2Q & 1H FY25/26 Financial Results Briefing

Hi, good morning. Welcome to Maple Tree Logistics Trust resource presentation for the second quarter and September 2025. We have the full management team here with us, Jean, Seo, Shami, CFO, and James, head of SMM. So to kick off the presentation, Shami, would you like to start? Morning everyone. I'll first take you through the two key highlights. So gross revenue is 3.2% lower year on year at $177 million. This is mainly due to depreciation of currencies against same dollar effects. Then we have the absence of contribution from the invested asset. But this is low offset by revenue contribution from our AEI at 5-8 to Kuhn, now known as Maple Tree to Kuhn Logistic Hub. So that has achieved a committed occupancy rate of about 82% now. And lastly, resource table, same stock performance. While there were lower

contribution from China, this is offset by better performance from the other markets. So this resulted in an NPI being 3.3% lower year on year. DTU is 10.5% lower year on year at 1.815 cents, excluding a DG of 6.1 million. Our DPU from operations is 4.8% lower year on year, but a positive 0.2% quarter on quarter. In terms of portfolio up to 20, that's 96.1% and improvement from 95.7% last year. Portfolio rental reversion positive 0.6% as we saw the negative rental reversion for China narrowing into Q. Real stable at 2.7% here. Aggregate leverage, 41.1% slightly lower than 41.2% last quarter. And our average debt maturity is 3.6 years. We continue to hedge our interest rates, and about 84% of it is hedging the fixed rate, while 75% of our

income is being hedged with the same dollar. Moving on to the results, cross revenue is 3.2% lower year on year for the reasons highlighted earlier. So consequently our MPI is 3.3% lower. On a constant currency basis, cross revenue and MPI would have declined by 0.9% and 1% respectively. Foreign cost decreased mainly because of low rate on our unhedged. Sing dollar and Hong Kong dollar borrowings where we benefited from declining sorrow as well as low high-bought remainder quarter. We also had some interest savings from the powering down of loans with divestment proceeds. But this is partly offset by interest incurred on loan drawn down for the AEI as well as replacement hedges at higher cost and higher base rates for our JPOI loans. So DI is 9.6% lower.

With a DPU of 10.5% lower, 1.815 cents versus 2.027 cents last year, excluding a DQ of 6.1 million, operating DPU is 4.8% lower, 1.815 cents versus 1.907 cents last year. After taking into account the higher unit rates, one-half results, reasons for the variances are largely similar to that versus for the 2Q versus 3Q last year, including DQ, our DQ would have been 11.4% lower, 3.627 cents versus 4.095 cents, excluding DQ of about 11.8 million. DI is lower by 5.1% and resulting DPU from operation 6.1% lower at 3.627 cents versus 3.861 cents. Sequentially, 2Q versus 1Q, I think we saw better performance.

Cross revenue, marginally higher, mainly coming from the contribution from our 5A JUKUN, AEI. Property expenses, higher, mainly because I think we will take some time to cover the property expenses in current FIFE JUKUN as we continue to ramp up the occupancy rate and start collecting more revenue for the AEI project. So accordingly, NPI is just marginally lower. Borrowing costs lower because of the lower Hong Kong dollar and SGD sour rates. Resultantly, our DI, 98.2 million versus 97.6 million and available DPU, 0.2% higher, 1.815 cents versus 1.812 cents after accounting for a higher unit rate.

Moving on to the balance sheet, our NED stable, $1.26 cents, leverage at 41.1% versus 41.2%. Interest cost came down marginally to 2.6%. We target to keep these at similar levels, about 2.7 to 2.8% for the next two quarters. We've a bit, I mean, depending on where the store market goes, we may benefit a bit more, but we're still looking about 2.7%.

We, our thematronic profile remains well staggered. Average saturation, about 3.6 years. We have about 819 million of available committed credit facilities to meet our refinancing needs in the next 12 months. And as mentioned earlier, we have hatched about 84% of our total debt into fixed rates leading the rest of the 15% in SGD and HAPR floating rates, which will benefit from all the floating rates movements. And then in terms of FX, we have hatched about 75% of our FX for the next 12 months into same dollar or the writing same dollar. I'll pass over to James to bring it to the portfolio details. Hi, everyone. So in terms of our portfolio update for 2Q, this meeting is being recorded. This meeting is being transcribed. But the development markets, which continue to be at 70%,