Mapletree Logistics Trust · SGX:M44U

Mapletree Logistics Trust — Shareholder Meeting (November 2020)

39 slides from Mapletree Logistics Trust's shareholder meeting presentation, Nov 23, 2020

1. Slide 1: The Proposed Acquisitions of 9 Properties in China, Malaysia and Vietnam

   The Proposed Acquisitions of 9 Properties in China, Malaysia and Vietnam, and the Remaining 50.0% Interest in 15 Properties in China Extraordinary General Meeting 23 November 2020

2. Slide 2: Disclaimer

   1 Disclaimer This presentation has been prepared by Mapletree Logistics Trust Management Ltd. (in its capacity as the manager of Mapletree Logistics Trust (“MLT”, and the manager of MLT, the “Manager”)) for information purposes only and should not be used for any other purposes. The content of this

3. Slide 3: Notice of EGM

   Notice of EGM om ii bat lk — He u a Bile E my a ac

4. Slide 4: Acquisition Overview and Rationale

   Acquisition Overview and Rationale

5. Slide 5: Continuing MLT's Strategy for Network Connectivity

   4 Continuing MLT’s Strategy for Network Connectivity Fortifying MLT’s Position as a Leading Provider of Quality Logistics Real Estate in Asia-Pacific Continue to enhance MLT’s regional network and competitive positioning COVID-19 in Asia-Pacific has accelerated structural trends Positive benefitting

6. Slide 6: Overview of the Properties

   5 Overview of the Properties1 Aggregate Agreed Implied Net Property Net Lettable Area Committed Weighted Average Property Value Income (“NPI”) Yield (“NLA”) Occupancy Lease Expiry (“WALE”) S$1,046.7 million2 ~5.2%3 1,223,660 sq m4 94.7% 2.3 years5 China Acquiring remaining Acquiring 100% stake 13 50

7. Slide 7: Fast Growing Domestic Markets Supported by Resilient Economic Fundamentals

   6 Fast Growing Domestic Markets Supported by Resilient Economic Fundamentals Increasing Urbanisation with Significant Growth Potential Robust Consumption Growth Urban Population Growth and Percentage of Urban Population Consumption Expenditure per Capita and Growth Rate (million, %) (USD’000, %) 12

8. Slide 8: Accelerated E-commerce Adoption

   7 Accelerated E-commerce Adoption Fast Growing E-commerce Logistics Markets E-commerce Logistics Market Size and Growth (USD billion, %) 0.4 118.5 0.2 0.5 108.5 3.6 10.7 0.8 14.2  COVID-19 pandemic has Demand for e-commerce ~1.6x – 2.4x that of average materially accelerated a shift to logistics re

9. Slide 9: Emphasis on Supply Chain Resiliency Translates to Growing Demand for Logistics Facilities

   8 Emphasis on Supply Chain Resiliency Translates to Growing Demand for Logistics Facilities “China Plus” Strategy to benefit Malaysia and Vietnam Moving from “Just-in-Time” to “Just-in-Case” Foreign Direct Investment (“FDI”) and Growth (USD billion, %) 4.0% CAGR Inventory of retailers is expected to

10. Slide 10: Limited Supply of Grade A Warehouse Space Presents Opportunity

    9 Limited Supply of Grade A Warehouse Space Presents Opportunity for MLT to Fill the Market Gap Logistics Real Estate Space per Capita and Grade A Warehouse Average Rent Premium for Grade A Supply as % of Total Stock Warehouses vs. Traditional Warehouses (sq m, %) (%) 30% JP 7% US 63% 25% 20% 20% Av

11. Slide 11: Modern Grade A Logistics Facilities with Excellent Connectivity

    10 Modern Grade A Logistics Facilities with Excellent Connectivity to Transport Infrastructure and Key Population Catchments Estimated Travel Time from Select Properties by Road Modern Grade A Logistics Facilities (Minutes) 0 10 20 30 40 50 Newly Built Strong Floor Loading Xi’an City Centre Mapletre

12. Slide 12: Positive Impact on MLT's Portfolio

    11 Positive Impact on MLT’s Portfolio Strong and Diversified Tenant Base1 Top 10 Tenants of MLT’s Portfolio3 (By % of Gross Revenue2) (By % of Gross Revenue2) 3% 2% 8.6% Existing Portfolio 1% 1% 91% 4% 2% 4.0% 4.0% 6% 1.7% 1.6% 1.6% 1.5% 1.4% 1.2% 1.2% 7% 41% CWT Equinix Coles adidas Nippon XPO Nipp

13. Slide 13: Financial Details

    mapletree logistics Financial Details

14. Slide 14: Transaction Summary

    13 Transaction Summary  The proposed acquisitions of:  The remaining 50.0% interest in 15 properties (“Partially Owned PRC Properties”) and a 100.0% interest in 7 properties in PRC (“New PRC Properties”) through the acquisition of property holding companies, at approximately RMB4,477.1 million (S$

15. Slide 15: Discount to Independent Valuations

    14 Discount to Independent Valuations Aggregate Agreed Property Value Relative to Independent Valuations1 (SGD million)  Based on 50.0% interest in the Partially Owned PRC 1.9% Discount 1,373.6 0.9% Properties, the aggregate Agreed Property Value is 1,359.9 Discount S$1,046.7 million 1,347.9 CN3 1.

16. Slide 16: Financing Considerations

    15 Financing Considerations The Acquisitions are to be funded by a combination of proceeds from the Equity Fund Raising5, Consideration Units and Loan Facilities. Acquisition Fee in Units3 S$ million S$5.4 million PRC Acquisition Price 912.72 Consideration Units4 Malaysia Acquisition Price 131.6 S$3

17. Slide 17: DPU, NAV per Unit Accretive Acquisitions with Reduced Leverage

    16 DPU, NAV per Unit Accretive Acquisitions with Reduced Leverage Pro Forma DPU (FY19/20)1 Pro Forma Aggregate Leverage4 Pro Forma NAV per Unit (FY19/20)7 (Singapore cents) (%) (S$) 8 5 1.29 2,3 39.5% 8.280 1.21 8.142 6 36.8% Before the After the Before the After the Before the After the Acquisition

18. Slide 18: MLT After the Proposed Acquisitions

    17 MLT After the Proposed Acquisitions Enlarged Asset Size of c.S$10.01 billion from c.S$8.96 billion Before the Acquisitions1 Properties2 After the Acquisitions Change NLA 5,053,139 sqm 1,223,660 sqm 6,276,799 sqm 24.2% Assets Under S$8,956 million S$1,058 million3 S$10,014 million 11.8% Management

19. Slide 19: EGM Resolution

    mapletree logistics EGM Resolution

20. Slide 20: Summary of Approval Required

    19 Summary of Approval Required The Independent Financial Adviser1 is of the opinion that: • the Acquisitions are on normal commercial terms and are not prejudicial to the interests of MLT and its minority Unitholders; • in the context of the Acquisitions, the issue of the Consideration Units is on

21. Slide 21: Appendix A

    mapletree logistics Appendix A

22. Slide 22: Structure Post-Acquisition of PRC Properties

    21 Structure Post-Acquisition of PRC Properties  Pursuant to the PRC Share Purchase Agreements MLT dated 19 October 2020, the Trustee, on behalf of MLT, will acquire the remaining 50.0% interest in each of the 15 HK (A) SPVs that hold the Partially Owned PRC 100.0% interest Properties, and a 100.0%

23. Slide 23: Structure Post-Acquisition of Malaysia Property

    22 Structure Post-Acquisition of Malaysia Property  The Malaysia Acquisition will be made via an Malaysia MLT Group ABS Structure where Semangkuk 2 Berhad (the Other Investors “Malaysia SPV”) has entered into the Malaysia Asset Entities Purchase Agreement to acquire the Malaysia Property from the M

24. Slide 24: Structure Post-Acquisition of Vietnam Property

    23 Structure Post-Acquisition of Vietnam Property 100.0% interest MLT Singapore SPV  Pursuant to the Vietnam Share Purchase Agreements dated 19 October 2020, the Vietnam Purchaser will Loan Equity acquire a 100.0% interest in the Cayman SPV1 through the Vietnam Acquisition.  The Vietnam Acquisitio

25. Slide 25: Appendix B: Overview of MLT

    mapletree logistics Appendix B: Overview of MLT

26. Slide 26: Overview of MLT

    25 Overview of MLT Mapletree Logistics Trust Public Unitholders MIPL Sponsor  Mapletree Investments Pte Ltd (“MIPL”)  Mapletree Logistics Trust Management Ltd. 69.41% 30.59% Manager (“MLTM”) − Wholly-owned subsidiary of the Sponsor Sponsor Stake  30.59% Trustee – HSBC Investment  Primarily logis

27. Slide 27: Snapshot of MLT

    26 Snapshot of MLT Location of Properties Key Indicators As at 30 September 2020 (As at 30 September 2020) Assets under Management 8,956 ("AUM") (S$ million) Japan South Korea Number of Properties: 17 Number of Properties: 13 Market Capitalisation Occupancy Rate: 99.9% 7,7741 Occupancy Rate: 94.8% A

28. Slide 28: Growth in Amount Distributable and DPU since Listing

    27 Growth in Amount Distributable and DPU since Listing  Strong track record of delivering stable distributions and consistent long-term returns to Unitholders through different economic and property cycles  Focused and proactive approach towards asset and lease management, acquisitions and capita

29. Slide 29: Appendix C: Overview of Properties

    Appendix C: Overview of Properties

30. Slide 30: Overview of the Properties

    29 Overview of the Properties Mapletree Wuxi Mapletree Hangzhou Mapletree Nantong Mapletree Changshu Agreed Property RMB521.8 million RMB453.8 million RMB290.3 million RMB216.8 million Value (S$106.4 million) (S$92.5 million) (S$59.2 million) (S$44.2 million) NLA 122,403 sq m1 106,726 sq m1 78,624 s

31. Slide 31: Overview of the Properties (Cont'd)

    30 Overview of the Properties (Cont’d) Mapletree Changsha Mapletree Wuhan Mapletree Xi’an Mapletree Tianjin Agreed Property RMB350.0 million RMB277.1 million RMB373.8 million RMB123.6 million Value (S$71.4 million) (S$56.5 million) (S$76.2 million) (S$25.2 million) NLA 79,253 sq m1 69,984 sq m1 63,5

32. Slide 32: Overview of the Properties (Cont'd)

    31 Overview of the Properties (Cont’d) Mapletree Jiaxing Mapletree Nanchang Mapletree Zhenjiang Mapletree Chengdu Agreed Property RMB180.1 million RMB241.8 million RMB464.1 million RMB112.2 million Value (S$36.7 million) (S$49.3 million) (S$94.6 million) (S$22.9 million) NLA 35,683 sq m1 73,950 sq m

33. Slide 33: Overview of the Properties (Cont'd)

    32 Overview of the Properties (Cont’d) Mapletree Shenyang Mapletree Jinan Mapletree Changsha 2 Mapletree Tianjin 2 Agreed Property RMB147.0 million RMB371.9 million RMB413.1 million RMB226.0 million Value (S$30.0 million) (S$75.8 million) (S$84.2 million) (S$46.1 million) NLA 42,881 sq m1 80,931 sq

34. Slide 34: Overview of the Properties (Cont'd)

    33 Overview of the Properties (Cont’d) Mapletree Chengdu 2 Mapletree Qingdao Mapletree Guiyang Mapletree Nantong 2 Agreed Property RMB432.6 million RMB265.3 million RMB212.0 million RMB242.6 million Value (S$88.2 million) (S$54.1 million) (S$43.2 million) (S$49.5 million) NLA 107,379 sq m 74,192 sq

35. Slide 35: Overview of the Properties (Cont'd)

    34 Overview of the Properties (Cont’d) Mapletree Ningbo Mapletree Changsha 3 Mapletree PTP Mapletree Bac Ninh 3 Agreed Property RMB492.4 million RMB204.2 million MYR402.5 million USD21.9 million Value (S$100.4 million) (S$41.6 million) (S$131.6 million) (S$29.6 million) NLA 138,588 sq m 35,108 sq m

36. Slide 36: Appendix D

    mapletree logistics Appendix D

37. Slide 37: Deepen and Expand Coverage across Key Cities of China

    36 Deepen and Expand Coverage across Key Cities of China with Strong Consumer Markets Narrowing Gap in Urban Consumption Expenditure Growing Network Effect per Capita Between Tier 1 and Non-Tier 1 Cities Extensive network of 30 assets covering 20 cities in China Urban Consumption Expenditure per Cap

38. Slide 38: Establish Presence in Malaysia's Port of Tanjung Pelepas (PTP)

    37 Establish Presence in Malaysia’s Port of Tanjung Pelepas (PTP), a Regional Distribution Hub Padang Besar Location of Existing Assets PTP is the third largest container port in Southeast Asia Tumpat Location of Mapletree PTP Kota Baru Rank Port 2019 Volume (TEUs) Kuala Terengganu 1 Singapore 37.2

39. Slide 39: Deepen Presence in Bac Ninh, a Thriving Logistics Hub of Vietnam

    38 Deepen Presence in Bac Ninh, a Thriving Logistics Hub of Vietnam Bac Ninh Warehouse Average Rent and Occupancy Rate (USD per sq m per month, %) 89.0% 86.0% 86.5% 86.5% 84.6% 85.0% 85.0% 85.4% 84.0% 2.85 2.90 3.00 2.76 2.80 Bac Ninh 2.48 2.52 2.55 2.59 Lang Son Thai Nguyen Quang Ninh Noi Bai Int’l

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