Mapletree Pan Asia Commercial Trust

Good morning, analysts, investors, and members of the public. Welcome to the Pan Asia Commercial Trust, or MPEG, analyst briefing and live webcast for the fourth quarter and new financial year, 2023-24. I'm Liying, and I have the pleasure of hosting today's results briefing. Allow me to introduce our speakers for today's briefing. They are Ms. Sharon Bin, Chief Executive Officer of MPEG, Ms. Jessica Tan, Chief Financial Officer of MPEG, Mr. Chow Man Leong and Mr. Colby Leong, our co-heads on investments and asset management. They will be presenting our financial results, providing key business developments and sharing market insights. Following the presentation, we will open the floor for a Q&A session where we invite you to ask questions and seek further clarification on our results. Without further ado, I will hand the floor over to our CFO, Janica.

Good morning. Good morning. Thank you for joining us today. Before we get into the details of our full year FY23-24 results, I would like to give more colours to the three key themes shaping our broad business environment. The first is the global market has been very much affected by the ongoing geopolitical conflict and economic uncertainty. Second, REITs, including MPAC, are navigating through a new era of high interest rates. following Fed's 11 REIT hikes in the last two years in an attempt to curb rampant inflation. And this significantly impacted cost of financing for banks and businesses. Third, financial market has been volatile. Forex fluctuations have particularly impacted REITs with overseas exposure, affecting their earnings, distributions, and asset values when they are converted back to SING dollars. Despite these hurdles, NPEC has shown resilience with our teams adapting their asset and financial management approaches to meet these challenges head-on. So for fourth quarter, FY23-24, MPEX loss revenue, MPI, and DPU.

This meeting is being recorded.