Dear Stakeholders,

Sustainability is a cornerstone of our corporate culture and underpins the business strategy and operations of Mapletree Industrial Trust ("MIT"). We are committed to conducting our business in an environmentally friendly and socially responsible manner while upholding high standards of corporate governance. Our approach to sustainability is aligned with that of our Sponsor, Mapletree Investments Pte Ltd. The Board holds the ultimate responsibility for the management of sustainability-related risks and opportunities. It considers relevant environmental, social and governance factors as part of its strategic formulation as well as ensures regular communication and oversight of MIT's sustainability performance. The Board is supported by the Sustainability Steering Committee, which comprises the Chief Executive Officer of the Manager and representatives from the Sponsor’s senior management team.

The report has outlined our risk management framework based on the MAS Guidelines on Environmental Risk Management for Asset Managers and included our climate disclosures, which are in alignment with the recommendations of the Task Force on Climate-Related Financial Disclosures. As part of our efforts to improve quality of disclosures, we conducted a review of the climate risk assessment in FY22/23 to identify its relevant risks and opportunities. This demonstrates our commitment towards adopting leading industry practices. The evaluation of the impacts and mitigation measures can be found under the “Energy and Climate Change” section.

In FY22/23, we reviewed the material matters from the prior assessment and considered them to be relevant throughout the reporting period. These in turn provided guidance on our sustainability strategy and the setting of annual targets for all the material matters, as well as long-term targets related to energy consumption, greenhouse gas emissions and renewable energy use. There were no changes to our material matters as they remain an accurate reflection of our stakeholders’ expectations.

We are pleased to make significant progress along our sustainability journey in FY22/23. Some of our key achievements in FY22/23 include:

• certification of BCA Green Mark Platinum for 161 and 163 Kallang Way and BCA Green Mark Gold^Plus for Serangoon North Cluster; 
• installation of solar panels at 5 Flatted Factory clusters with generating capacity of about 4,000 kilowatt peak ("kWp");  
• improvement of GRESB Real Estate Assessment score from 50 points in 2021 to 71 points in 2022; and
• participation of 98 employees in MIT’s ‘Project Nurture’ corporate social responsibility initiative.

We will continue our efforts towards sustainable development by embarking on Phase 3 of the installation of solar panels. This will advance our progress towards the long-term target on total solar energy generating capacity of 10,000 kWp by FY29/30. We will be expanding the inclusion of sustainability clauses to new and renewal leases for the Singapore and North American Portfolios, which serve as an avenue to develop joint environmental actions with our tenants.

We have aligned our sustainability goals with the Mapletree Group’s ambition to achieve net zero emissions by 2050. Accordingly, we have adopted the Mapletree Group’s sustainability roadmap to drive the transition towards net zero emissions. During the financial year, the Mapletree Group has established four new sustainability policies – Renewable Energy Policy, Sustainable Development Policy, Sustainable Investment Policy, and Sustainable Operations Policy. These policies outline the Mapletree Group’s commitment to embed sustainable practices into its business. An environmental data management system will be identified and deployed groupwide to support consistent and accurate environmental data collection across the entire organisation. This will serve as the foundation as we formulate intermediate net zero targets. The Mapletree Group has also joined as a signatory of the UN Principles of Responsible Investment, which demonstrates its commitment to responsible investment.

This report is prepared in accordance with the Global Reporting Initiative Universal Standards and the SGX-ST Listing Rules (711A and 711B).

We remain steadfast in our commitment to achieve sustainable value creation. We thank you for your support of MIT’s efforts towards sustainability.

Board of Mapletree Industrial Trust Management Ltd.