4Q & Full Year FY23/24 Financial Results Briefing

Hi, good afternoon. Welcome to MLT results presentation for the fourth quarter and full year ended March 2024. With the full management team with here with us today. To start off the presentation will be Charmaine, our CFO. She will go through the key highlights. Hi everyone, thanks for dialing in. Our first run through the high next of 4Q FY23-24. So for the 4Q, our gross revenue increased 1.2% year on year to end at 181 million. MPI is higher by 0.6% year on year at 155.3 million. However, DPU is 2.5% lower at 2.211 cents versus the 2.268 cents we announced last year. In terms of portfolio, our portfolio remains resilient. Our portfolio remains stable at 96%. Average rental reversion of

the positive 0.9% including China. Excluding China we're looking at a positive 7.1%. Bill remains at about three years. Full capital management wise our leverage ratio is at 38.9%. That's about 84% of our total debt has been hedged into six rates with an average debt maturity of 3.8 years. About 78% of our income for the next 12 months has been hedged into $10. So we continue to be active in our rejuvenation of the portfolio. We started 4Q with 187 properties. We completed the divestment of 73 Tuas South in Singapore and completed the divestment of 17 Tuas South in Singapore and completed the acquisition of one India asset during the quarter. So our portfolio remains at about 187 properties. During the quarter we also announced a proposed acquisition of three well-

located grade A assets from the sponsor of about 213 million, one in Malaysia and two in Vietnam. In terms of sustainability, about 39% of our portfolio is green certified and we are generating about 59.8 megawatt peak of full energy. And also during the quarter itself we issued our maiden 75 million green bond under the green finance framework. So going into the details of 4Q results. For this quarter our financial performance continues to be impacted by recent performance from China, FX losses due to the beginning of the regional currencies as well as higher borrowing costs. Cost revenue is 1.2% higher, mainly due to contributions from acquisitions made at the beginning of the year. Also higher contribution from existing properties, however this is offsetted by lower contribution from China, which is down about 8% year on year.

Expense of revenue contribution from divested properties as well as currency weakness. Of the expenses, this higher may lead you to acquisitions made at the beginning of the financial year. Cost revenue and MPI would have increased by 3.6% and 3% respectively on a constant currency basis. For borrowing costs we are higher by 6.9%. This is mainly due to higher average interest rate, due to higher base rate on our unhedged loans as well as higher replacement rates on the hedges that have expired during the financial year. This is partly offsetted by as well as incremental borrowing costs to fund the current year's acquisition. Then this is the higher interest costs are actually offsetted by loan repayment with proceeds from private placement as well as divestment proceeds. Including our divestment gave up 12 million amount distributable to unit holders would have increased 1.1% or DPU failed 2.5% due to the enlarged unit base.

For the 12 months, results year on year, the reason behind the variances in some of gross revenue MPI borrowing costs are largely the same as 4Q this year versus 4Q last year. We are reporting a higher DPU of 9.003 cents which is 0.1% lower than 9.011 cents for the fall of last year. For quarter 4Q versus 3Q, revenue is down 1.7%. Mainly due to absence of revenue contribution from divested properties as well as lower contribution from China and Singapore. For Singapore it's really because of rental incentives given in fall few. As well as currency weakness which is down by which is about a million lower quarter. Property expenses is higher. Mainly due to higher property tax and maintenance expenses. NPI 2.6% lower.

This is 4Q versus 3Q and borrowing costs increase due to higher average interest rate as well partly offset by low repayment due to proceeds from divestments. The DPU is 2.21%, 1.9% lower than 2.25% in 3Q. Our balance sheet as of 31st March, 2024 versus last year, IP has increased from 12.8 billion to 13.2 billion. Mainly due to acquisitions of about 1 billion during the financial year. Partly offset by divestment of about 180 million. And currency translation loss of about 470 million. We also had a 1.8 million that said fair value loss in terms of the IP value. That increased from 4.9 billion to 5.3 billion.

Mainly because our investments of about 1 billion during the year is funded with 180 million of divestment proceeds and makes of equity as well as debt. NAD has moved from $1.44 last year to $1.38 this year because of FX translation loss due to the pertaining of regional currency. Leverage ratio moved from 36.8% to 38.9% and our weighted average interest rate 2.7% this year compared to the last year. The interest cost is kept stable. Really not withstanding the rising interest rate environment mainly because of the proactive capital management we do. So this is due to, I mean, number one following JPY loans to fund our acquisition as well as the active utilization of divestment proceeds and EFR proceeds to pay down

the more expensive loans. We expect this to increase to about 3% in the new financial year. Our debt duration remains stable at 3.8 years and interest cover and interest, just the interest cover is at 3.7 times and 3.1 times respectively. So our debt maturity profile remains well staggered with a healthy average debt duration of three to eight years. We have about 950 million available committed credit facilities on hand, more than sufficient to refinance the 270 million that's coming due this new financial year. In financing total about 964 million, accounting for about 18% of our total borrowings. In terms of interest rate risk management, about 84% of our total debt has been hatched or are drawn in six ways. As for forex, about 78% of our total amount distributable

in the next 12 months have been hatched in the same dollars. And the next slide would be the distribution details for this quarter's distribution. I'll now hand over to James to go through the portfolio update. Hi everyone, James here. So I'll update the portfolio. In 4Q in terms of diversification, we still offer a good mix of diversification between the developed markets, which contributes 70% of our portfolio AUM and gross revenue. This gives us much stability that we need. Yet at 30% comes from developing markets, which offers us the growth potential that we need.