Mapletree Industrial Trust : Reports Stable Distribution per Unit of 3.39 Cents for 1QFY23/24

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

PRESS RELEASE

Mapletree Industrial Trust Reports Stable

Distribution per Unit of 3.39 Cents for 1QFY23/24

• DPU of 3.39 cents for 1QFY23/24 increased by 1.8% quarter-on-quarter
• Strategic diversification into one of the most developed data centre markets in Asia Pacific with the proposed acquisition of a data centre in Osaka, Japan
• Continued strategic focus on pursuing accretive acquisitions and developments as well as selective divestments of non-core assets

26 July 2023 - Mapletree Industrial Trust Management Ltd., as manager (the "Manager") of Mapletree Industrial Trust ("MIT"), wishes to announce that the amount available for distribution to Unitholders for the First Quarter Financial Year 2023/2024 from 1 April 2023 to

30 June 2023 ("1QFY23/24") increased by 3.1% quarter-on-quarter to S$89.9 million. Distribution per Unit ("DPU") of 3.39 cents for 1QFY23/24 was 1.8% higher than the 3.33 cents in 4QFY22/23.

Financial Results of MIT for 1QFY23/24

1. Includes new units issued pursuant to the distribution reinvestment plan.
2. Includes the distribution of net divestment gain of S$15.7 million from 26A Ayer Rajah Crescent over eight quarters from 2QFY21/22 to 1QFY23/24.
3. Includes the distribution of tax-exempt income of S$6.6 million withheld in 4QFY19/20 over three quarters from 3QFY22/23 to 1QFY23/24.

Mapletree Industrial Trust Management Ltd.

10 Pasir Panjang Road #13-01 Mapletree Business City, Singapore 117438 tel (65) 6377 6111 fax (65) 6273 8607 www.mapletreeindustrialtrust.com Co. Reg. No. 201015667D

Net property income for 1QFY23/24 grew by 1.5% quarter-on-quarter to S$130.8 million, which was mainly attributed to lower property operating expenses. The amount available for distribution to Unitholders and DPU rose by 3.1% and 1.8% quarter-on-quarter to S$89.9 million and 3.39 cents respectively.

Gross revenue and net property income for 1QFY23/24 increased by 1.7% and 0.7% year-on- year to S$170.6 million and S$130.8 million respectively. The contributions from new leases across various property clusters were partially offset by higher property operating expenses. However, the amount available for distribution to Unitholders fell by 2.5% year-on-year to S$89.9 million as the higher net property income was offset by higher borrowing costs. DPU for 1QFY23/24 fell by 2.9% year-on-year to 3.39 cents on the enlarged unit base as a result of the private placement on 25 May 2023 and distribution reinvestment plan for distributions from 3QFY21/22 to 3QFY22/23.

Entry into Japanese Data Centre Market

On 25 May 2023, MIT announced the acquisition of a newly built data centre in Osaka, Japan (the "Property") through the purchase of the trust beneficial interest at a purchase consideration of JPY52.0 billion4 (the "Proposed Acquisition"). The Proposed Acquisition will offer a strategic opportunity for MIT to diversify its data centre presence into Japan, one of the most developed data centre markets in Asia Pacific.

The Property is fully leased to an established data centre operator for about 20 years. It is leased on a net lease structure with minimal landlord operational obligations. The Property is progressively fitted out over four phases, with the first phase completed in November 2022. The Proposed Acquisition is expected to complete by the third quarter of 2023.

Mr Tham Kuo Wei, Chief Executive Officer of the Manager, said, "The proposed acquisition of a data centre in Osaka, Japan underscores our strategic focus of strengthening the portfolio through accretive acquisitions and diversifying our portfolio geographically. The addition of a high-quality data centre with a long-term lease to an established data centre operator will

4 Under the conditional trust beneficial interest purchase and share agreement with Suma Tokutei Mokuteki Kaisha, an unrelated third party vendor, MIT will be acquiring an effective interest of 98.47% in the Property.

2

improve the stability of MIT's income stream. We will press ahead with our portfolio rebalancing efforts as we navigate the macroeconomic headwinds."

Portfolio Update for 1QFY23/24

The average rental rate of the Singapore Portfolio increased to S$2.18 per square foot per month ("psf/mth") in 1QFY23/24 from S$2.16 psf/mth in 4QFY22/23. Positive rental revisions for renewal leases were achieved across most property segments in Singapore with a weighted average rental revision rate of about 5.3%. The average rental rate of the North American Portfolio also increased to US$2.41 psf/mth in 1QFY23/24 from US$2.40 psf/mth in 4QFY22/23.

Capital Management Update

During the quarter, MIT raised gross proceeds of about S$204.8 million through a private placement, which was about 4.5 times covered at the top end of the issue price range of S$2.212 per new unit.

On 27 June 2023, MIT issued two series of notes - JPY6.5 billion of 1.686% fixed rate notes due 2035 and JPY10.0 billion of 1.85% fixed rate notes due 2038. These were part of the financing plan to put in place JPY-denominated debt of long tenors that will provide a natural capital hedge for the Proposed Acquisition.

The aggregate leverage ratio as at 30 June 2023 stood at 38.2%.

Outlook

Global growth was projected to slow substantially to 2.1% in 2023 before a tepid recovery to 2.4% in 2024. Numerous risks, such as further global financial stress, persistent inflation, geopolitical tensions and conflict and social unrest could cause the global growth forecast to decline further5.

5 Source: World Bank Group, Global Economic Prospects, June 2023.

3

Increasing property operating expenses and borrowing costs could continue to exert pressure on distributions. The Manager will adopt cost-mitigating measures while focusing on tenant retention to maintain a stable portfolio occupancy level.

Distribution to Unitholders

On 6 July 2023, an advance distribution of 2.48 cents per Unit for the period from 1 April 2023 to 5 June 2023 was paid to Unitholders (the "Advance Distribution")6.

Unitholders will receive a distribution of 0.91 cent per Unit for the period from 6 June 2023 to 30 June 2023 (the "Balance Distribution"). The closure of MIT's transfer books and register of Unitholders will be at 5.00pm on 3 August 2023.

DPU for 1QFY23/24 was 3.39 cents, which comprised the Advance Distribution of 2.48 cents and Balance Distribution of 0.91 cent.

6 On 6 July 2023, an advance distribution of 2.48 cents per Unit for the period from 1 April 2023 to 5 June 2023 was paid to Unitholders on MIT's Unitholders register as at 5 June 2023, which was the date immediately prior to the issuance of the new units pursuant to the private placement.

4

About Mapletree Industrial Trust

Mapletree Industrial Trust is a real estate investment trust ("REIT") listed on the Main Board of Singapore Exchange. Its principal investment strategy is to invest in a diversified portfolio of income-producing real estate used primarily for industrial purposes in Singapore and income- producing real estate used primarily as data centres worldwide beyond Singapore, as well as real estate-related assets.

As at 30 June 2023, MIT's total assets under management was S$8.8 billion, which comprised 85 properties in Singapore and 56 properties in North America (including 13 data centres held through the joint venture with Mapletree Investments Pte Ltd). MIT's property portfolio includes Data Centres, Hi-Tech Buildings, Business Park Buildings, Flatted Factories, Stack-up/Ramp- up Buildings and Light Industrial Buildings.

MIT is managed by Mapletree Industrial Trust Management Ltd. and sponsored by Mapletree Investments Pte Ltd.

About Mapletree Industrial Trust Management Ltd.

Mapletree Industrial Trust Management Ltd. is the manager of MIT. It manages MIT's assets and liabilities for the benefit of the Unitholders, sets MIT's strategic directions and provides recommendations on the acquisition, divestment, development and/or enhancement of MIT's assets in accordance with MIT's investment strategy. Employing proactive asset management, value-creating investment management and prudent capital management strategies, Mapletree Industrial Trust Management Ltd. seeks to deliver sustainable and growing returns for Unitholders. Mapletree Industrial Trust Management Ltd. is a wholly- owned subsidiary of Mapletree Investments Pte Ltd.

About Mapletree Investments Pte Ltd

Headquartered in Singapore, Mapletree Investments Pte Ltd ("MIPL") is a global real estate development, investment, capital and property management company committed to sustainability. Its strategic focus is to invest in markets and real estate sectors with good growth potential. By combining its key strengths, MIPL has established a track record of award-winning projects, and delivers consistent and high returns across real estate asset classes.

As at 31 March 2023, MIPL owns and manages S$77.4 billion of office, retail, logistics, industrial, data centre, residential and student accommodation properties. MIPL currently manages three Singapore-listed REIT and eight private equity real estate funds, which hold a diverse portfolio of assets in Asia Pacific, Europe, the United Kingdom and the United States.

MIPL's assets are located across 13 markets globally, namely Singapore, Australia, Canada, China, Europe, Hong Kong SAR, India, Japan, Malaysia, South Korea, the United Kingdom, the United States and Vietnam. To support its global operations, MIPL has established an extensive network of offices in these countries.

5