Investor Presentaiton

Outlook North America • • mapletree industrial According to CBRE, real estate values for most property types in North America are unlikely to fully stabilise until mid-20244 Following a projected 16% y-o-y increase in rental rates for 250-to-500-kilowatt requirements in 2023, CBRE expected another 10% to 15% increase in rental rates in 2024 due to supply constraints and continued strong demand across all data centre markets New demand sources, especially from artificial intelligence workloads, are fuelling data centre development activity. Under construction capacity in primary data centre markets (Northern Virginia, Silicon Valley, Chicago, New York Tri State area, Dallas, Phoenix, Hillsboro and Atlanta) is expected to be 2,500 megawatts ("MW") by end of 2023 and forecasted to be 3,000 MW by end 2024 Japan • . While cumulative commercial real estate investment volume rose by 27% y-o-y for the first three quarters of 2023, CBRE expected investment activity to weaken in 2024 and fall below 2023's figures5. Anticipated changes to Bank of Japan's monetary policy in 2024 may result in further increase in long- term interest rates. As a result, investors may seek higher targeted capitalisation rates, widening the gap between asking and offering prices, thereby limiting the volume of transactions5 According to DC Byte, demand for data centre capacity in Japan remained strong, largely driven by increasing demand for ICT services. Data centre demand in the Greater Tokyo and Greater Osaka is expected to grow at a CAGR of 13% and 14% respectively, between 2023 to 2027F6 4 Source: CBRE US Real Estate Market Outlook 2024. 5 Source: CBRE Japan Market Outlook 2024. 6 Source: DC Byte, 2023. 41

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