Mapletree Logistics Trust : Annual Asset Valuation

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

ANNOUNCEMENT

ANNUAL ASSET VALUATION

In compliance with the Monetary Authority of Singapore "Code on Collective Investment Schemes Appendix 6 - Property Funds" and pursuant to Rule 703 of the SGX-ST Listing Manual, Mapletree Logistics Trust Management Ltd., as manager ("Manager") of Mapletree Logistics Trust ("MLT"), wishes to announce that the latest independent valuations ("Valuations") on MLT's properties have been completed.

The Valuations (attached as Appendix 1) will be reflected in the financial statements of MLT based on the exchange rates adopted for the financial year ended 31 March 2022.

The valuation reports will be available for inspection by prior appointment at the Manager's registered office during business hours for a period of three months from the date of this announcement. For inspection appointments, please contact Ms Lum Yuen May at [phone].

By Order of the Board

Wan Kwong Weng

Joint Company Secretary

Mapletree Logistics Trust Management Ltd. (Company Registration No. 200500947N) As Manager of Mapletree Logistics Trust

28 April 2022

Important Notice

This Announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for units in MLT ("Units"). The value of Units and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager, or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested.

Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders of MLT may only deal in their Units through trading on the Singapore Exchange Securities Trading Limited ("SGX-ST"). Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

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

S/No.	Property Name	Market Valuation (Local currency)	Valuer
Singapore
1	25 Pandan Crescent	SGD 59,000,000	Savills Valuation and Professional Services (S) Pte Ltd
2	19 Senoko Loop	SGD 19,700,000
3	60 Alps Avenue	SGD 12,000,000
4	61 Alps Avenue	SGD 15,800,000
5	Allied Telesis	SGD 24,000,000
6	Mapletree Benoi Logistics Hub	SGD 134,000,000
7	37 Penjuru Lane	SGD 3,200,000
8	6 Changi South Lane	SGD 28,000,000
9	70 Alps Avenue	SGD 23,500,000
10	Prima	SGD 44,500,000
11	Ban Teck Han	SGD 25,000,000
12	Mapletree Logistics Hub, Toh Guan	SGD 155,000,000
13	50 Airport Boulevard	SGD 19,200,000
14	Pulau Sebarok	SGD 119,600,000
15	Kenyon	SGD 23,700,000
16	39 Changi South Avenue 2	SGD 10,700,000
17	Toppan	SGD 18,000,000
18	2 Serangoon North Avenue 5	SGD 54,500,000
19	10 Changi South Street 3	SGD 17,800,000
20	85 Defu Lane 10	SGD 14,100,000
21	31 Penjuru Lane	SGD 8,500,000
22	8 Changi South Lane	SGD 16,800,000
23	138 Joo Seng Road	SGD 20,600,000
24	4 Tuas Avenue 5	SGD 13,000,000
25	Jurong Logistics Hub	SGD 265,000,000
26	3 Changi South Lane	SGD 15,000,000
27	1 Genting Lane	SGD 12,000,000
28	521 Bukit Batok Street 23	SGD 22,500,000
29	6 Marsiling Lane	SGD 21,200,000
30	119 Neythal Road	SGD 11,000,000
31	30 Tuas South Avenue 8	SGD 8,300,000
32	31 & 33 Pioneer Road North	SGD 7,800,000
33	8 Tuas View Square	SGD 7,800,000
34	Pioneer Districentre	SGD 9,800,000
35	Mapletree Pioneer Logistics Hub	SGD 121,000,000
36	3A Jalan Terusan	SGD 15,000,000
37	30 Boon Lay Way	SGD 18,200,000
38	22A Benoi Road (formerly known as Menlo (Benoi))	SGD 4,000,000
39	SH Cogent (Penjuru Close)	SGD 36,500,000
40	15 Changi South Street 2	SGD 31,600,000
41	29 Tai Seng Avenue (formerly known as Natural Cool Lifestyle Hub)	SGD 54,500,000
42	73 Tuas South Avenue 1	SGD 15,200,000
43	51 Benoi Road	SGD 40,000,000
44	44 & 46 Changi South Street 1	SGD 12,800,000
45	36 Loyang Drive	SGD 15,000,000
46	15A Tuas Avenue 18	SGD 16,000,000
47	190A Pandan Loop	SGD 32,700,000
48	4 Pandan Avenue	SGD 127,000,000
49	52 Tanjong Penjuru	SGD 192,000,000
50	6 Fishery Port Road	SGD 272,000,000

S/No.	Property Name	Market Valuation (Local currency)	Valuer
Singapore (continued)
51	5A Toh Guan Road East	SGD 125,800,000	Savills Valuation and Professional Services (S) Pte Ltd
52	38 Tanjong Penjuru	SGD 83,900,000
53	9 Changi South Street 2	SGD 25,200,000
Singapore Sub-total	SGD	2,499,000,000
Australia
54	Coles Chilled Distribution Centre, 3 Roberts Road, Eastern Creek NSW (formerly known as Coles Chilled Distribution Centre, NSW)	AUD 419,000,000	Knight Frank NSW Valuations & Advisory Pty Ltd
55	114 Kurrajong Avenue & 9 Coventry Place, Mount Druitt, NSW	AUD 41,000,000
56	405 - 407 Victoria Street, Wetherill Park, NSW	AUD 32,500,000
57	3 Distillers Place, Huntingwood, NSW	AUD 29,000,000
58	53 Britton Street, Smithfield, NSW	AUD 43,750,000
59	365 Fitzgerald Road, Derrimut, VIC	AUD 29,000,000	Knight Frank Valuation & Advisory Victoria
60	213 Robinsons Road, Ravenhall, VIC	AUD 38,000,000
61	99 - 103 William Angliss Drive, Laverton North, VIC	AUD 45,000,000
62	28 Bilston Drive, Barnawartha North, VIC	AUD 74,500,000
63	Coles Brisbane Distribution Centre, 44 Stradbroke Street, Heathwood, QLD	AUD 147,500,000	Knight Frank Valuation & Advisory Queensland
64	15 Botero Place, Truganina, VIC	AUD 30,500,000	Knight Frank Valuation & Advisory Victoria
65	Acacia Ridge Distribution Centre, 338 Bradman Street, Acacia Ridge, QLD (formerly known as 338 Bradman Street, Acacia Ridge, QLD)	AUD 127,000,000	Knight Frank Valuation & Advisory Queensland
66	5-17 Leslie Road & 6-10 Pipe Road, Laverton North, VIC	AUD 43,000,000	Knight Frank Valuation & Advisory Victoria
Australia Sub-total	AUD	1,099,750,000
China
67	Mapletree Ouluo Logistics Park	CNY 741,000,000	Knight Frank Petty Limited
68	Mapletree Xi'an Logistics Park	CNY 69,000,000
69	Mapletree American Industrial Park	CNY 324,000,000
70	Mapletree Northwest Logistics Park (Phase 1)	CNY 241,000,000
71	Mapletree Northwest Logistics Park (Phase 2)	CNY 88,000,000
72	Mapletree (Wuxi) Logistics Park	CNY 153,000,000
73	Mapletree (Zhengzhou) Logistics Park	CNY 289,000,000
74	Mapletree Yangshan Bonded Logistics Warehouses	CNY 331,000,000
75	Mapletree Fengdong (Xi'an) Industrial Park	CNY 382,000,000	Jones Lang LaSalle Corporate Appraisal and Advisory Limited
76	Mapletree Wuxi New District Logistics Park	CNY 540,000,000
77	Mapletree Nantong Chongchuan Logistics Park	CNY 300,000,000
78	Mapletree Hangzhou Logistics Park	CNY 512,000,000
79	Mapletree Changshu Logistics Park	CNY 252,000,000
80	Mapletree Tianjin Wuqing Logistics Park	CNY 136,000,000
81	Mapletree Changsha Logistics Park Phase 1	CNY 364,000,000
82	Mapletree Jiaxing Logistics Park	CNY 195,000,000
83	Mapletree Nanchang Logistics Park	CNY 256,000,000
84	Mapletree Wuhan Yangluo Logistics Park	CNY 291,000,000
85	Mapletree Zhenjiang Logistics Park	CNY 480,000,000
86	Mapletree Jinan International Logistics Park	CNY 383,000,000
87	Mapletree Changsha Industrial Park (Phase 2)	CNY 448,000,000
88	Chengdu DC Logistics Park	CNY 117,000,000
89	Mapletree Shenyang Logistics Park	CNY 154,000,000
90	Mapletree Nantong (EDZ) Logistics Park	CNY 253,000,000	Knight Frank Petty Limited

S/No.	Property Name	Market Valuation (Local currency)	Valuer
China (continued)
91	Mapletree Tianjin Xiqing Logistics Park	CNY 236,000,000	Knight Frank Petty Limited
92	Mapletree Chengdu Qingbaijiang Logistics Park	CNY 453,000,000
93	Mapletree (Cixi) Logistics Park	CNY 519,000,000
94	Mapletree Huangdao Logistics Park	CNY 284,000,000
95	Mapletree Guizhou Longli Logistics Park	CNY 223,000,000
96	Mapletree Changsha Airport Logistics Park	CNY 213,000,000
97	Mapletree Chongqing Jiangjin Comprehensive Industrial Park1	CNY 168,000,000
98	Mapletree Xixian Airport Logistics Park1	CNY 293,000,000
99	Mapletree (Harbin) Logistics Park1	CNY 238,000,000
100	Mapletree (Yuyao) Logistics Park II1	CNY 326,000,000
101	Mapletree Yangzhou Industrial Park1	CNY 337,000,000
102	Mapletree Kunming Airport Logistics Park1	CNY 333,000,000
103	Mapletree (Zhongshan) Modern Logistics Park1	CNY 157,000,000
104	Mapletree Yantai Modern Logistics Park1	CNY 238,000,000
105	Mapletree (Zhengzhou) Airport Logistics Park1	CNY 473,000,000
106	Mapletree (Yixing) Industrial Park1	CNY 282,000,000
107	Mapletree (Wenzhou) Industrial Park1	CNY 928,000,000
108	Mapletree Tianjin Jinghai International Logistics Park1	CNY 169,000,000
China Sub-total	CNY	13,169,000,000
Hong Kong SAR
109	Tsuen Wan No. 1	HKD 571,000,000	Jones Lang LaSalle Limited
110	Shatin No. 2	HKD 997,000,000
111	Shatin No. 3	HKD 2,144,000,000
112	Shatin No. 4	HKD 2,330,000,000
113	Mapletree Logistics Centre Fanling (formerly known as Bossini Logistics Centre)	HKD 461,000,000
114	1 Wang Wo Tsai Street	HKD 936,000,000
115	Grandtech Centre	HKD 2,273,000,000
116	Shatin No. 5	HKD 278,000,000
117	Mapletree Logistics Hub Tsing Yi	HKD 6,612,000,000
Hong Kong SAR Sub-total	HKD	16,602,000,000
India
118	Mapletree Logistics Trust India KSH Industrial Park 1, Plot No P-5, Chakan MIDC Phase - II, Khed, Pune, Maharashtra (formerly known as KSH Infra Industrial Park located at Plot No. P-5, Chakan MIDC Phase - II, Pune Maharashtra)	INR 4,191,000,000	CBRE South Asia Private Limited
119	Mapletree Logistics Trust India KSH Distriparks Pvt. Ltd., Plot No. P-12, Talegaon Floriculture, and Industrial Park, MIDC, Talegaon, Pune, Maharashtra (formerly known as KSH Infra Industrial Park located at Plot no. P-12, Talegaon Floriculture and Industrial Park, MIDC, Talegaon, Pune, Maharashtra)	INR 568,000,000
India Sub-total	INR	4,759,000,000
Japan
120	Ayase Centre	JPY 1,470,000,000	CBRE K.K.

1 These twelve properties were acquired on 20 January 2022. Independent full valuations for these twelve properties as at 31 October 2021 and a comfort letter as at 31 March 2022 were obtained from Knight Frank Petty Limited.

S/No.	Property Name	Market Valuation (Local currency)	Valuer
Japan (continued)
121	Kyoto Centre	JPY 8,210,000,000	CBRE K.K.
122	Funabashi Centre	JPY 4,939,000,000
123	Kashiwa Centre	JPY 8,444,000,000
124	Shonan Centre	JPY 8,100,000,000
125	Sendai Centre	JPY 1,810,000,000
126	Iwatsuki Centre2	JPY 377,000,000
127	Noda Centre	JPY 6,909,000,000
128	Toki Centre	JPY 1,830,000,000
129	Hiroshima Centre	JPY 9,711,000,000
130	Eniwa Centre	JPY 1,720,000,000
131	Sano Centre	JPY 1,240,000,000
132	Moriya Centre	JPY 7,830,000,000
133	Mizuhomachi Centre	JPY 4,869,000,000
134	Aichi Miyoshi Centre	JPY 1,340,000,000
135	Kyotanabe Centre	JPY 2,840,000,000
136	Mapletree Kobe Logistics Centre	JPY 23,263,000,000	JLL Morii Valuation & Advisory K.K.
137	Higashi Hiroshima Centre	JPY 6,650,000,000	Cushman & Wakefield K.K.
138	Kuwana Centre3	JPY 35,600,000,000	JLL Morii Valuation & Advisory K.K.
Japan Sub-total	JPY	137,152,000,000
Malaysia
139	Pancuran	MYR 80,600,000	First Pacific Valuers Property Consultants Sdn Bhd
140	Zentraline	MYR 39,900,000
141	Subang 1	MYR 28,560,000
142	Subang 2	MYR 23,900,000
143	Chee Wah	MYR 20,400,000
144	Subang 3	MYR 24,300,000
145	Subang 4	MYR 12,890,000
146	Linfox	MYR 54,000,000
147	Century	MYR 51,000,000
148	G-Force	MYR 46,000,000
149	Celestica Hub	MYR 46,000,000
150	Padi Warehouse	MYR 22,150,000
151	Flexhub	MYR 115,000,000
152	Mapletree Shah Alam Logistics Park	MYR 203,500,000
153	Mapletree Logistics Hub - Shah Alam	MYR 855,000,000
154	Mapletree Logistics Hub - Tanjung Pelepas	MYR 410,000,000
Malaysia Sub-total	MYR	2,033,200,000
South Korea
155	Mapletree Logistics Centre - Yeoju	KRW 7,850,000,000	CBRE Korea Co. Ltd.
156	Mapletree Logistics Centre - Baekam 1	KRW 43,450,000,000
157	Mapletree Logistics Centre - Iljuk	KRW 30,000,000,000
158	Mapletree Logistics Hub - Pyeongtaek	KRW 85,200,000,000
159	Mapletree Logistics Centre - Anseong Cold	KRW 23,650,000,000
160	Mapletree Logistics Centre - Yongin Cold	KRW 23,600,000,000
161	Mapletree Logistics Centre - Namanseong	KRW 31,800,000,000
162	Mapletree Logistics Centre - Seoicheon	KRW 48,500,000,000
163	Mapletree Logistics Centre - Baekam 2	KRW 38,100,000,000
164	Mapletree Logistics Centre - Majang 1	KRW 33,900,000,000

• 2 This reflects the value for the land at Iwatsuki A.

• 3 Kuwana Centre was acquired on 16 December 2021. Independent full valuation for the property as at 11 November 2021 and a comfort letter as at 31 March 2022 were obtained from JLL Morii Valuation & Advisory K.K..