Mapletree Pan Asia Commercial Trust : Financial Statements and Distribution Announcement for the First Quarter Financial Period from 1 April 2023 to 30 June 2023

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

MAPLETREE PAN ASIA COMMERCIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FIRST QUARTER FINANCIAL PERIOD FROM 1 APRIL 2023 TO 30 JUNE 2023

TABLE OF CONTENTS

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

• Condensed Interim Financial Statements

1(a)	Consolidated Statement of Profit or Loss and Distribution Statement	4
1(b)	Consolidated Statement of Comprehensive Income	7
2	Statements of Financial Position	8
3	Consolidated Statement of Cash Flows	10
4	Statements of Movements in Unitholders' Funds	12
5	Notes to the Condensed Interim Financial Statements	14

• Other Information

6	Review of the Condensed Interim Financial Statements	24
7	Review of the Performance	24
8	Variance between Actual and Forecast Results	25
9	Outlook and Prospects	25
10 & 11	Distributions	29, 31
12	General Mandate relating to Interested Person Transactions	31
13	Confirmation pursuant to Rule 720(1) of the Listing Manual	31
14	Confirmation pursuant to Rule 705(5) of the Listing Manual	31

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MAPLETREE PAN ASIA COMMERCIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FIRST QUARTER FINANCIAL PERIOD FROM 1 APRIL 2023 TO 30 JUNE 2023

INTRODUCTION

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

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

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

As at 30 June 2023, MPACT's total assets under management was S$16.5 billion1, comprising 18 commercial properties (the "Properties") across five key gateway markets of Asia - five in Singapore, one in Hong Kong, two in China, nine in Japan and one in South Korea.

Within Singapore, the Properties are:

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

Outside Singapore, the Properties are:

• Festival Walk, Hong Kong2 - a prominent shopping mall with a four-storey office tower atop a seven- storey retail mall, located in Kowloon Tong;
• Gateway Plaza, China - a quality office building that comprises two 25-storey towers connected by a three-storey podium area, located in the well-established Lufthansa commercial hub;
• Sandhill Plaza, China - a quality business park development that comprises one 20-storey tower and seven blocks of 3-storey buildings, located in the Zhangjiang Science City;
• Japan Properties - nine quality freehold office buildings; five in Tokyo 23 wards (Hewlett-Packard Japan Headquarters Building ("HPB"), IXINAL Monzen-nakacho Building, Omori Prime Building, TS Ikebukuro Building and Higashi-nihonbashi1-chome Building), three in Chiba City (mBAY POINT Makuhari, Fujitsu Makuhari Building and SII Makuhari Building) and one in Yokohama City (ABAS Shin-Yokohama Building); and
• The Pinnacle Gangnam ("TPG"), South Korea - a 20-storey freehold office building with retail amenities located in Gangnam Business District, Seoul.

MPACT's distribution policy is to distribute at least 90% of its taxable income, as well as its tax-exempt income. From 1 April 2020 to 30 September 2022, the distributions were paid out on a half-yearly basis and with effect from 1 October 2022, the distribution is on a quarterly basis.

Footnotes:

1. Includes MPACT's 50% effective interest in TPG.
2. Where "Hong Kong" is mentioned, it refers to the Hong Kong Special Administrative Region.

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MAPLETREE PAN ASIA COMMERCIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FIRST QUARTER FINANCIAL PERIOD FROM 1 APRIL 2023 TO 30 JUNE 2023

SUMMARY RESULTS OF MAPLETREE PAN ASIA COMMERCIAL TRUST GROUP

		1Q FY23/24	1Q FY22/23		Variance
		(S$'000)	(S$'000)		%
Gross revenue	237,118	134,997		75.6
Property operating expenses	(57,918)	(28,333)		N.M.
Net property income	179,200	106,664		68.0
Amount available for distribution	116,010	83,287		39.3
- to Unitholders	114,752	83,287		37.8
- to Perpetual securities holders	1,258	-		N.M.
Distribution per unit (cents)	2.18	2.50		(12.8)
N.M.: Not meaningful
DISTRIBUTION DETAILS
	Distribution period	1 April 2023 to 30 June 2023
		Taxable income distribution of 1.49 cents per unit
	Distribution rate/ type	Tax-exempt income distribution of 0.46 cent per unit
		Capital distribution of 0.23 cent per unit
	Trade ex-date	7 August 2023, 9.00 a.m.
	Record date	8 August 2023, 5.00 p.m.
	Payment date	14 September 2023

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MAPLETREE PAN ASIA COMMERCIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FIRST QUARTER FINANCIAL PERIOD FROM 1 APRIL 2023 TO 30 JUNE 2023

CONDENSED INTERIM FINANCIAL STATEMENTS

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

Consolidated Statement of Profit or Loss	1Q FY23/24	1Q FY22/23	Variance
(S$'000)	(S$'000)	%
Gross revenue	237,118	134,997	75.6
Property operating expenses1	(57,918)	(28,333)	N.M.
Net property income	179,200	106,664	68.0
Finance income	607	140	N.M.
Finance expenses	(54,708)	(19,214)	N.M.
Manager's management fees2
- Base fees	(12,208)	(5,605)	N.M.
- Performance fees	-	(4,266)	100.0
Trustee's fees	(454)	(262)	(73.3)
Other trust expenses	(840)	(482)	(74.3)
Foreign exchange (loss)/gain3	(277)	8,027	N.M.
Net change in fair value of financial	2,438	(7,677)	N.M.
derivatives4
Profit before tax and fair value change in
investment properties and share of profit	113,758	77,325	47.1
of a joint venture
Share of profit of a joint venture5	1,499	-	N.M.
Profit for the financial period before tax	115,257	77,325	49.1
Income tax expense6	(7,547)	(1)	N.M.
Profit for the financial period after tax	107,710	77,324	39.3
Attributable to:
- Unitholders	106,233	77,324	37.4
- Perpetual securities holders7	1,258	-	N.M.
- Non-controlling interest8	219	-	N.M.
Profit for the financial period after tax	107,710	77,324	39.3
Earnings per unit (cents)
- Basic	2.03	2.32	(12.5)
- Diluted	2.03	2.32	(12.5)

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MAPLETREE PAN ASIA COMMERCIAL TRUST UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FIRST QUARTER FINANCIAL PERIOD FROM 1 APRIL 2023 TO 30 JUNE 2023

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

Distribution Statement	1Q FY23/24	1Q FY22/23	Variance
(S$'000)	(S$'000)	%
Profit for the financial period after tax before	106,233	77,324	37.4
	distribution
Adjustments:
-	Trustee's fees	454	262	73.3
-	Financing fees	2,477	872	N.M.
-	Management fees paid/payable in units	4,883	4,016	21.6
-	Net change in fair value of financial	(2,438)	7,677	N.M.
	derivatives
-	Net unrealised foreign exchange loss/(gain)	85	(8,030)	N.M.
-	Deferred tax expenses	2,505	-	N.M.
-	Net effect of other non-tax deductible items	553	1,166	(52.6)
	and other adjustments9
Amount available for distribution to	114,752	83,287	37.8
	Unitholders
Comprising:
- Taxable income	78,301	82,605	(5.2)
- Tax-exempt income	24,261	-	N.M.
- Capital distribution	12,190	682	N.M.
		114,752	83,287	37.8

Footnotes:

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

	1Q FY23/24	1Q FY22/23	Variance
	(S$'000)	(S$'000)	%
Depreciation	270	33	N.M.
Impairment of trade receivables	-	38	(100.0)
Utility expenses	9,896	2,011	N.M.

1. Effective from 21 July 2022, the management fee structure is pegged to distributable income and DPU growth.
2. In 1Q FY23/24, the foreign exchange loss arose from the difference in foreign exchange rates for the translation of the remitted funds and the contract rates of the currency forwards.
   In 1Q FY22/23, the foreign exchange gain mainly relates to the Japanese Yen ("JPY") denominated medium term notes ("MTN") issued in March 2015 and arose from the translation of the JPY MTN into MPACT Treasury Company Pte. Ltd.'s ("MPACT TCo") functional currency in Singapore dollar. A cross currency interest rate swap ("CCIRS") has been entered into to hedge against any foreign exchange exposure on the principal and interest payments. The foreign exchange gain is unrealised and has no impact on the amount available for distribution to Unitholders.

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