#1mapleīree industrial SGinvestors Investor Presentation November 2023 mapleinee#2Important Notice mapletree industrial This presentation shall be read in conjunction with Mapletree Industrial Trust's ("MIT”) financial results for Second Quarter Financial Year 2023/2024 in the SGXNET announcement dated 25 October 2023. This presentation is for information only and does not constitute an offer or solicitation of an offer to sell or invitation to subscribe for or acquire any units in Mapletree Industrial Trust (“Units"). The past performance of the Units and MIT is not indicative of the future performance of MIT or Mapletree Industrial Trust Management Ltd. (the "Manager"). The value of Units and the income from them may rise or fall. Units are not obligations of, deposits in or guaranteed by the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that unitholders may only deal in their Units through trading on the Singapore Exchange Securities Trading Limited ("SGX-ST”). Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. This presentation may also contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of risks, uncertainties and assumptions. Representative examples of these factors include general industry and economic conditions, interest rate trends, cost of capital, occupancy rate, construction and development risks, changes in operating expenses (including employees wages, benefits and training costs), governmental and public policy changes and the continued availability of financing. You are cautioned not to place undue reliance on these forward-looking statements, which are based on current view of management on future events. Nothing in this presentation should be construed as financial, investment, business, legal or tax advice and you should consult your own independent professional advisors. 2#3Contents 01 Overview of Mapletree Industrial Trust 02 03 1 2 3 4 5 04 05 Key Highlights Portfolio Update 2Q & 1HFY23/24 Financial Highlights Outlook and Strategy mapletree industrial 3#44465 OVERVIEW OF MAPLETREE INDUSTRIAL TRUST Hi-Tech Building Mapletree Hi-Tech Park @ Kallang Way#5Overview of Mapletree Industrial Trust 142 Properties អ៊ NLA (sq ft) 24.9 million¹ mapletree industrial AUM S$9.2 billion² Investment Mandate Focused on (i) industrial real estate assets in Singapore, excluding properties primarily used for logistics purposes and (ii) data centres worldwide beyond Singapore 1 2 Trust Structure Other Unitholders Sponsor Sponsor owns 25.9% of MIT Mapletree Investments Pte Ltd Distributions Ownership of Units Management Services Acts on behalf of Unitholders Manager 3 Mapletree Industrial Trust Management Ltd. Management Fees mapletree Trustee DBS Trustee Limited industrial Trustee Fees Net Property Income Ownership of Assets Property Portfolio Property Management Services Property Management Fees Property Managers³ Mapletree Facilities Services Pte. Ltd. Mapletree US Management LLC Excludes the parking decks (150 Carnegie Way and 171 Carnegie Way) at 180 Peachtree Street NW, Atlanta. Based on MIT's book value of investment properties as well as MIT's interest of the joint venture with Mapletree Investments Pte Ltd ("MIPL") in three fully fitted hyperscale data centres and 10 powered shell data centres in North America, and MIT's effective interest of 98.47% in a data centre in Osaka, Japan and included MIT's right-of-use assets as at 30 Sep 2023. 3 The Manager and the Property Managers are wholly-owned subsidiaries of the Sponsor. 5#6142 Properties Across 6 Property Segments mapletree S$9.2 billion¹ AUM 24.9 million² NLA (sq ft) >2,000 tenants Tenant Base industrial Light Industrial Buildings 0.7% Stack-up/Ramp-up Buildings 5.5% Flatted Factories 15.5% Business Park Buildings 5.9% AUM1 S$9.2 billion Hi-Tech Buildings 16.4% AUM by geography North America Singapore Japan 2 Data Centres: 56.0% North America: 48.5% ➤ Japan: 4.3% Singapore: 3.2% mama Flatted Factories Data Centres Hi-Tech Buildings Stack-up/Ramp-up Buildings Mapletree 48.5% 47.2% 4.3% Business Park Buildings Light Industrial Buildids || 1 Based on MIT's book value of investment properties as well as MIT's 50% interest of the joint venture with MIPL in three fully fitted hyperscale data centres and 10 powered shell data centres in North America, and MIT's effective interest of 98.47% in a data centre in Osaka, Japan and included MIT's right-of-use assets as at 30 Sep 2023. Excludes the parking decks (150 Carnegie Way and 171 Carnegie Way) at 180 Peachtree Street NW, Atlanta. 6#7Diverse Portfolio of 142 Properties the strategy mapletree industrial DATA CENTRES Facilities used primarily for the storage and processing of data. These include core-and-shell to fully-fitted facilities, which include building fit-outs as well as mechanical and electrical systems. FLATTED FACTORIES High-rise multi-tenanted industrial buildings with basic common facilities used for light manufacturing activities. HI-TECH BUILDINGS High-specification industrial buildings with higher office content for tenants in technology and knowledge-intensive sectors. Usually fitted with air-conditioned lift lobbies and common areas. STACK-UP/RAMP-UP BUILDINGS Stacked-up factory space with vehicular access to upper floors. Multi-tenanted space suitable for manufacturing and assembly activities. BUSINESS PARK BUILDINGS High-rise multi-tenanted buildings in specially designated "Business Park zones". Serve as regional headquarters for MNCs as well as spaces for R&D and knowledge-intensive enterprises. LIGHT INDUSTRIAL BUILDINGS Multi-storey developments usually occupied by an anchor tenant for light manufacturing activities. 7#856 Data Centres Across North America Total NLA1 WALE (By GRI)² 8.3m sq ft 5.3 years 6 2 Denver California 3 Arizona 6 Texas MIT's 56 Data Centres in North America *Number of data centres indicated in the circles mapletree industrial Weighted Average Unexpired Lease Term of Underlying Land³ Freehold Occupancy Rate4 92.7% Minnesota Wisconsin Ontario Michigan Pennsylvania Illinois 2 Ohio Indiana 2 Massachusetts 1 Connecticut 2 New Jersey ⑨Virginia 3 North Carolina Oklahoma Tennessee 1 South Carolina 6 Georgia Excluded the parking decks (150 Carnegie Way and 171 Carnegie Way) at 180 Peachtree Street NW, Atlanta. 1 2 As at 30 Sep 2023. 3 All properties are sited on freehold land, except for the parking deck (150 Carnegie Way) at 180 Peachtree Street NW, Atlanta, 2055 East Technology Circle, Tempe, 2005 East Technology Circle, Tempe and part of 250 Williams Street NW, Atlanta. 4 For 2QFY23/24. 8#985 Properties in Singapore mapletree industrial Total NLA WALE (By GRI)1 16.5m sq ft 2.8 years Weighted Average Unexpired Lease Term of Underlying Land¹ 33.3 years Occupancy Rate² 93.4% Tuas Second Link Jurong Lake District 1 As at 30 Sep 2023. 2 For 2QFY23/24. Seaport Causeway to Malaysia Woodlands Regional Centre Clementi West International Business Park Toa Payoh North one-north Tanglin Halt Redhill Tiong Bahru Telok Blangah Seaport Serangoon North Kampong Ampat Tampines Regional Centre Kaki Bukit Changi Business Park Kolam Ayer Kampong Ubi Chai Chee Lane Central Area Seaport Kallang Basin Loyang Changi North Airport Data Centres Hi-Tech Buildings Flatted Factories Business Park Buildings Stack-up/Ramp-up Buildings Light Industrial Buildings 9#10Healthy Returns since IPO COMPARATIVE TRADING PERFORMANCE SINCE IPO1 400 350 300 250 200 150 100 50 50 mapletree MIT UNIT PRICE 133.3% FTSE STRAITS TIMES INDEX -2.3% FTSE ST REITS INDEX -6.3% Oct 2010 Oct 2011 Oct 2012 Oct 2013 Oct 2014 Oct 2015 Oct 2016 Oct 2017 Oct 2018 Oct 2019 Oct 2020 Oct 2021 Oct 2022 Oct 2023 Rebased MIT Unit Price Rebased FTSE Straits Times Index Rebased FTSE ST REITs Index 0 MIT's Return on Investment Listing on 21 Oct 2010 to 10 Nov 2023 1 Capital Appreciation 133.3% Distribution Yield 157.8% Rebased MIT's issue price of S$0.930 and opening unit prices of FTSE ST REITs Index and FTSE Straits Times Index on 21 Oct 2010 to 100. Source: Bloomberg. 2 Based on MIT's closing unit price of S$2.170 on 10 Nov 2023. MIT's distribution yield is based on DPU of S$1.468 over the issue price of S$0.930. 4 Sum of distributions and capital appreciation for the period over the issue price of S$0.930. industrial Total Return 291.1%4 10 10#11Reputable Sponsor with Aligned Interest About the Sponsor, Mapletree Investments mapletree industrial Global real estate development, investment, capital and property management company × As at 31 Mar 2023, the Sponsor owns and manages S$77.4 billion of assets across Asia Pacific, Europe, the United Kingdom and North America, of which S$21.7 billion is located in North America × Operates five offices across North America (New York, Atlanta, Chicago, Los Angeles and Texas) Right of first refusal to MIT over future sale of 50% interest in Mapletree Rosewood Data Centre Trust (MRODCT) THE UNITED KINGDOM S$3,427.7M EUROPE INDIA CHINA S$3,190.0M S$1,650.3M S$11,236.0M HONG KONG SAR S$7,489.5M NORTH AMERICA S$21,659.2M SOUTHEAST ASIA SINGAPORE AUSTRALIA S$2,610.3M S$18,221.0M S$2,434.1M SOUTH KOREA S$1,558.3M JAPAN S$3,945.3M 11#12Data Centres, 44490 Chilum Place, Ashburn KEY HIGHLIGHTS#13Sustainable and Growing Returns Amount Available for Distribution to Unitholders (S$ million) 120 110 100 90 80 28 70 60 50 40 30 20 10 0 852322 DPU (cents) 1 mapletree industrial 3.47 3.49 3.49 3.49 3.35 3.30 3.28 3.10 852.87 3.103.13 3.16 88.489.590.32.1 82.7 81.1 72.9 69.4 69.2' 70.6 70.7 63.263.5 3.39 3.36 3.33 3.39 DPU (cents) 3.50 3.32 3.00 94.3 89.9 89.088.4 87.2 2.50 3Q1 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY10/11 FY11/12 FY12/13 FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 FY18/19 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24 3.45 8.41 9.24 9.92 10.43 11.15 11.39 11.75 12.16 12.24 12.55 13.80 13.57 MIT was listed on 21 Oct 2010. 2.00 1.50 1.00 0.50 0.00 13#14Evolving MIT Portfolio Profile mapletree Reshaping and Building a Portfolio of Assets for Higher Value Uses Through Development Projects and Acquisitions 70 Properties Light Industrial Warehouse 1% Buildings 9% 142 Properties Light Industrial Buildings Stack-up/Ramp-up 0.7% Buildings 5.5% industrial Data Centres: 56.0% X North America: 48.5% ■ Japan: 4.3% Singapore: 3.2% Stack-up/Ramp- up Buildings 16% Business Park Buildings 21% AUM S$2.1 billion As at 31 Aug 2010 Flatted Factories 53% Flatted Factories 15.5% Business Park Buildings 5.9% Hi-Tech Buildings 16.4% AUM1 S$9.2 billion As at 30 Sep 2023 AUM by geography Singapore AUM by geography 100.0% North America Singapore 48.5% 47.2% Japan 4.3% 1 Based on MIT's book value of investment properties as well as MIT's 50% interest of the joint venture with MIPL in three fully fitted hyperscale data centres and 10 powered shell data centres in North America, and MIT's effective interest of 98.47% in a data centre in Osaka, Japan and included MIT's right-of-use assets as at 30 Sep 2023. 14#15Portfolio Growth since IPO 3 Asset Enhancement Initiatives ("AEI”) 5 Build-to-Suit ("BTS") Projects 10 Acquisitions FY20/21 S$6.8b, FY19/20 S$5.9b. FY18/19 S$4.8b FY17/18 FY16/17 S$4.3b mapletree industrial FY21/22 FY22/23 FY23/24 S$8.8b S$8.8b Acquisition 29 US DCs US$1.32b Acquisition DC in Japan 4 JPY52b FY14/15 FY15/16 S$3.7b FY13/14 FY12/13 S$3.6b S$3.4b FY11/12 S$3.2b S$2.9b FY10/11 S$2.7b S$2.2b1 Acquisition 11 Flatted Factories S$400m ΑΕΙ Woodlands Central S$30m BTS K&S Corp Headquarters S$50m ΑΕΙ Toa Payoh North 1 S$40m Acquisition 2A Changi North Street 2 S$12m BTS 26A Ayer Rajah Cres S$101m BTS 1 & 1A Depot Close S$226m Acquisition 40% int in 14 US DCs US$300m ΑΕΙ 30A Kallang Place S$77m Acquisition Upgraded 7 Tai Seng Drive to DC S$95m BTS Mapletree Sunview 1 S$76m Acquisition 18 Tai Seng S$268m Acquisition 60% int 14 US DCs US$494m Acquisition DC in Virginia US$220.9m Acquisition 13 US DCs³ US$684m BTS Mapletree Hi-Tech Park @ Kallang Way S$300m 1 Valuation of investment properties on 31 Mar at end of each financial year. 2 Acquired through a 40:60 joint venture with MIPL. 3 Acquired through a 50:50 joint venture with MIPL. 4 MIT's effective economic interest in the property is 98.47%. 15#162QFY23/24 Highlights mapletree × Increase in distribution to Unitholders was offset by an enlarged unit base following an equity fundraising exercise in 1QFY23/24 and distribution reinvestment plan • 2QFY23/24 Distribution to Unitholders: S$94.1 million ( 3.5% y-o-y) industrial • 2QFY23/24 DPU: 3.32 cents (▼ 1.2% y-o-y) × Resilient operational performance • • • • Positive rental revisions across all property segments Average rental rate for Singapore Portfolio: S$2.19 psf/mth ( ▲ 1.4% q-o-q) Average rental rate for North American Portfolio: US$2.42 psf/mth (0.4% q-o-q) Overall Portfolio's WALE increased q-o-q from 3.9 years to 4.2 years as at 30 Sep 2023 × Completed the acquisition of a newly built data centre in Osaka, Japan for JPY52.0 billion¹ on 28 Sep 2023 × Capital management update • Hedged borrowings of 79.2% and weighted average hedge tenor of 3.7 years • Healthy aggregate leverage ratio of 37.9% 1 MIT's effective economic interest in the property is 98.47%. 16#17Maiden Acquisition in Japan. Purchase Consideration / Effective Consideration IT Capacity >10MW Uptime Tier Equivalent² Tier III+ Occupancy Rate³ 100% Tenant Established Data Centre Operator WALE4 19.1 years mapletree industrial 100% Basis: JPY52.0 billion (approximately S$507.9 million¹) 98.47% MIT effective interest (balance funded by MIPL): JPY51.2 billion (approximately S$500.1 million) High-quality, multi-storey fully- fitted Data Centre in downtown Osaka Net lettable area of about 136,900 sq ft Construction and first phase of fit-out works completed in Nov 2022 with remaining three fit- out phases to be completed progressively by May 2025 Net lease structure with minimal landlord operational obligations DPU and NAV per Unit accretive Acquisition completed on 28 September 2023 Unless otherwise stated, an illustrative exchange rate of JPY102.38 to S$1.00 is used in this presentation. 1 2 With reference to Uptime Institute's Tier Classification System. 3 4 5 Source: DC Byte, Japan Data Centre Market Report, 2023. 100% committed occupancy by the same tenant has been secured for the Property, including all four fit-out phases. By gross rental income ("GRI") as at 30 Sep 2023. Japan 3rd largest data centre market in APAC5 Osaka Tokyo Data centre locations 17#18Data Centres, 13831 Katy Freeway, Houston PORTFOLIO UPDATE#19Portfolio Overview Singapore Portfolio Number of properties 85 NLA (million sq ft) 16.5 Occupancy (%) 2QFY23/24 1QFY23/24 SEGMENTAL OCCUPANCY RATES1 mapletree industrial North American Japan Portfolio Portfolio Overall Portfolio 56 1 142 8.31 0.1 24.91 93.4 92.7 100.0 93.22 93.7 92.4 N.A. 93.32 2 2 98.7% 98.8% 98.8% 98.9% 93.1% 93.4% 85.2% 84.8% 83.5% 81.2% 58.7% 55.5% 93.3%² 93.2%² Data Centres Hi-Tech Buildings Business Park Buildings Flatted Factories Stack-up/Ramp-up Light Industrial Buildings Buildings Overall Portfolio Left Bar (1QFY23/24) Right Bar (2QFY23/24) 1 Excludes the parking decks (150 Carnegie Way and 171 Carnegie Way) at 180 Peachtree Street NW, Atlanta. 2 Based on MIT's 50% interest of the joint venture with MIPL in three fully fitted hyperscale data centres and 10 powered shell data centres in North America through Mapletree Rosewood Data Centre Trust ("MRODCT”), and MIT's effective interest of 98.47% in a data centre in Osaka, Japan. 19#20Diversified Mix of Data Centres mapletree industrial × 78.4% of the data centre portfolio are on triple net lease structures whereby all outgoings1 are borne by the tenants Good mix of powered shell, fitted hyperscale and fitted data centres SPLIT BETWEEN LEASE TYPES FOR DATA CENTRE PORTFOLIO (BY GROSS RENTAL INCOME)² Fitted Data Centres 25.2% Fitted Hyperscale Data Centres 17.9% O Powered Shell Data Centres 56.9% Non-Triple Net Leases 21.6% SPLIT BETWEEN TENANT TYPES FOR DATA CENTRE PORTFOLIO (BY GROSS RENTAL INCOME)² Cloud/Hyperscale Providers 19.4% Triple Net Leases 78.4% Enterprise/ End Users 29.7% Others 5.7% Colocation Providers 45.2% 1 Refers to maintenance, tax and insurance charges. 2 As at 30 Sep 2023. Based on MIT's 50% interest of the joint venture with MIPL in three fully fitted hyperscale data centres and 10 powered shell data centres in North America through MRODCT, and MIT's effective interest of 98.47% in a data centre in Osaka, Japan. 20#21Lease Expiry Profile EXPIRING LEASES BY GROSS RENTAL INCOME1 As at 30 September 2023 WALE based on date of commencement of leases (years)² North American Portfolio Singapore Portfolio Osaka Data Centre Overall Portfolio¹ 5.3 2.8 19.1 4.2 17.7% 15.5% 14.7% 13.3% 7.6% mapletree 31.2% industrial FY23/24 FY24/25 FY25/26 FY26/27 FY27/28 FY28/29 & Beyond ■Data Centres (Singapore) Data Centres (North America) ■Flatted Factories Data Centres (Japan) ■Stack-up / Ramp-up Buildings Hi-Tech Buildings Light Industrial Buildings ■Business Park Buildings 1 Based on MIT's 50% interest of the joint venture with MIPL in three fitted data centres and 10 powered shell data centres in North America through MRODCT, and MIT's effective interest of 98.47% in a data centre in Osaka, Japan. 2 Refers to leases which commenced prior to and on 30 Sep 2023. 21#22Large and Diversified Tenant Base TOP 10 TENANTS BY GROSS RENTAL INCOME1 As at 30 September 2023 5.9% 5.1% mapletree industrial Over 2,000 tenants Largest tenant contributes 5.9% of Portfolio's Gross Rental Income Top 10 tenants forms about 30.5% of Portfolio's Gross Rental Income Hi-Tech Buildings ☑Data Centres 3.3% 3.0% 2.9% 2.5% 2.4% 2.0% 1.8% 1.6% hp Established AT&T Data Centre Operator² Global Colocation Provider² Global Social Media Company² evoque Q STTelemedia NYSE-listed data center solutions EQUINIX Telco² BANK OF AMERICA 1 Based on MIT's 50% interest of the joint venture with MIPL in three fully fitted hyperscale data centres and 10 powered shell data centres in North America through MRODCT, and MIT's effective interest of 98.47% in a data centre in Osaka, Japan. 2 The identities of the tenants cannot be disclosed due to the strict confidentiality obligations under the lease agreements. 22 22#23Tenant Diversification Across Trade Sectors1 mapleīree No single trade sector accounted >17% of Portfolio's Gross Rental Income industrial Construction & Education, Health & Social Services, Arts, Entertainment & Recreation Utilities Accommodation & Food Service (2.51%) (3.62%) (1.85%) Transportation & Storage (1.32%) Specialised Wholesale (0.36%) Wholesale of F&B Wholesale Trade (0.43%) (1.64%) Retail Trade (2.40%) General Wholesale Trade & Services (4.45%) Wholesale of Machinery, Equipment & Supplies Real Estate (0.39%) Public Administration & Defence (0.42%) (4.79%) Others (9.30%) Wholesale & Retail Trade (14.07%) InfoComm (34.38%) Financial & Business Services Admin & Support Service (1.48%) Professional, Scientific & Technical Activities (6.34%) (15.05%) Manufacturing (27.20%) Financial Services (6.42%) Pharmaceuticals & Biological Products (0.44%) Food, Beverages & Tobacco Products (0.86%) Coke, Refined Petroleum Products & Chemicals (2.09%) Computer, Electronic & Optical Products (4.03%) Data Centre Services (16.68%) Printing, Recorded Media, Apparels & Other Essential Products (5.96%) Telecommunications (11.95%) Computer Programming & Consultancy (4.07%) Other Infomedia (1.34%) Publishing (0.34%) Precision Engineering, Machinery & Transportation Products (13.82%) By Gross Rental Income As at 30 Sep 2023 1 Based on MIT's 50% interest of the joint venture with MIPL in three fitted data centres and 10 powered shell data centres in North America through MRODCT, and MIT's effective interest of 98.47% in a data centre in Osaka, Japan. 23 23#24Singapore Portfolio Performance Occupancy 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 90.5%90.2% 90.5%90.7%90.2% mapletree industrial 91.5% 92.2% 92.9% 93.4% 93.6%93.7% 94.4% Gross Rental Rate S$ psf/mth 96.8%96.9% 96.0% 95.4% 93.7%93.4% $2.18 $2.19 ET $2.50 $2.12 $2.13 $2.13 $2.13 $2.13 $2.10 $2.10 $2.11 $2.15 $2.15 $2.16 $2.13 $2.11 $2.08 $2.05 $2.03 $2.00 $1.50 $1.00 0% FY11/12 FY12/13 FY13/14 3Q 4Q1Q 2Q 3Q 4Q 10 20 30 40 10 20 30 40 10 20 30 40 1020 30 40 1020304 3Q Y10/1 FY15/16 $0.50 FY14/15 FY16/17 Occupancy (LHS) 2Q 3Q 4Q 1Q 2Q 3Q 4Q1Q 2Q 3Q 4Q1Q 2Q 3Q 4Q 10 FY17/18 FY18/19 --Rental Rate (RHS) FY19/20 FY20/21 2Q 3Q 4Q1Q 2Q 3Q 4Q1Q 2Q FY21/22 FY22/23 Y23/2 224 24#25Rental Revisions (Singapore) GROSS RENTAL RATE (S$ PSF/MTH)1 For Period 2QFY23/24 mapletree industrial $4.06 $3.71 $3.21 $3.41 $3.20 $3.69 $2.57 $2.69 Before Renewal After Renewal New Leases Passing Rent $1.88 $1.71 $1.82 $1.81 $1.31 $1.41 $1.55 $1.34 17 Leases (91,153 sq ft) 6 Leases (20,656 sq ft) Hi-Tech Buildings Business Park Buildings Flatted Factories Renewal Leases 151 Leases New Leases 6 Leases (10,288 sq ft) (107,741 sq ft) 14 Leases (97,435 sq ft) (397,040 sq ft) 48 Leases Stack-Up/Ramp-Up Buildings 8 Leases Light Industrial Buildings N.A.3 (109,448 sq ft) N.A.2 N.A.4 × Achieved rental revisions of between 4.7% and 9.9% for renewal leases across segments Portfolio weighted average rental revision rate of 8.8% for renewal leases 1 Gross Rental Rate figures exclude short term leases; except Passing Rent figures which include all leases. Excluded rental rate for the sole new lease at Stack-Up/Ramp-Up Buildings for confidentiality. Excluded rental rate for the sole renewal lease at Light Industrial Buildings for confidentiality. 2 3 4 Not applicable as there were no new leases secured in the quarter. 25 25#26Healthy Tenant Retention (Singapore) LONG STAYING TENANTS >10 yrs 34.2% More than 4 yrs 64.8% Up to 1 yr 8.0% 4 yrs or less 35.2% >1 to 2 yrs 11.7% > 2 to 3 yrs 9.1% mapletree RETENTION RATE FOR 2QFY23/24 63.8% industrial 100.0% 92.9% 86.2% 87.8% 83.2% >3 to 4 yrs 6.4% N.A. >5 to 10 yrs 22.5% >4 to 5 yrs 8.1% Data Hi-Tech Business Flatted Centres Buildings Park Factories (Singapore) Buildings Stack-up/ Light Singapore Ramp-up Industrial Portfolio Buildings Buildings Based on NLA. As at 30 Sep 2023 By number of tenants. Not applicable for Data Centres (Singapore) as there were no leases due for renewal. 64.8% of the tenants have leased the properties for more than 4 years ➤ Tenant retention rate of 83.2% in 2QFY23/24 26 26#27Roadmap to Net Zero by 2050 Lay the Foundation • • Establish an environmental data management system Implement sustainability policies across real estate value chain Set annual ESG targets mapletree industrial Ensure Regular and Transparent Reporting • • Make climate disclosures aligned to TCFD1 and MAS Environmental Risk Management Guidelines Participate in real estate sustainability benchmarks such as GRESB Signatory of UN PRI Enhance Stakeholder Engagement on ESG . Employee trainings Tenant engagement Investor engagement 1 4 Reduce Embodied and Operational Carbon . • Utilise sustainable construction materials Focus on energy efficient designs and measures • . Generate renewable energy on rooftops Procure renewable energy Refers to Task Force on Climate-Related Financial Disclosures. Set Net Zero Targets • Set intermediate and long-term targets from now till 2050 Ensure Net Zero Carbon • Invest in nature-based solutions Procure carbon credits for residual emissions 27#28Building a Climate Resilient Portfolio 1 2 mapletree industrial Long-term Targets By FY29/30 Align with Mapletree Group's commitment to achieve net zero emissions by 2050 Average Building Electricity Intensity1 15% Average Building GHG Emissions Intensity1 ▼ 17% Total Solar Energy Generating Capacity 10,000 kWp Building Certification Re-certified BCA Green Mark Gold for The Signature (4 Jul 2023) Sustainability Benchmark Attained 'A' for OGRESB Public Disclosure Level Renewable Energy Embarked on Phase 3 of solar panel installation² For MIT's properties in Singapore from the base year of FY19/20. FY19/20 was used as the base year as FY19/20 energy performance was more representative of operational activities at MIT's properties prior to the COVID-19 pandemic. This followed Phase 1 (K&S Corporate Headquarters and Serangoon North Cluster) and Phase 2 (Chai Chee Lane, Kampong Ubi, Kolam Ayer 5, Loyang 1 and 2 Clusters) of solar panel installation. 28#292Q & 1HFY23/24 FINANCIAL PERFORMANCE Hi-Tech Buildings, build-to-suit project for HP#30Statement of Profit or Loss (Year-on-Year) mapletree industrial 2QFY23/24 (S$'000) 2QFY22/23 (S$'000) Gross revenue Property operating expenses Net property income Borrowing costs Trust expenses 174,118 175,512 ↑ / (↓) (0.8%) (45,558) (45,187) 0.8% 128,560 130,325 (1.4%) (26,292) (23,770) 10.6% (16,071) (16,498) (2.6%) Share of joint venture's results 9,515 9,054 5.1% Profit for the period before tax 95,712 99,111 (3.4%) Income tax expense (2,289) (2,643) (13.4%) Profit for the period 93,423 96,468 (3.2%) Profit attributable to perpetual securities holders 2,382 2,382 Loss attributable to non-controlling interest (13) Profit attributable to Unitholders 91,054 94,086 (3.2%) Net non-tax chargeable items¹ (5,155) (11,958) (56.9%) Distribution declared by joint venture Amount available for distribution to Unitholders Distribution to Unitholders Distribution per Unit (cents) Not meaningful 8,450 6,849 23.4% 94,3493,4 88,977 6.0% 94,0723,4 90,8572 3.5% 3.323,4 3.362 (1.2%) 1 2 3 4 Non-tax chargeable items and other adjustments include share of joint venture's results, adjustments for rental incentives, income tax expense, management fees paid/payable in units, trustee's fees, financing related costs and other adjustments. Includes the distribution of net divestment gain of S$15.7 million from 26A Ayer Rajah Crescent over eight quarters from 2QFY21/22 to 1QFY23/24. Includes the distribution of compensation received for compulsory acquisition of part of the land at 2 and 4 Loyang Lane of S$2.1 million, which was withheld in 3QFY21/22, over two quarters from 2QFY23/24 to 3QFY23/24. Please refer to the Financial Statement and Distribution Announcement for the period from 1 Oct 2021 to 31 Dec 2021. Includes the distribution of net divestment gain of S$4.2 million from 65 Tech Park Crescent over two quarters from 2QFY23/24 to 3QFY23/24. 65 Tech Park Crescent was divested on 20 Jul 2017. 30#31Statement of Profit or Loss (Year-on-Year) mapletree industrial 1HFY23/24 (S$'000) 1HFY22/23 ↑/(↓) (S$'000) Gross revenue 344,746 343,317 0.4% Property operating expenses (85,342) (83,089) 2.7% Net property income 259,404 260,228 (0.3%) Borrowing costs (52,718) (43,717) 20.6% Trust expenses (32,426) (33,056) (1.9%) Gain on divestment of investment properties1 3,759 Share of joint venture's results 18,605 18,387 1.2% Profit for the period before tax 192,865 205,601 (6.2%) Income tax expense (5,401) (8,061) (33.0%) Profit for the period 187,464 197,540 (5.1%) Profit attributable to perpetual securities holders 4,738 4,738 Loss attributable to non-controlling interest (13) Profit attributable to Unitholders 182,739 192,802 (5.2%) Net non-tax chargeable items² Distribution declared by joint venture Amount available for distribution to Unitholders Distribution to Unitholders (12,002) (24,570) (51.2%) 13,490 12,883 4.7% 184,2275,6 181,115 1.7% 187,8133,4,5,6 184,6713 1.7% Distribution per Unit (cents) 6.713,4,5,6 6.853 (2.0%) * Not meaningful 1 Gain on divestment of investment properties arose from the divestments of 19 Changi South Street 1 and 19675 West Ten Mile Road, Southfield. Non-tax chargeable items and other adjustments include share of joint venture's results, adjustments for rental incentives, income tax expense, management fees paid/payable in units, trustee's fees, financing related costs and other adjustments. 2 3 Includes the distribution of net divestment gain of S$15.7 million from 26A Ayer Rajah Crescent over eight quarters from 2QFY21/22 to 1QFY23/24. 4 5 Includes the distribution of tax-exempt income of S$6.6 million withheld in 4QFY19/20 over three quarters from 3QFY22/23 to 1QFY23/24. Includes the distribution of compensation received for compulsory acquisition of part of the land at 2 and 4 Loyang Lane of S$2.1 million, which was withheld in 3QFY21/22, over two quarters from 2QFY23/24 to 3QFY23/24. Please refer to the Financial Statement and Distribution Announcement for the period from 1 Oct 2021 to 31 Dec 2021. 6 Includes the distribution of net divestment gain of S$4.2 million from 65 Tech Park Crescent over two quarters from 2QFY23/24 to 3QFY23/24. 65 Tech Park Crescent was divested on 20 Jul 2017. 31#32Statement of Profit or Loss (Qtr-on-Qtr) mapletree industrial 2QFY23/24 (S$'000) 1QFY23/24 (S$'000) ↑/(↓) Gross revenue Property operating expenses Net property income Borrowing costs Trust expenses 174,118 170,628 2.0% (45,558) (39,784) 14.5% 128,560 130,844 (1.7%) (26,292) (26,426) (0.5%) (16,071) (16,355) (1.7%) Share of joint venture's results 9,515 9,090 4.7% Profit for the period before tax 95,712 97,153 (1.5%) Income tax expense (2,289) (3,112) (26.4%) Profit for the period 93,423 94,041 (0.7%) Profit attributable to perpetual securities holders 2,382 2,356 1.1% Loss attributable to non-controlling interest (13) Profit attributable to Unitholders 91,054 91,685 (0.7%) Net non-tax chargeable items¹ (5,155) (6,847) (24.7%) Distribution declared by joint venture Amount available for distribution to Unitholders Distribution to Unitholders Distribution per Unit (cents) * Not meaningful 8,450 5,040 67.7% 94,3494,5 89,878 5.0% 94,0724,5 3.324,5 93,7422,3 3.392, 3 0.4% (2.1%) 1 Non-tax chargeable items and other adjustments include share of joint venture's results, adjustments for rental incentives, income tax expense, management fees paid/payable in units, trustee's fees, financing related costs and other adjustments. 2 Includes the distribution of net divestment gain of S$15.7 million from 26A Ayer Rajah Crescent over eight quarters from 2QFY21/22 to 1QFY23/24. 3 4 5 Includes the distribution of tax-exempt income of S$6.6 million withheld in 4QFY19/20 over three quarters from 3QFY22/23 to 1QFY23/24. Includes the distribution of compensation received for compulsory acquisition of part of the land at 2 and 4 Loyang Lane of S$2.1 million, which was withheld in 3QFY21/22, over two quarters from 2QFY23/24 to 3QFY23/24. Please refer to the Financial Statement and Distribution Announcement for the period from 1 Oct 2021 to 31 Dec 2021. Includes the distribution of net divestment gain of S$4.2 million from 65 Tech Park Crescent over two quarters from 2QFY23/24 to 3QFY23/24. 65 Tech Park Crescent was divested on 20 Jul 2017. 32#331 Statement of Financial Position mapletree industrial 30 Sep 2023 30 Jun 2023 ↑ / (↓) Total assets (S$'000) 9,089,997 9,006,112 0.9% Total liabilities (S$'000) 3,442,427 3,454,943 (0.4%) Net assets attributable to Unitholders (S$'000) 5,339,667 5,245,472 1.8% Net asset value per Unit (S$)¹ 1.88 1.85 1.6% Net tangible asset per Unit was the same as net asset value per Unit as there were no intangible assets as at reporting dates. 33#34Strong Balance Sheet mapletree industrial 30 Sep 2023 30 Jun 2023 DEBT CURRENCY PROFILE As at 30 September 2023 Total debt S$3,063.3 million S$3,090.2 million Weighted average 3.3 years 3.7 years tenor of debt Aggregate leverage 37.9% 38.2% ratio1 Strong balance sheet to pursue growth opportunities Fitch Ratings affirmed 'BBB+' rating with Stable Outlook on 18 Aug 2023 O 68.8% 18.6% 12.6% 100% of loans unsecured with minimal covenants ■■JPY Borrowings ■SGD Borrowings ■USD Borrowings 1 In accordance with Property Funds Guidelines, the aggregate leverage ratio includes proportionate share of aggregate leverage as well as deposited property values of joint venture. As at 30 Sep 2023, aggregate leverage including MIT's proportionate share of joint venture is S$3,625.6 million. Aggregate leverage ratio is expected to be 38.8% assuming completion of all fitting-out works for the Osaka Data Centre. 34#35Well Diversified Debt Maturity Profile DEBT MATURITY PROFILE As at 30 September 2023 19.8% 20.0% 17.8% 26.8% mapletree 820.9 545.8 7.4% 611.3 544.9 3.2% 102.8 3.0% 2.0% 100.0 125.0 60.0 60.1 92.5 FY23/24 FY24/25 FY25/26 FY26/27 MTN FY27/28 Bank Loans FY28/29 FY35/36 FY38/39 Amounts in S$ million Weighted Average Tenor of Debt = 3.3 years 35 35 industrial#36Risk Management mapletree Fixed as a % of total debt Weighted average hedge tenor Weighted average all-in funding cost for the quarter Interest coverage ratio ("ICR") for the quarter 30 Sep 2023 79.2% 3.7 years 3.2% 30 Jun 2023 78.0% 4.0 years 3.5% 4.9 times 4.6 times ICR for the trailing 12 months¹ 4.6 times Adjusted ICR for the trailing 12 months1 4.3 times 4.8 times 4.4 times Change in base rates² Impact on amount available for distribution per quarter (S$ million) Impact on DPU³ (cent) Impact on DPU4 (%) + 50 bps -0.7 -0.02 -0.6% + 100 bps -1.3 -0.05 -1.5% + 150 bps -2.0 -0.07 -2.1% 1 Calculated in accordance with Property Funds Guidelines dated 16 Apr 2020. 2 Based on unhedged borrowings as at 30 Sep 2023. Base rate denotes JPY TONAR and USD SOFR. 3 Based on 2,833 million units as at 30 Sep 2023. 4 Based on 2QFY23/24 DPU of 3.32 cents. 36 36 industrial#37Data Centres, 2601 West Broadway Road, Tempe OUTLOOK AND STRATEGY#38Singapore Industrial Property Market mapletree industrial DEMAND AND SUPPLY FOR MULTI-USER FACTORIES DEMAND AND SUPPLY FOR BUSINESS PARKS ('000 sq m) Occupancy Rate (%) ('000 sq m) Occupancy Rate (%) 98.8% 700 100 600 100 A 95 600 500 400 300 200 100 95 500 89.7% 90 400 85 300 0 80 200 75 100 70 ཆ ཌུ སྒ ལྒ ཋ ཧྥ རྗེ 81.2% 80 80.5% 0 0 65 -100 60 -100 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 3Q2023 2023F 2024F 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 3Q2023 2023F 2024F Net New Demand Net New Supply --Occupancy Rate MIT 2QFY23/24 Flatted Factories' Occupancy Rate Net New Demand Net New Supply Occupancy Rate MIT 2QFY23/24 Occupancy Rate Total stock for factory and business park space: 41.2 million sq m. × Potential net new supply of 1.1 million sq m in 20231, of which Multi-user factory space accounts for 0.3 million sq m. 1 Business park space accounts for 0.1 million sq m Moderation in quantum of industrial land released through Industrial Government Land Sales Programme since 2013 Median rents for industrial real estate for 3Q20231 Multi-user Factory Space: S$2.27 psf/mth (2.3% q-o-q) Business Park Space: S$4.29 psf/mth (0.2% q-o-q) Source: JTC J-Space, 26 Oct 2023 38 38#39Outlook Challenging operating environment in view of global uncertainties mapletree industrial The global recovery would continue to slow down amid widening divergences among regions. Persistence in global inflation could warrant higher-for-longer policy rates, which could in turn trigger a correction in financial markets and capital flow volatility1 Rising property operating expenses and increases in borrowing costs from higher benchmark reference rates as well as replacement of expiring interest rate swaps could continue to exert pressure on distributions. The Manager will adopt cost-mitigating measures while focusing on tenant retention to maintain a stable portfolio occupancy level as well as prudent capital management to balance the risks and costs in the elevated interest rate environment Singapore Singapore economy grew by 0.7% y-o-y in the quarter ended 30 Sep 2023, extending the 0.5% growth in the preceding quarter² Business sentiment rebounded slightly after six consecutive quarters of decline in 4Q2023 due to moderate growth within the construction, transportation, and tourism-related sectors. However, the outlook may remain lukewarm with the prolonged slowdown in external demand within the manufacturing sector and tighter global financial conditions³ North America • • . According to CBRE4, supply in data centre primary markets5 in North America increased by 491.5 megawatts ("MW") in the first six months of 2023, for a total inventory of 4,588.6MW. Secondary markets had about 959.8MW of inventory as at 1H2023 Overall vacancy rate for primary markets was at 3.3%, with a total of 468.8MW of net absorption recorded in 1H2023. Construction activity across primary markets in 1H2023 increased by 25% y-o-y to 2,287.6MW, of which 73.1% had been preleased Lack of power availability and extended lead times for critical equipment remain major constraints on new data centre developments. These supply constraints are expected to favour rental rates 1 Source: International Monetary Fund, World Economic Outlook, Oct 2023. 2 Source: Ministry of Trade and Industry (Advance Estimates), 13 Oct 2023. 5 3 Source: Singapore Commercial Credit Bureau, 4Q2023. 4 Source: CBRE North America Data Center Trends 1H2023. 6 Refers to Northern Virginia, Silicon Valley, Chicago, New York Tri State area, Dallas, Phoenix, Hillsboro and Atlanta. Refers to Central Washington, Austin, Southern California, Seattle, Houston, Denver, Minneapolis and Charlotte. 39#40Diversified and Resilient mapletree industrial Stable and Resilient Portfolio × Anchored by large and diversified tenant base with low dependence on any single tenant or trade sector Focus on tenant retention to maintain a stable portfolio occupancy Enhanced Financial Flexibility × Hedged borrowings of 79.2% and weighted average hedge tenor of 3.7 years × Healthy aggregate leverage ratio of 37.9% Growth by Acquisitions and Developments × Completed the acquisition of a data centre in Osaka, Japan on 28 Sep 2023 Increased committed occupancy of Mapletree Hi-Tech Park @ Kallang Way to 48.2% (1QFY23/24: 44.1%) 40#41mapletree industrial SGinvestors End of Presentation For enquiries, please contact Ms Melissa Tan, Director, Investor Relations, DID: (65) 6377 6113, Email: [email protected] mapleinee