1% for the Q year, higher at the Q of 96.6%. In terms of bringing up the occupancy, we have required basically a lower end to get the portfolio list up. So you can see that the rent and reversion

for 2.025 for logistics is minus 24%. Also, there was some situation where we proactively renew some of the major tenants so that 20 to 86 would be a race-table year. So all our efforts combined, we feel that going forward for this 2.026 year, our rent has bottom in our logistics portfolio and we aim to maintain the full occupancy at these rent levels. Evaluation wise, relatively stable valuations versus previous years, slight overall drop of 0.8% we've kept rate of largely unchanged.

And the larger impairments were in assets with good performance. So CINAN, either MUN-2 and SCHAN-HECON-CIN, CHAN-PUS-CIN-HECON-CIN-HECON-HECON-CIN, big percentage drop to reflect the rent adjustment that we needed to do to sign the long-term lease, which will provide me constantly default this asset. Next, we'll go to capital management. I will let MUN-2 from our financing to take that trip. Okay, in your JB. So for FY 2025, CLCT continued to maintain healthy financial position. Our year-end total debt has reduced by 150 million on the on-year basis. This is after a UHAT investment,

as well as a perpetual replacement in September 2025. Our year-end aggregate leverage is 40.7, which is a significant improvement of almost 1.2% year-on-year and 0.6% from Q3. This is attributable to stabilizing the MUN-B. And of course, UHAT investment per C and we have also a accelerated cross-border cash movement from China to Singapore. Not withstanding the property valuation has a slight beat. So, true 2025, we have stepped out our balance sheet nature hedge effort to make our bearing less sensitive to FX movement.

We will continue bringing cash from Singapore to China to maintain our aggregate leverage level. Average cost of that has also gradually decreasing. Now is 2.3%. Almost 20 basis point year-on-year improvement. CLCT has benefited from interest rate decrease, both in China and Singapore. I would say CLCT has more exposure to blaming people growing and blaming the interest rate right now, which will give us more interest saving if removing rate continued to ease. Our ICR has decreased slightly to 2.8 times. This is mainly due to weaker accept performance.

But this ICR is still much higher than MAS 1.5 times limit. Under required stress test scenario of 100 basis point increase in cost of borrowing or 10% decrease in digital. Our ICR level are still very comfortable. And overall for our distribution income FX hedge, we have 72% of our distribution income has been hatched from revenue B to $6. In Q4 2025, we successfully refinance some singular loans with revenue B term loan,

which boost our nature hedge and extend our debt maturity profile. Now our revenue B non-metre debt has increased to 60% of our total debt portfolio up from 35% one years ago. This has exceeded our earlier target of 50% by the end of 2025. And we have also fore-hatch to improve further improve our nature hedge position and reduce an AD impact due to revenue B and singular fluctuation. Our debt maturity profile is well-stecker. We only have one offshore bond of revenue B 600 million,

which is still at the end of 2026. This was the F-P-Z bond issued two years ago. So notwithstanding, we have sufficient bank facility to refinance this bond. We are still evaluating options, which aim to continue our capital source investigation. Just to highlight that in early 2026, we announced that we have updated our MPN program, which is used to incorporate Hong Kong's CMU clearing mechanism, which means that we are now able to issue things on one, the mean B denominator in some bond, the mechanism is ready. For interest rate hedge, we have 65% of our debt

is hedge into fixed rate. And the remaining floating rate loans are mostly in the D. So with this, yeah. Okay, let me take over from the little. So looking forward, if you look at what we have done this year, we completed four EIs. So we have done share for one ZING Rock Square (Guangzhou) in Switzerland. And they're all open by five few of this year. So all this supermarket EIs, you know, supermarket upgrading EIs which is share for one ZING and Switzerland are produced good results

with returns or rental increase more than 10%. Right, the decathlon introduction in Rock Square (Guangzhou) has kept us strengthened a previously weak corner B1 as part of our overall plan to drive traffic and improve rents in that part of the mall. But with this successful EIs, I think we have proven again, similar to the supermarket EIs that were executed in two, three, three other malls, that CRCT is able to extract value from our older malls and demonstrate our traffic cost of doing so. When we look for new investment in the future, we also want to utilize our EI of the D, not just by good malls and good price, but also to actively identify and add value to these malls. In the now strategy, we are still focused

on building a balanced portfolio. And how we go about doing it, I think in two, two, two, five, they're demonstrated a few initiatives which we will continue to do so to six. Unlocking value, we have successfully established a long-term capital recycling vehicle by the C-V platform. And in fact, we have managed to digest capital model for the in this supports our ongoing portfolio with constitution, we created value, we meet our by the entering the C-V market in two, zero, two, five and two, zero, two, six, our immediate parity is a source for a new retail asset to replenish the water's loss income,

while maintaining our existing operations at high frequencies. Extract value, our try-or-call ability to identify and execute on EI's, speaks for itself, we'll continue to see whether we have opportunities in our existing assets, as well as using EI as a key part of extracting value from any new acquisition. Proactive capital management, we have been proactively working on capital management, to drive interest-cost savings, and that would include expanding, reminciate that access while reducing our FX-free software operate. So with that, and my presentation, maybe we will have time for some Q&A. Okay, thank you, JOE for the presentation.

Now let's proceed to the Q&A segment. We have our first question from John Lee, our part of the release heads. Please go ahead. Hello, everybody. Can you hear me? Yes, thank you. Thank you. Yeah, thanks for the presentation. I just have two questions. The first one actually just looking at the Shanghai Logistics part. This is the valuation for this segment because of the adjustment, is that correct? Because of the rent adjustment. Yeah. Okay, I can just tell us a bit more about this fixed rate, these that you have here. Oh, no, so can you share the rent-through version for this asset specifically? I will let you own take that question. Yeah, so this is the eight-year lease

that we signed with, how say, C-free and logistic provider. So they actually, together, we, I mean, they have actually spent some time and paybacks to convert a portion of the part to fit their own use. So that's why it took a while. Actually, the reverse was already captured in 2024. But in 2025, right? So that is not in 2025, a reverse but 2005 to begin with, it's actually a much smaller area that we are governing. Although the magnitude is a flexibility.

Yeah, so I think that's about the color that I want to give. Okay, just in the linear lease. Yes, no, most of, I can't remember if I figure but it's typical two to three years we will have a step up that's similar to the kind of market market market market terms. Okay, so when did this aid your lease start? It's July 2025. Okay, got it, sir. And my second question here is just looking at the overview of Australia on page 19 right of the slides. The four pieces, the four puzzle pieces, one is about CRCR, two are about the beta-filmals. The last one is of capital management.

Can you just provide some indication of your plans for the logistic and business partner of your portfolio? Are you planning any data investments in this assets? Thanks. I, actually, we, well, it's maybe a little bit of condensed statement. We, in my great value, we did say that we want to continue to maintain a state of occupancy across this to business parks and a lot of logistics parks. So I think that's the first step that we have to do, right? Business parks, of course, you know, current stage we still need to push up occupancy. Right, when the occupancy of, you know, so our, because business parks, you know, as state of life, then we can talk about, you know, whether hopefully we're in the constitution is, you know,

it's good time to do it. Yeah, of course, you know, if you want to be considered the asset or the asset, it has to be in a good condition here, because I think that's the price. For logistics, I think we have stabilized occupancy. So I would say that if the right opportunity come, you know, we make consideration. Okay, thank you. So we're just following up on the Shanghai asset as well. If you can provide four customer evaluation, how would they put up this year? Because of course the adjustment was the biggest impact last year. Would that be an impact from the summer? Okay, this year, how is that some market performing outside of this asset? I think that we are seeing in Shanghai,

the vacancy level still there, that it actually has improved beyond year. So I mean, I don't want to, put a forecast too much, but I think the situation is better. If, you know, rent stabilizes, I expect the valuation to be stable as well. Because I think from a term point of view, we are locked in there indeed. So I think this is a one-time cut, you have it, right? Because we have sort of locked in the areas and that reflects the valuation itself reflects, you know, the cut that we have done. Yeah. All right, thank you. Okay, we have our next question from Terrence. Is that good here? Hey, I have been here,

Jeremy and Tim, this Terrence from JP Morgan. Actually, before I start on the questions, can I request that the job provide the quarterly updates for the sectoral revenue and NPI for each other? Like on the RMB basis. Because I think previously that was provided, I think last year maybe earlier this year, but seems to numbers, seems to have been replaced by a full annual number. So is it challenging to try on the underlying income? Yeah. Maybe we can start the questions on this.

Zero point, three cents, top-top, 5.7 mil. In the event that the job told acquired in the asset, perhaps, let's say the first half of next year would you also consider continuing with this top-top? How should we think about it? Yeah. What I would say is, you know, management is very focused on trying to find the replacement assets. Within this year, so that's our number of RMB between us and very many, a lot of discussion about this. Right? We considered this and we thought, because we were very focused on finding a replacement asset,

so we were okay to give one time top-up for this in the interim. Okay, sure. I guess then in the sense that that you're looking at replacement assets, did you share what you're looking at? Is it like two and two cities? Is this something from your sponsor pipeline? How large would it be and given the adhering? Is it still, I mean, it's come down, but it's still relatively elevated? How should we think about finding this? Yeah. I think in terms of asset, we're looking for retail asset, because that's, you know, experience has been the most defensive.

And of course, we do have ability to provide in a more stable liquidity for retail assets through the C-bit platform. So that's one. Two in terms of the cities, I think we're casting on our net wipe. I mean, right now in our mind is tier one, tier two cities. Right, that we are looking for. With the start, we're actually, you know, the team, is that China looking for some of those assets across different cities in China? So that's what we are focusing on. In terms of the size, you know, we are calibrated accordingly. I mean, what we have said is we want to planish your audience loss income and perhaps just acidic slightly.

But I don't think that, you know, we do a big acquisition that will stretch the balance sheet. So in terms of, you're voting that's 7 to 800 million revenue fee, you know, asset. Right. I would think that, you know, that's probably where we are focusing in the ballpark, you know, after a business, you know, revenue fee. I still in turn on it next to another. I mean, obviously we are open to both. We are, we are going to look at the best asset. Of course, like I know what you mentioned, we want to have a little bit of the value at the end of as well. Right. So I think as of now, I would say, it's the no, we're also a big part of the consideration.

Yeah, the terms of addictness. In terms of funding this, I mean, we look at the market situation at that moment. Right. And if, you know, it is not too, too big a deal with me, you know, do it through that in the shop. Then if there's a bigger deal with me, if I'm that part equity, you know, that's that could be some of the considerations. OK, thanks. And maybe it's a final question for me. And we upload on borrowing costs for FY26. Yeah, sure. Yeah.

So for FY26, and we do see the borrowing cost each, we expect the borrowing cost to each down. Right. But I think not to the signature, the extent. Right. Because we still have some earlier hatched IRS that is actually still ongoing. And then we have some bond that is on the fixed rates. So, but we actually do note that our growth in rate in revenue, I has actually found my significant component of our borrowing. So they are actually news that PBOC will continue easing. So that should actually benefit us. If I clarify, like when you say in shdown, I will talk

about maybe 10 to 30 basis points. You said stuff like the ballpark that we have to pick up. Yeah, I think probably 10 basis points. And then we will continue looking for shdown to actually make it better. OK. So, I mean, two, two, six. Like, the income is saying is just happened to be the year that some of the historically lower interest rate swaps expire. But in two, two, seven, and two, three, eight. We have more opportunities. We'll be driving down interest rate costs. Because that's where the higher rate that interest rate

swaps are expiring. And we say that when you go to see if we were still buying ways to try to find ways to be a little more better than these web that we are using as a baseline. And in terms of the RMB proportion, how much higher can we go? OK. So for renaming be loan, I say, be this year bearing any additional that is actually used to fund acquisition. So for these, on the status quo basis, I think we only have one renaming be the non-meter debt that is actually due for refinancing.

We were aimed to actually get the renaming be the non-meter debt as well to maintain our nature hatch. And so that doesn't mean that we don't have the simpler market. It's just that we were actually, while we find the cheapest source of debt, and we also wanted online food that we have to actually maintain high level of nature hatch. I think in the context, I think what we're interested in, say, is if everyone recall, maybe one half a year ago, maybe 35% of our debt was the debt that we filed itself or that was. We have brought it up to 60%, both our own target. So we do have a little bit of leeway. And depending on where we can get triple source of funding

and what's appropriate, we may need to see. Of course, long-term direction is we want to be as natural hat as possible. OK, great. Thank you. Thank you, Terrence. We have the next question from Jared. In this case, he, hi, hi, morning, Jerry, didn't talk about it. Hi, morning. Maybe just three questions from me. Yeah, sorry. If we look at second half of without the capital gain deep-use at two cents, and this I presume the sum impact from AEI. So going to 2026, is this the kind of baseline that we should expect?

In terms of the baseline, in terms of 2.23. Yeah, for DPU. I think second half of second half, indeed, at the, you know, of course we talk about the AEIs. Right? That was impact. So there will be some positive flow true on the AEIs that are completed in 2005. That will come true in the four, two, two, six, just one text. I think the downtime, I've said, of four to nine, four to nine months probably about 15 million of, you know, 15 million of NPI, and it was, what's lost from there.

Right? And the other thing that I spoke about, which is, you know, we are looking for an acquisition to top up the new button, you're putting loss in time. The other thing is why we're not being accepted. You know, it's still contributed about 14 million of, you know, NPI that was lost in within the two, three, five. Right. So, so I think that if we are managed to find the, if we manage to acquire an asset, I think we should do probably, you know, better than do sensor. Yeah, if that's what we are, you know, trying to ask. Okay, thanks, Jerry. The 15 million is in sync and RMB is our only number set.

Okay, and 5.7 million kept up up this half, will likely be one of and you'll see if you're put up for the acquisition. Yes, it's our intent. We need to find the asset so that we don't need to, you know, you know, top up. Okay, maybe a quick second question on divestment back into your, into sponsors, C-week platform, any guidance in terms of timeline and probably quantum and, and yeah, because just thinking a lot is that process will likely go towards your acquisition. Yeah, just thinking about the steps. Yeah, we are actually concarily working on, on, on this as well. Right. Identifying assets that are suitable for the next characterization.

So you're right, depending on the timelines, when we find the asset, it could be that, you know, the, the sale may happen before the, so the, the scarithization may happen before the acquisition or the acquisition may happen with the scarithization. So you touch on a good point, right? In fact, I think the earlier question that, you know, the parents have asked, I've omitted one point, which, in fact, is true if we manage to scarithize the asset before we acquire, obviously we'll use the proceeds form. The scarithization to fund, fund, you know, accept purchase, right? So we are indeed working simultaneously both on the acquisition front as well as working on, you know,

identifying and preparing, you know, a next, a scarithizing position target. In terms of size, I think we, we would probably not want to, want to give guidance at this moment, they are few that we are looking at, right? So we definitely want to balance it a little bit, depending on the kind of assets that, you know, we can also refresh our property, right? As we, of course, want to make sure that the GPU profile is, is little maintained, you know, while we reconsider our portfolio. Okay, thanks, Jerry. Very clear. So if I still, if a acquisition happened before the sale,

you're okay with gearing going up a little, a little higher, but it's going to be temporary. Yes, I mean, as you know, now we have multiple ways of, you know, trying to manage the, you know, gearing of the transfer. Okay, thanks, Jerry. So I just went very last quick one on the business park rental incentive. tenant profile sounds quite solid, but is this rental incentive of the current market practice to retain tenants and you still see this ongoing? Yeah, I think such, I mean, the, the, the re-versions that we're talking about, I think it is the current market, you know, to attract, you know, tenants to come in. Yes, yeah. Okay, are you able to share how much you, you know,

give in terms of the incentive? You know, that really for, for, for, I mean, the general rental reversion was minus eight. Yeah, probably the one to comment on singular tenants. Yeah, but it's a very good tenant, but probably, we don't want to comment on singular tenants. Okay, yeah, yeah, China Samsung, so the minus eight percent, I really kept this rental incentive. Yes. Yes, in this rental practice. Yeah. Okay. Okay. Thanks so much. Yeah. Other best. Thank you. Thanks, Joe. Dean, the next question is from Nina. This is my, Hi, very intense with the presentation. First question, just to double track is to sort of blackout period, post listing of CLCR before you can inject another asset into the vehicle.

Okay. I think you're referring to more, maybe yeah. Yeah. In, in, yes, the, the short answer is yes. So, uh, previously it was about 12 months period before new ingestion can be considered or submitted, so to speak. Right. So last year, some way, we don't last, last year, I think it was shortened to six months. Right. So I think that's, that's good. But then I think there's still regulatory approval, the process for still think well, so in the normal census, you will expect about, you know, the kind of one year, uh, uh, around that to foreign another asset to be just. But, um, I think any interesting transactions come to market in the

retail space, this and how soon do you think you'll be able to acquire. Uh, interesting. We, we're actually following, uh, on, uh, number of leads, right. Uh, but, uh, we also want to be prudent at the moment, uh, because, uh, you know, although retail is actually one of the more resilient asset passes, but consumer sentiment and all that still remains to be so. I think we want to be very careful in selecting the right city by location. But this is our, our brand back. So, uh, I would say yes, we are, uh, you know, cautiously confident that, uh, we should be able to do something this year, uh, to, you know, uh, get the priority going and then

to, um, you know, uh, like what periodically to deliver what we set out to do. I think interesting transaction, uh, volume of transaction, uh, you know, have been, uh, have came down generally. But if you talk about big moves, uh, maybe slightly more, maybe a platform or, uh, move, I mean, uh, uh, uh, phi, g, you know, the phi, g deal may be, maybe, uh, you know, we talked about it a little bit. Uh, and they're asking me as well. Yeah. Yeah. So show the interesting detail. Yeah. Yeah. Yeah. Yeah. Indeed. Uh, so PEG is actually, uh, one of the sort of, uh, corner stone in the winter have been, uh, for a long time. So, uh, I think they acquire, uh, their, uh, management platform.

And, uh, last year, I think they did quite a big, uh, uh, uh, uh, separate, uh, a venture that actually is a set, uh, platform that actually, if I'm not mistaken, 40 over sets, uh, was, uh, you know, uh, put into that. We do have a retail set. Right. One, one title or a joke. Right. So, uh, that's one deal. Uh, that's quite big. The, the, another one is the escapee, I think the portfolio, uh, actually, in, in just, uh, uh, or other took, uh, some financial share, uh, in that. Uh, and, uh, post and last year, I think they also, uh, did a, uh, a set deal. Uh, there was an order in Beijing. Yeah. So there was also something that's interesting. So I think, uh, there are still still deals ongoing.

Yeah. I don't like to drink it, but actually, if you see the worst case scenario, if you're not able to acquire to replace the loss and come from capital, multi-writing, we actually consider further distribution top ups for this year. Two, two, six, I mean, I think I'll answer that question. We, we are quite focused on getting, uh, you know, a set, uh, this year for the year. Six. And if the worst case, haven't we, we could be considered at the end of the year. Okay. But, uh, it's one last question for me. That's just me that share by best will be off the book for now given that you're focusing on finding the replacement. That's it. Um, actually, I don't want to use the word off of the books, but we, we are guided by logic. Right. Uh, you know, share by back was, uh, uh, uh, mathematically, uh, you know, the

creep. When, you know, the year was very high and share prices very low. Right. Now that our share prices, uh, you know, we covered, you know, uh, we know, make as much of a sense, we will share by back versus buying or higher, you think, uh, you know, that's it. Yeah. Right. That's what the addition color. I'll jump back to the back of the queue. Thank you. Thanks. Dad, the next question is from your camp. Please go ahead. Hi, hi, Gary. Um, there's no you touch on the moratorium right. Like now it's six months instead of top ones. Uh, and you mentioned that there's, there's maybe some regulatory, um, consensus that might take a while. So more realistic to assume a year. Can you explain what's the regulatory issues here?

And also technically you, you can start to maybe target assets to identify as that's to be, to be digested. Maybe in another two months or three months time, right? Hi, let me take the regulatory part. But I think in terms of preparing the asset, actually, we are already in preparation. I mean, things like, uh, you know, testing evaluation or, you know, going, making sure it's, uh, you know, doing up the number, so and so. Yeah. Those are all within our own teams work, which we have already accepted for few assets. Yeah. A regulatory side, I think there is, there is the, so I think maybe to put it that way.

The. For long listing of, uh, assess still requires quite, uh, you know, regulatory screening. Uh, that's a bit different from housing a poll, right? Singapore is went after the listing part is actually a very regulatory involvement. But the, uh, follow on is more market driven. I think in China, the market still relatively new. The regulators are one still want to be a bit more careful. So the follow on process will still have to, it's just a vehicle is already set up. The investor base is there. It's slightly, you know, shorter, but everything still to go through the

regulatory approval. Uh, that, that, that's so basically what, when I mentioned regulators, and the CCSRC. Yeah. So, so in terms of a proposed divestment, right? Well, what should we, how should we think about it in terms of size and also, are you looking at the weaker assets? And, and also is it going to be bigger smaller than you're voting? Um, like I jerry mentioned, I think at this moment, uh, we are working on it, but we probably do not want to, uh, uh, go so far as to say, which is said, right? But, uh, the principal applies, right? It's, uh, basically where we actually completed AI and everything.

There are, uh, you know, uh, not much further loose, uh, to be, you know, um, mute from that set. Then I think we, we, we will consider that, uh, injection. I think that's the principal that we always, uh, help. Uh, I mean, when we talk about weaker set from a set, I think that's, um, our other three in, uh, more stabilized, but sure sets. That's the kind of category. Right. So, maybe, uh, little bit of a, of course, we can look at our own acquisition, like, right? Uh, if, uh, for whatever reason, uh, given management, find a very attractive, uh, asset, but if he has a higher quantum, then maybe, uh, you know, oh, the assets that we will think about,

as we can prioritize in, we, we may do the bigger one. All right. Uh, so that we can match, you know, the funding, uh, funding, but, you know, if we, uh, we don't manage to find a big one, we maybe have more, more medium size one. Then we will match it according to the, as I said, uh, earlier, uh, you know, I, I wonder, we basically have the deep view profile, uh, sort of, uh, and seeing even as we do popular with constitution. I mean, how, how should we think, because both are least core, right? And so how, how should we think about it? And you have a stick in CLCR as well. So how should we think about the kind of asset? I mean, if you, if you bring an existing asset, you know, post A, yeah, there's not much left to cream and then sell it to, uh, CLCR with the CLCR,

shareholders unit holders be, uh, happy, you know, because there's not much upside to be said. Yeah. So just try to understand that. No, it's really, I, if you, you, uh, uh, if you, uh, summarize it for the investors in, in the supermarket, uh, they are really, uh, you know, insurance company, pension funds, uh, they are, they're trying to have very regular payouts, uh, at, you know, at, at the, you know, in coverage that is competitive to the owner of the environment. And, and the owner environment now, uh, you know, uh, the rent deposit, uh, you want to send, you know, corporate rates,

uh, bond rates, government bond rates, uh, we go to, you know, some kind of bonds are just two class or some, some corporate, uh, I mean, we need bonds are two class. Right. So for them to get, uh, uh, treat the same class new, which is what CR CR is, uh, trading at, right now, uh, actually, uh, it's, uh, it's, uh, enough for them to buy those units. They're not looking for, uh, big growth or, you know, uh, more than that. So, uh, uh, so, uh, uh, I don't think that they are, they are very concerning. There's a lot of value in the answer. In fact, uh, just to share some kind of, uh, some of the, uh, uh, pockets

that's under those insurance or banks, you know, it's, it's, no more like fixing card, income department, uh, doing that, uh, investing. We, uh, right. So so I think there's a bit of difference in how they are seeing it. In fact, they actually, uh, really are, are seeking, you know, uh, you, even there, the China's domestic, uh, alternative, unlimited. Yeah, they just want to be, you know, whatever they can get in the corporate format. Okay. I'm not last one from me. So from the CR CR perspective, there's no, uh, this, this, there's no regulations that prevent them from raising equity. We didn't first 12 months of listening to acquire stuff. Is it correct? Like I said, uh, I think, uh, after six months, I can do it.

And, uh, after six months, I can, they can actually acquire something and true equity raising. Yes. Okay. Okay. Go. Got it. Thanks. Thanks, Jeremy. Thanks. You can. The next question is from Jesse. It's going to hit. Okay. Hi. Good morning, Jerry. Everyone. Um, I'm out for the time. So I'll keep it short. Uh, you know what? Many of us have asked, but I didn't give us a little bit of a hit, you know, what kind of mature assets within which cities or which asset classes or possibly, you know, be divested into the C rate. And secondly, I know that CLCT maps is 20 of anniversary this year. So are there any like major strategic plans you can share with us for the rest of this year? Uh, I think, I think both parts we kind of covered, but we just, uh, very pretty.

So first one for the securitization, right? Uh, as you had put it and also I'd be previously outshat. We are looking for assets that we, we feel that we have attracted to value from over the last many years. We actually, a lot of assets that you get done with PDI's on them. So you imagine, you know, many of them fit the category that we have done here for them. But maybe some of them we still feel that there's more value of keeping an approach to the company to extract. Right. So maybe we won't consider those. Right. And in terms of size, I think because the sales year itself, the C rate, we can only sell basically 100% asset, right?

You cannot do patch, but sale. Right. If you, so that would be, you know, the size would be determined, which asset we put in. I mean, on our books or validation, we have to accept that one over the length to also assets that are treated for, uh, the length. So that there's a whole range of there. So it's, therefore it's a bit difficult for me to think point, which we answer. But you want to talk about range one to four. You know, that's there would be the range, uh, villain, uh, let me think. Uh, as far as our anniversary, thank you very much for mentioning it. Uh, I think, uh, CLCT have had a long way since we were listed 20 years ago, along the way, you know, we learned a lot of things about China. China is evolving and, uh, you know, what we have as a strategy today, uh, is, uh,

really to tack into that evolution in China, really, uh, they're looking at trying to grow the domestic consumption. Uh, and then, uh, also, there were very strong, uh, innovation, we're going to call in. So both, uh, both of these teams, we're trying to cover through retail models, uh, as well as the new economy assets. Of course, the new economy assets now, uh, it's more challenging, right? Uh, but we're following it closely, uh, tenants like, what, uh, you know, Samsung, uh, memory, I'm sure it's only one or more such tenants that will be coming up. So we want to see those opportunities, uh, so they can put them, uh, uh, into, uh, you know, our, our business funds, as far as retail models are concerned, right?

That's certainly something that, uh, in, maybe you can say for the end of this three year, we want to focus on, uh, uh, to, to, uh, to basically continue to drive the narrative that, uh, you know, we have big expertise, uh, in, uh, in the world in China. We want to make use of that, uh, you know, not only operational AI, also capital markets, uh, with our ability to, uh, you know, get, get, uh, start up the series, uh, you know, uh, platform as well as, uh, hopefully we'll start to take more on the movie, uh, you know, uh, capital markets for, uh, that financing. So these are things that we can afford to, for industry.

Okay. Thanks, Jerry. Thank you, Jesse. We have one last question from Joelle. Please go ahead. Hi, can you hear me? Yes. Hi, uh, thanks, Jerry and team for the presentation and the opportunity. I just have three questions. I think I'll take it one by one. Uh, the first is regarding your retail thing. You see your retail sales 10 on foot for occupancy costs. It's all hidden in the right direction. Just wondering why the retail rent versions are remained weak. And is this, like, did you do a supply situation or a tenant's generally a bit more resistant to higher rents? Um, uh, you were getting it. Uh, so I think, uh, you probably have seen that the China businesses more, uh, need to and, and all that.

So also, I think, uh, we have seen some of that, uh, I think we previous quarters. We also have shared, uh, generally speaking, I think, uh, tenants are doing, you know, good sales, but the margins actually also, uh, been, uh, I would say it's a pretty thing, then before, uh, because they needed to promote, uh, they need to offer more and to enhance the, uh, uh, consumer to keep shopping. Right. Uh, so, so I think that's a trend that we have, we have seen. And then, uh, what do you mention as a fly is, um, uh, selective, right? Certain areas there are, but not, not for all, almost. Uh, so, so basically I think that's a, that factor.

But I think, uh, when, when these are the, the tenants behavior is actually quite closely related to how they look forward. So if they are looking forward to, uh, you know, good, um, you know, growth, uh, then they will actually start to, uh, plant more shops, they see good business, they will do more. Right. So I think at the moment, there are still a bit cautious if you ask me. Maybe I had to get that, uh, that I don't think that, uh, you know, the retail supply is that much of the issue for, for, for, you know, generally for most retail markets. What's this, see if they talk about business, proper logistics. So amount of sectors in, in, whereas it's actually in China, I think we do is a one

that, uh, you know, uh, you know, uh, you know, uh, less of that, uh, supply issue. Then what the whole city is right, you know, uh, the general economy is deflationary. So obviously in the tenants mind, you know, they see, uh, uh, prizes, uh, being difficult to increase. Right. Uh, in, uh, well, that's, uh, I would want to generalize it, but there's some sectors that, uh, you know, like the poison hobby, uh, that, that, still nothing. But generally speaking, uh, when, when tendencies that they, they don't have present power on the, on their own revenue site, you know, where it comes to, uh, you know, uh, increasing rentals is also difficult for them to, uh,

increase rentals by too much. I haven't seen that, uh, if, if you think about the rental reversion, it's really a blended rental reversion. There are trick pets, uh, in our, uh, uh, pop pollo where you, where you would see, uh, you know, seals are increasing, uh, uh, by, uh, by a lot. Right. Those trick cats, uh, we are still seeing some rental reversion, some of the other big brands, you know, some I. Uh, you know, uh, and of course, talking about these, uh, we do get some, uh, positive rental reversion. Right. But, uh, it's sort of upset that, uh, for a long time now, it's sort of accepted by the business in, uh, fashion, uh, and, uh, uh, uh, uh, good day on health, which I've said, uh, single legit, uh, sales drop.

So rental reversion, spare, you know, put out in, uh, next week as well. What, what I do observe in the talk about, uh, looking forward, right, the, the, all these other stories about the talk about looking for it. Uh, I see, uh, maybe two trends in relation to fashion, particularly, which is an important trait, uh, because the historically speaking fashion trait, the, uh, they usually have high margins usually in a good ways. And therefore they can afford to pay the higher occupancy costs, right. Or rent in general. Right. Uh, one is, I think in our, uh, back actually, we didn't go through that, uh, in the business outlook. Uh, in last year, the queue, right, there would be some changes to the taxation and commerce. Uh, now all you're convinced to have to basically, uh, sell this, have to, uh,

also have to, uh, to, uh, to the school staff, the sales and that will be X. Right. So, uh, we, we've been hearing that, uh, in order to believe that, uh, that is leading to more online players thinking about, uh, setting offline source. That means it's good with your source. Right. Uh, that could, especially an, an e-commerce, uh, like some of these really fashion sales. Right. And that, uh, that, uh, could, you know, uh, start to reverse maybe some of the damage that we've done to this, uh, sector over the last, last many years. And if I look at, you know, some of the, uh, uh, conversions from, uh, from fashion trade, I, I mean, I, I don't want to say that I'm

gaining a trend, but the revisions, uh, and, and sales draw are probably lesser than previous years. Right. So we, we are slowly finding co-pleased, we find an important, and we've, uh, some equalizing of the playing field, uh, hopefully, uh, from 26 and onwards, we seems we can see some strengthening, uh, in my trade. So when fresh either fashion or beauty and health, either one of the, uh, trick cats, uh, sort of even reverse, yeah, trend is a little bit. I think that, uh, what helped us finally, you know, uh, be able to show some, uh, general positive reduction on blend of cases, because our other trick cats are actually okay. This is just really fashion, fashion and beauty and health that is, uh, you

know, contributing to the more negative you were. Okay. Thank you so much. Very clear. Um, my next question is regarding acquisitions. And I just, uh, referred to two, I know your sponsors to blockbuster assets, uh, the diversity, challenging and so to a center more, knowing you, it's not within your mentioned size of, uh, I think was close to a billion in R&B. But I did send your role for it. And is this something you could potentially acquire in the further future? RCCQ is not in our local social center. It's also not in our local. They, they are not in our direct, uh, so-called, uh, equation, rule for the list. Uh, but, uh, I think, uh, for sure we will be, uh, you know, if there's any,

uh, chance that we will be ahead. Having said that, this two are also very big. Uh, and, uh, so I think, uh, we will be careful and hopefully the market will allow us to do big deals. Then I think it would be a more true time to consider it if this is my opinion. Mm. I think at this stage, uh, you know, we basically just, I would just, just say have some hit, uh, hit way in terms of our popular reconstitution, uh, you know, journey here, uh, having just, uh, you know, started the series and then being, being having a stable channel, recycling, uh, assets. So, uh, you know, we probably would, would err on the side of caution,

first, but if we get something going, uh, then of course, uh, we have proven, uh, you know, model and, uh, uh, the big assets for the something that, uh, we can have a deeper thing about. Okay. Thank you. Um, my last question is regarding your RMB depth percentage. Is there intention to raise it to 100% over time or do you think 60 to 40? 60 40 is pretty good. Uh, I will see, uh, so let me think. So for, uh, uh, capital L and China trust, uh, we are still a single fall read. So we are actually very well supported by, uh, our, uh, Singapore banks.

So the Singapore banks nature of our entire and see a single, uh, right? So also we can actually found quite competitively. Is Singapore dollar. So that has actually been the case for many years. So I would say we would continue to make a, quite a balance profile. We wouldn't actually totally give up on our most competitive, uh, source of capital, which is singular. But yet, uh, we do need to actually have a good percentage of our debt in RMB. So that is actually both to benefit from the easing of RMB interest rate. As well as RMB be pretty pink. Right. And of course that will actually also show up our balance sheet. So I will say, uh, we were actually 60 40 or maybe 50 50 is something that we will be

looking at. And of course, uh, going forward, uh, one of the most important, uh, factor is also to evaluate the relative cause of fun. Like, uh, so RMB has, uh, rate has been, uh, I mean, increasing. And single dollar actually now is also quite competitive. So, uh, is we were actually continue having both markets. Okay. Thank you. That's all for me. Thank you. And thank you. And thank you. I am about joining this concludes our session. But today, please feel free to reach out to me on my team if you have any further questions. Thank you. All I have good day. Thank you.

Thank you. Thank you.