#1Investor and Analyst Meetings March 2017 GLP GLP GLPA#2- GLP Leading Global Provider of Modern Logistics Facilities GLPA Fund manager, developer and owner-operator of modern logistics facilities and solutions Own and operate a US$38 billion global portfolio of 54 million sqm (577 million sq ft) US$38 billion fund management platform is a key area of growth going forward US$25.4 billion invested; US$12.3 billion of uncalled capital will drive further growth of fund fees GLP is a SGX-listed company (stock code: MC0.SI) with a market capitalization of US$8 billion²; GIC is the largest single investor in GLP NAV breakdown¹ Corporate 3% Brazil 7% US 8% 380 China 57% Japan 25% GLP Park Suzhou China GLP Tokyo II Japan GLP San Francisco Bay Area California, USA GLP Park Colgate & Elog Brazil Note: 1. Pro-forma NAV assuming GLP's -10% equity stake in GLP US Income Partners III 2. As of 28 February 2017 2#3GLP Global Footprint China • Presence in 38 cities 27.7m sqm total area • 16.5m sqm completed • 11.2m sqm development pipeline 11.7m sqm land reserves Fast-growing logistics market supported by domestic consumption growth Limited supply of modern logistics facilities Japan 90% in Tokyo and Osaka • 6.2m sqm total area • 4.6m sqm completed 1.6m sqm development pipeline Well-established logistics industry Scarcity of modern logistics facilities Development FY17 Target Completions (100%) FY17 Target (GLP Share) % of Portfolio 1 China US$1.2bn US$590m 12% Japan US$265m US$195m 3% Brazil US$50m US$20m 3% Total US$1.5bn US$805m 8% Note: 1. Based on GLP's completed portfolio in the respective countries as of 31 December 2016 GLP United States of America Presence in 32 key markets 16.1m sqm total and completed area² Demand outstripping supply 5 consecutive years of positive net absorption Brazil 91% in São Paulo and Rio de Janeiro 3.6m sqm total area 2.7m sqm completed 0.9m sqm development pipeline Companies shifting from owning warehouses to leasing amid continued efforts to improve supply chain efficiency 3#4GLP Business Model GLP • • US$38 billion fund management platform 3Q FY17 fund fees: US$45 million¹ Enhances GLP's returns by 300-500 bps FUND MANAGEMENT GLP partners with world class investors to grow its network. Its fund management platform enhances returns while enabling GLP to grow faster. 080 FY17 development completions: -US$800 million (GLP share) Development margin upon stabilization: 25% DEVELOPMENT GLP builds to meet market demand and serve customers' needs. It generates significant value through development. Lease ratio: 92% • Customer retention ratio: 73% Domestic consumption: ~90% of overall portfolio OPERATIONS GLP owns and manages modern logistics facilities. Operations is the foundation of its business model. Note: 1. Does not include performance fees "NETWORK EFFECT" 4#5GLP's Strategy Market Leader • Leading positions in the best markets globally • Leverage size and scale to grow with customers and serve them in multiple locations #1 China #1 Japan H GLP Strong Recurring Income Rental revenue from property operations Development profit Fund management fees – key area of growth GROUP LEASE RATIO DEVELOPMENT PROFIT 1 #2 US #1 Brazil 92% US$200m FUND MGT FEES 2 US$150m (+39% yoy) Note: Disciplined Capital Allocator Development driven by demand Disciplined growth and capital allocation to achieve NAV growth and optimize risk-adjusted returns CORE DEVELOPMENT MARKETS China & Japan INDICATIVE DEMAND >1.5x BEFORE COMMENCING DEVELOPMENT Resilient Financial Position Solid balance sheet and diversified capital base (debt, cash, third party capital) Capital recycling opportunities via fund management platform LOOK THROUGH LEVERAGE 3 30% FUND MANAGEMENT US$12bn UNCALLED CAPITAL 1. Based on FY17 expected completions of approximately US$800 million (GLP share) and 25% target development profit margin upon stabilization 2. Fund management fees generated in FY16 3. Net debt to assets; pro-forma figures assume GLP's equity stake in GLP US Income Partners III is syndicated down to -10% 5#63Q FY17 Highlights Solid Financial Results GLP ■ 3Q FY17 Core Earnings (PATMI) up 22% to US$172m ■ Recurring income from operations and fund management continue to grow consistently ■ Balance sheet continues to be solid with access to diversified sources of capital Operations ☐ 92% lease ratio, stable qoq 3.3 million sqm of new and renewal leasing, up 42% yoy 3Q FY17 Same-property net operating income up 6.9% 73% customer retention ratio Development Development profit: 91% of US$200m1 full year target met YTD 3Q FY17 development margin: 29% Continue disciplined growth and strong capital discipline New developments in China located in markets with average lease ratio of 89% Fund Management Fund fees: US$45m², up 20% Key area of growth Investment capacity of US$12bn will drive further growth of fund fees Recently established US$1.5bn third US core fund - Includes US$400m mandate for future acquisitions Note: 1. 2. Based on FY17 expected completions of approximately US$800 million (GLP share) and 25% target development profit margin upon stabilization Fund management fees generated from approximately US$26 billion of invested capital co 6#716.5 China (m sqm) GLP Stake: 19.9% Operations: Leading Market Positions GLPA GLP's unrivaled network enables customers to seamlessly expand their distribution capabilities and reach consumers more efficiently 2.4 1.9 1.8 1.5 1.5 1.2 1.1 0.9 0.8 GLP Goodman E-shang/ Blogis Yupei Redwood Prologis Cainiao Vipshop Mapletree Лемход GLP Prologis Daiwa House JLF 4.6 Japan United States Brazil (m sqm) (m sq ft) (m sqm) 3.2 2.7 1.2 1.2 1.1 1.0 0.9 0.9 0.9 Mitsui Lasalle Mitsubishi Goodman Nomura Mapletree Prologis ---------- GLP ---------- Diversified Earnings Network Effect Based on completed area for modern logistics for lease as of January 2017; non-logistics properties are excluded Source: Company websites, public filings, various news sources and CBRE estimates 173 356 121 105 2.6 90 85 70 65 63 61 0.8 0.7 0.6 0.5 0.5 0.5 0.3 0.3 0.3 Duke Exeter Liberty Clarion Partners USAA DCT Majestic First Industrial GLP Hines Prologis MRV Log Sanca Marabraz DVR Fulwood Goodman GR Properties Economies of Scale 7#8Operations: Portfolio Snapshot GLP China Japan US Brazil Total Key Markets Presence in 38 key markets 90% Tokyo & Osaka Presence in 32 key markets 91% Sao Paulo & Rio de Janeiro Presence in 117 markets Total Assets US$12.9 billion US$9.5 billion US$13.7 billion US$2.4 billion US$38.4 billion Lease Ratio 87% 97% 94% 89% 92% Cap Rate 6.3% 4.8% 5.9% 10.5% (Revenue Yield) Completed Area 16.5 million sqm 4.6 million sqm 16.1 million sqm 2.7 million sqm 39.9 million sqm WALE 2.4 years 4.9 years 4.0 years 5.4 years 3.5 years 11.2 million sqm Development Pipeline¹ (Land Reserve: 11.7 million sqm) 1.6 million sqm What's Next • China and Japan continue to make up majority of NAV Selective development in favorable markets with low supply and high demand Recycle capital through fund management platform China: Rapid urbanization could lead to rezoning opportunities Leverage existing platform to pursue enhanced network benefits in the US 0.9 million sqm Explore initiatives to optimize capital structure and fund growth 13.7 million sqm (China Land Reserve: 11.7 million sqm) • Continued asset recycling Selective entry into new markets which could include Europe/UK Note: 1. Includes properties under development and land held for future development 8#9Leveraging Market Expertise to Serve Customer Needs GLP Network Effect GLP's size and scale generates a "Network Effect" enabling customers to seamlessly expand and optimize their distribution network in the best warehouse locations. 100% New Leases in China from Existing Customers 80% 67% 60% 74% 73% 71% Warehouse Location Optimization Tool Using its warehouse location optimization tool, GLP is able to help customers reduce transportation costs by approximately 20%, thereby reducing their overall logistics costs Warehouse reconfiguration based on GLP's optimization tool can lead to Packaging, Processing and Other Costs 40% ~70% of new leases in China are with existing customers 20% 0% FY15 1H FY16 FY16 3Q FY17 approximately 20% SAVINGS on customers' transportation costs Strong Customer Stickiness ■ GLP's strong "Network Effect' provides good visibility on future demand The fund management platform allows GLP to scale up expansion even faster and strengthens GLP's ability to serve customers in multiple locations Transportation 100 Warehouse -50% of leased area is occupied by multi-location customers Retain 73% of customers 9#10Operations - Group: Solid Leasing Demand Portfolio outperformance underpinned by rising customer demand and favorable market conditions China: Improvement in Leasing - 87% lease ratio, stable qoq Continued rent growth: up 5.3% on renewal leases Retained 65% of customers 87% 87% GLP 98% 97% Lease Ratio 94%94% 92% 92% 89% 89% China Japan US Brazil Grp Group Operating Performance¹ 3Q FY2017 2Q FY 2017 ■2Q FY17 ■3Q FY17 New and Renewal Leases 3.3m sqm 3.3m sqm YTD FY17 Same-property NO1³ Y-o-Y Change Customer Retention 73% 73% 16.8% Effective Rent Growth on Renewal 2,3 China 5.3% 6.3% Japan 6.6% 4.5% US 14.4% 19.6% 6.9% 4.9% 4.0% 1.2% Brazil -10.3% -9.2% China Japan US Brazil Group Note: 1. On GLP total owned and managed basis 10 2. 3. Effective rents take into consideration rental levelling and subsidies. On a cash basis, rents on renewals increased 2.5% in China, 12.3% in Japan and 7.1% in US, while decreased 7.7% in Brazil To enable comparability, effective rent growth on renewal and same-property NOI change exclude impact from VAT implementation#11Development: Track Record US$ millions (GLP share) 33% 24% Development Profit Track Record 36% GLP 27% 25%1 $1,350 $1,150 $250 $1,000 $250 $700 $200 $650 $150 $200 $1,100 $900 $800 $500 $500 FY13 FY14 FY15 ■Development Cost Development Profit Diversified Sources of Capital ✓ Growing Fund Management Platform Note: 1. 234 - Third-party equity - Capital recycling Solid Balance Sheet US$1.5 billion² of cash - Significant debt headroom with low look-through leverage of 30%2 FY16 FY17E Development Profit Margin Components of Development Value Creation Performance Fees³ Recurring Fees4 Recurring and performance fees from partners' share of capex enhance GLP's returns by 300-500 bps Development profit GLP generates ~25% development profit margin upon stabilization Development Value Creation Based on development stabilizations for the period and reflects total development profit upon stabilization Pro-forma figures assume GLP's -10% equity stake in GLP US Income Partners III Assumes all requisite triggers are satisfied Potential recurring fees and other fees based on the AUM and fee structure of GLP's existing funds. Performance fees assume all requisite triggers are satisfied and not discounted 11#121 Development 29% margin generated on YTD FY17 development stabilizations - US$53 million of development profit (pre-tax) for GLP recognized in 3QFY17 - YTD met 91% of FY17 development profit target Remain confident of meeting FY17 development targets - - Met 68% of FY17 development completions target Maintain strong investment discipline Starting developments in markets where we see strong demand China: Started US$294m of new developments in markets that have average lease ratio of 89% and are facing limited new supply GLPA YTD 3QFY17 Development Profit US$181 million FY17E: US$200 million¹ YTD 3QFY17 Development Margin² 29% FY17E: 25% Development FY17 Target FY17 Target Starts (100%) (GLP Share) % Met (100%) Development Completions FY17 Target (100%) FY17 Target (GLP Share) % Met (100%) China US$1.4bn US$610m 71% China US$1.2bn US$590m 58% Japan US$640m US$320m 24% Japan US$265m US$195m 101% Brazil US$50m US$20m 38% Brazil US$50m US$20m 144% Total US$2.1bn US$950m 56% Total US$1.5bn US$805m 68% Note: 1. 2. Based on FY17 expected completions of approximately US$800 million (GLP share) and 25% target development profit margin upon stabilization Based on development stabilizations for the period and reflects total development profit upon stabilization 12#13Fund Management Platform Enhances GLP's Returns Expanding Network, Increasing Returns GLP GLP's fund management platform with leading, global long term investors provides reliable and sustainable third-party equity while increasing its market share and returns through a solid stream of recurring and performance fees Fund Management Platform Case Study MORE THAN Increases GLP's "Network Effect" De-risks GLP's Pipeline Total Investment Opportunity 3X BIGGER Total Investment Opportunity with Capital Partners Direct Investment Model (GLP Share: 100%) Fund Management Model (GLP Share: 30%) Solid Recurring Fee Income Stream Enhances GLP's Returns Income from Development & Rental Direct Investment Model (GLP Share: 100%) 300-500 bps HIGHER Fund Fees & Performance Fees Income from Development & Rental Fund Management Model (GLP Share: 30%) Case study above assumes average GLP stake in its fund management platform. Estimated income determined using, among other things, estimates of development profit, rental income, fund fees and performance fees. Performance fees assume all requisite triggers are satisfied and not discounted Note: 1. 13#14of GLP's Fund Management Platform GLPA US$38 billion AUM platform today (76% CAGR over the past 5 years) ✓ US$25.4 billion is invested and fee-generating; uncalled capital of US$12.3 billion will generate additional fund management fees ✓ Significant demand to grow AUM from capital partners looking to leverage GLP's operational expertise as an operator and developer AUM Growth FY12-Latest CAGR: 76% (US$') US$38bn US$35bn US$20bn FY16 US$2.6bn FY12 US$11.1bn FY15 US$8.4bn FY14 FY13 ■ US market entry Fund fees: US$108m ■Launched first China development fund Fund fees: US$68m ■Listed GLP J-REIT ■ Entered Brazil market Fund fees: US$34m ■ Established fund management platform in Japan ■Launched follow-on development funds in China and Japan Fund fees: US$150m Note: 1. Encompass asset management, development and acquisition fees only 3Q FY2017 AUM $38 billion Latest Invested Capital 67% ■ Further expansion in the US Uncalled Capital 33% ■ Continued asset sales to the J-REIT GLP Co-investment 31% YTD 3QFY17 fund fees: US$134m1 Total Fee Income $45 million Asset & Property Management Fees Development & Acquisition Fees $32 million $13 million Performance Fees 14#15Capital Recycling Strategy GLPA ■ ■ Revaluation gains are not just accounting profits - GLP has generated US$1.8bn cash profit from US$6.9bn of asset sales since FY12 The fund management provides a platform for GLP to: - - Realize cash profit from development sales and asset appreciation Grow fund management AUM to generate higher recurring income from management fees Capital Recycling Initiatives (FY12 - YTD FY17) Asset Sales (US$ billion) • GLP and GLP Japan Income • GLP sells 1/3 stake in 6.9 Partners I sell assets China business to US$6.9bn of assets monetized investor consortium in 1.8 FY14 4.7 1.1 US$1.8bn cash profit realized 2.1 5.1 3.6 0.7 1.5 Japan China Investment Cost Cash Profit Total 15#161. Market Overview 1. Market Overview 2. Appendix GLP Guarulhos Brazil#17China Logistics Market Update GLP Capture Demand From Growing Industries Customers investing in automation to improve efficiency Cold chain operators meeting increasing demand for perishable goods Aggregators of previously fragmented operations GLP continuing to create a logistics ecosystem to provide integrated services and solutions Long Term Supply Constrained by Limited Land in Strategic Locations Incremental supply expected to continue growing at 5% CAGR Only 4 plots of land were listed for sale in Tier 1 cities in 2016 GLP's portfolio is located in strategic locations 51% of GLP's portfolio and development pipeline located in strong submarkets like Beijing, Shanghai and Suzhou 40% Organized Retail And Express / Transportation Sector as a % of GLP's Logistics Portfolio 35% 30% 25% 20% 15% 10% 5% 0% FY14 FY15 FY16 YTD 3QFY17 Organized Retail Express / Transportation Supply of Modern Logistics Facilities Remains Limited (million sqm) 600 550 450 650 518 480 CAGR: +5% CAGR: +5% 100 120 132 2011 ■Modern 2015 ■Total Dec 2017E Source: China Association of Warehouses and Storage and GLP estimates 17#18China: Domestic Consumption is the Key Demand Driver GLP Domestic consumption continues to drive growth in China despite slower GDP growth Expansion of organized retail (chain stores and e-commerce) is driving demand for modern logistics facilities Domestic Consumption as % of Total GDP 90% 85% 80% 75% 70% 65% 60% 55% 50% 45% 40% RMB bn Online Retail Sales Growth in China is Accelerating 8,000 Organized Retail Makes Up 14% of Total Retail in China 7,000 6,000 6,500 5,600 5,000 13-year CAGR: 54% 5,156 4,000 3,877 2006 2007 2008 2009 2010 2011 3,000 2,789 2012 2013 China Brazil Japan Germany Source: World Bank, GLP estimates USA 2014 2015 2020F 2030F 2,000 1,850 1,300 1,000 774 498 26 56 128263' 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 '17E Source: iResearch Consulting Group; Ministry of Commerce Consumption Outlook by PWC, China Statistics Bureau 2014 '18E 19E 7,300 65% Huge room to grow 14% 5% India China Source: Strong and Steady, 2011 Asia's Retail and US 18#19☐ Japan: Modern Economy with Outdated Logistics Infrastructure GLP Modernizing an outdated stock of existing warehouses is the opportunity in Japan. Modern logistics facilities in Japan currently make up only 3% of total market supply Speed of market absorption is not slowing down despite some supply concerns- ~50% of supply coming online by 2017 is pre-leased Vacancy Rates in Greater Tokyo and Osaka Remain Low Outsourcing and E-commerce Trends Driving Demand for Modern Logistics Facilities 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2009 2010 2011 2012 2013 2014 2015 2016 Greater Tokyo Greater Osaka Source: Ichigo Real Estate as of October 2016 Note: 1. Modern logistics facilities for lease with area of at least 10,000 sqm 5.0% 4.5% JAPAN 3PL MARKET +148% FY2006 - FY2016 JAPAN E-COMMERCE SALES +299% FY2006 FY2016 19#20% of Total Stock United States: Favorable Market Dynamics Expected to Continue GLP Trade, output and employment levels are all growing, generating rising demand for industrial real estate, highlighted by 5 consecutive years of positive absorption. Despite the unprecedented growth, the room for e-commerce opportunities remains vast. Supply remains well-below historical levels: the supply level in 2015 satisfied less than two-thirds of demand 2.5% Strong Demand Outpacing Supply Significant Growth in E-Commerce Activity Annual E-Commerce Retail Sales ($ billions) 2.0% 1.5% 1.0% 0.5% 400 341 350 297 300 7-year CAGR: 13% 260 250 229 199 200 169 142 145 150 100 50 0.0% 2011 2012 2013 2014 2015 0 ■Completions ■Net Absorption 2008 2009 2010 2011 2012 2013 2014 2015 Source: CBRE-EA, 2016 Source: US Census Bureau, 2016 20 20#21■ " Brazil: Selective Development to Meet Customer Demand GLP Companies continue to shift towards leasing, rather than owning their warehouses. GLP continues to proactively retain strong customers and focus on selective development to meet customer demand Current Supply of Logistics Facilities in the US is ~15 times that of Brazil Warehouse stock: total area sq ft per capita Modern Logistics Facilities Account for 20% of Supply Gross Absorption in São Paulo 'm sq ft 2.7% 10.0 4.0% 3.0% 59.1 Brazil: 830m sq ft 2.0% 8.0 1.0% 1.0% 0.1% 6.0 0.0% -1.0% 15x 4.0 -2.0% 20% -3.1% 4.0 -3.0% 2.0 -4.0% Brazil United States Modern Logistics Facilities: ~190m sq ft -3.8% 0.0 -5.0% 2012 2013 2014 GLA 2015 2016 GDP Source: Instituto Brasileiro de Geografia e Estatística Source: CBRE, 2016 Source: CBRE, 2015 21#222. Appendix 1. Market Overview 2. Appendix GLP Miami International #2 Miami, FL, US#23GLP Group Structure -66% China Consortium Includes China Life Insurance, China Development Bank, Bank of China Group Investment, China Post, HOPU Funds and others -34%¹ GLP AUM: US$38.4bn¹ 100% 100% China AUM: US$12.9bn Japan AUM: US$9.5bn USA AUM: US$13.7bn Wholly- 100% 100% owned 100% 100% owned Owned Public REITS Income Funds GLP 100% Brazil AUM: US$2.4bn 14% J-REIT 34% Japan Income 10% Partners I US Income Partners I 34% Brazil Income Partners I 10% US Income 40% Partners II Brazil Income Partners II -10%2 US Income Partners III 40% Brazil Devt Partners I 56% 50% Japan Devt CLF I Development Funds Venture I 56% CLF II 50% Japan Devt Venture II Other JVs -58% China JVs Note: 1. Pro-forma information as of 31 December 2016 30.2% held by China Consortium and 3.6% held by GLP employees 23 2. 26% syndicated as of January and is expected to be completed by April 2017. GLP expects to retain a stake of approximately 10% with subsequent syndication#24BRAZIL JAPAN CHINA GLP Fund Management Platform GLP GLP provides its institutional investment partners a range of country specific funds with return targets ranging from core to opportunistic Assets under Vintage Туре Management¹ Investment To-Date Investment Partners Total Equity Commitment GLP Co- Investment CLF I Nov 2013 Opportunistic US$3.0bn US$2.0bn Various US$1.5bn 55.9% CLF II Total China Jul 2015 Opportunistic US$7.0bn US$100m Various US$3.7bn 56.4% US$10.0bn US$2.1bn US$5.2bn 56.3% GLP Japan Development Venture I Sep 2011 Opportunistic US$2.8bn US$1.9bn CPPIB US$1.1bn 50.0% GLP Japan Income Partners I Dec 2011 Value-add US$1.1bn US$1.1bn CIC, CBRE US$400m 33.3% GLP J-REIT Dec 2012 Core US$4.3bn US$4.3bn Public US$1.8bn 13.6% GLP Japan Development Venture II Feb 2016 Opportunistic US$2.1bn US$100m CPPIB US$900m 50.0% Total Japan US$10.3bn US$7.4bn US$4.2bn 33.0% GLP US Income Partners | Feb 2015 Core US$8.2bn US$8.2bn GIC, CPPIB & Others US$3.2bn 10.4% GLP US Income Partners II Nov 2015 Core US$4.7bn US$4.7bn China Life & Others US$2.0bn 9.9% GLP US Income Partners III² Dec 2016 Core US$1.5bn US$700m Various US$620m -10% Total US US$14.4bn US$13.6bn US$5.8bn 10.2% GLP Brazil Development Partners | Nov 2012 Opportunistic US$1.1bn US$800m CPPIB, GIC US$800m 40.0% GLP Brazil Income Partners I Nov 2012 Value-add US$1.0bn US$800m CIC, CPPIB, GIC US$400m 34.2% GLP Brazil Income Partners II Oct 2014 Value-add US$900m US$700m CPPIB & Other Investor US$600m 40.0% Total Brazil US$3.0bn US$2.3bn US$1.8bn 38.1% Total US$37.7bn US$25.4bn Various US$17.0bn 30.9% Note: 1. 2. AUM based on cost for in-progress developments (does not factor in potential value creation) and latest appraised values for completed assets 26% syndicated as of January and is expected to be completed by April 2017. GLP expects to retain a stake of approximately 10% with subsequent syndication 24#25Proven Track Record of Delivering Growth GLP Completed Area GLP (m sqm) GLP Portfolio Growth Japan China Brazil US FY04 Latest CAGR: 51% 39.9 37.9 28.9 16.1 16.0 10.7 2.7 2.5 14.8 2.4 12.2 1.4 16.5 10.0 14.9 11.8 6.8 5.4 6.0 9.5 6.4 7.6 3.8 2.4 0.2 0.6 1.3 2.6 3.2 4.0 1.4 4:8 8:8 2.4 2.8 2.8 2.8 3.6 3.6 3.9 4.0 4.5 4.6 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 Latest 2002-2004 FY15-FY16 FY17 Key Milestones Note: 1. GLP founding partners Jeff Schwartz and Ming Mei established presence in China and Japan Presence in five key markets in China and Japan Suzhou, Shanghai, Guangzhou, Tokyo and Nagoya 2005-2007 Established network in 18 major logistics hubs in China Expanded into Osaka, Sendai and Fukuoka markets in Japan Named best developer in China by Euromoney for the first time 2008-2010 • Selected as the exclusive distribution center provider for the Beijing 2008 Olympic Games Japan AUM exceeds JPY 500 billion (US$5.3 billion) Listed on the Main Board of Singapore Stock Exchange on 18 Oct 2010 in the largest real estate IPO ever globally FY11-FY14 • B Listed GLP J-REIT, Japan's largest real estate IPO Launched CLF I, world's largest China- focused real estate fund Established a market leading presence in Brazil Completed a US$2.5 billion landmark agreement with Chinese SOEs and leading financial institutions Entered US market with US$8.2 billion GLP US Income Partners I Commenced GLP's largest development project in Japan - GLP Nagareyama in Greater Tokyo Refer to GLP press release and presentation slides dated 16 August 2016 relating to the asset sales to GLP J-REIT. These sales were completed on 1 September 2016 • Issued RMB1.5 billion of RMB-denominated ° bonds on Shanghai Stock Exchange Crystallized US$130 million of cash profit from the sale of five properties to Japan to GLP J-REIT1 Established US$1.5 billion US Income Partners III; acquired US$700 million high quality portfolio from Hillwood 25#26GLP China Portfolio Founded: Headquarters: Locations: Number of GLP parks: Number of completed properties: Completed area: 2003 Shanghai 38 cities 1 242 1,035 16.5 million sqm GLPA GLP China Office Locations Region # of Cities Completed area Shenyang Beijing East 15 8.3 million sqm Tianjin Dalian West 8 3.5 million sqm Qingdao North 8 3.2 million sqm Xi'an Nanjing Wuxi Hefei South 7 1.5 million sqm Suzhou Shanghai 38 16.5 million sqm Chengdu Greater Wuhan Greater Hangzhou Ningbo Changsha Chongqing Note: 1. GLP's Network Covers ~90% of China's GDP Greater Guangzhou- Foshan Shenzhen Zhuhai Other cities in which GLP has presence- North: (Changchun, Langfang, Harbin, Tangshan), East: (Changzhou, Huai'an, Greater Jinan, Nantong, Wenzhou, Wuhu, Yangzhou) South: (Dongguan, Fuzhou, Nanning, Greater Xiamen) and Mid-West (Zhengzhou, Guiyang and Kunming) 26#27China Portfolio Continued Portfolio and Earnings Growth GLP Portfolio Snapshot ■ Retention ratio at 65% ■ YTD 3QFY17 Same-property NOI growth1 up 16.8% yoy Effective rent growth on renewal leases¹ up 5.3% (cash basis: +2.5%) Cap rates compression of 11 bps to 6.3% Total valuation WALE China Portfolio Sep 31, 2016 US$12,869 million Sep 30, 2016 US$12,814 million 2.4 years 2.5 years Lease ratio 87% 87% No. of completed prop. 1,035 987 Completed prop. ('m sqm) 16.5 15.8 Country NAV1 US$5,021 million US$5,106 million Lease ratios (%) and Same-Property Rental Rate Growth 2 (% vs Prior Year) China Portfolio (sqm mil) 26.6 27.0 27.4 27.7 25.3 90% 91% 91% 100% 5.7 5.6 87% 86% 87% 87% 6.4 6.1 6.0% 90% jQ 6.1 80% 5.7 5.9 5.0% 70% 5.7 52 5.3 5.7 4.0% 60% 50% 3.0% 5.4% 5.4% 40% 4.7% 4.9% 4.7% 4.7% 14.9 15.2 15.8 16.5 13.5 2.0% 4.3% 30% 20% 1.0% 10% 0.0% 0% 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 FY2013 FY2014 FY2015 FY2016 1QFY17 2QFY17 3QFY17 Land Held for Future Development Note: 1. 2. Properties Held Under Development or Being Repositioned Completed Properties To enable comparability, Same-property NOI growth, same property rental rate growth and effective rent growth on renewal leases exclude impact from VAT implementation Country NAV refers to GLP share of the consolidated net asset value of the entities 27#28Japan Portfolio Stable Portfolio Portfolio Snapshot ■ 90% in Tokyo and Osaka Retention ratio at 73% ■ Effective rent growth on renewal leases up 6.6% (cash basis: +12.3%) Cap rate of 4.8% Japan Portfolio Total Valuation WALE Lease ratio No. of completed prop. Completed prop ('m sqm) Lease ratios (%) and Rental (JPY/sqm/mth) GLP Dec 31, 2016 US$9,459 million 4.9 years Sep 30, 2016 US$10,512 million 5.0 years 97% 98% 95 96 4.7 4.6 Country NAV1 US$2,216 million US$2,489 million Japan Portfolio (sqm mil) 99% 99% 99% 99% 99% 98% 97% 1,150 6.2 100% 5.3 5.6 5.6 5.6 0.7 80% 1,100 0.7 1.0 1.0 1.0 1.0 60% 2.1 1,050 2.1 2.1 2.4 2.4 1,083 1,087 1,098 1,109 1,116 1,121 1,123 40% 1,000 20% 2.5 2.5 2.5 2.3 2.2 950 0% FY2013 FY2014 FY2015 FY2016 1QFY17 2QFY17 3QFY17 3QFY16 4QFY16 Note: 1. Country NAV refers to GLP share of the consolidated net asset value of the entities 1QFY17 2QFY17 Properties Held Under Development or Being Repositioned Completed Properties (J-REIT prop) Completed Properties (excld J-REIT prop) 3QFY17 28#29US Portfolio High Quality Portfolio with Embedded Growth Potential GLP Portfolio Snapshot Healthy lease ratio of 94% ■ Retention ratio at 75% Effective rent growth on renewal leases up 14.4% (cash basis: +7.1%) ■ YTD FY17 Same-property NOI growth up 4.0% yoy Cap rate of 5.9% Lease ratios 1 (%) and Rental 1,2 (US$/sqft/yr) WALE Lease ratio¹ No. of completed prop. US Portfolio Dec 31, 2016 Sep 30, 2016 Total Valuation US$13,669 million US$12,964 million 4.0 years 3.6 years 94% 94% 1,35 1,348 Completed prop. ('m sqm) 16.1 15.6 Country NAV³ US$945 million US$640 million US Portfolio (sqm mil) 92% 92% 95% 94% 94% 94% 94% 94% 16.1 16.0 16.0 100% 15.6 16.1 0.8 5.00 80% 5.4 5.4 5.4 5.4 5.3 4.50 60% 4.76 4.81 4.82 4.83 4.91 4.94 5.00 4.98 40% 10.7 10.6 10.6 4.00 10.2 10.0 20% 3.50 0% 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 3QFY16 4QFY16 USIPI 1QFY17 USIP II 2QFY17 3QFY17 USIP III Note: 1. Lease ratios and Rental are presented for all completed properties 2. Rental is presented on Net Rent basis (base rent, exclude expense reimbursements) 3. Country NAV refers to GLP share of the consolidated net asset value of the entities 29#30Brazil Portfolio Leading Position in the Market GLP Portfolio Snapshot ■ 91% in São Paulo and Rio de Janeiro Lease ratio maintain at 89% Long WALE of 5.4 years ■ YTD FY17 Same-property NOI growth up 4.9% yoy ■ Effective rent on renewal leases down 10.3% (cash basis: -7.7%) Revenue yield compression of 29 bps to 10.5% Lease ratios (%) and Rental (BRL/sqm/mth) Brazil Portfolio Dec 31, 2016 Sep 30, 2016 Total Valuation US$2,357 million 5.4 years US$2,295 million 5.5 years 89% 89% 92 90 WALE Lease ratio No. of completed prop. Completed prop. ('m sqm) 2.7 2.6 Country NAV1 US$670 million US$599 million Brazil Portfolio (sqm mil) 98% 96% 97% 25.0 92% 89% 89% 89% 100% 3.6 3.6 3.6 3.6 3.6 0.6 0.6 0.6 0.8 0.6 20.0 80% 0.3 0.2 0.5 0.5 0.3 15.0 60% 21.9 22.2 22.8 22.8 10.0 20.4 40% 16.8 17.8 2.6 2.5 2.5 2.6 2.7 5.0 20% 0% 3QFY16 4QFY16 1QFY17 FY2013 FY2014 FY2015 FY2016 1QFY17 2QFY17 3QFY17 Land Held for Future Development Note: 1. Country NAV refers to GLP share of the consolidated net asset value of the entities 2QFY17 Properties Held Under Development or Being Repositioned Completed Properties 3QFY17 30#31Diversified Exposure Across Industries Lease profile by End-user Industry (by Leased Area) Group China Japan Electronics/ Electrical/ High-tech, 20% Pharmaceuticals/ Medical, 5% Machinery, 5% Retail / Fast Food Chain, 23% General Logistics Services, 15% FMCG, 44% Others, 16% Auto & Parts, 7% FMCG, 18% Electronics/High-tech, 11% General Logistics Services, 3% US General Logistics Services, 14% FMCG, 7% Pharmaceuticals/ Medical, 2% Machinery, 1% Retail / Fast Food Chain, 28% General Logistics Services, 21% GLPA Others, 6% Auto & Parts, 10% FMCG, 22% Electronics/ High-tech, 10% Machinery, 10% Brazil Electronics/ Electrical/ High-tech, 4% Pharmaceuticals/ Medical, 6% Auto & Parts, 5% Electronics/ High-tech, 11% Retail / Fast Food Chain, 22% Pharmaceuticals/ Medical, 4% Retail/Fast Food Chain, 15% Auto & Parts, 6% Others, 24% Others, 10% Auto & Parts, 4% Note: 1. 2. Others, 12% FMCG, 31% General Logistics Services, 19% Retail/ Fast Food Chain, 20% Machinery, 2% Pharmaceuticals/ Medical, 7% E-commerce represents 26% of leased area in China, 15% in Japan, 12% in US and 19% in Brazil Others (24%) category in US includes: Education, Recreation and Services (9%), Commodity Industrial (8%), Construction (5%), Tech / Info-Comm / Medical (2%) and Consumer (1%) E-commerce statistics pertains only to customers directly and exclusively engaged in e-commerce 31#32Key Financial Highlights GLPA (US$ Million) 3Q 3Q Change YTD YTD Change FY2017 FY2016 3Q FY17 3Q FY 16 Revenue 232 199 34 17% 653 578 74 13% Earnings (PATMI) 171 184 (14) -7% 547 566 (20) -3% Diluted EPS (US cents) 3.46 3.74 (0.28) -7% 11.07 11.32 (0.25) -2% Core Earnings (PATMI) 172 141 31 22% 470 396 74 19% Core Earnings ex-reval 78 70 7 11% 215 171 44 25% 3Q FY17 Earnings (PATMI) decreased US$14 million (-7%) yoy: US$31 million higher Core Earnings (+22%) driven by higher revaluations in China and US, growth in operations and continued expansion of fund management platform Offset against: ✓ One-time US syndication gain in 3Q FY16 (-US$35 million) Higher FX losses in 3Q FY17 (-US$17 million, non-cash) YTD 3Q FY17 Earnings (PATMI) decreased US$20 million (-3%) yoy: US$74 million higher Core Earnings of (+19%) from growth in operations and continued expansion of fund management platform Offset against ✓ Higher FX losses YTD 3Q FY17 (-US$67 million) ✓ One-time US syndication gain YTD 3Q FY16 (-US$35 million) 32#333Q FY17 Country Highlights - Earnings Earnings 3Q 3Q Change Highlights (US$ Million) FY17 FY16 China 117 103 14 13% Japan 48 US 48 24 24 GLPA 3Q FY17: Higher revaluation gains offset against higher FX losses (-US$32m, non-cash) - Ex FX would be up 39% yoy (US$42m) 63 (14) -23% - Lower development completions 50 50 (25) -51% Brazil 7 9 (2) -18% Corporate (26) (40) 14 36% Total 171 184 (14) -7% - 3Q FY16: One-time syndication gain related to GLP's first US portfolio (-US$35m) and contribution from second US portfolio acquired Nov 2015 (-US$13m) 3Q FY16: Higher revaluation gains 3Q FY16: FX loss from RMB depreciation (US$15m) 33#343Q FY17 Country Highlights - Core Earnings Core 3Q 3Q Earnings¹ 1 Change Highlights FY17 FY16 (US$ Million) China 108 76 32 42% Japan 48 48 GLP - Higher revaluation gains from NOI growth and development 63 (14) -23% Lower development completions US 26 18 8 41% Higher revaluation gains from NOI growth Brazil 12 8 3 41% - Higher revaluation gains from NOI growth Corporate (22) (24) 3 11% Total 172 141 31 22% Note: 1. Core earnings includes revaluation changes related to development profit (recurring part of GLP's earnings stream) and NOI growth. To enable comparability, core earnings adjusts for non-recurring items such as revaluation changes related to cap rate and discount rate adjustments, foreign exchange gains/losses and gains/losses from dispositions. Please refer to page 11 of the 3Q FY17 supplemental for further information 34#353Q FY17 Country Highlights - Core Earnings Ex Reval Core Earnings¹ 3Q 3Q Ex Reval FY17 FY16 Change Highlights (US$ million) China 41 33 24% - Japan 40 34 6 16% GLP Rent growth and lease-up Growth in fund management platform US 11 23 23 (12) -51% 3Q FY16: Contribution from second US portfolio acquired Nov 2015 (-US$13m) Brazil 8 5 3 64% Corporate (22) (24) 3 11% Total 78 70 7 11% Note: 1. Core earnings includes revaluation changes related to development profit (recurring part of GLP's earnings stream) and NOI growth. To enable comparability, core earnings adjusts for non-recurring 35 items such as revaluation changes related to cap rate and discount rate adjustments, foreign exchange gains/losses and gains/losses from dispositions. Please refer to page 11 of the 3Q FY17 supplemental for further information#36Low Leverage & Significant Cash on Hand Note: 1. 2. 3. GLPA Group Financial Position (US $ million) Total assets Cash Total loans and borrowings Net debt Weighted average interest cost Weighted average debt maturity (years) Fixed rate debt as % of total debt Leverage Ratios as of Dec 31, 2016 As at Dec 31, 2016 As at Mar 31, 2016 Change % 20,149 20,240 (0.4) 1,242 1,025 21.2 4,739 4,770 (0.7) 3,497 3,746 (6.6) 3.1% 2.9% 0.2 4.7 4.7 0.0 56% 70% (14.0) Debt Ratios for the period ended Dec 31, 2016 23.5% 18.5% Total Debt to Assets Net Debt to Assets 5.8x •EBITDA²: US$451.5m •Interest: US$82.3m 5.5x Net Debt/ EBITDA EBITDA / Interest The financial information above excludes cash, loans and results of GLP US Income Partners III YTD 3QFY17 EBITDA excludes one-time US$104m FX loss and fair value loss on derivatives. Including FX effects, EBITDA, Net Debt/EBITDA and EBITDA/Interest would be US$347.5m, 5.0x and 4.2x Total assets as at Dec 31, 2016 adjust for liabilities classified as held for sale of GLP US Income Partners III. Pro-forma net debt to assets is 17.5% assuming GLP's equity stake in GLP US Income Partners III is syndicated down to -10% 36#37Prudent Capital Management GLP GLP's main objectives are to build a strong capital base to sustain growth and mitigate risk Access to diverse sources of funds increases financial flexibility - debt, cash, third party capital Recent panda bond issuance continues natural hedge policy and optimizes GLP's capital structure Policy Metric Leverage Liquidity Currency • • • Net debt/ assets <40% Balanced debt maturity profile with long tenures Efficient capital structure that considers GLP's growth plans, projected LT/ST capital requirements and general economic/business conditions Natural hedge maintained, with currency matching of revenue/costs and assets/liabilities Fixed and certain FX cash exposures hedged . Interest Rate Maintain high proportion of fixed rate debt Dividends Share Buyback • Active debt management to respond to dynamic market conditions Target consistent and sustainable dividend that balances GLP's capital requirements for growth and cash return to shareholders Repurchasing shares at discount to intrinsic value of assets creates shareholder value and provides attractive risk-adjusted return GLP Today 30% look-through net debt to assets¹ 4.7 years debt maturity US$1.5bn cash¹ and US$2.5bn unutilized credit facilities e.g. J-REIT sales proceeds, dividends hedged and issue of RMB-denom. bonds 56% fixed rate debt 3.1% dividend yield 2 (50% of operating cash flow) Bought 169m shares 3 (3.6% of shares outstanding) Note: 1. Pro-forma figures assume GLP's equity stake in GLP US Income Partners III is syndicated down to -10% Dividend yield based on FY2016 dividend of 6.0 SGD cents and GLP's share price as of 31 March 2016 As of 31 December 2016 2. 3. 37#38Notes to the Results Presentation Notes to Financial Information GLP 1. Country NAV refers to GLP share of the consolidated net asset value of the entities representing its operations in China, Japan, US and Brazil. Segment NAV refers to Country NAV and adjusted to exclude intercompany loans from GLP. Country NAV accounts for intercompany loans from GLP as liability while Segment NAV considers them as equity. 2. EBIT or PATMI ex-revaluation refers to EBIT or PATMI excluding changes in fair value of investment properties of subsidiaries and share of changes in fair value of investment properties of joint ventures and associates, net of deferred taxes. 3. EBITDA is defined as earnings before net interest expense, income tax, amortization and depreciation, excluding revaluation. Gross Interest is computed before deductions of capitalized interest and interest income. 4. Net Debt to Assets ratio - total assets used for computation excludes cash balances. 5. Weighted average interest cost includes the amortization of transaction costs for bonds and loans. 6. Core earnings represent earnings derived from GLP's principal business lines - property operations, development and fund management, and excludes non-recurring items including: • • Fair value gains/losses arising from capitalization and discount rate changes . Foreign exchange gains/losses (including fair value changes on financial derivatives) Gain/losses related to once-off events (including costs arising from acquisition, syndication, disposition or restructuring activities; impairments) 38#39Notes to the Results Presentation (cont'd) Notes to Portfolio Assets under Management information GLP 1. Completed Asset Value relates to carrying value of the completed properties, expected completed value of the properties under development and/or targeted completed properties value based on approved investment plans which do not factor in any potential value creation. Any amounts denominated in currencies other than USD are translated based on the exchange rate as of reporting date. 2. Total Area and Total valuation refer to GFA/GLA and valuation of properties in GLP Portfolio. These include completed and stabilized properties, completed and pre-stabilized properties, other facilities, properties under development or being repositioned, and land held for future development but exclude land reserves. 3. Effective Rent Growth on Renewal is calculated on the change in Effective Rent for renewed leases signed during the quarter as compared to prior year. Effective Rent takes into consideration rental levelling and subsidies. 4. GLP Portfolio comprises all assets under management which includes all properties held by subsidiaries, joint ventures, associates and GLP J-REIT on a 100% basis, but excludes Blogis and CMSTD, unless otherwise indicated. 5. Land held for future development refers to land which we have signed the land grant contract and/or we have land certificate, including non-core land and properties occupied by Air China and the Government or its related entities, that GLP doesn't wish to own and will sell. The total area is computed based on estimated buildable area. 6. Unless otherwise stated, Lease ratios and Rental relate to stabilized portfolio. Lease ratios and Rentals for China are presented for stabilized logistics portfolio. Lease ratios and Rentals for US portfolio are presented for all completed properties. Rental for US portfolio refers to net rent (base rent, excludes expense reimbursements). 7. Lease profile by End-user Industry analysis includes contracted leases for completed logistics properties and pre-leases for logistics properties under development as at reporting date. 8. New and Renewal Leases include logistic facilities, light industry, industrial and container yards and pre-leases signed by customers. 9. Properties under development or being repositioned consists of four sub-categories of properties: (i) properties that we have commenced development; (ii) logistics facilities that are being converted from bonded logistics facilities to non-bonded logistics facilities; (iii) logistics facilities which are undergoing more than 3 months of major renovation; (iv) logistics facilities which will be upgraded into a different use. 39#40Notes to the Results Presentation (cont'd) Notes to Portfolio Assets under Management information (cont'd) GLPA 10. Same-property Rental Rate Growth is calculated on the change in Rental for the same population of completed properties in GLP portfolio that exist in both the current and the beginning of the prior year period. 11. Stabilized properties relate to properties with more than 93% lease ratio or more than one year after completion or acquisition. 12. Unless otherwise indicated, all portfolio information are presented on 100% basis. 13. Any discrepancy between sum of individual amounts and total is due to rounding. 40#41Disclaimer GLP The information contained in this presentation (the "Information") is provided by Global Logistic Properties Limited (the "Company") to you solely for your reference and may not be retransmitted or distributed to any other person. The Information has not been independently verified and may not contain, and you may not rely on this presentation as providing, all material information concerning the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of the Company or its subsidiaries. Please refer to our unaudited financial statements for a complete report of our financial performance and position. None of the Company or any of their members, directors, officers, employees or affiliates nor any other person accepts any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising (including, without limitation for any claim, proceedings, action, suits, losses, expenses, damages or costs) from any use of this presentation or its contents or otherwise arising in connection therewith. This presentation contains statements that constitute forward-looking statements which involve risks and uncertainties. These statements include descriptions regarding the intent, belief or current expectations of the Company with respect to the consolidated results of operations and financial condition, and future events and plans, of the Company. These statements can be recognised by the use of words such as "believes", "expects", "anticipates", "intends", "plans", "foresees", "will", "estimates", "projects", or words of similar meaning. Similarly, statements that describe the Company's objectives, plans or goals also are forward-looking statements. All such forward-looking statements do not guarantee future performance and actual results may differ materially from those in the forward-looking statements as a result of various factors and assumptions. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the management of the Company on future events. The Company does not undertake to revise forward-looking statements to reflect future events or circumstances. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. Some statements, pictures and analysis in this presentation are for demonstration and illustrative purposes only. Any hypothetical illustrations, forecasts and estimates contained in this presentation are forward-looking statements and are based on assumptions. Hypothetical illustrations are necessarily speculative in nature and it can be expected that some or all of the assumptions underlying the hypothetical illustrations will not materialise or will vary significantly from actual results. No representation is made that any returns indicated will be achieved. Accordingly, the hypothetical illustrations are only an estimate and the Company assumes no duty to revise any forward-looking statement. This presentation may also contain historical market data; however, historical market trends are not reliable indicators of future market behaviour. Some statements and analysis in this presentation and some examples provided are based upon or derived from the hypothetical performance of models developed by the Company. In particular, in connection with certain investments for which no external pricing information is available, the Company will rely on internal pricing models, using certain modelling and data assumptions. Such valuations may vary from valuations performed by other parties for similar types of securities. Models are inherently imperfect and there is no assurance that any returns or other figures indicated in this presentation and derived from such models will be achieved. The Company expressly disclaims any responsibility for (i) the accuracy of the models or estimates used in deriving the analyses, (ii) any errors or omissions in computing or disseminating the analyses or (iii) any uses to which the analyses are put. To provide investors with additional information regarding the Company's financial results, this presentation also contains non-IFRS, non-GAAP and non-SFRS financial measures. Such measures include, but are not limited to, the Company's pro forma adjustments. The Company's use of non-IFRS, non-GAAP and non-SFRS financial measures has limitations as an analytical tool, and you should not consider any of these measures in isolation or as a substitute for analysis of the Company's financial results as reported under SFRS. Some of these limitations include the fact that other companies, including companies in the Company's industry, may calculate these financial measures or similarly titled measures differently, which reduces their usefulness as comparative measures. By accepting and/or viewing the Information, you agree to be bound by the foregoing limitations. 41#42Investor Relations Contact Ambika Goel, CFA SVP - Capital Markets and Investor Relations Tel: +65 6643 6372 Email: [email protected] GLPA GLP Tianjin Pujia China