3Q 2025 Business Update Conference Call

Good morning, everyone. I hope everyone is well today. Thank you for attending FCT's third quarter FY 2025 business update. We have the full team here with us today, Mr. Richard Ng, Chief Executive Officer, Ms. Annie Kong, Chief Financial Officer, Ms. Pauline Lin, Head of Investment and Asset Management. Without further ado, I will now hand over the session to Richard to kick off today's briefing. Richard, please. Thanks, Judy. Good morning, everybody. I understand that you guys are having a very busy day today. Hopefully, you had some time to go through our deck. But anyway, we're going to run through quickly and we'll move on to Q&A after that. Okay, Judy, let's move on to the first slide, please. Thanks. Yeah, just a very quick summary of what has happened during the third quarter. A lot of has happened actually. If you look at the third quarter, very busy quarter for FCT. Of course, on the organic front, the team continued to work very hard to ensure that the malls

trading well. We share a little bit afterwards in terms of the traffic flow, the sales performance, and so on. But the key highlight of this quarter, of course, is the acquisition of North Point City South Wing, which has been successfully completed. And as part of this transaction, we also raised the equity fund raising of about $421 million and issued a perpetual securities amounting to about $200 million at a competitive pricing of 3.98%. So we are very happy with what has happened. And as we go through the deck, you see that with this acquisition, you start to see the flow of income from South Wing coming into the portfolio as well. And the other point that I wanted to highlight is also, you know, as expected on the market, the cost of debt continues to come down and it has reduced to 3.7% in the third quarter of 2025. Next slide, please. Okay, this is about North Point City

South Wing. I'm not going to go into detail. I'm sure if you're very familiar, of course, it helps to consolidate our position as the leading prime suburban retail space owner. And we are very happy that now, you know, we fully own both the North Wing as well as South Wing and we have shared it as part of the acquisition. There are various opportunities for us to unlock value. And we will start to do some of this work and progressively, you know, some of the lower hanging foods can be, will be producing its result along the next couple of quarters. Okay, so these are just very high level focus on the KPIs or the key main tricks that we have achieved for this quarter. Occupancy is at 99.9%. I think it, you know, it moves between 99.5, 0.7, 0.9. Sometimes it's a function of the void period and so on. So it's frictional

vacancy really because the mall is running almost 100%. Some of them are actually at 100% as we speak, right? So again, very high committed occupancy rate, a testament to the portfolio that we have, a testament to the strong demand we continue to see from the retail market, especially for prime suburban malls. The shopper numbers came in about 2.1% increase. While, you know, we did see some softening in the month of June, etc. as a result of the school holidays, but overall the quarter again was a positive quarter for us. Sales came in at 4.4%, a number that we think it's very strong given, you know, the headwinds and given some of the headline numbers coming from the overall retail sector as a whole for Singapore. Every grade leverage, you see two numbers there. As at 30th of June, our leverage number was about 42.8%, but that's because our bug securities financing

or the completion and the money came in only after the 30th of June. So if you take that into consideration, our gearing is now at 40.4%. I mentioned about cost of debt for this quarter has come down to trend down to 3.7%. Again, that would be very helpful for our bottom line as well. And another further update for outcome mode, we shared this earlier on, but this again, you know, as part of our continuous update, very happy to see that over 74% of the AES business has really been recommitted right before the completion of works. A bit on the big picture, the market GDP grew by 4.3% year on year in second quarter, 2025. Of course, you know, I am aware that overall in terms of the estimate, it has come down to between zero to 2%, but we still see very strong