#1mapletree industrial Completion of the Acquisition of a Data Centre in Virginia, United States 13 March 2021#2Important Notice mapletree industrial NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA ("U.S."), EUROPEAN ECONOMIC AREA, UNITED KINGDOM, CANADA, JAPAN OR AUSTRALIA This presentation should be read in conjunction with the announcements released by Mapletree Industrial Trust ("MIT") on 13 March 2021 titled "Completion of the Acquisition of a Data Centre in Virginia, United States". This presentation has been prepared by Mapletree Industrial Trust Management Ltd., as the manager of MIT (the "Manager") for information purposes only and should not be used for any other purposes. The contents of this presentation have not been reviewed by any regulatory authority. 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By attending this presentation, you agree to be bound by the terms above. 2#3Overview of Acquisition Acquisition Address Tenant Land Area Net Lettable Area mapletree industrial Acquisition of a data centre and office located in the State of Virginia (the "Property"), the United States of America (the "United States" or "U.S.") 8011 Villa Park Drive, Richmond, Virginia Multinational company with strong credit standing (the "New Tenant") About 2.0 million sq ft About 700,000 sq ft " • Lease Term ■ Fully leased on a triple net basis with balance lease term of more than five years Initial lease term expiring on 10 Jun 2022 with three 5-year renewal options¹ Zero base rent from 13 Mar 2021 to 10 Jun 2022 " Rent to commence after 10 Jun 2022 Purchase Consideration² Completed 3 3 US$207.8 million (approximately S$282.6 million³) 12 Mar 2021 (Eastern Standard Time) 1 The New Tenant has renewed the first of three additional terms of five years (the "First Renewal Term"). 2 Refers to the Purchase Consideration payable upon completion of the Acquisition after taking into account the upfront discount of US$16.9 million (approximately S$23.0 million) (the "Upfront Discount"). In the absence of rental income from the Property from 13 Mar 2021 to 10 Jun 2022, the Vendor will provide the Upfront Discount on the Purchase Consideration based on the lower end of the range of the extension term base rent to be paid by the New Tenant. Unless otherwise stated, an illustrative exchange rate of US$1.00 to S$1.36 is used in this presentation.#4Property Overview Purchase Consideration Net Lettable Area Weighted Average Unexpired Lease Term of Underlying Land US$207.8 million 2 700,000 sq ft 1 2 Colorado Freehold California 1 Arizona 4 Texas 8011 Villa Park Drive, Richmond, Virginia MIT'S 27 Data Centres in North America² *Number of data centres indicated in the circles Wisconsin Ontario Michigan mapletree industrial Occupancy Rate 100.0%1 Pennsylvania 1 Massachusetts New Jersey 6 Virginia 1 Tennessee 2 North Carolina 4 Georgia 1 As at 31 Dec 2020. 2 4 Included three fully fitted hyperscale data centres and 10 powered shell data centres in North America, which is held under Mapletree Rosewood Data Centre Trust ("MRODCT"), a 50:50 joint venture with Mapletree Investments Pte Ltd ("MIPL").#5Rationale for and Benefits of the Acquisition mapletree industrial 5 Strategic Expansion in the Resilient Data Centre Segment 2 Enhances Resilience of the Enlarged Portfolio 3 DPU Accretive Acquisition#61 Strategic Expansion in the Resilient Data Centre Segment mapletree industrial Aligns with the Manager's long-term strategy Increases MIT's exposure to data centres from 38.2%¹ to approximately 40.8%² Increases MIT's exposure to North American data centres from approximately 31.7%¹ to 34.5%² Pre-Acquisition: Portfolio Breakdown by Asset Type1 Post-Acquisition: Portfolio Breakdown by Asset Type² 23.0% 9.0% 1.2% 7.5% 22.1% AUM: S$6.6 billion Data Centres: 38.2% Singapore: 6.5% North America: 31.7% 8.6% 1.1% 7.2% AUM: S$6.8 billion Data Centres: 40.8% Singapore: 6.3% North America: 34.5% 21.1% 20.2% ■ Data Centres Hi-Tech Buildings ■ Business Park Buildings ■ Flatted Factories ▪ Stack-up/Ramp-up Buildings Light Industrial Buildings AUM by Geography AUM by Geography Singapore North America 68.3% 31.7% Singapore North America 65.5% 34.5% 1 6 2 Based on MIT's book value of investment properties as well as MIT's interest of the joint venture with MIPL in three fully fitted hyperscale data centres and 10 powered shell data centres in North America and included MIT's right of use assets of S$27.4 million as at 31 Dec 2020. Based on MIT's portfolio as at 31 Dec 2020 and the Total Acquisition Outlay.#71 Strategic Expansion in the Resilient Data Centre Segment mapletree industrial Increase exposure to a resilient asset class with growth opportunities Global Insourced and Outsourced Data Centre Space¹ Net operational sq ft (million) 2018-2024F CAGR: 2.2% 1,058 1,075 1,089 1,103 1,116 1,127 987 284 313 341 370 401 431 250 The COVID-19 pandemic has brought about favourable tailwinds for the data centre segment Cloud providers have reported strong demand for data centre space during the pandemic ■ Preference to lease data centre space to quickly meet customers' requirements Global revenue for cloud computing is expected to grow at a compounded annual growth rate ("CAGR") of 14% from 2018 to 2024F1 Pandemic expected to accelerate this growth 7 737 774 762 748 733 715 696 2018 2019 2020F 2021F 2022F 2023F 2024F Insourced ■Outsourced 1 Strong leasing demand for data centre space from content, social media, e-payment, software-as-a-service and other information technology firms during the pandemic × Data centres were identified as essential infrastructure in North America during the pandemic and had remained open during the lockdown period Source: 451 Research LLC., 1Q2020. Insourced data centre space refers to enterprise-used data centre space. Outsourced data centre space comprises leased and cloud provider-owned data centre space.#81 Strategic Expansion in the Resilient Data Centre Segment mapletree industrial Increases exposure to the United States, the world's largest data centre market United States accounts for 28%¹ of the global data centre space Global Insourced and Outsourced Data Centre Space1 Growth in demand for U.S. data centre space is driven by: Explosive growth of data and cloud computing and thus the need for data storage Data created in 2025 will be 10 times the amount created in 2017 8 Europe 21% Middle East and Africa 8% Rest of North 1 America 2% Latin America 5% Asia Pacific 36% United States 28% Proliferation of consumer devices The proliferation of new devices fuels consumer demand for application and content delivery Need for data to be stored close to its end user The rise of the mobile workforce and the demand for data and applications to be available on mobile devices have led to a requirement that data and services to be available at any time in multiple locations Geographic diversity and resilience Firms need backup data centres to reduce the risk from natural disasters, terrorist attacks and accidental outages COVID-19 pandemic may catalyse growth in demand The pandemic inadvertently accelerates the pace of cloud adoption from the increased usage of remote working, video streaming and online gaming, which generate more data traffic By net operational sq ft. Source: 451 Research LLC., 1Q2020. Insourced data centre space refers to enterprise-used data centre space. Outsourced data centre space comprises leased and cloud provider-owned data centre space.#92 Enhances Resilience of the Enlarged Portfolio mapletree industrial Provides income stability Lease expiring in FY25/26 and beyond will increase from 34.0%¹ to 35.8%² Pre-Acquisition: Lease Expiry Profile¹ 2.6% 18.5% 16.1% 24.4% 4.4% 34.0% FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 FY25/26 & Beyond Post-Acquisition: Lease Expiry Profile² 2.6% 23.7% 18.0% 15.6% 4.3% 35.8% FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 FY25/26 & Beyond ■Data Centres (Singapore) Data Centres (North America) Hi-Tech Buildings Business Park Buildings Flatted Factories Stack-up / Ramp-up Buildings Light Industrial Buildings 9 2 Portfolio WALE: 4.1 years Portfolio WALE: 4.1 years 1 By gross rental income ("GRI") as at 31 Dec 2020. 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. Based on MIT's portfolio as at 31 Dec 2020 and assuming that the Acquisition is completed on 31 Dec 2020.#102 Enhances Resilience of the Enlarged Portfolio mapletree industrial Provides income stability × Augment MIT's tenant base with the addition of a new data centre tenant ☑Upon completion, the New Tenant will become the 5th largest tenant of MIT's portfolio and reduce the exposure to any single tenant from 7.5% 1 to 7.3%² Pre and Post-Acquisition: Top 10 Tenants¹ 7.5% 7.3% 6.6% 6.4% As at 31 Dec 2020 Post-Acquisition 3.9%3.8% 3.8% 3.7% 2.9% 2.7%2.6% 2.3% 2.2% 1.6% 1.5% 1.5%1.5% 1.5% 1.4% hp AT&T EQUINIX Global Social Media Company³ New Tenant² Global Colocation Provider³ STTelemedia Fortune 25 Investment Grade-Rated Vivantos T Vanguard Company³ 1 By GRI. 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. 2 Based on MIT's portfolio as at 31 Dec 2020 and assuming that the Acquisition is completed on 31 Dec 2020. 10 3 The identities of the tenants cannot be disclosed due to the strict confidentiality obligations under the lease agreements.#112 Enhances Resilience of the Enlarged Portfolio mapletree industrial Increases freehold component of MIT's overall portfolio Freehold properties (by land area) will increase from 51.8%¹1 to 55.9%² of the enlarged portfolio Remaining Years to Expiry on Underlying Land Leases (by Land Area) 1 11 2 9.7% 8.9% 6.7% 6.2% 5.1% 4.6% 22.4% 20.5% As at 31 Dec 2020 Post-Acquisition 55.9% 51.8% 4.3% 3.9% 0 to 20 years >20 to 30 years >30 to 40 years >40 to 50 years More than 50 years Freehold WALE of Underlying Leasehold Land: 36.0 years² 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. Based on MIT's portfolio as at 31 Dec 2020 and assuming that the Acquisition is completed on 31 Dec 2020.#123 DPU Accretive Acquisition mapletree industrial DPU Accretive to MIT's Unitholders Total Acquisition Outlay1 of approximately US$246.7 million (approximately S$335.5 million) has been or expected to be funded fully be debt × Depending on the market conditions, MIT may consider other funding sources to partially refinance the debt ➤ Distributions from the Property will be based on the average rental income to be received from 13 Mar 2021 until the end of the First Renewal Term × Assuming Loan to Value ("LTV") of 100.0% and 60.0% for illustrative purposes, DPU accretion is expected to be 2.0% and 0.8% respectively Distribution Per Unit (Singapore cents) 12 12.24 12.49 12.34 FY19/20 LTV 100.0% LTV 60.0% 1 2 Assuming the completion of the Acquisition at the various LTV1,2 Represented the pro forma financial effects of the Acquisition on MIT's DPU for the financial year ended 31 Mar 2020, as if the Acquisition was completed on 1 Apr 2019, and MIT held and operated the Property through to 31 Mar 2020. Assuming (a) the Purchase Consideration of the Acquisition at US$207.8 million (approximately S$282.6 million) and (b) approximately 0.3 million new Units issued to the Manager as payment of 50.0% of the base fees based on the historical issue prices of management fees paid in Units for MIT's existing portfolio. In case of LTV of 60.0%, approximately 45.5 million new Units are issued to raise gross proceeds of S$114.8 million to part-finance the Acquisition.#13mapletree industrial End of Presentation For enquiries, please contact Ms Melissa Tan, Director, Investor Relations, DID: (65) 6377 6113, Email: [email protected]