Mapletree North Asia Commercial Trust : Presentation Slides - Proposed Merger of MCT and MNACT (EGM and Trust Scheme Meeting)

Proposed Merger of Mapletree Commercial Trust and Mapletree North Asia Commercial Trust (the "Merger")

Extraordinary General Meeting and Trust Scheme Meeting

23 May 2022

Important Notice (Mapletree North Asia Commercial Trust)

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

This presentation should be read in conjunction with the scheme document dated 29 April 2022 (the "Scheme Document") in relation to the proposed merger of Mapletree North Asia Commercial Trust ("MNACT") and Mapletree Commercial Trust ("MCT") by way of a trust scheme of arrangement. A copy of the Scheme Document is available on MNACT"s website at www.mapletreenorthasiacommercialtrust.com, and on the website of the Singapore Exchange Securities Trading Limited (the "SGX-ST") at www.sgx.com/securities/company-announcements("SGXNET").

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

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

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

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

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

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

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

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

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

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

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

Content

A. Transaction Summary	Page 4
B. Rationale and Key Benefits of the Merger	Page 11
C. MPACT Post-Merger Strategy	Page 30
D. Required Approvals	Page 33
E. IFA Opinion and Directors' Recommendations	Page 36
F. Timeline and Next Steps	Page 40
G. Appendix	Page 45

3

A. Transaction Summary

Transformative Merger Combining Strength and Growth

Creating a flagship commercial REIT that provides stability and scale across key gateway markets of Asia

MBC, Singapore

VivoCity, Singapore

mTower, Singapore

Largest pure-play Singapore commercial REIT	First and only North Asia focused REIT listed in
with longstanding track record in delivering	Singapore, with properties in key gateway
stable returns to unitholders	markets including China, Hong Kong SAR1,
	Japan and South Korea
Strength	Growth

Creates a proxy to key gateway markets of Asia

Anchored by high quality and diversified portfolio

Leapfrogs to one of the top 10 largest REITs in Asia

Well-placed to pursue growth opportunities through a ready platform Attractive financial benefits to Unitholders of both MCT and MNACT Strong and continued support from Sponsor

Festival Walk, Hong Kong SAR

Gateway Plaza, Beijing

Sandhill Plaza, Shanghai

9 properties, Greater Tokyo

Mapletree Anson,

MLHF, Singapore

The Pinnacle Gangnam, Seoul

Singapore

Note:

5

1. Where "Hong Kong SAR" is mentioned, it refers to the Hong Kong Special Administrative Region ("SAR").