Financial Highlights

Financial Highlights MLT maintained its growth momentum Growing in tandem with revenue and MLT’s assets under management rose in FY18/19 as revenue and net property net property income, the amount 22.6% to end the year at S$8.0 billion, income registered year-on-year growth distributable to Unitholders rose while net asset value per unit gained of 15.0% and 16.7% respectively. 26.8% year-on-year to S$270.0 million 6.4% to S$1.17. The increases attest The robust performance was driven while distribution per unit increased to MLT’s disciplined acquisitions of by organic growth from the existing 4.2% to 7.941 cents, on an enlarged quality, well-located assets and active portfolio, as well as contributions from issued unit base. MLT’s resilient and asset management efforts. Today, yield-accretive acquisitions and asset steady performance over the years is MLT’s established regional network enhancement initiatives. also testament to the strength of its of 141 assets in eight geographic diversified portfolio which provides markets is a competitive advantage, the benefit of income diversification which the Trust leverages as it supports across tenants, trade sectors customers in their regional expansion. and geographies. Gross Revenue S$m Amount Distributable S$m Assets Under S$b to Unitholders Management 454.3 15.0% 270.0 26.8% 8.0 22.6% 18/19 454.3 18/19 270.01 18/19 8.0 17/18 395.2 17/18 212.92 17/18 6.5 16/17 373.1 16/17 186.13 16/17 5.5 15/16 349.9 15/16 183.34 15/16 5.1 14/15 330.1 14/15 184.95 14/15 4.6 Net Property Income S$m Distribution Per Unit (cents) Net Asset Value Per Unit S$ 389.5 16.7% 7.941 4.2% 1.17 6.4% 18/19 389.5 18/19 7.941 18/19 1.17 17/18 333.8 17/18 7.618 17/18 1.10 16/17 312.2 16/17 7.440 16/17 1.04 15/16 290.9 15/16 7.380 15/16 1.02 14/15 277.4 14/15 7.500 14/15 1.03 Notes: 1 Included the partial distribution of the gain from the divestments of 531 Bukit Batok Street 23, 7 Tai Seng Drive, 4 Toh Tuck Link, Zama Centre and Shiroishi Centre amounting to S$11.1 million. 2 Included the partial distribution of the gain from the divestments of 4 Toh Tuck Link, Zama Centre, Shiroishi Centre, 20 Old Toh Tuck Road and 20 Tampines Street 92 amounting to S$6.3 million. 3 Included the partial distribution of the gain from the divestments of 134 Joo Seng Road and 20 Tampines Street 92 amounting to S$5.0 million. 4 Included the partial distribution of the gain from the divestments of 134 Joo Seng Road and 20 Tampines Street 92 amounting to S$3.0 million. 5 Included the partial distribution of the gain from the divestment of 30 Woodlands Loop amounting to S$2.5 million. 6 Overview Gross Revenue by Geography6 Assets Under Management by Geography6 (FY18/19) (As at 31 March 2019) S$472.8m S$7,987.4 m Singapore 34.7% Singapore 31.4% Performance Hong Kong 23.7% Hong Kong 31.0% Japan 12.9% Japan 11.8% China 9.5% China 8.1% Australia 7.8% Australia 7.8% South Korea 6.1% South Korea 5.8% Malaysia 3.7% Malaysia 2.8% Vietnam 1.6% Vietnam 1.3% 5-Year Financial Summary Statement of Financial Position Highlights (S$ million) FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 Governance Total Assets 4,787.7 5,207.4 5,686.7 6,678.3 8,078.3 Total Borrowings 1,631.9 2,058.3 2,184.1 2,511.8 3,090.36 Perpetual Securities 344.0 344.0 595.7 429.9 7 429.9 Unitholders’ Funds 2,538.3 2,528.4 2,588.1 3,376.1 8 4,231.7 9 Market Capitalisation10 3,080.3 2,515.0 2,738.0 3,761.5 5,288.6 Key Financial Indicators FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 Aggregate Leverage (%) 34.3 39.6 38.5 37.7 37.76 11 Interest Cover Ratio (times) 7.5 5.9 5.6 5.6 4.9 Sustainability Average Cost of Debt (%) 2.1 2.3 2.3 2.3 2.6 Average Debt Maturity (years) 3.6 3.5 3.9 4.5 4.16 Financial Notes: 6 Included MLT’s 50% interest of the joint ventures with Mapletree Investments Pte Ltd in a portfolio of 11 properties in China. 7 This takes into account the redemption of S$350.0 million 5.375% perpetual securities on 19 September 2017 and issuance of S$180.0 million 3.65% perpetual securities on 28 September 2017. 8 On 22 September 2017, 300,881,000 units in MLT were issued via private placement exercise which raised gross proceeds of S$353.5 million. On 12 October 2017, 250,187,292 units in MLT were issued via the 1-for-10 preferential offering which raised gross proceeds of S$286.5 million. The total gross proceeds of approximately S$640.0 million were utilised to partially fund the acquisition of Mapletree Logistics Hub Tsing Yi and the redemption of the S$350.0 million perpetual securities. 9 On 5 June 2018, 183,792,000 units in MLT were issued via private placement exercise which raised gross proceeds of S$220.0 million. On 28 September 2018, 309,917,000 units in MLT were issued via private placement exercise which raised gross proceeds of S$375.0 million. The total gross proceeds of approximately S$595.0 million were utilised to partially fund the acquisition of a 50.0% interest in each of 11 properties in China and five logistics properties located in Singapore. 10 Based on the closing unit prices of S$1.245 on 31 March 2015, S$1.010 on 31 March 2016, S$1.095 on 31 March 2017, S$1.23 on 31 March 2018 and S$1.46 on 31 March 2019. 11 Ratio of EBITDA over interest expense for period up to balance sheet date. Mapletree Logistics Trust Annual Report 2018/2019 7.

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