Mapletree Logistics Trust : Responses to Substantial and Relevant Questions from Unitholders for the Annual General Meeting on 13 July 2021

(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 5 July 2004 (as amended))

ANNOUNCEMENT

RESPONSES TO SUBSTANTIAL AND RELEVANT QUESTIONS FROM UNITHOLDERS FOR THE ANNUAL GENERAL MEETING ON 13 JULY 2021

Mapletree Logistics Trust Management Ltd., as manager (the "Manager" or "MLTM") of Mapletree Logistics Trust ("MLT"), wishes to thank all Unitholders of MLT who have submitted their questions in advance of the 12th Annual General Meeting of MLT, which will be held virtually on 13 July 2021, 2.30 p.m. (Singapore Time) via the live audio-visual webcast or live audio-only stream.

The Appendix sets out the Manager's responses to the substantial and relevant questions received from Unitholders. Where questions overlap or are closely related, they have been merged and rephrased for clarity. For Unitholders' easy reference, the questions are grouped into the following key topics:

• Operations
• Strategy
• Capital Management
• Financials
• Corporate Governance / Sustainability

By Order of the Board

Wan Kwong Weng

Joint Company Secretary

Mapletree Logistics Trust Management Ltd.

(Company Registration No. 200500947N)

As Manager of Mapletree Logistics Trust

13 July 2021

Important Notice

This Announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for units in MLT ("Units"). 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 MLT may only deal in their Units through trading on the Singapore Exchange Securities

Trading Limited ("SGX-ST"). Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

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

The information in this Announcement must not be published outside the Republic of Singapore and in particular, but without limitation, must not be published in any United States edition of any publication.

APPENDIX

Operations

1. How will the pandemic in India affect MLT's revenue?

Response

The operations of MLT's two assets in Pune, India and our tenants have remained relatively resilient to-date. As the logistics and warehousing sector forms part of essential services, it is exempted from the various lockdown provisions. Our tenants were able to continue their operations during the months of April and May 2021 when the pandemic situation in Pune was at its most critical. The COVID-19 situation has improved over the past few weeks with the number of cases declining and vaccination gaining in momentum. The Manager continues to maintain a close watch on the situation and will be prepared to act appropriately should any challenge emerge in the future.

Strategy

2. a) Can the manager provide greater clarity on the REIT's target capital allocation by geography?

1. For the benefit of long-term unitholders, can management comment if (or how has) the risk profile of the REIT changed in view of the recent acquisitions given the heavy focus on regional expansion and on the ecommerce logistics segment?
2. How does management ensure that it maintains intimate knowledge of the local real estate (specifically logistics) conditions as it expands to more countries/cities in its regional expansion?
3. Is the REIT manager still focused on value creation via redevelopment/ asset enhancement? What are the opportunities in the current portfolio? Will the REIT be carrying out any major redevelopment in the near term?

Response

1. The Manager does not have fixed targets on geographical mix for capital allocation. As a pan Asia Pacific logistics REIT, our aim is to deepen MLT's network connectivity through selective acquisitions of quality logistics properties in key logistics hubs of the respective markets. A growing network enables MLT to offer customers a variety of leasing options in multiple cities, which enhances MLT's competitive advantage.
2. The Manager has exercised discipline in growing the REIT steadily over the years, acquiring assets with sound fundamentals that will provide long-term sustainability in DPU and NAV. We believe it is advantageous to have exposure to both developed markets and developing markets. Developed markets such as Australia and Japan are mature and offer stability. Developing markets like China and Vietnam, with increasing urbanisation, e- commerce growth and a limited supply of Grade A warehouse space, offer higher growth prospects, complementing our exposure to developed markets. We do not expect a material change in risk profile and we continue to adopt a prudent hedging strategy to mitigate currency and interest rate volatilities. We expect developed markets to continue accounting for the majority of MLT's assets under management (AUM) and revenue.
3. The Manager has local teams operating in the respective regional markets and will continue to leverage their execution capabilities and deep market knowledge. In all of these markets, we are also able to tap on the established network presence and management capabilities of the Sponsor, Mapletree Investments Pte Ltd.
4. Redevelopment/AEI remains one of the Manager's key strategies to enhance the value and competitiveness of the portfolio. Besides seeking the requisite authorities' approval, we also need to manage the timing of these projects (to time them with expiry of leases so as to

minimise disruptions to our sitting tenants) and the impact to DPU. We will be embarking on an AEI in Singapore and will share more details in due course.

3. In the last financial year, the assets under management (AUM) increased by 20.9%. AUM has almost doubled from $5.5 billion in FY16/17 to $10.8 billion in FY20/21. The cumulative annual growth rate (CAGR) of the REIT's AUM from FY16/17 is 18.4% per annum.

1. Can the manager help unitholders understand if the manager will continue to grow the REIT via acquisitions at the same rate? How has the pandemic affected the pace of acquisition of the REIT? In the past financial year, the increase in AUM was 20.9%, or $1.87 billion. The total value of acquisitions in FY20/21 was $1.6 billion (page 9) while $184 million was due to a valuation uplift.
2. What were the deliberations by the manager and by the board on the stage of the market cycle and on the valuation of assets?

On the other hand, DPU increased from 7.440 cents per unit in FY16/17 to 8.326 cents per unit in FY20/21. The increase in DPU is 12% from FY16/17 to FY20/21, or a CAGR of 2.85% per annum.

1. Has the REIT manager evaluated if unitholders have benefitted equally from the acquisitions given that DPU has only increased by 2.85% per annum when AUM increased by 18.4% per annum? In addition, over the same period, management fees increased by 13% per annum (CAGR) or 65% to $63.3 million in FY20/21

Response

1. As part of the portfolio rejuvenation plan, we are proactively seeking acquisition opportunities of good quality, well-located properties, while selectively divesting assets with outdated specifications and limited redevelopment potential. We are open to acquire from both the Sponsor and third parties. However, as acquisitions are opportunistic, it will be difficult to project the future rate of acquisitions. We will remain disciplined and our evaluation criteria for acquisitions include considerations such as expected DPU-accretion, strategic fit and any value creation opportunities.
   In FY20/21, we acquired S$1.6 billion of assets of which over S$600 million came from third parties. The successful execution of these acquisitions amidst the pandemic was in large part due to our strong on-the-ground presence in the respective markets which facilitated deal sourcing and due diligence.
2. Investor interest in logistics real estate has been growing for several years and has further intensified in the recent 12 - 18 months. This is due to the sector's strong fundamentals as it has proved resilient during the pandemic and in fact is benefitting from an acceleration in several structural trends due to COVID-19. For instance, e-commerce acceleration and structural shifts in supply chain management to "China Plus One" or "Just-in-Case" strategies have boosted demand for warehouse space. Strong investor interest has led to a general uptrend in valuations for logistics properties, especially for well-located and modern facilities. These structural trends could last for some years to come and if so, they will be supportive of logistics asset valuations.
3. The Manager is focused on the continued execution of its "Yield + Growth" strategy to provide Unitholders with competitive returns through regular distributions and growth in asset value.
   In pursuit of this strategy, the Manager has exercised discipline in growing MLT over the years, placing a strong focus on achieving DPU accretion in any acquisition and ensuring they comprise properties that fit strategically with the overall portfolio. As we grow bigger,

each dollar of acquisition will have less impact on DPU as the contribution will be spread over a larger unit base. Note also that for an Asia Pacific platform like MLT, it requires on the ground presence and accordingly we have offices in 9 markets with over 200 staff. The level of expenditure (which is borne by the Manager) required to source, grow and manage the portfolio is far higher than for a REIT which is solely Singapore-based.

Over the period FY16/17 to FY20/21, MLT delivered CAGR of 18.4% for AUM, 15.7% for Distributable Income to Unitholders, 6.3% for Net Asset Value per unit and 2.9% for DPU (please refer to page 4 of FY20/21 Annual Report).

Over the same period, MLT's unit price has risen 76% from S$1.095 (@ 31 Mar 2017) to

S$1.93 (@31 Mar 2021) (page 7 of Annual Report). A Unitholder who had held his units for the 4-year period would have enjoyed a total return of 105%, comprising 76% appreciation in unit price and distribution yield of 29%. We believe MLT has delivered competitive returns compared to the STI and FSTREI, which recorded total returns of 14.4% and 37.8% respectively for the same period.

4. a) Please elaborate on the expansion plan for India? What is the target weightage of AUM in the MLT overall portfolio? Timeline to achieving the desired portfolio size?

1. What are the challenges of operating in India? What ground expertise/knowledge the Sponsor and the manager have in India to well equip MLT in its foray and further expansion in India?
2. Any ROFR assets from the sponsor in India?

Response

1. As explained in the response to Question 2 above, we do not have fixed targets on geographical mix. We expect developed markets to continue to account for the majority of MLT's AUM and revenue.
   India is a fast growing logistics market that offers attractive long-term prospects. Strong demand for logistics space is underpinned by a large growing consumer market, rapidly developing e-commerce, India's increasing importance as a major manufacturing hub in
   Asia Pacific and a lack of supply of Grade A warehouses. We will continue to seek out acquisition opportunities to deepen our presence in India, particularly in key Tier 1 cities like Delhi NCR, Bengaluru, Chennai, Mumbai, Pune and Hyderabad.
2. Some of the challenges of investing in India include having access to large, regular shaped land with clean titles, and navigating the different law structures in different states. In this regard, the Manager is leveraging the Sponsor's in-depth local knowledge and established management capabilities. The Sponsor, which established its first India-based office in 2007, has S$1.2 billion of assets under management in India as at March 2021, comprising commercial and logistics assets.

1. The Sponsor owns a logistics park in Chakan, Pune, comprising completed assets and projects under development, with total gross floor area of over 100,000 sqm. MLT does not have a ROFR on these projects. When these projects are completed and stabilized, and should the Sponsor decide to sell, the Sponsor will usually offer them to MLT.

5. Has the Sponsor ever spoken to the manager or has the manager contemplated about potentially acquiring some of the Sponsor's logistic assets in Europe and North America in the future?

Response

There are currently no plans for MLT to expand into Europe or North America. The Manager remains focused on growing MLT's existing presence in the Asia Pacific region, which offers