Mapletree North Asia Commercial Trust : 4Q FY19/20 Financial Results - Financial Statements

(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 14 February 2013 (as amended))

MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

TABLE OF CONTENTS
Item No.	Description	Page No.
-	Summary Results of Mapletree North Asia Commercial Trust Group	2
-	Introduction	3
1(a)	Statement of Profit and Loss, Statement of Comprehensive Income and	5
	Distribution Statement
1(b)(i)	Statement of Financial Position	8
1(b)(ii)	Aggregate Amount of Borrowings and Debt Securities	9
1(c)	Statement of Cash Flows	10
1(d)(i)	Statements of Movements in Unitholders' Funds	12
1(d)(ii)	Details of Any Change in Units	16
1(d)(iii)	Total Number of Issued Units	16
1(d)(iv)	Sales, Transfers, Cancellation and/or Use of Treasury Units and	16
	Subsidiary Holdings
2 & 3	Audit Statement	16
4 & 5	Changes in Accounting Policies	16
6	Earnings Per Unit ("EPU") and Distribution Per Unit ("DPU")	18
7	Net Asset Value ("NAV") and Net Tangible Asset ("NTA") Per Unit	18
8	Review of Performance	19
9	Variance from Previous Forecast / Prospect Statement	22
10	Outlook and Prospects	22
11 & 12	Distributions	24
13 & 14	Segment Revenue and Results	25
15	Breakdown of Revenue and Profit after tax	27
16	Breakdown of Total Distributions	27
17	General mandate relating to interested person transactions	27
18	Confirmation pursuant to Rule 720(1) of the Listing Manual	28
19	Confirmation pursuant to Rule 704(13) of the Listing Manual	28
20	Additional information required pursuant to Rule 706A of the Listing	28
Manual

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

Summary Results of Mapletree North Asia Commercial Trust ("MNACT") Group

	FY19/20	FY18/19	Variance	4Q	4Q	Variance
	%	FY19/20	FY18/19	%
Gross revenue
(S$'000)	354,478	408,687	(13.3)	76,807	104,039	(26.2)
Net property income
(S$'000)	277,487	329,030	(15.7)	56,917	84,004	(32.2)
Distributable income
(S$'000)	227,928	240,665	(5.3)	50,761	62,070	(18.2)
Distribution per unit (cents) 1	7.124	7.690	(7.4)	1.566	1.956	(19.9)

The distribution per unit ("DPU") for 4Q FY19/20 comprises:

Distribution per unit ("DPU") (cents)	DPU (cents)	No of units for the period
Advanced distribution for the period from 1 January
2020 to	27	February 2020 (paid on 14 April 2020)	1.070	3,194,343,154
Available distribution for the period from 28 February
2020 to	31	March 2020 (payable on 24 June 2020)	0.496	3,342,916,300 2

Footnotes:

1. DPU for FY19/20 and FY18/19 is the sum of the 1Q, 2Q, 3Q and 4Q available DPU in the respective financial years. DPU for 4Q FY19/20 and FY19/20 have been affected by the social unrests prior to the closure of Festival Walk mall between 13 November 2019 and 15 January 2020 and the impact arising from the subsequentCOVID-19 since early 2020. Please refer to paragraph 8 "Review of Performance" for further details.
2. The number of units in issue as at the end of 4Q does not include the payment of Manager's base fee and the property manager's management fees (collectively known as "Fees") in units of 8,535,306 for 4Q FY19/20 (4Q FY18/19: 7,804,919). The units for payment of Fees for 4Q FY19/20, to be issued in June 2020, will be included in the computation of the DPU payable for the first quarter of the next financial year.
   The enlarged number of units arises from the transaction units ("Transaction Units") issued in connection with the acquisitions of two office properties in Greater Tokyo, Japan. Please refer to MNACT's SGX-ST Announcement dated 28 February 2020 titled "Issuance of the Transaction Units to Sponsor's Nominee, and Completion of Acquisitions of Two Office Properties in Greater Tokyo and Use of Proceeds".

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

Introduction

Mapletree North Asia Commercial Trust1("MNACT") was constituted in the Republic of Singapore pursuant to a Trust Deed dated 14 February 2013 (as amended). MNACT was listed on Singapore Exchange Securities Trading Limited ("SGX-ST") on 7 March 2013 (the "Listing Date") as a real estate investment trust. The principal investment strategy of MNACT is to invest, directly or indirectly in the Greater China region and Japan in a diversified portfolio of income-producing real estate which is used primarily for commercial purposes (including real estate used predominantly for retail and/or offices), as well as real estate-related assets.

The current portfolio of MNACT comprises eleven commercial properties in China,in Hong Kong SAR, and in Japan with a total lettable area of 5.2 million square feet. Their total book value is S$8,347.2 million as of 31 March 2020:

1. Festival Walk, a landmark territorial retail mall and lifestyle destination with an office component in the Kowloon Tong area of Hong Kong. Festival Walk has been consistently ranked as one of the top ten shopping malls in Hong Kong (acquired on listing date);
2. Gateway Plaza, a premierGrade-A office building with a retail podium located in the established and prime Lufthansa Area in Beijing, China (acquired on listing date);
3. Sandhill Plaza, a premium quality business park development located at ZhangjiangHi-tech Park, within the Pudong New Area, Shanghai, China (acquired on 17 June 2015); and
4. Japan Properties, three office buildings in Tokyo (IXINALMonzen-nakacho Building, Higashi- nihonbashi 1-chome Building, and TS Ikebukuro Building); an office building in Yokohama (ABAS Shin-Yokohama Building); and two office buildings in Chiba (SII Makuhari Building and Fujitsu Makuhari Building) (acquired on 25 May 2018). Another two office buildings, mBAY POINT Makuhari Building ("MBP") located in Chiba and Omori Prime Building ("Omori") located in Tokyo, were acquired on 28 February 20202. (collectively the "Japan Properties")

All these properties enjoy excellent connectivity via convenient access to major roads, expressways and subway lines, with quality tenants operating across diversified trade sectors.

The Mapletree North Asia Commercial Trust Management Ltd. ("MNACTM" or the "Manager") aims to deliver stable and steady DPU growth to Unitholders, through actively managing and enhancing the properties, acquiring good quality income-producing commercial assets aligned with MNACT's investment mandate, and having in place an active capital management strategy to manage both interest rate and foreign exchange volatility. The Manager actively monitors MNACT's cash flow position and working capital requirements to ensure adequate reserves and liquidity to meet its financial obligations. The Manager also actively refinances MNACT's financial obligations so as to manages the debt maturity profile.

MNACT's distribution policy is to distribute at least 90.0% of its distributable income on a quarterly basis. However, in view of the rapidly evolving COVID-19 situation and with the significant uncertainty over its duration and severity, the Manager may use its discretion to amend the distribution policy.

Change from Quarterly to Semi-Annual Distribution and Semi-Annual Reporting of Financial Results

Following the amendments to Rule 705 of the Listing Manual of the Singapore Exchange Securities Trading Limited on the quarterly reporting framework which has taken effect from 7 February 2020, MNACT will adopt the announcement of financial statements on a half-yearly basis with effect from the financial year from 1 April 2020 to 31 March 2021 ("FY20/21"). The next financial results announcement will be for the six-month period ending 30 September 2020. Consequently, MNACT will also amend its distribution policy to make distributions on a half-yearly basis. The next distribution period will be for the six-month period ending 30 September 2020.

• Formerly known as Mapletree Greater China Commercial Trust.

• Please refer to MNACT'sSGX-ST Announcement dated 28 February 2020 titled "Issuance of Transaction Units to Sponsor's Nominee, and Completion of Acquisition of Two Office Properties in Greater Tokyo and Use of Proceeds".

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

Notwithstanding the above, the Manager will continue its proactive engagement with unitholders including providing relevant and material updates between the announcements of half-yearly financial statements through SGX announcements.

Update on Festival Walk

As announced on 17 January 20203, Festival Walk had re-opened earlier than envisaged on 16 January 2020. Consequently, the Distribution Top-Ups were implemented over the two quarters, 3Q FY19/20 and 4Q FY19/20, so as to mitigate the cash flow impact on the distributable income payable to unitholders when the mall was closed from 13 November 2019 to 15 January 2020 in the absence of rental collections. It was also announced that there will be no further Distribution Top-Up for 1Q FY20/21.

For 4Q FY19/20, the Distribution Top-up is based on the estimated retail revenue for the period from 1 January 2020 to 15 January 2020, when the mall was closed.

The Distribution Top-Ups are funded from capital, and will be paid as capital income distributions to the unitholders. When the insurance claims proceeds are received, any amount which may exceed the Distribution Top-Ups will be paid as distributable income from operations to the unitholders.

Completion of Acquisition of Two Office Properties in Greater Tokyo, Japan4

The acquisition of two office properties in Greater Tokyo was completed on 28 February 2020. The Manager has waived the acquisition fee of S$3.5 million, to which it is entitled for the acquisitions of MBP and Omori, to demonstrate its support of the initiatives to achieve greater diversification of MNACT's portfolio.

Distribution Reinvestment Plan ("DRP")

As part of the Manager's proactive capital management efforts to maintain an optimal overall aggregate leverage for MNACT, the Manager will continue to apply the Distribution Reinvestment Plan ("DRP") for MNACT's distribution for the period from 28 February 2020 to 31 March 2020.

• Please refer to MNACT's 3Q FY19/20 Results Announcement dated 17 January 2020.

• Please refer to MNACT'sSGX-ST Announcement dated 28 February 2020 titled "Issuance of Transaction Units to Sponsor's Nominee, and Completion of Acquisition of Two Office Properties in Greater Tokyo and Use of Proceeds".

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

1(a) Statement of Profit and Loss, Statement of Comprehensive Income and Distribution Statement (MNACT Group)

Statement of Profit and			Variance	4Q	4Q	Variance
Loss	FY19/20	FY18/19	Positive/	Positive/
FY19/20	FY18/19
	(S$'000)	(S$'000)	(Negative)	(Negative)
	(S$'000)	(S$'000)
			(%)	(%)
Gross revenue1
354,478	408,687	(13.3)	76,807	104,039	(26.2)
Property operating expenses	(76,991)	(79,657)	3.3	(19,890)	(20,035)	0.7
Net property income	277,487	329,030	(15.7)	56,917	84,004	(32.2)
Other income
Interest income	2,114	1,898	11.4	436	535	(18.5)
Other gains/(loss)
Net foreign exchange gain	5,110	2,792	83.0	1,885	660	NM
Net change in fair value of	(17,906)	465,152	NM	(17,906)	465,152	NM
investment properties
Net change in fair value of	(4,070)	(604)	NM	(4,496)	460	NM
financial derivatives
Expenses
Manager's management fees2
- Base fee	(23,217)	(24,378)	4.8	(5,195)	(6,300)	17.5
- Performance fee	-	(1,560)	100.0	-	(657)	100.0
Trustee's fee	(787)	(737)	(6.8)	(203)	(184)	(10.3)
Other trust expenses	(2,112)	(1,495)	(41.3)	(613)	(420)	(46.0)
Finance costs3	(74,901)	(74,264)	(0.9)	(18,776)	(18,461)	(1.7)
Profit before income tax	161,718	695,834	(76.8)	12,049	524,789	(97.7)
Income tax expenses	(37,452)	(61,422)	39.0	(11,235)	(31,793)	64.7
Profit for the financial year/
period	124,266	634,412	(80.4)	814	492,996	(99.8)
Profit attributable to:
Unitholders	123,556	633,933	(80.5)	459	492,803	(99.9)
Non-controlling interests4	710	479	48.2	355	193	83.9
	124,266	634,412	(80.4)	814	492,996	(99.8)

Footnotes:

• Revenue for Gateway Plaza and Sandhill Plaza in China is presented net of Value Added Tax. Revenue for the Japan Properties is presented net of consumption tax.

• Manager's base fee is calculated based on 10% of distributable income for the period. This includes the asset management fee payable to Mapletree Investments Japan Kabushiki Kaisha ("MIJ") in cash which is calculated based on 10% of distributable income from the Japan Properties.

• Includes the interest expensesonimputed to the lease liabilities under Singapore Financial Reporting Standards (International) ("SFRS(I)") 16 Leases.

• Non-controllinginterests refers to the 1.53% effective interest of the Japan Properties held by MIJ.

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

1(a) Statement of Profit and Loss, Statement of Comprehensive Income and Distribution Statement (MNACT Group)

Statement of			Variance	4Q	4Q	Variance
Comprehensive Income	FY19/20	FY18/19	Positive/	Positive/
FY19/20	FY18/19
	(S$'000)	(S$'000)	(Negative)	(Negative)
	(S$'000)	(S$'000)
			(%)	(%)
Profit for the financial year/
period	124,266	634,412	(80.4)	814	492,996	(99.8)
Other comprehensive
income/(loss):
Items that may be reclassified
subsequently to profit or loss:
Currency translation
differences
- Gain/(loss)	75,327	7,655	NM	140,084	(4,248)	NM
- Reclassification	(1,939)	(3,794)	48.9	(464)	(715)	35.1
Cash flow hedges
- Fair value changes, net of tax	(30,517)	(27,456)	(11.1)	(42,070)	(9,584)	NM
- Reclassification	42,043	5,992	NM	37,772	(6,667)	NM
Total other comprehensive
income/(loss), net of tax	84,914	(17,603)	NM	135,322	(21,214)	NM
Total comprehensive income	209,180	616,809	(66.1)	136,136	471,782	(71.1)
Total comprehensive income
attributable to:
Unitholders	208,189	616,438	(66.2)	135,537	471,620	(71.3)
Non-controlling interests1	991	371	NM	599	162	NM
	209,180	616,809	(66.1)	136,136	471,782	(71.1)

Footnotes:

• Non-controllinginterests refers to the 1.53% effective interest of the Japan Properties held by MIJ.

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

1(a) Statement of Profit and Loss, Statement of Comprehensive Income and Distribution Statement (MNACT Group)

			Variance	4Q	4Q	Variance
Distribution Statement	FY19/20	FY18/19	Positive/	Positive/
FY19/20	FY18/19
	(S$'000)	(S$'000)	(Negative)	(Negative)
	(S$'000)	(S$'000)
			(%)	(%)
Profit for the financial year/	123,556	633,933	(80.5)	459	492,803	(99.9)
period attributable to
Unitholders
Distribution adjustments	104,372	(393,268)	NM	50,302	(430,733)	NM
(Note A)
Distributable income to	227,928	240,665	(5.3)	50,761	62,070	(18.2)
Unitholders
Note A:
Distribution adjustments1
comprise:
- Trustee's fee	787	737	6.8	203	184	10.3
- Financing fees	3,437	3,957	(13.1)	889	1,012	(12.2)
- Net change in fair value of	23,525	(443,547)	NM	23,525	(443,547)	NM
investment properties net
of deferred tax impact
- Manager's base fee	19,761	21,532	(8.2)	4,224	5,453	(22.5)
paid/payable in units
- Manager's performance fee	-	1,560	(100.0)	-	657	(100.0)
paid/payable in units
- Property manager's	10,150	12,659	(19.8)	2,189	3,149	(30.5)
management fees
paid/payable in units
- Net change in fair value of	4,070	604	NM	4,496	(460)	NM
financial derivatives
- Net foreign exchange gain	(1,939)	(3,794)	48.9	(464)	(715)	35.1
on capital item2
- Other non-tax deductible	11,664	13,024	(10.4)	8,154	3,534	NM
items and other
adjustments3
	71,455	(393,268)	NM	43,216	(430,733)	NM
- Festival Walk Top-Ups4	32,917	-	100.0	7,086	-	100.0
	104,372	(393,268)	NM	50,302	(430,733)	NM

Footnotes:

NM - Not Meaningful

• Excludes share attributable tonon-controlling interests.

• Net foreign exchange gain on capital item arises from the partial settlement ofinter-company loans between MNACT and its overseas subsidiaries. These transactions are capital in nature and the foreign exchange gain arising is not distributable.

• Other adjustments in Q4 FY19/20 include aone-off period charge of S$5.1 million pertaining to rental relief granted which was previously amortized in Q3 FY19/20 ( refer to Section 5 of the Announcement).

• Festival WalkTop-Ups represent the distribution top-ups which comprise the proportionate share of (i) the estimated loss of Festival Walk retail rental revenue for the period from 13 November 2019 to 15 January 2020 (for FY19/20) and 1 January 2020 to 15 January 2020 (for 4QFY19/20) (ii) the estimated loss of Festival Walk office rental revenue for the period from 13 November 2019 to 25 November 2019 (for FY19/20) and Nil for 4Q FY19/20. Festival Walk Top-Ups are intended to mitigate the cash flow impact on the distributable income as rentals from tenants were not collectable over these periods that the mall and offices were closed and until such time as the loss of such revenue may be recovered through insurance claims.

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

1(b)(i) Statement of Financial Position (MNACT Group)

	31 Mar 2020	31 Mar 2019
	(S$'000)	(S$'000)
Current assets
Cash and bank balances	207,798	178,833
Trade and other receivables	17,671	9,322
Other current assets	1,893	2,095
Inventories	638	672
Derivative financial instruments1	129	3,407
Total current assets4	228,129	194,329
Non-current assets
Derivative financial instruments1	7,528	13,336
Investment properties	8,347,232	7,609,543
Plant and equipment2	3,785	3,158
Total non-current assets	8,358,545	7,626,037
Total Assets	8,586,674	7,820,366
Current liabilities
Trade and other payables	149,957	93,181
Borrowings	352,669	287,582
Lease liabilities2	77	-
Current income tax liabilities	33,874	31,216
Derivative financial instruments1	5,313	1,226
Total current liabilities4	541,890	413,205
Non-current liabilities
Trade and other payables	109,894	99,687
Borrowings	3,019,639	2,580,322
Lease liabilities2	64	-
Derivative financial instruments1	51,397	17,108
Deferred tax liabilities	133,160	119,889
Total non-current liabilities	3,314,154	2,817,006
Total Liabilities	3,856,044	3,230,211
Net assets	4,730,630	4,590,155
Represented by:
Unitholders' funds	4,575,669	4,525,596
General reserve	3,782	2,461
Hedging reserve	6,164	(5,354)
Foreign currency translation reserve	135,892	62,777
	4,721,507	4,585,480
Non-controlling interests3	9,123	4,675
	4,730,630	4,590,155
Net Asset Value (NAV) per unit (S$)	1.412	1.445

Footnotes:

• Derivative financial instruments represent the fair value as at period end of the (i) currency forwards to swap HKD, RMB and JPY to SGD;
• 1. interest rate swaps to swap floating interest payments into fixed; and (iii) cross currency interest rate swaps to swap SGD fixed interest rate and USD floating interest rate to HKD fixed interest rate and SGD and HKD fixed interest rate to JPY fixed interest rate.

• Right-of-useassets presented as part of plant and equipment and lease liabilities were recognised following the adoption of SFRS(I) 16 Leasesas disclosed in paragraph 5.

• Non-controllinginterests refers to 1.53% effective interest of the Japan Properties held by MIJ.

• At 31 March 2020, MNACT Group had net current liabilities of S$313.8 million (31 March 2019: S$218.9 million) which is mainly due to borrowings maturing in March 2021. Based on the Group's existing financial resources and facilities, the Group will be able to refinance the borrowings and meet its current obligations as and when they fall due.

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

Statement of Financial Position (MNACT)
		31 Mar 2020	31 Mar 2019
		(S$'000)	(S$'000)
	Current assets
	Cash and bank balances	53,209	62,662
	Trade and other receivables	7,059	6,309
	Derivative financial instruments1	128	982
	Total current assets	60,396	69,953
	Non-current asset
	Investments in subsidiaries	2,673,349	2,582,649
	Total non-current asset	2,673,349	2,582,649
	Total Assets	2,733,745	2,652,602
	Current liabilities
	Trade and other payables	41,306	8,995
	Current income tax liabilities	198	119
	Derivative financial instruments1	3,952	737
	Total current liabilities
	45,456	9,851
	Total Liabilities	45,456	9,851
	Net assets	2,688,289	2,642,751
	Represented by:
	Unitholders' funds	2,692,113	2,642,505
	Hedging reserve	(3,824)	246
		2,688,289	2,642,751
	Net Asset Value (NAV) per unit (S$)	0.804	0.833
	Footnote:

• Derivative financial instruments represent the fair value as at period end of the currency forwards to swap HKD, RMB and JPY to SGD.

1(b)(ii) Aggregate Amount of Borrowings and Debt Securities (MNACT Group)2

	31 Mar 2020	31 Mar 2019
	(S$'000)	(S$'000)
Amount repayable within one year
Bank loans (secured)	5,030	-
Bank loans (unsecured)	348,118	192,887
Medium-term notes ("MTN") (unsecured)	-	95,018
Amount repayable after one year
Bank loans (secured)	683,090	372,622
Bank loans (unsecured)	1,530,545	1,419,571
Tokutei Mokuteki Kaisha ("TMK") Bonds (secured)	86,305	77,787
Medium-term notes ("MTN") (unsecured)	730,406	719,783
Gross borrowings	3,383,494	2,877,668
Less: Unamortised transaction costs3	(11,186)	(9,764)
Net borrowings	3,372,308	2,867,904
Represented by:
Current position	352,669	287,582
Non-current position	3,019,639	2,580,322

Footnotes:

• There are no borrowings and debt securities taken up at MNACT entity level.

• Transaction costs are amortised over the life of the loan facilities and the tenure of the MTN and TMK Bonds.

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

1(c)	Statement of Cash Flows (MNACT Group)
			FY19/20	FY18/19	4Q	4Q FY18/19
			FY19/20
			(S$'000)	(S$'000)	(S$'000)
			(S$'000)
	Cash flows from operating activities
	Profit for the financial year/period	124,266	634,412	814	492,996
	Adjustments for:
		- Income tax expenses	37,452	61,422	11,235	31,793
		- Lease reliefs and amortisation of rent-free period	(509)	1,088	6,243	410
		- Depreciation	1,238	817	329	230
		- Plant and equipment written off	101	-	101	-
		- Net change in fair value of investment properties	17,906	(465,152)	17,906	(465,152)
		- Net change in fair value of financial derivatives	4,070	604	4,496	(460)
		- Manager's management fees paid/payable in units	19,761	23,092	4,224	6,110
		- Property manager's management fees paid/payable in units	10,150	12,659	2,189	3,149
		- Finance costs	74,901	74,264	18,776	18,461
		- Interest income	(2,114)	(1,898)	(436)	(535)
		- Net foreign exchange gain on capital item	(1,939)	(3,794)	(464)	(715)
	Operating cash flows before working capital changes	285,283	337,514	65,413	86,287
	Changes in working capital:
		- Trade and other receivables and other current assets	(7,689)	(1,964)	(7,483)	2,355
		- Inventories	34	71	(37)	72
		- Trade and other payables	8,448	1,730	2,742	11,078
	Cash generated from operations	286,076	337,351	60,635	99,792
		- Income tax paid	(20,308)	(28,379)	(4,798)	(14,801)
	Net cash provided by operating activities	265,768	308,972	55,837	84,991
	Cash flows from investing activities
	Additions to investment properties	(12,803)	(3,399)	(7,330)	(2,066)
	Additions to plant and equipment	(1,694)	(1,429)	(468)	(984)
	Net cash outflow on acquisition of investment properties	(464,693)	(733,068)	(464,693)	(10)
	Interest income received	2,940	1,366	929	359
	Net cash used in investing activities	(476,250)	(736,530)	(471,562)	(2,701)
	Cash flows from financing activities
	Repayment of bank loans	(174,285)	(662,155)	(116,259)	(125,242)
	Repayment of MTN	(98,313)	-	(98,313)	-
	Proceeds from bank loans	654,751	946,654	602,707	33,673
	Proceeds from issuance of TMK bonds and MTN	-	178,278	-	100,201
	Repayment of lease liabilities	(53)	-	(20)	-
	Proceeds from issuance of Transaction Units	144,776	-	144,776	-
	Proceeds from issuance of new units pursuant to private placement	-	330,298	-	-
	Payment of issue expenses	(30)	(5,599)	(30)	-
	Payments of distributions to Unitholders (net of distribution in units)1	(216,201)	(285,057)	(30,328)	(61,017)
	Payments of distributions to non-controlling interests (capital returns)	(284)	(656)	(95)	(114)
	Contribution from non-controlling interests	3,741	4,960	3,741	-
	Financing fees paid	(4,095)	(6,128)	(2,705)	(568)
	Interest paid	(73,183)	(70,565)	(21,214)	(18,994)
	Change in restricted cash2	(15,524)	(3,665)	(15,506)	7
	Net cash from / (used in) financing activities	221,300	426,365	466,754	(72,054)
	Net increase /(decrease) in cash and cash equivalents held	10,818	(1,193)	51,029	10,236
	Cash and cash equivalents at beginning of the year/period	175,168	177,981	132,448	163,843
	Effect of currency translation on cash and cash equivalents	2,222	(1,620)	4,731	1,089
	Cash and cash equivalents at end of the year/period	188,208	175,168	188,208	175,168

10

MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

Footnotes:

• This amount excludes S$23.1 million distributed through the issuance of 19,391,049 new units in MNACT in 4QFY19/20 as part payment of distributions for the period from 1 October 2019 to 31 December 2019, pursuant to the Distribution Reinvestment Plan ("DRP").

• For the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents comprise the following:

Cash and bank balances

Less: Restricted cash

Cash and cash equivalents per consolidated statement of cash flows

FY19/20	FY18/19	4Q	4Q
FY19/20	FY18/19
(S$'000)	(S$'000)
(S$'000)	(S$'000)
207,798	178,833	207,798	178,833
(19,590)	(3,665)	(19,590)	(3,665)
188,208	175,168	188,208	175,168

Restricted cash relates to the amount of cash reserves for the Japan Properties which is required to be maintained based on the agreements with the banks. Restricted cash are reserves for use in capital expenditure, interest expense and certain property related expenses to ensure these liabilities can be met when incurred.

1(c)(i) Status of the use of proceeds raised from any offerings pursuant to Chapter 8 and whether the use of proceeds is in accordance with the stated use

The gross proceeds5of S$144.8 million received from the issuance of Transaction Units has been fully utilized to partially fund the acquisition of MBP and Omori in accordance with the stated use.

• Please refer to MNACT'sSGX-ST Announcement dated 28 February 2020 titled "Issuance of Transaction Units to Sponsor's Nominee, and Completion of Acquisition of Two Office Properties in Greater Tokyo and Use of Proceeds".

11

MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

	1(d)(i)	Statement of Movements in Unitholders' Funds (MNACT Group)
			Unitholders' funds
								Foreign
								currency	Non-
					Unitholders'	General	Hedging	translation	controlling
			Operations	Contribution	reserve	reserve	reserve	interests	Total
			(S$'000)	(S$'000)	(S$'000)	(S$'000)	(S$'000)	(S$'000)	(S$'000)
Balance as at 1 Apr 2019	1,791,595	2,734,001	2,461	(5,354)	62,777	4,675	4,590,155
Profit for the financial year	123,556	-	-	-	-	710	124,266
Distributions to Unitholders1	(178,279)	(95,151)	-	-	-	-	(273,430)
Transfer to general reserve	(1,321)	-	1,321	-	-	-	-
Issue of new units arising from:
- settlement of management fees	-	33,692	-	-	-	-	33,692
- Transaction Units2	-	144,776	-	-	-	-	144,776
- Distribution Reinvestment Plan	-	23,050	-	-	-	-	23,050
Issue expenses		-	(250)	-	-	-	-	(250)
Fair value changes on cash flow	-	-	-	(30,505)	-	(12)	(30,517)
hedges
Contribution from non-controlling	-	-	-	-	-	3,741	3,741
interests
Distributions to non-controlling	-	-	-	-	-	(284)	(284)
interests(capital returns)
Reclassification to Profit or Loss	-	-	-	42,023	(1,939)	20	40,104
Translation differences relating to	-	-	-	-	75,054	273	75,327
financial statements of foreign
subsidiaries and quasi- equity
loans
Balance as at 31 Mar 2020	1,735,551	2,840,118	3,782	6,164	135,892	9,123	4,730,630
Balance as at 1 Jan 2020
1,767,755	2,721,555	3,445	10,447	(3,469)	4,878	4,504,611
Profit for the period	459	-	-	-	-	355	814
Distributions to Unitholders1	(32,326)	(55,231)	-	-	-	-	(87,557)
Transfer to general reserve	(337)	-	337	-	-	-	-
Issue of new units arising from:
- settlement of management fees	-	6,218	-	-	-	-	6,218
- Transaction Units	-	144,776	-	-	-	-	144,776
- Distribution Reinvestment Plan	-	23,050	-	-	-	-	23,050
Issue expenses		-	(250)	-	-	-	-	(250)
Fair value changes on cash flow	-	-	-	(42,050)	-	(20)	(42,070)
hedges
Contribution from non-controlling	-	-	-	-	-	3,741	3,741
interests
Distributions to non-controlling	-	-	-	-	-	(95)	(95)
interests(capital returns)
Reclassification to Profit or Loss	-	-	-	37,767	(464)	5	37,308
Translation differences relating to	-	-	-	-	139,825	259	140,084
financial statements of foreign
subsidiaries and quasi- equity
loans
Balance as at 31 Mar 2020	1,735,551	2,840,118	3,782	6,164	135,892	9,123	4,730,630

• The amount of S$273.4 million includes an advanced distribution of S$34.2 million or 1.07 cents per unit declared to eligible Unitholders on 28 February 2020. This advanced distribution represents distribution from 1 January 2020 to 27 February 2020 to Unitholders existing as at 28 February 2020 and prior to the issuance of new units pursuant to the Transaction Units.
  2123,708,135 units were issued via issuance of Transaction Units to Sponsor's Nominee, and the payment received from issuance of Transaction Units was fully utilised to make part payment for the acquisition of MBP and Omori. Please refer to MNACT's SGX-ST Announcement dated 28 February 2020 titled "Issuance of the Transaction Units to Sponsor's Nominee, and Completion of Acquisitions of Two Office Properties in Greater Tokyo and Use of Proceeds".

12

MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

1(d)(i) Statement of Movements in Unitholders' Funds (MNACT Group)

	Unitholders' funds
					Foreign
					currency	Non-
		Unitholders'	General	Hedging	translation	controlling
	Operations	Contribution	reserve	reserve	reserve	interests	Total
	(S$'000)	(S$'000)	(S$'000)	(S$'000)	(S$'000)	(S$'000)	(S$'000)
Balance as at 1 Apr 2018	1,373,670	2,438,943	1,221	16,004	58,914	-	3,888,752
Profit for the financial year	633,933	-	-	-	-	479	634,412
Distributions to Unitholders	(214,768)	(70,289)	-	-	-	-	(285,057)
Transfer to general reserve	(1,240)	-	1,240	-	-	-	-
Issue of new units arising
from:
- settlement of management	-	35,060	-	-	-	-	35,060
fees
- private placement	-	330,298	-	-	-	-	330,298
- settlement of acquisition	-	5,689	-	-	-	-	5,689
fees
Issue expenses	-	(5,700)	-	-	-	-	(5,700)
Fair value changes on cash	-	-	-	(27,335)	-	(121)	(27,456)
flow hedges
Contribution from non-	-	-	-	-	-	4,960	4,960
controlling interests
Distributions to non-	-	-	-	-	-	(656)	(656)
controlling interests(capital
returns)
Reclassification to Profit or	-	-	-	5,977	(3,794)	15	2,198
Loss
Translation differences	-	-	-	-	7,657	(2)	7,655
relating to financial
statements of foreign
subsidiaries and quasi- equity
loans
Balance as at 31 Mar 2019	1,791,595	2,734,001	2,461	(5,354)	62,777	4,675	4,590,155
Balance as at 1 Jan 2019	1,343,232	2,742,343	2,161	10,866	67,740	4,627	4,170,969
Profit for the period	492,803	-	-	-	-	193	492,996
Distributions to Unitholders	(44,140)	(16,877)	-	-	-	-	(61,017)
Transfer to general reserve	(300)	-	300	-	-	-	-
Issue of new units arising
from settlement of:
- management fees	-	8,535	-	-	-	-	8,535
Fair value changes on cash	-	-	-	(9,539)	-	(45)	(9,584)
flow hedges
Distributions to non-	-	-	-	-	-	(114)	(114)
controlling interests (capital
returns)
Reclassification to Profit or	-	-	-	(6,681)	(715)	14	(7,382)
Loss
Translation differences	-	-	-	-	(4,248)	-	(4,248)
relating to financial
statements of foreign
subsidiaries and quasi-
equity loans
Balance as at 31 Mar 2019	1,791,595	2,734,001	2,461	(5,354)	62,777	4,675	4,590,155

13

MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

Statement of Movements in Unitholders' Funds (MNACT)

	Unitholders' funds
		Unitholders'	Hedging
	Operations	Contribution	reserve	Total
	(S$'000)	(S$'000)	(S$'000)	(S$'000)
Balance as at 1 Apr 2019	(91,496)	2,734,001	246	2,642,751
Profit for the financial year	121,770	-	-	121,770
Distributions to Unitholders1	(178,279)	(95,151)	-	(273,430)
Issue of new units arising from:
- settlement of management fees	-	33,692	-	33,692
- Transaction Units2	-	144,776	-	144,776
- Distribution Reinvestment Plan	-	23,050	-	23,050
Issue expenses	-	(250)	-	(250)
Fair value changes on cash flow hedges	-	-	(5,665)	(5,665)
Reclassification to Profit or Loss	-	-	1,595	1,595
Balance as at 31 Mar 2020	(148,005)	2,840,118	(3,824)	2,688,289
Balance as at 1 Jan 2020	(133,561)	2,721,555	672	2,588,666
Profit for the period	17,882	-	-	17,882
Distributions to Unitholders1	(32,326)	(55,231)	-	(87,557)
Issue of new units arising from:
- settlement of management fees	-	6,218	-	6,218
- Transaction Units	-	144,776	-	144,776
- Distribution Reinvestment Plan	-	23,050	-	23,050
Issue expenses	-	(250)	-	(250)
Fair value changes on cash flow hedges	-	-	(6,235)	(6,235)
Reclassification to Profit or Loss	-	-	1,739	1,739
Balance as at 31 Mar 2020	(148,005)	2,840,118	(3,824)	2,688,289

• The amount of S$273.4 million includes an advanced distribution of S$34.2 million or 1.07 cents per unit declared to eligible Unitholders on 28 February
  2020. This advanced distribution represents distribution from 1 January 2020 to 27 February 2020 to Unitholders existing as at 28 February 2020 and prior to the issuance of new units pursuant to the Transaction Units.

• 123,708,135 units were issued via issuance of Transaction Units to Sponsor's Nominee, and the payment received from issuance of Transaction Units was fully utilised to make part payment for the acquisition of MBP and Omori. Please refer to MNACT'sSGX-ST Announcement dated 28 February 2020 titled "Issuance of the Transaction Units to Sponsor's Nominee, and Completion of Acquisitions of Two Office Properties in Greater Tokyo and Use of Proceeds".

14

MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

Statement of Movements in Unitholders' Funds (MNACT)

	Unitholders' funds
		Unitholders'	Hedging
	Operations	Contribution	reserve	Total
	(S$'000)	(S$'000)	(S$'000)	(S$'000)
Balance as at 1 Apr 2018	(29,584)	2,438,943	850	2,410,209
Profit for the financial year	152,856	-	-	152,856
Distributions to Unitholders	(214,768)	(70,289)	-	(285,057)
Issue of new units arising from:
- settlement of management fees	-	35,060	-	35,060
- private placement	-	330,298	-	330,298
- settlement of acquisition fees	-	5,689	-	5,689
Issue expenses	-	(5,700)	-	(5,700)
Fair value changes on cash flow hedges	-	-	(913)	(913)
Reclassification to Profit or Loss	-	-	309	309
Balance as at 31 Mar 2019	(91,496)	2,734,001	246	2,642,751
Balance as at 1 Jan 2019	(88,257)	2,742,343	(214)	2,653,872
Profit for the period	40,901	-	-	40,901
Distributions to Unitholders	(44,140)	(16,877)	-	(61,017)
Issue of units arising from settlement of:
- management fees	-	8,535	-	8,535
Fair value changes on cash flow hedges	-	-	453	453
Reclassification to Profit or Loss	-	-	7	7
Balance as at 31 Mar 2019	(91,496)	2,734,001	246	2,642,751

15

MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

1(d)(ii) Details of Any Change in Units

	FY19/20	FY18/19	4Q	4Q
	FY19/20	FY18/19
	('000)	('000)
	('000)	('000)
Balance as at beginning of period
3,173,892	2,826,268	3,194,343	3,166,462
Movements during the period
Issue of units arising from:
- settlement of management fees	25,925	30,655	5,474	7,430
- Transaction Units	123,708	-	123,708	-
- Distribution Reinvestment Plan	19,391	-	19,391	-
- private placement	-	311,602	-	-
- settlement of acquisition fees	-	5,367	-	-
Total issued units as at end of period	3,342,916	3,173,892	3,342,916	3,173,892

There were no convertibles, treasury units and subsidiary holdings as at 31 March 2020 and 31 March 2019.

1(d)(iii) To show the total number of issued units excluding treasury units as at the end of the current financial period, and as at the end of the immediately preceding year

Total number of issued units in MNACT as at 31 March 2020 and 31 March 2019 were 3,342,916,300 and 3,173,891,965 respectively.

1(d)(iv) A statement showing all sales, transfers, cancellation and/or use of treasury units and subsidiary holdings as at the end of the current financial period reported on

Not applicable.

2. Whether the figures have been audited or reviewed, and in accordance with which auditing standard or practice

The figures have not been audited or reviewed by the auditors.

1. Where the figures have been audited, or reviewed, the auditors' report (including any qualifications or emphasis of matter)
   Not applicable.
2. Whether the same accounting policies and methods of computation as in the issuer's most recent audited annual financial statements have been applied
   Except as disclosed in paragraph 5 below, the accounting policies and methods of computation applied in the financial statements for the current reporting year/period are consistent with those used in the audited financial statements for the financial year ended 31 March 2019.
3. If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of the change

(i) Accounting for Leases

MNACT Group (the "Group") has adopted SFRS(I) 16 Leasesthat is effective for annual periods beginning on or after 1 April 2019.

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

SFRS(I) 16 Leasesintroduces a single, on-balance sheet lease accounting model for lessees. A lessee recognizes a right-of-use ("ROU") asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. Lessor accounting remains similar to the current standard (i.e to classify leases as finance or operating leases).

The Group recognizes its existing operating lease arrangements where the Group is a lessee as ROU assets with corresponding lease liabilities, and measures lease liabilities by applying a single discount rate to its leases.

The Group applied the practical expedients to recognize ROU assets equal to its lease liabilities on 1 April 2019 and recognition exemptions for short-term leases and leases of low value items in accordance with the principles of SFRS(I) 16 Leases.

The Group presents ROU assets as part of plant and equipment.

The nature of expenses related to those leases has changed as the principles under SFRS(I) 16 Leasesreplaces the straight-line operating lease expense with depreciation charge for ROU assets and interest expense on lease liabilities.

The adoption of the new SFRS(I) 16 Leasesdoes not result in material changes to the Group's accounting policies and has no material effect on the amounts reported for the current financial year.

(ii) Accounting for Lease Reliefs

The Group revised its accounting treatment with respect to the one-offshort-term rental or lease reliefs ("Lease Reliefs") with effect from 1 January 2020, following clarifications concerning the accounting requirements from International Accounting Standard Board. This revision was made on the bases that there are no changes in the scope of the leases nor the original terms and conditions of the leases. The Lease Reliefs are now recognised as a period charge in the period in which they are granted to the tenants ("period charge method") instead of their previously being amortised on the straight-line basis over the remaining lease terms of the tenancies ("amortization method"). The Group believes that the period charge method better reflects the purpose and effects of the Lease Reliefs.

The revision to the accounting treatment for the Lease Reliefs is applied prospectively from the date of change. As a result, revenue and profit attributable to the unitholders for 4Q FY19/20 are lower by S$6.1million and S$5.1million respectively, while the distribution adjustments are increased by S$5.1million.

There is no impact on the Group's financial statement for the year ended 31 March 2020 as well as MNACT entity level's financial statements for the fourth quarter and financial year ended 31 March 2020.

As the Lease Reliefs are recorded on a cash basis, the revision in accounting treatment will not have any impact on distributable income.

17

MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

6. Earnings Per Unit ("EPU") and Distribution Per Unit ("DPU")

Weighted average number of units1

Earnings per unit ("EPU") - Basic and Diluted 2

Based on the weighted average number of units in issue (cents)

Number of units in issue at end of period

Distribution per unit ("DPU")

Based on the number of units in issue at the end of the period (cents)

Footnotes:

FY19/20	FY18/19	4Q FY19/20	4Q FY18/19
3,199,143,444	3,124,200,006	3,245,215,667	3,169,599,121
3.862	20.291	0.014	15.548
3,342,916,300	3,173,891,965	3,342,916,300	3,173,891,965
7.124	7.690	1.566	1.956

• Weighted average number of units for the period has been adjusted to take into account the units issued as payment for base fee, property and lease management fees and performance fee (if applicable).

• Diluted earnings per unit is the same as the basic earnings per unit as there are no dilutive instruments in issue during the financial year/period.

7. Net Asset Value ("NAV") and Net Tangible Asset ("NTA") Per Unit (MNACT Group)

	MNACT Group
	31 Mar 2020	31 Mar 2019
Number of units in issue at end of year	3,342,916,300	3,173,891,965
NAV and NTA per unit (S$)1	1.412	1.445

Footnote:

• Net tangible asset per unit is the same as net asset value per unit as there are no intangible assets as at year end.

18

MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

8. Review of Performance

a. Financial results FY19/20 vs FY18/19

Gross revenue decreased by S$54.2 million or 13.3% to S$354.5 million for FY19/20 compared to the corresponding last year. The decrease in revenue was primarily due to:

1. rent reliefs granted to tenants at Festival Walk of S$17.8 million as a result of the social unrests prior to mall closure and the subsequentCOVID-19 impact post the re-opening of the mall, as well as the closure of the mall during 13 November 20193to 15 January 2020
2. lower average occupancy at Gateway Plaza; offset by
3. a full year's contribution from the six office properties in Greater Tokyo, Japan, that were acquired on 25 May 2018, and one month's contribution from the acquisitions of MBP and Omori on 28 February 20202; and
4. the higher average rates of HKD and JPY offset by lower average rate of RMB against SGD.

For FY19/20, Festival Walk, Gateway Plaza, Sandhill Plaza and the Japan Properties contributed 55.1%, 22.9%, 7.1% and 14.9% (FY18/19: 62.1%, 21.4%, 6.1% and 10.4%) of the portfolio gross revenue respectively.

Property operating expenses decreased by S$2.7 million or 3.3% to S$77.0 million for FY19/20 compared to the corresponding last year. The decrease in property operating expenses was primarily attributable to:

1. lower expenses at Festival Walk due to closure of the mall1from 13 November 2019 to 15 January 2020; offset by
2. a full year's operations of the six office properties in Greater Tokyo, Japan that were acquired on 25 May 2018 and one month's operations of the acquisitions of MBP and Omori on 28 February 20204respectively; and
3. the higher average rates of HKD and JPY offset by lower average rate of RMB against SGD.

Net property income for FY19/20 decreased by S$51.5 million or 15.7% to S$277.5 million, compared to the corresponding last year.

Net foreign exchange gain of S$5.1 million for FY19/20 (FY18/19: S$2.8 million) was due to the:

1. exchange gain of S$1.9 million (FY18/19: S$3.8 million) from the partial settlement ofinter-company loans, which is mainly capital in nature and not distributable; and
2. net realized exchange gains of S$3.0 million (FY18/19: loss of S$0.9 million) from the settlement of foreign currency contracts to hedge HKD, RMB and JPY distributable income.

Cushman & Wakefield Limited and Cushman & Wakefield K.K have performed a valuation of the investment properties as at 31 March 2020, and the net fair value losses amounting to S$17.9 million (FY18/19: gain of S$465.2 million), are attributable to the following:

1. Festival Walk: Loss of S$46.5 million (FY18/19: gain of S$326.8 million); offset by
2. Sandhill Plaza: Gain of S$14.2 million (FY18/19: S$50.4 million);
3. Japan Properties (including MBP and Omori): Gain of S$14.1 million (FY18/19: S$4.7 million); and
4. Gateway Plaza: Gain of S$0.3 million (FY18/19: S$83.3 million).

• Please refer to MNACT'sSGX-ST Announcement dated 4 December 2019 titled "Update on Festival Walk and Impact on MNACT".
  4Please refer to MNACT's SGX-ST Announcement dated 28 February 2020 titled "Issuance of Transaction Units to Sponsor's Nominee, and Completion of Acquisition of Two Office Properties in Greater Tokyo and Use of Proceeds".

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

Net loss in fair value of financial derivatives of S$4.1 million relates to the mark-to-market movement of currency forward contracts to hedge currency exposures of future HKD, RMB and JPY distributable income.

Finance costs increased by S$0.6 million compared to the corresponding last year. The major variances are due to:

1. borrowings undertaken to partially fund the acquisition of the six office properties in Greater Tokyo, Japan, acquired on 25 May 2018 (S$0.6 million) and the acquisitions of MBP and Omori on 28 February 20205(S$0.3 million);
2. the higher average rates of HKD and JPY offset by lower average rate of RMB against SGD (S$0.8 million); and
3. lower net interest cost (S$1.1 million) due to interest savings from the refinancing of borrowings (S$3.4 million) offset by rising interest rates on floating debt (S$2.3 million).

Income tax expenses decreased by S$24.0 million or 39.0% to S$37.5 million for FY19/20 compared to the corresponding last year. The decrease is mainly due to the lower profit and lower deferred tax attributable to the net change in fair value of the investment properties.

After taking into account the distribution adjustments, including the Festival Walk Top-Ups6, the distributable income to Unitholders for FY19/20 decreased by 5.3% to S$227.9 million and the distribution per unit decreased by 7.4%, from 7.690 cents per unit to 7.124 cents per unit, compared to the corresponding last year.

b. Financial results 4Q FY19/20 vs 4Q FY18/19

Gross revenue decreased by S$27.2 million or 26.2% to S$76.8 million for 4Q FY19/20 compared to the corresponding period last year. The decrease in revenue was primarily due to:

1. rent reliefs granted to tenants of Festival Walk of S$10.3 million as a result ofCOVID-19, as well as the closure of the mall from 1 January 2020 to 15 January 20207;
2. lower average occupancy at Gateway Plaza; offset by
3. contribution from the acquisition of MBP and Omori following the completion on 28 February 20201; and
4. the higher average rates of HKD and JPY offset by lower average rate of RMB against SGD.

For 4Q FY19/20, Festival Walk, Gateway Plaza, Sandhill Plaza and the Japan Properties contributed 46.6%, 24.5%, 8.3% and 20.6% (4Q FY18/19: 61.4%, 20.8%, 5.8% and 12.0%) of the portfolio gross revenue respectively.

Property operating expenses decreased by S$0.1 million or 0.7% to S$19.9 million for 4Q FY19/20 compared to the corresponding period last year. The decrease in property operating expenses was primarily attributable to:

1. lower expenses at Festival Walk due to closure of the mall from 1 January 2020 to 15 January 2020, before itsre-opening on 16 January 20203;
2. the lower average rate of RMB offset by the higher average rate of HKD against SGD; and
3. one month's operations at MBP and Omori following the completion of the acquisition on 28 February 20201.

Net property income for 4Q FY19/20 decreased by S$27.1 million or 32.2% to S$56.9 million, compared to the corresponding period last year.

Net foreign exchange gain of S$1.9 million for the period (4Q FY18/19: S$0.7 million) was due to the:

• Please refer to MNACT'sSGX-ST Announcement dated 28 February 2020 titled "issuance of Transaction Units to Sponsor's Nominee, and Completion of Acquisition of Two Office Properties in Greater Tokyo and Use of Proceeds.
  6Please refer to footnote 3 on Page 7.
  7Please refer to MNACT's SGX-ST Announcement dated 10 January 2020 titled "Update on Festival Walk".

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

1. exchange gain of S$0.8 million (4Q FY18/19: S$0.7 million) mainly from the partial settlement ofinter-company loans; which is mainly capital in nature and not distributable; and
2. net realized exchange gains of S$1.1 million (4Q FY18/19: loss of S$33,000) from the settlement of foreign currency contracts to hedge HKD, RMB and JPY distributable income.

Net loss in fair value of financial derivatives of S$4.5 million relates to the mark-to-market movement of currency forward contracts to hedge currency exposures of future HKD, RMB and JPY distributable income.

Finance costs increased by S$0.3 million mainly due to borrowings to fund the acquisitions of MBP and Omori on 28 February 2020.

Income tax expenses decreased by S$20.6 million or 64.7% to S$11.2 million for 4Q FY19/20 compared to the corresponding period last year. The decrease is mainly due to the lower profit and lower deferred tax attributable to the net change in the fair value of the investment properties.

After taking into account the distribution adjustments including the Festival Walk Top-Up1, the distributable income to Unitholders for 4Q FY19/20 decreased by 18.2% to S$50.8 million and the distribution per unit decreased by 19.9%, from 1.956 cents per unit to 1.566 cents per unit, compared to the corresponding period last year.

c. Financial position as of 31 March 2020 vs 31 March 2019

Total assets at S$8,586.7 million as of 31 March 2020, was S$766.3 million higher compared to

31 March 2019 mainly due to:

1. increase in investment properties by S$737.7 million from:
2. • the acquisition of MBP and Omori of S$484.7 million;
   • net translation gain of S$258.1 million from the stronger HKD and JPY offset by weaker RMB; and
   • addition to the investment properties of S$12.8 million, of which S$4.1 million is the additions at Festival Walk; offset by
   • fair valuation loss of the properties of S$17.9 million;
3. increase of S$29.0 million in cash and bank balances mainly due to net proceeds from borrowings for working capital offset by distributions to Unitholders;
4. increase of trade and other receivables of S$8.3 million mainly due to refundable consumption tax; offset by
5. decrease of S$9.1 million in financial derivatives assets due to movement in fair value.

Group total liabilities amounted to S$3,856.0 million as of 31 March 2020, S$625.8 million higher compared to 31 March 2019, primarily due to the following:

1. increase in borrowings of S$504.4 million from
2. • translation loss of S$123.7 million due to the stronger HKD and JPY offset by the weaker RMB;
   • net increase of borrowings (S$380.7 million) from bank loans (S$654.7 million), offset by repayment of bank loans and MTN (S$272.6 million) and the amortization of transaction costs (S$1.4 million).

• Please refer to footnote 3 on Page 7.

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

1. increase in trade and other payables by S$67.0 million mainly due to
2. • advanced distribution payable (S$34.2 million);
   • tenancy deposits, advanced rent and accrued expenses relating to MBP and Omori (S$22.4 million) following the completion of the acquisitions on 28 February 20201;
   • tenancy deposits from Festival Walk, Gateway Plaza, Sandhill Plaza and six office properties in Greater Tokyo, Japan (S$6.0 million);
   • accruals and payables for capital expenditures for Festival Walk (S$2.8 million) and others (S$1.6 million)
3. Increase of S$38.4 million in financial derivatives liabilities due to movements in fair value; and
4. increase in deferred tax liabilities of S$13.3 million mainly due to provision of current year taxes.

Accordingly, net assets attributable to Unitholders (excluding non-controlling interests of S$9.1 million) is S$4,721.5 million as of 31 March 2020, as shown in the Statement of Movement in Unitholders' Funds (refer to Paragraph 1(d)(i)).

1. Variance from Previous Forecast / Prospect StatementMNACT has not provided any forecast to the market.
2. Commentary on the competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting and the next 12 months
   According to the International Monetary Fund's latest outlook2, global economic growth is expected to contract by 3% in 2020 compared to 2019, as the impact of COVID-19 further weakened the world economy that was already affected by trade and political tensions.
   For Hong Kong SAR3, COVID-19 compounded the already challenging conditions of the retail market due to the social unrests, and economic and geopolitical headwinds. Retail sales4in February 2020 fell by 44.0%, the steepest year-on-year decline for a single month on record. Including January 2020, retail sales for the first two months of 2020 plunged by 31.8%. Amid the sharp decline in sales and footfall, some mall landlords have offered temporary rent relief of 30% to 50% on a rolling monthly basis3. Vacancies are expected to rise over the next 6 to 12 months, which will put more pressure on rents over the rest of the year3.
   Serving the lifestyle, shopping and dining needs of the neighbourhood community at Kowloon Tong, Festival Walk retail tenants comprise a diverse trade mix of more than 200 brands. To support tenants who were and continue to be adversely affected by the difficult retail environment as a result of the earlier social unrests and subsequently COVID-19, the Manager has offered rental relief during the period of social unrests, in 3Q FY19/20 and 4Q FY19/20 and through to 1Q FY20/21. The Manager will continue to monitor and assess the need for continuing relief for the subsequent months. The operating environment remains very difficult as it is uncertain when the COVID-19 situation will ease and when normalcy will return. Consequently, the business outlook of retailers remains pessimistic. The uncertainties

• Please refer to MNACT'sSGX-ST Announcement dated 28 February 2020 titled "Issuance of Transaction Units to Sponsor's Nominee, and Completion of Acquisition of Two Office Properties in Greater Tokyo and Use of Proceeds.
  2International Monetary Fund, World Economic Outlook Report (April 2020).
  3Savills, Hong Kong Retail Leasing (April 2020).
  4Hong Kong Census and Statistics Department's "Report on Monthly Survey of Retail Sales for February 2020". Hong Kong SAR's retail sales figures for March 2020 have not been published as of 29 April 2020.

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

are expected to result in lower renewal or re-let rental rates going forward, compared to FY19/20.

The ongoing repair works at Festival Walk, including the repairs of the escalators and lifts, and installation of the permanent balustrades, are expected to be progressively completed by end FY20/21. The loss of retail and office revenue during the closure as well as property damage sustained are covered under the insurance policies. The assessment of the full quantum of revenue loss and property damage recoverable from insurance claims is continuing, and the Manager is working closely with the insurers and will provide further updates when available.

For the Beijing office market1, with the slowing economy and reduced demand exacerbated by trade tensions and COVID-19, together with new supply coming onstream, vacancy rates are expected to continue to rise while rents will further edge down. All efforts will continue to be made in marketing and leasing to stabilise rental and occupancy levels at Gateway Plaza.

For business parks in Shanghai 2, the electronics hardware, pharmaceuticals and the technology, media, and telecom ("TMT") sectors have shown resilient demand during the COVID-19 and are expected to continue to support Shanghai's transition to a global centre of innovation. Sandhill Plaza's performance is expected to remain resilient, underpinned by TMT tenants which are relatively less affected by the current situation.

With Japan's economy being impacted by COVID-19, more companies in the Tokyo office3market are holding off their capital expenditures plans and postponing leasing activities. The Manager will focus on tenant retention to maintain a high level of occupancy and stability in the Japan Properties.

Other than Festival Walk in Hong Kong SAR where the larger component is the retail mall, the rest of the assets held by MNACT in China and Japan are largely office properties with a small component of retail and F&B amenities. The extended split-work or work-from-home arrangements and slower resumption of office operations by tenants as a result of COVID-19 have impacted certain tenants such as those providing retail amenities and some of the small and medium enterprises ("SME") in China and Japan. While rental concessions have been offered to several of these affected tenants during 4Q FY19/20, the total amount involved was not significant. The Manager will continue to monitor market developments and will consider appropriate relief on a selective basis, where required.

In view of the heightened uncertainties and market volatility caused by COVID-19, with continued headwinds expected on revenue and occupancy levels of the MNACT portfolio, MNACT's performance in FY20/21 is expected to be lower than that in FY19/20.

• Savills, Beijing Office Leasing (April 2020).

• Colliers, Business Park Research, "Opportunities and Market Trends that Reshape Shanghai Business Parks" (24 March 2020).

• Cushman & Wakefield, APAC Office Report Outlook 2020 (March 2020).

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

11. Distributions

1. Current financial period
   Any distributions declared for the current financial period? Yes

Name of distribution:	18th distribution for the period from 28 February 2020 to 31 March
	2020. On 27 February, an advanced distribution of 1.070 cents
	per unit was declared to eligible unitholders. This advanced
	distribution represents the distribution from 1 January 2020 to 27
	February 2020 prior to the issuance of the Transaction Units.
Distribution types:	Income / Capital
Distribution rate:	Period from 28 February 2020 to 31 March 2020
	Tax-exempt income: 0.346 cents per unit
	Capital: 0.150 cents per unit
	(Being 100% of MNACT's Distributable Income for the period)
Par value of units:	Not meaningful.
Tax rate:	Not applicable.

1. Corresponding period of the preceding financial period
   Any distributions declared for the corresponding period of the immediate preceding financial period? Yes

	Name of distribution:	14th distribution for the period from 1 January 2019 to 31 March
		2019
	Distribution types:	Income / Capital
	Distribution rate:	Period from 1 January 2019 to 31 March 2019
		Tax-exempt income: 1.494 cents per unit
		Capital: 0.462 cents per unit
		(Being 100% of MNACT's Distributable Income for the period)
	Par value of units:	Not meaningful.
	Tax rate:	Not applicable.
(c)	Date payable:	24 June 2020
(d)	Record date:	11 May 2020

12. If no distribution has been declared/(recommended), a statement to that effect. Not applicable.

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

13. a. Segment Revenue and Results (MNACT Group)

	FY19/20	FY18/19	4Q FY19/20	4Q FY18/19
	S$'000	%	S$'000	%	S$'000	%	S$'000	%
Gross Revenue
Retail	166,140	46.9	220,900	54.1	29,704	38.7	55,782	53.6
Office	178,797	50.4	174,249	42.6	46,085	60.0	45,081	43.3
Others1	9,541	2.7	13,538	3.3	1,018	1.3	3,176	3.1
	354,478	100.0	408,687	100.0	76,807	100.0	104,039	100.0
	FY19/20	FY18/19	4Q FY19/20	4Q FY18/19
	S$'000	%	S$'000	%	S$'000	%	S$'000	%
Net Property Income
Retail	130,239	46.9	181,790	55.3	20,804	36.6	46,329	55.2
Office	145,128	52.3	141,889	43.1	36,548	64.2	36,489	43.4
Others1	2,120	0.8	5,351	1.6	(435)	(0.8)	1,186	1.4
	277,487	100.0	329,030	100.0	56,917	100.0	84,004	100.0

Footnote:

• Others comprised car park revenue and ice rink income.

b. Geographical breakdown (MNACT Group)

	FY19/20	FY18/19	4Q FY19/20	4Q FY18/19
	S$'000	%	S$'000	%	S$'000	%	S$'000	%
Gross Revenue
Hong Kong SAR	195,091	55.1	253,996	62.1	35,790	46.6	63,886	61.4
China	106,417	30.0	112,241	27.5	25,190	32.8	27,641	26.6
Japan	52,970	14.9	42,450	10.4	15,827	20.6	12,512	12.0
	354,478	100.0	408,687	100.0	76,807	100.0	104,039	100.0
	FY19/20	FY18/19	4Q FY19/20	4Q FY18/19
	S$'000	%	S$'000	%	S$'000	%	S$'000	%
Net Property Income
Hong Kong SAR	148,967	53.7	203,985	62.0	24,732	43.5	51,758	61.6
China	88,583	31.9	92,397	28.1	20,903	36.7	22,558	26.9
Japan	39,937	14.4	32,648	9.9	11,282	19.8	9,688	11.5
	277,487	100.0	329,030	100.0	56,917	100.0	84,004	100.0

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

c. Summary of Segment Information (MNACT Group)

1 Apr 2019 to 31 Mar 2020
	Hong Kong SAR	China	Japan	Total
	S$'000	S$'000	S$'000	S$'000
Gross revenue	195,091	106,417	52,970	354,478
Net property income	148,967	88,583	39,937	277,487
Interest income				2,114
Manager's management fees				(23,217)
Trustee's fee				(787)
Other trust expenses				(2,112)
Net foreign exchange gain				5,110
Finance costs				(74,901)
Net change in fair value of financial
derivatives				(4,070)
Net change in fair value of investment
properties	(46,526)	14,536	14,084	(17,906)
Profit before income tax				161,718
Income tax expenses				(37,452)
Profit after income tax				124,266
1 Apr 2018 to 31 Mar 2019
	Hong Kong SAR	China	Japan	Total
	S$'000	S$'000	S$'000	S$'000
Gross revenue	253,996	112,241	42,450	408,687
Net property income	203,985	92,397	32,648	329,030
Interest income				1,898
Manager's management fees				(25,938)
Trustee's fee				(737)
Other trust expenses				(1,495)
Net foreign exchange gain				2,792
Finance costs				(74,264)
Net change in fair value of financial
derivatives				(604)
Net change in fair value of investment
properties	326,796	133,637	4,719	465,152
Profit before income tax				695,834
Income tax expenses				(61,422)
Profit after income tax				634,412

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

1. In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments.
   There was a new addition to the geographical segments of MNACT Group's following the acquisition of the MBP and Omori as part of Japan Properties during the year. Retail and Hong Kong SAR remains the largest contributor to MNACT Group's gross revenue and net property income from the business and geographical segments respectively.
2. Breakdown of Revenue and Profit after tax (MNACT Group)

	FY19/20	FY18/19	Variance
	(S$'000)	(S$'000)	(%)
1 April to 30 September ("First Half Year")
Gross revenue	210,394	199,022	5.7
Profit after income tax before distribution	97,980	92,350	6.1
1 October to 31 March ("Second Half Year")
Gross revenue	144,084	209,665	(31.3)
Profit after income tax before distribution	26,286	542,062	(95.2)

16. Breakdown of Total Distributions

			FY19/20	FY18/19
			(S$'000)	(S$'000)
In respect of period:
1	January 2020 to 31	March 20201	50,761	-
1	October 2098 to 31	December 2019	53,378	-
1	July 2019 to 30 September 2019	61,749	-
1	April 2019 to 30 June 2019	62,043	-
1	January 2019 to 31	March 2019	-	62,081
1	October 2018 to 31	December 2018	-	61,017
1	July 2018 to 30 September 2018	-	60,841
1	April 2018 to 30 June 2018	-	56,7332
Total distribution to Unitholders	227,931	240,672

Footnote:

• Of the distributable income, an advanced distribution of S$34.2 million was declared on 27 February 2020 and paid on 14 April 2020. The advanced distribution for the period from 1 January 2020 to 27 February 2020 is computed based on 1.070 cents multiplied by the actual number of units as at 27 February 2020. Distribution for the period from 28 February 2020 to 31 March 2020 was approved by the Board on 29 April 2020 and will be paid on 24 June 2020. The distribution is computed based on 0.496 cents multiplied by the actual number of units as at 31 March 2020.
  2Included an advanced distribution of $21.6 million for the period from 1 April 2018 to 7 May 2018 prior to the issuance of the units pursuant to a private placement on 8 May 2018.

17. General mandate relating to Interested Person Transactions

MNACT has not obtained a general mandate from Unitholders for Interested Person Transactions other than the Exempted Agreements as disclosed in the Prospectus.

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MAPLETREE NORTH ASIA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR FROM 1 APRIL 2019 TO 31 MARCH 2020 AND DISTRIBUTION ANNOUNCEMENT

1. Confirmation pursuant to Rule 720(1) of the Listing Manual
   The Manager confirms that it has procured undertakings from all its directors and executive officers in the form as set out in Appendix 7.7 under Rule 720(1) of the Listing Manual.
2. Confirmation pursuant to Rule 704(13) of the Listing Manual
   Pursuant to Rule 704(13) of the Listing Manual, the Manager confirms that there is no person occupying a managerial position in Mapletree North Asia Commercial Trust Management Ltd. who is a relative of a director, chief executive officer, substantial shareholder of the Company or substantial unitholder of MNACT.
3. Additional information required pursuant to Rule 706A of the Listing ManualAcquisition of MBP and Omori
   On 28 February 2020, MNACT completed the acquisition of an effective interest of 98.47% in MBP and Omori from Mapletree Investments Pte Ltd for a total acquisition cost of S$480.0 million.
   Please refer to announcements dated 4 December 2019, 3 January 2020 and 28 February 2020 for more information.

This release may contain forward-looking statements that involve risks and uncertainties. Future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies and venues for the sale/ distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employees' wages, benefits and training, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward looking statements, which are based on current view of management of future events.

By Order of the Board

Wan Kwong Weng

Joint Company Secretary

Mapletree North Asia Commercial Trust Management Ltd.

(Company Registration No. 201229323R)

As Manager of Mapletree North Asia Commercial Trust

29 April 2020

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