2Q & 1H FY23/24 Financial Results Briefing

Hi, good morning. Welcome to our results of briefing for the second quarter and first half of FY23-24. So the full management team is here with us, Kyat, Charmaine and James. So now Charmaine will kick off the presentation. Hi morning everyone. Okay, I'll bring you to the key highlight for the quarter first. So for input queue this year, we completed the divestment of four assets, two in Malaysia, one in Singapore and one in Japan. The net proceeds that we received were used to power down loads. So this brings our total number of properties from 193 at the beginning of the quarter to 189 at the end of the quarter itself. So queue financial performance remains stable, gross revenue is higher by 1.5% year on year, MPI is higher by 1.2% and DPU is a declaring 2.268 cents, 0.9% higher than 2Q last year.

Our diversified portfolio continues to be resilient. Portfolio of 3% remains stable, 96.9%. Average rental diversion is a positive 0.2% on a portfolio basis, excluding China. We are looking at 9.1% higher year on year. Rail is stable at three years. With the repayment of loans with divestment proceeds, our aggregate leverage as of 30 September sent at 38.9%. About 83% of our total debt has been hatched into fixed rates with a debt maturity of 3.8 years and about 80% of our income has been hatched for the next 12 years, next 12 months. Moving on to details of the 2Q results, so gross revenue is 1.5% higher while MPI is higher by 1.2%. This is mainly due to

higher contribution from our same small portfolio as well as acquisitions completed in 1Q. This is partly offsetted by lower contribution from our China assets as well as a loss on revenue by 4 assets that we have taken off for AISW's upgrading purposes. FX impact at the top line level is a negative 8.4 million FX loss. After taking into account hedging gains of about 4 million, we are looking at overall FX impact of 4 million. Boring costs increase of 10.2%, about half of 2% of this is due to interest costs incurred on additional borrowings to fund our acquisitions in 1Q as well as higher and the remaining 1.3 is due to higher interest rates on exit rates. Investment gain for the quarter is 8.8 million including this investment gain we are looking at DPU of 2.268 cents per month to 10 higher than last year.

Two-year basis, gross revenue is lower by 0.7% and MPI lower by 1%. This is mainly due to the loss of revenue from the listed asset as well as an FX loss of about 18 million. The lower gross revenue on a same-store basis is offsetted by contributions from acquisitions made in 1Q. Hedging gains for the period 7.8 million, so net net we're looking at FX impact of 8 million. Into account development gains, we are looking at a DPU of 4.9% versus 4.516 cents last year on a one-half basis. Quarter on quarter, gross revenue is 2.5% higher as compared to 1Q.

On an FX level, I mean in terms of FX, we're looking at minimal impacts between the two quarters. DPU is marginally lower as compared to 2.271 cents last quarter. Our balance sheet moving on to slide nine. Investment properties as well as total assets lower by about 200 million mainly due to investments of about 100 million as well as translation loss on our investment properties of about 100 million. Total debt is also lower from 5.6 billion to 5.4 billion mainly due to the repayment of debt with our investment proceeds. Accordingly, dairy ratio decreased from 39.5% to 38.9%. As for interest rate, we are able to hold this table

2.5% versus last quarter. And that duration interest cover as well as adjusted interest cover ratio, this remains stable as compared to last quarter. Moving on to the next slide. Our debt maturity profile remains 12 seconds with about 1 billion of proceeds available from interest credit facilities on hand. This is more than sufficient to meet our refinancing needs for the remaining half of this year as well as next year. In terms of our interest rate and forex hedging, about 83% of our total debt has been hedged into six rates. About with every 25 basis point increase in base rate, we're looking at an impact of 0.01 cents to DPU per quarter. As for FX, we have hedged about 80% of our DI for the next 12 months

into think dollars. Next, with the portfolio update. In terms of assets under management in second quarter, the developed markets, you see it's still contributing a fairly high 73% to our overall portfolio. These developed markets are giving us a lot of stability and resilience to our portfolio. Next slide. Overall, in terms of the operational environment in 2Q, we still registered a fairly high occupancy rate of 96.9%. Most of the markets still remain as close to 100% occupancy. However, we continue to be tracked down by China's lower occupancy as compared to 1Q. China came in at 93% compared to 93.4% earlier on. This is mainly due to the weaker