Investor and Analyst Meetings June 2017 GLP Leading Global - PowerPoint PPT Presentation

Investor and Analyst Meetings June 2017

GLP – Leading Global Provider of Modern Logistics Facilities  Fund manager, developer and owner-operator of modern NAV breakdown 1 logistics facilities and solutions  Own and operate a US$41 billion global portfolio of 55 million sqm (592 million sq ft) China 57%  US$39 billion fund management platform is a key area of growth going forward • US$27 billion invested; US$12 billion of uncalled Brazil Japan capital will drive further growth of fund fees 8% 26% US  GLP is a SGX-listed company (stock code: MC0.SI) with a 9% market capitalization of US$10 billion 2 ; GIC is the largest single investor in GLP GLP Park Colgate & Elog GLP Park Suzhou GLP Park Tokyo GLP San Francisco Bay Area GLP Tokyo II Brazil China Japan California, USA Japan Note: 1. Pro-forma NAV assuming GLP’s 8% equity stake in GLP US Income Partners III and excluding corporate segment 2. As of 31 May 2017 2

GLP Global Footprint China • United States of America Presence in 38 cities • • 28.7m sqm total area Presence in 35 key markets • • 17.5m sqm completed 16.1m sqm total area • • 11.2m sqm development pipeline 16.1m sqm completed area • • 11.9m sqm land reserves 0.1m sqm development pipeline • • Fast-growing logistics market supported Japan Demand outstripping supply by domestic consumption growth • • 5 consecutive years of positive 90% in Tokyo and Osaka • Limited supply of modern logistics net absorption • 6.2m sqm total area facilities • 4.7m sqm completed • 1.6m sqm development pipeline • Well-established logistics industry • Scarcity of modern logistics facilities Brazil • 90% in São Paulo and Rio de Janeiro Development FY18 Target % of FY18 Target • Portfolio 1 Completions (100%) (GLP Share) 3.8m sqm total area • 2.8m sqm completed China US$1.2bn 11% US$550m • 1.0m sqm development pipeline Japan US$550m 6% US$275m • Companies shifting from owning US - - - warehouses to leasing amid continued efforts to improve supply chain Brazil - - - efficiency Total US$1.7bn 5% US$825m Note: 1. Based on GLP’s completed portfolio in the respective countries as of 31 March 2017 3

GLP’s Business Model FUND MANAGEMENT • US$39 billion fund management GLP partners with world class platform CAPITAL RECYCLING investors to grow its network. Its fund • FY17 fund fees: US$181 million 1 management platform enhances GLP leverages its fund • Enhances GLP’s returns by 300– returns while enabling GLP to grow management platform to 500 bps faster. recycle capital from mature, stabilized properties and uses the proceeds to fund “NETWORK EFFECT” new developments. DEVELOPMENT • FY17 development GLP builds to meet market demand and serve completions: US$876 million customers’ needs. It generates significant value (GLP share) through development. • Development margin upon stabilization: 28% OPERATIONS • Lease ratio: 91% GLP owns and manages modern logistics facilities. • Customers renewing their Operations is the foundation of its business model. leases with GLP: 73% • Domestic consumption: ~90% of overall portfolio Note: 1. Does not include performance fees 4

GLP’s Strategy Market Leader Strong Recurring Income • Rental revenue from property operations • Leading positions in the best markets globally • Development profit • Leverage size and scale to grow with customers and • Fund management fees – key area of growth serve them in multiple locations #1 China #1 Japan GROUP FUND MGT FEES 1 DEVELOPMENT LEASE RATIO 1 PROFIT 1 US$181m 91% US$266m #2 US #1 Brazil (+21% yoy) Disciplined Capital Allocator Resilient Financial Position • Development driven by demand • Solid balance sheet and diversified capital base • Disciplined growth and capital allocation to achieve (debt, cash, third party capital) NAV growth and optimize risk-adjusted returns • Capital recycling opportunities via fund management platform INDICATIVE DEMAND FUND MANAGEMENT LOOK THROUGH CORE DEVELOPMENT >1.5x LEVERAGE 2 US$12bn MARKETS 35% China & Japan BEFORE COMMENCING UNCALLED CAPITAL DEVELOPMENT Note: 1. For full year FY17 2. Pro-forma net debt to assets assuming GLP’s equity stake in GLP US Income Partners III is syndicated down to 8% 5

Operations: Leading Market Positions  GLP’s unrivaled network enables customers to seamlessly expand their distribution capabilities and reach consumers more efficiently China Japan United States Brazil (m sqm) (m sqm) (m sqm) (m sq ft) 361 17.5 4.7 GLP Stake: 19.9% 3.1 2.9 2.8 173 118 105 92 85 1.2 1.2 1.2 70 1.0 1.0 1.0 63 62 0.9 0.9 0.8 48 0.6 0.5 0.5 0.5 2.5 2.1 2.0 1.8 1.5 1.5 1.1 0.9 0.8 0.3 0.3 0.3 Exeter Liberty Majestic GLP Prologis Hines MRV Log Sanca Marabraz DVR Fulwood Goodman GR Properties Prologis GLP Duke Clarion Partners USAA First Industrial DCT GLP Prologis Daiwa House JLF Mitsui Mitsubishi Lasalle Nomura Mapletree Goodman GLP Goodman CNLP ESR Blogis Prologis Mapletree Vipshop Cainiao Boxway Economies of Scale Diversified Earnings Network Effect Based on completed area for modern logistics for lease as of May 2017 Source: Company websites, public filings, various news sources and CBRE estimates 6

Operations: Portfolio Snapshot China Japan US Brazil Total Presence in 38 key 90% Tokyo & Presence in 35 key 90% Sao Paulo & Presence in 117 Key Markets markets Osaka markets Rio de Janeiro markets Total Assets US$13.6 billion US$10.3 billion US$14.1 billion US$2.7 billion US$40.7 billion Lease Ratio 85% 98% 94% 89% 91% 10.1% Cap Rate 6.3% 4.7% 5.8% - (Revenue Yield) Completed Area 17.5 million sqm 4.7 million sqm 16.1 million sqm 2.8 million sqm 41.1 million sqm WALE 2.5 years 4.9 years 4.0 years 5.2 years 3.5 years 13.9 million sqm 11.2 million sqm Development (China Land (Land Reserve: 1.6 million sqm 0.1 million sqm 1.0 million sqm Pipeline 1 Reserve: 11.9 11.9 million sqm) million sqm) • • • • China and Japan continue to make up Leverage existing Explore initiatives Continue to majority of NAVSelective development in platform to pursue to optimize capital recycle assets favorable markets with low supply and enhanced network structure and fund • Selective entry high demand benefits in the US growth What’s Next into new markets • Recycle capital through fund management platform • China: Rapid urbanization could lead to rezoning opportunities Note: 1. Includes properties under development and land held for future development 7

Leveraging Market Expertise to Serve Customer Needs Network Effect Integrated Solutions GLP’s size and scale generates a “Network Effect” enabling GLP connects customers with solutions to improve their customers to seamlessly expand and optimize their supply chain and become more efficient and competitive. distribution network in the best warehouse locations. LOGISTICS ECOSYSTEM New Leases in China from Existing Customers 100% Financial Services Equipment 74% 73% 74% 80% 67% 60% Transportation Goods Strategies 40% ~70% of new leases in China are with existing customers 20% 0% Warehouse Space Information Systems FY15 1H FY16 FY16 FY17 & Technology Strong Customer Stickiness  GLP’s strong “Network Effect” provides good visibility on ~50% of leased area is occupied by future demand multi-location customers  The fund management platform allows GLP to scale up expansion even faster and strengthens GLP’s ability to 73% of customers renewed their leases serve customers in multiple locations with GLP 8

Operations  Group: Solid Leasing Demand Lease Ratio Rising customer demand and favorable market 98% - 97% conditions translated into 8.9% rent growth on renewal 94% 94% leases in FY17 92% 91% 89% 89%  87% China: Sustained Leasing Momentum 85% Portfolio is 85% leased, -2% qoq due to lower lease ratio - of significant stabilizations in 4Q 5.1% rent growth on renewal leases in FY17 - 64% of customers renewed their leases with GLP - China Japan US Brazil Grp Group Operating Performance 1 4Q FY2017 3Q FY2017 3Q FY17 4Q FY17 FY17 Same-property NOI 3 Y-o-Y Change New and Renewal Leases 4.1m sqm 3.3m sqm 73% 73% Customer Retention 15.4% Effective Rent Growth on Renewal 2,3 China 4.0% 5.3% 6.3% Japan 5.2% 6.6% 4.0% 3.8% US 16.9% 14.4% 1.2% Brazil -9.4% -10.3% China Japan US Brazil Group Note: 1. On GLP total owned and managed basis 9 2. Effective rents take into consideration rental levelling and subsidies. On a cash basis, rents on renewals increased 5.7% in China, 2.4% in Japan and 3.7% in US, while decreased 7.6% in Brazil 3. To enable comparability, effective rent growth on renewal and same-property NOI change exclude impact from VAT implementation