For Immediate Release GLP AND CANADA PENSION PLAN INVESTMENT BOARD ESTABLISH SECOND JAPAN DEVELOPMENT VENTURE GLP JDV II: US$2 bn follow-on venture that leverages success of GLP JDV I Enhanced investment strategy provides higher flexibility and attractive returns Tokyo, Japan / Toronto, Canada, 17 February 2016 GLP, the leading global provider of modern logistics facilities, and Canada Pension Plan Investment Board ( CPPIB ), one of the leading retirement funds in the world, announced the establishment of a 50:50 joint venture, GLP Japan Development Venture II ( GLP JDV II ), with total equity commitments of JPY100 billion (USD 873 million 1 ). GLP JDV II is expected to reach US$2 billion over three years. The Venture s investment strategy allows it to sell assets to GLP J-REIT, providing higher flexibility and attractive returns. GLP JDV II is expected to commence construction of new developments in 2016. Mr. Ming Z. Mei, Chief Executive Officer of GLP, said: The demand for modern logistics facilities in Japan remains very strong and we are delighted to have the opportunity to partner with CPPIB once again. The market landscape has evolved since the launch of our first Japan development fund more than four years ago and we feel it is a good time to lock in long-term capital. 1 Unless stated, all exchange rates are reported as 1 USD = JPY114.60, the closing exchange rate as of 15 February 2016 http://www.glprop.com 1
Jimmy Phua, Managing Director and Head of Real Estate Investments, Asia, CPPIB, said: The strong fundamentals in Japanese logistics market, as well as GLP s attractive development pipeline, make GLP JDV II a compelling investment opportunity for a long-term investor like CPPIB. We remain committed to investing in the Japanese market and are pleased to do so, while also continuing our strategic relationship with GLP, one of our key global real estate partners. GLP JDV II is a follow-on venture to GLP Japan Development Venture I ( GLP JDV I ), GLP and CPPIB s first Japan development venture which was launched in September 2011 and expanded twice since. GLP JDV I has reached 92% of its investment capacity, with US$2.4 billion 2 of projects in various stages of development. GLP and CPPIB continue to see solid customer demand driven by limited supply of modern logistics infrastructure and ongoing supply chain modernization. GLP JDV II will be seeded with GLP Nagareyama, a large-scale logistics park in Greater Tokyo providing 319,000 sqm (3.4 million sq ft) of total gross floor area. GLP Nagareyama is GLP s largest development project in the country, expected to be constructed in phases at a total investment cost of JPY59 billion (US$515 million). M3 Capital Partners (HK) Limited served as exclusive financial advisor to GLP in connection with the formation of GLP JDV II. 2 When fully leveraged and invested http://www.glprop.com 2
About GLP (www.glprop.com) GLP is the leading global provider of modern logistics facilities. The Company develops, owns and manages a 50 million square meters (538 million square feet) portfolio of logistics facilities across China, Japan, Brazil and USA that cater to domestic consumption. GLP s 4,000 customers include some of the world s most dynamic manufacturers, retailers and third party logistics companies. Fund management is an important and growing part of GLP s business, providing significant capital to support sustainable long-term growth, while enhancing returns on GLP s invested capital. As of December 31, 2015, GLP s total portfolio assets amounted to US$34 billion. GLP is listed on the Mainboard of Singapore Exchange Securities Trading Limited (SGX stock code: MC0.SI; Reuters ticker: GLPL.SI; Bloomberg ticker: GLP SP). About Canada Pension Plan Investment Board (www.cppib.com) Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 19 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City and São Paulo, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At December 31, 2015, the CPP Fund totaled C$282.6 billion. For more information about CPPIB, please visit www.cppib.com or follow us on LinkedIn or Twitter. For further information, please contact GLP Ambika Goel, CFA SVP- Capital Markets and Investor Relations Tel: +65 6643 6372 Email: agoel@glprop.com http://www.glprop.com 3
Canada Pension Plan Investment Board Dan Madge Senior Manager, Media Relations Tel: +1 416 868 8629 Email: dmadge@cppib.com ## END ## This press release is not an offer of securities for sale or a solicitation of an offer to purchase securities. The information in this press release may not contain, and you may not rely on this press release as providing, all material information concerning the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of GLP or its subsidiaries. Please refer to our unaudited financial statements for a complete report of our financial performance and position. This release may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements include statements regarding the intent, belief and current expectations of GLP or its officers with respect to various matters. When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," intends, foresees, estimates, projects, and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Similarly, statements that describe objectives, plans or goals also are forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes, and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events and speak only as of the date of this press release. GLP 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 GLP s assumptions are correct. http://www.glprop.com 4
GLP Establishes GLP Japan Development Venture II 17 February 2016
GLP Japan Development Venture II GLP and CPPIB establish second development venture GLP JDV II is expected to reach US$2 billion 1 over three years Venture leverages GLP s scalable fund management platform and success of GLP JDV I Enhanced investment strategy and fee structure Flexibility to sell assets to J-REIT allows for more attractive risk-adjusted returns GLP s US$34 billion fund management platform continues to expand rapidly (mm sqm) 4.6 GLP is the Market Leader in Japan GLP JDV II Overview Total Equity Commitments: US$870 million 2 Target Loan-to-Value: ~58% 2.5 2.3 Investment Capacity: US$2 billion 1 1.1 1.0 0.8 0.8 0.7 0.7 0.7 Buildable Area: 1.0 million sqm GLP Prologis Daiwa House JLF Mitsubishi Lasalle Mitsui RE Nomura RE Goodman Japan Source: Company websites, various news sources, CBRE estimates based on available information Note: 1. When fully leveraged and invested; does not factor in potential value creation 2. Based on 1 USD = JPY 114.60, the closing exchange rate as of 15 February 2016 Mapletree Investment Period: Stake: 3 years GLP: 50% CPPIB: 50% 2
GLP Japan Development Program GLP JDV I has reached 92% investment capacity U$2.4 billion of projects in various stages of development GLP JDV II is expected to reach US$2 billion over three years Seeded with GLP Nagareyama (US$515 million 1, 319,000 sqm) which commenced development in December 2015 GLP locks in long-term capital to scale up expansion and maximize returns through fees and promotes Sep 2011 - US$1bn GLP JDV I established Feb 2013 GLP JDV I more than doubled GLP JDV I Oct 2014 GLP JDV I expanded to US$2.2bn March 2017-2016 CLF I fully GLP JDV I leveraged fully leveraged and and invested 2QF Y16 - US$ 7.0b CLF II esta Feb 2016 - GLP JDV II blish established ed 4QFY14 - CLF I investmi Int capacityi fully utilized GLP JDV II GLP JDV II expected to reach US$2bn over 3 years 1QFY17 - CLF II begins constructio Sep 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Note: 1. Based on 1 USD = JPY 114.60, the closing exchange rate as of 15 February 2016 3
Japan: Modern Economy with Outdated Logistics Infrastructure Modernizing an outdated stock of existing warehouses is the opportunity in Japan. As the largest owner and developer in the market, GLP is well positioned to continue modernizing and consolidating the warehouse property market in Japan Modern Logistics Facilities in Japan are Scarce Outsourcing and E-commerce Trends Driving Demand for Modern Logistics Facilities Others 97% Modern Logistics Facilities 3% JAPAN 3PL MARKET +125% FY2006 - FY2015 JAPAN E-COMMERCE SALES +270% FY2006 - FY2015 Source: CBRE. Represents facilities with Area 10,000 sqm 4
GLP Fund Management Platform GLP provides its institutional investment partners a range of country specific funds with return targets ranging from core to opportunistic Fund Name Vintage Type Assets under Management 1 Investment To-Date Joint Venture Partners Total Equity Commitment GLP Co- Investment CHINA CLF I Nov 2013 Opportunistic US$3.0bn US$1.6bn Various US$1.5bn 55.9% CLF II Jul 2015 Opportunistic US$7.0bn US$0.0bn Various US$3.7bn 56.4% Total China US$10.0bn US$1.6bn US$5.2bn 56.3% GLP Japan Development Venture Sep 2011 Opportunistic US$2.4bn US$1.5bn CPPIB US$1.1bn 50.0% JAPAN GLP Japan Income Partners I Dec 2011 Value-add US$1.0bn US$1.0bn CIC, CBRE US$400m 33.3% GLP J-REIT Dec 2012 Core US$3.5bn US$3.5bn Public US$1.6bn 15.0% GLP Japan Development Venture II Feb 2016 Opportunistic US$2.0bn US$0.0bn CPPIB US$0.8bn 50.0% Total Japan US$8.9bn US$6.0bn US$3.9bn 34.4% BRAZIL GLP Brazil Development Partners I Nov 2012 Opportunistic US$900m US$500m CPPIB, GIC US$600m 40.0% GLP Brazil Income Partners I Nov 2012 Value-add US$700m US$700m CIC, CPPIB, GIC US$400m 34.2% GLP Brazil Income Partners II Oct 2014 Value-add US$700m US$600m CPPIB & Other Investor US$500m 40.0% Total Brazil US$2.3bn US$1.8bn US$1.5bn 38.2% US GLP US Income Partners I 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 <10% 2 Total US US$12.9bn US$12.9bn US$5.2bn 10.2% Total US$34.1bn US$22.3bn Various US$15.8bn 31.9% Note: 1. AUM based on cost for in-progress developments (does not factor in potential value creation) and latest appraised values for completed assets 2. 66% is under contract as of November 2015, with additional investors expected to join by April 2016. GLP expects to retain a stake of less than 10% 5
Disclaimer 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. By accepting and/or viewing the Information, you agree to be bound by the foregoing limitations. 6
GLP Tianjin Pujia China Investor Relations Contact Ambika Goel, CFA SVP - Capital Markets and Investor Relations Tel: +65 6643 6372 Email: agoel@glprop.com