Mapletree North Asia Commercial Trust : 1Q FY20/21 Business Update - Presentation

Mapletree North Asia Commercial Trust

Business Update for the Period from

1 April 2020 to 30 June 2020 (1Q FY20/21)

27 July 2020

Disclaimer

This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for units in MNACT ("Units"). The value of Units and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders of MNACT may only deal in their Units through trading on the Singapore Exchange Securities Trading Limited ("SGX-ST"). Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. The past performance of MNACT is not necessarily indicative of its future performance.

This release may contain forward-looking statements that involve risks and uncertainties. Actual 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 similar developments, shifts in expected levels of property rental income, changes in operating expenses, including employees' wages, benefits and training, property expenses and 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 on future events.

2

Agenda

• 1Q FY20/21 Financial Summary
• 1Q FY20/21 Operational Update
• Outlook
• Appendix

Omori Prime Building, Tokyo

3

1Q FY20/21

Financial

Summary

4	mBAY POINT Makuhari, Chiba

1Q FY20/21 Financial Summary1

Gross Revenue2

S$93.7m

10.7% compared to 1Q FY19/20

Net Property Income

("NPI")

S$68.5m

19.5% compared to 1Q FY19/20

NPI Margin

73.1%

8.0ppts compared to 1Q FY19/20

The decrease in NPI was due to:

• Rental reliefs granted to tenants of S$18.1 million to support our tenants
• Lower average retail rental rate at FW as a result of the COVID-19 situation since early 2020
• Lower average occupancy at GW

• Full-quarter'scontribution from mBAY POINT Makuhari ("MBP") and Omori Prime Building ("Omori") following their acquisitions completed on 28 February 2020
• Higher average exchange rate of HKD, RMB and JPY against SGD in FY20/21

The higher finance costs of S$1.2 million was mainly due to:

• Borrowings to partially fund the acquisitions of MBP and Omori

• Offset by lower net interest costs arising from lower interest rates on floating debts in FY20/21 and interest savings from the refinancing of borrowings completed in FY19/20

1. As announced on 29 April 2020, the Manager has adopted half-yearly announcement of financial statements and has amended MNACT's distribution policy to make distributions on a half-yearly basis with effect from the start of FY20/21. The next financial results announcement and distribution will be for the six-month period ending 30 September 2020. Please refer MNACT's SGX-ST announcement dated 29 April 2020 titled "Change from Quarterly to Semi-Annual Distribution and Semi-Annual Reporting of Financial Results".
2. Revenue is presented net of value added tax applicable to Gateway Plaza and Sandhill Plaza in China. Revenue is presented net of consumption tax applicable to the Japan Properties. Japan Properties includes the two office properties (MBP and Omori) located in Greater Tokyo, Japan which were acquired on 28 February 2020.

5 FW: Festival Walk; GW: Gateway Plaza; SP: Sandhill Plaza; JP: Japan Properties

1Q FY20/21 Portfolio Composition

Contribution to Gross Revenue		Contribution to NPI
(1Q FY20/21)		(1Q FY20/21)

S$93.7m

FW46%

GW21%

SP7%

JP26%

S$68.5m

FW46%

GW22%

SP9%

JP23%

FW: Festival Walk; GW: Gateway Plaza; SP: Sandhill Plaza; JP: Japan Properties

6

1Q FY20/21 Portfolio

Gross Revenue and NPI by Asset

Gross Revenue by Asset (S$m)		NPI by Asset (S$m)
	FW	GW	SP	JP			FW	GW	SP	JP

33.0% 9.8%	1.0%	96.9%
	12.6
	6.2			24.8
	21.3
			6.3

39.9% 9.7% 1.2% 61.8%

9.7

5.8

16.915.7

Legend

FW

		19.2
64.8		43.4

52.7

5.8

15.3

31.7

GW

SP

JP

1Q FY19/20

1Q FY20/21

1Q FY19/20

1Q FY20/21

• Lower NPI for FW mainly due to rental reliefs granted and a lower average retail rental rate, partially mitigated by a higher average rate of HKD against SGD.
• Lower NPI for GW mainly due to a lower average occupancy rate and a lower average rental rate, partially mitigated by a higher average rate of RMB against SGD.
• Higher NPI for SP was mainly due to a higher average rental rate and a higher average rate of RMB against SGD, partially offset by a lower average occupancy rate.
• Higher NPI for JP was mainly due to the full-quarter contributions from MBP and Omori which were acquired in February 2020 and a higher average rate of JPY against SGD, partially offset by a lower

average occupancy rate.

7

Balance Sheet and Capital Management Metrics

(as of 30 June 2020)

Investment

Properties

S$8,265.0m

31 March 2020: $8,347.2m

Aggregate

Leverage

Ratio2,3

39.6%

31 March 2020:

39.3%

Total Borrowings1

S$3,387.0m

31 March 2020: S$3,372.3m

Average Term to Maturity for Debt

3.05 years

31 March 2020:

3.35 years

Net Assets		Net Asset Value
Attributable to		per Unit
Unitholders

S$4,731.9m	S$1.405
31 March 2020:	31 March 2020:
S$4,721.5m	S$1.412
Interest Cover	Annualised Effective
Ratio4 for	Interest Rate for
1Q FY20/21	1Q FY20/21
3.6 times5	2.17% per annum
4Q FY19/20:	31 March 2020:
2.7 times	2.33% per annum

1. As of 30 June 2020, 81% (31 March 2020: 81%) of the total assets are unencumbered. JPY onshore borrowings are secured against JP.
2. MNACT holds a 98.47% effective interest in JP. In accordance with Property Funds Guidelines, the leverage ratio is aggregated on a proportionate basis based on MNACT's share of both Japanese Yen ("JPY") onshore borrowings and total assets attributed to JP.
3. As of 30 June 2020, total debt to net asset value ratio and total debt less cash and cash equivalents held in MNACT's functional currency (SGD) to net asset value ratio were 71.3% and 70.7% respectively.
4. Excluding the insurance proceeds, interest cover ratio for 1Q FY20/21 would have been lower at 3.2 times.
5. On a trailing 12-month basis, the interest cover ratio as of 30 June 2020 was 3.2 times. Excluding the insurance proceeds, interest cover ratio as of 30 June 2020, on a trailing 12-month basis, would have been lower at 3.1 times.

8

Prudent Capital Management

Well-Staggered Debt Maturity Profile

(as of 30 June 2020)

Total Gross Debt1: S$3,397m

(Denomination: ~65% HKD,~ 1% RMB and ~34% JPY)

									Bank Debt
(S$m)				801	824			Fixed Rate Notes
800
			573	231	41
600			504
	301	220				290
400		175		783
		570
200		301	329	353			41	104
				249
-					104
	Mar-21	Mar-22	Mar-23	Mar-24	Mar-25	Mar-26	Mar-27
% of Total
Debt	9%	15%	17%	24%	24%	8%	3%
Maturing

by End FY

• Healthy liquidity position amounting to S$674.1 million comprising committed and uncommitted undrawn credit facilities and cash balances.

Interest Rate Risk Management

~24%
Floating-
Rate	~76%
Borrowings	Fixed-Rate
	Borrowings

Forex Risk Management

~39%

Unhedged~61% of expected DI

for FY20/21 hedged into

SGD

1. As of 30 June 2020, cross currency interest rate swaps entered into to swap SGD and HKD denominated medium-term notes to HKD and JPY, and USD and SGD denominated bank loans to HKD and JPY. RMB debt relates to onshore debt from acquisition of Sandhill Plaza in June 2015. JPY debt relates to debt from acquisition of Japan Properties in May 2018 and February 2020, and the HK$580 million Fixed Rate Notes issued in March 2019 with the

swap transaction entered into to swap the HKD fixed interest rate into JPY fixed interest rate.

Based on exchange rates of S$1= HK$ 5.595, S$1 = RMB 5.1010 and S$1 = JPY 77.4431 as of 30 June 2020.

9

1Q FY20/21

Operational

Update

10	Sandhill Plaza, Shanghai

Overview of MNACT's Portfolio

Portfolio of commercial properties in North Asia providing income and geographical diversification

As of 30 June 2020,

11 Properties

in Beijing, Hong Kong SAR1, Japan and Shanghai

S$8.3 bil

Portfolio Value2

~5.2 mil sq ft

Lettable area

96.4%

Portfolio Occupancy

Tokyo Tokyo Tokyo Tokyo

Yokohama Chiba

Chiba

Chiba

Gateway Plaza, Beijing

Sandhill Plaza, Shanghai

(Top) IXINAL Monzen-nakacho Building, Higashi- nihonbashi 1-chome Building, TS Ikebukuro Building, Omori Prime Building

(Bottom) ABAS Shin-Yokohama Building, Fujitsu Makuhari Building, SII Makuhari Building, mBAY POINT Makuhari

(collectively known as "Japan Properties")

Japan

China

Hong Kong SAR

Festival Walk

1. Where Hong Kong SAR is mentioned in the presentation, it refers to the Hong Kong Special Administrative Region ("SAR")
2. Based on exchange rates of S$1= HK$ 5.595, S$1 = RMB 5.1010 and S$1 = JPY 77.4431.

11

Portfolio Tenant Mix & Top 10 Tenants

(As of 30 June 2020)

Trade Sector by Gross Rental Income ("GRI")

(For the Month of June 2020)

Top 10 Tenants by Monthly GRI

(For the Month of June 2020)

Luxury Jewellery,

Watches & Accessories,

2.5%

Houseware, Electronics

& Furnishings, 3.8%

Information

Technology, 4.0%

Personal

Cosmetics, 4.7%

Leisure &

Entertainment,

6.1%

Services,

6.2%

Professional &

Business

Services, 6.2%

Departmental Store &

Supermarket, 6.6%

Pharmaceutical/

Medical, 1.3%

Automobile,

7.5%

Natural

Resources, 0.2%

Others, 0.4%

Machinery/

Equipment/

Manufacturing,

14.3%

Apparel &

Fashion

Accessories,

14.0%

Financial Institution/

Insurance/ Banking/

Real Estate, 12.0%

Food & Beverages,

10.2%

• Accounted for 35.4% of the portfolio GRI

	Tenant	Building
1.	BMW	GW
2.	Seiko Instruments Inc	JP
3.	NTT Urban Development	JP
4.	TaSTe	FW
5.	ARUP	FW
6.	Fujitsu	JP
7.	Festival Grand	FW
8.	Apple	FW
9.	CFLD	GW
10.	Bank of China	GW

12

Well-Staggered Lease Expiry Profile

Portfolio Lease Expiry Profile by Percentage of Monthly GRI

(As of 30 June 2020)

				~5.7% already
				renewed or re-let							26.9%
	17.2%		18.1%									18.4%		19.4%
	12.6%	13.1%		11.4%11.7%		10.6%				9.7%
										5.4%	7.6%
											2.3%1.5%
	1.4%0.8%2.4%		2.2%0.9%1.9%						1.4%0.7%
						1.2%1.2%
				FY20/21			FY21/22				FY22/23		FY23/24	FY24/25 and beyond
				FW: Lease Expiry by % of GRI		GW: Lease Expiry by % of GRI			SP: Lease Expiry by % of GRI		JP: Lease Expiry by % of GRI			Portfolio

Note:

• Lease Expiry Profile: shows the remaining leases to be renewed or re-let as of quarter end.
• WALE is based on the expiry dates of committed leases.

Weighted Average Lease Expiry ("WALE") by GRI (as of 30 June 2020)

Portfolio: 2.6 years1 FW: 2.4 years	GW: 2.4 years	SP: 2.3 years	JP: 3.5 years

1. The portfolio WALE of 2.6 years as of 30 June 2020 was based on committed leases (leases which have been renewed or re-let as of 30 June 2020), with lease commencement dates before and after 30 June 2020. Excluding committed leases commencing after 30 June 2020, the portfolio WALE would have been 2.4 years as of 30 June 2020.

13

Update on Festival Walk, Hong Kong SAR

Hong Kong SAR Retail Market

• Retail sales in April 2020 and May 2020 fell by 36.1% and 32.8% year-on- year respectively1 amid the evolving COVID-19 situation, weak labour market conditions and the ongoing travel restrictions.
• Retailers remained cautious and postponed long-term leasing negotiations amid the weak market.2

Festival Walk

• Leases were negotiated on competitive rates to stabilise occupancy rate, leading to the lower average renewal or re-let rental rate for 1Q FY20/21.
• Some of the COVID-19 social distancing measures in Hong Kong SAR had eased in early May 2020, and there was some improvement to the footfall at the mall.
• However, a recent resurgence of COVID-19 cases saw the authorities tightening social distancing measures in July 2020, with the latest round of measures effective from 29 July 2020 for at least one week.
• The uncertain COVID-19 situation and the US-China geopolitical tensions continued to unsettle the retail market.
• Rental reliefs were extended to retail tenants through to 2Q FY20/21.
• A number of marketing and promotional events were organised during 1Q FY20/21 to stimulate sales and support tenants (refer to Slide 15).

Operating Performance

Occupancy

(As of 30 June 2020)

99.3%3

compared to 99.8% as of 31 March 2020

Average Rental Reversion4

(For 1Q FY20/21)

-10% (retail)5,6

Retail Sales

(For 1Q FY20/21)

38.6% year-on-year

Footfall

(For 1Q FY20/21)

44.9% year-on-year

1. Hong Kong Census and Statistics Department's "Report on Monthly Survey of Retail Sales for May 2020". Hong Kong SAR's retail sales figures for June 2020 have not been published as of 27 July 2020.
2. JLL Property Market Monitor (June 2020).
3. Two leases pre-terminated during 1Q FY20/21, after their parent groups closed all outlets in Hong Kong SAR.
4. Average rental reversion is calculated based on the change in the effective rental rates of the new leases compared to the previous leases. It takes into account rent-free periods and step-up rental rates over the lease term (if any). It excludes rental rates for short-term leases that are less than or equal to 12 months as these are usually at a rental premium, and therefore not reflective of prevailing market rents.
5. In view of the COVID-19 situation there has been a slight increase in the number of short term renewals with rental rates that trend lower. Taking into account these leases, the average rental reversion for Festival Walk for retail leases that were renewed or re-let in FY19/20 would have been -15%.

14 6. There are no office leases expiring in FY20/21 at Festival Walk.

Measures Taken to Manage the Impact from COVID-19 at Festival Walk

Marketing and Promotional Events to Encourage Shopper Spending

Partnership with Deliveroo helped improve delivery sales of F&B tenants.

Events held at the mall, such as car shows, remained popular among shoppers.

A series of promotions were launched, including gift redemptions and complimentary parking for shoppers.

Granted rental reliefs of S$17.9m

in 1Q FY20/21 to support our retail tenants at FW through this difficult period and sustain long-standing relationships.

An enhanced mobile app featuring a loyalty programme

has also been lined up to improve the retail experience and convenience of shopping at FW.

15

Update on Festival Walk, Hong Kong SAR

Update on Insurance Claims1

1. • The loss of retail and office revenues during Festival Walk's closure as well as the property damage sustained2 are covered under the insurance policies.
   • To date, the Manager has received without prejudice interim payments of HK$145 million (approximately S$26 million) as partial payments on account of the estimated claims.
   • The assessment of the full quantum of revenue loss and property damage recoverable from insurance claims remains underway.
   • We continue to work closely with the insurers to pursue the insurance claims and will provide further updates when available.
   • Insurance proceeds received for property damage is capital in nature and are not distributable.
   • Insurance proceeds for the revenue loss from business interruption which are in excess of the distribution top-ups of S$32.9 million paid to Unitholders in 3Q FY19/20 and 4Q FY19/20, will be distributed to Unitholders.
2. Please refer to MNACT's SGX-ST announcements dated 17 June 2020 and 9 July 2020 titled "Update on Festival Walk".
3. The ongoing repair works, including the repairs of the escalators and lifts, and installation of the permanent balustrades, are expected to be progressively completed by end FY20/21.

16

Update on Gateway Plaza and Sandhill Plaza, China

Beijing Office Market1

• Many companies focused on cutting costs amid the sluggish

economic conditions, resulting in weak leasing demand.

Gateway Plaza

• Landlords continued to adjust leasing strategies and lowered

	their expectations toward rentals.	Occupancy	Average Rental
Gateway Plaza	(As of 30 June 2020)	Reversion3
91.4%	(For 1Q FY20/21)
 Maintained occupancy of 91.4% as of 30 June 2020.
-5%
	Registered lower renewal or re-let rental rates compared to expired	compared to 91.5%
	leases.	as of 31 March 2020

• While rental concessions have been offered to certain tenants impacted by the ongoing COVID-19, the total amount involved was not significant.

Shanghai Business Park Market2

• The business park market in Shanghai remained more affordable

compared to the centralised office areas.

Sandhill Plaza

• Steady demand upon the resumption of leasing activities, after

	the easing of social distancing measures (including work-from-	Occupancy	Average Rental
	home arrangements).	(As of 30 June 2020)	Reversion3
	Sandhill Plaza	96.3%	(For 1Q FY20/21)
	 Relatively more resilient despite COVID-19 and geopolitical tensions.	+7%
	compared to 98.0%
		Maintained high occupancy of 96.3% and achieved average rental	as of 31 March 2020
		reversion of 7%.

1. Savills, Asian Cities Report - 1H 2020 (Beijing Office).
2. Colliers, Shanghai Business Parks (July 2020).
3. Please refer to footnote 4 on slide 14 for definition on Average Rental Reversion.

17

Update on Japan Properties*

Japan Office Market1

• Existing vacancy remained tight with new supply in 2020 mostly filled or pre-leased in the Grade A Tokyo office market.
• However, more companies have taken a wait-and-see approach amid uncertainties

brought about by COVID-19.

Japan Properties		Operating Performance
	Demonstrated resilience amid the volatility in	the
Occupancy	Average Rental
	market, achieving higher occupancy levels	and
	(As of 30 June 2020)	Reversion2
	positive average rental reversion in 1Q FY20/21.
		97.7%	(For 1Q FY20/21)
	The acquisitions of MBP and Omori, completed in
+8%
	February 2020, further diversified MNACT's income	compared to 94.7%
	as of 31 March 2020
	stream.

• Occupancy rates for MBP and MON have improved from 86.6% and 80.8% as of 31 March 2020 to 94.1% and 91.7% as of 30 June 2020 respectively, as a result of proactive leasing efforts.
• The other Japan Properties remained fully occupied.
• Rental concession granted during the quarter was not significant.

*While MNACT holds a 98.47% effective interest in the Japan Properties, all property and financial-related figures (e.g. gross rental income, net property income, weighted average lease expiry, occupancy, trade sector breakdown, valuation, gross floor area and net lettable area) stated in this presentation for the Japan Properties are based on 100.0% effective interest in the Japan Properties (which includes the 1.53% effective interest in the Japan Properties held by Mapletree Investments Japan Kabushiki Kaisha ("MIJ")).

1.	Savills, Tokyo Office Supply (June 2020).
18 2.	Please refer to footnote 4 on slide 14 for definition on Average Rental Reversion.

Precautionary Measures Against COVID-19

GW		JP

Temperature taking of all tenants and visitors.

Notices are placed at the lift lobbies as a reminder for tenants to adhere to social distancing measures.

FW		SP

FW		HNB

Hand sanitizers are placed at common areas for use by shoppers and tenants.

Acrylic boards installed at the	Increased cleaning
information counter at the mall.	frequency for air filters.

19

Outlook

Gateway Plaza, Beijing

Outlook

Global economic growth1 is projected to shrink by 4.9% in 2020 compared to 2019, due to the sharp decline in trade, consumption and business activities triggered by the wider and deeper impact of COVID-19.

Hong Kong SAR2,3

• The retail environment remains difficult amid the evolving COVID-19 situation, weak labour market conditions and the ongoing travel restrictions.
• A recent resurgence of infections in the city saw the authorities
  tightening social distancing measures in July 2020, with the latest round of measures effective from 29 July 2020 for at least one week. This is expected to impact retail sentiments.
• A rise in vacancy in the shopping centres is expected as retailers continue to face challenges, forcing them to rationalise retail store networks.

Festival Walk

• Average renewal or re-let rental rate is expected to be lower going forward, compared to FY19/20.
• We will consider the need for continuing with rental relief measures as the impact of the COVID-19 continues to evolve.

Focused on creating a lifestyle destination for families, both young and old.

• Strategic location atop the Kowloon Tong MTR station.
• Diverse trade mix of more than 200 shops and a wide range of amenities.
• Frequent patronage by local consumers within the residential catchment of Kowloon Tong.

Continue to implement targeted promotions to drive shopper traffic to the mall, fine-tunetrade mix, and leverage on technology to enhance overall shopping experience.

1. International Monetary Fund, World Economic Outlook Update (June 2020).
2. Hong Kong Census and Statistics Department's "Report on Monthly Survey of Retail Sales" (May 2020).
   21 3. Savills, Hong Kong SAR Leasing (July 2020).

Outlook

Beijing Office Market1

• Softening macroeconomic environment caused by geopolitical tensions, COVID-19 and increasingly competitive leasing strategies from office landlords in the market.
• Vacancy rates are expected to continue to rise while rents will trend downward for the foreseeable future.

Gateway Plaza

• Stabilising occupancy levels will remain our key priority.

Shanghai Business Parks2

• Current market sentiment has become more subdued.
• However, leasing demand is expected to remain resilient given the search for more cost-effective premises, improved connectivity, and the government's push to develop advanced manufacturing, technology and R&D sectors.

Sandhill Plaza

• Expected to remain resilient, underpinned by its high-quality specifications and rental affordability compared to the centralised office districts.

1. Savills, Asian Cities Report - 1H 2020 (Beijing Office).

22 2. MNACT Annual Report FY19/20, Independent Market Research Report by Savills (Hong Kong) Limited.

Outlook

Greater Tokyo Market

• With upcoming new supply and uncertainties brought about by the COVID-19 situation, vacancy rates in the Tokyo office market1 are likely to pick up going forward.

Japan Properties

• The Manager will focus on tenant retention to maintain a high level of occupancy and stability for the Japan Properties.

MON, Tokyo

MNACT Portfolio

• While working from home may be considered by office users in their future office space planning, physical offices and dedicated workspaces are expected to continue to be a necessity for the majority of businesses.
• • We remain focused on proactive asset management to adapt to the changing market demands and preferences and to sustain the value of our office properties.
  • Our office properties remain well-supported by a diverse tenant mix of multinational corporates and local companies and are strategically located in established office hubs.
• 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 volatilities, MNACT's performance in FY20/21 is expected to be lower than that in FY19/20.
• We will continue to explore accretive acquisitions in the North Asia market to grow and diversify MNACT's portfolio.

23 1. Savills, Tokyo Office Supply (June 2020).

Appendix

24	Fujitsu Makuhari Building, Chiba

Overview of Mapletree North Asia Commercial Trust ("MNACT")

Singapore's first commercial REIT with properties in China, in Hong Kong SAR and in Japan (listed since 7 March 2013)

Investment Mandate

 To invest	in	a	diversified
portfolio	of	income-
producing real estate used
primarily	for	commercial
purposes		located	in
Greater China and Japan.
 Key markets include Tier-1 cities (Beijing,
Shanghai, Guangzhou and Shenzhen) and key
Tier-2 cities in China, in Hong Kong SAR and in

Trust Structure

				Sponsor
								Public Unitholders
				Mapletree Investments
				Pte Ltd ("MIPL")
	100%	37%					63%

REIT Manager		Trustee
Mapletree North Asia		DBS Trustee
Commercial Trust		Limited
Management Ltd.		(the "Trustee")

100%

Japan.

S$3.1 bil	37%
Market Capitalisation1	Unitholdings held by Sponsor2

1. Based on unit closing price of S$0.925 on 30 June 2020.
2. As of 30 June 2020.

Property Manager

Mapletree North

Asia Property

Management

Limited

Portfolio

• Festival Walk
• Gateway Plaza
• Sandhill Plaza
• Japan Properties

25

MNACT Portfolio Overview

	Asset	City	Gross Floor	Net Lettable	Building	Land Use	Valuation
	Area (GFA)	Area (NLA)	Completion	Right Expiry	(As of 31/3/20)1
	Festival Walk	Hong Kong	112,297 sq m	74,171 sq m	November	30 June 2047	HK28,530mil
	SAR	Retail (73%), Office (27%)2	1998	(S$5,090mil)
	Gateway Plaza	Beijing,	106,456 sq m		August 2005	25 February	RMB6,853mil
	China	Office (89%), Podium (11%)	2053	(S$1,368mil)
	Sandhill Plaza	Shanghai,	83,801 sq m	63,284 sq m	December	3 February	RMB2,424mil
	China	Office (97%), Amenities (3%)2	2012	2060	(S$484mil)
	IXINAL Monzen-nakacho	Tokyo,	8,303 sq m	6,852 sq m	September		JPY8,170mil
	Building (MON)	Japan	2009		(S$110mil)
	Higashi-nihonbashi 1-	Tokyo,	3,240 sq m	2,601 sq m	August 2009		JPY2,360mil
	chome Building (HNB)	Japan		(S$32mil)
	TS Ikebukuro Building	Tokyo,	4,898 sq m	4,002 sq m	January 2005		JPY5,300mil
	(TSI)	Japan		(S$72mil)
	Omori Prime Building	Tokyo,	10,442 sq m	6,798 sq m	March 2002		JPY7,100mil3
	(Omori)	Japan		(S$96mil)
				Freehold
	ABAS Shin-Yokohama	Yokohama,
	4,638 sq m	3,170 sq m	August 2009	JPY2,820mil
	Building (ASY)	Japan
					(S$38mil)
	SII Makuhari Building	Chiba,
	70,744 sq m	70,744 sq m	May 1993		JPY27,400mil
	(SMB)	Japan		(S$370mil)
	Fujitsu Makuhari	Chiba,	61,088 sq m	61,088 sq m	June 1992		JPY19,200mil
	Building (FJM)	Japan		(S$259mil)
	mBAY POINT Makuhari	Chiba,	170,499 sq m	84,785 sq m	June 1993		JPY31,700mil3
	(MBP)	Japan		(S$428mil)

1. The valuations on MNACT's properties are carried out on an annual basis. The valuation as of 31 March 2020 was based on exchange rates: S$1= HK$ 5.6051, S$1 = RMB 5.0095 and S$1 = JPY 74.0401.
2. By net lettable area ("NLA").

26 3. Based on the independent valuations of MBP and Omori as of 1 November 2019 undertaken by Cushman & Wakefield K.K.

Portfolio Growth since IPO

									As at
	7 March 2013 (IPO)								end Mar 2020
								S$8.3
	Mapletree Greater China Commercial Trust
	("MGCCT") was listed on SGX-ST with two						billion
	assets, Festival Walk and Gateway Plaza.			As at end Mar 2019
						S$7.6 billion
					As at end Mar 2018
					FY19/20
					S$6.3 billion
				As at end Mar 2017
				S$6.2 billion
		As at end Mar 2016			28 February 2020:
				Completed	acquisition of 2
		S$5.9 billion
				freehold	office properties
	As at end Mar 2015			located in Greater Tokyo.
	S$5.3 billion
				FY18/19
	As at end Mar 2014
	S$4.7 billion		FY15/16
			17 June 2015:
			Acquisition of Sandhill		25 May 2018:
			Plaza in Shanghai.
				Completed acquisition of 6 freehold office properties
						located in Greater Tokyo.
As at 7 Mar 2013
S$4.3 billion					With effect from 25 May 2018, MGCCT was
						renamed Mapletree North Asia Commercial Trust.

27

Festival Walk (又一城)

One of the largest malls in Hong Kong SAR, and nestled in the local catchment area of Kowloon Tong.

• Gross Floor Area: 112,297 sqm
• Net Lettable Area: 74,171 sqm
• • Wide catchment area with excellent connectivity

Near two universities		Above MTR Station

• Wide range of amenities including a large multiplex cinema and one of the largest ice rinks in HK SAR

Cinema		Ice Rink

• Over 200 brands and over 40 F&B Outlets

28

Gateway Plaza(佳程广场)

A premier Grade-A office building, located in Lufthansa Area (Third Embassy Area) in Beijing.

• Gross Floor Area: 106,456 sqm
• Net Lettable Area: 106,456 sqm
• • Strategic location with excellent connectivity between the CBD and airport

Near Airport Expressway

Near to embassies & hotels

• Upgraded podium area with retail amenities

Café - Cup One		Chinese Restaurant		Japanese Restaurant

Key Tenants

29

Sandhill Plaza (展想广场)

A premium business park development located in Zhangjiang Science City in Pudong New Area.

• Gross Floor Area: 83,801 sqm
• Net Lettable Area: 63,284 sqm
• • Premium Grade A Building Specifications
  • Located in Shanghai's Zhangjiang Science City, a Free Trade Zone

	Within 30 mins' drive to
Close to Metro	Shanghai Pudong
Station	International Airport

• Range of amenities

Starbucks

FamilyMart

Mobile Gym

• Established tenants including leading global companies
• Largely from IT, High Tech sectors

Key Tenants:

30

Japan Properties

Eight Freehold Properties in Tokyo, Chiba and Yokohama

Tokyo	Tokyo	Chiba	Tokyo	• Gross Floor Area: 333,852 sqm

• Net Lettable Area: 240,039 sqm

• Strategic location with excellent connectivity to

Tokyo	Yokohama	Chiba	Chiba	Tokyo CBD

• High-qualityportfolio of office freehold assets

(Top) IXINAL Monzen-nakacho Building (MON), Higashi-nihonbashi1-chome

Building (HNB), TS Ikebukuro Building (TSI) , Omori Prime Building (Omori)

(Bottom) ABAS Shin-Yokohama Building (ASY), Fujitsu Makuhari Building

(FJM), SII Makuhari Building (SMB), mBAY POINT Makuhari (MBP)

TSI, Tokyo		FJM, Chiba

• Stable and quality cashflows from tenants of good credit profiles
• Diverse tenant mix includes high growth sectors such as medical and healthcare, finance and insurance, information and communications, and other business-related services

Key Tenants:	Seiko Instruments Inc, NTT Urban
Development, Fujitsu, PERSOL,
	AEON Credit Service

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Portfolio Occupancy

Occupancy as of	As of	As of	As at	As at	As at	As at	As at	As at
30 Jun	31 Mar	31 Mar	31 Mar	31 Mar	31 Mar	31 Mar	31 Mar
End Period (%)
20	20	19	18	17	16	15	14
Festival Walk	99.31	99.82	100.0	100.0	100.0	100.0	100.0	100.0
Gateway Plaza	91.4	91.5	99.0	96.5	96.9	96.8	98.0	97.5
Sandhill Plaza3	96.3	98.0	99.3	100.0	100.0	100.0	n.a.	n.a.
Japan Properties4	97.75	94.7	100.0	n.a.	n.a.	n.a.	n.a.	n.a.
Portfolio	96.4	95.2	99.6	98.5	98.6	98.6	98.8	98.5

1. Two leases pre-terminated during 1Q FY20/21, after their parent groups closed all outlets in Hong Kong SAR.
2. The slight dip in occupancy was mainly due to the pre-termination of two leases during 4Q FY19/20, both under the same group which closed all outlets in Hong Kong SAR.
3. Sandhill Plaza was acquired on 17 June 2015.
4. Six of the Japan Properties (MON, HNB, TSI, ASY, SMB and FJM) were acquired on 25 May 2018 and two of the Japan Properties (Omori and MBP) were acquired on 28 February 2020.
5. All Japan Properties except MON and MBP registered full occupancy as of 30 June 2020. The occupancy rates of MON and MBP were 91.7% and 94.1% respectively.

32

Average Rental Reversion

Reversion by Period	1Q	FY19/20	FY18/19	FY17/18	FY16/17	FY15/16	FY14/15	FY13/14
(%)1	FY20/21
Festival Walk
-	Retail	(10)	8	28	11	12	37	22	20
-	Office	n.a2	6	15	11	7	n.a.2	12	22
Gateway Plaza	(5)	(4)	2	8	10	25	30	79
Sandhill Plaza	7	10	15	15	16	n.a.3	n.a.	n.a.
Japan Properties4	8	(9)	6	n.a.	n.a.	n.a.	n.a.	n.a.

1. Average rental reversion is calculated based on the change in the effective rental rates of the new leases compared to the previous leases. It takes into account rent-free periods and step-up rental rates over the lease term (if any). It excludes rental rates for short- term leases that are less than or equal to 12 months as these are usually at a rental premium, and therefore not reflective of prevailing market rents. However, in view of the COVID-19 situation, there has been a slight increase in the number of short term renewals with rental rates that trend lower. Taking into account these leases, the average rental reversion for Festival Walk for leases that were renewed or re-let in 1Q FY20/21 would have been lower at -15%.
2. There were no office lease expiries at Festival Walk in FY15/16 and FY20/21.
3. Sandhill Plaza was acquired on 17 June 2015. Thereafter, there were only two leases that were renewed or re-let in FY15/16 at 33%.
4. Six of the Japan Properties (MON, HNB, TSI, ASY, SMB and FJM) were acquired on 25 May 2018 and two of the Japan Properties (Omori and MBP) were acquired on 28 February 2020. The operational performance of these properties is reported on a portfolio basis.

33

Five-Year Financial Summary

	Gross Revenue	(S$m)			NPI	(S$m)

	DI	(S$m)				DPU1	(cents)

1. For FY18/19 and FY19/20, full-year DPU is the sum of the 1Q, 2Q, 3Q and 4Q available DPU based on the number of issued units as at the end of the respective quarters. Prior to FY18/19, MNACT's distribution policy was on a semi-annual basis. From FY15/16 to FY17/18, full-year DPU is the sum of the first-half and second-half DPU paid to the Unitholders for the financial year based on the number of issued units as at the end of the respective half-year periods ending 30 September and 31 March. Full-year DPU, as shown in the full-year results announcements from FY15/16 to FY16/17 (FY15/16: 7.248

cents, FY16/17: 7.320 cents), was computed based on the income available for distribution for the year over the number of issued units as at the end of the year.

34

Strong Alignment with Unitholders

Management is incentivised to deliver sustainable and quality DPU growth.

• First S-REIT with no AUM-based fee structure
• Performance-basedfeature incentivises the Manager to grow DPU

Management Fee Structure

REIT Management Fee

• Base: 10.0% of Distributable Income1
• Performance: 25.0% of the difference in DPU in a financial year with the DPU in the preceding financial year2 multiplied by the weighted average number of Units in issue for such financial year
• 100% paid in units since listing

Property	 2.0% of Gross Revenue
Management Fee	 2.0% of Net Property Income
	 PM fees relating to Festival Walk and Gateway Plaza: 100% paid in units since listing
		PM fees relating to Sandhill Plaza and Japan Properties: 100% paid in cash from date of acquisition3
Acquisition Fee		0.75% for acquisitions from Related Parties

1. • 1.0% for all other acquisitions
2. In relation to the Japan Properties, the asset management services are provided by the Japan Asset Manager. In view of the fees payable in cash to the Japan Asset Manager for the Japan Properties, the Manager has elected to waive the Base Fee (which it is otherwise entitled to under the Trust Deed) for as long as the Manager and the Japan Asset Manager are wholly-owned by Mapletree Investments Pte Ltd and the Japan Asset Manager continues to receive the Japan Asset Management Fee in respect of the Japan Properties.
3. Calculated before accounting for the performance fee in each year.
4. For Sandhill Plaza, the Manager has elected to pay the Property Manager the Property Management Fee in cash from the date of acquisition on 17 June 2015. For six of the Japan Properties (MON, HNB, TSI, ASY, SMB and FJM) acquired on 25 May 2018 and two of the Japan Properties (Omori and MBP) acquired on 28 February 2020, the Property Management Fee is payable in cash to the Japan Property Manager from the date of their acquisitions.

35

Committed to Deliver Long Term Value

 Adopt flexible	leasing			 Continue to assess the need to extend
strategies	to	boost			rental reliefs to support and sustain the
occupancy	levels	and			long-standing	relationship	with
improve revenue.				tenants.

• Adopt a disciplined capital management approach of conserving cash and maintaining liquidity as well as manage interest rate and foreign exchange exposure.

• Leverage on technology to drive improvements in our
  operations, streamline workflow processes, and optimise cost efficiencies.

• Continually scan the market and review existing portfolio to improve portfolio value with asset enhancements, accretive acquisitions to achieve greater diversification and through meaningful recycling of existing properties.
• • Have reduced the portfolio concentration of FW in the last two years with acquisitions of office properties in Japan.
  • Will continue to look for more accretive acquisitions in Japan and China.
  • Focus will remain on retail and commercial office properties.
  • In the medium term, we expect FW to remain the largest asset.

Acquisition Criteria

 Yield and DPU accretion

 Asset enhancement potential

• Location
• High-qualitybuilding
  andfacilities specifications
• Attractive tenant mix and occupancy level

36

Thank You

37