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

Investor and Analyst Meetings January 2017

GLP – Leading Global Provider of Modern Logistics Facilities  Fund manager, developer and owner-operator of NAV breakdown 1 modern logistics facilities and solutions  Own and operate a US$40 billion global portfolio of 53 million sqm (573 million sq ft) China 56%  US$39 billion fund management platform is a key area of growth going forward Corporate 3% Japan • US$26 billion invested; US$13 billion of uncalled Brazil 27% 7% capital will drive further growth of fund fees US 7%  GLP is a SGX-listed company (stock code: MC0.SI) with a market capitalization of US$7 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. Includes US$700 million Hillwood portfolio acquisition completed in December 2016 2. As of 30 December 2016 2

GLP Global Footprint China • Presence in 38 cities • 27.4m sqm total area United States of America • 15.8m sqm completed • Presence in 32 key markets • 11.6m sqm development pipeline • 16.0m sqm total and completed • 12.0m sqm land reserves area 2 • • 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 • 5.6m sqm total area facilities • 4.7m sqm completed • 1.0m sqm development pipeline • Well-established logistics industry • Scarcity of modern logistics facilities Brazil • 90% in São Paulo and Rio de Janeiro • 3.6m sqm total area • 2.6m sqm completed Development FY17 Target FY17 Target % of • Portfolio 1 Completions (100%) (GLP Share) 1.0m sqm development pipeline China US$1.2bn US$590m 12% • Companies shifting from owning warehouses to leasing amid continued Japan US$265m US$195m 3% efforts to improve supply chain efficiency 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 30 September 2016 2. Includes US$700 million Hillwood portfolio acquisition completed in December 2016 3

GLP Business Model FUND MANAGEMENT GLP partners with world class investors to grow • US$39 billion fund management platform its network. Its fund management platform • 2Q FY17 fund fees: US$47 million 1 enhances returns while enabling GLP to grow • Enhances GLP’s returns by 300–500 bps faster. “NETWORK EFFECT” DEVELOPMENT • FY17 development completions: GLP builds to meet market demand and serve ~US$800 million (GLP share) customers’ needs. It generates significant value • Development margin upon through development. stabilization: 25% OPERATIONS • Lease ratio: 92% GLP owns and manages modern logistics facilities. • Customer retention ratio: 73% Operations is the foundation of its business model. • 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 DEVELOPMENT FUND MGT FEES 2 LEASE RATIO PROFIT 1 US$150m 92% US$200m #2 US #1 Brazil (+39% 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 3 US$13bn MARKETS 27% China & Japan BEFORE COMMENCING UNCALLED CAPITAL DEVELOPMENT Note: 1. Based on FY17 expected completions of approximately US$800 million (GLP share) and 25% target development profit margin upon stabilization 5 2. Fund management fees generated in FY16 3. Net debt to assets

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) 360 15.8 4.7 GLP Stake: 19.9% 3.2 2.7 2.6 173 120 105 89 85 1.2 1.1 1.1 1.0 0.9 0.9 0.8 70 63 63 59 0.8 0.7 0.6 0.5 0.5 0.5 2.0 1.9 1.7 1.3 1.1 0.8 0.8 0.8 0.6 0.3 0.2 0.2 Exeter Liberty Majestic GLP Hines Prologis MRV Log Sanca Marabraz DVR Goodman GB Armazens Logbras Prologis GLP Duke Clarion Partners USAA DCT First Industrial GLP Prologis Daiwa House JLF Lasalle Mitsui Mitsubishi Goodman Nomura Mapletree GLP Goodman Redwood Blogis Prologis Yupei Mapletree Vipshop Boxway Cainiao E-shang/ Economies of Scale Diversified Earnings Network Effect Based on completed area for modern logistics for lease as of October 2016; non-logistics properties are excluded Source: Company websites, public filings, various news sources and CBRE estimates 6

Operations: Portfolio Snapshot China Japan US 1 Brazil Total Presence in 38 key 90% Tokyo & Presence in 32 key 90% Sao Paulo & Presence in 118 Key Markets markets Osaka markets Rio de Janeiro markets Total Assets US$12.8 billion US$10.5 billion US$14.3 billion US$2.3 billion US$39.9 billion Lease Ratio 87% 98% 94% 89% 92% 10.8% Cap Rate 6.4% 4.8% 5.9% - (Revenue Yield) Completed Area 15.8 million sqm 4.7 million sqm 16.0 million sqm 2.6 million sqm 39.1 million sqm WALE 2.5 years 4.7 years 3.6 years 5.5 years 3.5 years 13.5 million sqm 11.6 million sqm Development (China Land (Land Reserve: 1.0 million sqm - 1.0 million sqm Pipeline 2 Reserve: 12.0 12.0 million sqm) million sqm) • • • • China and Japan continue to make up Leverage existing Explore initiatives Continued asset majority of NAV platform to pursue to optimize capital recycling enhanced network structure and fund • • Selective development in favorable Selective entry benefits in the US growth markets with low supply and high demand into new markets What’s Next which could • Recycle capital through fund management include platform Europe/UK • China: Rapid urbanization could lead to rezoning opportunities Note: 1. Includes US$700 million Hillwood portfolio acquisition completed in December 2016 7 2. Includes properties under development and land held for future development

Leveraging Market Expertise to Serve Customer Needs Network Effect Warehouse Location Optimization Tool GLP’s size and scale generates a “Network Effect” enabling Using its warehouse location optimization tool, GLP is able customers to seamlessly expand and optimize their to help customers reduce transportation costs by distribution network in the best warehouse locations. approximately 20%, thereby reducing their overall logistics costs New Leases in China from Existing Customers 100% Warehouse reconfiguration based Packaging, 74% 73% on GLP’s optimization Processing 80% 73% 67% tool can lead to and Other Costs approximately 60% 20% 40% SAVINGS ~70% of new leases in China are with existing customers on customers’ 20% transportation costs 0% Transportation Warehouse FY15 1H FY16 FY16 1H FY17 Strong Customer Stickiness  GLP’s strong “Network Effect’ provides good visibility on ~40% 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 Retain 73% of customers serve customers in multiple locations 8

Operations  Group: Solid Leasing Demand Lease Ratio Portfolio outperformance underpinned by rising - customer demand and favorable market conditions 99% 98% 94% 94% 92% 91% 89% 89%  87% China: Improvement in Leasing 86% 87% lease ratio, up 1% qoq - Continued rent growth: up 6.3% on renewal leases - Retained 68% of customers - China Japan US Brazil Group Group Operating Performance 1 2Q FY2017 1Q FY2017 1Q FY17 2Q FY17 New and Renewal Leases 3.3m sqm 2.5m sqm 1H FY17 Same-property NOI 3 Y-o-Y Change 73% 71% Customer Retention 16.7% Effective Rent Growth on Renewal 2,3 China 6.3% 6.2% Japan 4.5% 2.1% 7.5% 6.2% 5.8% US 19.6% 20.7% 1.2% Brazil -9.2% -11.8% 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 7.3% in China, 8.5% in Japan and 8.3% in US, while decreased 7.4% in Brazil 3. To enable comparability, effective rent growth on renewal and same-property NOI change exclude impact from VAT implementation