Investor Presentation: Proposed Acquisition of Two Modern Logistics Properties in India

Mapletree Logistics Trust

Proposed Acquisition of Two Modern Logistics Properties in India

17 March 2021

Purchase Consideration

INR 4,550 million (S$84.2 million1)

Overview of the Proposed Acquisition

Net Property Income ("NPI") Yield

7.4%

Net Lettable Area

("NLA")

87,256 sq m

Occupancy

98.2%2

Description

Agreed Property Value (INR million)

Valuation4 (INR million)

NLA

Remaining Land Tenure3

Occupancy

74,161 13,095

Plot No.5, Chakan MIDC Area Phase - II,

Village Khalumbre, Taluka Khed, District Pune ("Chakan MIDC")

4 blocks, single-storey ambient warehouse

Notes:

• 1) Based on exchange rate of INR54.05 = S$1

• 2) Weighted by NLA.

• 3) As at 3 March 2021.

  Plot No. P-12, Talegaon Floriculture and Industrial Park, MIDC Talegaon, Village Navlakh Umbre, Taluka Maval, District

  Pune ("Talegaon MIDC")

  2 blocks, single-storey ambient warehouse

  4,050 500

  4,179 548

  88 years 100%

  86 years

  88%

• 4) Based on independent valuations conducted by Savills Property Services (India) Pvt. Ltd. as at 2 March 2021. The Valuer has valued the Properties based on the discounted cash flow method and income capitalisation method.

Weighted Average Lease Expiry by revenue

("WALE")

2.2 years3

•  Entry into India, an attractive logistics market

  •  Increasing urbanisation coupled with a growing middle class is expected to support rising consumption levels which drives demand for modern logistics space

  •  E-commerce growth, accelerated by the COVID-19 pandemic, provides new source of demand for high quality warehousing facilities in prime locations

  •  India is a beneficiary of the "China Plus" supply chain diversification strategy adopted by manufacturers

  •  Supply of Grade A logistics space in India remains low, thus supporting occupancy1

•  Strategic locations in key logistics hub with excellent connectivity

  •  Pune is an important warehousing centre in India with demand driven largely by e-commerce, third-party logistics as well as manufacturing

  •  Properties are located within the Pune Metropolitan Region, an established zone for high-tech engineering and automobile industries, with strong growth in industrial activities

  •  Well connected to major cities and transportation infrastructure such as the Mumbai Metropolitan Region, Pune city centre, Pune Airport and Jawaharlal Nehru Port, via the Mumbai-Pune Expressway

Notes:

1. Knight Frank, "India Warehousing Market Report 2020".

•  Quality logistics facilities

  •  Purpose-built with modern logistics specifications, including height clearance of 8.5m to 9m and floor loading of 6 tonnes/psm to 8 tonnes/psm

  •  Leased to mostly multinational corporations such as Kawasaki and Hyundai with WALE of 2.2 years and built-in annual escalations

•  Acquisition is expected to be accretive with NPI yield of 7.4%

  •  Acquisition will be funded by debt and is expected to be completed by the second calendar quarter of 2021, subject to fulfilment of the relevant conditions precedent

  •  Upon completion, MLT's aggregate leverage ratio is projected to be approximately 40.1%1

Notes:

1. Based on MLT's financials as at 31 December 2020 and also taking into account the proposed acquisition of Mapletree Logistics Hub -Tanjung Pelepas announced on 19 October 2020 and the proposed acquisition of interests in a portfolio of five logistics properties in South Korea announced on 15 February 2021, with both acquisitions pending completion.