STAYING ON COURSE° ANNUAL REPORT 2013/2014

TABLE OF CONTENTS

3 Corporate Profile 32 Corporate Governance 4 Corporate Strategy 43 Risk Management 8 Key Highlights 48 Portfolio Analysis & Review 11 Significant Events 53 Operations Review 12 Message from the Chairman & CEO 60 Property Portfolio 20 Corporate Structure 82 Financial Review 22 Trust Structure 84 Corporate Liquidity & Financial Resources 23 Organisation Structure 86 Investor Relations 24 Board of Directors 89 Corporate Social Responsibility 28 Management Team

PB 1 MAPLETREE LOGISTICS TRUST

Northwest Logistics Park, China 2 STAYING ON COURSE° ANNUAL REPORT 2013/2014

CORPORATE PROFILE

Our Vision Mapletree Logistics Trust (“MLT”) is To be the preferred real estate partner of choice to customers requiring high quality logistics and Singapore’s first Asia-focused logistics distribution spaces in Asia. real estate investment trust. Listed Our Mission on the Singapore Exchange Securities To provide Unitholders with competitive total returns Trading Limited in 2005, MLT invests through regular distributions and growth in asset value. in a diversified portfolio of quality, well located income-producing logistics real estate in Singapore, Japan, Hong Kong, South Korea, China, Malaysia and Vietnam.

The Manager, Mapletree Logistics Trust Management Ltd., is committed to providing Unitholders with competitive total returns through the following strategies: a. optimising organic growth and hence, property yield from the existing portfolio; b. making yield accretive acquisitions of good quality logistics properties; and c. managing capital to maintain MLT’s strong balance sheet and provide financial flexibility for growth.

3 MAPLETREE LOGISTICS TRUST

CORPORATE STRATEGY

To provide Unitholders with competitive total returns through regular distributions and growth in asset value

YIELD optimisation on existing portfolio

• Tailor leasing strategy to meet local market conditions • Maintain a well staggered  tenancy profile • Maintain balanced mix of  single-user assets and  multi-tenanted buildings • Improve operational efficiency of properties through performance review and prudent cost  management • Optimise returns via asset GROWTH enhancement, redevelopment via acquisitions or divestment of lower yielding & development assets • Disciplined acquisition of quality, well located assets that add scale and strategic value to the portfolio • Offer attractive value proposition to customers in support of their regional expansion plans – “Follow-the-Client” PRUDENT CAPITAL MANAGEMENT • Maintain a strong balance sheet • Diversify sources of funding • Optimise cost of debt financing • Manage exposure to market fluctuations in interest rate and foreign exchange through appropriate hedging strategies

4 5 STAYING ON COURSE° ANNUAL REPORT 2013/2014

CORPORATE STRATEGY

In line with its mission to provide Unitholders with competitive total returns, the Manager follows a “Yield + Growth” strategy which focuses on the two key areas of optimising yield on existing assets and augmenting growth through acquisitions or development projects which offer attractive returns. Both areas are underpinned by a prudent risk and capital management approach.

OPTIMISING YIELD customers’ requirements, as well as MLT’s extensive range of Active Asset & Lease Management product offerings throughout Asia Pacific. In cases where there Through active asset and lease management, the Manager is a lack of available, suitable products in the markets, MLT maintains a balanced, well-occupied portfolio that is diversified stands ready to partner its customers in development projects, across the various geographies and customer trade sectors. Its in line with its “Follow-the-Client” approach. This provides an leasing strategy is tailored to meet local market conditions as attractive proposition to customers seeking an asset-light well as to optimise the overall portfolio rent. strategy to free up valuable capital and resources that can be channelled into growing their core businesses. To this end, the Manager strives to maintain a balanced mix of single-user assets (“SUAs”) and multi-tenanted buildings Sponsor’s Strong Commitment (“MTBs”) in its portfolio. SUAs provide portfolio stability with In support of MLT’s growth, the Sponsor, Mapletree their longer lease periods and built-in rental escalations, while Investments Pte Ltd, has been developing logistics parks MTBs enable MLT to capture rental upside during a buoyant and facilities across Asia, especially in markets where there rental market due to their shorter lease periods. is a limited supply of investment grade warehouses. When completed and stabilised, these development projects will offer In addition, the Manager ensures that its lease expiries are future acquisition opportunities to MLT under the Right of First well-staggered without concentration in any single year. It also Refusal granted by the Sponsor. seeks to optimise yield by improving the operational efficiency and reducing the operating costs of MLT’s properties. CAPITAL MANAGEMENT STRATEGY The Manager strives to achieve an optimal debt/equity Portfolio Rejuvenation structure to maximise distributions while maintaining sufficient The Manager continually reviews the relevance/positioning financial flexibility to fund acquisitions and asset enhancement of each property within the portfolio with a view to optimise initiatives. their return and drive organic growth. Redevelopment and asset enhancement are options which the Manager will pursue The Manager’s capital management objectives are to: to realise untapped potential or to enhance the value and •maintain a strong balance sheet by adopting an appropriate yield of the assets. Properties that are no longer relevant to and prudent capital structure; customers’ requirements may be considered for redevelopment or divestment as a last resort. The divestment option will free •secure diversified funding sources from both financial up capital and provide MLT with greater financial flexibility to institutions and capital markets as MLT grows in size; acquire assets offering better yield. •optimise its cost of debt financing; and PURSUING GROWTH •manage the exposure arising from adverse market movements Disciplined Acquisition Approach in interest rates and foreign exchange through appropriate The Manager is committed to pursuing acquisitions of quality, hedging strategies. well located assets that meet its stringent investment criteria. These assets need to be capable of generating stable and The Manager’s debt management strategy calls for a diversified growing income streams that will add scale and strategic spread of debt maturities and maintaining sufficient financial value to the portfolio. In evaluating acquisition opportunities, liquidity. Interest rate exposure is actively managed through the Manager maintains a disciplined approach to ensure the use of interest rate swap contracts where feasible, and/ that acquisitions provide sustainable, long-term returns to or fixed rate borrowings. For currency risk management, the Unitholders and are yield accretive in the medium term. Manager will as far as possible borrow in the same currency as the underlying assets to provide some natural hedge Value Proposition to Customers while balancing interest and other cost considerations. The The Manager’s value proposition to customers lies in its ability Manager also hedges the net income streams of MLT’s to offer them innovative real estate solutions which meet their overseas assets to manage foreign exchange exposure. regional expansion needs. This is possible due to a strong on- the-ground presence which enables the Manager to understand

4 5 MAPLETREE LOGISTICS TRUST

6 7 STAYING ON COURSE° ANNUAL REPORT 2013/2014

Unitholders Returns With positive rental reversions, contributions from acquisitions and asset enhancements, and lower financing costs translating to a higher amount distributable, MLT once again delivered stable and growing returns to its Unitholders:

7.35 cents S$0.97 7.0% DPU NAV PER UNIT DPU YIELD

Mapletree Benoi Logistics Hub, Singapore

6 7 MAPLETREE LOGISTICS TRUST

KEY HIGHLIGHTS

INVESTMENT PROPERTIES ANNUALISED DISTRIBUTION YIELD S$4.24b 1 FY12/13: $4.07b 7.0% FY12/13: 5.6%2

NUMBER OF PROPERTIES NAV PER UNIT 111 S$0.97 FY12/13: 111 FY12/13: S$0.92

AGGREGATE WALE BY NLA LEVERAGE RATIO 4.8 years 33.3% FY12/13: 5.3 years FY12/13: 34.1%

OCCUPANCY RATE INTEREST COVER RATIO 98.3% 8.7x FY12/13: 98.5% FY12/13: 6.6x

1 Based on actual DPU of 7.35 cents for FY13/14 and closing unit price of S$1.045 on 31 March 2014. 2 Based on actual DPU of 6.86 cents for FY12/13 and closing unit price of S$1.215 on 28 March 2013.

8 9 STAYING ON COURSE° ANNUAL REPORT 2013/2014

KEY HIGHLIGHTS

NET PROPERTY INCOME AMOUNT DISTRIBUTABLE TO DPU (S$ million) UNITHOLDERS (cents) (S$ million) 3 8.24 199.9 293.6 7.35 179.7 268.1 267.6 1 6.86 166.4 6.09 6.02 2 130.1 193.0 180.8 6.69 115.5 162.4 238.9

FY09 FY10 FY11/12 FY12/13 FY13/14 FY09 FY10 FY11/12 FY12/13 FY13/14 FY09 FY10 FY11/12 FY12/13 FY13/14

12 months ended 31 December 12 months ended 31 March 3-month period (1 January 2011 to 31 March 2011)

GROSS REVENUE BY GEOGRAPHY PROPERTY VALUE BY GEOGRAPHY (FY 13/14) (As at 31 March 2014)

Singapore 46% Singapore 41% Japan 21% Japan 24% Hong Kong 14% Hong Kong 18% South Korea 9% South Korea 8% China 6% China 5% Malaysia 4% Malaysia 4% Vietnam <1% Vietnam <1%

Note: FY11/12 comprised five quarters ended 31 March 2012 due to a change in financial year-end from 31 December to 31 March. 1 Included a one-time consideration of 0.11 cents from Prima Limited to extend the leases and licences at Keppel Road by 8 years and an increase in number of units following a 3 for 4 rights issue in August 2008. 2 Included the gain from the divestments of 9 and 39 Tampines Street 92 of 0.09 cents. 3 Included the partial gain from the divestment of 30 Woodlands Loop of 0.10 cents.

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Jurong Logistics Hub, Singapore SIGNIFICANT EVENTS

10 11 STAYING ON COURSE° ANNUAL REPORT 2013/2014

SIGNIFICANT EVENTS

APR 2013

• MLT completed the divestment of 30 Woodlands Loop in Singapore for S$15.5 million, as part of proactive asset management efforts to optimise JUN 2013 portfolio returns. The S$4.96 million net gain from divestment is being distributed over 8 • Mapletree Logistics Trust Management quarters from 1Q FY13/14. Ltd. (“MLTM”) was named one of Singapore’s Top 50 Brands by Brand Finance for the second year running. JUL 2013

• MLT expanded its presence in South Korea with the acquisition of The Box Centre for KRW28.75 billion, underscoring efforts to rebalance the portfolio towards the higher growth markets in Asia. OCT 2013

• MLTM was named Frost & Sullivan’s 2013 Asia Paci c Logistics Infrastructure Developer of the Year. This is the second time1 that the Frost & Sullivan Asia Paci c Best Practices Awards has recognised MLTM for its excellent track record in growing market presence and managing logistics infrastructure development in the region. NOV 2013

• MLT completed Phase 1 of solar panel • Mapletree Benoi Logistics Hub (“MBLH”), installation at 4 Japan properties which MLT’s rst redevelopment project in provided an additional revenue stream for MLT. Singapore, obtained the Temporary The second phase, expected to commence in Occupation Permit and a 100% lease FY14/15, will involve installation at another 5 commitment. The newly completed properties in Japan. development contributes 92,500 square metres in gross oor area, or 6%, to MLT’s Singapore portfolio. MBLH has also received the Building and Construction Authority’s Green Mark Platinum Award – Singapore’s highest certi cation for sustainable buildings.

JAN 2014

• MLT announced the proposed acquisition of its fourth property in Iskandar Malaysia for MYR88.5 million. This is in line with MLT’s strategy to scale up presence in Malaysia, and to support its customers’ growing demand for quality logistics facilities.

1 Mapletree Logistics was named Frost & Sullivan’s Asia Pacific Logistics Park Developer of the Year in 2011. 10 11 MAPLETREE LOGISTICS TRUST

MESSAGE FROM THE CHAIRMAN & CEO

Left: Ms Ng Kiat, Executive Director & CEO, Right: Mr Paul Ma Kah Woh, Chairman & Non-Executive Director

Dear Unitholders,

On behalf of the Board of Mapletree Logistics Trust Management Ltd., manager of Mapletree Logistics Trust (“MLT” or the “Trust”), we are pleased to present the report of MLT for the year ended 31 March 2014 (“FY13/14”).

FY13/14 was a year focused on delivering against our strategic priorities set out last year – to rebalance the portfolio and rejuvenate existing assets. Against those objectives, we stayed firmly on course, gaining traction on both fronts. At the same time, we continued with active asset management and disciplined capital management. Underpinned by the portfolio’s strong fundamentals, these efforts have enabled MLT to deliver another year of stable and growing returns.

12 13 STAYING ON COURSE° ANNUAL REPORT 2013/2014

MESSAGE FROM THE CHAIRMAN & CEO

STABLE AND GROWING RETURNS As at 31 March 2014, MLT’s portfolio of 111 properties was MLT delivered a distribution per unit (“DPU”) of 7.35 cents valued at S$4.24 billion, a 4.2% increase from S$4.07 billion and an amount distributable to Unitholders of S$179.7 million last year. This value has taken into account a revaluation gain of in FY13/14. Compared against a DPU of 6.86 cents and an S$105.3 million and approximately S$115 million in acquisitions amount distributable of S$166.4 million in FY12/13, these and capital expenditure. Correspondingly, net asset value per results represent an increase of 7% and 8% respectively. The Unit increased to S$0.97, up from S$0.92 in the previous year. performance in FY13/14 was largely attributable to strong positive rental reversions from existing assets, contributions REBALANCING TOWARDS HIGHER GROWTH MARKETS from acquisitions and newly completed asset enhancements, In line with our strategic focus to scale up MLT’s presence in the and lower financing costs. These results also included the partial higher growth markets, we are actively looking for acquisitions of distribution of the net gain from the divestment of 30 Woodlands modern, well-located warehouses in target markets like China, Loop1. Excluding the divestment gain, DPU would have reported Malaysia and South Korea to strengthen our regional platform. a 6% increase to 7.25 cents, while amount distributable to Amidst intensifying competition for acquisitions, we remain Unitholders would have grown 7% to S$177.3 million. disciplined and selective in our acquisition approach, focusing on opportunities that offer a strategic fit and value accretion to our Over the year, the Japanese Yen depreciated by about 20% existing portfolio. against the Singapore Dollar, resulting in lower translated revenue and net property income (“NPI”) from our Japan In July 2013, we acquired The Box Centre in South Korea for assets. However, as the income streams from Japan have KRW28.75 billion. With a total gross floor area (“GFA”) of 27,000 been substantially hedged, the impact of the Japanese Yen sqm, the modern three-storey dry warehouse is expected to depreciation on amount distributable to Unitholders was largely generate an NPI yield of 8.4%. More recently in January 2014, mitigated. For FY13/14, MLT’s gross revenue grew 1% to we announced the acquisition of Flex Hub in Iskandar Malaysia S$310.7 million, while NPI was almost unchanged at S$267.6 for MYR88.5 million. Representing our fourth asset in the Johor million. Excluding forex impact, gross revenue would have economic zone, the industrial warehouse provides a GFA of grown 5% to S$322.3 million and NPI would have been up 4% to 63,750 sqm and is also expected to generate an NPI yield of S$277.8 million. 8.4%.

MLT’s DPU of 7.35 cents translates to a distribution yield of 7% In markets where there is a limited supply of good quality, based on the Trust’s closing unit price of S$1.045 on 31 March completed assets, we have been working closely with the 2014. Unitholders who have invested in MLT since its listing in Sponsor, Mapletree Investments Pte Ltd, to develop modern 2005 would have enjoyed a total return of approximately 135%2. logistics assets to meet customer demand. In support of MLT’s growth strategy, the Sponsor has stepped up the pace of its ROBUST AND RESILIENT PORTFOLIO development programme in the past year, committing to 15 new Through active leasing efforts, we have continued to achieve development projects with a total floor area of approximately positive rental reversion rates in FY13/14. During the year, we 1.2 million sqm. These are located in Hong Kong and the key renewed/replaced leases for approximately 386,000 square cities of China, including Shanghai, Wuhan, Chongqing, Chengdu, metres (“sqm”) of space, representing a success rate of 92%. Tianjin and Xi’an. In addition, the Sponsor has another 1.4 The rentals achieved were on average 17% higher than the million sqm of existing logistics developments in Japan, China, preceding rental rates, contributed mainly by leases in Hong Malaysia and Vietnam. These development projects will provide Kong and Singapore. future acquisition opportunities for MLT.

MLT’s portfolio fundamentals remain robust and resilient. Overall REJUVENATING ASSETS, RECYCLING CAPITAL occupancy held steady throughout FY13/14, ending the year at We are constantly evaluating the portfolio for asset enhancement 98.3%. We continued to expand our customer network in Asia, or redevelopment opportunities that would improve the assets’ adding over 10 quality customers in the year, to a total of 386 performance and competitiveness. At the same time, assets customers. The portfolio is well diversified across geographies that have reached the optimal stage of their life cycle will and tenant trade sectors, with none of our tenants accounting be considered for divestment. Capital released from asset for more than 5% of total revenue. These tenants, and the clients divestments will be recycled into higher yielding, better quality they service, are engaged in a wide range of industries, including acquisitions or asset enhancements, thereby improving overall food and beverage, electronics and IT, fashion and apparel, and portfolio returns. oil storage. The weighted average lease term to expiry (by net lettable area) of the portfolio is around 4.8 years, with 43% of The completion of Mapletree Benoi Logistics Hub (“MBLH”), the leases having expiry dates in FY17/18 and beyond. These MLT’s first redevelopment project, has added significant portfolio attributes add stability and visibility to MLT’s revenue value to the Trust’s Singapore portfolio. Completed at a total stream. development cost of approximately S$127 million, the modern

1 The net gain from the divestment of 30 Woodlands Loop of S$4.96 million is being distributed over eight quarters from 1Q FY13/14. 2 Total return is the sum of actual distributions and capital appreciation in MLT’s unit price for the period between MLT’s Initial Public Offering (“IPO”) on 28 July 2005 and 31 March 2014, expressed as a percentage of IPO issue price of S$0.68. 12 13 MAPLETREE LOGISTICS TRUST

MESSAGE FROM THE CHAIRMAN & CEO

five-storey ramp-up logistics facility has a GFA of 92,500 sqm, LOOKING AHEAD representing a four-fold increase from 22,500 sqm before Asia is projected to grow at 5.5% in 20143, supported by redevelopment. It is expected to generate an NPI yield of 9%. resilient domestic demand and a gradual pick-up in exports on Fully leased to a high quality tenant base of multinational the back of an improving global economy. However uncertainty corporations, including Menlo Logistics and DB Schenker, MBLH remains on the strength and pace of the global economic will make its full-year contribution to the Trust in FY14/15. recovery. Nevertheless, the demand for logistics facilities in our markets is expected to remain robust. With a resilient portfolio, MBLH is also a good showcase of our ongoing commitment geographical and tenant diversification, and healthy financial towards improving the environmental impact and performance of position, we believe MLT is well positioned to continue delivering our assets through the incorporation of innovative green design stable returns to Unitholders. features. We are pleased to note that MBLH has been conferred the prestigious Building and Construction Authority’s Green We will remain focused on driving organic growth from the Mark Platinum Award, the highest certification for sustainable existing portfolio through active leasing efforts and asset buildings in Singapore. It is also the first naturally ventilated enhancements. As part of our capital recycling strategy, we warehouse in Singapore to have earned this accolade. will continue to seek opportunities for divesting lower yielding assets and reinvesting the proceeds into asset enhancements or The installation of solar panels at our Japan assets is another acquisitions that provide higher yields. At the same time, we will asset enhancement initiative consistent with our commitment selectively pursue opportunities for strategic acquisitions while to sustainable design. Phase 1 of the project involved the maintaining a disciplined capital management approach. installation of 3.2 megawatts of solar panels at four properties. Completed in October 2013, the initiative has introduced a new In FY14/15, we will embark on our next redevelopment project revenue stream with an attractive yield to the portfolio. at 5B Toh Guan Road East in Singapore which will transform the property into a modern, ramp-up facility with a 2.7 times During the year, we also completed the divestment of 30 increase in GFA. We will also be commencing Phase 2 of solar Woodlands Loop for S$15.5 million. The net gain of S$4.96 panel installation at another five properties in Japan to create million is being distributed to Unitholders over eight quarters further sustainable value for our Unitholders. from 1Q FY13/14. Capital released from the divestment has been redeployed into acquisitions of assets with higher yields. ACKNOWLEDGEMENTS On behalf of the Board, we would like to extend our appreciation MAINTAINING CAPITAL STRENGTH to Mr Zafar Momin, who stepped down as an Independent Our discipline in capital and risk management has continued Director of the Manager, for his invaluable contributions over to support MLT’s financial performance while ensuring a the past eight years. We would also like to welcome Mr Tarun strong balance sheet and financial flexibility to seize market Kataria as an Independent Director to the Board. His experience opportunities. As a result of our forex hedging strategy, the and expertise will complement and add to the Manager’s bench impact of the Japanese Yen depreciation on amount distributable strength. in FY13/14 has been largely mitigated. As the Japan portfolio is largely funded by Japanese Yen denominated borrowings, the Last but not least, we would like to thank Unitholders, tenants, impact of the weaker Japanese Yen on MLT’s net asset value has business partners, employees and our fellow Directors for their also been substantially mitigated. commitment and support during the past year. As we continue the journey of rebalancing and rejuvenating the MLT portfolio MLT’s balance sheet remains robust with an aggregate leverage to drive higher performance, we look forward to your continued of 33.3%, compared to 34.1% last year, while interest cover support. ratio improved to 8.7 times, from 6.6 times previously. The debt maturity profile continues to be well staggered, with a weighted average debt maturity of approximately 3.6 years as at 31 March 2014.

We will continue to implement measures to mitigate the impact MR PAUL MA KAH WOH of foreign exchange and interest rate fluctuations on distribution. Chairman & Non-Executive Director As at 31 March 2014, approximately 75% of MLT’s total debt has been hedged into fixed rates while about 88% of MLT’s income stream for FY14/15 has been hedged into or is derived in Singapore dollar.

MS NG KIAT Executive Director & Chief Executive Officer

3 International Monetary Fund, World Economic Outlook, April 2014. 14 15 STAYING ON COURSE° ANNUAL REPORT 2013/2014

主席与总裁致辞

尊敬的基金单位持有人，

我们谨代表丰树物流信托基金（MLT或“信托基金”）的管理人丰树物流信托管理有限公司董事会向 各位呈献截至2014年3月31日止的2013/2014财年信托基金报告。

在2013/2014财年，本集团全体员工励精图治、奋勇拼搏，实现在去年制定的战略目标：即在重新平 衡投资组合和重振现有物业的各方面都取得显著进展。同时，我们秉承稳中求进、适时求变的风格， 继续积极推动资产管理，严格进行资本管理。凭借强劲的业务根基和集团的不懈努力，使得信托基 金的股东在本财年获得更多而且稳定的投资回报。

稳定且日益增长的投资回报 万平方米，成功率达92%，租金平均上涨17%。这主要是由香 港和新加坡的租金上涨带动所致。 在2013/2014财年，信托基金的每单位可派发红利（DPU）是 7.35分，可分红总额达1亿7970万新元，而2012/2013财年仅 信托基金的投资组合根基深厚，且始终保持稳健的发展态 为6.86分，可分红总额仅1亿6640万新元，同比分别增长7% 势。截至本财年年底，不动产项目的整体出租率依然高稳，达 和8%。本财年的业绩表现不负众望，这主要归功于现有物业 到98.3%。我们仍然坚定不移地拓展亚洲市场，发掘潜在客 强劲的租金调升，新近收购的物业所得，物业增值举措，以及 户，并在今年新增10多位实力雄厚的客户，使总客户数量再创 财务成本的降低。可派发红利包含了从脱售兀兰环道30号所 新高，达到386位。我们的投资组合的租户类型横跨各地区， 1 得净收入的部分金额 。如果剔除脱售所得，那么可派发红利 各行业，包括餐饮业、电子及IT业、时尚和服饰业、以及石油仓 增长6%至7.25分，可分派给单位持有人的总额则应增长7%至 储业等等。在我们的总收入中，没有任何一位租户的租金超 1亿7730万新元。 过租金总收入的5%。按净可出租面积计算，投资组合的加权 平均租期为4.8年，其中43%的租赁有效期可至2017/2018财 过去一年里，日元兑换新元汇率下跌20%，致使我们所持有的 年及之后。这些有利因素将有助于信托基金获得更稳定可预 日本物业的折算收入和房产净利（NPI）也相应下降。然而， 见的收入来源。 由于我们对日元敞口的对冲，使得日元贬值对单位持有人的 可派发分红造成的冲击大幅降低。在2013/2014财年，信托 截至2014年3月31日，信托基金的投资组合包含111个不动产 基金的总收入增长了1%，达3亿1070万新元，而房产净利仍 项目，总值达42.4亿新元，比去年的40.7亿新元增长4.2%。 然维持在2亿6760万新元。除去外汇汇率的影响，集团本财 该估值包含了重估收益所得的1亿零530万新元以及收购和资 年的总收入增长5%至3亿2230万新元，而房产净利增长4% 本开支所得的约1亿1500万新元。因此，每单位资产净值也从 至2亿7780万新元。 去年的0.92新元相应增长至0.97新元。

以2014年3月31日的收盘价1.045新元计算，信托基金7.35 重 新 平 衡 投 资 组 合 ，放眼高 增 长 市 场 分的全年可派发分红，对应的股息率为7%。自2005年公司 上市以来便一直投资于信托基金股份的单位持有人可享有约 信托基金正积极在中国、马来西亚及韩国等目标市场物色和 135%的总回报2。 收购地理位置优越，具有现代化标准的仓库。此举不但符合 我们全面进军高增长市场的发展策略，也有助于提高我们在 稳健而强韧的投资组合 这些市场的影响力。在激烈的收购竞争中，我们采取有审慎 的收购策略，旨在寻找既能带来战略优势又能实现投资组合 2013/2014财年，通过积极推进租赁业务，我们的租金调升 增值的完美契机。 率继续再创佳绩。年内，我们更新/更换的租赁空间约为38.6

1 从2013/2014财年第一季度开始，我们会将兀兰环道30号不动产分拆出售所得496万新元收益分八个季度派发给单位持有人。 2 总回报指的是实际派发的收益加丰树物流信托单位的资本升值，计算日期从单位证券于2005年7月28日发行起到2014年3月31日为止，回报率按发行价格$0.68的攀升幅度计算。 14 15 MAPLETREE LOGISTICS TRUST

主席与总裁致辞

2013年7月，我们以287亿5000万韩元收购了韩国的The 作为另一项不动产升值措施，秉承我们可持续发展的宗旨， Box Centre货仓。该货仓是一个现代化的三层楼单位，总 我们启动了在日本不动产中安装太阳能电池板的项目。该项 楼面面积（GFA）27000平方米，预计这个收购项目将带来 目的第一阶段包括在四个不动产上安装3.2 兆瓦的太阳能电 8.4%的房产净收益率（NPI）。在2014年1月，我们又宣布将 池板，并已于2013年10月完成。该举措已为我们的投资组合 以8850万令吉收购位于马来西亚Iskandar的Flex Hub。 带来新的收入来源，并提升了资产收益率。 这将是我们在柔佛经济特区的第四项物业。总楼面面积为 63750平方米，预计房产净收益率为8.4%。 本年度，我们还以1550万新元的价格完成了兀兰环道30号不 动产的出售。从2013/2014财年的第一季度开始，我们会将 在一些缺乏完善的优质房产项目的市场，我们一直与赞助 496万新元的净收益分成八个季度陆续派发给单位持有人。 人丰树产业私人有限公司（Mapletree Investments Pte 分拆出售录得的资金将重新用于收购收益率更高的房产项 Ltd）密切合作，共同致力于开发符合客户需求的现代化物流 目。 货仓。为全力支持信托基金的发展策略，赞助人从去年起便 加快发展步伐，签订了15个新的不动产开发项目，总楼面面 积聚资本实力 积达120万平方米。这些不动产项目位于中国的香港特别行 政区，以及上海、武汉、重庆、成都，天津及西安等主要城市。 我们在资本和风险管理方面严于律己，不但为信托基金的财 此外，赞助人在日本、中国、马来西亚以及越南还拥有面积达 务业绩提供了坚强的后盾，同时保持了一个稳健并灵活的资 140万平方米的物流仓库开发项目。未来，信托基金将有机会 产负债表，以抢占市场先机。通过采用外汇对冲策略，有效缓 收购这些不动产。 解了2013/2014财年日元贬值带来的冲击。由于日本投资组 合的大部分资金来源于以日元计价的借贷，因此日元贬值对 重 振 物 业 ，回 收 资 本 信托基金资产净值造成的影响也微乎其微。

我们不断评估投资组合，寻找资产增值或通过重新开发来提 信托基金的资产实力依然十分强劲，其总杠杆比率从去年的 升不动产的品质与竞争力的机会。同时，不动产如已达最佳使 34.1%降至33.3%，利息偿付比率从去年的6.6倍增至8.7倍。 用阶段，则将考虑脱售。脱售不动产回笼的资本将用于收购 其债务到期也较为分散。截至2014年3月31日，加权平均债务 收益率更高、更为优质的资产，或用于资产增值，从而提高投 年期约为3.6年。 资组合的总体回报。 我们将继续采取措施，以减轻外汇和利率波动对收益分红造 信托基金的首个重建项目Mapletree Benoi Logistics 成的影响。截至2014年3月31日，约有75%的信托基金总债 Hub（MBLH）的竣工，显著提升了其新加坡投资组合的价 务已有效对冲为固定利率。而2014/2015财年信托基金收入 值。这栋现代化的五层楼坡道式物流仓库设施总开发成本约 中的88%以新加坡元计价，或已有效对冲为新加坡元。 1亿2700万新元，总楼面面积92500平方米，与重建之前的 22500平方米相比扩大了4倍。预计该重建项目会带来9%的 展望未来 房产净利率(NPI)。目前，该楼宇已全部租予知名的大型跨国 公司，包括Menlo Logistics和德铁信(DB Schenker)，预 随着全球经济的复苏，国内需求进一步回暖，出口贸易额也 3 计MBLH将在下一财年起为信托基金带来丰厚的收益。 逐步回升，2014年亚洲经济增长率预计约为5.5% 。而 种 种 不确定因素依然笼罩着全球经济，阻碍其复苏的力度和速 MBLH物流中心项目融入了独具创意的环保设计，是环保型 度。尽管如此，市场对物流仓储的需求依然强劲。因此我们深 建筑的典范之作。我们欣然得知，MBLH荣获新加坡建设 信，凭藉灵活的投资组合、厂房卓越的地理位置、租户的多样 局（BCA）颁发的新加坡可持续建筑设计领域的最高荣誉-- 化、以及稳健的财务状况，信托基金必能继续为单位持有人 绿色建筑标志白金奖。MBLH也是新加坡首间赢得如此嘉誉 提供稳定的投资回报。 的自然通风式货仓。

3 国际货币基金组织，《全球经济展望》，2014年4月。 16 17 STAYING ON COURSE° ANNUAL REPORT 2013/2014

主席与总裁致辞

我们会持续积极努力地开拓租赁业务、提升组合资产价值， 致力于促进现有投资组合的有机增长。作为资金回收策略的 一部分，我们将继续寻找机会，脱售收益率较低的物业，并将 回收的资本用于强化组合资产或收购能带来更高收益的房产 项目。与此同时，我们将继续有选择性地把握战略收购契机， 并持续采取严谨有序的资本管理方式。

2014/2015财年，我们将着手重新开发新加坡卓源东路 5B（Toh Guan Road East）的项目，将其总楼面面积拓展 2.7倍，将其打造成为一间现代化的坡道式仓库。我们还将启 动第二阶段的，在日本另五个不动产项目中安装太阳能电池 板的工作，以便为单位持有人进一步创造可持续价值。

致谢

已卸任的独立董事Zafar Momin先生秉承悉心严谨、精益 求精的工作态度，在过去的八年里为公司做出了卓越贡献。我 们谨代表董事会，向Zafar Momin先生致以诚挚的谢意。同 时，我们也要欢迎Tarun Kataria先生以独立董事的身份加 入董事会。Tarun Kataria先生拥有丰富的行业经验和扎实 的专业知识，他的到来必能增强管理层的实力，并助我们的 事业更上一层楼。

最后，衷心感谢单位持有人、租户、业务伙伴、员工及董事在 过去一年与我们一起同舟共济。我们将继续深化MLT的投资 组合的重组和重振战略，并期盼继续得到您的鼎力支持和精 诚合作。

马家和先生 主席兼非执行董事

黄洁女士 执行董事兼总裁

16 17 MAPLETREE LOGISTICS TRUST

18 19 STAYING ON COURSE° ANNUAL REPORT 2013/2014

Rebalancing Portfolio Through disciplined and selective acquisitions, we continued to scale up MLT’s presence in the higher growth markets. During the year, we announced the acquisitions of:

THE BOX CENTRE, SOUTH KOREA FLEX HUB, ISKANDAR MALAYSIA 8.4% 8.4% NPI YIELD NPI YIELD

In markets where there is a limited supply of quality, well located assets, we have been working closely with the Sponsor, MIPL, to develop modern logistics assets to meet customer demand. In the past year, the Sponsor committed to 15 new development projects in Hong Kong and key cities of China, with a total floor area of around 1.2 million sqm. These developments will provide future acquisition opportunities for MLT.

G-Force, Malaysia

18 19 MAPLETREE LOGISTICS TRUST

CORPORATE STRUCTURE

Mapletree Logistics Trust

MapletreeLog Treasury MapletreeLog Ouluo MapletreeLog Greatdeal Ltd. Company Pte. Ltd. (Shanghai) Ltd. (Incorporated in Cayman) (Incorporated in Singapore) (Incorporated in Cayman) MapletreeLog GTC MapletreeLog Treasury MapletreeLog AIP (Guangzhou) Ltd. (HKSAR) Ltd.1 Company (HKSAR) Ltd.1 (Incorporated in Cayman) (Incorporated in Cayman) (Incorporated in Cayman) MapletreeLog AIP (Guangzhou) MapletreeLog PF (HKSAR) Limited (HKSAR) Ltd.1 (Incorporated in Hong Kong) (Incorporated in Cayman)

Guangzhou Mapletree Eastern Mapletree Topaz Ltd. American Log Limited (Incorporated in Cayman) (Incorporated in PRC) Mapletree Opal Ltd.1 MapletreeLog Seastar (Xian) Ltd. (Incorporated in Cayman) (Incorporated in Cayman) MapletreeLog ST (HKSAR) Ltd. MapletreeLog Seastar (Xian) (Incorporated in Cayman) (HKSAR) Limited (Incorporated in Hong Kong) Greatdeal Finance Limited (Incorporated in BVI) Mapletree Logistics Warehouse (Xian) Co., Ltd. Genright Investment (Incorporated in PRC) Limited (Incorporated in Hong Kong) MapletreeLog Haisan (Shanghai) Ltd. (Incorporated in Cayman)

MapletreeLog Northwest (Shanghai) Ltd. (Incorporated in Cayman)

MapletreeLog Northwest (Shanghai) (HKSAR) Limited (Incorporated in Hong Kong)

MapletreeLog Jinda Warehouse (Shanghai) Co., Ltd. (Incorporated in PRC)

MapletreeLog Integrated (Shanghai) (Cayman) Ltd. (Incorporated in Cayman)

MapletreeLog Integrated (Shanghai) (HKSAR) Limited (Incorporated in Hong Kong)

MapletreeLog Integrated (Shanghai) Co., Ltd. (Incorporated in PRC)

Mapletree WND (Wuxi) (HKSAR) Limited (Incorporated in Hong Kong)

Mapletree Logistics Development (Wuxi) Co., Ltd. (Incorporated in PRC) Legend

First Tier Subsidiaries Second Tier Subsidiaries Third Tier and below Subsidiaries

20 21 STAYING ON COURSE° ANNUAL REPORT 2013/2014

CORPORATE STRUCTURE

MapletreeLog Malaysia MapletreeLog Himawari MapletreeLog Oakline MapletreeLog VSIP 1 Holdings Pte. Ltd. Pte. Ltd. (Korea) Pte. Ltd. Warehouse Pte. Ltd. (Incorporated in Singapore) (Incorporated in Singapore) (Incorporated in Singapore) (Incorporated in Singapore)

MapletreeLog (M) Holdings MapletreeLog Sakura MapletreeLog First Korea Mapletree VSIP 1 Sdn. Bhd. Pte. Ltd. (Yujoo) Co., Ltd. Warehouse (Cayman) Co., (Incorporated in Malaysia) (Incorporated in Singapore) (Incorporated in Korea) Ltd. (Incorporated in Cayman) Pancuran Baiduri MapletreeLog Gyoda (Japan) MapletreeLog MQ (Korea) Sdn. Bhd. (HKSAR) Limited Pte. Ltd. Mapletree First (Incorporated in Malaysia) (Incorporated in Hong Kong) (Incorporated in Singapore) Warehouse (Vietnam) Co., Ltd. Zentraline Sdn. Bhd. MapletreeLog Korea (Incorporated in Vietnam) (Incorporated in Malaysia) (Yongin) Co., Ltd. (Incorporated in Korea)

Kingston (Korea) Pte. Ltd. (Incorporated in Singapore)

MapletreeLog Kingston Co., Ltd. (Incorporated in Korea)

Pyeongtaek (Korea) Pte. Ltd. (Incorporated in Singapore)

MapletreeLog Pyeongtaek Co., Ltd. (Incorporated in Korea)

Iljuk (Korea) Pte. Ltd. (Incorporated in Singapore)

MapletreeLog Iljuk Korea Co., Ltd. (Incorporated in Korea)

Dooil (Korea) Pte. Ltd. (Incorporated in Singapore)

MapletreeLog Dooil Co., Ltd. (Incorporated in Korea)

Jungbu Jeil (Korea) Pte. Ltd. (Incorporated in Singapore)

MapletreeLog Jungbu Jeil Co., Ltd. (Incorporated in Korea)

Miyang (Korea) Pte. Ltd. (Incorporated in Singapore)

MapletreeLog Miyang Co., Ltd. (Incorporated in Korea)

Seoicheon (Korea) Pte. Ltd. (Incorporated in Singapore) Footnotes: All Subsidiaries are 100% wholly-owned 1 The Company has established a principal place of business in Hong Kong. Seoicheon Logistics Co., Ltd. (Incorporated in Korea) 20 21 MAPLETREE LOGISTICS TRUST

TRUST STRUCTURE

Sponsor Mapletree Investments Other Unitholders Pte Ltd

Holdings of Units Distributions

Management Acts on Behalf Fees of Unitholders Trustee Manager MAPLETREE HSBC Institutional Mapletree Logistics LOGISTICS TRUST Trust Services Trust Management Ltd. (Singapore) Limited Management Trustee Fees Services

Ownership of Assets Net Property Income

Property Management and Other Fees Property Manager Property Portfolio Mapletree Property Management Pte. Ltd.

Property Management and Other Services

22 23 STAYING ON COURSE° ANNUAL REPORT 2013/2014

ORGANISATION STRUCTURE

Mapletree Logistics Trust Management Ltd.

Board of Directors

Mr Paul Ma Kah Woh Chairman & Non-Executive Director Mrs Penny Goh Independent Director Mr Tan Ngiap Joo Independent Director & AC Chairman Mr Hiew Yoon Khong Non-Executive Director Mr Cheah Kim Teck Independent Director & AC Member Mr Wong Mun Hoong Non-Executive Director Mr Pok Soy Yoong Independent Director & AC Member Mr Chua Tiow Chye Non-Executive Director Mr Wee Siew Kim Independent Director & AC Member Ms Ng Kiat Executive Director & CEO Mr Tarun Kataria Independent Director

Joint Company Secretaries Audit and Risk Committee (“AC”) Mr Wan Kwong Weng Ms See Hui Hui

Chief Executive Officer Ms Ng Kiat

Chief Financial Officer Head, Asset Management Ms Wong Mei Lian Ms Chen Tze Hui

Headquarters Countries

Investment China Malaysia Director Chief Executive Officer Deputy General Manager Mr Ong Khian Heng Mr Loh Shyh Mr Winston Lok

Finance General Manager Singapore Mr Nick Chung Vice President General Manager Mr Choong Chia Yee Hong Kong Ms Jean Kam Treasury General Manager South Korea Mr David Won Vice President General Manager Ms Natalie Wong Japan Mr Jacob Chung Investor Relations General Manager Vietnam Ms Yuko Shimazu Vice President General Manager Ms Lum Yuen May Mr Victor Liu

22 23 MAPLETREE LOGISTICS TRUST

BOARD OF DIRECTORS

Mr Paul Ma Kah Woh is the Chairman of the Board of Directors of the Manager.

He is also a Director and a member of the Audit and Risk Committee, the Executive Resource and Compensation Committee, the Investment Committee and the Transaction Review Committee of the Sponsor.

Concurrently, Mr Ma is a Director of Nucleus Connect Pte Ltd, Keppel Infrastructure Fund Management Pte Ltd (Trustee- Manager of Keppel Infrastructure Trust), PACC Offshore Services Holdings Ltd as well as of two private equity firms, namely CapitaLand China Development Fund Pte Ltd and CapitaLand China Development Fund II Limited. In addition, Mr Ma is a member of the Board of Trustees of the National University of Singapore and the National Heritage Board where he also chairs their Audit Committee.

MR PAUL MA KAH WOH Chairman & Non-Executive Director

Mr Tan Ngiap Joo is an Independent Director and the Chairman of the Audit and Risk Committee of the Manager. Mr Tan is concurrently the Chairman and Director of United Engineers Limited and a Director of Oversea-Chinese Banking Corporation Limited (“OCBC”). In addition, he is also a Director of China Fishery Group Limited (listed on the Mainboard of the SGX-ST) and of Tan Chong International Limited (listed on the Hong Kong Stock Exchange). Mr Tan had held various senior positions in the banking and finance sector which include the positions of Deputy President of OCBC Bank Singapore, General Manager of OCBC Bank, Australia Branch, Chairman of Bleakeys Limited Australia and Chief Executive Officer (“CEO”) of Bank of Singapore (Australia) Limited. Mr Tan holds a Bachelor of Arts degree from the University of Western Australia. MR TAN NGIAP JOO Independent Director & AC Chairman

24 25 STAYING ON COURSE° ANNUAL REPORT 2013/2014

BOARD OF DIRECTORS

Mr Cheah Kim Teck is an Independent Kentucky Fried Chicken and Coca-Cola. Director and a Member of the Audit and Risk Committee of the Manager. Mr Cheah is also a Director of Singapore Pools (Private) Limited and the Deputy Mr Cheah is currently Managing Director, Chairman of Sport Singapore. Business Development of Jardine Cycle & Carriage Limited and was formerly Mr Cheah holds a Master of Marketing the CEO, Group Motor Operations until degree from the University of Lancaster, he stepped down from his position in United Kingdom. December 2013. Prior to joining the Jardine Cycle & Carriage group, Mr Cheah held several senior marketing MR CHEAH KIM TECK positions in multinational companies, Independent Director & AC Member namely, McDonald’s Restaurant,

Mr Pok Soy Yoong is an Independent Singapore on complex tax transactions Director and a Member of the Audit and and issues, and is particularly noted Risk Committee of the Manager. for his leading role in the creation of the taxation framework for real estate Mr Pok is concurrently a Non-Executive investment trusts. Prior to his retirement Director of the Inland Revenue Authority from professional practice on 31 of Singapore and the Chairman of the December 2008, Mr Pok was the Head of Board of Perennial China Retail Trust Tax with Ernst & Young Singapore as well Management Pte. Ltd. (the Trustee- as a member of Ernst & Young Singapore Manager of Perennial China Retail Trust). Management Committee. He also served as the Chief Operating Officer (Tax) of Mr Pok has over 30 years of working the Ernst & Young Far East Tax Practices, MR POK SOY YOONG experience in the areas of Singapore covering 15 countries. Independent Director & AC Member direct tax and international tax. He is among the leading tax experts in

Mr Wee Siew Kim is an Independent and management functions within the Director and a Member of the Audit and Singapore Technologies group since Risk Committee of the Manager. 1984, which involved operating stints in the United States of America, China, Mr Wee is currently the Group CEO of Europe and Singapore. From 2002 to Nipsea group which manufactures and 2009, he served as the Deputy CEO sells decorative and industrial paint and and President (Defence Business) of coatings for buildings, construction, Singapore Technologies Engineering automobile and industrial applications. Limited which is listed on the Mainboard In addition, he is the Chairman of the of the SGX-ST. Board of ES Group (Holdings) Limited which is listed on the Catalist board of Mr Wee holds a Bachelor of Science MR WEE SIEW KIM the SGX-ST and a Director of SBS Transit (Aeronautical Engineering) (First Class Independent Director & AC Member Ltd which is listed on the Mainboard of Honours) degree from the Imperial the SGX-ST. Between 2001 and 2011, College of Science and Technology and Mr Wee was a Member of Parliament for a Master of Business Administration the Ang Mo Kio Group Representative degree from the Graduate School of Constituency in Singapore. Business, Stanford University. He is a Fellow of the City and Guilds Institute. Prior to joining the Nipsea group, Mr Wee had held various appointments in the engineering, business development

24 25 MAPLETREE LOGISTICS TRUST

BOARD OF DIRECTORS

Mr Tarun Kataria is an Independent HSBC InvestDirect Limited and Managing Director of the Manager. Director, Head of Institutional Sales, HSBC Global Markets. Mr Kataria was until recently Advisor to Religare Capital Markets and between Mr Kataria holds a MBA (Finance) August 2010 and 2013, their CEO, India. from The Wharton School, University of Pennsylvania. He is a Chartered Prior to joining Religare Capital Markets, Accountant of Institute of Chartered Mr Kataria held various senior positions Accountants of India. within HSBC group which included the roles of Managing Director and Head of Global Banking and Markets with MR TARUN KATARIA HSBC India, Vice-Chairman of HSBC Independent Director Securities and Capital Markets India Pvt. Limited, Non-Executive Director of

Mrs Penny Goh is an Independent joint development schemes and asset Director of the Manager. restructuring. Mrs Goh is currently Head of the Mrs Goh holds a Bachelor of Law Corporate Real Estate practice group and (Honours) degree from the National a member of the Executive Committee University of Singapore and is a member of Allen & Gledhill LLP, a leading law firm of the Singapore Bar. She is consistently in Singapore, of which she has been a recommended as a leading specialist in partner since 1982. She acts for public corporate real estate practice by several listed corporations and multinational legal publications including Chambers institutional investors in all aspects Asia-Pacific, IFLR 1000, The Legal 500 of corporate real estate transactions. Asia Pacific, Best Lawyers and The MRS PENNY GOH Her areas of specialisation are real International Who’s Who of Real Estate Independent Director estate investment trusts, private equity Lawyers. property funds, regional investments, real estate mergers and acquisitions,

Mr Hiew Yoon Khong is a Non-Executive From 2003 to 2011, Mr Hiew was Director of the Manager. concurrently Senior Managing Director (Special Projects) in Temasek Holdings Mr Hiew is currently the Executive (Private) Limited. From 1996 to 2003, Director and Group CEO of the Sponsor, Mr Hiew held various senior positions positions he has held since 2003. in the CapitaLand group of companies, including the positions of Chief Financial In addition, he is a Director of Mapletree Officer (“CFO”) of the CapitaLand group Industrial Trust Management Ltd. and CEO of CapitaLand Commercial (the manager of Mapletree Industrial Ltd and CapitaLand Financial Ltd. Prior Trust), of Mapletree Commercial Trust to joining the CapitaLand group, he Management Ltd. (the manager of held various positions in the areas MR HIEW YOON KHONG Mapletree Commercial Trust) and of of corporate finance, management Non-Executive Director Mapletree Greater China Commercial consultancy and project financing over Trust Management Ltd. (the manager of a 10-year period. Mapletree Greater China Commercial Trust). Mr Hiew holds a Master of Arts degree in Economics from the University of Warwick as well as a Bachelor of Arts degree in Economics from the University of Portsmouth.

26 27 STAYING ON COURSE° ANNUAL REPORT 2013/2014

BOARD OF DIRECTORS

Mr Wong Mun Hoong is a Non-Executive sector in Asia for 14 years. He was with Director of the Manager. Merrill Lynch & Co. for the 10 years immediately prior to joining the Sponsor, Mr Wong is currently the Group CFO and where he worked in Singapore, Hong a member of the Executive Management Kong and Tokyo. He was a Director and Committee of the Sponsor. He oversees the Head of its Singapore Investment the Finance, Tax, Treasury, Private Banking Division prior to leaving Merrill Funds Management, Risk Management Lynch & Co. in late 2005. and Information System & Technology functions of the Sponsor. In addition, Mr Wong graduated with a Bachelor of he is a Director of Mapletree Industrial Accountancy (Honours) degree from Trust Management Ltd. (the manager of the National University of Singapore in MR WONG MUN HOONG Mapletree Industrial Trust), of Mapletree 1990. He is a Chartered Accountant Non-Executive Director Commercial Trust Management Ltd. of Singapore and also holds the (the manager of Mapletree Commercial professional designation of Chartered Trust) and of CapitaLand Township Financial Analyst from the CFA Institute Development Fund Pte. Ltd.. of the United States. He attended the Advanced Management Programme at Before joining the Sponsor in 2006, Mr INSEAD Business School. Wong worked in the investment banking

Mr Chua Tiow Chye is a Non-Executive Mr Chua also serves as a Non-Executive Director of the Manager. He was Director of Mapletree Greater China previously the CEO of the Manager. Commercial Trust Management Ltd. (the manager of Mapletree Greater China Mr Chua is currently the Group Chief Commercial Trust). Investment Officer and Regional CEO, North Asia of the Sponsor. He exercises Prior to joining the Sponsor in 2002, Mr strategic oversight of the Sponsor’s Chua held senior positions with various business expansion and directly companies including Vision Century spearheads the development of new Corporation Ltd, Ascendas Pte Ltd, markets in North Asia, i.e. South Korea, Singapore Food Industries Pte Ltd and Hong Kong SAR, Australia and Japan, as United Overseas Bank Ltd. well as other opportunistic markets. As Mr Chua holds a Master of Business MR CHUA TIOW CHYE business head of the North Asia region, Administration degree from the Non-Executive Director he has direct responsibility over the University of Strathclyde, United Sponsor’s non-REIT assets and growth in Kingdom and a Bachelor of Regional these markets. and Town Planning (First Class Honours) degree from the University of Queensland, Australia under a Colombo Plan scholarship.

Ms Ng Kiat is an Executive Director and fund investments. Preceding that, Ms Chief Executive Officer of the Manager. Ng was Vice President at the CapitaLand Prior to this appointment in July 2012, group where she was responsible for real Ms Ng was Chief Investment Officer, estate investments and cross-border Southeast Asia of the Sponsor where mergers and acquisitions activities in she was responsible for managing Southeast Asia and Europe. the acquisitions, development and operations of the Sponsor’s investment Ms Ng was awarded the Singapore portfolio in the region. Technologies scholarships for her undergraduate and postgraduate Ms Ng has over 16 years of experience studies at Imperial College of Science in real estate and investment. Prior to and Technology, University of London, MS NG KIAT joining the Sponsor in 2007, she was where she graduated with Masters in Executive Director & Chief with Temasek Holdings Private Limited Engineering (First Class Honours) in Executive Officer for five years managing private equity Aeronautical Engineering. 26 27 MAPLETREE LOGISTICS TRUST

MANAGEMENT TEAM

MS NG KIAT MS WONG MEI LIAN MS CHEN TZE HUI MR LOH SHYH

MR ONG KHIAN HENG MR CHOONG CHIA YEE MS NATALIE WONG MS LUM YUEN MAY

MR NICK CHUNG MR DAVID WON MS YUKO SHIMAZU MR WINSTON LOK

MS JEAN KAM MR JACOB CHUNG MR VICTOR LIU

MS NG KIAT MS WONG MEI LIAN Executive Director & Chief Executive Officer Chief Financial Officer

Ms Wong Mei Lian is responsible for financial reporting, Ms Ng Kiat is an Executive Director and CEO of the Manager. budgeting, treasury and taxation matters. Please refer to her profile under the Board of Directors section of this Annual Report on page 27. Prior to her appointment as Chief Financial Officer in May 2010, she was Senior Vice President, Treasury of the Sponsor since November 2007, where she was in charge of the overall treasury management of the Sponsor.

Ms Wong has extensive experience in corporate finance, treasury and investment banking. From 1999 to 2007, she held various positions in CapitaLand group and Singapore Power Ltd. Earlier in her career, Ms Wong worked in the merchant banking arm of Schroders, where she was responsible for the origination, 28 structuring and syndication of debt in Southeast Asia. 29 STAYING ON COURSE° ANNUAL REPORT 2013/2014

MANAGEMENT TEAM

MS CHEN TZE HUI MS NATALIE WONG Head, Asset Management Vice President, Treasury

Ms Chen Tze Hui is responsible for the portfolio’s asset Ms Natalie Wong is responsible for handling MLT’s capital management strategies and operations throughout Asia. management and corporate finance operations.

Ms Chen has extensive real estate experience in business Prior to joining the Manager, Ms Wong worked in transactions development, investment (acquisitions and divestments), advisory in PricewaterhouseCoopers LLP handling numerous design development, asset management, marketing and cross-border deals and mergers and acquisitions projects. She lease management. She has also worked with several large also has extensive finance and treasury experience as a finance developers and consultancy firms. manager in Honeywell International Inc. and Zagro Asia Limited, as well as audit experience with KPMG Singapore. MR LOH SHYH Chief Executive Officer, China MS LUM YUEN MAY Vice President, Investor Relations Mr Loh Shyh is responsible for leading MLT’s expansion in China, including the sourcing and evaluation of acquisition Ms Lum Yuen May is responsible for maintaining timely and opportunities and management of existing assets. transparent communications with MLT’s Unitholders, investors, analysts and the media. Mr Loh is a 27-year veteran of the real estate industry. He joined the Sponsor in August 2005 as General Manager, China, Ms Lum has many years of experience in the financial industry, to head its newly set up operations. Since then, he has grown including five years in equities research. Prior to joining the the Sponsor’s presence to three offices in Shanghai, Beijing Manager, she spent more than 10 years managing investor and Guangzhou. Under his leadership, the Sponsor has also relations at various SGX-ST listed companies, including a real grown its total real estate investments covering logistics, estate investment trust. industrial, office and mixed-use developments in Shanghai, Beijing, Tianjin, Wuxi, Foshan, and Zhengzhou. In 2008, Loh MR NICK CHUNG Shyh was promoted to the position of CEO, China. General Manager, China

MR ONG KHIAN HENG Mr Nick Chung is responsible for sourcing and evaluating Director, Investment acquisition opportunities for MLT as well as managing the existing assets in China. Mr Ong Khian Heng is responsible for sourcing and evaluating suitable assets and opportunities to grow the portfolio, Mr Chung has more than 15 years of extensive real estate including in markets where MLT does not have a presence. experience in China. Prior to joining the Manager in December 2009, Mr Chung was Head of Asset Management at the China Prior to his appointment as Director, Investment in June 2014, office of NYSE-listed AMB Property Corporation. Prior to this, he Mr Ong had held other positions in the Manager, including held the position of Director, Asset Services with ZIC property General Manager of South Korea and before that, General consultants and Premas International in China. Manager of Vietnam. Prior to that, he was Senior Manager of the Sponsor’s Regional Investment Department, responsible MR DAVID WON for business development in India and identifying suitable General Manager, Hong Kong investments and development opportunities in India and China. Mr David Won is responsible for sourcing and evaluating MR CHOONG CHIA YEE acquisition opportunities for MLT as well as managing the Vice President, Finance existing assets in Hong Kong.

Mr Choong Chia Yee is responsible for handling MLT’s financial Prior to his appointment in October 2011, Mr Won was Head of and management reporting as well as the day-to-day running of Investment and Asset Management of the Hong Kong logistics finance operations. team since April 2010. He started his appointment with the Manager in May 2006 as Finance Manager of the Hong Kong Mr Choong has more than 15 years of experience in logistics team. Prior to joining the Manager, Mr Won was accounting, finance, budgeting, tax, initial public offering and Assistant Manager of Budgetary and Forecasting with the Hong audit. Prior to joining the Manager, he held various finance Kong Housing Authority. positions in both SGX-ST and Bursa Malaysia listed companies including CapitaMalls Asia Limited, RichLand Group Limited and Farm’s Best Berhad. 28 29 MAPLETREE LOGISTICS TRUST

MANAGEMENT TEAM

MS YUKO SHIMAZU MR JACOB CHUNG General Manager, Japan General Manager, South Korea

Ms Yuko Shimazu is responsible for sourcing and evaluating Mr. Jacob Chung is responsible for sourcing and evaluating acquisition opportunities for MLT as well as managing the acquisition opportunities for MLT as well as managing the existing assets in Japan. existing assets in South Korea.

Ms Shimazu has been in the real estate industry for more than Mr. Chung has over 23 years of real estate-related professional 16 years. She started her career in CB Richard Ellis before experience in various companies. Prior to joining the Manager, moving on to Colliers, where she gained extensive market Mr. Chung was Vice President of SK Networks Co., Ltd., where and industry knowledge nationwide, providing real estate he oversaw the SK Group’s real estate liquidation plans and consultancy and leasing services to foreign capital companies. execution, and various development projects including office Her other real estate business experience includes asset development in Shanghai and a golf resort development in management of hotel and retail properties with Panorama Jeju Island. Hospitality, a subsidiary of the Morgan Stanley group. MR VICTOR LIU MR WINSTON LOK General Manager, Vietnam Deputy General Manager, Malaysia Mr Victor Liu is responsible for sourcing and evaluating Mr Winston Lok is responsible for sourcing and evaluating business opportunities for MLT as well as managing the acquisition opportunities for MLT as well as managing the existing assets in Vietnam. existing assets in Malaysia. Mr Liu has been with the Sponsor since April 2008 and Mr Lok was previously Deputy General Manager of North was based in Vietnam where he was responsible for new Vietnam of the Manager since July 2010, where he oversaw the development projects including the development of logistics implementation, leasing and asset management of Mapletree parks in Binh Duong, Vietnam. Prior to his appointment with the Bac Ninh Logistics Park, the Sponsor’s first project in North Manager in November 2012, Mr Liu was General Director for Vietnam, as well as the sourcing of investment opportunities in the development of SC VivoCity Retail Mall in Ho Chi Minh City. North Vietnam.

MS JEAN KAM General Manager, Singapore

Ms Jean Kam is responsible for sourcing and evaluating acquisition opportunities for MLT as well as managing the existing assets in Singapore.

Prior to this appointment, Ms Kam was Senior Manager, Investment and Asset Management of the Singapore logistics team since June 2010. She started her appointment with the Manager in September 2007 as Asset Manager of the Singapore logistics team. Prior to joining the Manager, Ms Kam began her career with JTC Corporation, where she was involved in the development, marketing and lease management of JTC’s industrial facilities for 10 years.

30 31 STAYING ON COURSE° ANNUAL REPORT 2013/2014

MANAGEMENT TEAM

CORPORATE SERVICES TEAM PROPERTY MANAGEMENT TEAM

MR WAN KWONG WENG MS SEE HUI HUI MR TAN WEE SENG MR FOO SAY CHIANG

MR WAN KWONG WENG MR TAN WEE SENG Joint Company Secretary Head, Regional Development Management of the Sponsor

Mr Wan Kwong Weng is also the Group General Counsel of the Mr Tan Wee Seng oversees the delivery of all development Sponsor, where he is responsible for all legal, compliance and projects including asset enhancement initiatives undertaken corporate secretarial matters. within the Mapletree group across all business units and countries (ex China and Japan). Prior to joining the Sponsor in 2009, Mr Wan was the Group General Counsel - Asia for Infineon for seven years, where he Mr Tan has over 22 years’ experience in design, project was a key member of Infineon’s management team covering management and construction across the industrial, the Asia Pacific and Japan regions. He started his career as a logistics, pharmaceutical, telecommunication, institutional litigation lawyer with one of the oldest law firms in Singapore, and commercial sectors spanning various countries in Asia Wee Swee Teow & Co., and was subsequently with the including Singapore, China, Malaysia as well as the United Corporate & Commercial/Private Equity practice group of Baker States of America, Ireland and Nigeria. & McKenzie in Singapore and Sydney. Prior to joining the Sponsor in February 2012, Mr Tan Mr Wan has an LL.B. (Honours) (Newcastle upon Tyne), was Managing Director at Lend Lease Singapore. His where he was conferred the Wise Speke Prize, as well as an responsibilities included execution of development projects LL.M. (Merit) (London). He also attended the INSEAD Asia in Lend Lease’s portfolio and for various external clients. International Executive Program. He is called to the Singapore Bar, where he was conferred the Justice FA Chua Memorial Mr Tan holds a Bachelor of Science (Building) degree from Prize, and is also on the Rolls of Solicitors (England & Wales). the National University of Singapore.

He was conferred a Public Service Medal (P.B.M.) in 2012 for MR FOO SAY CHIANG his contributions to community service. Head, Group Property Management of the Sponsor

Mr Foo oversees the daily operations, technical services, MS SEE HUI HUI tenancy and other related supporting services like procurement Joint Company Secretary for the assets under the Sponsor.

Ms See Hui Hui is also the Vice President, Legal of the Mr Foo has more than 26 years of estate and asset Sponsor. management experience. Prior to joining the Sponsor, he held the position of Senior Vice President, Property Management Prior to joining the Sponsor in 2010, Ms See was in the with Marina Properties Pte Ltd, which provided property Corporate/Mergers & Acquisitions practice group of management and maintenance services to Pontiac Land WongPartnership LLP, one of the leading law firms in Singapore. Group’s properties. In that role, he was responsible for the She started her career as a litigation lawyer with Tan Kok Quan company’s operational and financial performance. Before Partnership. Marina Properties Pte Ltd, he was the General Manager of EM Services Pte Ltd, providing township management services to Ms See holds an LL.B. (Honours) from the National University the East Coast and Tanjong Pagar Town Councils. of Singapore, and is admitted to the Singapore Bar. Under the auspices of the Colombo Plan, Mr Foo graduated from the University of Auckland with a Diploma in Valuation (Honours). He also holds a Master of Business Administration degree from Heriot-Watt University (United Kingdom) and is 30 qualified as a Registered Valuer in New Zealand. 31 MAPLETREE LOGISTICS TRUST

CORPORATE GOVERNANCE

The Manager of MLT has responsibility over the strategic (A) BOARD MATTERS direction and management of the assets and liabilities of MLT and its subsidiaries (collectively, the “Group”). Board’s Conduct of its Affairs

The Manager discharges its responsibility for the benefit of Principle 1: Effective board MLT’s unitholders (“Unitholders”), in accordance with the applicable laws and regulations as well as the trust deed Our Policy and Practices constituting MLT (“Trust Deed”). To this end, the Manager sets The Manager applies the principle that an effective Board of the strategic direction of the Group and gives recommendations Directors (the “Board”) for the Manager is one constituted with to HSBC Institutional Trust Services (Singapore) Limited, in its the right core competencies and diversity of experience, so capacity as trustee of MLT (the “Trustee”), on the acquisition, that the collective wisdom of the Board can give guidance and divestment or enhancement of assets of the Group. As a REIT provide insights as well as strategic thinking to Management. Manager, the Manager is licensed by the Monetary Authority of Singapore (the “MAS”) and granted a Capital Markets Services The key roles of the Board are to: Licence (“CMS Licence”). • guide the corporate strategy and direction of the Manager; The Manager’s roles and responsibilities include: • ensure that senior management discharges business leadership and demonstrates the highest quality of • using its best endeavours to carry out and conduct the management skills with integrity and enterprise; and Group’s business in a proper and efficient manner and to • oversee the proper conduct of the Manager. conduct all transactions with or for the Group on an arm’s length basis and on normal commercial terms; The positions of Chairman and Chief Executive Officer (“CEO”) • preparing annual budget proposal with forecast on gross are held by two separate persons in order to maintain effective revenue, property expenditure, capital expenditure and oversight. providing explanations of major variances to prior year’s forecasts, valuation and written commentaries on key issues The Board comprises eleven Directors, of whom ten are Non- and any other relevant assumptions. The purpose of such Executive Directors and six are Independent Directors. proposals and analysis is to chart the Group’s business for the year ahead and to explain the performance of MLT’s The following sets out the composition of the Board: properties compared to the prior year; and • ensuring compliance with the applicable laws and • Mr Paul Ma Kah Woh, Chairman and Non-Executive Director regulations, including the Securities and Futures Act of • Mr Tan Ngiap Joo, Chairman of the Audit and Risk Committee Singapore (Chapter 289), the Listing Manual, the Code on and Independent Director Collective Investment Schemes, the Singapore Code on • Mr Cheah Kim Teck, Member of the Audit and Risk Committee Takeovers and Mergers, the Trust Deed, the CMS Licence and Independent Director and any tax rulings and all relevant contracts. • Mr Pok Soy Yoong, Member of the Audit and Risk Committee and Independent Director The Manager is committed to apply the principles and the spirit • Mr Wee Siew Kim, Member of the Audit and Risk Committee of the Code of Corporate Governance (the “Code”). The Code and Independent Director was revised by the MAS in May 20121 and save for certain • Mrs Penny Goh, Independent Director (1) provisions, shall be applicable to annual reports relating • Mr Tarun Kataria, Independent Director (2) to financial years commencing from 1 November 2012. In • Mr Hiew Yoon Khong, Non-Executive Director keeping with our commitment to high standards of corporate • Mr Wong Mun Hoong, Non-Executive Director governance, the Manager has updated its policies as far as • Mr Chua Tiow Chye, Non-Executive Director practicable in order to comply with the revised Code during • Ms Ng Kiat, Executive Director and Chief Executive Officer. FY13/14.

The Board of Directors and employees of the Manager are remunerated by the Manager, and not by MLT.

1 The revised Code is applicable to annual reports relating to financial years commencing from 1 November 2012, save for the requirement for independent directors to make up at least half of the board in specified circumstances (Guideline 2.2 of the revised Code), which will only need to be made at the annual general meetings following the end of the financial year commencing on or after 1 May 2016. (1) Mrs Penny Goh was re-designated as an Independent Director with effect from 25 March 2014. (2) Mr Tarun Kataria was appointed as an Independent Director on 1 September 2013 in place of Mr Zafar Momin who resigned as an Independent Director on 1 September 2013. 32 33 STAYING ON COURSE° ANNUAL REPORT 2013/2014

CORPORATE GOVERNANCE

The Board comprises business leaders and distinguished professionals in their respective fields. Each Director is appointed on the strength of his or her calibre, experience, stature, and potential to give proper guidance to the Manager for the business of the Group. In addition, each Director is given a formal letter of appointment setting out their duties and obligations under the relevant laws and regulations. Their profiles are found on pages 24 to 27 of this Annual Report. The Board is of the view that the present principal directorships included in their profiles will be sufficient in informing Unitholders of their principal commitments. They meet regularly, at least once every quarter, to review the business performance and outlook of the Group, as well as to deliberate on business strategy, including any significant acquisitions, disposals, fundraising and development projects of the Group.

The meeting attendance of the Board and the Audit and Risk Committee for FY13/14 is as follows:

Audit and Risk Board Committee Number of meetings held in FY13/14 5 6 Board Members Membership Mr Paul Ma Kah Woh Chairman and Non-Executive Director 5 1(1) (Appointed on 16 May 2005) (Last reappointment on 20 September 2013) Mr Tan Ngiap Joo Chairman of the Audit and Risk Committee 5 6 (Appointed on 15 June 2009) and Independent Director (Last reappointment on 28 September 2012) Mr Cheah Kim Teck Member of the Audit and Risk Committee 5 5 (Appointed on 16 May 2005) and Independent Director (Last reappointment on 28 September 2012) Mr Pok Soy Yoong Member of the Audit and Risk Committee 5 6 (Appointed on 31 August 2009) and Independent Director (Last reappointment on 28 September 2012) Mr Wee Siew Kim Member of the Audit and Risk Committee 4 5 (Appointed on 1 April 2013) and Independent Director (Last reappointment on 20 September 2013) Mrs Penny Goh(2) Independent Director 5 N.A.(3) (Appointed on 31 March 2011) (Last reappointment on 30 September 2011) Mr Zafar Momin(4) Independent Director 2 N.A.(3) (Appointed on 16 June 2005) (Last reappointment on 30 September 2011) Mr Tarun Kataria(5) Independent Director 3 N.A.(3) (Appointed on 1 September 2013) (Last reappointment on 20 September 2013) Mr Hiew Yoon Khong Non-Executive Director 5 1(1) (Appointed on 16 May 2005) (Last reappointment on 20 September 2013) Mr Wong Mun Hoong Non-Executive Director 5 5(1) (Appointed on 15 July 2006) (Last reappointment on 20 September 2013) Mr Chua Tiow Chye Non-Executive Director 5 N.A.(3) (Appointed on 19 January 2005) (Last reappointment on 28 September 2012) Ms Ng Kiat Executive Director and 5 6(1) (Appointed on 2 October 2012) Chief Executive Officer (Last reappointment on 20 September 2013)

(1) Attendance was by invitation. (2) Mrs Penny Goh was re-designated as an Independent Director with effect from 25 March 2014. (3) N.A. means not applicable. (4) Mr Zafar Momin resigned as an Independent Director on 1 September 2013. (5) Mr Tarun Kataria was appointed as an Independent Director on 1 September 2013. 32 33 MAPLETREE LOGISTICS TRUST

CORPORATE GOVERNANCE

The Board has approved a set of delegations of authority which Each of the Independent Directors had carried out an sets out approval limits for investments and divestments, assessment on whether there was any relationship or development, operational and capital expenditures and treasury circumstances which may impact their independent status activities. Approval sub-limits are also provided at various and had either made a negative declaration or disclose such management levels to facilitate operational efficiency as well relationship or circumstances as applicable. as provide a system of checks and balances. As Mr Cheah Kim Teck has been appointed to the Board for The Board’s approval is required for material transactions, more than nine years, the Board has carried out a review of including the following: his independence. The Board noted that there has not been any interested party transaction involving Mr Cheah Kim Teck • equity fundraising; and based on his contributions to the Board discussions, the • acquisition, development and disposal of properties above Board is of the view that Mr Cheah Kim Teck is considered to the Board prescribed limits; be independent. • overall project budget variance and ad hoc development budget above the Board prescribed limits; Based on a review of the relationships between the Directors • debt fundraising above the Board prescribed limits; and and the Group, the Board considers the following Directors to • derivative contracts above the Board prescribed limits. be independent:

The Board is updated on any material change to relevant laws, • Mr Tan Ngiap Joo regulations and accounting standards by way of briefings • Mr Cheah Kim Teck by professionals or by updates issued by Management. In • Mr Pok Soy Yoong FY13/14, seminars were held to update the Board on the • Mr Wee Siew Kim following matters: • Mrs Penny Goh(1) • Mr Tarun Kataria(2). • the new legislation under the Personal Data Protection Act 2012; and In view of the above, more than half of the Board comprises • the MAS Technology Risk Management Guidelines. Independent Directors, which is in line with the Code which provides that independent directors should make up at least Mr Wee Siew Kim and Mr Tarun Kataria, who were appointed on half of the Board where the Chairman of the Board is not an 1 April 2013 and 1 September 2013 respectively, attended an independent director. orientation programme conducted by senior management where they were briefed on the Group’s business, strategic directions, Chairman and Chief Executive Officer risk management policies, the regulatory environment in which the Group operates and the governance practices of the Group Principle 3: Clear division of responsibilities and the Manager. Our Policy and Practices Board Composition And Balance The Manager applies the principle of clear separation of the roles and responsibilities between the Chairman of the Board Principle 2: Strong and independent element on the board and the CEO of the Manager. The Chairman guides the Board in constructive debates on the strategic direction, management Our Policy and Practices of assets and governance matters. He is non-executive, and is The Manager applies the principle that at least one-third of free to act independently in the best interests of the Manager its Directors are independent and the majority of its Directors and Unitholders. Notwithstanding that the Chairman is not an are non-executive. In addition, if the Chairman is not an independent director, the Manager is of the view that the Board independent director, at least half of the Board will comprise is well served by the Independent Directors and therefore a independent directors. This allows the Directors to engage in lead independent director is not appointed. robust deliberations with Management and provide external, diverse and objective insights into issues brought before the The Chairman and the CEO are not related to each other. The Board. Further, such composition and separation of the roles CEO is responsible for the running of the Manager’s business of the Chairman and the CEO, provides oversight to ensure that operations. She has full executive responsibilities over the Management discharges its roles with integrity. business and operational decisions of the Group. The CEO is also responsible for ensuring compliance with the applicable laws and regulations in the daily operations of the Group.

(1) Mrs Penny Goh was re-designated as an Independent Director with effect from 25 March 2014. (2) Mr Tarun Kataria was appointed as an Independent Director on 1 September 2013 in place of Mr Zafar Momin who resigned as an Independent Director on 1 September 2013. 34 35 STAYING ON COURSE° ANNUAL REPORT 2013/2014

CORPORATE GOVERNANCE

Board Membership Access to Information

Principle 4: Formal and transparent process for appointments Principle 6: Complete, adequate and timely access to information

Our Policy and Practices Our Policy and Practices As the Manager is not a listed entity, it does not have a The Manager applies the principle that the Board shall be Nominating Committee. However, the Manager applies the provided with timely and complete information prior to Board principle that Board renewal is an ongoing process to ensure meetings and as well as when the need arises. good governance and maintain relevance to the changing needs of the Manager and the Group’s business. All appointments Management is required to provide adequate and timely and resignations of Board members are approved by the Board. information to the Board, which includes matters requiring the Board’s decision as well as on-going reports relating The composition of the Board is determined using the following to the operational and financial performance of the Group. principles: Management is also required to furnish any additional information, when so requested by the Board, in a timely • the Chairman of the Board should be a non-executive director manner in order for the Board to make informed decisions. of the Manager; • the Board should comprise directors with a broad range The Board has separate and independent access to of commercial experience including expertise in funds Management and the Company Secretary. management, law, finance, audit, accounting and the property industry; and The Company Secretary attends to the administration of • at least one-third of the Board should comprise independent corporate secretarial matters and advises the Board on directors. governance matters. The Company Secretary also attends all Board and Board committee meetings and provides assistance The Manager does not, as a matter of policy, limit the maximum to the Chairman in ensuring adherence to Board procedures. number of listed company board representations its Board members may hold as long as each of the Board members is The Board takes independent professional advice as and able to commit his or her time and attention to the affairs of when necessary to enable it or the Independent Directors to the Group, including attending Board and Board committee discharge their responsibilities effectively. The AC meets the meetings and to contribute constructively to the management external and internal auditors separately at least once a year, of the Manager and the Group. without the presence of Management.

As a principle of good corporate governance, all Board (B) REMUNERATION MATTERS members are required to submit themselves for re-nomination and re-election at regular intervals. The CEO, as a Board Procedures for Developing Remuneration Policies member, is subject to retirement and re-election. Principle 7: Formal and transparent procedure for fixing the Board Performance remuneration of directors

Principle 5: Formal assessment of the effectiveness of the board Level and Mix of Remuneration

Our Policy and Practices Principle 8: Appropriate level of remuneration The Manager applies the principle that the Board’s performance is ultimately reflected in the performance of the Disclosure on Remuneration Manager and the Group. The Manager had in March 2014, commenced a formal assessment of the Board’s and the Audit Principle 9: Clear disclosure of remuneration matters and Risk Committee’s (“AC”) performance in FY13/14. The assessment was conducted by way of a confidential survey Our Policy and Practices questionnaire and the results of the survey will be evaluated by The Manager applies the principle that remuneration matters the Board. are to be sufficiently structured and benchmarked to good market practices, in order to attract suitably qualified talent, so Each Board member is given sufficient time to bring to the as to grow and manage its business. Board his or her perspective to enable balanced and well considered decisions to be made.

34 35 MAPLETREE LOGISTICS TRUST

CORPORATE GOVERNANCE

The Manager applies the principle that remuneration for the Mapletree’s ERCC conducts, on an annual basis, a succession Board and senior management should be viewed in totality. The planning review of the CEO and selected key positions in remuneration structure is linked to the continuous development the Manager. In this regard, potential internal and external of the management bench strength to ensure that there is candidates for succession are reviewed for immediate, medium robust talent management and succession cover, as well as to term and longer term needs. A total of five meetings were held the concerted pursuit of strong and ethical leadership for the by Mapletree’s ERCC in FY13/14. success of the Group’s business and the Manager. The remuneration of the Board and the employees of the As the Manager is not a listed entity, it is not presently Manager is paid by the Manager from the fees it receives considered necessary for it to have a remuneration committee. from MLT, and not by MLT. Since MLT does not bear the However, as a subsidiary of the Sponsor, the Manager takes remuneration of the Manager’s Board and employees, the its reference from the remuneration policies and practices of Manager does not consider it necessary to include information the Sponsor in determining the remuneration of the Board and (other than as set out below) on the remuneration of its key executives. The Executive Resources and Compensation Directors and its key executives. Committee (“Mapletree’s ERCC”) of the Sponsor at group level serves the crucial role of helping to ensure that the Manager is The Chairman and the Non-Executive Directors have no service able to recruit and retain the best talent to drive its business contracts with the Manager. Save for Mr Hiew Yoon Khong, forward. Mr Wong Mun Hoong, Mr Chua Tiow Chye, and Ms Ng Kiat, all Directors receive a basic fee and, where applicable, an The members of Mapletree’s ERCC are: additional fee for serving on the AC.

• Mr Edmund Cheng Wai Wing (Chairman) Mr Hiew Yoon Khong, Mr Wong Mun Hoong and Mr Chua Tiow • Mr Paul Ma Kah Woh (Member) Chye, respectively the Group Chief Executive Officer, the Group • Ms Chan Wai Ching, Senior Managing Director, Temasek Chief Financial Officer and the Group Chief Investment Officer International Pte Ltd (Co-opted Member). and Regional Chief Executive Officer, North Asia of the Sponsor, also do not receive director’s fees for serving as Non-Executive All the members of Mapletree’s ERCC are independent Directors of the Manager. of Management. Mapletree’s ERCC oversees executive compensation and development of the management bench The CEO, as an Executive Director, does not receive director’s strength, so as to build and augment a capable and dedicated fees. She is a lead member of Management. Her compensation management team, and gives guidance on progressive policies comprises salary, allowances, bonuses and share appreciation which can attract, motivate and retain a pool of talented awards from the Sponsor. The latter is conditional upon her executives for the present and future growth of the Manager. meeting certain performance targets. The CEO is not present during the discussions relating to her own compensation Specifically, Mapletree’s ERCC, with the assistance of and terms and conditions of service, and the review of compensation consultants where necessary: her performance. However, the Board’s views of the CEO’s performance are shared with her. • establishes compensation policies for key executives; • approves salary reviews, bonuses and incentives for key Directors’ fees are subject to the approval of the Manager’s executives; shareholder and the directors’ fees paid to the Board for • approves key appointments and reviews succession plans for FY13/14 are as follows: key positions; and • oversees the development of key executives and younger talented executives.

36 37 STAYING ON COURSE° ANNUAL REPORT 2013/2014

CORPORATE GOVERNANCE

Board Members Membership FY13/14

Mr Paul Ma Kah Woh Chairman and Non-Executive Director S$110,000.00

Mr Tan Ngiap Joo Chairman of the Audit and Risk Committee S$85,000.00 and Independent Director Mr Cheah Kim Teck Member of the Audit and Risk Committee S$72,500.00 and Independent Director Mr Pok Soy Yoong Member of the Audit and Risk Committee S$72,500.00 and Independent Director Mr Wee Siew Kim Member of the Audit and Risk Committee S$72,500.00 and Independent Director Mrs Penny Goh(1) Independent Director S$50,000.00 Mr Zafar Momin(2) Independent Director S$20,833.33 Mr Tarun Kataria(3) Independent Director S$47,166.67 Mr Hiew Yoon Khong Non-Executive Director Nil Mr Wong Mun Hoong Non-Executive Director Nil Mr Chua Tiow Chye Non-Executive Director Nil Ms Ng Kiat Executive Director and Nil Chief Executive Officer

(C) ACCOUNTABILITY AND AUDIT The Manager, working with the Sponsor, has established an internal control and risk management systems addressing Accountability key operational, financial, compliance and information technology risks relevant to the Group’s business and operating Principle 10: Balanced and understandable assessment of the environment. These systems provide reasonable but not company’s performance, position and prospects absolute assurance on the achievement of their intended internal control and risk management objectives. Our Policy and Practices The Manager applies the principle that to build confidence The key elements of the Group’s internal control and risk among stakeholders, there is a need to deliver sustainable management systems are as follows: value. Operating Structure The Manager complies with statutory and regulatory The Manager has a defined operating structure with lines of requirements as well as adopts best practices in the Group’s responsibility and delegated authority, as well as reporting business processes. The Board is also apprised of the mechanisms to senior management and the Board. This performance of the Group and the business and market outlook structure includes certain functions, such as Human on a regular basis to enable the Board to make a balanced and Resources, Information Technology, Internal Audit, Legal and informed assessment of the Group’s performance, position and Risk Management, which are outsourced to the Sponsor. The prospects. Manager also conducts an annual review of such outsourced functions to ensure performance standards. Internal Controls Policies, Procedures and Practices Principle 11: Sound system of internal controls and risk Controls are detailed in formal procedures and manuals. management For example, the Board has approved a set of delegations of authority which sets out approval limits for investments Our Policy and Practices and divestments, development, operational and capital The Manager is committed to the principle of a sound system expenditures and treasury activities. Approval sub-limits of internal controls and risk management. are also provided at various management levels to facilitate operational efficiency as well as provide a system of checks and balances.

(1) Mrs Penny Goh was re-designated as an Independent Director with effect from 25 March 2014. (2) Mr Zafar Momin resigned as an Independent Director on 1 September 2013. (3) Mr Tarun Kataria was appointed as an Independent Director on 1 September 2013. 36 37 MAPLETREE LOGISTICS TRUST

CORPORATE GOVERNANCE

The Board’s approval is required for material transactions, More information relating to risk management can be found on including the following: pages 43 to 45 of this Annual Report.

• equity fundraising; Financial Reporting • acquisition, development and disposal of properties above The Board is updated on a quarterly basis on the Group’s the Board prescribed limits; financial performance. The Manager reports on significant • overall project budget variance and ad hoc development variances in financial performance and provides full year budget above the Board prescribed limits; forecast, in comparison with budgets and financial performance • debt fundraising above the Board prescribed limits; and of corresponding periods in the preceding year. In addition, the • derivative contracts above the Board prescribed limits. Board is provided with quarterly updates on key operational activities. The Group’s procedures and practices are regularly reviewed and revised where necessary to enhance controls and A management representation letter is provided in connection efficiency. The Group has implemented a Control Self with the preparation of the Group’s financial statements Assessment programme to promote accountability, control and presented to the AC and Board quarterly. The representation risk ownership, in order to cultivate a stronger sense of risk letter is supported by declarations made individually by the awareness within Management and the operational teams. various Heads of Department. Compliance checklists on announcement of financial statements, which are required for The Internal Audit department of the Sponsor verifies submission to the SGX-ST, are reviewed and confirmed by the compliance with these control procedures and policies. Chief Financial Officer (“CFO”).

Whistle-blowing Policy The Group’s financial results are reported to Unitholders To reinforce a culture of good business ethics and governance, quarterly in accordance with the requirements of the SGX-ST. the Manager has a Whistle-blowing Policy to encourage the These results announcements provide analysis of significant reporting, in good faith, of any suspected improper conduct, variances in financial performance and commentary on the including possible financial irregularities, while protecting the industry’s competitive conditions in which the Group operates whistleblowers from reprisals. Any such incidents reported and any known factors or events that may affect the Group in relating to the Group or the Manager shall be notified to the AC the next reporting period and the next 12 months. Chairman for investigation and to the AC for deliberation on the findings. Detailed disclosure and analysis of the full year financial performance of the Group are set out in the Annual Report. Risk Management Risk management is an integral part of business management Financial Management by the Manager. In order to safeguard and create value for Management reviews the performance of the MLT portfolio Unitholders, the Manager proactively manages risks and properties on a monthly basis to instil financial and operational incorporates the risk management process into the Manager’s discipline at all levels of the Manager. planning and decision making process. The key financial risks to which the Group is exposed, comprise In FY13/14, the Sponsor’s Risk Management team formalised interest rate risk, liquidity risk, currency risk and credit risk. an Enterprise Risk Management (“ERM”) framework, which Where necessary and appropriate, the Manager hedges the enables it to assess, mitigate and monitor key risks. It reports Group against interest and/or currency rate fluctuations. In to the AC and the Board independently on key risk exposures, addition, the Manager proactively manages liquidity risk by portfolio risk profile and activities in respect of significant risk ensuring that sufficient working capital lines and loan facilities matters. are maintained. The Manager’s capital management strategy can be found on pages 84 to 85 of this Annual Report. The The risk management framework is dynamic and evolves Manager also has in place credit control procedures for with the business. The Manager has identified key risks, managing tenant credit risk and monitoring of debt collection. assessed their likelihood and impact on MLT’s business, and established corresponding mitigating controls. The information is maintained in a risk register that is reviewed and updated regularly. The Sponsor’s Risk Management team works closely with the Manager to review and enhance the risk management system to be in line with market practices and regulatory requirements.

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CORPORATE GOVERNANCE

Internal Audit • transactions (either individually or as part of a series or On an annual basis, the Sponsor’s Internal Audit department if aggregated with other transactions involving the same prepares a risk-based audit plan to review the adequacy and interested party during the same financial year) equal to effectiveness of the Group’s system of internal controls. The or exceeding 5.0% of the value of the Group’s net tangible Internal Audit department is also involved during the year in assets will be reviewed and approved prior to such conducting system or process reviews that may be requested transactions being entered into, on the basis described in the by the AC or Management on specific areas of concern. In preceding paragraph, by the AC which may, as it deems fit, doing so, the Internal Audit department obtains reasonable request advice on the transaction from independent sources assurance that business objectives for the process under or advisers, including the obtaining of valuations from review are being achieved and key control mechanisms are in independent professional valuers. Further, under the Listing place. Manual and the Property Funds Appendix, such transactions would have to be approved by the Unitholders at a meeting of Upon completion of each review, a formal report detailing the Unitholders. the audit findings and the appropriate recommendations is issued to the AC. The Internal Audit department monitors and The interested person transactions undertaken by the Group reports on the timely implementation of the action plans to in FY13/14 can be found on page 172 of this Annual Report. Management and the AC on a quarterly basis. For the purpose of the disclosure, the full contract sum is used where an interested person transaction has a fixed term The external auditors provide an independent perspective and contract value, while the annual amount incurred and on certain aspects of the internal financial controls system accrued is used where an interested person transaction has an arising from their work and report their findings to the AC on an indefinite term or where the contract sum is not specified. annual basis. The external auditors are also kept abreast of the Manager’s Control Self Assessment programme. Dealing in MLT units The Manager adopts the best practices on dealings in Interested Person Transactions securities set out in the Listing Manual. All Directors are All interested person transactions are undertaken on normal required to disclose their interests in MLT and are also provided commercial terms and the AC regularly reviews all interested with disclosures of interests by other Directors as well as party transactions to ensure compliance with the internal reminders on trading bans. control system as well as with relevant provisions of the Listing Manual and Appendix 6 of the Code on Collective On trading in MLT units, the Directors and employees of the Investment Schemes issued by the MAS (the “Property Funds Manager are reminded not to deal in MLT units on short term Appendix”). In addition, the Trustee has the right to review such considerations and are prohibited from dealing in MLT units: transactions to ascertain that the Property Funds Appendix has been complied with. • in the period commencing one month before the public announcement of the Group’s annual and semi-annual The following procedures are also undertaken: results; • in the period commencing two weeks before the public • transactions (either individually or as part of a series or announcement of the Group’s quarterly results; and if aggregated with other transactions involving the same • at any time whilst in possession of price-sensitive interested party during the same financial year) equal to or information. exceeding S$100,000 in value but below 3.0% of the value of the Group’s net tangible assets will be subject to review by Each Director is required to give notice to the Manager of his the AC at regular intervals; or her acquisition of MLT units or of changes in the number of MLT units which he or she holds or in which he or she has • transactions (either individually or as part of a series or an interest, within two business days of such acquisition or if aggregated with other transactions involving the same change of interest. In addition, employees of the Manager and interested party during the same financial year) equal to or the Sponsor are to give pre-trading notifications before any exceeding 3.0% but below 5.0% of the value of the Group’s dealing in MLT units. net tangible assets will be subject to the review and prior approval of the AC. Such approval shall only be given if the transactions are on normal commercial terms and are consistent with similar types of transactions made by the Trustee with third parties which are unrelated to the Manager; and

38 39 MAPLETREE LOGISTICS TRUST

CORPORATE GOVERNANCE

Role of the Board and AC The Manager applies the principle that the AC shall have at The Board recognises the importance of maintaining a sound least three members, all of whom must be non-executive and internal control system to safeguard the assets of the Group the majority of whom must be independent. and Unitholders’ interests, through a framework that enables risks to be assessed and managed. The AC consists of four members. They are: • Mr Tan Ngiap Joo, Chairman The AC provides oversight of the financial reporting risks, • Mr Cheah Kim Teck, Member accounting policies and the adequacy and effectiveness of • Mr Wee Siew Kim, Member the Group’s internal control, risk management and compliance • Mr Pok Soy Yoong, Member. systems. The AC has a set of Terms of Reference dealing with its scope The Board and the AC also took into account the results from and authority, which include: the Control Self Assessment programme, which requires the respective departments of the Manager to review and report on • review of annual internal and external audit plans; compliance with their key processes. • examination of interested person transactions; • review of audit findings of internal and external auditors as It should be recognised that all internal control and risk well as management responses to them; management systems contain inherent limitations and, • evaluation of the nature and extent of non-audit services accordingly, the internal control and risk management systems performed by external auditors. In this regard, for the can only provide reasonable but not absolute assurance. financial year ended 31 March 2014, the Group paid S$449,000 to the external auditors for audit services. There The Board has received assurance from the CEO and the were no payments made for any non-audit services; CFO (a) that the Group’s financial records have been properly • review of the quality and reliability of information prepared for maintained and the financial statements give a true and inclusion in financial reports; fair view of the Group’s operations and finances; and (b) on • recommendation of the appointment and re-appointment of the effectiveness of the Group’s internal control and risk external auditors; and management systems. • approval of the remuneration and terms of engagement of external auditors. Opinion on Internal Control Based on the internal control and risk management systems In addition, the AC also: established and maintained by the Manager and the Sponsor, work performed by the Sponsor’s Internal Audit and Risk • meets with the external and internal auditors, without the Management departments as well as by the external auditors, presence of Management, at least once a year to review and reviews performed by Management and the above assurance discuss the financial reporting process, system of internal from the CEO and the CFO, the Board, with the concurrence of controls (including financial, operational and compliance the AC, is of the opinion that, in the absence of evidence to controls), significant comments and recommendations; and the contrary, the Group’s internal control and risk management • reviews and, if required, investigates the matters reported systems, addressing key financial, operational, compliance, via the whistle-blowing mechanism, by which staff may, in information technology and risk management objectives, confidence, raise concerns about suspected improprieties and which the Group considers relevant and material to its including financial irregularities. operations, were adequate and effective to meet the needs of the Group in its business environment as at 31 March 2014. The objective is to ensure that arrangements are in place for independent investigations of any matters arising from such Audit and Risk Committee meetings and reviews, to ensure appropriate follow-up actions.

Principle 12: Written terms of reference A total of six AC meetings were held in FY13/14.

Our Policy and Practices The Manager, on behalf of the Group, confirms that the Group The Board is supported by the AC to provide additional has complied with Rules 712 and 715 of the Listing Manual in oversight of financial, risks and audit matters, so as to relation to the Group’s auditing firm. maximise the effectiveness of the Board and foster active participation and contribution.

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CORPORATE GOVERNANCE

Internal Audit (D) SHAREHOLDER RIGHTS AND RESPONSIBILITIES

Principle 13: Independent internal audit function Shareholder Rights

Our Policy and Practices Principle 14: Fair and equitable treatment of all shareholders The Manager applies the principle that a robust system of internal audits is required to safeguard Unitholders’ interests, Communication with Shareholders the Group’s assets, and to manage risks. Apart from the AC, other Board committees may be set up from time to time to Principle 15: Regular, effective and fair communication with address specific issues or risks. shareholders

The internal audit function of the Group is outsourced to the Conduct of Shareholder Meetings Internal Audit department (“IA”) of the Sponsor and the IA reports directly to the Chairman of the AC of both the Manager Principle 16: Greater shareholder participation at Annual General and the Sponsor. Meetings

The role of IA is to conduct internal audit work in consultation Our Policy and Practices with, but independently of, Management. Its annual audit The Manager is committed to the principle that all Unitholders plan and audit findings are submitted to the AC. The AC also should be treated fairly and equitably and their ownership rights meets with the IA at least once a year without the presence of arising from their unitholdings should be recognised. Management. To this end, the Manager issues via SGXNET announcements The Internal Auditor is a corporate member of the Singapore and press releases on the Group’s latest corporate branch of the Institute of Internal Auditors Inc. (“IIA”), which developments on an immediate basis where required under the has its headquarters in the USA. IA subscribes to, and is in Listing Manual. Where immediate disclosure is not practicable, conformance with, the Standards for the Professional Practice the relevant announcement will be made as soon as possible to of Internal Auditing (“Standards”) developed by the IIA and has ensure that all stakeholders and the public have equal access incorporated these Standards into its audit practices. to the information.

The Standards set by the IIA cover requirements on: All Unitholders are entitled to receive the annual report in digital format packaged in a compact disc with the option of • independence & objectivity; receiving a printed version. The annual report encloses a notice • proficiency & due professional care; of annual general meeting and a proxy form with instructions • managing the internal audit activity; on the appointment of proxies. The notice of annual general • engagement planning; meeting for each annual general meeting is also published • performing engagement; and via SGXNET. An annual general meeting is held once a year to • communicating results. provide a platform for Unitholders to interact with the Board, in particular the Chairman of the Board, the Chairman of the AC, IA staff involved in IT audits are Certified Information System the CEO and the CFO. The external auditors are also present to Auditors and members of the Information System Audit address Unitholders’ queries about the audit and the financial and Control Association (“ISACA”) in the USA. The ISACA statements of the Group. Information System Auditing Standards provide guidance on the standards and procedures to be applied in IT audits. Similarly, where a general meeting is convened, all Unitholders are entitled to receive a circular enclosing a proxy form with To ensure that the internal audits are performed by competent instructions on the appointment of proxies. Prior to voting at an professionals, IA recruits and employs qualified staff. In order annual general meeting or any other general meeting, the voting that their technical knowledge remains current and relevant, IA procedures will be made known to the Unitholders to facilitate identifies and provides training and development opportunities them in exercising their votes. to the staff. The Chairman of the Board will usually demand for a poll to be In compliance with the IIA Standards, an external quality taken for resolutions proposed at an annual general meeting assessment review (“QAR”) of IA is conducted at least once and any other general meeting and thereafter voting will be every five years by a qualified, independent reviewer. The last conducted by electronic polling. The Manager will announce external QAR of IA was completed in January 2013 and the QAR the results of the votes cast for and against each resolution concluded that IA was in conformance with the IIA Standards. and the respective percentages and prepare minutes of such meetings.

40 41 MAPLETREE LOGISTICS TRUST

CORPORATE GOVERNANCE

The Manager has an Investor Relations department which works with the Legal and Corporate Secretariat department of the Sponsor to ensure the Group’s compliance with the legal and regulatory requirements applicable to listed REITs, as well as to incorporate best practices in its investor relations programme.

The Manager regularly communicates major developments in the Group’s businesses and operations to Unitholders, analysts, the media and its employees through the issuance of announcements and press releases. In addition, all announcements and press releases are first made on SGXNET and subsequently on MLT’s website.

Investors can subscribe to email alerts of all announcements and press releases issued by MLT through its website. “Live” webcast of analyst briefings are conducted, where practicable.

The Manager also communicates with MLT’s investors on a regular basis through group/individual meetings with investors, investor conferences and non-deal roadshows. The Manager’s CEO, CFO and senior management are present at briefings and communication sessions to answer questions.

MLT’s distribution policy is to distribute at least 90% of its taxable income, comprising substantially its income from the letting of its properties and related property service income after deduction of allowable expenses, and such distributions are typically paid on a quarterly basis. For FY13/14, MLT has made four distributions to Unitholders.

42 43 STAYING ON COURSE° ANNUAL REPORT 2013/2014

RISK MANAGEMENT

RISK MANAGEMENT Risk Management is integral to MLT’s business strategy and culture. The Manager has formalised an Enterprise Risk Management (“ERM”) framework, which enables it to better assess, mitigate and monitor risks. The framework aims to preserve capital, ensure business resilience in an economic downturn and provide support for management’s decision making.

RISK APPETITE, TOLERANCE, ATTITUDES AND PHILOSOPHY Risk Strategy

RISK REPORTING STRUCTURES, ROLES, Risk Governance RESPONSIBILITIES, COMMUNICATION

2. Risk 1. Risk Assessment Identi cation 5. Risk Reporting Risk Analysis RISK RISK MANAGEMENT PROCESS MANAGEMENT PROCESS 4. Risk Monitoring Risk Evaluation 3. Risk Treatment

Information RISK TRACKED Strategic External Operational Financial Compliance Technology

Key Risk Delegation Standard Control Self- RISK ASSURANCE Internal Operating Trainings Whistleblowing Audit Indicators of Authority Procedures Assessment

STRONG OVERSIGHT AND GOVERNANCE The Manager’s ERM framework is dynamic and evolves with The Board of Directors (“Board”) is responsible for determining the business. The Sponsor’s RM team works closely with the the overall risk strategy and risk governance and ensuring that Manager to review and enhance the risk management system in the Manager implements sound risk management and internal accordance with market practices and regulatory requirements. control practices. The Board also approves the risk appetite A control self-assessment (“CSA”) framework further creates and tolerance statements, which set out the nature and extent risk awareness by fostering accountability, control and risk of risks which the Manager is willing to take in achieving its ownership. business objectives. The Board is supported by the Audit and Risk Committee (“AC”), which comprises independent directors ROBUST MEASUREMENT AND ANALYSIS whose collective experience and knowledge serve to guide and The Manager’s risk measurement framework is based on challenge the management. The AC has direct access to the Value-at-Risk (“VaR”), a methodology which measures the Sponsor’s Risk Management (“RM”) team, whom it engages volatilities of individual market and property risk drivers such quarterly as part of its review of MLT’s portfolio risks. as rental rates, occupancy rates, capital values, interest rates and foreign exchange rates. It takes into consideration ENTRENCHED MINDSET AND CULTURE changes in market environment and asset cash flows as they At MLT, risk management is implemented “top down” and occur. To further complement the VaR methodology, other practised “bottom up”. This ensures a risk approach that is risks such as refinancing and tenant credit risks are also aligned with its business objectives and strategies as well as assessed, monitored and measured where feasible as part of integrated with operational processes for effectiveness and the framework. accountability.

42 43 MAPLETREE LOGISTICS TRUST

RISK MANAGEMENT

With the VaR methodology, risks are measured consistently Operational Risks across the portfolio, enabling the Manager to quantify the Comprehensive operating, reporting and monitoring guidelines benefits that arise from diversification across the portfolio, enable the Manager to manage day-to-day activities and as well as to assess risk by country or risk type. Recognising mitigate operational risks. To ensure relevance, the Manager the limitations of any statistically-based system that relies regularly reviews its Standard Operating Procedures (“SOPs”) on historical data, MLT’s portfolio is subject to further stress and benchmarks them against industry practices. Compliance testing and scenario analyses to ensure that businesses with SOPs is ensured by the CSA framework and reinforced remain resilient during unexpected market shocks. through training of employees and regular checks by the Sponsor’s Internal Audit Department. The Sponsor’s Internal The Manager also identifies key risks, assesses their likelihood Audit Department plans its internal audit work in consultation and impact on business, and establishes corresponding with management, but works independently by submitting its mitigating controls. The information is maintained in a risk plans to the AC for approval at the beginning of each year. register that is reviewed and updated regularly. The key risks identified include but are not limited to: In the event of catastrophes such as terrorism and natural disasters, the Manager has put in place and tested a Strategic Risks comprehensive Business Continuity Plan to enable it to resume MLT’s portfolio is subject to real estate market risks such operations with minimal disruption and loss. MLT’s properties as rental rate and occupancy volatilities in the countries it are insured in accordance with industry norms in their operates in and specific factors including competition, supply, respective jurisdictions and benchmarked against those demand and local regulations. Such risks are quantified, in Singapore. aggregated and monitored for existing assets and new acquisitions. Significant risk profile changes or emerging trends Credit risks are mitigated from the outset by conducting are reported for assessment and/or action. thorough tenant credit assessment during the investment stage prior to acquisition. For new and sizeable leases, The risks arising from investment activities are managed credit assessments of prospective tenants are undertaken through a rigorous and disciplined investment approach, prior to signing of lease agreements. On an ongoing basis, particularly in the area of asset evaluation and pricing. tenant credit is closely monitored by the Manager’s asset All acquisitions have to be yield accretive at least in the management team and arrears are managed by the Manager’s medium term and meet MLT’s internal return requirement. Credit Control Committee which meets fortnightly to review Sensitivity analysis is also performed for each acquisition debtor balances. To further mitigate risks, security deposits on all key project variables to test the robustness of the in the form of cash or banker’s guarantees are collected from assumptions used. Significant acquisitions are further subject prospective tenants prior to commencement of leases. to independent review by the Sponsor’s RM team and the findings are included in the Investment Proposal submitted to Financial Risks the Manager’s Board for approval. All investment proposals are Financial market risks and capital structure are closely subject to rigorous scrutiny by the Board (or delegated to the monitored and actively managed by the Manager and reported Management Committee). quarterly to the Board. At the portfolio level, the risk impact of currency and interest rate volatilities on value is quantified, On receiving the Board’s or Management Committee’s approval, monitored and reported quarterly using the VaR methodology. the investment proposals are then submitted to the Trustee, Refinancing risk is also quantified, taking into account the who is the final approving authority for all investment decisions. concentration of the loan maturity profile and credit spread volatility. The Trustee also monitors the compliance of the Manager’s executed investment transactions with the restrictions and MLT hedges its portfolio exposure to interest rate volatility requirements of the Listing Manual of the Singapore Exchange arising from its floating rate borrowings by way of interest rate Securities Trading Limited, Monetary Authority of Singapore swaps. (“MAS”)’s Property Funds Appendix and the provisions in the Trust Deed. Where feasible, after taking into account cost, tax and other relevant considerations, the Manager will borrow in the same External Risks currency as the underlying assets to provide some natural To mitigate country risks such as economic uncertainties hedge, or hedge through cross currency swaps for its overseas or political turbulence in countries where it operates in, the investments. To mitigate foreign exchange risks and to provide Manager conducts rigorous country and market research, and investors with a degree of income stability, a large proportion monitors economic and political developments closely. of rental income received from overseas assets is hedged using forward contracts and secured in Singapore Dollar terms.

44 45 STAYING ON COURSE° ANNUAL REPORT 2013/2014

RISK MANAGEMENT

The Manager also actively monitors MLT’s cash flow position and requirements to ensure significant liquid reserves to fund operations and meet short-term obligations (see Corporate Liquidity & Financial Resources section on page 84). In addition, the Manager tracks and monitors bank concentration risks, ensuring a well-diversified funding base. The limit on gearing is observed and monitored to ensure compliance with Appendix 6 of the Code on Collective Investment Schemes issued by the MAS.

Compliance Risks MLT is subject to applicable laws and regulations of various jurisdictions in which it operates. Non-compliance may result in litigation, penalties, fines or revoking of business licenses. The Manager identifies applicable laws and regulatory obligations and embeds compliance in day-to-day business processes.

Information Technology (“IT”) Risks Any system downtime or breach in security may have an adverse impact on the integrity, accuracy and completeness of data and information. The Manager has comprehensive policies and procedures governing information availability, control and governance, as well as data security. In addition, the IT disaster recovery plan is in place and tested to ensure business recovery objectives are met.

RIGOROUS MONITORING AND CONTROL The Manager has developed internal key risk indicators that serve as a warning system to management by highlighting risks that have escalated beyond established tolerance levels. Management has also established required actions to be taken when risk thresholds are breached.

Every quarter, the Sponsor’s RM team presents to the Board and AC a comprehensive report, highlighting key risk exposures, portfolio risk profile, results of stress testing scenarios and status of key risk indicators. The Board and AC are also kept abreast of any material changes to MLT’s risk profiles and activities.

44 45 MAPLETREE LOGISTICS TRUST

Mapletree Benoi Logistics Hub, Singapore

46 47 STAYING ON COURSE° ANNUAL REPORT 2013/2014

Rejuvenating Assets Active asset management to identify asset enhancement or redevelopment opportunities is another key management focus. At the same time, assets that have reached optimal value will be considered for divestment to unlock value. Capital released from asset divestments will be recycled into higher yielding, better quality acquisitions or asset enhancements. During the year, we completed:

MAPLETREE BENOI LOGISTICS HUB DIVESTMENT OF 30 WOODLANDS LOOP JAPAN SOLAR PANEL INSTALLATION PHASE 1

92,500 SQM S$4.96 MILLION 3.2 MEGAWATTS GROSS FLOOR AREA DIVESTMENT GAIN SOLAR PANELS INSTALLED

FOUR-FOLD INCREASE FROM DISTRIBUTED TO UNITHOLDERS OVER 8 PROVIDED NEW REVENUE BEFORE REDEVELOPMENT QUARTERS FROM 1Q FY13/14 STREAM WITH ATTRACTIVE YIELD

46 47 MAPLETREE LOGISTICS TRUST

PORTFOLIO ANALYSIS & REVIEW

Despite a slow and modest recovery in the global economy, A GROWING AND DIVERSIFIED TENANT BASE demand for logistics facilities in MLT’s markets has remained Apart from geographic diversity, MLT’s portfolio continues to be robust. Against this backdrop, the Manager continued to well-diversified across tenant trade sectors. The Manager also pursue an active asset and lease management strategy to seeks to achieve portfolio diversification and stability through enhance portfolio defensiveness and yield. The portfolio the addition of quality tenants to the portfolio. During the year, maintained a healthy occupancy of 98.3% as at March 2014, MLT added over 10 quality tenants from diverse industries, while a positive rental reversion of 17% was achieved for leases resulting in a total of 386 tenants as at year-end. Collectively, renewed/replaced in FY13/14. The portfolio remains resilient, the top 10 tenants accounted for approximately 24% of gross underpinned by its diversity in geographic and tenant mix, a revenue, with no single tenant accounting for more than 5% balanced mix of multi-tenanted buildings (“MTBs”) and single- of gross revenue. These tenants and the clients they service user assets (“SUAs”), and a relatively long weighted average are engaged in a broad spectrum of economic activities, lease term to expiry (“WALE”). ranging from food and beverage, to materials, construction and engineering. The diversity in tenant-base and trade sectors GEOGRAPHICALLY DIVERSIFIED PORTFOLIO contributes to revenue stability by reducing reliance on a single As at 31 March 2014, MLT’s portfolio comprised 111 logistics tenant or industry. properties with a total net lettable area of 2.9 million square metres (“sqm”). Its portfolio remained well diversified across seven geographic markets in Asia – Singapore, Hong Kong, TOP 10 CUSTOMERS (BY GROSS REVENUE) Japan, China, Malaysia, South Korea and Vietnam. In line with As at 31 March 2014 its rebalancing focus, MLT expanded its presence in South Korea during the year with the acquisition of The Box Centre, its eighth property in that market. Menlo Group 4.1%

Nippon Access 2.8% GEOGRAPHIC BREAKDOWN (BY NLA) Group As at 31 March 2014 KPPC Co., Ltd 2.6%

Techwah Group 2.3%

SH Cogent 2.1%

Nippon Express 2.1%

NEC Group 2.0% 2.9 million sqm Logicom 1.9% Equinix 1.9%

Nichirei Group 1.8%

Total 23.6%

Singapore 52% Japan 15% Hong Kong 7% South Korea 9% China 9% Malaysia 7% Vietnam 1%

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PORTFOLIO ANALYSIS & REVIEW

MAJOR END-USER INDUSTRY (BY GROSS REVENUE) As at 31 March 2014

F&B 19% Materials, Construction 10% Consumer Durables 8% & Engineering Fashion, Apparel 8% Commercial Printing 4% & Cosmetics & Packaging Automobiles 5% Chemicals 3% Furniture & Furnishings 4% Document Storage 2% Retail 3% Telecommunication 2% Healthcare 3% Banking & Finance 2% Electronics & IT 15% Energy & Marine 3% Others 9%

BALANCED MIX OF SUAs AND MTBs MLT strives to maintain a balanced mix of MTBs and SUAs in In FY13/14, six SUAs in Singapore and South Korea were the portfolio through active asset management. MTBs enable converted to MTBs, while one MTB in Hong Kong was converted MLT to achieve tenant diversification as well as capture rental to SUA. As at 31 March 2014, gross revenue contribution from upside during a buoyant rental market due to their shorter MTBs increased to approximately 44% from 39% in the previous lease periods. SUAs, on the other hand, provide a stable year, while SUAs contributed the balance 56%. income stream with their longer lease periods and built-in rental escalations.

SPLIT OF SUAs AND MTBs (BY GROSS REVENUE) As at 31 March 2014

SUA REVENUE BREAKDOWN MTB REVENUE BREAKDOWN

Singapore 37% Single-User Assets 56% Singapore 61% Japan 37% Multi-Tenanted Buildings 44% Hong Kong 25% Hong Kong 4% South Korea 3% South Korea 13% Malaysia 1% Malaysia 7% China 9% China 2% Vietnam 1% 48 49 MAPLETREE LOGISTICS TRUST

PORTFOLIO ANALYSIS & REVIEW

HEALTHY OCCUPANCY, POSITIVE RENTAL REVERSIONS LONG LEASES CONTRIBUTE TO PORTFOLIO STABILITY Through proactive leasing efforts, MLT continued to achieve MLT continues to maintain a well staggered lease expiry profile. healthy occupancy rates across all seven geographic markets, As at 31 March 2014, the WALE (by NLA) was about 4.8 years with an average portfolio occupancy of 98.3% as at 31 March while the WALE (by revenue) was approximately 3.8 years. The 2014. During the year, approximately 386,000 sqm of space, relatively long WALE provides visibility and stability to MLT’s representing 92% of the net lettable area due for expiry, was income streams. renewed or replaced. The portfolio achieved an average rental Freehold land accounted for approximately 28% of the portfolio, reversion of 17%, led by strong reversions in Hong Kong and with the remaining 72% on leasehold terms. As at 31 March Singapore. 2014, the WALE of the underlying leasehold land (excluding freehold land) was approximately 43 years.

PORTFOLIO OCCUPANCY LAND LEASE EXPIRY PROFILE (BY NLA) As at 31 March 2014 As at 31 March 2014

Singapore 98.0% 0-20 yrs 4.1%

Japan 100.0% 21-30 yrs 9.0%

Hong Kong 99.7% 31-40 yrs 20.0%

South Korea 96.7% 41-50 yrs 16.3%

China 97.5% 51-60 yrs 18.2%

Malaysia 97.5% >60 yrs* 4.7%

Vietnam 100.0% Freehold 27.7%

Portfolio 98.3% % of Total Lettable Area

Note: *Excluding freehold land

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PORTFOLIO ANALYSIS & REVIEW

GEOGRAPHIC BREAKDOWN OF LEASE EXPIRY PROFILE (BY GROSS REVENUE) As at 31 March 2014

Singapore Japan Hong Kong South Korea China Malaysia Vietnam 13.6% 13.1% 11.1% 11.0% 0.6% 8.3% % of portfolio revenue 4.4% 4.2% 3.8% 3.5% 3.1% 2.5% 2.3% 2.3% 2.1% 1.9% 1.7% 1.6% 1.4% 1.3% 1.2% 1.0% 0.9% 0.8% 0.6% 0.6% 0.6% 0.5% 0.2% 0.2% 0.1% 0.1%

Expiring in FY14/15 Expiring in FY15/16 Expiring in FY16/17 Expiring in FY17/18 Expiring in FY18/19 Expiring after FY18/19 20.6% 23.1% 21.8% 6.0% 2.0% 26.5%

GEOGRAPHIC BREAKDOWN OF LEASE EXPIRY PROFILE (BY NLA) As at 31 March 2014

Singapore Japan Hong Kong South Korea China Malaysia Vietnam 24.5% 10.0% 9.2% % of portfolio NLA 7.3% 6.9% 5.1% 4.2% 3.4% 3.3% 3.2% 2.4% 2.3% 2.2% 2.0% 1.9% 1.8% 1.6% 1.3% 1.1% 1.0% 0.8% 0.8% 0.7% 0.7% 0.6% 0.4% 0.4% 0.3% 0.3% 0.2% 0.1%

Expiring in FY14/15 Expiring in FY15/16 Expiring in FY16/17 Expiring in FY17/18 Expiring in FY18/19 Expiring after FY18/19 18.0% 20.9% 17.9% 5.2% 1.4% 36.6%

50 51 Our Regional Presence

52 53 STAYING ON COURSE° ANNUAL REPORT 2013/2014

OPERATIONS REVIEW

SINGAPORE

NUMBER OF PROPERTIES BOOK VALUE OCCUPANCY RATE

52 S$1,754.4 million 98.0%

WALE BY NLA NLA

5.7 years 1,501,386 sqm

assignment of leased industrial land. Nonetheless, the Manager remains focused and disciplined in seeking value- enhancing acquisition opportunities.

At the same time, the Manager will continue to identify suitable assets for redevelopment, enhancement or divestment to unlock value from within the portfolio. In FY14/15, the Manager will be embarking on MLT’s second redevelopment project at 5B Toh Guan Road East to take advantage of its existing unutilised plot ratio. Upon completion, the property will be transformed into a modern, six-storey ramp-up facility, with a 2.7 time increase in GFA to 63,500 sqm. The project is expected to be completed by 1Q Jurong Logistics Hub FY16/17 at a total development cost of approximately S$107 million (excluding The Singapore economy expanded by redevelopment project – Mapletree Benoi land). 4.1% in 2013, an improvement over the Logistics Hub – was completed. The 1.2% registered in 20121. Against the S$127 million modern, ramp-up facility In the coming year, approximately improved economic conditions, MLT’s with 92,500 sqm of GFA is fully leased 198,000 sqm of NLA is due to expire. Singapore portfolio continued to achieve to a quality tenant base of multinational The Manager expects leasing demand robust operating results, underpinned corporations. The asset will make its to remain healthy, underpinned by a by healthy occupancy and positive rental full-year revenue contribution in FY14/15 recovery in global consumer demand reversions. with an expected NPI yield of 9%. and Singapore’s strategic location as a gateway into Asia. However, in view A healthy occupancy rate was maintained Acquisition of quality logistics assets of the new supply of 1.6 million sqm throughout the year, ending at 98.0% in Singapore will remain challenging, of warehouse space potentially coming as at March 2014, above the industry given the government’s introduction of on stream from 2014 to 20163, rental average of 91.1%2. Out of the 222,000 more restrictive policies governing the reversions are expected to moderate square metres (“sqm”) of net lettable industrial property market. These include from the high levels seen in FY13/14. area (“NLA”) due for expiry in FY13/14, upfront payment of land premium, 87% was successfully renewed or shorter tenures of 30 years or less replaced with an average rental reversion for new government industrial land of 17%. During the year, MLT’s first sales sites, and stricter restrictions on

1 Ministry of Trade and Industry, 20 February 2014 2 JTC Industrial Property Statistics, 1Q 2014 3 JTC Industrial Property Statistics, 1Q 2014 52 53 MAPLETREE LOGISTICS TRUST

OPERATIONS REVIEW

JAPAN

NUMBER OF PROPERTIES BOOK VALUE OCCUPANCY RATE

22 JPY81.1 billion 100% (~S$995.4 million)

WALE BY NLA NLA

7.0 years 437,492 sqm

government’s renewable energy feed-in tariff scheme. Phase 2 of solar panel installation at another five properties is on track for completion by 3Q FY14/15. This initiative is expected to generate additional revenue at a rate of JPY36 per kWh or JPY134 million per annum.

The strong demand for logistics facilities is expected to continue into 2014, while rentals are starting to rise even for some areas outside of prime locations as evidenced by recent data points.

In FY14/15, two leases with a combined NLA of 15,084 sqm will be expiring. The Manager has secured commitment from Moriya Centre the existing tenants for renewal on both leases, with a small positive reversion and built-in rental escalation agreed for 2013 was an active year for the Japan of 7.0 years. These properties comply one lease, while the lease terms for the logistics real estate market. A record with seismic safety standards and have other are under negotiation. net absorption of 217,000 tsubo of a Probable Maximum Loss5 value of less warehouse space was recorded during than 15%, indicative of low exposure to the year4, underpinned by recovering earthquake risks. No specific earthquake sales in traditional retail channels and insurance has been taken up, which strong e-commerce sales. Despite the is consistent with the general market strong demand, rentals remained largely practice in Japan. unchanged nationwide except for a slight increase in the prime locations, The Manager continues to actively as tenants continued to be resistant explore asset enhancement initiatives to to rental increases in a bid to stay drive organic growth from the portfolio. competitive. Phase 1 of solar panel installation at four properties was completed in MLT’s Japan portfolio of 22 properties October 2013. This initiative will provide maintained full occupancy with a an additional revenue stream of JPY127 weighted average lease term to expiry million per annum under the Japanese

4 CBRE Japan Industrial & Logistics MarketView, Q4 2013. 5 Probable Maximum Loss (“PML”) is a gauge commonly used to assess a property’s seismic resistance. A PML of 15% is deemed to be sufficiently safe from earthquakes.

54 55 STAYING ON COURSE° ANNUAL REPORT 2013/2014

OPERATIONS REVIEW

HONG KONG

NUMBER OF PROPERTIES BOOK VALUE OCCUPANCY RATE

8 HKD4,793.0 million 99.7% (~S$782.7 million)

WALE BY NLA NLA

2.3 years 205,516 sqm

acquisition of yield accretive properties is expected to remain a challenge for MLT in the near term, the Manager will continue to actively explore other value- enhancing investment opportunities such as asset repositioning and development projects.

To capitalise on the strong demand for modern logistics facilities, the Sponsor secured a prime site of about 21,000 sqm in Tsing Yi in May 2013. The planned modern, multi-storey ramp-up logistics facility with 85,000 sqm of GFA will be the Sponsor’s first greenfield development in the territory. Located close to the Kwai Chung Container Grandtech Centre Terminal, and well connected to the city centre, the Hong Kong International Hong Kong’s market for logistics successfully renewed approximately Airport and the mainland China border, facilities remained resilient in FY13/14, 60% of the space with existing tenants, the site is a choice location for freight supported by firm demand driven by and conducted tenant repositioning for forwarding and local distribution. The positive growth in exports and retail the remaining 40%. This resulted in an development is scheduled for completion sales. Coupled with a shrinking supply of occupancy rate of 99.7% and an average by 2017 with active marketing underway warehouse space, the average vacancy rental reversion rate of 30% achieved for to secure pre-commitments. rate for warehouse space declined to the year. 1.1% in the fourth quarter of 20136 In the coming year, approximately while rentals increased 9.5% for the full Investment activity in the logistics real 64,000 sqm of NLA will be expiring. year7. estate market was relatively muted in Proactive negotiations with existing 2013 as sellers continued to demand tenants for renewals, and potential Against this backdrop, MLT’s Hong Kong high prices. This was particularly so tenants for new leases, have already portfolio continued to perform well in for assets located in prime logistics begun. In view of the continuing tight FY13/14, achieving both strong positive and industrial areas with potential for supply of warehouse space, the Manager rental reversions and high occupancy redevelopment to non-industrial uses, is confident of renewing or replacing rates. In FY13/14, approximately such as commercial or residential, these leases at attractive rental rates. 54,000 sqm or 26% of NLA was due for permitted under the government’s expiry. By year-end, the Manager had revitalisation scheme. While the

6 CBRE Hong Kong Industrial MarketView 4Q 2013. 7 CBRE Asia Pacific Industrial & Logistics MarketView 4Q 2013. 54 55 MAPLETREE LOGISTICS TRUST

OPERATIONS REVIEW

SOUTH KOREA

NUMBER OF PROPERTIES BOOK VALUE OCCUPANCY RATE

8 KRW275.3 billion 96.7% (~S$327.1 million)

WALE BY NLA NLA

3.1 years 266,287 sqm

which comprised only SMEs previously. South Korea’s economic growth is projected to accelerate to 3.8% in 20149, underpinned by continuing growth in exports and a pick-up in private consumption. The logistics sector is poised to expand further on the back of government efforts to liberalise and support the development of the independent third party logistics sector.

Looking ahead, the Manager anticipates demand for modern warehouses to remain firm, supported by improving domestic and global economies, although rental reversions for older facilities may soften. The Manager Hyundai Logistics Centre will continue its active leasing efforts to renew or replace leases for The South Korean economy rebounded 28.8 billion from Oakline Co. Ltd.. approximately 37,000 sqm of space with a 2.8% expansion in 20138, with Located in Gyeonggi-do, the country’s due for expiry in the coming year. With the improvement aided by increased largest logistics cluster, with good growing investor interest in the logistics government expenditure and a recovery accessibility to Seoul, the property is sector, competition for acquisitions is in exports. Reflecting the lingering a modern, three-storey dry warehouse expected to increase. Nevertheless, economic uncertainties that prevailed facility with a GFA of approximately the Manager will remain disciplined and for the most part of the year, leasing 27,000 sqm. It is fully tenanted and focused in pursuing acquisitions of well activities in the local logistics property generates an initial NPI yield of 8.4%. located, modern facilities to strengthen market were relatively slower than its market position as a leading logistics expected. Conversely, the investment The occupancy rate of MLT’s portfolio space provider in South Korea. market saw growing interest as logistics in South Korea increased to 96.7% as properties are seen to provide attractive at March 2014, up from 95.7% a year returns, compared to other asset classes ago. The Manager has successfully like office or retail. repositioned one SUA to a MTB with the addition of new tenants that are chaebol- During the year, MLT strengthened related companies. This is undertaken its presence in South Korea with the as part of its active lease management acquisition of The Box Centre for KRW efforts to add stability to its tenant mix

8 Bank of Korea Real Gross Domestic Product: Q4 and Annual 2013, 23 January 2014. 9 Bank of Korea, Economic Outlook for 2014, 10 April 2014. 56 57 STAYING ON COURSE° ANNUAL REPORT 2013/2014

OPERATIONS REVIEW

CHINA

NUMBER OF PROPERTIES BOOK VALUE OCCUPANCY RATE

7 RMB1,034.0 million 97.5% (~S$214.3 million)

WALE BY NLA NLA

1.4 years 296,919 sqm

Chongqing, Tianjin, Jinan, Changshu, Suzhou, Changsha and Shanghai. These development projects, with a combined floor area of approximately 1.1 million sqm, will provide future acquisition opportunities for MLT when they are completed and stabilised. Mapletree Zhengzhou International Logistics Park, another Grade-A logistics development by the Sponsor, has achieved full occupancy since its completion in August 2013.

Looking ahead, demand for modern logistics warehouses in China is expected to remain robust, underpinned by rising domestic consumption and Mapletree Wuxi Logistics Park the continued growth of e-commerce. As most local governments continue to China’s economic growth held steady at 98.2% of this space at an average exercise strict control over land supply 7.7% in 201310, as its leaders sought to rental reversion of 9%, while occupancy for warehousing and logistics, the restructure its economy towards a more was maintained at a healthy 97.5%. At under-supply situation for good quality sustainable growth path. In the logistics Mapletree Xi’an Distribution Centre, warehouses will continue to support sector, the tight supply of high quality business operations have partly resumed logistics rentals and capital values. logistics space kept the market buoyant, since the fire incident in February 2014 In FY14/15, leases for approximately with rising rents and average vacancies which caused partial damage to one of 92,500 sqm of NLA will be expiring. remaining at low levels11. The continuing the two buildings12. Plans to rebuild the In view of the positive market outlook, strong performance and positive damaged area are currently underway. the Manager is confident of renewing outlook of the logistics sector have also or replacing these leases at favourable attracted increasing interest from both To tap on the robust demand for modern rental rates. domestic and foreign investors. logistics facilities, the Sponsor has accelerated the pace of its development Approximately 44,800 sqm of NLA in programme in China. In FY13/14, the MLT’s China portfolio was due for expiry Sponsor committed to 14 new projects in FY13/14. By year-end, the Manager in 12 of China’s fastest growing cities – had successfully renewed or replaced Xi’an, Kunshan, Wuxi, Wuhan, Chengdu,

10 National Bureau of Statistics of China. 11 CBRE China MarketView Q4 2013. 12 The property is insured for physical damage and loss of business income for a period of eighteen months. As the property accounts for just 0.4% of both MLT’s portfolio investment property value and gross revenue, this incident is expected to have minimal impact on MLT’s portfolio. 56 57 MAPLETREE LOGISTICS TRUST

OPERATIONS REVIEW

MALAYSIA

NUMBER OF PROPERTIES BOOK VALUE OCCUPANCY RATE

13 MYR396 million 97.5% (~S$152.8 million)

WALE BY NLA NLA

1.4 years 205,827 sqm

of Flex Hub at Senai, Johor for MYR88.5 million14, from Mapletree Industrial Fund, a closed-end fund managed by the Sponsor. The proposed acquisition represents MLT’s fourth asset in Iskandar Malaysia, an economic hub identified by the Malaysian government as one of the key growth catalysts for the country.

The outlook for Malaysia’s logistics property market remains positive due to the resilient domestic demand and strong intra-Asia trade. In addition, the government’s successful Economic Transformation Programme is expected to continue to drive foreign and domestic Celestica Hub investment growth. In view of the tight supply and healthy demand for quality The Malaysian economy expanded backdrop, MLT’s Malaysia portfolio warehouses, the Manager is optimistic by 4.7% in 2013, driven by growth in achieved strong operating metrics of renewing or replacing the 98,402 domestic demand. Despite the weaker in FY13/14. All 72,603 sqm of NLA sqm of lettable area expiring in FY14/15 external environment in the first half due for renewal during the year was at higher rentals. The Manager is also of 2013, domestic demand remained replaced or renewed, at an average actively looking out for acquisition and resilient throughout the year, supported rental reversion of 7%. In addition, development opportunities in Malaysia, by favourable employment conditions and following the completion of a minor particularly in Klang Valley, Iskandar and wage growth. The economy is projected asset enhancement project at Pancuran Penang, to capitalize on the positive to remain on a steady growth path which improved access to the upper trends. in 2014, expanding by 4.5% to 5.5%, floors, its occupancy has improved to led by domestic demand and better 100%. Consequently, overall portfolio performance in the external sector13. occupancy increased to 97.5% as at 31 March 2014, from 95.2% in the previous In the logistics property market, tight year. supply conditions and strong demand for good quality warehouses continued In FY13/14, MLT entered into a Sale and to drive up rental rates. Against this Purchase agreement for the acquisition

13 Bank Negara Annual Report 2013, 19 March 2014. 14 The property was valued at MYR95.4 million and MYR91.0 million by Knight Frank Malaysia Sdn Bhd and KGV International Property Consultants respectively, based on the Cost & Investment Method. The transaction is expected to be completed by 3Q FY14/15.

58 59 STAYING ON COURSE° ANNUAL REPORT 2013/2014

OPERATIONS REVIEW

VIETNAM

NUMBER OF PROPERTIES BOOK VALUE OCCUPANCY RATE

1 USD6.7 million 100% (~S$8.4 million)

WALE BY NLA NLA

1.3 years 23,050 sqm

a high occupancy level at MLC. The Manager continues to be on the look-out for opportunities to acquire quality and well located logistics facilities.

Mapletree Logistics Centre

Vietnam’s economy showed positive metrics in FY13/14. All 9,900 sqm of signs of recovery, achieving growth of the NLA due for expiry during the year 5.42% in 2013, higher than the 5.25% was successfully renewed at an average registered in 201215. The growth was rental reversion of 8%, while occupancy supported by rising exports as well as was maintained at 100%. With MLC’s robust foreign direct investments. In strategic location in the Vietnam 2013, pledged foreign direct investment Singapore Industrial Park I in Binh was US$21.6 billion, an increase of Duong, the property is well sought after 55% from a year earlier. Attracted to by tenants as a key distribution centre Vietnam’s low cost labour pool and due to its close proximity to Ho Chi Minh large domestic market, international City. manufacturers and investors have shown a sustained investment interest in the In the coming year, leases for country. approximately 9,847 sqm of space are due to expire. The Manager is Mapletree Logistics Centre (“MLC”), the working closely with tenants on their only asset in MLT’s Vietnam portfolio, requirements and is confident of continued to report strong operating renewing the leases and maintaining

15 General Statistics Office of Vietnam.

Tic Tech Centre, Singapore 58 59 MAPLETREE LOGISTICS TRUST

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

SINGAPORE

60 61 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

From top left: TIC Tech Centre 1 KLW 2 Expeditors 3 Allied Telesis 4 Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% NLA (sqm): 36,143 NLA (sqm): 14,971 NLA (sqm): 12,388 NLA (sqm): 10,313 Number of Tenants: 8 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: Teckwah Industrial Ambertree Pte Ltd Expeditors Singapore Pte. Ltd. Allied Telesis International Corporation Ltd. (Asia) Pte. Ltd. Land Leasehold Tenure Land Leasehold Tenure Land Leasehold Tenure (Lease Start Date): (Lease Start Date): Land Leasehold Tenure (Lease Start Date): 30+30 years (1 May 1994) 30 years (16 Oct 2003) (Lease Start Date): 30+30 years (16 May 1996) 30+30 years (15 Feb 2004) Purchase Price: Purchase Price: Purchase Price: S$15.7 million S$19.6 million Purchase Price: S$48.0 million S$12.5 million

From bottom left: Mapletree Benoi 5 37 Penjuru Lane 6 6 Changi South Lane 7 Armstrong 8 Logistics Hub Occupancy Rate: 86% Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% NLA (sqm): 11,150 NLA (sqm): 11,496 NLA (sqm): 18,871 NLA (sqm): 88,947 Number of Tenants: 10 Number of Tenants: 2 Number of Tenants: 1 Number of Tenants: 5 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: • Santa Fe Relocation • ST Electronics (Data Centre Armstrong Industrial • Menlo Worldwide Asia Services (S) Pte. Ltd. Solutions) Pte. Ltd. Corporation Ltd. Pacific Pte. Ltd. • Plaza Home Imports (S) • Excelpoint System (S) Ltd Land Leasehold Tenure • Keppel Sea Scan Pte Ltd Pte. Ltd. (Lease Start Date): Land Leasehold Tenure 30+30 years (1 Oct 1995) • Schenker Singapore (Pte) Ltd Land Leasehold Tenure (Lease Start Date): Land Leasehold Tenure (Lease Start Date): 30+30 years (1 Jan 1995) Purchase Price: (Lease Start Date): 30 years (16 Aug 1996) S$20.0 million 30+30 years (16 Feb 1980) Purchase Price: Purchase Price: S$11.4 million Purchase Price: S$15.6 million S$27.4 million

60 61 MAPLETREE LOGISTICS TRUST

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

From top left: 70 Alps Avenue 9 Menlo (Alps) 10 Ban Teck Han 11 5B Toh Guan Road East 12 Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: NA NLA (sqm): 21,497 NLA (sqm): 12,658 NLA (sqm): 14,738 NLA (sqm): NA Number of Tenants: 13 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 0 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: • Kuehne + Nagel Pte. Ltd. Menlo Worldwide Asia Pacific Ban Teck Han Enterprise Co. Under redevelopment Pte Ltd Pte. Ltd. • MOL Logistics (Singapore) Land Leasehold Tenure Pte Ltd Land Leasehold Tenure Land Leasehold Tenure (Lease Start Date): (Lease Start Date): (Lease Start Date): 30+30 years (1 Dec 1990) Land Leasehold Tenure Two leases: 30+30 years (1 Oct 1996) (Lease Start Date): 30 years (1 Oct 2001) and Purchase Price: 30 years (1 Dec 2002) 29 years (16 Jul 2002) Purchase Price: S$13.7 million S$20.4 million Purchase Price: Purchase Price: S$35.0 million S$18.1 million

From bottom left: 50 Airport Boulevard 13 Prima 14 Pulau Sebarok 15 Kenyon 16 (formerly known as CIAS Flight Kitchen) Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% NLA (sqm): 58,296 NLA (sqm): 510,480 NLA (sqm): 14,521 NLA (sqm): 22,136 Number of Tenants: 1 Number of Tenants: 3 Number of Tenants: 1 Number of Tenants: 1 List of Major Tenants: List of Major Tenants: List of Major Tenants: Prima Ltd. • Vopak Terminals Singapore Kenyon Pte Ltd List of Major Tenants: Pte. Ltd. dnata Group Land Leasehold Tenure Land Leasehold Tenure (Lease Start Date): • Singapore Petroleum (Lease Start Date): Land Leasehold Tenure 99 years (1 Oct 1997) Company Ltd. 30+23 years (1 Jun 2000) (Lease Start Date): • Singaport Cleanseas Pte. Ltd. 60 years (7 Dec 1979) Purchase Price: Purchase Price: S$26.5 million Land Leasehold Tenure S$16.5 million Purchase Price: (Lease Start Date): S$19.0 million 73 years (1 Oct 1997) Purchase Price: S$91.0 million

62 63 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

From top left: Toppan 17 39 Changi South Avenue 2 18 2 Serangoon North 19 10 Changi South 20 (formerly known as APICO) Avenue 5 Street 3 Occupancy Rate: 100% Occupancy Rate: 73% Occupancy Rate: 82% Occupancy Rate: 91% NLA (sqm): 10,469 NLA (sqm): 5,774 NLA (sqm): 24,586 NLA (sqm): 10,697 Number of Tenants: 1 Number of Tenants: 2 Number of Tenants: 9 Number of Tenants: 9 List of Major Tenants: Toppan Leefung Pte. Ltd. List of Major Tenants: List of Major Tenants: List of Major Tenants: Land Leasehold Tenure • Goodyear Orient • TEPG Pte Ltd • Strategic Marketing (S) Pte Ltd (Lease Start Date): Company (Pte) Ltd • WT Microelectronics • Rhema Movers Pte Ltd. Two leases: • Faf-Flying Transportation Singapore Pte. Ltd. Land Leasehold Tenure 30+30 years (1 Dec 1989) and (S) Pte Ltd • KX Technologies Pte. Ltd. 28+30 years (1 Sep 1991) (Lease Start Date): Land Leasehold Tenure 30+30 years (1 Mar 1995) (Lease Start Date): Land Leasehold Tenure Purchase Price: (Lease Start Date): S$12.2 million 30+30 years (1 Apr 1995) Purchase Price: 30+30 years (1 Nov 1995) S$17.3 million Purchase Price: S$9.1 million Purchase Price: S$45.0 million From bottom left: Popular 21 85 Defu Lane 10 22 SH Cogent (Penjuru Lane) 23 8 Changi South Lane 24 Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% NLA (sqm): 7,531 NLA (sqm): 10,109 NLA (sqm): 16,604 NLA (sqm): 9,560 Number of Tenants: 1 Number of Tenants: 9 Number of Tenants: 1 Number of Tenants: 3 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: Popular Holdings Ltd. • Benning Power Electronics SH Cogent Logistics Pte. Ltd. • Goodrich Global Pte. Ltd. Land Leasehold Tenure Pte Ltd Land Leasehold Tenure • Allport Cargo Services (Lease Start Date): • Tupperware Singapore Pte Ltd (Lease Start Date): Logistics Pte. Limited 30+30 years (16 Nov 1996) 30+13 years (1 Feb 1989) Land Leasehold Tenure Land Leasehold Tenure Purchase Price: (Lease Start Date): Purchase Price: (Lease Start Date): S$11.6 million 30+30 years (1 May 1990) S$16.2 million 30+30 years (1 Sep 1997) Purchase Price:ww Purchase Price: S$17.0 million S$15.6 million

62 63 MAPLETREE LOGISTICS TRUST

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

From top left: Markono 25 138 Joo Seng Road 26 Kim Seng 27 7 Tai Seng Drive 28 Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 98% NLA (sqm): 8,664 NLA (sqm): 8,835 NLA (sqm): 11,512 NLA (sqm): 19,275 Number of Tenants: 1 Number of Tenants: 8 Number of Tenants: 1 Number of Tenants: 5 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: Markono Logistics Pte. Ltd. • Takashimaya Co. Ltd (Japan) Kim Seng Holdings Pte Ltd • DHL Supply Chain (Singapore) Land Leasehold Tenure • City Chain Stores (S) Pte Ltd Land Leasehold Tenure Pte Ltd (Lease Start Date): • Pan-Malayan Pharmaceuticals (Lease Start Date): • Yamaha Music (Asia) Private 30+30 years (16 Nov 1996) Pte Ltd 30+30 years (16 Nov 1989) Limited Purchase Price: Land Leasehold Tenure Purchase Price: Land Leasehold Tenure S$11.0 million (Lease Start Date): S$13.0 million (Lease Start Date): 30+30 years (1 Sep 1991) 30+30 years (16 Mar 1993) Purchase Price: Purchase Price: S$13.0 million S$38.0 million

From bottom left: Jurong Logistics Hub 29 Kingsmen Creatives 30 1 Genting Lane 31 20 Tampines Street 92 32 Occupancy Rate: 99% Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% NLA (sqm): 124,566 NLA (sqm): 11,315 NLA (sqm): 8,297 NLA (sqm): 9,251 Number of Tenants: 57 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: • Keppel Logistics Pte Ltd Kingsmen Creatives Ltd. Furniture Club Holdings Pte. Dou Yee Technologies Pte Ltd Ltd. • Chasen Holdings Ltd. Land Leasehold Tenure Land Leasehold Tenure • Shipping World Logistics Pte Ltd (Lease Start Date): Land Leasehold Tenure (Lease Start Date): 30+30 years (1 Oct 1998) (Lease Start Date): 30+30 years (1 July 1990) • Yamaha Motor Distribution 60 years (1 Apr 1988) Singapore Pte Ltd Purchase Price: Purchase Price: • Geodis Wilson Singapore S$13.9 million Purchase Price: S$10.0 million Pte. Ltd. S$11.0 million Land Leasehold Tenure (Lease Start Date): 30+30 years (1 Jan 2001) Purchase Price: S$168.0 million 64 65 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

From top left: 521 Bukit Batok 33 6 Marsiling Lane 34 134 Joo Seng Road 35 30 Tuas South Avenue 8 36 Street 23 (formerly known (formerly known as Shine @ Spring) as Winstant) Occupancy Rate: 46% Occupancy Rate: 100% Occupancy Rate: 50% Occupancy Rate: 100% NLA (sqm): 5,681 NLA (sqm): 5,233 NLA (sqm): 14,107 NLA (sqm): 14,961 Number of Tenants: 4 Number of Tenants: 1 Number of Tenants: 8 Number of Tenants: 5 List of Major Tenants: List of Major Tenants: • Luxur Home Pte. Ltd. Lai Yew Seng Pte Ltd List of Major Tenants: List of Major Tenants: • Schlemmer (SEA) Land Leasehold Tenure • Ground & Sharp Precision • Applied Total Control Pte. Ltd. (Lease Start Date): Engineering Pte Ltd Treatment Pte. Ltd. 30+30 years (30 Aug 1998) • K2 Specialist Services • Winstant & Co Pte. Ltd. Land Leasehold Tenure Pte. Ltd. (Lease Start Date): Purchase Price: Land Leasehold Tenure 30+30 years (1 May 1992) S$6.9 million Land Leasehold Tenure (Lease Start Date): (Lease Start Date): 60 years (1 Jun 1978) Purchase Price: 30+30 years (1 Sep 1995) S$10.7 million Purchase Price: Purchase Price: S$18.0 million S$25.4 million

From bottom left: Union Steel (Pioneer) 37 119 Neythal Road 38 Union Steel (Tuas View) 39 Pioneer Districentre 40 (formerly known as Union Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% Steel (Neythal)) NLA (sqm): 4,405 NLA (sqm): 13,471 NLA (sqm): 5,442 Occupancy Rate: 41% Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 NLA (sqm): 12,087 List of Major Tenants: List of Major Tenants: List of Major Tenants: Number of Tenants: 7 YLS Steel Pte Ltd Pioneer Districentre Pte. Ltd. Union Steel Pte Ltd List of Major Tenants: Land Leasehold Tenure Land Leasehold Tenure Land Leasehold Tenure • Starcoat Pte. Ltd. (Lease Start Date): (Lease Start Date): (Lease Start Date): • Ever Glory Logistics Pte Ltd 60 years (30 Oct 1996) 30+12+12 years (1 Aug 1982) 30+30 years (1 May 1993) Land Leasehold Tenure Purchase Price: Purchase Price: Purchase Price: (Lease Start Date): S$5.8 million S$10.0 million S$6.9 million 60 years (1 Jul 1979) Purchase Price: S$17.3 million

64 65 MAPLETREE LOGISTICS TRUST

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

From top left: 76 Pioneer Road 41 3A Jalan Terusan 42 Menlo (Boon Lay Way) 43 Menlo (Benoi) 44 Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% NLA (sqm): 40,922 NLA (sqm): 20,124 NLA (sqm): 37,201 NLA (sqm): 6,948 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: Soon Hock Investment Group Sagawa Express Singapore Menlo Worldwide Asia Pacific Menlo Worldwide Asia Pacific Pte Ltd Pte. Ltd. Pte Ltd Pte Ltd Land Leasehold Tenure Land Leasehold Tenure Land Leasehold Tenure Land Leasehold Tenure (Lease Start Date): (Lease Start Date): (Lease Start Date): (Lease Start Date): 30+30 years (1 Aug 1993) 30+12 years (1 Sep 1995) 30+15 years (16 Jul 1989) 30+20 years (16 Feb 1980) Purchase Price: Purchase Price: Purchase Price: Purchase Price: S$40.0 million S$26.5 million S$48.0 million S$7.6 million

From bottom left: SH Cogent (Penjuru Close)45 CEVA (Changi South) 46 Natural Cool 47 AW Centre 48 Lifestyle Hub Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% NLA (sqm): 41,253 NLA (sqm): 23,176 NLA (sqm): 10,967 NLA (sqm): 19,708 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 List of Major Tenants: List of Major Tenants: List of Major Tenants: SH Cogent Logistics Pte. Ltd. CEVA Freight (Singapore) List of Major Tenants: AW Transport & Warehousing Pte Ltd Natural Cool Investments Pte Ltd Land Leasehold Tenure Pte Ltd (Lease Start Date): Land Leasehold Tenure Land Leasehold Tenure 29 years (1 June 2006) (Lease Start Date): Land Leasehold Tenure (Lease Start Date): 25+30 years (16 Oct 1999) (Lease Start Date): 30+30 years (1 June 1997) Purchase Price: 30+30 years (1 Feb 2007) S$43.0 million Purchase Price: Purchase Price: S$34.5 million Purchase Price: S$18.3 million S$53.0 million

66 67 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

From top left: Liang Huat Building 49 JEP Centre 50 NS Tang Building 51 Jian Huang Building 52 Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% NLA (sqm): 36,331 NLA (sqm): 9,920 NLA (sqm): 8,122 NLA (sqm): 15,397 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: Khai Wah Development Pte Ltd JEP Precision Engineering N.S. Tang Pte Ltd Jian Huang Engineering Pte Ltd Pte Ltd Land Leasehold Tenure Land Leasehold Tenure Land Leasehold Tenure (Lease Start Date): Land Leasehold Tenure (Lease Start Date): (Lease Start Date): 30+30 years (16 Apr 1995) (Lease Start Date): 30+28 years (1 Dec 1993) 30 years (16 Sep 2007) Two leases: 30 years (16 Feb Purchase Price: 2007) and 30 years (16 Oct Purchase Price: Purchase Price: S$55.0 million 2006) S$13.8 million S$24.5 million Purchase Price: S$16.8 million

66 67 MAPLETREE LOGISTICS TRUST

PROPERTY PORTFOLIO

JAPAN

68 69 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PROPERTY PORTFOLIO

From top left: Gyoda Centre 53 Ayase Centre 54 Kyoto Centre 55 Atsugi Centre 56 Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% NLA (sqm): 8,622 NLA (sqm): 3,903 NLA (sqm): 22,510 NLA (sqm): 15,693 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: Itochu Logistics Corporation Nippon Access, Inc. Nichirei Logistics Group Inc Senko Co., Ltd. Land Leasehold Tenure Land Leasehold Tenure Land Leasehold Tenure Land Leasehold Tenure (Lease Start Date): (Lease Start Date): (Lease Start Date): (Lease Start Date): Freehold Freehold Freehold Freehold Purchase Price: Purchase Price: Purchase Price: Purchase Price: JPY1,806.4 million JPY1,274.6 million JPY8,809.0 million JPY3,660.0 million (S$24.4 million) (S$16.4 million) (S$113.6 million) (S$47.2 million)

From bottom left: Zama Centre 57 Funabashi Centre 58 Shiroishi Centre 59 Kashiwa Centre 60 Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% NLA (sqm): 40,609 NLA (sqm): 17,664 NLA (sqm): 11,181 NLA (sqm): 29,164 Number of Tenants: 1 Number of Tenants: 2 Number of Tenants: 1 Number of Tenants: 1 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: Nittsu NEC Logistics, Ltd. • Nippon Access, Inc. Hokkaido Nissin Co., Ltd Toshiba Logistics Corporation Land Leasehold Tenure • Kokubu & Co., Ltd Land Leasehold Tenure Land Leasehold Tenure (Lease Start Date): (Lease Start Date): (Lease Start Date): Freehold Land Leasehold Tenure Freehold Freehold (Lease Start Date): Purchase Price: Freehold Purchase Price: Purchase Price: JPY10,337.0 million JPY1,450.0 million JPY6,900.0 million (S$133.3 million) Purchase Price: (S$18.7 million) (S$90.4 million) JPY3,719.4 million (S$48.0 million)

*Exchange rates for overseas properties are as per the date of purchase in their respective announcements. 68 69 MAPLETREE LOGISTICS TRUST

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

From top left: Shonan Centre 61 Sendai Centre 62 Iwatsuki Centre 63 Iruma Centre 64 Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% NLA (sqm): 30,489 NLA (sqm): 4,249 NLA (sqm): 10,908 NLA (sqm): 26,204 Number of Tenants: 1 Number of Tenants: 2 Number of Tenants: 1 Number of Tenants: 1 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: Marubeni Corporation Oji Transportation Co., Ltd. Oji Transportation Co., Ltd. • Kibun Fresh Systems Co.,Ltd Land Leasehold Tenure • Shiogama Rikuun K.K. Land Leasehold Tenure Land Leasehold Tenure (Lease Start Date): (Lease Start Date): (Lease Start Date): Freehold Land Leasehold Tenure Freehold Freehold (Lease Start Date): Purchase Price: Freehold Purchase Price: Purchase Price: JPY4,360.0 million JPY4,800.0 million JPY3,400.0 million (S$68.0 million) Purchase Price: (S$76.9 million) (S$54.5 million) JPY1,490.0 million (S$21.7 million)

From bottom left: Noda Centre 65 Toki Centre 66 Hiroshima Centre 67 Eniwa Centre 68 Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% NLA (sqm): 35,567 NLA (sqm): 16,545 NLA (sqm): 43,640 NLA (sqm): 17,498 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: SBS Logicom Co., Ltd. Hamakyorex Co., Ltd. Nippon Access, Inc. Kokubu & Co., Ltd. Land Leasehold Tenure Land Leasehold Tenure Land Leasehold Tenure Land Leasehold Tenure (Lease Start Date): (Lease Start Date): (Lease Start Date): (Lease Start Date): Freehold Freehold Freehold Freehold Purchase Price: Purchase Price: Purchase Price: Purchase Price: JPY4,800.0 million JPY1,050.0 million JPY7,300.0 million JPY1,460.0 million (S$76.9 million) (S$16.2 million) (S$114.2 million) (S$22.1 million)

*Exchange rates for overseas properties are as per the date of purchase in their respective announcements.

70 71 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

From top left: Sano Centre 69 Moriya Centre 70 Mokurenji Centre 71 Mizuhomachi Centre 72 Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% NLA (sqm): 7,217 NLA (sqm): 32,688 NLA (sqm): 23,864 NLA (sqm): 20,212 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: Arata Corporation Nippon Express Co., Ltd. Logicom, Inc Logicom, Inc Land Leasehold Tenure Land Leasehold Tenure Land Leasehold Tenure Land Leasehold Tenure (Lease Start Date): (Lease Start Date): (Lease Start Date): (Lease Start Date): Freehold Freehold Freehold Freehold Purchase Price: Purchase Price: Purchase Price: Purchase Price: JPY1,050.0 million JPY4,640.0 million JPY3,865.0 million JPY3,500.0 million (S$15.9 million) (S$70.3 million) (S$58.6 million) (S$53.0 million)

From bottom left: Aichi Miyoshi Centre 73 Kyotanabe Centre 74 Occupancy Rate: 100% Occupancy Rate: 100% NLA (sqm): 6,723 NLA (sqm): 12,343 Number of Tenants: 1 Number of Tenants: 1 List of Major Tenants: List of Major Tenants: Hokkoh Transportation Inc. Edion Corporation Land Leasehold Tenure Land Leasehold Tenure (Lease Start Date): (Lease Start Date): Freehold Freehold Purchase Price: Purchase Price: JPY1,155.0 million JPY1,830.0 million (S$17.5 million) (S$27.7 million)

70 71 MAPLETREE LOGISTICS TRUST

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

HONG KONG

72 73 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

From top left: Tsuen Wan No. 1 75 Shatin No. 2 76 Shatin No. 3 77 Shatin No. 4 78 Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% NLA (sqm): 17,094 NLA (sqm): 26,201 NLA (sqm): 24,346 NLA (sqm): 54,137 Number of Tenants: 11 Number of Tenants: 4 Number of Tenants: 5 Number of Tenants: 24 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: Yusen Logistics (Hong Kong) • Taiun (HK) Co Ltd., • MOL Logistics • UTi Worldwide Inc. Limited • Ever Gain Company Limited • Hitachi Transport • Vantec Hitachi Transport Land Leasehold Tenure • Asia Tone Limited System (H.K.) Ltd (Lease Start Date): Land Leasehold Tenure 149 years (1 Jul 1898) (Lease Start Date): Land Leasehold Tenure Land Leasehold Tenure 60 years (27 Nov 1987) (Lease Start Date): (Lease Start Date): Purchase Price: 58 years (28 Dec 1989) 55 years (4 May 1992) HKD206.0 million Purchase Price: (S$38.5 million) HKD341.0 million Purchase Price: Purchase Price: (S$63.8 million) HKD325.9 million HKD1.037.0 million (S$61.0 million) (S$194.0 million)

From bottom left: Bossini Logistics Centre 79 AsiaTone i-Centre 80 Grandtech Centre 81 Shatin No. 5 82 Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 98.7% Occupancy Rate: 100% NLA (sqm): 12,763 NLA (sqm): 17,073 NLA (sqm): 47,304 NLA (sqm): 6,599 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 53 Number of Tenants: 4 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: Bossini Enterprises Limited Equinix • Jennex Technology Limited DKSH Hong Kong Limited Land Leasehold Tenure Land Leasehold Tenure • Menlo Worldwide Land Leasehold Tenure (Lease Start Date): (Lease Start Date): Hong Kong Limited (Lease Start Date): 60 years (27 Nov 1987) 54 years (26 Nov 1993) • Hong Kong Raton Int’l 149 years (1 Jul 1898) Co. Ltd. Purchase Price: Purchase Price: Purchase Price: HKD113.0 million HKD210.0 million Land Leasehold Tenure HKD66.0 million (S$21.1 million) (S$39.3 million) (Lease Start Date): (S$12.3 million) 56 years (19 Nov 1991) Purchase Price: HKD780.0 million (S$145.9 million)

*Exchange rates for overseas properties are as per the date of purchase in their respective announcements. 72 73 MAPLETREE LOGISTICS TRUST

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

SOUTH KOREA

74 75 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

From top left: Yeoju Centre 83 Multi-Q Centre 84 Iljuk Centre 85 KPPC Pyeongtaek Centre 86 Occupancy Rate: 94% Occupancy Rate: 100% Occupancy Rate: 89% Occupancy Rate: 100% NLA (sqm): 10,959 NLA (sqm): 32,898 NLA (sqm): 23,361 NLA (sqm): 100,914 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 2 Number of Tenants: 1 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: Taeun Logistics Co., Ltd Multi-Q Logistics Co. Ltd • Taeun Logistics Co. Ltd Korea Port Processing Co. Ltd Land Leasehold Tenure Land Leasehold Tenure • Sunghwa Logistics Co. Ltd. Land Leasehold Tenure (Lease Start Date): (Lease Start Date): (Lease Start Date): Freehold Freehold Land Leasehold Tenure (Lease Start Date): Freehold Purchase Price: Purchase Price: Freehold Purchase Price: KRW11,650 million KRW28,000 million KRW75,580 million (S$18.2 million) (S$32.1 million) Purchase Price: KRW22,000 million (S$85.9 million) (S$25.5 million)

From bottom left: Jungbu Cold Warehouse 87 Dooil Cold Warehouse 88 Hyundai Logistics Centre 89 The Box Centre 90 Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 83% Occupancy Rate: 100% NLA (sqm): 20,791 NLA (sqm): 18,031 NLA (sqm): 32,317 NLA (sqm): 27,016 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: Chungbu The First Logistics Dooil Cold Store Co., Ltd E-Land World Oakline Co. Ltd Co., Ltd. Land Leasehold Tenure Land Leasehold Tenure Land Leasehold Tenure Land Leasehold Tenure (Lease Start Date): (Lease Start Date): (Lease Start Date): (Lease Start Date): Freehold Freehold Freehold Freehold Purchase Price: Purchase Price: Vendor: Purchase Price: KRW30,000 million KRW22,500 million Oakline Co. Ltd KRW33,500 million (S$33.3 million) (S$24.7 million) (S$37.1 million) Purchase Price: KRW28,750 million (S$32.0 million)

*Exchange rates for overseas properties are as per the date of purchase in their respective announcements. 74 75 MAPLETREE LOGISTICS TRUST

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

CHINA

76 77 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

From top left: Ouluo Logistics Centre 91 Mapletree Xi’an 92 Mapletree AIP 93 Northwest Logistics Park 94 Distribution Centre (Phase 1) Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: N.A.1 Occupancy Rate: 77% NLA (sqm): 33,322 NLA (sqm): 117,146 NLA (sqm): 23,176 NLA (sqm): 30,010 Number of Tenants: 4 Number of Tenants: 1 Number of Tenants: 7 Number of Tenants: 6 List of Major Tenants: List of Major Tenants: • DHL List of Major Tenants: Guangzhou Eastern American List of Major Tenants: Xi’an Yuan Kang Industry Steel Structure Manufacturing Shanghai Dia Retail Co., Ltd • New Times Int’l & Trade Co., Ltd Co Ltd Transportation Service Co. Land Leasehold Tenure • Beijing Huanyu Tianma Land Leasehold Tenure Land Leasehold Tenure (Lease Start Date): (Lease Start Date): (Lease Start Date): 50 years (10 Jan 2005) Land Leasehold Tenure 50 years (3 Jun 2005) 46 years (27 Jun 2006) (Lease Start Date): Purchase Price: 50 years (4 Sep 2002) Purchase Price: Purchase Price: RMB100.0 million RMB90.0 million RMB241.3 million (S$19.6 million) Purchase Price: (S$17.8 million) (S$47.8 million) RMB120.0 million (S$23.8 million)

From bottom left: Northwest Logistics Park 95 ISH WaiGaoQiao 96 Mapletree Wuxi 97 (Phase 2) Logistics Park Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% NLA (sqm): 37,698 NLA (sqm): 10,483 NLA (sqm): 45,084 Number of Tenants: 1 Number of Tenants: 2 Number of Tenants: 10 List of Major Tenants: List of Major Tenants: Integrated Shun Hing Logistics List of Major Tenants: Shanghai Digital China Co., Ltd (Shanghai) Co., Ltd • Suzhou Huayu Land Leasehold Tenure Land Leasehold Tenure • Fiege International Freight (Lease Start Date): (Lease Start Date): Forwarder Co., Ltd 50 years (30 Oct 2006) 50 years (1 Jan 1995) • Wuxi Gao Xin Logistics Center Purchase Price: Purchase Price: Land Leasehold Tenure RMB55.0 million RMB158.3 million (Lease Start Date): (S$10.8 million) (S$31.0 million) 50 years (31 Dec 2006) Purchase Price: RMB116.0 million (S$22.8 million) *Exchange rates for overseas properties are as per the date of purchase in their respective announcements. 76 1 At Mapletree Xi’an Distribution Centre, business operations were disrupted by a fire incident in February 2014 which caused damage to one of the two 77 buildings. The property is insured for physical damage and loss of business income for a period of eighteen months. MAPLETREE LOGISTICS TRUST

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

MALAYSIA

78 79 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

From top left: Pancuran 98 Zentraline 99 Subang 1 100 Subang 2 101 Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 59% Occupancy Rate: 100% NLA (sqm): 29,783 NLA (sqm): 14,529 NLA (sqm): 12,873 NLA (sqm): 8,297 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: Nippon Express (M) Sdn Bhd LF Logistics Services (M) Ferro Futsal Sdn Bhd Kontena Nasional Berhad Sdn Bhd Land Leasehold Tenure Land Leasehold Tenure Land Leasehold Tenure (Lease Start Date): Land Leasehold Tenure (Lease Start Date): (Lease Start Date): 99 years (19 Apr 1996) (Lease Start Date): 99 years (12 Mar 1996) 99 years (17 Jul 1989) 99 years (23 Dec 1995) Purchase Price: Purchase Price: Purchase Price: MYR45.0 million Purchase Price: MYR25.1 million MYR17.2 million (S$20.1 million) MYR25.0 million (S$11.2 million) (S$7.7 million) (S$10.9 million)

From bottom left: Chee Wah 102 Subang 3 103 Subang 4 104 Senai - UPS 105 Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% NLA (sqm): 7,705 NLA (sqm): 8,376 NLA (sqm): 4,518 NLA (sqm): 11,337 Number of Tenants: 2 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: • Nature Environment Products FM Global Logistics (M) FM Global Logistics (M) UPS SCS (M) Services Sdn Bhd Sdn Bhd Sdn Bhd • The Cool (Malaysia) Sdn Bhd Land Leasehold Tenure Land Leasehold Tenure Land Leasehold Tenure (Lease Start Date): Land Leasehold Tenure (Lease Start Date): (Lease Start Date): Freehold (Lease Start Date): 99 years (30 Nov 1990) 99 years (13 Dec 2006) Freehold Purchase Price: Purchase Price: Purchase Price: MYR25.5 million Purchase Price: MYR19.9 million MYR9.5 million (S$11.1 million) MYR13.0 million (S$8.7 million) (S$4.1 million) (S$5.7 million)

*Exchange rates for overseas properties are as per the date of purchase in their respective announcements.

78 79 MAPLETREE LOGISTICS TRUST

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

From top left: Linfox 106 Century 107 G-Force 108 Celestica Hub 109 Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% Occupancy Rate: 100% NLA (sqm): 17,98 4 NLA (sqm): 25,734 NLA (sqm): 18,670 NLA (sqm): 22,304 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 Number of Tenants: 1 List of Major Tenants: List of Major Tenants: List of Major Tenants: List of Major Tenants: Linfox M Logistics (Malaysia) Kontena Nasional Berhad G-Force Sdn Bhd Celestica (AMS) Sdn Bhd Sdn Bhd Land Leasehold Tenure Land Leasehold Tenure Land Leasehold Tenure Land Leasehold Tenure (Lease Start Date): (Lease Start Date): (Lease Start Date): (Lease Start Date): Freehold Freehold Freehold Freehold Purchase Price: Purchase Price: Purchase Price: Purchase Price: MYR32.0 million MYR35.2 million MYR27.5 million MYR35.0 million (S$13.4 million) (S$14.8 million) (S$11.2 million) (S$15.2 million)

From bottom left: Padi Warehouse 110 Occupancy Rate: 100% NLA (sqm): 23,717 Number of Tenants: 1 List of Major Tenants: Padiberas Nasional Bhd Land Leasehold Tenure (Lease Start Date): 60 years (22 Mar 1983) Purchase Price: MYR31.5 million (S$12.8 million)

80 81 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PROPERTY PROPERTY PORTFOLIO PORTFOLIO

VIETNAM

From top left: Mapletree Logistics 111 Centre Occupancy Rate: 100% NLA (sqm): 23,050 Number of Tenants: 5 List of Major Tenants: • Nissin Logistics (VN) Co., Ltd. • Nippon Express (Vietnam) Co., Ltd • Cargo International Logistics Co., Ltd • Nitto Denko Tape Materials (Vietnam) Co., Ltd • Yusen Logistics Solutions (Vietnam) Co., Ltd Land Leasehold Tenure (Lease Start Date): ~42 years (8 Nov 2006) Purchase Price: USD6.4 million (S$8.8 million)

80 81 MAPLETREE LOGISTICS TRUST

FINANCIAL REVIEW

Group Increase/ FY13/14 FY12/13 (Decrease) (S$’000) (S$’000) % Gross revenue 310,709 307,786 0.9 Property expenses (43,074) (39,714) 8.5 Net property income (“NPI”) 267,635 268,072 (0.2) Interest income 629 765 (17.8) Manager’s management fees (30,775) (31,098) (1.0) Trustee’s fee (616) (627) (1.8) Other trust income/(expenses) 13,203 (5,162) NM Borrowing costs (29,354) (38,641) (24.0) Net investment income 220,722 193,309 14.2 Amount distributable 198,545 185,166 7.2 - To perpetual securities holders 18,813 18,813 - - To Unitholders 179,732 166,353 8.0 Available distribution per unit (“DPU”) (cents) 7.35 6.86 7.1 Excluding divestment gain* Adjusted amount distributable to Unitholders 177,252 166,353 6.6 Adjusted available DPU (cents) 7.25 6.86 5.7

* The gain from the divestment of 30 Woodlands Loop contributed to S$2.48 million in amount distributable or 0.10 cents in DPU. NM: Not meaningful. GROSS REVENUE NET INVESTMENT INCOME Gross revenue for FY13/14 was S$310.7 million, representing Borrowing costs decreased by S$9.3 million or 24.0% to an increase of S$2.9 million or 0.9% year-on-year (“y-o-y”). S$29.4 million, largely due to lower average interest rates Excluding the impact of a weaker Japanese Yen, which achieved on replacement of expired interest rates hedge depreciated 20% y-o-y, gross revenue would have increased positions. S$14.5 million or 4.7% y-o-y, mainly from full year contribution from the four properties acquired in FY12/13, contribution Accordingly, net investment income increased 14.2% from from the Korea property acquired during FY13/14, overall S$193.3 million to S$220.7 million. positive rental reversions achieved for the portfolio as well as initial contribution from the newly completed redevelopment, DISTRIBUTIONS Mapletree Benoi Logistics Hub. Total amount distributable increased by S$13.4 million or 7.2% y-o-y, to S$198.5 million. After taking into account amount PROPERTY EXPENSES distributable to perpetual securities holders of S$18.8 million, Property expenses for FY13/14 increased by S$3.4 million amount distributable to Unitholders increased 8.0% y-o-y to or 8.5% y-o-y, to S$43.1 million. The increase in property S$179.7 million while DPU rose 7.1% to 7.35 cents. Included in expenses was mainly due to the enlarged portfolio, including FY13/14 distributable income is the partial distribution of the Mapletree Benoi Logistics Hub and higher costs associated net gain from the divestment of 30 Woodlands Loop of S$4.96 with the conversion of single-user assets to multi-tenanted million (to be distributed over eight quarters from 1QFY13/14). buildings in Singapore, moderated by lower expenses from the Excluding the divestment gain, the amount distributable to effect of the weaker Japanese Yen. Unitholders and DPU would have increased by 6.6% and 5.7% y-o-y respectively. NET PROPERTY INCOME Consequently, NPI for FY13/14 was S$267.6 million, which Total assets increased by S$160.1 million to S$4,397.0 million declined slightly by 0.2% from the previous year. Excluding as at 31 March 2014 from S$4,236.9 million as at 31 March the forex impact, NPI would have increased by 3.6% y-o-y. 2013. The increase was primarily attributed to a portfolio Singapore remained the largest contributor accounting for 44% revaluation gain of S$105.3 million largely from properties of NPI, followed by Japan and Hong Kong which accounted for in Singapore and Hong Kong, acquisition and capitalised 22% and 15% of NPI respectively. development cost of S$115 million, partially offset by the divestment of one Singapore property of S$15.5 million and

82 83 STAYING ON COURSE° ANNUAL REPORT 2013/2014

FINANCIAL REVIEW

Group As at 31 March 2014 As at 31 March 2013 Change (S$’000) (S$’000) % Total assets 4,396,985 4,236,886 3.8% Total liabilities 1,664,802 1,654,633 0.6% Total borrowings 1,455,377 1,433,506 1.5% Net assets attributable to Unitholders 2,381,864 2,232,029 6.7% Net asset value per Unit (S$) 0.97 0.92 5.4%

translation differences on the Japan portfolio due to the weaker NET ASSETS ATTRIBUTABLE TO UNITHOLDERS Japanese Yen. During the year, MLT divested one property As the Japan portfolio is largely funded by Japanese Yen and acquired one property, maintaining the total number of denominated borrowings, the impact of the weaker Japanese properties as at 31 March 2014 at 111. Yen on MLT’s net asset value has been mitigated substantially. As at 31 March 2014, MLT’s net assets increased by 6.7% to BORROWINGS AND AGGREGATE LEVERAGE RATIO S$2,381.9 million over the previous year, reflecting a higher net Total borrowings increased by only S$21.9 million to S$1,455.4 asset value per unit of S$0.97, compared with S$0.92 as at 31 million as at 31 March 2014, despite additional investments of March 2013. S$115 million in acquisition and capital expenditure incurred during the year. This was partly due to lower translated CASHFLOW Japanese Yen borrowings arising from the weaker Japanese As at 31 March 2014, the value of cash and cash equivalents Yen. Additionally, the investments were partially financed by of MLT Group stood at S$114.3 million, compared with capital recycled from the divestment of 30 Woodlands Loop, S$134.8 million as at 31 March 2013. The lower quantum was Distribution Reinvestment Plan proceeds and working capital. mainly attributable to investing and financing activities during Taking into account the increased valuation of investment the year. The cashflows used in investing activities were mainly properties, aggregate leverage ratio declined slightly to 33.3%, for the purchase of investment property and capital expenditure from 34.1% as at the start of the financial year. while the cashflows used in financing activities were largely for repayments of borrowings and distributions to Unitholders.

GROSS REVENUE 12 months ended 31 March 2014 12 months ended 31 March 2013

Singapore 46.0% Singapore 44.8% Japan 21.4% Japan 26.1% Hong Kong 13.6% Hong Kong 12.6% South Korea 8.9% South Korea 7.6% China 5.6% China 4.7% Malaysia 4.1% Malaysia 3.8% Vietnam 0.4% Vietnam 0.4%

NET PROPERTY INCOME 12 months ended 31 March 2014 12 months ended 31 March 2013

Singapore 44.1% Singapore 43.6% Japan 21.7% Japan 26.2% Hong Kong 14.9% Hong Kong 13.6% South Korea 9.5% South Korea 8.0% China 5.1% China 4.3% Malaysia 4.3% Malaysia 3.9% Vietnam 0.4% Vietnam 0.4%

82 83 MAPLETREE LOGISTICS TRUST

CORPORATE LIQUIDITY & FINANCIAL RESOURCES

The Manager adopts a disciplined capital management cash. This provides Unitholders with the opportunity to increase approach to maintain a healthy balance sheet and a diversified their investment in MLT in a cost effective manner while at the base of funding sources. On an ongoing basis, besides working same time enabling MLT to raise additional working capital. to achieve a balanced debt maturity profile and to minimise About S$18.4 million of cash was retained via the DRP and the cost of funding, the Manager also actively manages the deployed to fund MLT’s capital expenditure requirements. exposure to interest rate and foreign exchange fluctuations. During the year, the Manager procured loans and issued FUNDING AND LIQUIDITY POSITION medium term notes of approximately S$392 million with The Manager actively manages MLT’s capital structure to tenures of 3 to 7 years, largely for refinancing purpose. This address refinancing requirements and to provide the flexibility has enabled MLT to achieve a well staggered debt maturity to fund investment opportunities, capital expenditure and for profile with weighted average debt maturity of approximately working capital requirements. 3.6 years as at 31 March 2014.

MLT’s debt portfolio is diversified by maturity and source. As at BORROWINGS AND AGGREGATE LEVERAGE 31 March 2014, MLT had in place debt facilities of about S$2.3 Total debt outstanding increased by only S$21.9 million to billion from 16 banks, of which S$815.7 million were unutilised. S$1,455.4 million as at 31 March 2014, despite additional In addition, MLT has an existing S$1.0 billion Medium Term investments of about S$115 million in acquisition, Notes (“MTN”) Programme, of which S$179.4 million had been redevelopment and capital expenditure incurred during the issued as at 31 March 2014, leaving S$820.6 million which year. This was partly due to lower translated Japanese Yen may be tapped for future issuance. borrowings arising from a weaker Japanese Yen. Additionally, the investments were partially financed by capital recycled In FY13/14, the Manager continued to implement the from the divestment of 30 Woodlands Loop, DRP proceeds and distribution reinvestment plan (“DRP”) whereby Unitholders are working capital. given the option of receiving their distributions in units and/or

Financial Resources and Liquidity (S$ million) As at 31 March 2014 Undrawn banking facilities 815.7 Issue capacity under MTN Programme 820.6 Cash 114.3 Total 1,750.6

DEBT MATURITY PROFILE (% OF TOTAL DEBT) As at 31 March 2014

21% 19% As at 31 March 2014 17% Total Group S$1,455.4 Borrowings million 14% Average Duration 3.6 years

10% 8% 8%

3%

FY 14/15 FY 15/16 FY 16/17 F Y 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22

84 85 STAYING ON COURSE° ANNUAL REPORT 2013/2014

CORPORATE LIQUIDITY & FINANCIAL RESOURCES

As at 31 March 2014 As at 31 March 2013 Leverage ratio Total Group borrowings (S$ million) 1,455.4 1,433.5 Total Group deferred consideration (S$ million) 7.3 11.6 Total Group assets (S$ million) 4,397.0 4,236.9 Aggregate Leverage 33.3% 34.1%

FY13/14 FY12/13 Effective interest rate for the financial year 1.9% 2.4% Interest service ratio Earnings before interest, tax, depreciation and amortisation (S$ million) 241.2 243.1 Interest expenses (S$ million) 27.7 36.7 Interest cover ratio (times) 8.7 6.6

Aggregate leverage declined from 34.1% at the start of the HEDGING PROFILE financial year to 33.3%. This is well within the cap of 60% The Manager continues to implement measures to mitigate stipulated in the Monetary Authority of Singapore’s Property the impact of foreign exchange and interest rate fluctuations Funds Guidelines for rated REITs. on distributable income. As of 31 March 2014, about 88% of MLT’s income stream for FY14/15 had been hedged into or is Interest expenses declined 25% year-on-year to S$27.7 derived in Singapore Dollar, of which 91% of the income stream million while the weighted average interest rate fell to 1.9% in from Japan had been hedged. About 75% of MLT’s debts were FY13/14, from 2.4% in the previous year. These were mainly hedged into fixed rates through interest rate swaps or drawn on due to lower costs achieved on the replacement of interest rate fixed rate basis as at 31 March 2014. hedges that expired during the year. Consequently, interest cover ratio improved from 6.6 times last year to 8.7 times in Where feasible, after taking into account cost, tax and other FY13/14. considerations, MLT will borrow in the same currency as the underlying assets to provide some natural hedge, or hedge All borrowings continue to be unsecured with minimal financial through cross currency swaps for its overseas investments. covenants. In January 2014, Moody’s Investor Service affirmed As at 31 March 2014, about 66% of MLT’s loans were MLT’s issuer rating at ‘Baa1’ with stable outlook. denominated in Japanese Yen, 28% in other foreign currencies such as Hong Kong Dollar, Korean Won, US Dollar, Malaysian Ringgit and Chinese Renminbi, and the balance 6% in Singapore Dollar.

INTEREST RATE HEDGING PROFILE DEBT PROFILE (CURRENCY BREAKDOWN) As at 31 March 2014 As at 31 March 2014

HKD 15% Hedged/Fixed Rate 75% JPY 66% Unhedged 25% MYR 4% • JPY 20% SGD 6% • SGD 3% USD 1% • MYR 1% RMB 4% • USD 1% KRW 4%

84 85 MAPLETREE LOGISTICS TRUST

INVESTOR RELATIONS

The Board of Directors engaging Unitholders at the Annual General Meeting

The Manager is committed to engaging and developing long- that were tabled at the meeting. The open dialogue session term relationships with the various key stakeholders through conducted during the AGM was also an important opportunity equitable, timely and transparent communications. for the Board of Directors and management to better understand and address the issues of concern to investors. TIMELY AND TRANSPARENT DISCLOSURES Upon request, local and overseas property site visits are In keeping with the best corporate governance practices, all conducted for investors as part of the investor relations efforts announcements and press releases on MLT’s latest corporate to educate the investment community. Currently MLT is covered developments are filed promptly with the Singapore Exchange by research analysts from 16 local and foreign investment Securities Trading Limited. These disclosures are also banks. disseminated via email to the local and international media, the investment community, and subscribers to MLT’s email alerts. To facilitate better communication, contact details of the MLT’s corporate website is updated regularly to ensure that investor relations personnel are made available on the information on MLT, such as property portfolio details and key corporate website. This has proven to be a useful platform for financial highlights, is readily available to the general public. the various stakeholders, including Unitholders, investors and members of the public, to make enquiries or provide feedback. Post-results analyst briefings are held every quarter following In addition, potential tenants are also able to submit their the release of MLT’s financial results. To facilitate greater leasing enquiries through the corporate website. interaction and open dialogue, ‘live’ audio webcasts of MLT’s half-year and full-year results briefings are streamed online Looking ahead, MLT will continue to uphold a high standard of where queries submitted through the corporate website can corporate governance and disclosure. The investor relations be addressed on-the-spot by MLT’s senior management. team will endeavour to increase its investor and media Recordings of the audio webcasts can be accessed anytime via engagement, ensuring that key stakeholders remain well the corporate website. informed of MLT’s latest developments.

ACTIVE STAKEHOLDER OUTREACH During the course of the year, the Manager actively reached out to over 120 prospective and existing institutional investors at one-on-one meetings, investor conferences and non-deal roadshows in Singapore and Europe. These meetings serve to bring investors up-to-date on MLT’s strategic directions, business developments and the latest industry trends and outlook.

Another important channel to facilitate direct communication between management and Unitholders is the Annual General Meeting (“AGM”). Attended by over 100 retail investors, MLT’s 4th AGM in July 2013 saw the passing of all resolutions Senior management conducts quarterly post-results briefings that are webcast ‘live’ for the half-year and full-year results

86 87 STAYING ON COURSE° ANNUAL REPORT 2013/2014

INVESTOR RELATIONS

UNIT PRICE PERFORMANCE FY13/14 was a volatile year for Singapore equities, particularly MLT’s unit price closed at S$1.045 on 31 March 2014. the Singapore Real Estate Investment Trusts (“S-REITs”). This translates to a distribution yield of 7.0%, 450 basis Amidst concerns over the tapering of the United States Federal points above the 10-year government bond yield of 2.5%. Reserve’s monetary stimulus programme and the prospects Trading volume in MLT crossed 980 million units in FY13/14, of rising interest rates, investors turned cautious on the translating to an average daily volume of 3.8 million units. S-REIT sector. Market sentiment was further weighed down by uncertainty over the Ukraine crisis and China’s economic slowdown.

COMPARATIVE PRICE PERFORMANCE 1 April 2013 to 31 March 2014

115

110

105

100 STI -4%

95

90 FSTREI -13%

85 MLT -14% MLT Straits Times Index (“STI”) FTSE Straits Times REIT Index (“FSTREI”) 80 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Rebasing closing price on 28 March 2013 to 100 Source: Bloomberg

COMPARATIVE YIELDS

7.0%

5.7% 450 bps yield spread over 10-year Singapore Government Bond yield 3.3% 2.5% 2.5%

1.5%

0.3%

MLT yield1 10-year Govt 5-year Govt FSTREI Yield3 STI Yield4 CPF Ordinary 12-month S$ Bond Yield2 Bond Yield2 Account5 Fixed Deposit6

1 Based on actual DPU of 7.35 cents for the period 1 April 2013 to 31 March 2014 and closing unit price of S$1.045 on 31 March 2014. 2 Singapore Government Bond Yield as at 31 March 2014, Bloomberg. 3 12-month gross dividend yield of FTSE Straits Times REIT Index as at 31 March 2014, Bloomberg 4 12-month gross dividend yield of Straits Times Index as at 31 March 2014, Bloomberg. 5 Prevailing interest rate on CPF Ordinary Account Savings. 6 12-month S$ fixed deposit savings rate as at 31 March 2014. 86 87 MAPLETREE LOGISTICS TRUST

INVESTOR RELATIONS

MLT UNIT PRICE AND TRADING VOLUME Unit Price Performance (S$) FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY11/12 FY12/13 FY13/14 Opening 0.885 0.960 1.220 1.090 0.355 0.785 0.960 0.945 1.210 Closing 0.955 1.190 1.090 0.350 0.785 0.965 0.945 1.215 1.045 Highest 1.120 1.190 1.480 1.090 0.785 0.965 0.995 1.240 1.350 Lowest 0.885 0.860 1.050 0.310 0.325 0.760 0.800 0.935 0.990 Trading Volume (million units) 672.0 572.8 1,006.0 721.2 561.2 745.1 678.0 1,015.1 980.5

FINANCIAL CALENDAR

Event / Activity FY13/14 FY14/15 (Tentative) 1Q results announcement 19 July 2013 July 2014 1Q distribution to Unitholders 29 August 2013 August 2014 2Q results announcement 17 October 2013 October 2014 2Q distribution to Unitholders 29 November 2013 November 2014 3Q results announcement 20 January 2014 January 2015 3Q distribution to Unitholders 28 February 2014 February 2015 4Q results announcement 21 April 2014 April 2015 4Q distribution to Unitholders 30 May 2014 May 2015

UNITHOLDERS ENQUIRIES For enquiries on MLT, please contact:

THE MANAGER UNIT REGISTRAR UNITHOLDER DEPOSITORY Ms Lum Yuen May Boardroom Corporate & Advisory For depository-related matters, Investor Relations Services Pte. Ltd. please contact: 50 Raffles Place The Central Depository (Pte) Limited T : (65) 6377 6111 #32-01 Singapore Land Tower 11 North Buona Vista Drive F : (65) 6273 2007 Singapore 048623 #06-07 The Metropolis Tower 2 E : [email protected] Singapore 138589 E : [email protected] T : (65) 6536 5355 W : www.mapletreelogisticstrust.com F : (65) 6438 8710 T : (65) 6236 8888 F : (65) 6535 6994 SUBSTANTIAL UNITHOLDERS ENQUIRIES: W : www.sgx.com/cdp E : [email protected]

88 89 STAYING ON COURSE° ANNUAL REPORT 2013/2014

CORPORATE SOCIAL RESPONSIBILITY

As a leading logistics real estate provider in Asia, the Manager has a duty to conduct business in a manner that does not compromise the environment and the communities in which it operates. Its commitment to develop sustainable assets, manage its logistics facilities efficiently, support local communities, and engage its stakeholders, is also intrinsically aligned with its vision to be the partner of choice in Asia.

Being part of the Mapletree group, the Manager’s efforts to embed sustainable business practices throughout its operations are aligned with and constitute part of the group’s Corporate Social Responsibility (“CSR”) programme.

ENVIRONMENTAL RESPONSIBILITY elements targeted at enhancing operational, energy and The Manager strives to minimise the environmental impact water efficiency. The naturally ventilated five-storey ramp-up of its operations through the efficient management and warehouse is designed with long window openings and louvers development of logistics assets. Key areas of focus include to facilitate airflow, thereby reducing the need for mechanical resource efficiency, renewable energy and sustainable fans. The building is also equipped with low emissivity glazed developments. Across the Mapletree group, initiatives are also windows to minimise heat, photo and motion sensor controls to undertaken to further enhance its green efforts. reduce water and energy consumption, and clear striped roofs to optimise the entry of natural light. Tenants at MBLH are also Resource Efficiency encouraged to embrace a green culture by adopting sustainable An advocate for the efficient use of energy and water, the best practices in their day-to-day operations. Manager deploys a host of eco-friendly building features across the portfolio’s 111 logistics facilities. These include Upon its completion this year, MBLH was conferred the maximising the use of skylights, using motion sensors and prestigious Green Mark Platinum Award, the highest lower wattage induction light fixtures, replacing older lifts for certification by the Building and Construction Authority for more energy-efficient ones, and installing thimbles and self- sustainable buildings in Singapore. The property is also the closing delayed action taps to promote water conservation. first naturally ventilated warehouse in Singapore to have attained this accolade. In addition, periodic reviews are conducted to assess the portfolio’s operational performance and to identify areas for Green Initiatives improvement. The Manager has made concerted efforts to put in place green business practices in support of the group’s ‘Mapletree Renewable Energy Goes Green’ initiative. Some of the eco-friendly practices in The Manager is constantly exploring new ways to improve place include switching off the office lights during lunchtime the environmental performance of its assets. This year, MLT and programming office computers and laptops to go into completed Phase 1 of solar panel installation at four of its hibernation mode when idle. Where possible, the Manager also properties in Japan. This energy-generating investment will uses recycled paper in its publications. This Annual Report bring about significant benefits to the environment, lower for instance, is printed on paper that is certified by the Forest operating costs for customers and introduce a new revenue Stewardship Council. stream for Unitholders. This year, Mapletree also participated in the global ‘Earth Hour’ The Manager will continue to roll out this asset enhancement initiative where green efforts such as raising air-conditioning initiative in FY14/15 with the second phase of installation at temperatures and reducing non-essential energy-consuming another five Japan assets. When Phase 2 is completed in the activities were carried out at some of its properties in third quarter of FY14/15, the initiative is expected to generate Singapore. a combined total of 7.2 megawatts (“MW”) of renewable energy per hour or 7,100 MW per annum. COMMUNITY INVOLVEMENT Mapletree has in place a group-wide framework that aligns Sustainable Developments its CSR efforts with its business directions. Underpinned Developing innovative and sustainable logistics facilities is one by two broad objectives, the Mapletree ‘Shaping & Sharing’ of the Manager’s key endeavours. MLT’s first redevelopment programme focuses on empowering individuals and enriching project – Mapletree Benoi Logistics Hub (“MBLH”) – is a good communities to deliver positive social and environmental showcase of the Manager’s ongoing commitment on this front. impacts.

From building layout and orientation, to the use of sustainable construction materials, MBLH incorporates innovative design 88 89 MAPLETREE LOGISTICS TRUST

CORPORATE SOCIAL RESPONSIBILITY

Celebrating with Menlo Logistics, our largest customer, at the official Launch of HPB Healthy Workplace Ecosystem with staff and tenants opening of their newest facility at MBLH

Health and Education Stakeholder Engagement In FY13/14, the group continued to make significant strides Beyond corporate giving, the Mapletree group also reached in its CSR commitments both locally and overseas. In out to its beneficiaries through active community engagement. partnership with the Health Promotion Board (HPB), Mapletree For instance, it facilitated an opportunity for culinary students launched Singapore’s first ‘Healthy Workplace Ecosystem’ from the Assumption Pathway School to gain valuable industry at its corporate headquarters in Mapletree Business City exposure at the renowned Jamie’s Italian restaurant at VivoCity. (“MBC”). Employees and tenants were encouraged to adopt healthier lifestyles through the introduction of healthier In addition, the group organised an annual blood donation drive food options and fitness programmes such as weekly runs. at MBC for the third consecutive year, with staff volunteers Lunchtime health talks and screenings were also conducted from its recreational club providing onsite logistics support. for the 10,000-strong MBC working community. Addressing a This event received strong support from employees and tenants range of wellness topics such as ‘Build Your Inner Strength’ alike, collecting over 150 donations during the two-day drive. and ‘Preparing Healthy Meals’, these programmes contribute The Manager continued to engage its customers through towards creating a holistic environment at the workplace. participation in industry events, one-on-one meetings and customer luncheons. These events provide a platform for Efforts towards education included a contribution of management to gather feedback and better understand the S$500,000 each to the bursary endowment funds of Singapore needs and concerns of its customers. The Manager is also Management University and Singapore University of Technology committed to delivering timely, transparent and consistent disclosures to the financial and media communities. For more and Design. To date, Mapletree has contributed a total of S$2 details on the Manager’s investor relations initiatives, please million to Singapore’s tertiary institutions, which will benefit refer to Investor Relations section on page 86 to 88. 25 financially constrained students annually and in perpetuity. In an effort to engage youths-at-risk through a more holistic ‘Arts in the City’ approach, the group also donated S$115,000 to fund sports The Mapletree group continued to support the arts in FY13/14 and arts programmes for the Boys’ Town Home. through ‘Arts in the City’, a collaboration between Mapletree and the National Arts Council. Regular, complimentary arts Overseas, the group maintained its support for the low-income performances and workshops are held during lunchtime, for residents of the Nanhai and Minhang districts in China, having the working community at MBC to have more opportunities for committed RMB5 million to meet healthcare and educational artistic engagement. Through this initiative, Mapletree is able needs over five years since FY12/13. In recognition of its to further raise the vibrancy of MBC as a business locality and community efforts, Mapletree received the ‘Silver’ award at create shared artistic experiences for the working community. the Rose Charity Cup conferred by the Foshan City Poverty Alleviation Initiative Development Group and the ‘Charity Star’ award by the Minhang Division of Shanghai Charity Foundation.

90 91 STAYING ON COURSE° ANNUAL REPORT 2013/2014

CORPORATE SOCIAL RESPONSIBILITY

EMPLOYEE ENGAGEMENT real estate professionals. In FY13/14, the programme was As MLT positions itself for growth across the region, it is extended by six months to 24 months, allowing for greater imperative that the Manager continues to attract and retain the exposure to the group’s diverse operations. best and most capable people who are personally committed to the goals of the organisation. Recognising that employees To raise its profile as an employer of choice, Mapletree actively are the key drivers behind the organisation’s long-term success partners local and international institutions to engage students and growth, the Manager leverages on the group’s initiatives early in their career planning. Besides hosting student visits to for talent management. These encompass initiatives on talent the various Mapletree offices, participation in university career attraction and development, performance management, and and networking events also help strengthen the group’s on- employee welfare development. campus branding.

Talent Attraction Mapletree also offers internship programmes to promising One of our unique talent attraction strategies is to identify and students from a range of disciplines. These programmes offer develop fresh graduates with high potential. FY13/14 saw the exposure to the real estate industry, and introduce students launch of the Mapletree Graduate Trainee (“GT”) programme, to career options within Mapletree. Outstanding interns will an excellent entry point into the workforce for graduates. also be considered for Mapletree’s graduate programmes upon Collaborating with top universities in Singapore, Mapletree completion of their studies. successfully recruited many promising and motivated graduates under this programme. To facilitate career development and manage talent outflows, an internal job posting platform was introduced this year Based on their interest and aptitude, these graduates are to allow employees to apply for different roles within the assigned to various departments such as Investment, Asset organisation. This serves to facilitate cross-functional Management, Human Resource, Retail Management and exposures which will in turn enhance expertise and cultivate Development Management. Through a rigorous 12-month personal growth. training programme, the GTs will participate in projects, undergo job shadowing and develop technical knowledge and Talent Development industry know-how in their respective functions. This holistic Mapletree continued to invest in training programmes aimed at approach ensures the smooth and rapid transition of the GTs building up leadership capabilities and technical proficiencies into their new portfolios. of its employees. The ‘Mapletree Service with a Difference’ is a service excellence programme tailored to equip frontline The group also attracts talents through its management staff with the requisite knowledge and skills to anticipate and associate scheme, the Mapletree International Management exceed customers’ expectations. programme. Targeting postgraduates with some years of working experience, these candidates are offered local Further improvements were also made to the group’s and overseas job rotations to hone their competencies as cornerstone leadership programme, which is designed for

Mapletree’s third blood drive saw warm reception by MBC’s Networking event for Hong Kong University of Science and working community Technology MBA students

90 91 MAPLETREE LOGISTICS TRUST

CORPORATE SOCIAL RESPONSIBILITY

employees who possess managerial calibre. New segments that were introduced include application tactics through role play, as well as leadership tools for self assessment and for understanding personality dynamics.

Additionally, the group conducted a 360-degree feedback survey to help senior leaders identify their development needs. The results are intended to create a multiplier effect whereby teams can benefit from having leaders with greater self-awareness and improved management skills. To further strengthen technical skills on investment evaluation, the group also launched an assessment tool for senior leaders to evaluate investment teams based on their project proposals. This initiative aims to provide guidance and feedback to the investment teams, thereby strengthening their business acumen.

To foster a vibrant learning environment, Mapletree offers schemes that subsidise employees’ course fees for higher learning, book purchases, and/or self-development efforts. Meanwhile, the ongoing ‘Learning Fiesta’ allows employees to attend seminars on topics such as ‘Essentials of Interpersonal Communication’, ‘Effective Negotiation’ and ‘Harmony with Bosses and Peers’.

Performance Management During the year, Mapletree rolled out an improved staff assessment process that emphasises core competencies on top of key performance indicators and targets. Competencies across all staff categories were also streamlined for greater consistency and to reflect the up-skilling expected as employees make career advancements within the organisation.

Employee Welfare To promote staff welfare, improve work-life balance and foster stronger relations amongst colleagues, the Mapletree Recreation Club embarked on numerous initiatives during the year.

The inaugural ‘Movie Night’, for instance, saw participation from over 700 employees and their family members. Other corporate activities include the annual staff townhall, monthly dialogue sessions with management, as well as the Lunar New Year and Mid-Autumn celebrations. In support of the annual national ‘Eat with Your Family Day’ in Singapore, all employees, including overseas staff, were encouraged to head home earlier to spend time with their families.

STAYING COMMITTED Recognising the positive impact that it can have on the environment and its communities, the Manager, as part of the Mapletree group, will continue to enhance its CSR programme in the coming year. As MLT expands its regional presence, these initiatives become increasingly important in ensuring business continuity and stakeholder confidence.

92 PB TABLE OF CONTENTS

94 Report of the Trustee 101 Statements of Movements in Unitholders’ Funds 95 Statement by the Manager 102 Portfolio Statements

96 Independent Auditor’s Report to the Unitholders of 127 Notes to the Financial Statements Mapletree Logistics Trust 170 Statistics of Unitholdings Statements of Total Return 97 172 Interested Person Transactions Statements of Financial Position 98 173 Notice of Annual General Meeting 99 Distribution Statements Proxy Form 100 Consolidated Statement of Cash Flows MAPLETREE LOGISTICS TRUST

REPORT OF THE TRUSTEE

For the financial year ended 31 March 2014

HSBC Institutional Trust Services (Singapore) Limited (the “Trustee”) is under a duty to take into custody and hold the assets of Mapletree Logistics Trust (the “Trust”) and its subsidiaries (the “Group”) in trust for the holders (“Unitholders”) of units in the Trust (the “Units”). In accordance with the Securities and Futures Act, Chapter 289, of Singapore, its subsidiary legislation and the Code on Collective Investment Schemes (“CIS”), the Trustee shall monitor the activities of Mapletree Logistics Trust Management Ltd. (the “Manager”) for compliance with the limitations imposed on the investment and borrowing powers as set out in the trust deed dated 5 July 2004 (as amended) (the “Trust Deed”) between the Manager and the Trustee in each annual accounting period and report thereon to Unitholders in an annual report.

To the best knowledge of the Trustee, the Manager has, in all material respects, managed the Trust during the period covered by these financial statements, set out on pages 97 to 169 in accordance with the limitations imposed on the investment and borrowing powers set out in the Trust Deed.

For and on behalf of the Trustee, HSBC Institutional Trust Services (Singapore) Limited

Antony Wade Lewis Director

Singapore 28 May 2014

94 STAYING ON COURSE° ANNUAL REPORT 2013/2014

STATEMENT BY THE MANAGER

For the financial year ended 31 March 2014

In the opinion of the directors of Mapletree Logistics Trust Management Ltd., the accompanying financial statements of Mapletree Logistics Trust (“MLT”) and its subsidiaries (the “Group”) as set out on pages 97 to 169 comprising the Statements of Financial Position and Portfolio Statements of MLT and the Group as at 31 March 2014, the Statements of Total Return, Distribution Statements and Statements of Movements in Unitholders’ Funds of MLT and the Group, the Consolidated Statement of Cash Flows of the Group and Notes to the Financial Statements for the financial year ended 31 March 2014 are drawn up so as to present fairly, in all material respects, the financial position of MLT and of the Group as at 31 March 2014 and the total return, amount distributable and movements in Unitholders’ funds of MLT and of the Group and consolidated cash flows of the Group for the financial year ended 31 March 2014 in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants. At the date of this statement, there are reasonable grounds to believe that MLT and the Group will be able to meet its financial obligations as and when they materialise.

For and on behalf of the Manager, Mapletree Logistics Trust Management Ltd.

Ng Kiat Director

Singapore 28 May 2014

95 MAPLETREE LOGISTICS TRUST

INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF MAPLETREE LOGISTICS TRUST (Constituted under a Trust Deed in the Republic of Singapore)

Report on the Financial Statements

We have audited the accompanying financial statements of Mapletree Logistics Trust (“MLT”) and its subsidiaries (the “Group”) as set out on pages 97 to 169, which comprise the Statements of Financial Position and Portfolio Statements of MLT and the Group as at 31 March 2014, the Statements of Total Return, Distribution Statements and Statements of Movements in Unitholders’ Funds of MLT and the Group and the Consolidated Statement of Cash Flows of the Group for the financial year ended 31 March 2014, and a summary of significant accounting policies and other explanatory information.

Manager’s Responsibility for the Financial Statements

The Manager of MLT (the “Manager”) is responsible for the preparation and fair presentation of these financial statements in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants and for such internal control as the Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements; whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements and fair presentation of the financial statements in order to design audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Manager, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of MLT and of the Group as at 31 March 2014, the total return, amount distributable and movements in Unitholders’ funds of MLT and the Group and consolidated cash flows of the Group for the financial year ended 31 March 2014 in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants.

PricewaterhouseCoopers LLP Public Accountants and Chartered Accountants

Singapore 28 May 2014

96 STAYING ON COURSE° ANNUAL REPORT 2013/2014

STATEMENTS OF TOTAL RETURN

For the financial year ended 31 March 2014

Group MLT Note 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Gross revenue 3 310,709 307,786 142,820 137,938 Property expenses 4 (43,074) (39,714) (24,760) (21,058) Net property income 267,635 268,072 118,060 116,880

Interest income 3 629 765 9,421 11,701 Dividend income 3 - - 47,034 31,244 Manager’s management fees 5 (30,775) (31,098) (12,541) (12,157) Trustee’s fees (616) (627) (616) (627) Other trust income/(expenses) 6 13,203 (5,162) 8,761 (11,348) Borrowing costs 7 (29,354) (38,641) (11,018) (12,493) Net investment income 220,722 193,309 159,101 123,200 Net change in fair value of financial derivatives 3,150 23,062 3,050 14,655 Amortisation of fair value of financial guarantees - - 4,510 4,755 Net income 223,872 216,371 166,661 142,610 Net movement in the value of investment properties 13 105,305 20,271 70,065 28,129 Impairment on a subsidiary 14 - - - (37,536) Total return for the year before income tax 329,177 236,642 236,726 133,203 Income tax 8 (17,025) (14,074) - - Total return for the year 312,152 222,568 236,726 133,203

Total return attributable to: Unitholders of MLT 292,692 202,712 217,913 114,390 Perpetual securities holders 18,813 18,813 18,813 18,813 Non-controlling interests 647 1,043 - - 312,152 222,568 236,726 133,203

Earnings per unit (cents) 9

- Basic 12.00 8.35

- Diluted 12.00 8.35

The accompanying notes form an integral part of these financial statements. 97 MAPLETREE LOGISTICS TRUST

STATEMENTS OF FINANCIAL POSITION

As at 31 March 2014

Group MLT Note 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

ASSETS Current assets Cash and cash equivalents 10 114,278 134,814 11,261 22,076 Trade and other receivables 11 16,143 11,820 123,107 119,391 Other current assets 12 12,064 7,165 1,172 1,148 Derivative financial instruments 18 19,381 17,220 16,927 15,644 161,866 171,019 152,467 158,259

Investment property held-for-sale 13 - 15,500 - 15,500 161,866 186,519 152,467 173,759

Non-current assets Investment properties 13 4,235,119 4,050,367 1,754,400 1,618,254 Investments in subsidiaries 14 - - 196,092 195,798 Loans to subsidiaries 15 - - 749,608 761,125 4,235,119 4,050,367 2,700,100 2,575,177

Total assets 4,396,985 4,236,886 2,852,567 2,748,936

LIABILITIES Current liabilities Trade and other payables 16 139,557 159,397 75,980 72,253 Financial guarantee contracts - - 13,771 18,281 Borrowings 17 148,712 288,757 - - Current income tax liabilities 3,887 3,170 - - Derivative financial instruments 18 7,427 8,705 699 2,465 299,583 460,029 90,450 92,999

Non-current liabilities Trade and other payables 16 2,500 2,500 2,500 2,500 Borrowings 17 1,306,665 1,144,749 438,339 392,899 Deferred taxation 19 56,054 47,355 - - 1,365,219 1,194,604 440,839 395,399

Total liabilities 1,664,802 1,654,633 531,289 488,398

Net assets 2,732,183 2,582,253 2,321,278 2,260,538

Represented by: Unitholders’ funds 20 2,381,864 2,232,029 1,977,268 1,916,528 Perpetual securities holders 20 344,010 344,010 344,010 344,010 Non-controlling interest 6,309 6,214 - - 2,732,183 2,582,253 2,321,278 2,260,538

Units in issue (’000) 20 2,448,706 2,432,010 2,448,706 2,432,010

Net asset value per unit (S$) 0.97 0.92 0.81 0.79

The accompanying notes form an integral part of these financial statements. 98 STAYING ON COURSE° ANNUAL REPORT 2013/2014

DISTRIBUTION STATEMENTS

For the financial year ended 31 March 2014

Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Total return for the year attributable to Unitholders 292,692 202,712 217,913 114,390 Adjustment for net effect of non-tax deductible/(chargeable) items and other adjustments (Note A) (112,960) (36,359) (38,181) 51,963 Amount available for distribution 179,732 166,353 179,732 166,353 Amount available for distribution to Unitholders at beginning of the year 42,192 41,576 42,192 41,576 221,924 207,929 221,924 207,929 Distribution to Unitholders: Distribution of 1.73 cents per unit for the period from 1 January 2013 to 31 March 2013 (42,074) - (42,074) - Distribution of 1.80 cents per unit for the period from 1 April 2013 to 30 June 2013 (43,849) - (43,849) - Distribution of 1.82 cents per unit for the period from 1 July 2013 to 30 September 2013 (44,395) - (44,395) - Distribution of 1.84 cents per unit for the period from 1 October 2013 to 31 December 2013 (44,980) - (44,980) - Distribution of 1.70 cents per unit for the period from 1 January 2012 to 31 March 2012 - (41,247) - (41,247) Distribution of 1.70 cents per unit for the period from 1 April 2012 to 30 June 2012 - (41,247) - (41,247) Distribution of 1.71 cents per unit for the period from 1 July 2012 to 30 September 2012 - (41,490) - (41,490) Distribution of 1.72 cents per unit for the period from 1 October 2012 to 31 December 2012 - (41,753) - (41,753) Total Unitholders’ distribution (including capital return) (Note B) (175,298) (165,737) (175,298) (165,737) Amount available for distribution to Unitholders at end of the year 46,626 42,192 46,626 42,192

Note A: Adjustment for net effect of non-tax deductible/(chargeable) items and other adjustments comprise: Major non-tax deductible/(chargeable) items: - Trustee’s fees 616 627 616 627 - Net change in fair value of financial derivatives (3,150) (23,062) (3,050) (14,655) - Financing fees 1,028 1,948 1,028 1,222 - Net fair value gain on investment properties net of deferred tax impact (101,350) (19,202) (70,065) (28,129) - Exchange differences on capital items/unrealised exchange differences (8,723) 6,051 (8,934) 10,514 - Amortisation of fair value of financial guarantees - - (4,510) (4,755) Net overseas income distributed back to MLT in the form of capital returns - - 44,224 48,826 Impairment on a subsidiary - - - 37,536 Other gains 2,480 - 2,480 - Other non-tax deductible items and other adjustments (3,861) (2,721) 30 777 (112,960) (36,359) (38,181) 51,963 Note B: Total Unitholders’ distribution:

- From other gains 1,830 - 1,830 - - From operations 150,206 132,008 150,206 132,008 - From Unitholders’ contribution 23,262 33,729 23,262 33,729 175,298 165,737 175,298 165,737

The accompanying notes form an integral part of these financial statements. 99 MAPLETREE LOGISTICS TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS

For the financial year ended 31 March 2014

Note 2014 2013 S$’000 S$’000

Operating activities Total return for the year 312,152 222,568 Adjustments for: - Income tax 17,025 14,074 - Interest income (629) (765) - Interest expense 27,721 36,693 - Amortisation 1,187 1,103 - Net movement in the value of investment properties (105,305) (20,271) - Unrealised translation gains/(losses) (5,138) 13,200 - Net change in fair value of financial derivatives (3,150) (23,062) Operating income before working capital changes 243,863 243,540

Changes in working capital: - Trade and other receivables (5,238) 18,284 - Trade and other payables (19,648) 6,455 Cash generated from operations 218,977 268,279 Tax paid (8,822) (10,363) Cash flows from operating activities 210,155 257,916

Investing activities Interest received 713 686 Net cash outflow on purchase of and additions to investment properties including payment of deferred considerations (116,490) (177,692) Purchase of investment properties through purchase of subsidiaries, net of cash acquired - (19,560) Proceeds from divestment of investment properties 15,500 - Cash flows used in investing activities (100,277) (196,566)

Financing activities Contribution from non-controlling interests 174 - Proceeds from borrowings 169,894 594,174 Repayment of borrowings (96,172) (462,276) Distribution to Unitholders (net of distribution in units) (157,173) (159,700) Distribution to perpetual securities holders (18,813) (18,813) Distribution to non-controlling interests (731) (962) Interest paid (27,192) (37,200) Cash flows used in financing activities (130,013) (84,777)

Net decrease in cash and cash equivalents (20,135) (23,427) Cash and cash equivalents at beginning of the year 134,814 167,643 Effect of exchange rate changes on balances held in foreign currencies (401) (9,402) Cash and cash equivalents at end of the year 10 114,278 134,814

The accompanying notes form an integral part of these financial statements. 100 STAYING ON COURSE° ANNUAL REPORT 2013/2014

STATEMENTS OF MOVEMENTS IN UNITHOLDERS’ FUNDS

For the financial year ended 31 March 2014

Group MLT Note 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

OPERATIONS

Beginning of the year 567,525 496,821 176,524 194,142 Total return attributable to Unitholders of MLT 292,692 202,712 217,913 114,390 Distributions (152,036) (132,008) (152,036) (132,008) End of the year 708,181 567,525 242,401 176,524

UNITHOLDERS’ CONTRIBUTION

Beginning of the year 1,740,004 1,767,467 1,740,004 1,767,467 Creation of new units arising from: - Distribution Reinvestment Plan 18,449 6,211 18,449 6,211 - Settlement of acquisition fees - 229 - 229 Issue expenses 21 (324) (174) (324) (174) Distributions (23,262) (33,729) (23,262) (33,729) End of the year 1,734,867 1,740,004 1,734,867 1,740,004

PERPETUAL SECURITIES

Beginning of the year 344,010 344,010 344,010 344,010 Total return attributable to perpetual securities holders 18,813 18,813 18,813 18,813 Distributions (18,813) (18,813) (18,813) (18,813) End of the year 344,010 344,010 344,010 344,010

FOREIGN CURRENCY TRANSLATION RESERVE

Beginning of the year (75,500) (68,611) - - Translation differences relating to financial statements of foreign subsidiaries and quasi equity loans 14,316 (6,889) - - End of the year (61,184) (75,500) - -

Total Unitholders’ funds at end of the year 2,725,874 2,576,039 2,321,278 2,260,538

NON-CONTROLLING INTERESTS

Beginning of the year 6,214 7,350 - - Contribution from non-controlling interests 174 - - - Total return attributable to non-controlling interests 647 1,043 - - Distribution to non-controlling interests (including capital returns) (726) (962) - - Currency translation movement - (1,217) - - End of the year 6,309 6,214 - -

Total 2,732,183 2,582,253 2,321,278 2,260,538

The accompanying notes form an integral part of these financial statements. 101 MAPLETREE LOGISTICS TRUST

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease* of lease* Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Singapore

TIC Tech Centre 28/07/2004 30+30 years 42 years 25 Pandan Crescent 8,548 8,358 100 99.5 31/03/2014(a) 74,400 71,000 3.1 3.3 19 Senoko Loop 06/12/2004 30+30 years 40 years 19 Senoko Loop 2,131 2,098 100 100 31/03/2014(a) 23,100 22,500 1.0 1.0 Expeditors 03/01/2005 30 years 20 years 61 Alps Avenue 2,268 2,199 100 100 31/03/2014(a) 21,000 21,700 0.9 1.0 Allied Telesis 03/01/2005 30+30 years 50 years 11 Tai Seng Link 1,944 1,896 100 100 31/03/2014(a) 20,000 20,000 0.8 0.9 Mapletree Benoi Logistics Hub 17/05/2005 30 years 26 years 21 Benoi Sector 2,366 - 100 N/A 31/03/2014(a) 148,500 62,904 6.2 2.8 37 Penjuru Lane 17/05/2005 30 years 12 years 37 Penjuru Lane 1,809 1,744 86.0 100 31/03/2014(a) 10,000 10,000 0.4 0.4 6 Changi South Lane 07/06/2005 30+30 years 41 years 6 Changi South Lane 2,009 1,873 100 80.2 31/03/2014(a) 21,800 20,000 0.9 0.9 Armstrong 13/06/2005 30+30 years 42 years 531 Bukit Batok Street 23 2,070 2,029 100 100 31/03/2014(a) 28,000 28,000 1.2 1.3 70 Alps Avenue 16/06/2005 30 years 19 years 70 Alps Avenue 4,809 4,701 100 100 31/03/2014(a) 35,000 35,600 1.5 1.6 Menlo (Alps) 16/06/2005 29/30 years(g) 18 years 60 Alps Avenue 1,668 1,925 100 100 31/03/2014(a) 21,000 21,000 0.9 0.9 Ban Teck Han 20/06/2005 30+30 years 42 years 21 Serangoon North Avenue 5 1,836 1,809 100 100 31/03/2014(a) 25,600 25,500 1.1 1.1 5B Toh Guan Road East 22/06/2005 30+30 years 37 years 5B Toh Guan Road East 3,124 3,089 N/A 81.7 31/03/2014(a) 35,000 31,000 1.5 1.4 50 Airport Boulevard 28/07/2005 60 years 26 years 50 Airport Boulevard 1,690 1,674 100 100 31/03/2014(a) 23,500 21,200 1.0 0.9 Prima 28/07/2005 99 years 83 years 201 Keppel Road 1,851 1,853 100 100 31/03/2014(a) 41,700 38,000 1.8 1.7 Pulau Sebarok 28/07/2005 73 years 57 years Pulau Sebarok 7,237 7,275 100 100 31/03/2014(a) 110,000 106,000 4.6 4.7 Kenyon 28/11/2005 30+23 years 39 years 8 Loyang Crescent 1,530 1,496 100 100 31/03/2014(a) 21,500 21,500 0.9 1.0 Toppan 01/12/2005 28+30 years/ 36 years 97 Ubi Avenue 4 1,631 1,541 100 100 31/03/2014(a) 18,400 18,200 0.8 0.8 30+30 years(h) 39 Changi South Avenue 2 01/12/2005 30+30 years 41 years 39 Changi South Avenue 2 827 747 73.0 100 31/03/2014(a) 11,000 11,000 0.5 0.5 2 Serangoon North Avenue 5 07/02/2006 30+30 years 42 years 2 Serangoon North Avenue 5 5,774 5,965 82.0 89.4 31/03/2014(a) 57,500 54,500 2.4 2.4 10 Changi South Street 3 10/02/2006 30+30 years 41 years 10 Changi South Street 3 1,441 1,422 91.0 39.7 31/03/2014(a) 19,000 20,000 0.8 0.9 Popular 06/03/2006 30+30 years 43 years 20 Old Toh Tuck Road 1,115 1,093 100 100 31/03/2014(a) 14,500 14,500 0.6 0.6 85 Defu Lane 10 07/07/2006 30+30 years 36 years 85 Defu Lane 10 1,802 1,912 100 100 31/03/2014(a) 17,200 18,900 0.7 0.8 31 Penjuru Lane 18/07/2006 30+13 years 18 years 31 Penjuru Lane 1,873 1,846 100 100 31/03/2014(a) 17,800 18,100 0.7 0.8 8 Changi South Lane 18/08/2006 30+30 years 43 years 8 Changi South Lane 1,694 1,593 100 100 31/03/2014(a) 18,000 18,000 0.8 0.8 Markono 01/09/2006 30+30 years 43 years 4 Toh Tuck Link 1,108 1,092 100 100 31/03/2014(a) 15,000 15,000 0.6 0.7 138 Joo Seng Road 07/09/2006 30+30 years 37 years 138 Joo Seng Road 1,828 1,685 100 100 31/03/2014(a) 16,000 16,600 0.7 0.7 Kim Seng 13/09/2006 30+30 years 35 years 4 Tuas Avenue 5 1,290 1,265 100 100 31/03/2014(a) 16,500 16,500 0.7 0.7 7 Tai Seng Drive 03/10/2006 30+30 years 39 years 7 Tai Seng Drive 3,962 3,785 98.0 97.8 31/03/2014(a) 41,000 41,000 1.7 1.8 Jurong Logistics Hub 20/10/2006 30+30 years 47 years 31 Jurong Port Road 23,918 21,402 99.0 97.8 31/03/2014(a) 244,500 215,000 10.3 9.6 Kingsmen Creatives 01/02/2007 30+30 years 45 years 3 Changi South Lane 1,450 1,376 100 100 31/03/2014(a) 17,300 17,200 0.7 0.8 1 Genting Lane 08/02/2007 60 years 34 years 1 Genting Lane 1,165 1,029 100 100 31/03/2014(a) 13,000 13,000 0.5 0.6

The accompanying notes form an integral part of these financial statements.

102 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease* of lease* Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Singapore

TIC Tech Centre 28/07/2004 30+30 years 42 years 25 Pandan Crescent 8,548 8,358 100 99.5 31/03/2014(a) 74,400 71,000 3.1 3.3 19 Senoko Loop 06/12/2004 30+30 years 40 years 19 Senoko Loop 2,131 2,098 100 100 31/03/2014(a) 23,100 22,500 1.0 1.0 Expeditors 03/01/2005 30 years 20 years 61 Alps Avenue 2,268 2,199 100 100 31/03/2014(a) 21,000 21,700 0.9 1.0 Allied Telesis 03/01/2005 30+30 years 50 years 11 Tai Seng Link 1,944 1,896 100 100 31/03/2014(a) 20,000 20,000 0.8 0.9 Mapletree Benoi Logistics Hub 17/05/2005 30 years 26 years 21 Benoi Sector 2,366 - 100 N/A 31/03/2014(a) 148,500 62,904 6.2 2.8 37 Penjuru Lane 17/05/2005 30 years 12 years 37 Penjuru Lane 1,809 1,744 86.0 100 31/03/2014(a) 10,000 10,000 0.4 0.4 6 Changi South Lane 07/06/2005 30+30 years 41 years 6 Changi South Lane 2,009 1,873 100 80.2 31/03/2014(a) 21,800 20,000 0.9 0.9 Armstrong 13/06/2005 30+30 years 42 years 531 Bukit Batok Street 23 2,070 2,029 100 100 31/03/2014(a) 28,000 28,000 1.2 1.3 70 Alps Avenue 16/06/2005 30 years 19 years 70 Alps Avenue 4,809 4,701 100 100 31/03/2014(a) 35,000 35,600 1.5 1.6 Menlo (Alps) 16/06/2005 29/30 years(g) 18 years 60 Alps Avenue 1,668 1,925 100 100 31/03/2014(a) 21,000 21,000 0.9 0.9 Ban Teck Han 20/06/2005 30+30 years 42 years 21 Serangoon North Avenue 5 1,836 1,809 100 100 31/03/2014(a) 25,600 25,500 1.1 1.1 5B Toh Guan Road East 22/06/2005 30+30 years 37 years 5B Toh Guan Road East 3,124 3,089 N/A 81.7 31/03/2014(a) 35,000 31,000 1.5 1.4 50 Airport Boulevard 28/07/2005 60 years 26 years 50 Airport Boulevard 1,690 1,674 100 100 31/03/2014(a) 23,500 21,200 1.0 0.9 Prima 28/07/2005 99 years 83 years 201 Keppel Road 1,851 1,853 100 100 31/03/2014(a) 41,700 38,000 1.8 1.7 Pulau Sebarok 28/07/2005 73 years 57 years Pulau Sebarok 7,237 7,275 100 100 31/03/2014(a) 110,000 106,000 4.6 4.7 Kenyon 28/11/2005 30+23 years 39 years 8 Loyang Crescent 1,530 1,496 100 100 31/03/2014(a) 21,500 21,500 0.9 1.0 Toppan 01/12/2005 28+30 years/ 36 years 97 Ubi Avenue 4 1,631 1,541 100 100 31/03/2014(a) 18,400 18,200 0.8 0.8 30+30 years(h) 39 Changi South Avenue 2 01/12/2005 30+30 years 41 years 39 Changi South Avenue 2 827 747 73.0 100 31/03/2014(a) 11,000 11,000 0.5 0.5 2 Serangoon North Avenue 5 07/02/2006 30+30 years 42 years 2 Serangoon North Avenue 5 5,774 5,965 82.0 89.4 31/03/2014(a) 57,500 54,500 2.4 2.4 10 Changi South Street 3 10/02/2006 30+30 years 41 years 10 Changi South Street 3 1,441 1,422 91.0 39.7 31/03/2014(a) 19,000 20,000 0.8 0.9 Popular 06/03/2006 30+30 years 43 years 20 Old Toh Tuck Road 1,115 1,093 100 100 31/03/2014(a) 14,500 14,500 0.6 0.6 85 Defu Lane 10 07/07/2006 30+30 years 36 years 85 Defu Lane 10 1,802 1,912 100 100 31/03/2014(a) 17,200 18,900 0.7 0.8 31 Penjuru Lane 18/07/2006 30+13 years 18 years 31 Penjuru Lane 1,873 1,846 100 100 31/03/2014(a) 17,800 18,100 0.7 0.8 8 Changi South Lane 18/08/2006 30+30 years 43 years 8 Changi South Lane 1,694 1,593 100 100 31/03/2014(a) 18,000 18,000 0.8 0.8 Markono 01/09/2006 30+30 years 43 years 4 Toh Tuck Link 1,108 1,092 100 100 31/03/2014(a) 15,000 15,000 0.6 0.7 138 Joo Seng Road 07/09/2006 30+30 years 37 years 138 Joo Seng Road 1,828 1,685 100 100 31/03/2014(a) 16,000 16,600 0.7 0.7 Kim Seng 13/09/2006 30+30 years 35 years 4 Tuas Avenue 5 1,290 1,265 100 100 31/03/2014(a) 16,500 16,500 0.7 0.7 7 Tai Seng Drive 03/10/2006 30+30 years 39 years 7 Tai Seng Drive 3,962 3,785 98.0 97.8 31/03/2014(a) 41,000 41,000 1.7 1.8 Jurong Logistics Hub 20/10/2006 30+30 years 47 years 31 Jurong Port Road 23,918 21,402 99.0 97.8 31/03/2014(a) 244,500 215,000 10.3 9.6 Kingsmen Creatives 01/02/2007 30+30 years 45 years 3 Changi South Lane 1,450 1,376 100 100 31/03/2014(a) 17,300 17,200 0.7 0.8 1 Genting Lane 08/02/2007 60 years 34 years 1 Genting Lane 1,165 1,029 100 100 31/03/2014(a) 13,000 13,000 0.5 0.6

The accompanying notes form an integral part of these financial statements.

103 MAPLETREE LOGISTICS TRUST

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease* of lease* Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Singapore (continued)

20 Tampines Street 92 27/02/2007 30+30 years 36 years 20 Tampines Street 92 1,015 982 100 100 31/03/2014(a) 13,500 13,500 0.6 0.6 521 Bukit Batok Street 23 28/02/2007 30+30 years 41 years 521 Bukit Batok Street 23 2,006 2,027 50.0 100 31/03/2014(a) 26,000 27,500 1.1 1.2 6 Marsiling Lane 09/03/2007 60 years 24 years 6 Marsiling Lane 1,844 1,782 100 100 31/03/2014(a) 22,100 20,000 0.9 0.9 134 Joo Seng Road 10/04/2007 30+30 years 38 years 134 Joo Seng Road 435 873 46.0 100 31/03/2014(a) 10,000 11,000 0.4 0.5 Union Steel (Pioneer) 30/11/2007 30+30 years 39 years 31/33 Pioneer Road North 586 547 100 100 31/03/2014(a) 7,300 7,200 0.3 0.3 119 Neythal Road 30/11/2007 60 years 26 years 119 Neythal Road 1,087 1,490 41.0 100 31/03/2014(a) 16,800 16,800 0.7 0.8 30 Tuas South Avenue 8 30/11/2007 30+30 years 45 years 30 Tuas South Avenue 8 592 545 100 100 31/03/2014(a) 7,600 7,650 0.3 0.3 Union Steel (Tuas View) 30/11/2007 60 years 42 years 8 Tuas View Square 477 461 100 100 31/03/2014(a) 6,600 6,500 0.3 0.3 Pioneer Districentre 14/12/2007 12+12 years 22 years 10 Tuas Avenue 13 1,493 1,493 100 100 31/03/2014(a) 17,200 17,200 0.7 0.8 76 Pioneer Road 24/04/2008 30+30 years 39 years 76 Pioneer Road 4,395 4,344 100 100 31/03/2014(a) 56,000 56,000 2.4 2.5 3A Jalan Terusan 02/05/2008 30+12 years 23 years 3A Jalan Terusan 2,600 2,551 100 100 31/03/2014(a) 27,800 27,800 1.2 1.2 Menlo (Boon Lay Way) 30/06/2008 30+15 years 21 years 30 Boon Lay Way 3,944 4,125 100 100 31/03/2014(a) 45,000 45,000 1.9 2.0 Menlo (Benoi) 30/06/2008 20 years 16 years 22A Benoi Road 710 698 100 100 31/03/2014(a) 6,800 6,800 0.3 0.3 SH Cogent (Penjuru Close) 15/12/2009 29 years 21 years 7 Penjuru Close 4,607 4,517 100 100 31/03/2014(a) 55,000 55,000 2.3 2.5 CEVA (Changi South) 11/03/2010 25+30 years 40 years 15 Changi South Street 2 3,498 3,432 100 100 31/03/2014(a) 47,000 47,000 2.0 2.1 Natural Cool Lifestyle Hub 18/08/2010 30+30 years 53 years 29 Tai Seng Avenue 4,682 4,592 100 100 31/03/2014(a) 58,900 57,000 2.5 2.6 AW Centre 25/10/2010 30+30 years 43 years 73 Tuas South Avenue 1 1,560 1,537 100 100 31/03/2014(a) 19,700 19,500 0.8 0.9 Liang Huat Building 26/11/2010 30+30 years 41 years 51 Benoi Road 4,589 4,499 100 100 31/03/2014(a) 57,000 57,000 2.4 2.6 JEP Centre 20/12/2010 30/30 years(i) 23 years 44/46 Changi South Street 1 1,565 1,527 100 100 31/03/2014(a) 17,500 17,300 0.7 0.8 NS Tang Building 24/12/2010 30+28 years 37 years 36 Loyang Drive 1,194 1,176 100 100 31/03/2014(a) 14,300 14,100 0.6 0.6 Jian Huang Building 31/03/2011 30 years 23 years 15A Tuas Avenue 18 2,167 2,124 100 100 31/03/2014(a) 25,500 25,000 1.1 1.1 9 Tampines Street 92(j) 02/02/2007 - - 9 Tampines Street 92 - 115 ------30 Woodlands Loop(k) 06/02/2007 - - 30 Woodlands Loop 6 729 - 7.3 - - 15,500 - 0.7

* Refers to the tenure of underlying land. Remaining term of lease includes option to renew land leases.

The accompanying notes form an integral part of these financial statements.

104 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease* of lease* Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Singapore (continued)

20 Tampines Street 92 27/02/2007 30+30 years 36 years 20 Tampines Street 92 1,015 982 100 100 31/03/2014(a) 13,500 13,500 0.6 0.6 521 Bukit Batok Street 23 28/02/2007 30+30 years 41 years 521 Bukit Batok Street 23 2,006 2,027 50.0 100 31/03/2014(a) 26,000 27,500 1.1 1.2 6 Marsiling Lane 09/03/2007 60 years 24 years 6 Marsiling Lane 1,844 1,782 100 100 31/03/2014(a) 22,100 20,000 0.9 0.9 134 Joo Seng Road 10/04/2007 30+30 years 38 years 134 Joo Seng Road 435 873 46.0 100 31/03/2014(a) 10,000 11,000 0.4 0.5 Union Steel (Pioneer) 30/11/2007 30+30 years 39 years 31/33 Pioneer Road North 586 547 100 100 31/03/2014(a) 7,300 7,200 0.3 0.3 119 Neythal Road 30/11/2007 60 years 26 years 119 Neythal Road 1,087 1,490 41.0 100 31/03/2014(a) 16,800 16,800 0.7 0.8 30 Tuas South Avenue 8 30/11/2007 30+30 years 45 years 30 Tuas South Avenue 8 592 545 100 100 31/03/2014(a) 7,600 7,650 0.3 0.3 Union Steel (Tuas View) 30/11/2007 60 years 42 years 8 Tuas View Square 477 461 100 100 31/03/2014(a) 6,600 6,500 0.3 0.3 Pioneer Districentre 14/12/2007 12+12 years 22 years 10 Tuas Avenue 13 1,493 1,493 100 100 31/03/2014(a) 17,200 17,200 0.7 0.8 76 Pioneer Road 24/04/2008 30+30 years 39 years 76 Pioneer Road 4,395 4,344 100 100 31/03/2014(a) 56,000 56,000 2.4 2.5 3A Jalan Terusan 02/05/2008 30+12 years 23 years 3A Jalan Terusan 2,600 2,551 100 100 31/03/2014(a) 27,800 27,800 1.2 1.2 Menlo (Boon Lay Way) 30/06/2008 30+15 years 21 years 30 Boon Lay Way 3,944 4,125 100 100 31/03/2014(a) 45,000 45,000 1.9 2.0 Menlo (Benoi) 30/06/2008 20 years 16 years 22A Benoi Road 710 698 100 100 31/03/2014(a) 6,800 6,800 0.3 0.3 SH Cogent (Penjuru Close) 15/12/2009 29 years 21 years 7 Penjuru Close 4,607 4,517 100 100 31/03/2014(a) 55,000 55,000 2.3 2.5 CEVA (Changi South) 11/03/2010 25+30 years 40 years 15 Changi South Street 2 3,498 3,432 100 100 31/03/2014(a) 47,000 47,000 2.0 2.1 Natural Cool Lifestyle Hub 18/08/2010 30+30 years 53 years 29 Tai Seng Avenue 4,682 4,592 100 100 31/03/2014(a) 58,900 57,000 2.5 2.6 AW Centre 25/10/2010 30+30 years 43 years 73 Tuas South Avenue 1 1,560 1,537 100 100 31/03/2014(a) 19,700 19,500 0.8 0.9 Liang Huat Building 26/11/2010 30+30 years 41 years 51 Benoi Road 4,589 4,499 100 100 31/03/2014(a) 57,000 57,000 2.4 2.6 JEP Centre 20/12/2010 30/30 years(i) 23 years 44/46 Changi South Street 1 1,565 1,527 100 100 31/03/2014(a) 17,500 17,300 0.7 0.8 NS Tang Building 24/12/2010 30+28 years 37 years 36 Loyang Drive 1,194 1,176 100 100 31/03/2014(a) 14,300 14,100 0.6 0.6 Jian Huang Building 31/03/2011 30 years 23 years 15A Tuas Avenue 18 2,167 2,124 100 100 31/03/2014(a) 25,500 25,000 1.1 1.1 9 Tampines Street 92(j) 02/02/2007 - - 9 Tampines Street 92 - 115 ------30 Woodlands Loop(k) 06/02/2007 - - 30 Woodlands Loop 6 729 - 7.3 - - 15,500 - 0.7

* Refers to the tenure of underlying land. Remaining term of lease includes option to renew land leases.

The accompanying notes form an integral part of these financial statements.

105 MAPLETREE LOGISTICS TRUST

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease of lease Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Japan

Gyoda Centre 02/02/2007 Freehold - 5-9-4, Nagano, Gyoda-shi, 1,779 2,086 100 100 31/03/2014(b) 18,282 24,565 0.8 1.1 Saitama

Ayase Centre 27/04/2007 Freehold - 2-112-1, Yoshioka Higashi, 1,006 1,210 100 100 31/03/2014(b) 12,883 13,647 0.5 0.6 Ayase-shi, Kanagawa

Kyoto Centre 27/04/2007 Freehold - 1 Shouryuuji Tobio, 5,738 6,900 100 100 31/03/2014(b) 85,767 90,590 3.6 4.1 Nagaokakyo-shi, Kyoto

Atsugi Centre 27/04/2007 Freehold - 6493-1, Aza Otsukashita, 2,608 3,000 100 100 31/03/2014(b) 42,024 39,901 1.8 1.8 Nakatsu, Aikawa-machi, Aiko-gun, Kanagawa

Zama Centre 27/04/2007 Freehold - 2-5020-1, Hironodai, Zama-shi, 6,631 7,772 100 100 31/03/2014(b) 113,791 113,205 4.8 5.1 Kanagawa

Funabashi Centre 27/04/2007 Freehold - 488-33, Suzumi-cho 2,902 3,490 100 100 31/03/2014(b) 41,104 43,540 1.7 2.0 Funabashi-shi, Chiba

Shiroishi Centre 06/12/2007 Freehold - 1-227-102, Ryutsu Centre, 810 974 100 100 31/03/2014(b) 8,196 8,617 0.3 0.4 Shiroishi-ku, Sapporo-shi, Hokkaido

Kashiwa Centre 30/09/2008 Freehold - 1046-1, Aza Nishishimonodai, 4,920 5,735 100 100 31/03/2014(b) 75,767 77,073 3.2 3.5 Takata, Kashiwa-shi, Chiba

Shonan Centre 26/02/2010 Freehold - 1027-29, Aza Miyagohara, 4,234 5,091 100 100 31/03/2014(b) 63,804 67,585 2.7 3.0 Washinoya, Kashiwa-shi, Chiba

Sendai Centre 03/06/2010 Freehold - 2-1-6 Minato, Miyagino-ku 1,383 1,662 100 100 31/03/2014(b) 19,264 20,535 0.8 0.9 Sendai-shi Miyagi

Iwatsuki Centre(l) 21/09/2010 Freehold - 783-2 Aza Yonban, Oaza 1,640 2,834 100 100 31/03/2014(b) 34,969 37,302 1.5 1.7 Magome, Iwatsuki-ku Saitama-shi Saitama

Iruma Centre 21/09/2010 Freehold - 803-1 Aza Nishihara, Oaza 3,418 4,109 100 100 31/03/2014(b) 52,638 56,407 2.2 2.5 Kami-Fujisawa, Iruma-shi, Saitama

The accompanying notes form an integral part of these financial statements.

106 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease of lease Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Japan

Gyoda Centre 02/02/2007 Freehold - 5-9-4, Nagano, Gyoda-shi, 1,779 2,086 100 100 31/03/2014(b) 18,282 24,565 0.8 1.1 Saitama

Ayase Centre 27/04/2007 Freehold - 2-112-1, Yoshioka Higashi, 1,006 1,210 100 100 31/03/2014(b) 12,883 13,647 0.5 0.6 Ayase-shi, Kanagawa

Kyoto Centre 27/04/2007 Freehold - 1 Shouryuuji Tobio, 5,738 6,900 100 100 31/03/2014(b) 85,767 90,590 3.6 4.1 Nagaokakyo-shi, Kyoto

Atsugi Centre 27/04/2007 Freehold - 6493-1, Aza Otsukashita, 2,608 3,000 100 100 31/03/2014(b) 42,024 39,901 1.8 1.8 Nakatsu, Aikawa-machi, Aiko-gun, Kanagawa

Zama Centre 27/04/2007 Freehold - 2-5020-1, Hironodai, Zama-shi, 6,631 7,772 100 100 31/03/2014(b) 113,791 113,205 4.8 5.1 Kanagawa

Funabashi Centre 27/04/2007 Freehold - 488-33, Suzumi-cho 2,902 3,490 100 100 31/03/2014(b) 41,104 43,540 1.7 2.0 Funabashi-shi, Chiba

Shiroishi Centre 06/12/2007 Freehold - 1-227-102, Ryutsu Centre, 810 974 100 100 31/03/2014(b) 8,196 8,617 0.3 0.4 Shiroishi-ku, Sapporo-shi, Hokkaido

Kashiwa Centre 30/09/2008 Freehold - 1046-1, Aza Nishishimonodai, 4,920 5,735 100 100 31/03/2014(b) 75,767 77,073 3.2 3.5 Takata, Kashiwa-shi, Chiba

Shonan Centre 26/02/2010 Freehold - 1027-29, Aza Miyagohara, 4,234 5,091 100 100 31/03/2014(b) 63,804 67,585 2.7 3.0 Washinoya, Kashiwa-shi, Chiba

Sendai Centre 03/06/2010 Freehold - 2-1-6 Minato, Miyagino-ku 1,383 1,662 100 100 31/03/2014(b) 19,264 20,535 0.8 0.9 Sendai-shi Miyagi

Iwatsuki Centre(l) 21/09/2010 Freehold - 783-2 Aza Yonban, Oaza 1,640 2,834 100 100 31/03/2014(b) 34,969 37,302 1.5 1.7 Magome, Iwatsuki-ku Saitama-shi Saitama

Iruma Centre 21/09/2010 Freehold - 803-1 Aza Nishihara, Oaza 3,418 4,109 100 100 31/03/2014(b) 52,638 56,407 2.2 2.5 Kami-Fujisawa, Iruma-shi, Saitama

The accompanying notes form an integral part of these financial statements.

107 MAPLETREE LOGISTICS TRUST

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease of lease Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Japan (continued)

Noda Centre 21/09/2010 Freehold - 2106-1 Aza Kanoyama, Kinosaki 5,381 6,470 100 100 31/03/2014(b) 81,349 87,341 3.4 3.9 Noda-shi, Chiba

Toki Centre 29/10/2010 Freehold - 1-1-1, Tokigaoka, 1,391 1,673 100 100 31/03/2014(b) 19,018 20,016 0.8 0.9 Toki-Shi, Gifu

Hiroshima Centre 25/03/2011 Freehold - 3-3-1, Tomonishi, Asaminami-Ku, 6,897 8,293 100 100 31/03/2014(b) 95,092 100,338 4.0 4.5 Hiroshima-shi, Hiroshima

Eniwa Centre 23/03/2012 Freehold - 345-17, Toiso, Eniwa-shi, 1,502 1,806 100 100 31/03/2014(b) 18,773 19,756 0.8 0.9 Hokkaido

Sano Centre 23/03/2012 Freehold - 570-16, Nishiuracho, Sano-shi, 946 1,138 100 100 31/03/2014(b) 13,374 14,037 0.5 0.6 Tochigi

Moriya Centre 23/03/2012 Freehold - 2-27-1, Midori, Moriya-shi, Ibaraki 4,079 4,905 100 100 31/03/2014(b) 59,264 62,386 2.5 2.8

Mokurenji Centre 23/03/2012 Freehold - 53-5, Aza Kakefuchi, Oaza 3,286 4,106 100 100 31/03/2014(b) 48,957 51,599 2.1 2.3 Mokurenji, Iruma-shi, Saitama

Mizuhomachi Centre 23/03/2012 Freehold - 182, Ooaza Fujiyama 2,973 3,432 100 100 31/03/2014(b) 48,994 47,180 2.1 2.1 Kuriharashinden, Mizuho-machi, Nishitama-gun, Tokyo

Aichi Miyoshi Centre 23/03/2012 Freehold - 27-403, Neura, Ukigaicho, 1,063 1,278 100 100 31/03/2014(b) 14,724 15,467 0.6 0.7 Miyoshi-shi, Aichi

Kyotanabe Centre 23/03/2012 Freehold - 2-101, Kanabidai, Kyotanabe, 1,892 2,275 100 100 31/03/2014(b) 27,362 28,854 1.1 1.3 Kyoto

The accompanying notes form an integral part of these financial statements.

108 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease of lease Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Japan (continued)

Noda Centre 21/09/2010 Freehold - 2106-1 Aza Kanoyama, Kinosaki 5,381 6,470 100 100 31/03/2014(b) 81,349 87,341 3.4 3.9 Noda-shi, Chiba

Toki Centre 29/10/2010 Freehold - 1-1-1, Tokigaoka, 1,391 1,673 100 100 31/03/2014(b) 19,018 20,016 0.8 0.9 Toki-Shi, Gifu

Hiroshima Centre 25/03/2011 Freehold - 3-3-1, Tomonishi, Asaminami-Ku, 6,897 8,293 100 100 31/03/2014(b) 95,092 100,338 4.0 4.5 Hiroshima-shi, Hiroshima

Eniwa Centre 23/03/2012 Freehold - 345-17, Toiso, Eniwa-shi, 1,502 1,806 100 100 31/03/2014(b) 18,773 19,756 0.8 0.9 Hokkaido

Sano Centre 23/03/2012 Freehold - 570-16, Nishiuracho, Sano-shi, 946 1,138 100 100 31/03/2014(b) 13,374 14,037 0.5 0.6 Tochigi

Moriya Centre 23/03/2012 Freehold - 2-27-1, Midori, Moriya-shi, Ibaraki 4,079 4,905 100 100 31/03/2014(b) 59,264 62,386 2.5 2.8

Mokurenji Centre 23/03/2012 Freehold - 53-5, Aza Kakefuchi, Oaza 3,286 4,106 100 100 31/03/2014(b) 48,957 51,599 2.1 2.3 Mokurenji, Iruma-shi, Saitama

Mizuhomachi Centre 23/03/2012 Freehold - 182, Ooaza Fujiyama 2,973 3,432 100 100 31/03/2014(b) 48,994 47,180 2.1 2.1 Kuriharashinden, Mizuho-machi, Nishitama-gun, Tokyo

Aichi Miyoshi Centre 23/03/2012 Freehold - 27-403, Neura, Ukigaicho, 1,063 1,278 100 100 31/03/2014(b) 14,724 15,467 0.6 0.7 Miyoshi-shi, Aichi

Kyotanabe Centre 23/03/2012 Freehold - 2-101, Kanabidai, Kyotanabe, 1,892 2,275 100 100 31/03/2014(b) 27,362 28,854 1.1 1.3 Kyoto

The accompanying notes form an integral part of these financial statements.

109 MAPLETREE LOGISTICS TRUST

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease of lease Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Hong Kong

Tsuen Wan No.1 26/01/2006 149 years 34 years Nos. 43-57 Wang Wo Tsai Street, 2,692 2,545 100 100 31/03/2014(c) 56,175 53,406 2.4 2.4 Tsuen Wan, New Territories

Shatin No. 2 26/01/2006 60 years 34 years Nos. 21-23 Yuen Shun Circuit, 4,841 4,543 100 100 31/03/2014(c) 97,000 91,531 4.1 4.1 Shatin, New Territories

Shatin No. 3 26/01/2006 58 years 34 years No. 22 On Sum Street, Shatin, 4,702 4,345 100 100 31/03/2014(c) 90,631 87,187 3.8 3.9 New Territories

Shatin No. 4 20/04/2006 55 years 34 years No. 28 On Muk Street, Shatin, 11,210 10,468 100 100 31/03/2014(c) 227,477 214,429 9.5 9.6 New Territories

Bossini Logistics Centre 06/06/2006 60 years 34 years Nos. 4-8 Yip Wo Street, On Lok 1,619 1,596 100 100 31/03/2014(c) 32,497 29,599 1.4 1.3 Tsuen, Fanling

AsiaTone i-Centre 11/09/2006 54 years 34 years No. 1 Wang Wo Tsai Street, 5,845 5,187 100 100 31/03/2014(c) 72,669 65,471 3.0 2.9 Tsuen Wan, New Territories

Grandtech Centre 05/06/2007 56 years 34 years No. 8 On Ping Street, Shatin, 10,311 9,028 98.7 99.6 31/03/2014(c) 187,305 168,584 7.9 7.6 New Territories

Shatin No. 5 14/08/2007 149 years 34 years No. 6 Wong Chuk Yueng Street, 966 943 100 100 31/03/2014(c) 18,943 17,534 0.8 0.8 Shatin, New Territories

The accompanying notes form an integral part of these financial statements.

110 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease of lease Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Hong Kong

Tsuen Wan No.1 26/01/2006 149 years 34 years Nos. 43-57 Wang Wo Tsai Street, 2,692 2,545 100 100 31/03/2014(c) 56,175 53,406 2.4 2.4 Tsuen Wan, New Territories

Shatin No. 2 26/01/2006 60 years 34 years Nos. 21-23 Yuen Shun Circuit, 4,841 4,543 100 100 31/03/2014(c) 97,000 91,531 4.1 4.1 Shatin, New Territories

Shatin No. 3 26/01/2006 58 years 34 years No. 22 On Sum Street, Shatin, 4,702 4,345 100 100 31/03/2014(c) 90,631 87,187 3.8 3.9 New Territories

Shatin No. 4 20/04/2006 55 years 34 years No. 28 On Muk Street, Shatin, 11,210 10,468 100 100 31/03/2014(c) 227,477 214,429 9.5 9.6 New Territories

Bossini Logistics Centre 06/06/2006 60 years 34 years Nos. 4-8 Yip Wo Street, On Lok 1,619 1,596 100 100 31/03/2014(c) 32,497 29,599 1.4 1.3 Tsuen, Fanling

AsiaTone i-Centre 11/09/2006 54 years 34 years No. 1 Wang Wo Tsai Street, 5,845 5,187 100 100 31/03/2014(c) 72,669 65,471 3.0 2.9 Tsuen Wan, New Territories

Grandtech Centre 05/06/2007 56 years 34 years No. 8 On Ping Street, Shatin, 10,311 9,028 98.7 99.6 31/03/2014(c) 187,305 168,584 7.9 7.6 New Territories

Shatin No. 5 14/08/2007 149 years 34 years No. 6 Wong Chuk Yueng Street, 966 943 100 100 31/03/2014(c) 18,943 17,534 0.8 0.8 Shatin, New Territories

The accompanying notes form an integral part of these financial statements.

111 MAPLETREE LOGISTICS TRUST

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease of lease Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

China

Ouluo Logistics Centre 14/04/2006 50 years 38 years No. 785 and 909 Yuan Hang 2,862 2,508 100 96.0 31/03/2014(c) 36,870 35,334 1.5 1.6 Road, Pudong New District, Shanghai

Mapletree Xi’an Distribution 24/05/2007 50 years 41 years No. 20 Mingguang Road, 1,074 1,079 N/A 85.7 31/03/2014(c) 6,282 15,091 0.3 0.7 Centre(m) Economic and Technological Development Zone, Xi’an, Shaanxi Province

Mapletree AIP 11/12/2007 46 years 39 years 48 Hongmian Road, Xinhua Town, 4,713 4,495 100 100 31/03/2014(c) 60,102 58,723 2.5 2.6 Huadu, Guangzhou

Northwest Logistics Park 19/08/2008 50 years 41 years No. 428 Jinda Road and No.359 2,100 2,046 77.0 100 31/03/2014(c) 31,937 30,464 1.3 1.4 (Phase 1) Yinxing Road, Taopu Town, Northwest Logistics Park, Putuo District, Shanghai

Northwest Logistics Park 19/08/2008 50 years 42 years No. 402 Jinda Road, Taopu Town, 816 727 100 100 31/03/2014(c) 11,316 10,823 0.5 0.5 (Phase 2) Northwest Logistics Park, Putuo District, Shanghai

ISH WaiGaoQiao 23/10/2008 50 years 30 years No. 80 Fute North Road 3,258 3,038 100 100 31/03/2014(c) 41,450 38,721 1.7 1.7 WaiGaoQiao FTZ, Pudong New District, Shanghai

Mapletree Wuxi Logistics Park 11/01/2013 50 years 42 years No. 8 Hua You Si Road, New 2,756 539 100 100 31/03/2014(c) 26,341 23,690 1.1 1.1 District, Wuxi

The accompanying notes form an integral part of these financial statements.

112 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease of lease Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

China

Ouluo Logistics Centre 14/04/2006 50 years 38 years No. 785 and 909 Yuan Hang 2,862 2,508 100 96.0 31/03/2014(c) 36,870 35,334 1.5 1.6 Road, Pudong New District, Shanghai

Mapletree Xi’an Distribution 24/05/2007 50 years 41 years No. 20 Mingguang Road, 1,074 1,079 N/A 85.7 31/03/2014(c) 6,282 15,091 0.3 0.7 Centre(m) Economic and Technological Development Zone, Xi’an, Shaanxi Province

Mapletree AIP 11/12/2007 46 years 39 years 48 Hongmian Road, Xinhua Town, 4,713 4,495 100 100 31/03/2014(c) 60,102 58,723 2.5 2.6 Huadu, Guangzhou

Northwest Logistics Park 19/08/2008 50 years 41 years No. 428 Jinda Road and No.359 2,100 2,046 77.0 100 31/03/2014(c) 31,937 30,464 1.3 1.4 (Phase 1) Yinxing Road, Taopu Town, Northwest Logistics Park, Putuo District, Shanghai

Northwest Logistics Park 19/08/2008 50 years 42 years No. 402 Jinda Road, Taopu Town, 816 727 100 100 31/03/2014(c) 11,316 10,823 0.5 0.5 (Phase 2) Northwest Logistics Park, Putuo District, Shanghai

ISH WaiGaoQiao 23/10/2008 50 years 30 years No. 80 Fute North Road 3,258 3,038 100 100 31/03/2014(c) 41,450 38,721 1.7 1.7 WaiGaoQiao FTZ, Pudong New District, Shanghai

Mapletree Wuxi Logistics Park 11/01/2013 50 years 42 years No. 8 Hua You Si Road, New 2,756 539 100 100 31/03/2014(c) 26,341 23,690 1.1 1.1 District, Wuxi

The accompanying notes form an integral part of these financial statements.

113 MAPLETREE LOGISTICS TRUST

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease of lease Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

South Korea

Yeoju Centre 22/02/2008 Freehold - 532-7, Maraeli, Neungsu-myun, 971 999 94.0 100 31/03/2014(d) 12,357 12,573 0.5 0.6 Yujoo-gun, Gyeonggi-do, South Korea

Multi-Q Centre (A&B) 14/09/2010 & Freehold - 937-5 Baekbong-ri 3,680 3,450 100 100 31/03/2014(d) 45,865 42,632 1.9 1.8 31/01/2011 Baegam-myeon, Cheoin-gu Yongin-si, Gyeonggi-do, South Korea

Iljuk Centre 06/05/2011 Freehold - 452-1, Goeun-ri, Iljuk-myeon, 1,347 2,127 89.0 55.7 31/03/2014(d) 24,596 24,459 1.0 1.1 Anseong-si, Gyeonggi-do, South Korea

KPPC Pyeongtaek Centre 17/06/2011 Freehold - 1203-1 Wonjeong-ri, 8,290 7,956 100 100 31/03/2014(d) 103,967 97,151 4.4 4.4 Poseung-eup, Pyeongtaek-si, Gyeonggi-do, South Korea

Jungbu Cold Warehouse 13/04/2012 Freehold - 704-7 & Others, Gouen-ri, 4,249 3,856 100 100 31/03/2014(d) 38,498 42,289 1.6 1.9 Iljuk-Myeon, Anseong-si, Gyeonggi-do, South Korea

Dooil Cold Warehouse 13/04/2012 Freehold - 16-1, 16-2, 17, 19, 30-1 3,949 3,584 100 100 31/03/2014(d) 35,171 38,518 1.5 1.7 and 1233-3, Oksan-ri, Baekam- Myeon, Cheoin-gu, Yongin-si, Gyeonggi-do, South Korea

Hyundai Logistics Centre 26/09/2012 Freehold - 162-6 & 162-7- Gusso-ri, 2,826 1,455 83.0 100 31/03/2014(d) 29,467 28,688 1.2 1.3 Miyang-Myeon, Anseong-si, Gyeonggi-do, South Korea

The Box Centre 04/07/2013 Freehold - 383 Seoicheon-ro 2,353 - 100 - 31/03/2014(d) 37,131 - 1.6 - Majang-myeon, Icheon-si, Gyeonggi-do, South Korea

The accompanying notes form an integral part of these financial statements.

114 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease of lease Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

South Korea

Yeoju Centre 22/02/2008 Freehold - 532-7, Maraeli, Neungsu-myun, 971 999 94.0 100 31/03/2014(d) 12,357 12,573 0.5 0.6 Yujoo-gun, Gyeonggi-do, South Korea

Multi-Q Centre (A&B) 14/09/2010 & Freehold - 937-5 Baekbong-ri 3,680 3,450 100 100 31/03/2014(d) 45,865 42,632 1.9 1.8 31/01/2011 Baegam-myeon, Cheoin-gu Yongin-si, Gyeonggi-do, South Korea

Iljuk Centre 06/05/2011 Freehold - 452-1, Goeun-ri, Iljuk-myeon, 1,347 2,127 89.0 55.7 31/03/2014(d) 24,596 24,459 1.0 1.1 Anseong-si, Gyeonggi-do, South Korea

KPPC Pyeongtaek Centre 17/06/2011 Freehold - 1203-1 Wonjeong-ri, 8,290 7,956 100 100 31/03/2014(d) 103,967 97,151 4.4 4.4 Poseung-eup, Pyeongtaek-si, Gyeonggi-do, South Korea

Jungbu Cold Warehouse 13/04/2012 Freehold - 704-7 & Others, Gouen-ri, 4,249 3,856 100 100 31/03/2014(d) 38,498 42,289 1.6 1.9 Iljuk-Myeon, Anseong-si, Gyeonggi-do, South Korea

Dooil Cold Warehouse 13/04/2012 Freehold - 16-1, 16-2, 17, 19, 30-1 3,949 3,584 100 100 31/03/2014(d) 35,171 38,518 1.5 1.7 and 1233-3, Oksan-ri, Baekam- Myeon, Cheoin-gu, Yongin-si, Gyeonggi-do, South Korea

Hyundai Logistics Centre 26/09/2012 Freehold - 162-6 & 162-7- Gusso-ri, 2,826 1,455 83.0 100 31/03/2014(d) 29,467 28,688 1.2 1.3 Miyang-Myeon, Anseong-si, Gyeonggi-do, South Korea

The Box Centre 04/07/2013 Freehold - 383 Seoicheon-ro 2,353 - 100 - 31/03/2014(d) 37,131 - 1.6 - Majang-myeon, Icheon-si, Gyeonggi-do, South Korea

The accompanying notes form an integral part of these financial statements.

115 MAPLETREE LOGISTICS TRUST

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease of lease Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Malaysia

Pancuran 31/05/2006 99 years 82 years Lot 1, Persiaran Budiman, 1,841 1,727 100 84.5 31/03/2014(e) 22,000 21,691 0.9 1.0 Section 23, 40300 Shah Alam, Selangor Darul Ehsan

Zentraline 06/10/2006 99 years 81 years Lot 6, Persiaran Budiman, 1,004 1,000 100 100 31/03/2014(e) 11,965 12,452 0.5 0.6 Section 23, 40300 Shah Alam, Selangor Darul Ehsan

Subang 1 02/11/2006 99 years 82 years Lot 36545, Jalan TS 6/5 Taman 453 488 59.0 59.5 31/03/2014(e) 10,035 10,444 0.4 0.5 Perindustrian Subang, 47600 Subang Jaya, Selangor Darul Ehsan

Subang 2 02/11/2006 99 years 75 years Lot 832, Jalan Subang 6, 540 554 100 100 31/03/2014(e) 6,561 6,829 0.3 0.3 Taman Perindustrian Subang, 47600 Subang Jaya, Selangor Darul Ehsan

Chee Wah 11/05/2007 Freehold - No. 16 Jalan PPU 3, Taman 533 451 100 100 31/03/2014(e) 6,947 7,230 0.3 0.3 Perindustrian Puchong Utama, 47100 Puchong, Selangor Darul Ehsan

Subang 3 10/09/2007 99 years 76 years Lot 2607, Jalan Subang 6, Taman 621 557 100 100 31/03/2014(e) 7,333 7,632 0.3 0.3 Perindustrian Subang, 47600 Subang Jaya, Selangor Darul Ehsan

Subang 4 10/09/2007 99 years 92 years Lot 298, Jalan Subang 6, 299 272 100 100 31/03/2014(e) 3,860 4,017 0.2 0.2 Taman Perindustrian Subang, 47600 Subang Jaya, Selangor Darul Ehsan

The accompanying notes form an integral part of these financial statements.

116 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease of lease Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Malaysia

Pancuran 31/05/2006 99 years 82 years Lot 1, Persiaran Budiman, 1,841 1,727 100 84.5 31/03/2014(e) 22,000 21,691 0.9 1.0 Section 23, 40300 Shah Alam, Selangor Darul Ehsan

Zentraline 06/10/2006 99 years 81 years Lot 6, Persiaran Budiman, 1,004 1,000 100 100 31/03/2014(e) 11,965 12,452 0.5 0.6 Section 23, 40300 Shah Alam, Selangor Darul Ehsan

Subang 1 02/11/2006 99 years 82 years Lot 36545, Jalan TS 6/5 Taman 453 488 59.0 59.5 31/03/2014(e) 10,035 10,444 0.4 0.5 Perindustrian Subang, 47600 Subang Jaya, Selangor Darul Ehsan

Subang 2 02/11/2006 99 years 75 years Lot 832, Jalan Subang 6, 540 554 100 100 31/03/2014(e) 6,561 6,829 0.3 0.3 Taman Perindustrian Subang, 47600 Subang Jaya, Selangor Darul Ehsan

Chee Wah 11/05/2007 Freehold - No. 16 Jalan PPU 3, Taman 533 451 100 100 31/03/2014(e) 6,947 7,230 0.3 0.3 Perindustrian Puchong Utama, 47100 Puchong, Selangor Darul Ehsan

Subang 3 10/09/2007 99 years 76 years Lot 2607, Jalan Subang 6, Taman 621 557 100 100 31/03/2014(e) 7,333 7,632 0.3 0.3 Perindustrian Subang, 47600 Subang Jaya, Selangor Darul Ehsan

Subang 4 10/09/2007 99 years 92 years Lot 298, Jalan Subang 6, 299 272 100 100 31/03/2014(e) 3,860 4,017 0.2 0.2 Taman Perindustrian Subang, 47600 Subang Jaya, Selangor Darul Ehsan

The accompanying notes form an integral part of these financial statements.

117 MAPLETREE LOGISTICS TRUST

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease of lease Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Malaysia (continued)

Senai - UPS 11/12/2007 Freehold - 161 & 162 Jalan Murni 12, Taman 787 764 100 100 31/03/2014(e) 10,421 10,845 0.4 0.5 Perindustrian Murni, 81400 Senai, Johor Darul Takzim

Linfox 14/12/2007 Freehold - No. 3 Jalan Biola 33/1, Section 33 1,600 1,401 100 100 31/03/2014(e) 17,754 18,478 0.7 0.8 off Jalan Bukit Kemuning, 40400 Shah Alam, Selangor Darul Ehsan

Century 15/02/2008 Freehold - Lot No. 1829,1830 and 3399, 1,439 1,409 100 100 31/03/2014(e) 15,439 16,067 0.6 0.7 Jalan Kem, off Jalan Teluk Gong, Kawasan Perindustrian Pandamaran, 42000 Pelabuhan Klang, Selangor Darul Ehsan

G-Force 17/10/2008 Freehold - Lot 2-30, 2-32, 2-34, Jalan Su 6A, 1,288 1,315 100 100 31/03/2014(e) 15,825 16,469 0.7 0.7 Persiaran Tengku Ampuan, Lion Industrial Park, Section 26, 40400 Shah Alam, Selangor Darul Ehsan

Celestica Hub 18/05/2012 Freehold - Lot Nos. 205 & 211, Jalan 1,068 910 100 100 31/03/2014(e) 11,965 11,850 0.5 0.5 Seelong 81400 Senai, Johor

Padi Warehouse 29/05/2012 60 years 29 years PLO 271, Jalan Gangsa, 1,199 1,030 100 100 31/03/2014(e) 12,737 13,256 0.5 0.6 Pasir Gudang Industrial Estate 81700 Pasir Gudang, Johor

The accompanying notes form an integral part of these financial statements.

118 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease of lease Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Malaysia (continued)

Senai - UPS 11/12/2007 Freehold - 161 & 162 Jalan Murni 12, Taman 787 764 100 100 31/03/2014(e) 10,421 10,845 0.4 0.5 Perindustrian Murni, 81400 Senai, Johor Darul Takzim

Linfox 14/12/2007 Freehold - No. 3 Jalan Biola 33/1, Section 33 1,600 1,401 100 100 31/03/2014(e) 17,754 18,478 0.7 0.8 off Jalan Bukit Kemuning, 40400 Shah Alam, Selangor Darul Ehsan

Century 15/02/2008 Freehold - Lot No. 1829,1830 and 3399, 1,439 1,409 100 100 31/03/2014(e) 15,439 16,067 0.6 0.7 Jalan Kem, off Jalan Teluk Gong, Kawasan Perindustrian Pandamaran, 42000 Pelabuhan Klang, Selangor Darul Ehsan

G-Force 17/10/2008 Freehold - Lot 2-30, 2-32, 2-34, Jalan Su 6A, 1,288 1,315 100 100 31/03/2014(e) 15,825 16,469 0.7 0.7 Persiaran Tengku Ampuan, Lion Industrial Park, Section 26, 40400 Shah Alam, Selangor Darul Ehsan

Celestica Hub 18/05/2012 Freehold - Lot Nos. 205 & 211, Jalan 1,068 910 100 100 31/03/2014(e) 11,965 11,850 0.5 0.5 Seelong 81400 Senai, Johor

Padi Warehouse 29/05/2012 60 years 29 years PLO 271, Jalan Gangsa, 1,199 1,030 100 100 31/03/2014(e) 12,737 13,256 0.5 0.6 Pasir Gudang Industrial Estate 81700 Pasir Gudang, Johor

The accompanying notes form an integral part of these financial statements.

119 MAPLETREE LOGISTICS TRUST

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease of lease Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Vietnam

Mapletree Logistics Centre 01/06/2010 42 years 36 years No. 1, VSIP Street 10, 1,308 1,217 100 100 31/03/2014(f) 8,434 8,015 0.4 0.4 Vietnam Singapore Industrial Park, Thuan An District, Binh Duong Province

Investment properties 310,709 307,786 4,235,119 4,065,867 177.8 182.2 Other assets and liabilities (net) (1,502,936) (1,483,614) (63.1) (66.5) Net assets of Group 2,732,183 2,582,253 114.7 115.7 Perpetual securities (344,010) (344,010) (14.4) (15.4) Non-controlling interest (6,309) (6,214) (0.3) (0.3) Net assets attributable to Unitholders 2,381,864 2,232,029 100.0 100.0

The accompanying notes form an integral part of these financial statements.

120 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PORTFOLIO STATEMENTS

As at 31 March 2014

Group Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease of lease Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Vietnam

Mapletree Logistics Centre 01/06/2010 42 years 36 years No. 1, VSIP Street 10, 1,308 1,217 100 100 31/03/2014(f) 8,434 8,015 0.4 0.4 Vietnam Singapore Industrial Park, Thuan An District, Binh Duong Province

Investment properties 310,709 307,786 4,235,119 4,065,867 177.8 182.2 Other assets and liabilities (net) (1,502,936) (1,483,614) (63.1) (66.5) Net assets of Group 2,732,183 2,582,253 114.7 115.7 Perpetual securities (344,010) (344,010) (14.4) (15.4) Non-controlling interest (6,309) (6,214) (0.3) (0.3) Net assets attributable to Unitholders 2,381,864 2,232,029 100.0 100.0

The accompanying notes form an integral part of these financial statements.

121 MAPLETREE LOGISTICS TRUST

PORTFOLIO STATEMENTS

As at 31 March 2014

MLT Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease* of lease* Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Singapore

TIC Tech Centre 28/07/2004 30+30 years 42 years 25 Pandan Crescent 8,548 8,358 100 99.5 31/03/2014(a) 74,400 71,000 3.8 3.7 19 Senoko Loop 06/12/2004 30+30 years 40 years 19 Senoko Loop 2,131 2,098 100 100 31/03/2014(a) 23,100 22,500 1.2 1.2 Expeditors 03/01/2005 30 years 20 years 61 Alps Avenue 2,268 2,199 100 100 31/03/2014(a) 21,000 21,700 1.1 1.1 Allied Telesis 03/01/2005 30+30 years 50 years 11 Tai Seng Link 1,944 1,896 100 100 31/03/2014(a) 20,000 20,000 1.0 1.0 Mapletree Benoi Logistics Hub 17/05/2005 30 years 26 years 21 Benoi Sector 2,366 - 100 N/A 31/03/2014(a) 148,500 62,904 7.5 3.3 37 Penjuru Lane 17/05/2005 30 years 12 years 37 Penjuru Lane 1,809 1,744 86.0 100 31/03/2014(a) 10,000 10,000 0.5 0.5 6 Changi South Lane 07/06/2005 30+30 years 41 years 6 Changi South Lane 2,009 1,873 100 80.2 31/03/2014(a) 21,800 20,000 1.1 1.0 Armstrong 13/06/2005 30+30 years 42 years 531 Bukit Batok Street 23 2,070 2,029 100 100 31/03/2014(a) 28,000 28,000 1.4 1.5 70 Alps Avenue 16/06/2005 30 years 19 years 70 Alps Avenue 4,809 4,701 100 100 31/03/2014(a) 35,000 35,600 1.8 1.9 Menlo (Alps) 16/06/2005 29/30 years(g) 18 years 60 Alps Avenue 1,668 1,925 100 100 31/03/2014(a) 21,000 21,000 1.1 1.1 Ban Teck Han 20/06/2005 30+30 years 42 years 21 Serangoon North Avenue 5 1,836 1,809 100 100 31/03/2014(a) 25,600 25,500 1.3 1.3 5B Toh Guan Road East 22/06/2005 30+30 years 37 years 5B Toh Guan Road East 3,124 3,089 N/A 81.7 31/03/2014(a) 35,000 31,000 1.8 1.6 50 Airport Boulevard 28/07/2005 60 years 26 years 50 Airport Boulevard 1,690 1,674 100 100 31/03/2014(a) 23,500 21,200 1.2 1.1 Prima 28/07/2005 99 years 83 years 201 Keppel Road 1,851 1,853 100 100 31/03/2014(a) 41,700 38,000 2.1 2.0 Pulau Sebarok 28/07/2005 73 years 57 years Pulau Sebarok 7,237 7,275 100 100 31/03/2014(a) 110,000 106,000 5.5 5.5 Kenyon 28/11/2005 30+23 years 39 years 8 Loyang Crescent 1,530 1,496 100 100 31/03/2014(a) 21,500 21,500 1.1 1.1 Toppan 01/12/2005 28+30 years/ 36 years 97 Ubi Avenue 4 1,631 1,541 100 100 31/03/2014(a) 18,400 18,200 0.9 0.9 30+30 years(h) 39 Changi South Avenue 2 01/12/2005 30+30 years 41 years 39 Changi South Avenue 2 827 747 73.0 100 31/03/2014(a) 11,000 11,000 0.6 0.6 2 Serangoon North Avenue 5 07/02/2006 30+30 years 42 years 2 Serangoon North Avenue 5 5,774 5,965 82.0 89.4 31/03/2014(a) 57,500 54,500 2.9 2.8 10 Changi South Street 3 10/02/2006 30+30 years 41 years 10 Changi South Street 3 1,441 1,422 91.0 39.7 31/03/2014(a) 19,000 20,000 1.0 1.0 Popular 06/03/2006 30+30 years 43 years 20 Old Toh Tuck Road 1,115 1,093 100 100 31/03/2014(a) 14,500 14,500 0.7 0.8 85 Defu Lane 10 07/07/2006 30+30 years 36 years 85 Defu Lane 10 1,802 1,912 100 100 31/03/2014(a) 17,200 18,900 0.9 1.0 31 Penjuru Lane 18/07/2006 30+13 years 18 years 31 Penjuru Lane 1,873 1,846 100 100 31/03/2014(a) 17,800 18,100 0.9 0.9 8 Changi South Lane 18/08/2006 30+30 years 43 years 8 Changi South Lane 1,694 1,593 100 100 31/03/2014(a) 18,000 18,000 0.9 0.9 Markono 01/09/2006 30+30 years 43 years 4 Toh Tuck Link 1,108 1,092 100 100 31/03/2014(a) 15,000 15,000 0.7 0.8 138 Joo Seng Road 07/09/2006 30+30 years 37 years 138 Joo Seng Road 1,828 1,685 100 100 31/03/2014(a) 16,000 16,600 0.8 0.9 Kim Seng 13/09/2006 30+30 years 35 years 4 Tuas Avenue 5 1,290 1,265 100 100 31/03/2014(a) 16,500 16,500 0.8 0.9 7 Tai Seng Drive 03/10/2006 30+30 years 39 years 7 Tai Seng Drive 3,962 3,785 98.0 97.8 31/03/2014(a) 41,000 41,000 2.1 2.1 Jurong Logistics Hub 20/10/2006 30+30 years 47 years 31 Jurong Port Road 23,918 21,402 99.0 97.8 31/03/2014(a) 244,500 215,000 12.4 11.2 Kingsmen Creatives 01/02/2007 30+30 years 45 years 3 Changi South Lane 1,450 1,376 100 100 31/03/2014(a) 17,300 17,200 0.8 0.9 1 Genting Lane 08/02/2007 60 years 34 years 1 Genting Lane 1,165 1,029 100 100 31/03/2014(a) 13,000 13,000 0.6 0.7

The accompanying notes form an integral part of these financial statements.

122 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PORTFOLIO STATEMENTS

As at 31 March 2014

MLT Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease* of lease* Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Singapore

TIC Tech Centre 28/07/2004 30+30 years 42 years 25 Pandan Crescent 8,548 8,358 100 99.5 31/03/2014(a) 74,400 71,000 3.8 3.7 19 Senoko Loop 06/12/2004 30+30 years 40 years 19 Senoko Loop 2,131 2,098 100 100 31/03/2014(a) 23,100 22,500 1.2 1.2 Expeditors 03/01/2005 30 years 20 years 61 Alps Avenue 2,268 2,199 100 100 31/03/2014(a) 21,000 21,700 1.1 1.1 Allied Telesis 03/01/2005 30+30 years 50 years 11 Tai Seng Link 1,944 1,896 100 100 31/03/2014(a) 20,000 20,000 1.0 1.0 Mapletree Benoi Logistics Hub 17/05/2005 30 years 26 years 21 Benoi Sector 2,366 - 100 N/A 31/03/2014(a) 148,500 62,904 7.5 3.3 37 Penjuru Lane 17/05/2005 30 years 12 years 37 Penjuru Lane 1,809 1,744 86.0 100 31/03/2014(a) 10,000 10,000 0.5 0.5 6 Changi South Lane 07/06/2005 30+30 years 41 years 6 Changi South Lane 2,009 1,873 100 80.2 31/03/2014(a) 21,800 20,000 1.1 1.0 Armstrong 13/06/2005 30+30 years 42 years 531 Bukit Batok Street 23 2,070 2,029 100 100 31/03/2014(a) 28,000 28,000 1.4 1.5 70 Alps Avenue 16/06/2005 30 years 19 years 70 Alps Avenue 4,809 4,701 100 100 31/03/2014(a) 35,000 35,600 1.8 1.9 Menlo (Alps) 16/06/2005 29/30 years(g) 18 years 60 Alps Avenue 1,668 1,925 100 100 31/03/2014(a) 21,000 21,000 1.1 1.1 Ban Teck Han 20/06/2005 30+30 years 42 years 21 Serangoon North Avenue 5 1,836 1,809 100 100 31/03/2014(a) 25,600 25,500 1.3 1.3 5B Toh Guan Road East 22/06/2005 30+30 years 37 years 5B Toh Guan Road East 3,124 3,089 N/A 81.7 31/03/2014(a) 35,000 31,000 1.8 1.6 50 Airport Boulevard 28/07/2005 60 years 26 years 50 Airport Boulevard 1,690 1,674 100 100 31/03/2014(a) 23,500 21,200 1.2 1.1 Prima 28/07/2005 99 years 83 years 201 Keppel Road 1,851 1,853 100 100 31/03/2014(a) 41,700 38,000 2.1 2.0 Pulau Sebarok 28/07/2005 73 years 57 years Pulau Sebarok 7,237 7,275 100 100 31/03/2014(a) 110,000 106,000 5.5 5.5 Kenyon 28/11/2005 30+23 years 39 years 8 Loyang Crescent 1,530 1,496 100 100 31/03/2014(a) 21,500 21,500 1.1 1.1 Toppan 01/12/2005 28+30 years/ 36 years 97 Ubi Avenue 4 1,631 1,541 100 100 31/03/2014(a) 18,400 18,200 0.9 0.9 30+30 years(h) 39 Changi South Avenue 2 01/12/2005 30+30 years 41 years 39 Changi South Avenue 2 827 747 73.0 100 31/03/2014(a) 11,000 11,000 0.6 0.6 2 Serangoon North Avenue 5 07/02/2006 30+30 years 42 years 2 Serangoon North Avenue 5 5,774 5,965 82.0 89.4 31/03/2014(a) 57,500 54,500 2.9 2.8 10 Changi South Street 3 10/02/2006 30+30 years 41 years 10 Changi South Street 3 1,441 1,422 91.0 39.7 31/03/2014(a) 19,000 20,000 1.0 1.0 Popular 06/03/2006 30+30 years 43 years 20 Old Toh Tuck Road 1,115 1,093 100 100 31/03/2014(a) 14,500 14,500 0.7 0.8 85 Defu Lane 10 07/07/2006 30+30 years 36 years 85 Defu Lane 10 1,802 1,912 100 100 31/03/2014(a) 17,200 18,900 0.9 1.0 31 Penjuru Lane 18/07/2006 30+13 years 18 years 31 Penjuru Lane 1,873 1,846 100 100 31/03/2014(a) 17,800 18,100 0.9 0.9 8 Changi South Lane 18/08/2006 30+30 years 43 years 8 Changi South Lane 1,694 1,593 100 100 31/03/2014(a) 18,000 18,000 0.9 0.9 Markono 01/09/2006 30+30 years 43 years 4 Toh Tuck Link 1,108 1,092 100 100 31/03/2014(a) 15,000 15,000 0.7 0.8 138 Joo Seng Road 07/09/2006 30+30 years 37 years 138 Joo Seng Road 1,828 1,685 100 100 31/03/2014(a) 16,000 16,600 0.8 0.9 Kim Seng 13/09/2006 30+30 years 35 years 4 Tuas Avenue 5 1,290 1,265 100 100 31/03/2014(a) 16,500 16,500 0.8 0.9 7 Tai Seng Drive 03/10/2006 30+30 years 39 years 7 Tai Seng Drive 3,962 3,785 98.0 97.8 31/03/2014(a) 41,000 41,000 2.1 2.1 Jurong Logistics Hub 20/10/2006 30+30 years 47 years 31 Jurong Port Road 23,918 21,402 99.0 97.8 31/03/2014(a) 244,500 215,000 12.4 11.2 Kingsmen Creatives 01/02/2007 30+30 years 45 years 3 Changi South Lane 1,450 1,376 100 100 31/03/2014(a) 17,300 17,200 0.8 0.9 1 Genting Lane 08/02/2007 60 years 34 years 1 Genting Lane 1,165 1,029 100 100 31/03/2014(a) 13,000 13,000 0.6 0.7

The accompanying notes form an integral part of these financial statements.

123 MAPLETREE LOGISTICS TRUST

PORTFOLIO STATEMENTS

As at 31 March 2014

MLT Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease* of lease* Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Singapore (continued)

20 Tampines Street 92 27/02/2007 30+30 years 36 years 20 Tampines Street 92 1,015 982 100 100 31/03/2014(a) 13,500 13,500 0.7 0.7 521 Bukit Batok Street 23 28/02/2007 30+30 years 41 years 521 Bukit Batok Street 23 2,006 2,027 50.0 100 31/03/2014(a) 26,000 27,500 1.3 1.4 6 Marsiling Lane 09/03/2007 60 years 24 years 6 Marsiling Lane 1,844 1,782 100 100 31/03/2014(a) 22,100 20,000 1.1 1.0 134 Joo Seng Road 10/04/2007 30+30 years 38 years 134 Joo Seng Road 435 873 46.0 100 31/03/2014(a) 10,000 11,000 0.5 0.6 Union Steel (Pioneer) 30/11/2007 30+30 years 39 years 31/33 Pioneer Road North 586 547 100 100 31/03/2014(a) 7,300 7,200 0.4 0.4 119 Neythal Road 30/11/2007 60 years 26 years 119 Neythal Road 1,087 1,490 41.0 100 31/03/2014(a) 16,800 16,800 0.8 0.9 30 Tuas South Avenue 8 30/11/2007 30+30 years 45 years 30 Tuas South Avenue 8 592 545 100 100 31/03/2014(a) 7,600 7,650 0.4 0.4 Union Steel (Tuas View) 30/11/2007 60 years 42 years 8 Tuas View Square 477 461 100 100 31/03/2014(a) 6,600 6,500 0.3 0.3 Pioneer Districentre 14/12/2007 12+12 years 22 years 10 Tuas Avenue 13 1,493 1,493 100 100 31/03/2014(a) 17,200 17,200 0.9 0.9 76 Pioneer Road 24/04/2008 30+30 years 39 years 76 Pioneer Road 4,395 4,344 100 100 31/03/2014(a) 56,000 56,000 2.8 2.9 3A Jalan Terusan 02/05/2008 30+12 years 23 years 3A Jalan Terusan 2,600 2,551 100 100 31/03/2014(a) 27,800 27,800 1.4 1.5 Menlo (Boon Lay Way) 30/06/2008 30+15 years 21 years 30 Boon Lay Way 3,944 4,125 100 100 31/03/2014(a) 45,000 45,000 2.3 2.4 Menlo (Benoi) 30/06/2008 20 years 16 years 22A Benoi Road 710 698 100 100 31/03/2014(a) 6,800 6,800 0.3 0.4 SH Cogent (Penjuru Close) 15/12/2009 29 years 21 years 7 Penjuru Close 4,607 4,517 100 100 31/03/2014(a) 55,000 55,000 2.8 2.9 CEVA (Changi South) 11/03/2010 25+30 years 40 years 15 Changi South Street 2 3,498 3,432 100 100 31/03/2014(a) 47,000 47,000 2.4 2.5 Natural Cool Lifestyle Hub 18/08/2010 30+30 years 53 years 29 Tai Seng Avenue 4,682 4,592 100 100 31/03/2014(a) 58,900 57,000 3.0 3.0 AW Centre 25/10/2010 30+30 years 43 years 73 Tuas South Avenue 1 1,560 1,537 100 100 31/03/2014(a) 19,700 19,500 1.0 1.0 Liang Huat Building 26/11/2010 30+30 years 41 years 51 Benoi Road 4,589 4,499 100 100 31/03/2014(a) 57,000 57,000 2.9 3.0 JEP Centre 20/12/2010 30/30 years(i) 23 years 44/46 Changi South Street 1 1,565 1,527 100 100 31/03/2014(a) 17,500 17,300 0.9 0.9 NS Tang Building 24/12/2010 30+28 years 37 years 36 Loyang Drive 1,194 1,176 100 100 31/03/2014(a) 14,300 14,100 0.7 0.7 Jian Huang Building 31/03/2011 30 years 23 years 15A Tuas Avenue 18 2,167 2,124 100 100 31/03/2014(a) 25,500 25,000 1.3 1.3 9 Tampines Street 92(j) 02/02/2007 - - 9 Tampines Street 92 - 115 ------30 Woodlands Loop(k) 06/02/2007 - - 30 Woodlands Loop 6 729 - 7.3 - - 15,500 - 0.8 Investment properties 142,820 137,938 1,754,400 1,633,754 88.7 85.2 Other assets and liabilities (net) 566,878 626,784 28.7 32.7 Net assets of MLT 2,321,278 2,260,538 117.4 117.9 Perpetual securities (344,010) (344,010) (17.4) (17.9) Net assets attributable to Unitholders 1,977,268 1,916,528 100.0 100.0

* Refers to the tenure of underlying land. Remaining term of lease includes option to renew land leases.

The accompanying notes form an integral part of these financial statements.

124 STAYING ON COURSE° ANNUAL REPORT 2013/2014

PORTFOLIO STATEMENTS

As at 31 March 2014

MLT Percentage Percentage of total of total Gross Gross net assets net assets Date of Remaining revenue for revenue for Occupancy Occupancy Latest At At attributable to attributable to legal term year ended year ended rates rates valuation valuation at valuation at Unitholders at Unitholders at Description of property completion Term of lease* of lease* Location 31/03/2014 31/03/2013 FY13/14 FY12/13 date 31/03/2014 31/03/2013 31/03/2014 31/03/2013 S$’000 S$’000 % % S$’000 S$’000 % %

Logistics Properties

Singapore (continued)

20 Tampines Street 92 27/02/2007 30+30 years 36 years 20 Tampines Street 92 1,015 982 100 100 31/03/2014(a) 13,500 13,500 0.7 0.7 521 Bukit Batok Street 23 28/02/2007 30+30 years 41 years 521 Bukit Batok Street 23 2,006 2,027 50.0 100 31/03/2014(a) 26,000 27,500 1.3 1.4 6 Marsiling Lane 09/03/2007 60 years 24 years 6 Marsiling Lane 1,844 1,782 100 100 31/03/2014(a) 22,100 20,000 1.1 1.0 134 Joo Seng Road 10/04/2007 30+30 years 38 years 134 Joo Seng Road 435 873 46.0 100 31/03/2014(a) 10,000 11,000 0.5 0.6 Union Steel (Pioneer) 30/11/2007 30+30 years 39 years 31/33 Pioneer Road North 586 547 100 100 31/03/2014(a) 7,300 7,200 0.4 0.4 119 Neythal Road 30/11/2007 60 years 26 years 119 Neythal Road 1,087 1,490 41.0 100 31/03/2014(a) 16,800 16,800 0.8 0.9 30 Tuas South Avenue 8 30/11/2007 30+30 years 45 years 30 Tuas South Avenue 8 592 545 100 100 31/03/2014(a) 7,600 7,650 0.4 0.4 Union Steel (Tuas View) 30/11/2007 60 years 42 years 8 Tuas View Square 477 461 100 100 31/03/2014(a) 6,600 6,500 0.3 0.3 Pioneer Districentre 14/12/2007 12+12 years 22 years 10 Tuas Avenue 13 1,493 1,493 100 100 31/03/2014(a) 17,200 17,200 0.9 0.9 76 Pioneer Road 24/04/2008 30+30 years 39 years 76 Pioneer Road 4,395 4,344 100 100 31/03/2014(a) 56,000 56,000 2.8 2.9 3A Jalan Terusan 02/05/2008 30+12 years 23 years 3A Jalan Terusan 2,600 2,551 100 100 31/03/2014(a) 27,800 27,800 1.4 1.5 Menlo (Boon Lay Way) 30/06/2008 30+15 years 21 years 30 Boon Lay Way 3,944 4,125 100 100 31/03/2014(a) 45,000 45,000 2.3 2.4 Menlo (Benoi) 30/06/2008 20 years 16 years 22A Benoi Road 710 698 100 100 31/03/2014(a) 6,800 6,800 0.3 0.4 SH Cogent (Penjuru Close) 15/12/2009 29 years 21 years 7 Penjuru Close 4,607 4,517 100 100 31/03/2014(a) 55,000 55,000 2.8 2.9 CEVA (Changi South) 11/03/2010 25+30 years 40 years 15 Changi South Street 2 3,498 3,432 100 100 31/03/2014(a) 47,000 47,000 2.4 2.5 Natural Cool Lifestyle Hub 18/08/2010 30+30 years 53 years 29 Tai Seng Avenue 4,682 4,592 100 100 31/03/2014(a) 58,900 57,000 3.0 3.0 AW Centre 25/10/2010 30+30 years 43 years 73 Tuas South Avenue 1 1,560 1,537 100 100 31/03/2014(a) 19,700 19,500 1.0 1.0 Liang Huat Building 26/11/2010 30+30 years 41 years 51 Benoi Road 4,589 4,499 100 100 31/03/2014(a) 57,000 57,000 2.9 3.0 JEP Centre 20/12/2010 30/30 years(i) 23 years 44/46 Changi South Street 1 1,565 1,527 100 100 31/03/2014(a) 17,500 17,300 0.9 0.9 NS Tang Building 24/12/2010 30+28 years 37 years 36 Loyang Drive 1,194 1,176 100 100 31/03/2014(a) 14,300 14,100 0.7 0.7 Jian Huang Building 31/03/2011 30 years 23 years 15A Tuas Avenue 18 2,167 2,124 100 100 31/03/2014(a) 25,500 25,000 1.3 1.3 9 Tampines Street 92(j) 02/02/2007 - - 9 Tampines Street 92 - 115 ------30 Woodlands Loop(k) 06/02/2007 - - 30 Woodlands Loop 6 729 - 7.3 - - 15,500 - 0.8 Investment properties 142,820 137,938 1,754,400 1,633,754 88.7 85.2 Other assets and liabilities (net) 566,878 626,784 28.7 32.7 Net assets of MLT 2,321,278 2,260,538 117.4 117.9 Perpetual securities (344,010) (344,010) (17.4) (17.9) Net assets attributable to Unitholders 1,977,268 1,916,528 100.0 100.0

* Refers to the tenure of underlying land. Remaining term of lease includes option to renew land leases.

The accompanying notes form an integral part of these financial statements.

125 MAPLETREE LOGISTICS TRUST

PORTFOLIO STATEMENTS

As at 31 March 2014

Investment properties comprise a portfolio of logistics properties that are leased to external customers. Generally, the leases for the multi- tenanted buildings contain an initial non-cancellable period of 1 to 3 years and leases for single tenanted buildings contain an initial non- cancellable period of up to 30 years. Subsequent renewals are negotiated with the lessees.

(a) The carrying amounts of the Singapore investment properties were based on independent full valuations as at 31 March 2014 undertaken by Jones Lang LaSalle Property Consultants Pte. Ltd., an independent valuer. Jones Lang LaSalle Property Consultants Pte. Ltd. has appropriate professional qualifications and recent experience in the location and category of the properties being valued. The full valuations of the investment properties were based on the income capitalisation method, discounted cash flow method and residual value method.

(b) The carrying amounts of the Japan investment properties were based on independent full valuations as at 31 March 2014 undertaken by DTZ Debenham Tie Leung K.K., an independent valuer. DTZ Debenham Tie Leung K.K. has appropriate professional qualifications and recent experience in the location and category of the properties being valued. The full valuations of the investment properties were based on the discounted cash flow method and direct comparison method.

(c) The carrying amounts of the Hong Kong and China investment properties were based on independent full valuations as at 31 March 2014 undertaken by Jones Lang LaSalle Corporate Appraisal and Advisory Limited, an independent valuer. Jones Lang LaSalle Corporate Appraisal and Advisory Limited has appropriate professional qualifications and recent experience in the locations and category of the properties being valued. The full valuations of the investment properties were based on the income capitalisation method and direct comparison method.

(d) The carrying amounts of the South Korea investment properties were based on independent full valuations as at 31 March 2014 undertaken by Jones Lang LaSalle Limited, an independent valuer. Jones Lang LaSalle Limited has appropriate professional qualifications and recent experience in the location and category of the properties being valued. The full valuations of the investment properties were based on the discounted cash flow method and income capitalisation method and direct comparison method.

(e) The carrying amounts of the Malaysia investment properties were based on independent full valuations as at 31 March 2014 undertaken by C H Williams Talhar & Wong Sdn. Bhd., an independent valuer. C H Williams Talhar & Wong Sdn. Bhd. has appropriate professional qualifications and recent experience in the location and category of the properties being valued. The full valuations of the investment properties were based on the income capitalisation method.

(f) The carrying amount of the Vietnam investment property, Mapletree Logistics Centre, was based on an independent full valuation as at 31 March 2014 undertaken by Jones Lang LaSalle Vietnam Co. Limited, an independent valuer. Jones Lang LaSalle Vietnam Co. Limited has appropriate professional qualifications and recent experience in the location and category of the property being valued. The full valuation of the investment property was based on the income capitalisation method.

(g) Comprises 2 land leases of 29 and 30 years both ending in September 2031.

(h) Comprises 2 land leases of 28 and 30 years ending in August and November 2019 respectively.

(i) Comprises 2 land leases of 30 years ending in February and October 2037 respectively.

(j) This property was divested on 31 May 2011.

(k) This property was divested on 30 April 2013.

(l) This property comprises one building with 100% occupancy and a vacant piece of land. The building which was previously on the vacant piece of land was burnt down in a fire in 2011.

(m) This property comprises two blocks of building, of which one block was partially damaged by the fire on 15 February 2014.

The accompanying notes form an integral part of these financial statements. 126 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

These notes form an integral part of and should be read in conjunction with the accompanying financial statements.

1. GENERAL

Mapletree Logistics Trust (“MLT”) is a Singapore-domiciled Real Estate Investment Trust constituted pursuant to the Trust Deed dated 5 July 2004 (as amended) between Mapletree Investments Pte Ltd and Mapletree Trustee Pte. Ltd. The Trust Deed is governed by the laws of the Republic of Singapore. Mapletree Logistics Trust Management Ltd. replaced Mapletree Investments Pte Ltd as manager of MLT on 14 June 2005 and HSBC Institutional Trust Services (Singapore) Limited replaced Mapletree Trustee Pte. Ltd. as trustee of MLT on 24 June 2005.

MLT was formally admitted to the Official List of the Singapore Exchange Securities Trading Limited on 28 July 2005.

The principal activity of MLT and its subsidiaries (the “Group”) is to invest in a diverse portfolio of logistics properties with the primary objective of achieving an attractive level of return from rental income and for long-term capital growth.

MLT has entered into several service agreements in relation to the management of MLT and its property operations. The fee structures for these services are as follows:

(a) Trustee’s fees

The Trustee’s fees shall not exceed 0.1% per annum of the value of all the assets of MLT (“Deposited Property”) (subject to a minimum of S$10,000 per month) or such higher percentage as may be fixed by an Extraordinary Resolution of a meeting of Unitholders. The Trustee’s fees are payable out of the Deposited Property of MLT monthly, in arrears. The Trustee is also entitled to reimbursement of expenses incurred in the performance of its duties under the Trust Deed.

Based on the current arrangement between the Manager and the Trustee, the Trustee’s fees are charged on a scaled basis of up to 0.03% per annum of the value of the Deposited Property (subject to a minimum of S$10,000 per month).

(b) Manager’s management fees

The Manager or its subsidiaries are entitled to receive the following remuneration:

(i) A base fee of 0.5% per annum of the value of the Deposited Property or such higher percentage as may be approved by an Extraordinary Resolution of a meeting of Unitholders; and

(ii) A performance fee of 3.6% per annum of the net property income of MLT or such higher percentage as may be approved by an Extraordinary Resolution of a meeting of Unitholders.

The management fees payable to the Manager or its subsidiaries will be paid in the form of cash or/and Units. Where the management fees are paid in cash, the amounts are paid monthly, in arrears. Where the management fees are paid in the form of Units, the amounts are paid quarterly, in arrears.

(c) Acquisition fee and disposal fee

The Manager or its subsidiaries are entitled to receive the following fees:

(i) An acquisition fee not exceeding 1.0% of the acquisition price of any Authorised Investments (as defined in the Trust Deed), acquired directly or indirectly by MLT or such higher percentage as may be approved by an Extraordinary Resolution of a meeting of Unitholders; and

127 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

1. GENERAL (continued)

(c) Acquisition fee and disposal fee (continued)

(ii) A disposal fee not exceeding 0.5% of the sale price of any Authorised Investments, sold or divested directly or indirectly by MLT or such higher percentage as may be approved by an Extraordinary Resolution of a meeting of Unitholders.

The acquisition fee and disposal fee will be paid in the form of cash or/and Units and are payable as soon as practicable after completion of the acquisition and disposal respectively.

(d) Development management fee

The Manager or its subsidiaries are entitled to receive a development management fee not exceeding 3.0% of the total project costs incurred in a development project undertaken on behalf of MLT, or such higher percentage as may be approved by an Extraordinary Resolution of a meeting of Unitholders.

The development management fee is payable in cash, in equal monthly instalments over the construction period of each development project based on the Manager’s best estimate of the total project costs and construction period and, if necessary, a final payment of the balance amount when the total project costs is finalised.

(e) Fees under the Property Management Agreement

(i) Property management services

The Trustee will pay Mapletree Property Management Pte. Ltd. (the “Property Manager”), for each Fiscal Year (as defined in the Property Management Agreement), a fee of up to 2.0% per annum of the gross revenue ofeach property.

(ii) Lease management services

Under the Property Management Agreement, the Trustee will pay the Property Manager, for each Fiscal Year, a fee of up to 1.0% per annum of the gross revenue of each property.

(iii) Marketing services

Under the Property Management Agreement, the Trustee will pay the Property Manager, the following commissions:

• 1 month’s gross rent inclusive of service charge for securing a tenancy of 3 years or less;

• 2 months’ gross rent inclusive of service charge for securing a tenancy of more than 3 years;

• If a third party agent secures a tenancy, the Property Manager will be responsible for all commission payable to such third party agent, and the Property Manager will be entitled to a commission of:

- 1.2 months’ gross rent inclusive of service charge for securing a tenancy of 3 years or less; and - 2.4 months’ gross rent inclusive of service charge for securing a tenancy of more than 3 years;

128 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

1. GENERAL (continued)

(e) Fees under the Property Management Agreement (continued)

(iii) Marketing services (continued)

• 0.5 month’s gross rent inclusive of service charge for securing a renewal of tenancy of 3 years or less; and

• 1 month’s gross rent inclusive of service charge for securing a renewal of tenancy of more than 3 years.

The Property Manager’s fees are payable monthly, in arrears.

2. SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation

The financial statements have been prepared in accordance with the Statement of Recommended Accounting Practice 7 (“RAP 7”) “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants (“ISCA”) and the applicable requirements of the Code on Collective Investment Schemes (“CIS”) issued by the Monetary Authority of Singapore (“MAS”) and the provisions of the Trust Deed. RAP 7 requires that accounting policies adopted should generally comply with the recognition and measurement principles of Singapore Financial Reporting Standards (“FRS”).

These financial statements, which are expressed in Singapore Dollars and rounded to the nearest thousand, have been prepared under the historical cost convention, except as disclosed in the accounting policies below.

The preparation of financial statements in conformity with RAP 7 requires management to exercise its judgement in the process of applying the Group’s accounting policies. It also requires the use of certain critical accounting estimates and assumptions. Information about an area involving a higher degree of judgment, where assumptions and estimates are significant to the financial statements, is disclosed in Note 13 – Investment properties and investment property held-for-sale. The assumptions and estimates were used by the independent valuers in arriving at their valuations.

Recommended accounting practice, interpretations and amendments to published standards effective in 2013

On 1 April 2013, MLT and the Group adopted RAP 7 (2012). The adoption of RAP 7 (2012) has resulted in additional disclosures in the financial statements of MLT and the Group for the current and comparative year. These have been included in the Statement of Total Return and notes to the financial statements.

The adoption of RAP 7 (2012) affects only the disclosures made in the financial statements and have no impact on the amounts reported for the current or prior financial years.

On 1 April 2013, the Group adopted the new or amended FRS and Interpretations to FRS (“INT FRS”) that are mandatory for application for the financial year. Changes to the Group’s accounting policies have been made as required, in accordance with the relevant transitional provisions in the respective FRS and INT FRS.

129 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

2.1 Basis of preparation (continued)

Recommended accounting practice, interpretations and amendments to published standards effective in 2013 (continued)

The adoption of these new or amended FRS and INT FRS did not result in substantial changes to the accounting policies of the Group and MLT and had no material effect on the amounts reported for the current year or prior financial years except for the following:

FRS 113 Fair Value Measurement

FRS 113 aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across FRSs. The requirements do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards within FRSs.

The adoption of FRS 113 does not have any material impact on the accounting policies of the Group. The Group has incorporated the additional disclosures required by FRS 113 into the financial statements.

2.2 Revenue recognition

(a) Rental income and service charge from operating leases

Rental income and service charge from operating leases (net of any incentives given to the lessees) on investment properties are recognised on a straight-line basis over the lease term.

(b) Interest income

Interest income is recognised on a time proportion basis using the effective interest method.

(c) Dividend income

Dividend income is recognised when the right to receive payment is established.

2.3 Expenses

(a) Property expenses

Property expenses are recognised on an accrual basis. Included in property expenses are Property Manager’s fees which are based on the applicable formula stipulated in Note 1(e).

(b) Manager’s management fees

Manager’s management fees are recognised on an accrual basis using the applicable formula stipulated in Note 1(b).

(c) Borrowing costs

Interest expense and similar charges are recognised in the period in which they are incurred using the effective interest method.

130 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

2.4 Income tax

Taxation on the return for the year comprises current and deferred income tax. Income tax is recognised in the Statements of Total Return.

Current income tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the reporting date.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of transaction affects neither accounting nor taxable profit or loss, it is not accounted for. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised or deferred income tax liability is settled.

Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Deferred income tax is provided on temporary differences arising on investment in subsidiaries except where the timing of the reversal of the temporary differences can be controlled and it is probable that temporary differences will not reverse in the foreseeable future.

The Inland Revenue Authority of Singapore (“IRAS”) has issued a tax ruling on the taxation of MLT for the income earned and expenditure incurred after its listing on the SGX-ST. Subject to meeting the terms and conditions of the tax rulings which includes a distribution of at least 90% of the taxable income of MLT, the Trustee will not be taxed on the portion of taxable income of MLT that is distributed to Unitholders. Any portion of the taxable income that is not distributed to Unitholders will be taxed on the Trustee. In the event that there are subsequent adjustments to the taxable income when the actual taxable income of MLT is finally agreed with the IRAS, such adjustments are taken up as an adjustment to the taxable income for the next distribution following the agreement with the IRAS.

Although MLT is not taxed on its taxable income distributed, the Trustee and the Manager are required to deduct income tax at the applicable corporate tax rate from the distributions of such taxable income of MLT (i.e. which has not been taxed in the hands of the Trustee) to certain Unitholders. The Trustee and the Manager will not deduct tax from the distributions made out of MLT’s taxable income to the extent that the beneficial Unitholder is:

• An individual (excluding partnership); • A tax resident Singapore-incorporated company; • A body of persons registered or constituted in Singapore (e.g. town council, statutory board, registered charity, registered co-operative society, registered trade union, management corporation, club and trade and industry association); and • A Singapore branch of a foreign company which has presented a letter of approval from the IRAS granting waiver from tax deduction at source in respect of distributions from MLT.

The above tax transparency ruling does not apply to gains from sale of real properties. Such gains, if they are considered as trading gains, are assessable to tax on the Trustee. Where the gains are capital gains, the Trustee will not be assessed to tax and may distribute the gains without tax being deducted at source.

131 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

2.5 Group accounting

(a) Subsidiaries

(i) Consolidation

Subsidiaries are entities (including special purpose entities) over which the Group has power to govern the financial and operating policies so as to obtain benefits from its activities, generally accompanied by a shareholding giving rise to a majority of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date on which control ceases.

In preparing the consolidated financial statements, transactions, balances and unrealised gains on transactions between group entities are eliminated. Unrealised losses are also eliminated but are considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests are that part of the net results of operations and of net assets of a subsidiary attributable to the interests which are not owned directly or indirectly by the Unitholders of MLT. They are shown separately in the consolidated Statements of Total Return, Statements of Financial Position and Statements of Movements in Unitholders’ Funds.

(ii) Acquisition of businesses

The acquisition method of accounting is used to account for business combinations by the Group.

The consideration transferred for the acquisition of a subsidiary comprises the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes the fair value of any contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary.

Acquisition-related costs are expensed as incurred.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date.

On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net identifiable assets.

The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the net identifiable assets acquired is recorded as goodwill.

(iii) Disposals of subsidiaries or businesses

When a change in MLT’s ownership interest in a subsidiary results in a loss of control over the subsidiary, the assets and liabilities of the subsidiary including any goodwill are derecognised.

132 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

2.5 Group accounting (continued)

(a) Subsidiaries (continued)

(iii) Disposals of subsidiaries or businesses (continued)

Any retained interest in the entity is re-measured at fair value. The difference between the carrying amount of the retained investment at the date when control is lost and its fair value is recognised in the Statements of Total return.

Please refer to the paragraph “Investments in subsidiaries”, for the accounting policy on investments in subsidiaries in the separate financial statements of MLT.

(b) Transactions with non-controlling interests

Changes in MLT’s ownership interest in a subsidiary that do not result in a loss of control over the subsidiary are accounted for as transactions with equity owners of the Group. Any difference between the change in the carrying amounts of the non- controlling interest and the fair value of the consideration paid or received is recognised in a separate reserve within equity attributable to the Unitholders of MLT.

2.6 Investment properties

Investment properties are properties held either to earn rental income or capital appreciation or both. Investment properties are accounted for as non-current assets and are stated at initial cost on acquisition, and at fair value thereafter. Fair values are determined in accordance with the Trust Deed, which requires the investment properties to be valued by independent registered valuers at least once a year, in accordance with the CIS issued by the MAS.

Any increase or decrease in the fair values is credited or charged to the Statements of Total Return.

When an investment property is disposed of, the resulting gain or loss recognised in the Statements of Total Return is the difference between net disposal proceeds and the carrying amount of the investment property.

For taxation purposes, MLT may claim capital allowances on assets that qualify as plant and machinery under the Income Tax Act.

Investment properties held-for-sale

Investment properties are classified as assets held for sale if their carrying amounts are expected to be recovered through sale transactions rather than through continuing use.

Investment properties under development

Investment properties under development are measured at fair values if the fair values are considered to be reliably determinable. Investment properties under development for which the fair value cannot be determined reliably, but for which the Group expects that the fair value of the properties will be reliably determinable when development is completed, are measured at cost less impairment until the fair value becomes reliably determinable or development is completed – whichever is earlier.

2.7 Investments in subsidiaries

Investments in subsidiaries are stated at cost less accumulated impairment losses (Note 2.12) in MLT’s Statement of Financial Position. On disposal of investments in subsidiaries, the difference between net disposal proceeds and the carrying amount of the investment is taken to the Statements of Total Return. 133 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

2.8 Property, plant and equipment

(a) Measurement

All property, plant and equipment are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

The cost of an item of property, plant and equipment includes its purchase price and any costs that are directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by Management.

(b) Depreciation

Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their depreciable amounts over their estimated useful lives. The estimated useful lives are as follows:

Plant and equipment 5 years

The residual values and useful lives of property, plant and equipment are reviewed, and adjusted as appropriate, at each reporting date. The effects of any revision of the residual values and useful lives are included in the Statements of Total Return for the financial year in which the changes arise.

(c) Subsequent expenditure

Subsequent expenditure relating to property, plant and equipment that has already been recognised is added to the carrying amount of the asset when it is probable that future economic benefits, in excess of the originally assessed standard of performance of the existing asset, will flow to the Group and the cost can be reliably measured. Other subsequent expenditure is recognised as an expense during the financial year in which it is incurred.

(d) Disposal

On disposal of an item of property, plant and equipment, the difference between the net disposal proceeds and its carrying amount is taken to the Statements of Total Return.

2.9 Financial assets

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except those maturing later than 12 months after the reporting date, which are classified as non-current assets. Loans and receivables include “cash and bank balances” and “trade and other receivables” (except for certain non-current receivables from subsidiaries which have been accounted for in accordance with Note 2.7). These financial assets are initially recognised at fair value plus transaction costs and subsequently carried at amortised cost using the effective interest method, less accumulated impairment losses.

The Group assesses at each reporting date whether there is objective evidence that these financial assets are impaired and recognises an allowance for impairment when such evidence exists.

Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy and default or significant delayin payments are objective evidence that these financial assets are impaired.

134 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

2.9 Financial assets (continued)

The carrying amount of these assets is reduced through the use of an impairment allowance account which is calculated as the difference between the carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. When the asset becomes uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are recognised against the same line item in the Statements of Total Return.

The impairment allowance is reduced through the Statements of Total Return in a subsequent period when the amount of impairment loss decreases and the related decrease can be objectively measured. The carrying amount of the asset previously impaired is increased to the extent that the new carrying amount does not exceed the amortised cost had no impairment been recognised in prior periods.

2.10 Financial guarantees

MLT has issued corporate guarantees to banks for bank borrowings of its subsidiaries. These guarantees are financial guarantee contracts as they require MLT to reimburse the banks if the subsidiaries fail to make principal or interest payments when due in accordance with the terms of their borrowings.

Financial guarantee contracts are initially recognised at their fair values.

Financial guarantee contracts are subsequently amortised to the Statements of Total Return over the period of the subsidiaries’ borrowings, unless MLT has incurred an obligation to reimburse the bank for an amount higher than the unamortised amount. In this case, the financial guarantee contracts shall be carried at the expected amount payable to the bank.

2.11 Cash and cash equivalents

Cash and cash equivalents include cash balances and deposits with financial institutions.

2.12 Impairment of non-financial assets

Property, plant and equipment Investments in subsidiaries

Property, plant and equipment and investments in subsidiaries are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired.

For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the Cash Generating Unit (“CGU”) to which the asset belongs.

If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in the Statements of Total Return.

An impairment loss for an asset is reversed if, and only if, there has been a change in the estimates used to determine the asset’s recoverable amount or if there is a change in the events that had given rise to the impairment since the last impairment loss was recognised. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset is recognised in the Statements of Total Return. 135 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

2.13 Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Statements of Total Return over the period of the borrowings using the effective interest method.

2.14 Trade payables

Trade payables are initially measured at fair value, and subsequently at amortised cost, using the effective interest method.

2.15 Derivative financial instruments and hedging activities

The Group uses derivative financial instruments such as interest rate swaps and forward foreign currency contracts to hedge its exposure to interest rate risks and currency risks arising from operational, financing and investment activities. In accordance with its treasury policy, which is in line with the CIS, the Group does not hold or issue derivative financial instruments for trading purposes.

Derivative financialinstruments are recognised initially at fair value. Subsequent to initial recognition, derivative financial instruments are re-measured at their fair value.

The Group does not practise hedge accounting and accordingly changes in the fair value of any derivative instruments are recognised immediately in the Statements of Total Return.

2.16 Fair value estimation of financial assets and liabilities

The carrying amounts of current financial assets and liabilities carried at amortised cost approximate their fair values.

The fair values of forward currency contracts and interest rate swaps are based on valuations provided by the Group’s bankers. The fair values of forward currency contracts are determined using actively quoted forward currency rates at the reporting date. The fair values of interest rate swaps are calculated as the present value of the estimated future cash flows, discounted at actively quoted interest rates.

The fair values of financial guarantee contracts are determined based on the market price range of banker’s guarantees with similar terms.

2.17 Operating leases

(a) When an entity within the Group is the lessee:

Leases of assets in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are taken to the Statements of Total Return on a straight-line basis over the period of the lease.

When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by way of penalty is recognised as an expense in the period in which termination takes place.

136 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

2.17 Operating leases (continued)

(b) When an entity within the Group is the lessor:

Assets leased out under operating leases are included in investment properties and are stated at revalued amounts and not depreciated. Rental income (net of any incentives given to lessees) is recognised on a straight-line basis over the lease term.

2.18 Provisions

Provisions are recognised when the Group has a present obligation as a result of a past event where it is probable that such obligation will result in an outflow of economic benefits that can be reasonably estimated.

2.19 Currency translation

(a) Functional and presentation currency

Items included in the financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The consolidated financial statements are presented in Singapore Dollars, which is MLT’s functional currency.

(b) Transactions and balances

Transactions in a currency other than the functional currency (“foreign currency”) are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Currency translation gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the reporting date are recognised in the Statements of Total Return, except for currency translation differences on the net investment in foreign operations, borrowings in foreign currencies and other currency instruments qualifying as net investment hedges for foreign operations, which are included in the currency translation reserve within the Statements of Movements in Unitholders’ Funds of the Group.

(c) Translation of Group entities’ financial statements

The results and financial position of all the group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

(i) Assets and liabilities are translated at the closing rates at the date of the Statements of Financial Position;

(ii) Income and expenses are translated at average exchange rates (unless the average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated using the exchange rates at the dates of the transactions); and

(iii) All resulting exchange differences are taken to the currency translation reserve within the Statements of Movements in Unitholders’ Funds.

(d) Consolidation adjustments

On consolidation, currency translation differences arising from the net investment in foreign operations, borrowings in foreign currencies, and other currency instruments designated as hedges of such investments, are taken to the currency translation reserve. When a foreign operation is sold, such currency translation differences recorded in the currency translation reserve are recognised in the Statements of Total Return as part of the gain or loss on sale. 137 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

2.20 Units and perpetual securities

Proceeds from the issuance of units and perpetual securities in MLT are recognised as equity.

Issue expenses relate to expenses incurred in issuance of units and perpetual securities in MLT. The expenses relating to issuance of units and perpetual securities are deducted directly from the net assets attributable to the Unitholders and perpetual securities balance respectively.

2.21 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to Management who is responsible for allocating resources and assessing performance of the operating segments.

2.22 Distribution policy

MLT’s distribution policy is to distribute at least 90% of its taxable income, comprising substantially its income from the letting of its properties and related property services income after deduction of allowable expenses and allowances, and of its tax-exempt income (if any). Distributions, when paid, will be in Singapore Dollars.

3. GROSS REVENUE, INTEREST INCOME AND DIVIDEND INCOME

Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Rental income 288,114 287,216 125,130 121,646 Service charges 17,908 15,578 15,693 14,282 Other operating income 4,687 4,992 1,997 2,010 Gross revenue 310,709 307,786 142,820 137,938

Interest income - From bank 629 765 39 121 - From subsidiaries - - 9,382 11,580 629 765 9,421 11,701

Dividend income - - 47,034 31,244

138 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

4. PROPERTY EXPENSES

Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Operation and maintenance 5,968 4,996 3,892 3,241 Land rental 5,714 4,712 5,175 4,221 Property and other taxes 14,438 14,140 5,863 4,848 Utilities 2,476 2,592 2,254 2,472 Property and lease management fees 7,782 7,505 4,176 4,029 Marketing expenses 2,323 1,680 1,908 1,335 Others 4,373 4,089 1,492 912 43,074 39,714 24,760 21,058

5. MANAGER’S MANAGEMENT FEES

Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Base fee 21,116 21,452 8,290 7,950 Performance fee 9,659 9,646 4,251 4,207 30,775 31,098 12,541 12,157

6. OTHER TRUST INCOME/(EXPENSES)

Included in other trust income/(expenses) are:

Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Net foreign exchange gain/(loss) 14,585 (4,195) 9,869 (9,721)

Professional valuation fees (551) (657) (200) (159)

Auditors’ remuneration paid/payable to: - Auditors of MLT (141) (159) (106) (122) - Other auditors* (308) (324) - -

Non-audit fee paid/payable to: - Other auditors* - (100) - -

* Includes the network of member firms of PricewaterhouseCoopers International Limited (PwCIL).

139 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

7. BORROWING COSTS Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Interest expense - Bank and other borrowings 27,721 36,693 - - - Subsidiary - - 9,990 11,271 Financing fees 1,633 1,948 1,028 1,222 29,354 38,641 11,018 12,493

8. INCOME TAX

Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Withholding tax 3,175 5,770 - - Current income tax 5,519 3,010 - - Deferred tax 8,331 5,294 - - 17,025 14,074 - -

The income tax expense on the results for the financial year differs from the amount that would arise using the Singapore standard rate of income tax due to the following: Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Total return for the year before income tax 329,177 236,642 236,726 133,203

Tax calculated at a tax rate of 17% 55,960 40,229 40,243 22,645

Effects of: - Expenses not deductible for tax purposes 8,467 17,537 1,826 9,885 - Income not subject to tax (32,092) (28,350) (16,469) (10,050) - Exemption for foreign dividend income under Singapore income tax - - (7,996) (5,311) - Different tax rates in other countries 3,937 2,885 - - - Utilisation of previously unrecognised tax losses (1,643) (1,058) - - - Tax transparency ruling (Note 2.4) (17,604) (17,169) (17,604) (17,169) Tax charge 17,025 14,074 - -

140 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

9. EARNINGS PER UNIT

The calculation of basic earnings per unit is based on: Group 2014 2013

Total return attributable to Unitholders of MLT (S$’000) 292,692 202,712

Weighted average number of units outstanding during the year (’000) 2,439,363 2,427,161

Basic and diluted earnings per unit (cents) 12.00 8.35

Diluted earnings per unit is the same as the basic earnings per unit as there are no dilutive instruments in issue during the financial year.

10. CASH AND CASH EQUIVALENTS Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Cash at bank and on hand 72,367 89,157 11,261 7,547 Short-term bank deposits 41,911 45,657 - 14,529 114,278 134,814 11,261 22,076

Short-term bank deposits at the reporting date in 2014 have a weighted average maturity of 2 months (2013: 1 month) from the end of the financial year. The effective interest rate at reporting date is 1.81% (2013: 1.38%) per annum.

11. TRADE AND OTHER RECEIVABLES Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Trade receivables 5,306 6,456 3,215 3,536 Allowance for impairment of trade receivables - (2,766) - (2,380) 5,306 3,690 3,215 1,156 Amounts due from subsidiaries (non-trade) - - 106,454 106,671 Dividend receivables - - 13,067 11,382 Other receivables 10,837 8,130 371 182 16,143 11,820 123,107 119,391

The amounts due from subsidiaries are unsecured, interest-free and repayable on demand.

141 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

12. OTHER CURRENT ASSETS Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Deposits 4,514 1,101 80 87 Prepayments 7,550 6,064 1,092 1,061 12,064 7,165 1,172 1,148

13. INVESTMENT PROPERTIES AND INVESTMENT PROPERTY HELD-FOR-SALE

(a) Investment properties

Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Beginning of the year 4,050,367 4,058,274 1,618,254 1,554,040 Acquisition of and additions to investment properties 114,577 205,034 66,081 51,476 Transfer to investment property held-for-sale - (15,500) - (15,500) Net movement in the value of investment properties recognised in the Statements of Total Return 105,305 20,380 70,065 28,238 Currency translation difference (35,130) (217,821) - - End of the year 4,235,119 4,050,367 1,754,400 1,618,254

Included in investment properties is S$Nil (2013: S$62,904,000), of investment property under development.

Investment properties are stated at fair value based on valuations performed by independent professional valuers. The fair values are generally derived using the following methods:

• Income capitalisation - Properties are valued by capitalising net rental income after property tax at a rate which reflects the present and potential income growth and over the unexpired lease term.

• Discounted cash flow - Properties are valued by discounting the future net income stream over a period to arrive at a present value.

• Direct comparison - Properties are valued using transacted prices for comparable properties in the vicinity and elsewhere with adjustments made for differences in location, tenure, size, shape, design, age and condition of the buildings, availability of car park facilities, dates of transactions and the prevailing market conditions.

• Residual value - Investment properties under redevelopment or development are valued, as a starting point using the income capitalisation method and discounted cash flow method to derive the fair value of the property as if the redevelopment was already completed at reporting date. Deductions from that fair value, such as estimated construction cost and other costs to completion and estimated profit margin required to hold and develop property to completion are made to reflect the current condition of the property under redevelopment and development.

142 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

13. INVESTMENT PROPERTIES AND INVESTMENT PROPERTY HELD-FOR-SALE (continued)

(a) Investment properties (continued)

The Manager is of the view that the valuation methods and estimates are reflective of the current market condition.

Details of the properties are shown in the Portfolio Statements.

(b) Investment property held-for-sale

On 22 March 2013, Mapletree Logistics Trust announced it had entered into an agreement to divest its property at 30 Woodlands Loop, Singapore 738319. The divestment was completed on 30 April 2013.

(c) Net movement in the value of investment properties

Group The total S$105,305,000 (2013: S$20,271,000) recognised in the Statements of Total Return comprised S$105,305,000 (2013: S$20,380,000) revaluation gain, net of cost to sell an investment property held-for-sale of S$Nil (2013: S$109,000).

MLT The total S$70,065,000 (2013: S$28,129,000) recognised in the Statements of Total Return comprised S$70,065,000 (2013: S$28,238,000) revaluation gain and net of cost to sell an investment property held-for-sale of S$Nil (2013: S$109,000).

(d) Fair value hierarchy

The following table presents the investment properties at fair value and classified by level of fair value measurement hierarchy:

- Level 1: quoted prices (unadjusted) in active markets for identical assets;

- Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

- Level 3: inputs for the asset that are not based on observable market data (unobservable inputs).

Level 1 Level 2 Level 3 2014 S$’000 S$’000 S$’000

Group Investment properties - - 4,235,119

MLT Investment properties - - 1,754,400

(e) Reconciliation of Level 3 fair value measurements

The movement for investment properties classified under Level 3 are presented in Note 13(a) Investment Properties.

143 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

13. INVESTMENT PROPERTIES AND INVESTMENT PROPERTY HELD-FOR-SALE (continued)

(f) Valuation techniques and key unobservable inputs

The following table presents the valuation techniques and key inputs that were used to determine the fair value of the investment properties classified under Level 3 of the fair value hierarchy:

Relationship of key unobservable Description Valuation techniques Key unobservable inputs inputs to fair value Singapore Income capitalisation Capitalisation rate The higher the capitalisation rate, the 6.00% - 7.50% lower the fair value.

Discounted cash flow Discount rate The higher the discount rate, the lower the 8.00% fair value.

Japan Discounted cash flow Discount rate The higher the discount rate, the lower the 5.20% - 6.20% fair value

Hong Kong Income capitalisation Capitalisation rate The higher the capitalisation rate, the 5.50% lower the fair value.

South Korea Income capitalisation Capitalisation rate The higher the capitalisation rate, the 8.00% - 10.25% lower the fair value.

Discounted cash flow Discount rate The higher the discount rate, the lower the 9.75% - 11.75% fair value.

China Income capitalisation Capitalisation rate The higher the capitalisation rate, the 8.00% - 9.00% lower the fair value.

Malaysia Income capitalisation Capitalisation rate The higher the capitalisation rate, the 7.00% - 8.00% lower the fair value.

Vietnam Income capitalisation Capitalisation rate The higher the capitalisation rate, the 11.50% lower the fair value.

144 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

14. INVESTMENTS IN SUBSIDIARIES MLT 2014 2013 S$’000 S$’000

Equity investments at cost 233,628 233,334 Accumulated impairment (37,536) (37,536) 196,092 195,798

Details of significant subsidiaries are included in Note 29.

Impairment of a subsidiary

In the previous financial year, the fair value of the financial guarantees that was capitalised in the cost of investment in a subsidiary undertaking treasury activities was impaired to take into account the difference between the fair value of the financial guarantees provided by MLT to that subsidiary and its anticipated recoverable amount. No sensitivity analysis was considered as no changes to the impairment charge were noted where realistic variations were applied.

The impairment charge only affects MLT’s financial statements and does not impact the Group’s financial statements. The impairment charge is non-cash in nature and has no impact to the distributable income of both MLT and the Group.

15. LOANS TO SUBSIDIARIES

Loans to subsidiaries are denominated in the following currencies:

MLT 2014 2013 S$’000 S$’000

Singapore Dollar 252,353 222,910 Hong Kong Dollar 176,567 173,971 Japanese Yen 212,357 253,186 United States Dollar 108,331 111,058 749,608 761,125

The loans to subsidiaries are unsecured and have no fixed repayment terms. The loans denominated in Hong Kong Dollar and Singapore Dollar are interest-free. The weighted average interest rates of the United States Dollar and Japanese Yen loans at reporting date are 0.67% (2013: 0.79%) per annum and 3.32% (2013: 2.97%) per annum respectively.

The loans denominated in Hong Kong Dollar and Singapore Dollar are considered to be part of the Company’s net investment in these subsidiaries.

145 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

16. TRADE AND OTHER PAYABLES Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Current Trade payables 545 1,183 22 140 Accrued operating expenses 11,490 17,062 6,468 16,880 Accrued retention sums 7,285 11,585 7,017 2,195 Amounts due to subsidiaries (non-trade) - - 22,743 19,422 Amounts due to related parties (trade) 7,619 19,518 1,920 5,397 Deposits and advance rental 94,361 96,941 29,226 25,942 Interest payable 6,598 6,216 - - Other payables 11,659 6,892 8,584 2,277 139,557 159,397 75,980 72,253

Non-current Deferred revenue 2,500 2,500 2,500 2,500

Total trade and other payables 142,057 161,897 78,480 74,753

The non-trade amounts due to subsidiaries are unsecured, interest-free and repayable on demand.

Other payables include accrued capital expenditure and net value-added tax payable.

17. BORROWINGS Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Current Term loans - 259,486 - - Revolving credit facilities 128,712 14,271 - - Notes payable 20,000 15,000 - - 148,712 288,757 - -

Non-current Term loans 890,023 858,670 - - Revolving credit facilities 257,223 149,124 - - Notes payable 159,419 136,955 - - Loans from a subsidiary - - 438,339 392,899 1,306,665 1,144,749 438,339 392,899

Total borrowings 1,455,377 1,433,506 438,339 392,899

The above borrowings are unsecured. 146 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

17. BORROWINGS (continued)

(a) Maturity of borrowings

As at 31 March 2014, the current borrowings have a weighted average maturity of approximately 8 months (2013: 10 months) from the end of the financial year.

The non-current term loans, revolving credit facilities and notes payable mature between 2015 and 2021 (2013: 2014 and 2021). The loans from a subsidiary have no fixed repayment terms and are not expected to be repaid within the next 12 months.

(b) Interest rates

The weighted average effective interest rates of borrowings at the reporting date were as follows:

Group MLT 2014 2013 2014 2013 % % % %

Term loans (current) - 1.38 - - Term loans (non-current) 1.22 1.10 - - Revolving credit facilities (current) 1.29 4.24 - - Revolving credit facilities (non-current) 1.97 2.03 - - Notes payable (current) 3.30 5.00 - - Notes payable (non-current) 2.80 2.80 - - Loans from a subsidiary - - 1.70 1.88

(c) Interest rate risks

The exposure of the borrowings of the Group and MLT to interest rate changes and the contractual repricing dates at the reporting dates (before taking into account the derivatives to swap the floating rates to fixed rates) are as follows:

Variable Fixed Fixed Fixed rates rates rates rates less than less than 1 to more than 6 months 1 year 5 years 5 years Total Group S$’000 S$’000 S$’000 S$’000 S$’000

2014 Borrowings 1,237,006 20,000 38,952 159,419 1,455,377

2013 Borrowings 1,249,058 15,000 52,493 116,955 1,433,506

147 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

17. BORROWINGS (continued)

(c) Interest rate risks (continued)

Variable Fixed Fixed Fixed rates rates rates rates less than less than 1 to more than 6 months 1 year 5 years 5 years Total MLT S$’000 S$’000 S$’000 S$’000 S$’000

2014 Borrowings 307,910 20,000 - 110,429 438,339

2013 Borrowings 240,944 15,000 20,000 116,955 392,899

(d) Carrying amounts and fair values

The carrying amounts of current borrowings approximate their fair values. The carrying amounts of non-current borrowings, which are at variable market rates, also approximate their fair values.

The carrying amounts and fair values of fixed rate non-current notes payable and loans from a subsidiary were as follows:

Carrying amounts Fair values 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Group Notes payable (non-current) 159,419 136,955 161,002 148,111

MLT Loans from a subsidiary 110,429 136,955 116,440 148,111

148 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

18. DERIVATIVE FINANCIAL INSTRUMENTS

2014 2013 Contract Fair value Contract Fair value notional Assets/ notional Assets/ amount (liabilities) amount (liabilities) Group S$’000 S$’000 S$’000 S$’000

Interest rate swaps 750,657 (1,005) 706,676 (5,595) Cross currency swaps 127,598 (3,269) 111,001 931 Currency forwards 179,364 16,228 212,906 13,179 11,954 8,515

At 31 March 2014, the fixed interest rates on interest rate and cross currency swaps vary from -0.72% to 3.83% (2013: -0.72% to 4.86%) per annum and the floating rates vary from 0.14% to 3.30% (2013: 0.14% to 3.21%) per annum.

2014 2013 Contract Fair value Contract Fair value notional Assets/ notional Assets/ amount (liabilities) amount (liabilities) MLT S$’000 S$’000 S$’000 S$’000

Currency forwards 179,364 16,228 212,906 13,179

Represented by: Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Current assets 19,381 17,220 16,927 15,644 Current liabilities (7,427) (8,705) (699) (2,465) 11,954 8,515 16,228 13,179

19. DEFERRED TAXATION Group 2014 2013 S$’000 S$’000

Beginning of the year 47,355 44,640 Tax charge to Statements of Total Return 8,331 5,294 Translation difference 368 (2,579) End of the year 56,054 47,355

Deferred income tax liabilities comprise mainly deferred income tax provided on fair value gains of investment properties at the applicable tax rates upon disposal of investment properties.

149 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

20. UNITS IN ISSUE AND PERPETUAL SECURITIES

(a) Units in issue

MLT 2014 2013 ’000 ’000

Beginning of the year 2,432,010 2,426,318 Creation of new units arising from - Distribution Reinvestment Plan 16,696 5,491 - Settlement of acquisition fees - 201 End of the year 2,448,706 2,432,010

(i) MLT has implemented a Distribution Reinvestment Plan in 2013 whereby the Unitholders have the option to receive their distribution in units instead of cash or a combination of units and cash.

16,695,553 new units (2013: 5,491,489) at an issue price range of S$1.006 to S$1.281 (2013: S$1.119 to S$1.133) per unit were issued pursuant to the Distribution Reinvestment Plan.

(ii) 200,539 units at S$1.1419 per unit were issued in 2013, in respect of the payment of manager’s acquisition fees for the acquisition of Mapletree Wuxi Logistics Park.

Each unit in MLT represents an undivided interest in MLT. The rights and interests of Unitholders are contained in the Trust Deed and include the right to:

• Receive income and other distributions attributable to the units held;

• Participate in the termination of MLT by receiving a share of all net cash proceeds derived from the realisation of the assets of MLT less any liabilities, in accordance with their proportionate interests in MLT. However, a Unitholder does not have the right to require that any assets (or part thereof) of MLT be transferred to him; and

• Attend all Unitholders’ meetings. The Trustee or the Manager may (and the Manager shall at the request in writing of not less than 50 Unitholders or one-tenth in the number of Unitholders, whichever is lesser) at any time convene a meeting of Unitholders in accordance with the provisions of the Trust Deed.

The restrictions of a Unitholder include the following:

• A Unitholder’s right is limited to the right to require due administration of MLT in accordance with the provisions of the Trust Deed; and

• A Unitholder has no right to request to redeem his units while the units are listed on SGX-ST.

A Unitholder’s liability is limited to the amount paid or payable for any units in MLT. The provisions of the Trust Deed provide that no Unitholder will be personally liable to indemnify the Trustee or any creditor of the Trustee in the event that the liabilities of MLT exceed its assets.

150 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

20. UNITS IN ISSUE AND PERPETUAL SECURITIES (continued)

(b) Perpetual securities

The following represents the terms of the perpetual securities:

• These perpetual securities have no fixed redemption date;

• Redemption is at the discretion of MLT. The distribution will be payable semi-annually at the discretion of MLT and will be non-cumulative.

In terms of distribution payments or in the event of winding-up of MLT:

• These perpetual securities rank pari passu with the holders of preferred units (if any) and rank ahead of the Unitholders of MLT, but junior to the claims of all other present and future creditors of MLT.

• MLT shall not declare distribution or pay any distributions to the Unitholders, or make redemption, unless MLT declare or pay any distributions to the holders of the perpetual securities.

These perpetual securities are classified as equity instruments and recorded in equity in the Statements of Movements in Unitholders’ Funds. The S$344,010,000 (2013: S$344,010,000) presented on the Statements of Financial Position represents the S$350,000,000 perpetual securities net of issue costs and include total return attributable to perpetual securities holders from last distribution date.

21. ISSUE EXPENSES

Issue expenses comprise professional, advisory, underwriting, printing and other costs related to issuance of units and perpetual securities of MLT.

22. COMMITMENTS

(a) Capital commitments

Development expenditures contracted for at the reporting date but not recognised in the financial statements amounted to S$Nil (2013: S$62.9 million).

151 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

22. COMMITMENTS (continued)

(b) Operating lease commitments

(i) For the Singapore properties, the Group is required to pay Jurong Town Corporation or the Housing and Development Board for annual land rent in respect of certain of its investment properties. The annual land rent is based on market rent in the relevant year of the current lease term and the lease provides that any increase in annual land rent from year to year shall not exceed 5.5% of the annual land rent for the immediate preceding year. The leases are non- cancellable with remaining lease terms of up to 83 years as at 31 March 2014, with options to renew up to a further 30 years for some of the leases. The land rent paid/payable based on prevailing rental rates for the current financial year approximates S$5,058,000 (2013: S$4,170,000).

For certain China properties, the Group is required to pay the Chinese authorities an annual land rent with respect to the properties. The land rent is based on RMB1 to RMB14 per square metre of land area per year in the subject premise. The leases are non-cancellable with remaining lease term of approximately 30 to 42 years as at 31 March 2014. The land rent paid/payable for the current financial year approximates RMB1,774,000 (2013: RMB1,657,000) (S$367,000 (2013: S$328,000)).

For the Malaysia properties, the Group is required to pay the Petaling District Land Office, Klang District Land Office and Kulai Jaya Land Office (“Land Offices”) annual land rent in respect of its investment properties. The annual land rent is based on the classification of land and vary according to the category of land use of the land alienated. The annual land rent is based on prevailing rate according to the Land Offices, land usage, and layer of the land located, and any increase in the annual land rent will be at the Land Offices’ discretion. The land leases are non-cancellable except in the event of land acquisition under Land Acquisition Act 1960 (Act 486) & Rules and have remaining lease terms of between 29 to 92 years as at 31 March 2014. The land rent paid/payable for the current financial year approximates MYR325,000 (2013: MYR323,000) (S$125,000 (2013: S$130,000)).

(ii) The Group leases out its investment properties. The future minimum lease payments receivable under non-cancellable operating leases contracted for at the reporting date but not recognised as receivables, are as follows:

Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Not later than 1 year 290,704 261,963 145,905 136,410 Later than 1 year but not later than 5 years 580,263 590,677 245,817 227,326 Later than 5 years 477,086 637,193 232,694 223,177 1,348,053 1,489,833 624,416 586,913

Some of the operating leases are subject to revision of lease rentals at periodic intervals. For the purpose of the above disclosure, the prevailing lease rentals are used.

152 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

23. FINANCIAL RISK MANAGEMENT

Financial risk factors

The Group’s activities expose it to market risk (including currency risk and interest rate risk), credit risk and liquidity risk in the normal course of its business. The Group’s overall risk management strategy seeks to minimise adverse effects from the unpredictability of financial markets on the Group’s financial performance. The Group uses financial instruments such as currency forwards, cross currency swaps, interest rate swaps and foreign currency borrowings to hedge certain financial risk exposures.

The Board of Directors (“BOD”) of the Manager is responsible for setting the objectives and underlying principles of financial risk management for the Group. This is supported by comprehensive internal processes and procedures which are formalised in the Manager’s organisational and reporting structure, operating manuals and delegation of authority guidelines.

(a) Market risk

(i) Currency risk

The Manager’s investment strategy includes investing in the Asia-Pacific region. In order to manage the currency risk involved in investing in assets outside Singapore, the Manager adopts currency risk management strategies that may include:

• The use of foreign currency denominated borrowings to match the currency of the asset investment as a natural currency hedge;

• The use of cross currency swaps to swap a portion of debt in another currency into the currency of the asset investment to reduce the underlying currency exposure; and

• Entering into currency forward contracts to hedge the foreign currency income received from the offshore assets, back into Singapore Dollars.

The Group’s main currency exposure based on the information provided to key management is as follows:

SGD HKD MYR JPY USD Group S$’000 S$’000 S$’000 S$’000 S$’000

2014 Financial assets Cash and cash equivalents 6,981 20,771 8,626 35,053 5,012 Trade and other receivables 3,586 7,871 1,596 1,284 -

Financial liabilities Trade and other payables (51,869) (15,237) (8,228) (24,349) (1,155) Borrowings (145,352) (220,402) (54,475) (964,261) (70,887) Net financial liabilities (186,654) (206,997) (52,481) (952,273) (67,030) Less: Net financial liabilities denominated in the respective entities’ functional currencies 186,806 198,022 55,656 940,378 - Cross currency swaps* - - - - 66,294 Net currency exposure 152 (8,975) 3,175 (11,895) (736)

153 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

23. FINANCIAL RISK MANAGEMENT (continued)

Financial risk factors (continued)

(a) Market risk (continued)

(i) Currency risk (continued)

SGD HKD MYR JPY USD Group S$’000 S$’000 S$’000 S$’000 S$’000

2013 Financial assets Cash and cash equivalents 17,991 20,286 9,205 43,726 3,077 Trade and other receivables 1,337 5,504 1,273 1,122 -

Financial liabilities Trade and other payables (52,318) (16,009) (8,493) (33,326) (2,977) Borrowings (122,552) (217,112) (53,139) (970,920) (69,782) Net financial liabilities (155,542) (207,331) (51,154) (959,398) (69,682) Less: Net financial (assets)/liabilities denominated in the respective entities’ functional currencies 155,824 196,681 141,542 991,199 - Cross currency swaps* - - - - 65,718 Currency forwards - - - (38,500) - Net currency exposure 282 (10,650) 90,388 (6,699) (3,964)

* The Group entered into cross currency swaps to swap USD denominated borrowings into RMB amounting to S$49.6 million (2013: S$48.8 million), SGD denominated borrowings into RMB amounting to S$11.3 million (2013: S$35.3 million), USD denominated borrowings into KRW amounting to S$16.7 million (2013: S$16.9 million) and SGD denominated borrowings into KRW amounting to S$50.0 million (2013: S$10.0 million).

MLT’s main foreign currency exposure based on the information provided by key management is as follows:

HKD MYR JPY USD MLT S$’000 S$’000 S$’000 S$’000

2014 Financial assets Cash and cash equivalents - - 2,427 1,853 Trade and other receivables 6,341 87,357 2,304 12,909 Loans to subsidiaries 176,567 - 212,357 108,331

Financial liabilities Trade and other payables (15,278) (9) (2,159) (6,039) Borrowings - - (226,863) (47,681) Net currency exposure 167,630 87,348 (11,934) 69,373 154 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

23. FINANCIAL RISK MANAGEMENT (continued)

Financial risk factors (continued)

(a) Market risk (continued)

(i) Currency risk (continued)

HKD MYR JPY USD MLT S$’000 S$’000 S$’000 S$’000

2013 Financial assets Cash and cash equivalents - - 3,909 176 Trade and other receivables 4,391 90,397 2,485 11,813 Loans to subsidiaries 173,972 - 287,114 111,058

Financial liabilities Trade and other payables (15,065) (10) (1,946) (2,714) Borrowings - - (259,796) (53,027) Net financial assets 163,298 90,387 31,766 67,306 Currency forwards - - (38,500) - Net currency exposure 163,298 90,387 (6,734) 67,306

The Group’s main foreign currency exposure is in HKD, MYR, JPY and USD (2013: HKD, MYR, JPY and USD). If the HKD, MYR, JPY and USD change against the SGD by 5% (2013: 5%) with all other variables including tax being held constant, the effects arising from the net financial asset/liability position will be as follows:

Increase / (Decrease) 2014 2013 Total return Total return for the year for the year Group S$’000 S$’000

HKD against SGD - strengthened (472) (561) - weakened 427 507 MYR against SGD - strengthened 167 4,757 - weakened (151) (4,304) JPY against SGD - strengthened (626) (352) - weakened 566 319 USD against SGD - strengthened (39) (209) - weakened 35 189

155 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

23. FINANCIAL RISK MANAGEMENT (continued)

Financial risk factors (continued)

(a) Market risk (continued)

(i) Currency risk (continued)

MLT’s main foreign currency exposure is in HKD, MYR, JPY and USD (2013: HKD, MYR, JPY and USD). If the HKD, MYR, JPY and USD changed against the SGD by 5% (2013: 5%), with all other variables including tax being held constant, the effects arising from the net financial asset/liability will be as follows:

Increase / (Decrease) 2014 2013 Total return Total return for the year for the year MLT S$’000 S$’000

HKD against SGD - strengthened 8,823 8,595 - weakened (7,982) (7,776) MYR against SGD - strengthened 4,597 4,757 - weakened (4,159) (4,304) JPY against SGD - strengthened (628) (354) - weakened 568 321 USD against SGD - strengthened 3,651 3,542 - weakened (3,303) (3,205)

(ii) Cash flow and fair value interest rate risk

The Group’s exposure to changes in interest rates relates primarily to interest-earning financial assets and interest-bearing financial liabilities. Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market interest rates. The Group has no significant interest-bearing assets.

The Group’s policy is to maintain at least 50% of its borrowings in fixed-rate instruments. The Group’s exposure to cash flow interest rate risks arises mainly from variable-rate borrowings. MLT’s exposure to cash flow interest rate risks arises mainly from borrowings and loans to subsidiaries at variable rates. The Manager manages these cash flow interest rate risks using floating-to-fixed interest rate swaps.

156 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

23. FINANCIAL RISK MANAGEMENT (continued)

Financial risk factors (continued)

(a) Market risk (continued)

(ii) Cash flow and fair value interest rate risk (continued)

The Group’s and MLT’s borrowings at variable rates on which interest rate swaps have not been entered into, are denominated mainly in JPY (2013: JPY).

If JPY interest rates increase/decrease by 0.5% per annum (2013: 0.5% per annum), the total return will be lower/higher by S$1,489,000 (2013: S$1,925,000).

(b) Credit risk

Credit risk is the potential financial loss resulting from the failure of a customer or counterparty to settle its financial and contractual obligations to the Group, as and when they fall due.

The Manager has established credit limits for customers and monitors their balances on an ongoing basis. Credit evaluations are performed by the Manager before lease agreements are entered into with customers. The risk is also mitigated due to customers placing security deposits or furnishing bankers guarantees for lease rentals. Cash and short-term bank deposits are placed with financial institutions which are regulated.

At the reporting date, there was no significant concentration of credit risk. The maximum exposure to credit risk is represented by the carrying value of each financial asset in the Statement of Financial Position, except as follows:

MLT 2014 2013 S$’000 S$’000

Corporate guarantees provided to banks on subsidiaries’ loans 1,017,038 1,040,607

The Group’s major classes of financial assets are cash and cash equivalents and trade and other receivables.

MLT’s major classes of financial assets are cash and cash equivalents, amounts due from subsidiaries and loansto subsidiaries.

157 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

23. FINANCIAL RISK MANAGEMENT (continued)

(b) Credit risk (continued)

The credit risk for net trade receivables based on the information provided to key management is as follows:

Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

By geographical areas Singapore 3,215 1,156 3,215 1,156 Hong Kong 390 41 - - People’s Republic of China 227 350 - - Malaysia 192 127 - - Korea 1,154 1,879 - - Vietnam 128 137 - - 5,306 3,690 3,215 1,156

(i) Financial assets that are neither past due nor impaired

Bank deposits that are neither past due nor impaired are mainly deposits with banks which are regulated and with high credit-ratings assigned by international credit-rating agencies. Trade and other receivables that are neither past due nor impaired are substantially from companies with a good collection track record with the Group.

(ii) Financial assets that are past due and/or impaired

There is no other class of financial assets that is past due and/or impaired except for trade receivables.

The age analysis of trade receivables past due but not impaired is as follows:

Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Past due 0 to 3 months 1,282 1,415 1,083 535 Past due 3 to 6 months 387 28 27 12 Past due over 6 months 24 1,268 15 - 1,693 2,711 1,125 547

158 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

23. FINANCIAL RISK MANAGEMENT (continued)

(b) Credit risk (continued)

(ii) Financial assets that are past due and/or impaired (continued)

The carrying amount of trade receivables individually determined to be impaired and the movement in the related allowance for impairment are as follows:

Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Past due over 6 months - 2,766 - 2,380 Less: Allowance for impairment - (2,766) - (2,380) - - - -

Beginning of the year 2,766 2,763 2,380 2,380 Allowance utilised (2,766) - (2,380) - Currency translation difference - 3 - - End of the year - 2,766 - 2,380

(c) Liquidity risk

The Manager monitors and maintains a level of cash and cash equivalents deemed adequate to finance the Group’s operations. In addition, the Manager also monitors and observes the CIS by the MAS concerning the leverage limits as well as bank covenants imposed by the banks on the various borrowings.

The table below analyses the maturity profile of the Group’s and MLT’s financial liabilities (including derivative financial liabilities) based on contractual undiscounted cash flows.

Between Between Less than 1 and 2 2 and 5 Over 5 1 year years years years Group S$’000 S$’000 S$’000 S$’000

2014 Net-settled interest rate and cross currency swaps 285 3,149 7,352 7,245 Gross-settled currency forwards - Receipts 72,154 53,895 50,561 2,754 - Payments (66,916) (50,349) (42,579) (2,454) Trade and other payables1 (131,985) - - - Borrowings (170,744) (143,571) (862,696) (369,743) (297,206) (136,876) (847,362) (362,198)

159 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

23. FINANCIAL RISK MANAGEMENT (continued)

(c) Liquidity risk (continued)

Between Between Less than 1 and 2 2 and 5 Over 5 1 year years years years Group S$’000 S$’000 S$’000 S$’000

2013 Net-settled interest rate and cross currency swaps 3,764 2,615 1,874 - Gross-settled currency forwards - Receipts 107,943 39,907 65,056 - - Payments (100,933) (35,603) (56,373) - Trade and other payables1 (152,096) - - - Borrowings (308,316) (118,470) (497,940) (591,755) (449,638) (111,551) (487,383) (591,755)

Between Between Less than 1 and 2 2 and 5 Over 5 1 year years years years MLT S$’000 S$’000 S$’000 S$’000

2014 Gross-settled currency forwards - Receipts 72,154 53,895 50,561 2,754 - Payments (66,916) (50,349) (42,579) (2,454) Trade and other payables1 (74,613) - - - Borrowings - loans from subsidiary (7,458) (7,458) (22,374) (438,339) (76,833) (3,912) (14,392) (438,039)

2013 Gross-settled currency forwards - Receipts 107,943 39,907 65,056 - - Payments (100,933) (35,603) (56,373) - Trade and other payables1 (71,036) - - - Borrowings - loans from subsidiary (7,388) (7,388) (22,164) (392,899) (71,414) (3,084) (13,481) (392,899)

1 Excludes advanced rental and deferred revenue.

160 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

23. FINANCIAL RISK MANAGEMENT (continued)

(d) Capital risk

The Manager’s objective when managing capital is to optimise the Group’s capital structure within the borrowing limits set out in the CIS by the MAS to fund future acquisitions and asset enhancement works. To maintain or achieve an optimal capital structure, the Manager may issue new units or source additional borrowing from both financial institutions and capital markets.

The Manager monitors capital based on aggregate leverage limit. Under the CIS, all Singapore-listed real estate investment trusts (“S-REITs”) are given the aggregate leverage limit of 60% of its deposited property if a S-REIT has obtained a credit rating from a major credit rating agency.

The aggregate leverage ratio is calculated as total borrowings plus deferred payments divided by total assets. Group 2014 2013 S$’000 S$’000

Total borrowings and deferred payments 1,462,662 1,445,091 Total assets 4,396,985 4,236,886

Aggregate leverage ratio 33.3% 34.1%

The Group and MLT are in compliance with the borrowing limit requirement imposed by the CIS and all externally imposed capital requirements for the financial year ended 31 March 2014 and 31 March 2013.

(e) Categories of financial assets and financial liabilities

The following table sets out the different categories of financial instruments as at theeporting r date:

Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Financial derivative assets at fair value through profit or loss 19,381 17,220 16,927 15,644

Financial derivative liabilities at fair value through profit or loss 7,427 8,705 699 2,465

Loans and receivables1 134,935 147,735 884,056 902,679

Financial liabilities at amortised cost2 1,587,362 1,585,601 512,952 463,935

1 Excludes prepayment.

2 Excludes advanced rental and deferred revenue.

161 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

23. FINANCIAL RISK MANAGEMENT (continued)

(f) Fair value measurements

The following table presents financial derivatives at fair value at reporting dates and classified by level of the fairvalue measurement hierarchy:

(i) Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

(ii) Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); and

(iii) Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).

Level 2 2014 2013 S$’000 S$’000

Group Assets Derivative financial instruments 19,381 17,220

Liabilities Derivative financial instruments (7,427) (8,705)

MLT Assets Derivative financial instruments 16,927 15,644

Liabilities Derivative financial instruments (699) (2,465)

The fair values of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) are based on banks’ quotes. The fair values of forward currency contracts are determined using actively quoted forward currency rates at the reporting date. The fair values of interest-rate swaps are calculated as the present value of the estimated future cash flows, discounted at actively quoted interest rates.

The carrying value less impairment provision of trade and other receivables, trade and other payables and loans to subsidiaries approximate their fair values.

24. SIGNIFICANT RELATED PARTY TRANSACTIONS

For the purposes of these financial statements, parties are considered to be related to the Group when the Group has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group and the party are subject to common significant influence. Related parties may be individuals or other entities. The Manager (Mapletree Logistics Trust Management Ltd.) and the property manager (Mapletree Property Management Pte. Ltd.) are indirect wholly-owned subsidiaries of a substantial Unitholder of MLT.

162 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

24. SIGNIFICANT RELATED PARTY TRANSACTIONS (continued)

During the financial year, other than those disclosed elsewhere in the financial statements, the following significant related party transactions took place at terms agreed between the parties as follows:

Group MLT 2014 2013 2014 2013 S$’000 S$’000 S$’000 S$’000

Management fees paid/payable to the Manager and 31,668 32,633 13,433 13,692 related parties* Property management fees paid/payable to a related party 8,975 8,191 6,012 5,321 Acquisition fees paid/payable to the Manager in relation to the 321 1,415 321 1,175 acquisition of properties Acquisition of property via the purchase of shares in a subsidiary from - 22,900 - 22,900 a related party Rental received/receivable from related parties 8,187 8,443 8,184 8,440 Operation and maintenance expenses paid/payable to 2,221 1,628 2,221 1,628 related parties Dividend payment to a related party 280 - - - Return of capital for preferred equity to a related party 353 181 - -

* Includes amount capitalised into investment property under development.

25. SEGMENT INFORMATION

The Group has determined the operating segments based on the reports reviewed by Management that are used to make strategic decisions. Management comprises the Chief Executive Officer and the Chief Financial Officer.

Management considers the business from a geographic segment perspective. Geographically, Management manages and monitors the business by the seven countries: Singapore, Hong Kong, the People’s Republic of China, Malaysia, Japan, Korea and Vietnam. All geographical locations are in the business of investing in logistics properties, which is the only business segment of the Group.

Management assesses the performance of the geographic segments based on a measure of Net Property Income (“NPI”). Interest income and finance expenses are not allocated to segments, as the treasury activities are centrally managed by the Group.

163 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

25. SEGMENT INFORMATION (continued)

The segment information provided to Management for the reportable segments for the year ended 31 March 2014 is as follows:

Hong Singapore Kong PRC Malaysia Japan Korea Vietnam Total S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 $’000 S$’000

Gross revenue 142,820 42,186 17,579 12,672 66,479 27,665 1,308 310,709

Net property income 118,060 39,748 13,722 11,468 58,097 25,450 1,090 267,635 Interest and other income 629 Unallocated costs * (18,188) Borrowing costs (29,354) Net investment income 220,722 Net change in fair value of financial derivatives 3,150

Net income 223,872

Net movement in the value of investment properties 70,065 43,261 (5,757) 1,504 2,670 (6,771) 333 105,305

Total return for the year before income tax 329,177

Income tax (17,025)

Total return for the year 312,152

Other segment items Capital expenditure - Investment properties 66,081 331 - 262 11,516 36,359 28 114,577

Segment assets - Investment properties 1,754,400 782,697 214,298 152,842 995,396 327,052 8,434 4,235,119 - Others 3,215 390 227 192 - 1,154 128 5,306 4,240,425 Unallocated assets** 156,560 Consolidated total assets 4,396,985

Segment liabilities 29,248 12,117 5,668 5,402 21,013 20,966 492 94,906 Unallocated liabilities *** 1,569,896 Consolidated total liabilities 1,664,802

164 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

25. SEGMENT INFORMATION (continued)

The segment information provided to Management for the reportable segments for the year ended 31 March 2013 is as follows:

Hong Singapore Kong PRC Malaysia Japan Korea Vietnam Total S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 $’000 S$’000

Gross revenue 137,938 38,655 14,432 11,878 80,239 23,427 1,217 307,786

Net property income 116,879 36,402 11,530 10,573 70,196 21,446 1,046 268,072 Interest and other income 765 Unallocated costs * (36,887) Borrowing costs (38,641) Net investment income 193,309 Net change in fair value of financial derivatives 23,062

Net income 216,371

Net movement in the value of investment properties 28,129 27,586 (1,591) 8,627 (44,176) 1,725 (29) 20,271

Total return for the year before income tax 236,642

Income tax (14,074)

Total return for the year 222,568

Other segment items Capital expenditure - Investment properties 51,476 113 23,856 24,354 128 105,078 29 205,034

Segment assets - Investment properties 1,633,754 727,741 212,846 157,260 1,039,941 286,310 8,015 4,065,867 - Others 1,156 41 350 127 - 1,879 137 3,690 4,069,557 Unallocated assets** 167,329 Consolidated total assets 4,236,886

Segment liabilities 28,582 11,281 5,567 5,164 22,251 27,312 467 100,624 Unallocated liabilities *** 1,554,009 Consolidated total liabilities 1,654,633

165 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

25. SEGMENT INFORMATION (continued)

* Unallocated costs include Manager’s management fees, Trustee’s fees and other trust expenses.

** Unallocated assets include cash and cash equivalents, other receivables, other current assets and derivative financial instruments.

*** Unallocated liabilities include borrowings of S$1,455.4 million (2013: S$1,433.5 million), details of which are included in Note 17.

The revenue from external parties reported to Management is measured in a manner consistent with that of the Statements of Total Return. The Group provides a single product/service - logistics business.

26. FINANCIAL RATIOS 2014 2013 % %

Ratio of expenses to weighted average net assets¹ - Including performance component of asset management fees 1.25 1.29 - Excluding performance component of asset management fees 0.88 0.91 Portfolio turnover rate² 0.59 -

¹ The annualised ratios are computed in accordance with the guidelines of Investment Management Association of Singapore dated 25 May 2005.

The expenses used in the computation relate to expenses of the Group, excluding property expenses, borrowing costs, net foreign exchange differences and income tax expense.

² The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Trust expressed as a percentage of daily average net asset value in accordance with the formulae stated in the CIS.

27. EVENTS OCCURRING AFTER REPORTING DATE

The Manager announced a distribution of 1.89 cents per unit for the period from 1 January 2014 to 31 March 2014.

28. NEW ACCOUNTING STANDARDS AND FRS INTERPRETATIONS

Below are the mandatory standards, amendments and interpretations to existing standards that have been published, and are relevant for the Group’s accounting periods beginning on or after 1 April 2014 or later periods and which the Group has not early adopted:

• FRS 110 - Consolidated Financial Statements (effective for annual periods beginning on or after 1 January 2014)

FRS 110 replaces all of the guidance on control and consolidation in FRS 27 “Consolidated and Separate Financial Statements” and INT FRS 12 “Consolidation – Special Purpose Entities”. The same criteria are now applied to all entities to determine control. Additional guidance is also provided to assist in the determination of control where this is difficult to assess. The Group will apply FRS 110 from 1 April 2014 but this is not expected to have any significant impact on the financial statements of the Group. 166 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

28. NEW ACCOUNTING STANDARDS AND FRS INTERPRETATIONS (continued)

• FRS 112 – Disclosure of Interests in Other Entities (effective for annual periods beginning on or after 1 January 2014)

FRS 112 requires disclosure of information that helps financial statements readers to evaluate the nature, risks and financial effects associated with the entity’s interests in (1) subsidiaries, (2) associates, (3) joint arrangements and (4) unconsolidated structured entities.

The Group will apply FRS 112 prospectively from 1 April 2014. FRS 112 will not result in any changes to the Group’s accounting policies but will require more disclosures in the financial statements.

29. LISTING OF SIGNIFICANT COMPANIES IN THE GROUP

Country of Name of companies Principal activities incorporation/ business Equity holding 2014 2013 %%

MapletreeLog Treasury Company Pte. Ltd. (a) Captive treasury Singapore/Singapore 100 100 MapletreeLog Treasury Company (HKSAR) Ltd. (a) Captive treasury Cayman Islands/Hong Kong 100 100 Mapletree Topaz Ltd. (g) Investment holding Cayman Islands/Hong Kong 100 100 Mapletree Opal Ltd. (b) Investment holding Cayman Islands/ Hong Kong 100 100 MapletreeLog PF (HKSAR) Ltd. (b) Investment holding Cayman Islands/Hong Kong 100 100 MapletreeLog GTC (HKSAR) Ltd.(b) Investment holding Cayman Islands/Hong Kong 100 100 Greatdeal Finance Limited (b) Investment holding BVI/Hong Kong 100 100 Genright Investment Limited (b) Investment holding Hong Kong/Hong Kong 100 100 MapletreeLog Ouluo (Shanghai) Ltd. (g) Investment holding Cayman Islands/PRC 100 100 MapletreeLog AIP (Guangzhou) Ltd. (g) Investment holding Cayman Islands/PRC 100 100 MapletreeLog Seastar (Xian) Ltd. (g) Investment holding Cayman Islands/PRC 100 100 Mapletree WND (Wuxi) (HKSAR) Limited (b) Investment holding Hong Kong/PRC 100 100 Mapletree Logistics Development (Wuxi) Co., Ltd. (c) Investment holding PRC/PRC 100 100 MapletreeLog Northwest (Shanghai) Ltd. (g) Investment holding Cayman Islands/PRC 100 100 MapletreeLog Integrated (Shanghai) Investment holding Cayman Islands/PRC 100 100 (Cayman) Ltd. (g) MapletreeLog AIP (Guangzhou) (HKSAR) Investment holding Hong Kong/PRC 100 100 Limited (b) MapletreeLog Northwest (Shanghai) (HKSAR) Investment holding Hong Kong/PRC 100 100 Limited (b) MapletreeLog Integrated (Shanghai) Investment holding Hong Kong/ PRC 100 100 (HKSAR) Limited (b) MapletreeLog Seastar (Xian) (HKSAR) Limited (b) Investment holding Hong Kong/PRC 100 100

167 MAPLETREE LOGISTICS TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

29. LISTING OF SIGNIFICANT COMPANIES IN THE GROUP (continued)

Country of Name of companies Principal activities incorporation/ business Equity holding 2014 2013 %%

Guangzhou Mapletree Eastern American Log Investment holding PRC/PRC 100 100 Limited (c) Mapletree Logistics Warehouse (Xian) Co., Ltd. (c) Investment holding PRC/PRC 100 100 MapletreeLog Jinda Warehouse (Shanghai) Investment holding PRC/PRC 100 100 Co., Ltd. (c) MapletreeLog Integrated (Shanghai) Investment holding PRC/PRC 100 100 Co., Ltd. (c) MapletreeLog Malaysia Holdings Pte. Ltd. (a) Investment holding Singapore/Malaysia 100 100 MapletreeLog (M) Holdings Sdn. Bhd. (d) Investment holding Malaysia/Malaysia 100 100 Semangkuk Berhad (d) (h) Investment holding Malaysia/ Malaysia 100 100 MapletreeLog Gyoda (Japan) (HKSAR) Limited (b) Investment holding Hong Kong/Japan 100 100 TK Business Samara Logistics 1 (g)(h) Investment holding Japan/Japan 100 100 TK Business Asagao (g)(h) Investment holding Japan/Japan 97 97 TK Business Hinoki (g)(h) Investment holding Japan/Japan 97 97 MapletreeLog Oakline (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 100 MapletreeLog MQ (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 100 Kingston (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 100 Pyeongtaek (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 100 Iljuk (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 100 Dooil (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 100 Jungbu Jeil (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 100 Miyang (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 100 Seoicheon (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 - MapletreeLog First Korea (Yujoo) Co., Ltd. (e) Investment holding South Korea/South Korea 100 100 MapletreeLog Korea (Yongin) Co., Ltd. (e) Investment holding South Korea/South Korea 100 100 MapletreeLog Kingston Co., Ltd. (e) Investment holding South Korea/ South Korea 100 100 MapletreeLog Pyeongtaek Co., Ltd. (e) Investment holding South Korea/South Korea 100 100 MapletreeLog Iljuk Korea Co., Ltd. (e) Investment holding South Korea/South Korea 100 100 MapletreeLog Dooil Co., Ltd. (e) Investment holding South Korea/South Korea 100 100 MapletreeLog Jungbu Jeil Co., Ltd. (e) Investment holding South Korea/South Korea 100 100 MapletreeLog Miyang Co., Ltd. (e) Investment holding South Korea/South Korea 100 100 Seoicheon Logistics Co., Ltd. (e) Investment holding South Korea/South Korea 100 -

168 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2014

29. LISTING OF SIGNIFICANT COMPANIES IN THE GROUP (continued)

Country of Name of companies Principal activities incorporation/ business Equity holding 2014 2013 %%

MapletreeLog VSIP 1 Warehouse Pte. Ltd. (a) Investment holding Singapore/Vietnam 100 100 Mapletree VSIP 1 Warehouse (Cayman) Co., Ltd. (g) Investment holding Cayman Islands/Vietnam 100 100 Mapletree First Warehouse (Vietnam) Co., Ltd. (f) Investment holding Vietnam/Vietnam 100 100

(a) Audited by PricewaterhouseCoopers LLP, Singapore (i) (b) Audited by PricewaterhouseCoopers Limited, Hong Kong (i) (c) Audited by PricewaterhouseCoopers Zhong Tian CPAs Limited Company, PRC (i) (d) Audited by PricewaterhouseCoopers, Malaysia (i) (e) Audited by Samil PricewaterhouseCoopers, Korea (i) (f) Audited by KPMG Limited, Vietnam (g) Not required to be audited under the laws of the country of incorporation. (h) These special purpose entities have been consolidated in the financial statements in accordance with Interpretations of Financial Reporting Standard 12: Consolidation – Special Purpose Entities, as the Group primarily bears the risks and enjoys the benefits of the investments held by these special purpose entities. (i) Part of the network of member firms of PricewaterhouseCoopers International Limited (PwCIL)

30. AUTHORISATION OF THE FINANCIAL STATEMENTS

The financial statements were authorised for issue by the Manager and the rusteeT on 28 May 2014.

169 MAPLETREE LOGISTICS TRUST

STATISTICS OF UNITHOLDINGS

As at 28 May 2014

DISTRIBUTION OF UNITHOLDINGS

Size of Unitholdings No. of Unitholders % No. of Units %

1 - 999 233 1.76 65,699 0.00 1,000 - 10,000 8,217 62.28 40,150,261 1.64 10,001 - 1,000,000 4,706 35.67 222,587,612 9.09 1,000,001 and above 38 0.29 2,185,901,975 89.27 Total : 13,194 100.00 2,448,705,547 100.00

LOCATION OF UNITHOLDERS

Country No. of Unitholders % No. of Units %

Singapore 12,809 97.08 2,439,156,932 99.61 Malaysia 225 1.71 5,538,957 0.23 Others 160 1.21 4,009,658 0.16 Total : 13,194 100.00 2,448,705,547 100.00

TWENTY LARGEST UNITHOLDERS

No. Name No. of Units %

1. Citibank Nominees Singapore Pte Ltd 389,959,789 15.93 2. Mulberry Pte. Ltd. 351,443,702 14.35 3. Meranti Investments Pte. Ltd. 318,457,440 13.01 4. DBS Nominees (Private) Limited 277,213,422 11.32 5. HSBC (Singapore) Nominees Pte Ltd 246,353,074 10.06 6. Mapletree Logistics Properties Pte. Ltd. 154,910,070 6.33 7. Mangrove Pte. Ltd. 154,908,180 6.33 8. DBSN Services Pte. Ltd. 101,792,862 4.16 9. Raffles Nominees (Pte.) Limited 62,908,389 2.57 10. DB Nominees (Singapore) Pte Ltd 28,713,896 1.17 11. United Overseas Bank Nominees (Private) Limited 19,030,968 0.78 12. Bank Of Singapore Nominees Pte. Ltd. 10,343,461 0.42 13. BNP Paribas Securities Services 6,207,791 0.25 14. DBS Vickers Securities (Singapore) Pte Ltd 5,539,097 0.23 15. ABN Amro Nominees Singapore Pte Ltd 5,415,227 0.22 16. Certis Cisco Security Pte. Ltd. 4,500,000 0.18 17. BNP Paribas Nominees Singapore Pte Ltd 4,330,855 0.18 18. Chua Sok Koon 3,929,919 0.16 19. Mapletree Logistics Trust Management Ltd. 3,914,395 0.16 20. OCBC Nominees Singapore Private Limited 3,840,333 0.16

Total : 2,153,712,870 87.97 170 STAYING ON COURSE° ANNUAL REPORT 2013/2014

STATISTICS OF UNITHOLDINGS

As at 28 May 2014

SUBSTANTIAL UNITHOLDERS AS AT 28 MAY 2014

% of Total No. Name of Company Direct Interest Deemed Interest Issued Capital

1 Temasek Holdings (Private) Limited (1) - 1,004,856,383 41.03 2 Fullerton Management Pte Ltd (2) - 983,633,787 40.16 3 Mapletree Investments Pte Ltd - 983,633,787 40.16 4 Mulberry Pte. Ltd. 351,443,702 - 14.35 5 Meranti Investments Pte. Ltd. 318,457,440 - 13.00 6 Mapletree Logistics Properties Pte. Ltd. 154,910,070 - 6.32 7 Mangrove Pte. Ltd. 154,908,180 - 6.32

Notes (1) Temasek Holdings (Private) Limited (“Temasek”) is deemed to be interested in the 154,910,070 units held by Mapletree Logistics Properties Pte. Ltd. (“MLP”), 154,908,180 units held by Mangrove Pte. Ltd. (“Mangrove”), 318,457,440 units held by Meranti Investments Pte. Ltd. (“Meranti”), 351,443,702 units held by Mulberry Pte. Ltd. (“Mulberry”) and 3,914,395 units held by Mapletree Logistics Trust Management Ltd. (the “Manager”). MLP, Mangrove, Meranti and Mulberry are wholly owned subsidiaries of Mapletree Investments Pte Ltd (“MIPL”). The Manager is a wholly owned subsidiary of Mapletree Capital Management Pte. Ltd., which is a wholly owned subsidiary of MIPL. MIPL is a wholly owned subsidiary of Fullerton Management Pte Ltd which is in turn a wholly owned subsidiary of Temasek. In addition, Temasek is deemed to be interested in the 16,428,596 units in which DBS Group Holdings Ltd (“DBSH”) has or is deemed to have an interest. Temasek has a more than 20% interest in DBSH. Temasek is also deemed to be interested in the 4,500,000 units in which Certis CISCO Security Pte. Ltd. (“Certis CISCO”) has or is deemed to have an interest. Temasek indirectly owns 100% of Certis CISCO. Finally, Temasek is also deemed to be interested in the 294,000 units in which Keppel Corporation Limited (“KCL”) has or is deemed to have an interest. Temasek has a more than 20% interest in KCL. Certis CISCO, DBSH, MIPL and KCL are independently managed Temasek portfolio companies. Temasek is not involved in their business or operating decisions, including those regarding their positions in the units.

(2) Fullerton Management Pte Ltd is deemed to be interested in the 154,910,070 units held by MLP, 154,908,180 units held by Mangrove, 318,457,440 units held by Meranti, 351,443,702 units held by Mulberry and 3,914,395 units held by the Manager.

UNITHOLDINGS OF THE DIRECTORS OF THE MANAGER AS AT 21 APRIL 2014

% of Total No. Name Direct Interest Deemed Interest Issued Capital

1 Paul Ma Kah Woh 800,731 - 0.033 2 Tan Ngiap Joo - - - 3 Cheah Kim Teck 416,000 - 0.017 4 Pok Soy Yoong 567,910 - 0.023 5 Penny Goh - - - 6 Wee Siew Kim - - - 7 Tarun Kataria (1) - 100,000 0.004 8 Hiew Yoon Khong 1,360,800 2,366,000 0.152 9 Wong Mun Hoong - - - 10 Chua Tiow Chye - 1,315,431 0.054 11 Ng Kiat 125,000 - 0.005

Notes (1) Mr Tarun Kataria was appointed as an Independent Director on 1 September 2013.

Free Float Based on the information made available to the Manager as at 28 May 2014, approximately 59% of the units in MLT were held in the hands of the public. Accordingly, Rule 723 of the Listing Manual of the SGX-ST has been complied with.

Issued and Fully Paid Units 2,448,705,547 units (voting rights: one vote per unit) Market Capitalisation: S$2,852,741,962.25 (based on closing price of S$1.165 per unit on 28 May 2014) 171 MAPLETREE LOGISTICS TRUST

INTERESTED PERSON TRANSACTIONS

The transactions entered into with interested persons during the financial year under the Listing Manual of the Singapore Exchange Securities Trading Limited (“SGX-ST”) and the Property Funds Appendix of the Code on Collective Investment Schemes, are as follows:

Aggregate value of all interested person transactions during the financial year under review (excluding transactions less than S$100,000) Name of Interested Person $’000

Mapletree Investments Pte Ltd and its subsidiaries or associates - Management fees 31,668 1 - Property management fees 9,388 - Acquisition fee related to acquisition of a property 321 - Acquisition of a property 34,192

ST Electronics (Data Centre Solutions) Pte Ltd - Lease rental income 145

SATS Airport Services Pte Ltd - Lease rental income 658

SembWaste Pte Ltd - Operation and maintenance expenses 275

Singtel Mobile Singapore Pte Ltd - License fees 306

Grid Communications Pte Ltd - License fees 184

HSBC Institutional Trust Services (Singapore) Limited - Trustee fees 616

1 Includes amount capitalised into investment property.

For the purpose of the disclosure, the full contract sum was used where an interested person transaction had a fixed term and contract value, while the annual amount incurred and accrued was used where an interested person transaction had an indefinite term or where the contract sum was not specified.

Saved as disclosed above, there were no additional interested person transactions (excluding transactions of less than S$100,000 each) entered during the financial year under review.

Please also see Significant Related Party Transactions in Note 24 to the financial statements.

172 STAYING ON COURSE° ANNUAL REPORT 2013/2014

NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN that the 5th Annual General Meeting of the holders of units of Mapletree Logistics Trust (“MLT”, and the holders of units of MLT, “Unitholders”) will be held at 2.30 p.m. on 15 July 2014 (Tuesday), at 10 Pasir Panjang Road, Mapletree Business City, Multi Purpose Hall – Auditorium, Singapore 117438 to transact the following businesses:

(A) AS ORDINARY BUSINESS

1. To receive and adopt the Report of HSBC Institutional Trust Services (Singapore) Limited, as trustee of MLT (the “Trustee”), the Statement by Mapletree Logistics Trust Management Ltd., as manager of MLT (the “Manager”), and the Audited Financial Statements of MLT for the financial year ended 31 March 2014 and the Auditors’ Report thereon.(Ordinary Resolution 1)

2. To re-appoint PricewaterhouseCoopers LLP as the Auditors of MLT and to hold office until the conclusion of the next Annual General Meeting of MLT, and to authorise the Manager to fix their remuneration.(Ordinary Resolution 2)

(B) AS SPECIAL BUSINESS

To consider and, if thought fit, to pass the following esolutionr as an Ordinary Resolution, with or without any modifications:

3. That approval be and is hereby given to the Manager, to

(a) (i) issue units in MLT (“Units”) whether by way of rights, bonus or otherwise; and/or

(ii) make or grant offers, agreements or options (collectively, Instruments“ ”) that might or would require Units to be issued, including but not limited to the creation and issue of (as well as adjustments to) securities, warrants, debentures or other instruments convertible into Units,

at any time and upon such terms and conditions and for such purposes and to such persons as the Manager may in its absolute discretion deem fit; and

(b) issue Units in pursuance of any Instruments made or granted by the Manager while this Resolution was in force (notwithstanding that the authority conferred by this Resolution may have ceased to be in force at the time such Units are issued),

provided that:

(1) the aggregate number of Units to be issued pursuant to this Resolution (including Units to be issued in pursuance of Instruments made or granted pursuant to this Resolution) shall not exceed fifty per cent. (50%) of the total number of issued Units (excluding treasury Units, if any) (as calculated in accordance with sub-paragraph (2) below), of which the aggregate number of Units to be issued other than on a pro rata basis to Unitholders (including Units to be issued in pursuance of Instruments made or granted pursuant to this Resolution) shall not exceed twenty per cent. (20%) of the total number of issued Units (excluding treasury Units, if any) (as calculated in accordance with sub-paragraph (2) below);

(2) subject to such manner of calculation as may be prescribed by the Singapore Exchange Securities Trading Limited (“SGX-ST”) for the purpose of determining the aggregate number of Units that may be issued under sub-paragraph (1) above, the total number of issued Units (excluding treasury Units, if any) shall be based on the number of issued Units (excluding treasury Units, if any) at the time this Resolution is passed, after adjusting for:

(a) any new Units arising from the conversion or exercise of any Instruments which are outstanding or subsisting at the time this Resolution is passed; and

(b) any subsequent bonus issue, consolidation or subdivision of Units;

(3) in exercising the authority conferred by this Resolution, the Manager shall comply with the provisions of the Listing Manual of the SGX-ST for the time being in force (unless such compliance has been waived by the SGX-ST) and the trust deed constituting MLT (as amended) (the “Trust Deed”) for the time being in force (unless otherwise exempted or waived by the Monetary Authority of Singapore);

173 MAPLETREE LOGISTICS TRUST

NOTICE OF ANNUAL GENERAL MEETING

(4) unless revoked or varied by Unitholders in a general meeting, the authority conferred by this Resolution shall continue in force until (i) the conclusion of the next Annual General Meeting of MLT or (ii) the date by which the next Annual General Meeting of MLT is required by applicable regulations to be held, whichever is earlier;

(5) where the terms of the issue of the Instruments provide for adjustment to the number of Instruments or Units into which the Instruments may be converted in the event of rights, bonus or other capitalisation issues or any other events, the Manager is authorised to issue additional Instruments or Units pursuant to such adjustment notwithstanding that the authority conferred by this Resolution may have ceased to be in force at the time the Instruments or Units are issued; and

(6) the Manager and the Trustee, be and are hereby severally authorised to complete and do all such acts and things (including executing all such documents as may be required) as the Manager or, as the case may be, the Trustee may consider expedient or necessary or in the interest of MLT to give effect to the authority conferred by this Resolution.

(Please see Explanatory Note) (Ordinary Resolution 3)

BY ORDER OF THE BOARD Mapletree Logistics Trust Management Ltd. (Company Registration No. 200500947N) As Manager of Mapletree Logistics Trust

Wan Kwong Weng Joint Company Secretary

Singapore 27 June 2014

Notes:

1. A Unitholder entitled to attend and vote at the Annual General Meeting is entitled to appoint not more than two proxies to attend and vote in his/her stead. A proxy need not be a Unitholder.

2. Where a Unitholder appoints more than one proxy, the appointments shall be invalid unless he/she specifies the proportion of his/ her holding (expressed as a percentage of the whole) to be represented by each proxy.

3. The proxy form must be lodged at the Manager’s registered office at 10 Pasir Panjang Road, #13-01 Mapletree Business City, Singapore 117438 not later than 2.30 p.m. on 13 July 2014 being 48 hours before the time fixed for the Annual General Meeting.

Explanatory Note:

Ordinary Resolution 3

The Ordinary Resolution 3 above, if passed, will empower the Manager from the date of this Annual General Meeting until (i) the conclusion of the next Annual General Meeting of MLT or (ii) the date by which the next Annual General Meeting of MLT is required by the applicable regulations to be held, whichever is earlier, to issue Units and to make or grant instruments (such as securities, warrants or debentures) convertible into Units and issue Units pursuant to such instruments, up to a number not exceeding fifty per cent. (50%) of the total number of issued Units (excluding treasury Units, if any) with a sub-limit of twenty per cent. (20%) for issues other than on a pro rata basis to Unitholders.

For determining the aggregate number of Units that may be issued, the percentage of issued Units will be calculated based on the issued Units at the time the Ordinary Resolution 3 above is passed, after adjusting for new Units arising from the conversion or exercise of any Instruments which are outstanding at the time this Resolution is passed and any subsequent bonus issue, consolidation or subdivision of Units.

Fund raising by issuance of new Units may be required in instances of property acquisitions or debt repayments. In any event, if the approval of Unitholders is required under the Listing Manual of the SGX-ST and the Trust Deed or any applicable laws and regulations in such instances, the Manager will then obtain the approval of Unitholders accordingly.

174 IMPORTANT 1. For investors who have used their CPF monies to buy units in Mapletree Logistics Trust, this MAPLETREE LOGISTICS TRUST Annual Report is forwarded to them at the request of their CPF Approved Nominees and is (Constituted in the Republic of Singapore sent solely FOR THEIR INFORMATION ONLY. pursuant to a Trust Deed dated 5 July 2004 (as amended)) 2. This Proxy Form is not valid for use by CPF investors and shall be ineffective for all intents and purposes if used or is purported to be used by them. 3. CPF Investors who wish to attend the Annual General Meeting as observers have to submit their requests through their CPF Approved Nominees within the time frame specified. If they also wish to vote, they must submit their voting instructions to the CPF Approved Nominees within the time frame specified to enable them to vote on their behalf. 4. PLEASE READ THE NOTES TO THE PROXY FORM. PROXY FORM 5TH ANNUAL GENERAL MEETING

I/We­ (Name(s) and NRIC/Passport/Company Registration Number(s)) of (Address) being a unitholder/unitholders of Mapletree Logistics Trust (“MLT”), hereby appoint:

Name Address NRIC/Passport Number Proportion of Units (%)

and/or (delete as appropriate)

Name Address NRIC/Passport Number Proportion of Units (%)

or, both of whom failing, the Chairman of the 5th Annual General Meeting as my/our proxy/proxies to attend and to vote for me/us on my/our behalf and if necessary, to demand a poll, at the 5th Annual General Meeting of MLT to be held at 2.30 p.m. on 15 July 2014 (Tuesday), at 10 Pasir Panjang Road, Mapletree Business City, Multi Purpose Hall - Auditorium, Singapore 117438 and at any adjournment thereof. I/We direct my/our proxy/proxies to vote for or against the resolutions to be proposed at the 5th Annual General Meeting as indicated hereunder. If no specific direction as to voting is given, the proxy/proxies will vote or abstain from voting at his/her/their discretion, as he/she/they may on any other matter arising at the 5th Annual General Meeting.

No. Ordinary Resolutions For * Against * Ordinary Business 1. To receive and adopt the Trustee’s Report, the Manager’s Statement, the Audited Financial Statements of MLT for the financial year ended 31 March 2014 and the Auditors’ Report thereon. 2. To re-appoint PricewaterhouseCoopers LLP as Auditors and to authorise the Manager to fix the Auditors’ remuneration. SPECIAL BUSINESS 3. To authorise the Manager to issue Units and to make or grant convertible instruments.

* If you wish to exercise all your votes “For” or “Against”, please tick ( ) within the box provided. Alternatively, please indicate the number of votes as appropriate.

Dated this day of 2014

Total number of Units held

Signature(s) of Unitholder(s) or Common Seal of Corporate Unitholder Fold the flap here for sealing

Postage will be paid by addressee. For posting in Singapore only.

BUSINESS REPLY SERVICE PERMIT NO. 08987

The Company Secretary Mapletree Logistics Trust Management Ltd. (as Manager of Mapletree Logistics Trust) 10 Pasir Panjang Road #13-01 Mapletree Business City Singapore 117438

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IMPORTANT: PLEASE READ THE NOTES TO PROXY FORM BELOW

Notes to Proxy Form 1. A unitholder of MLT (“Unitholder”) entitled to attend and vote at the Annual General Meeting is entitled to appoint one or two proxies to attend and vote in his/her stead. 2. Where a Unitholder appoints more than one proxy, the appointments shall be invalid unless he/she specifies the proportion of his/her holding (expressed as a percentage of the whole) to be represented by each proxy. 3. A proxy need not be a Unitholder. 4. A Unitholder should insert the total number of Units held. If the Unitholder has Units entered against his/her name in the Depository Register maintained by The Central Depository (Pte) Limited (“CDP”), he/she should insert that number of Units. If the Unitholder has Units registered in his/ her name in the Register of Unitholders of MLT, he/she should insert that number of Units. If the Unitholder has Units entered against his/her name in the said Depository Register and registered in his/her name in the Register of Unitholders, he/she should insert the aggregate number of Units. If no number is inserted, this proxy form will be deemed to relate to all the Units held by the Unitholder. 5. The instrument appointing a proxy or proxies (the “Proxy Form”) must be deposited at the Manager’s registered office at 10 Pasir Panjang Road, #13- 01 Mapletree Business City, Singapore 117438 not later than 2.30 p.m. on 13 July 2014, being 48 hours before the time set for the Annual General Meeting. 6. Completion and return of the Proxy Form shall not preclude a Unitholder from attending and voting at the Annual General Meeting. Any appointment of a proxy or proxies shall be deemed to be revoked if a Unitholder attends the Annual General Meeting in person, and in such event, the Manager reserves the right to refuse to admit any person or persons appointed under the Proxy Form, to the Annual General Meeting. 7. The Proxy Form must be executed under the hand of the appointor or of his/her attorney duly authorised in writing. Where the Proxy Form is executed by a corporation, it must be executed either under its common seal or under the hand of its attorney or a duly authorised officer. 8. Where the Proxy Form is signed on behalf of the appointor by an attorney or a duly authorised officer, the power of attorney or other authority (if any) under which it is signed, or a notarially certified copy of such power or authority must (failing previous registration with the Manager) be lodged with the Proxy Form, failing which the Proxy Form may be treated as invalid. 9. The Manager shall be entitled to reject a Proxy Form which is incomplete, improperly completed or illegible or where the true intentions of the appointor are not ascertainable from the instructions of the appointor specified on the Proxy Form. In addition, in the case of Units entered in the Depository Register, the Manager may reject a Proxy Form if the Unitholder, being the appointor, is not shown to have Units entered against his/her name in the Depository Register as at 48 hours before the time appointed for holding the Annual General Meeting, as certified by CDP to the Manager. 10. All Unitholders will be bound by the outcome of the Annual General Meeting regardless of whether they have attended or voted at the Annual General Meeting. 11 At any meeting, a resolution put to the vote of the meeting shall be decided on a show of hands unless a poll is (before or on the declaration of the result of the show of hands) demanded by the Chairman or by five or more Unitholders present in person or by proxy, or holding or representing one- tenth in value of the Units represented at the meeting. Unless a poll is so demanded, a declaration by the Chairman that such a resolution has been carried or carried unanimously or by a particular majority or lost shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution. 12 On a show of hands, every Unitholder who (being an individual) is present in person or by proxy or (being a corporation) is present by one of its officers as its proxy shall have one vote. On a poll, every Unitholder who is present in person or by proxy shall have one vote for every Unit of which he/she is the Unitholder. A person entitled to more than one vote need not use all his/her votes or cast them the same way.

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