Mapletree Pan Asia Commercial Trust : Financial Statements and Distribution Announcement for the Fourth Quarter and Financial Period from 1 April 2022 to 31 March 2023

(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 25 August 2005 (as amended))

MAPLETREE PAN ASIA COMMERCIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FOURTH QUARTER AND FINANCIAL YEAR ENDED 31 MARCH 2023

TABLE OF CONTENTS

Item No.	Description	Page No.
-	Introduction	2
-	Summary Results of Mapletree Pan Asia Commercial Trust Group and	3
Distribution Details

• Condensed Interim Financial Statements

1(a)	Consolidated Statement of Profit or Loss and Distribution Statement	4
1(b)	Consolidated Statement of Comprehensive Income	8
2	Statements of Financial Position	9
3	Consolidated Statement of Cash Flows	12
4	Statements of Movements in Unitholders' Funds	14
5	Notes to the Condensed Interim Financial Statements	18

• Other Information

6	Review of the Condensed Interim Financial Statements	29
7	Review of the Performance	29
8	Variance between Actual and Forecast Results	31
9	Outlook and Prospects	31
10 & 11	Distributions	35,37
12	Segmental Revenue and Results	37
13	Breakdown of Revenue and Profit after Tax	37
14	Breakdown of Total Distribution	37
15	General Mandate relating to Interested Person Transactions	37
16	Confirmation pursuant to Rule 704(13) of the Listing Manual	37
17	Confirmation pursuant to Rule 720(1) of the Listing Manual	38
18	Additional Information Required Pursuant to Rule 706A of the Listing	38
Manual

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MAPLETREE PAN ASIA COMMERCIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FOURTH QUARTER AND FINANCIAL YEAR ENDED 31 MARCH 2023

INTRODUCTION

Mapletree Pan Asia Commercial Trust ("MPACT") is a real estate investment trust ("REIT") positioned to be the proxy to key gateway markets of Asia. Listed on the SGX-ST, it made its public market debut as Mapletree Commercial Trust ("MCT") on 27 April 2011.

On 21 July 2022, the Manager announced the completion of the merger of MCT and Mapletree North Asia Commercial Trust ("MNACT") by way of a trust scheme of arrangement (the "Merger", the "Trust Scheme"). Following which, MNACT Group's financials was consolidated into MPACT Group from 21 July 2022, the effective date of the Trust Scheme. On this date, the new management fee structure pegged to distributable income and DPU growth also took effect. On 3 August 2022, MNACT was delisted and consequently on the same day the merged entity was renamed MPACT.

MPACT's principal investment objective is to invest on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, as well as real estate-related assets, in the key gateway markets of Asia (including but not limited to Singapore, China, Hong Kong, Japan and South Korea).

As at 31 March 2023, MPACT's total assets under management was S$16.6 billion1, comprising 18 commercial properties (the "Properties") across five key gateway markets of Asia - five in Singapore, one in Hong Kong, two in China, nine in Japan and one in South Korea.

Within Singapore, the Properties are:

• VivoCity - Singapore's largest mall located in the HarbourFront Precinct;
• Mapletree Business City ("MBC") - a large-scale integrated office, business park and retail complex with Grade A building specifications, supported by ancillary retail space, located in the Alexandra Precinct;
• mTower - an established integrated development with a 40-storey office block and a three-storey retail centre, Alexandra Retail Centre ("ARC"), located in the Alexandra Precinct;
• Mapletree Anson - a 19-storey premium office building located in Singapore's Central Business
  District; and
• Bank of America HarbourFront ("BOAHF") - a premium six-storey office building located in the HarbourFront Precinct.

Outside Singapore, the Properties are:

• Festival Walk, Hong Kong - a landmark territorial retail mall with an office component;
• Gateway Plaza, China - a quality office building with a podium area in Lufthansa sub-market within Beijing;
• Sandhill Plaza, China - a quality business park development in Zhangjiang Science City (Zhangjiang), a key business and innovation hub in Pudong, Shanghai;
• Japan Properties - nine freehold properties comprising five office buildings in Tokyo (IXINAL Monzen-nakacho Building, Higashi-nihonbashi1-chome Building, TS Ikebukuro Building, Omori Prime Building and Hewlett-Packard Japan Headquarters Building ("HPB")); an office building in Yokohama (ABAS Shin-Yokohama Building) and three office buildings in Chiba (SII Makuhari Building, Fujitsu Makuhari Building and mBAY POINT Makuhari); and
• The Pinnacle Gangnam ("TPG"), South Korea - a freehold high-performing office building with retail amenities located in Gangnam Business District, Seoul.

MPACT's distribution policy is to distribute at least 90% of its taxable income. From 1 April 2020 to 30 September 2022, the distributions were paid out on a half-yearly basis. The Group has reverted to quarterly distribution policy with effect from 3Q FY22/23.

Footnote:

1. Includes MPACT's 50% effective interest in TPG.

Note: Where "Hong Kong" is mentioned, it refers to the Hong Kong Special Administrative Region.

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MAPLETREE PAN ASIA COMMERCIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FOURTH QUARTER AND FINANCIAL YEAR ENDED 31 MARCH 2023

SUMMARY RESULTS OF MAPLETREE PAN ASIA COMMERCIAL TRUST GROUP

		4Q FY22/23	4Q FY21/22	Variance
		(S$'000)	(S$'000)	%
Gross revenue	233,271	125,476	85.9
Property operating expenses	(55,893)	(28,100)	(98.9)
Net property income	177,378	97,376	82.2
Income available for distribution	118,885	74,426	59.7
- to Unitholders	117,590	74,426	58.0
- to Perpetual securities holders	1,295	-	N.M.
Amount available for distribution	118,885	90,179	31.8
- to Unitholders	117,590	90,1791	30.4
- to Perpetual securities holders	1,295	-	N.M.
Distribution per unit (cents)
-	Including release of retained cash	2.25	2.72	(17.3)
-	Excluding release of retained cash	2.25	2.25	-
		FY22/232	FY21/22	Variance
		(S$'000)	(S$'000)	%
Gross revenue	826,185	499,475	65.4
Property operating expenses	(194,243)	(110,794)	(75.3)
Net property income	631,942	388,681	62.6
Income available for distribution	449,200	301,229	49.1
- to Unitholders	445,598	301,229	47.9
- to Perpetual securities holders	3,602	-	N.M.
Amount available for distribution	449,200	316,982	41.7
- to Unitholders	445,598	316,9821	40.6
- to Perpetual securities holders	3,602	-	N.M.
Distribution per unit (cents)
-	Including release of retained cash	9.613	9.53	0.8
-	Excluding release of retained cash	9.613	9.06	6.1

N.M.: Not meaningful

Footnotes:

1. This includes the release of the remaining S$15.7 million retained in 4Q FY19/20.
2. The FY22/23 results include MNACT Group's contribution from 21 July 2022 to 31 March 2023.
3. This includes clean-up distribution ("Clean-up Distribution") of 3.04 cents per unit for the period from 1 April 2022 to 20 July 2022 paid on 25 August 2022.

DISTRIBUTION DETAILS

Distribution period	1	January 2023 to 31 March 2023
	Taxable income distribution of 1.48 cents per unit
Distribution rate/type	Tax-exempt income distribution of 0.60 cent per unit
	Capital distribution of 0.17 cent per unit
Trade ex-date	5	May 2023, 9.00 a.m.
Record date	8	May 2023, 5.00 p.m.
Payment date	15 June 2023

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MAPLETREE PAN ASIA COMMERCIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FOURTH QUARTER AND FINANCIAL YEAR ENDED 31 MARCH 2023

CONDENSED INTERIM FINANCIAL STATEMENTS

1(a) Consolidated Statement of Profit or Loss and Distribution Statement

Consolidated Statement of	4Q	4Q
FY22/23	FY21/22	Variance	FY22/23	FY21/22	Variance
Profit or Loss
(S$'000)	(S$'000)	%	(S$'000)	(S$'000)	%
Gross revenue	233,271	125,476	85.9	826,185	499,475	65.4
Property operating	(55,893)	(28,100)	(98.9)	(194,243)	(110,794)	(75.3)
expenses1
Net property income	177,378	97,376	82.2	631,942	388,681	62.6
Finance income	565	60	N.M.	1,603	284	N.M.
Finance expenses	(51,485)	(17,998)	N.M.	(163,762)	(72,575)	N.M.
Manager's management
fees2
- Base fees	(12,510)	(5,503)	N.M.	(43,416)	(22,218)	(95.4)
- Performance fees	-	(3,895)	100.0	(5,217)	(15,547)	66.4
Trustee's fees	(452)	(257)	(75.9)	(1,652)	(1,039)	(59.0)
Other trust expenses	(440)	(444)	0.9	(2,823)	(1,388)	N.M.
Foreign exchange (loss)/	(12,649)	5,472	N.M.	(3,746)	8,926	N.M.
gain3
Net change in fair value of	11,809	(5,149)	N.M.	19,159	(8,390)	N.M.
financial derivatives4
Profit before tax and fair
value change in
investment properties	112,216	69,662	61.1	432,088	276,734	56.1
and share of profit of a
joint venture
Net change in fair value of	(98,664)	28,405	N.M.	43,511	70,290	(38.1)
investment properties5
Share of profit of a joint	2,091	-	N.M.	9,425	-	N.M.
venture6
Profit for the financial	15,643	98,067	(84.0)	485,024	347,024	39.8
period/year before tax
Income tax credit/(expense)7	19,328	(1)	N.M.	1,725	(5)	N.M.
Profit for the financial	34,971	98,066	(64.3)	486,749	347,019	40.3
period/year after tax
Attributable to:
- Unitholders	33,566	98,066	(65.8)	482,596	347,019	39.1
- Perpetual securities holders8	1,295	-	N.M.	3,602	-	N.M.
- Non-controlling interest9	110	-	N.M.	551	-	N.M.
Profit for the financial	34,971	98,066	(64.3)	486,749	347,019	40.3
period/year after tax
Earnings per unit (cents)
- Basic	0.64	2.95	(78.3)	10.45	10.45	-
- Diluted	0.64	2.95	(78.3)	10.45	10.45	-

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MAPLETREE PAN ASIA COMMERCIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FOURTH QUARTER AND FINANCIAL YEAR ENDED 31 MARCH 2023

1(a) Consolidated Statement of Profit or Loss and Distribution Statement(continued)

	4Q	4Q
Distribution Statement	FY22/23	FY21/22	Variance	FY22/23	FY21/22	Variance
	(S$'000)	(S$'000)	%	(S$'000)	(S$'000)	%
Profit for the financial
period/year after tax	33,566	98,066	(65.8)	482,596	347,019	39.1
before distribution
Adjustments:
- Trustee's fees	452	257	75.9	1,652	1,039	59.0
- Financing fees	2,158	863	N.M.	7,354	3,436	N.M.
- Management fees paid/	5,003	3,833	30.5	19,521	15,497	26.0
payable in units
- Net change in fair value of	(11,809)	5,149	N.M.	(6,225)	8,390	N.M
financial derivatives
- Net change in fair value of	98,527	(28,405)	N.M.	(43,648)	(70,290)	37.9
investment properties
- Net unrealised foreign	11,715	(5,472)	N.M.	2,708	(8,926)	N.M.
exchange loss/(gain)
- Share of net change in fair
value of investment	(612)	-	N.M.	(5,430)	-	N.M.
property of a joint venture
- Deferred tax (credit)/	(390)	-	N.M.	4,018	-	N.M.
expense
- Income tax credit10	(24,155)	-	N.M.	(24,155)	-	N.M.
- Net effect of other non-tax
deductible items and	3,135	135	N.M.	7,207	5,064	42.3
other adjustments11
Income available for
distribution to	117,590	74,426	58.0	445,598	301,229	47.9
Unitholders
Amount available for
distribution to	117,590	90,17912	30.4	445,598	316,98212	40.6
Unitholders
Comprising:
- Taxable income	77,604	73,970	4.9	316,952	285,84713	10.9
- Tax-exempt income	31,608	-	N.M.	95,682	10,69914	N.M.
- Capital distribution	8,378	16,20912	(48.3)	32,964	20,43612	61.3
	117,590	90,179	30.4	445,598	316,982	40.6

Footnotes:

1. Included as part of the property operating expenses were the following:

	4Q	4Q
	FY22/23	FY21/22	Variance	FY22/23	FY21/22	Variance
	(S$'000)	(S$'000)	%	(S$'000)	(S$'000)	%
Depreciation	272	35	N.M.	831	148	N.M.
Impairment of trade	11	128	91.4	14	256	94.5
receivables
Plant and equipment	-	-	-	11	-	N.M.
written off
						5