Mapletree North Asia Commercial : 1Q FY22/23 Business Update - Presentation

Mapletree North Asia Commercial Trust

Business Update for the Period from

1 April 2022 to 30 June 2022 (1Q FY22/23)

21 July 2022

Important Notice

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION. THIS PRESENTATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY SECURITIES IN ANY JURISDICTION, INCLUDING IN THE UNITED STATES OR ELSEWHERE.

This presentation should be read in conjunction with the joint announcements dated 31 December 2021, 28 January 2022 and 21 March 2022 issued by the MNACT Manager and Mapletree Commercial Trust Management Ltd., as manager of Mapletree Commercial Trust ("MCT" and as manager of MCT, the "MCT Manager"), in relation to the proposed merger of MCT and MNACT (the "Merger") to be effected through the acquisition by MCT of all the issued and paid-up units of MNACT by way of a trust scheme of arrangement in accordance with the Singapore Code on Take-overs and Mergers and the deed of trust constituting MNACT dated 14 February 2013 (as amended) (the "Trust Scheme"), the scheme document dated 29 April 2022, the announcements dated 23 May 2022 issued by the MCT Manager and the MNACT Manager respectively, in relation to, among others, their respective unitholders' approvals of the proposed Merger by way of the Trust Scheme, the announcement dated 7 June 2022 issued by the MNACT Manager in relation to, among others, the Court sanction of the Trust Scheme and the joint announcement dated 21 July 2022 issued by the MNACT Manager and the MCT Manager, in relation to, among others, the Effective Date of the Trust Scheme ( the "Announcements"). A copy of each of the Announcements is available on http://www.sgx.com.

This presentation is for information purposes only and does not have regard to your specific investment objectives, financial situation or your particular needs. Any information in this presentation is not to be construed as investment or financial advice and does not constitute an invitation, offer or solicitation of any offer to acquire, purchase or subscribe for units in MNACT ("MNACT Units")1. The value of MNACT Units and the income derived from them, if any, may fall or rise. The MNACT Units are not obligations of, deposits in, or guaranteed by, Mapletree North Asia Commercial Trust Management Ltd. (the "MNACT Manager"), DBS Trustee Limited (as trustee of MNACT) (the "MNACT Trustee") or any of their respective related corporations or affiliates. An investment in the MNACT Units is subject to investment risks, including the possible loss of the principal amount invested.

The past performance of MNACT and the MNACT Manager is not necessarily indicative of the future performance of MNACT and the MNACT Manager.

Certain statements in this presentation may constitute "forward-looking statements", including forward-looking financial information. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of MNACT or the MNACT Manager, or industry results, to be materially different from any future results, performance or achievements, expressed or implied by such forward-looking statements and financial information. Such forward-looking statements and financial information are based on numerous assumptions regarding the MNACT Manager's present and future business strategies and the environment in which MNACT or the MNACT Manager will operate in the future. Actual future performance, outcomes and results may differ materially from these forward-looking statements and financial information. Because these statements and financial information reflect the MNACT Manager's current views concerning future events, these statements and financial information necessarily involve risks, uncertainties and assumptions. These forward-looking statements speak only as of the date of this presentation. No assurance can be given that future events will occur, that projections will be achieved, or that assumptions are correct.

Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the MNACT Manager's current view of future events. None of MNACT, DBS Trustee Limited (as trustee of MNACT), the MNACT Manager and the financial adviser of the MNACT Manager undertakes any obligation to update publicly or revise any forward-looking statements.

This presentation includes market and industry data and forecast that have been obtained from internal survey, reports and studies, where appropriate, as well as market research, publicly available information and industry publications. Industry publications, surveys and forecasts generally state that the information they contain has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of such included information. While the MNACT Manager has taken reasonable steps to ensure that the information is extracted accurately and in its proper context, the MNACT Manager has not independently verified any of the data from third party sources or ascertained the underlying economic assumptions relied upon therein.

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

The information and opinions contained in this presentation are subject to change without notice.

The directors of the MNACT Manager (including those who may have delegated detailed supervision of this presentation) have taken all reasonable care to ensure that the facts stated and opinions expressed in this presentation which relate to MNACT and/or the MNACT Manager (excluding those relating to MCT and/or the MCT Manager) are fair and accurate and that there are no other material facts not contained in this presentation the omission of which would make any statement in this presentation misleading. The directors of the MNACT Manager jointly and severally accept responsibility accordingly.

Where any information has been extracted or reproduced from published or otherwise publicly available sources or obtained from MCT and/or the MCT Manager, the sole responsibility of the directors of the MNACT Manager has been to ensure through reasonable enquiries that such information is accurately extracted from such sources or, as the case may be, reflected or reproduced in this presentation. The directors of the MNACT Manager do not accept any responsibility for any information relating to MCT and/or the MCT Manager or any opinion expressed by MCT and/or the MCT Manager.

This presentation has not been reviewed by the Monetary Authority of Singapore.

The presentation is qualified in its entirety by, and should be read in conjunction with, the full text of the Announcements. In the event of any inconsistency or conflict between the Announcements and the information contained in this presentation, the Announcements shall prevail. All capitalised terms not defined in this presentation shall have the meaning ascribed to them in the Announcements.

1 Trading of the MNACT Units was suspended on and from 9.00 a.m. on Thursday, 9 June 2022.

Contents

• 1Q FY22/23 Financial Summary
• 1Q FY22/23 Portfolio Update
• Merger with MCT
• Appendix

1Q FY22/23 Financial Summary

4	Sandhill Plaza, Shanghai

1Q FY22/23 Financial Summary

Gross Revenue1Net Property Income ("NPI")1NPI Margin

S$	104.7	m	S$81.5m	77.9%
			4.1% compared to 1Q FY21/22	1.9 ppts compared to 1Q FY21/22
1.6% compared to 1Q FY21/22

The higher NPI was due to:

• Full-quartercontribution from Hewlett-Packard Japan Headquarters Building ("HPB") acquired on 18 June 2021
• Lower quantum of rental relief granted at Festival Walk (1Q FY22/23: S$0.2 million) compared to the same period last
  year (1Q FY21/22: S$4.0 million)

1. • Partially offset by lower average rental rates at Festival Walk mall and Gateway Plaza
   • Newly levied property tax at Sandhill Plaza2
2. Gross Revenue and NPI do not include the contribution from The Pinnacle Gangnam, acquired on 30 October 2020. MNACT will share profit after tax of The Pinnacle Gangnam based on its 50% interest.
3. Sandhill Plaza is located in Zhangjiang Science City and was not subjected to property tax prior to 31 December 2021. The property tax that was implemented by the local authorities on 1 April 2022 (applied retrospectively from 1 January 2022) is computed based on 1.2% of the historical tax value of the property.

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