FY 2022 Full-Year Financial Results Briefing

A very good morning to you in a big picture and to those joining us online. I'm Allison from a CIT Investor Relations team. A very welcome. CIT Relates its full year to an interview to results this morning and we have the management team here with us to share the highlights of CIT's results. I'll introduce them later. For today's briefing, we'll start off with a presentation by our CEO, Mr. Tony Tan, followed by a question and answer session. Please note that this session is live, recorded and we'll be uploaded later on our website. Now, I'd like to invite Tony to start his presentation. Thank you, Tony. Good morning. Just commented.

There is a big place for a small crowd. So we really saw this morning. I hope you have a little bit of hand to digest. I'll just click around to start the key highlights and then, of course, our management teams are here to take some questions. Okay. Move this. Is it moving? So some, just a few key highlights which can be elaborated in the following slides. A few things I think will work out quite well in 2022. We have seen some nice, improvement in operating metrics. Commuter occupancy, for example, has been going up over the year, over the quarter as well.

And we have achieved a rental reversion post-divove for the retail and office, as well as a tendency that's now already surpassed 2019. That includes downtown and so open. So I think we're quite pleased with the overall general transfer we've seen in 2022, which is quite in line with what we talked about when we met in different locations. On a sequential basis, we think trying to, towards the end of the year, which you see nice uplift, given there were a few momentum that has already triggered as a result more relaxation from the COVID measures. Shopo traffic has been rising as well over the years and of course, but towards the end of the year we've seen the year in a way, leading to the fast-

period we've seen quite nicely uplift as well. Throughout the year, I've been very, very careful about how we look at costs, very active, managing the costs. Everyone knows that in addition is hitting us. In front, interest rates have been going up, utility views has been going up as well. So we have been very proactive in trying to manage all these different things that are mixed, that's been hitting our expense line. I think we have achieved a reasonable output, given that there are given there'll be a guidance on how the utility rate vis-a-vis 2021 has moved almost 90%. And Ralph, estimate on how that work impact on the DPO front, but I think we came up better than that. We also secured quite a fair bit of financing from the market in total $2.7 billion.

They will secure in 2022. And we have had our energy rate throughout the cost of the year. And we need to increase protected. Our bid is a higher rate to improve the influence protect as well. Given that we know that the volatility on the energy price is going to be still no standing all, the geopolitical and all issue that we see in order. I think energy price will continue to stay a little bit for quite a while. Capital management is going to be active this year. Hopefully we are able to manage our balance sheet more effectively as well. We have done some proactive and frequency management balance sheet, it's in the current game a little bit, about 40.4% at the end of the year.

I'm looking forward to having quite a hot place here that China is opening up. At the end of the year, they talk about coming in February, they're going to release more or less the flat date to the rest of the world. That's the little be helpful for the retail business, especially in the downtown business. So we hope to see that trajectory coming into the industry. Also improving on the hospitality site. We have a couple of hospitality related assets in our portfolio. The hotel in Raphosity live for non-in-risk, beautiful, non-in. We've seen very healthy kind of a rough part on occupancy. So that's trending up really well. So from a number of perspective, for you, we achieve a almost, let's say,

1.73% improvement on DPU. That's the... I know it's below market consensus, but I think we have done the little things, hopefully going forward, we've seen some improvement from there. Very mind that we also have certain, hopefully, potential measure that will help improve the operating numbers we are going to do in the industry. On the revenue side, the solution distribution in campsite is up by 4.1% to $72 million. I'll talk a little bit more later on. So overall portfolio occupancy has creeped up to 95.8% from the quarter we reported 95.1,

so it's going up as well. We also came slightly from 3.8 years to 3.7. From a retail perspective, I earlier mentioned the number trending well, quite well. The quarter we crossed the quarter as in the year to day September. The retail sale was 21.3% today. We are looking at a full year, 22.5 is improvement as well. So again, now, how more lead the sub-boy more in the recovery? But surely because downtown has been getting wider, a bigger hit during the trial, the COVID period. And then you see the rebound very robust. And all the various measures, like the relaxation of the

mass mandate, I think it's a quick critical turning point. A lot of people start to flow back to the office and we've seen very healthy returning rate to the office. So downtown more is seen a little bit of relief, a little bit of tourist trickling in as well, so it's a little bit of relief from the tourist crowd as well. And as usual, we remain very resilient. People are still working for either three days, two days from home or for one, depends on which company you look at. But overall, I think it's been really resilient. Um, full year overall traffic is going on, like I mentioned earlier, and I slept by downtown. Overall, right now, we have a little bit of a discussion earlier, I think it's all positive now both the office and retail. And this in fact, I think whether you measure it from average average perspective or incoming