MAPLETREE COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE FIRST QUARTER FROM 1 APRIL 2017 TO 30 JUNE 2017

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1 (Constituted in the Republic of Singapore pursuant to a Trust Deed dated 5 August 005 (as amended)) MAPLETREE COMMERCIAL TRUST UNAUDITED FINANCIAL STATEMENTS AND TABLE OF CONTENTS Item No. Description Page No. - Introduction - Summary Results of Mapletree Commercial Trust Group and Distribution Details (a) Statement of Total Return and Distribution Statement 4 (b)(i) Statements of Financial Position 6 (b)(ii) Aggregate Amount of Borrowings and Debt Securities 8 (c) Consolidated Statement of Cash Flows 9 (d)(i) Statements of Movements in Unitholders' Funds 0 (d)(ii) Details of Any Change in Units & 3 Audit Statement 4 & 5 Changes in Accounting Policies 6 Earnings Per Unit and Distribution Per Unit 7 Net Asset Value ("NAV") and Net Tangible Asset ( NTA ) Per Unit 3 8 Review of the Performance 3 9 Variance between Actual and Forecast Results 4 0 Outlook and Prospects 4 & Distributions 5, 6 3 Segmental Revenue and Results 6 4 General Mandate relating to Interested Person Transactions 7 5 Confirmation pursuant to Rule 70() of the Listing Manual 7 6 Confirmation by the Board 7 3

2 Introduction The principal investment strategy of Mapletree Commercial Trust ( MCT ) is to invest, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, whether wholly or partially, in Singapore, as well as real estate-related assets. MCT s current portfolio comprises 5 properties located in Singapore: (a) VivoCity, Singapore s largest mall located in the HarbourFront precinct; (b) Mapletree Business City I ( MBC I ), a large-scale integrated office and business park complex in the Alexandra precinct comprising an office tower and three business park blocks; (c) PSA Building, an established integrated development in the Alexandra precinct with a 40- storey office block and a three-storey retail centre, Alexandra Retail Centre; (d) Mapletree Anson, a 9-storey premium office building located in Singapore s Central Business District; and (e) Bank of America Merrill Lynch HarbourFront ( MLHF ), a premium six-storey office building located in the HarbourFront precinct. The consolidated financial statements comprise MCT and its subsidiary, Mapletree Commercial Trust Treasury Company Pte. Ltd. ( MCTTC ), ( MCT Group ) which includes the Statements of Financial Position as at 30 June 07, and the Statement of Total Return, Distribution Statement, Statements of Movements in Unitholders Funds and Consolidated Statement of Cash Flows for the period ended 30 June 07. The financial results of MCT Group for Q FY6/7 from April 06 to 30 June 06 exclude the contribution from MBC I which was acquired on 5 August 06. MCT s distribution policy is to distribute at least 90.0% of its adjusted taxable income comprising substantially its income from the letting of its properties and related property services income, interest income from the placement of periodic cash surpluses in bank deposits and after deducting allowable expenses and allowances. Footnote: The Alexandra Precinct spans 3.5 hectares and is located in the Queenstown Planning Area along Alexandra Road/Telok Blangah Road. Mapletree Business City I, together with PSA Building and the recently completed Mapletree Business City II, make up the Alexandra Precinct.

3 Summary Results of Mapletree Commercial Trust Group Actual Q FY7/8 (S$ 000) Q FY6/7 (S$ 000) Variance % Gross revenue 07,766 73, Property operating expenses (3,585) (7,093) (38.0) Net property income 84,8 56, Income available for distribution 64,375 43, Distribution per unit (cents) Footnotes: Period from April 07 to 30 June 07, referred to as Q FY7/8. Period from April 06 to 30 June 06, referred to as Q FY6/7. Distribution Details To Unitholders Distribution period April 07 to 30 June 07 Distribution rate / type Taxable income distribution of.3 cents per unit Trade ex-date August 07, 9.00 a.m. Books closure date 4 August 07, 5.00 p.m. Payment date 30 August 07 3

4 (a) Statement of Total Return and Distribution Statement (MCT Group) Statement of Total Return Q Q FY7/8 FY6/7 Variance (S$ 000) (S$ 000) % Gross revenue 07,766 73, Property operating expenses (3,585) (7,093) (38.0) Net property income 84,8 56, Finance income Finance expenses (5,563) (0,696) (45.5) Manager's management fees - Base fees (3,99) (,769) (44.) - Performance fees (3,367) (,5) (49.6) Trustee's fees (97) (49) (3.) Other trust expenses (96) (76) (7.) Foreign exchange gain/(loss),697 (9,944) N.M. Net income 6,567 30,65 N.M. Net change in fair value of financial derivatives (,99) 0,606 N.M. Total return before income tax 60,68 40, Income tax expense 3 (*) (*) N.M. Total return after income tax before distribution 60,68 40, Distribution Statement Q FY7/8 Q FY6/7 Variance (S$ 000) (S$ 000) % Net income 6,567 30,65 N.M. Adjustment - Unrealised foreign exchange (gain)/loss (,697) 9,944 N.M. - Net effect of other non-tax deductible items 4 and other adjustments 3,505 3, Income available for distribution to Unitholders 64,375 43, * Amount is less than S$,000 4

5 Footnotes: This relates to the Japanese Yen ( JPY ) denominated medium term notes ( MTN ) issued in March 05. The foreign exchange gain/loss is unrealised and arose from the translation of the JPY MTN into MCTTC s functional currency in Singapore dollar. There is nonetheless no foreign exchange exposure on the principal and interest payments as a cross currency interest rate swap ( CCIRS ) has been entered into to hedge against any foreign exchange movements. In addition, the foreign exchange gain/loss has no impact on income available for distribution to Unitholders. 3 4 Net change in the fair value of financial derivatives arose from the revaluation of the interest rate swap and CCIRS which were entered into to hedge against the interest rate and foreign currency risk exposures. In accordance with FRS39, any change in fair value of these derivative financial instruments which are not designated for hedge accounting has to be taken to the Statement of Total Return. The change in the fair value of financial derivatives has no impact on income available for distribution to Unitholders. Relates to the income tax expense of MCTTC. Consists of management fees paid/ payable in units, trustee s fees, financing fees incurred on bank facilities and other non-tax deductible/(chargeable) items. 5

6 (b)(i) Statements of Financial Position MCT Group 30 Jun 07 3 Mar Jun 07 3 Mar 07 (S$ 000) (S$ 000) (S$ 000) (S$ 000) Current assets Cash and cash equivalents 47,68 53,907 47,9 53,874 Trade and other receivables 4,55,97 4,55,974 Other current assets Total current assets 5,785 57,98 5,746 57,68 Non-current assets Investment properties 6,34,70 6,337,000 6,34,70 6,337,000 Plant and equipment Investment in subsidiary - - * * Derivative financial instruments 4,94,94 4,94,94 Total non-current assets 6,346,78 6,348,355 6,346,78 6,348,355 Total assets 6,398,567 6,405,653 6,398,58 6,405,63 Current liabilities Derivative financial instruments Trade and other payables 3 66,063 7,458 66,055 7,457 Current income tax liabilities 4 * * - - Total current liabilities 5 66,783 7,846 66,775 7,845 Non-current liabilities Derivative financial instruments 7,084 4,906 7,084 4,906 Other payables 4,063 4,694 4,063 4,694 Borrowings 6,38,498,39,754,583,437,583,079 Loans from a subsidiary ,06 746,675 Total non-current liabilities,377,645,376,354,377,645,376,354 Total liabilities,444,48,448,00,444,40,448,99 MCT Net assets attributable to Unitholders 3,954,39 3,957,453 3,954,08 3,957,44 Represented by: Unitholders' funds 3,954,39 3,957,453 3,954,08 3,957,44 Net Asset Value per unit (S$) * Amount is less than S$,000 6

7 Footnotes: Investment properties are accounted for at fair market value based on the independent valuations as at 3 March 07 and additional capital expenditures incurred from April 07 to 30 June Derivative financial instruments reflect the fair value of the interest rate swaps and the CCIRS. The decrease in current trade and other payables is mainly due to the payment of Manager s performance fee for FY6/7 in May 07. Current income tax liabilities refer to income tax provision based on taxable income of MCTTC. MCT currently has sufficient undrawn bank lines to meet the financing of the current liabilities. Borrowings represent unsecured bank loans and MTN measured at amortised cost. The decrease in non-current borrowings is mainly due to the lower translated borrowings arising from the translation of the JPY MTN into Singapore dollar as at 30 June 07. Loans from a subsidiary represent the unsecured borrowings from MCTTC on-lent to MCT. The unsecured borrowings from MCTTC were raised through the issuance of MTN under the MTN Programme. As at 30 June 07, the borrowings comprise of fixed rate notes of S$640.0 million and floating rate notes of JPY8.7 billion due between 09 and 06. A CCIRS and an interest rate swap have been entered into to hedge the JPY8.7 billion floating rate notes into a principal amount of S$00.0 million on a fixed rate basis. 7

8 (b)(ii) Aggregate Amount of Borrowings and Debt Securities MCT Group MCT 30 Jun 07 3 Mar Jun 07 3 Mar 07 (S$ 000) (S$ 000) (S$ 000) (S$ 000) Amount repayable in one year or less, or on demand Amount repayable after one year Unsecured bank borrowings,587,600,587,600,587,600,587,600 Less : Transaction costs to be amortised (4,63) (4,5) (4,63) (4,5),583,437,583,079,583,437,583,079 Medium term notes 746, , Less : Transaction costs to be amortised (,888) (,970) ,06 746, Total borrowings, repayable after one year,38,498,39,754,583,437,583,079 Total borrowings,38,498,39,754,583,437,583,079 Footnotes: Related transaction costs are amortised over the tenor of the bank loan facilities and the medium term notes respectively. The total gross borrowings after taking into account the cross currency interest rate swap of principal amount S$00.0 million to hedge the JPY8.7 billion floating rate medium term notes is S$,37.6 million as at 30 June 07 and 3 March 07. 8

9 (c) Consolidated Statement of Cash Flows Cash flows from operating activities Q FY7/8 (S$ 000) Q FY6/7 (S$ 000) Total return for the period after income tax before distribution 60,68 40,87 Adjustment for - Income tax expense * * - Depreciation Impairment of trade receivables Unrealised foreign exchange (gain)/loss (,697) 9,944 - Net change in fair value of financial derivatives,99 (0,606) - Finance income (03) (66) - Finance expenses 5,563 0,696 - Manager's management fees paid/payable in units 3,679,50 80,65 53,356 Change in working capital: - Trade and other receivables (,457) Other current assets Trade and other payables (,944) 5,34 Cash generated from operations 76,887 59,554 - Income tax paid (*) - Net cash provided by operating activities 76,887 59,554 Cash flows from investing activities Additions to investment properties (6,44) (4,767) Additions of plant and equipment - (55) Finance income received Net cash used in investing activities (6,9) (4,754) Cash flows from financing activities Proceeds from borrowings 70,300 04,800 Repayments of borrowings (70,300) (04,800) Payments of financing expenses - (45) Payments of distribution to Unitholders (64,888) (39,378) Finance expenses paid (,347) (6,300) Net cash used in financing activities (77,35) (45,73) Net (decrease)/ increase in cash and cash equivalents (6,639) 9,077 Cash and cash equivalents at beginning of period 53,907 63,589 Cash and cash equivalents at end of period 47,68 7,666 * Amount is less than S$,000 Footnote: This amount excludes an amount of S$3.6 million distributed by way of the issuance of,55,37 units on 3 June 06, pursuant to the Distribution Reinvestment Plan ( DRP ) applied to the 4Q FY5/6 distribution. 9

10 d)(i) Statements of Movements in Unitholders Funds Q FY7/8 MCT Group Operations Unitholders Hedging Contribution Reserve Total (S$ 000) (S$ 000) (S$ 000) (S$ 000) Balance as at Apr ,334,98,748 (69) 3,957,453 Total return for the period 60, ,68 Distributions to Unitholders (64,888) - - (64,888) Movements in hedging reserve - - (6,49) (6,49) Manager's management fees paid in units - 7,797-7,797 Balance as at 30 Jun 07 97,74,989,545 (7,0) 3,954,39 Q FY7/8 MCT Operations Unitholders Hedging Contribution Reserve Total (S$ 000) (S$ 000) (S$ 000) (S$ 000) Balance as at Apr ,305,98,748 (69) 3,957,44 Total return for the period 60, ,66 Distributions to Unitholders (64,888) - - (64,888) Movements in hedging reserve - - (6,49) (6,49) Manager's management fees paid in units - 7,797-7,797 Balance as at 30 Jun 07 97,683,989,545 (7,0) 3,954,08 Q FY6/7 MCT Group Operations Unitholders Hedging Contribution Reserve Total (S$ 000) (S$ 000) (S$ 000) (S$ 000) Balance as at Apr ,649,98,44 83,763,976 Total return for the period 40, ,87 Distributions to Unitholders (43,06) - - (43,06) Movements in hedging reserve - - (6,767) (6,767) Manager's management fees paid in units -,453 -,453 Issue of new units pursuant to the DRP - 3,648-3,648 Balance as at 30 Jun ,494,934,45 (6,584),76,55 Footnote: Pursuant to the DRP,,55,37 new units were issued on 3 June 06 as part of the distribution payment for the period from January 06 to 3 March 06. 0

11 (d)(i) Statements of Movements in Unitholders Funds Q FY6/7 MCT Operations Unitholders Hedging Contribution Reserve Total (S$ 000) (S$ 000) (S$ 000) (S$ 000) Balance as at Apr ,66,98,44 83,763,953 Total return for the period 40, ,870 Distributions to Unitholders (43,06) - - (43,06) Movements in hedging reserve - - (6,767) (6,767) Manager's management fees paid in units -,453 -,453 Issue of new units pursuant to the DRP - 3,648-3,648 Balance as at 30 Jun ,470,934,45 (6,584),76,3 Footnote: Pursuant to the DRP,,55,37 new units were issued on 3 June 06 as part of the distribution payment for the period from January 06 to 3 March 06. (d)(ii) Details of Any Change in Units MCT Q FY7/8 Q FY6/7 ( 000) ( 000) Units at beginning of period,87,43,30,003 - Manager s management fees paid in units 5,70,733 - Issue of units pursuant to the DRP -,55 3 Total issued Units at end of period 4,876,33,34,5 Footnotes: On 9 May 07, new units were issued at an issue price of S$.508 per unit as payment of Manager s base fee for the period from January 07 to 3 March 07 and Manager s performance fee for FY6/ On 7 May 06, new units were issued at an issue price of S$.455 per unit as payment of Manager s management fee for the period from January 06 to 3 March 06. On 3 June 06, new units were issued at an issue price of S$.4498 per unit pursuant to the DRP. The application of the DRP was discontinued after the listing of these new units. There were no convertibles, treasury units and units held by its subsidiary as at 30 June 07 and 30 June 06.

12 . Whether the figures have been audited or reviewed and in accordance with which standard, (e.g. the Singapore Standard on Auditing 90 (Engagements to Review Financial Statements), or an equivalent standard) The figures have not been audited or reviewed by the auditors. 3. Where the figures have been audited, or reviewed, the auditors' report (including any qualifications or emphasis of matter) Not applicable. 4. Whether the same accounting policies and methods of computation as in the issuer s most recent audited annual financial statements have been applied The same accounting policies and methods of computation in the audited financial statements for the financial year ended 3 March 07 have been applied for the current financial period, except for the adoption of the new or amended Financial Reporting Standards ( FRS ) and Recommended Accounting Practice 7 ( RAP 7 ) that are mandatory for application from April If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of the change The Group adopted the new and amended FRS and RAP 7 that are mandatory for application from April 07. The adoption of these new or amended FRS and RAP 7 did not result in material changes to the Group s accounting policies and has no effect on the amounts reported for the current financial period. 6. Earnings Per Unit and Distribution Per Unit Earnings Per Unit ( EPU ) Q FY7/8 Q FY6/7 Weighted average number of units,874,54,38,3,633,684 EPU (cents) basic and diluted.0.9 Footnotes: In computing the EPU, total return for the period and the weighted average number of units at the end of the period are used. Diluted earnings per unit are the same as the basic earnings per unit as there are no dilutive instruments in issue during the financial period. Distribution Per Unit ( DPU ) Q FY7/8 Q FY6/7 Number of units in issue at end of period,876,33,9,34,50,876 DPU (cents).3.03

13 7. Net Asset Value ("NAV") and Net Tangible Asset ( NTA ) Per Unit Number of units in issue at end of period/year NAV and NTA per unit (S$) MCT Group MCT 30 Jun 07 3 Mar Jun 07 3 Mar 07,876,33,9,87,43,8,876,33,9,87,43, Footnote: NAV and NTA per unit are the same as there is no intangible asset as at 30 June 07 and 3 March Review of the Performance a. Q FY7/8 vs Q FY6/7 Gross revenue was 46.9% higher at S$07.8 million for Q FY7/8 compared to Q FY6/7. This was due to contribution from MBC I (S$3.4 million) and positive contributions from VivoCity, Mapletree Anson and PSA Building, offset by lower contribution from MLHF. Revenue for VivoCity was S$.4 million higher than Q FY6/7 driven mainly by higher rental income achieved for new and renewed leases, achieved together with the completed asset enhancement initiatives on Basement, Level and Level 3 and the effects of the step-up rents in existing leases. Revenue for Mapletree Anson was S$0.6 million higher mainly due to higher occupancy in Q FY7/8 compared to Q FY6/7. Revenue for MLHF was S$0. million lower due to lower occupancy in Q FY7/8. Property operating expenses were 38.0% higher at S$3.6 million compared to Q FY6/7 largely due to property operating expenses of MBC I (S$5.4 million), higher property maintenance expenses, property taxes and property management fees incurred by the existing properties. The higher property taxes were due to higher annual value assessed and one-off property taxes reversal adjustments in Q FY6/7. The higher operating expenses incurred by existing properties were offset by lower utilities expenses due to lower tariff rates. Accordingly, net property income increased by 49.6% to S$84. million for Q FY7/8. The higher net property income was offset by higher finance expenses and higher management fees. Together with unrealised foreign exchange gain arising from the translation of the JPY MTN into MCTTC s functional currency in Singapore dollar, net income increased to S$6.6 million for Q FY7/8. In respect of the JPY MTN, a CCIRS has been entered into to hedge against any foreign exchange movements. There is therefore no net foreign exchange exposure on the principal and interest payments. The unrealised foreign exchange gain also has no impact on income available for distribution to Unitholders. Finance expenses for Q FY7/8 were 45.5% higher at S$5.6 million compared to Q FY6/7 mainly due to the new debt drawn down to part finance the acquisition of MBC I and the refinancing of floating rate bank borrowings with fixed rate MTNs in FY6/7. 3

14 Manager s management fees for Q FY7/8 were 46.6% or S$.3 million higher compared to Q FY6/7 mainly due to the increase in deposited properties of MCT Group as a result of the acquisition of MBC I and the upward revaluation of the portfolio based on independent valuation as at 3 March 07 as well as higher net property income achieved. As a result of the above, income available for distribution of S$64.4 million for Q FY7/8 was 48.% higher compared to Q FY6/7. 9. Variance between Actual and Forecast Results MCT has not disclosed any forecast to the market. 0. Commentary on the competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting and the next months Based on the Ministry of Trade and Industry s ( MTI ) advanced GDP estimates, the Singapore economy grew by.5% on a year-on-year basis in the second quarter of 07, the same pace of growth as in the previous quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded by 0.4%, in contrast to the.9% contraction in the preceding quarter. According to CBRE, Singapore s shopper habits have changed, resulting in tenant sales taking a hit, although consumer sentiments seem to be relatively healthy. There remained no clear demand drivers in the retail sector, with demand sources for prime space increasingly diversified. Landlords are moving towards F&B and other services. Orchard Road and Suburban rents respectively declined for the tenth and seventh straight quarter in Q 07. In the absence of clear demand drivers, rental outlook for the rest of the year and into 08 is muted and vacancy is expected to continue to rise in H 07. Leasing activity in the office market remained relatively subdued in Q 07 with most of the leasing activity and interest concentrated on developments in the Core CBD region. After eight consecutive quarters of decline, average office rents stabilised in Q 07 and it appears that the market has likely reached the trough. Economic indicators have stabilised in recent months. In tandem, prior concerns on the office supply overhang have diminished as new developments attracted tenants. There is a general consensus that the office sector has improved and the worst could be over. However, the outlook remains patchy with landlords of better quality buildings being better placed to capture the future projected upswing in rents. It was a relatively muted quarter for the business park sector in Q 07. Leasing and enquiry activity have been slow in recent quarters with a noticeable absence of large tenant movements. Business parks in the city fringe have remained competitive as they offer very high-quality products in well-connected locations. Looking forward, rents are expected to hold steady for the City Fringe micromarket while some downward pressure is expected for business parks in the Rest of Island micromarket. While there are challenges in demand, supply-side pressure remains relatively insignificant given the limited number of projects in the pipeline. MCT s portfolio is expected to remain resilient, supported by manageable expiries in its office/business park properties and VivoCity s relatively stable performance. Sources: Singapore Ministry of Trade and Industry Press Release, 4 July 07 CBRE MarketView Singapore Q 07 4

15 . Distributions (a) Current financial period Any distributions declared for the current financial period? Yes Name of distribution: 5 th distribution for the period from April 07 to 30 June 07 Distribution type: Distribution rate: Par value of units: Tax rate: Income Taxable Income.3 cents per unit Not meaningful Taxable Income Distribution (b) Corresponding period of the preceding financial period Qualifying investors and individuals (other than those who hold their units through a partnership) will generally receive pre-tax distributions. These distributions are exempt from tax in the hands of individuals unless such distributions are derived through a Singapore partnership or from the carrying on of a trade, business or profession. Such individual unitholders, i.e. to whom the exemption will not apply, must declare the distribution received as income in their tax returns. Qualifying investors, unless they are exempt from tax because of their own circumstances, will have to pay income tax subsequently on such distributions at their own applicable tax rates. Qualifying foreign non-individual investors will receive their distributions after deduction of tax at the rate of 0%. All other investors will receive their distributions after deduction of tax at the rate of 7%. Any distributions declared for the corresponding period of the immediate preceding financial period? Yes Name of distribution: st distribution for the period from April 06 to 30 June 06 Distribution type: Distribution rate: Par value of units: Tax rate: Income Taxable Income.03 cents per unit Not meaningful Taxable Income Distribution Qualifying investors and individuals (other than those who hold their units through a partnership) will generally receive pre-tax distributions. These distributions are exempt from tax in the hands of individuals unless such distributions are derived through a Singapore partnership or from the carrying on of a trade, business or profession. Such individual unitholders, i.e. to whom the exemption will not apply, must declare the distribution received as income in their tax returns. Qualifying investors, unless they are exempt from tax because of their own 5

16 circumstances, will have to pay income tax subsequently on such distributions at their own applicable tax rates. Qualifying foreign non-individual investors will receive their distributions after deduction of tax at the rate of 0%. All other investors will receive their distributions after deduction of tax at the rate of 7%. (c) Books closure date: The Transfer Books and Register of Unitholders of Mapletree Commercial Trust (MCT) will be closed at 5.00p.m. on Friday, 4 August 07 for the purposes of determining each Unitholder s entitlement to MCT s distribution. (d) Date Payable: Wednesday, 30 August 07 The ex-dividend date will be on Wednesday, August 07.. If no distribution has been declared/(recommended), a statement to that effect. Not applicable. 3. Segmental Revenue and Results Q FY7/8 Q FY6/7 S$ 000 % S$ 000 % Gross Revenue VivoCity 50, , MBC I 3, PSA Building,443.6, Mapletree Anson 8, ,4. MLHF 4, , , , Q FY7/8 Q FY6/7 S$ 000 % S$ 000 % Net Property Income VivoCity 38, , MBC I 5, PSA Building 9,5.3 9, Mapletree Anson 7, ,49.5 MLHF 3, , , ,

17 4. General mandate relating to Interested Person Transactions MCT has not obtained a general mandate from Unitholders for Interested Person Transactions. 5. Confirmation pursuant to Rule 70() of the Listing Manual The Manager of MCT confirms that it has procured undertakings from all its directors and executive officers, in the format set out in Appendix 7.7 under the Rule 70() of the Listing Manual. 6. Confirmation by the Board The Board of Directors of the Manager has confirmed that, to the best of their knowledge, nothing has come to their attention which may render these interim financial results to be false or misleading in any material respect. This release may contain forward-looking statements that involve risks and uncertainties. Future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies and venues for the sale/ distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employees wages, benefits and training, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward looking statements, which are based on current view of management of future events. By Order of the Board Wan Kwong Weng Joint Company Secretary Mapletree Commercial Trust Management Ltd. (Company Registration No C) As Manager of Mapletree Commercial Trust 7 July 07 7