Rebalancing Rejuvenating - Mapletree/media/MLT/Investor...(“MTBs”) in its portfolio. SUAs...

Annual Report 2012/2013

Rebalancing Rejuvenating

Con

ten

ts

Photo (Opposite): Hyundai Logistics Centre, South Korea

Strategy ......................................................................................... 2

Key Highlights ............................................................................... 4

Signifi cant Events .......................................................................... 5

Message from the Chairman & CEO .............................................. 6

Corporate Structure ..................................................................... 14

Trust Structure ............................................................................. 16

Organisation Structure ................................................................. 17

Board of Directors ....................................................................... 18

Management Team ..................................................................... 22

Corporate Services Team ............................................................ 27

Property Management Team ........................................................ 28

Corporate Governance ................................................................ 29

Risk Management ........................................................................ 40

Portfolio Analysis & Review .......................................................... 44

Operations Review .......................................................................47

Property Portfolio ......................................................................... 54

Financial Review ...........................................................................76

Corporate Liquidity & Financial Resources ................................... 78

Investor Relations ........................................................................ 80

Corporate Social Responsibility ................................................... 82

Financial Statements ................................................................... 85

Statistics of Unitholdings............................................................ 154

Interested Person Transactions .................................................. 156

Notice of Annual General Meeting ...............................................157

Proxy Form

Corporate Directory

Corporate Profi le

Mapletree Logistics Trust (“MLT”) invests, directly or

indirectly, in a diversifi ed portfolio of income-producing

logistics real estate and real estate related assets. It aims to

be the preferred real estate partner to customers requiring

high quality logistics and distribution spaces in Asia.

Mapletree Logistics Trust Management Ltd. is the manager

(“Manager”) of MLT. The Manager’s key objective is to

provide Unitholders with competitive total returns through

regular distributions and growth in asset value through the

implementation of the following strategies:

A. Optimising organic growth and hence, property yield

from the existing portfolio;

B. Making yield accretive acquisitions of good quality

logistics properties; and

C. Managing capital to maintain MLT’s strong balance

sheet and provide fi nancial fl exibility for growth.

Our Vision

To be the preferred real estate service partner to customers

requiring high quality logistics and distribution spaces

in Asia.

Our Mission

To provide Unitholders with competitive total returns

through regular distributions and growth in asset value.

Our Core Values

In-depth Expertise

Bring expertise and in-depth knowledge of both real estate

and capital markets to create value for MLT’s investors

and customers.

Innovative Style

Push the boundaries to unlock value from real estate

through innovative capital management.

Partnership Value

Share success through strategic partnerships and

long-term customer relationships.

Being Proactive

Manage proactively our relationships and MLT’s portfolio.

Market Leader

Set new industry benchmarks.

Mapletree Logistics Trust Annual Report 2012/13 1

Str

ateg

y

YIELDoptimisation on existing

portfolio

• Tailor leasing strategy to meet

local market conditions

• Maintain a well staggered

tenancy profi le

• Maintain balanced mix of

single user assets and multi-

tenanted buildings

• Improve operational effi ciency

of properties through

performance review and

prudent cost management

• Optimise returns via asset

enhancement, redevelopment

or divestment of lower

yielding assets

GROWTHvia acquisitions

& development

• Disciplined acquisition of

quality, well located assets

that add scale and strategic

value to the portfolio

• Offer attractive value

proposition to customers

in support of their regional

expansion plans - “Follow-

the-Client”

PRUDENT CAPITAL MANAGEMENT

• Maintain a strong balance sheet

• Diversify sources of funding

• Optimise cost of debt fi nancing

• Manage exposure to market fl uctuations in interest rate and

foreign exchange through appropriate hedging strategies

To provide Unitholders with competitive

total returns through regular distributions

and growth in asset value

Mapletree Logistics Trust Annual Report 2012/132

Optimising Yield

Active Asset & Lease Management

Through active asset and lease management, the Manager

maintains a balanced, well occupied portfolio that is

diversifi ed across the various geographies and customer

trade sectors. Its leasing strategy is tailored to meet

local market conditions as well as to optimise the overall

portfolio rent.

To this end, the Manager strives to maintain a balanced mix

of single user assets (“SUAs”) and multi-tenanted buildings

(“MTBs”) in its portfolio. SUAs provide portfolio stability with

their longer lease periods and built-in rental escalations,

while MTBs enable MLT to capture rental upside during a

buoyant rental market due to their shorter lease periods.

In addition, the Manager ensures that its lease expiries are

well staggered without concentration in any single year. It

also seeks to optimise yield by improving the operational

effi ciency and reducing the operating costs of MLT’s

properties.

Portfolio Rejuvenation

The Manager continually reviews the relevance/positioning

of each property within the portfolio with a view to optimise

their return and drive organic growth. Redevelopment and

asset enhancement are options which the Manager will

pursue to realise untapped potential or to enhance the

value and yield of the assets. Properties that are no longer

relevant to customers’ requirements may be considered

for redevelopment or divestment as a last resort. The

divestment option will free up capital and provide MLT with

greater fi nancial fl exibility to acquire assets offering

better yield.

Pursuing Growth

Disciplined Acquisition Approach

The Manager is committed to pursuing acquisitions

of quality, well located assets that meet its stringent

investment criteria. These assets need to be capable of

generating stable and growing income streams that will

add scale and strategic value to the portfolio. In evaluating

acquisition opportunities, the Manager maintains a

disciplined approach to ensure that acquisitions provide

sustainable, long-term returns to Unitholders.

Value Proposition to Customers

The Manager’s value proposition to customers lies in its

ability to offer them innovative real estate solutions which

meet their regional expansion needs. This is possible due

to a strong on-the-ground presence which enables the

Manager to understand customers’ requirements, as well

as MLT’s extensive range of product offerings throughout

Asia Pacifi c. In cases where there is a lack of available,

suitable products in the markets, MLT stands ready to

partner its customers in development projects, in line with

its “Follow-the-Client” approach. This provides an attractive

proposition to customers seeking an asset-light strategy

to free up valuable capital and resources that can be

channelled into growing their core businesses.

Sponsor’s Strong Commitment

In support of MLT’s growth, the Sponsor, Mapletree

Investments Pte Ltd, has been developing logistics parks

and facilities across Asia, especially in markets where there

is a limited supply of investment grade warehouses. When

completed and stabilised, these development projects will

provide future acquisition opportunities for MLT.

Capital Mana gement Strategy

The Manager strives to achieve an optimal debt/equity

structure to maximise distributions while maintaining

suffi cient fi nancial fl exibility to fund acquisitions and asset

enhancement initiatives.

The Manager’s capital management objectives are to:

• maintain a strong balance sheet by adopting an

appropriate and prudent capital structure;

• secure diversifi ed funding sources from both fi nancial

institutions and capital markets as MLT grows in size;

• optimise its cost of debt fi nancing; and

• manage the exposure arising from adverse market

movements in interest rates and foreign exchange

through appropriate hedging strategies.

The Manager’s debt management strategy calls for a

diversifi ed spread of debt maturities and maintaining

suffi cient fi nancial liquidity. Interest rate exposure is actively

managed through the use of interest rate swap contracts

where feasible, and/or fi xed rate borrowings. For currency

risk management, the Manager will as far as possible

borrow in the same currency as the underlying assets to

provide some natural hedge while balancing interest and

other cost considerations. The Manager also hedges the

net income streams of MLT’s overseas assets to manage

foreign exchange exposure.

In line with its mission to provide Unitholders with competitive total returns, the Manager follows

a “Yield + Growth” strategy which focuses on the two key areas of optimising yield on existing

assets and augmenting growth through acquisitions or development projects which offer attractive

returns. Both areas are underpinned by a prudent risk and capital management approach.


Key

Hig

hlig

hts

Note: FY11/12 comprised fi ve quarters ended 31 March 2012 due to a change in fi nancial year-end from 31 December to 31 March.

1 Included a one-time consideration of 0.11 cents from Prima Limited to extend the leases and licences at Keppel Road by 8 years and an increase in number of units

following a 3 for 4 rights issue in August 2008.

2 Included the gain from the divestments of 9 and 39 Tampines Street 92 of 0.09 cents.

Net Property Income

(S$ million)

Amount Distributable to Unitholders

(S$ million)

DPU

(cents)

◼ 12 months ended 31 December ◼ 12 months ended 31 March ◼ 3-month period

(1 January 2011 to 31 March 2011)

Investment Properties

S$4.07 bFY11/12: S$4.06 b

Number of Properties

111FY11/12: 105

WALE by NLA

5.3 yearsFY11/12: 6.0 years

Aggregate Leverage Ratio

34.1%FY11/12: 35.2%

Occupancy Rate

98.5%FY11/12: 98.7%

NAV Per Unit

S$0.92FY11/12: S$0.90


Hyundai Logistics Centre, South Korea

Mapletree Wuxi Logistics Park, China Celestica Hub, Malaysia

13 April 2012

MLT completes the KRW63.5 billion acquisitions of

Dooil Cold Warehouse and Jungbu Cold Warehouse

in Gyeonggi-do, South Korea.

18 May 2012

MLT completes the MYR27.5 million acquisition of

Celestica Hub in Malaysia.

29 May 2012

MLT completes the MYR31.5 million acquisition of

Padi Warehouse (formerly known as Fuji Warehouse)

in Malaysia.

12 June 2012

Mapletree Logistics Trust Management Ltd. is named one

of Singapore’s leading brands in 2012, climbing 65 places

to 45th position in the 2012 Brand Finance Singapore’s

Top 100 Brands.

26 July 2012

MLT announces the appointment of Ms Ng Kiat, who

succeeded Mr Richard Lai, as Chief Executive Offi cer

and Executive Director of Mapletree Logistics Trust

Management Ltd.

28 August 2012

MLT strengthens its market position in South Korea with

the KRW22.5 billion acquisition of Hyundai Logistics

Centre, a high quality and strategically located warehouse

within the logistics cluster of Gyeonggi-do. The acquisition

was completed on 26 September 2012.

19 September 2012

MLT makes its fi rst distribution payment on the

S$350 million 5.375% perpetual securities issued on

19 March 2012.

18 October 2012

MLT implements a Distribution Reinvestment Plan to

enhance its capital base and to provide Unitholders the

opportunity to increase their investment in MLT in a cost

effective manner.

19 November 2012

MLT makes further headway into the China market with

the RMB116 million acquisition of Mapletree Wuxi Logistics

Park from its Sponsor Mapletree Investments Pte Ltd.

The acquisition is in line with the Manager’s investment

strategy to expand MLT’s presence in China and is the

third property that MLT has acquired from its Sponsor.

The acquisition was completed on 11 January 2013.

22 March 2013

MLT announces the proposed divestment of 30 Woodlands

Loop for S$15.5 million. The divestment is in line with the

Manager’s objective to optimise returns from the portfolio

through active asset management efforts. Capital released

from the divestment will provide MLT with greater fi nancial

fl exibility to pursue other attractive investment opportunities

offering better yield.

Sig

nifi c

ant

Even

ts


Left: Mr Paul Ma Kah Woh, Chairman

Right: Ms Ng Kiat, Executive Director & CEO

1 Due to a change in fi nancial year-end from 31 December to 31 March,

FY11/12 comprised a 15-month period ended 31 March 2012.

2 Gain from divestments of 9 and 39 Tampines Street 92, Singapore.

3 Total return is the sum of actual distributions and capital appreciation in

MLT’s unit price for the period between MLT’s Initial Public Offering (“IPO”)

on 28 July 2005 and 28 March 2013, expressed as a percentage of the IPO

issue price of S$0.68.

Mes

sag

e fr

om t

he

Ch

airm

an &

CEO

Dear Unitholders,

We are pleased to report that Mapletree Logistics Trust

(“MLT”) has posted another year of stable results for

FY12/13. This was achieved in spite of the uncertain

market environment and a lacklustre global economy which

prevailed for the most part of the year.

In FY12/13, we maintained a disciplined approach towards

investment and capital management. Through active asset

and lease management efforts, MLT continued to achieve

high portfolio occupancy with positive rental reversions.

To deliver greater value to Unitholders, we placed emphasis

on two strategic priorities – rebalancing MLT’s portfolio

towards higher growth markets and rejuvenating existing

assets through active asset management. These efforts

have enabled MLT to achieve the stable operational and

fi nancial performances in FY12/13.

Stable Results Underpinned by a Diversifi ed,

Resilient Portfolio

(As the previous fi nancial year FY11/12 comprised a

15-month period1, MLT’s FY12/13 results were compared

against the corresponding 12-month period ended 31

March 2012 for a more meaningful performance review.)

MLT delivered a distribution per unit (“DPU”) of 6.86

cents in FY12/13, compared with 6.69 cents for the

corresponding 12-month period. The DPU for the prior

12-month period included a divestment gain of 0.09 cents2

which was absent in FY12/13. Excluding this gain, DPU for

FY12/13 rose by 4% year-on-year. This was achieved on

the back of an 11% growth in gross revenue to S$307.8

million and a 12% growth in net property income (“NPI”)

to S$268.1 million. The year-on-year improvements were

contributed mainly by an enlarged portfolio and higher

contribution from existing assets arising from positive rental

reversions and higher occupancy.

MLT’s unit price rose 29% in FY12/13 and closed at

S$1.215 on 28 March 2013. Unitholders who have held

MLT units since its listing in 2005 would have enjoyed a

total return of approximately 149%3, consisting of 79% in

capital appreciation and a distribution yield of 70%.

“In FY12/13, we maintained a

disciplined approach towards

investment and capital

management. Through active asset

and lease management efforts,

MLT continued to achieve high

portfolio occupancy with positive

rental reversions... These efforts

have enabled MLT to achieve the

stable operational and fi nancial

performances in FY12/13.”


Through active asset management, MLT’s portfolio

achieved almost full occupancy throughout FY12/13,

closing the year at 98.5%. Approximately 305,000 square

metres (“sqm”) of space was renewed or replaced with new

customers, representing a success rate of 93%. Average

rentals achieved were 15% higher than the preceding

rentals, contributed mainly by leases in Singapore,

Hong Kong, Malaysia and China.

The portfolio continued to enjoy stability from its diversifi ed

geographical spread and long lease structure with a

weighted average lease term to expiry (by net lettable area)

of 5.3 years. Its diversifi ed customer base grew from 343

customers a year ago to 371 as at year-end, with no single

customer accounting for more than 4% of MLT’s gross

revenue. These customers, and the clients they service,

are engaged in a broad spectrum of economic activities,

from food and beverage to materials, construction

and engineering. This diversity in customer-mix further

contributed to MLT’s portfolio resilience and stability.

As at 31 March 2013, MLT’s portfolio of 111 properties

was valued at S$4.07 billion. This took into account a net

fair value gain in investment properties of S$20.3 million

and approximately S$205 million in acquisitions and capital

expenditure, partially offset by translation differences on

assets due to the weaker Japanese Yen. As the majority of

the Japan assets are funded by Japanese Yen borrowings,

the impact of the Japanese Yen depreciation on MLT’s

net asset value (“NAV”) was substantially mitigated.

Consequently, MLT’s NAV per unit as at 31 March 2013

was S$0.92, compared to S$0.90 a year ago.

Prudent Capital & Risk Management

Our discipline in capital and risk management has enabled

us to deliver consistent returns while ensuring a strong

balance sheet and fi nancial fl exibility to seize market

opportunities. To mitigate the impact of foreign exchange

and interest rate fl uctuations on distributions, a large part

of MLT’s total debt has been hedged into fi xed rates, while

a substantial portion of MLT’s foreign income streams has

been hedged into Singapore Dollar. The latter mitigated the

impact of the recent Japanese Yen depreciation on amount

distributable, enabling MLT to maintain a stable DPU in the

fourth quarter of FY12/13.

In October 2012, MLT implemented a Distribution

Reinvestment Plan (“DRP”), giving Unitholders the option

of receiving their distributions in units or cash, or a

combination of both. The DRP enables MLT to retain cash

for working capital while also providing Unitholders the

opportunity to increase their investment in MLT in a cost

effective manner.

As at 31 March 2013, MLT’s aggregate leverage was

34.1%, slightly lower than 35.2% a year ago. The weighted

average debt maturity was about 3.9 years while the

weighted average borrowing cost remained stable at 2.4%

for FY12/13.

Rebalancing MLT’s Portfolio

MLT’s portfolio has grown over the past several years to

S$4.07 billion, with the Japan portfolio growing to S$1.04

billion, accounting for approximately a quarter of the

entire portfolio. With its long lease structures and strong

customer credit profi les, our Japan portfolio contributes

substantially to portfolio stability although it provides little

built-in rental escalations, a feature consistent with the

industry in Japan.

To strike a balance between income stability and growth,

our current focus is to increase the share of revenue

contribution from other higher growth markets and scale

up MLT’s presence in China, South Korea and Malaysia.

Currently accounting for 17% of MLT’s gross revenue,

these markets present good growth potential given

favourable demand-supply dynamics and organic growth

opportunity from rental escalations or reversions. We seek

to grow our presence in these markets through strategic

acquisitions and developments that add value and also

provide long-term sustainable returns.

In line with this strategic focus, MLT completed the

acquisition of six properties in FY12/13, of which three

were located in South Korea, two in Malaysia and one in

China. These properties, acquired at a total cost of S$142

million, are expected to generate a weighted average net

property income (“NPI”) yield of 8.8%, above MLT’s existing

portfolio NPI yield of 6.7%.

China – In January 2013, MLT made further headway

into China with the RMB116 million acquisition of

Mapletree Wuxi Logistics Park from its Sponsor, Mapletree

Investments Pte Ltd. The Grade-A logistics facility is

strategically located in Wuxi New District, close to Wuxi

Sunan Shuofang International Airport and well served by

highways and railways. The Sponsor is actively pursuing

development opportunities in China to capitalise on the

robust demand for modern logistics facilities. These

development projects, when completed and stabilised, will

provide future acquisition opportunities for MLT.

South Korea – MLT increased its presence in South Korea

with the acquisitions of Hyundai Logistics Centre, Dooil

Cold Warehouse and Jungbu Cold Warehouse for KRW86

billion. Located in Gyeonggi-do, the country’s largest

logistics cluster, these assets added a total gross fl oor area

(“GFA”) of about 71,000 sqm to the portfolio.

Malaysia – In May 2012, MLT completed the acquisitions

of Padi Warehouse and Celestica Hub for MYR59 million,

expanding its presence in Iskandar Malaysia. Poised

to become the region’s major integrated investment

hub, Iskandar offers attractive growth potential for MLT.

We remain on the look out for other value enhancing

acquisition or development opportunities to grow our

portfolio in Malaysia.

Mes

sage

from

th

e C

hai

rman

& C

EO


Rejuvenating Existing Assets

The strategic priority of rejuvenating assets entails a

constant review of our portfolio to identify opportunities for

asset enhancement or redevelopment so as to maintain

our competitive edge and optimise portfolio returns. At

the same time, assets that have reached optimal value

will be considered for divestment to unlock value for our

Unitholders. The capital that is released can be recycled

into investments offering higher yield.

In March 2013, we announced the divestment of 30

Woodlands Loop in Singapore for S$15.5 million4. The net

disposal gain of approximately S$4.95 million5, subject to

confi rmation from the tax authorities on the tax treatment,

will be distributed to Unitholders while the capital released

will be used as working capital to fund MLT’s continued

growth.

Over in Japan, we embarked on several asset

management initiatives to extract more value from the

portfolio. A Memorandum of Understanding with a major

Japanese third party logistics service provider was entered

into for the development of a build-to-suit (“BTS”) facility

on the vacant site at Iwatsuki Centre, Saitama Prefecture.

When completed, the BTS facility will provide a long-term,

stable rental income stream to MLT. In addition, four Japan

assets have been identifi ed for the installation of rooftop

solar energy panels. This initiative not only reduces our

carbon footprint, but will also provide a new revenue

stream and improve the overall NPI yield for the Japan

portfolio.

In the coming year, we will be completing our fi rst

redevelopment project - Mapletree Benoi Logistics Hub

(“MBLH”) - in Singapore. Specially designed with green

features that adhere to BCA’s Green Mark GoldPlus rating

criteria, the fi ve-storey ramp-up logistics facility will have

a GFA of 92,500 sqm, representing a four-fold increase

from the 22,500 sqm before redevelopment. Slated for

completion by 3Q FY13/14, MBLH has received strong

interest from major third party logistics players and is to-

date 75% pre-leased.

Outlook

According to the International Monetary Fund, Asia is

forecast to grow by about 5.7% in 20136, supported by

resilient domestic consumption and recovering external

demand. The global economic environment, however,

remains fragile and uncertain. External risks continue to

pose a threat to growth and investments, which in turn

may impact rental and occupancy rates in MLT’s markets.

Notwithstanding the uncertainties, we believe MLT’s robust

regional portfolio and healthy fi nancial position provide a

strong foundation for MLT to continue delivering stable

returns. We will continue to pursue strategic acquisition

opportunities and asset management initiatives to create

greater value for our Unitholders. This will be supported

by ongoing capital management initiatives to maintain a

strong balance sheet with diversifi ed funding sources at

competitive funding costs.

Acknowledgements

In line with good corporate governance principle on board

rejuvenation, Mr Ng Quek Peng stepped down from the

Board of Mapletree Logistics Trust Management Ltd. on

1 April 2013. We would like to express our thanks and

appreciation to him for his invaluable contributions to MLT

for the past several years.

We welcome Mr Wee Siew Kim to the Board as an

Independent Director and Member of the Audit and

Risk Committee with effect from 1 April 2013. Mr Wee

brings to the Board added bench strength and business

strategy perspectives and we look forward to tapping his

experience and insights.

Last but far from least, we would like to thank our Board

members, staff, Unitholders, customers, and business

partners for their commitment and strong support over the

past year.

Mr Paul Ma Kah Woh Ms Ng KiatChairman Executive Director &

Chief Executive Offi cer

4 The divestment of 30 Woodlands Loop, Singapore was completed on 30 April 2013.

5 The fi nal distributable amount to Unitholders will be determined and announced at a later date, after taking into consideration all relevant costs and expenses

as well as tax payable (if any).

6 International Monetary Fund, World Economic Outlook, April 2013.

Contract Signing Ceremony with Menlo Worldwide Asia Pacifi c Pte. Ltd., anchor

tenant at Mapletree Benoi Logistics Hub


Reb

alan

cin

g P

ortf

olio A large part of MLT’s portfolio stability is

contributed by our Japan assets, given their long

lease periods, strong customer credit profi les and

fl at rental structures.

To strike a balance between income stability and

growth, our current focus is to increase the share

of revenue contribution from other higher growth

markets and scale up MLT’s presence in China,

South Korea and Malaysia. These markets offer

good growth potential given favourable demand-

supply dynamics and organic growth opportunity

from rental escalations or reversions. In line with

this strategic focus, we added six properties in

these markets during the year.


Strong Regional Presence

Singapore

Japan

Hong Kong

South Korea

China

Malaysia

Vietnam

MapletreeLog Ouluo (Shanghai) Ltd.(Incorporated in Cayman)

MapletreeLog AIP (Guangzhou) Ltd.(Incorporated in Cayman)

MapletreeLog AIP (Guangzhou) (HKSAR) Limited(Incorporated in Hong Kong)

Guangzhou Mapletree Eastern American Log Limited(Incorporated in PRC)

MapletreeLog Seastar (Xian) Ltd.(Incorporated in Cayman)

MapletreeLog Seastar (Xian) (HKSAR) Limited(Incorporated in Hong Kong)

Mapletree Logistics Warehouse (Xian) Co., Ltd.(Incorporated in PRC)

MapletreeLog Haisan (Shanghai) Ltd.(Incorporated in Cayman)

MapletreeLog Northwest (Shanghai) Ltd.(Incorporated in Cayman)

MapletreeLog Northwest (Shanghai) (HKSAR) Limited(Incorporated in Hong Kong)

MapletreeLog Jinda Warehouse (Shanghai) Co., Ltd. (Incorporated in PRC)

MapletreeLog Integrated (Shanghai) (Cayman) Ltd.(Incorporated in Cayman)

MapletreeLog Integrated (Shanghai) (HKSAR) Limited(Incorporated in Hong Kong)

MapletreeLog Integrated (Shanghai) Co., Ltd.(Incorporated in PRC)

Mapletree WND (Wuxi) (HKSAR) Limited(Incorporated in Hong Kong)

Mapletree Logistics Development (Wuxi) Co., Ltd.(Incorporated in PRC)

MapletreeLog Treasury Company Pte. Ltd.(Incorporated in Singapore)

MapletreeLog Treasury Company (HKSAR) Ltd. 1

(Incorporated in Cayman)

MapletreeLogGreatdeal Ltd.(Incorporated in Cayman)

MapletreeLog GTC (HKSAR) Ltd. 1


MapletreeLog PF (HKSAR) Ltd. 1


Mapletree Topaz Ltd.(Incorporated in Cayman)

Mapletree Opal Ltd. 1


MapletreeLog ST (HKSAR) Ltd.(Incorporated in Cayman)

Greatdeal Finance Limited(Incorporated in BVI)

Genright Investment Limited(Incorporated in Hong Kong)

Mapletree Logistics Trust

Cor

por

ate

Str

uct

ure


MapletreeLog Oakline(Korea) Pte. Ltd.(Incorporated in Singapore)

MapletreeLog First Korea (Yujoo) Co., Ltd. (Incorporated in Korea)

MapletreeLog MQ (Korea) Pte. Ltd.(Incorporated in Singapore)

MapletreeLog Korea (Yongin) Co., Ltd.(Incorporated in Korea)

Kingston (Korea) Pte. Ltd.(Incorporated in Singapore)

MapletreeLog Kingston Co., Ltd.(Incorporated in Korea)

Pyeongtaek(Korea) Pte. Ltd.(Incorporated in Singapore)

MapletreeLog Pyeongtaek Co., Ltd.(Incorporated in Korea)

Iljuk (Korea) Pte. Ltd.(Incorporated in Singapore)

MapletreeLog Iljuk Korea Co., Ltd.(Incorporated in Korea)

Dooil (Korea) Pte. Ltd.(Incorporated in Singapore)

MapletreeLog Dooil Co., Ltd.(Incorporated in Korea)

Jungbu Jeil (Korea) Pte. Ltd.(Incorporated in Singapore)

MapletreeLog Jungbu Jeil Co., Ltd.(Incorporated in Korea)

Miyang (Korea) Pte. Ltd.(Incorporated in Singapore)

MapletreeLog Miyang Co., Ltd.(Incorporated in Korea)

MapletreeLog VSIP 1 Warehouse Pte. Ltd.(Incorporated in Singapore)

Mapletree VSIP 1Warehouse (Cayman) Co., Ltd.(Incorporated in Cayman)

Mapletree First Warehouse(Vietnam) Co., Ltd.(Incorporated in Vietnam)

MapletreeLog Malaysia Holdings Pte. Ltd.(Incorporated in Singapore)

MapletreeLog (M) Holdings Sdn. Bhd.(Incorporated in Malaysia)

Pancuran Baiduri Sdn. Bhd.(Incorporated in Malaysia)

Zentraline Sdn. Bhd.(Incorporated in Malaysia)

MapletreeLog Himawari Pte. Ltd.(Incorporated in Singapore)

MapletreeLog Sakura Pte. Ltd.(Incorporated in Singapore)

MapletreeLog Gyoda (Japan) (HKSAR) Limited(Incorporated in Hong Kong)

First Tier Subsidiaries

Second Tier Subsidiaries

Third Tier and below Subsidiaries

Note: All Subsidiaries are 100% wholly-owned

1 The Company has established a principal place of

business in Hong Kong.


Trust

Str

uct

ure


Distributions

Net Property Income

Acts on Behalfof Unitholders

ManagementFees

PropertyManagement

and Other Fees

Trustee FeesManagement

Services

PropertyManagement

and Other Services

Holdings of Units

Ownership of Assets

Property Portfolio

SponsorMapletree Investments

Pte Ltd

Other Unitholders

ManagerMapletree Logistics

Trust Management Ltd.

Property ManagerMapletree Property

Management Pte. Ltd.

TrusteeHSBC Institutional

Trust Services

(Singapore) Limited


Org

anis

atio

n S

tru

ctu

re

Board of Directors

Mr Paul Ma Kah Woh Chairman & Non-Executive Director Mrs Penny Goh Non-Executive Director

Mr Tan Ngiap Joo Independent Director & AC Chairman Mr Hiew Yoon Khong Non-Executive Director

Mr Cheah Kim Teck Independent Director & AC Member Mr Wong Mun Hoong Non-Executive Director

Mr Zafar Momin Independent Director Mr Chua Tiow Chye Non-Executive Director

Mr Pok Soy Yoong Independent Director & AC Member Ms Ng Kiat Executive Director & CEO

Mr Wee Siew Kim Independent Director & AC Member

Joint Company Secretaries

Mr Wan Kwong Weng

Ms See Hui Hui

Chief Executive Offi cerMs Ng Kiat

Head, Asset ManagementMs Chen Tze Hui

Chief Financial Offi cerMs Wong Mei Lian

CountriesHeadquarters

InvestmentMr Quek Sze Kheng

Director

SingaporeMs Jean Kam

Deputy General Manager

TreasuryMs Natalie Wong

Head

Hong KongMr David Won

General Manager

ChinaMr Nick Chung

General Manager

FinanceMs Serina Lim

Vice President

JapanMs Yuko Shimazu

General Manager

Investor RelationsMs Lum Yuen May

Vice President

South KoreaMr Ong Khian Heng

General Manager

MalaysiaMr Winston Lok

Deputy General Manager

VietnamMr Victor Liu

General Manager

Mapletree Logistics Trust Management Ltd.

Audit and Risk Committee (“AC”)


Boa

rd o

f D

irec

tors

Mr Paul Ma Kah WohChairman & Non-Executive Director

Mr Paul Ma Kah Woh is the Chairman

of the Board of Directors of the

Manager.

Mr Ma is also a Director and a

member of the Audit and Risk

Committee, the Executive Resource

and Compensation Committee,

the Investment Committee and the

Transaction Review Committee of

the Sponsor.

Mr Ma concurrently sits on the Board

of Directors and chairs the Audit

Committee of SMRT Corporation Ltd

which is listed on the Mainboard of

the Singapore Exchange Securities

Trading Limited (“SGX-ST”). He is

a Director of Nucleus Connect Pte

Ltd (a wholly-owned subsidiary of

StarHub Ltd), of Keppel Infrastructure

Fund Management Pte Ltd (Trustee-

Manager of K-Green Trust) and of

two private equity fi rms, namely

CapitaLand China Development

Fund Pte Ltd and CapitaLand China

Development Fund II Limited. In

addition, Mr Ma is a member of the

Board of Trustees of the National

University of Singapore where he also

chairs its Audit Committee. He is also

a Member of the National Heritage

Board.

Mr Ma is a Fellow of the Institute

of Chartered Accountants in

England and Wales and a Member

of the Institute of Certifi ed Public

Accountants in Singapore.

Mr Tan Ngiap JooIndependent Director & AC Chairman

Mr Tan Ngiap Joo is an Independent

Director and the Chairman of the

Audit and Risk Committee of the

Manager.

Mr Tan is concurrently the

Chairman and Director of United

Engineers Limited and a Director

of China Fishery Group Limited.

Both companies are listed on the

Mainboard of the SGX-ST. He also

sits on the Board of Tan Chong

International Limited, a company

listed on the Hong Kong Stock

Exchange (“HKEx”).

Mr Tan had held various senior

positions in the banking and fi nance

sector which include the positions

of Deputy President of OCBC Bank

Singapore, General Manager of

OCBC Bank, Australia Branch,

Chairman of Bleakeys Limited

Australia and Chief Executive Offi cer

(“CEO”) of Bank of Singapore

(Australia) Limited.

Mr Tan holds a Bachelor of Arts

degree from the University of

Western Australia.


Mr Cheah Kim Teck Independent Director & AC Member

Mr Cheah Kim Teck is an

Independent Director and a Member

of the Audit and Risk Committee of

the Manager.

Mr Cheah is currently the CEO of

Jardine Cycle & Carriage group’s

motor businesses (excluding those

held by PT Astra International Tbk)

where he oversees the group’s motor

operations in Malaysia, Indonesia and

Vietnam. He is also a Commissioner

of PT Tunas Ridean Tbk as well as a

Director of Jardine Cycle & Carriage

Limited and of Cycle & Carriage

Bintang Berhad. In addition, he is the

Deputy Chairman of the Singapore

Sports Council.

Prior to joining Jardine Cycle &

Carriage Limited, Mr Cheah held

several senior marketing positions

in multinational companies, namely

McDonald’s Restaurant, Kentucky

Fried Chicken and Coca-Cola.

Mr Cheah holds a Master of

Marketing degree from the University

of Lancaster, United Kingdom.

Mr Zafar Momin Independent Director

Mr Zafar Momin is an Independent

Director of the Manager.

Mr Momin manages his own

investment fund and lectures

part-time at the MBA and

Executive Education programme

of the Nanyang Business School at

Nanyang Technological University.

He also serves on two advisory

boards of Asia-focused private equity

funds, as well as on the board for

the Centre for Non-Profi t Leadership

which aims to enhance the leadership

capacity of non-profi ts in Singapore.

Mr Momin was a Partner and

Director with A. T. Kearney. He

subsequently joined the Boston

Consulting Group (“BCG”) as a

Partner and Managing Director

where he led the Industrial Goods

Practice for Asia and helped

establish BCG’s presence in the

Middle East. During his consulting

career, Mr Momin helped corporate

and government leaders formulate

and execute strategies for

growth and profi tability, as well

as build excellence in operations,

organisational development and

corporate governance. As the

Executive Vice-President of Alghanim

Industries, Mr Momin also held

many CXO roles in one of the

most professionally-run multi-billion

dollar conglomerates in the

Gulf region.

Mr Momin holds a Master of Business

Administration degree from the

Kellogg School of Management at

Northwestern University, as well as

Master’s and Bachelor’s degrees in

mechanical engineering from Purdue

University and Pune University. He

is currently a doctoral candidate

in business at the Singapore

Management University.

Mr Pok Soy Yoong Independent Director & AC Member

Mr Pok Soy Yoong is an Independent

Director and a Member of the Audit

and Risk Committee of the Manager.

Mr Pok is concurrently a member

of the Board of the Inland Revenue

Authority of Singapore, and the

Chairman of the Board of Perennial

China Retail Trust Management Pte.

Ltd. (the trustee-manager of Perennial

China Retail Trust).

Mr Pok has over 30 years’ working

experience in the areas of Singapore

direct tax and international tax.

He is among the leading tax

experts in Singapore on complex

tax transactions and issues, and

is particularly noted for his leading

role in the creation of the taxation

framework for real estate investment

trusts. Prior to his retirement from

professional practice on 31 December

2008, Mr Pok was the Head of Tax

with Ernst & Young Singapore as

well as a member of Ernst & Young

Singapore Management Committee.

He also served as the Chief Operating

Offi cer (Tax) of the Ernst & Young Far

East Tax Practices, covering

15 countries.


Mr Wee Siew KimIndependent Director & AC Member

Mr Wee Siew Kim is an Independent

Director and a Member of the Audit

and Risk Committee of the Manager.

Mr Wee is currently the Group CEO of

Nipsea group which is involved in the

manufacture and sale of decorative

and industrial paint and coatings for

buildings, construction, automobile

and industrial applications. In

addition, he is the Chairman of the

Board of ES Group (Holdings) Limited

which is listed on the Catalist board

of the SGX-ST as well as a Director

of SBS Transit Ltd which is listed on

the Mainboard of the SGX-ST and of

Changi Airports International Pte. Ltd.

Between 2001 and 2011, Mr Wee

was a Member of Parliament for the

Ang Mo Kio Group Representative

Constituency in Singapore.

Mr Wee started his career with

the Singapore Technologies group

in 1984 and had held various

appointments in the engineering,

business development and

management functions within the

group which involved operating stints

in the United States of America,

China, Europe and Singapore. From

2002 to 2009, he served as the

Deputy CEO and President (Defence

Business) of Singapore Technologies

Engineering Limited which is listed on

the Mainboard of the SGX-ST.

Mr Wee holds a Bachelor of

Science (Aeronautical Engineering)

(First Class Honours) degree from

the Imperial College of Science

and Technology and a Master of

Business Administration degree from

the Graduate School of Business,

Stanford University. He is a Fellow of

the City and Guilds Institute.

Mrs Penny Goh Non-Executive Director

Mrs Penny Goh is a Non-Executive

Director of the Manager.

Mrs Goh is currently Head of the

Corporate Real Estate practice group

and a member of the Executive

Committee of Allen & Gledhill LLP,

a leading law fi rm in Singapore,

of which she has been a partner

since 1982. She acts for public-

listed corporations and multinational

institutional investors in all aspects

of corporate real estate transactions.

Her areas of specialisation are real

estate investment trusts, private

equity property funds, regional

investments, real estate mergers

and acquisitions, joint development

schemes and asset restructuring.

Mrs Goh holds a Bachelor of Law

(Honours) degree from the National

University of Singapore and is a

member of the Singapore Bar. She is

recommended as a leading specialist

in corporate real estate practice by a

number of legal publications including

Chambers Asia, IFLR 1000 and The

Asia Pacifi c Legal 500. She has also

been nominated by her peers to

appear in The International Who’s

Who of Real Estate Lawyers.

Mr Hiew Yoon KhongNon-Executive Director

Mr Hiew Yoon Khong is a

Non-Executive Director of

the Manager.

Mr Hiew is currently the Executive

Director and Group CEO of the

Sponsor since 2003.

In addition, he is a Director

of Mapletree Industrial Trust

Management Ltd. (the manager

of Mapletree Industrial Trust),

of Mapletree Commercial Trust

Management Ltd. (the manager of

Mapletree Commercial Trust) and of

Mapletree Greater China Commercial

Trust Management Ltd. (the

manager of Mapletree Greater China

Commercial Trust).

From 2003 to 2011, Mr Hiew was

concurrently Senior Managing

Director (Special Projects) in Temasek

Holdings (Private) Limited. From

1996 to 2003, Mr Hiew held various

senior positions in the CapitaLand

group of companies, including the

positions of Chief Financial Offi cer

(“CFO”) of the CapitaLand group and

CEO of CapitaLand Commercial Ltd

and CapitaLand Financial Ltd. Prior

to joining the CapitaLand group, he

held various positions in the areas

of corporate fi nance, management

consultancy and project fi nancing

over a 10-year period.

Mr Hiew holds a Master of Arts

degree in Economics from the

University of Warwick as well as a

Bachelor of Arts degree in Economics

from the University of Portsmouth.

Boa

rd o

f D

irec

tors


Mr Wong Mun HoongNon-Executive Director

Mr Wong Mun Hoong is a


the Manager.

Mr Wong is currently the Group

CFO and a member of the Executive

Management Committee of the

Sponsor. He is responsible for

Finance, Tax, Treasury, Private

Funds & Investor Relations, Risk

Management and Information

System & Technology of the

Mapletree group. In addition, he is

a Director of Mapletree Industrial

Trust Management Ltd. (the manager

of Mapletree Industrial Trust),

of Mapletree Commercial Trust


Mapletree Commercial Trust) and of

CapitaLand Township Development

Fund Pte. Ltd.

Mr Wong has over 14 years of

investment banking experience in

Asia before he joined the Sponsor. He

was with Merrill Lynch & Co. for the

10 years immediately prior to joining

the Sponsor, where he worked in

Singapore, Hong Kong and Tokyo.

He was a Director and the Head of

its Singapore Investment Banking

Division prior to leaving Merrill Lynch

& Co. in late 2005.

Mr Wong graduated with a

Bachelor of Accountancy

(Honours) degree from the National

University of Singapore in 1990.

He is a non-practising member

of the Institute of Certifi ed Public

Accountants of Singapore. He also

holds the professional designation of

Chartered Financial Analyst from the

CFA Institute of the United States. He

attended the Advanced Management

Programme at INSEAD Business

School.

Mr Chua Tiow Chye Non-Executive Director

Mr Chua Tiow Chye is a


the Manager.

Mr Chua is currently the Group Chief

Investment Offi cer and Regional

CEO, North Asia of the Sponsor. He

oversees the Sponsor’s investment

activities and directly spearheads the

development of new markets in North

Asia, which include South Korea,

Hong Kong, Japan and Australia. Mr

Chua is also a Director of Mapletree

Greater China Commercial Trust


Mapletree Greater China Commercial

Trust) and had previously served as

the CEO of the Manager between

28 July 2005 (MLT’s listing date) and

30 April 2010.

Mr Chua has over 28 years’

experience in the real estate sector

in Asia. Prior to joining the Sponsor

in October 2002, he was the

Managing Director of HKEx-listed

Vision Century Corporation Ltd,

where he was involved in business

parks, residential and commercial

property development. Preceding

that, he was with Ascendas Pte Ltd

and its predecessor, JTC International

Pte Ltd, from 1993 to 2001, where

his last position was Executive

Vice President. Mr Chua’s earlier

appointments include Senior Manager

at Singapore Food Industries Pte Ltd,

Assistant Vice President at United

Overseas Bank Limited and an

Executive Planner at the Ministry of

National Development.

Mr Chua holds a Master of Business


University of Strathclyde and a

Bachelor of Regional and Town

Planning (First Class Honours) degree

from the University of Queensland

under a Colombo Plan scholarship.

Ms Ng KiatExecutive Director

& Chief Executive Offi cer

Ms Ng Kiat is an Executive Director

and Chief Executive Offi cer of the

Manager.

Prior to this appointment in July 2012,

Ms Ng was Chief Investment Offi cer,

Southeast Asia of the Sponsor where

she was responsible for managing

the acquisitions, development

and operations of the Sponsor’s

investment portfolio in the region.

Ms Ng has over 15 years of

experience in real estate and

investment. Prior to joining the

Sponsor in 2007, she was with

Temasek Holdings (Private) Limited

for fi ve years managing private

equity fund investments. Preceding

that, Ms Ng was Vice President at

the CapitaLand group where she

was responsible for real estate

investments and cross-border

mergers and acquisitions activities in

Southeast Asia and Europe.

Ms Ng was awarded the Singapore

Technologies scholarships for her

undergraduate and postgraduate

studies at Imperial College of Science

and Technology, University of London,

where she graduated with a Master

of Engineering (First Class Honours)

degree in Aeronautical Engineering.


Man

agem

ent

Team

Ms Ng Kiat Chief Executive Offi cer

Ms Ng Kiat is an Executive Director

and CEO of the Manager. Please

refer to her profi le under the Board

of Directors section of this Annual

Report on page 21.

Ms Wong Mei LianChief Financial Offi cer

Ms Wong Mei Lian is the Chief

Financial Offi cer of the Manager.

Prior to this appointment in May

2010, Ms Wong was Senior Vice

President, Treasury of the Sponsor

since November 2007, where she

was in charge of the overall treasury

management of the Sponsor.

Ms Wong has extensive experience

in corporate finance, treasury and

investment banking. From 1999 to

2007, she held various positions in

CapitaLand group and Singapore

Power Ltd.

Earlier in her career, Ms Wong

worked in the merchant banking

arm of Schroders, where she was

responsible for the origination,

structuring and syndication of debt

in Southeast Asia.

Ms Wong holds a Bachelor of

Business Administration degree from

the National University of Singapore.

Ms Chen Tze HuiHead, Asset Management

Ms Chen Tze Hui is the Head of

Asset Management of the Manager.

She is responsible for the portfolio’s

asset management strategies and

operations throughout Asia.

Ms Chen has extensive real estate

experience in business development,

investment (acquisitions and

divestments), design development,

asset management, marketing and

lease management. She has also

worked with several large developers

and consultancy firms.

Ms Chen holds a Master of Science

degree in Real Estate (gold medalist)

and a Bachelor of Science degree in

Estate Management from the National

University of Singapore. She has

an advanced diploma in Business

Administration and is also a Licensed

Appraiser of lands and buildings.


Mr Quek Sze KhengDirector, Investment

Mr Quek Sze Kheng is the Director

of Investment of the Manager. He

is responsible for sourcing and

evaluating suitable assets and

opportunities to grow the portfolio,

including in markets where MLT does

not have a presence.

Mr Quek was previously the General

Manager of Vietnam and had served

as the joint head of the New Markets

team. Prior to that, he was Head of

the Investment team and General

Manager of China. Before his posting

to China, he was involved in sourcing

and acquiring properties in Singapore

and Hong Kong for MLT.

Prior to joining the Manager, Mr

Quek was the Senior Business

Development Manager in Ascendas

Land (Singapore) Pte Ltd. In that role,

he was placed in charge of assessing

and evaluating potential acquisitions

of properties, as well as negotiating

and structuring build-to-suit and

development parks in Singapore,

China and the Philippines. Prior to

this, he was with Jurong International

where his last role was that of Senior

Quantity Surveyor based in Suzhou

Industrial Park, China.

Mr Quek holds a Bachelor of Science

(Building) (Honours) degree from the

National University of Singapore and

a Master of Business Administration

degree (Accounting) from Nanyang

Technological University, Singapore.

Ms Serina LimVice President, Finance

Ms Serina Lim is the Vice President

of Finance of the Manager. She

is responsible for handling MLT’s

fi nancial and management reporting

as well as the day-to-day running of

fi nance operations.

Ms Lim has many years of

experience in fi nancial accounting,

group management reporting,

tax, management of treasury

operations and audit. Prior to joining

the Manager, she was the Vice

President of Finance for Jurong

International Holdings Pte. Ltd., a

wholly owned subsidiary of Jurong

Town Corporation, handling all the

fi nancial affairs of the group. She also

previously held fi nance positions in

Cache Logistics Trust, CapitaLand

Financial Limited, SBS Transit Limited

and City Developments Limited.

She started her career with KPMG

Singapore.

Ms Lim holds a Bachelor of

Accountancy degree from the

National University of Singapore

and is a non-practising member

of the Institute of Certified Public


Ms Natalie WongHead, Treasury

Ms Natalie Wong is the Head of

Treasury of the Manager. She is

responsible for handling MLT’s capital

management and corporate finance

operations.

Prior to joining the Manager, Ms

Wong worked in transactions

advisory in PricewaterhouseCoopers

LLP handling numerous cross-border

deals and mergers and acquisitions

projects. She also has extensive

finance and treasury experience

as a finance manager in Honeywell

International Inc. and Zagro Asia

Limited, as well as audit experience

with KPMG Singapore.


Accountancy degree from Nanyang


She is also a non-practising member

of the Institute of Certified Public



Man

agem

ent

Team

Ms Lum Yuen MayVice President, Investor Relations

Ms Lum Yuen May is the Vice

President of Investor Relations of

the Manager. She is responsible for

maintaining timely and transparent

communications with MLT’s

Unitholders, investors, analysts and

the media.

Ms Lum has many years of

experience in the fi nancial industry,

including fi ve years in equities

research. Prior to joining the Manager,

she spent more than 10 years

managing investor relations at various

SGX-ST listed companies, including a

real estate investment trust.

Ms Lum holds a Bachelor of

Economics (Honours) degree from

Monash University (Australia) and a

Master of Business Administration

degree from the National University

of Singapore.

Mr Nick ChungGeneral Manager, China

Mr Nick Chung is the General

Manager of China of the Manager.

He is responsible for sourcing and

evaluating acquisition opportunities

for MLT as well as managing the

existing assets in China.

Mr Chung has more than 14 years

of extensive real estate experience in

business development, investment

(acquisitions and divestments),

asset management, marketing and

lease management in China. Prior

to joining the Manager in December

2009, Mr Chung was Head of

Asset Management at the China

offi ce of NYSE-listed AMB Property

Corporation.

Prior to this, he held the position of

Director, Asset Services with ZIC

property consultants and Premas

International in China. Mr Chung

began his career as an Asset Valuer

with the industrial and valuation team

of Chesterton International Singapore.

Mr Chung holds a Bachelor of

Science (Honours) degree in

Economics from the London School

of Economics and an EMBA in Real

Estate from Tsinghua University,

China.

Mr Ong Khian HengGeneral Manager, South Korea

Mr Ong Khian Heng is the General

Manager of South Korea of the

Manager. He is responsible for

sourcing and evaluating acquisition

opportunities for MLT as well as

managing the existing assets in

South Korea.

Mr Ong was previously General

Manager of Vietnam of the Manager

and prior to that, he was Senior

Manager of the Sponsor’s Regional

Investment Department, responsible

for business development in India and

identifying suitable investments and

development opportunities in India

and China for the Sponsor’s Private

Equity platform, Mapletree India

China Fund.

Mr Ong also previously held

the position of Asset Manager

of the Manager, where his key

responsibilities include implementing

proactive measures, such as asset

refurbishment and enhancement,

to improve the overall returns from

MLT’s portfolio.

Prior to joining the Manager, Mr

Ong was the Deputy Manager of

JTC Corporation. In that role, he

was in charge of the development

and marketing of Singapore’s first

bonded logistics free trade zone –

Airport Logistics Park and the project

management for land infrastructure

works in Woodlands and North Coast

Wafer Fab Park.

Mr Ong holds a Bachelor of Social

Science (Honours) degree from the

National University of Singapore.


Ms Yuko ShimazuGeneral Manager, Japan

Ms Yuko Shimazu is the General

Manager of Japan of the Manager.

She is responsible for sourcing and



existing assets in Japan.

Ms Shimazu has been in the real

estate industry for more than 15

years. She started her career in CB

Richard Ellis in the 1990’s. After

moving on to Colliers, she gained

extensive market and industry

knowledge nationwide, providing

real estate consultancy and leasing

services to foreign capital companies.

Her other real estate business

experience includes asset

management of hotel and retail

properties with Panorama Hospitality,

which was a subsidiary of the Morgan

Stanley group, focusing on improving

profits through tenant management

and revenue improvement.

Ms Shimazu holds a Bachelor of Arts

degree in Social Welfare from Japan

Women’s University (Nihon Joshi

University).

Mr David WonGeneral Manager, Hong Kong

Mr David Won is the General Manager

of Hong Kong of the Manager. He




existing assets in Hong Kong.

Prior to his appointment in October

2011, Mr Won was Head of

Investment and Asset Management

of the Hong Kong logistics team

since April 2010. He started his

appointment with the Manager in

May 2006 as Finance Manager of the

Hong Kong logistics team.

Prior to joining the Manager, Mr Won

was Assistant Manager of Budgetary

and Forecasting with the Hong Kong

Housing Authority. Before that, he

also held the position of Financial

Analyst with Colgate Palmolive (HK)

Limited. Mr Won began his career

as an auditor with BDO McCabe

Lo & Co.

Mr Won holds a Bachelor of

Commerce degree in Accountancy

from the University of Wollongong

(Australia) and a Master of Business


Australian Graduate School of

Management (a school of both

the University of Sydney and the

University of New South Wales).

Mr Won is also a Fellow Member of

the Hong Kong Institute of Certified

Public Accountants and a Member

of the CPA (Australia).

Ms Jean KamDeputy General Manager, Singapore

Ms Jean Kam is the Deputy General

Manager of Singapore of the

Manager. She is responsible for

sourcing and evaluating acquisition

opportunities for MLT as well as

managing the existing assets

in Singapore.

Prior to this appointment, Ms Kam

was Senior Manager, Investment and

Asset Management of the Singapore

logistics team since June 2010.

She started her appointment with the

Manager in September 2007 as Asset

Manager of the Singapore logistics

team. Prior to joining the Manager,

Ms Kam began her career with JTC

Corporation, where she was involved

in the development, marketing and

lease management of JTC’s industrial

facilities for 10 years.

Ms Kam holds a Bachelor of

Science (Honours) degree in Estate

Management from the National

University of Singapore.


Man

agem

ent

Team

Mr Winston LokDeputy General Manager, Malaysia

Mr Winston Lok is the Deputy General

Manager of Malaysia of the Manager.

He is responsible for sourcing and



existing assets in Malaysia.

Mr Lok was previously Deputy

General Manager of North Vietnam of

the Manager since July 2010, where

he oversaw the implementation,

leasing and asset management of

Mapletree Bac Ninh Logistics Park,

the Sponsor’s fi rst project in North

Vietnam, as well as the sourcing of

investment opportunities in North

Vietnam.

Mr Lok also previously held positions

in the Manager’s investment team,

where he was responsible for

sourcing, evaluating and negotiating

investments in Singapore, as well as

evaluating new growth markets for

MLT.

Mr Lok holds a Bachelor of Civil

Engineering (Honours) degree

and a Bachelor of Science degree

(Statistics) from the University

of Monash, Clayton (Australia),

a Postgraduate Diploma in

Construction Management from

Nanyang Technological University,

Singapore, and a Master of Applied

Finance degree from the University of

Adelaide (Australia).

Mr Victor LiuGeneral Manager, Vietnam

Mr Victor Liu is the General Manager

of Vietnam of the Manager. He


evaluating business opportunities for

MLT as well as managing the existing

assets in Vietnam.

Mr Liu has been with the Sponsor

since April 2008 and was based in

Vietnam where he was responsible for

new development projects including

the development of logistics parks

in Binh Duong, Vietnam. Prior to his

appointment with the Manager in

November 2012, Mr Liu was General

Director for the development of SC

VivoCity Retail Mall in Ho Chi Minh

City.

Prior to joining the Sponsor, Mr Liu

was with Jurong International for

11 years, holding key appointments

in their development projects

in Singapore as well as in their

regional offi ces including China, the

Philippines and the Middle East.

Mr Liu holds a Bachelor of Applied

Science degree (Civil Engineering)

from University of Ottawa in Canada,

a Master of Construction Engineering

and Management degree from

Asian Institute of Technology in

Thailand and a Master of Business

Administration degree from

Helsinki School of Economics and

Management in Singapore.


Cor

por

ate

Ser

vice

s Te

am

Mr Wan Kwong WengJoint Company Secretary

Mr Wan Kwong Weng is the Joint

Company Secretary of the Manager.

He is also the Group General

Counsel of the Sponsor, where he is

responsible for all legal, compliance

and corporate secretarial matters.

Prior to joining the Sponsor in 2009,

Mr Wan was Group General Counsel

- Asia at Infineon Technologies for 7

years, where he was a key member

of its Asia Pacific management team.

He started his career as a litigation

lawyer with one of the oldest law

fi rms in Singapore, Wee Swee Teow

& Co., and was subsequently with

the Corporate & Commercial/Private

Equity practice group of Baker &

McKenzie in Singapore and Sydney.

Mr Wan has an LL.B. (Honours)

(Newcastle upon Tyne), where he

was conferred the Wise Speke Prize,

as well as an LL.M. (Merit) (London).

He also attended the INSEAD Asia

International Executive Program. He is

called to the Singapore Bar, where he

was conferred the Justice FA Chua

Memorial Prize, and is also on the

Rolls of Solicitors (England & Wales).

Ms See Hui HuiJoint Company Secretary

Ms See Hui Hui is the Joint Company

Secretary of the Manager. She is

also the Vice President, Legal of

the Sponsor.

Prior to joining the Sponsor in 2010,

Ms See was in the Corporate/

Mergers & Acquisitions practice

group of WongPartnership LLP,

one of the leading law firms in

Singapore. She started her career as

a litigation lawyer with Tan Kok Quan

Partnership.

Ms See holds an LL.B. (Honours)

from the National University of

Singapore, and is admitted to the

Singapore Bar.


Pro

per

ty M

anag

emen

t Te

am

Mr Tan Wee SengHead, Regional Development

Management

Mr Tan Wee Seng is the Head of

Regional Development Management

of the Sponsor, where he oversees

the delivery of all development

projects including asset enhancement

initiatives undertaken within the

Mapletree group across all business

units and countries (ex China).

Mr Tan has over 22 years’ experience

in design, project management

and construction across the

industrial, logistics, pharmaceutical,

telecommunication, institutional and

commercial sectors spanning various

countries in Asia including Singapore,

China, Malaysia as well as the United

States of America, Ireland and

Nigeria.

Prior to joining the Sponsor in

February 2012, Mr Tan was Managing

Director at Lend Lease Singapore. His

responsibilities included execution of

development projects in Lend Lease’s

portfolio and for various external

clients.

Mr Tan holds a Bachelor of Science

(Building) degree from the National

University of Singapore.

Mr James SungDirector, Marketing

Mr James Sung is the Director of

Marketing of the Manager. He is

responsible for the marketing and

leasing of logistics properties in

the portfolio, as well as developing

strategic and global partnerships with

global customers.

Mr Sung has extensive experience

in business development, sales and

customer relationship management,

attained mainly in the third party

logistics and air cargo industry. Prior

to joining the Manager in February

2010, he was the Managing Director

of TCI in Shanghai, a large privately-

held Chinese airfreight consolidator

in China.

Before TCI, Mr Sung was with Exel,

a UK-headquartered global logistics

company, as their China Country

Director. Prior to that, he held the

position of Exel China’s Vice President

for Commercial. Before being

posted to Shanghai where he was

based for five years, he headed the

Business Development unit of Exel in

Singapore.

Mr Sung holds a Bachelor of Science

(Honours) degree in Physics from

University of Canterbury in New

Zealand, and a Master of Business

Administration degree from Nanyang


In 2002, Mr Sung completed

the SPRING-Firefly Leadership

programme by INSEAD at their

Singapore campus.

Ms Wong Mei Ling MaySenior Manager, Property Management

Ms Wong Mei Ling May is the Senior

Manager of Property Management of

the Manager. She is responsible for

the property management functions

for MLT’s Singapore portfolio, where

she oversees the execution of good

practices in operations and property

maintenance.

Ms Wong started her career in Asset

Management with the Manager in

August 2007, and was also involved

in the corporate marketing of MLT’s

regional portfolio. Prior to her current

appointment, Ms Wong was Head

of Asset Management, Malaysia. In

that role, she led the formulation and

implementation of asset and property

management plans for the existing

Malaysia logistics real estate portfolio

and assisted in the structuring and

negotiation of deals in Malaysia.

Before joining the Manager, Ms

Wong worked at JTC Corporation

where she was involved in corporate

planning and development, as well

as the leasing and management

of the waterfront and logistics

industrial clusters. Before that,

she was a business planner with

Murata Electronics Singapore (Pte)

Ltd and was involved in setting up

representative and sales offi ces in

Southeast Asia.


Business degree in Business

Administration from the Royal

Melbourne Institute of Technology.


Cor

por

ate

Gov

ern

ance

The Manager of Mapletree Logistics Trust (“MLT”) has

responsibility over the strategic direction and management

of the assets and liabilities of MLT and its subsidiaries

(collectively, the “Group”).

The Manager discharges its responsibility for the benefi t

of MLT’s unitholders (“Unitholders”), in accordance with

the applicable laws and regulations as well as the trust

deed constituting MLT (“Trust Deed”). To this end, the

Manager sets the strategic direction of the Group and gives

recommendations to HSBC Institutional Trust Services

(Singapore) Limited, in its capacity as trustee of MLT (the

“Trustee”), on the acquisition, divestment or enhancement

of assets of the Group. As a REIT Manager, the Manager

is licensed by the Monetary Authority of Singapore (the

“MAS”) and granted a Capital Markets Services Licence

(“CMS Licence”).

The Manager’s roles and responsibilities include:

• using its best endeavours to carry on and conduct the

Group’s business in a proper and effi cient manner and

to conduct all transactions with or for the Group on an

arm’s length basis and on normal commercial terms;

• preparing annual property plans, proposals and

forecast on gross revenue, capital expenditure, sales

and valuation, explanations of major variances to

previous forecasts, written commentaries on key

issues and any other relevant assumptions. The

purpose of such plans is to explain the performance

of MLT’s properties; and

• ensuring compliance with the applicable laws and

regulations, including the Securities and Futures

Act of Singapore (Chapter 289), the Listing Manual,

the Code on Collective Investment Schemes, the

Singapore Code on Takeovers and Mergers, the Trust

Deed, the CMS Licence and any tax rulings and all

relevant contracts.

The Manager is committed to apply the principles and the

spirit of the Code of Corporate Governance (the “Code”).

The Code was revised by the MAS in May 2012(1) and

takes effect in respect of annual reports relating to fi nancial

years commencing from 1 November 2012. Nonetheless

and in the spirit of our commitment to high standards of

corporate governance, we have, as far as practicable,

endeavoured to comply with the revised Code during

FY12/13.

The Board of Directors and employees of the Manager are

remunerated by the Manager, and not by MLT.

(1) The revised Code will take effect in respect of annual reports relating to fi nancial years commencing from 1 November 2012, except the following changes:

(a) “Board composition changes” should be made at the annual general meetings (“AGMs”) following the end of the relevant fi nancial year; and

(b) The requirement for independent directors to make up at least half of the board in specifi ed circumstances (Guideline 2.2 of the revised Code) should be made

at the AGMs following the end of the fi nancial year commencing on or after 1 May 2016.


Cor

por

ate

Gov

ern

ance

(A) BOARD MATTERS

Board’s Conduct of its Affairs

Principle 1: Effective board

Our Policy and Practices

The Manager applies the principle that an effective

Board of Directors (the “Board”) for the Manager is one

constituted with the right core competencies and diversity

of experience, so that the collective wisdom of the Board

can give guidance and provide insights as well as strategic

thinking to Management.

The key roles of the Board are to:

• guide the corporate strategy and direction of

the Manager;

• ensure that Senior Management discharges business

leadership and demonstrates the highest quality of

management skills with integrity and enterprise; and

• oversee the proper conduct of the Manager.

The positions of Chairman and Chief Executive Offi cer

(“CEO”) are held by two separate persons in order to

maintain effective oversight.

The Board comprises eleven Directors, of whom ten

are Non-Executive Directors and fi ve are Independent

Directors.

The following sets out the composition of the Board:

• Mr Paul Ma Kah Woh, Chairman and Member

of the Audit and Risk Committee(1)

• Mr Tan Ngiap Joo, Chairman of the Audit and Risk

Committee and Independent Director

• Mr Cheah Kim Teck, Independent Director and

Member of the Audit and Risk Committee

• Mr Zafar Momin, Independent Director

• Mr Pok Soy Yoong, Independent Director and

Member of the Audit and Risk Committee

• Mr Ng Quek Peng, Independent Director and Member

of the Audit and Risk Committee(2)

• Mrs Penny Goh, Non-Executive Director

• Mr Hiew Yoon Khong, Non-Executive Director

• Mr Wong Mun Hoong, Non-Executive Director

• Mr Chua Tiow Chye, Non-Executive Director

• Ms Ng Kiat, Executive Director and Chief

Executive Offi cer

The Board consists of business leaders and distinguished

professionals in their respective fi elds. Each Director is

appointed on the strength of his or her calibre, experience,

stature, and potential to give proper guidance to the

Manager for the business of the Group. Their profi les

are found on pages 18 to 21 of this Annual Report. They

meet regularly, at least once every quarter, to review the

business performance and outlook of the Group, as well as

to deliberate on business strategy, including any signifi cant

acquisitions, disposals, fundraising and development

projects of the Group.

Notes:

(1) Mr Paul Ma Kah Woh resigned as a Member of the Audit and Risk Committee on 1 April 2013.

(2) Mr Ng Quek Peng resigned as an Independent Director and a Member of the Audit and Risk Committee on 1 April 2013. Mr Wee Siew Kim was appointed as an

Independent Director and a Member of the Audit and Risk Committee on 1 April 2013.


The Board has approved a set of delegations of authority

which sets out approval limits for operational and capital

expenditures, investments and divestments, bank

borrowings and cheque signatory arrangements. Approval

sub-limits are also provided at various management levels

to facilitate operational effi ciency as well as provide a

system of checks and balances.

Board’s approval is required for material transactions,

including the following:

• equity fundraising;

• acquisition, development and disposal of properties

above the Board prescribed limits;

• overall project budget variance and ad hoc

development budget above the Board prescribed

limits;

• credit facilities above the Board prescribed limits; and

• derivative contracts above the Board prescribed

limits.

The Board is updated on any change to relevant laws,

regulations and accounting standards by way of briefi ngs

by professionals or by updates issued by Management. In

FY12/13, seminars were held to update the Board on the

following matters:

• the relevant amendments to the Code and the

Singapore Code on Take-Overs and Mergers;

• the risk governance guidance of listed boards; and

• the implications of a landmark judgement on directors’

duties.

Ms Ng Kiat and Mr Wee Siew Kim, who were appointed on

2 October 2012 and 1 April 2013 respectively, attended an

orientation programme conducted by Senior Management

where they were briefed on the businesses, strategic

directions, the regulatory environment in which the Group

operates and governance practices of the Group and

the Manager.

Board

Audit

and Risk

Committee

Number of meetings held in FY12/13 6 5

Board Members(1) Membership

Mr Paul Ma Kah Woh(5)

(Appointed on 16 May 2005)

Chairman and Member of the Audit and

Risk Committee

6 5

Mr Tan Ngiap Joo

(Appointed on 15 June 2009)

Chairman of the Audit and Risk

Committee and Independent Director

6 5

Mr Cheah Kim Teck


Independent Director and Member of

the Audit and Risk Committee

6 5

Mr Zafar Momin

(Appointed on 16 June 2005)

Independent Director 5 N.A.(4)

Mr Pok Soy Yoong

(Appointed on 31 August 2009)



6 5

Mr Ng Quek Peng

(Appointed on 16 May 2005 and

resigned on 1 April 2013)



6 5

Mrs Penny Goh

(Appointed on 31 March 2011)

Non-Executive Director 6 N.A.(4)

Mr Hiew Yoon Khong



Mr Wong Mun Hoong

(Appointed on 15 July 2006)

Non-Executive Director 6 5(2)

Mr Chua Tiow Chye

(Appointed on 19 January 2005)


Ms Ng Kiat(3)

(Appointed on 2 October 2012)

Executive Director and


3 3(2)

The meeting attendance of the Board and the Audit and Risk Committee for FY12/13 is as follows:

Notes:

(1) This table does not include Mr Wee Siew Kim who was appointed as an Independent Director and Member of the Audit and Risk Committee of the Manager

on 1 April 2013 and Mr Richard Lai who resigned as Executive Director and Chief Executive Offi cer of the Manager on 26 July 2012.

(2) Attendance was by invitation.

(3) Ms Ng Kiat assumed the role as the Chief Executive Offi cer of the Manager on 26 July 2012 and was appointed as an Executive Director of the Manager

on 2 October 2012.

(4) N.A. means not applicable.



Cor

por

ate

Gov

ern

ance

Board Composition and Balance

Principle 2: Strong and independent element

on the board


The Manager applies the principle that at least one-third

of its Directors are independent and the majority of its

Directors are non-executive. This allows the Directors to

engage in robust deliberations with Management and

provide external, diverse and objective insights into issues

brought before the Board. Further, such composition and

separation of the roles of the Chairman and the CEO,

provides oversight to ensure that Management discharges

its roles with integrity.

Chairman and Chief Executive Offi cer

Principle 3: Clear division of responsibilities


The Manager applies the principle of clear separation of

the roles and responsibilities between the Chairman of

the Board and the CEO of the Manager. The Chairman

guides the Board in constructive debates on the strategic

direction, management of assets and governance matters.

He is non-executive, and is free to act independently in

the best interests of the Manager and Unitholders. The

Chairman and the CEO are not related to each other.

The CEO is responsible for the running of the Manager’s

business operations. She has full executive responsibilities

over the business and operational decisions of the Group.

The CEO is also responsible for ensuring compliance with

the applicable laws and regulations in the daily operations

of the Group.

Board Membership

Principle 4: Formal and transparent process

for appointments


As the Manager is not a listed entity, it does not have a

nominating committee. However, the Manager applies

the principle that Board renewal is an ongoing process to

ensure good governance and maintain relevance to the

changing needs of the Manager and the Group’s business.

All appointments and resignations of Board members are

approved by the Board.

The composition of the Board is determined using the

following principles:

• the Chairman of the Board should be a non-executive

director of the Manager;

• the Board should comprise directors with a broad

range of commercial experience including expertise

in funds management, law, fi nance, audit, accounting

and the property industry; and

• at least one-third of the Board should comprise

independent directors.

The Manager does not, as a matter of policy, limit the

maximum number of listed company board representations

its Board members may hold as long as each of the Board

members is able to commit his/her time and attention

to the affairs of the Group, including attending Board

and Audit and Risk Committee (“AC”) meetings and

to contribute constructively to the management of the

Manager and the Group.

As a principle of good corporate governance, all

Board members are required to submit themselves for

re-nomination and re-election at regular intervals. The

CEO, as a Board member, is subject to retirement and

re-election.

Board Performance

Principle 5: Formal assessment of the effectiveness

of the board


The Manager applies the principle that the Board’s

performance is ultimately refl ected in the performance of

the Manager and the Group. The Manager conducted

a formal assessment of the Board’s and the AC’s

performance in FY11/12 and will conduct another such

assessment in the next fi nancial year. The assessment is

conducted by way of a confi dential survey questionnaire

and thereafter the results of the survey are evaluated by

the Board.

Each Board member is given suffi cient time to bring to the

Board his or her perspective to enable balanced and well

considered decisions to be made.

Access to Information

Principle 6: Complete, adequate and timely access

to information


The Manager applies the principle that the Board shall

be provided with timely and complete information prior to

Board meetings and as well as when the need arises.


Management is required to provide adequate and timely

information to the Board, which includes matters requiring

the Board’s decision as well as on-going reports relating

to the operational and fi nancial performance of the Group.

Management is also required to provide any additional

information, when so requested by the Board, in a timely

manner in order for the Board to make informed decisions.

The Board has separate and independent access to

Management and the Company Secretary.

The Company Secretary attends to the administration

of corporate secretarial matters and attends all Board

and committee meetings. The Company Secretary also

provides assistance to the Chairman in ensuring adherence

to Board procedures.

The Board takes independent professional advice as and

when necessary to enable it or the Independent Directors

to discharge their responsibilities effectively. The AC meets

the external and internal auditors separately at least once a

year, without the presence of Management.

(B) REMUNERATION MATTERS

Procedures for Developing Remuneration

Policies

Principle 7: Formal and transparent procedure for fi xing

the remuneration of directors

Level and Mix of Remuneration

Principle 8: Appropriate level of remuneration

Disclosure on Remuneration

Principle 9: Clear disclosure of remuneration matters


The Manager applies the principle that remuneration

matters are to be suffi ciently structured and benchmarked

to good market practices, in order to attract suitably

qualifi ed talent, so as to grow and manage its business.

The Manager applies the principle that remuneration for the

Board and Senior Management should be viewed in totality.

The remuneration structure is linked to the continuous

development of the management bench strength to ensure

that there is robust talent management and succession

cover, as well as to the concerted pursuit of strong and

ethical leadership for the success of the Group’s business

and the Manager.

As the Manager is not a listed entity, it is not presently

considered necessary for it to have a remuneration

committee. However, as a subsidiary of the Sponsor,

the Manager takes its reference from the remuneration

policies and practices of the Sponsor in determining

the remuneration of the Board and key executives. The

Executive Resources and Compensation Committee

(“Mapletree’s ERCC”) of the Sponsor at group level serves

the crucial role of helping to ensure that the Manager

is able to recruit and retain the best talents to drive its

business forward.

The members of the Mapletree’s ERCC are:

• Mr Edmund Cheng Wai Wing (Chairman)

• Mr Paul Ma Kah Woh (Member)

• Ms Chan Wai Ching, Senior Managing Director,

Temasek Holdings (Private) Limited (Co-opted

Member)

All the members of the Mapletree’s ERCC are independent

of Management. The Mapletree’s ERCC oversees executive

compensation and development of the management

bench strength, so as to build and augment a capable

and dedicated management team, and gives guidance on

progressive policies which can attract, motivate and retain

a pool of talented executives for the present and future

growth of the Manager.

Specifi cally, the Mapletree’s ERCC:

• establishes compensation policies for key executives;

• approves salary reviews, bonuses and incentives for

key executives;

• approves key appointments and reviews succession

plans for key positions; and

• oversees the development of key executives and

younger talented executives.

The Mapletree’s ERCC conducts, on an annual basis, a

succession planning review of the CEO and selected key

positions in the Manager. In this regard, potential internal

and external candidates for succession are reviewed for

immediate, medium term and longer term needs. A total

of three meetings were held by the Mapletree’s ERCC in

FY12/13.


Cor

por

ate

Gov

ern

ance

The remuneration of the Board and the employees of

the Manager is paid by the Manager from the fees it

receives from MLT, and not by MLT. Since MLT does

not bear the remuneration of the Manager’s Board and

employees, the Manager does not consider it necessary

to include information (other than as set out below) on the

remuneration of its Directors and its key executives.

The Chairman, the Non-Executive Directors and the

Independent Directors have no service contracts with

the Manager. Save for Mr Hiew Yoon Khong, Mr Wong

Mun Hoong, Mr Chua Tiow Chye, and Ms Ng Kiat, all the

Directors receive a basic fee and, where applicable, an

additional fee for serving on the AC.

Mr Hiew Yoon Khong, Mr Wong Mun Hoong and Mr Chua

Tiow Chye, respectively the Group CEO, the Group Chief

Financial Offi cer (“CFO”) and the Group Chief Investment

Offi cer and Regional CEO, North Asia of the Sponsor, do

not receive director’s fees for serving as Non-Executive

directors of the Manager.

The CEO, as an Executive Director, does not receive

director’s fees. She is a lead member of Management. Her

compensation consists of salary, allowances, bonuses and

share appreciation awards from the Sponsor. The latter is

conditional upon her meeting certain performance targets.

The CEO is not present during the discussions relating

to her own compensation and terms and conditions of

service, and the review of her performance.

Board Members(1) Membership FY12/13

Mr Paul Ma Kah Woh(2) Chairman and Member of the Audit and Risk Committee S$132,500

Mr Tan Ngiap Joo Chairman of the Audit and Risk Committee

and Independent Director

S$85,000

Mr Cheah Kim Teck Independent Director and Member of


S$72,500

Mr Zafar Momin Independent Director S$50,000

Mr Pok Soy Yoong Independent Director and Member of


S$72,500

Mr Ng Quek Peng

(Resigned on 1 April 2013)



S$72,500

Mrs Penny Goh Non-Executive Director S$50,000

Mr Hiew Yoon Khong Non-Executive Director Nil

Mr Wong Mun Hoong Non-Executive Director Nil

Mr Chua Tiow Chye Non-Executive Director Nil

Ms Ng Kiat Executive Director and Chief Executive Offi cer Nil

Directors’ fees are subject to the approval of the Manager’s shareholder and the directors’ fees paid to the Board for

FY12/13 are as follows:

Notes:

(1) This table does not include Mr Wee Siew Kim who was appointed as an Independent Director and Member of the Audit and Risk Committee of the Manager

on 1 April 2013 and Mr Richard Lai who resigned as Executive Director and Chief Executive Offi cer of the Manager on 26 July 2012.



(C) ACCOUNTABILITY AND AUDIT

Accountability

Principle 10: Balanced and understandable assessment

of the company’s performance, position and prospects


The Manager applies the principle that to build confi dence

among stakeholders, there is a need to deliver maximum

sustainable value.

The Manager complies with statutory and regulatory

requirements as well as adopts best practices in the

Group’s business processes. The Board is also apprised

of the performance of the Group and the business and

market outlook on a regular basis to enable the Board to

make a balanced and informed assessment of the Group’s

performance, position and prospects.

Internal Controls

Principle 11: Sound system of internal controls


The Manager is committed to the principle of a sound

system of internal controls.

The Manager, working with the Sponsor, has established

an internal control framework which addresses the

operational, fi nancial and compliance risks applicable to

the Group’s business and operating environment. These

internal controls provide reasonable but not absolute

assurance on the achievement of their intended

control objectives.

The key elements of the Group’s system of controls are

as follows:

Operating Structure

The Manager has a defi ned operating structure with lines

of responsibility and delegated authority, as well as

reporting mechanisms to Senior Management and the

Board. This structure includes certain functions, such as

Human Resources, Information Technology, Internal Audit,

Legal and Risk Management, which are outsourced to

the Sponsor.

Policies, Procedures and Practices

Controls are detailed in formal procedures and manuals.

For example, the Board has approved a set of delegations

of authority which sets out approval limits for operational

and capital expenditures, investments and divestments,

bank borrowings and cheque signatory arrangements.

Approval sub-limits are also provided at various

management levels to facilitate operational effi ciency as

well as provide a system of checks and balances.

Board’s approval is required for material transactions,

including the following:

• equity fundraising;

• acquisition, development and disposal of properties

above the Board prescribed limits;

• overall project budget variance and ad hoc

development budget above the Board prescribed

limits;

• credit facilities above the Board prescribed limits; and

• derivative contracts above the Board prescribed

limits.

The Group’s procedures and practices are regularly

reviewed and revised where necessary to enhance controls

and effi ciency. A Control Self Assessment programme was

implemented to promote accountability, control and risk

ownership, in order to cultivate a stronger sense of risk

awareness within Management.

The Internal Audit department of the Sponsor verifi es

compliance with these control procedures and manuals.

Whistle-blowing Policy

To reinforce a culture of good business ethics and

governance, the Manager has a Whistle-blowing Policy to

encourage the reporting in good faith of any suspected

improper conduct, including possible fi nancial irregularities,

whilst protecting the whistleblowers from reprisals.

Any reporting shall be notifi ed to the AC Chairman for

investigation and to the AC for deliberation on the fi ndings.

Risk Management

Risk management is an integral part of business

management by the Manager. In order to safeguard and

create value for Unitholders, the Manager proactively

manages risks and requires the risk management process

to be part of the Manager’s planning and decision making

process.

In this regard, the Sponsor’s Risk Management department

oversees the risk management framework, reviews the

adequacy and effectiveness of the risk management

system and monitors the key risks faced by the Group. It

reports to the AC and the Board on material fi ndings and

recommendations in respect of signifi cant risk matters.

The risk management system is dynamic and evolves with

the business. The Sponsor’s Risk Management department

works closely with Management to review and enhance the

risk management system to be in line with market practices

and regulatory requirements. One such initiative is the

implementation of a Control Self Assessment programme,

which promotes accountability, control and risk ownership,

thereby cultivating a stronger sense of risk awareness

within Management.

The Manager’s policies and procedures relating to risk

management can be found on pages 40 to 41 of this

Annual Report.


Cor

por

ate

Gov

ern

ance

Information Technology (“IT”) Controls

As part of the operational risk process, IT general controls

have been put in place and are periodically reviewed to

ensure that IT risks are identifi ed and mitigated. In addition,

as part of the Manager’s business continuity plan, IT

disaster recovery planning and tests are conducted to

ensure that critical IT systems remain functional in a

crisis situation.

Financial Reporting

The Board is regularly updated on the Group’s fi nancial

performance via quarterly reports. These reports

provide explanations for signifi cant variances of fi nancial

performance and updated full year forecast, in comparison

with budgets and fi nancial performance of corresponding

periods in the preceding year. In addition, the Board

is provided with quarterly updates on key operational

activities.

A management representation letter is provided in

connection with the preparation of the Group’s fi nancial

statements presented to the AC and Board quarterly.

The representation letter is supported by declarations

made individually by the various Heads of Department.

Compliance checklists on announcement of fi nancial

statements, which are required for submission to the

SGX-ST, are reviewed and confi rmed by the CFO.

The Group’s fi nancial results are reported to Unitholders

quarterly in accordance with the requirements of the

SGX-ST. These results announcements provide analysis

of signifi cant variances in fi nancial performance and

commentary on the industry’s competitive conditions in

which the Group operates and any known factors or events

that may affect the Group in the next reporting period and

the next 12 months.

Detailed disclosure and analysis of the full year fi nancial

performance of the Group are in the Annual Report.

Financial Management

Management reviews the performance of the MLT portfolio

properties on a monthly basis to instil fi nancial and

operational discipline at all levels of the Manager.

The key fi nancial risks to which the Group is exposed,

comprise interest rate risk, liquidity risk, currency risk and

credit risk. Where necessary and appropriate, the Manager

hedges the Group against interest and/or currency rate

fl uctuations. In addition, the Manager proactively manages

liquidity risk by ensuring that suffi cient working capital lines

and loan facilities are maintained. The Manager’s capital

management strategy can be found on pages 78 to 79 of

this Annual Report. The Manager also has in place credit

control procedures for managing tenant credit risk and

monitoring of debt collection.

Internal Audit

On an annual basis, the Sponsor’s Internal Audit

department prepares a risk-based audit plan to review

the adequacy and effectiveness of the Group’s system

of internal controls. The Internal Audit department is also

involved during the year in conducting system or process

reviews that may be requested by the AC or Management

on specifi c areas of concern. In doing so, the Internal Audit

department obtains reasonable assurance that business

objectives for the process under review are being achieved

and key control mechanisms are in place.

Upon completion of each review, a formal report detailing

the audit fi ndings and the appropriate recommendations

will be issued to the AC. The Internal Audit department

monitors and reports on the timely implementation of the

action plans to Management and the AC on a quarterly

basis.

The external auditors provide an independent perspective

on certain aspects of the internal fi nancial controls system

arising from their work and annually report their fi ndings

to the AC.

Interested Person Transactions

For all interested person transactions, they are undertaken

only on normal commercial terms and the AC regularly

reviews all related party transactions to ensure compliance

with the internal control system as well as with relevant

provisions of the Listing Manual and Appendix 6 of the

Code on Collective Investment Schemes issued by the

MAS (the “Property Funds Appendix”). In addition, the

Trustee also has the right to review such transactions to

ascertain that the Property Funds Appendix has been

complied with.

Furthermore, the following procedures are also undertaken:

• transactions (either individually or as part of a series

or if aggregated with other transactions involving the

same related party during the same fi nancial year)

equal to or exceeding S$100,000 in value but below

3.0% of the value of the Group’s net tangible assets

will be subject to review by the AC at regular intervals;


or if aggregated with other transactions involving the

same related party during the same fi nancial year)

equal to or exceeding 3.0% but below 5.0% of the

value of the Group’s net tangible assets will be subject

to the review and prior approval of the AC. Such

approval shall only be given if the transactions are

on normal commercial terms and are consistent with

similar types of transactions made by the Trustee with

third parties which are unrelated to the Manager; and



or if aggregated with other transactions involving

the same related party during the same fi nancial

year) equal to or exceeding 5.0% of the value of

the Group’s net tangible assets will be reviewed

and approved prior to such transactions being

entered into, on the basis described in the preceding

paragraph, by the AC which may, as it deems fi t,

request advice on the transaction from independent

sources or advisers, including the obtaining of

valuations from independent professional valuers.

Further, under the Listing Manual and the Property

Funds Appendix, such transactions would have to

be approved by the Unitholders at a meeting of the

Unitholders.

The interested person transactions undertaken by the

Group in FY12/13 subject to disclosure requirements

under the Listing Manual can be found on page 156 of this

Annual Report.

Dealing in MLT units

The Manager adopts the best practices on dealings in

securities set out in the Listing Manual. All Directors are

required to disclose their interests in MLT and are also

provided with disclosures of interests by other Directors as

well as reminders on trading bans.

On trading in MLT units, the Directors and employees of

the Manager are reminded not to deal in MLT units on short

term considerations and are prohibited from dealing in

MLT units:

• in the period commencing one month before the

public announcement of the Group’s annual and

semi-annual results;

• in the period commencing two weeks before the

public announcement of the Group’s quarterly

results; and

• at any time whilst in possession of price-sensitive

information.

Each Director is required to give notice to the Manager

of his or her acquisition of MLT units or of changes in the

number of MLT units which he or she holds or in which he

or she has an interest, within two business days of such

acquisition or change of interest. In addition, employees

of the Manager and the Sponsor are to give pre-trading

notifi cations before any dealing in MLT units.

Role of the Board and AC

The Board recognises the importance of maintaining a

sound internal controls system to safeguard the assets of

the Group and Unitholders’ interests, through a framework

that enables risk to be assessed and managed.

The AC provides oversight of the fi nancial reporting risks,

accounting policies and the adequacy and effectiveness of

the Group’s internal controls and compliance systems.

The Board and the AC also took into account the Control

Self Assessment programme implemented in this fi nancial

year, which requires the respective departments of the

Manager to review and report on control environment

of their processes.

It should be recognised that all internal control systems

contain inherent limitations and, accordingly, the internal

control systems can only provide reasonable but not

absolute assurance.

Based on the internal controls established and maintained

by the Manager and the Sponsor, work performed by

the Sponsor’s Internal Audit and Risk Management

departments as well as by the external auditors, and

reviews performed by Management, the Board, with

the concurrence of the AC, is of the opinion that, in the

absence of evidence to the contrary, the Group’s internal

controls, addressing key fi nancial, operational, compliance

risks which the Group considers relevant and material to its

operations, were adequate as at 31 March 2013.

Audit and Risk Committee

Principle 12: Written terms of reference


The Board is supported by the AC to allow deeper

overview of fi nancial, risks and audit matters, so as to

maximise the effectiveness of the Board and foster active

participation and contribution.

The Manager applies the principle that the AC shall have at

least three members, all of whom must be non-executive

and the majority of whom must be independent.

The AC consists of fi ve members. They are:

• Mr Tan Ngiap Joo, Chairman

• Mr Paul Ma Kah Woh, Member(1)

• Mr Cheah Kim Teck, Member

• Mr Ng Quek Peng, Member(2)

• Mr Pok Soy Yoong, Member

Notes:


(2) Mr Ng Quek Peng resigned as a Member of the Audit and Risk Committee on 1 April 2013. Mr Wee Siew Kim was appointed as a Member of the Audit and Risk

Committee on 1 April 2013.


Cor

por

ate

Gov

ern

ance

The AC has a set of Terms of Reference dealing with its

scope and authority, which include:

• review of annual internal and external audit plans;

• examination of Interested Person Transactions;

• review of audit fi ndings of internal and external

auditors as well as management responses to them;

• evaluation of the nature and extent of non-audit

services performed by external auditors. In this

regard, for the fi nancial year ended 31 March 2013,

MLT paid S$609,000 to the external auditors,

PricewaterhouseCoopers LLP (“PwC”), of which

S$483,000 was for audit services and S$126,000

was for non-audit services relating to tax compliance

and advisory services for the Group. The AC has

undertaken a review of all non-audit services provided

by PwC and is of the opinion that such non-audit

services would not affect the independence of PwC;

• review of the quality and reliability of information

prepared for inclusion in fi nancial reports;

• recommendation of the appointment and

re-appointment of external auditors; and

• approval of the remuneration and terms of

engagement of external auditors.

In addition, the AC also:

• meets with the external and internal auditors, without

the presence of Management, at least once a year to

review and discuss the fi nancial reporting process,

system of internal controls (including fi nancial,

operational and compliance controls), signifi cant

comments and recommendations; and

• reviews and, if required, investigates the matters

reported via the whistle-blowing mechanism, by

which staff may, in confi dence, raise concerns

about suspected improprieties including fi nancial

irregularities.

The objective is to ensure that arrangements are in place

for independent investigations of any matters arising

from such meetings and reviews, to ensure appropriate

follow-up actions.

A total of fi ve AC meetings were held in FY12/13.

The Manager, on behalf of the Group, confi rms that the

Group has complied with Rules 712 and 715 of the Listing

Manual in relation to the Group’s auditing fi rm.

Internal Audit

Principle 13: Independent internal audit function


The Manager applies the principle that a robust system

of internal audits is required to safeguard Unitholders’

interests, the Group’s assets, and to manage risks. Apart

from the AC, other Board committees may be set up from

time to time to address specifi c issues or risks.

The internal audit function of the Group is outsourced to

the Internal Audit department (“IA”) of the Sponsor and the

IA reports directly to the Chairman of the AC of both the

Manager and the Sponsor.

The role of IA is to conduct internal audit work in

consultation with, but independently of, Management. Its

annual audit plan and audit fi ndings are submitted to the

AC. The AC also meets with the IA at least once a year

without the presence of Management.

The Internal Auditor is a corporate member of the

Singapore branch of the Institute of Internal Auditors

Inc. (“IIA”), which has its headquarters in the USA. IA

subscribes to, and is in conformance with, the Standards

for the Professional Practice of Internal Auditing

(“Standards”) developed by the IIA and has incorporated

these standards into its audit practices.

The Standards set by the IIA cover requirements on:

• independence & objectivity;

• profi ciency & due professional care;

• managing the internal audit activity;

• engagement planning;

• performing engagement; and

• communicating results.

IA staff involved in IT audits are Certifi ed Information

System Auditors and members of the Information System

Audit and Control Association (“ISACA”) in the USA. The

ISACA Information System Auditing Standards provide

guidance on the standards and procedures to be applied

in IT audits.

To ensure that the internal audits are performed by

competent professionals, IA recruits and employs qualifi ed

staff. In order that their technical knowledge remains

current and relevant, IA identifi es and provides training and

development opportunities to the staff.

In compliance with IIA, an external assessment of IA is

conducted at least once every fi ve years by a qualifi ed,

independent reviewer.


(D) SHAREHOLDER RIGHTS AND

RESPONSIBILITIES

Shareholder Rights

Principle 14: Fair and equitable treatment of all

shareholders

Communication with Shareholders

Principle 15: Regular, effective and fair communication

with shareholders

Conduct of Shareholder Meetings

Principle 16: Greater shareholder participation at Annual

General Meetings


The Manager is committed to the principle that all

Unitholders should be treated fairly and equitably and their

ownership rights arising from their unitholdings should

be recognised.

To this end, the Manager issues via SGXNET

announcements and press releases on the Group’s latest

corporate developments on an immediate basis where

required under the Listing Manual. Where immediate

disclosure is not practicable, the relevant announcement

will be made as soon as possible to ensure that all

stakeholders and the public have equal access to

the information.

All Unitholders are entitled to receive the annual report in

digital format packaged in a compact disc with the option

of receiving a printed version. The annual report encloses

a notice of annual general meeting and a proxy form with

instructions on the appointment of proxies. The notice of

annual general meeting for each annual general meeting

is also published via SGXNET. An annual general meeting

is held once a year to provide a platform for Unitholders to

interact with the Board, in particular the Chairman of the

Board and the Chairman of the AC, CEO and CFO. The

external auditors are also present to address Unitholders’

queries about the audit and the fi nancial statements

of the Group.

Similarly, where a general meeting is convened, all

Unitholders are entitled to receive a circular enclosing a

proxy form with instructions on the appointment of proxies.

Prior to voting at an annual general meeting or any other

general meeting, the voting procedures will be made

known to the Unitholders to facilitate them in exercising

their votes.

The Chairman of the Board will usually demand for a poll

to be taken for resolutions proposed at an annual general

meeting and any other general meeting and thereafter

voting will be conducted by electronic polling. The Manager

will announce the results of the votes cast for and against

each resolution and the respective percentages and

prepare minutes of such meetings.

The Manager has an Investor Relations department which

works with the Legal and Corporate Secretariat department

of the Sponsor to ensure the Group’s compliance with the

legal and regulatory requirements applicable to listed REITs,

as well as to incorporate best practices in its investor

relations programme.

The Manager regularly communicates major developments

in the Group’s businesses and operations to Unitholders,

analysts, the media and its employees through the

issuance of announcements and press releases. In

addition, all announcements and press releases are fi rst

made on SGXNET and subsequently on MLT’s website.

Investors can subscribe to email alerts of all

announcements and press releases issued by MLT

through its website. “Live” webcast of analyst briefi ngs are

conducted, where practicable.

The Manager also communicates with MLT’s investors

on a regular basis through group/individual meetings with

investors, investor conferences and non-deal roadshows.

The Manager’s CEO, CFO and Senior Management are

present at briefi ngs and communication sessions to

answer questions.

MLT’s distribution policy is to distribute at least 90% of its

taxable income, comprising substantially its income from

the letting of its properties and related property service

income after deduction of allowable expenses, and such

distributions are typically paid on a quarterly basis. For

FY12/13, MLT has made four distributions to Unitholders.


Risk Management Approach & Mindset

Risk Management is integral to MLT’s business strategy

and culture. The Manager seeks to ensure that risk

management practices are integrated into the operations

and processes throughout the organisation. The risk

management framework aims to preserve capital, ensure

business resilience in an economic downturn and provide

support to management decision-making.

Risk Management Framework Supports

Portfolio Management

The Manager’s risk measurement framework is based on

Value-at-Risk (“VaR”), a methodology which measures the

volatilities of individual market and property risk drivers

such as rental rates, occupancy rates, interest rates,

infl ation and foreign exchange rates. To further complement

the VaR methodology, other risks such as refi nancing,

customer credit standing and industry concentration risks

are also assessed, monitored and as far as possible,

measured as part of the framework.

Risks are measured consistently across the portfolio,

enabling the Manager to quantify the benefi ts that arise

from diversifi cation across the portfolio, as well as to

assess risk by country or by risk type.

Risk assessment is a dynamic process in MLT and takes

into consideration changes in market conditions and asset

cash fl ows as they occur. The Manager recognises the

limitations of any statistically-based system that relies on

historical market data. To ensure the business is robust and

able to withstand extreme market shocks, the portfolio is

subject to further stress testing and scenario analyses.

Based on agreed portfolio risk thresholds, the Manager

has developed a set of risk indicators to monitor portfolio

risk. This serves as an early risk warning system which

highlights to management when risks have escalated

beyond the risk tolerance level set by management. The

Manager is required to take action to reduce risk exposure

should agreed risk indicator thresholds be breached.

On a quarterly basis, the Sponsor’s risk management team

submits a comprehensive risk report, which measures

the aforementioned risk drivers and risk indicators, to the

Board and Audit and Risk Committee (“AC”). The Board

and AC are also kept abreast of any material changes in

MLT’s risk profi le and activities.

Property Market Risks

MLT’s portfolio is subject to real estate market risks such as

rental rate and occupancy volatilities in the region, as well

as country specifi c factors including competition, supply,

demand and local regulations. Such risks are quantifi ed,

aggregated and monitored on a quarterly basis for both

existing assets and new acquisitions. Signifi cant changes

to MLT’s risk profi le or new emerging trends are highlighted

and reported to the Manager for assessment and action

where required.

Ris

k M

anag

emen

t


Operational Risks

The Manager has established operating, reporting and

monitoring guidelines to manage day-to-day activities

and mitigate operational risks that may arise. To ensure

relevance, Standard Operating Procedures (“SOPs”) are

reviewed regularly and benchmarked against industry

practices. Compliance to SOPs is ensured through the

implementation of the Control Self-Assessment framework,

an initiative undertaken by the Manager to promote

accountability, control and risk ownership throughout

the respective departments of the Manager. Compliance

is further reinforced through training of employees and

regular checks by the Sponsor’s Internal Audit Department

(“MIIA”). MIIA plans its internal audit work in consultation

with management, but works independently by submitting

its plans to the AC for approval at the beginning of

each year.

For catastrophic events such as acts of terrorism or natural

disasters, the Manager has put in place and tested a

comprehensive Business Continuity Plan to ensure that

the Manager is able to continue operations should such an

event occur. MLT’s properties are insured in accordance

with industry practices in their respective jurisdictions and

benchmarked against those in Singapore.

Credit Risks

Credit risks are mitigated from the outset by conducting

tenant credit assessment during the investment stage

prior to acquisition. For new and sizeable leases, credit

assessments of prospective tenants are undertaken prior

to signing of lease agreements. On an ongoing basis,

tenant credit is closely monitored by the Manager’s

asset management team and arrears are managed by

the Manager’s Credit Control Committee which meets

fortnightly to review debtor balances.

To further mitigate risks, security deposits in the form of

cash or banker’s guarantees are collected from prospective

tenants prior to commencement of leases.

Financial Market Risks

Financial market risks and capital structure are closely

monitored and actively managed by the Manager and

reported quarterly to the Board.

At the portfolio level, the risk impact of currency and

interest rate volatilities on value is quantifi ed, monitored and

reported quarterly using the VaR methodology. Refi nancing

risk is also quantifi ed and included in VaR, taking into

account the concentration of the loan maturity profi le and

credit spread volatilities.

Where feasible, after taking into account cost, tax and

other relevant considerations, the Manager will borrow

in the same currency as the underlying assets to provide

some natural hedge, or hedge through cross currency

swaps for its overseas investments. To mitigate foreign

exchange risks and to provide investors with a degree

of income stability, a large proportion of rental income

received from overseas assets is hedged using forward

contracts and secured in Singapore Dollar terms.

MLT hedges its portfolio exposure to interest rate volatility

arising from its fl oating rate borrowings by way of interest

rate swaps. As at 31 March 2013, about 70% of MLT’s

debts were hedged or drawn on fi xed rate basis.

Liquidity Risks

The Manager actively monitors MLT’s cash fl ow position

and requirements so as to ensure suffi cient liquid reserves

to fund operations and meet any short-term obligations

(see Corporate Liquidity and Financial Resources section

on pages 78 to 79). In addition, the Manager actively tracks

and monitors bank concentration risks to ensure that MLT

has a well diversifi ed funding base. The limit on gearing

is observed and monitored to ensure compliance with

Appendix 6 of the Code on Collective Investment Schemes

(the “Property Funds Appendix”) issued by the Monetary

Authority of Singapore (“MAS”).

Investment Risks

All investment proposals are subject to vigorous scrutiny

by the Board or delegated to the Management Committee

based on relevant investment criteria including, but not

limited to, yield accretion, property, location, building

specifi cations, quality of customer base, lease structure

and internal rate of return.

The risks arising from investment activities are managed

through a rigorous and disciplined investment approach,

particularly in the area of asset evaluation and pricing. All

acquisitions have to be yield accretive and meet MLT’s

internal return requirement. Sensitivity analysis is also

performed for each acquisition on all key project variables

to test the robustness of the assumptions used. Signifi cant

acquisitions are further subject to independent review by

the Sponsor’s risk management team and the fi ndings

are included in the Investment Proposal submitted to the

Manager’s Board for approval.

On receiving the Board’s or Management Committee’s

approval, the investment proposals are then submitted

to the Trustee, who is the fi nal approving authority for all

investment decisions.

The Trustee also monitors the compliance of the Manager’s

executed investment transactions with the restrictions

and requirements of the listing manual of the Singapore

Exchange Securities Trading Limited, MAS’s Property

Funds Appendix and the provisions in the Trust Deed.


To maintain our competitive edge

and optimise portfolio returns, we are

constantly reviewing our portfolio to identify

asset enhancement or redevelopment

opportunities. At the same time, assets

that have reached optimal value will be

considered for divestment to unlock value

for our Unitholders. In FY12/13,

we made good progress on this front with

the divestment of 30 Woodlands Loop and

the redevelopment of Mapletree Benoi

Logistics Hub in Singapore.

Rej

uve

nat

ing

Ass

ets

Port

folio

Anal

ysis

& R

evie

wMLT’s portfolio remained stable and resilient throughout

FY12/13. The portfolio’s strength is derived from its

tenant and geographic diversity, relatively long weighted

average lease term to expiry (“WALE”) and a good mix

of multi-tenanted buildings (“MTBs”) and single user

assets (“SUAs”). The following charts set out the salient

information on MLT’s portfolio of 111 properties as at

31 March 2013.

Geographically Diversifi ed Portfolio

MLT continued to strengthen its regional portfolio during

the year. In line with its portfolio rebalancing focus, MLT

deepened its presence in its target growth markets with the

acquisition of six properties – three in South Korea, two in

Malaysia and one in China. Correspondingly, the share of

net lettable area (“NLA”) in these geographies increased to

26% from 21% a year ago.

A Growing & Diversifi ed Customer Base

MLT’s diversifi ed customer base extends across a broad

range of industries, from food and beverage, to electronics

and IT. As at 31 March 2013, its top 10 customers

contributed to approximately 25% of gross revenue, while

none of its 371 customers individually accounted for more

than 4% of gross revenue. These factors help to mitigate

concentration risks associated with reliance on any single

industry or customer, thereby contributing to overall

revenue stability and resilience.

Nippon Access

Group

NEC

Logistics

KPPC Co., Ltd. Logicom Techwah

Group

Menlo

Group

Nippon

Express

Nichirei

Group

TL

Logicom

SH

Cogent

Top 10 Customers (by Gross Revenue)

As at 31 March 2013

3.5%

2.3%2.3%2.5% 2.4%

2.1%

3.0%

2.1%2.2%

2.4%

■ Singapore 54%

■ Japan 16%

■ Hong Kong 8%

■ South Korea 6%

■ China 9%

■ Malaysia 6%

■ Vietnam 1%

■ Singapore 51%

■ Japan 15%

■ Hong Kong 7%

■ South Korea 8%

■ China 11%

■ Malaysia 7%

■ Vietnam 1%

Geographic Breakdown (by NLA)

As at 31 March 2012 As at 31 March 2013

2.7 million sqm 2.9 million sqm

■ F&B 21%

■ Consumer Durables 10%

■ Fashion, Apparel & Cosmetics 9%

■ Furniture & Furnishings 5%

■ Automobiles 5%

■ Retail 4%

■ Health Care 3%

■ Electronics & IT 14%

■ Materials, Construction & Engineering 10%

■ Commercial Printing & Packaging 4%

■ Chemicals 3%

■ Document Storage 2%

■ Telecommunication 2%

■ Banking & Finance 2%

■ Energy & Marine 2%

■ Others 5%

Major End-User Industry (by Gross Revenue)

As at 31 March 2013


Balanced Mix of Single User Assets

& Multi-tenanted Buildings

Through active asset management, MLT aims to maintain a

balanced mix of both SUAs and MTBs in its portfolio. SUAs

provide portfolio stability with their longer lease periods

and built-in rental escalation, while MTBs enable MLT to

capture rental upside during a buoyant rental market due to

their shorter lease periods.

In FY12/13, two properties in Singapore were converted

from SUA to MTB. As at 31 March 2013, SUAs contributed

to approximately 61% of gross revenue while MTBs

contributed to the balance 39%.

Healthy Leasing Activity

In the markets where MLT operates, leasing activity

remained healthy despite the uncertain economic outlook

in FY12/13. Stable demand and a limited supply of quality,

well located logistics facilities continued to support rentals

and occupancies within the portfolio.

During the year, approximately 305,000 sqm of space was

renewed or replaced, representing a success rate of 93%.

Overall portfolio occupancy remained at a healthy 98.5%

as at end-March 2013, with positive rental reversions

achieved throughout the year.

Driven by the favourable demand-supply dynamics,

average rentals achieved were 15% higher than the

preceding rentals, contributed by leases in Hong Kong,

Singapore, Malaysia, China and Vietnam.

■ Singapore 53%

■ Hong Kong 30%

■ South Korea 3%

■ China 12%

■ Malaysia 1%

■ Vietnam <1%

■ Multi-tenanted Buildings 39%

■ Single User Assets 61%

■ Singapore 39%

■ Japan 42%

■ Hong Kong 1%

■ South Korea 10%

■ China 2%

■ Malaysia 6%

SUA Versus MTB (by Gross Revenue)

As at 31 March 2013

MTB

Revenue

Breakdown

SUA

Revenue

Breakdown

Singapore Japan Hong Kong South Korea China Malaysia Vietnam Portfolio

Portfolio Occupancy

As at 31 March 2013

98.7%99.9%

98.5%100.0%

95.7% 95.2%100.0% 98.5%


Port

folio

Anal

ysis

& R

evie

w

Land Lease Expiry Profi le (by NLA)

As at 31 March 2013

2.4%

4.7%

27.2%

20.5%

17.8%

8.6%

18.8%

0-20

years

21-30

years

31-40

years

41-50

years

51-60

years

> 60 years

(excluding

freehold

land)

Freehold

Long Leases Provide Portfolio Stability

MLT’s portfolio continued to enjoy stability from its long

lease structure with a WALE (by NLA) of about 5.3 years

as at year-end1. With around 40% of the leases expiring in

FY17/18 and beyond, this provides visibility and stability to

MLT’s cash fl ows and income streams.

Freehold land accounted for approximately 27% of the

portfolio, with the remaining 73% on leasehold terms.

Excluding freehold land, the WALE of the underlying

leasehold land (by NLA) was approximately 45 years.

Lease Expiry Profi le (by NLA)

As at 31 March 2013

15.3% 15.2%

18.4%

11.2%

5.0%

34.9%

Expiring in

FY13/14

Expiring in

FY14/15

Expiring in

FY15/16

Expiring in

FY16/17

Expiring in

FY17/18

Expiring after

FY17/18

1 The WALE (by gross revenue) was about 4.3 years as at 31 March 2013.

Geographic Breakdown of Lease Expiry Profi le (by NLA)

As at 31 March 2013

FY13/14

15.3%

FY14/15

15.2%

FY15/16

18.4%

FY16/17

11.2%

FY17/18

5.0%

> FY17/18

34.9%

7.9%

0.9%1.

9%

1.6% 2.

6%

0.4%

6.6%

2.2%

0.5% 1.

2% 2.2%

2.3%

0.2%

7.8%

1.3%

0.3% 1.

2%

5.9%

1.6%

3.5%

3.4%

0.2%

3.6%

0.5%

0.7%1.

7%

0.7%1.

9%

23.2

%

1.4%

0.9%

9.4%

0.3%

■ Singapore ■ Japan ■ Hong Kong ■ South Korea ■ China ■ Malaysia ■ Vietnam


Oper

atio

ns

Rev

iew

Singapore’s gross domestic product

(“GDP”) growth slowed to 1.3% in 2012

from 5.2% in 2011, weighed down by

weakness in externally-oriented sectors1.

Despite the economy’s lacklustre

performance, FY12/13 was an active

year for the Singapore warehouse leasing

market and MLT’s portfolio continued to

record healthy operating results.

Of the 127,000 square metres (“sqm”)2 of

space due for expiry in FY12/13, 86.9%

was successfully renewed or replaced

at an average rental reversion of 12%.

Occupancy remained high at 98.7% as

at year-end, comparing favourably to the

Urban Redevelopment Authority (“URA”)

warehouse average of 92.9% as of

1Q 20133.

In March 2013, MLT announced the

divestment of 30 Woodlands Loop in

Singapore for S$15.5 million4, a move

in line with its objective to rejuvenate

the portfolio and optimise returns. In

the coming year, MLT will also see the

completion of its fi rst redevelopment

project at 21 Benoi Sector. The

fi ve-storey ramp-up logistics facility has

received strong interest from the major

third party logistics players and is to-date

75% pre-leased.

In the coming year, approximately

222,000 sqm of space in Singapore

is due to expire. The Manager

expects leasing activity in Singapore

to remain healthy, barring any

unforeseen external shocks to the

economy. However, customers are

likely to maintain a cautious approach

towards capacity expansion in view

of rising operating costs and lingering

economic uncertainties. Coupled with

approximately 1.4 million sqm of new

warehouse space coming on-stream

over the next three years3, growth in

warehouse rentals is expected

to moderate.

MLT will be embarking on the conversion

of several single user assets (“SUAs”)

to multi-tenanted buildings (“MTBs”) in

FY13/14. While positive rental reversions

are expected, there may be a temporary

dip in occupancy during the transition.

Potential customers will be engaged

ahead of the scheduled conversions

to minimise their impact on occupancy

during the transition. In the coming year,

the Manager will continue to pursue

acquisition and build-to-suit (“BTS”)

opportunities while identifying assets

for redevelopment, enhancement

or divestment.


53 5

Book Value

S$1,633.8million

Occupancy Rate

98.7%

WALE by NLA

6.4 years

NLA

1,448,894 sqm

Jurong Logistics Hub

Singapore

1 Ministry of Trade and Industry, 22 February 2013.

2 This excludes 8,252 sqm at 30 Woodlands Loop, Singapore which divestment was completed on 30 April 2013 and NLA loss of 2,518 sqm

due to the conversion of 10 Changi South Street 3 from SUA to MTB.

3 Urban Redevelopment Authority, 1Q 2013.

4 The divestment of 30 Woodlands Loop, Singapore was completed on 30 April 2013.

5 Following the divestment of 30 Woodlands Loop, Singapore on 30 April 2013, the Singapore portfolio now stands at 52 properties.


Despite a subdued economic

environment, market conditions in

Japan’s logistics property sector

remained favourable in FY12/13.

New supply was well absorbed by

online retailers and third party logistics

operators, while demand for large,

modern logistics facilities was healthy,

driven by recovering sales in traditional

retail channels and e-commerce6.

MLT’s Japan portfolio of 22 properties is

fully leased on long-term tenures with a

weighted average lease term to expiry

(“WALE”) of 8.0 years. These properties

comply with seismic safety standards

and have a Probable Maximum Loss7

value of less than 15%, indicative of low

exposure to earthquake risks. No specifi c

earthquake insurance has been taken

up, which is consistent with the general

market practice in Japan.

During the year, the Manager entered into

a Memorandum of Understanding with

a major Japanese third party logistics

service provider for a BTS development

on the vacant site at Iwatsuki Centre.

In addition, the Manager has identifi ed

four assets for the installation of

rooftop solar energy panels. Under the

Japanese government’s feed-in tariff

scheme, MLT will be able to sell the

electricity generated from these solar

panels to utility companies at a rate

of JPY40 per kWh for 20 years. This

asset enhancement initiative will provide

an additional source of revenue upon

completion in 3Q FY13/14.

In the coming year, Japan’s economy is

forecast to grow moderately, supported

by stronger personal consumption and

a recovery in exports amid a weaker

Yen. Aggressive monetary and fi scal

policies pursued by Japan’s new

leadership, along with stronger market

sentiments, should further support

the real estate market. MLT’s Japan

portfolio is expected to remain stable

with its full occupancy and long WALE.

The Manager is currently identifying the

second batch of Japan assets for solar

panel installation, and will continue to

actively explore other asset enhancement

opportunities.


22

Book Value

JPY80.0 billion

(~S$1,039.9 million)

Occupancy Rate

100%

WALE by NLA

8.0 years

NLA

437,492 sqm

Moriya Centre

6 CBRE Japan Industrial & Logistics MarketView, 2H 2012.

7 Probable Maximum Loss (“PML”) is a gauge commonly used to assess a property’s seismic resistance. A PML of 15% or less is deemed to be suffi ciently safe from

earthquakes.

Japan

Oper

atio

ns

Rev

iew


Hong Kong was a bright spot in Asia’s

warehouse sector. Demand for prime

quality warehouse space in Hong Kong

remained robust, buoyed by the logistics

activities of retailers and their third party

logistics service providers. Coupled with

the limited availability of quality stock,

warehouse rents in Hong Kong continued

to rise in 2012 while vacancy remained

low at close to 1%8.

In FY12/13, approximately 90,000 sqm

of net lettable area (“NLA”) in the Hong

Kong portfolio was due for expiry. As

at year-end, 97.2% was successfully

renewed or replaced at 11% higher

rental rates on average. Occupancy also

improved to a historical high of 99.9%.

Transaction volumes in the industrial

sector outperformed levels recorded in

the previous year, as investor interest

shifted over to non-residential properties

following the introduction of more

restrictive government policies9. With

speculative activity driving up capital

values, the acquisition of yield accretive

logistics properties in Hong Kong

will remain a challenge for MLT in the

near term.

In the coming year, approximately

54,000 sqm of NLA in Hong Kong will

be expiring. In view of the weak pipeline

supply and sustained demand from

end-users for industrial premises, the

Manager is confi dent of renewing or

replacing these leases at attractive rental

rates. Moreover, supply of warehouse

space in Hong Kong may tighten

further as more industrial buildings are

being redeveloped for alternative uses

under the government’s revitalisation

scheme. Going forward, the Manager

will actively explore asset repositioning

or development projects for new growth

opportunities.

Grandtech Centre

Hong Kong


8

Book Value

HKD4,524.0million

(~S$727.7 million)

Occupancy Rate

99.9%

WALE by NLA

2.5 years

NLA

205,516 sqm

8 CBRE Hong Kong Industrial MarketView, Q4 2012.

9 Colliers Hong Kong Industrial Market, 4Q 2012.


The South Korean economy posted a

slower 2% growth in 2012 as growth

in private consumption, investments

and exports moderated amid the

global economic slowdown. However,

economic growth is projected to increase

to 2.8% in 2013, spurred by a recovery in

exports and higher investments10.

Despite a slowdown in industrial

production during 2012, the warehouse

market in South Korea remained resilient.

Leasing activity was stable with overall

low vacancy rates as new warehouse

supply was met by growth in demand

for consolidation requirements. Except

for Iljuk Centre, all of MLT’s South Korea

assets were fully occupied at year-end.

Iljuk Centre saw a dip in occupancy in

the last quarter of FY12/13 as one of

the tenants had consolidated into their

own warehouse facility. The Manager

is actively seeking replacement tenants

to improve occupancy in the coming

quarters.

During FY12/13, MLT increased its

presence in South Korea with the

acquisitions of Hyundai Logistics Centre,

Dooil Cold Warehouse and Jungbu Cold

Warehouse for KRW86 billion. Located

in Gyeonggi-do, the country’s largest

logistics cluster, the three assets added

approximately 71,100 sqm of NLA,

bringing the South Korea portfolio to a

total of 239,308 sqm from seven assets

comprising both dry and cold store

facilities.

In the coming year, approximately 24,000

sqm of space in South Korea is due

to expire and the Manager is actively

working on renewing these leases ahead

of expiry.

Looking ahead, the Manager expects

continued growth in third party logistics

businesses and a sustained demand

for large, modern warehousing

for consolidation purposes. With

increased investors’ interest in industrial

properties as an alternative to the

highly competitive, lower yielding

offi ce sector, the Manager anticipates

stiffer competition for acquisitions

and a potential rise in vendors’ price

expectations. Nevertheless, MLT will

continue to pursue its investment focus

of strengthening its market position in

South Korea to be one of the leading

logistics space providers.

Hyundai Logistics Centre

South Korea


7

Book Value

KRW250.5billion

(~S$286.3 million)

Occupancy Rate

95.7%

WALE by NLA

3.6 years

NLA

239,308 sqm

Oper

atio

ns

Rev

iew

10 International Monetary Fund, World Economic Outlook, April 2013.


China’s GDP recorded a growth rate

of 7.8% in 201211, supported by its

vast domestic consumption sector and

increased infrastructure and fi xed asset

investments. In the logistics property

subsector, warehouse rents continued on

an upward trend as quality warehouses

and industrial land for development

remained in short supply. Strong demand

from third party logistics, e-commerce

and automotive industries provided a

further boost to rental growth12.

For MLT, approximately 36,000 sqm of

NLA was due for renewal in FY12/13.

By year-end, 97.1% was successfully

renewed or replaced at an average rental

reversion of 17% while occupancy held

steady at 98.5%. MLT also made further

headway into China’s growing logistics

market with the acquisition of Mapletree

Wuxi Logistics Park from its Sponsor

for RMB116 million. With an initial

net property income yield of 8%, this

acquisition has enhanced MLT’s portfolio

returns and added 45,400 sqm in gross

fl oor area (“GFA”).

Given the limited supply of quality

warehouses, the Sponsor is actively

pursuing development opportunities

in China’s fast growing inland cities.

In Henan province, the construction

of Mapletree Zhengzhou International

Logistics Park commenced this year.

Comprising four blocks of single-storey

warehouses with a GFA of 79,300

sqm, the Grade-A logistics facility has

secured 85% pre-commitment to-date,

ahead of its scheduled completion in

mid-2013. Meanwhile, the Sponsor

also signed three Memoranda of

Understanding with the local authorities

in Xi’an, Suzhou and Wuxi to acquire land

parcels for the development of logistics

parks. The Sponsor is also exploring

development opportunities in Chengdu,

Chongqing, Wuhan and Guangzhou.

When completed and stabilised, these

development projects will provide future

acquisition opportunities for MLT.

Looking ahead, demand for logistics

warehouses in China is expected to

remain healthy, driven by the gradual

recovery of industrial enterprises and

sustained consumption growth. As

most local governments continue to

exercise strict control over land supply

for warehousing and logistics, the

current under-supply situation should

continue to support logistics rental

and capital values in the near term. In

FY13/14, approximately 45,000 sqm of

NLA in China will be expiring. Given the

favourable demand-supply dynamics,

occupancy and revenue contribution

from MLT’s China portfolio are expected

to remain stable.

Mapletree Wuxi Logistics Park

China


7

Book Value

RMB1,062.0million

(~S$212.8 million)

Occupancy Rate

98.5%

WALE by NLA

2.2 years

NLA

296,919 sqm

11 National Bureau of Statistics of China.

12 Colliers Asia Real Estate 2013 Forecast.


Malaysia’s economy posted a year-on-

year growth of 5.6% in 2012 on the

back of sustained domestic demand and

resilient investment growth13. Supported

by a low interest rate environment and a

strong labour market, higher household,

private and government spending helped

to offset weakness in Malaysia’s export-

oriented sectors.

In the industrial sector, tight warehouse

supply conditions continued to drive

rental rates upwards. Coupled with a

healthy demand for warehouses with

good specifi cations, MLT’s Malaysia

portfolio achieved an overall rental

reversion of 20% in FY12/13. Out of

the 64,000 sqm of NLA due for expiry

in FY12/13, 92.9% was successfully

renewed or replaced by year-end. Overall

occupancy remained stable at 95.2%.

During FY12/13, MLT completed the

acquisitions of Padi Warehouse and

Celestica Hub for MYR59 million,

strengthening its presence in Iskandar

Malaysia. Poised to become one of the

region’s major integrated investment

hubs, Iskandar has seen growing interest

from both Singapore businesses and

investors attracted by its lower operating

costs and growth potential.

The outlook on Malaysia’s logistics

property sector remains positive given

a resilient domestic demand, strong

intra-Asia trade and government

efforts to develop industrial parks and

infrastructure. According to Frost &

Sullivan, the Malaysian logistics industry

is expected to grow 9.5% in 2013 to

MYR139.7 billion, and at a CAGR of

10.2% to reach MYR207.4 billion in

201714. In view of the limited supply

of quality warehouses and growing

demand, the Manager is optimistic

of renewing or replacing the 73,000

sqm of space expiring in FY13/14 at

higher rentals. MLT is also actively

exploring acquisition and development

opportunities in Malaysia, particularly in

Iskandar and Klang Valley, to capitalise

on the positive trends.

Celestica Hub

Malaysia


13

Book Value

MYR391.5million

(~S$157.3 million)

Occupancy Rate

95.2%

WALE by NLA

1.5 years

NLA

205,758 sqm

Oper

atio

ns

Rev

iew

13 Bank Negara Malaysia: Economic and Financial Developments in Malaysia in the Fourth Quarter of 2012, 20 February 2013.

14 Frost & Sullivan Sees Bright Prospects for Malaysia’s Logistics Industry, 15 January 2013.


Against a backdrop of ongoing

macroeconomic uncertainties,

Vietnam’s GDP grew 5.03% in 2012,

down 0.86 percentage points from

5.89% in 2011. During the year, the

Vietnamese government made signifi cant

strides to rein in infl ation through the

implementation of tight fi scal and

monetary policies. Credit growth fell to

6.45% from 14% in 2011, while infl ation

rate slowed to 6.81% year-on-year in

December 2012 compared with the high

18.13% in December 201115. Vietnam

also attracted over USD13 billion in

total foreign direct investment in 2012,

with Japan, Singapore and South

Korea making up the country’s largest

contributors.

Mapletree Logistics Centre (“MLC”),

the only asset in MLT’s Vietnam

portfolio, continued to register strong

operating metrics in FY12/13. All of

the 13,200 sqm of NLA due for expiry

was successfully renewed at strong

reversions of 15% and occupancy was

maintained at 100%. This refl ects the

strategic location of MLC in the Vietnam

Singapore Industrial Park I in Binh Duong

Province, home to both domestic and

international manufacturing plants. The

property is also sought after by tenants

due to its close proximity to Ho Chi Minh

City. Location is key for these tenants as

they handle goods which are intended for

domestic distribution.

In the coming year, approximately 9,900

sqm of space is due to expire. Given

MLC’s strategic location and popularity

with tenants, the Manager is confi dent

of renewing or replacing these leases

and maintaining a high occupancy level

in MLC. The Manager continues to look

out for acquisition opportunities of quality,

well located logistics facilities.

Mapletree Logistics Centre

Vietnam


1

Book Value

USD6.5 million

(~S$8.0 million)

Occupancy Rate

100%

WALE by NLA

1.5 years

NLA

23,050 sqm

15 General Statistics Offi ce of Vietnam.


15

14 PSA Singapore Terminals

Changi Airport

Jurong Port40

39

2842

38

50 37

5

45

43

2923

46

6 1

21

34 25

19

3217

4

22 33

7

47 24

30

2018

51

13

316

52

9

10

48 27

2636

11

8

31

35

2

1244

Jurong Island

49

53

41

KLW

Occupancy Rate: 100%

NLA (sqm): 14,971

Number of Tenants: 1

List of Major Tenants:KLW Wood Products Pte. Ltd.

Land Leasehold Tenure (Lease Start Date): 30+30 years (1 May 1994)

Purchase Price:S$15.7 million

Expeditors


NLA (sqm): 12,388


List of Major Tenants:Expeditors Singapore Pte. Ltd.

Land Leasehold Tenure (Lease Start Date):30 years (16 Oct 2003)

Purchase Price: S$19.6 million

Allied Telesis


NLA (sqm): 10,593


List of Major Tenants:Allied Telesis International (Asia) Pte. Ltd.

Land Leasehold Tenure (Lease Start Date): 30+30 years (15 Feb 2004)


TIC Tech Centre

Occupancy Rate: 99.5%

NLA (sqm): 36,143


List of Major Tenants:Teckwah Industrial Corporation Ltd.

Land Leasehold Tenure (Lease Start Date):30+30 years (16 May 1996)


1 2 3 4

Expressways

Airport Port


Mapletree Benoi Logistics Hub (formerly known as 21/23 Benoi Sector)

Occupancy Rate: NA

NLA (sqm): NA


List of Major Tenants:Under redevelopment

Land Leasehold Tenure (Lease Start Date): 30+30 years (16 Feb 1980)


Armstrong


NLA (sqm): 18,871


List of Major Tenants:Armstrong Industrial Corporation Ltd.

Land Leasehold Tenure (Lease Start Date): 30+30 years (1 Oct 1995)


6 Changi South Lane


NLA (sqm): 11,496


List of Major Tenants: ST Electronics(Data Centre Solutions) Pte Ltd

Land Leasehold Tenure (Lease Start Date): 30+30 years (1 Jan 1995)


37 Penjuru Lane


NLA (sqm): 11,150


List of Major Tenants:• Santa Fe Relocation

Services (S) Pte. Ltd. • Plaza Home Imports

(Singapore) Pte. Ltd.

Land Leasehold Tenure (Lease Start Date): 30 years (16 Aug 1996)


5 6 7 8

Property Portfolio: Singapore


Prima


NLA (sqm): 58,296


List of Major Tenants:Prima Ltd.



Kenyon


NLA (sqm): 14,521


List of Major Tenants:Kenyon Pte Ltd

Land Leasehold Tenure (Lease Start Date):30+23 years (1 Jun 2000)


Pulau Sebarok


NLA (sqm): 510,480


List of Major Tenants:• Vopak Terminals Singapore

Pte. Ltd. • Singapore Petroleum

Company Ltd. • Singaport Cleanseas Pte. Ltd.

Land Leasehold Tenure (Lease Start Date): 73 years (1 Oct 1997)


CIAS Flight Kitchen


NLA (sqm): 22,136


List of Major Tenants:dNata Singapore Pte. Ltd.

Land Leasehold Tenure (Lease Start Date): 60 years (7 Dec 1979)


15 16

Menlo (Alps)


NLA (sqm): 12,658


List of Major Tenants:Menlo Worldwide Asia Pacifi c Pte Ltd

Land Leasehold Tenure (Lease Start Date):Two leases: 30 years (1 Oct 2001) and 29 years (16 Jul 2002)


5B Toh Guan Road East


NLA (sqm): 19,945


List of Major Tenants:• Toll Logistics (Asia) Ltd• Hitachi Transport System

(Asia) Pte. Ltd.

Land Leasehold Tenure (Lease Start Date):30+30 years (1 Dec 1990)


Ban Teck Han


NLA (sqm): 14,738


List of Major Tenants:Ban Teck Han EnterpriseCo. Pte. Ltd.

Land Leasehold Tenure (Lease Start Date):30+30 years (1 Oct 1996)


70 Alps Avenue


NLA (sqm): 21,407


List of Major Tenants:• SATS Airport Services Pte Ltd• Kuehne + Nagel Pte. Ltd.• MOL Logistics (Singapore)

Pte Ltd

Land Leasehold Tenure (Lease Start Date): 30 years (1 Dec 2002)


9

13 14

10 11 12


Toppan


NLA (sqm): 10,469


List of Major Tenants:Toppan Leefung Pte. Ltd.

Land Leasehold Tenure (Lease Start Date): Two leases: 30+30 years (1 Dec 1989) and 28+30 years (1 Sep 1991)


10 Changi South Street 3 (formerly known as Tang Logistics Centre)


NLA (sqm): 10,646


List of Major Tenants:• Rhema Movers Pte Ltd• SIR Move Services Pte. Ltd.

Land Leasehold Tenure (Lease Start Date):30+30 years (1 Mar 1995)


2 Serangoon North Avenue 5


NLA (sqm): 24,874


List of Major Tenants:• F J Benjamin (Singapore)

Pte Ltd• TEPG Pte Ltd • KX Technologies Pte. Ltd.

Land Leasehold Tenure (Lease Start Date): 30+30 years (1 Nov 1995)


APICO


NLA (sqm): 7,232


List of Major Tenants:Asia Paint International Pte. Ltd.

Land Leasehold Tenure (Lease Start Date):30+30 years (1 Apr 1995)


17 18 19 20

Popular


NLA (sqm): 7,531


List of Major Tenants:Popular Holdings Ltd.

Land Leasehold Tenure (Lease Start Date):30+30 years (16 Nov 1996)


85 Defu Lane 10


NLA (sqm): 10,109


List of Major Tenants:• Collective Designs Pte Ltd• Tupperware Singapore Pte Ltd• Benning Power Electronics

Pte Ltd



SH Cogent (Penjuru Lane)


NLA (sqm): 16,604


List of Major Tenants:SH Cogent Logistics Pte. Ltd.

Land Leasehold Tenure (Lease Start Date):30+13 years (1 Feb 1989)


8 Changi South Lane


NLA (sqm): 9,560


List of Major Tenants:• Goodrich Global Pte. Ltd.• Allport Cargo Services Logistics

Pte Ltd

Land Leasehold Tenure (Lease Start Date):30+30 years (1 Sep 1997)



21 22 23 24


Kingsmen Creatives


NLA (sqm): 11,315


List of Major Tenants:Kingsmen Creatives Ltd.



1 Genting Lane (formerly known as Premium Capital)


NLA (sqm): 8,297


List of Major Tenants:Furniture Club Holdings Pte. Ltd.

Land Leasehold Tenure (Lease Start Date):60 years (1 Apr 1988)


30 Woodlands Loop (formerly known as Nobel (Woodlands))1


NLA (sqm): 5,349


List of Major Tenants:T&K Worldwide CommercePte Ltd



Buyer: Advance CAE Pte Ltd

Sale Price: S$15.5 million

Jurong Logistics Hub


NLA (sqm): 124,566


List of Major Tenants:• Chasen Holdings Ltd • Yamaha Motor Distribution

Singapore Pte Ltd• Keppel Logistics Pte Ltd• Shipping World Logistics

Pte Ltd

Land Leasehold Tenure (Lease Start Date):30+30 years (1 Jan 2001)


Markono


NLA (sqm): 8,664


List of Major Tenants:Markono Logistics Pte. Ltd.



138 Joo Seng Road


NLA (sqm): 8,835


List of Major Tenants:• The Event Company Staging

Connections Pte Ltd• Pan-Malayan Pharmaceuticals

Pte Ltd• Kay Ess Enterprises Pte Ltd• City Chain Stores (S) Pte Ltd• Takashimaya Singapore Ltd



Kim Seng


NLA (sqm): 11,512


List of Major Tenants:Kim Seng Holdings Pte Ltd



7 Tai Seng Drive


NLA (sqm): 20,418


List of Major Tenants:• DHL Supply Chain (Singapore)

Pte Ltd• Yamaha Music (Asia)

Private Limited• Noel Gifts International Ltd.

Land Leasehold Tenure (Lease Start Date):30+30 years (16 Mar 1993)


1 The divestment of 30 Woodlands Loop was completed on 30 April 2013.

25

29 30 31 32

26 27 28


20 Tampines Street 92


NLA (sqm): 9,251


List of Major Tenants:Dou Yee Technologies Pte Ltd

Land Leasehold Tenure (Lease Start Date):30+30 years (1 July 1990)


134 Joo Seng Road (formerly known as Nobel (Joo Seng))


NLA (sqm): 7,095


List of Major Tenants:Nobel Design Holdings Ltd.



Winstant


NLA (sqm): 16,521


List of Major Tenants:Winstant & Co Pte. Ltd.

Land Leasehold Tenure (Lease Start Date):60 years (1 Jun 1978)


Shine @ Spring


NLA (sqm): 18,434


List of Major Tenants:Viking Offshore & Marine Ltd



Union Steel (Pioneer)


NLA (sqm): 5,442


List of Major Tenants:Union Steel Pte Ltd



Union Steel (Neythal)


NLA (sqm): 13,200


List of Major Tenants:Union Steel Pte Ltd

Land Leasehold Tenure (Lease Start Date):60 years (1 Jul 1979)


Union Steel (Tuas South)


NLA (sqm): 5,233


List of Major Tenants:YLS Steel Pte Ltd




33 34 35 36

37 38 39

Union Steel (Tuas View)


NLA (sqm): 4,405


List of Major Tenants:YLS Steel Pte Ltd



40


Menlo (Benoi)


NLA (sqm): 6,948





Natural Cool Lifestyle Hub


NLA (sqm): 19,708


List of Major Tenants:Natural Cool Investments Pte Ltd



CEVA (Changi South)


NLA (sqm): 23,176


List of Major Tenants:CEVA Freight (Singapore) Pte Ltd



SH Cogent (Penjuru Close)


NLA (sqm): 41,253


List of Major Tenants:SH Cogent Logistics Pte. Ltd.

Land Leasehold Tenure (Lease Start Date):29 years (1 June 2006)


Pioneer Districentre


NLA (sqm): 13,471


List of Major Tenants:Pioneer Districentre Pte. Ltd.

Land Leasehold Tenure (Lease Start Date):30+12+12 years (1 Aug 1982)


76 Pioneer Road


NLA (sqm): 40,922


List of Major Tenants:Soon Hock InvestmentGroup Pte Ltd

Land Leasehold Tenure (Lease Start Date):30+30 years (1 Aug 1993)


3A Jalan Terusan (formerly known as MK Distripark)


NLA (sqm): 20,124


List of Major Tenants:Sagawa Express SingaporePte. Ltd.


Purchase Price:

S$26.5 million

Menlo (Boon Lay Way)


NLA (sqm): 37,201



Land Leasehold Tenure (Lease Start Date):30+15 years (16 Jul 1989)


44

45 46 47 48

41 42 43


JEP Centre


NLA (sqm): 9,920


List of Major Tenants:JEP Precision Engineering Pte Ltd

Land Leasehold Tenure (Lease Start Date):Two leases: 30 years (16 Feb 2007) and 30 years (16 Oct 2006)


AW Centre


NLA (sqm): 10,967


List of Major Tenants:AW Transport & Warehousing Pte Ltd

Land Leasehold Tenure (Lease Start Date):30+30 years (1 June 1997)


Liang Huat Building


NLA (sqm): 36,331 Number of Tenants: 1

List of Major Tenants:Khai Wah Development Pte Ltd

Land Leasehold Tenure (Lease Start Date):30+30 years (16 Apr 1995)


NS Tang Building


NLA (sqm): 8,122


List of Major Tenants:N.S. Tang Pte Ltd

Land Leasehold Tenure (Lease Start Date):30+28 years (1 Dec 1993)


Jian Huang Building


NLA (sqm): 15,397


List of Major Tenants:Jian Huang Engineering Pte Ltd

Land Leasehold Tenure (Lease Start Date):30 years (16 Sep 2007)



49 50 51

52 53


Shikoku

Centrair Airport

Haneda Airport

Narita Airport

Kansai Airport

Hiroshima

Airport

Fukuoka Airport

Kyushu

Hokkaido

60

69

63

70

54 64

66657372

5758

55

67

74

75

68

56

71

6259

61

Expressways

Railways

Airport

Chitose Airport


Property Portfolio: Japan

Ayase Centre


NLA (sqm): 3,903


List of Major Tenants:Nippon Access, Inc.

Land Leasehold Tenure (Lease Start Date):Freehold

Purchase Price: JPY1,274.6 million(S$16.4 million)

Gyoda Centre


NLA (sqm): 8,622


List of Major Tenants:Itochu Corporation



Atsugi Centre


NLA (sqm): 15,693


List of Major Tenants:Senko Co., Ltd.



Kyoto Centre


NLA (sqm): 22,510


List of Major Tenants:Nichirei Logistics Group Inc



58 59 60 61

Zama Centre


NLA (sqm): 40,609


List of Major Tenants:NEC Logistics, Ltd.



Funabashi Centre


NLA (sqm): 17,664


List of Major Tenants:• Nippon Access, Inc.• Kokubu & Co., Ltd


Purchase Price: JPY3,719.4 million

(S$48.0 million)

Shiroishi Centre


NLA (sqm): 11,181


List of Major Tenants:Hokkaido Nissin Co., Ltd


Purchase Price:JPY1,450.0 million(S$18.7 million)

Kashiwa Centre


NLA (sqm): 29,164


List of Major Tenants:Toshiba Logistics Corporation



* Exchange rates for overseas properties are as per the date of purchase in their respective announcements.

54 55 56 57


Toki Centre


NLA (sqm): 16,545


List of Major Tenants:Hamakyorex Co., Ltd



Noda Centre


NLA (sqm): 35,567


List of Major Tenants:TL Logicom Co., Ltd.



Hiroshima Centre


NLA (sqm): 43,640


List of Major Tenants:Nippon Access, Inc.



67 6866

Shonan Centre


NLA (sqm): 30,489


List of Major Tenants:Marubeni Corporation



Sendai Centre


NLA (sqm): 4,249


List of Major Tenants:• Kibun Fresh Systems Co., Ltd• Shiogama Rikuun K.K.



Iwatsuki Centre


NLA (sqm): 10,908


List of Major Tenants:Oji Transportation Co., Ltd.



Iruma Centre


NLA (sqm): 26,204


List of Major Tenants:Oji Transportation Co., Ltd.



62 63 64 65

Eniwa Centre


NLA (sqm): 17,498


List of Major Tenants:Kokubu & Co., Ltd



69



Property Portfolio: Japan

Mizuhomachi Centre


NLA (sqm): 20,212


List of Major Tenants:Logicom



73

Aichi Miyoshi Centre


NLA (sqm): 6,723


List of Major Tenants:Hokkoh Transportation



Kyotanabe Centre


NLA (sqm): 12,343


List of Major Tenants:Edion Corporation



74 75

Sano Centre


NLA (sqm): 7,217


List of Major Tenants:Arata Corporation



Mokurenji Centre


NLA (sqm): 23,864


List of Major Tenants:Logicom



Moriya Centre


NLA (sqm): 32,688


List of Major Tenants:Nippon Express Co., Ltd.



70 71 72


Expressways

Railways

Airport Port

RaiRaiR lwalwaw ysysys

Kwai Chung

Container TerminalsHong Kong

International Airport

Lantau Island

•

Shatin

Shenzhen

Hong Kong Island

Tai Po

• Sheung ShuiDeep Bay

New Territories

81

76

83

80

77

78

7982


Property Portfolio: Hong Kong

Shatin No. 2


NLA (sqm): 26,201


List of Major Tenants:• Taiun (HK) Co Ltd.• Ever Gain Company Limited

Land Leasehold Tenure (Lease Start Date):60 years (27 Nov 1987)

Purchase Price: HKD341.0 million(S$63.8 million)

Tsuen Wan No. 1


NLA (sqm): 17,094


List of Major Tenants: Yusen Air & Sea Service (HK) Ltd



Shatin No. 4


NLA (sqm): 54,137


List of Major Tenants:• UTi Worldwide Inc.• NEC Logistics

Hong Kong Limited• Vantec World Transport

(H.K.) Ltd

Land Leasehold Tenure (Lease Start Date):55 years (4 May 1992)

Purchase Price: HKD1,037.0 million(S$194.0 million)

Shatin No. 3


NLA (sqm): 24,346


List of Major Tenants:• MOL Logistics• Hitachi Transport• Asia Tone Limited

Land Leasehold Tenure (Lease Start Date):58 years (28 Dec 1989)


Bossini Logistics Centre


NLA (sqm): 12,763


List of Major Tenants:Bossini Enterprises Limited



AsiaTone i-Centre


NLA (sqm): 17,073


List of Major Tenants:Asia Tone Limited



Grandtech Centre


NLA (sqm): 47,304


List of Major Tenants:• High Performance Sports Ltd• Jennex Technologies Limited• Tom Lee Engineering Limited• Taiun (HK) Co Ltd.• Savino Del Bene China Limited • Menlo Worldwide

Hong Kong Limited



Shatin No. 5


NLA (sqm): 6,599


List of Major Tenants:DKSH Hong Kong Limited




76

80 81 82 83

77 78 79


Expressways

Railways

Airport Port

90

Incheon International Airport

90

ternational Airport

• Seoul

Wonju Airport

Port Incheon

Pyeongtaek Port

Busan Port

84

88

86

89

87

90

85


Multi-Q Centre


NLA (sqm): 32,898


List of Major Tenants:Multi-Q Logistics Co. Ltd


Purchase Price: KRW28,000.0 million(S$32.1 million)

Hyundai Logistics Centre


NLA (sqm): 32,317


List of Major Tenants:• E-Land World• ENVICO


Vendor: Ostara Korea Investments


KPPC Pyeongtaek Centre


NLA (sqm): 100,914


List of Major Tenants:Korea Port Processing Co. Ltd



Jungbu Cold Warehouse


NLA (sqm): 20,791


List of Major Tenants:Chungbu The First LogisticsCo., Ltd.


Vendor: Chungbu The First LogisticsCo., Ltd.


Iljuk Centre


NLA (sqm): 23,398


List of Major Tenants:• Sung Wha Logistics Co. Ltd.• Dongsuh Food Co. Ltd.



85

90

86 87

88

Yeoju Centre


NLA (sqm): 10,959


List of Major Tenants:Oakline Co. Ltd



Dooil Cold Warehouse


NLA (sqm): 18,031


List of Major Tenants:Dooil Cold Store Co., Ltd.


Vendor: • Dooil Cold Store Co., Ltd.• Woosung Cold Store

Purchase Price:KRW30,000.0 million(S$33.3 million)

84

89

Property Portfolio: South Korea



• Beijing

Guangdong

Shanghai

Yangshan Port

Xi’an •

Jiading

Hong Qiao


Minhang

Fengxian

Nanhui

Pudong


WaiGaoQiao Port

Shanghai

92

93

95

94

96

91

Expressways

Railways

Airport Port

97


Property Portfolio: China

Mapletree Xi’an Distribution Centre


NLA (sqm): 23,176


List of Major Tenants:Xi’an Yuan Kang Industry & Trade Co., Ltd.


Purchase Price: RMB90.0 million

(S$17.8 million)

Ouluo Logistics Centre


NLA (sqm): 33,322


List of Major Tenants:• DHL• New Times Int’l Transportation

Service Co.• Beijing Huanyu Tianma

Land Leasehold Tenure (Lease Start Date):50 years (4 Sep 2002)

Purchase Price:RMB120.0 million

(S$23.8 million)

Northwest Logistics Park(Phase 1)


NLA (sqm): 30,010


List of Major Tenants:• Shanghai Dia Retail Co., Ltd• Toyota Tsusho (Shanghai)

Co., Ltd

Land Leasehold Tenure (Lease Start Date):50 years (10 Jan 2005)


(S$19.6 million)

Mapletree AIP


NLA (sqm): 117,146


List of Major Tenants: Guangzhou Eastern American Steel Structure Manufacturing Co Ltd



(S$47.8 million)

92 93 94

95

91

96 97

Northwest Logistics Park (Phase 2)


NLA (sqm): 10,483


List of Major Tenants:Shanghai Digital China Co., Ltd.


Purchase Price: RMB55.0 million(S$10.8 million)

ISH WaiGaoQiao


NLA (sqm): 37,698


List of Major Tenants:Integrated Shun Hing Logistics (Shanghai) Co. Ltd.

Land Leasehold Tenure (Lease Start Date):50 years (1 Jan 1995)


Mapletree Wuxi Logistics Park


NLA (sqm): 45,084


List of Major Tenants:• Kerry EAS Logistics Limited• Fiege International Freight

Forwarder Co., Ltd• Wuxi Gao Xin Logistics Center


Vendor: Mapletree Investments Pte Ltd




Expressways

Railways

Airport Port

Singapore Changi Airport

• Kuala Lumpur

Senai International Airport

Johor

Malacca

Negeri Sembilan

Selangor

Pahang

TerengganuKelantan

Perlis

Kedah

Perak

Penang


Penang

Kuala Lumpur


Kuala Lumpur


Puchong

Port Klang

WestPort

Selangor

Shah Alam

Petaling Jaya

Subang

Jaya

107

99

106100 101

103

104

102

98

108

Senai International

Airport

Port of

Tanjong Pelepas

Senai Industrial Park

Johor Port

Singapore

105

Senai109

110


Property Portfolio: Malaysia

Subang 4


NLA (sqm): 4,518


List of Major Tenants:Freight Management (M) Sdn Bhd


Purchase Price:MYR9.5 million(S$4.1 million)

Subang 3


NLA (sqm): 8,307


List of Major Tenants:A-Sonic Logistics Malaysia Sdn Bhd


Purchase Price: MYR19.9 million(S$8.7 million)

Senai - UPS


NLA (sqm): 11,337


List of Major Tenants:UPS SCS (M) Services Sdn Bhd



104 105103

Pancuran


NLA (sqm): 29,783


List of Major Tenants:Nippon Express (M) Sdn Bhd

Land Leasehold Tenure (Lease Start Date):99 years (19 Apr 1996)


98

Subang 1


NLA (sqm): 12,873


List of Major Tenants:Ferro Futsal Sdn Bhd

Land Leasehold Tenure (Lease Start Date):99 years (12 Mar 1996)


Chee Wah


NLA (sqm): 7,705


List of Major Tenants:• Nature Environment Products• The Cool (Malaysia) Sdn Bhd



Subang 2


NLA (sqm): 8,297


List of Major Tenants:Kontena Nasional Berhad



100 101

102

Zentraline


NLA (sqm): 14,529


List of Major Tenants:IDS Logistics Services (M) Sdn Bhd



99



109 110

Celestica Hub


NLA (sqm): 22,304


List of Major Tenants:Celestica (AMS) Sdn Bhd


Vendor: Well-Built Holdings Sdn Bhd


Padi Warehouse (formerly known as Fuji Warehouse)


NLA (sqm): 23,717


List of Major Tenants:Padiberas Nasional Bhd

Land Leasehold Tenure (Lease Start Date):60 years (22 Mar 1983)

Vendor: Fuji Properties Sdn Bhd


Linfox


NLA (sqm): 17,984


List of Major Tenants:Linfox M Logistics (Malaysia)Sdn Bhd



106 107 108

Century


NLA (sqm): 25,734


List of Major Tenants:Kontena Nasional Berhad



G-Force


NLA (sqm): 18,670


List of Major Tenants:G-Force Sdn Bhd



Property Portfolio: Malaysia


111

Expressways

Railways

Airport Port

Mapletree Logistics Centre


NLA (sqm): 23,050


List of Major Tenants:• Nissin Logistics (VN) Co., Ltd.• Nippon Express (Vietnam)

Co., Ltd• Cargo International Logistics

Co., Ltd• Nitto Denko Tape Materials

(Vietnam) Co., Ltd• Yusen Logistics Solutions

(Vietnam) Co., Ltd

Land Leasehold Tenure (Lease Start Date):~42 years (8 Nov 2006)

Purchase Price: USD6.4 million(S$8.8 million)

Saigon Port

Nha Trang Port

Da Nang Port

Tan Son Nhat International Airport

Da Nang International Airport

Phu Bai International Airport

•

Hanoi •

111

Ho Chi Minh City

Property Portfolio: Vietnam


Finan

cial

Rev

iew

Gross Revenue

Gross revenue for FY12/13 was S$307.8 million,

representing an increase of S$30.5 million or 11.0%

compared with the corresponding 12-month period

ended 31 March 2012. The increase was mainly due

to contributions from the six properties acquired during

FY12/13 in South Korea, Malaysia and China and a full

year contribution from the nine properties acquired during

the prior 12 months. Revenue from existing assets also

increased due to overall positive rental reversions and

higher average occupancy.

Property Expenses

In line with the larger portfolio, property expenses increased

by S$1.3 million or 3.5% year-on-year (“y-o-y”) to S$39.7

million. Included in the property expenses of S$38.4

million for the prior 12 months ended 31 March 2012 were

S$1.1 million of repairs and maintenance works incurred in

relation to the March 2011 earthquake in Japan. Excluding

the effect of the earthquake-related costs, property

expenses would have increased 6.5% y-o-y.

Net Property Income

Consequently, NPI grew by S$29.2 million or 12.2%

y-o-y to S$268.1 million. Singapore remained the largest

contributor accounting for 44% of NPI, while Japan and

Hong Kong were the second and third largest contributors

at 26% and 14% respectively.

Net Investment Income

Borrowing costs increased by S$1.9 million to S$38.6

million mainly due to higher average interest rates

incurred and higher average borrowings during the year.

Management fees also increased by S$3.2 million to

S$31.1 million, in line with the enlarged portfolio.

Accordingly, net investment income grew from S$184.8

million to S$193.3 million.

Financial Review of FY12/13 Versus Corresponding 12-month period ended 31 March 2012

MLT’s previous fi nancial year FY11/12 comprised a 15-month period ended 31 March 2012 due to a change in fi nancial

year-end from 31 December to 31 March. To provide a more meaningful review of MLT’s fi nancial performance, the

FY12/13 fi nancial results are compared against the corresponding 12-month period ended 31 March 2012.

Income Statement (Group)

FY11/12

15 mths ended

31 Mar 2012

S$’000

(Restated)

12 mths ended

31 Mar 2012

S$’000

(Restated)

FY12/13

12 mths ended

31 Mar 2013

S$’000

12-mth

Increase/

(Decrease)

%

Gross Revenue 339,535 277,291 307,786 11.0

Property Expenses (45,957) (38,386) (39,714) 3.5

Net Property Income (“NPI”) 293,578 238,905 268,072 12.2

Interest income 881 760 765 0.7

Manager’s management fees (34,373) (27,930) (31,098) 11.3

Trustee’s fee (700) (567) (627) 10.6

Other trust (expenses)/income 9,413 10,323 (5,162) NM

Borrowing costs (44,384) (36,717) (38,641) 5.2

Net Investment Income 224,415 184,774 193,309 4.6

Amount Distributable 200,604 163,068 185,166 13.6

- To Perpetual securities holders

- To Unitholders

670

199,934

670

162,398

18,813

166,353

>100.0

2.4

Available Distribution per Unit (“DPU”) (cents) 8.24 6.69 6.86 2.5

Excluding Divestment Gains*

Adjusted Amount Distributable to Unitholders 197,690 160,154 166,353 3.9

Adjusted Available DPU (cents) 8.15 6. 60 6.86 3.9

* The gains from the divestment of 9 and 39 Tampines Street 92 amounted to S$2.2 million in amount distributable and 0.09 cents in DPU.

NM: Not meaningful


Distributions

Total amount distributable increased by S$22.1 million

to S$185.2 million. Amount distributable to perpetual

securities holders was S$18.8 million, compared to

S$0.7 million for the prior 12-month period. The perpetual

securities were issued in March 2012.

Amount distributable to Unitholders increased 2.4% y-o-y

to S$166.4 million while DPU rose 2.5% to 6.86 cents.

Included in the amount distributable for the previous

12-month period were gains from the divestment of 9 and

39 Tampines Street 92 of S$2.2 million. Excluding the

divestment gains, both amount distributable to Unitholders

and DPU would have increased by 3.9% y-o-y.

Assets

Total assets decreased by S$35.6 million to S$4,236.9

million as at 31 March 2013. The decrease was largely

due to lower cash and cash equivalents arising from the

acquisitions of investment properties and settlement of

trade and other receivables.

Investment properties increased marginally from S$4,058.3

million as at 31 March 2012 to S$4,065.9 million as at 31

March 2013. This increase had taken into account a net

fair value gain in investment properties of S$20.3 million

and approximately S$205 million in acquisitions and capital

expenditure, partially offset by translation differences on

assets due to the weaker Japanese Yen. During the year,

MLT acquired six properties, bringing the total number of

properties as at 31 March 2013 to 111.

Borrowings & Aggregate Leverage Ratio

Total borrowings as at 31 March 2013 was S$1,433.5

million, S$61.6 million lower than the S$1,495.1 million

as at 31 March 2012. This was largely due to translation

differences of S$198.3 million from a weaker Japanese

Yen, partially offset by the additional net loans of S$136.7

million taken during the year to fund the acquisitions.

Accordingly, the aggregate leverage ratio decreased

to 34.1% as at 31 March 2013, from 35.2% as at

31 March 2012.

Net Assets Attributable To Unitholders

As the Japan portfolio is largely funded by borrowings in

Japanese Yen, the impact of the weaker Japanese Yen

on MLT’s net asset value has been mitigated substantially.

As at 31 March 2013, MLT’s net assets attributable to

Unitholders were S$2,232.0 million. This represents a net

asset value per unit of S$0.92, compared with S$0.90 as

at 31 March 2012.

Cashfl ow

Total net cash outfl ow for the year was S$23.4 million,

comprising mainly cashfl ows used in investing and

fi nancing activities, partially offset by cash generated

from operating activities. The cashfl ow used in investing

activities were mainly for the purchase of investment

properties while the cashfl ow used in fi nancing activities

were largely for repayments of borrowings and distributions

to Unitholders.

■ Singapore 48%

■ Japan 24%

■ Hong Kong 15%

■ South Korea 5%

■ China 4%

■ Malaysia 4%

■ Vietnam <1%

■ Singapore 44%

■ Japan 26%

■ Hong Kong 14%

■ South Korea 8%

■ China 4%

■ Malaysia 4%

■ Vietnam <1%

Net Property Income

12 months ended 31 March 2012 12 months ended 31 March 2013

■ Singapore 49%

■ Japan 24%

■ Hong Kong 13%

■ South Korea 6%

■ China 4%

■ Malaysia 4%

■ Vietnam <1%

■ Singapore 45%

■ Japan 26%

■ Hong Kong 12%

■ South Korea 8%

■ China 5%

■ Malaysia 4%

■ Vietnam <1%

Gross Revenue

12 months ended 31 March 2012 12 months ended 31 March 2013


Cor

por

ate

Liquid

ity

& F

inan

cial

Res

ourc

esThe Manager adopts a disciplined capital management approach to maintain a strong balance sheet and a diversifi ed base

of funding sources. On an ongoing basis, besides working to achieve a balanced debt maturity profi le and to minimise the

cost of funding, the Manager also actively manages the exposure to interest rate and foreign exchange fl uctuations.

The Manager actively manages MLT’s capital structure

to address refi nancing requirements and to provide

the fl exibility to fund investment opportunities, capital

expenditures and for working capital requirements.

MLT’s debt portfolio is diversifi ed by maturity and source.

As at 31 March 2013, MLT had in place debt facilities

of about S$2.4 billion from 17 banks, of which S$979.7

million were unutilised. In addition, MLT has an existing

S$1.0 billion Medium Term Notes (“MTN”) Programme, of

which S$152.0 million had been issued as at 31 March

2013, leaving S$848.0 million which may be tapped for

future issuance.

During the year, the Manager successfully procured the

following bank facilities to refi nance certain debt due and to

fi nance acquisitions and asset enhancement initiatives:

• a JPY12.6 billion 7-year term loan in April 2012;

• a S$50 million 3-year revolving credit facility in

February 2013; and

• a JPY7.0 billion 3-year term loan in March 2013.

Subsequent to the close of FY12/13, MLT issued a 7-year

HKD300 million (~S$48 million) medium term note in June

2013. Proceeds from the issuance were deployed towards

refi nancing part of the HKD1.35 billion bank loan ahead

of its maturity in March 2014, thereby extending MLT’s

debt maturity profi le. In addition, MLT also refi nanced

approximately S$42 million of term loans, which matured

in April 2013, with existing committed debt facilities due

in FY16/17.

In October 2012, the Manager implemented a Distribution

Reinvestment Plan (“DRP”). Under the DRP, Unitholders are

given the option of receiving their distributions in units and/

or cash, thereby providing them an opportunity to increase

their investment in MLT in a cost effective manner. Cash

retained via the DRP was deployed to fund MLT’s capital

expenditure requirements.

Funding & Liquidity Position

Financial Resources & Liquidity (S$ million)

As at

31 March 2013

Undrawn banking facilities 979.7

Issue Capacity under MTN Programme 848.0

Cash 134.8

Total 1,962.5

1 Subsequent to the close of FY12/13, approximately S$90 million of debt maturing in FY13/14 has been refi nanced to-date.

FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 FY18/19 FY19/20 FY20/21 FY21/22

Debt Maturity Profi le (% of total debt)

As at 31 March 2013

20%

15%1

21%

7%8%

11%

3%1

9%

14%1

12%

12%

Total Group Borrowings S$1,433.5 million

Average Duration 3.9 years

Amount refi nanced post 31 March 2013


Borrowings & Aggregate Leverage

As at

31 March 2012

As at

31 March 2013

Leverage ratio

Total Group borrowings (S$ million) 1,495.1 1,433.5

Total Group deferred consideration (S$ million) 10.1 11.6

Total Group assets (S$ million) 4,272.5 4,236.9

Aggregate Leverage 35.2% 34.1%

FY11/12 FY12/13

Effective interest rate for the fi nancial year 2.3% 2.4%

Interest service ratio

Earnings before interest, tax, depreciation and amortisation (S$ million) 256.0 243.1

Interest expenses (S$ million) 42.5 36.7

Interest cover ratio (times) 6.0 6.6

As at 31 March 2013, total outstanding borrowings

decreased by about S$61.6 million to S$1,433.5 million in

spite of additional borrowings drawn to fund acquisitions

during the fi nancial year. This was mainly due to the lower

translated Japanese Yen borrowings. Consequently,

aggregate leverage declined to 34.1% as at 31 March

2013, from 35.2% as at 31 March 2012. This is well within

the cap of 60% stipulated in the Monetary Authority of

Singapore’s Property Funds Guidelines for rated real estate

investment trusts.

All borrowings continue to be unsecured with minimal

fi nancial covenants. In March 2013, Moody’s Investor

Service affi rmed MLT’s issuer rating at ‘Baa1’ with

stable outlook.

Hedging Profi le

The Manager continues to implement measures to

mitigate the impact of foreign exchange and interest rate

fl uctuations on distributable income. As of 31 March 2013,

more than 85% of MLT’s income stream for FY13/14 had

been hedged into or is derived in Singapore Dollar. About

70% of MLT’s debts were hedged into fi xed rates through

interest rate swaps or drawn on fi xed rate basis as at

31 March 2013.

Where feasible, after taking into account cost, tax and

other considerations, the Manager will borrow in the same

currency as the underlying assets to provide some natural

hedge, or hedge through cross currency swaps for its

overseas investments. As at 31 March 2013, about 68%

of MLT’s loans were denominated in Japanese Yen, 27%

in other foreign currencies such as Hong Kong Dollar and

Chinese Renminbi and the balance 5% in Singapore Dollar.

■ Hedged/ 70%

Fixed Rate

Loans

■ Unhedged 30%

Loans

- JPY 27%

- SGD 2%

- USD 1%

■ SGD 5%

■ JPY 68%

■ HKD 15%

■ RMB 5%

■ MYR 4%

■ KRW 2%

■ USD 1%

Interest Rate Hedging Profi le

As at 31 March 2013

Debt Profi le (Currency Breakdown)

As at 31 March 2013


The Manager is committed to engaging and developing

long-term relationships with the various key stakeholders

through equitable, timely and transparent communications.

Timely & Transparent Disclosures

The Manager issues all announcements and press releases

on MLT’s latest corporate developments promptly through

the Singapore Exchange Securities Trading Limited (“SGX-

ST”) website. These disclosures are also disseminated via

email to the local and international media, the investment

community and subscribers to MLT’s email alerts. General

information on MLT including annual reports, property

portfolio details and key fi nancial highlights are updated

regularly on MLT’s corporate website.

The Manager conducts post-results analyst briefi ngs

every quarter following the release of MLT’s fi nancial

results. As an additional platform for interaction, MLT’s

half-year and full-year results briefi ngs are webcast ‘live’

and queries can be submitted online to be addressed by

senior management on-the-spot. Recordings of the audio

webcasts can be accessed anytime via the corporate

website.

Engaging Our Investors

Through active participation in one-on-one meetings,

conference calls and investor conferences, the Manager

reached out to over 100 potential and existing institutional

investors in FY12/13. During these meetings, investors were

brought up-to-date on MLT’s strategic focuses, business

developments and the latest industry trends and outlook.

In July 2012, MLT convened its 3rd Annual General Meeting

(“AGM”) with Unitholders approving all resolutions tabled

at the meeting. Attended by over 100 Unitholders, the

AGM provided a useful platform for Unitholders to interact

face-to-face with the Board and senior management.

Local and overseas property site visits are also conducted

for investors upon request as part of the investor relations

efforts to educate the investment community. Currently,

MLT is covered by analysts from 15 local and foreign

investment banks.

In the coming year, MLT will continue to maintain a high

standard of corporate disclosure. The investor relations

team will work towards increasing investor and media

engagement, tapping into more avenues to ensure that key

stakeholders are kept abreast of MLT’s latest developments.

Unit Price Performance

MLT’s unit price delivered a strong performance in FY12/13,

rising 29% to close at S$1.215 on 28 March 2013. This

translates to a distribution yield of 5.6%, 410 basis points

above the 10-year government bond yield of 1.5%.

Inve

stor

Rel

atio

ns

MLT’s 3rd Annual General Meeting Interaction with Senior Management at MLT’s post-results analyst briefi ng

140

130

120

110

100

90

80

Comparative Price Performance

2 April 2012 to 28 March 2013

MLT Straits Times Index (“STI”) FTSE Straits Times REIT Index (“FSTREI”) Source: Bloomberg

Reb

asin

g cl

osin

g pr

ice

of 3

0 M

arch

201

2 =

100

Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13

MLT Unit Price Performance FY12/13

Opening Price (S$) 0.945

Closing Price (S$) 1.215

High (S$) 1.240

Low (S$) 0.935

Trading Volume (in units) 1,015,081,000

FSTREI +30.7%

MLT +28.6%

STI +9.9%


Unitholders Enquiries

For enquiries on MLT, please contact:

The Manager

Ms Lum Yuen May

Investor Relations

T : (65) 6377 6111

F : (65) 6273 2007

E : [email protected]

W : www.mapletreelogisticstrust.com

Unit Registrar

Boardroom Corporate & Advisory

Services Pte. Ltd.

50 Raffl es Place

Singapore Land Tower

#32-01 Singapore 048623

T : (65) 6536 5355

F : (65) 6536 1360

Unitholder Depository

For depository-related matters,

please contact:

The Central Depository (Pte) Limited

4 Shenton Way

#02-01 SGX Centre 2

Singapore 068807

T : (65) 6535 7511

F : (65) 6535 0775


Financial Calendar

Event / Activity FY12/13 FY13/14 (Tentative)

1Q results announcement 19 July 2012 July 2013

1Q distribution to Unitholders 29 August 2012 August 2013

2Q results announcement 18 October 2012 October 2013

2Q distribution to Unitholders 29 November 2012 November 2013

3Q results announcement 17 January 2013 January 2014

3Q distribution to Unitholders 28 February 2013 February 2014

4Q results announcement 17 April 2013 April 2014

4Q distribution to Unitholders 30 May 2013 May 2014

MLT’s Total Returns1

Period %

Since listing on 28 July 2005 to 28 March 20132 149.2

From 30 March 2012 to 28 March 20133 35.8

Comparative Yields

410 bps yield spread over 10-year

Singapore Government Bond Yield

MLT Yield 1 10-year Govt

Bond Yield 2

5-year Govt

Bond Yield 2

FSTREI Yield 3 STI

Yield 4

CPF Ordinary

Account 5

12-month S$

Fixed Deposit 6

5.6%

1.5%

4.7%

0.5%

2.8%

2.5%

0.3%

1 Based on actual DPU of 6.86

cents for the period 1 April 2012

to 31 March 2013 and closing

unit price of S$1.215

on 28 March 2013.

2 Singapore Government Bond

Yield as at 28 March 2013,

Bloomberg.

3 12-month gross dividend yield of

FTSE Straits Times REIT Index as

at 28 March 2013, Bloomberg.

4 12-month gross dividend yield

of Straits Times Index as at

28 March 2013, Bloomberg.

5 Prevailing interest rate on CPF

Ordinary Account Savings.

6 12-month S$ fi xed deposit

savings rate as at

31 March 2013.

1 Sum of distribution yield and capital appreciation.

2 Based on MLT’s IPO issue price of S$0.68.

3 Based on closing price of S$0.945 on 30 March 2012.


Cor

por

ate

Soc

ial R

esp

onsi

bili

ty

During the year, the Manager continued to integrate

sustainable business practices into its operations, focusing

on the key areas of environmental responsibility, community

involvement and employee engagement.

Environmental Responsibility

Properties that are developed and managed effi ciently

will have a positive impact on the environment and its

community. As a logistics real estate provider with regional

operations across Asia, the Manager has a shared

responsibility to combat climate change and reduce its

environmental footprint.

Resource Effi ciency

With a sizeable portfolio of 111 logistics facilities, measures

to increase resource effi ciency are particularly effective

in reducing overall energy and water consumption. The

Manager conducts a systematic review of the portfolio’s

operational performance at regular intervals to identify areas

for improvement. Following which, targeted actions to

conserve resources will be taken at selected properties.

At Jurong Logistics Hub in Singapore for instance, new

lower wattage induction light fi xtures and motion sensors

have been installed to minimise energy usage. Over at

TIC Tech Centre, one of two passenger lifts has been

programmed to serve limited fl oors after 7 pm daily. The

Manager has also reduced water consumption by installing

water effi cient devices such as thimbles and self-closing

delayed action taps at its multi-tenanted buildings.

Renewable Energy

At the same time, the Manager is continuously exploring

ways to embed innovative green features into its properties’

design and structure. An example is the installation of

rooftop solar panels to harness renewable energy and

reduce energy consumption. In Japan, the Manager has

identifi ed four assets for this initiative. Under the Japanese

government’s feed-in tariff scheme, MLT will be able to

sell the electricity generated to utility companies at a rate

of JPY40 per kWh for 20 years. These solar panels are

expected to produce a total of close to 3.2 million kWh

in renewable energy per year once they become fully

operational in the third quarter of FY13/14. Going forward,

MLT will be embarking on the second phase of solar panel

installation in Japan.

Sustainable Developments

This year, MLT commenced construction of its fi rst

redevelopment project – Mapletree Benoi Logistics Hub – in

Singapore. Specially designed with green features that are

benchmarked against the BCA Green Mark certifi cation

criteria, the Manager is targeting to achieve a high

certifi cation under this scheme. The key sustainable features

of this property include:

• No direct west-facing façade to minimise

solar radiation

• Extensive use of natural lighting and ventilation

in common areas

• Energy-effi cient fl uorescent high bay light fi xtures

• Energy-effi cient motors and sleep-mode features

in passenger lifts

• Water-effi cient fi ttings in toilets

• Use of non-chemical anti-termite treatment system

Green Initiatives

The Manager complements its own sustainability efforts

by encouraging its customers to also make sustainable

choices. In conjunction with the global ‘Earth Hour’ initiative,

the Manager with its customers pledged close to 100 hours

of energy consumption savings at its larger properties in

Singapore. These energy-saving initiatives include raising

air-conditioning temperatures as well as switching off water

features and non-essential lighting.

Under the group-wide ‘Mapletree Goes Green’ initiative,

employees are also encouraged to embrace a green culture

and do their part for the environment. Refi llable bottles are

given to every employee to discourage the use of single-

serve plastic bottled water. Computers are programmed

to go into hibernation mode after 30 minutes of inactivity

so as to reduce power consumption. Where possible, the

Manager also uses eco-friendly paper in its publications.

This Annual Report for instance is printed on paper that is

certifi ed by the Forest Stewardship Council.

Corporate Social Responsibility (“CSR”) is central in the way in which business is conducted at

Mapletree. Driven by its vision to be Asia’s logistics real estate partner of choice, the Manager is

fully committed towards understanding the issues that matter to its stakeholders and delivering

high quality, responsibly-managed logistics facilities to its customers.


Community Involvement

Mapletree has in place a group-wide framework that

aligns its CSR efforts with its business directions. Driven

by two broad objectives, the group’s ‘Shaping & Sharing’

programme focuses on empowering individuals and

enriching communities to deliver positive social and

environmental impacts.

Health & Education

In FY12/13, the group continued to make signifi cant strides

in its CSR commitments both locally and overseas. Efforts

towards education included a contribution of S$500,000

each to the bursary endowment funds of Nanyang

Technological University and the National University of

Singapore. Open to all courses of study, the endowed sums

will award a total of sixteen Mapletree bursaries every year

to fi nancially constrained students of both universities.

Overseas, the group pledged RMB5 million each to the

communities of Minhang and Nanhai Districts in China, in

commemoration of its upcoming Minhang Development

Project in Shanghai, as well as Nanhai Business City and

South Station Enterprise City in Foshan. Over fi ve years,

these programmes will assist poor families with healthcare

and education needs.

In addition, internship opportunities are provided to students

from both local and overseas education institutes as part of

the group’s commitment towards mentoring and nurturing

young individuals with a keen interest in real estate.

Peer Engagement

The Manager believes in the value of playing an active role

in engaging the broader supply chain community. For the

third year running, it co-hosted the THINK Logistics 2012

supply chain forum together with The Logistics Institute-

Asia Pacifi c, a leading research alliance between the

National University of Singapore and Georgia Institute of

Technology. The annual forum brought together over 200

industry leaders and academics to discuss key risks facing

industry supply chains. Participants also shared invaluable

lessons learnt from combating disruptions in Asia, and

evaluated the range of new technologies to manage

supply chain disruptions.

Stakeholder engagement is another important aspect in

MLT’s CSR strategy. This year, the Manager continued

to engage its customers through participation in industry

events, such as the Supply Chain Asia Forum 2012,

one-on-one meetings and customer luncheons. These

events provide management with the opportunity to gather

feedback and better understand the changing needs of its

customers. The Manager is also committed to delivering

timely, transparent and consistent disclosures to the

fi nancial and media communities. For more details on the

Manager’s investor relations initiatives, please refer to the

Investor Relations section on pages 80 to 81.

‘Arts in the City’

In support of the arts, the Mapletree group launched a

series of lunch-hour arts performances and workshops at

Mapletree Business City. This initiative is supported by the

National Arts Council and promotes Singapore’s arts talent

by bringing meaningful arts experiences to the working

community. In 2012, the group once again received the

National Arts Council’s ‘Patron of the Arts’ award for its

contribution to the arts.

Beyond Corporate Giving

The Mapletree group also actively reached out to its

benefi ciaries through active community engagement.

Following a joint contribution of S$500,000 to Boys’ Town

Home (“BTH”) and Assumption Pathway School (“APS”)

in March 2012, the group’s CSR committee and senior

management visited both benefi ciaries in July to follow up

on their developments.

The Manager also advocates staff involvement in the

group’s CSR programmes to achieve greater community

impact. Employees were encouraged to participate in a

friendly futsal challenge with APS students in August, as

well as BTH’s fundraising Flag Day in December. At the

futsal challenge, the APS team was presented with goodie

bags and customised Mapletree jerseys in appreciation of

their participation.

THINK Logistics 2012 at Mapletree Business City Futsal challenge between staff and students from Assumption Pathway School


Employee Engagement

Human capital is the key driving force behind MLT’s

long-term success and the Manager fully recognises this

fact. As MLT embarks on the next phase of business growth

across the region, it is important that the Manager continues

to attract and retain the best and most capable people who

are personally committed to the goals of the organisation. In

line with these objectives, the Mapletree group introduced a

slew of new workforce programmes this year in support of

staff engagement and talent development.

People & Talent Management

At Mapletree, employees are given opportunities to realise

their potential through rigorous training programmes aimed

at enhancing competencies. Throughout the year, numerous

seminars and workshops were conducted to equip staff

with the relevant skills and knowledge, allowing them

to take on greater responsibilities and challenges at the

workplace. This year, employees took part in the ‘Mapletree

Investment Training Programme’ conducted in Singapore

and China. This programme is specifi cally designed to

align the Manager’s investment approach with the group’s

business model and strategies.

While focusing on technical profi ciencies, the enhancement

of soft skills was not neglected. The Mapletree group has

two cornerstone leadership programmes in place to help

employees develop stronger management and leadership

capabilities. The ‘Leadership Foundation Programme’

is targeted at young managers while the ‘Leadership

Excellence Programme’ is tailored for the more experienced

middle management.

Teamwork & Communication

Following a leadership transition at the Manager during the

year, a team-building retreat was organised for employees

in February 2013. The exercise provided a useful platform

for employees to communicate their views and ideas to the

new Chief Executive Offi cer. This event also helped to foster

camaraderie and teamwork among colleagues through a

variety of team-bonding activities.

To cultivate positive work attitudes and a deeper sense of

ownership, staff townhall and ground feedback sessions

are organised periodically across all levels and regional

offi ces. Frequent dialogue sessions within individual function

teams are also conducted to help reinforce corporate values

and encourage the sharing of best practices amongst

employees.

Promoting Work-Life Balance

More benefi ts were introduced to the group’s family-

friendly employment policies to ensure a better work-life

balance for employees. These include new benefi ts on

paternity and family care leave. Additionally, more initiatives

were introduced to simplify operational procedures and

streamline work processes to raise productivity.

Staying Committed

CSR will remain an integral part of the Manager’s corporate

culture, decision-making process and daily operations,

as it drives the long-term success and brand reputation

of Mapletree. In 2012, the Manager was ranked 45th in

the Brand Finance Singapore’s Top 100 Brands, a market

recognition of its growing brand value.

While efforts have been made to improve the social and

environmental performance of MLT’s business, the Manager

recognises that there is much more that can be done. As a

responsible corporate citizen, the Manager will continue to

review its strategy and resources to ensure that the needs

and concerns of its stakeholders and the local communities

are addressed.

Mapletree Logistics Trust Management Ltd. Team-building Retreat 2013

Cor

por

ate

Soc

ial R

esp

onsi

bili

ty

Mapletree Investment Training Programme in Singapore


Finan

cial

s

Report of the Trustee ................................................................... 86

Statement by the Manager .......................................................... 87

Independent Auditor’s Report

to the Unitholders of Mapletree Logistics Trust ............................. 88

Statements of Total Return .......................................................... 89

Balance Sheets ........................................................................... 90

Distribution Statements ............................................................... 91

Statements of Movements in Unitholders’ Funds ......................... 93

Portfolio Statements .................................................................... 94

Consolidated Cash Flow Statement ............................................116

Notes to the Financial Statements ..............................................117

Statistics of Unitholdings............................................................ 154

Interested Person Transactions .................................................. 156

Notice of Annual General Meeting ...............................................157

Proxy Form

HSBC Institutional Trust Services (Singapore) Limited (the “Trustee”) is under a duty to take into custody and hold the assets of Mapletree

Logistics Trust (the “Trust”) and its subsidiaries (the “Group”) in trust for the holders (“Unitholders”) of units in the Trust (the “Units”). In accordance

with the Securities and Futures Act, Chapter 289, of Singapore, its subsidiary legislation and the Code on Collective Investment Schemes

(“CIS”), the Trustee shall monitor the activities of Mapletree Logistics Trust Management Ltd. (the “Manager”) for compliance with the limitations

imposed on the investment and borrowing powers as set out in the trust deed dated 5 July 2004 (as amended) (the “Trust Deed”) between

the Manager and the Trustee in each annual accounting period and report thereon to Unitholders in an annual report.

To the best knowledge of the Trustee, the Manager has, in all material respects, managed the Trust during the period covered by these fi nancial

statements, set out on pages 89 to 153 in accordance with the limitations imposed on the investment and borrowing powers set out in the

Trust Deed.

For and on behalf of the Trustee,

HSBC Institutional Trust Services (Singapore) Limited

Antony Wade Lewis

Director

Singapore

Report of the Trustee

For the fi nancial year ended 31 March 2013


In the opinion of the directors of Mapletree Logistics Trust Management Ltd., the accompanying fi nancial statements of Mapletree Logistics

Trust (“MLT”) and its subsidiaries (the “Group”) as set out on pages 89 to 153 comprising the Balance Sheets and Portfolio Statements of

MLT and the Group as at 31 March 2013, the Statements of Total Return, Distribution Statements, Statements of Movements in Unitholders’

Funds of MLT and the Group, the Consolidated Cash Flow Statement of the Group and Notes to the Financial Statements for the fi nancial

year ended 31 March 2013 are drawn up so as to present fairly, in all material respects, the fi nancial position of MLT and of the Group as at

31 March 2013 and the total return, amount distributable, movements of unitholders’ funds of MLT and of the Group and consolidated cash

fl ows of the Group for the fi nancial year ended 31 March 2013 in accordance with the recommendations of Statement of Recommended

Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certifi ed Public Accountants of Singapore. At the date

of this statement, there are reasonable grounds to believe that MLT will be able to meet its fi nancial obligations as and when they materialise.

For and on behalf of the Manager,


Ng Kiat

Director

Singapore

Statement by the Manager



Report on the Financial Statements

We have audited the accompanying fi nancial statements of Mapletree Logistics Trust (“MLT”) and its subsidiaries (the “Group”) as set out on

pages 89 to 153, which comprise the Balance Sheets and Portfolio Statements of MLT and the Group as at 31 March 2013, the Statements

of Total Return, Distribution Statements, Statements of Movements in Unitholders’ Funds of MLT and the Group and Consolidated Cash Flow

Statement of the Group for the fi nancial year ended 31 March 2013, and a summary of signifi cant accounting policies and other explanatory

information.

Manager’s Responsibility for the Financial Statements

The Manager of MLT is responsible for the preparation and fair presentation of these fi nancial statements in accordance with the recommendations

of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certifi ed Public

Accountants of Singapore and for such internal control as the Manager of the Trust determines is necessary to enable the preparation of

fi nancial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these fi nancial statements based on our audit. We conducted our audit in accordance with

Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain

reasonable assurance about whether the fi nancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial statements. The procedures

selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the fi nancial statements;

whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation

and fair presentation of the fi nancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the

purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness

of accounting policies used and the reasonableness of accounting estimates made by the Manager of MLT, as well as evaluating the overall

presentation of the fi nancial statements.

We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the fi nancial statements present fairly, in all material respects, the fi nancial position of MLT and of the Group as at 31 March

2013, the total return, amount distributable and movements in unitholders’ funds of MLT and the Group and consolidated cash fl ows of the

Group for the fi nancial year ended 31 March 2013 in accordance with the Statement of Recommended Accounting Practice 7 “Reporting

Framework for Unit Trusts” issued by the Institute of Certifi ed Public Accountants of Singapore.

PricewaterhouseCoopers LLP

Public Accountants and Certifi ed Public Accountants

Singapore

Independent Auditor’s Report to the Unitholders of Mapletree Logistics Trust

(Constituted under a Trust Deed in the Republic of Singapore)


Group MLT

Restated

Note

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

S$’000 S$’000 S$’000 S$’000

Gross revenue 3 307,786 339,535 137,938 167,138

Property expenses 4 (39,714) (45,957) (21,058) (25,909)

Net property income 268,072 293,578 116,880 141,229

Interest income 3 765 881 11,701 11,720

Dividend income 3 – – 31,244 28,386

Manager’s management fees (31,098) (34,373) (12,157) (14,866)

Trustee’s fees (627) (700) (627) (700)

Other trust (expenses)/income 5 (5,162) 9,413 (11,348) 2,472

Borrowing costs 6 (38,641) (44,384) (12,493) (15,074)

Net investment income 193,309 224,415 123,200 153,167

Net change in fair value of

fi nancial derivatives 23,062 11,457 14,655 3,945

Amortisation of fair value of

fi nancial guarantees – – 4,755 4,624

Net income 216,371 235,872 142,610 161,736

Net movement in the value of investment properties 12 20,271 113,020 28,129 21,821

Gain on divestment of investment properties – 831 – 831

Impairment on a subsidiary 13 – – (37,536) –

Total return for the year/period

before income tax 236,642 349,723 133,203 184,388

Income tax 7 (14,074) (25,502) – –

Total return for the year/period 222,568 324,221 133,203 184,388

Total return attributable to:

Unitholders of MLT 202,712 321,893 114,390 183,718

Perpetual securities holders 18,813 670 18,813 670

Non-controlling interests 1,043 1,658 – –

222,568 324,221 133,203 184,388

Earnings per unit (cents) 8

- Basic 8.35 13.27

- Diluted 8.35 13.27

Statements of Total Return



Group MLT

Note

31 March

2013

Restated

31 March

2012

Restated

31 March

2010

31 March

2013

31 March

2012

S$’000 S$’000 S$’000 S$’000 S$’000

ASSETS

Current assets

Cash and cash equivalents 9 134,814 167,643 108,434 22,076 32,049

Trade and other receivables 10 11,820 25,650 21,563 119,391 200,271

Other current assets 11 7,165 12,612 6,871 1,148 1,612

Derivative fi nancial instruments 17 17,220 8,337 6,219 15,644 6,102

171,019 214,242 143,087 158,259 240,034

Investment property held-for-sale 12 15,500 – 12,000 15,500 –

186,519 214,242 155,087 173,759 240,034

Non-current assets

Investment properties 12 4,050,367 4,058,274 3,459,182 1,618,254 1,554,040

Investments in subsidiaries 13 – – – 195,798 210,859

Loans to subsidiaries 14 – – – 761,125 855,114

Property, plant and equipment – – 8 – –

4,050,367 4,058,274 3,459,190 2,575,177 2,620,013

Total assets 4,236,886 4,272,516 3,614,277 2,748,936 2,860,047

LIABILITIES

Current liabilities

Trade and other payables 15 159,397 152,402 102,841 72,253 73,529

Financial guarantee contracts – – – 18,281 6,869

Borrowings 16 288,757 243,772 172,294 – –

Current income tax liabilities 3,170 2,758 2,110 – –

Derivative fi nancial instruments 17 8,705 28,121 42,059 2,465 7,578

460,029 427,053 319,304 92,999 87,976

Non-current liabilities

Trade and other payables 15 2,500 2,500 2,595 2,500 2,500

Borrowings 16 1,144,749 1,251,286 1,181,837 392,899 463,952

Deferred taxation 18 47,355 44,640 27,923 – –

1,194,604 1,298,426 1,212,355 395,399 466,452

Total liabilities 1,654,633 1,725,479 1,531,659 488,398 554,428

Net assets 2,582,253 2,547,037 2,082,618 2,260,538 2,305,619

Represented by:

Unitholders’ funds 19 2,232,029 2,195,677 2,080,237 1,916,528 1,961,609

Perpetual securities holders 19 344,010 344,010 – 344,010 344,010

Non-controlling interest 6,214 7,350 2,381 – –

2,582,253 2,547,037 2,082,618 2,260,538 2,305,619

Units in issue (’000) 19 2,432,010 2,426,318 2,426,318 2,432,010 2,426,318

Net asset value per unit (S$) 0.92 0.90 0.86 0.79 0.81

Balance Sheets

As at 31 March 2013

The accompanying notes form an integral part of these fi nancial statements.


Group MLT

1 April

2012 to

31 March

2013

Restated

1 January

2011 to

31 March

2012

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

S$’000 S$’000 S$’000 S$’000

Total return for the year/period attributable to Unitholders 202,712 321,893 114,390 183,718

Adjustment for net effect of non-tax deductible/

(chargeable) items and other adjustments

(Note A) (36,359) (121,959) 51,963 16,216

Amount available for distribution 166,353 199,934 166,353 199,934

Amount available for distribution to Unitholders

at beginning of the year/period 41,576 32,108 41,576 32,108

207,929 232,042 207,929 232,042

Distribution to Unitholders:

Distribution of 1.70 cents per unit for the period from

1 January 2012 to 31 March 2012 (41,247) – (41,247) –


1 April 2012 to 30 June 2012 (41,247) – (41,247) –


1 July 2012 to 30 September 2012 (41,490) – (41,490) –


1 October 2012 to 31 December 2012 (41,753) – (41,753) –


15 October 2010 to 31 December 2010 – (31,785) – (31,785)


1 January 2011 to 31 March 2011 – (37,608) – (37,608)


1 April 2011 to 30 June 2011 – (38,821) – (38,821)


1 July 2011 to 30 September 2011 – (41,005) – (41,005)


1 October 2011 to 31 December 2011 – (41,247) – (41,247)

Total Unitholders’ distribution (including capital return) (Note B) (165,737) (190,466) (165,737) (190,466)

Amount available for distribution to Unitholders

at end of the year/period 42,192 41,576 42,192 41,576

Distribution Statements




Group MLT

Restated

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

S$’000 S$’000 S$’000 S$’000

Note A:

Adjustment for net effect of non-tax deductible/(chargeable)

items and other adjustments comprise:

Major non-tax deductible/(chargeable) items:

- Trustee’s fees 627 700 627 700

- Net change in fair value of fi nancial derivatives (23,062) (11,457) (14,655) (3,945)

- Financing fees 1,948 1,164 1,222 1,164

- Net fair value gain on investment properties

net of deferred tax impact (19,202) (99,274) (28,129) (21,821)

- Gain on divestment of investment properties – (831) – (831)

- Exchange differences on capital items/

unrealised exchange differences 6,051 (13,571) 10,514 (1,990)

- Amortisation of fair value of fi nancial

guarantees – – (4,755) (4,624)

Net overseas income distributed back to MLT

in the form of capital returns – – 48,826 44,605

Impairment on a subsidiary – – 37,536 –

Other gains – 2,244 – 2,244

Other non-tax deductible items and other adjustments (2,721) (934) 777 714

(36,359) (121,959) 51,963 16,216

Note B:

Total Unitholders’ distribution:

- From other gains – 2,184 – 2,184

- From operations 132,008 144,851 132,008 144,851

- From Unitholders’ contribution 33,729 43,431 33,729 43,431

165,737 190,466 165,737 190,466

Distribution Statements




Group MLT

Note

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

S$’000 S$’000 S$’000 S$’000

Operations

Beginning of the year/period (as previously stated) 484,431 311,955 194,142 157,459

Effects of adoption of amendments to FRS 12 12,390 10,008 – –

Beginning of the year/period (as restated) 496,821 321,963 194,142 157,459

Total return attributable to unitholders of MLT 202,712 321,893 114,390 183,718

Distributions (132,008) (147,035) (132,008) (147,035)

End of the year/period 567,525 496,821 176,524 194,142

Unitholders’ Contribution

Beginning of the year/period 1,767,467 1,810,898 1,767,467 1,810,898

Creation of new units arising from:

- Distribution Reinvestment Plan 6,211 – 6,211 –

- Settlement of acquisition fees 229 – 229 –

Issue expenses 20 (174) – (174) –

Distributions (33,729) (43,431) (33,729) (43,431)

End of the year/period 1,740,004 1,767,467 1,740,004 1,767,467

Perpetual Securities

Beginning of the year/period 344,010 – 344,010 –

Issue of perpetual securities 19 – 350,000 – 350,000

Issue expenses 20 – (6,660) – (6,660)

Total return attributable to perpetual securities holders 18,813 670 18,813 670

Distributions (18,813) – (18,813) –


Foreign Currency Translation Reserve

Beginning of the year/period (as previously stated) (65,517) (50,078) – –

Effects of adoption of amendments to FRS 12 (3,094) (2,546) – –

Beginning of the year/period(as restated) (68,611) (52,624) – –

Translation differences relating to fi nancial statements of

foreign subsidiaries and quasi equity loans (6,889) (15,987) – –

End of the year/period (75,500) (68,611) – –

Total Unitholders’ funds at end of the year/period 2,576,039 2,539,687 2,260,538 2,305,619

Non-Controlling Interests

Beginning of the year/period 7,350 2,381 – –

Contribution from non-controlling interests – 4,043 – –

Total return attributable to non-controlling interest 1,043 1,658 – –

Distribution to non-controlling interests

(including capital returns) (962) (730) – –

Currency translation movement (1,217) (2) – –

End of the year/period 6,214 7,350 – –

Total 2,582,253 2,547,037 2,260,538 2,305,619

Statements of Movements in Unitholders’ Funds




Group

Description of leasehold

property

Date of

legal

completion

Term of

lease

Remaining

term of

lease Location

Gross

revenue for

year ended

31/03/2013

S$’000

Logistics Properties

Singapore:

TIC Tech Centre 28/07/2004 30 years (l) 13 years 25 Pandan Crescent 8,358

KLW 06/12/2004 30 years (l) 11 years 19 Senoko Loop 2,098

Expeditors 03/01/2005 30 years 21 years 61 Alps Avenue 2,199

Allied Telesis 03/01/2005 30 years (l) 21 years 11 Tai Seng Link 1,896

Mapletree Benoi Logistics Hub 17/05/2005 30 years 27 years 21 Benoi Sector –

37 Penjuru Lane 17/05/2005 30 years 13 years 37 Penjuru Lane 1,744

6 Changi South Lane 07/06/2005 30 years (l) 12 years 6 Changi South Lane 1,873

Armstrong 13/06/2005 30 years (l) 13 years 531 Bukit Batok Street 23 2,029

70 Alps Avenue 16/06/2005 30 years 20 years 70 Alps Avenue 4,701

Menlo (Alps) 16/06/2005 29/30 years (j) 19 years 60 Alps Avenue 1,925

Ban Teck Han 20/06/2005 30 years (l) 13 years 21 Serangoon North Avenue 5 1,809

5B Toh Guan Road East 22/06/2005 30 years (l) 8 years 5B Toh Guan Road East 3,089

CIAS Flight Kitchen 28/07/2005 60 years 27 years 50 Airport Boulevard 1,674

Prima 28/07/2005 99 years 84 years 201 Keppel Road 1,853

Pulau Sebarok 28/07/2005 73 years 58 years Pulau Sebarok 7,275

Kenyon 28/11/2005 30 years (m) 17 years 8 Loyang Crescent 1,496

Toppan 01/12/2005 28/30 years (k,l) 7 years 97 Ubi Avenue 4 1,541

APICO 01/12/2005 30 years (l) 12 years 39 Changi South Avenue 2 747

2 Serangoon North Avenue 5 07/02/2006 30 years (l) 13 years 2 Serangoon North Avenue 5 5,965

10 Changi South Street 3 10/02/2006 30 years (l) 12 years 10 Changi South Street 3 1,422

Popular 06/03/2006 30 years (l) 14 years 20 Old Toh Tuck Road 1,093

85 Defu Lane 10 07/07/2006 30 years (l) 7 years 85 Defu Lane 10 1,912

SH Cogent (Penjuru Lane) 18/07/2006 30 years (n) 6 years 31 Penjuru Lane 1,846


Markono 01/09/2006 30 years (l) 14 years 4 Toh Tuck Link 1,092

138 Joo Seng Road 07/09/2006 30 years (l) 8 years 138 Joo Seng Road 1,685

Kim Seng 13/09/2006 30 years (l) 6 years 4 Tuas Avenue 5 1,265

7 Tai Seng Drive 03/10/2006 30 years (l) 10 years 7 Tai Seng Drive 3,785

Jurong Logistics Hub 20/10/2006 30 years (l) 18 years 31 Jurong Port Road 21,402

Kingsmen Creatives 01/02/2007 30 years (l) 16 years 3 Changi South Lane 1,376

30 Woodlands Loop 06/02/2007 30 years (l) 18 years 30 Woodlands Loop 729

1 Genting Lane 08/02/2007 60 years 35 years 1 Genting Lane 1,029

Portfolio Statements

As at 31 March 2013



Gross

revenue for

period ended

31/03/2012

Occupancy

rates

FY12/13

Occupancy

rates

FY11/12

Latest

valuation

date

At

valuation

at

31/03/2013

At

valuation

at

31/03/2012

Percentage

of total

net assets

attributable

to

Unitholders

at

31/03/2013

Percentage

of total

net assets

attributable

to

Unitholders

at

31/03/2012

S$’000 % % S$’000 S$’000 % %

10,176 99.5 100 31/03/2013 (a) 71,000 70,500 3.3 3.1

2,618 100 100 31/03/2013 (a) 22,500 22,000 1.0 1.0

2,655 100 100 31/03/2013 (a) 21,700 21,600 1.0 1.0

2,309 100 100 31/03/2013 (a) 20,000 19,500 0.9 0.9

2,053 N/A N/A 31/03/2013 (h) 62,904 14,000 2.8 0.6

1,436 100 100 31/03/2013 (a) 10,000 10,400 0.4 0.5

2,584 80.2 100 31/03/2013 (a) 20,000 20,000 0.9 0.9

2,479 100 100 31/03/2013 (a) 28,000 27,800 1.3 1.3

5,368 100 100 31/03/2013 (a) 35,600 35,500 1.6 1.6

2,954 100 100 31/03/2013 (a) 21,000 21,500 0.9 1.0

2,223 100 100 31/03/2013 (a) 25,500 24,400 1.1 1.1

3,721 81.7 76.8 31/03/2013 (a) 31,000 34,500 1.4 1.6

2,068 100 100 31/03/2013 (a) 21,200 21,200 0.9 1.0

2,313 100 100 31/03/2013 (a) 38,000 35,000 1.7 1.6

8,972 100 100 31/03/2013 (a) 106,000 104,500 4.7 4.7

1,833 100 100 31/03/2013 (a) 21,500 21,000 1.0 1.0

1,854 100 100 31/03/2013 (a) 18,200 18,000 0.8 0.8

931 100 100 31/03/2013 (a) 11,000 10,900 0.5 0.5

8,204 89.4 92.4 31/03/2013 (a) 54,500 54,000 2.4 2.5

1,953 39.7 100 31/03/2013 (a) 20,000 21,000 0.9 1.0

1,336 100 100 31/03/2013 (a) 14,500 14,300 0.6 0.7

2,044 100 100 31/03/2013 (a) 18,900 18,500 0.8 0.8

2,268 100 100 31/03/2013 (a) 18,100 18,100 0.8 0.8

1,573 100 100 31/03/2013 (a) 18,000 17,800 0.8 0.8

1,342 100 100 31/03/2013 (a) 15,000 14,800 0.7 0.7

1,565 100 85.4 31/03/2013 (a) 16,600 16,500 0.7 0.8

1,548 100 100 31/03/2013 (a) 16,500 15,900 0.7 0.7

3,534 97.8 57.0 31/03/2013 (a) 41,000 40,000 1.8 1.8

23,955 97.8 100 31/03/2013 (a) 215,000 199,700 9.6 9.0

1,702 100 100 31/03/2013 (a) 17,200 17,000 0.8 0.8

1,041 7.3 100 31/03/2013 (i) 15,500 11,000 0.7 0.5

1,145 100 100 31/03/2013 (a) 13,000 13,000 0.6 0.6


As at 31 March 2013



Group


property

Date of

legal

completion

Term of

lease

Remaining

term of

lease Location

Gross

revenue for

year ended

31/03/2013

S$’000


Singapore (continued):

20 Tampines Street 92 27/02/2007 30 years (l) 7 years 20 Tampines Street 92 982

Shine @ Spring 28/02/2007 30 years (l) 12 years 521 Bukit Batok Street 23 2,027

Winstant 09/03/2007 60 years 25 years 6 Marsiling Lane 1,782

134 Joo Seng Road 10/04/2007 30 years (l) 9 years 134 Joo Seng Road 873

Union Steel (Pioneer) 30/11/2007 30 years (l) 10 years 31/33 Pioneer Road North 547

Union Steel (Neythal) 30/11/2007 60 years 27 years 119 Neythal Road 1,490

Union Steel (Tuas South) 30/11/2007 30 years (l) 16 years 30 Tuas South Avenue 8 545

Union Steel (Tuas View) 30/11/2007 60 years 43 years 8 Tuas View Square 461

Pioneer Districentre 14/12/2007 12 years (o) 11 years 10 Tuas Avenue 13 1,493

76 Pioneer Road 24/04/2008 30 years (l) 10 years 76 Pioneer Road 4,344

3A Jalan Terusan 02/05/2008 30 years (o) 12 years 3A Jalan Terusan 2,551

Menlo (Boon Lay Way) 30/06/2008 30 years (p) 7 years 30 Boon Lay Way 4,125

Menlo (Benoi) 30/06/2008 20 years 17 years 22A Benoi Road 698

SH Cogent (Penjuru Close) 15/12/2009 29 years 22 years 7 Penjuru Close 4,517

CEVA (Changi South) 11/03/2010 25 years (l) 11 years 15 Changi South Street 2 3,432

Natural Cool Lifestyle Hub 18/08/2010 30 years (l) 24 years 29 Tai Seng Avenue 4,592

AW Centre 25/10/2010 30 years (l) 16 years 73 Tuas South Avenue 1 1,537

Liang Huat Building 26/11/2010 30 years (l) 12 years 51 Benoi Road 4,499

JEP Centre 20/12/2010 30 years 24 years 44/46 Changi South Street 1 1,527

NS Tang Building 24/12/2010 30 years (q) 10 years 36 Loyang Drive 1,176

Jian Huang Building 31/03/2011 30 years 28 years 15A Tuas Ave 18 2,124

39 Tampines Street 92 (u) 07/07/2006 – – 39 Tampines Street 92 –

9 Tampines Street 92 (v) 02/02/2007 – – 9 Tampines Street 92 115


As at 31 March 2013



Gross

revenue for

period ended

31/03/2012

Occupancy

rates

FY12/13

Occupancy

rates

FY11/12

Latest

valuation

date

At

valuation

at

31/03/2013

At

valuation

at

31/03/2012

Percentage

of total

net assets

attributable

to

Unitholders

at

31/03/2013

Percentage

of total

net assets

attributable

to

Unitholders

at

31/03/2012

S$’000 % % S$’000 S$’000 % %

1,061 100 100 31/03/2013 (a) 13,500 13,400 0.6 0.6

2,498 100 100 31/03/2013 (a) 27,500 27,500 1.2 1.2

2,189 100 100 31/03/2013 (a) 20,000 20,400 0.9 0.9

1,072 100 100 31/03/2013 (a) 11,000 12,300 0.5 0.6

677 100 100 31/03/2013 (a) 7,200 7,000 0.3 0.3

1,843 100 100 31/03/2013 (a) 16,800 16,800 0.8 0.8

674 100 100 31/03/2013 (a) 7,650 7,300 0.3 0.3

571 100 100 31/03/2013 (a) 6,500 6,300 0.3 0.3

1,798 100 100 31/03/2013 (a) 17,200 16,400 0.8 0.7

5,311 100 100 31/03/2013 (a) 56,000 55,800 2.5 2.5

3,072 100 100 31/03/2013 (a) 27,800 27,340 1.2 1.2

5,057 100 100 31/03/2013 (a) 45,000 45,000 2.0 2.0

855 100 100 31/03/2013 (a) 6,800 6,800 0.3 0.3

5,529 100 100 31/03/2013 (a) 55,000 54,500 2.5 2.5

4,189 100 100 31/03/2013 (a) 47,000 47,000 2.1 2.1

5,617 100 100 31/03/2013 (a) 57,000 54,700 2.6 2.5

1,891 100 100 31/03/2013 (a) 19,500 18,900 0.9 0.9

5,505 100 100 31/03/2013 (a) 57,000 56,500 2.6 2.6

1,890 100 100 31/03/2013 (a) 17,300 17,100 0.8 0.8

1,447 100 100 31/03/2013 (a) 14,100 14,100 0.6 0.6

2,088 100 100 31/03/2013 (a) 25,000 25,000 1.1 1.1

547 – – – – – – –

– – – – – – – –


As at 31 March 2013



Group


property

Date of

legal

completion

Term of

lease

Remaining

term of

lease Location

Gross

revenue for

year ended

31/03/2013

S$’000


Japan:

Gyoda Centre 02/02/2007 Freehold – 5-9-4, Nagano, Gyoda-shi, 2,086

Saitama

Ayase Centre 27/04/2007 Freehold – 2-112-1-2, Yoshioka Higashi, 1,210

Ayase-shi, Kanagawa

Kyoto Centre 27/04/2007 Freehold – 1 Shouryuuji Tobio, Nagaokakyo- 6,900

shi, Kyoto

Atsugi Centre 27/04/2007 Freehold – 6493-1, Aza Otsukashita, Nakatsu, 3,000

Aikawa-cho, Aiko-gun, Kanagawa

Zama Centre 27/04/2007 Freehold – 2-5020-1, Hironodai, Zama-shi, 7,772

Kanagawa

Funabashi Centre 27/04/2007 Freehold – 488-33-1, Suzumi-cho 3,490

Funabashi-shi, Chiba

Shiroishi Centre 06/12/2007 Freehold – 1-227-102, Ryutsu Center, 974

Shiroishi-ku, Sapporo-shi,

Hokkaido

Kashiwa Centre 30/09/2008 Freehold – 1046-1, Aza Nishishimonodai, 5,735

Takata, Kashiwa-shi, Chiba

Shonan Centre 26/02/2010 Freehold – 1027-29, Aza Miyagohara, 5,091

Washinoya, Kashiwa-shi, Chiba

Sendai Centre 03/06/2010 Freehold – 2-1-6 Minato, Miyagino-ku 1,662

Sendai-shi Miyagi

Iwatsuki Centre (s) 21/09/2010 Freehold – 850-3 Aza Yonban, Oaza 2,834

Magome, Iwatsuki-ku Saitama-shi

Saitama

Iruma Centre 21/09/2010 Freehold – 803-1 Aza Nishihara, Oaza 4,109

Kami-Fujisawa, Iruma-shi,

Saitama

Noda Centre 21/09/2010 Freehold – 2107-1 Aza Kanoyama, Kinosaki 6,470

Noda-shi, Chiba

Toki Centre 29/10/2010 Freehold – 1-1-1, Tokigaoka, 1,673

Toki-Shi, Gifu

Hiroshima Centre 25/03/2011 Freehold – 3-3-1, Tomonishi, Asaminami-Ku,

Hiroshima-shi, Hiroshima

8,293

Eniwa Centre 23/03/2012 Freehold – 345-17, Toiso, Eniwa-shi, Hokkaido 1,806

Sano Centre 23/03/2012 Freehold – 570-16, Nishiuracho, Sano-shi, Tochigi 1,138

Moriya Centre 23/03/2012 Freehold – 2-27-1, Midori, Moriya-shi, Ibaraki 4,905

Mokurenji Centre 23/03/2012 Freehold – 53-5, Mokurenji, Ooaza, Iruma-shi,

Saitama

4,106

Mizuhomachi Centre 23/03/2012 Freehold – 187, Ooaza Fujiyama Kurihara Nitta,

Mizuho-cho, Nishitama-gun, Tokyo

3,432

Aichi Miyoshi Centre 23/03/2012 Freehold – 27-403, Neura, Ukigaicho,

Miyoshi-shi, Aichi

1,278

Kyotanabe Centre 23/03/2012 Freehold – 2-101, Kanabidai, Kyotanabe, Kyoto 2,275


As at 31 March 2013



Gross

revenue for

period ended

31/03/2012

Occupancy

rates

FY12/13

Occupancy

rates

FY11/12

Latest

valuation

date

At

valuation

at

31/03/2013

At

valuation

at

31/03/2012

Percentage

of total

net assets

attributable

to

Unitholders

at

31/03/2013

Percentage

of total

net assets

attributable

to

Unitholders

at

31/03/2012

S$’000 % % S$’000 S$’000 % %

2,735 100 100 31/03/2013 (b) 24,565 35,080 1.1 1.6

1,594 100 100 31/03/2013 (b) 13,647 18,709 0.6 0.9

9,091 100 100 31/03/2013 (b) 90,590 112,410 4.1 5.1

3,953 100 100 31/03/2013 (b) 39,901 51,762 1.8 2.4

10,241 100 100 31/03/2013 (b) 113,205 139,539 5.1 6.4

4,359 100 100 31/03/2013 (b) 43,540 59,245 2.0 2.7

1,341 100 100 31/03/2013 (b) 8,617 12,644 0.4 0.6

7,556 100 100 31/03/2013 (b) 77,073 101,185 3.5 4.6

6,708 100 100 31/03/2013 (b) 67,585 89,024 3.0 4.1

1,574 100 100 31/03/2013 (b) 20,535 24,478 0.9 1.1

6,918 100 100 31/03/2013 (b) 37,302 46,773 1.7 2.1

5,415 100 100 31/03/2013 (b) 56,407 68,600 2.5 3.1

8,524 100 100 31/03/2013 (b) 87,341 104,927 3.9 4.8

2,213 100 100 31/03/2013 (b) 20,016 23,542 0.9 1.1

8,906 100 100 31/03/2013 (b) 100,338 119,426 4.5 5.4

46 100 100 31/03/2013 (b) 19,756 23,386 0.9 1.1

29 100 100 31/03/2013 (b) 14,037 16,838 0.6 0.8

125 100 100 31/03/2013 (b) 62,386 74,369 2.8 3.4

105 100 100 31/03/2013 (b) 51,599 61,740 2.3 2.8

88 100 100 31/03/2013 (b) 47,180 55,971 2.1 2.5

33 100 100 31/03/2013 (b) 15,467 18,865 0.7 0.9

58 100 100 31/03/2013 (b) 28,854 34,612 1.3 1.6


As at 31 March 2013



Group


property

Date of

legal

completion

Term of

lease

Remaining

term of

lease Location

Gross

revenue for

year ended

31/03/2013

S$’000


Hong Kong:

Tsuen Wan No.1 26/01/2006 149 years 35 years Nos. 43-57 Wang Wo Tsai Street, 2,545

Tsuen Wan, New Territories

Shatin No. 2 26/01/2006 60 years 35 years Nos. 21-23 Yuen Shun Circuit, 4,543

Shatin, New Territories

Shatin No. 3 26/01/2006 58 years 35 years No. 22 On Sum Street, Shatin, 4,345

New Territories

Shatin No. 4 20/04/2006 55 years 35 years No. 28 On Muk Street, Shatin, 10,468

New Territories

Bossini Logistics Centre 06/06/2006 60 years 35 years Nos. 4-8 Yip Wo Street, 1,596

On Lok Tsuen, Fanling

AsiaTone i-Centre 11/09/2006 54 years 35 years No. 1 Wang Wo Tsai Street, 5,187

Tsuen Wan, New Territories

Grandtech Centre 05/06/2007 56 years 35 years No. 8 On Ping Street, Shatin, 9,028

New Territories

Shatin No. 5 14/08/2007 149 years 35 years No. 6 Wong Chuk Yueng Street, 943

Shatin, New Territories


As at 31 March 2013



Gross

revenue for

period ended

31/03/2012

Occupancy

rates

FY12/13

Occupancy

rates

FY11/12

Latest

valuation

date

At

valuation

at

31/03/2013

At

valuation

at

31/03/2012

Percentage

of total

net assets

attributable

to

Unitholders

at

31/03/2013

Percentage

of total

net assets

attributable

to

Unitholders

at

31/03/2012

S$’000 % % S$’000 S$’000 % %

3,105 100 100 31/03/2013 (c) 53,406 52,555 2.4 2.4

5,239 100 100 31/03/2013 (c) 91,531 87,537 4.1 4.0

5,444 100 100 31/03/2013 (c) 87,187 86,723 3.9 3.9

12,634 100 97.4 31/03/2013 (c) 214,429 215,587 9.6 9.8

2,024 100 100 31/03/2013 (c) 29,599 27,498 1.3 1.3

6,594 100 100 31/03/2013 (c) 65,471 61,178 2.9 2.8

10,172 99.6 96.0 31/03/2013 (c) 168,584 159,128 7.6 7.2

1,055 100 100 31/03/2013 (c) 17,534 17,735 0.8 0.8


As at 31 March 2013



Group


property

Date of

legal

completion

Term of

lease

Remaining

term of

lease Location

Gross

revenue for

year ended

31/03/2013

S$’000


South Korea:

Yeoju Centre 22/02/2008 Freehold – 532-7, Maraeli, Neungsu-myun, 999

Yujoo-gun, Gyeonggi-do,

South Korea

Multi-Q Centre (A&B) 14/09/2010 &

31/01/2011

Freehold – 937-5 Baekbong-ri

Baegam-myeon, Cheoin-gu

3,450

Yongin-si, Gyeonggi-do,

South Korea

Iljuk Centre 06/05/2011 Freehold – 452-1, Goeun-ri, Iljuk-myeon, 2,127

Anseong-si, Gyeonggi-do,

South Korea

KPPC Pyeongtaek Centre 17/06/2011 Freehold – #1203-1 Wonjeong-ri, 7,956

Poseung-eup, Pyeongtaek-si,

Gyeonggi-do, South Korea

Jungbu Cold Warehouse 13/04/2012 Freehold – 704-7 & Others, Gouen-ri,

Iljuk-Myeon, Anseong-si,


3,856

Dooil Cold Warehouse 13/04/2012 Freehold – 16-1, 16-2, 17, 19, 30-1

and 1233-3, Oksan-ri, Baekam-

Myeon, Cheoin-gu, Yongin-si ,


3,584

Hyundai Logistics Centre 26/09/2012 Freehold – 162-6 & 162-7- Gusso-ri,

Miyang-Myeon, Anseong-si,


1,455


As at 31 March 2013



Gross

revenue for

period ended

31/03/2012

Occupancy

rates

FY12/13

Occupancy

rates

FY11/12

Latest

valuation

date

At

valuation

at

31/03/2013

At

valuation

at

31/03/2012

Percentage

of total

net assets

attributable

to

Unitholders

at

31/03/2013

Percentage

of total

net assets

attributable

to

Unitholders

at

31/03/2012

S$’000 % % S$’000 S$’000 % %

1,345 100 100 31/03/2013 (d) 12,573 12,364 0.6 0.6

4,199 100 100 31/03/2013 (d) 42,632 40,465 1.8 1.8

2,248 55.7 100 31/03/2013 (d) 24,459 28,100 1.1 1.3

6,423 100 100 31/03/2013 (d) 97,151 95,542 4.4 4.4

– 100 – 31/03/2013 (d) 42,289 – 1.9 –

– 100 – 31/03/2013 (d) 38,518 – 1.7 –

– 100 – 31/03/2013 (d) 28,688 – 1.3 –


As at 31 March 2013



Group


property

Date of

legal

completion

Term of

lease

Remaining

term of

lease Location

Gross

revenue for

year ended

31/03/2013

S$’000


China:

Ouluo Logistics Centre 14/04/2006 50 years (r) 39 years No. 785 and 909 Yuan Hang Road, 2,508

Pudong New District, Shanghai

Mapletree Xi’an Distribution 24/05/2007 50 years 42 years No. 20 Mingguang Road, 1,079

Centre Economic and Technological

Development Zone, Xi’an,

Shaanxi Province

Mapletree AIP 11/12/2007 46 years 40 years 48 Hongmian Road, Xinhua Town, 4,495

Huadu, Guangzhou

Northwest Logistics Park 19/08/2008 50 years 42 years No. 428 Jinda Road and No.359 2,046

(Phase 1) Yinxing Road, Taopu Town,

Northwest Logistics Park, Putuo

District, Shanghai

Northwest Logistics Park 19/08/2008 50 years 43 years No. 402 Jinda Road, Taopu Town, 727

(Phase 2) Northwest Logistics Park, Putuo

District, Shanghai

ISH WaiGaoQiao 23/10/2008 50 years 31 years No. 80 Fute North Road 3,038

WaiGaoQiao FTZ, Pudong New

District, Shanghai

Mapletree Wuxi Logistics Park 11/10/2013 50 years 43 years No. 8 Hua You Si Road,

New District, Wuxi

539


As at 31 March 2013



Gross

revenue for

period ended

31/03/2012

Occupancy

rates

FY12/13

Occupancy

rates

FY11/12

Latest

valuation

date

At

valuation

at

31/03/2013

At

valuation

at

31/03/2012

Percentage

of total

net assets

attributable

to

Unitholders

at

31/03/2013

Percentage

of total

net assets

attributable

to

Unitholders

at

31/03/2012

S$’000 % % S$’000 S$’000 % %

2,899 96 84.4 31/03/2013 (c) 35,334 35,449 1.6 1.6

1,194 85.7 90.0 31/03/2013 (c) 15,091 15,335 0.7 0.7

5,433 100 100 31/03/2013 (c) 58,723 57,555 2.6 2.6

2,208 100 97.1 31/03/2013 (c) 30,464 32,462 1.4 1.5

1,189 100 100 31/03/2013 (c) 10,823 11,352 0.5 0.5

3,490 100 100 31/03/2013 (c) 38,721 37,241 1.7 1.7

– 100 – 03/12/2012 (e) 23,690 – 1.1 –


As at 31 March 2013



Group


property

Date of

legal

completion

Term of

lease

Remaining

term of

lease Location

Gross

revenue for

year ended

31/03/2013

S$’000


Malaysia:

Pancuran 31/05/2006 99 years 83 years Lot 1, Persiaran Budiman, 1,727

Section 23, 40300 Shah Alam,

Selangor Darul Ehsan

Zentraline 06/10/2006 99 years 82 years Lot 6, Persiaran Budiman, 1,000

Section 23, 40300 Shah Alam,


Subang 1 02/11/2006 99 years 83 years Lot 36545, Jalan TS 6/5 Taman 488

Perindustrian Subang, 47510

Subang Jaya, Selangor

Darul Ehsan

Subang 2 02/11/2006 99 years 76 years Lot 832, Jalan Subang 6, 554

Taman Perindustrian Subang,

47500 Subang Jaya,


Chee Wah 11/05/2007 Freehold – No. 16 Jalan PPU 3, Taman 451

Perindustrian Puchong Utama,

47100 Puchong, Selangor

Darul Ehsan

Subang 3 10/09/2007 99 years 77 years Lot 2607, Jalan Subang 6, Taman 557

Perindustrian Subang, 47510

Subang Jaya, Selangor

Darul Ehsan

Subang 4 10/09/2007 99 years 93 years Lot 298, Jalan Subang 6, 272

Taman Perindustrian Subang,

47510 Subang Jaya,


Senai - UPS 11/12/2007 Freehold – 161 & 162 Jalan Murni 12, Taman 764

Perindustrian Murni,

81400 Senai, Johor Darul Takzim

Linfox 14/12/2007 Freehold – No. 3 Jalan Biola 33/1, Section 33 1,401

off Jalan Bukit Kemuning, 40400

Shah Alam, Selangor

Darul Ehsan

Century 15/02/2008 Freehold – Lot No. 1829,1830 and 3399

Jalan Kem, off Jalan

1,409

Teluk Gong, Kawasan

Perindustrian Pandamaran, 42000

Pelabuhan Klang, Selangor

Darul Ehsan

G-Force 17/10/2008 Freehold – Lot 2-30, 2-32, 2-34, Jalan Su 6A, 1,315

Persiaran Tengku Ampuan, Lion

Industrial Park, Section 26,

40400 Shah Alam, Selangor

Darul Ehsan

Celestica Hub 18/05/2012 Freehold – Lot Nos. 205 & 211, Jalang Seelong

81400 Senai, Johor

910

Padi Warehouse

(formerly known as Fuji Warehouse)

29/05/2012 60 years 30 years PLO 271, Jalan Gangsa,

Pasir Gudang Industrial Estate

81700 Pasir Gudang, Johor

1,030


As at 31 March 2013



Gross

revenue for

period ended

31/03/2012

Occupancy

rates

FY12/13

Occupancy

rates

FY11/12

Latest

valuation

date

At

valuation

at

31/03/2013

At

valuation

at

31/03/2012

Percentage

of total

net assets

attributable

to

Unitholders

at 31/03/2013

Percentage

of total

net assets

attributable

to

Unitholders

at 31/03/2012

S$’000 % % S$’000 S$’000 % %

2,158 84.5 84.5 31/03/2013 (f) 21,691 22,114 1.0 1.0

1,243 100 100 31/03/2013 (f) 12,452 11,265 0.6 0.5

893 59.5 94.5 31/03/2013 (f) 10,444 10,431 0.5 0.5

708 100 100 31/03/2013 (f) 6,829 6,884 0.3 0.3

552 100 93.0 31/03/2013 (f) 7,230 6,467 0.3 0.3

688 100 100 31/03/2013 (f) 7,632 7,343 0.3 0.3

300 100 100 31/03/2013 (f) 4,017 3,755 0.2 0.2

982 100 100 31/03/2013 (f) 10,845 11,182 0.5 0.5

1,678 100 31/03/2013 (f) 18,478 16,690 0.8 0.8

100

1,626 100 100 31/03/2013 (f) 16,067 15,855 0.7 0.7

1,586 100 100 31/03/2013 (f) 16,469 17,107 0.7 0.8

– 100 – 31/03/2013 (f) 11,850 – 0.5 –

– 100 – 31/03/2013 (f) 13,256 – 0.6 –


As at 31 March 2013



Group

Description of

leasehold property

Date of

legal

completion

Term of

lease

Remaining

term of

lease Location

Gross

revenue for

year ended

31/03/2013

S$’000


Vietnam:

Mapletree Logistics Centre 01/06/2010 42 years 37 years No. 1, VSIP Street 10, 1,217

Vietnam Singapore Industrial

Park, Thuan An District,

Binh Duong Province

Investment properties 307,786

Other assets and liabilities (net)

Net assets of Group

Perpetual securities

Non-controlling interest

Net assets attributable to Unitholders


As at 31 March 2013



Gross

revenue for

period ended

31/03/2012

Occupancy

rates

FY12/13

Occupancy

rates

FY11/12

Latest

valuation

date

At

valuation

at

31/03/2013

At

valuation

at

31/03/2012

Percentage

of total

net assets

attributable

to

Unitholders

at

31/03/2013

Percentage

of total

net assets

attributable

to

Unitholders

at

31/03/2012

S$’000 % % S$’000 S$’000 % %

1,474 100 100 31/03/2013 (g) 8,015 8,211 0.4 0.4

339,535 4,065,867 4,058,274 182.2 184.8

(1,483,614) (1,511,337) (66.5) (68.8)

2,582,253 2,547,037 115.7 116.0

(344,010) (344,010) (15.4) (15.7)

(6,214) (7,350) (0.3) (0.3)

2,232,029 2,195,677 100.0 100.0


As at 31 March 2013



MLT


property

Date of

legal

completion

Term of

lease

Remaining

term of

lease Location

Gross

revenue for

year ended

31/03/2013

S$’000


Singapore:

TIC Tech Centre 28/07/2004 30 years (l) 13 years 25 Pandan Crescent 8,358

KLW 06/12/2004 30 years (l) 11 years 19 Senoko Loop 2,098

Expeditors 03/01/2005 30 years 21 years 61 Alps Avenue 2,199

Allied Telesis 03/01/2005 30 years (l) 21 years 11 Tai Seng Link 1,896

Mapletree Benoi Logistics Hub 17/05/2005 30 years 27 years 21 Benoi Sector –

37 Penjuru Lane 17/05/2005 30 years 13 years 37 Penjuru Lane 1,744


Armstrong 13/06/2005 30 years (l) 13 years 531 Bukit Batok Street 23 2,029

70 Alps Avenue 16/06/2005 30 years 20 years 70 Alps Avenue 4,701

Menlo (Alps) 16/06/2005 29/30 years (j) 19 years 60 Alps Avenue 1,925

Ban Teck Han 20/06/2005 30 years (l) 13 years 21 Serangoon North Avenue 5 1,809

5B Toh Guan Road East 22/06/2005 30 years (l) 8 years 5B Toh Guan Road East 3,089

CIAS Flight Kitchen 28/07/2005 60 years 27 years 50 Airport Boulevard 1,674

Prima 28/07/2005 99 years 84 years 201 Keppel Road 1,853

Pulau Sebarok 28/07/2005 73 years 58 years Pulau Sebarok 7,275

Kenyon 28/11/2005 30 years (m) 17 years 8 Loyang Crescent 1,496

Toppan 01/12/2005 28/30 years (k,l) 7 years 97 Ubi Avenue 4 1,541

APICO 01/12/2005 30 years (l) 12 years 39 Changi South Avenue 2 747

2 Serangoon North Avenue 5 07/02/2006 30 years (l) 13 years 2 Serangoon North Avenue 5 5,965

10 Changi South Street 3 10/02/2006 30 years (l) 12 years 10 Changi South Street 3 1,422

Popular 06/03/2006 30 years (l) 14 years 20 Old Toh Tuck Road 1,093

85 Defu Lane 10 07/07/2006 30 years (l) 7 years 85 Defu Lane 10 1,912

SH Cogent (Penjuru Lane) 18/07/2006 30 years (n) 6 years 31 Penjuru Lane 1,846


Markono 01/09/2006 30 years (l) 14 years 4 Toh Tuck Link 1,092

138 Joo Seng Road 07/09/2006 30 years (l) 8 years 138 Joo Seng Road 1,685

Kim Seng 13/09/2006 30 years (l) 6 years 4 Tuas Avenue 5 1,265

7 Tai Seng Drive 03/10/2006 30 years (l) 10 years 7 Tai Seng Drive 3,785

Jurong Logistics Hub 20/10/2006 30 years (l) 18 years 31 Jurong Port Road 21,402

Kingsmen Creatives 01/02/2007 30 years (l) 16 years 3 Changi South Lane 1,376

30 Woodlands Loop 06/02/2007 30 years (l) 18 years 30 Woodlands Loop 729

1 Genting Lane 08/02/2007 60 years 35 years 1 Genting Lane 1,029


As at 31 March 2013



Gross

revenue for

period ended

31/03/2012

Occupancy

rates

FY12/13

Occupancy

rates

FY11/12

Latest

valuation

date

At

valuation

at

31/03/2013

At

valuation

at

31/03/2012

Percentage

of total

net assets

attributable

to

Unitholders

at

31/03/2013

Percentage

of total

net assets

attributable

to

Unitholders

at

31/03/2012

S$’000 % % S$’000 S$’000 % %

10,176 99.5 100 31/03/2013 (a) 71,000 70,500 3.7 3.6

2,618 100 100 31/03/2013 (a) 22,500 22,000 1.2 1.1

2,655 100 100 31/03/2013 (a) 21,700 21,600 1.1 1.1

2,309 100 100 31/03/2013 (a) 20,000 19,500 1.0 1.0

2,053 N/A N/A 31/03/2013 (h) 62,904 14,000 3.3 0.7

1,436 100 100 31/03/2013 (a) 10,000 10,400 0.5 0.5

2,584 80.2 100 31/03/2013 (a) 20,000 20,000 1.0 1.0

2,479 100 100 31/03/2013 (a) 28,000 27,800 1.5 1.4

5,368 100 100 31/03/2013 (a) 35,600 35,500 1.9 1.8

2,954 100 100 31/03/2013 (a) 21,000 21,500 1.1 1.1

2,223 100 100 31/03/2013 (a) 25,500 24,400 1.3 1.2

3,721 81.7 76.8 31/03/2013 (a) 31,000 34,500 1.6 1.8

2,068 100 100 31/03/2013 (a) 21,200 21,200 1.1 1.1

2,313 100 100 31/03/2013 (a) 38,000 35,000 2.0 1.8

8,972 100 100 31/03/2013 (a) 106,000 104,500 5.5 5.3

1,833 100 100 31/03/2013 (a) 21,500 21,000 1.1 1.1

1,854 100 100 31/03/2013 (a) 18,200 18,000 0.9 0.9

931 100 100 31/03/2013 (a) 11,000 10,900 0.6 0.6

8,204 89.4 92.4 31/03/2013 (a) 54,500 54,000 2.8 2.8

1,953 39.7 100 31/03/2013 (a) 20,000 21,000 1.0 1.1

1,336 100 100 31/03/2013 (a) 14,500 14,300 0.8 0.7

2,044 100 100 31/03/2013 (a) 18,900 18,500 1.0 0.9

2,268 100 100 31/03/2013 (a) 18,100 18,100 0.9 0.9

1,573 100 100 31/03/2013 (a) 18,000 17,800 0.9 0.9

1,342 100 100 31/03/2013 (a) 15,000 14,800 0.8 0.8

1,565 100 85.4 31/03/2013 (a) 16,600 16,500 0.9 0.8

1,548 100 100 31/03/2013 (a) 16,500 15,900 0.9 0.8

3,534 97.8 57.0 31/03/2013 (a) 41,000 40,000 2.1 2.0

23,955 97.8 100 31/03/2013 (a) 215,000 199,700 11.2 10.2

1,702 100 100 31/03/2013 (a) 17,200 17,000 0.9 0.9

1,041 7.3 100 31/03/2013 (i ) 15,500 11,000 0.8 0.6

1,145 100 100 31/03/2013 (a) 13,000 13,000 0.7 0.7


As at 31 March 2013



MLT


property

Date of

legal

completion

Term of

lease

Remaining

term of

lease Location

Gross

revenue for

year ended

31/03/2013

S$’000


Singapore (continued):

20 Tampines Street 92 27/02/2007 30 years (l) 7 years 20 Tampines Street 92 982

Shine @ Spring 28/02/2007 30 years (l) 12 years 521 Bukit Batok Street 23 2,027

Winstant 09/03/2007 60 years 25 years 6 Marsiling Lane 1,782

134 Joo Seng Road 10/04/2007 30 years (l) 9 years 134 Joo Seng Road 873

Union Steel (Pioneer) 30/11/2007 30 years (l) 10 years 31/33 Pioneer Road North 547

Union Steel (Neythal) 30/11/2007 60 years 27 years 119 Neythal Road 1,490

Union Steel (Tuas South) 30/11/2007 30 years (l) 16 years 30 Tuas South Avenue 8 545

Union Steel (Tuas View) 30/11/2007 60 years 43 years 8 Tuas View Square 461

Pioneer Districentre 14/12/2007 12 years (o) 11 years 10 Tuas Avenue 13 1,493

76 Pioneer Road 24/04/2008 30 years (l) 10 years 76 Pioneer Road 4,344

3A Jalan Terusan 02/05/2008 30 years (o) 12 years 3A Jalan Terusan 2,551

Menlo (Boon Lay Way) 30/06/2008 30 years (p) 7 years 30 Boon Lay Way 4,125

Menlo (Benoi) 30/06/2008 20 years 17 years 22A Benoi Road 698

SH Cogent (Penjuru Close) 15/12/2009 29 years 22 years 7 Penjuru Close 4,517

CEVA (Changi South) 11/03/2010 25 years (l) 11 years 15 Changi South Street 2 3,432

Natural Cool Lifestyle Hub 18/08/2010 30 years (l) 24 years 29 Tai Seng Avenue 4,592

AW Centre 25/10/2010 30 years (l) 16 years 73 Tuas South Avenue 1 1,537

Liang Huat Building 26/11/2010 30 years (l) 12 years 51 Benoi Road 4,499

JEP Centre 20/12/2010 30 years 24 years 44/46 Changi South Street 1 1,527

NS Tang Building 24/12/2010 30 years (q) 10 years 36 Loyang Drive 1,176

Jian Huang Building 31/03/2011 30 years 28 years 15A Tuas Ave 18 2,124

39 Tampines Street 92 (u) 07/07/2006 – – 39 Tampines Street 92 –

9 Tampines Street 92 (v) 02/02/2007 – – 9 Tampines Street 92 115

Investment properties 137,938

Other assets and liabilities (net)

Net assets of MLT

Perpetual securities

Net assets attributable to Unitholders


As at 31 March 2013



Gross

revenue for

period ended

31/03/2012

Occupancy

rates

FY12/13

Occupancy

rates

FY11/12

Latest

valuation

date

At

valuation

at

31/03/2013

At

valuation

at

31/03/2012

Percentage

of total

net assets

attributable

to

Unitholders

at

31/03/2013

Percentage

of total

net assets

attributable

to

Unitholders

at

31/03/2012

S$’000 % % S$’000 S$’000 % %

1,061 100 100 31/03/2013 (a) 13,500 13,400 0.7 0.7

2,498 100 100 31/03/2013 (a) 27,500 27,500 1.4 1.4

2,189 100 100 31/03/2013 (a) 20,000 20,400 1.0 1.0

1,072 100 100 31/03/2013 (a) 11,000 12,300 0.6 0.6

677 100 100 31/03/2013 (a) 7,200 7,000 0.4 0.4

1,843 100 100 31/03/2013 (a) 16,800 16,800 0.9 0.9

674 100 100 31/03/2013 (a) 7,650 7,300 0.4 0.4

571 100 100 31/03/2013 (a) 6,500 6,300 0.3 0.3

1,798 100 100 31/03/2013 (a) 17,200 16,400 0.9 0.8

5,311 100 100 31/03/2013 (a) 56,000 55,800 2.9 2.8

3,072 100 100 31/03/2013 (a) 27,800 27,340 1.5 1.4

5,057 100 100 31/03/2013 (a) 45,000 45,000 2.3 2.3

855 100 100 31/03/2013 (a) 6,800 6,800 0.4 0.3

5,529 100 100 31/03/2013 (a) 55,000 54,500 2.9 2.8

4,189 100 100 31/03/2013 (a) 47,000 47,000 2.5 2.4

5,617 100 100 31/03/2013 (a) 57,000 54,700 3.0 2.8

1,891 100 100 31/03/2013 (a) 19,500 18,900 1.0 1.0

5,505 100 100 31/03/2013 (a) 57,000 56,500 3.0 2.9

1,890 100 100 31/03/2013 (a) 17,300 17,100 0.9 0.9

1,447 100 100 31/03/2013 (a) 14,100 14,100 0.7 0.7

2,088 100 100 31/03/2013 (a) 25,000 25,000 1.3 1.3

547 – – – – – – –

– – – – – – – –

167,138 1,633,754 1,554,040 85.2 79.2

626,784 751,579 32.7 38.3

2,260,538 2,305,619 117.9 117.5

(344,010) (344,010) (17.9) (17.5)

1,916,528 1,961,609 100.0 100.0


As at 31 March 2013



Investment properties comprise a portfolio of logistics properties that are leased to external customers. Generally, the leases for the multi-tenanted

buildings contain an initial non-cancellable period of 1 to 3 years and leases for single tenanted buildings contain an initial non-cancellable

period of up to 30 years. Subsequent renewals are negotiated with the lessees.

(a) The carrying amounts of the Singapore investment properties were based on independent full valuations as at 31 March 2013 undertaken

by Jones Lang LaSalle Property Consultants Pte. Ltd., an independent valuer. Jones Lang LaSalle Property Consultants Pte. Ltd. has

appropriate professional qualifi cations and recent experience in the location and category of the properties being valued. The full valuations

of the investment properties were based on direct comparison method, income capitalisation method and discounted cashfl ow method.

(b) The carrying amounts of the Japan investment properties were based on independent full valuations as at 31 March 2013 undertaken

by DTZ Debenham Tie Leung K.K., an independent valuer. DTZ Debenham Tie Leung K.K. has appropriate professional qualifi cations

and recent experience in the location and category of the properties being valued. The full valuations of the investment properties were

based on direct comparison, direct capitalisation method, discounted cash fl ow and cost method.

(c) The carrying amounts of the Hong Kong and China investment properties, other than Mapletree Wuxi Logistics Park were based on

independent full valuations as at 31 March 2013 undertaken by Jones Lang LaSalle Corporate Appraisal and Advisory Limited, an

independent valuer. Jones Lang LaSalle Corporate Appraisal and Advisory Limited has appropriate professional qualifi cations and

recent experience in the locations and category of the properties being valued. The full valuations of the investment properties were

based on discounted cashfl ow method and income capitalisation and cost method.

(d) The carrying amounts of the South Korea investment properties were based on independent full valuations as at 31 March 2013

undertaken by Jones Lang LaSalle Limited, an independent valuer. Jones Lang LaSalle Limited has appropriate professional qualifi cations

and recent experience in the location and category of the properties being valued. The full valuations of the investment properties were

based on discounted cash, direct comparison and income capitalisation method.

(e) The carrying amount of the Mapletree Wuxi Logistics Park was based on independent full valuation as at 3 December 2012 undertaken

by Savills Property Services (Shanghai) Company Limited, an independent valuer. Savills Property Services (Shanghai) Company Limited

has appropriate professional qualifi cations and recent experience in the location and category of the property being valued. The full

valuation of the investment property was based on direct comparison and income capitalisation method.

(f) The carrying amounts of the Malaysia investment properties were based on independent full valuations as at 31 March 2013 undertaken

by C H Williams Talhar & Wong Sdn. Bhd., an independent valuer. C H Williams Talhar & Wong Sdn. Bhd. has appropriate professional

qualifi cations and recent experience in the location and category of the properties being valued. The full valuations of the investment

properties were based on income capitalisation and cost method.


As at 31 March 2013



(g) The carrying amount of Vietnam investment property, Mapletree Logistics Centre, was based on an independent full valuation as at

31 March 2013 undertaken by Jones Lang LaSalle Vietnam Limited, an independent valuer. Jones Lang LaSalle Vietnam Limited has

appropriate professional qualifi cations and recent experience in the location and category of the property being valued. The full valuation

of the investment property was based on direct comparison and income capitalisation method.

(h) This refl ects the “as-is-where-is” value of Mapletree Benoi Logistics Hub which is currently undergoing re-development.

(i) This refl ects the agreed sale price of 30 Woodlands Loop which divestment was announced on 22 March 2013 and has been classifi ed

as an investment property held-for-sale.

(j) Comprises 2 land leases of 29 and 30 years both ending in September 2031.

(k) Comprises 2 land leases of 28 and 30 years ending in August and November 2019 respectively.

(l) Includes an option for MLT to renew the land lease for a further term of 30 years upon expiry.

(m) Includes an option for MLT to renew the land lease for a further term of 23 years upon expiry.

(n) Includes an option for MLT to renew the land lease for a further term of 13 years upon expiry.

(o) Includes an option for MLT to renew the land lease for a further term of 12 years upon expiry.

(p) Includes an option for MLT to renew the land lease for a further term of 15 years upon expiry.

(q) Includes an option for MLT to renew the land lease for a further term of 28 years upon expiry.

(r) Comprises 2 land leases of 50 years each, both ending in September 2052.

(s) This property comprises one building with 100% occupancy and a vacant piece of land. The building which was previously on the

vacant piece of land was burnt down in a fi re during the previous fi nancial period.

(t) This property was divested on 7 July 2011.

(u) This property was divested on 31 May 2011.


As at 31 March 2013



Restated

Note

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

S$’000 S$’000

Operating activities

Total return for the year/period 222,568 324,221

Adjustments for:

- Income tax 14,074 25,502

- Interest income (765) (881)

- Interest expense 36,693 42,465

- Amortisation 1,103 1,185

- Gain on divestment of investment properties – (831)

- Net movement in the value of investment properties (20,271) (113,020)

- Unrealised translation losses 13,200 2,309

- Net change in fair value of fi nancial derivatives (23,062) (11,457)

Operating income before working capital changes 243,540 269,493

Changes in working capital:

- Trade and other receivables 18,284 (8,207)

- Trade and other payables 6,455 52,839

Cash generated from operations 268,279 314,125

Taxes paid (10,363) (8,713)

Cash fl ows from operating activities 257,916 305,412

Investing activities

Interest received 686 855

Net cash outfl ow on purchase of and additions to investment

properties including payment of deferred considerations (177,692) (565,613)

Purchase of investment properties through purchase of subsidiaries, net of cash acquired (19,560) –

Insurance proceeds – 26,080

Proceeds from divestment of investment properties – 27,182

Deposits for purchase of properties – (2,462)

Cash fl ows used in investing activities (196,566) (513,958)

Financing activities

Proceeds from issue of perpetual securities, net of transaction costs – 343,340

Contribution from non-controlling interests – 4,043

Proceeds from borrowings 594,174 1,190,403

Repayment of borrowings (462,276) (1,040,061)

Distribution to Unitholders (net of distribution in units) (159,700) (190,466)

Distribution to perpetual securities holders (18,813) –

Distribution to non-controlling interests (962) (730)

Interest paid (37,200) (38,771)

Cash fl ows (used in)/ from fi nancing activities (84,777) 267,758

Net (decrease)/ increase in cash and cash equivalents (23,427) 59,212

Cash and cash equivalents at beginning of the year/period 167,643 108,434

Effect of exchange rate changes on balances held in

foreign currencies (9,402) (3)

Cash and cash equivalents at end of the year/period 9 134,814 167,643

Consolidated Cash Flow Statement




These notes form an integral part of and should be read in conjunction with the accompanying fi nancial statements.

1. General

Mapletree Logistics Trust (“MLT”) is a Singapore-domiciled private trust constituted pursuant to the Trust Deed dated 5 July 2004

(as amended) between Mapletree Investments Pte Ltd and Mapletree Trustee Pte. Ltd. The Trust Deed is governed by the laws of

the Republic of Singapore. Mapletree Logistics Trust Management Ltd. replaced Mapletree Investments Pte Ltd as manager of MLT

on 14 June 2005 and HSBC Institutional Trust Services (Singapore) Limited replaced Mapletree Trustee Pte. Ltd. as trustee of MLT

on 24 June 2005.

MLT was formally admitted to the Offi cial List of the Singapore Exchange Securities Trading Limited on 28 July 2005.

The principal activity of MLT and its subsidiaries (the “Group”) is to invest in a diverse portfolio of logistics properties with the primary

objective of achieving an attractive level of return from rental income and for long-term capital growth.

MLT changed its fi nancial year end from 31 December to 31 March during the previous fi nancial period to align its fi nancial year-end

with its Sponsor, Mapletree Investments Pte Ltd. Accordingly, the FY11/12 amounts presented in relation to the FY12/13 amounts in

this set of consolidated fi nancial statements are not entirely comparable.

MLT has entered into several service agreements in relation to the management of MLT and its property operations. The fee structures

for these services are as follows:

(A) Trustee’s fees

The Trustee’s fees shall not exceed 0.1% per annum of the value of all the assets of MLT (“Deposited Property”) (subject to a minimum

of S$10,000 per month) or such higher percentage as may be fi xed by an Extraordinary Resolution of a meeting of Unitholders. The

Trustee’s fees are payable out of the Deposited Property of MLT monthly, in arrears. The Trustee is also entitled to reimbursement of

expenses incurred in the performance of its duties under the Trust Deed.

Based on the current arrangement between the Manager and the Trustee, the Trustee’s fees are charged on a scaled basis of up to

0.03% per annum of the value of the Deposited Property (subject to a minimum of S$10,000 per month).

(B) Manager’s Management fees

The Manager or its subsidiaries are entitled to receive the following remuneration:

(i) a base fee of 0.5% per annum of the value of the Deposited Property or such higher percentage as may be approved by an

Extraordinary Resolution of a meeting of Unitholders; and

(ii) a performance fee of 3.6% per annum of the net property income of MLT or such higher percentage as may be approved by

an Extraordinary Resolution of a meeting of Unitholders.

The management fees payable to the Manager or its subsidiaries will be paid in the form of cash or/and Units. Where the management

fees are paid in cash, the amounts are paid monthly, in arrears. Where the management fees are paid in the form of Units, the amounts

are paid quarterly, in arrears.

(C) Acquisition and Disposal fee

The Manager or its subsidiaries are entitled to receive the following fees:

(i) an acquisition fee not exceeding 1.0% of the acquisition price of any Authorised Investments (as defi ned in the Trust Deed),

acquired directly or indirectly by MLT or such higher percentage as may be approved by an Extraordinary Resolution of a

meeting of Unitholders; and

(ii) a divestment fee not exceeding 0.5% of the sale price of any Authorised Investments, sold or divested directly or indirectly by

MLT or such higher percentage as may be approved by an Extraordinary Resolution of a meeting of Unitholders.

The acquisition and disposal fee will be paid in the form of cash or/and Units and is payable as soon as practicable after completion

of the acquisition and disposal respectively.

Notes to the Financial Statements





1. General (continued)

(D) Development Management fee

The Manager or its subsidiaries are entitled to receive a development management fee not exceeding 3.0% of the total project costs

incurred in a development project undertaken on behalf of MLT, or such higher percentage as may be approved by an Extraordinary

Resolution of a meeting of Unitholders.

The development management fee is payable in cash, in equal monthly instalments over the construction period of each development

project based on the Manager’s best estimate of the Total Project Costs and construction period and, if necessary, a fi nal payment of

the balance amount when the total project costs is fi nalised.

(E) Fees under the Property Management Agreement

(i) Property management services

The Trustee will pay Mapletree Property Management Pte. Ltd. (the “Property Manager”), for each Fiscal Year (as defi ned in the

Property Management Agreement), a fee of up to 2.0% per annum of the gross revenue of each property.

(ii) Lease management services

Under the Property Management Agreement, the Trustee will pay the Property Manager, for each Fiscal Year, a fee of up to

1.0% per annum of the gross revenue of each property.

(iii) Marketing services

Under the Property Management Agreement, the Trustee will pay the Property Manager, the following commissions:

• 1 month’s gross rent inclusive of service charge for securing a tenancy of 3 years or less;

• 2 months’ gross rent inclusive of service charge for securing a tenancy of more than 3 years;

• if a third party agent secures a tenancy, the Property Manager will be responsible for all commission payable to such

third party agent, and the Property Manager will be entitled to a commission of:

• 1.2 months’ gross rent inclusive of service charge for securing a tenancy of 3 years or less; and

• 2.4 months’ gross rent inclusive of service charge for securing a tenancy of more than 3 years;

• half month’s gross rent inclusive of service charge for securing a renewal of tenancy of 3 years or less; and

• 1 month’s gross rent inclusive of service charge for securing a renewal of tenancy of more than 3 years.

The Property Manager’s fees are payable monthly, in arrears.




2. Signifi cant accounting policies

2.1 Basis of preparation

The fi nancial statements have been prepared in accordance with the Statement of Recommended Accounting Practice 7 (“RAP

7”) “Reporting Framework for Unit Trusts” issued by the Institute of Certifi ed Public Accountants of Singapore and the applicable

requirements of the CIS issued by the Monetary Authority of Singapore (“MAS”) and the provisions of the Trust Deed. RAP 7 requires

that accounting policies adopted should generally comply with the recognition and measurement principles of Singapore Financial

Reporting Standards (“FRS”).

These fi nancial statements, which are expressed in Singapore Dollars and rounded to the nearest thousand, have been prepared under

the historical cost convention, except as disclosed in the accounting policies below.

The preparation of fi nancial statements in conformity with RAP 7 requires management to exercise its judgement in the process of

applying the Group’s accounting policies. It also requires the use of certain critical accounting estimates and assumptions. Information

about an area involving a higher degree of judgment, where assumptions and estimates are signifi cant to the fi nancial statements, is

disclosed in Note 12 – Investment Properties and Investment Property held-for-sale. The assumptions and estimates were used by

the independent valuers in arriving at their valuations.

Interpretations and amendments to published standards effective in 2012

On 1 April 2012, the Group adopted the new or amended FRS and Interpretations to FRS (“INT FRS”) that are mandatory for application

for the fi nancial year. Changes to the Group’s accounting policies have been made as required, in accordance with the relevant transitional

provisions in the respective FRS and INT FRS.

The adoption of these new or amended FRS and INT FRS did not result in substantial changes to the accounting policies of the Group

and MLT and had no material effect on the amounts reported for the current year or prior fi nancial periods/years except for the adoption

of the amendment to FRS 12, the effects of which are disclosed below:

The Group has adopted the amendments to FRS 12 Deferred Tax: Recovery of Underlying Assets on 1 April 2012. The amended FRS

12 has introduced a presumption that an investment property measured at fair value is recovered entirely by sale. The amendment is

applicable retrospectively to annual periods beginning on or after 1 January 2012 with early adoption permitted.

Previously, the Group accounted for deferred tax on fair value gains on investment property on the basis that the asset would be

recovered through use. Upon adoption of the amendment, such deferred tax is measured on the basis of recovery through sale.

The effects on adoption are as follows:

Consolidated Balance Sheet

Increase/(Decrease)

31 March

2013

31 March

2012

31 December

2010

S$’000 S$’000 S$’000

Deferred income tax liabilities (19,753) (9,296) (7,462)

Retained profi ts 19,753 9,296 7,462

Statement of Total Return

for year/period ended

Increase/(Decrease)

31 March

2013

31 March

2012

S$’000 S$’000

Income tax expense (8,304) (2,382)

Profi t attributable to:

Unitholders of MLT 8,304 2,382

Earnings per unit (cents)

- Basic 0.34 0.10

- Diluted 0.34 0.10




2. Signifi cant accounting policies (continued)

2.2 Revenue recognition

(a) Rental income and service charge from operating leases

Rental income and service charge from operating leases (net of any incentives given to the lessees) on investment properties

are recognised on a straight-line basis over the lease term.

(b) Interest income

Interest income is recognised on a time proportion basis using the effective interest method.

(c) Dividend income

Dividend income is recognised when the right to receive payment is established.

2.3 Expenses

(a) Property expenses

Property expenses are recognised on an accrual basis. Included in property expenses are Property Manager’s fees which are

based on the applicable formula stipulated in Note 1(E).

(b) Manager’s management fees

Manager’s management fees are recognised on an accrual basis using the applicable formula stipulated in Note 1(B).

(c) Borrowing costs

Interest expense and similar charges are recognised in the period in which they are incurred using the effective interest method.

2.4 Income tax

Taxation on the return for the year comprises current and deferred income tax. Income tax is recognised in the Statements of Total Return.

Current income tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted

at the balance sheet date.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets

and liabilities and their carrying amounts in the fi nancial statements. However, if the deferred income tax arises from initial recognition

of an asset or liability in a transaction other than a business combination that at the time of transaction affects neither accounting nor

taxable profi t or loss, it is not accounted for. Deferred income tax is determined using tax rates (and laws) that have been enacted or

substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or

deferred income tax liability is settled.

Deferred income tax assets are recognised to the extent that it is probable that future taxable profi t will be available against which the

temporary differences can be utilised.

Deferred income tax is provided on temporary differences arising on investment in subsidiaries except where the timing of the reversal

of the temporary differences can be controlled and it is probable that temporary differences will not reverse in the foreseeable future.

The Inland Revenue Authority of Singapore (“IRAS”) has issued a tax ruling on the taxation of MLT for the income earned and expenditure

incurred after its listing on the SGX-ST. Subject to meeting the terms and conditions of the tax rulings which includes a distribution

of at least 90% of the taxable income of MLT, the Trustee will not be taxed on the portion of taxable income of MLT that is distributed

to Unitholders. Any portion of the taxable income that is not distributed to Unitholders will be taxed on the Trustee. In the event that

there are subsequent adjustments to the taxable income when the actual taxable income of MLT is fi nally agreed with the IRAS, such

adjustments are taken up as an adjustment to the taxable income for the next distribution following the agreement with the IRAS.





2.4 Income tax (continued)

Although MLT is not taxed on its taxable income distributed, the Trustee and the Manager are required to deduct income tax at the

applicable corporate tax rate from the distributions of such taxable income of MLT (i.e. which has not been taxed in the hands of the

Trustee) to certain Unitholders. The Trustee and the Manager will not deduct tax from the distributions made out of MLT’s taxable

income to the extent that the benefi cial Unitholder is:

• An individual (excluding partnership);

• A tax resident Singapore-incorporated company;

• A body of persons registered or constituted in Singapore (e.g. town council, statutory board, registered charity, registered

co-operative society, registered trade union, management corporation, club and trade and industry association); and

• A Singapore branch of a foreign company which has presented a letter of approval from the IRAS granting waiver from tax

deduction at source in respect of distributions from MLT.

The above tax transparency ruling does not apply to gains from sale of real properties. Such gains, if they are considered as trading

gains, are assessable to tax on the Trustee. Where the gains are capital gains, the Trustee will not be assessed to tax and may distribute

the gains without tax being deducted at source.

2.5 Group accounting

(a) Subsidiaries

(i) Consolidation

Subsidiaries are entities (including special purpose entities) over which the Group has power to govern the fi nancial and

operating policies so as to obtain benefi ts from its activities, generally accompanied by a shareholding giving rise to a

majority of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible

are considered when assessing whether the Group controls another entity. Subsidiaries are consolidated from the

date on which control is transferred to the Group. They are de-consolidated from the date on which control ceases.

In preparing the consolidated fi nancial statements, transactions, balances and unrealised gains on transactions between

group entities are eliminated. Unrealised losses are also eliminated but are considered an impairment indicator of the

asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with

the policies adopted by the Group.

Non-controlling interests are that part of the net results of operations and of net assets of a subsidiary attributable to

the interests which are not owned directly or indirectly by the unitholders of MLT. They are shown separately in the

consolidated statements of total return, balance sheets and statements of movements in unitholders’ funds.

(ii) Acquisition of businesses

The acquisition method of accounting is used to account for business combinations by the Group.

The consideration transferred for the acquisition of a subsidiary comprises the fair value of the assets transferred, the

liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes the fair value

of any contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary.

Acquisition-related costs are expensed as incurred.

Identifi able assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited

exceptions, measured initially at their fair values at the acquisition date.

On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree at the date of

acquisition either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net identifi able assets.

The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the

acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the net identifi able assets

acquired is recorded as goodwill.





2.5 Group accounting (continued)

(a) Subsidiaries (continued)

(iii) Disposals of subsidiaries or businesses

When a change in MLT’s ownership interest in a subsidiary results in a loss of control over the subsidiary, the assets

and liabilities of the subsidiary including any goodwill are derecognised.

Any retained interest in the entity is re-measured at fair value. The difference between the carrying amount of the retained

investment at the date when control is lost and its fair value is recognised in the Statements of Total Return.

Please refer to the paragraph “Investments in subsidiaries”, for the accounting policy on investments in subsidiaries in

the separate fi nancial statements of MLT.

(b) Transactions with non-controlling interests

Changes in MLT’s ownership interest in a subsidiary that do not result in a loss of control over the subsidiary are accounted

for as transactions with equity owners of the Group. Any difference between the change in the carrying amounts of the

non-controlling interest and the fair value of the consideration paid or received is recognised in a separate reserve within equity

attributable to the unitholders of MLT.

2.6 Investment properties

Investment properties are properties held either to earn rental income or capital appreciation or both. Investment properties are

accounted for as non-current assets and are stated at initial cost on acquisition, and at fair value thereafter. Fair values are determined

in accordance with the Trust Deed, which requires the investment properties to be valued by independent registered valuers at least

once a year, in accordance with the CIS issued by the MAS.

Any increase or decrease in the fair values is credited or charged to the Statements of Total Return.

When an investment property is disposed of, the resulting gain or loss recognised in the Statements of Total Return is the difference

between net disposal proceeds and the carrying amount of the investment property.

For taxation purposes, MLT may claim capital allowances on assets that qualify as plant and machinery under the Income Tax Act.

Investment properties held-for-sale

Investment properties are classifi ed as assets held for sale if their carrying amounts are expected to be recovered through sale

transactions rather than through continuing use.

Investment properties under development

Investment properties under development is measured at fair value if the fair value is considered to be reliably determinable. Investment

properties under development for which the fair value cannot be determined reliably, but for which the Group expects that the fair value

of the properties will be reliably determinable when development is completed, are measured at cost less impairment until the fair value

becomes reliably determinable or development is completed – whichever is earlier.

2.7 Investments in subsidiaries

Investments in subsidiaries are stated at cost less accumulated impairment losses (Note 2.12) in MLT’s Balance Sheet. On disposal

of investments in subsidiaries, the difference between net disposal proceeds and the carrying amount of the investment is taken to

the Statements of Total Return.





2.8 Property, plant and equipment

(a) Measurement

All property, plant and equipment are initially recognised at cost and subsequently carried at cost less accumulated depreciation

and accumulated impairment losses.

The cost of an item of property, plant and equipment includes its purchase price and any costs that are directly attributable to

bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by Management.

(b) Depreciation

Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their depreciable amounts

over their estimated useful lives. The estimated useful lives are as follows:

Plant and equipment 5 years

The residual values and useful lives of property, plant and equipment are reviewed, and adjusted as appropriate, at each balance

sheet date. The effects of any revision of the residual values and useful lives are included in the Statements of Total Return for

the fi nancial year in which the changes arise.

(c) Subsequent expenditure

Subsequent expenditure relating to property, plant and equipment that has already been recognised is added to the carrying amount

of the asset when it is probable that future economic benefi ts, in excess of the originally assessed standard of performance of

the existing asset, will fl ow to the company and the cost can be reliably measured. Other subsequent expenditure is recognised

as an expense during the fi nancial year in which it is incurred.

(d) Disposal

On disposal of an item of property, plant and equipment, the difference between the net disposal proceeds and its carrying

amount is taken to the Statements of Total Return.

2.9 Financial assets

Loans and receivables are non-derivative fi nancial assets with fi xed or determinable payments that are not quoted in an active market.

They are included in current assets, except those maturing later than 12 months after the balance sheet date, which are classifi ed as

non-current assets. Loans and receivables include “cash and bank balances” and “trade and other receivables” (except for certain

non-current receivables from subsidiaries which have been accounted for in accordance with Note 2.7). These fi nancial assets are

initially recognised at fair value plus transaction costs and subsequently carried at amortised cost using the effective interest method,

less accumulated impairment losses.

The Group assesses at each balance sheet date whether there is objective evidence that these fi nancial assets are impaired and

recognises an allowance for impairment when such evidence exists.

Signifi cant fi nancial diffi culties of the debtor, probability that the debtor will enter bankruptcy and default or signifi cant delay in payments

are objective evidence that these fi nancial assets are impaired.

The carrying amount of these assets is reduced through the use of an impairment allowance account which is calculated as the difference

between the carrying amount and the present value of estimated future cash fl ows, discounted at the original effective interest rate.

When the asset becomes uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously

written off are recognised against the same line item in the Statements of Total Return.

The impairment allowance is reduced through the Statements of Total Return in a subsequent period when the amount of impairment

loss decreases and the related decrease can be objectively measured. The carrying amount of the asset previously impaired is increased

to the extent that the new carrying amount does not exceed the amortised cost had no impairment been recognised in prior periods.





2.10 Financial guarantees

MLT has issued corporate guarantees to banks for bank borrowings of its subsidiaries. These guarantees are fi nancial guarantee

contracts as they require MLT to reimburse the banks if the subsidiaries fail to make principal or interest payments when due in

accordance with the terms of their borrowings.

Financial guarantee contracts are initially recognised at their fair values.

Financial guarantee contracts are subsequently amortised to the Statements of Total Return over the period of the subsidiaries’

borrowings, unless MLT has incurred an obligation to reimburse the bank for an amount higher than the unamortised amount. In this

case, the fi nancial guarantee contracts shall be carried at the expected amount payable to the bank.

2.11 Cash and cash equivalents

Cash and cash equivalents include cash balances and deposits with fi nancial institutions.

2.12 Impairment of non-fi nancial assets

Property, plant and equipment

Investments in subsidiaries

Property, plant and equipment and investments in subsidiaries are tested for impairment whenever there is any objective evidence or

indication that these assets may be impaired.

For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use)

is determined on an individual asset basis unless the asset does not generate cash infl ows that are largely independent of those from

other assets. If this is the case, the recoverable amount is determined for the Cash Generating Unit (“CGU”) to which the asset belongs.

If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or

CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an

impairment loss in the Statements of Total Return.

An impairment loss for an asset is reversed if, and only if, there has been a change in the estimates used to determine the asset’s

recoverable amount or if there is a change in the events that had given rise to the impairment since the last impairment loss was

recognised. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does not exceed

the carrying amount that would have been determined (net of any accumulated amortisation or depreciation) had no impairment loss

been recognised for the asset in prior years. A reversal of impairment loss for an asset is recognised in the Statements of Total Return.

2.13 Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised

cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Statements of Total

Return over the period of the borrowings using the effective interest method.

2.14 Trade payables

Trade payables are initially measured at fair value, and subsequently at amortised cost, using the effective interest method.

2.15 Derivative fi nancial instruments and hedging activities

The Group uses derivative fi nancial instruments such as interest rate swaps and forward foreign currency contracts to hedge its

exposure to interest rate risks and currency risks arising from operational, fi nancing and investment activities. In accordance with its

treasury policy, which is in line with the CIS, the Group does not hold or issue derivative fi nancial instruments for trading purposes.

Derivative fi nancial instruments are recognised initially at fair value. Subsequent to initial recognition, derivative fi nancial instruments

are re-measured at their fair value.

The Group does not practise hedge accounting and accordingly changes in the fair value of any derivative instruments are recognised

immediately in the Statements of Total Return.





2.16 Fair value estimation of fi nancial assets and liabilities

The carrying amounts of current fi nancial assets and liabilities carried at amortised cost approximate their fair values.

The fair values of forward currency contracts and interest rate swaps are based on valuations provided by the Group’s bankers. The

fair values of forward currency contracts are determined using actively quoted forward currency rates at the balance sheet date. The

fair values of interest rate swaps are calculated as the present value of the estimated future cash fl ows, discounted at actively quoted

interest rates.

The fair values of fi nancial guarantee contracts are determined based on the market price range of banker’s guarantees with similar terms.

2.17 Operating leases

(a) When a group company is the lessee:

Leases of assets in which a signifi cant portion of the risks and rewards of ownership are retained by the lessor are classifi ed

as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are taken to the

Statements of Total Return on a straight-line basis over the period of the lease.

When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by

way of penalty is recognised as an expense in the period in which termination takes place.

(b) When a group company is the lessor:

Assets leased out under operating leases are included in investment properties and are stated at revalued amounts and not

depreciated. Rental income (net of any incentives given to lessees) is recognised on a straight-line basis over the lease term.

2.18 Provisions

Provisions are recognised when the Group has a present obligation as a result of a past event where it is probable that such obligation

will result in an outfl ow of economic benefi ts that can be reasonably estimated.

2.19 Currency translation

(a) Functional and presentation currency

Items included in the fi nancial statements of each entity in the Group are measured using the currency of the primary economic

environment in which the entity operates (“functional currency”). The consolidated fi nancial statements are presented in Singapore

Dollars, which is MLT’s functional currency.

(b) Transactions and balances

Transactions in a currency other than the functional currency (“foreign currency”) are translated into the functional currency

using the exchange rates prevailing at the dates of the transactions. Currency translation gains and losses resulting from the

settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies

at the closing rates at the balance sheet date are recognised in the Statements of Total Return, except for currency translation

differences on the net investment in foreign operations, borrowings in foreign currencies and other currency instruments qualifying

as net investment hedges for foreign operations, which are included in the currency translation reserve within the Statements

of Movements in Unitholders’ Funds of the Group.





2.19 Currency translation (continued)

(c) Translation of Group entities’ financial statements

The results and fi nancial position of all the group entities (none of which has the currency of a hyperinfl ationary economy) that

have a functional currency different from the presentation currency are translated into the presentation currency as follows:

(i) Assets and liabilities are translated at the closing rates at the date of the balance sheet;

(ii) Income and expenses are translated at average exchange rates (unless the average is not a reasonable approximation of

the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated

using the exchange rates at the dates of the transactions); and

(iii) All resulting exchange differences are taken to the currency translation reserve within the Statements of Movements in

Unitholders’ Funds.

(d) Consolidation adjustments

On consolidation, currency translation differences arising from the net investment in foreign operations, borrowings in foreign

currencies, and other currency instruments designated as hedges of such investments, are taken to the currency translation

reserve. When a foreign operation is sold, such currency translation differences recorded in the currency translation reserve

are recognised in the Statements of Total Return as part of the gain or loss on sale.

2.20 Units and perpetual securities

Proceeds from the issuance of units and perpetual securities in MLT are recognised as equity.

Issue expenses relate to expenses incurred in issuance of units and perpetual securities in MLT. The expenses relating to issuance of

units and perpetual securities are deducted directly from the net assets attributable to the Unitholders and perpetual securities balance

respectively.

2.21 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to Management who is responsible for

allocating resources and assessing performance of the operating segments.

2.22 Distribution policy

MLT’s distribution policy is to distribute at least 90% of its taxable income, comprising substantially its income from the letting of its

properties and related property services income after deduction of allowable expenses and allowances, and of its tax-exempt income

(if any). Distributions, when paid, will be in Singapore Dollars.




3. Gross Revenue, interest income and dividend income

Group MLT

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

S$’000 S$’000 S$’000 S$’000

Rental income 287,216 313,390 121,646 147,799

Service charges 15,578 16,754 14,282 15,640

Other operating income 4,992 9,391 2,010 3,699

Gross revenue 307,786 339,535 137,938 167,138

Interest income

- from bank 765 881 121 18

- from subsidiaries – – 11,580 11,702

765 881 11,701 11,720

Dividend income – – 31,244 28,386

308,551 340,416 180,883 207,244

4. Property expenses

Group MLT

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

S$’000 S$’000 S$’000 S$’000

Operation and maintenance 4,996 6,526 3,241 3,441

Land rental 4,712 5,502 4,221 4,805

Property and other taxes 14,140 15,205 4,848 5,554

Utilities 2,592 4,723 2,472 4,639

Property and lease management fees 7,505 8,089 4,029 4,821

Others 5,769 5,912 2,247 2,649

39,714 45,957 21,058 25,909




5. Other trust (expenses)/income

Included in other trust (expenses)/income are:

Group MLT

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

S$’000 S$’000 S$’000 S$’000

Net foreign exchange (loss)/gain (4,195) 12,990 (9,721) 3,904

Non-audit fee paid/payable to:

- Auditors of MLT – (40) – (40)

- Other auditors * (100) (65) – –

(100) (105) – (40)

Auditors’ remuneration paid/

payable to:

- Auditors of MLT (159) (179) (122) (149)

- Other auditors * (324) (311) – –

(483) (490) (122) (149)

* Includes the network of member fi rms of PricewaterhouseCoopers International Limited (PwCIL).

6. Borrowing costs

Group MLT

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

S$’000 S$’000 S$’000 S$’000

Interest expense

- bank and other borrowings 36,693 42,465 – –

- subsidiary – – 11,271 13,910

Financing fees 1,948 1,919 1,222 1,164

38,641 44,384 12,493 15,074

7. Income tax

Group MLT

Restated

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

S$’000 S$’000 S$’000 S$’000

Withholding tax 5,770 4,728 – –

Current income tax 3,010 3,712 – –

Deferred tax 5,294 17,062 – –

14,074 25,502 – –




7. Income tax (continued)

The income tax expense on the results for the fi nancial year/period differs from the amount that would arise using the Singapore

standard rate of income tax due to the following:

Group MLT

Restated

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

S$’000 S$’000 S$’000 S$’000

Total return for the year/period before income tax 236,642 349,723 133,203 184,388

Tax calculated at a tax rate of 17% 40,229 59,453 22,645 31,346

Effects of:

- Expenses not deductible for tax

purposes 17,537 12,556 9,885 1,969

- Income not subject to tax (28,350) (27,832) (10,050) (7,960)

- Exemption for foreign

dividend income under

Singapore income tax – – (5,311) (4,826)

- Different tax rates in other countries 2,885 1,922 – –

- Utilisation of previously

unrecognised tax losses (1,058) (68) – –

- Tax transparency ruling (Note 2.4) (17,169) (20,529) (17,169) (20,529)

Tax charge 14,074 25,502 – –

8. Earnings per unit

The calculation of basic earnings per unit is based on:

Group

Restated

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

Total return attributable to Unitholders of MLT (S$’000) 202,712 321,893

Weighted average number of units outstanding

during the year/period (’000) 2,427,161 2,426,318

Basic and diluted earnings per unit (cents) 8.35 13.27

Diluted earnings per unit is the same as the basic earnings per unit as there are no dilutive instruments in issue during the fi nancial

year/period.




9. Cash and cash equivalents

Group MLT

2013 2012 2013 2012

S$’000 S$’000 S$’000 S$’000

Cash at bank and on hand 89,157 111,656 7,547 10,549

Short-term bank deposits 45,657 55,987 14,529 21,500

134,814 167,643 22,076 32,049

Short-term bank deposits at the balance sheet date in 2013 have a weighted average maturity of 1 month (2012: 3 months) from the

end of the fi nancial year/period. The effective interest rate at balance sheet date is 1.38% (2012: 1.38%) per annum.

10. Trade and other receivables

Group MLT

2013 2012 2013 2012

S$’000 S$’000 S$’000 S$’000

Trade receivables 6,456 6,468 3,536 3,637

Allowance for impairment of trade receivables (2,766) (2,763) (2,380) (2,380)

3,690 3,705 1,156 1,257

Amounts due from subsidiaries (non-trade) – – 106,671 190,894

Dividend receivables – – 11,382 7,926

Net value-added tax receivable – 11,002 – –

Other receivables 8,130 10,943 182 194

11,820 25,650 119,391 200,271

The amounts due from subsidiaries are unsecured, interest-free and repayable on demand.

11. Other current assets

Group MLT

2013 2012 2013 2012

S$’000 S$’000 S$’000 S$’000

Deposits 1,101 3,632 87 144

Prepayments 6,064 8,980 1,061 1,468

7,165 12,612 1,148 1,612




12. Investment properties and investment property held-for-sale

(a) Investment properties

Group MLT

2013 2012 2013 2012

S$’000 S$’000 S$’000 S$’000

Beginning of the year/period 4,058,274 3,459,182 1,554,040 1,516,340

Acquisition of and additions to investment properties 205,034 561,093 51,476 30,229

Divestment of investment properties – (14,350) – (14,350)

Transfer to investment property held-for-sale (15,500) – (15,500) –

Net movement in the value of investment properties

recognised in the Statements of Total Return 20,380 86,088 28,238 21,821

Currency translation difference (217,821) (33,739) – –

End of the year/period 4,050,367 4,058,274 1,618,254 1,554,040

Included in investment properties is S$62,904,000 (2012: S$14,000,000), of investment property under development.

Investment properties are stated at fair value based on valuations performed by independent professional valuers. In determining

fair value, the valuers have used valuation methods which involve certain estimates.

The fair values are determined using the income capitalisation method, discounted cash fl ow method and direct comparison

method. The income capitalisation and discounted cash fl ow methods involve the estimation of income and expenses, taking

into account expected future changes in economic and social conditions, which may affect the value of the properties. The

direct comparison method involves the comparison of recent sales transactions of similar properties. The Manager is of the

view that the valuation methods and estimates are refl ective of the current market condition.

Details of the properties are shown in the Portfolio Statements.

(b) Investment property held-for-sale

On 22 March 2013, Mapletree Logistics Trust announced it had entered into an agreement to divest its property at 30 Woodlands

Loop, Singapore 738319. The divestment was completed on 30 April 2013.

On 7 December 2010, Mapletree Logistics Trust announced it had entered into an agreement to divest its property at 9 Tampines

Street 92, Singapore 528871. This property was sold during the fi nancial period ended 31 March 2012.

(c) Net movement in the value of investment properties

Group

The total S$20,271,000 (2012: S$113,020,000) recognised in the Statements of Total Return comprised S$20,380,000 (2012:

S$86,088,000) revaluation gain, net of cost to sell an investment property held-for-sale of S$109,000 (2012: S$Nil) and S$Nil

(2012: S$26,932,000) insurance proceeds received in relation to a building in Japan which was burnt down in a fi re.

MLT

The total S$28,129,000 (2012: S$21,821,000) recognised in the Statements of Total Return comprised S$28,238,000 (2012:

S$21,821,000) revaluation gain and net of cost to sell an investment property held-for-sale of S$109,000 (2012: S$Nil).




13. Investments in subsidiaries

MLT

2013 2012

S$’000 S$’000

Equity investments at cost 233,334 210,859

Accumulated impairment (37,536) –

195,798 210,859

Details of signifi cant subsidiaries are included in Note 28.

Impairment of subsidiary

The fair value of the fi nancial guarantees that was capitalised in the cost of investment in a subsidiary undertaking treasury activities

was impaired to take into account the difference between the fair value of the fi nancial guarantees provided by MLT to that subsidiary

and its anticipated recoverable amount. No sensitivity analysis was considered as no changes to the impairment charge were noted

where realistic variations were applied.

The impairment charge only affects MLT’s fi nancial statements and does not impact the Group’s fi nancial statements. The impairment

charge is non-cash in nature and has no impact to the distributable income of both MLT and the Group.

14. Loans to subsidiaries

Loans to subsidiaries are denominated in the following currencies:

MLT

2013 2012

S$’000 S$’000

Singapore Dollar 222,910 37,610

Hong Kong Dollar 173,971 175,929

Japanese Yen 253,186 555,112

United States Dollar 111,058 86,463

761,125 855,114

The loans to subsidiaries are unsecured and have no fi xed repayment terms. The loans denominated in Hong Kong Dollar and Singapore

Dollar are interest-free. The weighted average interest rates of the United States Dollar and Japanese Yen loans at balance sheet date

are 0.79% (2012: 1.7%) per annum and 2.97% (2012: 2.5%) per annum respectively.

The loans denominated in Hong Kong Dollar and Singapore Dollar are considered to be part of the Company’s net investment in

these subsidiaries.




15. Trade and other payables

Group MLT

2013 2012 2013 2012

S$’000 S$’000 S$’000 S$’000

Current

Trade payables 1,183 960 140 408

Accrued operating expenses 17,062 16,002 16,880 11,465

Accrued retention sums 11,585 10,083 2,195 3,342

Amounts due to subsidiaries

(non-trade) – – 19,422 19,916

Amounts due to related parties

(trade) 19,518 23,344 5,397 7,060

Deposits and advance rental 96,941 83,021 25,942 23,698

Interest payable 6,216 6,950 – –

Net value-added tax payable 399 – – –

Other payables 6,493 12,042 2,277 7,640

159,397 152,402 72,253 73,529

Non-current

Deferred revenue 2,500 2,500 2,500 2,500

Total trade and other payables 161,897 154,902 74,753 76,029

The non-trade amounts due to subsidiaries are unsecured, interest-free and repayable on demand.

16. Borrowings

Group MLT

2013 2012 2013 2012

S$’000 S$’000 S$’000 S$’000

Current

Term loans 259,486 243,772 – –

Revolving credit facilities 14,271 – – –

Notes payable 15,000 – – –

288,757 243,772 – –

Non-current

Term loans 858,670 894,086 – –

Revolving credit facilities 149,124 181,882 – –

Notes payable 136,955 175,318 – –

Loans from a subsidiary – – 392,899 463,952

1,144,749 1,251,286 392,899 463,952

Total borrowings 1,433,506 1,495,058 392,899 463,952

The above loans and borrowings are unsecured.




16. Borrowings (continued)

(a) Maturity of borrowings

Current term loans have a weighted average maturity of approximately 10 months (2012: 7 months) from the end of the fi nancial

year/period.

The non-current term loans, revolving credit facilities and notes payable mature between 2014 and 2021 (2012: 2013 and

2021). The loans from a subsidiary have no fi xed repayment terms and are not expected to be repaid within the next 12 months.

(b) Interest rates

The weighted average effective interest rates of total borrowings at the balance sheet date were as follows:

Group MLT

2013

%

2012

%

2013

%

2012

%

Term loans (current) 1.38 1.44 – –

Term loans (non-current) 1.10 1.14 – –

Revolving credit facilities

(current) 4.24 – – –

Revolving credit facilities

(non-current) 2.03 2.18 – –

Notes payable (current) 5.00 – – –

Notes payable

(non-current) 2.80 2.97 – –

Loans from a subsidiary – – 1.88 1.94

(c) Interest rate risks

The exposure of the borrowings of the Group and MLT to interest rate changes and the contractual repricing dates at the

balance sheet dates (before taking into account the derivatives to swap the fl oating rates to fi xed rates) are as follows:

Group

Variable rates

less than

6 months

Fixed rates

less than

1 year

Fixed rates

1 to 5 years

Fixed rates

more than

5 years Total

S$’000 S$’000 S$’000 S$’000 S$’000

At 31 March 2013

Borrowings 1,249,058 15,000 52,493 116,955 1,433,506

At 31 March 2012

Borrowings 1,280,763 38,977 35,000 140,318 1,495,058

MLT

Variable rates

less than

6 months

Fixed rates

less than

1 year

Fixed rates

1 to 5 years

Fixed rates

more than

5 years Total

S$’000 S$’000 S$’000 S$’000 S$’000

At 31 March 2013

Borrowings 240,944 15,000 20,000 116,955 392,899

At 31 March 2012

Borrowings 288,634 288,634 35,000 140,318 463,952




16. Borrowings (continued)

(d) Carrying amounts and fair values

The carrying amounts of current borrowings approximate their fair values. The carrying amounts of non-current borrowings,

which are at variable market rates, also approximate their fair values.

The carrying amounts and fair values of fi xed rate non-current notes payable and loans from a subsidiary were as follows:

Carrying amounts Fair values

2013 2012 2013 2012

S$’000 S$’000 S$’000 S$’000

Group

Notes payable (non-current) 136,955 175,318 148,111 198,605

MLT

Loans from a subsidiary 136,955 175,318 148,111 198,605

17. Derivative fi nancial instruments

Group

2013 2012

Contract Fair value Contract Fair value

notional

amount

Assets/

(liabilities)

notional

amount

Assets/

(liabilities)

S$’000 S$’000 S$’000 S$’000

Interest rate swaps 706,676 (5,595) 667,727 (15,961)

Cross currency swaps 111,001 931 143,794 (2,347)

Currency forwards 212,906 13,179 427,158 (1,476)

8,515 (19,784)

At 31 March 2013, the fi xed interest rates on interest rate and cross currency swaps vary from -0.72% to 4.86% (2012: -1.98% to

4.86%) per annum and the fl oating rates vary from 0.14% to 3.21% (2012: 0.20% to 3.19%) per annum.

MLT

2013 2012

Contract Fair value Contract Fair value

notional

amount

Assets/

(liabilities)

notional

amount

Assets/

(liabilities)

S$’000 S$’000 S$’000 S$’000

Currency forwards 212,906 13,179 427,158 (1,476)

Represented by: Group MLT

2013 2012 2013 2012

S$’000 S$’000 S$’000 S$’000

Current assets 17,220 8,337 15,644 6,102

Current liabilities (8,705) (28,121) (2,465) (7,578)

8,515 (19,784) 13,179 (1,476)




18. Deferred taxation

Group

2013

Restated

2012

S$’000 S$’000

Beginning of the year/period as previously stated 53,936 35,385

Effect on adoption of amendments to FRS12 (9,296) (7,462)

Beginning of the year/period as restated 44,640 27,923

Tax charge to Statements of Total Return 5,294 17,062

Translation difference (2,579) (345)

End of the year/period 47,355 44,640

Deferred income tax liabilities comprise mainly deferred income tax provided on fair value gains of investment properties at the applicable

tax rates upon disposal of investment properties.

19. Units in issue and perpetual securities

(a) Units in issue

MLT

2013 2012

’000 ’000

Beginning of the year/period 2,426,318 2,426,318

Creation of new units arising from

- Distribution Reinvestment Plan 5,491 –

- Settlement of acquisition fees 201 –

End of the year/period 2,432,010 2,426,318

During the fi nancial year, MLT issued the following units:

(i) MLT has introduced and implemented a Distribution Reinvestment Plan whereby the Unitholders have the option to

receive their distribution in units instead of cash or a combination of units and cash.

5,491,489 new units (2012: Nil) at an issue price range of S$1.119 to S$1.133 (2012: Nil) per unit were issued pursuant

to the Distribution Reinvestment Plan.

(ii) 200,539 units at S$1.1419 per unit, in respect of the payment of manager’s acquisition fees for the acquisition of

Mapletree Wuxi Logistics Park.

Each unit in MLT represents an undivided interest in MLT. The rights and interests of Unitholders are contained in the Trust

Deed and include the right to:

• Receive income and other distributions attributable to the units held;

• Participate in the termination of MLT by receiving a share of all net cash proceeds derived from the realisation of the

assets of MLT less any liabilities, in accordance with their proportionate interests in MLT. However, a Unitholder does

not have the right to require that any assets (or part thereof) of MLT be transferred to him; and

• Attend all Unitholders’ meetings. The Trustee or the Manager may (and the Manager shall at the request in writing of

not less than 50 Unitholders or one-tenth in the number of Unitholders, whichever is lesser) at any time convene a

meeting of Unitholders in accordance with the provisions of the Trust Deed.




19. Units in issue and perpetual securities (continued)

(a) Units in issue (continued)

The restrictions of a Unitholder include the following:

• A Unitholder’s right is limited to the right to require due administration of MLT in accordance with the provisions of the

Trust Deed; and

• A Unitholder has no right to request to redeem his units while the units are listed on SGX-ST.

A Unitholder’s liability is limited to the amount paid or payable for any units in MLT. The provisions of the Trust Deed provide

that no Unitholder will be personally liable to indemnify the Trustee or any creditor of the Trustee in the event that the liabilities

of MLT exceed its assets.

(b) Perpetual securities

The following represents the terms of the perpetual securities:

• These perpetual securities have no fi xed redemption date;

• Redemption is at the discretion of MLT. The distribution will be payable semi-annually at the discretion of MLT and will

be non-cumulative.

In terms of distribution payments or in the event of winding-up of MLT:

• these perpetual securities rank pari passu with the holders of preferred units (if any) and rank ahead of the unitholders

of MLT, but junior to the claims of all other present and future creditors of MLT.

• MLT shall not declare distribution or pay any distributions to the Unitholders, or make redemption, unless MLT declare

or pay any distributions to the holders of the perpetual securities.

These perpetual securities are classifi ed as equity instruments and recorded in equity in the Statements of Movements in

Unitholders’ Funds. The S$344,010,000 (2012: S$344,010,000) presented on the balance sheets represents the S$350,000,000

perpetual securities net of issue costs and include total return attributable to perpetual securities holders from last distribution date.

20. Issue expenses

Issue expenses comprise professional, advisory, underwriting, printing and other costs related to issuance of units and perpetual

securities in MLT.

21. Commitments

(a) Capital commitments

Development expenditures contracted for at the balance sheet date but not recognised in the fi nancial statements amounted

to S$62.9 million.




21. Commitments (continued)

(b) Operating lease commitments

(i) For the Singapore properties, the Group is required to pay Jurong Town Corporation or the Housing and Development

Board for annual land rent in respect of certain of its investment properties. The annual land rent is based on market

rent in the relevant year of the current lease term and the lease provides that any increase in annual land rent from year

to year shall not exceed 5.5% of the annual land rent for the immediate preceding year. The leases are non-cancellable

with remaining lease terms of up to 84 years as at 31 March 2013, with options to renew up to a further 30 years for

some of the leases. The land rent paid/payable based on prevailing rental rates for the current fi nancial year approximates

S$4,170,000 (2012: S$4,805,000).

For certain China properties, the Group is required to pay the Chinese authorities an annual land rent with respect

to the properties. The land rent is based on RMB1 to RMB14 per square metre of land area per year in the subject

premise. The leases are non-cancellable with remaining lease term of approximately 31 to 43 years as at 31 March

2013. The land rent paid/payable for the current fi nancial year approximates RMB1,657,000 (2012: RMB2,527,000)

(S$328,000 (2012: S$494,000)).

For the Malaysia properties, the Group is required to pay the Petaling District Land Offi ce, Klang District Land Offi ce and

Kulai Jaya Land Offi ce (“Land Offi ces”) annual land rent in respect of its investment properties. The annual land rent

is based on the classifi cation of land and vary according to the category of land use of the land alienated. The annual

land rent is based on prevailing rate according to the Land Offi ces, land usage, and layer of the land located, and any

increase in the annual land rent will be at the Land Offi ces’ discretion. The land leases are non-cancellable except in

the event of land acquisition under Land Acquisition Act 1960 (Act 486) & Rules and have remaining lease terms of

between 30 to 93 years as at 31 March 2013. The land rent paid/payable for the current fi nancial year approximates

MYR323,000 (2012: MYR391,000) (S$130,000 (2012: S$161,000)).

(ii) The Group leases out its investment properties. The future minimum lease payments receivable under non-cancellable

operating leases contracted for at the reporting date but not recognised as receivables, are as follows:

Group MLT

2013 2012 2013 2012

S$’000 S$’000 S$’000 S$’000

Not later than 1 year 261,963 292,120 136,410 138,277

Later than 1 year but not later than 5 years 590,678 661,328 227,326 275,071

Later than 5 years 637,193 573,898 223,177 115,432

1,489,833 1,527,346 586,913 528,780

Some of the operating leases are subject to revision of lease rentals at periodic intervals. For the purpose of the above

disclosure, the prevailing lease rentals are used.




22. Financial risk management

Financial risk factors

The Group’s activities expose it to market risk (including currency risk and interest rate risk), credit risk and liquidity risk in the normal

course of its business. The Group’s overall risk management strategy seeks to minimise adverse effects from the unpredictability of

fi nancial markets on the Group’s fi nancial performance. The Group uses fi nancial instruments such as currency forwards, cross currency

swaps, interest rate swaps and foreign currency borrowings to hedge certain fi nancial risk exposures.

The Board of Directors (“BOD”) of the Manager is responsible for setting the objectives and underlying principles of fi nancial risk

management for the Group. This is supported by comprehensive internal processes and procedures which are formalised in the

Manager’s organisational and reporting structure, operating manuals and delegation of authority guidelines.

(a) Market risk

(i) Currency risk

The Manager’s investment strategy includes investing in the Asia-Pacifi c region. In order to manage the currency risk

involved in investing in assets outside Singapore, the Manager will adopt currency risk management strategies that

may include:

• the use of foreign currency denominated borrowings to match the currency of the asset investment as a natural

currency hedge;

• the use of cross currency swaps to swap a portion of debt in another currency into the currency of the asset

investment to reduce the underlying currency exposure; and

• entering into currency forward contracts to hedge the foreign currency income received from the offshore assets,

back into Singapore Dollars.

The Group’s main currency exposure based on the information provided to key management is as follows:

Group

SGD

S$’000

HKD

S$’000

MYR

S$’000

JPY

S$’000

USD

S$’000

At 31 March 2013

Financial Assets

Cash and cash equivalents 17,991 20,286 9,205 43,726 3,077

Trade and other receivables 1,337 5,504 1,273 1,122 –

Financial Liabilities

Trade and other payables (52,318) (16,009) (8,493) (33,326) (2,977)

Borrowings (122,552) (217,112) (53,139) (970,920) (69,782)

Net fi nancial liabilities (155,542) (207,331) (51,154) (959,398) (69,682)

Less: Net fi nancial liabilities denominated

in the respective entities’ functional

currencies 155,824 196,681 141,542 991,199 –

Cross currency swaps * – – – – 65,718

Currency forwards – – – (38,500) –

Net currency exposure 282 (10,650) 90,388 (6,699) (3,964)




22. Financial risk management (continued)

Financial risk factors (continued)

(a) Market risk (continued)

(i) Currency risk (continued)

Group

SGD

S$’000

HKD

S$’000

MYR

S$’000

JPY

S$’000

USD

S$’000

At 31 March 2012

Financial Assets

Cash and cash equivalents 29,178 17,078 6,213 79,216 2,776

Trade and other receivables 1,450 4,962 888 16,035 113


Trade and other payables (52,674) (13,912) (5,318) (48,357) (1,364)

Borrowings (121,931) (219,603) (55,197) (998,115) (100,212)

Net fi nancial liabilities (143,977) (211,475) (53,414) (951,221) (98,687)

Less: Net fi nancial (assets)/liabilities

denominated in the respective

entities’ functional currencies (1,998) 199,404 124,338 1,188,491 7,383

Cross currency swaps * – – – – 97,207

Currency forwards – – – (244,000) –

Net currency exposure (145,975) ** (12,071) 70,924 (6,730) 5,903

* The Group entered into cross currency swaps to swap USD denominated borrowings into RMB amounting to S$48.8 million (2012: S$80.1

million), SGD denominated borrowings into RMB amounting to S$35.3 million (2012: S$46.6 million), USD denominated borrowings

into KRW amounting to S$16.9 million (2012: S$17.1 million) and SGD denominated borrowings into KRW amounting to S$10.0 million

(2012: S$Nil).

** S$146.4 million relates to Singapore Dollar advances to subsidiaries with KRW functional currency. If the SGD appreciated/depreciated

against KRW by 5% with all other variables including tax being held constant, the total return will be lower/higher by S$7,321,000.

MLT’s main foreign currency exposure based on the information provided by key management is as follows:

MLT

HKD

S$’000

MYR

S$’000

JPY

S$’000

USD

S$’000

At 31 March 2013

Financial Assets

Cash and cash equivalents – – 3,909 176

Trade and other receivables 4,391 90,397 2,485 11,813

Loans to subsidiaries 173,972 – 284,114 111,058


Trade and other payables (15,065) (10) (1,946) (2,714)

Borrowings – – (259,796) (53,027)

Net fi nancial assets 163,298 90,388 31,766 67,306

Currency forwards – – (38,500) –

Net currency exposure 163,298 90,388 (6,734) 67,306








MLT

HKD

S$’000

MYR

S$’000

JPY

S$’000

USD

S$’000

At 31 March 2012

Financial Assets

Cash and cash equivalents – – 2,468 403

Trade and other receivables 3,887 70,928 2,076 7,528

Loans to subsidiaries 175,929 – 555,112 86,463


Trade and other payables (15,234) (10) (2,135) (2,287)

Borrowings – – (320,095) (68,783)

Net fi nancial assets 164,582 70,918 237,426 23,324

Currency forwards – – (244,000) –

Net currency exposure 164,582 70,918 (6,574) 23,324

The Group’s main foreign currency exposure is in HKD, MYR, JPY and USD (2012: HKD, MYR, JPY and USD). If the

HKD, MYR, JPY and USD change against the SGD by 5% with all other variables including tax being held constant,

the effects arising from the net fi nancial asset/liability position will be as follows:

31 March

2013

31 March

2012

<––– Increase/(Decrease) –––>

Total return

for the

year

Total return

for the

period

S$’000 S$’000

Group

HKD against SGD

- strengthened (561) (635)

- weakened 507 575

MYR against SGD

- strengthened 4,757 3,733

- weakened (4,304) (3,377)

JPY against SGD


- weakened 319 320

USD against SGD

- strengthened (209) 311

- weakened 189 (281)








MLT’s main foreign currency exposure is in HKD, MYR, JPY and USD (2012: HKD, MYR, JPY and USD). If the HKD,

MYR, JPY and USD changed against the SGD by 5% (2012: 5%), with all other variables including tax being held

constant, the effects arising from the net fi nancial asset/liability will be as follows:

31 March

2013

31 March

2012

<––– Increase/(Decrease) –––>

Total return

for the year

Total return

for the period

S$’000 S$’000

MLT

HKD against SGD


- weakened (7,776) (7,837)

MYR against SGD


- weakened (4,304) (3,377)

JPY against SGD


- weakened 321 313

USD against SGD


- weakened (3,205) (1,111)

(ii) Cash fl ow and fair value interest rate risk

The Group’s exposure to changes in interest rates relates primarily to interest-earning fi nancial assets and interest-

bearing fi nancial liabilities. Cash fl ow interest rate risk is the risk that the future cash fl ows of a fi nancial instrument will

fl uctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the fair value of a fi nancial

instrument will fl uctuate due to changes in market interest rates. The Group has no signifi cant interest-bearing assets.

The Group’s policy is to maintain at least 50% of its borrowings in fi xed-rate instruments. The Group’s exposure to cash

fl ow interest rate risks arises mainly from variable-rate borrowings. MLT’s exposure to cash fl ow interest rate risks arises

mainly from borrowings and loans to subsidiaries at variable rates. The Manager manages these cash fl ow interest rate

risks using fl oating-to-fi xed interest rate swaps.







(ii) Cash fl ow and fair value interest rate risk (continued)

The Group’s and MLT’s borrowings at variable rates on which interest rate swaps have not been entered into, are

denominated mainly in JPY(2012: JPY).

If JPY interest rates increased/decreased by 0.5% per annum (2012: 0.5% per annum), the total return will be lower/

higher by S$1,925,000 (2012: S$2,220,000).

(b) Credit risk

Credit risk is the potential fi nancial loss resulting from the failure of a customer or counterparty to settle its fi nancial and contractual

obligations to the Group, as and when they fall due.

The Manager has established credit limits for customers and monitors their balances on an ongoing basis. Credit evaluations

are performed by the Manager before lease agreements are entered into with customers. The risk is also mitigated due to

customers placing security deposits or furnishing bankers guarantees for lease rentals. Cash and short-term bank deposits

are placed with fi nancial institutions which are regulated.

At the balance sheet date, there was no signifi cant concentration of credit risk. The maximum exposure to credit risk is

represented by the carrying value of each fi nancial asset in the balance sheet, except as follows:

MLT

2013 2012

S$’000 S$’000

Corporate guarantees provided to banks on subsidiaries’ loans 1,040,607 1,031,105

The Group’s major classes of fi nancial assets are cash and cash equivalents and trade and other receivables.

MLT’s major class of fi nancial assets are cash and cash equivalents, amounts due from subsidiaries and loans to subsidiaries.

The credit risk for net trade receivables based on the information provided to key management is as follows:

Group MLT

2013 2012 2013 2012

S$’000 S$’000 S$’000 S$’000

By geographical areas

Singapore 1,156 1,257 1,156 1,257

Hong Kong 41 76 – –

People’s Republic of China 350 1,033 – –

Malaysia 127 214 – –

Korea 1,879 1,012 – –

Vietnam 137 113 – –

3,690 3,705 1,156 1,257





(b) Credit risk (continued)

(i) Financial assets that are neither past due nor impaired

Bank deposits that are neither past due nor impaired are mainly deposits with banks which are regulated and with high

credit-ratings assigned by international credit-rating agencies. Trade and other receivables that are neither past due

nor impaired are substantially from companies with a good collection track record with the Group.

(ii) Financial assets that are past due and/or impaired

There is no other class of fi nancial assets that is past due and/or impaired except for trade receivables.

The age analysis of trade receivables past due but not impaired is as follows:

Group MLT

2013 2012 2013 2012

S$’000 S$’000 S$’000 S$’000

Past due 0 to 3 months 1,415 1,511 535 523

Past due 3 to 6 months 28 193 12 2

Past due over 6 months 1,268 171 – –

2,711 1,875 547 525

The carrying amount of trade receivables individually determined to be impaired and the movement in the related

allowance for impairment are as follows:

Group MLT

2013 2012 2013 2012

S$’000 S$’000 S$’000 S$’000

Past due over 6 months 2,766 2,763 2,380 2,380

2,766 2,763 2,380 2,380

Less: Allowance for impairment (2,766) (2,763) (2,380) (2,380)

– – – –

Beginning of the year/period 2,763 2,759 2,380 2,380

Currency translation difference 3 4 – –


(c) Liquidity risk

The Manager monitors and maintains a level of cash and cash equivalents deemed adequate to fi nance the Group’s operations.

In addition, the Manager also monitors and observes the CIS by the MAS concerning the leverage limits as well as bank

covenants imposed by the banks on the various borrowings.





(c) Liquidity risk (continued)

The table below analyses the maturity profi le of the Group’s and MLT’s fi nancial liabilities (including derivative fi nancial liabilities)

based on contractual undiscounted cash fl ows.

Group

Less than

1 year

S$’000

Between

1 and 2

years

S$’000

Between

2 and 5

years

S$’000

Over 5

years

S$’000

At 31 March 2013

Net-settled interest rate and cross currency swaps 3,764 2,615 1,874 –

Gross-settled currency forwards

- Receipts 107,943 39,907 65,056 –

- Payments (100,933) (35,603) (56,373) –

Trade and other payables (152,096) – – –

Borrowings (308,316) (118,470) (497,940) (591,755)

(449,638) (111,551) (487,383) (591,755)

At 31 March 2012

Net-settled interest rate and cross currency swaps (11,540) (2,162) (2,080) –


- Receipts 290,222 38,572 83,304 15,060

- Payments (297,662) (37,900) (83,709) (14,469)


Borrowings (265,952) (309,620) (266,828) (749,601)

(429,602) (311,110) (269,313) (749,010)

MLT

Less than

1 year

S$’000

Between

1 and 2

years

S$’000

Between

2 and 5

years

S$’000

Over 5

years

S$’000

At 31 March 2013


- Receipts 107,943 39,907 65,056 –

- Payments (100,933) (35,603) (56,373) –


Financial guarantees contracts (254,286) (68,676) (326,968) (390,677)

Borrowings - loans from subsidiary (7,388) (7,388) (22,164) (392,899)

(325,700) (71,760) (340,449) (783,576)

At 31 March 2012


- Receipts 290,222 38,572 83,304 15,060

- Payments (297,662) (37,900) (83,709) (14,469)


Financial guarantees contracts (228,383) (242,241) (122,398) (438,083)

Borrowings - loans from subsidiary (8,982) (8,982) (26,945) (463,952)

(316,949) (250,551) (149,748) (901,444)





(d) Capital risk

The Manager’s objective when managing capital is to optimise MLT’s capital structure within the borrowing limits set out in

the CIS by the MAS to fund future acquisitions and asset enhancement works at MLT’s properties. To maintain or achieve an

optimal capital structure, the Manager may issue new units or source additional borrowing from both fi nancial institutions and

capital markets.

The Manager monitors capital based on aggregate leverage limit. Under the CIS, all Singapore-listed real estate investment

trusts (“S-REITs”) are given the aggregate leverage limit of 60% of its deposited property if a S-REIT has obtained a credit

rating from a major credit rating agency.

The aggregate leverage ratio is calculated as total borrowings plus Deferred Payments divided by total assets.

Group

2013 2012

S$’000 S$’000

Total Borrowings and Deferred Payments 1,445,091 1,505,141

Total Assets 4,236,886 4,272,516

Aggregate Leverage ratio 34.1% 35.2%

The Group and MLT are in compliance with the borrowing limit requirement imposed by the CIS and all externally imposed

capital requirements for the fi nancial year/period ended 31 March 2013 and 31 March 2012.

(e) Fair value measurements

The following table presents our assets and liabilities measured at fair value at balance sheet dates and classifi ed by level of

the following fair value measurement hierarchy:

(i) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

(ii) inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e.

as prices) or indirectly (i.e. derived from prices) (Level 2); and

(iii) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).





(e) Fair value measurements (continued)

Level 2

2013 2012

S$’000 S$’000

Group

Assets

Derivative fi nancial instruments 17,220 8,337

Liabilities

Derivative fi nancial instruments (8,705) (28,121)

MLT

Assets

Derivative fi nancial instruments 15,664 6,102

Liabilities

Derivative fi nancial instruments (2,465) (7,578)

The fair values of fi nancial instruments that are not traded in an active market (for example, over-the-counter derivatives) are

determined by using valuation techniques. The fair values of forward currency contracts and interest rate swaps are based

on valuations provided by the Group’s bankers. The fair values of forward currency contracts are determined using actively

quoted forward currency rates at the balance sheet date. The fair values of interest rate swaps are calculated as the present

value of the estimated future cash fl ows, discounted at actively quoted interest rates.

The carrying value less impairment provision of trade and other receivables, trade and other payables and loans to subsidiaries

approximate their fair values.

(f) Financial Instruments by category

The following table sets out the different categories of fi nancial instruments as at the balance sheet date:

Group MLT

2013 2012 2013 2012

S$’000 S$’000 S$’000 S$’000

Financial assets at fair value through profi t or loss 17,220 8,337 15,644 6,102

Financial liabilities at fair value through profi t or loss 8,705 28,121 2,465 7,578

Loans and receivables 147,735 196,925 902,679 1,087,578

Financial liabilities at amortised cost 1,585,601 1,639,729 463,935 536,096




23. Signifi cant related party transactions

For the purposes of these fi nancial statements, parties are considered to be related to MLT when MLT has the ability, directly or

indirectly, to control the party or exercise signifi cant infl uence over the party in making fi nancial and operating decisions, or vice

versa, or where MLT and the party are subject to common signifi cant infl uence. Related parties may be individuals or other entities.

The Manager (Mapletree Logistics Trust Management Ltd.) and the property manager (Mapletree Property Management Pte. Ltd.)

are indirect wholly-owned subsidiaries of a substantial Unitholder of MLT.

During the fi nancial year/period, other than those disclosed elsewhere in the fi nancial statements, the following signifi cant related party

transactions took place at terms agreed between the parties as follows:

Group MLT

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

S$’000 S$’000 S$’000 S$’000

Management fees paid/payable to the Manager and

its subsidiaries * 32,633 34,851 13,692 15,344

Property management fees paid/payable to a related

company of the Manager 8,191 8,838 5,321 6,095

Acquisition fees paid/payable to the Manager in relation

to the acquisition of properties 1,415 5,210 1,175 5,210

Acquisition of property via the purchase of shares in a

subsidiary from a related company of the Manager 22,900 – 22,900 –

Lease rental received/ receivable from related company

of the Manager 3 – – –

Lease rental received/receivable from related parties 8,332 9,741 8,332 9,741

License fees received/receivable from related parties 108 116 108 116

Operation and maintenance expenses paid/payable

to related parties 1,628 3,172 1,628 3,172

Capital injection into an investment structure by a related

company of the Manager – 2,503 – –

Return of capital for preferred equity to a related party 181 – – –

* Included amount capitalised into investment property under development.

24. Segment information

The Group has determined the operating segments based on the reports reviewed by Management that are used to make strategic

decisions. Management comprises the Chief Executive Offi cer and the Chief Financial Offi cer.

Management considers the business from a geographic segment perspective. Geographically, Management manages and monitors

the business by the seven countries, Singapore, Hong Kong, the People’s Republic of China, Malaysia, Japan, Korea and Vietnam.

All geographical locations are in the business of investing in logistics properties, which is the only business segment of the Group.

Management assesses the performance of the geographic segments based on a measure of Net Property Income (“NPI”). Interest

income and fi nance expenses are not allocated to segments, as the treasury activities are centrally managed by the Group.




24. Segment information (continued)

The segment information provided to Management for the reportable segments for the year ended 31 March 2013 is as follows:

Singapore

Hong

Kong PRC Malaysia Japan Korea Vietnam Total

S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 $’000 S$’000

Gross revenue 137,938 38,655 14,432 11,878 80,239 23,427 1,217 307,786

Net property income 116,879 36,402 11,530 10,573 70,196 21,446 1,046 268,072

Interest and other income 765

Unallocated costs * (36,887)

Borrowing costs (38,641)

Net investment income 193,309


fi nancial derivatives 23,062

Net income 216,371

Net movement in the

value of investment

properties 28,129 27,586 (1,591) 8,627 (44,176) 1,725 (29) 20,271

Total return for the

year before

income tax 236,642

Income tax (14,074)


year after income tax

before distribution 222,568

Other Segment items

Capital expenditure

- Investment properties 51,476 113 23,856 24,354 128 105,078 29 205,034

Segment assets

- Investment properties 1,633,754 727,741 212,846 157,260 1,039,941 286,310 8,015 4,065,867

- Others 1,156 41 350 127 – 1,879 137 3,690

4,069,557

Unallocated assets ** 167,329

Consolidated total

assets 4,236,886

Segment liabilities 28,582 11,281 5,567 5,164 22,251 27,312 467 100,624

Unallocated

liabilities *** 1,554,009

Consolidated total

liabilities 1,654,633





The segment information provided to Management for the reportable segments for the period ended 31 March 2012 is as follows:

Singapore

Hong

Kong PRC Malaysia Japan Korea Vietnam Total

S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 $’000 S$’000

Gross revenue 167,138 46,267 16,413 12,416 81,612 14,215 1,474 339,535

Net property income 141,228 43,603 12,923 10,981 70,324 13,292 1,227 293,578

Interest and other income 881

Unallocated costs * (25,660)

Borrowing costs (44,384)

Net investment income 224,415


fi nancial derivatives 11,457

Net income 235,872

Net movement in the

value of investment

properties 21,821 69,298 5,570 4,919 3,316 7,813 283 113,020

Gain on divestment of

investment properties 831 – – – – – – 831


period before

income tax 349,723

Income tax (25,502)

Total return for

the period after

income tax before

distribution 324,221

Other Segment items

Capital expenditure

- Investment properties 30,228 78 – 113 408,410 122,264 – 561,093

Segment assets

- Investment properties 1,554,040 707,940 189,393 129,094 1,293,125 176,471 8,211 4,058,274

- Others 1,257 76 1,033 214 – 1,012 113 3,705

4,061,979

Unallocated assets ** 210,537

Consolidated total

assets 4,272,516

Segment liabilities 26,606 9,854 4,727 3,530 26,480 14,885 399 86,481

Unallocated

liabilities *** 1,638,998

Consolidated total

liabilities 1,725,479





* Unallocated costs include Manager’s management fees, Trustee’s fees and other trust expenses.

** Unallocated assets include cash and cash equivalents, other receivables, other current assets and derivative fi nancial instruments.

*** Unallocated liabilities include borrowings of S$1,433.5 million (2012: S$1,495.1 million), details of which are included in Note 16.

The revenue from external parties reported to Management is measured in a manner consistent with that of the Statements of Total

Return. The Group provides a single product/service - logistics business.

25. Financial Ratios

1 April

2012 to

31 March

2013

1 January

2011 to

31 March

2012

% %

Ratio of expenses to weighted average net assets¹

- including performance component of asset management fees 1.29 1.47

- excluding performance component of asset management fees 0.91 1.07

Portfolio turnover rate² – 0.01

1 The annualised ratios are computed in accordance with the guidelines of Investment Management Association of Singapore dated 25 May 2005.

The expenses used in the computation relate to expenses of the Group, excluding property expenses, borrowing costs, net foreign exchange differences and

income tax expense.

2 The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Trust expressed as a percentage of

daily average net asset value in accordance with the formulae stated in the CIS.

26. Events occurring after balance sheet date

(a) The Manager announced a distribution of 1.73 cents per unit for the period from 1 January 2013 to 31 March 2013.

(b) On 30 April 2013, the divestment of investment property held-for-sale at 30 Woodlands Loop Singapore 738319 was completed.

27. New or revised accounting standards, interpretations and recommended accounting practice

On 29 June 2012, ICPAS issued a revised version of RAP 7. RAP 7 (2012) will become effective for the fi nancial statements of the

Group and of MLT for the year ending 31 March 2014, and has not been applied in preparing these fi nancial statements.

Below is the mandatory standards that has been published, and is relevant for the Group’s accounting periods beginning on or after

1 April 2013 or later periods and which the Group has not early adopted:

• FRS 110 - Consolidated Financial Statements (effective for annual periods beginning on or after 1 January 2013)

• FRS 113 – Fair Value Measurements (effective for annual period beginning on or after 1 January 2013)

The Manager anticipates that the adoption of the above FRS and RAP 7 (2012) in the future periods will not have a material impact on

the fi nancial statements of the Group and of the MLT in the period of their initial adoption.




28. Listing of signifi cant companies in the Group

Name of companies Principal activities

Country of

incorporation/ business Equity holding

2013 2012

% %

MapletreeLog Treasury Company Pte. Ltd. (a) Captive treasury Singapore/Singapore 100 100

MapletreeLog Treasury Company (HKSAR) Ltd. (a) Captive treasury Cayman Islands/

Hong Kong

100 100

Mapletree Topaz Ltd. (g) Investment holding Cayman Islands/

Hong Kong

100 100

Mapletree Opal Ltd. (b) Investment holding Cayman Islands/

Hong Kong

100 100

MapletreeLog PF (HKSAR) Ltd. (b) Investment holding Cayman Islands/

Hong Kong

100 100

MapletreeLog GTC (HKSAR) Ltd.(b) Investment holding Cayman Islands/

Hong Kong

100 100

Greatdeal Finance Limited (b) Investment holding BVI/ Hong Kong 100 100

Genright Investment Limited (b) Investment holding Hong Kong/Hong Kong 100 100

MapletreeLog Ouluo (Shanghai) Ltd. (g) Investment holding Cayman Islands/PRC 100 100

MapletreeLog AIP (Guangzhou) Ltd. (g) Investment holding Cayman Islands/PRC 100 100

MapletreeLog Seastar (Xian) Ltd. (g) Investment holding Cayman Islands/PRC 100 100

Mapletree WND (Wuxi) (HKSAR) Limited (b) Investment holding Hong Kong/PRC 100 –

Mapletree Logistics Development (Wuxi) Co., Ltd. (c) Investment holding PRC/PRC 100 –

MapletreeLog Northwest (Shanghai) Ltd. (g) Investment Holding Cayman Islands/PRC 100 100

MapletreeLog Integrated (Shanghai)

(Cayman) Ltd. (g)

Investment Holding Cayman Islands/PRC 100 100

MapletreeLog AIP (Guangzhou) (HKSAR) Limited (b) Investment holding Hong Kong/PRC 100 100

MapletreeLog Northwest (Shanghai) (HKSAR)

Limited (b)

Investment holding Hong Kong/PRC 100 100

MapletreeLog Integrated (Shanghai)

(HKSAR) Limited (b)

Investment holding Hong Kong/PRC 100 100

MapletreeLog Seastar (Xian) (HKSAR) Limited (b) Investment holding Hong Kong/PRC 100 100

Guangzhou Mapletree Eastern American Log

Limited (c)

Investment holding PRC/PRC 100 100

Mapletree Logistics Warehouse (Xian) Co., Ltd. (c) Investment holding PRC/PRC 100 100

MapletreeLog Jinda Warehouse (Shanghai)

Co., Ltd. (c)

Investment holding PRC/PRC 100 100

MapletreeLog Integrated (Shanghai) Co., Ltd. (c) Investment holding PRC/PRC 100 100

MapletreeLog Malaysia Holdings Pte. Ltd. (a) Investment holding Singapore/Malaysia 100 100

MapletreeLog (M) Holdings Sdn. Bhd. (d) Investment holding Malaysia/Malaysia 100 100

Semangkuk Berhad (d) (h) Investment holding Malaysia/Malaysia 100 100

MapletreeLog Gyoda (Japan) (HKSAR) Limited (b) Investment holding Hong Kong/Japan 100 100

TK Business Samara Logistics 1 (g)(h) Investment holding Japan/Japan 100 100

TK Business Asagao (g)(h) Investment holding Japan/Japan 97 97




28. Listing of signifi cant companies in the Group (continued)

Name of companies Principal activities

Country of

incorporation/ business Equity holding

2013 2012

% %

TK Business Hinoki (g)(h) Investment holding Japan/Japan 97 99

MapletreeLog Oakline (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 100

MapletreeLog MQ (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 100

Kingston (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 100

Pyeongtaek (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 100

Iljuk (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 100

Dooil (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 –

Jungbu Jeil (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 –

Miyang (Korea) Pte. Ltd. (a) Investment holding Singapore/South Korea 100 –

MapletreeLog First Korea (Yujoo) Co., Ltd. (e) Investment holding South Korea/South Korea 100 100

MapletreeLog Korea (Yongin) Co., Ltd. (e) Investment holding South Korea/South Korea 100 100

MapletreeLog Kingston Co., Ltd. (e) Investment holding South Korea/South Korea 100 100

MapletreeLog Pyeongtaek Co., Ltd. (e) Investment holding South Korea/South Korea 100 100

MapletreeLog Iljuk Korea Co., Ltd. (e) Investment holding South Korea/South Korea 100 100

MapletreeLog Dooil Co., Ltd. (e) Investment holding South Korea/South Korea 100 –

MapletreeLog Jungbu Jeil Co., Ltd. (e) Investment holding South Korea/South Korea 100 –

MapletreeLog Miyang Co., Ltd. (e) Investment holding South Korea/South Korea 100 –

MapletreeLog VSIP 1 Warehouse Pte. Ltd. (a) Investment holding Singapore/Vietnam 100 100

Mapletree VSIP 1 Warehouse (Cayman) Co., Ltd. (g) Investment holding Cayman Islands/Vietnam 100 100

Mapletree First Warehouse (Vietnam) Co., Ltd. (f) Investment holding Vietnam/Vietnam 100 100

(a) Audited by PricewaterhouseCoopers LLP, Singapore (i)

(b) Audited by PricewaterhouseCoopers Limited, Hong Kong (i)

(c) Audited by PricewaterhouseCoopers Zhong Tian CPAs Limited Company, PRC (i)

(d) Audited by PricewaterhouseCoopers, Malaysia (i)

(e) Audited by Samil PricewaterhouseCoopers, Korea (i)

(f) Audited by KPMG Limited, Vietnam

(g) Not required to be audited under the laws of the country of incorporation.

(h) These special purpose entities have been consolidated in the fi nancial statements in accordance with Interpretations of Financial Reporting Standard

12: Consolidation – Special Purpose Entities, as the Group primarily bears the risks and enjoys the benefi ts of the investments held by these special

purpose entities.

(i) Part of the network of member fi rms of PricewaterhouseCoopers International Limited (PwCIL)

29. Authorisation of the fi nancial statements

The fi nancial statements were authorised for issue by the Manager and the Trustee on 11 June 2013.


Statistics of Unitholdings

As at 29 May 2013

Distribution of Unitholdings

Size of Unitholdings No. of Unitholders % No. of Units %

1 - 999 153 1.27 46,573 0.00

1,000 - 10,000 7,606 63.23 36,147,741 1.49

10,001 - 1,000,000 4,238 35.23 201,879,042 8.30

1,000,001 and above 33 0.27 2,193,936,638 90.21

Total 12,030 100.00 2,432,009,994 100.00

Location of Unitholders

Country No. of Unitholders % No. of Units %

Singapore 11,686 97.14 2,423,418,408 99.65

Malaysia 188 1.56 4,481,875 0.18

Others 156 1.30 4,109,711 0.17

Total 12,030 100.00 2,432,009,994 100.00

Twenty Largest Unitholders

No. Name No. of Units %

1 Citibank Nominees Singapore Pte Ltd 354,964,913 14.60

2 Mulberry Pte. Ltd. 351,443,702 14.45

3 Meranti Investments Pte. Ltd. 318,457,440 13.09

4 DBS Nominees (Private) Limited 293,164,506 12.05

5 HSBC (Singapore) Nominees Pte Ltd 224,183,266 9.22

6 Mapletree Logistics Properties Pte. Ltd. 154,910,070 6.37

7 Mangrove Pte. Ltd. 154,908,180 6.37

8 DBSN Services Pte. Ltd. 151,525,787 6.23

9 Raffl es Nominees (Pte.) Limited 50,410,151 2.07

10 DB Nominees (Singapore) Pte Ltd 35,160,701 1.45

11 United Overseas Bank Nominees (Private) Limited 30,787,649 1.27

12 Bank of Singapore Nominees Pte. Ltd. 8,933,997 0.37

13 UOB Kay Hian Private Limited 7,397,158 0.30

14 BNP Paribas Securities Services 6,258,601 0.26

15 OCBC Securities Private Limited 5,739,311 0.24

16 DBS Vickers Securities (Singapore) Pte Ltd 4,524,653 0.19

17 Mapletree Logistics Trust Management Ltd. 3,914,395 0.16

18 Morgan Stanley Asia (Singapore) Securities Pte Ltd 3,722,517 0.15

19 BNP Paribas Nominees Singapore Pte Ltd 3,645,125 0.15

20 Chua Kok Soon 3,571,517 0.15

Total 2,167,623,639 89.14


Statistics of Unitholdings

As at 29 May 2013

Substantial Unitholders as at 29 May 2013

No. Name of Company Direct Interest Deemed Interest

% of Total Issued

Capital

1 Temasek Holdings (Private) Limited (1) – 994,424,787 40.88

2 Fullerton Management Pte Ltd (2) – 983,783,787 40.45

3 Mapletree Investments Pte Ltd – 983,633,787 40.44

4 Mulberry Pte. Ltd. 351,443,702 – 14.45

5 Meranti Investments Pte. Ltd. 318,457,440 – 13.09

6 Mapletree Logistics Properties Pte. Ltd. 154,910,070 – 6.36

7 Mangrove Pte. Ltd. 154,908,180 – 6.36

8 The Bank of New York Mellon Corporation (3) – 146,530,757 6.02

9 MBC Investments Corporation (4) – 144,529,077 5.94

10 BNY Mellon Investment Management (Jersey) Ltd. (5) – 141,943,130 5.83

11 BNY Mellon Investment Management (Europe) Ltd. (5) – 141,943,130 5.83

12 BNY Mellon Investment Management Europe Holdings Limited (5) – 141,943,130 5.83

13 BNY Mellon International Asset Management Group Ltd. (5) – 141,943,130 5.83

14 Newton Management Ltd. (5) – 141,943,130 5.83

15 Newton Investment Management Ltd. (6) 139,543,130 – 5.73

Notes

(1) Temasek Holdings (Private) Limited is deemed to be interested in the 154,910,070 Units held by Mapletree Logistics Properties Pte. Ltd., 154,908,180 Units held by Mangrove Pte. Ltd., 318,457,440 Units held by Meranti Investments Pte. Ltd., 351,443,702 Units held by Mulberry Pte. Ltd., and 3,914,395 Units held by Mapletree Logistics Trust Management Ltd., 10,641,000 Units in which DBS Group Holdings Ltd has or is deemed to have an interest and 150,000 Units in which Aetos Security Management Pte. Ltd. has or is deemed to have an interest. Mapletree Logistics Properties Pte. Ltd., Mangrove Pte. Ltd., Meranti Investments Pte. Ltd., Mulberry Pte. Ltd. and Mapletree Logistics Trust Management Ltd. are subsidiaries of Mapletree Investments Pte Ltd which is in turn a subsidiary of Fullerton Management Pte Ltd. Fullerton Management Pte Ltd is a subsidiary of Temasek Holdings (Private) Limited. Aetos Security Management Pte. Ltd. is a subsidiary of Temasek Holdings (Private) Limited. DBS Group Holdings Ltd is an associated company of Temasek Holdings (Private) Limited.

(2) Fullerton Management Pte Ltd is deemed to be interested in the 150,000 Units held by Aetos Security Management Pte. Ltd., 154,910,070 Units held by Mapletree Logistics Properties Pte. Ltd., 154,908,180 Units held by Mangrove Pte. Ltd., 318,457,440 Units held by Meranti Investments Pte. Ltd., 351,443,702 Units held by Mulberry Pte. Ltd., and 3,914,395 Units held by Mapletree Logistics Trust Management Ltd.

(3) The Bank of New York Mellon Corporation is deemed to be interested in the 146,530,757 Units held by its affi liates.

(4) MBC Investments Corporation is deemed to be interested in the interest of Newton Investment Management Ltd., Newton Capital Management Ltd. and Mellon Capital Management Corporation.

(5) BNY Mellon Investment Management (Jersey) Ltd., BNY Mellon Investment Management (Europe) Ltd., BNY Mellon Investment Management Europe Holdings Limited, BNY Mellon International Asset Management Group Ltd. and Newton Management Ltd. are deemed to be interested in the interests of Newton Investment Management Ltd. and Newton Capital Management Ltd.

(6) Newton Investment Management Ltd. is a subsidiary of The Bank of New York Mellon Corporation.

Unitholdings of the Directors of the Manager as at 21 April 2013

No. Name Direct Interest Deemed Interest

% of Total Issued

Capital

1 Paul Ma Kah Woh 762,711 – 0.03

2 Tan Ngiap Joo – – –

3 Cheah Kim Teck 416,000 – 0.01

4 Pok Soy Yoong 567,910 – 0.02

5 Penny Goh – – –

6 Wee Siew Kim (1) – – –

7 Zafar Momin 877,115 – 0.03

8 Hiew Yoon Khong 1,360,800 1,296,000 0.10

9 Wong Mun Hoong – – –

10 Chua Tiow Chye – 1,232,582 0.05

11 Ng Kiat (2) 125,000 – 0.005

Notes

(1) Mr Wee Siew Kim was appointed as an Independent Director on 1 April 2013. Mr Ng Quek Peng resigned as an Independent Director on 1 April 2013.

(2) Ms Ng Kiat was appointed as an Executive Director on 2 October 2012.

Free Float

Based on the information made available to the Manager as at 29 May 2013, approximately 52.85% of the units in MLT were held in the hands

of the public. Accordingly, Rule 723 of the Listing Manual of the SGX-ST has been complied with.

Issued and Fully Paid Units

2,432,009,994 Units (voting rights: one vote per Unit)

Market Capitalisation: S$3,040,012,492.50 (based on closing price of S$1.25 per Unit on 29 May 2013)


Interested Person Transactions

The transactions entered into with interested persons during the fi nancial year/period under the Listing Manual of the SGX-ST and CIS Code,

are as follows:

Year ended

31 March

2013

15 months

ended

31 March

2012Name of interested Person $'000 $'000

Mapletree Investments Pte Ltd and its subsidiaries or associates- Management fees 32,633 1 34,851 - Property management fees 8,191 8,838 - Acquisition fees related to acquisition of properties 1,415 5,210 - Investment into an investment structure in Japan – 277,411 - Acquisition of non-voting preferred equity in an investment structure in Japan

from a third party 274,552 2 – - Return of capital for preferred equity held in investment structures in Japan 181 –- Acquisition of properties 22,900 – - Lease rental income 3 – - Operation and maintenance expenses 4 1

Vopak Terminals Singapore Pte Ltd- Lease rental income 4,632 5,715

ST Electronics (Data Centre Solutions) Pte. Ltd

(formerly known as PM-B Pte Ltd)- Lease rental income 1,663 2,032

Singapore Technologies Kinetics Ltd - Lease rental income 162 371

SATS Airport Services Pte Ltd- Lease rental income 1,875 1,623

SembCorp Environment Pte Ltd- Operation and maintenance expenses – 55

SembWaste Pte Ltd- Operation and maintenance expenses 100 –

Aetos Security Management Pte. Ltd.- Security services – 8

Singapore Telecommunications Limited- Telecommunication services 37 40- License fee 77 79

Starhub Mobile Pte Ltd- License fee – 2

Grid Communications Pte. Ltd.- License fee 31 35

SP Services Limited- Public Utilities services 1,587 3,068

Certis Cisco Security Pte Ltd - Installation/purchase of security systems 80 82

HSBC Institutional Trust Services (Singapore) Limited 627 700

Footnotes:

1. Included amount capitalised into investment property under development.

2. This relates to the acquisition of non-voting preferred equity in the investment structure that holds 5 of MLT’s assets in Japan from an unrelated third party by a subsidiary of Mapletree Investment Pte Ltd (“MIPL Subsidiary”). As per announcement dated 30 March 2013, pursuant to Rule 916(2) of the SGX-ST Listing Manual, the Audit and Risk Committee of MLTM had reviewed the transaction, and was of the view that the risks and rewards of the transaction are in proportion to the equity of each of MIPL Subsidiary and MLT, and that the terms of the transaction are not prejudicial to the interests of MLT and its minority Unitholders.

Please also see Signifi cant Related Party Transactions in Note 23 to the fi nancial statements.

Saved as disclosed above, there were no additional interested party transactions entered during the year under review.


NOTICE IS HEREBY GIVEN that the 4th Annual General Meeting of the holders of units of Mapletree Logistics Trust (“MLT”, and the holders

of units of MLT, “Unitholders”) will be held at 10.00 a.m. on 16 July 2013 (Tuesday), at 10 Pasir Panjang Road, Mapletree Business City, Multi

Purpose Hall - Auditorium, Singapore 117438 to transact the following businesses:

(A) AS ORDINARY BUSINESS

1. To receive and adopt the Report of HSBC Institutional Trust Services (Singapore) Limited, as trustee of MLT (the “Trustee”),

the Statement by Mapletree Logistics Trust Management Ltd., as manager of MLT (the “Manager”), and the Audited Financial

Statements of MLT for the fi nancial year ended 31 March 2013 and the Auditors’ Report thereon.

2. To re-appoint PricewaterhouseCoopers LLP as Auditors of MLT to hold offi ce until the conclusion of the next Annual General

Meeting of MLT, and to authorise the Manager to fi x their remuneration.

(B) AS SPECIAL BUSINESS

To consider and, if thought fi t, to pass the following resolution as an Ordinary Resolution, with or without any modifi cations:

3. That approval be and is hereby given to the Manager, to

(a) (i) issue units in MLT (“Units”) whether by way of rights, bonus or otherwise; and/or

(ii) make or grant offers, agreements or options (collectively, “Instruments”) that might or would require Units to

be issued, including but not limited to the creation and issue of (as well as adjustments to) securities, warrants,

debentures or other instruments convertible into Units,

at any time and upon such terms and conditions and for such purposes and to such persons as the Manager may in

its absolute discretion deem fi t; and

(b) issue Units in pursuance of any Instruments made or granted by the Manager while this Resolution was in force

(notwithstanding that the authority conferred by this Resolution may have ceased to be in force at the time such Units

are issued),

provided that:

(1) the aggregate number of Units to be issued pursuant to this Resolution (including Units to be issued in pursuance of

Instruments made or granted pursuant to this Resolution) shall not exceed fi fty per cent. (50%) of the total number of

issued Units (excluding treasury Units, if any) (as calculated in accordance with sub-paragraph (2) below), of which

the aggregate number of Units to be issued other than on a pro rata basis to Unitholders (including Units to be issued

in pursuance of Instruments made or granted pursuant to this Resolution) shall not exceed twenty per cent. (20%) of

the total number of issued Units (excluding treasury Units, if any) (as calculated in accordance with sub-paragraph (2)

below);

(2) subject to such manner of calculation as may be prescribed by the SGX-ST for the purpose of determining the aggregate

number of Units that may be issued under sub-paragraph (1) above, the total number of issued Units (excluding treasury

Units, if any) shall be based on the number of issued Units (excluding treasury Units, if any) at the time this Resolution

is passed, after adjusting for:

(a) any new Units arising from the conversion or exercise of any Instruments which are outstanding or subsisting

at the time this Resolution is passed; and

(b) any subsequent bonus issue, consolidation or subdivision of Units;

(3) in exercising the authority conferred by this Resolution, the Manager shall comply with the provisions of the Listing

Manual of the SGX-ST for the time being in force (unless such compliance has been waived by the SGX-ST) and the

trust deed constituting MLT (as amended) (the “Trust Deed”) for the time being in force (unless otherwise exempted

or waived by the Monetary Authority of Singapore);

Notice of Annual General Meeting


(4) unless revoked or varied by Unitholders in a general meeting, the authority conferred by this Resolution shall continue in

force until (i) the conclusion of the next Annual General Meeting of MLT or (ii) the date by which the next Annual General

Meeting of MLT is required by applicable regulations to be held, whichever is earlier;

(5) where the terms of the issue of the Instruments provide for adjustment to the number of Instruments or Units into which

the Instruments may be converted in the event of rights, bonus or other capitalisation issues or any other events, the

Manager is authorised to issue additional Instruments or Units pursuant to such adjustment notwithstanding that the

authority conferred by this Resolution may have ceased to be in force at the time the Instruments or Units are issued;

and

(6) the Manager and the Trustee, be and are hereby severally authorised to complete and do all such acts and things

(including executing all such documents as may be required) as the Manager or, as the case may be, the Trustee may

consider expedient or necessary or in the interest of MLT to give effect to the authority conferred by this Resolution.

(Please see Explanatory Notes)

BY ORDER OF THE BOARD


(Company Registration No. 200500947N)

As Manager of Mapletree Logistics Trust

Wan Kwong Weng

Joint Company Secretary

Singapore

28 June 2013

Notes:

1. A Unitholder entitled to attend and vote at the Annual General Meeting is entitled to appoint not more than two proxies to attend and

vote in his/her stead. A proxy need not be a Unitholder.

2. Where a Unitholder appoints more than one proxy, the appointments shall be invalid unless he/she specifi es the proportion of his/her

holding (expressed as a percentage of the whole) to be represented by each proxy.

3. The proxy form must be lodged at the Manager’s registered offi ce at 10 Pasir Panjang Road, #13-01 Mapletree Business City, Singapore

117438 not later than 10.00 a.m. on 14 July 2013 being 48 hours before the time fi xed for the Annual General Meeting.

Explanatory Notes:

Resolution 3

The Ordinary Resolution 3 above, if passed, will empower the Manager from the date of this Annual General Meeting until (i) the conclusion of the

next Annual General Meeting of MLT or (ii) the date by which the next Annual General Meeting of MLT is required by the applicable regulations

to be held, whichever is earlier, to issue Units and to make or grant instruments (such as securities, warrants or debentures) convertible into

Units and issue Units pursuant to such instruments, up to a number not exceeding fi fty per cent. (50%) of the total number of issued Units

(excluding treasury Units, if any) with a sub-limit of twenty per cent. (20%) for issues other than on a pro rata basis to Unitholders.

For determining the aggregate number of Units that may be issued, the percentage of issued Units will be calculated based on the issued Units

at the time the Ordinary Resolution 3 above is passed, after adjusting for new Units arising from the conversion or exercise of any Instruments

which are outstanding at the time this Resolution is passed and any subsequent bonus issue, consolidation or subdivision of Units.

Fund raising by issuance of new Units may be required in instances of property acquisitions or debt repayments. In any event, if the approval

of Unitholders is required under the Listing Manual of the SGX-ST and the Trust Deed or any applicable laws and regulations in such instances,

the Manager will then obtain the approval of Unitholders accordingly.

Notice of Annual General Meeting


I/We (Name(s) and NRIC/Passport/Company Registration Number(s))

of (Address)

being a unitholder/unitholders of Mapletree Logistics Trust (“MLT”), hereby appoint:

Name Address NRIC/Passport Number Proportion of Units (%)

and/or (delete as appropriate)

Name Address NRIC/Passport Number Proportion of Units (%)

or, both of whom failing, the Chairman of the 4th Annual General Meeting as my/our proxy/proxies to attend and to vote for me/us on my/our behalf and if necessary, to demand a poll, at the 4th Annual General Meeting of MLT to be held at 10.00 a.m. on 16 July 2013 (Tuesday), at 10 Pasir Panjang Road, Mapletree Business City, Multi Purpose Hall - Auditorium, Singapore 117438 and at any adjournment thereof. I/We direct my/our proxy/proxies to vote for or against the resolutions to be proposed at the 4th Annual General Meeting as indicated hereunder. If no specific direction as to voting is given, the proxy/proxies will vote or abstain from voting at his/her/their discretion, as he/she/they may on any other matter arising at the 4th Annual General Meeting.

No. Ordinary Resolutions For * Against *

ORDINARY BUSINESS

1. To receive and adopt the Trustee’s Report, the Manager’s Statement, the Audited Financial Statements of MLT for the financial year ended 31 March 2013 and the Auditors’ Report thereon.

2. To re-appoint PricewaterhouseCoopers LLP as Auditors and to authorise the Manager to fix the Auditors’ remuneration.

SPECIAL BUSINESS

3. To authorise the Manager to issue Units and to make or grant convertible instruments.

* If you wish to exercise all your votes “For” or “Against”, please tick (√) within the box provided. Alternatively, please indicate the number of votes as appropriate.

Dated this day of 2013

Signature(s) of Unitholder(s) or Common Seal ofCorporate Unitholder

MAPLETREE LOGISTICS TRUST (Constituted in the Republic of Singapore

pursuant to a Trust Deed dated 5 July 2004 (as amended))

IMPORTANT

1. For investors who have used their CPF monies to buy units in Mapletree Logistics Trust,

this Annual Report is forwarded to them at the request of their CPF Approved Nominees

and is sent solely FOR THEIR INFORMATION ONLY.

2. This Proxy Form is not valid for use by CPF investors and shall be ineffective for all intents

and purposes if used or is purported to be used by them.

3. CPF Investors who wish to attend the Annual General Meeting as observers have to submit

their requests through their CPF Approved Nominees within the time frame specified. If

they also wish to vote, they must submit their voting instructions to the CPF Approved

Nominees within the time frame specified to enable them to vote on their behalf.

4. PLEASE READ THE NOTES TO THE PROXY FORM.

PROXY FORM

4th ANNUAL GENERAL MEETING

Total number of Units held

Fold this flap here for sealing

1st fold here

Postage will

be paid by

addressee.

For posting in

Singapore only.

IMPORTANT: PLEASE READ THE NOTES TO PROXY FORM BELOW

Notes to Proxy Form

1. A unitholder of MLT (“Unitholder”) entitled to attend and vote at the Annual General Meeting is entitled to appoint one or two proxies to attend and vote in his/her stead.

2. Where a Unitholder appoints more than one proxy, the appointments shall be invalid unless he/she specifies the proportion of his/her holding (expressed as a percentage of the whole) to be represented by each proxy.

3. A proxy need not be a Unitholder.

4. A Unitholder should insert the total number of Units held. If the Unitholder has Units entered against his/her name in the Depository Register maintained by The Central Depository (Pte) Limited (“CDP”), he/she should insert that number of Units. If the Unitholder has Units registered in his/her name in the Register of Unitholders of MLT, he/she should insert that number of Units. If the Unitholder has Units entered against his/her name in the said Depository Register and registered in his/her name in the Register of Unitholders, he/she should insert the aggregate number of Units. If no number is inserted, this proxy form will be deemed to relate to all the Units held by the Unitholder.

5. The instrument appointing a proxy or proxies (the “Proxy Form”) must be deposited at the Manager’s registered office at 10 Pasir Panjang Road, #13-01 Mapletree Business City, Singapore 117438 not later than 10.00 a.m. on 14 July 2013, being 48 hours before the time set for the Annual General Meeting.

6. Completion and return of the Proxy Form shall not preclude a Unitholder from attending and voting at the Annual General Meeting. Any appointment of a proxy or proxies shall be deemed to be revoked if a Unitholder attends the Annual General Meeting in person, and in such event, the Manager reserves the right to refuse to admit any person or persons appointed under the Proxy Form, to the Annual General Meeting.

7. The Proxy Form must be executed under the hand of the appointor or of his/her attorney duly authorised in writing. Where the Proxy Form is executed by a corporation, it must be executed either under its common seal or under the hand of its attorney or a duly authorised officer.

8. Where the Proxy Form is signed on behalf of the appointor by an attorney or a duly authorised officer, the power of attorney or other authority (if any) under which it is signed, or a notarially certified copy of such power or authority must (failing previous registration with the Manager) be lodged with the Proxy Form, failing which the Proxy Form may be treated as invalid.

9. The Manager shall be entitled to reject a Proxy Form which is incomplete, improperly completed or illegible or where the true intentions of the appointor are not ascertainable from the instructions of the appointor specified on the Proxy Form. In addition, in the case of Units entered in the Depository Register, the Manager may reject a Proxy Form if the Unitholder, being the appointor, is not shown to have Units entered against his/her name in the Depository Register as at 48 hours before the time appointed for holding the Annual General Meeting, as certified by CDP to the Manager.

10. All Unitholders will be bound by the outcome of the Annual General Meeting regardless of whether they have attended or voted at the Annual General Meeting.

11. At any meeting, a resolution put to the vote of the meeting shall be decided on a show of hands unless a poll is (before or on the declaration of the result of the show of hands) demanded by the Chairman or by five or more Unitholders present in person or by proxy, or holding or representing one-tenth in value of the Units represented at the meeting. Unless a poll is so demanded, a declaration by the Chairman that such a resolution has been carried or carried unanimously or by a particular majority or lost shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution.

12. On a show of hands, every Unitholder who (being an individual) is present in person or by proxy or (being a corporation) is present by one of its officers as its proxy shall have one vote. On a poll, every Unitholder who is present in person or by proxy shall have one vote for every Unit of which he/she is the Unitholder. A person entitled to more than one vote need not use all his/her votes or cast them the same way.

The Company Secretary


(as Manager of Mapletree Logistics Trust)

10 Pasir Panjang Road

#13-01 Mapletree Business City

Singapore 117438

Board of Directors

Mr Paul Ma Kah Woh

Chairman & Non-Executive Director

Mr Tan Ngiap Joo

Independent Director & AC Chairman

Mr Cheah Kim Teck

Independent Director & AC Member

Mr Zafar Momin

Independent Director

Mr Pok Soy Yoong


Mr Wee Siew Kim


Mrs Penny Goh

Non-Executive Director

Mr Hiew Yoon Khong


Mr Wong Mun Hoong


Mr Chua Tiow Chye


Ms Ng Kiat

Executive Director & CEO

Management Team

Ms Ng Kiat


Ms Wong Mei Lian

Chief Financial Offi cer

Ms Chen Tze Hui

Head, Asset Management

Mr Quek Sze Kheng

Director, Investment

Ms Serina Lim

Vice President, Finance

Ms Natalie Wong

Head, Treasury

Ms Lum Yuen May

Vice President, Investor Relations

Mr Nick Chung

General Manager, China

Mr Ong Khian Heng

General Manager, South Korea

Ms Yuko Shimazu

General Manager, Japan

Mr David Won

General Manager, Hong Kong

Ms Jean Kam

Deputy General Manager, Singapore

Mr Winston Lok

Deputy General Manager, Malaysia

Mr Victor Liu

General Manager, Vietnam

Corporate Services Team

Mr Wan Kwong Weng


Ms See Hui Hui


Property Management Team

Mr Tan Wee Seng

Head, Regional

Development Management

Mr James Sung

Director, Marketing

Ms May Wong

Senior Manager,

Property Management

Unit Registrar

Boardroom Corporate & Advisory

Services Pte. Ltd.

50 Raffl es Place,

Singapore Land Tower

#32-01, Singapore 048623

T: (65) 6536 5355

F: (65) 6536 1360

Trustee

HSBC Institutional Trust Services

(Singapore) Limited

Registered Address:

21 Collyer Quay

#10-02 HSBC Building

Singapore 049320

Correspondence Address:

21 Collyer Quay

#03-01 HSBC Building

Singapore 049320

T: (65) 6658 6906

F: (65) 6534 5526

Auditor

PricewaterhouseCoopers LLP

8 Cross Street #17-00

PWC Building

Singapore 048424

T: (65) 6236 3388

F: (65) 6236 3300

Partner-in-charge:

Mr Yee Chen Fah

(Appointed from the fi nancial

period ended 31 March 2012)

The Manager


Management Ltd.

Company registration number:

200500947N

The Manager’s Registered Offi ce

10 Pasir Panjang Road, #13-01

Mapletree Business City

Singapore 117438

T : (65) 6377 6111

F : (65) 6273 2281

Investor Relations Fax : (65) 6273 2007

W : www.mapletreelogisticstrust.com


Cor

por

ate

Dir

ecto

ry


(As Manager of Mapletree Logistics Trust)

Co. Reg. No.: 200500947N

10 Pasir Panjang Road

#13-01 Mapletree Business City

Singapore 117438

Tel: +65 6377 6111

Fax: +65 6273 2281

Investor Relations Fax: +65 6273 2007

Email: [email protected]

www.mapletreelogisticstrust.com

This report is printed on

paper certifi ed according

to the FSC™ standard.

For more information,

please visit fsc.org.

Rebalancing Rejuvenating - Mapletree/media/MLT/Investor...(“MTBs”) in its portfolio. SUAs...

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