For Immediate Release

(Constituted in Republic of Singapore pursuant to a Trust Deed dated 29 January 2008 (as amended))

ANNOUNCEMENT PAYMENT OF MANAGER'S BASE FEE BY WAY OF ISSUE OF UNITS IN MAPLETREE INDUSTRIAL TRUST

31 October 2014 - Mapletree Industrial Trust Management Ltd., as manager (the "Manager") of Mapletree Industrial Trust ("MIT"), wishes to announce that 360,154 new units in MIT ("New Units") have been issued to the Manager today at S$1.4172 per unit.

In accordance with the Trust Deed, the Manager has elected to receive the payment of base fee1 in New Units with respect to the Flatted Factories portfolio acquired in 2011 from JTC Corporation 2 . The New Units have been issued as payment for the quarter ended 30

September 2014. The issue price is based on the 10-day volume weighted average price of

MIT prior to 30 September 2014.

Following the issuance, the Manager holds 5,184,407 units in MIT and the total number of

MIT units in issue is 1,716,406,768.

By order of the Board

Wan Kwong Weng and See Hui Hui

Joint Company Secretaries

Mapletree Industrial Trust Management Ltd. (Company Registration No. 201015667D)

As Manager of Mapletree Industrial Trust

1 Under the Trust Deed, the Manager is entitled to a base fee of 0.5% per annum of the value of MIT's Deposited Property or such higher percentage as may be approved by an Extraordinary Resolution of a meeting of Unitholders.

2 Details can be found in the announcement dated 27 July 2011 titled "Launch of Equity Fund Raising to Raise in Excess of S$174.80 million to Part Finance Acquisition of Tranche 2 of JTC's Second Phase Divestment Exercise Portfolio".

1

Important Notice

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