NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 35 FINANCIAL RATIOS Group 2023 2022 % % Expenses to weighted average net assets1 – including performance component of Manager’s management fees 0.72 0.70 – excluding performance component of Manager’s management fees 0.41 0.39 Portfolio turnover rate2 – 2.41 1 The annualised ratios are computed in accordance with the guidelines of Investment Management Association of Singapore. The expenses used in the computation relate to expenses of the Group, excluding property expenses and finance costs. 2 The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Group expressed as a percentage of average net asset value. ANNUAL REPORT 2023 273 Other Information Overview Leadership Performance Framework
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