Mapletree Greater China Commercial Trust : 3Q FY16/17 Financial Results - Financial Statements

(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 14 February 2013 (as amended))

MAPLETREE GREATER CHINA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE THIRD QUARTER AND FINANCIAL PERIOD FROM 1 APRIL 2016 TO 31 DECEMBER 2016 TABLE OF CONTENTS

Item No.	Description	Page No.
-	Summary Results of Mapletree Greater China Commercial Trust Group	2
-	Introduction	3
1(a)	Statement of Total Return and Distribution Statement	4
1(b)(i)	Statements of Financial Position	6
1(b)(ii)	Aggregate Amount of Borrowings and Debt Securities	7
1(c)	Statement of Cash Flows	8
1(d)(i)	Statements of Movements in Unitholders' Funds	9
1(d)(ii)	Details of Any Change in Units	12
1(d)(iii)	Total Number of Issued Units	12
1(d)(iv)	Sales, Transfers, Disposal, Cancellation and/or Use of Treasury Units	12
2 & 3	Audit Statement	12
4 & 5	Changes in Accounting Policies	12
6	Earnings Per Unit ("EPU") and Available Distribution Per Unit ("DPU")	13
7	Net Asset Value ("NAV") and Net Tangible Asset ("NTA") Per Unit	13
8	Review of Performance	13
9	Variance from Previous Forecast / Prospect Statement	15
10	Outlook and Prospects	16
11 & 12	Distributions	16
13	Segment Revenue and Results	17
14	General mandate relating to interested person transactions	18
15	Confirmation pursuant to Rule 720(1) of the Listing Manual	18
16	Confirmation by the Board	18

MAPLETREE GREATER CHINA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE THIRD QUARTER AND FINANCIAL PERIOD FROM 1 APRIL 2016 TO 31 DECEMBER 2016

Su mm ar y R esu lt s of M aplet ree G reat e r Ch in a Com merci al T ru st ( "M G CCT " ) G ro u p

1 Apr 2016 to 31 Dec 20161	1 Apr 2015 to 31 Dec 20152	Variance %	1 Oct 2016 to 31 Dec 20163	1 Oct 2015 to 31 Dec 20154	Variance %
Gross revenue (S$'000)	255,852	248,804	2.8	87,833	88,234	(0.5)
Net property income (S$'000)	208,100	204,450	1.8	71,402	72,512	(1.5)
Distributable income (S$'000)	149,874	146,846	2.1	49,547	50,967	(2.8)
Available distribution per unit (cents)5	5.378	5.342	0.7	1.778	1.854	(4.1)

Footnotes: 1 Period from 1 April 2016 to 31 December 2016 ("YTD FY2016/2017") 2 Period from 1 April 2015 to 31 December 2015 ("YTD FY2015/2016") 3 Period from 1 October 2016 to 31 December 2016 ("3Q FY2016/2017") 4 Period from 1 October 2015 to 31 December 2015 ("3Q FY2015/2016") 5 Available distribution per unit for the financial period is calculated based on the income available for distribution for the period over the number of issued units as at the end of the period. MAPLETREE GREATER CHINA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE THIRD QUARTER AND FINANCIAL PERIOD FROM 1 APRIL 2016 TO 31 DECEMBER 2016 Introduction

Mapletree Greater China Commercial Trust ("MGCCT") was constituted in the Republic of Singapore pursuant to a Trust Deed dated 14 February 2013 (as amended on 29 June 2016). MGCCT was listed on Singapore Exchange Securities Trading Limited ("SGX-ST") on 7 March 2013 (the "Listing Date") as a real estate investment trust. The principal investment strategy of MGCCT is to invest, directly or indirectly, in a diversified portfolio of income-producing real estate in the Greater China region, which is used primarily for commercial purposes (including real estate used predominantly for retail and/or offices), as well as real estate-related assets.

On Listing Date, MGCCT completed the acquisition of Festival Walk, a retail and office building in Kowloon Tong, Hong Kong ("Festival Walk") and Gateway Plaza, a Grade-A office building with a retail podium in the Lufthansa Area in Beijing, China ("Gateway Plaza"). On 17 June 2015, MGCCT acquired Sandhill Plaza, a business park located in Zhangjiang Hi-tech Park in Shanghai, China ("Sandhill Plaza").

The current portfolio of MGCCT comprises three commercial properties in Greater China with a total lettable area of 2.6 million square feet and a total book value of S$6,028.4 million as of 31 December 2016:

1. Festival Walk, a landmark territorial retail mall and lifestyle destination with an office component in the Kowloon Tong area of Hong Kong. Festival Walk has been consistently ranked as one of the top ten shopping malls in Hong Kong;

2. Gateway Plaza, a premier Grade-A office building with a retail podium located in the established and prime Lufthansa Area in Beijing, China; and

3. Sandhill Plaza, a premium quality business park development located at Zhangjiang Hi-tech Park, within the Pudong New Area, Shanghai, China.

All these properties enjoy excellent connectivity via convenient access to major roads, expressways and subway lines, with quality tenants operating across diversified trade sectors.

Mapletree Greater China Commercial Trust Management Ltd. ("MGCCTM" or the "Manager") aims to deliver stable and steady DPU growth to Unitholders, through actively managing and enhancing the properties, acquiring good quality income-producing commercial assets aligned with MGCCT's investment mandate, and having in place an active capital management strategy to manage both interest rate and foreign exchange volatility.

MGCCT's distribution policy is to distribute, on a semi-annual basis, within 90 days of 30 September and 31 March, at least 90.0% of its Distributable Income.

MAPLETREE GREATER CHINA COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE THIRD QUARTER AND FINANCIAL PERIOD FROM 1 APRIL 2016 TO 31 DECEMBER 2016 1(a) Statement of Total Return and Distribution Statement (MGCCT Group)

Statement of Total Return	1 Apr 2016	1 Apr 2015	Variance	1 Oct 2016	1 Oct 2015	Variance
to 31 Dec	to 31 Dec	Positive/	to 31 Dec	to 31 Dec	Positive/
2016	2015	(Negative)	2016	2015	(Negative)
(S$'000)	(S$'000)	(%)	(S$'000)	(S$'000)	(%)
Gross revenue1	255,852	248,804	2.8	87,833	88,234	(0.5)
Property operating expenses	(47,752)	(44,354)	(7.7)	(16,431)	(15,722)	(4.5)
Net property income	208,100	204,450	1.8	71,402	72,512	(1.5)
Interest income	704	477	47.6	169	188	(10.1)
Management fees2
- Base fee	(14,987)	(14,685)	(2.1)	(4,954)	(5,097)	2.8
- Performance fee	-	(2,952)	100.0	-	(1,454)	100.0
Trustee's fee	(479)	(462)	(3.7)	(163)	(159)	(2.5)
Other trust expenses	(1,128)	(1,766)	36.1	(328)	(575)	43.0
Foreign exchange gain	7,980	31,187	(74.4)	3,150	692	NM
Finance costs	(54,408)	(47,658)	(14.2)	(19,123)	(17,206)	(11.1)
Net income	145,782	168,591	(13.5)	50,153	48,901	2.6
Net change in fair value of	(5,630)	4,867	NM	(2,927)	637	NM
financial derivatives
Total return for the period	140,152	173,458	(19.2)	47,226	49,538	(4.7)
before income tax
Income tax expenses	(23,207)	(21,430)	(8.3)	(7,985)	(7,535)	(6.0)
Total return for the period	116,945	152,028	(23.1)	39,241	42,003	(6.6)
after income tax before
distribution

Distribution Statement	1 Apr 2016 to 31 Dec 2016 (S$'000)	1 Apr 2015 to 31 Dec 2015 (S$'000)	Variance Positive/ (Negative) (%)	1 Oct 2016 to 31 Dec 2016 (S$'000)	1 Oct 2015 to 31 Dec 2015 (S$'000)	Variance Positive/ (Negative) (%)
Total return for the period attributable to Unitholders	116,945	152,028	(23.1)	39,241	42,003	(6.6)
Distribution adjustments (Note A)	32,929	(5,182)	NM	10,306	8,964	15.0
Income available for distribution to Unitholders	149,874	146,846	2.1	49,547	50,967	(2.8)

Footnotes:

1 Revenue is presented net of Value Added Tax from May 2016 onwards (previously, Business Tax).

2 Manager's base fee is calculated based on 10% of distributable income for the period. Manager's performance fee is prorated and calculated at 25% on the growth of the annualised FY2016/2017 DPU over the actual FY2015/2016 DPU. As the annualised FY2016/2017 DPU is lower than the actual FY2015/2016 DPU, no performance fee has been recorded for YTD FY2016/2017.