Link Rl Est Invt Tr Uts

Good afternoon, ladies and gentlemen. Welcome to our Linked Read 2025-2026 Infra-Results Presentations. Now on the stage, we have our Chair, Mr. Duncan Owen, and our Group CEO, George Hong Choi, our CFO, Ko Sung Un, and our Group CIO, John Shaunders. So on the screen, you can see our agenda today. And without further ado, let me hand the floor over to Duncan.

Thank you.

Thank you. Thank you. Good afternoon, ladies and gentlemen, and welcome to the 2025-2026 interim results presentation for Link Read. As today's meeting has been webcast live, I also extend a warm welcome to those joining us online. It's my pleasure to open proceedings and I will provide a few brief remarks now. With regards to the interim results period, despite a range of macroeconomic and market challenges, Link has continued to deliver resilient results during the first half of this year. We saw a modest decline of 3.4% in net property income compared with the same period last year. This is mainly due to market challenges in Hong Kong and the Chinese mainland. Our distributable amounts and distribution per unit are down 5.6% and 5.9% respectively compared with the first half of last year. Before inviting our management team to run through the details, I want to start with an overview of how global trends are shaping our business and the execution of our strategy. While capital markets continue to rally on the back of optimism about AI and interest rates look to be trending downwards, the global business landscape remains as complex as ever. Wars, geopolitical tensions and shifting trade dynamics continue to create uncertainty. The recent shifts in US policy are leading to fundamental structural changes in how investors view the world, which will continue to take shape over the months and years ahead. Whilst we're starting to see some encouraging signs of stabilisation in terms of the environment, our business, many of our tenants are still suffering from a prolonged period of challenge, particularly in Hong Kong. Therefore, it will take time before the improvement in consumer sentiment translates into higher rental income for Link. In anticipation of these challenges, ahead at the beginning of this calendar year, we launched a wide-ranging operational efficiency drive and have already made significant progress in reducing costs. On an annualised basis, we are on course to make savings of more than HK$200 million to our ongoing people and general and administrative costs. These efforts together of our ongoing asset enhancement are all part of our commitment to protect unit holder returns in future. Regarding strategy, Link's primary current strength is still owning and managing shopping malls in Hong Kong, the Greater Bay Area and other locations in APAC such as Australia and Singapore. We are continuing to focus on this strength. As we evolve and refine our strategy, alongside the active management and optimisation of the Link portfolio, we are also expanding our real estate investment capabilities. This includes some new capital partnerships as well as advancing investment opportunities. As a consequence, we're now managing close to US$1 billion in third-party capital already. This part of the group's business will continue to focus on value-add strategies and higher returns, providing diversification away from single market and sector dependency, enhancing unit holder value. We recently announced the planned retirement of our Group CEO, George Honchoy, and this will take effect by the end of this year. Before inviting him to run through the interim results, I'd like to convey gratitude to George on behalf of the Board and myself for his significant contribution and leadership. During his tenure, Link has grown and transformed to the benefit of unit holders, tenants, employees and the wider communities it serves, of course. The interim leadership team is on stage today. We look forward to welcoming John Saunders, our group chief investment officer to the board. We're excited to continue to work with Coxion N and John Saunders alongside the newly formed chairs committee, which is there to provide support and provide strategic guidance to the management. We are currently running a comprehensive search for a new CEO. We're seeking a proven real estate investor with international experience who can lead the next phase of the company's strategy. Given the seniority of the role, the search will continue to take time and it's reasonable to expect a lengthy notice period is possible for an incoming candidate. Hence our decision to put in place the robust interim management solution I was describing earlier. Thank you. I'd like to invite George now to take us through the presentation. George.