Investor & Analyst Meetings

May 2012
 Disclaimer

Important Notice

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 all material information concerning the Company
or its subsidiaries. Please refer to our unaudited interim financial statements for the nine-month period ended
December 31, 2011 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 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 “expects”, “plans”, “will”, “estimates”, “projects”, or words
of similar meaning. Such forward-looking statements do not guarantee future performance and actual results may
differ 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.

1
 Agenda

> Company Overview

> Market
> Platform
> Strategy

GLP Amagasaki 2
About Global Logistic Properties

> GLP is Asia’s largest industrial and logistics infrastructure NAV breakdown (31 Mar 2012)1
provider operating across 33 cities in Asia, managing a
US$13.52 billion dollar property portfolio
> GLP provides the best solution of logistics infrastructure for China Japan
45% 48%
MNCs and local enterprises across industries
> GLP is a SGX listed company with market capitalization of
S$9.4 billion3; GIC is the largest single investor in GLP Others
7%

GLP Park Tokyo GLP Park Suzhou

Japan China

Notes:
3
1. Others refers primarily to bond issuance proceeds.
2. As of 31 Mar 2012
3. As of 25 May 2012
Extensive Network of Modern Logistics Facilities in Asia

China
Harbin

> Presence in 26 major cities Sapporo

Shenyang
> 10.7 million sqm of GFA¹,² Beijing

> 6.4 million sqm of Japan

Dalian Sendai
Langfang
Tianjin
Dezhou
completed GFA ¹ Xi’an
Qingdao
Hiroshima
Tokyo

> Presence in 7 major cities

Nanjing Nagoya
> 8.8 million GFA sqm of land
Chuzhou
Chengdu Wuxi
> 3.8 million sqm of GFA ¹, ²
Changzhou
Suzhou Shanghai
reserve1,3 Hangzhou Jiaxing
Osaka
Chongqing
Ningbo Fukuoka > 3.6 million sqm of
> Fast-growing logistics market Guangzhou completed GFA ¹
Foshan Xiamen
supported by domestic Zhongshan Shenzhen

consumption growth Zhuhai

> Well-established logistics
> Limited supply of modern industry
logistics facilities > Scarcity of modern logistics
facilities

We develop, own, manage and lease logistics facilities in the fast growing
and well-established logistics markets in Asia
Notes:
1. 100% basis as of March 31, 2012 and exclude GFA attributable to the BLOGIS acquisition.
2. Include GFA for completed and stabilised properties, completed and pre-stabilised properties, other facilities, properties under development or being repositioned,
and land held for future development but exclude land reserve 4
3. Land reserves are not recognised in the balance sheet and there is a possibility that it may not convert into land bank.
 Experienced team with impressive track record

Portfolio growth of GLP

FY2005–12 China GFA CAGR: 87%

FY2005–12 Japan GFA CAGR: 34%

9.96
GFA (million sqm)1

China Japan
6.83
6.02 6.36
5.36

4.03
3.79 3.22
2.60

2.33 1.41

1.34 0.77 3.60

0.55 0.30 2.38 2.76 2.80 2.80
0.19 0.08 1.56
1.04
0.47
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012
1 Completed properties only on a 100% basis

FY2004–FY2005 0.19 FY2006–FY2008 FY2009–FY2012

> Set up our first China logistic park in
Suzhou and entered Shanghai and
Key Guangzhou markets
milestones > Established presence in all major
logistics markets in Japan (Tokyo &
Nagoya)
Notes:
1. Completed properties only on a 100% basis
> Expanded network by entering Beijing and Tianjin market in
Northern China
> Established network in 18 major logistics hubs in China and
6 major markets in Japan (including Osaka, Sendai and
Fukuoka)
> Stabilized logistics properties in China with average lease
ratio of 90%
> Expanded network and entered Changzhou, Chuzhou,
Dezhou, Langfang, Harbin and Xi’an
> Presence in regions accounting for over 2/3 of China’s
GDP
> 3.6 million sqm completed portfolio in Japan which is 99%
occupied
5
Unrivalled Network in China & Japan

China Japan2

GLP stake: 90.0% - 100.0%

50.0% - 85.0%
(million sqm) (million sqm)
GLP stake: 19.9%

GLP stake: 53.1%

4.6

GLP stake: 49.0%

3.6

2.3

1.0
0.8 0.6 0.6
0.5 0.5 0.4 0.4
0.7 0.6 0.5 0.4 0.3 0.3 0.2 0.2

Daiwa House
Prologis

Mitsubishi Co.
Nomura RE
JLF

ORIX
Mapletree
LIM
Goodman
GLP
1

Goodman

ACL

ING Real

Yupei
Blogis

Prologis
GLP

Vailog
Mapletree

Estate

Source: Company websites; various news sources; CBRE estimates based on Source: Company websites; various news sources; CBRE estimates based on
available information available information

> Acquisitions enhances ‘network effect’ and operational synergies

> GLP looking to grow its stakes in newly acquired companies
> See appendix for details on strategic acquisitions
Notes:
1. As of 31 Mar 2012 and includes completed GFA for modern logistics facilities & GFA of ACL, Yupei and Vailog which GLP holds a stake in. 6
2. As of 31 Mar 2012.
Key Financial Highlights – Strong Revenue Growth

Total Revenue

(US$ million)

　 Summary of Group Results

4Q FY12 4Q FY11 Change FY2012 FY2011 Change

Revenue 153 124 23.2% 566 474 19.4%

EBIT excluding revaluation1 119 94 26.9% 423 367 15.1%

EBIT 221 89 148.1% 701 863 -18.7%

PATMI excluding revaluation1 69 60 16.0% 314 279 12.6%

PATMI 157 49 217.9% 541 706 -23.4%

Note:
1. “Revaluation” refers to changes in fair value of investment properties of subsidiaries and share of changes in fair value of investment properties of jointly- 7
controlled entities, net of deferred tax.
4Q FY2012 Financial Highlights
– Solid China Growth Drives Revenue and Earnings

> Revenue increased by 23.2% to US$153 million

 China Revenue increased by 95.6% to US$51 million

> EBIT1 excluding revaluation2 increased by 26.9% to US$119 million

 China EBIT excluding revaluation increased by 84.4% to US$32 million

> PATMI excluding revaluation2 increased by 16.0% to US$69 million

 China PATMI excluding revaluation increased by 123.5% to US$20 million

> Gain in fair value of investment properties amounted to US$56 million and
US$47 million for subsidiaries and jointly-controlled entities (net of tax) respectively.

Notes:
1 EBIT definition has been changed from earnings before net interest expense and income tax to earnings before net finance costs and income tax. Comparatives have

been restated.
2 “Revaluation” refers to changes in fair value of investment properties of subsidiaries and the share of changes in fair value of investment properties of jointly-controlled 8
entities, net of deferred tax.
FY2012 Financial Highlights
– Solid China Growth Drives Revenue and Earnings

> Revenue increased by 19.4% to US$566 million

 China Revenue increased by 81.1% to US$160 million

> EBIT1 excluding revaluation2 increased by 15.1% to US$423 million

 China EBIT excluding revaluation increased by 70.3% to US$103 million

> PATMI excluding revaluation2 increased by 12.6% to US$314 million

 China PATMI excluding revaluation increased by 91.7% to US$56 million

> Gain in fair value of investment properties amounted to US$197 million and
US$82 million for subsidiaries and jointly-controlled entities (net of tax) respectively.

Notes:
1 EBIT definition has been changed from earnings before net interest expense and income tax to earnings before net finance costs and income tax. Comparatives have

been restated.
2 “Revaluation” refers to changes in fair value of investment properties of subsidiaries and the share of changes in fair value of investment properties of jointly-controlled
9
entities, net of deferred tax.
Business Highlights for FY2012
- Accelerating Business Momentum, High Lease Ratios & Long Expiries

> Strong customer demand for GLP China facilities

- New and expansion leased area1 of 1,590,991 sqm during the past 12 months – up 37%
- Stabilised logistics facilities lease ratio of 90% as of March 31, 2012

> Land acquisition for future development2 of 2,153,587 sqm of Site Area

> Development starts of 1,664,798 sqm of GFA – achieved the target

> Target development starts of 2,000,000 sqm of GFA for China and 400,000 sqm of GFA for
Japan in FY2013

> Development completion of 1,040,945 sqm of GFA

> Acquired completed properties of 1,334,553 sqm of GFA
- Including 950,942 sqm of GFA acquired from Transfar

> Stable operations of GLP Japan facilities

- Stabilised logistics facilities lease ratio of 99% as of March 31, 2012, up 2 percentage
points from December 31, 2011
- New and expansion leased area1 of 101,722 sqm of GFA during the last 3 months
- Weighted average lease expiry of 5.4 years
Notes:
10
1. Excludes completed properties acquired
2. Excluding land acquisition of acquired completed properties of 1,655,587 sqm of site area
Low Leverage and Significant Cash on Hand

　 Summary of Group Financial Position

As at As at Change
(US$ million)
Mar 31, 2012 Mar 31, 2011 %
Total assets 13,580 11,656 16.5

Total equity 8,308 6,977 19.1

Cash 1,616 1,560 3.6

Total loans and borrowings 4,175 3,692 13.1

Net debt 2,559 2,132 20.0

1
Weighted average interest cost 2.7% 2.6% 0.1

Leverage Ratios as of Mar 31, 2012 Debt Ratios for the period ended Mar 31, 2012
• EBITDA3: US$452.3m
• Interest4: US$113.1m

Notes:
1. Includes amortisation of transaction costs for bonds and loans and annualised
2. Excludes cash balances as at Mar 31, 2012
3. EBITDA defined as earnings before net interest expense, income tax, amortisation and depreciation, excluding revaluation
4. Gross interest before deductions of capitalized interest and interest income 11
 Unique Investment Proposition with Exposure to the
Two Largest Economies in Asia

> Outsourcing &

e-commerce
trends in Japan
> China domestic
consumption
growth
> Strong capital
> Limited supply of structure
> Experienced
modern facilities
team
in China & Japan > Vast China
land bank
> Unrivalled
Attractive network in
Markets Japan &
Powerful China
> Grow land bank
Platform
> Acquire 3rd party assets
Robust
Strategy > Recycle capital

12
 Agenda

> Company Overview

> Market
> Platform
> Strategy

GLP Park Chengdu 13

13
Over 75% of China Warehouses do not meet Modern
Logistics Requirements & Face Demolition Amid Urbanization

Current Supply of Logistics Facilities in the United Limited Supply of Modern Logistics Facilities in China
States is ~14 times that of China
Interior Exterior Characteristics
Warehouse stock: GFA
(sqm) per capita

6.00 > Wide column spacing

5.16
5.00 > Large floor plates
> High ceilings

Modern
4.00
14x > Modern loading docks,
3.00 enhanced safety systems
2.00 and other value-added
1.00 0.38 features

0.00
China United States > Some converted from
Source: China Association of Warehouses and Storage; CB Richard Ellis estimates;
CIA The World Factbook
factories
> Insufficient clear height

Middle
and lack of loading docks
Major Modern Logistics Facilities1 Account for 2% > Lack of office space
of Total Market Supply in China
(million sqm)
550.0

> Poorly constructed

> Restricted vehicle
Low-end

accessibility

13.0

Major Modern Logistics Total Market Supply of

Facilities1 Logistics Facilities
Source: China Association of Warehouses and Storage, CB Richard Ellis and JLL

14
Notes:
1. In 11 major cities
Domestic Consumption Driving Logistics Needs

> Retail sales has grown by CAGR of 17% in past 7 Breakdown of Leased Area in China (Mar 2012)
years1 Import/
- Retail sales forecast to grow by 17.2% in 2011 & export
related
16.7% in 20122 21%

Domestic
> Urbanization trends boosting consumption demand
related
- Urbanization rate forecast to rise about 1% p.a. to 79%
51.5% by 20151
- 13m people migrate to urban areas annually1
Top 10 Tenants in China (Mar 2012)
> Increasing household income per capita triggering Rank Name Industry % leased area
wave of consumption growth 3.6%
1 Amazon3 Retailer
- Coastal area income per capita reached inflexion 2 Nice Talent 3PL 2.6%
point of USD5,000, triggering consumption of 3 2.4%
Vancl3 Retailer
automobiles and other durable goods 2.2%
4 Toll Warehouse 3PL
5 Deppon 3PL 1.8%
> Government focused on making domestic 6 Commercial Global3 3PL 1.8%
consumption the growth engine of the economy 7 Schenker 3PL 1.7%
- The 12th Five-year plan (2011-2015) to increase 8 DHL 3PL 1.5%
reliance on domestic growth 9 PGL 3PL 1.4%
Notes:
10 Dahang (Hitachi) 3PL 1.3%
1. National Statistics Bureau of China; China’s 12th Five Year Plan
2. Oct 2011 issue of consensus forecast Total 20.2% 15
3. E-commerce related tenant
Capitalizing on China’s Fast Evolving Retail Landscape

Chain Store Sales as % of Total Retail 2006-2011 Online Retail Sales in China
RMB Bn
80%
65% 900
774
800
60% 5-year CAGR:97%
Huge room 700
to grow 600 498
40% 500
400
263
300
20% 200 128
10% 56
5% 100 26
0
0%
India China US 2006 2007 2008 2009 2010 2011

Source：Strong and Steady, 2011 Asia ‘s Retail and Consumption Outlook by PWC Source: iResearch Consulting Group; Ministry of Commerce

> GLP’s modern logistic facilities support the rapid growth of chain stores in China
- Accelerating store opening of major chain stores in China, e.g. number of Wal-mart stores in China has doubled
since 2007, with 43 opened in 20111
- China’s retail chain market has significant room to grow compared to the U.S.

> E-commerce is a fast growing industry for GLP

- On-line retail sales has doubled every year since 2005 (5-year CAGR of 97%)
- Online retail volume made up 4.3% of the total retail sales in 2011

Notes:
1. www.linkshop.com; the number does not including the acquired stores of Trust-mart 16
 Limited Supply of Modern Logistics Facilities in Japan

Modern Logistics Facilities in Japan are Scarce¹ Various Features of Modern Logistics Facilities

Modern
Logistics
Facilities
2.5%

High Load
Large Floor Area High Ceilings
Others Tolerance
97.5% 10,000 sqm or more 5.5 m or more 1.5 t/sqm or more
Source:
Source: JLL
CBRE

Existing Facilities Not Built to Modern Standards

Existing Logistics Facilities Modern Logistics Facilities

Wide Column Spacing Broad Truck Yard High-floored Berth

> Owned by users > Leased spaces, largely to

> Small-sized and old 3PL operators Elevator with Large
facilities > Large-sized modern Dock Leveler Ramp Ways
Capacity
> Fragmented market facilities
> Few players of scale

17
Note: Represents facilities with GFA ≥ 10,000 sqm
Growth of Outsourcing & E-Commerce Trends Drives
Demand for Modern Logistics Facilites in Japan

Growth of Japanese Third Party Logistics Market Size of B to C E-Commerce in Japan

(“3PL”) Market
(Index) (JPY billion)

130 127.0 9,000

7,788
8,000
125
7,000 6,696
119.8
120 6,089
6,000 5,344
115 5,000 4,391
111.8 111.1 110.6
110 4,000 3,456
104.4 3,000
105
100.0 2,000
100
1,000
95 0
2005 2006 2007 2008 2009 2010 2011 2005 2006 2007 2008 2009 2010
Source: Logi-Biz (Logistics Business, Sep. 2011 issue) Source: Ministry of Economy, Trade and Industry “e-Commerce Market Survey”

> Strong demand from 3PL companies for GLP’s
modern logistic facilities
- 3PL benefit from rising trend of companies
outsourcing their logistics as companies look to
reduce costs and focus on their core business
- 3PL market has grown by 27% in 6 years
> Fast growing e-commerce market represent new
growth industry for GLP
- Internet/mail order service has grown by 125% in
5 years
- Sales of e-commerce business has reached more
than JPY 7 trillion, surpassing the combined sales
of department stores in 2010

18
Low Vacancy and Limited New Supply of Modern Logistics
Facilities in Japan

GLP and Market Lease Ratio of Logistics Facilities in Japan

100% 99% 99%

98% 100% 99% 99% 98%
96%
94% 96%
92% 90%
90%
90% 89%
88%
86%
84%
82%
FY08 FY09 FY10 FY11 FY12

GLP Lease Ratio Market Lease Ratio

Note: Market lease ratio is computed based on CBRE vacancy rate which surveyed all logistics facilities in Japan with gross floor area of 5,000 sqm or more.

19
 Agenda

> Company Overview

> Market
> Platform
> Strategy

GLP Narashino 20
20
 Accelerating Growth in China Portfolio
Our Portfolio
As of Mar 31, 2012 As of Dec 31, 2011

Pro-rata
Total GFA Pro-rata GFA2 Total valuation1 Pro-rata valuation1,2 Total GFA Pro-rata GFA2 Total valuation1 Pro-rata valuation1,2
valuation %
(sqm million) (sqm million) (US$m) (US$m) (sqm million) (sqm million) (US$m) (US$m)
change

China portfolio 10.7 7.9 5,375 3,809 4% 10.4 7.6 5,198 3,649

Completed and stabilized 5.4 3.9 3,510 2,561 12% 5.1 3.8 3,139 2,296
Completed and pre-stabilized 0.3 0.3 184 166 -57% 0.5 0.4 560 385
Other facilities 3 0.8 0.4 192 101 0% 0.8 0.4 192 101
Properties under development or
2.1 1.7 621 460 34% 1.7 1.4 440 344
being repositioned4
Land held for future development5 2.1 1.5 868 522 0% 2.3 1.6 867 523

Japan portfolio 3.8 3.3 8,100 7,195 8% 2.8 2.8 6,656 6,656

Completed and stabilized 3.6 3.2 7,928 7,109 7% 2.8 2.8 6,656 6,656
5
Land held for future development 0.2 0.1 172 86 - - - - -

Total GLP portfolio 14.5 11.2 13,475 11,004 7% 13.2 10.4 11,854 10,305

For the China portfolio, there is land reserve5 of 8.8 mm sqm in addition to the above
Note: (a) For details to footnotes 1,2,3,4 and 5, please refer to Detailed Notes to Financial Highlights and Portfolio Summary in appendix.
(b) Exclude GFA attributable to the BLOGIS.
(c) There may be discrepancies due to rounding differences.

21
China Same-store Rent Growth Continues and Long Japan Lease Expiries

China lease ratios (%) and rental (RMB/sqm/day)1 Japan lease ratios (%) and rental (Yen/sqm/mth)1

> Domestic consumption and online retail continue to > Rental rates remains stable
drive demand for logistics space
> 99% average lease ratio
> Weighted average lease expiry (“WALE”) of 3.4
years > 80% retention rate

> Same-store rental rate growth of 4.0% > WALE of 5.4 years

Notes:
1. Stabilised logistics portfolio; rental includes management fee 22
 Agenda

> Company Overview

> Market
> Platform
> Strategy

GLP Park Longgang 23

23
 Strategically Growing the Portfolio
> China
- Disciplined investment approach
- Enter new sub-markets with ≥ 75% lease ratio
- Start new phase of existing project when lease ratio ≥ 85%
- Indicative demand of 1.5 to 2 times demand before starting a new development
- Organic growth (development starts)
- FY2011: 1.22m sqm
- FY2012: 1.66m sqm
- FY2013 target: 2.0m sqm
- Acquisition growth - acquire stakes in companies with quality assets to enhance “Network Effect”

> Japan
- GLP is partnered with CPPIB to build modern logistics properties in Japan
- GLP Misato III, GLP Soja & GLP Atsugi have been announced and multiple other opportunities are
currently been pursued
- FY2013 development starts target: 0.4m sqm
- Strategic acquisitions which enhance GLP’s fund management platform
- In Feb 2012, GLP and China Investment Corporation (CIC) formed a Joint Venture to acquire modern
logistics facilities in Japan
24
GLP and China Investment Corporation form Joint Venture to
Acquire Modern Logistics Facilities in Japan

Acquisition target  15 Logistics facilities from LaSalle Investment Management (the “Portfolio”)

Joint Venture Partner  China Investment Corporation (“CIC”)

Partnership Structure  50% GLP/ 50% CIC

 GLP will serve as managing member of the joint venture, providing asset management and property
management and leasing services.

Consideration  Total consideration JPY122.6 billion (US$1.6 billion)

Equity financing  Equity contribution of JPY21.22 billion (US$272.9 million) from each partner
 GLP will fund its equity contribution from internal resources (cash on hand)

Debt financing  Agreed facility from a group of domestic Japanese banks for JPY81 billion at an estimated 1.5% blended
interest rate for five years

Completion date  Transaction closed Feb 8, 2012

Portfolio overview  Gross Floor Area (“GFA”) of 770,989 sqm

 More than 90% of GFA concentrated in Greater Tokyo and Osaka
 Weighted Average Building Age of 6.9 years
 Weighted Average Lease Expiry (“WALE”) of 5.6 years
 Occupancy rate of 98.3%
 Majority of tenants are 3PL and e-commerce customers

25
GLP and China Investment Corporation form Joint Venture to
Acquire Modern Logistics Facilities in Japan

> Solid Portfolio of high quality assets in prime locations with attractive returns
> 12% Year One levered cash-on-cash yield, before fees GLP will earn from the
venture
> More than 90% of Portfolio in Greater Tokyo and Osaka
> Stable & visible cashflow - Occupancy at 98.3% and WALE at 5.6 years
> Tenant diversification with exposure to 3PL and e-commerce sectors
> Establishes partnership with CIC
> Builds up GLP’s fund management platform
> Further increases GLP’s leading and dominant market position in Japan

26
 Recycling Capital to Enhance Shareholder Value

> Short cash conversion cycle enhances returns Capital recycling model
while limiting risk exposure
- Logistic properties have short cash conversion
cycle of 1.5 years from investment to achieving Utilize recurring
Short cash
stabilized cash flows income streams
conversion
- Other sectors such as office and retail properties cycle
have much longer cash conversion cycles

> Utilize recurring income streams from completed

properties to fund near-term growth
- FY2012 net cash flow generated from operations
amounted to US$418m, up 16% from FY2011

> Target rebalancing of GLP’s portfolio with

greater emphasis on China
Rebalance GLP portfolio
- Grow China portfolio
- Explore monetization of Japanese assets

27
 Agenda

> Company Overview

> Market
> Platform
> Appendix

GLP Park Longgang 28

28
Diversified Exposure Across Industries

Completed Logistics Properties by End-user Industry (by Leased Area1)

China Japan

Auto & Parts, 4%

Auto &
Parts, 10% Pharma / Medical Retail/Fast
Instruments, 5% Food
Retail/Fast Chain, 13%
Food Chain, Electronics/
25% High-tech, 21%
Electronics/
Pharma / High-tech,
Medical 18% Others, 9%
Instruments,
3%
Others, 3% General Logistics
General
Machinery, Logistics FMCG, 21% Services, 8% FMCG, 40%
1% Services,
20%

E-commerce represents 15% of leased area in China and 11% in Japan.

Notes:
1. As at March 31, 2012. 29
2. Any discrepancy between individual amounts and total is due to rounding.
Well Staggered Lease Expiry Profile

Lease Expiry Profile (leased area)

As at March 31, 2012

31%

21%

14% 14% 12%

9%

Notes:
1. Group percentages in italics above the bars 30
2. Any discrepancy between individual amounts and total is due to rounding.
 Joint Venture with Transfar Road-Port

> GLP established a 60/40 joint venture with Transfar Road-Port. The joint Breakdown of China’s Logistics
venture will own three road port assets with total GFA of 950,941 sqm under Expenditure
a Masterlease with assets in Hangzhou, Chengdu and Suzhou.
Warehouse cost
> Partnership will bring significant logistics cost savings to GLP’s Management 8.6%
cost
customer base 12.7%

> Going forward, GLP will develop and operate logistics parks adjacent to Other storage
future road port projects Potential to convert parking lots to logistic parks cost
to increase land bank. 24.3%
- Pipeline projects encompass18 different cities Transportation
cost
> Strong demand from mid-small 3PLs 54.4%
- Enhanced truck utilization rate Source: China Logistics and Purchase Federation,
2008
> Benefits to local governments
- Increased tax revenues Terms of Joint Venture
- Job creation > GLP will invest US$151 million of
- Effective use of urban land equity into the joint venture
- Integrating scattered resources in a single location
> The joint venture will be treated as a
consolidated entity

31
Summary of China New Acquisitions
New Acquisitions in China Zhejiang Transfar Logistics Shanghai Yupei Group Co., Vailog S.r.I’s (“Vailog”)
Base Co., Ltd (“Transfar”) Ltd (“Yupei”)

Closing Date December 2011 October 2011 * August 2011

Stake 60% 50% - 85% * 90% - 100%*

Accounting Treatment Consolidated Equity accounted * Consolidated

Consideration 150.8 96.4 * 55.5*

(US$ million)

PATMI impact for FY2012 assuming 6.7 0.7 4.1

the acquisition completed on April
1, 2011
(US$ million)

Completed portfolio (sqm) 9 properties 14 properties 6 properties

950,942 (GFA) 231,245 (GFA) 152,366 (GFA)

Pipeline/under development (sqm) 1 property - -

9,335 (GFA)

Highlights Assets in Chengdu, Suzhou and Assets in Shanghai, Suzhou Assets in prime Shanghai
Hangzhou and Chuzhou locations

* On 8 March 2012, additional equity shareholdings of 1% in Yupei was acquired for a consideration of US$2 million.
GLP has increased its stake to 85% in Yupei Anting and Yupei Suzhou for a consideration of US$24.2 million and US$15.0 million respectively. Stake in Vailog
Jiading was also increased to 100% for a consideration of US$0.9 million.
32
Detailed Notes to Financial Highlights and Portfolio Summary

Notes

1 Exchange rates used in the preparation of the full year financials and the portfolio summary are as follows:

Balance sheet As at As at As at Income statement 1 Jan 12 1 Jan 11 1 Apr 11 1 Apr 10

items 31 Mar 12 31 Dec 11 31 Mar 11 items to 31 Mar 12 to 31 Mar 11 to 31 Mar 12 to 31 Mar 11
Month end closing rates: - Reporting period average rates:-
RMB / USD 6.32 6.36 6.57 RMB / USD 6.31 6.59 6.40 6.72
JPY / USD 82.28 77.41 82.87 JPY / USD 79.26 82.25 78.99 85.73
SGD / USD 1.26 1.30 1.26 SGD / USD 1.26 1.28 1.25 1.33

2 “Pro-rata GFA” and “Pro-rata valuation” refer to GFA and valuation of properties in our subsidiaries, including non-wholly owned entities,
and jointly-controlled entities (including our share of newly acquired Japan portfolio held for sale), pro-rated based on our interest in
these entities.
3 “Other facilities” includes container yard and parking lot facilities, which are in various stages of completion.
4 “Properties under development or being repositioned” consists of five sub-categories of properties: (i) properties that we have
commenced development, (ii) a logistics facility that is being converted from a bonded logistics facility to a non-bonded logistics facility,
(iii) a logistics facility that is being converted from a non-bonded logistics facility to a bonded logistics facility, and (iv) a logistics facility
which will be upgraded into a standard logistics facility (v) a logistics facility that is waiting for clearance from relevant government
departments
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.

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Consolidated Income Statements
(US$'000) Three-month Three-month
period ended period ended Year ended Year ended
Mar 31, 2012 Mar 31, 2011 Mar 31, 2012 Mar 31, 2011
Revenue 153,270 124,434 565,627 473,865
Other income 2,862 3,326 7,582 8,818
Management fees (6) (24) (60) (15,928)
Property-related expenses (26,633) (18,843) (92,355) (74,478)
Other expenses (24,070) (18,394) (85,124) (42,385)
105,423 90,499 395,670 349,892
Share of results (net of income tax) of jointly-controlled entities 60,685 7,258 106,709 131,514

Share of operating results 14,169 2,855 24,805 24,805

Share of changes in fair value of investment properties 46,516 4,403 81,904 106,709

Profit from operating activities after share of results of jointly- 166,108 97,757 502,379 481,406
controlled entities
Net finance income/(costs) (33,741) (24,623) (63,425) (55,542)
Interest income 3,639 265 7,092 802
Net borrowing cost (23,900) (22,590) (103,884) (82,596)
Foreign exchange gain (15,408) (6,429) 23,407 14,917
Changes in fair value of financial derivatives 1,928 4,131 9,960 11,335
Non-operating income (670) 351 2,117 351
Profit before changes in fair value of investment properties 131,697 73,485 441,071 426,215

Changes in fair value of investment properties 55,798 (8,927) 196,875 456,313

Profit before income tax 187,495 64,558 637,946 882,528
Income tax (23,168) (15,756) (82,721) (85,044)
Profit for the period 164,327 48,802 555,225 797,484
Attributable to
Equity holder of the company 156,527 49,236 540,753 706,062
Non-controlling interests 7,800 (434) 14,472 16,369
Profit for the period 164,327 48,802 555,225 722,431

Note: Figures for FY2011 have been reclassified

Comparative income statements have been prepared on a combined basis 34
Consolidated Statement of Financial Position
(US$'000) As at As at
Mar 31, 2012 Mar 31, 2011
Investment properties 10,228,084 8,987,435
Intangible assets 498,158 501,312
Jointly-controlled entities 791,267 372,433
Deferred tax assets 22,125 18,411
Plant and equipment 8,109 4,620
Other investments 45,564 62,689
Other non-current assets 64,087 22,341
Non-current assets 11,657,394 9,969,241
Trade and other receivables 219,738 126,715
Cash and cash equivalents 1,616,112 1,559,893
Asset classified as held for sale 86,886
Current assets 1,922,736 1,686,608
Total assets 13,580,130 11,655,849
Share capital 5,942,724 5,941,696
Capital securities 590,115 -
Reserves 1,255,066 677,335
Equity attributable to equity holder of the company 7,787,905 6,619,031
Non-controlling interests 520,322 357,708
Total equity 8,308,227 6,976,739
Loans and borrowings 3,169,089 2,755,100
Financial derivative liabilities 4,367 10,426
Deferred tax liabilities 447,321 329,803
Other non-current liabilities 166,449 125,795
Non-current liabilities 3,787,226 3,221,124
Loans and borrowings 1,006,293 937,067
Trade and other payables 462,667 502,943
Financial derivative liabilities 7,502 14,682
Current tax payable 8,215 3,294
Current liabilities 1,484,677 1,457,986
Total liabilities 5,271,903 4,679,110
Total equity and liabilities 13,580,130 11,655,849
•Note: Figures for FY2011 include adjustments within the measurement period to identifiable assets acquired, liabilities assumed and resulting goodwill recognised for GLPH
and ACL acquisitions.
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 Investor Relations Contact:

Ambika Goel, CFA Jess Sie Aw

SVP- Capital Markets and Investor Relations Senior IR & PR Manager
Tel: +65 6643 6372 Tel: +65 6643 6371
Email: agoel@glprop.com Email: jsaw@glprop.com

GLP Park Suzhou 36

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