results for the fourth quarter ended 31 december …/media/mlt...results for the three months ended...

Results for the Fourth Quarter ended 31 December 2008

22 January 2009

1

1

Disclaimer

This Presentation is focused on comparing results for the three months ended 31 December 2008 versus results achieved in the three months ended 31 December 2007 and versus results achieved in the previous quarter ended 30 September 2008. This shall be read in conjunction with Mapletree Logistics Trust’s financial

results for the three months ended 31 December 2008 in the SGXNET announcement.

This release may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses, including employee wages, benefits and training, property expenses and governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward looking statements, which are based on current view of management on future events.

2

2

Agenda

� Key Highlights

� Capital Management

� Quality Portfolio

� Outlook for 2009

� Summary

� Appendix

Key Highlights

4

4

Key highlights

� Robust FY 08 results

� Full year DPU 7.24 cents; +10.2% YoY

� Moody’s affirmed Baa2 rating, upgraded outlook to stable

� Lowered gearing to 38.5% from 53.4%1

� No refinancing risk

� Portfolio resilience

� Diversified tenant base

� High tenant retention results in virtually full occupancy

� Leasing stickiness despite macro concerns

� Strong leasing covenants, e.g. ample security deposits, rental escalations etc.

1: As of 31 December 2007

5

5

Key highlights

� “Yield + Growth” strategy intact

� Focus on yield optimisation and cash flow preservation

� Acquisition freeze in the near term

� Strong and committed Sponsor

�Continue to incubate development pipelines

6

6

Statement of total return

(1) Drop is due to the full quarter impact from dilution - following the rights issue which was completed on 22 August 2008 where total number of outstanding units increased from 1,108 million to 1,939 million.

(1)

IN S$ THOUSANDS 4Q 2008 4Q 2007 Variance FY 2008 FY 2007 Variance 3Q 2008 Variance

GROSS REVENUE 52,397 40,263 30.1% 184,922 141,708 30.5% 46,046 13.8%

PROPERTY

EXPENSES(7,296) (4,962) 47.0% (23,929) (16,794) 42.5% (5,802) 25.7%

NET PROPERTY

INCOME45,101 35,301 27.8% 160,993 124,914 28.9% 40,244 12.1%

AMOUNT

DISTRIBUTABLE28,349 19,731 43.7% 97,413 71,831 35.6% 25,432 11.5%

AVAILABLE DPU

(CENTS)1.46 1.78 -18.0% 7.24 6.57 10.2% 1.84 -20.7%

Year-on-year review

(1)(1) (1) (1)

7

7

Scorecard since IPO (Amount Distributable)

(1) Period for 3Q05 is from 28 July 2005 (Listing Date) to 30 September 2005.

Asset Value

(S$) $422m $462m $715m $1.0b $1.1b $1.4b $1.5b $2.1b $2.4b $2.4b $2.5b $2.5b $2.7b $2.9b

Lettable Area

(mil sqm) 0.8 0.8 0.9 1.1 1.2 1.4 1.5 1.6 1.6 1.8 1.9 2.0 2.1 2.1

24 2836

4149

58

81

1815

79

72

6170

76

28.3

19.1

15.3

9.68.3

6.0

22.621.0

19.7

17.7

11.810.7

25.4

4.3

0

10

20

30

40

50

60

70

80

90

3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08

Nu

mb

er

of

pro

pe

rtie

s

3.0

7.0

11.0

15.0

19.0

23.0

27.0

Am

ou

nt

Dis

trib

uta

ble

(S

$m

)

(1)

CAGR 78%

FY06 Amt Dist = S$40.4m FY07 Amt Dist = S$71.8m FY08 Amt Dist = S$97.4m

8

8

Scorecard since IPO (DPU)

(1) Period for 3Q05 is from 28 July 2005 (Listing Date) to 30 September 2005.

81

70

18

41

5.06

6.57

1.85

7.24

0

10

20

30

40

50

60

70

80

90

2005 2006 2007 2008

Nu

mb

er

of

pro

pe

rtie

s

1.60

2.40

3.20

4.00

4.80

5.60

6.40

7.20

Ac

tua

l D

PU

(c

en

ts)

(1)

CAGR 52%

A s s e t V a l u e

( S $ )4 6 2 m 1 . 4 b 2 . 4 b 2 . 9 b

L e t t a b l e A r e a

( m i l s q m )0 . 8 1 . 4 1 . 8 2 . 1

9

9

23.7% increase in portfolio value in FY 08

51.5%48.4Total

6.7%6.3Grandtech Centre

8.4%7.9Shibusawa (Hong Kong) Building

9.4%8.8Jurong Logistics Hub

13.5%12.7Shatin 4

13.5%12.79 Tampines St 92

% of Total RevalGains

Revaluation Gains (S$’m)

Top 5 Contributors

Breakdown by Countries

Overall portfolio revaluation gain of 3.3% in FY 08 (S$94.1 million)

MLog Group Total Val 2007 (S$) Val 2008 (S$) Variance (S$)

Singapore 1,083,750,000 1,275,300,000 191,550,000

Hong Kong 677,465,210 706,262,858 28,797,648

Japan 412,779,213 642,886,633 230,107,420

China 106,614,879 182,246,232 75,631,354

Malaysia 98,371,222 121,538,715 23,167,493

South Korea 0 15,120,930 15,120,930Total 2,378,980,524 2,943,355,369 564,374,845

Capital Management

11

11

Prudent capital management

� Moody’s affirmed MLog’s Baa2 rating and upgraded the outlook to stable from negative

� Lowered leverage ratio to 38.5% from 53.4% 1

� No refinancing risk – have sufficient committed lines to meet all 2009 debt obligations when they become due

� Improved Interest Cover to 3.9x, from 3.1x in Dec 07

1: As of 31 Dec 07

12

12

Capital management

Footnotes:1. Includes derivative financial instruments, at fair value, liability of S$29.1 million.2. Includes derivative financial instruments, at fair value, liability of S$53.5 million.3. Includes net derivative financial instruments, at fair value, liability of S$20.5 million. Excluding this, the

NAV per unit would be S$0.86.4. Includes net derivative financial instruments, at fair value, liability of S$45.4 million. Excluding this, the

NAV per unit would be S$0.91.5. Ratio of EBITDA over interest expense for period up to balance sheet date.

Balance Sheet 30 Sep 2008

S$’000

31 Dec 2008

S$’000

Total assets 2,796,840 3,046,257

Including

Investment Properties 2,673,949 2,849,298

Revaluation Gains - 94,057

Total liabilities 1,147,467 1 1,324,213 2

Net assets attributable to unitholders 1,649,373 1,722,044

NAV per Unit S$0.85 3 S$0.89 4

Financial Ratio

Aggregate Leverage Ratio 36.9% 38.5%

Total Debt S$1,023 million S$1,159 million

Weighted Average Annualised Interest Rate 2.7% 3.0%

Interest Service Ratio 5 3.7 times 3.9 times

13

13

56% 58%

89%81%

44% 42%

11%19%

0%

20%

40%

60%

80%

100%

Q1 08 Q2 08 Q3 08 Q4 08

Non-Current Current

54.7% 56.3% 36.9% 38.5%

81% of total debt are long term

1.3bnTotal Debt 1.5bn 1.0bn 1.2bn

1 – Indicates leverage ratio

2 – Actual debt as at quarter-end. Excludes deferred consideration

1

2

14

14

(1) Actual Debt as at 30 September 2008 ; excludes deferred consideration of S$ 8.6 million (2) Actual Debt as at 31 December 2008 ; excludes deferred consideration of S$ 13.5 million(3) This figure reflects the Average Duration of the Actual Debt as at 30 September 2008, recalibrated and profiled as at 31

December 2008. Before the recalibration, Average Duration of the Actual Debt as at 30 September was 2.8 years

Debt Amount

19% or S$218m of debt due in 2009Actual Debt as at 31 December 2008(2)

S$1,023 million

Actual Debt as at 30 September 2008(1)

S$1,159 million

3%6% 5%

24%

41%

2%

3%2%

2%

2%2%2%2%

5%

0%

10%

20%

30%

40%

50%

60%

70%

Maturing in

2008

Maturing in

2009

Maturing in

2010

Maturing in

2011

Maturing in

2012

SGD HKD JPY MYR CNY KRW USD

Average Duration= 2.6 years(3)

9%4%

22%1%

44%

2%

2%

4%

2%2%2%

2%

4%

0%

10%

20%

30%

40%

50%

60%

70%

Maturing in 2009 Maturing in 2010 Maturing in 2011 Maturing in 2012

SGD HKD JPY MYR CNY KRW USD

Average Duration= 2.5 years

15

15

Gearing Level - By Country

(As at 30 September 2008)

13%

97%

42% 40%

81%

100%87%

3%

58% 60%

19%

0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Equity 87% 3% 58% 60% 19% 0%

Debt 13% 97% 42% 40% 81% 100%

Singapore China Hong Kong Malaysia Japan Korea

Gearing Level - By Country

(As at 31 December 2008)

13%

98%

42% 45%

83%

100%87%

2%

58% 55%

17%

0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Equity 87% 2% 58% 55% 17% 0%

Debt 13% 98% 42% 45% 83% 100%

Singapore China Hong Kong Malaysia Japan Korea

Natural hedge our preferred forex hedging policyNatural hedge our preferred forex hedging policyNatural hedge our preferred forex hedging policyNatural hedge our preferred forex hedging policyLocal currency loans set up natural hedge against currency fluctuations

16

16

Hedged Floating Rate

79 Properties as at 30 September 2008(1)

Weighted average no. of years of hedged rates = 2.45 (2)

81 Properties as at 31 December 2008(3)

Weighted average no. of years of hedged rate = 2.51

(1) Actual Debt as at 30 September 2008 ; excludes deferred consideration of S$ 8.6 million(2) This figure reflects the Weighted Average No. of Years of hedged rates for the Actual Debt as at 30 September 2008, recalibrated and profiled as at 31 December 2008.

Before the recalibration, Weighted Average No. of Years of hedged rates as at 30 September 2008 was 2.66 years (3) Actual Debt as at 31 December 2008 ; excludes deferred consideration of S$ 13.5 million

HEDGING PROFILE (AS AT 30 SEPTEMBER 2008)

60% 60% 54%

33%22% 16%

4%

40% 40% 46%

67%78% 84%

96% 100%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2008 2009 2010 2011 2012 2013 2014 2015

Interest rate management Interest rate management Interest rate management Interest rate management –––– overall portfolio (% terms)overall portfolio (% terms)overall portfolio (% terms)overall portfolio (% terms)

HEDGING PROFILE (AS AT 31 DECEMBER 2008)

56% 50%

31%22%

15%4%

44% 50%

69%78%

85%96% 100%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2009 2010 2011 2012 2013 2014 2015

Quality Portfolio

18

18

Quality portfolio

� Robust revenue stream

� High tenant retention � ~80 % of tenants were retained in 2008

� Tenant stickiness despite macro environment

� Stability from long leases� weighted average lease term to expiry of over 5 years

� Ample cushion from security deposits� equivalent to 62% of total gross revenues, or average of 7.4 months coverage

� Almost full occupancy (99.6%)

� Diversified geographical distribution

� Diversified tenants distribution

19

19

Breakdown of revenue growth for 2008

Note:Gross Revenue increased from S$141.7m to S$184.9m between FY07 and FY08, an increase of S$43.2m

FY08 acquisitions

(11 properties)

FY07 Acquisitions

(29 properties)

Organic Growth

(Rental reversion +

asset enhancement)

15%

(S$6.5m)

27%

(S$11.6m)

58%

(S$25.1m)

Revenue is 43% of annualised

figure because of progressive

completions

equivalent to 4.6%

organic growth

over 2007 revenue

20

20

Acquisitions completed in 2008

21

21

Simulation:Impact of fall in revenue on DPU yield

8.7%30%

10.5%20%

12.4%10%

If Revenue drops by:

14.8%Current DPU Yield(based on MLog’s closing price of 39.5 cents on 20 Jan 09 and 4Q 08 annualised DPU)

DPU Yield

22

22

Rental reversion of ~27%* in FY 08Rental reversion of ~27%* in FY 08Rental reversion of ~27%* in FY 08Rental reversion of ~27%* in FY 08

TotalHong KongMalaysiaChinaSingaporeCountry

31.06.9--24.14Q 2008

Area renewed and replaced (’000 sqm):

214.2 (10% of total portfolio)

73.031.220.289.8Full Year 2008

78.1%

3.6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Singapore Hong Kong

4Q

2008 r

en

tal

incre

ase

40.3%

3.9%

21.3%21.3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Singapore China Malaysia HongKong

Fu

ll Y

ea

r 2

00

8 r

en

tal in

cre

as

e

Average +27.4%

Average +51.2%

* Compared to previous prevailing rentals

4Q08 Rental Reversion 2008 Rental Reversion

23

23

Added lift from asset enhancements

Additional GFA via asset enhancements: 6,308 sqm in FY 08Avg. increase over preceding rentals: ~44%

Tang LogisticsGFA: +3,591 sqmRental: +S$37,407 per mth (+43%)*

TOP Obtained: 31 Dec 07

Pioneer DistricentreGFA: +2,717smRental: +S$35,417 per mth (+46%)*

TOP Obtained: 13 Jan 09

* Compared to preceding rental revenues

24

24

Continuing to diversify tenant mix227 tenants in portfolio, no single tenant accounts for >5% of total revenue

4.1%4.0%

3.6%3.5%

3.3% 3.3%

2.1% 2.1%

1.8% 1.8%

4.0%3.9%

3.5%3.4%

3.2% 3.2%

2.1% 2.0%

1.8% 1.7%

0%

1%

2%

3%

4%

5%

79 properties as at 30 September 2008 81 properties as at 31 December 2008

Ever GainGroup

NEC Logistics

CJ GLSMenlo

Group

TeckWah

Group

Toshiba

Group

Fu Yu

Corporation

Nichirei Kyoto

Multinational logistics operators

Singapore listed groups

Private groups

Vopak Terminals

Tentat

Group

Top 10 Tenants by Gross Revenue

25

25

Oil & Chemical

Logistics

3.0%

Industrial

Warehousing

13.6%

Food & Cold Storage

5.8%FTZ 3PL

4.4%

Distribution Centre

21.5%

Non-FTZ 3PL

51.6%

Total 3PL: 56%

Non-FTZ 3PL

51.2%

Distribution

Centre

21.1%

Oil & Chemical

Logistics

3.0%

Industrial

Warehousing

13.3%

Food & Cold

Storage

5.7%FTZ 3PL

5.7%

Total 3PL: 57%

Professional 3PLs face leasing stickiness

Gross revenue contribution by trade sector(81 properties as at 31 Dec 2008)

Gross revenue contribution by trade sector(79 properties as at 30 Sep 2008)

26

26

Non-FTZ 3PL

51.2%

Distribution

Centre

21.1%

FTZ 3PL

5.7%

Industrial

Warehousing

13.3%

Food & Cold

Storage

5.7%

Oil &

Chemical

Logistics

3.0%

Exposure to stable end users

Stable Gross Revenue Contribution by End-User Industry (81 properties as at 31 Dec 2008)

Gross revenue contribution by trade sector(81 properties as at 31 Dec 2008)

F&B

16%

Industrials

8%

Materials, Construction

& Engineering

11%

Commercial Printing

7%

Healthcare

7%

Energy, Marine &

Chemical

9%

Consumer Durables &

staples

19%

Electrical & Electronics

4%

IT, Telecom & Utilities

19%

27

27

MapletreeLog’s warehouse space Almost full occupancy

Source: Mapletree, URA

100.0%

98.2%

100.0%

99.2%

100.0% 100.0%99.6%

90.0%

91.0%

92.0%

93.0%

94.0%

95.0%

96.0%

97.0%

98.0%

99.0%

100.0%

Singapore Hong

Kong

Japan China Malaysia S. Korea Total

Portfolio

URA Avg 93.0%

79 properties as at

30 Sep 2008

81 properties as at

31 Dec 2008

Weighted

Average

Occupancy

Rate

99.0% 99.6%

28

28

Long leases provide rental baseloadWeighted average lease term to expiry: ~5 years

12.4%

3.3%

20.1%

13.0%

4.7%

46.5%

19.7%

4.6%

47.0%

3.2%

12.7% 12.8%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Expiring in 2009 Expiring in 2010 Expiring in 2011 Expiring in 2012 Expiring in 2013 Expiring after 2013

79 properties as at 30 Sep 08 81 properties as at 31 Dec 08

L e a s e E x p i r y P r o f i l e b y G r o s s R e v e n u e

29

29

Bulk of leases expiring only beyond 2013

46

%

35

%

57

%

53

%

98

%

52

%

49

%

48

%

21

%

10

%

2% 3%

1% 3%

13

%

10

%

3%

14

%

10

%

26

%

34

%

11

%

0%

20%

40%

60%

80%

100%

120%

2009 2010 2011 2012 2013 >2013

19.7% 12.7% 12.8% 4.6% 3.2% 47.0%

Lease expiry by year (entire portfolio)

Singapore Hong Kong China Malaysia Japan S. Korea

Le

as

e e

xp

iry

by

co

un

try

(b

y y

ea

r)

30

30

Long land leases provide stability to the portfolio

Weighted average of unexpired lease term of underlying land: ~157 years

*For computation purposes, freehold properties are assigned a lease term of 999 years

0.6%

7.5%

12.6%

29.9%

6.5%

0.6%

7.3% 6.4%

42.8%

29.1%

42.6%

14.0%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0 - 20 yrs 21 - 30 yrs 31 - 40 yrs 41 - 50 yrs 51 - 60 yrs > 60 yrs

% o

f T

ota

l L

ett

ab

le A

rea

79 properties as at 30 Sep 08 81 properties as at 31 Dec 08

Remaining Years to Expiry of Underlying Land Lease

Outlook for 2009

32

32

MapletreeLog’s strategy for 2009

Optimizing yield from existing portfolio

“Yield + Growth” strategy intact, focusing more on yield preservation

2

1

� No new acquisitions in 2009, either from 3rd parties or Sponsor

� Sponsor has strong holding power for the development pipelines earmarked for MLog

� Full year rental contribution of FY 08 acquisitions

� Active leasing and asset management to preserve cash flows and manage expenses

� Organic growth from rental escalations

3

� Sustainable long term gearing levels (currently 38.5%)

� No refinancing risk

� Active hedging and terming out to manage debt and currency profile

Proactive capital management strategy

Challenging environment �� pressure on industrial and warehousing rentals and occupancy

Response �� Yield protection & asset enhancements are our key priorities; Near term acquisition freeze

33

33

Logistics demand more resilient than perceived

�Leasing stickiness renders some demand inelasticity –operators cannot change space requirements suddenly

�Big 3PL players unlikely to “trade” space in the short term as they need certainty of large contiguous space� Limited availability, especially in Hong Kong, supports high tenant retention

�Short term inventory stock-up underpins warehouse demand� Manufacturers and 3PLs increasing inventory to minimise impact in the event of any disruption in the supply chain (e.g. Toyota)

34

34

Competitive

Supply

19%

Taken up by

End Users /

Pre-Leased

81%

131k sqm

551k sqm

Competitive

Supply

2%

Existing

Stock

98%

6,526k sqm

131k sqm

Singapore warehouse oversupply exaggerated

� Over 80% of upcoming supply in Singapore has already been pre-leased or is being built by end-users -> balance amount is not a big threat

� No new spaces coming up in Hong Kong in the next 2 years

Upcoming Supply of Warehouses in SingaporeUpcoming Supply of Warehouses in Singapore vs Existing Stock

Source: URA, Mapletree estimates

Total: 682k sqm over next 2 yrs

35

35

Singapore warehouse occupancy trend

Source : URA

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Q1

94

Q3

94

Q1

95

Q3

95

Q1

96

Q3

96

Q1

97

Q3

97

Q1

98

Q3

98

Q1

99

Q3

99

Q1

00

Q3

00

Q1

01

Q3

01

Q1

02

Q3

02

Q1

03

Q3

03

Q1

04

Q3

04

Q1

05

Q3

05

Q1

06

Q3

06

Q1

07

Q3

07

Q1

08

Q3

08

('0

00

sq

m)

75%

80%

85%

90%

95%

100%

Oc

cu

pa

nc

y

Existing Stock Upcoming Supply Occupancy

Asian Financial Crisis, Jul 97

SARS, Nov 02

Dot Com Burst, Mar 00

Current Financial Crisis, Jul 07

Bali Bombing, Oct 05

36

36

Lack of new supply in HK is supportive to revenues

Source : Savills Research and Consultancy, HK

-

1,000

2,000

3,000

4,000

5,000

6,000

7,0001

99

1

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

F

20

11

F

20

12

F

('000 s

qft

)

82%

84%

86%

88%

90%

92%

94%

96%

98%

Occu

pan

cy

Warehouse Supply Occupancy

H and o ver o f H K, Jul 97

A sian F inancial C risis, Jul 97

H K Inf luenza, D ec 97

D o t C o m B urst , M ar 00

SA R S, N o v 02

B ali B o mbing, Oct 05

C urrent F inancial C risis, Jul 07

No New Supply

37

37

Japan - long leases enhance portfolio resilience

� Contributes 15% to overall portfolio NPI

� Stable rentals from existing Japanese tenants, whose businesses are linked to less volatile domestic consumption

� Long average lease term of 15 years� First Japanese lease renewal not due until 2014

� One of the key diversification benefits of MLog’s portfolio

38

38

Warehouse sector is less volatile

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

19

98

Q4

19

99

Q2

19

99

Q4

20

00

Q2

20

00

Q4

20

01

Q2

20

01

Q4

20

02

Q2

20

02

Q4

20

03

Q2

20

03

Q4

20

04

Q2

20

04

Q4

20

05

Q2

20

05

Q4

20

06

Q2

20

06

Q4

20

07

Q2

20

07

Q4

20

08

Q2

S$ P

SM

Multiple User Warehouse (Average) Office (Average) Retail (Average)

-

10

20

30

40

50

60

70

80

90

100

19

98

Q4

19

99

Q2

19

99

Q4

20

00

Q2

20

00

Q4

20

01

Q2

20

01

Q4

20

02

Q2

20

02

Q4

20

03

Q2

20

03

Q4

20

04

Q2

20

04

Q4

20

05

Q2

20

05

Q4

20

06

Q2

20

06

Q4

20

07

Q2

20

07

Q4

20

08

Q2

S$

PS

M p

er

mth

Multiple User Warehouse (Average) Office (Average) Retail (Average)

Capital Values Retail Office Warehouse

Avg p.a.

ChgQtrs

Avg p.a.

ChgQtrs

Avg p.a.

ChgQtrs

Trough to Peak 5% 20 13% 16 5% 19

Capital Values Rental Values

Source: URA, Singapore; Median Price & Rental of Multiple-user Warehouse

Rental Retail Office Warehouse

Avg p.a.

ChgQtrs

Avg p.a.

ChgQtrs

Avg p.a.

ChgQtrs

Trough to Peak 10% 17 22% 18 9% 21

39

39

Outlook for 2009 – challenging but …

Execution

� Tenant stickiness, high renewal rates - ~80% in 2008

� Full year recognition of 11 acquisitions completed in 2008 (43% recognised in 2008)

� Stable rentals – 62% from single-tenanted buildings with built-in rental escalations

� High occupancy rates – 99.6% at Dec 08

� Some organic growth – 4.6% in 20082

Strategy

Protecting top line

Managing property expenses

� Triple net covenants (51% of lettable area)

� Non-inflationary macro-environment - 0% to -1% in 2009 3

� Known property costs – 73% of property related expenses fixed

� Property tax rebates

� Land rent rebates

1

2

asd

Managing other expenses

3

1: In terms of gross revenue2: Growth is over 2007 revenue3: MTI, Singapore

� Benign interest rate environment – 3.0% interest cost at Dec 08

� 56% hedged for 2009

Summary

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41

Building on strength

� Amount distributable �� FY 08 recorded 35.6% higher than FY 07

� 4Q 08 DPU per unit vs 4Q 07 DPU per unit �� 1.46 cents vs 1.78 cents (-18%)*

� FY 08 DPU per unit vs FY 07 DPU per unit �� 7.24 cents vs 6.57 cents (+10.2%)

� Going forward �� challenging environment but we have a defensive portfolio

*The decrease in 4Q 2008 DPU compared to 4Q 2007 DPU was due to the full quarter impact of the dilution from the rights issue in August 2008.

Appendix

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43

Significant events In 4Q 2008

------

-

Japan

Number of IP pending completion

-1

- G-force

1

- ISH WaiGaoQiao

--Number of completions in 4Q 08

South KoreaMalaysiaChinaHong KongSingapore

�Completion of 1 China property and 1 Malaysian property

�No additional properties pending completion to date

�Total investment properties value reached approximately S$2.94 billion

�Revaluation gains of S$94.1 million recognised from the year endrevaluation exercise

�On 15 Dec 08, Moody’s affirmed MLog’s Baa2 rating and upgraded the outlook to stable from negative

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44

Total number of properties as at 31 Dec 08

2,94381Total

--Announced but pending

completion as at 31 December 2008

2,94381Completed

Value (S$ million)NumberAssets

45

45

Geographical diversificationGeographical diversificationGeographical diversificationGeographical diversificationCountry Allocation - By NPI – FY 2007 vs FY 2008

JapanJapanJapanJapan10%10%10%10%

ChinaChinaChinaChina2%2%2%2%

MalaysiaMalaysiaMalaysiaMalaysia4%4%4%4%

Hong KongHong KongHong KongHong Kong28%28%28%28%

SingaporeSingaporeSingaporeSingapore56%56%56%56%

FY 2007

Note: FY 2008 started with 70 properties and ended with 81 properties. FY 2007 started with 41 properties and ended with 70 properties.

South South South South KoreaKoreaKoreaKorea

1%1%1%1%JapanJapanJapanJapan13%13%13%13%



Hong Hong Hong Hong KongKongKongKong24%24%24%24%


FY 2008

46

46

Geographical diversificationGeographical diversificationGeographical diversificationGeographical diversificationCountry Allocation - By NPI – 4Q 2007 vs 4Q 2008

Note: 4Q 2008 started with 79 properties and ended with 81 properties. 4Q 2007 started with 61 properties and ended with 70 properties.

JapanJapanJapanJapan13%13%13%13%





4Q 2007

South South South South KoreaKoreaKoreaKorea

1%1%1%1%JapanJapanJapanJapan15%15%15%15%





4Q 2008

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47

Important notice

The information contained in this presentation is for information purposes only and does not constitute an offer to sell or any solicitation of an offer or invitation to purchase or subscribe for units in Mapletree Logistics Trust (“MLog”, and units in MLog, “Units”) in Singapore or any other jurisdiction, nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever.

The past performance of the Units and Mapletree Logistics Trust Management Ltd. (the “Manager”) is not indicative of the future performance of MLog and the Manager. Predictions, projections or forecasts of the economy or economic trends of the markets which are targeted by MLog are not necessarily indicative of the future or likely performance of MLog.

The value of units in MLog (“Units”) and the income from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. The past performance of MLog is not necessarily indicative of its future performance.

Thank You

results for the fourth quarter ended 31 december …/media/mlt...results for the three months ended...

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