INDUSTRIAL STRENGTH2nd Annual General Meeting

20 July 2012

AGM RESOLUTIONS

RESOLUTION 1

To receive and adopt the Trustee's Report, the Manager's Statement,

the Audited Financial Statements of MIT for the financial year ended

31 March 2012 and the Auditors' Report thereon.

RESOLUTION 2

To re-appoint PricewaterhouseCoopers LLP as Auditors and authorise

the Manager to fix the Auditors' remuneration.

RESOLUTION 3

To authorise the Manager to issue Units and to make or grant

convertible instruments.

1

AGENDA

2

Key Highlights – 1 April 2011 to 31 March 2012

Operational Updates

Financial Review

Outlook and Strategy

2

3

4

5

Overview of FY2011/20121

Question & Answer6

Overview of FY2011/2012

3

July 2011

Won Tranche 2 of JTC Corporation‟s

Second Phase Divestment Exercise

Portfolio at S$400.3 million

Successfully launched a S$176.9

million Equity Fund Raising exercise

Delivered DPU of 1.98 cents for

1QFY11/12, exceeding Forecast by

8.8%

August 2011

Established a S$1.0 billion Multi-Currency Medium Term

Note Programme

September 2011

Fitch Ratings affirmed MIT‟s „BBB+‟ Rating with a

stable outlook

October 2011

Achieved DPU of 2.05 cents for 2QFY11/12 at 10.8%

above Forecast

January 2012

Delivered DPU of 2.16 cents for 3QFY11/12,

outperforming Forecast by 14.9%

March 2012

Maiden issuance of S$125.0 million 7-year unsecured

Fixed Rate Notes

April 2012

Achieved DPU of 2.22 cents for

4QFY11/12, surpassing Forecast by 16.2%

YEAR IN BRIEF

Key Highlights – 1 April 2011 to 31 March 2012

5

MIT FY11/12 UNIT PRICE AND TRADING PERFORMANCE

6

Total Unitholder Return of 12.8% Unit Price 4.8%

Source: Bloomberg

For the period 1 April 2011 to 31 March 20121 Based on FY11/12 closing price of S$1.100 as at 31 March 2012

FY11/12 Distribution Yield 8.0%¹

7

COMPARATIVE TRADING PERFORMANCE IN FY11/12

Market Capitalisation of

S$1.79 billion16.2%

Source: Bloomberg

For the period 1 April 2011 to 31 March 20121 Rebasing opening price on 1 April 2011 to 100

80

85

90

95

100

105

110

115

120

Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12

Rebased MIT Price Rebased FTSE STI Rebased FTSE SREIT Index

MIT + 5.8%

STI: - 3.5%

S-REITs: - 4.8%

14.9% over Forecast¹

PERFORMANCE EXCEEDED FY11/12 FORECAST

8

Gross Revenue of S$246.4 mil

16.9% over Forecast1Net Property Income of S$171.3 mil

12.7% over Forecast1Distribution per Unit of 8.41 cents

1 The Forecast figures formed part of the Forecast Year 2011/2012 figures disclosed in the Prospectus dated 12

October 2010 (“Prospectus”). The Forecast did not include the contributions from the Flatted Factories portfolio

acquired from JTC Corporation on 26 August 2011.2 For the period 21 October 2010 to 31 March 2011

3.45

7.46

8.41

Actual FY10/11² Forecast FY11/12 Actual FY11/12

Distribution Per Unit (cents)

PROPERTY TYPE (BY NET PROPERTY INCOME)

9

56.5%20.2%

17.5%

4.6%

1.2%

FY10/11

For the period 1 April 2011 to 31 March 2012.

Note: No leases were due for renewal for Light Industrial Buildings.

POSITIVE RENTAL REVISIONS

10

Gro

ss R

en

tal R

ate

(S$

psf/

mth

)

$1.29

$3.16

$0.82

$1.08

$1.60

$3.51

$1.01

$1.30

$1.80

$3.82

$1.31 $1.38

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

Flatted Factories Business Park Buildings Stack-up/Ramp-up Buildings Warehouse

Before renewal After renewal New Leases

HEALTHY OCCUPANCY & PASSING RENTS

11

OccupancyGross Rental Rate

(S$ psf/mth)

91.0% 91.0% 90.7% 90.3% 89.0% 89.0% 89.7% 90.3% 91.2% 92.3% 93.2% 94.3% 94.5% 95.1% 94.9%

$1.21

$1.23

$1.26

$1.29

$1.31 $1.31

$1.35

$1.40

$1.44 $1.45

$1.49

$1.52

$1.54 $1.53

$1.55

$1.20

$1.30

$1.40

$1.50

$1.60

$1.70

0%

20%

40%

60%

80%

100%

2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

Occupancy (LHS) Rental Rate (RHS)FY11/12FY10/11FY08/09 FY09/10

STABILITY FROM EXTENDED LEASES

12

Portfolio WALE by Gross Rental Income = 2.5 yearsAs at 31 March 2012

23.2%

30.3%29.0%

17.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

FY12/13 FY13/14 FY14/15 FY15/16 & beyond

Business ParkBuildings

Flatted Factories Stack-up / Ramp-upBuildings

Light industrialBuildings

Warehouse

30% take-up rate for longer leases beyond 3 years

% E

xp

irin

g L

ea

se

s

by G

ross R

en

tal In

co

me

Long Staying Tenants High Retention Rate For FY11/12

• 44.9% of the tenants have leased the properties for more than 4 years

• High tenant retention rate of 82.9% in FY11/12

Based on NLA.

Not meaningful for Light Industrial Buildings as no leases were due for renewal

STRONG TENANT RETENTION

13

By number of tenants

As at 31 March 2012

77.7%73.0%

89.6%

51.7%

80.7%82.6%

63.5%

91.4%

N.A.

92.8%

82.9%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

Flatted Factories Business Park Buildings

Stack-up/Ramp-up Buildings

Light Industrial Buildings

Warehouse Portfolio

FY10/11 FY11/12

Average Retention Rate

LARGE AND DIVERSE TENANT BASE

By Gross Rental Income

As at 31 March 2012

• Over 2,000 tenants

• Largest tenant contributes <4% of Portfolio‟s Gross Rental Income

• Top 10 Tenants form <19% of Portfolio‟s Gross Rental Income

14

3.7%

2.8%

2.1%

1.8% 1.8%

1.4% 1.4%1.3%

1.1% 1.0%

0%

1%

2%

3%

4%

DIVERSITY OF TENANT TRADE SECTOR

15

By Revenue

As at 31 March 2012

No concentration in any single trade sector

Operational Updates

16

Customised five-storey high

specification light industrial building

for Kulicke & Soffa (“K&S”), an

existing MIT tenant:

K&S is a global leader in the design

and manufacture of semiconductor

and LED assembly equipment and

is listed on the NASDAQ Stock

Exchange

K&S will occupy an estimated 69%

of NLA

10 years lease with the option to

renew additional 10 + 10 years

Embedded annual rental escalation

Groundbreaking ceremony held on

16 May 2012

Artist’s impression of the completed development

BUILD-TO-SUIT FACILITY FOR KULICKE & SOFFA

17

Located in the North-East

region of Singapore

Easily accessible via major

expressways

Located close to mature

housing estates

Well-connected by the

public transportation

network

Suitable for high-tech

industrial usage

Artist’s impression of the completed development

18

Expected GFA 30,800 sq m (331,530 sq ft)

Estimated Development Cost S$50 million

Commencement Date June 2012

Expected Completion Date 2nd Half 2013

BUILD-TO-SUIT FACILITY FOR KULICKE & SOFFA

Located at 33 & 35 Marsiling Industrial

Estate Road 3

Near Woodlands MRT station and

Woodlands Bus Interchange

Close proximity to various amenities

15 minutes drive to Malaysia

Business 2 zoning

ASSET ENHANCEMENT INITIATIVES (“AEI”) –

WOODLANDS CENTRAL CLUSTER

Before Redevelopment

Woodlands Central Cluster

before redevelopment

19

AEI – WOODLANDS CENTRAL CLUSTER

20

Artist’s impressions of the completed development

20

Existing GFA 549,223 sq ft

Additional GFA 50,000 sq ft (estimated)

Land Tenure 60 years commencing 1 July 2008

Proposed AEI - Reposition cluster as a high-tech industrial space for

biomedical and medical technology companies

- Extension of six-storey wing, multi-storey car park and canteen

Commencement &

Completion Dates2nd Quarter 2012 to 2nd Quarter 2013 (estimated)

Located at 970, 970A & 998 Toa Payoh

North

Central location with convenient access

to various amenities

Near Braddell Mass Rapid Transit

(“MRT”) Station

Well-connected to Central Business

District via major expressways

Business 1 zoning

AEI – TOA PAYOH NORTH 1 CLUSTER

Before Redevelopment

Toa Payoh North 1 Cluster

before redevelopment

21

AEI – TOA PAYOH NORTH 1 CLUSTER

Artist’s impression of the

new high-tech building

22

Existing GFA 517,996 sq ft

Additional GFA 150,000 sq ft (estimated)

Land Tenure 30 years commencing 1 July 2008

Proposed AEI - New high-tech industrial building (on existing canteen space)

- New amenity block with multi-storey car park, showrooms,

production units and canteen (on existing open car park space)

Commencement &

Completion Dates3rd Quarter 2012 to 4th Quarter 2013 (estimated)

Financial Review

23

STATEMENT OF TOTAL RETURNS (FY11/12 VS FY10/11)

24

FY11/12

(S$’000)

FY10/111

(S$’000) / ()

Gross revenue 246,371 196,492 25.4%

Property operating expenses (75,051) (61,792) 21.5%

Net Property Income 171,320 134,700 27.2%

Interest on borrowings (23,573) (43,264) (45.5%)

Trust expenses (21,410) (14,168) 51.1%

Net income before tax & distribution 126,337 77,268 63.5%

Amount available for distribution 131,699 50,602² N.M.

Distribution per Unit (cents) 8.41 3.45² N.M.

Footnotes:

1 The figures comprise the results of MIT as a private trust from 1 April 2010 to 20 October 2010 and the consolidated results of MIT Group

(i.e. results of all 70 properties in its portfolio) from Listing Date onwards.

2 Reflects actual amount available for distribution and DPU paid from 21 October 2010 (listing date) to 31 March 2012.

25

FY11/12 ACTUAL VS PROSPECT STATEMENT

Actual

FY11/12

(S$’000)

Forecast1

FY11/12

(S$’000)

/ ()

Gross revenue 246,371 214,401 14.9%

Property operating expenses (75,051) (67,810) 10.7%

Net Property Income 171,320 146,591 16.9%

Interest on borrowings (23,573) (21,282) 10.8%

Trust expenses (21,410) (17,785) 20.4%

Net income before tax & distribution 126,337 107,524 17.5%

Net appreciation in the value of investment

properties94,092 NA2 N.M.

Total return for the period before tax 220,429 107,524 105.0%

Net non-tax deductible items (88,730) 1,615 N.M

Adjusted taxable income available for

distribution to Unitholders131,699 109,139 20.7%

Distribution per Unit (cents) 8.41 7.46 12.7%

Footnotes:

1 The Forecast Year 2011/2012 figures were disclosed in the Prospectus. The Forecast does not include the

contributions from the Flatted Factories portfolio acquired from JTC on 26 August 2011.

2 NA – Not available. The forecast is prepared on the assumption that there is no change in revaluation of the

properties as disclosed in the Prospectus.

HEALTHY BALANCE SHEET

26

Actual

31 Mar 2012

Actual

31 Mar 2011

Total Assets (S$‟000) 2,822,205 2,308,038

Total Liabilities (S$‟000) 1,167,669 924,208

Net Assets Attributable to Unitholders (S$’000) 1,654,536 1,383,830

Net Asset Value per Unit (S$) 1.02 0.95

Aggregate Leverage Ratio (%) 37.8 36.1

Interest Coverage Ratio for FY11/12 (times) 6.4 times 6.6 times¹

¹ Reflected actual borrowing costs and interest cover ratio for the period from 21 October 2010 (listing date) to 31 March 2011.

Debt Maturity Profile

25% 30% 30% 15%

ROBUST CAPITAL STRUCTURE

27

84

251

344

126139

125

0

50

100

150

200

250

300

350

400

12/13 13/14 14/15 15/16 16/17 17/18 18/19

Gro

ss

Deb

t (S

$ m

illi

on

)

Financial Year

Bank Borrowings Medium Term Note

As at 31 March

2012

Total DebtS$1,069.2

million

Fixed as a % of Total Debt 85%

Average Borrowing Costs

for FY11/122.2%

Weighted Average Tenure

of Debt3.0 years

Assets Unencumbered as

% of Total Assets100%

MIT’s Issuer Default Rating

(by Fitch Ratings)

BBB+ with

Stable Outlook

Outlook & Strategy

28

Demand and Supply for Flatted Factories

HEALTHY MARKET DEMAND FOR FLATTED FACTORIES

29

Demand and Supply for Business Parks

Source: URA/ Colliers International Singapore Research, May 2012

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

-50

0

50

100

150

200

250

2003 2004 2005 2006 2007 2008 2009 2010 2011 1Q 2012

Net New Demand Net New SS Occupancy Rate

(„000 sq m)

20.0%

40.0%

60.0%

80.0%

100.0%

-150

-100

-50

0

50

100

150

200

250

300

350

2003 2004 2005 2006 2007 2008 2009 2010 2011 1Q 2012

Net New Demand Net New SS Occupancy Rate

Occupancy Rate (%)(„000 sq m) Occupancy Rate (%)

OUTLOOK AND STRATEGY

30

Ministry of Trade and Industry maintained its GDP growth forecast for 2012 at

1.0% to 3.0%

Despite a challenging market environment, the Manager is optimistic that MIT will

be able to weather the uncertainty ahead with its strong and sound fundamentals

Active Asset

Management

Proactive leasing and marketing initiatives

Deliver quality service and customised solutions

Improve operational efficiency to reduce operating cost

Implement asset enhancement initiatives

Acquisition Growth and Selective Development

Identify and source acquisition and development opportunities

Conduct feasibility studies to consider impact on Unitholders and tenants

Pursue investments with the potential for long-term returns

Capital and Risk Management

Maintain a strong balance sheet

Employ appropriate capital structure

Diversify sources of funding

Active interest rate management

Potential Growth from Acquisitions and Selective Developments

Experienced Manager and Committed Sponsor

Large, Diversified and Resilient Portfolio with Market Presence

Continued Focus on Organic Growth within Portfolio

STABLE PORTFOLIO WITH GROWTH POTENTIAL

31

Question & Answer

32

Thank You