** NEW ISSUE: MAPLETREE LOGISTICS TRUST PERPNC5.5Y – IPG 4.5% AREA **

ISSUER : HSBC Institutional Trust Services (Singapore) Limited in its capacity as trustee of Mapletree Logistics Trust (“MLT”)
ISSUE : SGD Fixed Rate Subordinated Perpetual Securities
STATUS : Direct, unsecured and subordinated obligations of the Issuer
ISSUER RATING : Baa1 (Moody’s)
ISSUE RATING : Unrated
ISSUE SIZE : SGD Benchmark
TENOR : Perpetual NC5.5
INITIAL PRICE GUIDANCE : 4.50% area
SETTLEMENT DATE : 25 May 2016
DISTRIBUTION PAYMENT : Semi-annually in arrear on 25 May and 25 November of each year (First Pay: 25 November 2016); actual/365 (fixed)
REDEMPTION AT THE : 25 November 2021 & on every distribution payment OPTION OF THE ISSUER date thereafter at par
DISTRIBUTION : Reset at the end of Year 5.5 & every 5 years thereafter based on prevailing SGD 5Y SOR plus the Initial Spread
DISTRIBUTION STEP-UP : None
DISTRIBUTION DEFERRAL : At Issuer’s discretion. Any deferred Distributions are non-cumulative
DIVIDEND STOPPER : Yes
OTHER REDEMPTION : At par under tax reasons, ratings event, accounting reasons, tax deductibility, minimal outstanding amount, regulatory event
FORM AND DENOMINATION : Registered / SGD250K / Standalone
GOVERNING LAW : Singapore Law
LISTING : SGX-ST
CLEARING : CDP
SELLING RESTRICTIONS : Regulation S, and Singapore selling restrictions under Sections 274/275 of the Securities and Futures Act, Chapter 289
JOINT LEAD MANAGERS : DBS Bank, OCBC Bank (B&D)
AND BOOKRUNNERS
TIMING : Today’s business

** COMPS
MLTSP5.375 PERP    103.00, 3.05%  (ISSUER RATING Baa1)
FHREIT 4.45 PERP  100.05, 4.43%  (ISSUER RATING Baa2)