IMPORTANT NOTICE NOT FOR DISTRIBUTION TO ANY PERSON OR ADDRESS IN THE UNITED STATES IMPORTANT: You must read the following before continuing. The following applies to the supplemental offering circular following this page, and you are therefore advised to read this carefully before reading, accessing or making any other use of the supplemental offering circular. In accessing the supplemental offering circular, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), OR THE SECURITIES LAWS OF ANY STATE OF THE U.S. OR OTHER JURISDICTION AND THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE U.S., EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS. THE FOLLOWING SUPPLEMENTAL OFFERING CIRCULAR MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER AND IN PARTICULAR, MAY NOT BE FORWARDED OR TO ANY U.S. ADDRESS. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. Confirmation of your Representation: This supplemental offering circular is being sent at your request and by accepting the e-mail and accessing this supplemental offering circular, you shall be deemed to have represented to us that (1) the electronic mail address that you gave us and to which this e-mail has been delivered or being accessed is not located in the United States, and, to the extent you purchase the securities described in the attached document, you will be doing so pursuant to Regulation S under the Securities Act and (2) you consent to delivery of such supplemental offering circular and any amendments and supplements thereto by electronic transmission. You are reminded that this supplemental offering circular has been delivered to you on the basis that you are a person into whose possession this supplemental offering circular may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorised to, deliver this supplemental offering circular to any other person. The materials relating to the offering do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the offering be made by a licensed broker or dealer and any of the dealers or any affiliate of any of the dealers is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by such dealer or such affiliate on behalf of the issuer in such jurisdiction. This supplemental offering circular has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently none of DBS Trustee Limited (in its capacity as trustee of Mapletree North Asia Commercial Trust (formerly known as Mapletree Greater China Commercial Trust)) (the Issuer), DBS Bank Ltd. and Oversea-Chinese Banking Corporation Limited (the Joint Bookrunners and Lead Managers) or any person who controls any of them or any director, officer, employee or agent of any of them or affiliate of any such person accepts any liability or responsibility whatsoever in respect of any difference between the supplemental offering circular distributed to you in electronic format and the hard copy version available to you on request from the Issuer or the Joint Bookrunners and Lead Managers. Your use of this e-mail is at your own risk and it is your responsibility to take precautions to ensure that it is free from viruses and other items of a destructive nature. e SUBJECT TO COMPLETION, DATED 31 MAY2021 STRICTLYCONFIDENTIAL PRELIMINARY SUPPLEMENTAL OFFERING CIRCULAR Supplemental Offering Circular dated [●] 2021 (Constituted in the Republic of Singapore pursuant to a trust deed dated 14 February 2013 (as amended)) DBS TRUSTEE LIMITED (in its capacity as trustee of Mapletree North Asia Commercial Trust (formerly known as Mapletree Greater China Commercial Trust)) Issue of S$[●] Fixed Rate Perpetual Securities under its U.S.$1,500,000,000 ed. y supplemental offering circular is not an offer to sell thes Euro Medium Term Securities Programme (the Programme) Issue price: [●]% This Supplemental Offering Circular is supplemental to, and should be read in conjunction with, the Offering Circular dated 31 May 2013 (the Original Offering Circular and, together with this Supplemental Offering Circular, the Offering Circular) and all other documents that are deemed to be incorporated by reference therein. This Supplemental Offering Circular is prepared in connection with the issue of S$[●] Fixed Rate Perpetual Securities (the Perpetual Securities) by DBS Trustee Limited (in its capacity as trustee of Mapletree North Asia Commercial Trust (formerly known as Mapletree Greater China Commercial Trust) (MNACT)) (MNACT Trustee or the Issuer) under the Programme. References in the Original Offering Circular and this Supplemental Offering Circular to “this Offering Circular” mean the Original Offering Circular as supplemented by this Supplemental Offering Circular. Terms defined in the Original Offering Circular have the same meaning when used in this Supplemental Offering Circular, but to the extent that the Original Offering Circular is inconsistent with this Supplemental Offering Circular, the terms of this Supplemental Offering Circular shall prevail. Application will be made to the Singapore Exchange Securities Trading Limited (the SGX-ST) for permission to deal in, and for a quotation of, the Perpetual Securities on the SGX-ST. The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed or reports contained herein. Admission to the Official List of the SGX-ST and quotation of the Perpetual Securities on the SGX-ST are not to be taken as an indication of the merits of the Issuer, MNACT, the Programme or the Perpetual Securities. The Perpetual Securities will be issued in registered form will initially be represented by a global perpetual security in registered form (a Registered Global Perpetual Security), which will be deposited on the issue date with The Central Depository (Pte) Limited (CDP). The provisions governing the exchange of interests in the Registered Global Perpetual Security for Perpetual Securities in definitive form are described in “Form of the Perpetual Securities” of the Offering Circular. The Perpetual Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act) or any U.S. State securities laws and may not be offered or sold in the United States unless an exemption from the registration requirements of the Securities Act is available and in accordance with all applicable securities laws of any state of the United States and any other jurisdiction. es in any jurisdiction where such offer or sale is not permitt The Offering Circular has not been registered as a prospectus with the Monetary Authority of Singapore (MAS). Accordingly, the Offering circular is not complete and may be changed. This preliminar Circular and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Perpetual Securities may not be circulated or distributed, nor may the Perpetual Securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA, and (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018 of Singapore, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. Any reference to the SFA is a reference to the Securities and FuturesAct, Chapter 289 of Singapore and a reference to any term as defined in the SFAor any provision in the SFA is a reference to that term or provision as modified or amended from time to time including by such of its subsidiary legislation as may be applicable at the relevant time. The sections entitled “Risk Factors”, “Summary Financial Information”, “Description of Mapletree Greater China Commercial Trust”, “The Sponsor, the MGCCT Trustee, the MGCCT Manager and the MGCCT Property Manager”, “Management of the MGCCT Manager”, “Taxation” and “Subscription and Sale” of the Original Offering Circular have been replaced, amended and/or supplemented with the information in this Supplemental Offering Circular. With effect from the date of this Supplemental Offering Circular, the information appearing in the Offering Circular shall be replaced, amended and/or supplemented by the inclusion of the information set out below in respect of the issuance of the Perpetual Securities. Investing in the Perpetual Securities involves certain risks. Prospective investors should have regard, inter alia, to the factors described under the section headed “Risk Factors” in the Original Offering Circular, as supplemented by this Supplemental Offering Circular.