CIRCULAR DATED 22 DECEMBER 2021

THIS CIRCULAR IS IMPORTANT AND

REQUIRES YOUR IMMEDIATE ATTENTION

MAPLETREE LOGISTICS TRUST

(Constituted in the Republic of Singapore

Pursuant to a trust deed dated 5 July 2004 (as amended))

Singapore Exchange Securities Trading Limited (the "SGX-ST") takes no responsibility for the accuracy or correctness of any statements or opinions made, or reports contained, in this Circular. If you are in any doubt as to the action you should take, you should consult your stockbroker, bank manager, solicitor, accountant or other professional adviser immediately.

If you have sold or transferred all your units in Mapletree Logistics Trust ("MLT", and the units in MLT, the "Units"), you should immediately forward this Circular, together with the Notice of Extraordinary General Meeting and the accompanying Proxy Form in this Circular, to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for onward transmission to the purchaser or transferee.

This Circular does not constitute an offer of securities in the United States or any other jurisdiction. The securities of MLT will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under the securities laws of any state or other jurisdiction of the United States, and any such securities may not be offered or sold within the United States except pursuant to an exemption from, or transactions not subject to, the registration requirements of the Securities Act and in compliance with any applicable state securities laws. Mapletree Logistics Trust Management Ltd., as manager of MLT (the "Manager"), does not intend to conduct a public offering of any securities of MLT in the United States.

CIRCULAR TO UNITHOLDERS IN RELATION TO:

  1. THE PROPOSED ACQUISITIONS OF (A) A 100.0% INTEREST IN 13 LOGISTICS ASSETS LOCATED IN THE PEOPLE'S REPUBLIC OF CHINA THROUGH THE ACQUISITION OF 13 PROPERTY HOLDING COMPANIES AND (B) A 100.0% INTEREST IN THREE LOGISTICS ASSETS LOCATED IN VIETNAM THROUGH THE ACQUISITION OF THREE PROPERTY HOLDING COMPANIES, AS INTERESTED PERSON TRANSACTIONS;
  2. THE PROPOSED ISSUE OF 106,382,979 NEW UNITS IN MLT AS PARTIAL CONSIDERATION FOR THE PRC ACQUISITIONS; AND
  3. THE PROPOSED WHITEWASH RESOLUTION.

IMPORTANT DATES AND TIMES FOR UNITHOLDERS

Last date and time for

10 January 2022

pre-registration for Extraordinary

at 2.30 p.m.

General Meeting ("EGM")

Last date and time for lodgement

10 January 2022

of Proxy Forms

at 2.30 p.m.

Date and time of EGM held at the

13 January 2022

physical location below and by way

at 2.30 p.m.

of electronic means

Physical location of EGM

20 Pasir Panjang Road

Mapletree Business City

Town Hall - Auditorium

Singapore 117439

Managed by

Joint Global Co-ordinators and Bookrunners in relation to the Equity Fund Raising

(as defined herein)

MAPLETREE LOGISTICS TRUST

MANAGEMENT LTD.

Independent Financial Adviser to the Independent Directors, Audit and Risk Committee and the Trustee

(each as defined herein)

Overview of the Properties1

Aggregate Agreed

Net Property

Net Lettable Area

Committed

Weighted Average

Property Value

Income ("NPI") Yield

("NLA")

Occupancy

Lease Expiry ("WALE")

S$1,014.6 million2

~5.1%3

1,051,525 sq m

90.1%

2.9 years4

China

Vietnam

1

Mapletree Wenzhou

14

Mapletree Bac Ninh 4

2

Mapletree Zhengzhou

15

Mapletree Bac Ninh 5

No. of

3

Mapletree Yangzhou

Mapletree Logistics

13

3

16

Properties

Park 5

4

Mapletree Kunming

5

Mapletree Yuyao 2

NLA ('000)

863.0 sq m

188.5 sq m

6

Mapletree Xi'an

7

Mapletree Yixing

Committed

88.0%5

100.0%

8

Mapletree Yantai

Occupancy

9 Mapletree Harbin

10 Mapletree Yuyao

WALE4

2.6 years

3.9 years

11

Mapletree Chongqing

12

Mapletree Tianjin

Agreed

13

Mapletree Zhongshan

Property

S$883.3 m

S$131.3 m

All information is as at 14 December 2021 ("Latest Practicable Date") unless otherwise stated.

Value2

  1. Refers to the 100.0% interest in 13 PRC Properties and three Vietnam Properties.
  2. Based on the illustrative exchange rate of S$1.00 = RMB4.65 and S$1.00 = USD0.73.
  3. NPI yield includes Income Support.
  4. Weighted average lease expiry by proportionate NLA.
  5. Seven of the PRC Properties are currently undergoing stabilisation and hence are currently operating below current market levels.

MLT After the Acquisitions

Enlarged Assets Under Management of c. S$11.79 billion from c. S$10.76 billion

Before the

2

After the

% Change

Acquisitions1

Properties

Acquisitions

NLA

6,463,362 sq m

1,051,525 sq m

7,514,887 sq m

16.3%

Assets Under Management

S$10,762.9 million

S$1,030.2 million3

S$11,793.1 million

9.6%

WALE4

3.7 years

2.9 years

3.6 years

2.7%

Number of Tenants

753

66

819

8.8%

Occupancy Rate

97.8%5

90.1%6

96.7%

1.1%

Aggregate Leverage

39.0%7

-

39.1%8

0.1%

(Pro forma as at 30 September 2021)

Net Asset Value per Unit (S$)

1.33

-

1.379

3.3%

(Pro forma as at 31 March 2021)

Source: Company information.

  1. As at 30 September 2021.
  2. As at the Latest Practicable Date.
  3. Based on the aggregate Agreed Property Value of the Properties, which includes any capitalised costs.
  4. Weighted average by proportionate leased NLA.
  5. Based on the actual occupancy.
  6. Based on the committed occupancy. The committed occupancy for the PRC Properties is 88.0% and for the Vietnam Properties is 100.0%.
  7. Pro forma as at 30 September 2021, including committed acquisitions announced to date (excluding the proposed acquisition of a logistics property in Japan (the "Japan Property"), further details of which are set out in the announcement by MLT dated 22 November 2021 and which was completed on 16 December 2021), partially funded by approximately S$150.0 million out of the gross proceeds arising from the issue of S$400.0 million in principal amount of 3.725% fixed rate subordinated perpetual securities (as first announced by the Manager on 26 October 2021).
  8. Includes gross proceeds of S$692.8 million from the Equity Fund Raising, S$200.0 million worth of Consideration Units, the Loan Facilities as well as the drawdown of debt facilities to part finance the proposed acquisition of the Japan Property.
  9. Includes (a) approximately 212.8 million New Units issued in connection with the Private Placement at an issue price of S$1.88 per New Unit and 51.6 million New Units issued in connection with the Preferential Offering at an issue price of S$1.84 per New Unit, (b) approximately 2,734,423 Acquisition Fee Units issued as payment of the Acquisition Fee payable to the Manager at an issue price of S$1.88 per Acquisition Fee Unit and (c) 106,382,979 Consideration Units issued at an issue price of S$1.88 per Consideration Unit.

1 Deepen Presence in Attractive Logistics Markets of China and Vietnam

Fast Growing Domestic Markets Supported by Resilient Economic Fundamentals

Relatively Low Urbanisation Rates with Significant Growth Potential

Robust Consumption Growth

Urban Population Growth and Percentage of Urban Population

Consumption Expenditure per Capita and Growth Rate

(%)

(USD'000, %)

31.4% 13.9% 20.4% 3.4% 14.2% -3.3% 6.3% 7.4%

100.0%

75.0%

50.0%

25.0%

0.0%

VN

CN

MY

SK

AU

JP

HK

SG

Urban Population Growth Rate from 2020 - 2031F (%)

2020 Urbanisation Rate (%)

2031F Urbanisation Rate (%)

Source: Independent Market Research Consultants.

1.9

4.0

28.2

19.7

30.8

14.8

42.4

21.4

10.0%

Consumption expenditure per capita of China and

8.2% Vietnam was estimated to be 15% and 7% of the average of developed countries respectively, suggesting huge growth potential in the future

5.3%

4.5%

3.9% 3.7% 3.7%

2.6%

VN

CN

AU

SG

HK

SK

US

JP

2020 Consumption Expenditure per Capita (USD'000) Consumption Expenditure per Capita Growth: '22F - '25F (CAGR)

Source: Independent Market Research Consultants.

Both China and Vietnam are projected to exhibit strong growth in their urban populations of 13.9% and 31.4% respectively, between 2020 and 2031

Consumption expenditure per capita of China and Vietnam is expected to grow at a compound annual growth rate ("CAGR") of 8.2% and 10.0% respectively from 2022 to 2025, amongst the highest growth rates in Asia Pacific

Increasing urbanisation and a growing middle class is expected to support rising consumption in both China and Vietnam, resulting in higher demand for logistics space

Limited Supply of Grade A Warehouse Space Presents Opportunity for MLT to Fill the Market Gap

Relatively Low Supply of Grade A Warehouse with Significant Headroom for Growth

Logistics Real Estate Space per Capita and Grade A Warehouse Supply as a % of Total Stock (sq m, %)

Average Rent Premium for Grade A vs. Traditional Warehouses

(%)

JP

30%

6.5%

US

63.5%

25%

SG

20%

48.0%

AU

15%

80.7%

CN

VN

CN

6.8%

Rent Premium between Grade A and Traditional Warehouses (%)

Limited Supply

Significant

of Grade A

Headroom for

Source: Independent Market Research Consultants.

Warehouse

Growth

VN

21.1%

Limited supply of Grade A warehouse

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

space across China and Vietnam

Total Logistics Real Estate Space per Capita (sq m)

Low logistics space per capita vs countries

like Japan and the US suggests significant

Grade A Warehouse Supply (% of total stock)

headroom for growth

Source: Independent Market Research Consultants.

Grade A warehouse space commands

a sizeable rent premium over traditional

warehouses

1 Deepen Presence in Attractive Logistics Markets of China and Vietnam (Cont'd)

Augmenting Growth while Maintaining Large Exposure to Developed Markets in Asia-Pacific

Existing Portfolio

Assets under Management ("AUM") and Gross Revenue

Enlarged Portfolio1

Assets under Management and Gross Revenue

(SGD million, %)

0.8%

1.8%

24.1%

2021)

75.9%

4.7%

(SGD million, %)

0.7%

2.8%22.0%

4.3%

69.3%

AUM 30Sep

16.8%

S$10,762.9

million

24.7%

at

(as

8.2%

7.7%

11.2%

1.2%

3.0%

29.2%

6-Month Gross Revenue (as at 30 Sep 2021)

71.6%

5.4%

S$328.8

18.8%

million

17.6%

7.7%

10.0%

7.1%

Singapore

Hong Kong SAR

Japan

Australia

South Korea

Source: Company information.

  1. Excludes the proposed acquisition of the Japan Property.

S$11,793.1

22.9% million 22.6%

7.5%

10.2%

7.0%

1.0%

4.1%

26.5%

65.1%

4.9%

S$362.4

million 16.0%

24.9%

9.1%

7.0% 6.5%

China Malaysia Vietnam India Developed Markets

2 Capture Opportunities from Structural Trends Accelerated by the COVID-19 Pandemic

COVID-19 Fueling the Rapid Growth of the E-commerce Logistics Market

E-commerce Logistics Market Size and Growth (USD billion, %)

"China Plus" Strategy to Benefit Vietnam

Registered FDI Investment and Registered Capital Growth (USD billion, %)

0.6

138.7

0.6

1.0

14.2

5.2

150.0

16.9

40.0

60.0%

19.9%

~ 1.6x - 2.7x that of average developed countries

35.0

50.0%

30.0

40.0%

25.0

30.0%

12.0%

Average Developed

20.0%

10.2%

Countries' Growth: 7.4%

20.0

8.7%

10.0%

7.2%

6.1%

6.0%

6.0%

15.0

0.0%

10.0

(10.0)%

5.0

(20.0)%

0.0

(30.0)%

VN

CN

SG

HK

SK

AU

US

JP

2016

2017

2018

2019

2020 2021F 2022F

2020 E-commerce Logistics Market Size (USD billion)

Registered Capital (USD billion)

Forecast E-commerce Logistics Market Size Growth: '20 -'25F (CAGR)

Registered Capital Growth (%)

Source: Independent Market Research Consultants.

Source: Independent Market Research Consultants.

Rapid rise of e-commerce has bolstered demand for logistics space, with tenants favouring modern Grade A logistics facilities

"Just-in-Time" to "Just-in-Case"

Increased Emphasis on Supply Chain Security and Resilience

Despite the COVID-19 pandemic, Vietnam's FDI has increased by 4.4% (first 9 months of 2021) Vietnam is expecting a strong FDI growth of 19.9% in 2022

Supply chain resilience will be prioritised over efficiency especially for businesses operating in critical sectors increase "safety stock"

Inventory of retailers is expected to grow by 10% to 15% to serve as buffer stock

Above structural trends will boost demand for warehouse space, especially for modern Grade A warehouses

3 Strengthen MLT's Network Connectivity across Key Logistics Nodes

Deepen and Expand Coverage across Key Cities in China with Addition of Three New Provinces

Narrowing Consumption Gap between

Tier 1 & Non-Tier 1 Cities

Urban Consumption Expenditure per Capita in China

(RMB)

Heilongjiang

Jilin

Xinjiang

Liaoning

74,678

Beijing

30%

Inner Mongolia

52,124

42,125

41%

Hebei

Tianjin

Ningxia

Shanxi

24,838

Qinghai

Shandong

Gansu

2020

2031

Shaanxi

Henan

Jiangsu

Tibet

Anhui

Shanghai

Sichuan

Hubei

Chongqing

Jiangxi

Zhejiang

Hunan

No. of

NLA

Guizhou

Fujian

Assets

(sq m)

Yunnan

Existing

Taiwan

30

2,006,791

Guangxi

Guangdong

assets

Hong Kong

New

13

863,015

Macau

assets

Tier 1 Cities

Non-Tier 1 Cities

Source: Independent Market Research Consultants.

Growing Network Effect

Expand network in China to 43 assets covering 29 cities

57% of tenants in China will be leasing space in more than one MLT asset in China

Total

43

2,869,806

Hainan

Enlarged portfolio has access to an

aggregate population base in China of

Source: Company information.

>142 million people

Deepen Presence In Thriving Logistics Hubs of Vietnam

Bac Ninh

Lang Son

ai

Nguyen

Int'l Airport

Bac Giang

Quang Ninh

Bac Ninh

Mapletree Bac Ninh 4

Hanoi Mapletree Bac Ninh 5

Hai Phong

Hai Phong

Port

Binh Duong

Mapletree

Bien Hoa

Railway

Logistics Park5

Ho Chi

Dong

Minh City

Nai

Tan Son Nhat

Long Thanh

Int'l Airport

Int'l Airport

Tan Cang - Cat Lai

Terminal Port

Saigon

Railway

Binh Duong

Location of Existing Assets Location of New Assets to be Acquired

Key Attractiveness of Bac Ninh

Close proximity to Hanoi, the largest consumption market in Northern Vietnam, allows it to serve as the logistics and distribution hub for domestic consumption

Home to a prominent electronics cluster with many global multinational corporations setting up production bases in the region

Attractive to foreign investors with its close proximity to China, which allows manufacturers to source supplies from Southern China, and access to an abundant workforce

3rd highest recipient of FDI in Northern Vietnam

Key Attractiveness of Binh Duong

Close proximity to Ho Chi Minh City, the largest consumption market in Vietnam, creates strong demand for warehouse space to support e-commerce and local retailers

Largest warehouse market in Southern Vietnam, accounting for about half of its total supply

Demand for logistics facilities is sustained by a thriving manufacturing sector, as Binh Duong is home to the country's largest southern industrial zones

2nd highest recipient of FDI in Southern Vietnam

Sources: Independent Market Research Consultants and company information.

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Mapletree Logistics Trust published this content on 22 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 December 2021 15:56:07 UTC.