Strategic Warehouse Acquisition in Yangtze River Delta

Further Diversifying and Maintaining Growth Trajectory Financial Impact Agreed Property Value Valuation by Colliers (1) Jiaxing Changshu North Changshu South Total RMB 649 M RMB 337 M RMB 120 M RMB 1,106 M RMB 660 M RMB 343 M RMB 125 M RMB 1,128 M (3) Monthly Gross Passing Income (2) RMB 3.3 M N/A RMB 0.8 M RMB 4.1 M Financing Own cash resources and existing debt facilities Notes: (1) Source: Valuation as of March 2022. (2) Monthly gross passing income includes rental income and management fee income. (3) The current monthly gross passing income is RMB 0.05 M as the asset is still in the fit-out period. After the fit-out period ends in July 2022, the monthly gross passing income will be RMB 0.8 M. LO 5

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