2Q & 1H FY25/26 Financial Results Briefing

Good evening, dear analysts and all participants. Welcome to Maple Tree Pan Asia Commercial Trust, or NPAQ's analyst briefing and live webcast. For our second quarter NPAQ from 1 April to 3 September 2025, I'm Ying and I'm delighted to hold today's results with Ying. Allow me to introduce our speakers for today. They are Ms. Sharon Lin, Chief Executive Officer of NPAQ, Ms. Janika Tan, Chief Financial Officer, and Mr. Kuo-Bing Yong, Head of Investment and Asset Management. Our speakers will continue to follow our financial results, share key business development and market insights. Following the presentation, we will open the floor for Q&A, where we invite you to ask questions. Without further ado, I will hand the floor over to Janika, our CFO. A very good evening. The performance of NPAQ across all second quarter and first half was incurred by Singapore's continued strength, strategic portfolio optimization, and proactive debt reduction, further supported by the

February interest rate conditions cushioning the overseas hit. So for second quarter, the DI distributed income was $106.1 million and DPU $2.01. Which was 2.1% and 1.5% higher as compared to second quarter last year. The year-on-year increase was due to interest rate savings from lower interest rates on Hong Kong dollar and same dollar borrowing and lower loan outstanding. As we have, we paid the loans with proceeds from divestments from Maple Tree Ensign last year. And the two Japanese property fees was also partly affected by the unfavorable asset Hong Kong dollar and remaining fees. That's relating to the JGAP profits on the divestment of the two. The next slide shows contribution by different markets. NPAQ for Singapore properties,

excluding Maple Tree Ensign, 2 million, the higher property. Distributable income to $113 million, DPU for 0.02 cents, were lower by 0.8% and 1.2% year-on-year. And the year-on-year decrease was mainly due to operational contributions from overseas properties and this was further dampened by the depreciating Hong Kong dollar and remaining fees. The interest rates on Hong Kong dollar and same dollar borrowings were lower year-on-year, coupled with lower outstanding

borrowing. This slide shows that Singapore continued to account for more than 60% to both gross revenue and MPIs, with the two core assets accounted for more than half of the operating PCL sheet. NAB was $1.75. We have completed the divestment of ESI and ESY in Japan during the quarter and the net proceeds were used to repay on-shore borrowings. Moving on to capital management, gross outstanding borrowing, its average ratio improved from 37.9 last quarter to 37.6. Additionally, the weighted average cost of debt declined 9 basis points to 3.23% per annum. These were driven by proactive debt management efforts, further supported by favorable interest rate conditions. And in September, the ICR increased slightly to approximately

three times on a 12-month trailing basis and the average term to maturity of that was 3.5 years by the end of the top FY2526. By the close of the reporting period, NCHAN has a financial flex of approximately $0.9 billion in cash and undrawn commissar facilities, ensuring sufficient liquidity for working capital and financial application. So we will continue to ensure a natural balance sheet hedge by closely aligning the debt profile remain well-distributed with no more than 24% of debt expiring in any single financial year. The outstanding borrowing in FY is in the facility in Korea, our joint venture with MITL. Facility work put in place and the refinancing will be completed by next week. You can see we did a revaluation of our property in

Korea, TPG, and that was because the lender required the valuation to be not less than three months old. Hence, we did a valuation in relation to this refinancing. In conjunction with the refinancing, and the valuation for TPG was actually about 1.3% above the local currency valuation and hence we recorded a gain of 2.8 million under the share of profit of joint venture in the valuation. On risk management, to ensure a gain interest rate volatility, we continue to keep our fixed rate at above 70%. In August, we issued a 200 million seven-year green notes at 2.45% per annum. As of September, the fixed rate that

the book closure date is on 30 October 2025. With that, I will now hand over the time to be young. Okay, good evening everyone. Maybe just go to slide 19 where we can look through the occupancy. The MBC has maintained its occupancy through the period and appears to maintain 800% of occupancy properties. Occupancy has improved slightly to 99.1, while at festival wall occupancy has increased slightly as we were able to lease out another wall of office units. For the China assets, we have continued to maintain occupancy at a fairly healthy level, but that was at a little bit of expense on the rental reversion as you will see in the later slides. For Japan properties, one of the sub-tenants after the building, so that is to obtain