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The Manager wishes to update Unitholders that the Purchasers have advised the Manager that they are unable to complete the Proposed Divestment by 28 February 2023, as they are still in the process of obtaining the relevant credit approvals from their lending banks in relation to their financing for the Proposed Divestment. In light of the foregoing, the Sponsor and the Manager have made a request to the Lenders to extend the Mandatory Repayment deadline to a later date subject to the conditions to be agreed by the Lenders (the “New Repayment Plan”).

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The weaker REITs are starting to show,...

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(i) the Lenders are in the process of obtaining their internal approvals for the New Repayment Plan and EC World REIT has not received any indication from the Lenders that they intend to accelerate the Existing Offshore Bank Loans or the Existing Onshore Bank Loans at this juncture;

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Yes, this is filmed by me.
My AGM report is linked below.

FLCT AGM Report

The Manager wishes to update Unitholders that as at the date hereof, approximately 50% of the Lenders under the Existing Onshore Bank Loans (calculated based on the principal
amount outstanding under the Existing Onshore Bank Loans) and 75% of the Lenders under the Existing Offshore Bank Loans (calculated based on the principal amount outstanding
under the Existing Offshore Bank Loans) have obtained their relevant internal approvals and confirmed that they are agreeable to the New Repayment Plan. The Manager will provide an
update to Unitholders in the event that all Lenders have approved the New Repayment Plan or in the event that any Lender rejects the New Repayment Plan.

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The Manager wishes to update Unitholders that the Sponsor and the Lenders have, at the request of the Manager, agreed for a portion of the Relevant Deposits to be released from
escrow and utilised to partially repay the outstanding Mandatory Repayment. This would enable EC World REIT to save on interest payments which would otherwise be incurred on the outstanding loan amounts.