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 2021.

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

21 April 2021

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.

The information in this Announcement must not be published outside the Republic of Singapore and in particular, but without limitation, must not be published in any United States edition of any publication.

						APPENDIX 1
	S/No.	Property Name		Market Valuation	Valuer
		(Local currency)
	Singapore
1	25	Pandan Crescent	SGD	56,800,000
2	19	Senoko Loop	SGD	19,000,000
3	61	Alps Avenue	SGD	16,700,000
(formerly known as Expeditors)
4	Allied Telesis	SGD	24,000,000
5	Mapletree Benoi Logistics Hub	SGD	137,800,000
6	37	Penjuru Lane	SGD	4,650,000
7	6 Changi South Lane	SGD	23,300,000
8	70	Alps Avenue	SGD	25,000,000
9	60	Alps Avenue	SGD	13,300,000
10	Ban Teck Han	SGD	25,000,000
11	Mapletree Logistics Hub, Toh Guan	SGD	153,000,000
12	50	Airport Boulevard	SGD	20,000,000
13	Prima	SGD	44,500,000
14	Pulau Sebarok	SGD	119,600,000
15	Kenyon	SGD	23,700,000
16	Toppan	SGD	18,000,000
17	39	Changi South Avenue 2	SGD	10,550,000
18	2 Serangoon North Avenue 5	SGD	54,300,000
19	10	Changi South Street 3	SGD	17,800,000
20	85	Defu Lane 10	SGD	14,000,000
21	31	Penjuru Lane	SGD	9,200,000
22	8 Changi South Lane	SGD	16,500,000
23	138 Joo Seng Road	SGD	17,000,000
24	4 Tuas Avenue 5	SGD	13,000,000	Savills Valuation and
25	Jurong Logistics Hub	SGD	265,000,000
Professional
26	3 Changi South Lane	SGD	15,800,000
Services (S) Pte Ltd
27	1 Genting Lane	SGD	12,000,000
28	521 Bukit Batok Street 23	SGD	22,300,000
29	6 Marsiling Lane	SGD	21,900,000
30	31	& 33 Pioneer Road North	SGD	7,800,000
31	119 Neythal Road	SGD	12,000,000
32	30	Tuas South Avenue 8	SGD	8,300,000
33	8 Tuas View Square	SGD	7,700,000
34	Pioneer Districentre	SGD	11,600,000
35	Mapletree Pioneer Logistics Hub	SGD	121,700,000
36	3A Jalan Terusan	SGD	15,700,000
37	30 Boon Lay Way	SGD	20,000,000
38	Menlo (Benoi)	SGD	4,700,000
39	SH Cogent (Penjuru Close)	SGD	37,200,000
40	15	Changi South Street 2	SGD	30,500,000
41	Natural Cool Lifestyle Hub	SGD	54,100,000
42	73	Tuas South Avenue 1	SGD	15,200,000
43	51	Benoi Road	SGD	40,500,000
44	44	& 46 Changi South Street 1	SGD	13,200,000
45	36	Loyang Drive	SGD	15,000,000
46	15A Tuas Avenue 18	SGD	17,200,000
47	190A Pandan Loop	SGD	32,700,000
48	4 Pandan Avenue	SGD	127,700,000
49	52	Tanjong Penjuru	SGD	192,000,000
50	6 Fishery Port Road	SGD	272,000,000
51	5A Toh Guan Rd East	SGD	126,400,000

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							APPENDIX 1
Singapore (continued)
							Savills Valuation and
52	38 Tanjong Penjuru		SGD	83,900,000			Professional
							Services (S) Pte Ltd
Singapore Sub-total		SGD	2,480,800,000
Hong Kong SAR
53	Tsuen Wan No.1		HKD	562,500,000
54	Shatin No. 2		HKD	977,500,000
55	Shatin No. 3		HKD	1,943,500,000
56	Shatin No. 4		HKD	2,302,500,000			Jones Lang LaSalle
57	Bossini Logistics Centre		HKD	441,500,000
		Limited
58	1 Wang Wo Tsai Street		HKD	819,000,000
59	Grandtech Centre		HKD	2,244,000,000
60	Shatin No. 5		HKD	273,500,000
61	Mapletree Logistics Hub Tsing Yi		HKD	5,820,500,000
Hong Kong SAR Sub-total		HKD	15,384,500,000
China
62	Mapletree Ouluo Logistics Park		CNY	533,000,000
63	Mapletree Xi'an Logistics Park		CNY	68,000,000
64	Mapletree American Industrial Park		CNY	316,000,000
65	Mapletree Northwest Logistics Park (Phase 1)		CNY	190,000,000		Knight Frank Petty
66	MapletreeNorthwest Logistics Park (Phase 2)		CNY	67,000,000
		Limited
67	Mapletree (Wuxi) Logistics Park		CNY	149,000,000
68	Mapletree Zhengzhou Logistics Park		CNY	257,000,000
69	Mapletree Yangshan Bonded Logistics		CNY	247,000,000
Warehouses
70	Mapletree Fengdong (Xi'an) Industrial Park		CNY	381,000,000
71	Mapletree Wuxi New District Logistics Park		CNY	537,000,000
72	Mapletree Changshu Logistics Park		CNY	233,000,000
73	Mapletree Tianjin Wuqing Logistics Park		CNY	127,000,000
74	Mapletree Changsha Logistics Park Phase I		CNY	360,000,000
75	Mapletree Nantong Chongchuan Logistics		CNY	297,000,000
Park
76	Mapletree Hangzhou Logistics Park		CNY	483,000,000			Jones Lang LaSalle
							Corporate Appraisal
77	Mapletree Wuhan Yangluo Logistics Park		CNY	283,000,000
			and Advisory Limited
78	Mapletree Jiaxing Logistics Park		CNY	186,000,000
79	Mapletree Nanchang Logistics Park		CNY	251,000,000
80	Mapletree Zhenjiang Logistics Park		CNY	478,000,000
81	Chengdu DC Logistics Park		CNY	116,000,000
82	Mapletree Shenyang Logistics Park		CNY	153,000,000
83	Mapletree Changsha Industrial Park (Phase 2)		CNY	445,000,000
84	Mapletree Jinan International Logistics Park		CNY	380,000,000
85	Mapletree (Cixi) Logistics Park		CNY	508,000,000
86	Mapletree Nantong (EDZ) Logistics Park		CNY	248,000,000
87	Mapletree Tianjin Xiqing Logistics Park		CNY	232,000,000
							Knight Frank Petty
88	Mapletree Chengdu Qingbaijiang Logistics		CNY	451,000,000
Park						Limited
89	Mapletree Huangdao Logistics Park		CNY	275,000,000
90	Mapletree Guizhou Longli Logistics Park		CNY	218,000,000
91	Mapletree Changsha Airport Logistics Park		CNY	209,000,000
China Sub-total		CNY	8,678,000,000
Japan
92	Ayase Centre		JPY	1,390,000,000
93	Kyoto Centre		JPY	7,920,000,000			CBRE K.K.
94	Funabashi Centre		JPY	4,734,000,000
95	Kashiwa Centre		JPY	8,070,000,000

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APPENDIX 1

Japan (continued)

96	Shonan Centre		JPY	7,833,000,000
97	Sendai Centre		JPY	1,740,000,000
98	Iwatsuki Centre1		JPY	380,000,000
99	Noda Centre		JPY	6,819,000,000
100	Toki Centre		JPY	1,770,000,000			CBRE K.K.
101	Hiroshima Centre		JPY	9,395,000,000
102	Eniwa Centre		JPY	1,650,000,000
103	Sano Centre		JPY	1,210,000,000
104	Moriya Centre		JPY	7,470,000,000
105	Mizuhomachi Centre		JPY	4,684,000,000
106	Aichi Miyoshi Centre		JPY	1,290,000,000
107	Kyotanabe Centre		JPY	2,750,000,000
108	Mapletree Kobe Logistics Centre		JPY	22,600,000,000		JLL Morii Valuation &
		Advisory K.K.
109	Higashi Hiroshima Centre		JPY	6,650,000,000			Cushman &
			Wakefield K.K.
Japan Sub-total		JPY	98,355,000,000
South Korea
110	Mapletree Logistics Centre - Yeoju		KRW	8,300,000,000
111	Mapletree Logistics Centre - Baekam1		KRW	40,800,000,000
112	Mapletree Logistics Centre - Iljuk		KRW	28,800,000,000
113	Mapletree Logistics Hub - Pyeongtaek		KRW	81,800,000,000
114	Mapletree Logistics Centre - Anseong Cold		KRW	24,300,000,000
115	Mapletree Logistics Centre - Yongin Cold		KRW	24,200,000,000		CBRE Korea Co. Ltd.
116	Mapletree Logistics Centre - Namanseong		KRW	27,800,000,000
117	Mapletree Logistics Centre - Seoicheon		KRW	47,200,000,000
118	Mapletree Logistics Centre- Baekam 2		KRW	36,900,000,000
119	Mapletree Logistics Centre - Majang 1		KRW	31,200,000,000
120	Mapletree Logistics Centre - Hobeob 1		KRW	24,900,000,000
121	Mapletree Logistics Centre - Wonsam 1		KRW	51,900,000,000
122	Mapletree Logistics Centre - Hobeob 2		KRW	46,700,000,000
123	Mapletree Logistics Centre - Hobeob 32		KRW	117,800,000,000
124	Mapletree Logistics Centre - Baekam 3 2		KRW	62,900,000,000		Chestertons Korea
125	Mapletree Logistics Centre - Iljuk 22		KRW	52,300,000,000
							Co., Ltd.
126	Mapletree Logistics Centre - Daewol 12		KRW	29,800,000,000
127	Mapletree Logistics Centre - Majang 22		KRW	27,900,000,000
South Korea Sub-total		KRW	765,500,000,000
Australia
128	Coles Chilled Distribution Centre, NSW		AUD	313,000,000
129	114 Kurrajong Avenue & 9 Coventry Place,		AUD	31,700,000		Knight Frank NSW
Mount Druitt, NSW
							Valuations &
130	53 Britton Street, Smithfield, NSW		AUD	35,300,000
		Advisory Pty Ltd
131	405-407 Victoria Street, Wetherill Park, NSW		AUD	24,900,000
132	3 Distillers Place, Huntingwood, NSW		AUD	22,500,000
133	99-103 William Angliss Drive, Laverton North,		AUD	41,050,000
VIC			Knight Frank
134	213 Robinsons Road, Ravenhall, VIC		AUD	30,500,000
		Valuation & Advisory
135	365 Fitzgerald Road, Derrimut, VIC		AUD	20,250,000		Victoria
136	28 Bilston Drive, Barnawartha North, VIC		AUD	68,000,000

1. This reflects the value for the land at Iwatsuki A following the divestment of Iwatsuki B in April 2019.
2. Mapletree Logistics Centre - Hobeob 3, Mapletree Logistics Centre - Baekam 3, Mapletree Logistics Centre - Iljuk 2, Mapletree Logistics Centre - Daewol 1, and Mapletree Logistics Centre - Majang 2 were acquired in March 2021. Independent full valuations for the five properties as at 13 January 2021 and a comfort letter dated as at 31 March 2021 were obtained from Chestertons Korea Co., Ltd.

4

								APPENDIX 1
Australia (continued)
		Coles Brisbane Distribution Centre, 44						Knight Frank
137			AUD	107,500,000		Valuation & Advisory
	Stradbroke Street, Heathwood, QLD
							Queensland
								Knight Frank
138		15 Botero Place, Truganina, VIC		AUD	21,000,000		Valuation & Advisory
								Victoria
139		338 Bradman Street, Brisbane, QLD		AUD	117,500,000		Savills Valuations Pty
			Ltd
Australia Sub-total		AUD	833,200,000
Malaysia
140		Pancuran		MYR	71,800,000
141		Zentraline		MYR	35,700,000
142		Subang 1		MYR	28,400,000
143		Subang 2		MYR	21,800,000
144		Chee Wah		MYR	20,300,000
145		Subang 3		MYR	23,600,000
146		Subang 4		MYR	11,400,000		First Pacific Valuers
147		Linfox		MYR	53,700,000		Property Consultants
							Sdn Bhd
148		Century		MYR	49,900,000
149		G-Force		MYR	45,200,000
150		Celestica Hub		MYR	42,500,000
151		Padi Warehouse		MYR	21,800,000
152		Flexhub		MYR	106,600,000
153		Mapletree Shah Alam Logistics Park		MYR	194,800,000
154		Mapletree Logistics Hub - Shah Alam		MYR	839,000,000
Malaysia Sub-total		MYR	1,566,500,000
Vietnam
155		Mapletree Logistics Centre		VND	222,900,000,000
156		Mapletree Logistics Park Bac Ninh Phase 1		VND	432,200,000,000
157		Mapletree Logistics Park Phase 2		VND	418,500,000,000			Jones Lang LaSalle
158		Unilever VSIP Distribution Centre		VND	762,600,000,000
				Vietnam Co., Ltd.
159		Mapletree Logistics Park Bac Ninh Phase 2		VND	398,400,000,000
160		Mapletree Logistics Park Phase 1		VND	491,700,000,000
161		Mapletree Logistics Park Bac Ninh Phase 3		VND	521,500,000,000
Vietnam Sub-total		VND	3,247,800,000,000
India
		KSH Infra Industrial Park located at Plot No.
162		P-5, Chakan MIDC Phase - II,		INR	4,179,000,000
		Pune, Maharashtra3						Savills Property
		KSH Infra Industrial Park located at Plot No.						Services (India) Pvt.
163		P-12, Talegaon Floriculture and		INR	548,000,000		Ltd.
	Industrial Park, MIDC, Talegaon, Pune,
		Maharashtra3
India Sub-total		IND	4,727,000,000
PORTFOLIO TOTAL (163 PROPERTIES)		SGD	10,706,799,066

*Based on the prevailing exchange rates for the financial year ended 31 March 2021:

Exchange rates:

JPY	HKD	CNY	KRW	MYR	VND	AUD	INR
80.94	5.79	4.84	844.67	3.06	17,211.70	0.96	54.23

3 KSH Infra Industrial Park located at Plot No. P-5, Chakan MIDC Phase - II, Pune, Maharashtra and KSH Infra Industrial Park located at Plot No. P-12, Talegaon Floriculture and Industrial Park, MIDC, Talegaon, Pune, Maharashtra were acquired on 25 March 2021. Independent full valuations for the two properties as at 2 March 2021 were obtained from Savills Property Services (India) Pvt. Ltd.

5