Annual Report 5

industrialtrust
Industrious
Beginnings
INAUGURAL
ANNUAL REPORT
2010/11
Contents
2 3 10 16 17
Corporate Financial Letter to Organisation Corporate and
Profile Highlights Unitholders Structure Trust Structure
18 23 28 36 39
Board of Management Corporate Strategy Singapore Industrial
Directors Team Governance Property Market
Overview
46 63 65 67 68
Operations Financial Risk Unit Investor Relations
Review Review Management Performance and Financial
Calendar
70 73 115 117 118

Corporate Financial Statistics of Interested Use of
Social Statements Unitholdings Parties Proceeds
Responsibility Transactions
119
Proxy Form for
Annual General
Meeting
Industrious Beginnings
Mapletree Industrial Trusts (MIT) strong debut on 21 October
2010 as Singapores largest Real Estate Investment Trust
(REIT) Initial Public Offering (IPO) marks its industrious
beginnings. As the third largest Industrial REIT listed on the
Singapore Exchange, MITs assets provide investors access
to the robust Singapore industrial property sector. Qualities
such as diligence and enterprise are among the many hallmarks
of MIT that enable the REIT to grow its portfolio to deliver
steady and sustainable returns.
1
Corporate
Profile
MIT is a Singapore-focused REIT with a large and diversified portfolio of income-

producing industrial assets. MIT is sponsored by Mapletree Investments Pte Ltd
(Sponsor), a leading Asia-focused real estate capital management company.
MIT made its debut on the Main Board of the Singapore Exchange Securities
Trading Limited (SGX-ST) on 21 October 2010 as Singapores largest REIT IPO.
The property portfolio (Portfolio) of MIT comprises 70 properties located across

Singapore and is valued at S$2.2 billion as at 31 March 2011. The property types
include business park buildings, flatted factories, stack-up/ramp-up buildings, light
industrial buildings and a warehouse.
MIT is managed by Mapletree Industrial Trust Management Ltd. (Manager), a

wholly-owned subsidiary of the Sponsor. MIT provides Unitholders exposure to the
robust Singapore economy and resilient industrial property sector. The Manager
aims to offer Unitholders stable distributions and achieve long-term growth in asset
values for Unitholders.
Business Park Building, Flatted Factory,

The Signature Loyang 1
Light Industrial Building, Stack-up/Ramp-up Building,

Tata Communications Exchange Woodlands Spectrum
2
Financial
Highlights
DPU exceeds Forecast in Prospectus by 11.3%

Increase in Net Asset Value per Unit to S$0.95
Lower Aggregate Leverage of 36.1%
Healthy Interest Coverage Ratio of 6.6 times
21 October 2010 to 31 March 2011 /( )

Actual Forecast1
Gross Revenue (S$000) 94,861 91,695 3.5%

Net Property Income (S$000) 66,837 62,855 6.3%
Adjusted taxable income available for
distribution to Unitholders (S$000) 50,602 45,286 11.7%
Distribution per Unit (DPU) (cents) 3.45 3.10 11.3%
As at

Actual as at 21 October 2010
31 March 2011 (Listing Date)3
Total Assets (S$000) 2,308,0382 2,163,733

Total Liabilities (S$000) 924,208 906,556
Net Assets Attributable to Unitholders (S$000) 1,383,830 1,257,177
Net Asset Value per Unit (S$) 0.95 0.86
Aggregate Leverage (%) 36.1 38.5
21 October 2010
to 31 March 2011

All-in Interest Cost 2.3% per annum
Interest Coverage 6.6 times
Notes:
1
The Forecast figures formed part of the Forecast Year 2010/2011 figures disclosed in the Prospectus dated
12 October 2010 (the Prospectus).
2
Higher asset value due mainly to net appreciation in the value of investment properties of S$102.0 million from
21 October 2010 (Listing Date).
3
As disclosed in the Prospectus.
3
Intrinsic
MIT has strong, embedded organic growth potential. With an initial
property portfolio comprising 70 properties valued at S$2.2 billion,
MIT is focused on enhancing Unitholders investment value through
proactive asset management to maximise intrinsic growth.
4
Total Gross Floor Area of
1.5 million 1,617

Square Metres Tenants
5
Insightful
6
MAPLETREE INDUSTRIAL TRUST MANAGEMENT LTD.
Top row from left: Bottom row from left:
Paul Tan Tzyy Woon Karen Chan Yin Fung
(Senior Manager, (Senior Manager,
Asset Management) Corporate Marketing)
Zhou Yong Cheng Serene Tam Mei Fong
(Manager, Asset Management) (Senior Manager,
Lee Seng Chee Asset Management)
(Head of Asset Management)
Loke Huey Teng
Tham Kuo Wei (Chief Financial Officer)
(Chief Executive Officer)
Charmaine
Peter Tan Che Heng Lum Sheh Min
(Head of Investment) (Senior Manager,
Melissa Tan Hwei Leng Finance)
(Senior Manager,
Investor Relations)
George Kang Wee Meng
(Manager, Investment)
Alvin Tay Kian Siong
(Manager, Asset Management)
Not in picture: Mr Tong Chee Wai

(Senior Manager, Asset Management)
The Manager has a team of experienced individuals

with hands-on experience in delivering asset growth
throughout the ups and downs of property cycles.
The Manager is guided by a robust, multi-pronged
strategy to actively manage existing properties
and to explore acquisition as well as selective
development opportunities to grow the MIT portfolio.
7
Integrated
Leveraging on the extensive and established regional network
of its Sponsor, Mapletree Investments Pte Ltd, MIT harnesses
the strengths of a leading Asia-focused real estate and capital
management company with a large and diversified market
presence and strong market fundamentals.
8
MAPLETREE FACILITIES SERVICES PTE. LTD.
Top row from left: Bottom row from left:
Jeremy Kwok Chim Min Jasemin Tjan Pau Yen
(Manager, Property (Manager, Property
Management) Management)
Peter Chua Teck Hong Lee Pheck Yan
(Director, Development (Head of Development
Management) Management)
Chng Siok Khim Gary Chia Lip Gee
(Head of Marketing & (Senior Manager,
Lease Management) Marketing)
Jane Chee Chew Foung Mimi Wong Hui Mee
(Manager, Marketing) (Manager, Lease
Management)
Philomena Loh Mui Hua
(Senior Manager, Marketing)
Not in picture: Mr Tony Khoo Kay Teong (Head of Property Management)
S$15.4 billion
Total real estate owned and
managed by the Sponsor,
Mapletree Investments Pte Ltd
9
Letter to
Unitholders
Tham Kuo Wei Wong Meng Meng

Chief Executive Officer Chairman
10
Dear Unitholders,
We are pleased to present the inaugural Annual Report of

Mapletree Industrial Trust for the financial year 2010 ended
31 March 2011 (FY2010).
INDUSTRIOUS BEGINNINGs
On 21 October 2010, Mapletree Industrial Trust was listed
on the Main Board of the SGX-ST as Singapores largest REIT
IPO. Gross proceeds of approximately S$938.6 million1 were
raised, drawing overwhelming response from the market with
Overwhelming response at
subscription rates of 39.6 times and 27.7 times by institutional
investors and retail investors respectively. IPO with subscription rates of
MITs unit price soared to S$1.15 upon commencement of

39.6 times
trading, representing a 23.7% increase over its issue price and 27.7 times
of S$0.93. Despite a turbulent Fourth Quarter Financial Year
by institutional and
2010 from 1 January to 31 March 2011 (4QFY2010) with
unrest in the Middle East and uncertainty of impact to the retail investors
global economy after the Japan earthquake and tsunami,
MITs unit price ended firm at S$1.05 for FY2010.
With a market capitalisation of S$1.54 billion as at 31 March

2011, MIT is the third largest industrial REIT listed on SGX-ST.
UNIQUE ROBUST ORGANIC OPPORTUNITIES

For the period from Listing Date to end of FY2010, DPU of
3.45 cents beat the Forecast by a margin of 11.3%. Net
Property Income was S$66.8 million, representing a 6.3% DPU for FY2010
increase over Forecast. Net Asset Value per Unit increased of 3.45 cents
to S$0.95 from S$0.86, due mainly to gains from revaluation
of MITs investment properties. We are pleased to deliver exceed
results exceeding Forecast on the back of healthy rental
revenue growth and continued active management on Forecast
controllable expenses.
by 11.3%
MITs portfolio has benefited from a buoyant Singapore economy
which saw Gross Domestic Product grow by 14.5% in 2010
and 8.3% in the first quarter of 2011 on a year-on-year basis2.
Average passing rental rates continued the uptrend to reach

S$1.49 per square foot per month (psf/mth) for 4QFY2010.
Average occupancy for the same period was 93.2%, the
highest level over the last preceding ten quarters. The improved
Highest average occupancy
performance was broad based and evident across all our
major property types. and passing rental rates of
As at 31 March 2011, the portfolios Weighted Average

93.2% and
Lease Expiry (WALE) is 2.6 years. The relatively short
WALE provides the potential for positive rental reversions
S$1.49 psf/mth
to capture the improving industrial rental rates. Rental caps achieved in 4QFY2010
on lease renewals on flatted factories, stack-up/ramp-up
buildings and the warehouse will be lifted from July 2011.
Notes:
1
Including Mapletree cornerstone subscription units by Mapletree
Dextra Pte Ltd. and Sienna Pte. Ltd., both of which are wholly-
owned subsidiaries of the Sponsor, the total gross proceeds was
S$1,187.6 million.
2
Source: Ministry of Trade and Industry, Singapore. 11
Letter to
Unitholders
As a result of the portfolios relatively short WALE and improving

market sentiments, we should see rental rates for these
properties moving closer to market rates over the next 3 years.
LARGE, DIVERSIFIED AND RESILIENT PORTFOLIO

MITs 1,617 tenants (as at 31 March 2011) represented a
Diverse portfolio with

broad and diverse mix. The top 10 tenants contributed 20.5%
of the portfolios monthly gross rental revenue and no single
1,617 tenants trade sector accounted for more than 13.2% of MITs rental
revenue. MITs large and diversified portfolio with limited
dependence on any one particular trade sector had helped
to ensure stability of DPU to Unitholders.
MIT is one of the largest private industrial landlords in Singapore

with properties across various key industrial locations. The
size and scale of its portfolio offer cost and operational
advantages. MIT is also able to meet the real estate needs of
existing and new tenants with its broad offering of business
space ranging from generic multi-tenanted clusters to specialised
Built-to-Suit facilities.
RELEVANCE THROUGH ACTIVE ASSET MANAGEMENT

In February 2011, MIT completed its first asset enhancement
initiative INNO CENTRE, which involved the conversion of
Light Industrial Building,

Tata Communications Exchange
12
a flatted factory floor to e-business space at Redhill 2 cluster.
Through the asset enhancement, we were able to secure better
rental rates for the e-business space compared to conventional
flatted factory space. The conversion was a demonstration
of MITs continual commitment to rejuvenate existing assets
through innovative initiatives.
In addition to renewal of assets, we have begun assessing

the opportunity of developing available land and under-utilised
plot ratios within the current portfolio to increase gross floor
area. For selected projects, we are in the pre-marketing phase
to seek initial commitment from prospective tenants.
REPUTABLE SPONSOR
Tata Communications Exchange, a six-storey data centre and
corporate headquarters for leading global telecommunications
company, Tata Communications International Pte. Ltd., was
completed in April 2010. Tata Communications Exchange received
the Gold Award from the prestigious Leadership in Energy and Awards for Tata
Environmental Design (LEED) and Green Mark Gold Award by
Building and Construction Authority of Singapore (BCA) for
Communications Exchange
exceeding the standards for sustainability in buildings. LEED Gold
The successful development represents the ability of the Award and
Manager to rely on the Sponsors expertise in developing
Built-to-Suit projects where the design and construction of
BCA Green
industrial facilities is tailored to specialised business needs. The
Sponsors experience in developing and managing more than
Mark Gold
S$15.4 billion (as at 31 March 2011) of office, logistics, industrial, Award
residential and retail/lifestyle properties across Asia provides
MIT the technical know-how and experience to leverage on.
PROACTIVE CAPITAL MANAGEMENT

As at 31 March 2011, MIT maintained gross borrowings of
S$837.0 million with staggered loan maturities between two
to five years. To diversify the source of debt funding, a medium
term note programme is being established. As of 31 March
2011, about 68% of MITs floating rate borrowings had been
hedged into fixed rate borrowings through interest rate swaps.
Since listing, MIT had also entered into relevant forward start
interest rate swaps transactions to extend the existing hedges.
The average cost of debt remained low at 2.3% during the period
after listing. The gearing ratio was reduced slightly to 36.1%, due
to the positive revaluation of MITs investment properties.
FOSTERING TENANT RELATIONSHIPS

Over the year, we have launched various initiatives to foster
stronger tenant relationships. The first issue of Citrus, a
Mapletree Industrial newsletter, was launched in July 2010 to
bridge the information gap through the illustration of news around
various property clusters, promotion of tenants businesses,
raising awareness of safety issues and other building matters.
The second issue of Citrus was published in February 2011
where electronic copies went out to almost 3,000 subscribers,
including tenants, business partners and the general public.
13
Letter to
Unitholders
Business Park Building,

The Signature
Other key initiatives included the launch of Mapletree

Industrial Business Leadership Talks in April 2010 where we
Tenant-focused initiatives:
invited eminent business leaders to share their experience and
Citrus, a Mapletree thoughts. The objective of the talks is to create an opportunity
Industrial newsletter and for our major tenants to network, thereby developing a
stronger community. Ongoing initiatives include festive fairs,
Mapletree lunchtime talks and crime prevention exhibitions at the various
Industrial Business property clusters.
Leadership Talks ENGAGING MIT UNITHOLDERS

We recognise the importance of maintaining proactive
communications and good relationships with all stakeholders
through clear, regular and timely disclosures. Announcements,
press releases and investor presentations are available in a
Proactive timely manner on Singapore Exchanges (SGX) and MITs
investor websites. Email alerts on the latest announcements are sent

to website subscribers upon the release on SGXs website.
communication Investors, analysts and the media can participate through the
Live audio webcast of MITs results biannually. We will continue
through clear, regular and to engage the investor community through regular analyst
timely disclosures briefings, investor conferences and one-on-one meetings.
THE YEAR AHEAD

According to the Ministry of Trade and Industry, the Singapore
economy is expected to grow at a healthy pace of between
5% to 7% in 2011. The manufacturing sector is expected to
14
Top: Bottom:
Business Park Building, Business Park Building,
The Synergy The Signature
grow steadily with the general economy. We anticipate the

demand for industrial properties in Singapore to remain
healthy in the next 12 months. MIT will focus on growing the
portfolio organically through positive rental reversions to market
while seeking suitable asset enhancement and investment
opportunities.
ACKNOWLEDGEMENTS
We would like to thank all Unitholders for their support, both
at the IPO stage and post listing. The strong signal from the
market is a vote of confidence in the Managers ability to
grow the portfolios assets under management and deliver
sustainable returns. We would like to pay a special tribute to
the staff, many of whom have been managing the portfolio
properties for several years prior to the IPO. Reaching
this milestone would not have been possible without their
commitment and hard work.
Wong Meng Meng Tham Kuo Wei

Chairman Chief Executive Officer
6 June 2011
15
Organisation
Structure
Mapletree industrial trust management ltd.
Board of Directors
Mr Wong Meng Meng (Chairman & Non-Executive Director)
Mr Soo Nam Chow (Independent Director)
Mr Seah Choo Meng (Independent Director)
Mr Wee Joo Yeow (Independent Director)
Mr John Koh Tiong Lu (Non-Executive Director)
Mr Hiew Yoon Khong (Non-Executive Director)
Mr Wong Mun Hoong (Non-Executive Director)
Mr Phua Kok Kim (Non-Executive Director)
Mr Tham Kuo Wei (Executive Director & Chief Executive Officer)
Audit and Risk Committee

Mr Soo Nam Chow (Chairman)
Mr Seah Choo Meng
Mr John Koh Tiong Lu
Chief Executive Officer

Mr Tham Kuo Wei Joint Company
Secretaries
Mr Ho Seng Chee /
Head of Investment Chief Financial Officer Head of Mr Wan Kwong Weng
Mr Peter Tan Che Heng Ms Loke Huey Teng Asset Management
Mr Lee Seng Chee Investor Relations
Investment Finance Ms Melissa Tan Hwei Leng
Senior Manager
Mr George Kang Wee Meng Ms Charmaine Lum Sheh Min
Manager Senior Manager
Ms Charlene Zhang Shixin Asset Management Corporate Marketing
Manager
Mr Paul Tan Tzyy Woon Ms Karen Chan Yin Fung
Mr Miguel Vega Sun Senior Manager Senior Manager
Assistant Manager Ms Serene Tam Mei Fong
Senior Manager
Mr Tong Chee Wai*
Senior Manager
Mr Alvin Tay Kian Siong
Manager
Mr Zhou Yong Cheng
Manager
* Joined Mapletree Industrial Trust Management Ltd. on 1 June 2011
Mapletree facilities services pte. ltd.
Board of Directors
Mrs Lee Pheck Yan
Mr Tony Khoo Kay Teong*
Ms Shirley Tay Bee Hong
Head of Marketing & Head of Head of Development

Lease Management Property Management Management
Ms Chng Siok Khim Mr Tony Khoo Kay Teong* Mrs Lee Pheck Yan
* Joined Mapletree Facilities Services Pte. Ltd. on 1 June 2011
16
Corporate and
Trust Structure
Mapletree Industrial Trust
Sponsor
Other Unitholders
Mapletree Investments Pte Ltd
Distributions Ownership
of Units
Management
Manager Services Trustee Fee
Trustee
Mapletree Industrial Trust
Management Acts on behalf
DBS Trustee Limited
Management Ltd.
Fees industrialtrust of Unitholders
100% Ownership of MSIT Units
Distributions
Net Property Ownership Mapletree Singapore

Income of Assets
Industrial Trust* (MSIT)
Net Property Ownership

Income of Assets
Properties MSIT Portfolio*
Property Property
Management Management
Services Fees
Property Manager
Mapletree Facilities Services
Pte. Ltd.
* Mapletree Singapore Industrial Trust (MSIT) was constituted as a private trust on 27 March 2006 and currently owns six light industrial
buildings in Singapore (together, the MSIT Portfolio). MIT acquired MSIT on Listing Date.
17
Board of
Directors
Mr Wong Meng Meng Mr Soo Nam Chow

Chairman and Non-Executive Director Independent Director
Mr Wong Meng Meng, Senior Counsel, is the Chairman and a Mr Soo Nam Chow is an Independent Director of MITM and
Non-Executive Director of the Manager. the Chairman of its Audit and Risk Committee.
He is also a Director of the Sponsor and a member of its Mr Soo has worked in the auditing and accounting industry
Audit and Risk Committee. In addition, Mr Wong is a Director in Singapore for over 35 years and has been with KPMG
of United Overseas Bank Ltd. (UOB), the Chairman of Energy Singapore since 1974. Prior to his retirement from KPMG
Market Company Pte. Ltd. and of FSL Trust Management in September 2009, Mr Soo was the partner in charge of
Pte. Ltd., as well as the President of the Law Society Risk Management, and was a member of the Management
of Singapore. Committee of KPMG in Singapore. His other leadership
roles included heading the Japanese Practice and Securities
Mr Wong is the Founder-Consultant of WongPartnership LLP, Industry Group, as well as a member of the Accounting &
a leading law firm in Singapore. He is an accredited Adjudicator Audit Practice Committees.
under the Building and Construction Industry Security of
Payment Act, Chapter 30B of Singapore and a Member of Mr Soo obtained his professional qualification as a Certified
the Competition Appeal Board, Singapore. Accountant from the Association of Chartered Certified
Accountants in 1983. He is a non-practising member of the
Mr Wong graduated from the University of Singapore and Institute of Certified Public Accountants of Singapore.
was admitted to the Singapore Bar in 1972. He was among
the pioneer batch of Senior Counsels appointed in January
1997. Mr Wong has consistently been identified as one of
the worlds leading lawyers in publications such as Legal
Media Groups The Guide to the Worlds Leading Experts in
Commercial Arbitration and the PLC Cross-border Dispute
Resolution Handbook.
18
Mr Seah Choo Meng Mr Wee Joo Yeow
Independent Director Independent Director
Mr Seah Choo Meng is an Independent Director and a Mr Wee Joo Yeow is an Independent Director of the Manager.
member of the Audit and Risk Committee of the Manager.
Mr Wee is also the Managing Director, Head, Corporate
Mr Seah joined Langdon Every & Seah Singapore in 1968 and Banking Singapore of the UOB Group. Mr Wee has more than
is currently a Director of Davis Langdon & Seah Singapore 30 years of corporate banking experience. He joined UOB in
Pte Ltd. Davis Langdon & Seah Singapore Pte Ltd is an 2002. Prior to that, Mr Wee was with Overseas Union Bank
independent firm of construction cost consultants and project from 1981 to 2001 and held senior appointments in Overseas
managers providing professional consultancy services to Union Bank before its merger into UOB.
the developers, architectural and engineering sectors of the
construction industry. Mr Wee is a director of a number of private companies,
including ORIX Leasing Singapore Ltd.
Mr Seah is also a Director in DLS Contract Advisory & Dispute
Management Services Pte. Ltd. and Davis Langdon & Seah He holds a Bachelor of Business Administration (Hons) degree
Project Management Private Limited. from the University of Singapore and a Master of Business
Administration from New York University, USA.
Mr Seah is a Board Member of the Singapore Green Building
Council, BCA and is also a Trustee of SGBC Pte Ltd. Mr Seah
is a Member of the Construction Adjudicator Accreditation
Committee.
Mr Seah is a Fellow of the Royal Institution of Chartered Surveyors

as well as a Fellow of the Singapore Institute of Surveyors and
Valuers. He is also an Accredited Mediator, Neutral Evaluator
and Adjudicator with the Singapore Mediation Centre.
19
Board of
Directors
Mr John Koh Tiong Lu Mr Hiew Yoon Khong

Non-Executive Director Non-Executive Director
Mr John Koh Tiong Lu is a Non-Executive Director and a Mr Hiew Yoon Khong is a Non-Executive Director of the Manager.
member of the Audit and Risk Committee of the Manager.
He is the Executive Director and Group Chief Executive
Mr Koh was a Managing Director and a Senior Advisor of the Officer of the Sponsor since 2003. Over the last 7 years,
Goldman Sachs Group until 2006. Mr Koh is also a director Mr Hiew has steered and transformed Mapletree from a
and Chairman of the Investment Committee of Mapletree Singapore-centric asset-owning (S$2.3 billion) real estate
Industrial Fund Ltd., a private real estate fund managed by company to a (S$15.4 billion) regional company, with a
the Sponsor. substantial and growing capital management business,
(as at 31 March 2011).
Mr Koh has over 25 years of experience in investment banking
and law. Prior to joining the Goldman Sachs Group in 1999, Mr Hiew is also a Director of both Mapletree Logistics Trust
Mr Koh spent 18 years as a lawyer at various firms, including Management Ltd. (the Manager of Mapletree Logistics Trust)
J. Koh & Co (a Singapore firm founded by Mr Koh) as well as and Mapletree Commercial Trust Management Ltd. (the
serving in the Singapore Attorney-Generals Chambers office. Manager of Mapletree Commercial Trust) as well as the Senior
Managing Director, Special Projects, of Temasek International
Mr Koh also sits on various boards of directors including Pte Ltd.
NSL Ltd (Singapore) and China Lumena New Materials Corp.,
which is listed on the Hong Kong StockExchange. He serves From 1996 to 2003, Mr Hiew held various senior positions in
as the Chairman of the Audit Committees of both companies. the CapitaLand group of companies, including the positions of
Chief Financial Officer of the group and Chief Executive Officer
Mr Koh holds a Bachelor of Arts degree and a Master of Arts of CapitaLand Commercial Ltd and CapitaLand Financial Ltd.
degree from the University of Cambridge and is a graduate of
Harvard Law School. Prior to joining the CapitaLand group, Mr Hiew held various
positions in the areas of corporate finance, management
consultancy and project financing over a 10-year period.
Mr Hiew is also a member of the Board of Trustee of the
National University of Singapore. He also sits as a member of
the Pro-Tem Singapore Accountancy Council. 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.
20
Mr Wong Mun Hoong Mr Phua Kok Kim
Non-Executive Director Non-Executive Director
Mr Wong Mun Hoong is a Non-Executive Director of the Mr Phua Kok Kim is a Non-Executive Director of the Manager.
Manager.
Mr Phua is the Chief Executive Officer of the Sponsors
Mr Wong is also the Group Chief Financial Officer of the Industrial Business Unit. Besides heading the Sponsors
Sponsor. He is a member of the Executive Management Industrial Business Unit, Mr Phua is also a member of the
Committee and is responsible for Finance, Tax, Treasury, Sponsors Executive Management Committee. He is involved
Private Funds & Investor Relations, Risk Management and in various real estate capital management initiatives of the
Information Technology of the Mapletree Group. He is also a Sponsor and participates in the deliberation of strategic issues
Director of Mapletree Logistics Trust Management Ltd. (the related to the Mapletree group as a whole.
Manager of Mapletree Logistics Trust), Mapletree Commercial
Trust Management Ltd. (the Manager of Mapletree Commercial Mr Phua joined Temasek Holdings (Private) Limited in
Trust) and Surbana Township Development Fund. February 2000 where he worked on corporate finance
transactions and private equity investments in a diversity of
Prior to joining the Sponsor in January 2006, Mr Wong had sectors, including telecommunications, media, transportation,
over 14 years of investment banking experience in Asia, the logistics and financial services. He was seconded to the
last 10 years of which were with Merrill Lynch & Co., which Sponsor from Temasek Holdings (Private) Limited on
included stints in Singapore, Hong Kong and Tokyo. He was 1 May 2005. The secondment was converted to a transfer
a Director and the Head of its Singapore Investment Banking on 1 October 2008. During that time, Mr Phua was also a
Division prior to leaving Merrill Lynch & Co. in late 2005. Director of Singapore Post Limited from 2004 to 2006.
Mr Wong graduated with a Bachelor of Accountancy (Honours) A Colombo Plan scholar, Mr Phua studied economics at
from the National University of Singapore in 1990. He is a the University of Adelaide, Australia and worked in the
non-practising member of the Institute of Certified Public Administrative Service of the Singapore Government after
Accountants of Singapore. He also holds the professional graduation. He also held various positions in the private
designation of Chartered Financial Analyst from the CFA sector covering equity and economic research in Singapore
Institute of the United States. He attended the Advanced and Indonesia.
Management Programme at INSEAD Business School.
21
Board of
Directors
Mr Tham Kuo Wei

Executive Director & Chief Executive Officer
Mr Tham Kuo Wei is both an Executive Director and the Chief

Executive Officer of the Manager.
Prior to joining the Manager, he was the Deputy Chief

Executive Officer (from August 2009) and Chief Investment
Officer (from April 2008 to August 2009) of the Sponsors
Industrial Business Unit where he was responsible for
structuring, setting up and managing real estate investment
platforms in Singapore and the region.
Prior to this, Mr Tham was the Chief Investment Officer of

CIMB-Mapletree Management Sdn Bhd in Malaysia from July
2005, and he was responsible for setting up and managing
the private equity real estate fund. He was instrumental
in securing investments from institutional investors in
Malaysia and overseas. He was also responsible for sourcing
and acquiring completed assets as well as managing
development projects across the office, retail, industrial and
residential sectors.
Before Mr Thams secondment to CIMB-Mapletree

Management Sdn Bhd, he was Senior Vice President of
Asset Management in the Sponsor and was responsible for
the Sponsors portfolio of Singapore commercial, industrial
and residential assets. He joined the Sponsor in June 2002
as Project Director for its new Business and Financial Centre
project at the New Downtown in Singapore. Prior to joining
the Sponsor, Mr Tham held various positions in engineering
and logistics management in PSA Corporation from 1993 to
2002. He holds a Bachelor of Engineering degree from the
National University of Singapore.
22
Management
Team
Mr Tham Kuo Wei Ms Loke Huey Teng

Chief Executive Officer Chief Financial Officer
Mr Tham Kuo Wei is also the Executive Director of the Manager. Ms Loke Huey Teng is the Chief Financial Officer of the
Please refer to his profile under the Board of Directors section Manager. She has served in different roles within the Mapletree
of this Annual Report (see page 22). Group since she joined in May 2004.
Prior to joining the Manager, Ms Loke was the Chief Financial

Officer of the Sponsors Industrial Business Unit, overseeing its
finance, accounting, corporate finance and treasury activities.
From April 2007 to June 2008, Ms Loke was with the Sponsors
Singapore Investments Division as Vice-President (Finance),
and was primarily responsible for conceptualising and
planning for the potential listing of the Sponsors commercial
and retail assets. Before this, she was the Deputy Chief
Financial Officer/Vice President (Corporate Finance) of
Mapletree Logistics Trust Management Ltd., and was
primarily responsible for the corporate finance function and
oversight of the finance and accounting functions of Mapletree
Logistics Trust (MapletreeLog) following the public listing of
MapletreeLog.
Ms Loke was with PSA Corporation Limited from 1998 to

2004 where she held various appointments, including Deputy
Regional Manager of its International Business Division.
Ms Loke was with the Budget Division of the Ministry of
Finance, Singapore, from 1995 to 1998 where her last held
position was Assistant Director. She holds a Bachelor of
Accountancy (Second Class Upper Honours) degree from the
Nanyang Technological University, Singapore.
23
Management
Team
Mr Lee Seng Chee Mr Peter Tan Che Heng

Head of Asset Management Head of Investment
Mr Lee Seng Chee oversees the management of the assets Mr Peter Tan Che Heng is the Head of Investment of the Manager.
in the portfolio. He is responsible for formulating and executing
strategies to maximise income from the assets. He has been Prior to joining the Manager, Mr Tan was Head of Investment,
managing the assets in the MIT portfolio since 2009. Mr Lee Industrial of the Sponsor where he was responsible for
brings with him 25 years of experience in real estate, business the acquisition and development of the Sponsors industrial
development and operations. assets in Singapore and the region. He joined the Sponsor in
2006 as Manager, Investment and was a key member of the
Prior to joining the Manager, Mr Lee was the General Manager investment team for the pan-Asia Mapletree Industrial Fund.
of the Sponsors self-storage business. Before that, he was
Senior Vice President at FJ Benjamin Holdings Ltd., where Prior to joining the Sponsor, Mr Tan had worked at Boustead
he spearheaded the groups venture into e-businesses, and Projects Pte Ltd and Ascendas Services Pte Ltd where he was
was Vice President at Media Corporation of Singapore where involved in business development, development management
he initiated its interactive businesses. He was also Vice and asset management of industrial facilities in Singapore
President at Singapore Cablevision (now part of Starhub) and the region.
when it was first launched in 1992 and was instrumental
in starting and setting up the Operations and Engineering Mr Tan holds a Bachelor of Science (Building) (Hons) from the
Departments at Singapore Cablevision. National University of Singapore.
Mr Lee holds a Bachelor of Engineering (Second Class Upper

Honours) degree from the National University of Singapore.
24
Corporate
Services Team
Mr Ho Seng Chee Mr Wan Kwong Weng

Joint Company Secretary Joint Company Secretary
Mr Ho Seng Chee is the Joint Company Secretary of the Mr Wan Kwong Weng is the Joint Company Secretary of the
Manager and Group Chief, Corporate Services of the Sponsor, Manager as well as Senior Vice President and Group General
where he oversees all administration, communications, human Counsel of the Sponsor, where he takes charge of all legal
resources and legal matters of the Sponsor. and corporate secretarial matters.
Prior to joining the Sponsor in November 2008, Mr Ho was Prior to joining the Sponsor in 2009, Mr Wan was Group
a staff member of the International Monetary Fund (IMF) General Counsel Asia at Infineon Technologies for 7 years,
in Washington, DC, USA. In his 11-year career at the IMF, where he was a key member of its Asia Pacific management
Mr Ho held diverse positions spanning strategic team. He started his career as a litigation lawyer with one
communications, policy planning, investor relations and legal of the oldest law firms in Singapore, Wee Swee Teow & Co.,
work. He has broad international experience, having worked and was subsequently with the Corporate & Commercial/
on projects in the Americas, Europe, Africa and Asia. Private Equity practice group of Baker & McKenzie in
Singapore and Sydney.
A lawyer by training, Mr Ho holds a Master of Laws
(International Legal Studies) from New York University, and a Mr Wan has an LL.B. (Honours) (Newcastle upon Tyne),
Bachelor of Laws from the National University of Singapore. where he was conferred the Wise Speke Prize, as well as an
He began his working life as a litigation counsel, first with LL.M. (Merit) (London). He also attended the INSEAD Asia
Drew and Napier, and subsequently with Rajah & Tann. 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).
25
Property
Management Team
Mrs Lee Pheck Yan Mr Tony Khoo Kay Teong

Head of Development Management Head of Property Management
Mrs Lee Pheck Yan is the Head of Development Management Mr Tony Khoo Kay Teong oversees the property management
of the Sponsor, where she oversees the development functions for the portfolio. His primary responsibility is to
management, project management and contract procurement provide a safe, reliable and conducive work environment for
of the Sponsors properties. She has more than 30 years tenants in the portfolio.
of experience in developing and managing a range of
large-scale development projects, including high-rise office Mr Khoo leverages on his 20 years of broad-based
buildings, retail malls, service apartments, industrial warehouse experience in the real estate industry to lead the property
developments, residential projects and HDB township planning management team.
and developments.
Prior to joining the Sponsor in early 2011, Mr Khoo spent
Prior to joining the Sponsor, Mrs Lee held senior positions in 10 years with UGL Premas Limited, an Australian listed
private developer companies. In those capacities, she was engineering and property services group. He was the Deputy
responsible for the project development, marketing, leasing, Managing Director for the facilities management business
property/land acquisitions and property management for unit when he left. Before that, Mr Khoo had also worked in
the companies. Keppel Land Limited as an Investment Manager.
Mrs Lee received a Public Service Commission Local Mr Khoo holds an MBA from University of Victoria in New
Merit Scholarship and Ministry of Education pre-university Zealand and Bachelor of Engineering (First Class Honours)
scholarship. She is a registered architect and holds a degree from University of Canterbury, also in New Zealand.
Bachelor of Architecture degree from the National University
of Singapore. She also holds a Diploma in Business
Administration and a Master of Science degree from the
National University of Singapore.
26
Ms Chng Siok Khim
Head of Marketing & Lease Management
Ms Chng Siok Khim is the Head of Marketing and Lease

Management of the Industrial business unit of the Sponsor
where she oversees the marketing and leasing of industrial
properties. She is responsible for the formulation of marketing
strategies for the portfolio and its execution by the marketing
team. Prior to her current focus, Ms Chng was also overseeing
the marketing of the Groups office and logistics space. She
was primarily responsible for the successful pre-leasing of
BOA Merrill Lynch Harbourfront to the bank in 2007. She has
been with the Sponsor since 2004.
Prior to joining the Sponsor, Ms Chng was with DTZ

Debenham Tie Leung for 9 years. In her last role, she was the
Associate Director, Business Space, responsible for all aspects of
the departments marketing functions, which included leasing
and sales activities, accounts servicing and sole agency
project marketing. She contributed significantly to the project
marketing of SIA Building, Suntec City and HarbourFront
Towers 1 & 2.
Ms Chng holds a Bachelor of Science (Estate Management)

(Hons) from the National University of Singapore.
27
Corporate
Governance
The Manager is mandated with the general powers of management of the assets of MIT. The Managers
primary responsibility is to manage the assets and liabilities of MIT for the benefit of Unitholders in
accordance with the terms of the trust deed constituting MIT (Trust Deed) as well as the applicable laws
and regulations. The terms of appointment of the Manager are set out in the Trust Deed.
The strategy of MIT is set by the Manager and the Manager gives recommendations to DBS Trustee
Limited, as trustee of MIT (the Trustee), on acquisition, divestment or enhancement of assets of MIT, in
accordance with the investment objective and mandate.
The Board of Directors of the Manager is responsible for the overall corporate governance of the Manager,
taking into account the basic principles and spirit of the Code of Corporate Governance (the Code). Internal
control processes have been developed to both comply with the Code and meet the Managers business
needs in the best interests of MITs Unitholders.
All directors and employees of the Manager are remunerated by the Manager, and not by MIT.
The Manager is licensed for REIT Management with a Capital Markets Services License by the Monetary
Authority of Singapore.
1 BOARD MATTERS
Boards Conduct of its Affairs
Principle 1: Every company should be headed by an effective Board to lead and control the company.

Policy and Practices
The Manager is committed to the principle that an effective board for the Manager is one constituted
with the right core competencies and diversity of experience to enable them in their collective
wisdom to contribute effectively. Every director shall act in good faith, provide insights and consider,
at all times, the interests of MIT.
The key roles of the Board are to:

guide the corporate strategy and objectives of the Manager;
ensure that senior management discharges business leadership with the highest quality of
management skills including integrity and enterprise; and
oversee the proper conduct of the Managers affairs.
The positions of Chairman and Chief Executive Officer (CEO) are held by two separate persons in
order to maintain effective oversight.
The Board comprises 9 directors, of whom 8 are non-executive directors and 3 are independent.
The following sets out information regarding the directors:

Mr Wong Meng Meng, Chairman and Non-Executive Director
Mr Soo Nam Chow, Chairman of the Audit and Risk Committee and Independent Director
Mr Seah Choo Meng, Independent Director
Mr Wee Joo Yeow, Independent Director
Mr John Koh Tiong Lu, Non-Executive Director
Mr Hiew Yoon Khong, Non-Executive Director
Mr Wong Mun Hoong, Non-Executive Director
Mr Phua Kok Kim, Non-Executive Director
Mr Tham Kuo Wei, Executive Director
The Board comprises business leaders and professionals with distinguished banking, business, financial
and legal backgrounds. Profiles of the directors are found on pages 18 to 22 of this Annual Report.
They meet regularly, at least once every quarter, to deliberate the strategies of MIT, including funding
and hedging activities, approve the annual budget and review operational and financial performances
of MIT. Four board meetings were held for the period from 21 October 2010 to 31 March 2011.
28
1 BOARD MATTERS (Contd)
Boards Conduct of its Affairs (Contd)
Policy and Practices (Contd)
The Manager believes that contributions from each director are manifested beyond the reporting of
attendance of each director at Board and committee meetings. A director would have been appointed
on the strength of his calibre, experience, stature, and potential to give proper guidance to the Manager
and its businesses.
Each director contributes in many different ways, including managements access to him for guidance
or exchange of views outside the formal environment of Board meetings. In addition, each director
brings experienced perspicacity and strategic networking relationships that further the interests
of MIT.
The Board has approved a set of internal controls which sets out approval limits at the Board level
for capital expenditures, investments and divestments, bank borrowings and cheque signatory
arrangements. Approval sub-limits are also provided at various management levels to facilitate
operational efficiency.
Changes to regulations and accounting standards are overseen by the Audit and Risk Committee.
To keep pace with regulatory changes, where these changes have an important bearing on the
Managers or the directors disclosure obligations, directors are briefed either during Board meetings
or at specially-convened sessions conducted by professionals or by way of legislative updates
prepared by the management.
Newly-appointed directors are given briefings by the management on the business activities and
strategic directions of the Manager and MIT.
All directors are also provided with relevant information on the Managers policies and procedures
relating to governance issues including disclosure of interests in securities, prohibitions on dealings in
MITs securities, restrictions on disclosure of price sensitive information and the disclosure of interests
relating to certain property transactions.
Board Composition and Balance

Principle 2: There should be a strong and independent element on the Board, which is able to
exercise objective judgment on corporate affairs independently, in particular, from management. No
individual or small group of individuals should be allowed to dominate the Boards decision making.

The Manager is committed to the principle that at least 1/3 of its directors are independent and
the majority of its directors are non-executive. This enables the management to benefit from their
external, diverse and objective perspective on issues that are brought before the Board. The Board
interacts and works with management through a robust exchange of ideas and views to help shape
the strategic process of MIT. This, together with a clear separation of the role of the Chairman and
the CEO, provides a healthy professional relationship between the Board and management with
clarity of roles and oversight as they deliberate on the business activities of the Manager and MIT.
The Board is supported by the Audit and Risk Committee. Membership of the Audit and Risk
Committee is managed to maximise the effectiveness of the Committee and foster active participation
and contribution. Diversity of experience and appropriate skills are also considered.
Chairman and Chief Executive Officer

Principle 3: There should be a clear division of responsibilities at the top of the company the working
of the Board and the executive responsibility of the companys business which will ensure a balance
of power and authority, such that no one individual represents a considerable concentration of power.
29
Corporate
Governance

Chairman and Chief Executive Officer (Contd)
The Manager is committed to the principle of a clear separation of the roles and responsibilities
between the Chairman of the Board and the CEO of the Manager. The Chairman, who is non-executive,
is responsible for the Board and is free to act independently in the best interests of the Manager and
MITs Unitholders. The CEO is responsible for the running of the Managers operations.
The Chairman is responsible for the overall management of the Board as well as ensuring that the
members of the Board and the management work together with integrity, competency and moral
authority, and that the Board engages the management in constructive debates on strategy, business
operations, enterprise risk and other plans.
The CEO is a Board member and has full executive responsibilities over the business directions and
operational decisions in the day-to-day management of the Manager. The CEO, in consultation with the
Chairman, schedules Board meetings on a regular basis and finalises the preparation of the meeting
agenda. He ensures the quality and timeliness of the flow of information between the management
and the Board. He is also responsible for ensuring compliance with corporate governance guidelines.
Board Membership
Principle 4: There should be a formal and transparent process for the appointment of new directors
to the Board. As a principle of good corporate governance, all directors should be required to submit
themselves for re-nomination and re-election at regular intervals.

The Manager is committed to the principle that the Board renewal is an ongoing process to ensure
good governance and maintain relevance to the changing needs of the Manager and MITs business.
The CEO, where he is also a Board member, must also subject himself to retirement and re-election.
Board Performance
Principle 5: There should be a formal assessment of the effectiveness of the board as a whole and
the contribution by each director to the effectiveness of the board.

The Manager is committed to the principle that the Boards performance is ultimately reflected in the
performance of the Manager. The measure of Boards performance is measured through its ability
to lend support to the management especially in times of crisis and to steer the Manager in the
right direction.
The Board has used its best efforts to ensure that directors appointed to the Board possess the
background, experience and knowledge in technology, business, finance, legal and management
skills critical to the Managers business and that each director, through his or her unique contributions,
brings to the Board an independent and objective perspective to enable balanced and well
considered decisions to be made.
Access to Information
Principle 6: In order to fulfill their responsibilities, Board members should be provided with complete,
adequate and timely information prior to Board meetings and on an ongoing basis.

The Manager is committed to the principle that the Board shall be provided with timely and complete
information prior to Board meetings and also as and when the need arises.
New Board members are fully briefed on the businesses of the Manager and MIT. The management
is required to provide adequate and timely information to the Board on the affairs and issues of MIT
that require the Boards decision as well as ongoing reports relating to the operational and financial
performances of MIT.
30
Access to Information (Contd)
The Board has separate and independent access to the management team and the Company
Secretary, as well as to all statutory records of the Manager. The Joint Company Secretary attends to
the administration of corporate secretarial matters and attends all Board and committee meetings.
The Board takes independent professional advice as and when necessary to enable it or the
independent directors to discharge their responsibilities effectively. The Audit and Risk Committee meets
the external and internal auditors separately at least once a year, without the presence of management.
2 REMUNERATION MATTERS
Procedures for Developing Remuneration Policies
Principle 7: There should be a formal and transparent procedure for fixing the remuneration packages
of individual directors. No director should be involved in deciding his own remuneration.
The Manager is committed to the principle that remuneration matters are structured and benchmarked
to good market practices. This enables the Manager to attract suitably qualified talents to grow and
manage MITs business.
Level and Mix of Remuneration

Principle 8: The level of remuneration should be appropriate to attract, retain and motivate the
directors needed to run the company successfully but companies should avoid paying more for this
purpose. A proportion of the remuneration, especially that of executive directors, should be linked
to performance.
Disclosure on Remuneration
Principle 9: Each company should provide clear disclosure of its remuneration policy, level and mix
of remuneration, and the procedure for setting remuneration, in the companys annual report.

The Manager is committed to the principle that remuneration for the Board and key executives
should not be taken in isolation. It should be linked to the development of management bench
strength and key executives to ensure that there is robust talent management and renewal of
strong and sound leadership for the continued success of the Manager and MITs business. The
Executive Resource and Compensation Committee (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 the business forward.
The members of the Sponsors ERCC are:

Mr Edmund Cheng Wai Wing (Chairman)
Mr Paul Ma Kah Woh (Member)
Ms Chan Wai Ching, Managing Director, Temasek International Pte Ltd (Co-opted Member)
All the members of the ERCC are independent of the management. The Chairman is a non-executive
director who is independent of the management, with a clear separation of his role from the management
in deliberations of the ERCC. From time to time, the Manager may co-opt an outside member into
the ERCC to provide a global perspective of talent management and remuneration practices.
The ERCC oversees executive compensation and development for the Manager, with the aim of
building a capable and committed management team through competitive compensation, focused
management and progressive policies which can attract, motivate and retain a pool of talented
executives to meet the current and future growth of the Manager.
31
Corporate
Governance
2 REMUNERATION MATTERS (Contd)

Disclosure on Remuneration (Contd)
Specifically, the ERCC will:
approve the renumeration framework (including directors fees) for non-executive directors;
establish compensation policies for key executives;
approve salary reviews, bonuses and incentives for key executives;
approve key appointments and review succession plans for key positions; and
oversee the development of key executives and younger talented executives.
The ERCC conducts, on an annual basis, a succession planning review of the CEO and selected key
positions in the Managers operations. Potential internal and external candidates for succession are
reviewed for different time horizons of immediate, medium term and longer term needs.
The ERCC has access to expert professional advice on human resource matters whenever there is
a need to consult externally. In its deliberations, the ERCC takes into consideration industry practices
and norms in compensation. The CEO is not present during the discussions relating to his own
compensation and terms and conditions of service, and the review of his performance.
The CEO as executive director does not receive directors fees. He is a lead member of the
management. His compensation consists of his salary, allowances, bonuses and share appreciation
awards. The latter is conditional upon his meeting certain performance targets. Mr Hiew Yoon Khong,
Mr Wong Mun Hoong and Mr Phua Kok Kim, respectively the Group Chief Executive Officer, the
Group Chief Financial Officer and the Chief Executive Officer, Industrial of the Sponsor, also do not
receive directors fees for serving as directors of the Manager.
3 ACCOUNTABILITY AND AUDIT

Accountability
Principle 10: The Board is accountable to the shareholders while the management is accountable to
the Board.

The Manager is committed to the principle to promote best practices so as to build an excellent
base to deliver maximum sustainable value to MITs Unitholders and is accountable to MITs
Unitholders for MITs performance.
Prompt fulfillment of statutory reporting requirements is but one way to maintain the stakeholders
confidence and trust in the Managers capability and integrity.
Audit and Risk Committee (AC)

Principle 11: The Board should establish an AC with written terms of reference which clearly set out
its authority and duties.

The Manager is committed to the principle that the AC shall have at least 3 members, all of whom
must be non executive and the majority of whom must be independent.
The AC consists of 3 members. They are:

Mr Soo Nam Chow, Chairman
Mr Seah Choo Meng, Member
Mr John Koh Tiong Lu, Member
32
3 ACCOUNTABILITY AND AUDIT (Contd)
Audit and Risk Committee (AC) (Contd)
The AC members bring with them invaluable managerial and professional expertise in the financial
and business domains. The AC has a set of Terms of Reference defining its scope of authority which
includes review of the annual audit plan, the adequacy of the internal audit process, results of audit
findings and the managements response, the adequacy and effectiveness of internal controls as
well as Interested Person Transactions. The AC reviews quarterly, half-yearly and annual financial
statements and the appointment and re-appointment of auditors before recommending them to
the Board for approval. The AC also approves the compensation of the external auditors as well as
considers the nature and extent of non-audit services and their potential impact on the independence
and objectivity of the external auditors.
The AC meets with the external and internal auditors, without the presence of the management,
at least once a year to discuss the reasonableness of the financial reporting process, system of
internal control, significant comments and recommendations.
The Manager has implemented a Whistle-Blowing Policy, which was approved by the Board, and
the AC is tasked with the review of arrangements by which staff may, in confidence, raise concerns
about possible improprieties in matters of financial reporting or other matters. The objective is to
ensure that arrangements are in place for independent investigations of such matters and for
appropriate follow-up actions.
The Managers policies and procedures relating to Risk Management can be found on pages 65 to 66
of this report.
One AC meeting was held for the period from 21 October 2010 to 31 March 2011.
Internal Controls
Principle 12: The Board should ensure that the management maintains a sound system of internal
controls to safeguard the shareholders investments and the companys assets.
The Manager is committed to the principle of a sound system of internal controls, including rules for
the dealings in MIT units by Board members and employees.
As a matter of internal policy, the directors and employees of the Manager are prohibited from dealing
in MIT units:
in the period commencing one month before the public announcement of MITs annual and
semi-annual results and MITs property valuations;
in the period commencing two weeks before the public announcement of MITs quarterly results
and MITs property valuations; and
At any time whilst in possession of price-sensitive information.
Each director is required to give notice to the Manager of his acquisition of MIT units or of changes
in the number of MIT units which he holds or in which he has an interest, within 2 business days
of such acquisition or change of interest.
Generally, all employees of the Sponsor are required to send a pre-trading notification email to the
compliance officer through a designated pre-trading email account, before trading in any units of
Mapletree REITs, including MIT.
The Manager has also established an internal control system to ensure that all related party
transactions are undertaken only on normal commercial terms and will not be prejudicial to the
interests of the MIT Unitholders. As a general rule, the Manager must demonstrate to the AC that
such criteria are followed and this would entail obtaining one or more valuations of properties,
where appropriate, from independent professional valuers. 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 the Property Fund Guidelines. In addition, the Trustee also has the right
to review such transactions to ascertain that the Property Fund Guidelines have been complied with.
33
Corporate
Governance

Internal Controls (Contd)
Further, the following rules will be adhered to:
transactions (either individually or as part of a series or if aggregated with other related party
during the same financial year) equal to or exceeding S$100,000 in value but below 3.0% of
the value of MITs net tangible assets will be subject to review by the AC at regular intervals;
transactions (either individually or as part of a series or if aggregated with other related party during
the same financial year) equal to or exceeding 3.0% but below 5.0% of the value of MITs 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
transactions (either individually or as part of a series or if aggregated with other related party during
the same financial year) equal to or exceeding 5.0% of the value of MITs 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 fit, 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 Fund Guidelines, such
transactions would have to be approved by the MIT Unitholders at a meeting of the MIT Unitholders.
The fees and charges payable by MIT to the Manager under the Trust Deed and to the Property
Manager under the Master Property Management Agreement (collectively, the Exempted Agreements),
constitutes related party transactions. However, in accordance with the disclosure made in the IPO
Prospectus dated 12 October 2010, these fees and charges are deemed to have been specifically
approved by the MIT Unitholders upon their subscription for the Units and are therefore no longer
subject to Rules 905 and 906 of the Listing Manual.
The Trustee has the ultimate discretion under the Trust Deed to decide whether or not to enter into
a transaction involving a related party of the Manager or MIT. If the Trustee is to sign any contract
with a related party of the Manager or MIT, the Trustee will review the contract to ensure that it
complies with the requirements relating to interested party transactions in the Property Fund Guidelines
and the provisions of the Listing Manual relating to interested person transactions as well as the Trust
Deed and such other guidelines as may from time to time be prescribed by the Monetary Authority of
Singapore and/or the SGX-ST.
Principle 13: The company should establish an internal audit function that is independent of the
activities it audits.

The Manager is committed to the principle of a system of internal audit to check on processes of
internal controls to safeguard MIT Unitholders interests, MITs assets, and to manage risks. Apart from
the AC, other Board committees may be set up from time to time to address specific issues or risks.
The Internal Audit Department (IA) of the Sponsor reports directly to the Chairman of the AC of both
the Manager and the Sponsor.
The mission of IA is to conduct internal audit work in consultation with, but independently of, the
management and its plan is submitted to the AC for approval at the beginning of each year. The AC
must also meet with the IA at least once a year without the presence of the management.
IA 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 guided by the Standards for the
Professional Practice of Internal Auditing (Standards) developed by the IIA and has incorporated
these standards into its audit practices.
34
Internal Controls (Contd)
The Standards set by the IIA cover requirements on:
independence & objectivity;
proficiency & due professional care;
managing the internal audit activity;
engagement planning;
performing engagement; and
communicating results.
IA staff involved in Information Technology (IT) audits are Certified 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
qualified staff. In order that their technical knowledge remains current and relevant, IA identifies and
provides training and development opportunities to the staff.
4 COMMUNICATION WITH SHAREHOLDERS

Principle 14: Companies should engage in regular, effective and fair communication with shareholders.
Greater shareholder participation

Principle 15: Companies should encourage greater shareholder participation at Annual General
Meetings, and allow shareholders the opportunity to communicate their views on various matters
affecting the company.

The Manager is committed to the principle of regular and timely communication with MITs
Unitholders to promote better understanding of MITs business, and to cultivate a system of effective
disclosure to its key stakeholders.
The Manager regularly communicates major developments in MITs businesses and operations to
the Unitholders, analysts, the media and its employees. The Manager issues announcements and
press releases on MITs latest corporate developments on an immediate basis where required under
the Listing Manual, and all announcements as well as press releases are available on its website.
Where immediate disclosure is not practicable, the relevant announcement is made as soon as
possible to ensure that all stakeholders and the public have equal access to the information.
The Manager has its own Investor Relations department which works with the Legal and Corporate
Secretariat Department of the Sponsor to ensure MITs compliance with legal and regulatory
requirements applicable to listed companies/REITs, as well as to incorporate best practices in its
investor relations programme.
The Manager communicates with MITs investors on a regular basis and attend to their queries.
The summary annual report is sent to Unitholders. The annual report is also sent to Unitholders
upon request without charge. The AGM notice is also published via SGXNET. The CEO, Chief Financial
Officer (CFO) and senior management of the Manager are present at such communication sessions
to answer questions.
The first AGM will take place on 19 July 2011 and the Manager plans to solicit feedback in order to
better plan and prepare for future AGMs.
The Manager always announce MITs financial results via SGXNET first. The Manager also holds
analysts briefings of its financial results for its half-year and full-year results. The full year briefing is
also available via webcast to the media, public and all Unitholders via MITs website to ensure that
there is fair and equal disclosure of information.
35
Strategy
Key Objective
To provide Unitholders with an attractive rate of return for their investment through regular and stable
distributions to Unitholders and achieving long-term growth in DPU and Net Asset Value per unit, while
maintaining an appropriate capital structure.
Key Strategies
The Managers strategies for growth include:
1 Active Asset Management Strategy

Proactive leasing and marketing initiatives
Deliver quality service and customised
solutions
Improve operational efficiency to reduce
operating cost
Implement asset enhancement initiatives
2 Acquisition Growth 3 Capital and Risk

and selective KEY Management Strategy
development Strategy Strategies
Maintain a strong
Identify potential assets balance sheet
for acquisition and explore
Employ an appropriate
development opportunities
capital structure
Conduct detailed feasibility
Diversify sources
studies on potential acquisition
of funding
and development projects
Active interest rate
Consider impact of acquisition
management
and development risks to
Unitholders and tenants
1 Active Asset Management Strategy

The Managers primary strategy is the maximisation of the organic potential of the portfolio through
active asset management. Key areas of focus include proactive leasing and marketing, delivering
quality service and customised solutions, improving operational efficiency to reduce operating cost
and implementing asset enhancement initiatives.
Proactive Leasing and Marketing Initiatives

When engaging tenants for renewal of their leases, the Manager considers the tenants business
needs and nature of operations, as well as their payment track record. The Manager employs proactive
leasing and marketing initiatives which include:
negotiating renewals 6 months in advance of lease expiry to minimise downtime and opportunity cost;
identifying expiring leases which are below market rents and re-contracting them at higher levels
upon renewal of these leases;
identifying growing trade sectors and hunting for prospects in these trade sectors;
monitoring rental arrears to mimimise defaults; and
attracting tenants in similar or complementary businesses to the same properties so as to increase
tenant stickiness.
36
Deliver Quality Service and Customised Solutions
The Manager intends to continue providing high quality services to tenants. This includes customising
solutions for existing and prospective tenants. Other initiatives include:
providing high quality asset management services to maintain high tenant retention rate;
providing additional value-added services for tenants, such as transportation services and on-site
amenities;
improving responsiveness to tenants feedback and enquiries;
reviewing facility management services regularly to ensure service standards are met; and
accommodating tenants with changing business needs by offering alternative locations within the
portfolio.
Improve Operational Efficiency to Reduce Operating Cost

In an inflationary environment, the Manager is cognizant of rising costs and tries to improve operational
efficiency and minimise operating costs through the following ways:
leveraging on the large portfolio to achieve economies of scale and cost savings through bulk
sourcing of services and supplies;
monitoring the portfolios overall energy needs, consumption patterns and operational efficiency of
equipment; and
embarking on new energy saving initiatives to reduce the overall energy consumption and improve
cost efficiency.
Implement Asset Enhancement Initiatives

Reviewing the need for asset enhancements is an ongoing process for the Manager. Dedicated
Asset Managers are assigned to manage each property cluster and explore asset enhancement
initiatives to continually improve the product offering. Initiatives include:
enhancing/upgrading existing business space with improved specifications;

reconfiguring unusable space to increase leasable area;
improving exterior signages, lighting, restroom facilities and other aesthetic aspects of the
buildings; and
improving surrounding infrastructure and amenities.

2 Acquisition Growth and Selective Development Strategy
The Manager plans to selectively explore acquisition and development opportunities and will target
projects which add value or provide strategic benefits to the existing portfolio. The considerations
include potential of enhancement of returns, improvement of tenant profile and quality, portfolio
diversification and strengthening of competitive position. Periodically, the Manager will further review
the feasibility of divesting properties which have reached a stage of limited income growth. Sale
proceeds from such divestments can be reinvested in better opportunities. The Manager will actively
source for acquisition and development opportunities through its network of real estate industry
players, public agencies, referrals from existing tenants as well as from the Sponsor.
Acquisition Growth Strategy

The Manager will focus on the following investment criteria to evaluate the viability of potential
acquisitions:
impact on distributions focusing on properties with income yields above its weighted average
cost of capital and sustainable long term growth prospects;
location identifying properties which are located in established industrial precincts and with
close proximity to major roads, expressways or MRT stations;
lease expiry profile focusing on properties with longer leases to extend the weighted average
lease expiry of the Portfolio;
37
Strategy
asset enhancement potential considering properties where there is potential to add value to the
properties by increasing occupancy, incurring capital expenditure selectively and/or undertaking
other asset enhancement initiatives;
building and facilities specification selecting properties with quality specifications. These
specifications will depend on the type of property and may change over time due to market
developments and tenant demands. Such specifications may include, but are not limited to,
adequate floor load capacity, sufficient clear usable ceiling heights, regular floor plates and
adequate power provision;
tenant composition identifying properties which have (i) tenants with good credit quality particularly
for master lease/purpose built properties, (ii) diverse sector mix for multi-tenanted properties and
(iii) established and reputable tenants; and
land lease tenure focusing on properties with longer underlying land lease tenure to extend the
underlying land lease maturity profile of its Portfolio.
Selective Development Strategy

On a selective basis, the Manager will undertake developments which add value to the existing
Portfolio. The Manager will explore Built-to-Suit developments that can cater to prospective tenants
operational requirements. Such developments usually come with long term leases which will help
to extend the lease expiry profile of the Portfolio. The Manager will also consider development of
unutilised gross floor area within the Portfolio to unlock real estate value. In carrying out development
activities, the Manager will consider, among other things, development and construction risks, as
well as the overall benefits to Unitholders and the tenants.
3 Capital and Risk Management Strategy

The key objectives of the Managers capital management strategy are to:
maintain a strong balance sheet;

employ an appropriate mix of debt and equity in financing acquisitions;
diversify funding sources to access both financial institutions and capital markets;
optimise cost of debt financing; and
adopt appropriate interest rates hedging strategies to minimise exposure to market volatility.
MITs gross borrowings of S$837.0 million were structured with staggered loan maturities of two,
three, four and five years from 27 September 2010 with weighted average expiry of 2.9 years as at
31 March 2011. As at 31 March 2011, about 68% of MITs floating rate borrowings have been hedged
into fixed rate borrowings through interest rate swaps. Since listing, MIT has also entered into
forward start interest rates swap transactions to extend the expiry dates of the existing hedges.
MITs aggregate leverage ratio was reduced from 38.5% at IPO to 36.1% as at 31 March 2011,
driven by the positive revaluation of MITs investment properties. The average cost of debt remained
low at 2.3% per annum. To diversify the sources of debt funding, the Manager is in the process of
establishing a medium term note programme.
38
Singapore Industrial
Property Market Overview
By Colliers International Consultancy & Valuation (Singapore) Pte Ltd
6 June 2011
1 MACROECONOMIC TRENDS
1.1 Review of economic performance in the past year
Singapores Gross Domestic Product (GDP) grew by 14.5% year-on-year (YoY) in 2010, according to
the Ministry of Trade & Industry (MTI). This was a strong rebound from a 0.8% contraction in 2009,
in the aftermath of the global financial crisis.
The Singapore economy continued to grow by 8.3% YoY for the period January to March 2011
(1Q2011), based on the latest figures released by the MTI. Growth was led by the 13.1% YoY
expansion in the manufacturing sector which was driven by the biomedical manufacturing, precision
engineering and electronics clusters on the back of a pick-up in value-added production and business
investments in the region.
Year-on-year growth in gross domestic product (GDP)
25%
20%
15%
10%
5%
0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1Q10 2Q10 3Q10 4Q10 1Q11
-5%
Source: Singapore Department of Statistics
1.2 Economic outlook

Singapore could face downside risks, including the increasing risks of inflationary pressures, global
supply disruptions due to natural calamities, increasing oil prices due to the political turmoil in the
Middle East and North Africa region as well as the rising uncertainties from euro zone sovereign debt
crisis. However, external macroeconomic conditions are expected to remain supportive of growth in
2011. Coupled by the above-trend and broad-based expansion in the 1Q2011 and the expected
boost to growth from industry-specific factors for the rest of the year, the MTI has upped its GDP
growth forecast for 2011 from 4.0% - 6.0% to 5.0% - 7.0%.
2 MULTI-USER FACTORY MARKET OVERVIEW

2.1 Existing and potential supply
Singapore held a total of 8.4 million square metres (sq m) of multi-user factory space as of
4Q2010, after the completion of 136,000 sq m in 2010, according to data sourced from the Urban
Redevelopment Authority (URA). In 1Q2011, a further addition of 69,000 sq m of space brought
the total tally of multi-user factory space to about 8.5 million sq m as of end-March 2011. Based
on URAs statistics and Colliers Internationals estimates as of 1Q2011, some 0.9 million sq m1 (net
floor area) of new multi-user factory space is projected to be completed between 2Q2011 and 2015.
1
Note that the level of potential supply could increase due to new projects that may be proposed in the next one to
two years.
39
6 June 2011
Net new and potential supply of multi-user factory space

350
300
250
Net Floor Area (000 sq m)
200
150
100
50
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011F 2012F 2013F 2014F 2015F
-50
-100
-150
F: Forecast
As of 1Q2011
Source: URA/Colliers International Singapore Research, May 2011
Completed Upcoming
2.2 Demand and occupancy

Buoyed by increased needs of businesses for multi-user factory space due to booming economic
conditions, net new demand for multi-user factory space amounted to 241,000 sq m in 2010, exceeding
the net new supply of 136,000 sq m in the same period.
Strong demand for multi-user factory space continued into 2011 with net new demand totalling 84,000
sq m and outpacing the 69,000 sq m completed in 1Q2011. Occupancy rates for multi-user factory
space hence increased to 90.0% by 1Q2011, from 88.3% in 1Q2010.
Net new demand and occupancy rate of multi-user factory space
400 92
300 90
88
200
Occupancy Rate (%)
86
100
84
0 82
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1Q 2011
-100 80
78
-200
76
-300 74
As of 1Q2011
Net New Demand Occupancy Rate
40
2.3 Rents of multi-user factory space
According to rental data from the URA as of 4Q2010, the monthly 25th percentile2 rents of multi-user
factory space rebounded by 7.1% in 2010 to reach S$1.50 per sq ft (S$16.15 per sq m), on the back
of strengthening demand. In 1Q2011, the monthly 25th percentile rents remained stable at S$1.50
per sq ft (S$16.15 per sq m), while the monthly median and 75th percentile3 rents stood at S$1.80
per sq ft (S$19.38 per sq m) and S$2.20 per sq ft (S$23.68 per sq m), respectively.
Rents of multi-user factory space

S$2.50
S$2.00
S$ per sq ft per month
S$1.50
S$1.00
S$0.50
S$0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1Q 2011
As of 1Q2011
25th Percentile Median 75th Percentile
2.4 Outlook
The healthy economic and manufacturing growth forecast for Singapore in 2011 could spur new facility
set-ups and business expansion plans by firms, and in turn provide support for a boost in demand for
multi-user factory space.
In the light of this, and despite the slight increase in potential supply averaging about 200,000 sq m
annually between 2011 and 2015, compared to the ten-year annual average of 148,000 sq m from
2001 to 2010, occupancy levels are expected to remain at healthy levels. Additionally, an estimated
50% of the new supply from 2011 to 2015 is expected to be from strata-titled projects for sale and
hence less likely to compete directly in the leasing market and any downward pressure on rents is
expected to be muted. Multi-user factory rents are expected to remain robust, and to strengthen
by up to 15% in 2011.
3 STACK-UP FACTORY MARKET OVERVIEW

Based on Colliers Internationals estimates as of 1Q2011, Singapore held a total of 474,140 sq m
of stack-up factory space, representing 5.6% of total multi-user factory space. There were no new
additions of stack-up factory space in 2010.
As of 1Q 2011, the only stack-up factory development in the pipeline is the 105,136 sq m West Park
BizCentral that is scheduled for completion in December 2011. Once completed, it will boost the
stock of stack-up factories by 22.2% to 579,276 sq m.
2
As the stock of multi-user factories comprises developments with varying building specifications to which
rents are sensitive, the 25th percentile rents from URAs Real Estate Information System (REALIS) would be
reflective of conventional flatted factories with basic specifications.
3
The median and 75th percentile rents would be reflective of those commanded by high-tech and high-
specifications multi-user factories, respectively.
41
6 June 2011

According to estimates by Colliers International, as of 1Q2011, approximately 443,100 sq m of stack-
up factory space was occupied, which translated to an occupancy rate of 93.5%.
3.3 Rents of stack-up factory space

As of 1Q2011, stack-up factory space in Singapore is estimated to command average monthly gross
rents of around S$1.10 per sq ft (S$11.84 per sq m) to S$2.20 per sq ft (S$23.68 per sq m), depending
on the location, age, as well as design and functional specifications of the stack-up factory buildings.
3.4 Outlook
Given that occupancy for current stack-up factory space remains healthy, and demand for new stack-
up factories spaces is expected to outpace limited upcoming supply, this will lend support for rents to
edge up by up to 15% in the whole of 2011.
4 SINGLE-USER4 FACTORY MARKET OVERVIEW

Singapores islandwide stock of single-user factory space stood at 20.9 million sq m as of end 2010,
a 1.6% increase from 4Q2009. As of 1Q2011, the stock of single-user factories expanded to some
21.0 million sq m, following the net addition of 70,000 sq m of space during the quarter. According to
the URA and Colliers Internationals estimates as of 1Q2011, about 1.1 million sq m5 (net floor area) of
new single-user factory space is expected to be completed between the rest of 2011 and 2015.
Net new and potential supply of single-user factory space

900
800
700
600
500
400
300
200
100
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011F 2012F 2013F 2014F 2015F
F: Forecast
As of 1Q2011
Completed Upcoming

Underpinned by an expansion in manufacturing output production, which gave rise to the need for
more single-user factory space, islandwide demand for such space increased by 565,000 sq m in
2010, to total 19.9 million sq m as of 4Q2010. The strong economic growth in 1Q2011 supported an
additional take-up of 125,000 sq m of space by businesses in the same period. With net new demand
outpacing the net new supply of 70,000 sq m in 1Q2011, islandwide occupancy rates of single-user
factories strengthened to 95.5% as of 1Q2011 from 95.2% in 4Q2010.
4
Single-user factories are occupied predominantly by a single party and used for purposes solely related to that
occupier. These are typically land-based properties comprising a mix of standard factories or purpose-built facilities.
Land-based properties are often the preferred building forms for firms engaged in the manufacturing or storage of bulky
goods. The single-user factory market may be used as a benchmark for MITs portfolio of light industrial buildings.
5
Note that the level of potential supply could increase due to new projects that may be proposed in the next one to
two years.
42
Net New Demand and occupancy rate of single-user factory Space
900 96%
800 95%
700 94%
Occupancy Rate (%)

600
93%
500
92%
400
91%
300
90%
200
100 89%
0 88%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1Q 2011
-100 87%
As of 1Q2011
4.3 Rents of single-user factory space

According to the URA, monthly median rents of single-user factories fell marginally by 2.2%
YoY in 2010 to S$1.81 per sq ft (S$19.48 per sq m) as of 4Q2010. With a pick-up in economic growth
momentum in 1Q2011, which resulted in an increase in occupier demand, monthly median rents
recovered by 3.9% quarter-on-quarter (QoQ) to reach $1.88 per sq ft (S$20.24 per sq m) as of 1Q2011.
Rents of single-user factory space

S$3.00
S$2.50
S$2.00
S$1.50
S$1.00
S$0.50
S$0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1Q 2011
As of 1Q2011
4.4 Outlook
The outlook for the demand of single-user factory space in Singapore remains positive, on the back
of healthy economic fundamentals as well as the governments continued commitment to stimulate
growth in the manufacturing sector and provide a pro-business environment. Meanwhile, with net new
supply of single-user factory space slowing down to around 227,000 sq m per annum between 2011
and 2015, compared to the average of 376,000 sq m yearly between 2001 and 2010, occupancy rates
are expected to continue to strengthen. Rents of single-user factory space are expected to strengthen
by up to 10% in 2011.
43
6 June 2011
5 BUSINESS PARK MARKET OVERVIEW

URAs latest data showed that, with the addition of some 196,000 sq m of new business park space
in 2010, the islandwide stock of business park space amounted to 1.4 million sq m as of end 2010. In
1Q2011, an additional 28,000 sq m of new business park space was completed, bringing the total
stock to 1.43 million sq m as of 1Q2011.
According to URAs statistics and Colliers Internationals estimates as of 1Q2011, an estimated 430,000
sq m6 (net floor area) of new business park space is expected to be completed between the remainder
of 2011 and 2015.
Net new and potential supply of Business Park space

200
180
160
140
120
100
80
60
40
20
0
2003 2004 2005 2006 2007 2008 2009 2010 2011F 2012F 2013F 2014F 2015F
F: Forecast
As of 1Q2011
Completed Upcoming

The business park market has increasingly been positioned as an alternative to office space, particularly
when office rents sped off on the back of robust demand.
After a demand contraction in 2009, net new demand for business park space increased by 85,000 sq m
in 2010. In 1Q2011, an additional 54,000 sq m of business park space was absorbed amid a slower
increase in supply by 28,000 sq m during the period. Islandwide occupancy rate of business park space
hence increased to 77.8% by 1Q2011, up from 75.5% as of end 2010.
Net New Demand and occupancy rate of business park SPAce

160 100%
140 90%
120 80%
Occupancy Rate (%)
70%
100
60%
80
50%
60
40%
40
30%
20 20%
0 10%
2003 2004 2005 2006 2007 2008 2009 2010 1Q 2011
-20 0%
As of 1Q2011
6
Note that the level of potential supply could increase, due to new projects that may be proposed in the next one to
44 two years.
5.3 Rents of business park space
URAs data show that monthly median rents of business park space had recovered by 8.1% in 2010
on the back of a rebound in demand, following a negative 22.0% correction in 2009, to end 2010 at
S$3.60 per sq ft (S$38.75 per sq m). In 1Q2011, median rents inched up by another 5.6% QoQ to
S$3.80 per sq ft (S$40.90 per sq m) as of March 2011, supported by strengthening demand driven by
improved business confidence and a recovering global economic environment.
Median Rents of Business park space

S$5.00
S$4.50
S$4.00
S$3.50
S$3.00
S$2.50
S$2.00
S$1.50
S$1.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1Q 2011
As of 1Q2011
5.4 Outlook
Demand for business park space is expected to continue to improve as increasing number of
companies and businesses progress up the value chain. The strength of the finance and business
services sectors is also expected to provide support for business parks as companies increasingly
choose to locate and expand their supporting businesses in business parks instead of traditional office
premises, given the expected widening rental gap and the narrowing gap in offerings between the two
types of spaces.
With new supply of business park space averaging about 92,000 sq m per annum between 2011 and
2015, slightly lower than the average annual net new supply of 95,000 sq m between 2003 and 2010,
demand and occupancy is expected to remain fairly resilient. As such, median rents of business park
space could strengthen by about 5% to 10% in 2011, barring any unforeseen external shocks.
6 LIMITING CONDITIONS
The content of this report is for information only and should not be relied upon as a substitute for
professional advice, which should be sought from Colliers International prior to acting in reliance upon
any such information.

The opinions, estimates and information given herein or otherwise in relation hereto are made by
Colliers International and affiliated companies in their best judgement, in the utmost good faith and
are as far as possible based on data or sources which they believe to be reliable in the context hereto.
Notwithstanding this, Colliers International disclaims any liability in respect of any claim that may arise
from any errors or omissions, or from providing such advice, opinion, judgement or information.

All rights are reserved. No part of this report may be reproduced, stored in a retrieval system, or
transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise,
without the prior written permission of Colliers International.
45
Operations
Review
Located across Singapore, MITs Portfolio comprises

70 properties in five property types. The Portfolio has an Property TYPE (By valuation)
aggregate Net Lettable Area (NLA) of approximately
1.1 million square metres, a Gross Floor Area (GFA) of 1.2%
approximately 1.5 million sq m and a land area of approximately 8.4%
0.8 million sq m. 21.6%
15.7%
Portfolio No. of Properties
Portfolio:
Business Park Buildings 3 S$2,197.1 million
Flatted Factories 53 (grouped into 22 clusters1)
Stack-up/Ramp-up Buildings 7 (grouped into 1 cluster1)
Light Industrial Buildings 62
Warehouse 1
Total 70 53.1%
Notes:
1
A property cluster consists of one or more individual buildings As of 31 March 2011
situated on the same land lot or adjoining land lots.
2
Includes a property comprising 3 individual buildings at 26 Business Flatted Stack-up/ Light Warehouse
Woodlands Loop. Park Factory Ramp-up Industrial
The properties are strategically located in established industrial areas which are served by good transportation infrastructure
and have access to a well-trained and educated workforce.
Location of MITs portfolio
Woodlands
Link to Malaysia Spectrum
(Johor Singapore Causeway)
Woodlands
Regional
Woodlands Centre
Central
Tampines Regional
Centre
Serangoon
Jurong East North
Loyang
Regional Centre
Link to Malaysia
(Tuas Second Link) Changi Changi
Toa Payoh Kampong North Airport
Ampat Kaki
North Bukit
International
Business Park Clementi
Kolam Ayer Changi
West Business Park
Tanglin Kallang
Halt Basin
Seaport Redhill
Telok
Blangah Tiong
Seaport Bahru Central Business District
Seaport
Business Park Flatted Stack-Up/ Light Warehouse Regional Major

Factory Ramp-Up Industrial Centre Expressway
46
Robust organic opportunities As at 31 March 2011, the weighted average lease term to
expiry of the Portfolio is about 2.6 years, with approximately
Positive Rental Reversions 23.3% of the leases expiring after March 2014.
S$4.00
$3.73
23.2% of the leases in the Portfolio are due for renewal in
S$3.50 $3.31 FY2011; all of these are within the MTB.
S$3.00
S$2.50 $2.30 Lease expiry profile (by Gross rental income)
S$2.00 30%
27.3%
$1.64 26.2%
S$1.50 $1.41 25% 23.3%
$1.23 $1.29 23.2%
$1.11
$1.04
S$1.00 $0.88 $0.89
$0.78 20%
S$0.50
15% 25.3% 26.4% 16.2%
S$0.00
Business Flatted Stack-Up/ Warehouse 10%
Park Factory Ramp-Up
For the period 1 April 2010 to 31 March 2011 5%

7.1%
Before After New 0.9% 0.9%
Renewal Renewal Leases 0%
Expiring in Expiring in Expiring in Expiring in
FY2011 FY2012 FY2013 FY2014 or after
As of 31 March 2011
Well-positioned Weighted Average Lease Expiry
(WALE) Profile MTB SUB
As at 31 March 2011, 90.8% of MITs Gross Rental Income
is contributed by tenants in Multi-Tenanted Buildings (MTB).
HIGH portfolio occupancy rate
The typical MTB lease period is 3 years. The short typical
A high occupancy rate averaging 91.7% was achieved for the
lease period allows MIT to enjoy positive rental reversions
Portfolio in FY2010.
which contributes to the strong organic growth. Leases at
MITs Single-User Buildings3 (SUB) have longer lease periods
with built-in rent increases, providing stable and growing
income streams for the Portfolio. Average occupancy rates4
100% 91.7%
90.9% 89.5%
Profile of Buildings 80%
60%
9.2%
40%
20%
0%
FY2008 FY2009 FY2010
(9 Months)5
90.8% Notes:
3
Includes Tata Communications Exchange which has 2 tenants.
4
All figures include Light Industrial Buildings as and when acquired
by MSIT.
As of 31 March 2011
5
Portfolio from JTC acquired on 1 July 2008.
Multi-Tenanted Single-User
Buildings (MTB) Buildings (SUB)
47
Operations
Review
LARGE, DIVERSIFIED AND RESILIENT PORTFOLIO Pte. Ltd., Johnson & Johnson Pte Ltd, Hitachi Global Storage
Large and Diversified Tenant Base Technologies Singapore Pte. Ltd., and other public listed
MITs properties are occupied by a large number of tenants which companies like Celestica Electronics (S) Pte Ltd, Kulicke
ensures diversity and stability of rental income. As at 31 March & Soffa Pte. Ltd., and Starhub Ltd. This group of tenants
2011, MIT had 1,617 tenants with 2,326 contracted leases. contributed 49.4% to MITs Gross Rental Income for the
month of March 2011. No single tenant accounted for more
Tenants include multinational corporations (MNCs) from than 4.4% of MITs Gross Monthly Rental Income, and the
the 2010 Fortune Global 500 and Forbes Global 2000 list top ten tenants accounted for only 20.5% of MITs Gross
of companies such as Tata Communications International Monthly Rental Income.
Top Ten MIT TENANTS (by Gross rental income)

5.0%
4.4%
4.0%
3.0%
2.5%
2.2% 2.1% 2.1%
2.0% 1.7%
1.5% 1.4% 1.4%
1.2%
1.0%
0.0%
Tata Johnson & Credit Celestica Hitachi Global Dell Global Kulicke & Sony Lucasfilm Research
Communications Johnson Suisse Electronics Storage Soffa Electronics In Motion
International Technologies
As of 31 March 2011
Tenant Diversification across Trade Sectors particular trade sectors. Tenants in the same trade sector
The Portfolio has a diverse tenant base across various contribute no more than 13.2% of the Portfolios Gross
trade sectors; there are no concentration of tenants in any Monthly Rental Income.
Tenant diversification across trade sectors

Food Services (2.60%) Construction &
Utilities (2.27%) Precision Engineering, Electrical,
Transportation & Machinery and Transportation Products
Education, Health & Social Services, Arts, Storage (2.75%)
Entertainment & Recreation (3.19%) (13.15%)
Retail Trade (2.54%)

Wholesale of F&B (0.49%)
Specialised Wholesale (2.00%) Computer, Electronic &
Optical Products
Wholesale Trade (2.84%) (10.40%)
Others
(10.8%)
General Wholesale Trade & Services

(6.25%) Wholesale and Manufacturing
Retail Trade (39.7%)
(20.9%)
Financial &
10%
Printing, Recorded Media
Wholesale of Machinery, & Essential Products
Business
Equipment and Supplies Services Info-com (10.01%)
(6.81%) (16.1%) (12.5%)
Financial Services (4.05%) Pharmaceutical & Biological (3.49%)
Real Estate (1.14%) Refined Petroleum & Chemicals (1.57%)

Food & Beverage (1.04%)
Admin and Support Services (4.82%)
Telecommunications (5.65%)
Professional, Scientific and Technical Activities (6.06%) Computer Programming and Consultancy (4.57%)
Radio & TV Broadcasting (0.24%) Publishing (1.71%)
Other Infomedia (0.36%)
As of 31 March 2011
48
Long Staying Tenants with High Degree of Stickiness Long leasehold for underlying land
Tenants in the Portfolio have a high degree of stickiness to the The weighted average unexpired lease term for the underlying
Portfolio. 12.6% of the tenants have been leasing space in the land for the properties is 45.8 years as at 31 March 2011.
Portfolio for more than 10 years, and 49.8% have been in the
Portfolio more than 4 years.
Remaining years to expiry of underlying land
leases (by land Area)
TEnant Retention
60% 57.1%
>10 yrs
12.6% Up to 1 yrs
14.6% 50%
40%
>5 to 10 yrs
26.0% >1 to 2 yrs
9.0%
30%
49.8% 20% 18.4%
>2 to 3 yrs 12.3%

9.9%
10% 8.7%
3.5%7
0%
0 to 20 20+ to 30 30+ to 40 40+ to 50 More than 50
>3 to 4 yrs years years years years years
>4 to 5 yrs 16.7%
11.2% As at 31 March 2011
As at 31 March 2011
Note:
7
All with options for 30 year extensions.
For FY2010, 80.7% of the leases which were due for renewal
were renewed. Positive Revaluation of Investment Properties
As at 31 March 2011, MITs investment properties were valued
at S$2,197.1 million. This represents a revaluation gain of
Retention Rate for FY2010 (Based on nla) S$102.0 million compared to the valuation at IPO. As at 31
March 2011, the Net Asset Value and Aggregate Leverage are
100% S$0.95 per unit and 36.1% respectively.
89.6%
80.7%
77.7%
80% 73.0%
RELEVANCE THROUGH ACTIVE
60%
ASSET MANAGEMENT
51.7%
MITs first asset enhancement initiative at Redhill 2 cluster
to convert a flatted factory floor to e-business space was
40%
completed in February 2011 and branded INNO CENTRE.
28,300 square feet (sq ft) of conventional flatted factory GFA
20% was converted to NLA comprising of 57 units ranging from
250 sq ft to 1,000 sq ft. The new space included a reception
0%
N.A.6
area with lobby, two common meeting rooms and a
Business Flatted Stack-Up/ Light Warehouse Portfolio breakout area.
Park Factory Ramp-Up Industrial
For the period 1 April 2010 to 31 March 2011 As at 31 March 2011, 60% of the space at INNO CENTRE
had been committed at between S$2.80 per square foot per
Note:
month (psf/mth) to S$3.20 psf/mth, significantly higher than
6
N.A.: Not Applicable for Light Industrial Buildings as there were no the average rate of S$1.60 psf/mth for conventional flatted
leases due for renewal. factory space in the building.
49
Business Park Buildings
Business Park Building,

The Strategy
Top Five Tenants in Business Park Buildings

% of Gross Monthly
Property/ Rental Income
No Tenant Cluster Name Tenant Trade Sector (as at 31 March 2011)
1 Johnson & Johnson Pte Ltd The Strategy Manufacture of Pharmaceuticals 2.5%
and Biological Products
2 Credit Suisse AG The Signature Financial and Insurance Activities 2.2%
3 Dell Global B.V. (Singapore Branch) The Strategy Computer Programming, 1.7%
Consultancy and Related Activities
4 Sony Electronics (Singapore) Pte. Ltd. The Strategy Manufacture of Precision Engineering, 1.4%
Machinery and Transportation Products
5 Lucasfilm Animation Company The Signature Professional, Scientific and 1.4%
Singapore B.V. Technical Activities
50
BUSINESS PARK BUILDINGS
Business park buildings are multi-tenanted high-rise buildings Tenant Business Sector (BY GROSS REntal income)
within a landscaped environment. Fitted with air-conditioned
lift lobbies and common areas, each unit can be customised
to meet the requirements of tenants. Suitable businesses
include non-pollutive industries and businesses that engage 16.7%
23.9%
in high technology, research and development, high value-
added and knowledge intensive activities. Tenants in business
park buildings are provided with basic security features.
Business park buildings are located within a government 22.6%

identified zone called Business Park. Each Business Park zone 13.9%
accommodates various amenities and facilities such as food
and beverage outlets, fitness centres, convenience outlets and
childcare centres. Business Parks are served by good public 22.9%
transportation network and well connected to major roads and
expressways.
Key Statistics (as at 31 March 2011) Manufacturing Information Financial &

& Communications Business Services
Wholesale & Other Trade
Number of Properties 3
Retail Trade Sectors
Gross Floor Area 155,661.0 sq m
Gross Revenue (for FY2010) S$44.5 million
Occupancy (for FY2010) 91.9%
Valuation S$475.0 million
% of Portfolio (by Valuation) 21.6%
Detailed Property Information

Gross Occupancy
At revenue rate for
Remaining valuation for the the year
Description Acquisition Term of term of GFA NLA Purchase as at year ended ended
of property date lease1 lease Location (sq m) (sq m) Price2 31/03/11 31/03/11 31/03/11
S$000 S$000 S$000 %

The Signature 01/07/2008 60 years 57 years 51 Changi Business Park 46,928.0 33,257.0 98,500 116,000 13,085 96.8
Central 2
Singapore
The Strategy 01/07/2008 60 years 57 years 2 International Business Park 67,370.0 52,993.3 213,900 246,000 20,314 92.2
Singapore
The Synergy 01/07/2008 60 years 57 years 1 International Business Park 41,363.0 26,568.1 91,000 113,000 11,109 85.0
Singapore
Subtotal Business Park Buildings 155,661.0 112,818.4 403,400 475,000 44,508 91.93
1
Refers to the tenure of underlying land.
2
Excludes stamp duties and other acquisition related costs.
3
Refers to the aggregate occupancy for the property type.
51
Flatted Factories
Flatted Factory,
Loyang 2
Top Five Tenants in Flatted Factories

% of Gross Monthly
1 Celestica Electronics (S) Pte Ltd Serangoon North/ Manufacture of Computer, 2.1%
Woodlands Central Electronic and Optical Products
2 Hitachi Global Storage Technologies Kaki Bukit Manufacture of Computer, 2.1%
Singapore, Pte. Ltd. Electronic and Optical Products
3 Kulicke & Soffa Pte. Ltd. Serangoon North Manufacture of Precision Engineering, 1.5%
Machinery and Transportation Products
4 Semiconductor Technologies & Kallang Basin 6 Manufacture of Precision Engineering, 0.6%
Instruments Pte Ltd Machinery and Transportation Products
5 ST Electronics Serangoon North Administrative and Support 0.6%
(Info-Software Systems) Pte. Ltd. Service Activities
52
FLATTED FACTORIES
Flatted factories comprise multi-tenanted high-rise buildings Tenant Business Sector (BY GROSS REntal income)
typically about 7 stories in height. Standard units range from 1,000
square feet (sq ft) to 10,000 sq ft sharing naturally ventilated
corridors and lift lobbies. Other common facilities include car 9.1%
parks, loading/unloading areas and cargo lifts. Selected flatted
factories enjoy amenity centres located within the cluster.
Many of MITs flatted factories are located near public housing 24.1%
estates, giving tenants easy access to a ready labour pool, 44.7%
shops and services of suburban town centres. Most of the
flatted factories are also well connected to major roads and
expressways, making them convenient for tenants.
14.3%
Key Statistics (as at 31 March 2011)
7.8%
Number of Properties 53 (Grouped into 22 clusters ) 1

Gross Revenue (for FY2010) S$110.9 million Manufacturing Information Financial &
Occupancy (for FY2010) 89.2% & Communications Business Services
Valuation S$1,166.0 million Wholesale & Other Trade
% of Portfolio (by Valuation) 53.1% Retail Trade Sectors
1
A property cluster consists of one or more individual buildings
situated on the same land lot or adjoining land lots.

Gross Occupancy
At revenue rate for
S$000 S$000 S$000 %
Flatted Factories
Changi North 01/07/2008 60 years 57 years 11 Changi North Street 1 11,267.0 6,833.2 18,200 19,000 1,737 97.7
Singapore
Kaki Bukit 01/07/2008 60 years 57 years 2, 4, 6, 8 & 10 124,671.0 89,200.6 147,600 157,600 12,378 86.0
Kaki Bukit Avenue 1
Singapore
Kolam Ayer 1 01/07/2008 43 years 40 years 8, 10 & 12 44,491.0 31,559.5 49,300 57,000 5,426 92.0
Lorong Bakar Batu
Singapore
Kolam Ayer 2 01/07/2008 43 years 40 years 155 & 161 Kallang Way 47,076.0 32,479.6 46,100 52,500 5,092 86.9
Singapore
Kolam Ayer 5 01/07/2008 43 years 40 years 1, 3 & 5 Kallang Sector 62,299.0 41,565.4 71,900 69,000 5,897 71.2
Singapore
Kallang Basin 4 01/07/2008 33 years 30 years 26, 28 & 30 Kallang Place 53,322.0 35,602.6 50,000 57,500 6,344 91.6
Singapore
Kallang Basin 5 01/07/2008 33 years 30 years 19, 21 & 23 Kallang Avenue 41,102.0 26,117.5 44,300 47,500 5,179 94.7
Singapore
Kallang Basin 6 01/07/2008 33 years 30 years 25 Kallang Avenue 29,050.0 19,346.0 30,900 35,000 3,534 91.0
Singapore
Kampong Ampat 01/07/2008 60 years 57 years 171 Kampong Ampat 42,429.2 27,390.4 60,300 66,000 6,675 98.9
Singapore

53
Flatted Factories

Gross Occupancy
At revenue rate for
S$000 S$000 S$000 %
Flatted Factories (Contd)

Loyang 1 01/07/2008 60 years 57 years 30 Loyang Way 48,759.0 35,242.3 29,000 47,500 4,617 98.6
Singapore
Loyang 2 01/07/2008 60 years 57 years 2, 4 & 4A Loyang Lane 30,123.8 21,961.0 16,800 28,000 2,540 85.5
Singapore
Redhill 1 01/07/2008 30 years 27 years 1001, 1001A & 1002 39,036.0 29,035.6 41,500 49,000 4,971 89.3
Jalan Bukit Merah
Singapore
Redhill 2 01/07/2008 30 years 27 years 1003 & 3752 28,582.0 20,582.7 37,500 41,300 3,636 80.8
Bukit Merah Central
Singapore
Serangoon North 01/07/2008 60 years 57 years 6 Serangoon North Avenue 5 72,885.0 54,698.4 129,900 144,000 13,307 82.8
Singapore
Tanglin Halt 01/07/2008 56 years 53 years 115A/B Commonwealth Drive 22,518.0 15,950.2 28,900 34,500 3,124 98.5
Singapore
Telok Blangah 01/07/2008 60 years 57 years 1160, 1200 & 1200A 40,623.0 26,499.9 44,000 50,500 4,389 92.7
Depot Road
Singapore
Tiong Bahru 1 01/07/2008 30 years 27 years 1090 Lower Delta Road 14,848.7 10,272.6 14,500 17,300 1,803 96.8
Singapore
Tiong Bahru 2 01/07/2008 30 years 27 years 1080, 1091, 1091A, 1092 & 43,251.0 31,717.4 45,800 54,000 5,822 97.0
1093 Lower Delta Road
Singapore
Toa Payoh 1 01/07/2008 30 years 27 years 970, 970A & 998 48,123.0 32,618.9 43,400 54,000 5,806 99.2
Toa Payoh North
Singapore
Toa Payoh 2 01/07/2008 30 years 27 years 1004 Toa Payoh North 15,532.0 10,095.2 13,700 17,300 1,884 99.2
Singapore
Toa Payoh 3 01/07/2008 30 years 27 years 1008 & 1008A Toa Payoh North 17,867.0 12,738.8 16,400 20,500 2,274 98.5
Singapore
Woodlands Central 01/07/2008 60 years 57 years 33 & 35 Marsiling Ind Estate 49,672.0 32,444.0 39,400 47,000 4,498 75.7
Road 3
Singapore
Subtotal Flatted Factories 927,527.7 643,951.8 1,019,400 1,166,000 110,933 89.23
1
2
3
54
Stack-up/Ramp-up Buildings
Stack-up/Ramp-up,
Woodlands Spectrum
Top Five Tenants in Stack-up/Ramp-up Buildings

% of Gross Monthly
1 Arvato Digital Services Pte Ltd Woodlands Manufacture of Computer, 0.8%

Spectrum Electronic and Optical Products
2 ASE Singapore Pte. Ltd. Woodlands Manufacture of Computer, 0.7%
Spectrum Electronic and Optical Products
3 Benchmark Electronics Woodlands Manufacture of Precision Engineering, 0.6%
Manufacturing Singapore Pte Ltd Spectrum Machinery and Transportation Products
4 The Gemesis Company (S) Pte. Ltd. Woodlands Manufacture of Computer, 0.4%
Spectrum Electronic and Optical products
5 Mclean Technologies Pte. Ltd. Woodlands Other Industries including Education, 0.4%
Spectrum Health & Social Services, Arts,
Entertainment and Recreation
55
STACK-UP/RAMP-UP BUILDINGS
MITs stack-up/ramp-up buildings are multi-storey Tenant Business Sector (BY GROSS REntal income)
developments which are designed to serve a wide range
of industrial activities. The principal activities carried out
are manufacturing of products like dies, moulds, tools and
13.0%
machinery related to precision engineering, manufacturing
of machinery, electronics and electrical products such as
semiconductor assembly and testing equipment as well
as manufacturing of commodities (e.g. plastics, paper and 16.2%
metal products). 61.5%
Each unit within the six-storey stack-up buildings is a stand-

alone factory with its own dedicated loading area and car park 8.0%
lots. The eight-storey ramp-up building is designed such that 1.3%
each level of the building is similar to a typical flatted factorys
ground floor with units located next to each other. The units
also share common corridors and enjoy direct access to
shared loading and unloading facilities.
Manufacturing Information Financial &
Key Statistics (as at 31 March 2011) & Communications Business Services
Wholesale & Other Trade
Number of Properties 7 (Grouped into 1 cluster) Retail Trade Sectors
Gross Revenue (for FY2010) S$30.9 million

Gross Occupancy
At revenue rate for
S$000 S$000 S$000 %
Woodlands 01/07/2008 60 years 57 years 201, 203, 205, 207, 209 344,033.0 280,990.0 265,000 345,000 30,936 95.3
Spectrum & 211 Woodlands Avenue 9
and 2 Woodlands Sector 1
Singapore
Subtotal Stack-up/Ramp-up Buildings 344,033.0 280,990.0 265,000 345,000 30,936 95.3
1
2
56
Light Industrial Buildings
Light Industrial Building,

Tata Communications Exchange
Top FIVE Tenants in Light Industrial Buildings

% of Gross Monthly
Rental Income
No Tenant Tenant Trade Sector (as at 31 March 2011)
1 Tata Communications Telecommunication 4.4%

International Pte. Ltd.
2 First Engineering Limited Manufacture of Printing, Recorded Media, 0.8%
Apparels and Other Essential Products
3 SM Summit Holdings Limited Financial and Insurance Activities 0.8%
4 Starhub Ltd. Telecommunication 0.7%
5 Avaplas Ltd Business Services: Administrative and 0.6%
Support Service Activities
57
LIGHT INDUSTRIAL BUILDINGS

MITs light industrial buildings consist of medium to high rise Tenant Business Sector (BY GROSS REntal income)
developments. They are located in central locations or in
areas with good access to other parts of Singapore via the
major expressways. 3.1%
10.1%
Each building is occupied by an anchor tenant who is involved 23.1%

in a light industrial activity such as precision engineering,
multimedia manufacturing or data centre operations. The
tenants include an MNC and Singapore listed companies who
are committed to long term leases with built-in rent escalations.
Key Statistics (as at 31 March 2011)
Number of Properties 61 63.7%

Gross Revenue (21 October 2010 S$7.4 million
to 31 March 2011)
Occupancy (21 October 2010 99.8% Manufacturing Information Financial &
to 31 March 2011) & Communications Business Services
Valuation S$184.6 million Wholesale &
% of Portfolio (by Valuation) 8.4% Retail Trade
1
Includes 26 Woodlands Loop, which is a Property comprising
three individual buildings.

Gross Occupancy
At revenue rate for
of property date lease2 lease3 Location (sq m) (sq m) Price 31/03/11 31/03/11 31/03/11
S$000 S$000 S$000 %

19 Changi 21/10/2010 30 + 46 years 19 Changi South Street 1 6,958.4 6,958.4 12,400 13,000 534 100.0
South Street 1 30 years Singapore
19 Tai Seng Drive 21/10/2010 30 + 40 years 19 Tai Seng Drive 8,606.6 8,606.6 13,700 14,500 681 100.0
30 years Singapore
Tata 21/10/2010 30 + 58 years 35 Tai Seng Street 16,067.0 13,405.3 95,000 96,000 4,289 99.1
Communications 30 years Singapore
Exchange
65 Tech Park 21/10/2010 60 years 42 years 65 Tech Park Crescent 9,975.2 9,975.2 13,200 13,800 442 100.0
Crescent Singapore
45 Ubi Road 1 21/10/2010 30 + 42 years 45 Ubi Road 1 13,992.0 13,992.0 23,500 24,500 716 100.0
30 years Singapore
26 Woodlands 21/10/2010 30 + 44 years 26 Woodlands Loop 14,475.8 14,475.8 21,900 22,800 749 100.0
Loop 30 years Singapore
Subtotal Light Industrial Buildings 70,075.0 67,413.3 179,700 184,600 7,411 99.84
2
3
Remaining term of lease includes option for MSIT to renew the land leases.
4
58
Warehouse
Warehouse,
Clementi West
TOP FIVE TENANTS IN THE WAREHOUSE

% of Gross Monthly
Rental Income
No Tenant Tenant Trade Sector (as at 31 March 2011)
1 Asia Storage Inn Limited Liability Partnership Business Services: Real Estate Activities 0.3%
2 Tech-Log Services International Pte. Ltd. Transportation and Storage 0.2%
3 Princeton Pharmacy (S) Private Limited Retail Trade 0.1%
4 Kinetics Process Systems Pte Ltd Construction 0.1%
5 Soon Kiat Furniture Industry Trading Manufacture of Printing, Recorded Media, 0.1%
Apparels and Other Essential Products
59
Warehouse
Warehouse
MITs only warehouse is located at the Western part of Tenant Business Sector (BY GROSS REntal income)
Singapore. The warehouse facility is equipped with loading
and docking bays, for the storage and distribution of goods
and merchandise. 12.3%
Key Statistics (as at 31 March 2011) 23.9%
Number of Properties 1
Gross Revenue (for FY2010) S$2.7 million 29.4%
34.4%
Manufacturing Financial & Wholesale &

Business Services Retail Trade
Other Trade
Sectors

Gross Occupancy
At revenue rate for
S$000 S$000 S$000 %
Warehouse
Clementi West 01/07/2008 30 years 27 years 1 Clementi Loop 23,322.0 19,749.8 22,200 26,500 2,704 97.6
Singapore
Subtotal Warehouse 23,322.0 19,749.8 22,200 26,500 2,704 97.6
1
2

60
Mapletree Industrial Trusts Portfolio
Flatted Factories
Changi North Kaki Bukit Kolam Ayer 1 Kolam Ayer 2 Kolam Ayer 5
Kallang Basin 4 Kallang Basin 5 Kallang Basin 6 Kampong Ampat Loyang 1
Loyang 2 Redhill 1 Redhill 2 Serangoon North Tanglin Halt
Telok Blangah Tiong Bahru 1 Tiong Bahru 2 Toa Payoh 1 Toa Payoh 2
Toa Payoh 3 Woodlands Central
61
Mapletree Industrial Trusts Portfolio
Business Park buildings
The Signature The Strategy The Synergy
19 Changi South 19 Tai Seng Drive Tata Communications 65 Tech Park Crescent
Street 1 Exchange
45 Ubi Road 1 26 Woodlands Loop
Stack-up/Ramp-up Buildings Warehouse
Woodlands Spectrum Clementi West
62
Financial
Review
FY2010 FY2009 Change

S$000 S$000 %
Gross revenue 196,492 171,837 14.3%

Less: Property operating expenses (61,792) (52,523) 17.6%
Net property income 134,700 119,314 12.9%
Interest income 201 353 (43.1%)
Borrowing costs (43,264) (43,395) (0.3%)
Managers management fees (13,207) (10,620) 24.4%
Trustees fees (188) n.m
Other trust expenses (974) (788) 23.6%
Net income 77,268 64,864 19.1%
Net fair value gains on investment properties 283,831 26,800 959.1%
Total return for the financial year after income tax
before distribution 364,265 78,888 361.7%
GROSS REVENUE Lease Expiry Profile (By Gross Rental Income)

Gross revenue for FY2010 increased by S$24.7 million As at 31 March 2011, the weighted average lease term to expiry
YoY. The improvement against FY2009 was due largely of the Portfolio is about 2.6 years. The table below reflects the
to higher occupancies in the properties and higher rental lease expiry profile by gross rental income.
rates secured from tenants who renewed their leases.
The acquisition of Mapletree Singapore Industrial Trust Expiring in % of Leases in Portfolio
(MSIT), which comprises 6 Light Industrial Buildings, on
21 October 2010 also contributed to the increase in gross FY2011 23.2%
revenue for the period. FY2012 26.2%
FY2013 27.3%
FY2014 12.1%
FY2015 3.3%
FY2016 or After 7.9%
FY2010 Gross revenue (by property type ) FY2009 Gross revenue (by property type )
1.4%
1.5%
3.8%
16.3%
22.6% 23.6%
15.7%
56.5% 58.6%
Business Flatted Stack-up/ Light Warehouse Business Flatted Stack-up/ Warehouse

Park Factory Ramp-up Industrial Park Factory Ramp-up
63
Financial
Review
NET PROPERTY INCOME The revenue and NPI contribution from the various business
Net property income (NPI) increased by S$15.4 million to segments remained relatively constant, with Flatted Factories
S$134.7 million as a result of higher gross revenue and the being the largest contributor of more than 50% followed by
acquisition of the 6 Light Industrial Buildings under MSIT, offset Business Park Buildings and Stack-up/Ramp-up Buildings.
by higher property operating expenses.
NET INVESTMENT INCOME
Property operating expenses of S$61.8 million were 17.6% In line with the higher NPI, net investment income increased
or S$9.3 million higher than that incurred in FY2009 due mainly 19.1% to S$77.3 million in FY2010, offset by higher
to higher property maintenance expenses, property taxes managers management fees due to the new fees structure
and property and lease management fees. The MSIT properties upon listing of MIT from 21 October 2010.
acquired during FY2010 also contributed to MIT Groups higher
property operating expenses. CASH FLOWS
Net cash from operating activities for FY2010 was S$134.6
million. This was an increase of S$18.9 million over the
operating cash flow of S$115.7 million in FY2009.
FY2010 NPI (by property type)
Net cash used in investing activities was S$176.7 million
1.2% comprising mainly S$174.2 million for the acquisition of MSIT,
4.6% net of cash acquired and S$2.6 million for the conversion of
20.2% the 7th floor of Redhill 2 property cluster from conventional
17.5% flatted factory space into e-Business space.
Net cash generated from financing activities was S$44.3

million which included the drawdown of new debt facility and
net proceed from the issuance of new units upon the listing of
MIT, offset by the repayment of bank borrowings, redemption
of private trust units and distributions to both private and
public trust unitholders.
56.5%
Liquidity
As at 31 March 2011, MIT Group had cash and cash
equivalents of S$107.2 million and a net current asset of
Business Flatted Stack-up/ Light Warehouse
S$26.2 million.
Park Factory Ramp-up Industrial
Gross borrowing maintained at S$837.0 million with staggered

loan maturities between two to five years.
FY2009 NPI (by property type)
Debt Profile As at 31 March 2011
1.5% Aggregate Leverage 36.1%

18.9% 19.6% Total debt S$837.0 million
Fixed as a % of total debt 68%
Weighted average all-in funding cost 2.3%
Weighted average tenor of debt 2.9 years
Interest cover ratio 6.6 times
Assets unencumbered as a % of total assets 100%
As part of the Managers plan to diversify the sources of debt

funding, a medium term note programme is being established.
In addition, the Manager has put in place S$58.0 million of
60.0% banking facilities and is in the process of documentation for
another S$200.0 million of committed and uncommitted
revolving credit facilities.
Business Flatted Stack-up/ Warehouse
Park Factory Ramp-up
64
Risk
Management
RISK MANAGEMENT APPROACH AND MINDSET Such risks are quantified, aggregated and monitored on a
Risk Management is an important element of MITs business quarterly basis for both existing assets and new acquisitions.
strategy and culture. It is led by senior management and Significant changes to MITs risk profile or new emerging
integrated with the operations and processes across the trends are highlighted and reported to management for
organisation. The Managers approach to Risk Management assessment and action where required.
serves not only to preserve capital and ensure resilience in a
downturn, but also to support decision making by enabling OPERATIONAL RISKS
management to better assess risk-return trade-offs. The Manager has established comprehensive operating,
reporting and monitoring guidelines to manage day-to-day
MITS RISK MANAGEMENT FRAMEWORK SUPPORTS activities and to mitigate operational risks that may arise. To
PORTFOLIO MANAGEMENT ensure relevance, Standard Operating Procedures (SOP)
MITs risk measurement framework is based on Value-at- are reviewed regularly and benchmarked against industry
Risk (VaR), a methodology which measures the volatilities best practices. Compliance to SOPs is ensured through
of individual market and property risk drivers such as rental thorough training of employees and regular checking by
rates, occupancy rates and interest rates. Other risks Internal Audit (IA) which is supported by the Sponsors IA
such as refinancing, customer credit standing and industry department. IA plans its internal audit work in consultation
concentration risks are also assessed, monitored and as far with management, but works independently by submitting its
as possible, measured as part of the framework. plan to the AC for approval at the beginning of each year.
Risks are measured consistently across the portfolio, enabling CREDIT RISKS
the Manager to quantify the benefits that may arise from Credit risks are mitigated from the outset by having thorough
diversification across the portfolio, as well as to assess risk tenant credit assessment during the investment stage
by risk type. prior to acquisition of the asset. For new leases, credit
assessments of prospective tenants are undertaken prior to
The framework also allows the Manager to assess risk on a signing of lease agreements. On an ongoing basis, tenant
dynamic basis, taking into consideration changes in market credit is closely monitored by the asset management team
conditions and asset cash flows as they occur. The Manager and arrears are managed by a Credit Control Committee
recognises the limitations of any statistically based system which meets fortnightly to review debtor balances.
that is based on historical market data. To ensure the
business is robust and able to withstand extreme market To further mitigate risks, security deposits in the form of cash
shocks, the portfolio is subject to further stress testing and or bankers guarantees are collected from prospective tenants
scenario analyses. prior to commencement of leases.
MITs risk management framework also considers other FINANCIAL MARKET RISKS
qualitative elements, such as a focus on operational efficiency Financial markets risks and capital structure are closely
achieved through implementation of comprehensive operating monitored and actively managed by the treasury team and
standards and procedures, comprehensive training of reported quarterly to the Board.
employees and fostering of accountability where decisions
are taken. MIT hedges its portfolio exposure to interest rate volatility on
its floating rate borrowings by way of interest rate swaps. As
The overall risk framework is consistent with that adopted at 31 March 2011, the Manager has put in place interest
by the Sponsor and is supported by the Sponsors risk rate swaps that effectively fixes the interest rates for about
management team which reports to the management and 68% of MITs borrowings.
Audit and Risk Committee (AC) when required.
At the portfolio level, the risk impact of interest rate volatilities
PROPERTY MARKET RISKS on value is quantified, monitored and reported quarterly using
MITs portfolio is subject to real estate market risks such the VaR methodology. Refinancing risk is also quantified and
as occupancy and rental rate volatility in Singapore, as well as included in VaR.
specific factors including competition, supply and demand
and regulations.
65
Risk
Management
LIQUIDITY RISKS On receiving the Boards or Management Committees approval,

The Manager actively monitors MITs cash flow position and the investment proposals are then submitted to the Trustee
requirements so as to ensure sufficient liquid reserves to fund who is the final approving authority for all investment decisions.
operations and meet any short term obligations. In addition,
the Manager actively tracks and monitors cash balances The Trustee also monitors the compliance of the Managers
to limit bank concentration risks. Limits on total borrowings executed investment transactions with the restrictions under
are observed and monitored to ensure compliance with the the MASs Property Fund Guidelines and the provisions in
Code on Collective Investment Schemes issued by the the Trust Deed.
Monetary Authority of Singapore (MAS).
RELATED PARTY TRANSACTION RISKS
INVESTMENT RISKS The Manager has put in place an internal control system
The risks arising from investment activities are managed that ensures all Related Party Transactions are undertaken
through a rigorous and disciplined investment approach, on normal commercial terms and will not be prejudicial to the
particularly in the area of asset evaluation and pricing. All interests of MIT and its Unitholders. The system is subject to
acquisitions have to be yield accretive and meet MITs IA review and the resulting IA reports are submitted to the
internal total return requirements. Sensitivity analysis is also AC for review twice a year to ensure compliance.
performed for each acquisition on all key project variables to
test the robustness of the assumptions used. The Trustee has the right to review such audit reports to
ascertain compliance with the Property Fund Guidelines,
All investment proposals are subject to vigorous scrutiny by Listing Manual as well as such other REIT guidelines that
the Board (or delegated to Management Committee) based on may from time to time be prescribed by MAS and SGX.
relevant investment criteria including, but not limited to yield
accretion, location, building specifications, quality of customer
base, lease structure and internal rate of return.
66
Unit
Performance
MIT had a strong first day of trading, ending with a unit price East and the uncertainty of the impact of the Japanese
high of S$1.16 on 21 October 2010. A total of 1.27 billion earthquake and tsunami on the global economy.
units were traded with an average daily trading volume of
11.3 million units for the period from 21 October 2010 to Overall, MITs unit price remained stable, closing at S$1.05
31 March 2011. on 31 March 2011, with an average closing price of S$1.07.
At the end of the financial year ended 31 March 2011, MITs
The FTSE Straits Times Index dropped 1.8% during the same unit price performed well with a 12.9% gain from the IPO issue
period while the FTSE Singapore REITs Index fell 3.3%. This price. Market capitalisation increased from S$1.36 billion at
is amidst a turbulent period with ongoing unrest in the Middle IPO to S$1.54 billion as at 31 March 2011.
Unit Performance 21 October 2010 to 31 March 2011
IPO issue price S$ 0.93

Highest closing price S$ 1.16
Lowest closing price S$ 1.01
Average closing price S$ 1.07
Last done on 31 March 2011 S$ 1.05
Average daily trading volume (million units) 11.3
Average normalised daily trading volume (million units)1 5.8
Note:
1
Excludes first 5 days of trading to remove IPO effect.
Source: Bloomberg
Return on Investment in MIT (based on IPO issue price of S$0.93 per unit) %
Total Return2 (21 October 2010 to 31 March 2011) 16.6

Capital Appreciation3 12.9
Annualised Distribution Yield4 8.4
Notes:
2
Sum of capital appreciation and distributions for the period over IPO issue price.
3
Based on IPO issue price and closing unit price of S$1.05 on 31 March 2011.
4
Based on total actual DPU of S$0.0345 annualised for the period 21 October 2010 to 31 March 2011 and IPO issue price.
UNIT PRICE and volume PERFORMANCE (21 October 2010 to 31 March 2011)
S$1.20
S$1.15
Units Traded (million)
S$1.10
S$1.05
S$1.00
S$0.95
S$0.90
S$0.85
S$0.80
21 Oct 20 Nov 20 Dec 20 Jan 20 Feb 20 Mar
Source: Bloomberg
(LHS) Units Traded (million) (RHS) Closing Unit Price
67
Investor Relations
and Financial Calendar
Analyst briefing at INNO CENTRE for 4QFY2010 and FY2010 Financial Results
The Manager is committed to proactively provide clear, regular through the submission of questions online. The Manager
and timely disclosures to Unitholders, fund managers, analysts, plans to organise Live webcasts biannually, for MITs full year
media and the general public. and half-year results analyst briefings.
Clear, Regular and Timely Disclosures Since the IPO, senior management has met with close to 200
The Manager issues press releases and presentation materials institutional investors through one-on-one meetings, investor
together with quarterly results to provide additional information conferences and road shows. The Manager is committed to
and clarity on key areas of focus. Such press releases and engage investors globally through such channels.
announcements are released promptly on SGXs and MITs
websites. The Manager is committed to update the investor FY2010 Investor Relations Calendar
community on major corporate events and activities through Listing Date to 31 December 2010
SGXs and MITs websites. Stakeholders can subscribe to MITs Standard Chartereds Corporate Access Day, Singapore
email alerts for updates on the latest news on MIT. Investor
presentations used during conferences and roadshows are 1 January to 31 March 2011
also uploaded on MITs website prior to the respective events MITs First Financial Results Announcement
provide all Unitholders with the most current information MITs First Financial Results Analyst Conference Call
and updates. Citigroup 2011 Global Property Conference in Florida, USA
Investor Road Show in Boston, Chicago and New York,
Reaching Out to Investors Globally USA coordinated by Citigroup
For MITs 4QFY2010 and FY2010 results, an analyst briefing
was held at INNO CENTRE at the Redhill 2 cluster, a 1 April to 30 April 2011
recently completed asset enhancement initiative within the MITs 4QFY2010 and FY2010 Financial Results
MIT portfolio. The briefing provided analysts with an update Announcement
on the results and an opportunity to showcase the e-business MITs 4QFY2010 and FY2010 Analyst Briefing at
space which was converted from conventional flatted factory INNO CENTRE, Singapore
space. Investors, fund managers and the media based in Post-Results Investor Luncheon, Singapore coordinated
Singapore and overseas, had the opportunity to participate in by DBS Vickers
the Live webcast and could also interact with management
68
Financial Calendar
21 October 2010 (Listing Date) to 31 March 2011
25 January 2011
Announcement of First Financial Results for the period 21 October to 31 December 2010
28 February 2011
Distribution payout to Unitholders for the period 21 October to 31 December 2010
26 April 2011
Announcement of Fourth Quarter FY2010 and FY2010 Financial Results
31 May 2011
Distribution payout to Unitholders for the period 1 January to 31 March 2011
1 April 2011 to 31 March 2012 (Financial Year 2011)
July 2011
Announcement of First Quarter FY2011 Financial Results
August 2011
Distribution payout to Unitholders for the period 1 April to 30 June 2011
October 2011
Announcement of Half-Year FY2011 Financial Results
November 2011
Distribution payout to Unitholders for the period 1 July to 30 September 2011
January 2012
Announcement of Third Quarter FY2011 Financial Results
February 2012
Distribution payout to Unitholders for the period 1 October to 31 December 2011
April 2012
Announcement of Fourth Quarter FY2011 and FY2011 Financial Results
May 2012
Distribution payout to Unitholders for the period 1 January to 31 March 2012
To subscribe to the latest news on MIT, please visit www.mapletreeindustrialtrust.com.
For general enquiries, please contact:
Ms Melissa Tan Unitholder Registrar Unitholder Depository

Senior Manager Boardroom Corporate & Advisory Services For unitholding account-related matters
Investor Relations Pte Ltd. such as change of details and history
Mapletree Industrial Trust Management Ltd. 50 Raffles Place #32-01 unitholding records, please contact:
10 Pasir Panjang Road #13-01 Singapore Land Tower
Mapletree Business City The Central Depository (Pte) Limited
Singapore 048623
Singapore 117438 4 Shenton Way
T : (65) 6536 5355
T : (65) 6377 6113 #02-01 SGX Centre 2
F : (65) 6536 1360
F : (65) 6273 0525 Singapore 068807
E : [email protected] T : (65) 6535 7511
F : (65) 6535 0775
W : www.cdp.com.sg
69
Corporate Social
Responsibility
Integrating Corporate Social Responsibility public. The second issue of Citrus was published in February
Community Engagement 2011 where electronic copies were distributed to about 3,000
People Development subscribers. Citrus covers interesting news at the various
Environmental Sustainability property clusters and is also used as a platform to promote the
businesses of the tenants and to raise awareness of relevant
The Manager believes in creating a sustainable environment issues like workplace safety.
for the Community, People and the Environment. Together with
the Sponsor, the Manager is committed to being a responsible Mapletree Industrial Business Leadership Talks
corporate citizen. The inaugural Mapletree Industrial Business Leadership Talk
was held over a luncheon on 6 April 2010 at Resorts World
Community Engagement Fostering Tenant Convention Centre. Eminent business leader, Mr Sunny
Relationships Verghese, Managing Director and Chief Executive Officer of
The Manager had put in place various initiatives to foster strong Olam International Limited, shared his experiences and views
tenant relationships, create conducive work environments on Building an Emerging Market Multinational.
and build cohesive communities. To further align its interest
with MIT tenants, the Manager procured goods, festive gifts, The second session was organised on 11 January 2011 at
printing and catering services from MIT tenants, representative Livewire@Marina Bay Sands. Mr Tan Soo Nan, Chief Executive
ones include Smiling Orchid, Octogram Press and Art in Officer of Singapore Pools (Private) Ltd. gave interesting
Bloom Florist & Gifts. insights into the gaming industry through his topic Lady Luck,
Wagering and Gaming-Myths and Reality.
Citrus A Mapletree Industrial Newsletter
The first issue of Citrus was launched in July 2010 as an Senior management of key tenants were invited for the talks,
additional channel to reach out to the community which providing a rare opportunity for networking amongst business
includes tenants, business partners as well as the general leaders from different sectors.
Citrus Mapletree Industrial Inaugural Mapletree Industrial Business Leadership Talk

Newsletter
70
Smaller scale lunch-time talks were also organised for
tenants, featuring topics like Success in Investments is a
Choice and Shocking news about your insurance policies
at The Strategy and The Synergy business park buildings.
Festive Celebrations
During the Christmas season, carolers from the Salvation
Army, Gracehaven Childrens Home and National University of
Singapore Raffles Hall were invited to spread the Christmas
cheer to the tenants at The Strategy and The Signature
business park buildings and Serangoon North cluster. The
festive activities also provided an opportunity for the Manager
to support the kettlers from the Salvation Army in their donation
drive. Log cake fairs were held as a service to tenants while
Christmas Celebrations at The Signature
creating a bustle for community at the same time.
Mooncake festival fairs featuring prominent mooncake

vendors from Goodwood Park Hotel, Peony Jade Restaurant,
Raffles Hotel, Fairmont Hotel and Marriot Hotel were also held
at The Strategy and The Signature business park buildings.
Crime Prevention Exhibitions

The Manager worked with the various police divisions and
neighbourhood police centres to organise crime prevention
exhibitions as another community outreach initiative. The
exhibitions were held at high traffic lift lobbies at the Kallang
Basin, Kampong Ampat, Serangoon North, Tanglin Halt,
Toa Payoh and Woodlands Central clusters in October 2010.
Police officers manned the exhibitions on site to attend to
queries from tenants and visitors. The exhibitions created
Crime Prevention Exhibition at Kallang Basin 4
awareness amongst tenants of the perils of crime and the
need for constant vigilance.
People Development Nurturing the vital

Resource
The Manager remained focused on developing its people
as a vital resource. Talent management and development
initiatives are instituted to build teams of leaders who are
committed to take on new challenges to grow the business.
Talent Management
Good succession planning remains a critical component
of sustainable business growth. The Manager continued to
identify, groom and develop business leaders from among its
promising staff, who are given enlarged roles and leadership
training opportunities.
The Sponsor has its own Management Associate Programme

called Mapletree International Management Talent (MINT)
Programme. The MINT Programme targets mid-level
professionals as well as junior hires as part of the long term
strategy to develop a pool of ready talent. The Sponsor has
also stepped up its employer branding efforts through its
participation at local and overseas career road-shows at
renowned universities.
71
Corporate Social
Responsibility
Training and Development

The Manager leverages on the Sponsors Human Resource
platform for training and development opportunities. The
Manager continues to be supportive by encouraging employees
to take on self-improvement courses.
The Sponsor also continued with its in-house business

programme the Mapletree Real Estate Investment Toolbox,
aimed at developing a better understanding of the real
estate business among staff through insights shared by
Senior Management. Customised in-house programmes
were also developed to enhance the employees core
competences. In addition, a series of leadership, self-
improvement and technical workshops and seminars were
conducted by in-house experts, business partners and
external training providers. Earth Hour 2011
Work-life Balance
The Sponsor collaborated with Fitness First, a gymnasium
located within Mapletree Business City, to offer attractive Earth Hour 2011
special rates for all staff. Employees are strongly encouraged The Manager supported Earth Hour on 26 March 2011
to incorporate some form of exercise into their daily at 8.30pm by turning off lighted signages and lightings at
schedule to promote a healthy lifestyle. This will help them to The Signature, The Strategy and The Synergy business
be more productive and contribute to their overall well-being. park buildings and Serangoon North cluster for an hour. This
initiative participated by 135 countries is a global movement to
The Sponsor organised several workplace activities throughout support efforts to fight global warming.
the year to encourage a good work-life balance among the
employees. These events provided opportunities for employees Green Buildings
to get to know each other on an informal basis while Tata Communications Exchange, a six-storey data centre and
fostering camaraderie. Running enthusiasts formed teams to corporate headquarters for leading global telecommunications
participate in the JP Morgan Chase Corporate Challenge company, Tata Communications, received the internationally
and the SGX Bull Charge held in May 2010 and November recognised LEED Gold Award. LEED focuses on buildings
2010 respectively. that were designed and built using strategies aimed at
improving performances in areas such as energy saving,
Environmental Sustainability Going Green water efficiency, carbon dioxide emissions reduction, etc. Tata
At Work Communications Exchange had already received the Building
The Manager is committed towards promoting environmentally and Construction Authoritys Green Mark Gold Award earlier.
sustainable practices in its business operations.
The Shaping & Sharing Programme
Going Green The Sponsor has launched a sustainability framework called
The Manager installed motion detection sensors for The Shaping & Sharing Programme in November 2010 to
controlling lights at toilets across the portfolio which helped empower individuals and enrich communities through four
to minimise energy wastage during downtime. The Manager key areas of focus: education, health, environmental and
has commenced the next project on replacement of existing arts related causes. Heading The Shaping and Sharing
T8 florescent bulbs and tubes with more energy efficient T5 Programme is a committee comprising board members
florescent bulbs and tubes. from the Mapletree Group of companies. Mr Wee Joo Yeow,
Independent Director of the Manager, is representing the
The Manager also made a conscious decision to Go Green Manager on the committee. A Corporate and Staff Social
by choosing to publish Citrus, the Mapletree Industrial Responsibility secretariat was also set up in March 2011 to
Newsletter, electronically and distributing through emails administer, evaluate and execute sustainability work plans
instead of posting the conventional hardcopy printed version. for the Sponsor.
72
Financial
Statements
For the financial year ended 31 March 2011
IMPORTANT NOTE
All currencies are denoted in Singapore dollars.
Contents
74 75 76 77 78
Report of Statement by Independent Statements of Balance
the Trustee the Manager Auditors Report Total Return Sheets
79 80 81 82 88
Distribution Consolidated Statements of Portfolio Notes to
Statements Statement of Changes in Statement the Financial
Cash Flows Unitholders Statements
Funds
73
Report of the Trustee
DBS Trustee Limited (the Trustee) is under a duty to take into custody and hold the assets of Mapletree Industrial Trust (MIT)
and its subsidiary (the Group) in trust for the holders (Unitholders) of units in MIT. In accordance with the Securities and
Futures Act (Cap. 289), its subsidiary legislation and the Code on Collective Investment Schemes (collectively referred to as the
laws and regulations), the Trustee shall monitor the activities of Mapletree Industrial 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 29
January 2008 (as amended) (the Trust Deed) between the Trustee and the Manager in each annual accounting period and
report thereon to Unitholders in an annual report which shall contain the matters prescribed by the laws and regulations as
well as the recommendations of the Statement of Recommended Accounting Practice 7 Reporting Framework for Unit Trusts
issued by the Institute of Certified Public Accountants of Singapore and the provisions of the Trust Deed.
To the best knowledge of the Trustee, the Manager has, in all material respects, managed MIT and the Group during the financial
year covered by these financial statements set out on pages 77 to 114, comprising the Balance Sheets and Portfolio Statement for
MIT and the Group as at 31 March 2011, the Statements of Total Return, Distribution Statements and Statements of Unitholders
Funds for MIT and the Group, the Consolidated Statement of Cash Flows for the Group and Notes to the Financial Statements
for the year then ended are in accordance with the limitations imposed on the investment and borrowing powers set out in the
Trust Deed, laws and regulations and otherwise in accordance with the provisions of the Trust Deed.
For and on behalf of the Trustee

DBS Trustee Limited
Jane Lim
Director
Singapore, 6 June 2011
74
Statement by the Manager
In the opinion of the directors of Mapletree Industrial Trust Management Ltd., the accompanying financial statements of
Mapletree Industrial Trust (MIT) and its subsidiary (the Group) as set out on pages 77 to 114, comprising the Balance Sheets
and Portfolio Statement for MIT and the Group as at 31 March 2011, the Statements of Total Return, Distribution Statements and
Statements of Unitholders Funds for MIT and the Group, the Consolidated Statement of Cash Flows for the Group and Notes
to the Financial Statements for the year then ended are drawn up so as to present fairly, in all material respects, the financial
position of MIT and of the Group as at 31 March 2011 and the total return, amount distributable, movements of Unitholders
funds of MIT and of the Group and Consolidated Statement of Cash Flows for the Group for the financial year then ended in
accordance with the recommendations of Statement of Recommended Accounting Practice 7 Reporting Framework for
Unit Trusts issued by the Institute of Certified Public Accountants of Singapore. At the date of this statement, there are
reasonable grounds to believe that MIT will be able to meet its financial obligations as and when they materialise.
For and on behalf of the Manager

Mapletree Industrial Trust Management Ltd.
Tham Kuo Wei

Director
75
Independent Auditors Report to the
Unitholders of Mapletree Industrial Trust
(Constituted under a Trust Deed in the Republic of Singapore)
Report on the Financial Statements

We have audited the accompanying financial statements of Mapletree Industrial Trust (MIT) and its subsidiary (the Group)
as set out on pages 77 to 114, which comprise the Balance Sheets and Portfolio Statement for MIT and the Group as at
31 March 2011, the Statements of Total Return, Distribution Statements and Statements of Unitholders Funds for MIT and the
Group and Consolidated Statement of Cash Flows for the Group for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Managers Responsibility for the Financial Statements

The Manager of MIT (the Manager) is responsible for the preparation and fair presentation of these financial statements
in accordance with the recommendations of Statement of Recommended Accounting Practice 7 Reporting Framework for
Unit Trusts issued by the Institute of Certified Public Accountants of Singapore, and for such internal control as the Manager
determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial 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 as to whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of
the financial statements; whether due to fraud or error. In making those risk assessments, the auditor considers internal control
relevant to the entitys preparation and fair presentation of the financial 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 entitys
internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Manager, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of MIT and of the Group
as at 31 March 2011, the total return, amount distributable and movements in Unitholders funds of MIT and the Group
and consolidated cash flows of the Group for the financial year ended 31 March 2011 in accordance with the Statement of
Recommended Accounting Practice 7 Reporting Framework for Unit Trusts issued by the Institute of Certified Public
Accountants of Singapore.
PricewaterhouseCoopers LLP
Public Accountants and Certified Public Accountants
76
Statements of Total Return
Group MIT
2011 2010 2011 2010
Note $000 $000 $000 $000

Gross revenue 3 196,492 171,837 189,081 171,837
Property operating expenses 4 (61,792) (52,523) (60,538) (52,523)
Net property income 134,700 119,314 128,543 119,314

Interest income 201 353 193 353
Dividend income 5,477
Borrowing costs 5 (43,264) (43,395) (43,255) (43,395)
Managers management fees (13,207) (10,620) (12,557) (10,620)
Trustees fees (188) (188)
Other trust expenses 6 (974) (788) (942) (788)

Net income 77,268 64,864 77,271 64,864

Net fair value gains on investment properties 12 283,831 26,800 278,931 26,800

Total return for the financial year
before income tax 361,099 91,664 356,202 91,664
Income tax credit/(expense) 7 3,166 (12,776) 3,166 (12,776)

Total return for the financial year after
income tax before distribution 364,265 78,888 359,368 78,888

Earnings per unit
Cents $000 Cents $000
Basic 8 56.11 78,888 55.36 78,888

Diluted 8 56.11 78,888 55.36 78,888

The accompanying notes form an integral part of these financial statements.
77
Balance Sheets
As at 31 March 2011
Group MIT
2011 2010 2011 2010
Note $000 $000 $000 $000
ASSETS
Current assets
Cash and cash equivalents 9 107,216 105,078 97,402 105,078
Trade and other receivables 10 2,087 4,557 4,865 4,557
Other current assets 11 1,615 144 198 144
110,918 109,779 102,465 109,779

Non-current assets
Investment properties 12 2,197,100 1,731,000 2,012,500 1,731,000
Investment property under development 18 18
Plant and equipment 13 2 6 2 6
Investment in a subsidiary 14 *
Loan to a subsidiary 15 179,794
2,197,120 1,731,006 2,192,314 1,731,006

Total assets 2,308,038 1,840,785 2,294,779 1,840,785

LIABILITIES
Current liabilities
Trade and other payables 16 69,610 51,607 62,170 51,607
Borrowings 17 27,462 27,462
Current income tax liabilities 7 15,085 17,660 14,163 17,660
84,695 96,729 76,333 96,729

Non-current liabilities
Unitholders loan 19 707,999 707,999
Derivative financial instruments 20 6,143 3,229 6,143 3,229
Borrowings 17 833,370 997,161 833,370 997,161
Deferred income tax liabilities 18 7,704 7,704
839,513 1,716,093 839,513 1,716,093

Total liabilities 924,208 1,812,822 915,846 1,812,822

Net assets attributable to Unitholders 1,383,830 27,963 1,378,933 27,963

Represented by:
Unitholders funds 1,389,973 31,192 1,385,076 31,192
Hedging reserve 21 (6,143) (3,229) (6,143) (3,229)
1,383,830 27,963 1,378,933 27,963

UNITS IN ISSUE (000) 23 1,462,664 1 1,462,664 1

NET ASSET VALUE PER UNIT ($) 0.95 27,963 0.94 27,963
* Amount is less than $1,000
78
Distribution Statements
Group MIT
2011 2010 2011 2010
$000 $000 $000 $000
Total return for the year attributable to Unitholders 364,265 78,888 359,368 78,888

Adjustment for net effect of non-tax deductible/
(chargeable) items and other adjustments (Note A) (101,197) (96,300)
Amount available for distribution 263,068 78,888 263,068 78,888
Amount available for distribution to Unitholders
at beginning of period 31,191 (39,131) 31,191 (39,131)

Distribution to Unitholders:
Distribution for the period from 01 April 2009
to 31 March 2010 (8,566) (8,566)
Distribution for the period from 01 April 2010
to 20 October 2010 (243,657) (243,657)
Distribution of 1.52 cents per unit for the period
from 21 October 2010 to 31 December 2010 (22,232) (22,232)

Total Unitholders distribution (265,889) (8,566) (265,889) (8,566)

Amount available for distribution to Unitholders
at end of the year 28,370 31,191 28,370 31,191

Note A:
Adjustment for net effect of non-tax deductible/
(chargeable) items and other adjustments comprise:

Major non-tax deductible/(chargeable) items*:
Trustees fees 188 188
Financing fees 555 555
Net fair value gain on investment properties (102,031) (97,131)
Other non-tax deductible items and other adjustments 91 88
(101,197) (96,300)
* Adjustment for major non-tax deductible/(chargeable) items was not applicable in 2010 as MIT distribution policy was different when it was
a private trust.
79
Consolidated Statement
of Cash Flows
2011 2010
Note $000 $000
Cash flows from operating activities

Total return for the financial period after income tax before distribution 364,265 78,888
Adjustments for
(Reversal)/allowance for impairment of trade receivables
and bad debts written off (43) 656
Income tax (3,166) 12,776
Fair value gain on investment property (283,831) (26,800)
Interest income (201) (353)
Interest on borrowings 36,309 42,120
Reclassification adjustment from hedging reserve to
the Statements of Total Return 6,955 1,275
Depreciation 4 4
Operating cash flow before working capital changes 120,292 108,566

Change in operating assets and liabilities
Trade and other receivables 2,502 (2,111)
Trade and other payables 19,568 8,403
Other current assets 44 504
Interest received 223 334
Income tax paid (8,035)
Net cash generated by operating activities 134,594 115,696

Cash flows from investing activities
Additions to investment property under development (18)
Additions to investment properties (2,569)
Acquisition of a subsidiary, net of cash acquired 14 (174,150)
Net cash used in investing activities (176,737)

Cash flows from financing activities
Repayment of borrowings (1,030,310) (136,272)
Net proceeds from borrowings 832,707 100,368
Net proceeds from issuance of new units 1,159,444
Partial redemption of MIT private trust units (544,452)
Payment of distribution to private trust Unitholders (243,657) (8,566)
Payment of additional distribution to private trust Unitholders (62,586)
Payment of distribution to public trust Unitholders (22,232)
Interest paid (44,633) (28,633)
Net cash generated from/(used in) financing activities 44,281 (73,103)

Net increase in cash and cash equivalents 2,138 42,593

Beginning of financial year 9 105,078 62,485
End of financial year 9 107,216 105,078
80
Statements of Changes
in Unitholders Funds
Group MIT
2011 2010 2011 2010
Note $000 $000 $000 $000
OPERATIONS
Balance at beginning of year 31,191 (39,131) 31,191 (39,131)
Total return for the year 364,265 78,888 359,368 78,888
Distributions (265,889) (8,566) (265,889) (8,566)
Balance at end of year 129,567 31,191 124,670 31,191

UNITHOLDERS CONTRIBUTION
Balance at beginning of year 1 1 1 1
Movement during the year
Issue of units as repayment of Unitholders loan 707,999 707,999
Issue of units on listing 1,187,554 1,187,554
Partial redemption of MIT private trust units (544,452) (544,452)
Additional distribution to MIT private trust Unitholders 22 (62,586) (62,586)
Issue expenses (28,110) (28,110)
Balance at end of year 1,260,406 1 1,260,406 1

HEDGING RESERVE
Balance at beginning of year (3,229) (3,229)
Changes in fair value (2,914) (3,229) (2,914) (3,229)
Balance at end of year (6,143) (3,229) (6,143) (3,229)

Total Unitholders funds at the end of the year 1,383,830 27,963 1,378,933 27,963
81
Portfolio Statement
As at 31 March 2011

Acquisition Remaining
Description of property date Term of lease* term of lease* Location

Properties held under MIT

The Signature 01/07/2008 60 years 57 years 51 Changi Business Park Central 2
Singapore
The Strategy 01/07/2008 60 years 57 years 2 International Business Park

Singapore
The Synergy 01/07/2008 60 years 57 years 1 International Business Park

Singapore
Flatted Factories
Changi North 01/07/2008 60 years 57 years 11 Changi North Street 1
Singapore
Kaki Bukit 01/07/2008 60 years 57 years 2, 4, 6, 8 & 10 Kaki Bukit Avenue 1

Singapore
Kolam Ayer 1 01/07/2008 43 years 40 years 8, 10 & 12 Lorong Bakar Batu

Singapore
Kolam Ayer 2 01/07/2008 43 years 40 years 155 & 161 Kallang Way
Singapore
Kolam Ayer 5 01/07/2008 43 years 40 years 1, 3 & 5 Kallang Sector

Singapore
Kallang Basin 4 01/07/2008 33 years 30 years 26, 28 & 30 Kallang Place

Singapore
Kallang Basin 5 01/07/2008 33 years 30 years 19, 21 & 23 Kallang Avenue

Singapore
Kallang Basin 6 01/07/2008 33 years 30 years 25 Kallang Avenue

Singapore
Kampong Ampat 01/07/2008 60 years 57 years 171 Kampong Ampat

Singapore
Loyang 1 01/07/2008 60 years 57 years 30 Loyang Way

Singapore
Loyang 2 01/07/2008 60 years 57 years 2, 4 & 4A Loyang Lane

Singapore
82
Percentage Percentage
of total of total
Gross Gross net assets net assets
revenue revenue At At attributable to attributable to
for the for the Occupancy Occupancy Latest valuation valuation Unitholders Unitholders
year ended year ended rate rate valuation as at as at as at as at
31/03/2011 31/03/2010 2011 2010 date 31/03/2011 31/03/2010 31/03/2011 31/03/2010
$000 $000 % % $000 $000 % %

13,085 11,158 96.8 96.7 31/03/2011 116,000 95,800 8.4% 342.6%

20,314 19,740 92.2 94.1 31/03/2011 246,000 212,000 17.8% 758.2%

11,109 9,573 85.0 88.0 31/03/2011 113,000 88,000 8.2% 314.7%

1,737 1,735 97.7 93.9 31/03/2011 19,000 18,000 1.4% 64.4%

12,378 10,639 86.0 78.4 31/03/2011 157,600 138,400 11.4% 495.0%

5,426 4,959 92.0 91.8 31/03/2011 57,000 50,400 4.1% 180.2%

5,092 4,853 86.9 86.9 31/03/2011 52,500 47,600 3.8% 170.2%

5,897 5,046 71.2 58.8 31/03/2011 69,000 64,100 5.0% 229.2%

6,344 5,620 91.6 91.9 31/03/2011 57,500 51,500 4.2% 184.2%

5,179 4,443 94.7 86.3 31/03/2011 47,500 43,700 3.4% 156.3%

3,534 3,417 91.0 90.8 31/03/2011 35,000 32,300 2.5% 115.5%

6,675 6,060 98.9 99.9 31/03/2011 66,000 58,300 4.8% 208.5%

4,617 3,934 98.6 89.0 31/03/2011 47,500 33,000 3.4% 118.0%

2,540 2,304 85.5 78.1 31/03/2011 28,000 20,000 2.0% 71.5%

83
Portfolio Statement
As at 31 March 2011


Redhill 1 01/07/2008 30 years 27 years 1001, 1001A & 1002 Jalan Bukit Merah
Singapore
Redhill 2 01/07/2008 30 years 27 years 1003 & 3752 Bukit Merah Central
Singapore
Serangoon North 01/07/2008 60 years 57 years 6 Serangoon North Avenue 5

Singapore
Tanglin Halt 01/07/2008 56 years 53 years 115A/B Commonwealth Drive

Singapore
Telok Blangah 01/07/2008 60 years 57 years 1160, 1200 & 1200A Depot Road
Singapore
Tiong Bahru 1 01/07/2008 30 years 27 years 1090 Lower Delta Road

Singapore
Tiong Bahru 2 01/07/2008 30 years 27 years 1080, 1091, 1091A, 1092

& 1093 Lower Delta Road
Singapore
Toa Payoh 1 01/07/2008 30 years 27 years 970, 970A & 998 Toa Payoh North
Singapore
Toa Payoh 2 01/07/2008 30 years 27 years 1004 Toa Payoh North

Singapore
Toa Payoh 3 01/07/2008 30 years 27 years 1008 & 1008A Toa Payoh North
Singapore
Woodlands Central 01/07/2008 60 years 57 years 33 & 35 Marsiling Ind Estate Road 3
Singapore
Woodlands Spectrums 1 & 2 01/07/2008 60 years 57 years 201, 203, 205, 207, 209 & 211
Woodlands Avenue 9 and
2 Woodlands Sector 1
Singapore
Warehouse
Clementi West 01/07/2008 30 years 27 years 1 Clementi Loop Singapore
Subtotal-MIT
84
of total of total
31/03/2011 31/03/2010 2011 2010 date 31/03/2011 31/03/2010 31/03/2011 31/03/2010
$000 $000 % % $000 $000 % %
4,971 4,594 89.3 89.7 31/03/2011 49,000 42,700 3.5% 152.7%

3,636 3,700 80.8 94.5 31/03/2011 41,300 37,000 3.0% 132.3%

13,307 11,798 82.8 74.5 31/03/2011 144,000 125,000 10.4% 447.0%

3,124 2,863 98.5 97.7 31/03/2011 34,500 30,700 2.5% 109.8%

4,389 4,054 92.7 91.6 31/03/2011 50,500 45,700 3.6% 163.4%

1,803 1,613 96.8 94.7 31/03/2011 17,300 15,000 1.3% 53.6%

5,822 5,347 97.0 97.2 31/03/2011 54,000 46,000 3.9% 164.5%
5,806 5,398 99.2 99.1 31/03/2011 54,000 47,000 3.9% 168.1%

1,884 1,715 99.2 96.0 31/03/2011 17,300 14,500 1.3% 51.9%

2,274 2,114 98.5 97.9 31/03/2011 20,500 17,300 1.5% 61.9%

4,498 4,464 75.7 86.9 31/03/2011 47,000 42,000 3.4% 150.2%

30,936 28,094 95.3 92.5 31/03/2011 345,000 292,000 25.0% 1044.3%

2,704 2,602 97.6 100.0 31/03/2011 26,500 23,000 1.9% 82.3%
189,081 171,837 2,012,500 1,731,000
85
Portfolio Statement
As at 31 March 2011


Properties held under MSIT

19 Changi South Street 1 21/10/2010 30 + 30 years 46 years 19 Changi South Street 1
Singapore
19 Tai Seng Drive 21/10/2010 30 + 30 years 40 years 19 Tai Seng Drive

Singapore
Tata Communications Exchange 21/10/2010 30 + 30 years 58 years 35 Tai Seng Street

Singapore
65 Tech Park Crescent 21/10/2010 60 years 42 years 65 Tech Park Crescent

Singapore
45 Ubi Road 1 21/10/2010 30 + 30 years 42 years 45 Ubi Road 1

Singapore
26 Woodlands Loop 21/10/2010 30 + 30 years 44 years 26 Woodlands Loop

Singapore
Subtotal-MSIT
Gross revenue / investment properties-Group1

Other assets and liabilities (net)-Group
Net assets attributable to Unitholders-Group
* Refers to the tenure of underlying land. Remaining term of lease includes option for MSIT to renew the land leases.
1
Investment properties comprise a portfolio of industrial buildings that are leased to external customers.
The carrying amounts of the Singapore investment properties were based on independent valuations as at 31 March 2011. The valuations
were undertaken by Colliers International Consultancy and Valuation (S) Pte Ltd, an independent valuer. Colliers International Consultancy and
Valuation (S) Pte Ltd has appropriate professional qualifications and experience in the location and category of the properties being valued. The
valuations of the investment properties were based on the income capitalisation method, discounted cash flow method and direct comparison
method. The net movement in valuation has been taken to the Statement of Total Return. It is the intention of the Group and MIT to hold the
investment properties for the long term.
86
of total of total
31/03/2011 31/03/2010 2011 2010 date 31/03/2011 31/03/2010 31/03/2011 31/03/2010
$000 $000 % % $000 $000 % %

534 100.0 31/03/2011 13,000 0.9%
681 100.0 31/03/2011 14,500 1.0%
4,289 99.1 31/03/2011 96,000 6.9%
442 100.0 31/03/2011 13,800 1.0%
716 100.0 31/03/2011 24,500 1.8%
749 100.0 31/03/2011 22,800 1.6%
7,411 184,600
196,492 171,837 2,197,100 1,731,000 158.8% 6,190.5%

(813,270) (1,703,037) -58.8% -6,090.5%
1,383,830 27,963 100.0% 100.0%
87
Notes to the Financial Statements
These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
1. General
Mapletree Industrial Trust (MIT) is a Singapore-domiciled unit trust constituted as a private trust pursuant to the Trust Deed
dated 29 January 2008 (as amended) between Mapletree Industrial Fund Management Pte. Ltd. and Mapletree Trustee Pte.
Ltd.. The Trust Deed is governed by the laws of the Republic of Singapore. Mapletree Industrial Trust Management Ltd.
(the Manager) replaced Mapletree Industrial Fund Management Pte. Ltd. as Manager of MIT on 27 September 2010 and
DBS Trustee Limited (the Trustee) replaced Mapletree Trustee Pte. Ltd. as Trustee of MIT on 27 September 2010.

MIT was formally admitted to the Official List of the Singapore Exchange Securities Trading Limited (SGX-ST) on 21 October
2010 (Listing Date) and was included under the Central Provident Fund (CPF) Investment Scheme on 6 September 2010.
On Listing Date, MIT completed the acquisition of Mapletree Singapore Industrial Trust (MSIT). As such, the financial
statements of the Group comprise the results of MIT as a private trust from 1 April 2010 to 20 October 2010 and the
consolidated results of MIT and MSIT (i.e. results of all the 70 properties in its portfolio) from Listing Date onwards.
The principal activity of MIT and its subsidiary (the Group) is to invest in a diverse portfolio of industrial properties with the
primary objective of achieving an attractive level of return from rental income and for long-term capital growth.
MIT has entered into several service agreements in relation to the management of MIT and its property operations. The fee
structures of these services are as follows:
(A) Trustees fees

The Trustees fees shall not exceed 0.1% per annum of the value of all the assets of MIT (Deposited Property) (subject
to a minimum of $12,000 per month) or such higher percentage as may be fixed by an Extraordinary Resolution of a
meeting of Unitholders. The Trustees fees are payable out of the Deposited Property of MIT 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 Trustees fees are charged on a scaled
basis of up to 0.02% per annum of the value of the Deposited Property (subject to a minimum of $12,000 per month).
(B) Managers Management fees

The Manager is entitled under the Trust Deed to receive the following remuneration:
(i) A base fee of 0.5% per annum of the value of MITs 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 MIT or such higher percentage as may be
approved by an Extraordinary Resolution of a meeting of Unitholders.
The management fees payable to the Manager 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, Divestment and Development Management fees

The Manager is entitled to receive the following fees (if not prohibited by the Property Funds Appendix or if
otherwise permitted):
(i) an acquisition fee not exceeding 1.0% of the acquisition price of real estate or real estate-related assets acquired
directly or indirectly, through one or more SPVs, pro-rated if applicable to the proportion of MITs interest. For the
purposes of this acquisition fee, real estate-related assets include all classes and types of securities relating to
real estate; and
88
1. General (Contd)
(C) Acquisition, Divestment and Development Management fees (Contd)
(ii) a divestment fee not exceeding 0.5% of the sale price of real estate-related assets disposed, pro-rated if applicable
to the proportion of MITs interest. For the purposes of this divestment fee, real estate-related assets include all
classes and types of securities relating to real estate; and
(iii) a development management fee not exceeding 3.0% of the total project costs incurred in a development project
undertaken by the Manager on behalf of MIT.
The acquisition, divestment and development management fees will be paid in the form of cash or/and Units and
is payable as soon as practicable after completion of the acquisition, disposal or development respectively.
(D) Fees under the Property Management Agreement

(i) Property management services
The Trustee will pay Mapletree Facilities Services Pte. Ltd. (the Property Manager), for each fiscal year (as defined
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

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

The Trustee will pay the Property Manager, the following commissions:
Up to 1 months gross rent inclusive of service charge, for securing a tenancy of 3 years or less;

Up to 2 months gross rent inclusive of service charge, for securing a tenancy of more than 3 years;

Up to 0.5 months gross rent inclusive of service charge, for securing a renewal of tenancy of 3 years or less; or

Up to 1 months gross rent inclusive of service charge, for securing a renewal of tenancy of more than 3 years
If a third party agent secures a tenancy, the Property Manager will be responsible for all marketing services
commission payable to such third party agent, and the Property Manager will be entitled to a marketing services
commission of;
Up to 1.2 months gross rent inclusive of service charge, for securing a tenancy of 3 years or less; or

Up to 2.4 months gross rent inclusive of service charge, for securing a tenancy of more than 3 years;
(iv) Project management services

The Trustee will pay the Property Manager, for each development or redevelopment of a property located in
Singapore, the following fees:
Where the construction costs are $2.0 million or less, a fee of 3.0% of the construction costs;

Where the construction costs exceed $2.0 million but do not exceed $20.0 million, a fee of 2.0% of the
construction costs or $60,000, whichever is the higher;

Where the construction costs exceed $20.0 million but do not exceed $50.0 million, a fee of 1.5% of the
construction costs or $400,000, whichever is the higher; and

Where the construction costs exceed $50.0 million, a fee to be mutually agreed by the Manager, the Trustee
and the Property Manager.
The Property Managers fees will be paid in the form of cash and is payable monthly, in arrears.
89
2. Significant accounting policies

2.1 Basis of preparation
The financial 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 Certified Public Accountants of Singapore, the
applicable requirements of the Code on Collective Investment Schemes issued by the Monetary Authority of Singapore
(MAS) and the provisions of the Trust Deed.
These financial statements, which are expressed in Singapore Dollar 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 financial statements in conformity with RAP 7 requires management to exercise its judgement in the
process of applying the Groups 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
significant to the financial statements, is disclosed in Note 12 Investment Properties. The assumptions and estimates were
used by the independent valuers in arriving at their valuations.
Interpretations and amendments to published standards effective in 2010

On 1 April 2010, the Group adopted the new or amended Singapore Financial Reporting Standards (FRS) and Interpretations
to FRS (INT FRS) that are mandatory for application from that date. Changes to the Groups accounting policies have
been made as required, in accordance with the relevant transitional provisions in the respective FRS and INT FRS.
The following are the new or revised FRS and INT FRS that are relevant to the Group:
FRS 103 (revised) Business Combinations (effective for annual periods beginning on or after 1 July 2009).
Please refer to Note 2.5(a)(ii) for the revised accounting policy on business combinations. The adoption of this revised
accounting policy does not have any impact on the financial statements for the current financial year.
FRS 27 (revised) Consolidated and Separate Financial Statements (effective for annual periods beginning on or after 1 July 2009).
The revisions to FRS 27 principally change the accounting for transactions with non-controlling interests. Please refer to
Notes 2.5(a)(iii) for the revised accounting policy on changes in ownership interest that results in a loss of control and 2.5(b)
for that on changes in ownership interests that do not result in loss of control.
The adoption of these new or amended FRS and INT FRS did not result in substantial changes to the Groups and MITs
accounting policies and had no material effect on the amounts reported for the current or prior financial years.
2.2 Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the rendering of services and is presented
net of goods and services tax, rebates and discounts.
Revenue is recognised as follows:

(a) Rental income and service charges from operating leases
Rental income and service charges (net of any incentive given to the lessees) from the 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.
90
2. Significant accounting policies (Contd)
2.3 Expenses
(a) Property operating expenses
Property operating expenses are recognised on an accrual basis. Included in property expenses are Property Managers
fees which are based on the applicable formula stipulated in Note 1(D).
(b) Managers management fees

Managers management fees are recognised on an accrual basis using the applicable formula stipulated in Note 1(B).
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 for current and prior periods are recognised at the amounts expected to be paid to the tax authorities,
using the tax rates and tax laws that have been enacted or substantially enacted by 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 financial statements, except when the deferred income tax arises from
the initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction
affects neither accounting nor taxable profit or loss at the time of the transaction. 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 asset is recognised to the extent that it is probable that future taxable profit will be available against
which the temporary differences can be utilised.
The Inland Revenue Authority of Singapore (IRAS) has issued a tax ruling on the taxation of MIT for the income earned
and expenditure incurred after its listing on the SGX-ST. Subject to meeting the terms and conditions of the tax ruling which
include a distribution of at least 90% of the taxable income of MIT, the Trustee will not be taxed on the portion of taxable
income of MIT 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 MIT is finally 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.
Although MIT 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 MIT (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 MITs taxable income to the extent that the beneficial Unitholder is:
An individual (excluding partnerships);

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 MIT.
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.
91

2.5 Group accounting
(a) Subsidiaries
(i) Consolidation
Subsidiaries are entities (including special purpose entities) over which the Group has power to govern the financial
and operating policies so as to obtain benefits 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 financial 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.
(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.
Identifiable 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 interests proportionate share of the acquirees net
identifiable assets.
The consideration transferred (including the acquisition-date fair value of any previous equity interest in the acquiree)
and the amount of any non-controlling interest in the acquiree less the fair value of the net identifiable assets acquired
is recorded as goodwill.
(iii) Disposals of subsidiaries or businesses

When a change in MITs 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 remeasured 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 financial statements of MIT.
(b) Transactions with non-controlling interests

Changes in MITs 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 MIT.
92
2.6 Investments in subsidiaries
Investments in subsidiaries are carried at cost less accumulated impairment losses (Note 2.12) in MITs balance sheet.
On disposal of investments in subsidiaries, the difference between net disposal proceeds and the carrying amounts of the
investment is recognised in the Statements of Total Return.
2.7 Financial assets

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an
active market. They are presented as current assets, except for those expected to be realised later than 12 months after the
balance sheet date which are presented as non-current assets. Loans and receivables include cash and cash equivalents
and trade and other receivables except for non-current interest-free loans to subsidiary which have been accounted for in
accordance with Note 2.6.
These financial 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 financial assets are impaired
and recognises an allowance for impairment when such evidence exists.
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy and default or significant delay in
payments are objective evidence that these financial 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 flows, 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 allowance for impairment loss account 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.
2.8 Borrowing costs

Borrowing costs are recognised in the Statements of Total Return using the effective interest method except for those costs
that are directly attributable to the construction or development of properties. This includes those costs on borrowings
acquired specifically for the construction or development of properties, as well as those in relation to general borrowings
used to finance the construction or development of properties.
The actual borrowing costs incurred during the period up to the issuance of the temporary occupation permit less any
investment income on temporary investment of these borrowings, are capitalised in the cost of the property under development.
Borrowing costs on general borrowings are capitalised by applying a capitalisation rate to construction or development
expenditures that are financed by general borrowings.
2.9 Investment properties

Investment properties are properties that are held for long-term rental yields and/or for capital appreciation.
Investment properties are accounted for as non-current assets and are initially recognised at cost. Investment properties
are subject to renovations or improvements at regular intervals. The costs of major renovations, improvements and initial
direct costs incurred in negotiating and arranging operating leases are capitalised and the carrying amounts of the replaced
components are written off to the Statements of Total Return. The costs of maintenance, repairs and minor improvements
are charged to the Statements of Total Return when incurred. Investment properties are subsequently carried at fair value.
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 Code on Collective Investment Schemes issued
by the Monetary Authority of Singapore.
93

2.9 Investment properties (Contd)
Changes in fair values are recognised in the Statements of Total Return.
On disposal of an investment property, the difference between the net disposal proceeds and the carrying amount is taken to
the Statements of Total Return.
If an investment property becomes substantially owner-occupied, it is reclassified as property, plant and equipment, and its
fair value at the date of reclassification becomes its cost for accounting purpose.
For taxation purposes, MIT may claim capital allowances on assets that qualify as plant and machinery under the Income
Tax Act.
2.10 Cash and cash equivalents

For the purpose of presentation in the consolidated statement of cash flows, cash and cash equivalents include cash on hand
and deposits with financial institutions which are subject to an insignificant risk of change in value.
2.11 Plant and equipment

(a) Measurement
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 plant and equipment initially recognised includes its purchase price and any cost that is 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 plant and equipment is calculated using the straight-line method to allocate their depreciable amounts
over their estimated useful lives as follows:
Plant and equipment 3 years
The residual values, estimated useful lives and depreciation method of plant and equipment are reviewed, and adjusted
as appropriate, at each balance sheet date. The effects of any revision are included in the Statements of Total Return for
the financial year in which the changes arise.
(c) Subsequent expenditure

Subsequent expenditure relating to plant and equipment that has already been recognised is added to the carrying
amount of the asset only when it is probable that future economic benefits in excess of the originally assessed standard
of performance of the existing asset will flow to the Group and the cost can be reliably measured. Other subsequent
expenditure is recognised as an expense during the financial year in which it is incurred.
(d) Disposal
On disposal of an item of plant and equipment, the difference between the net disposal proceeds and its carrying amount
is taken to the Statements of Total Return.
94
2.12 Impairment of non-financial assets
Plant and equipment
Investments in subsidiaries
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 inflows 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 basis used to determine the assets
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 presented as current liabilities unless the Group has an unconditional right to defer settlement for at least
12 months after the balance sheet date.
Borrowings are initially recognised at fair value (net of transaction costs) and subsequently carried 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 and other payables

Trade and other payables are initially recognised at fair value (net of transaction cost) and subsequently carried at amortised
cost, using the effective interest method.
2.15 Derivative financial instruments and hedging activities

A derivative financial instrument is initially recognised at its fair value on the date the contract is entered into and is
subsequently carried at its fair value. The method of recognising the resulting gain or loss depends on whether the derivative
is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates each hedge as
a cash flow hedge.
Fair value changes on derivatives that are not designated or do not qualify for hedge accounting are recognised in the
Statements of Total Return when the changes arise.
The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged
items, as well as its risk management objective and strategies for undertaking various hedge transactions. The Group also
documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives designated as
hedging instruments are highly effective in offsetting changes in cash flows of the hedged items.
The carrying amount of a derivative designated as a hedge is presented as a non-current asset or liability if the remaining
expected life of the hedged item is more than 12 months, and as a current asset or liability if the remaining expected life of
the hedged item is less than 12 months. The fair value of a trading derivative is presented as a current asset or liability.
95

2.15 Derivative financial instruments and hedging activities (Contd)
Cash flow hedge
(i) Interest rate swaps
The Group has entered into interest rate swaps that are cash flow hedges for the Groups exposure to interest rate risk
on its borrowings. These contracts entitle the Group to receive interest at floating rates on notional principal amounts
and oblige the Group to pay interest at fixed rates on the same notional principal amounts, thus allowing the Group to
raise borrowings at floating rates and swap them into fixed rates.
The fair value changes on the effective portion of interest rate swaps designated as cash flow hedges are recognised in
the hedging reserve and transferred to the Statements of Total Return when the interest expense on the borrowings is
recognised in the Statements of Total Return. The fair value changes on the ineffective portion of interest rate swaps are
recognised immediately in the Statements of Total Return.
2.16 Fair value estimation of financial assets and liabilities

The fair values of financial instruments that are not traded in an active market are determined by using valuation techniques.
The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance
sheet date. Where appropriate, quoted market prices or dealer quotes for similar instruments are used. Valuation techniques,
such as discounted cash flow analyses, are also used to determine the fair values of the financial instruments.
The fair values of interest rate swaps are calculated as the present value of the estimated future cash flows discounted at
actively quoted interest rates.
The fair values of current financial assets and liabilities carried at amortised cost approximate their carrying amounts.
2.17 Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is more
likely than not that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can
be made.
2.18 Leases
(a) When the Group is a lessee:
Leases of assets where substantially all risks and rewards incidental to ownership are retained by the lessor are classified
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 the Group is a lessor:

Leases of investment properties where the Group retains substantially all risks and rewards incidental to ownership are
classified as operating leases. Rental income from operating leases (net of any incentives given to the lessees) is recognised
in the Statements of Total Return on a straight-line basis over the lease term.
2.19 Currency translation

(a) Functional and presentation currency
Items included in the financial 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 financial statements are presented in
Singapore Dollars, which is the functional currency of MIT.
(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 differences 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.
96
2.20 Issue expenses
Issue expenses relate to expenses incurred in issuance of units in MIT. These expenses are deducted directly from the net
assets attributable to the Unitholders.
2.21 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Management who is
responsible for allocating resources and assessing performance of the operating segments.
2.22 Distribution policy

MITs distribution policy is to distribute 100% of its Adjusted Taxable Income, comprising substantially its income from the
letting of its properties and related property services income after deduction of allowable expenses and allowances, as well
as interest income from the placement of periodic cash surpluses in bank deposits, for the period from 21 October 2010 to
31 March 2012. Thereafter, MIT will distribute at least 90% of its Adjusted Taxable Income. Distributions, when paid, will be in
Singapore Dollars.
3. Gross revenue
Group MIT
2011 2010 2011 2010
$000 $000 $000 $000
Rental income 152,668 130,407 145,387 130,407

Service charges 32,605 32,042 32,511 32,042
Other operating income 11,219 9,388 11,183 9,388
196,492 171,837 189,081 171,837
4. Property operating expenses

Group MIT
2011 2010 2011 2010
$000 $000 $000 $000

Operation and maintenance 36,277 30,755 35,754 30,755
Property and lease management fees 5,385 4,296 5,163 4,296
Property tax 14,842 12,938 14,719 12,938
Marketing and legal expenses 4,928 3,323 4,556 3,323
Other operating expenses 360 1,211 346 1,211
61,792 52,523 60,538 52,523
The Group does not have any employees on its payroll because its daily operations and administrative functions are provided
by agents i.e. the Manager and Property Manager, for a management fee. All of its investment properties generate rental
income and the above expenses are direct operating expenses arising from its investment properties.
5. Borrowing costs
Group MIT
2011 2010 2011 2010
$000 $000 $000 $000

Bank borrowings 36,309 42,120 36,300 42,120
Cash flow hedges, reclassified from hedging reserve (Note 21) 6,955 1,275 6,955 1,275
43,264 43,395 43,255 43,395
97
6. Other trust expenses

Included in other trust expenses are:
Group MIT
2011 2010 2011 2010
$000 $000 $000 $000

Financing costs 127 544 127 544
Audit fee* 104 65 103 65
Other consultancy fees 743 179 712 179
974 788 942 788
* Included in the issue expenses charged to the Unitholders funds are fees paid to the auditors of MIT of $217,000 (2010: Nil).
7. Income tax
(a) Income tax expense
Group and MIT
2011 2010
$000 $000
Tax expense attributable to profit is made up of:

Profit from current financial year
Current income tax 4,538 9,592
Deferred income tax (Note 18) (7,704) 3,039
(3,166) 12,631
Under/(over) provision in preceding financial year
Current income tax 390
Deferred income tax (Note 18) (245)
(3,166) 12,776
The tax expense on the results for the financial year differs from the amount that would arise using the Singapore standard
rate of income tax due to the following:
Group
2011 2010
$000 $000

Total return before tax 361,099 91,664
Tax calculated at a tax rate of 17% 61,387 15,583

Effects of:
Expenses not deductible for tax purposes 267 599
Reversal of deferred tax no longer required due to tax transparency ruling (Note 2.4) (7,704)
Income not subjected to tax due to tax transparency ruling (Note 2.4) (8,865)
Gain on revaluation of leasehold investment properties (48,251) (3,551)
(3,166) 12,631
MIT
2011 2010
$000 $000

Total return before tax 356,202 91,664
Tax calculated at a tax rate of 17% 60,554 15,583

Effects of:
Expenses not deductible for tax purposes 267 599
Reversal of deferred tax no longer required due to tax transparency ruling (Note 2.4) (7,704)
Income not subjected to tax due to tax transparency ruling (Note 2.4) (8,865)
Gain on revaluation of leasehold investment properties (47,418) (3,551)
(3,166) 12,631
98
7. Income tax (Contd)
(b) Movements in current income tax liabilities
Group MIT
2011 2010 2011 2010
$000 $000 $000 $000

Beginning of financial year 17,660 7,678 17,660 7,678
Tax payable on results for current financial year 4,538 9,592 4,538 9,592
Income tax paid (8,035) (8,035)
Acquisition of subsidiary 922
Underprovision in preceding financial year 390 390
End of financial year 15,085 17,660 14,163 17,660
The income tax liabilities refer to income tax provision based on taxable income made when MIT and MSIT were held as
taxable private trusts.
8. Earnings per unit

Group MIT
2011 2010 2011 2010
$000 $000 $000 $000

Total return attributable to Unitholders of the Group 364,265 78,888 359,368 78,888
Weighted average number of units outstanding
during the year (000) 649,183 1 649,183 1

Cents $000 Cents $000

Basic and diluted earnings per unit 56.11 78,888 55.36 78,888
Diluted earnings per unit is the same as the basic earnings per unit as there are no dilutive instruments in issue during the
financial year.
9. Cash and cash equivalents

Group MIT
2011 2010 2011 2010
$000 $000 $000 $000

Cash at bank 55,216 33,719 45,402 33,719
Short-term bank deposit 52,000 71,359 52,000 71,359
107,216 105,078 97,402 105,078
10. Trade and other receivables

Group MIT
2011 2010 2011 2010
$000 $000 $000 $000

Trade receivables 1,614 2,135 1,496 2,135
Less : Allowance for impairment of receivables (356) (531) (356) (531)
Trade receivables net 1,258 1,604 1,140 1,604
Interest receivable 4 26 4 26
Dividend receivable 2,902
Other receivables 177 2,333 171 2,333
Other assets 648 594 648 594
2,087 4,557 4,865 4,557
99
11. Other current assets

Group MIT
2011 2010 2011 2010
$000 $000 $000 $000

Deposits 238 17 93 17
Prepayments 1,377 127 105 127
1,615 144 198 144
12. Investment properties

Group MIT
2011 2010 2011 2010
$000 $000 $000 $000

Balance at beginning of financial year 1,731,000 1,704,200 1,731,000 1,704,200
Acquisition of subsidiary 179,700
Additions to investment property 2,569 2,569
Fair value gains on investment properties
taken to Statement of Total Return 283,831 26,800 278,931 26,800
2,197,100 1,731,000 2,012,500 1,731,000
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 flow method and direct comparison
method. The income capitalisation and discounted cash flow 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 reflective of the current market conditions.
Details of the investment properties are shown in the portfolio statement.
13. Plant and equipment
Group and MIT Plant and equipment

$000

2011
Cost
Beginning of financial year 13
Additions
End of financial year 13

Accumulated depreciation
Depreciation charge 4

Net book value
100
13. Plant and equipment (Contd)
Group and MIT Plant and equipment

$000

2010
Cost
Additions

Accumulated depreciation
Depreciation charge 4

Net book value
14. Investment in a subsidiary

MIT
2011 2010
$000 $000

Equity investments at cost *
On 21 October 2010, the Group acquired 100% of the equity interest in Mapletree Singapore Industrial Trust (MSIT). The
principal activity of MSIT is to invest in a diverse portfolio of properties with the primary objective of achieving an attractive
level of return from rental income and for long-term capital growth. From the Groups perspective, the transaction has been
accounted for as an acquisition of a group of assets and liabilities.
Details of the consideration paid, the assets acquired and liabilities assumed and the effects on the cash flows of the Group,
at the acquisition date, are as follows:

(a) Purchase consideration

Cash paid comprising:
$000
Acquisition of units *
Loan to Mapletree Singapore Industrial Trust 183,294
183,294

The loan to MSIT was used for the repayment of MSITs related party loans, bank borrowings and payment of distribution to
MSIT private trust Unitholders. This loan has been partially repaid during the year and the remaining balance as at year end is
$179,794,000 (Note 15).
101
14. Investment in a subsidiary (Contd)

(b) Effect on cash flows of the Group
$000

Cash paid (as above) 183,294
Less: cash and cash equivalents in subsidiary acquired (9,144)
Cash outflow on acquisition 174,150

(c) Identifiable assets acquired and liabilities assumed
At fair value
$000
Cash and cash equivalents 9,144

Investment properties (Note 12) 179,700
Other receivables 10
Other current assets 1,398
Total assets 190,252

Trade and other payables 6,036
Current tax liabilities (Note 7) 922
Total liabilities 6,958

Total identifiable net assets 183,294
Details of the subsidiary acquired are as follows:
Country of business/
Name of Trust Principal activities incorporation Equity holding
2011 2010
% %

Mapletree Singapore Industrial Trust* Property investment Singapore 100

* Audited by PricewaterhouseCoopers LLP, Singapore
15. Loan to subsidiary

MIT has extended an interest-free loan to its subsidiary amounting to $179,794,000 (2010: Nil). This loan to subsidiary forms
part of the consideration paid for the acquisition of assets held by MSIT. The initial loan to subsidiary was $183,294,000
(Note 14) and the loan was partially repaid during the year with a balance of $179,794,000 as at 31 March 2011. This loan
has no fixed terms of repayment and is intended to be a long-term source of additional capital for the subsidiary. Settlement
of this loan is neither planned nor likely to occur in the foreseeable future.
As a result, management considers this loan to be in substance part of the MITs net investment in MSIT and has accounted
for this loan in accordance with Note 2.6.
102
16. Trade and other payables
Group MIT
2011 2010 2011 2010
$000 $000 $000 $000

Trade payables 464 2,328 464 2,328
Accrued operating expenses 11,308 7,361 9,716 7,361
Accrued retention sum 1,505 133
Amount due to related parties (trade) 7,255 4,363 6,555 4,363
Tenancy related deposits 40,084 25,097 36,520 25,097
Other deposits 254 270 254 270
Rental received in advance 1,109 914 1,109 914
Net GST payable 2,228 1,998 2,016 1,998
Interest payable 5,403 9,276 5,403 9,276
69,610 51,607 62,170 51,607
17. Borrowings
Group and MIT
2011 2010
$000 $000
Current
Bank loan (secured) 30,000
Transaction cost to be amortised (2,538)
27,462
Non-Current
Bank loan (secured) 892,310
Bank loan (unsecured) 837,000
Transaction cost to be amortised (3,630) (3,149)
833,370 889,161

Loan from a Unitholder (subordinated) 108,000
833,370 997,161

833,370 1,024,623
The unsecured bank loan has staggered loan maturities of two, three, four and five years term from the date of the facility
agreement as described below:
25% of the bank loan repayable in two years;

30% of the bank loan repayable in three years;
30% of the bank loan repayable in four years; and
15% of the bank loan repayable in five years.
In accordance with the facility agreement, 85% in value of the total assets held by the Group are subject to a negative pledge.
The fair value of the non-current bank loan (unsecured) approximates its carrying value as at balance sheet date.
The secured bank loan obtained prior to the public listing of MIT has been repaid in the current financial year upon the public
listing of MIT. The bank loan was secured by way of:
(i) first legal mortgage over the properties (Note 12)

(ii) assignment of all rights and interests in leases and tenancies relating to the properties
(iii) assignment of all insurance policies relating to the properties
(iv) debenture over all assets of MIT
103
17. Borrowings (Contd)

The loan from a Unitholder prior to the public listing of MIT is subordinated and bears fixed interest rate. The loan has been
repaid during the financial year upon the public listing of MIT.
The exposure of the unhedged borrowings of the Group and MIT to interest rate changes and the contractual repricing dates
at the balance sheet dates are as follows:
Group and MIT
2011 2010
$000 $000

6 months or less 269,000 354,310
The Group has entered into interest rate swaps which effectively converted its floating rate borrowings of $568.0 million (2010:
$568.0 million) for the duration of the swaps to fixed interest rates (Note 20).
18. Deferred income taxes

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current income tax assets
against current income tax liabilities and when the deferred income taxes relate to the same fiscal authority. The amounts,
determined after appropriate offsetting, are shown on the balance sheet as follows:
Group and MIT
2011 2010
$000 $000

Deferred income tax liabilities to be settled after one year 7,704
The movement in the deferred income tax account is as follows:

Group and MIT
2011 2010
$000 $000

Beginning of financial year 7,704 4,910
Tax (credited)/charged to Statement of Total Return (7,704) 3,039
Overprovision in preceding financial year (245)
End of financial year 7,704
The movement in the deferred income tax assets and liabilities (prior to offsetting of balances within the same tax jurisdiction)
during the financial year is as follows:
Deferred income tax liabilities
Group and MIT

Accelerated tax Fair value
depreciation gains-net Total
$000 $000 $000

2011
Beginning of financial year 4,069 3,635 7,704
Credited to Statement of Total Return (4,069) (3,635) (7,704)
End of financial year

2010
Beginning of financial year 2,380 2,530 4,910
Charged to Statement of Total Return 1,689 1,105 2,794
End of financial year 4,069 3,635 7,704
104
19. Unitholders loan
The loan taken while MIT was a private trust is interest free and not repayable on demand unless otherwise approved by
the private trusts Management Committee. The Unitholders loan has been repaid during the financial year upon the public
listing of MIT.
20. Derivative financial instruments

Group and MIT
Contract
notional Fair value
amount liability
$000 $000

2011
Cash flow hedges
Interest rate swaps 818,000 6,143

2010
Cash flow hedges
Interest rate swaps 568,000 3,229
Period when the cash flows on cash flow hedges are expected to occur or affect the Statements of Total Return
In the previous financial year, the Group put in place interest rate swaps that would effectively fix the interest rates for 2
tranches of $284.0 million of the unsecured bank loan to 1 January 2012 and 1 July 2012 respectively.
During the financial year, the Group has entered into forward interest rate swaps of $200.0 million to extend the interest
rate swaps which are maturing on 1 January 2012 for 2 years to 1 January 2014. The Group has also entered into forward
interest rate swaps of $50.0 million to extend the interest rate swaps which are maturing on 1 July 2012 for 1.5 years to
1 January 2014.
Fair value gains and losses on the interest rate swaps recognised in the hedging reserve are transferred to the Statement
of Total Return as part of interest expense over the period of the borrowings.
21. Hedging reserve

Group and MIT
2011 2010
$000 $000

Beginning of financial year 3,229
Fair value losses 9,869 4,504
Reclassification to the Statement of Total Return
Interest on borrowings (6,955) (1,275)
End of financial year 6,143 3,229
Hedging reserve is non-distributable.
22. Additional distribution to MIT private trust Unitholders

The difference between the initial public offering price of $0.93 per unit and the redemption price of $0.88 per unit were
distributed as additional distribution to the MIT private trust Unitholders on Listing Date as disclosed in the Prospectus dated
12 October 2010 (the Prospectus).
105
23. Units in issue

Group and MIT
2011 2010
$000 $000

Units at beginning of financial year 1 1
Issue of units as repayment of Unitholders loan 707,999
Subdivision of units 96,000
Partial redemption of units (618,276)
Placement at Listing Date 1,276,940
Units at end of the financial year 1,462,664 1
24. Commitments
(a) Capital commitments
Capital expenditures contracted for at the balance sheet date but not recognised in the financial statements are as follows:
Group and MIT

2011 2010
$000 $000

Development expenditure contracted on investment property 26
(b) Operating lease commitments

The Group leases land from non-related parties under non-cancellable operating lease agreements. The future minimum
lease payables under such non-cancellable operating leases contracted for at the balance sheet date but not recognised
as liabilities, are as follows:
Group
2011 2010
$000 $000

Not later than one year 993
Between two and five years 4,046
Later than five years 13,197
18,236
The operating leases are subjected to revision of land rents at periodic intervals. For the purpose of the above disclosure, the
prevailing land rent rates are used.
(c) Operating lease receivables

The Group and MIT leases out its investment properties to non-related parties under non-cancellable operating leases.
The future minimum lease receivables under such non-cancellable operating leases contracted for at the balance sheet date
but not recognised as receivables, are analysed as follows:
Group MIT
2011 2010 2011 2010
$000 $000 $000 $000

Not later than one year 169,245 146,186 152,463 146,186
Between two and five years 202,952 120,278 141,857 120,278
Later than five years 125,455 13,030 14,504 13,030
497,652 279,494 308,824 279,494
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.
106
25. Financial risk management
The Groups activities expose it to a variety of financial risks, including the effects of changes in interest rates.
Risk management is carried out under policies approved by the Manager. The Manager provides written principles for overall
risk management as well as written policies covering specific areas, such as interest rate risk, credit risk and liquidity risk. Risk
management policies and systems are reviewed regularly to reflect changes in market conditions and the Groups activities.
(a) Market risk cash flow and fair value interest rate risks
Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. Fair value interest rate risk is the risk that the fair value of a financial instrument will
fluctuate due to changes in market interest rates. As the Group has no significant interest bearing assets, the Groups
income and operating cash flows are substantially independent of changes in market interest rates. The Group monitors
the interest rate on borrowings closely to ensure that the borrowings are maintained at favourable rates.
The Groups exposure to cash flow interest rate risks arises mainly from variable-rate bank borrowings. The Group
manages these cash flow interest rate risks using floating-to-fixed interest rate swaps.
The Groups and MITs borrowings at variable rates on which effective hedges have not been entered into are
denominated in SGD. If the SGD interest rates increase by 0.50% (2010: 0.50%) and decrease by 0.20% (2010:
0.50%) with all other variables including tax rate being held constant, the profit after tax will be lower by $1,802,115
and higher by $720,846 (2010: $4,147,554) as a result of higher/lower interest expense on these borrowings. The
hedging reserve attributable to Unitholders would have been higher by $4,442,989 (2010: $4,905,220) and lower by
$1,865,574 (2010: $4,972,662) mainly as a result of higher/lower fair value of interest rate swaps designated as cash
flow hedges of variable rate borrowings.
(b) Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to
the Group. The major classes of financial assets of the Group and MIT are bank deposits and trade receivables. For
trade receivables, the Group adopts the policy of dealing only with customers of appropriate credit history, and obtaining
sufficient security where appropriate to mitigate credit risk. For other financial assets, the Group adopts the policy of
dealing with high credit quality counterparties.
(i) Financial assets that are neither past due nor impaired
Trade receivables that are neither past due nor impaired are substantially companies with a good collection track
record with the Group. Bank deposits that are neither past due nor impaired are mainly deposits with banks with high
credit-ratings assigned by international credit rating agencies.
(ii) Financial assets that are past due and/or impaired

There is no other class of financial 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
2011 2010
$000 $000

Past due < 3 months 1,223 1,190
Past due 3 to 6 months 62 268
Past due over 6 months 329 677
1,614 2,135
107
25. Financial risk management (Contd)

(b) Credit risk (Contd)
(ii) Financial assets that are past due and/or impaired (Contd)
MIT
2011 2010
$000 $000

Past due < 3 months 1,105 1,190
Past due 3 to 6 months 62 268
Past due over 6 months 329 677
1,496 2,135
The carrying amount of trade receivables individually determined to be impaired and the movement in the related
allowance for impairment are as follows:
Group and MIT
2011 2010
$000 $000

Gross amount 442 589
Less: Allowance for impairment (356) (531)
86 58

Beginning of financial year (531) (321)
Allowance reversed/(made) 28 (469)
Allowance utilised 147 259
End of financial year (356) (531)
The Group believes that no additional allowance is necessary in respect of the remaining trade and other receivables
as these receivables are mainly arising from tenants with good records with sufficient security in the form of bankers
guarantees, insurance bonds, or cash security deposits as collaterals.
(c) Liquidity risk

The Group and MIT adopt prudent liquidity risk management by maintaining sufficient cash to fund its working capital
and financial obligations.
The table below analyses the maturity profile of the non-derivative financial liabilities of the Group and MIT based on
contractual undiscounted cash flows prospectively for the next 5 years. Where it relates to a variable amount payable, the
amount is determined by reference to the last reference rate contracted.
Group
Less than Between
1 year 1 and 5 years
$000 $000

2011
Borrowings 837,000
Accrued interest and interest payable 15,399 23,018
79,606 860,018

2010
Borrowings 30,000 1,000,310
127,601 1,057,197
108
(c) Liquidity risk (Contd)

MIT
Less than Between
$000 $000

2011
Borrowings 837,000
72,166 860,018

2010
Borrowings 30,000 1,000,310
127,601 1,057,197
The table below analyses the Group and MITs derivative financial instruments for which contractual maturities are essential
for an understanding of the timing of the cash flows into relevant maturity groupings based on the remaining period
from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual
undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is
not significant.
Group and MIT

Less than Between
$000 $000

At 31 March 2011
Net-settled interest rate swaps - cash flow hedges
Net cash outflows 8,901 6,177

At 31 March 2010
Net-settled interest rate swaps - cash flow hedges
Net cash outflows 6,625 5,622
(d) Capital risk

The Managers objective when managing capital is to optimise the Groups capital structure within the borrowing limits
set out in the Code on Collective Investment Scheme (CIS) by the Monetary Authority of Singapore to fund future
acquisitions and asset enhancement works. To maintain or achieve an optimal capital structure, the Manager may issue
new units or source additional borrowing from both financial institutions and capital markets.
The Manager monitors capital based on aggregate leverage limit. Under the CIS, all Singapore-listed real estate investment
trust (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. The Group
does not have deferred payments.
109

(d) Capital risk (Contd)
Group
2011 2010
$000 $000

Total borrowings 833,370 1,024,623
Total assets 2,308,038 1,840,784

Aggregate leverage ratio 36.1% 55.7%
There were no changes in the Groups approach to capital management during the financial year.
The Group is in compliance with externally imposed capital requirements for the financial year ended 31 March 2011.
(e) Fair value measurements

FRS 107 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:
(a) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
(b) inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(is as prices) or indirectly (i.e. derived from prices) (Level 2); and
(c) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3)
The fair value of the derivative financial instruments is made up of interest rate swaps obtained from an independent
bank. Valuation techniques using assumptions based on market conditions existing at balance sheet date are used in the
determination of the fair value of the interest rate swaps.
Group and MIT

2011 2010
Level 2
$000

Liabilities
Derivative financial instruments 6,143 3,229
Total liabilities 6,143 3,229
The carrying value of trade receivables and payables, borrowings and Unitholders loan approximate their fair values.
(f) Financial instruments by category

The carrying amount of the different categories of financial instruments is as disclosed on the face of the balance sheet
and in Note 20 except for the following:
Group MIT
2011 2010 2011 2010
$000 $000 $000 $000

Loans and receivables 109,541 109,652 102,360 109,652

Financial liabilities at amortised cost 902,980 1,784,229 895,540 1,784,229
110
26. Significant related party transactions
For the purpose of these financial statements, parties are considered to be related to MIT when MIT has the ability, directly or
indirectly to control the party or exercise significant influence over the party in making financial and operating decisions, or vice
versa, or where MIT and the party are companies that are under common control with a Unitholder that has significant influence
over the Group. The Manager (Mapletree Industrial Trust Management Ltd.) and the Property Manager (Mapletree Facilities
Services Pte Ltd.) are indirect wholly-owned subsidiaries of a substantial Unitholder of MIT.
During the financial year, other than those disclosed elsewhere in the financial statements, the following significant related party
transactions took place at terms agreed between the parties as follows:
Group
2011 2010
$000 $000

Managers management fees paid/payable to the Manager 13,207 10,620
Property and lease management fees paid/payable
(including reimbursable expenses) to a related company of the Manager 6,750 5,440
Marketing commission paid/payable to a related company of the Manager 4,353 3,124
Interest expense paid/payable to a related company of the Manager 8,409 11,433
MIT
2011 2010
$000 $000

Managers management fees paid/payable to the Manager 12,557 10,620
Property and lease management fees paid/payable
(including reimbursable expenses) to a related company of the Manager 6,509 5,440
Marketing commission paid/payable to a related company of the Manager 4,353 3,124
Interest expense paid/payable to a related company of the Manager 8,409 11,433
27. Financial ratios

Group
2011 2010

Ratio of expenses to weighted average net assets
including performance component of asset management fee 2.08% 188.23%
excluding performance component of asset management fee 1.72% 188.23%
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 and
income tax expense.
111
28. Segment information

Management has determined the operating segments based on the reports reviewed by the Manager that are used
to make strategic decisions. The Manager comprises the Chief Executive Officer, the Chief Financial Officer, and Head of
Asset Management.
The Manager considers the business from a business segment perspective. Management manages and monitors the
business based on property types.
Management assesses the performance of the operating segments based on a measure of Net Property Income (NPI).
Interest income and borrowing costs are not allocated to segments, as the treasury activities are centrally managed by
the Group.
(a) Segment assets

The amounts provided to the Management with respect to total assets are measured in a manner consistent with that
of the financial statements. For the purposes of monitoring segment performance and allocating resources between
segments, the Management monitors the trade receivables and investment properties attributable to each segment. All
assets are allocated to reportable segments other than cash and cash equivalents, other current assets and receivables
and plant and equipment.
(b) Segment liabilities

The amounts provided to the Management with respect to total liabilities are measured in a manner consistent with that
of the financial statements. These liabilities are allocated to the reportable segments other than income tax liabilities,
borrowings, Unitholders loan, derivative financial instruments and trade and other payables.
The segment information provided to Management for the reportable segments for year ended 31 March 2011 is as follows:
Business Stack-up/ Light

Flatted Park Ramp-up Industrial
Factories Buildings Buildings Warehouse Buildings Total
$000 $000 $000 $000 $000 $000

Gross revenue 110,933 44,508 30,936 2,704 7,411 196,492

Net property income 76,114 27,182 23,613 1,653 6,138 134,700
Interest and other income 201
Managers management fees (13,207)
Trustee fees (188)
Other trust expenses (974)
Borrowing costs (43,264)
Net income 77,268
Net movement in the value of
the investment properties 143,231 79,200 53,000 3,500 4,900 283,831
Total return for the year
before income tax 361,099
Income tax 3,166
Total return for the year
after income tax
before distribution 364,265

112
28. Segment information (Contd)
Business Stack-up/ Light

Flatted Park Ramp-up Industrial
Factories Buildings Buildings Warehouse Buildings Total
$000 $000 $000 $000 $000 $000

Segment assets
Investment properties* 1,166,000 475,000 345,000 26,500 184,600 2,197,100
Investment property
under development 18 18
Trade receivables 602 294 245 117 1,258
1,166,602 475,312 345,245 26,500 184,717 2,198,376
Unallocated assets
Other receivables 829
Other current assets 1,615
Plant and equipment 2
Consolidated total assets 2,308,038

Segment liabilities 30,662 3,482 1,737 1,748 3,564 41,193
Unallocated liabilities
Borrowings 833,370
Current income tax liabilities 15,085
Derivative financial instruments 6,143
Consolidated total liabilities 924,208
* Additions to investment property (flatted factories segment) amount to $2,569,000 (2010: Nil) during the year.
The segment information provided to Management for the reportable segments for year ended 31 March 2010 is as follows:
Business Stack-up/
Flatted Park Ramp-up
Factories Buildings Buildings Warehouse Total
$000 $000 $000 $000 $000

Gross revenue 100,670 40,471 28,094 2,602 171,837

Net property income 71,530 23,450 22,596 1,738 119,314
Interest and other income 353
Managers management fees (10,620)
Other trust expenses (788)
Borrowing costs (43,395)
Net income 64,864
Net movement in the value of the
investment properties 37,200 (15,500) 2,200 2,900 26,800
Total return for the year before income tax 91,664
Income tax (12,776)
Total return for the year after income tax
before distribution 78,888

113
28. Segment information (Contd)
Business Stack-up/
Flatted Park Ramp-up
Factories Buildings Buildings Warehouse Total
$000 $000 $000 $000 $000

Segment assets
Investment properties 1,020,200 395,800 292,000 23,000 1,731,000
Trade receivables 826 52 726 1,604
1,021,026 395,852 292,726 23,000 1,732,604
Unallocated assets
Other receivables 2,953
Other current assets 144
Plant and equipment 6
Consolidated total assets 1,840,785

Segment liabilities 15,019 7,056 3,604 332 26,011
Unallocated liabilities
Borrowings 1,024,623
Current income tax liabilities 17,660
Unitholders loan 707,999
Derivative financial instruments 3,229
Deferred income tax liabilities 7,704
Consolidated total liabilities 1,812,822
29. New or revised accounting standards and interpretations

Below are the mandatory standards, amendments and interpretations to existing standards that have been published, and
are relevant for the Groups accounting periods beginning on or after 1 April 2011 or later periods and which the Group has
not early adopted:
Amendments to FRS 24 Related party disclosures (effective for annual periods beginning on or after 1 January 2011)
INT FRS 119 Extinguishing financial liabilities with equity instruments (effective for annual periods commencing on or
after 1 July 2010)
Amendments to FRS 12 Income taxes (effective for periods beginning on or after 1 January 2012)

The management anticipates that the adoption of the above FRSs, INT FRSs and amendments to FRS in the future periods
will not have a material impact on the financial statements of the Group and of MIT in the period of their initial adoption,
except for the amendments to FRS 24 Related party disclosures.
The amendment clarifies and simplifies the definition of a related party. However, the revised definition of a related party will
mean that some entities will have more related parties and will be required to make additional disclosures.
Management is currently considering the revised definition to determine whether any additional disclosures will be required.
30. Authorisation of the financial statements

The financial statements were authorised for issue by the Manager and the Trustee on 6 June 2011.
114
Statistics of Unitholdings
As at 6 June 2011
Issued and Fully Paid Units

1,462,664,000 units (voting rights: one vote per unit)
Market Capitalisation: S$1,696,690,240 (based on closing price of S$1.16 per unit on 6 June 2011)
Distribution of Unitholdings

Number of % of Number of
Size of Unitholdings Unitholders Unitholders Units % of Units

1 999 10 0.03 1,648 0.00
1,000 10,000 32,893 89.91 92,529,300 6.32
10,001 1,000,000 3,653 9.99 142,130,000 9.72
1,000,001 and above 27 0.07 1,228,003,052 83.96
Total 36,583 100.00 1,462,664,000 100.00
Location of Unitholders

Number of % of Number of
Country Unitholders Unitholders Units % of Units

Singapore 36,211 98.98 1,456,588,900 99.59
Malaysia 253 0.69 3,391,100 0.23
Others 119 0.33 2,684,000 0.18
Total 36,583 100.00 1,462,664,000 100.00
Twenty Largest Unitholders

No. Name Number of Units %

1 Mapletree Dextra Pte. Ltd. 453,424,000 30.99
2 Citibank Nominees Singapore Pte Ltd 238,686,891 16.32
3 DBSN Services Pte Ltd 201,693,200 13.79
4 DBS Nominees Pte Ltd 107,277,311 7.33
5 HSBC (Singapore) Nominees Pte Ltd 96,356,229 6.59
6 Raffles Nominees (Pte) Ltd 61,984,546 4.24
7 United Overseas Bank Nominees Pte Ltd 18,681,329 1.28
8 Bank of Singapore Nominees Pte Ltd 8,578,000 0.59
9 DB Nominees (S) Pte Ltd 6,026,000 0.41
10 Meren Pte Ltd 3,000,000 0.21
11 Western Properties Pte Ltd 3,000,000 0.21
12 OCBC Securities Private Ltd 2,979,000 0.20
13 BNP Paribas Securities Services Singapore Pte Ltd 2,931,000 0.20
14 Merrill Lynch (Singapore) Pte Ltd 2,586,000 0.18
15 Tan Toh Tee Martin 2,500,000 0.17
16 Cheng Wai Wing Edmund 2,268,000 0.16
17 OCBC Nominees Singapore Pte Ltd 2,131,900 0.15
18 CIMB Securities (Singapore) Pte Ltd 2,131,000 0.15
19 DBS Vickers Securities (Singapore) Pte Ltd 1,744,000 0.12
20 Lim Tse Ghow Olivier 1,532,000 0.10
Total 1,219,510,406 83.39
115
Statistics of Unitholdings
As at 6 June 2011
Substantial Unitholders as at 6 June 2011
Direct Deemed % of Total

No. Name of Company Interest Interest Issued Capital
1 Temasek Holdings (Private) Limited1 462,682,000 31.63

2 Fullerton Management Pte. Ltd.2 453,424,000 30.99
3 Mapletree Investments Pte Ltd2 453,424,000 30.99
4 Mapletree Dextra Pte. Ltd. 453,424,000 30.99
5 The Capital Group Companies, Inc.3 95,000,000 6.49
6 American International Assurance Company, Limited4 79,116,000 5.40
7 AIA Group Limited5 79,116,000 5.40
8 AIA Aurora LLC6 79,116,000 5.40
9 American International Group, Inc.7 79,116,000 5.40

Notes:

1
Temasek Holdings (Private) Limited is deemed to be interested in the 453,424,000 units held by Mapletree Dextra Pte. Ltd., 5,000,000 units
in which Fullerton Fund Management Company Ltd (FFMC) as investment manager has an interest (FFMC is indirectly wholly owned by
Temasek); and 4,258,000 units in which DBS Group Holdings Limited (DBSH) has an interest. DBSH is an associated company of Temasek.

2
Mapletree Investments Pte Ltd (MIPL), as holding company of Mapletree Dextra Pte. Ltd. (MDPL), is deemed to be interested in the
453,424,000 units in which MDPL has an interest. Fullerton Management Pte Ltd, through MIPL, is deemed to be interested in the 453,424,000
units held by MDPL.
3
The Capital Group Companies, Inc. is deemed to be interested in the 95,000,000 units in which Raffles Nominees (Pte) Ltd has an interest.

4
American International Assurance Company, Limited, as holding company of American International Assurance Company (Bermuda) Limited
(AIA Bermuda), American International Assurance Company, Limited, Singapore Branch (AIA Singapore) and American International
Assurance Company, Limited, Brunei Branch (AIA Brunei), is deemed to be interested in the 79,116,000 units in which AIA Bermuda, AIA
Singapore and AIA Brunei have an interest.

5
AIA Group Limited is deemed to be interested in the 79,116,000 units held by American International Assurance Company, Limited.

6
AIA Aurora LLC is deemed to be interested in the 79,116,000 units held by AIA Group Limited.

7
American International Group Inc. is deemed to be interested in the 79,116,000 units held by AIA Aurora LLC.

Unitholdings of the Directors of the Manager as at 6 June 2011
Direct Deemed % of Total

No. Name Interest Interest Issued Capital
1 Wong Meng Meng 268,000 4,000 0.02

2 Soo Nam Chow 400,000 0.03
3 Seah Choo Meng 200,000 0.01
4 Wee Joo Yeow 500,000 0.03
5 John Koh Tiong Lu 428,000 0.03
6 Hiew Yoon Khong 675,000 92,000 0.05
7 Wong Mun Hoong
8 Phua Kok Kim 400,000 1,000 0.03
9 Tham Kuo Wei 400,000 9,000 0.03
Free Float
Based on the information made available to the Manager as at 6 June 2011, more than 10% of the units in MIT were held in the
hands of the public. Accordingly, Rule 723 of the Listing Manual of the SGX-ST has been complied with.
116
Interested Parties Transactions
Aggregate value of all interested

person transactions during
the financal year under review
(excluding transactions less
than $100,000)

Transactions not conducted
under shareholders mandate
pursuant to Rule 920
2011 2010
$000 $000

Mapletree Investments Pte Ltd and its subsidiaries or associates
Managers management fees 13,207 10,620
Property and lease management fees 5,408 4,296
Marketing commission 4,353 3,124
Interest expense 8,409 11,433

DBS Trustee Limited
Trustee fees 188

Singapore Technologies Engineering Ltd
Lease related income 1,187 488

StarHub Ltd
Lease related income 838 11

STATS Chippac Ltd

NCS Pte Ltd

Singapore Telecommunications Limited

Surbana Technologies Pte Ltd
Operation and maintenance expenses 277 295
There are no transactions conducted under shareholders mandate pursuant to Rule 920.

117
Use of Proceeds
USE OF PROCEEDS
The Manager has raised gross proceeds of S$1,187.6 million on 21 October 2010 from the initial public offering as well as the
Mapletree Cornerstone Subscription Units1 and the Cornerstone Units2. On the same day, the Manager has also drawn down new
debt facility of S$837.0 million.
The total cash proceeds raised from the listing as well as the amount drawn down from the new debt facility has been used towards
the following:
S$183.3 million for the purchase consideration for MSIT comprising acquisition of the MSIT Units for S$2.00, repayment
of MSITs related party loans of S$58.3 million, repayment of MSITs bank borrowings of S$90.0 million and a payment of
distribution of retained earnings of S$35.0 million to existing MSIT unitholders (Purchase consideration for MSIT);
payment of distribution to the MIT private trust unitholders;
payment of additional distribution to the MIT private trust unitholders;
partial redemption of the MIT private trust units;
repayment of S$977.8 million of MITs private trust debt;
payment of issue and debt related costs; and
working capital.
The following table sets out the sources and applications of the total proceeds:
Sources S$000 Applications S$000
Public offering 638,596 Purchase consideration for MSIT 183,294

Mapletree Cornerstone Subscription Units 248,961 Payment of distribution to the MIT private 224,072
Cornerstone Units 299,997 trust unitholders
New debt facility 837,000 Payment of additional distribution to the MIT 62,586
private trust unitholders
Partial redemption of the MIT private trust units 544,452
Repayment of MITs private trust debt 977,810
Transaction costs 32,174
Working capital 166
Total 2,024,554 Total 2,024,554
Notes:
1
Mapletree Cornerstone Subscription Units refer to subscription by Mapletree Dextra Pte Ltd. and Sienna Pte. Ltd., both of which are wholly-
owned subsidiaries of the Sponsor.

2
Cornerstone Units refer to units issued to the Cornerstone Investors being Stichting Depository APG Tactical Real Estate Pool, American
International Assurance Company Limited, Singapore Branch, American International Assurance Company (Bermuda) Limited, Henderson
Global Investors, Columbia Wanger Asset Management, LLC, D.E. Shaw Valence International, Inc. and Prudential Asset Management
(Singapore) Limited (acting for itself and on behalf of one or more investment funds and clients).
118
IMPORTANT
1. For investors who have used their CPF monies to buy units in Mapletree
Industrial Trust, this Summary Annual Report/Annual Report is forwarded to
them at the request of their CPF Approved Nominees and is sent FOR
INFORMATION ONLY.
Mapletree industrial trust
(Constituted in Republic of Singapore 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.
pursuant to a Trust Deed dated 29 January 2008 (as amended))
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
Proxy form specified to enable them to vote on their behalf.
Inaugural annual general meeting 4. Please read the notes to the proxy form.
I/We________________________________________________________________________(Name(s) and NRIC/Passport Number(s))
of____________________________________________________________________________________________________(Address)
being a Unitholder/Unitholders of Mapletree Industrial Trust (MIT), 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 inaugural 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 inaugural Annual General Meeting of MIT to be held at 10 a.m.
on 19 July 2011 at 10 Pasir Panjang Road Mapletree Business City, Multi-Purpose Hall, Mezzanine Level, 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 inaugural
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 inaugural Annual General Meeting.
No. Ordinary Resolutions For* Against*
ORDINARY BUSINESS
1. To receive and adopt the Trustees Report, the Managers Statement, the Audited Financial
Statements of MIT for the financial year ended 31 March 2011 and the Auditors Report thereon.
2. To re-appoint PricewaterhouseCoopers LLP as Auditors and 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.
OTHER BUSINESS
4. To transact any other business as may be transacted at an annual general meeting.
* If you wish to exercise all your votes For or Against, please tick (3) within the box provided. Alternatively, please indicate
the number of votes as appropriate.
Dated this ____________________________ day of _____________________ 2011 Total number of Units held
___________________________________________
Signature(s) of Unitholder(s) or
Common Seal of Corporate Unitholder
119
1st fold here
Affix
postage
stamp
The Company Secretary

Mapletree Industrial Trust Management Ltd.
(as Manager of Mapletree Industrial Trust)
10 Pasir Panjang Road
#13-01 Mapletree Business City
Singapore 117438
2nd fold here
IMPORTANT: PLEASE READ THE NOTES TO PROXY FORM BELOW

Notes to Proxy Form
1. A unitholder of MIT (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 MIT, 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 Managers registered office at 10 Pasir Panjang Road #13-01
Mapletree Business City Singapore 117438 not later than 10 a.m. on 17 July 2011, being 48 hours before the time set for the Annual General Meeting.
6. 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.
7. 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.
8. 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.
9. 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.
10. 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.
11. 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.
3rd fold here
120
Corporate Directory
Manager Management Unit Registrar

Mapletree Industrial Trust Mr Tham Kuo Wei Boardroom Corporate &
Management Ltd. Chief Executive Officer Advisory Services Pte. Ltd.
50 Raffles Place #32-01
Registered Office Ms Loke Huey Teng Singapore Land Tower
10 Pasir Panjang Road #13-01 Chief Financial Officer Singapore 048623
Mapletree Business City T : (65) 6536 5355
Singapore 117438 Mr Lee Seng Chee F : (65) 6536 1360
T : (65) 6377 6111 Head of Asset Management
F : (65) 6273 0525 Trustee
W : www.mapletreeindustrialtrust.com Mr Peter Tan Che Heng DBS Trustee Limited
E : [email protected] Head of Investment 6 Shenton Way #14-01
DBS Building Tower One
Board of Directors Corporate Services Singapore 068809
Mr Wong Meng Meng Mr Ho Seng Chee T : (65) 6878 8888
Chairman and Non-Executive Director Joint Company Secretary F : (65) 6878 3977
Mr Soo Nam Chow Mr Wan Kwong Weng Auditor

Independent Director and Chairman of Joint Company Secretary PricewaterhouseCoopers LLP
Audit and Risk Committee 8 Cross Street #17-00
Property ManageR PWC Building
Mr Seah Choo Meng Mrs Lee Pheck Yan Singapore 048424
Independent Director and Audit and Head of Development Management T : (65) 6236 3388
Risk Committee Member F : (65) 6236 3300
Mr Tony Khoo Kay Teong*
Mr Wee Joo Yeow Head of Property Management Partner-in-charge
Independent Director Mr Yee Chen Fah
Ms Chng Siok Khim (Appointed October 2010)
Mr John Koh Tiong Lu Head of Marketing &
Non-Executive Director and Audit Lease Management
and Risk Committee Member
Mr Hiew Yoon Khong

Non-Executive Director
Mr Wong Mun Hoong

Mr Phua Kok Kim

Mr Tham Kuo Wei

Executive Director &
Chief Executive Officer
* Joined Mapletree Facilities Services Pte. Ltd. on 1 June 2011
121
MAPLETREE
INDUSTRIAL TRUST
MANAGEMENT LTD.
10 Pasir Panjang Road #13-01
Mapletree Business City
Singapore 117438
T : (65) 6377 6111
F : (65) 6273 0525
W : www.mapletreeindustrialtrust.com
122
E : [email protected]
A Raindance design & production

Annual Report 5

Uploaded by

Copyright:

Available Formats

Annual Report 5

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Annual Report 5

Uploaded by

Copyright:

Available Formats

industrialtrust

70 73 115 117 118

MIT is a Singapore-focused REIT with a large and diversified portfolio of income-

The property portfolio (Portfolio) of MIT comprises 70 properties located across

MIT is managed by Mapletree Industrial Trust Management Ltd. (Manager), a

Business Park Building, Flatted Factory,

Light Industrial Building, Stack-up/Ramp-up Building,

DPU exceeds Forecast in Prospectus by 11.3%

21 October 2010 to 31 March 2011 /( )

Gross Revenue (S$000) 94,861 91,695 3.5%

Total Assets (S$000) 2,308,0382 2,163,733

1.5 million 1,617

Not in picture: Mr Tong Chee Wai

The Manager has a team of experienced individuals

Not in picture: Mr Tony Khoo Kay Teong (Head of Property Management)

Tham Kuo Wei Wong Meng Meng

We are pleased to present the inaugural Annual Report of

MITs unit price soared to S$1.15 upon commencement of

With a market capitalisation of S$1.54 billion as at 31 March

UNIQUE ROBUST ORGANIC OPPORTUNITIES

Average passing rental rates continued the uptrend to reach

As at 31 March 2011, the portfolios Weighted Average

As a result of the portfolios relatively short WALE and improving

LARGE, DIVERSIFIED AND RESILIENT PORTFOLIO

Diverse portfolio with

MIT is one of the largest private industrial landlords in Singapore

RELEVANCE THROUGH ACTIVE ASSET MANAGEMENT

Light Industrial Building,

In addition to renewal of assets, we have begun assessing

PROACTIVE CAPITAL MANAGEMENT

FOSTERING TENANT RELATIONSHIPS

Business Park Building,

Other key initiatives included the launch of Mapletree

Industrial Business property clusters.

Leadership Talks ENGAGING MIT UNITHOLDERS

investor websites. Email alerts on the latest announcements are sent

THE YEAR AHEAD

grow steadily with the general economy. We anticipate the

Wong Meng Meng Tham Kuo Wei

Mapletree industrial trust management ltd.

Audit and Risk Committee

Chief Executive Officer

* Joined Mapletree Industrial Trust Management Ltd. on 1 June 2011

Mapletree facilities services pte. ltd.

Head of Marketing & Head of Head of Development

* Joined Mapletree Facilities Services Pte. Ltd. on 1 June 2011

Mapletree Industrial Trust

100% Ownership of MSIT Units

Net Property Ownership Mapletree Singapore

Net Property Ownership

Properties MSIT Portfolio*

Mr Wong Meng Meng Mr Soo Nam Chow

Mr Seah is a Fellow of the Royal Institution of Chartered Surveyors

Mr John Koh Tiong Lu Mr Hiew Yoon Khong

Mr Tham Kuo Wei

Mr Tham Kuo Wei is both an Executive Director and the Chief

Prior to joining the Manager, he was the Deputy Chief

Prior to this, Mr Tham was the Chief Investment Officer of

Before Mr Thams secondment to CIMB-Mapletree