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Financial Results
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2017 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

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Profit & Loss

Profit & Loss 1Q2016

Balance Sheet

Balance Sheet 1Q2016

Review of Performance

1Q 2017 vs 1Q 2016

Gross rental income is S$3.7 million higher than 1Q 2016 mainly due to the acquisition of Kuta and positive rental reversions.

Property operating expenses is S$2.2 million lower than 1Q 2016 mainly due to lower carpark expenses and bad debt provision for trade receivables.

The decrease in financial expenses of S$0.6 million is due to S$150 million Bond repaid in October 2016, which was replaced by perpetual securities and accounted for in the Statement of Changes in Unitholders' Funds.

Other losses (net) comprise realised and unrealised foreign currency gains/(losses) and realised and unrealised hedging contracts gains/(losses). It also includes amortisation of intangble asset in relation to LMK, LPB, PICON and Kuta.

Commentary

The fundamentals of the Indonesian economy remain strong, with a robust rate of economic growth. For 2017, the World Bank is projecting a growth of 5.3%, supported by more robust private investment following monetary easing in 2016 and ongoing investment climate reform. The continued stabilisation of commodity prices, inflation and the Indonesia Rupiah will further bolster growth.

Indonesia's Inflation eased from February's 10-month high of 3.8% to 3.6% in March 2017. Annual average inflation was stable at 3.4%. FocusEconomics Consensus Forecast panellists expect inflation to average 4.2% in 2017.

Indonesia's annual average growth in retail sales fell from December's 11.0% to 10.4% in January 2017. FocusEconomics Consensus Forecast participants see private consumption rising 5.2% in 2017.

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