1H 2025 Financial Results Briefing

Good morning. Welcome to CSIT's briefing. I'm Allison from the investor relations team I hope you had a good start to the morning. We had a very busy one. We released to a Norseman's death morning offers half results and the proposed acquisition of the 55% interest in capital spring. I'll see you all trans young is here. He will be covering them in his presentation later.

We will Actually, we also have the current session. We'll be happy to hear your thoughts and address any questions that you may have. Without further ado, I'll like to invite Shinsion to the stage. Cheers, and please.

Okay, good morning everyone. Thank you for joining us today. We have quite a bit of cover today, so without further ado, we'll start. Maybe I'll just run through the presentations for both the results and the transaction and then we'll just take some Q&A at the end. Okay, so we'll try to I think most people will be more interested in the transaction. So we will try to focus on some of the key highlights for the results first. Just go through the few slides before we talk about the transaction proper. I'm sure you guys have some burning questions on the transaction. So we want to jump straight into that as soon as possible.

Okay, so today we are now the result. The ICT delivered a fairly good set of performance for the first half of 2025. Draws revenue came in about 787.6 million. This is a slight decline of 0.5% year on year due to the absence of income from 21. Collier key, which was, as you know, diversity in November 2024. However, on a life or life basis, excluding 21 Collier key, draws revenue grew 1.4% and similarly for MPI was down 0.4% year on year, but up 1.7% on a life for life basis. And these numbers really reflect underlying strength and stability of our portfolio.

Distributable income rose to 0.4% year on year to a record for 1.9 million for the first half. Union holders, or we please do also know that our first half DPU increased 3.5% due to a new high of 5.62 cents despite an enlarged unit base as a result. The EFR that we did last year. This was underpinned by the 4.6 month contribution from iron orchard. That's a performance of our existing portfolio as well as lower interest expenses. Our proactive capital management continues to put the CICT in a favorable position.

Aggregate leverage improved to 37.9% down 0.6% ditch points from N20 24, giving us greater financial flexibility. At the same time, our average cost of debt has declined to 3.4% from 3.6% months ago supported by the easing interest rate environment and as well as our proactive refinancing efforts. This matrix underscored a robustness of our balance sheet and the resilience of our diversified portfolio.

Operationally, our portfolio remains robust. Overall, occupancy is student 96.3%, with real holdings daily at 3.2 years. Tenon retention rates remain high. We retail and office showing improvement compared to the first quarter. This also reflects the tenant confidence in our properties. Ran Reversion for the office portfolio was 4.8% for the retail portfolio 7.7%. We've suburban malls achieving 8.8% and downtown malls 6.9%. As we guided earlier, we expect renter reversions to moderate to a more sustainable pace in the coming quarters. Tenon sales per square foot increased 17.9%, but this was largely due to the inclusion of iron and a numbers excluding iron. Tenon sales per square foot was about flat, but shop a traffic increased by about 3.4% indicating that conversion opportunities are intact.

In May, we completed the divestment of service residents component of capital spring, which actually allows us to do the transaction that we are now saying today as well. We'll talk a bit about that later. CICTs, 45% stake was valued at 126 million. We divested it at an exit yield of approximately 3.6%. Proceeds were used to reduce debt and support working capital, demonstrating our discipline, capital recycling and focus on financial flexibility.

And our AEIs, which is our other value at strategy, at Galileo and IAMM building are progressing well. Galileo has reached 97.7% commuter occupancy. We target Hanover to the anchor tenon from late-tech quarter. Incon contribution, we'll ramp up meaning fully from 2026. At IAMM, the AEI space for phase three has been handed over. We've posed AEI occupancy at about 98.6%. We've over 100 hours at the stores. IAMM continues to strengthen its position as a regional outlet destination.

We have two AEIs in a pipeline, commencing in a fourth quarter. At a lot one, we will be adding an additional 15,000 square feet of NLA at basement two, leveraging URA's surplus, compact conversion the space will focus on daily essentials and convenience driven retail. We will also enhance the connectivity to the mall with a new sheltered bridge extension that links directly to the residential area across the road. The mall will remain fully operational throughout the AEI and we target

the complete this in the first quarter of 2027. In the previous quarter, we also shed that we have some AEI works planned at 10 Banyz Mall. Here are some other details. In line with LTA's pedestrianization plans, we will be rejuvenating the main entrance at 10 Banyz Mall and refreshing the tenon mix and increase product offerings through the improved configuration. The works will be carried out while the mall remains fully operational and we target to complete this AEI in the third quarter next year. So that concludes the key highlights of our first half results.

I'm happy to take some questions on this later. Before that, I think we would like to proceed to share about other announcement released this morning, which is the acquisition of the proposed acquisition

of our remaining 55% interest in capital spring. Okay, so having worked through our first half results, which reflects the resilience and quality of our portfolio. We want to now look at this particular transaction that we announced this morning. I'm sure a lot of you have many questions. We'll try to address most of the important points in the presentation, but if you have any further questions, we can take them later. As a background, currently we own 45% as most of you are well of capital spring, the commercial component, excluding the service resident. The proposed acquisition is required the remaining 55% interest from our partners, capital and development, which owns 45% and Mitsubishi estate, which owns the remaining 10%. The agree property value on 100% basis is 1.9