Investor Presentaiton

Outlook 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

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