Mapletree Industrial Trust : Disclosure Pursuant to Rule 704(31) of the Listing Manual of the Singapore Exchange Securities Trading Limited

(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 29 January 2008 (as amended))

ANNOUNCEMENT

DISCLOSURE PURSUANT TO RULE 704(31) OF THE LISTING MANUAL OF THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED

28 February 2020 - Pursuant to Rule 704(31) of the Listing Manual of the Singapore Exchange Securities Trading Limited ("SGX-ST"), Mapletree Industrial Trust Management Ltd., as manager (the "Manager") of Mapletree Industrial Trust ("MIT"), wishes to announce that DBS Trustee Limited, as trustee of MIT (the "Trustee") has entered into new loan facilities today, which contain certain conditions similar to those in some of MIT's loan facilities and notes issued1 (collectively, the "Debt Facilities").

In the event of the following:

1. The Manager resigns or is removed as a manager of MIT and the replacement manager is not appointed in accordance with the provisions of the trust deed constituting MIT; and/or
2. The Manager and/or the replacement manager ceases to be a direct or indirect wholly- owned subsidiary or subsidiary of Mapletree Investments Pte Ltd, the sponsor of MIT.

(collectively, the "Conditions"), the lender(s) may cancel the available commitment under the loan facilities and holders of outstanding notes may direct that the notes become immediately due and payable, whereupon the Trustee shall pay an amount equal to the aggregate of the principal amounts outstanding, all interest accrued thereon and all other amounts accrued or outstanding within a stipulated period.

The aggregate amount of Debt Facilities that may be affected by a breach of the Conditions is S$2,010.1 million.

1 Notes issued under the S$1,000,000,000 Multicurrency Medium Term Note Programme and S$2,000,000,000 Euro Medium Term Securities Programme.

1

As at the date of this announcement, there has been no breach of the Conditions.

By order of the Board Wan Kwong Weng Joint Company Secretary

Mapletree Industrial Trust Management Ltd. (Company Registration No. 201015667D) As Manager of Mapletree Industrial Trust

Important Notice

The value of units and the income derived from them may fall as well as rise. 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 of MIT may only deal in their units through trading on the SGX-ST. Listing of the units on the SGX-ST does not guarantee a liquid market for the units.

The past performance of MIT is not necessarily indicative of the future performance of MIT.

2