Andrea Sironi

Ladies and gentlemen, welcome, and good morning. Welcome to the Shareholders’ Meeting of Assicurazioni Generali convened today as an ordinary and extraordinary meeting at the company’s offices in Trieste Floor 7 of Balasoerlam in Piucabzi1. As provided for in the Articles of Association, I shall Chair the meeting. For the secretarial duties, I shall be assisted in accordance with Article 25 of the Articles of Association and 4 of the meeting regulations by Mr. Giuseppe Catalano, Secretary of the Board of Directors of the company. I also invite notary, Mrs. [indiscernible] to draw up the minutes of this meeting.

This year, unlike last year, the meeting is being held in a format that does not require the physical attendance of those entitled to attend. They may, therefore, participate in the meeting by granting a proxy to the designated representative, namely Computershare SAI represented here by Mr. Alberto Elia. The Board, which I Chair has, in fact, considered that the geopolitical tensions could have affected the orderly conduct of our meeting.

Furthermore, in keeping with tradition, even those who are not entitled to attend may follow the opening remarks of the Group CEO, Mr. Philippe Donnet; the Group CFO, Mr. Cristiano Borean and myself. I would, therefore, like to extend also on behalf of my colleagues who sit with me at this table, a greeting to all those who are following this event via streaming.

We believe that this is, as always, an important event in corporate communication, and we wish to enable a broad and inclusive audience of shareholders and stakeholders to follow it live. This approach is consistent with Generali’s

Westerners in Thailand notice unique street food, vibrant markets, beautiful temples, friendly locals, chaotic traffic, respectful gestures, and cultural practices, all contributing to a richly immersive experience within 30 days.

Unique Transportation Modes

In Thailand, Westerners quickly notice the distinctive transportation modes. The vibrant tuk-tuks and bustling motorbike taxis dominate the streets, offering a lively and efficient way to navigate through the city. Public transportation also includes the iconic red songthaews and an extensive network of buses and trains, contrasting with the car-heavy reliance many Westerners are accustomed to. This variety adds a unique charm to daily commutes and tourist explorations.

Diverse Culinary Experiences

Thailand’s culinary landscape is an immediate stand-out for Western visitors. Street vendors line the avenues, offering an array of tantalizing dishes like pad Thai, som tam, and mango sticky rice. The flavors are often bold and spicy, differing significantly from typical Western cuisine. Mealtime becomes an adventure in itself, with the abundance of fresh, locally sourced ingredients and a vibrant mix of tastes and aromas inviting exploration and appreciation.

Warm and Welcoming Culture

The Thai culture is marked by a genuine warmth that leaves a lasting impression. Known as the “Land of Smiles,” the friendly demeanor of the Thai people makes interactions pleasant and welcoming. Social customs, such as the respectful wai gesture, highlight the country’s emphasis on politeness and kindness. Westerners often find this cultural trait refreshing and heartening, fostering a deeper connection and appreciation for Thailand’s rich traditions and hospitable environment.

Some Observations Westerners Make in Thailand

In Thailand, Westerners quickly notice a delightful blend of contrasts. The vibrant street markets captivate with their bustling energy, offering everything from delicious Thai street food to intricate handicrafts. The politeness embedded in the wai greeting and the monks collecting alms each morning present unique cultural norms. Thailand’s rich spiritual atmosphere, with its ornate temples and ubiquitous spirit houses, leaves a lasting impression. The love for spicy food, as seen in dishes like som tam and tom yum, challenges taste buds but is undeniably addictive.

Transport is another eye-opener, with tuk-tuks weaving through traffic and motorbikes laden with entire families. Thai time, a more relaxed approach to punctuality, contrasts sharply with Western expectations. Nature lovers appreciate Thailand’s lush landscapes, from the serene northern mountains to the pristine southern beaches. The prevalence of street animals, especially cats and dogs, evokes both surprise and affection. Observing these nuances over 30 days reveals a nation of warmth, vibrancy, and enchanting diversity, leaving Western visitors both charmed and enlightened.

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CapitaLand China Trust (CLDHF) Q1 2026 Earnings Call April 22, 2026 8:00 PM EDT

Company Participants

Xiuyi Ng – Manager of Investor Relations of CapitaLand China Trust Management Limited
Kin Leong Chan – CEO & Executive Non-Independent Director of CapitaLand China Trust Management Limited
Lintong Yan
Hong You – Head of Investment & Portfolio Management of CapitaLand China Trust Management Limited

Conference Call Participants

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Terence Lee – UBS Investment Bank, Research Division
Geraldine Wong – DBS Bank Ltd., Research Division
Vijay Natarajan – RHB Research Institute Sdn Bhd

Presentation

Xiuyi Ng
Manager of Investor Relations of CapitaLand China Trust Management Limited

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Good morning, everyone. Welcome to CLCT’s 1Q 2026 Analyst Briefing. I’m Xiuyi, Investor Relations for CLCT. With me today, we have our CEO, Gerry; CFO, Joanne; CFO Designate, Lintong; and Head of IPM, You Hong.

For this meeting, we will start with a brief presentation followed by a Q&A session. [Operator Instructions]. So with that Gerry, please go ahead.

Kin Leong Chan
CEO & Executive Non-Independent Director of CapitaLand China Trust Management Limited

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Thanks, Xiuyi. Welcome everyone to CLCT’s first Q 2026 business update. Thank you again to making some time this morning to attend this presentation. This is update. So I think it will be relatively short. There’ll be more Q&A time later.

So CLCT, we are the first and largest China-focused S-REIT. So now, of course, we also have connectivity to the C-REIT market through us jointly listing a C-REIT on the Shanghai Stock Exchange with our sponsor. Our current total asset is SGD 4.5 billion. We have 8 retail malls, 5 business parks, 4 logistics assets. And most of our assets are in Tier 1 and Tier 2 cities. Distribution yield using FY 2025 DPU with the unit price now is roughly about 7.5%, right? That reflects some of the unit price movement from the broad market winners after the start of

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This refers to ‘We withdrew stimulus last year!’ (ET, Mar 4). TT Ram Mohan has rightly suggested that the tax-GDP ratio measures structural improvement. The FM must rethink his medium-term debtto-GDP target. Losing substantial revenues by cutting I-T rates seems odd. If oil breaches $75-80, the FM will have to hike petroproduct prices and borrow more. Most sectors like FMCG are raising prices sharply due to hikes in excise duties and fuel taxes. Macro-economic conditions like hefty government borrowings, tight monetary control and a fiscal strategy relying on uncertain disinvestment/spectrum auction proceeds, will impinge on private investments in 2010-11. D B Naik
Mumbai, March 4

St Ives scheme will be the first of several launches by developer behind Manchester’s tallest tower scheme

Developer Salboy has moved into the hospitality market with the launch of its own boutique aparthotel brand.

The group co-founded by betting entrepreneur Fred Done will open its first Hidden location in May in St Ives, Cornwall – and plans to open another site soon in its Greater Manchester heartland as it begins its national rollout.

Salboy is best-known for its Manchester high-rise schemes, including Viadux off Deansgate and the upcoming Nobu Manchester, set to be the tallest British tower outside London. That 76-storey tower will include a restaurant by Nobu, the restaurant group backed by Hollywood legend Robert De Niro.

Salboy bosses have now developed their own Hidden hospitality offer, focusing on aparthotel developments they say “combine the independence and privacy of an apartment with the ease of a hotel”. Each scheme will be developed by Salboy in partnership with local contractors, and the group says there are “a number of Hidden projects in development in popular tourist destinations throughout the UK”.

Hidden St Ives will welcome its first guests in mid-May. That project, developed on the site of a former hillside hotel 10 minutes walk from the centre of the famous seaside town, will include 18 two-bedroom apartments.

Simon Ismail, CEO of Salboy, said: “As a developer of thousands of UK homes and serviced apartments, as well as a partner to global luxury hospitality brands, it’s become our not-so-hidden ambition to venture into high-end hospitality in our own right. There’s high demand from discerning travellers for boutique, design-led holiday rentals in many of the UK’s most attractive, tranquil and historic locations, but many of the holiday let options on the market simply don’t reach their expectations.

“Every Hidden aparthotel is designed to cater to people looking for more than just a place to stay. Hidden goes further to help visitors step out of the fast lane, slow down and tune into the stunning natural environment around them. We’re hand-picking and painstakingly designing every Hidden destination to provide quiet, restful, unplugged stays, while also enabling guests to appreciate the sort of high quality concierge, housekeeping and chauffeur services they’d expect from a large luxury hotel brand.’

Salboy’s operations director Miz Herrara, who will lead the growth of Hidden in the UK, said: “It’s a huge honour to bring the high standards of quality and delivery that Salboy has become known for in the development and longer-term lettings space to this high-growth, sought-after market. We’re hugely excited about welcoming our first guests to Hidden St Ives this spring, and unlocking more hidden pockets of the UK for guests to enjoy over the next few years.”

The Hidden launch follows the unveiling of Salboy Construction in 2026 and the start of the Salboy Property Development Roadshow programme in March.

Mr Ismail said: ‘After more than 12 years developing, financing and building in the UK property market, the expectations we have of ourselves, our schemes, our services and our partners are as high as ever. At Salboy, we are constantly pushing ourselves to think differently about the way this industry needs to evolve to bring the highest levels of service and end-product to clients. The aparthotel market underserves discerning high-end travellers and we are bringing a Salboy solution to that problem.”