4Q & Full Year FY24/25 Financial Results Briefing

Good morning, analysts, investors, and members of the public. Welcome to Maple Tree Pan-Asia Commercial Trust, or AMPAC Analyst Briefing and Live Webcast for our results for the fourth quarter and the full year, FY 2020-25. I'm Liei, and today for our results briefing, we have the polling speakers. They are Ms. Sharon Lin, Chief Executive Officer of AMPAC, Ms. Janika Tan, Chief Financial Officer, and Mr. Ko-Wee Leung, our Head of Investments and Asset Management. They'll be presenting our financial results, providing business development updates, and sharing some market insights. Following the presentation, we'll open the floor for Q&A session, where we invite you to ask questions and seek further clarification. Without further ado, I will hand the floor over to our CFO, Janika. Thank you, Liei. A very good morning to everybody. We have just announced our results this morning, so maybe we'll just go to Black State and quickly go through the financials. For the fourth quarter, FY 24-25,

gross revenue was $222.9 million, and MPI, $169.5 million. These were lowered by 6.8% and 7.4% at year-on-year respectively, and this largely reflects the absence of military and insurance contributions along its divestment on 31st July, 2024, and lower overseas contributions. As you may recall, we have digested military and sent our non-call assets on 31st July, 2024, and we have supplied the entire proceed to the reduction of borrowing. Okay, moving on to the OPEC. OPEC improved by 4.9% year-on-year during the quarter, and this was largely due to the military and insurance assessment and lower utility costs, in particular, the Singapore portfolio. Net finance expense for the quarter, 9.4% lower at 51.1 million as compared to fourth quarter last year,

and this was mainly due to the repayment of borrowings using the net proceeds from the divestment of military investment. But this was partly offset by the higher rates on the same dollar, ongoing around Japanese yen borrowing, as our legacy interest rates sort of continued to roll off progressively. So consequently, the amount available for distribution was 103.6 million, and this year, 1.95 cents, now option 0.8% year-on-year for fourth quarter. Okay, moving on to next slide. This shows the contribution by different markets. Singapore properties contribution increased by 1.4% year-on-year, excluding military investment, and this accounted for about 53% to both fourth quarters, portfolio gross revenue and MPI. On a full year basis, MPI reported gross revenue and MPI of 908.8 million and 683.5 million respectively, lower by 5.1% and 6.1% year-on-year.

The higher contribution by Singapore portfolio on a comparable basis, which is without labor change, as well as lower OPEX and net finance costs provided partial offset to the overseas and hit wins, florax hit wins. So consequently, the I am out at the 403 million and BPU 8.02 cents.

Okay, the next few slides are on our portfolio valuation. MPEC's portfolio valuation is approximately 16 billion as the 31st March 2025, excluding the effect from military investment, the portfolio valuation rose 339.4 million or 2.2% from their respective plus available independent valuation either as the 21st March 2024, or in the case of the three Makuhari assets in Japan, as of September 2024. On a year-on-year basis and excluding military investment, the valuation increased by 225.5 million or 1.4%. The overseas properties recorded lower valuation, largely stemming from UB-wise market expectations in greater China, and cap rate and discount rate expansion applied to the sustainable world. Okay, moving on to the next slide. This is the valuation for Singapore property. There's a up-lits of 660 million or 7.9%,

and this more than offset the decline in the valuation of the overseas properties. Singapore's growth was led by VivoCities better performance and tighter cap rate applied by the valuables to VivoCities and the business path admin of NBC. For Japan, the year-on-year valuation decline was largely due to the trip of the fees located in Makuhari in Japan and has been captured in the September results. The current six months change in valuation was largely due to forex impact, while MVP chose some gain due to successful backfilling. Moving on to balance sheet, with the uplift of the portfolio valuation, NAV per unit is now at $1.78 except September 25, and this was higher as compared to March 2024 by 1.7%. On capital management, the deployment of laboratory instance divestment received reduced outstanding borrowings to 6.1 billion,

and together with the higher overall valuation, aggregate leverage ratio improved from 40.5% a year ago to 37.7% as the 31st March 25. With an average all-in cost of debt-making figure at around mid-3, ICR kept at 2.8 times on a 12-month trailing-based fee. During the quarter, MPAT issued a seven-year green bond in March 25, and this extended the average term to maturity of debt to 3.3 years as the March 25. And by the close of the reporting period, MPAT has a financial flat of $1.2 billion in cash and undrawn committer facilities. So this is sufficient for working capital and financial obligation. We will continue to ensure a natural balance sheet hedge by closely align the debt mix with the Chicago Free-Girt distribution of MPAT's AUN, while feasible. Okay, MPAT's debt profile remains balanced

with no single financial year facing more than 23% of debt risk for refinancing. Moving on to risk management. The fixed rate debt portion was lowered from 81.5% to 79.9% during the quarter. Without the seven-year fixed rate bonds issued in March 25, the percentage of fixed rate debt would be at 76.6%. So at about 80% of our debt on fixed rate, every 50-bit exchange investment rate is estimated to impact the DPU by 0.1 cents per annum. And lastly, at the close of the quarter, approximately 90% of MPAT's expected distributable income was derived from or has into same dollar. The next slide is on the total return. So for this year, the total return from capital and dividend payout is 3.9%. And last but not least, on the distribution detail,