The Rail Central Rail Freight Interchange and Highway Order 201[x]

Planning Act 2008 | Infrastructure Planning (Applications: Prescribed Forms and Procedure) Regulations 2009

PINS Reference Number:TR050004Document Reference: 4.2Regulation Number: Reg 5(2)(h)

Funding Statement

September 2018Version 1.0

Ashfield Land Management Limited and Gazeley GLP

The Rail Central Freight Interchange and Highway Order 201X

Funding Statement

Document Reference 4.2

APFP Regulation 5(2)(h)

Author Ashfield Land Management Limited and Gazeley GLP

Date 26 October 2018

Revision 1

AC_152534442_1

CONTENTS

Clause Page

1. INTRODUCTION ............................................................................................................................. 1 2. THE APPLICANT ............................................................................................................................ 1 3. LAND ACQUISITION AND COMPENSATION ............................................................................... 2 4. FUNDING THE PROJECT .............................................................................................................. 2 5. CONCLUSIONS .............................................................................................................................. 4 6. APPENDICES ................................................................................................................................. 5

AC_152534442_1 1

1. INTRODUCTION

1.1 Ashfield Land Management Limited (Company number 02634101) (Ashfield Land) and Gazeley GLP Northampton s.à r.l. a Luxembourg société à responsabilité Limitée (private Limited Liability Company) whose registered office is at (Arendt Services) 19 Rue de Bitbourg, L-1273, Luxembourg registered with the Luxembourg Register of Commerce with registration number B221335) (Gazeley GLP Northampton) are together the Applicant for the proposed Rail Central Freight Interchange and Highway Order 201X (the Order).

1.2 The Applicant is planning to develop the Rail Central Strategic Rail Freight Interchange ("the Project"). The Project comprises a new Strategic Rail Freight Interchange ("SRFI") and associated logistics / warehouse buildings that could provide up to 702,097 sq m of rail connected and rail served warehousing with storage and distribution warehouses and ancillary office accommodation south of Northampton, and between the villages of Blisworth and Milton Malsor ("the SRFI Site"). The Project comprises two Nationally Significant Infrastructure Projects, being the SRFI itself and improvements to Junction 15A of the M1, which are a NSIP in their own right.

1.3 The Project has strategic connectivity to key transport infrastructure, namely the West Coast Mainline, the Northampton Loop Line, the A43 and the M1. The Project would connect into the West Coast Mainline and the Northampton Loop Line, as well as into the A43 trunk road within approximately 2 miles of the M1 motorway. It would also bring associated improvements to Junction 15A of the M1, as well as other highways improvements in the surrounding area.

1.4 The Project comprises two Nationally Significant Infrastructure Projects, being the SRFI itself and improvements to Junction 15A of the M1 which are a NSIP in their own right. The application for the Order includes a request that powers of compulsory acquisition be made available to the Applicant to deliver the Project. Accordingly a Funding Statement is required to be submitted with the application for development consent, as per Regulation 5(2)(h) of the Infrastructure Planning (Applications: Prescribed Forms and Procedure) Regulations 2009 (the APFP Regulations). This Funding Statement has been prepared in accordance with "Guidance related to procedures for the compulsory acquisition of land" issued in September 2013 by the Department of Communities and Local Government (as it was then).

1.5 This Funding Statement explains how the Applicant proposes to fund the land and rights to be acquired and also the implementation of the Project. It is part of a suite of DCO application documents and should be read alongside those documents. In particular, this Statement should be read in conjunction with the Statement of Reasons (Document 4.1).

2. THE APPLICANT

2.1 Gazeley GLP Northampton is an entity created for the specific purpose of delivering the Project and is currently wholly owned by GLP Co-Invest s.à r.l, which in turn is wholly owned by GLP Pte. Ltd. These entities are part of Global Logistics Properties, ("GLP") a Singapore based investor developer and manager of logistics property. GLP has 2,836 completed properties in 1,163 logistics parks globally, in Brazil, China, Europe, Japan and the United States. It has approximately US$50 billion of assets under management and a global portfolio of 667 million sq.ft.

2.2 Ashfield Land is an expert property company working across the commercial and residential sectors. Established in 1990, Ashfield Land has delivered consistently across three decades and through several property cycles. Ashfield Land is defined by its ability to create long term value and is working across the UK to drive forward quality developments.

2.3 The draft DCO (Document 3.1) has been drafted that both Gazeley GLP Northampton and Ashfield Land are undertakers for the purposes of delivering the Project.

2.4 The two companies are working together to bring forward the Project combining a wealth of expertise in delivering commercial and logistics projects across the UK and Europe. The legal relationship between the two parties is governed by an agreement that was entered into in

AC_152534442_1 2

January 2018. Up until the parties entered into the agreement, Ashfield Land assembled and promoted the site. The parties will work together to obtain the DCO and once this has been obtained, Gazeley GLP Northampton will carry out the development.

3. LAND ACQUISITION AND COMPENSATION

3.1 The Applicant has acquired necessary rights and interests in approximately 84% of the SRFI Site, of which 24% is owned outright (registered freehold) by the Applicant and 60% is under option. It is anticipated that, if the remaining 16% of the SRFI Site still to be acquired is acquired compulsorily, the acquisition costs payable in respect of it will be in the region of £2 million.

3.2 Outside the SRFI Site, approximately 92 acres of land is still to be acquired. If this land is acquired compulsorily, the total acquisition costs payable in respect of it will be in the region of £1.3 million. The Applicant will continue to negotiate to secure the interests in land required for the Project by voluntary agreement, where possible on appropriate commercial terms.

3.2 The Applicant has been negotiating with all known landowners who have an interest within the Order Limits and has in most cases either acquired an interest or reached an advanced stage of negotiations. As such, the Applicant can meet claims for land rights and blight (if any) when they fall due.

3.3 For certain residential properties that are close to, but outside the Order Land, the Applicant has introduced a discretionary scheme of Property Bonds which will, in appropriate circumstances, compensate participating owners for diminution in property values resulting from the Project caused by a wider set of factors than those that would otherwise be available under the Statutory Compensation Code. The Applicant has offered to issue Property Bonds to qualifying owners and pay for valuation costs together with the owner's reasonable legal fees for entering into them.

4. FUNDING THE PROJECT

4.1 The Applicant will have the ability to procure the financial resources necessary to fund the works to be authorised by the Order, which are anticipated to be in the region of £500 million.

4.2 The Applicant intends to secure funding for construction of the Project after certainty is obtained on the development consent, the tender process is complete for the major construction contracts and the investment case has been satisfied. Once these criteria are met the Applicant will take a final investment decision (FID) which will irrevocably commit funding.

4.3 Gazeley GLP Northampton has access to capital resources through GLP Co-Invest s.à r.l and ultimately GLP to enable it to fund the total development cost of the project. Equity would be invested in the first instance. However, in the ordinary course of its business, GLP may in the near-term either syndicate its investment through the introduction of other institutional investors using a fund structure, or refinance its equity with debt. Such funding structures are subject to ongoing review, in line with changes in the funding and investment markets. No public funding is envisaged.

4.4 In the event that Ashfield Land transfers all the benefit of the Order to Gazeley GLP Northampton, the draft Order provides at Article 8 that the consent of the Secretary of State will not be required. For any transfer of a part of the Order (and such related statutory rights) to a statutory undertaker, or of part of the Order and such related statutory rights to a relevant highway authority, the consent of the Secretary of State will likewise not be required. For any other transfer of the benefit of the Order, including any transaction where Gazeley GLP Northampton have ceased to be involved with the Project, the consent of the Secretary of State will be required.

Article 8 of the draft Order as originally submitted with the application for the Order (and which may be subject to change before the Order is made by the Secretary of State) states the following:

AC_152534442_1 3

Consent to transfer Benefit of the Order

"8.—(1) The undertaker may with the consent of the Secretary of State— (a) transfer to another person (“the transferee”) any or all of the benefit of the provisions of this Order (including any of the numbered works) and such related statutory rights as may be agreed in writing between the undertaker and the transferee; or

(b) grant to another person (“the lessee”) for a period agreed between the undertaker and the lessee any or all of the benefit of the provisions of this Order (including any of the numbered works) and such related statutory rights as may be so agreed in writing between the undertaker and the lessee.

(2) Where an agreement has been made in accordance with paragraph (1) references in this Order to the undertaker, except in paragraph (4), include references to the transferee or lessee.

(3) The exercise by a person of any benefits or rights conferred in accordance with any transfer or grant under sub-paragraph (1) is subject to the same restrictions, liabilities and obligations as would apply under this Order if those benefits or rights were exercised by the undertaker.

(4) No consent of the Secretary of State is required if:

(a) Ashfield transfers all or part of the benefit of the Order to Gazeley;

(b) Part of the benefit of the Order and such related statutory rights are transferred to a statutory undertaker in relation to the relevant works of that undertaking; or

(c) Part of the benefit of the Order and such related statutory rights are transferred to a relevant highway authority in relation any highway works for the benefit of that relevant highway authority.

(5) Where consent of the Secretary of State is not required pursuant to sub-paragraph (4), the undertaker must notify the Secretary of State in writing before transferring or granting the benefit of the Order.

(6) The notification referred to in sub-paragraph (5) must:

(a) be signed by Ashfield and Gazeley, or Gazeley only where Ashfield has already transferred its interest in the relevant part or parts to Gazeley; and

(e) specify the date on which the transfer will take effect (such date to be no earlier than one week from the date of issue of the notification)."

4.5 The draft Order also contains a provision at Article 38 that for any transfer of the benefit of the Order other than a transfer to Gazeley GLP Northampton, a statutory undertaker, or a relevant highway authority, no exercise of compulsory acquisition powers will be permitted until a guarantee, or alternative form of security, is in place with the Secretary of State to ensure that the liabilities of any new undertaker to pay compensation in respect of the compulsory acquisition powers can be met.

4.6 Article 38 of the draft Order as originally submitted with the application for the Order (and which may be subject to change before the Order is made by the Secretary of State) states the following:

Guarantees in respect of payment of compensation

"38.—(1) If the benefit of the Order is transferred to a person pursuant to article 8(1) (consent to transfer benefit of the Order) other than a person for which the consent of the Secretary of State is not required under Article 8(4) and following the completion of an instrument to effect the transfer of the benefit of the Order under article 8(1), the new undertaker must not exercise a power conferred by articles 25 to 37 (powers of acquisition) unless a guarantee or alternative

AC_152534442_1 4

form of security in respect of the liabilities of the undertaker to pay compensation under the power being exercised is first secured.

(2) Sub-paragraph 1 shall not apply in the event that the time limits for claims for compensation in respect of the acquisition of land or effects upon land under this Order have elapsed and—

(a) no such claims have been made;

(b) any such claim has been made and has been compromised or withdrawn;

(c) compensation has been paid in final settlement of any such claim;

(d) payment of compensation into court has taken place in lieu of settlement of any such claim; or

(e) it has been determined by a tribunal or court of competent jurisdiction in respect of any such claim that no compensation shall be payable.

(3) The form of guarantee or security referred to in sub-paragraph (1), and the amount guaranteed or secured, must be approved by the Secretary of State.

(4) The undertaker must provide the Secretary of State with such information as the Secretary of State may reasonably require relating to the interests in the land affected by the exercise of the powers conferred by articles 25 to 37 (powers of acquisition) for the Secretary of State to be able to determine the adequacy of the proposed guarantee or security including—

(a) the interests affected; and

(b) the undertaker’s assessment, and the basis of the assessment, of the level of compensation.

(5) A guarantee or other security given in accordance with this article that guarantees or secures the undertaker’s payment of compensation under this Part shall be enforceable against the guarantor or provider of security by any person to whom such compensation is properly payable.

(6) Nothing in this article requires a guarantee or alternative form of security to be in place for more than 10 years from the date on which the relevant power is exercised."

4.7 The experience of the Applicant and of the wider industry is that there is no reason to believe that the required funding for the Project would not be available in the period during which compulsory acquisition powers would be available to the Applicant under the Order, if made.

4.8 The Secretary of State can therefore be satisfied that, as a result of the Applicant's experience and reputation, funds are likely to be available to meet the capital expenditure for:

• The cost of the Project;

• The cost of acquiring the land identified in the Order;

• The cost of compensation otherwise payable in accordance with the Order.

4.9 In summary, the financial resources that can be accessed by the Applicant are substantial. The Applicant is therefore able to provide the required funding for the Project, including all likely compensation liabilities resulting from the exercise of compulsory acquisition powers.

5. CONCLUSIONS

5.1 Appropriate funding for liabilities for compensation arising from the acquisition of land and rights, the creation of new rights and for statutory blight will be available where compensation is appropriately and reasonably claimed.

AC_152534442_1 5

5.2 The Applicant will be able to secure appropriate funds both for compensation to landowners and for the construction of the Project. The Applicant has a track record in commercial development, delivering large scale logistics and distribution schemes and is capable of securing and providing such funds.

5.3 The Order contains appropriate safeguards to ensure than any transferee of the benefit of the Order will also have access to appropriate funding for liabilities for compensation claims.

5.4 The Secretary of State can therefore be satisfied both that funding is likely to be available for claims for compensation by landowners and also that the Project is soundly backed and there is no reason to believe that, if the Order is made, the Project will not proceed.

6. APPENDICES

6.1 The Annual Report and Financial Statement registered with the Singapore Accounting and Corporate Regulatory Authority ("ACRA") for GLP Pte. Ltd. for year ended 31 March 2018 are attached at Appendix 1.

AC_152534442_1 6

APPENDIX 1

Annual Report and Financial Statement

~~~' Pty. ltd.(1~or~nerly l~~.ow~n as Global Logistic PI•opei•ties Limited)

and i~~ subsidiaries

12egistration tium~~et•: 20O7158327

Atu~ual Kepo~~t

YeaT~ ended 31 IYlarch 2018

GLP Pte. Ltd.{formerly kr~o;,~n us Glo6a1 Logistic Praperlies Lin~iled)

mu1 ifs suba'irlrrrriesI~n-ecta's' .rin~entent

Year ervded 3! ~idcrrclt 2018

~it•eetoa-s' statement

We are pleased to submit this Annual Report to the members ~f GI,P Pte. Ltd. (formerly kno~vi~

as Global Logistic Properties Limited} (the `'Compaily'~) to~etl~er with the audited financialstatements for the fuaancial year ended 31 March 2018.

Iii our opinion:

(a) t:he financial statements set o~it on p~iges ~FSI to FS1U5 are drawn up so as to give a true rzndfair view of the financial position of the Gz~oup and of the Coi~npany as at 31 N11rc11 2078

and tk~e finaticial perfo~~manoe, cf~anges in equity ~z~d cash flows of the Group for tlae yearended on that dale u1 accordance with the provisions of the Singapore Companies Act,

Chapter 50 and Singapore f financial Reporting Standards; and

(b) aC tl~e date of dais st~tcrncnt, there are reasonable grounds to I~elicve EI~~t the Company will

be able to pay its debts as and wliei~ they fall due.

The Board of Dia'ectoz•s leas, oil tl~e date of"this state lent, authorized t}aese tivancial staCcmentsI~or issuz.

~arectars

The llirectors in off7ce at the date of this statei~lent are as follows:

Stephen K. Schulte

JvSat•k Tan Hai NernPaul Wee Hsiao Chung

Change of Coan~~any I~amc

(Appointed on 23 7anuary 2018)

(Appointed on 23 lanliary 21)18)

(A~pointed oii ?3 .lanuary 2018)

T~urin~ the financial year; the Company ehangcd its name. to GLP Pte. Ltd. with effect from23 January 20l 8.

GI Y i'~e. 1.7d.(forvaerl~~ kno>>»z as iilobal Logistic Properties Gimltedj

and rf5' suh.rirlrm•iesDirectors's'~aleinent

Year ended 31 ~1~Inrclz ZlJlB

directors' lii~erests i» ~Sl~at•es or ~ebentui•es

According to the register• kept by the ComE~at~~y for• the purposes of Section 16~t of the Singap~>reCompanies Act, Ghaptcr 50 (the "AcT"), particulars of interests of llirectors who held office atthe end of the flnaneial year (including those held by their s~~ouses and infant children) in s►~aresand share options in the Compa~ly anti in its related corporatio~ls (other than wholly-owned~i~bsidi~ries) are as follows:

iVame of Director andcorporation in v~~hiehinterests are held

Subsidiary

C~L,P China IIotdiaygsI.,ie~~ited (formerlyknorv►i as Iowa ChinaOffsho►•e d-Io4clings(Honk Kong) Lin~it~d){"GLP C3~ina"}

Q~~dincrr~~ S7rarccs

Mark Tan Hai ?~~ern~'~

Paul Wee Hsiao Cht~r~g~'>

Note:

Meld in the name oS'Director or nominee

~Ioldiiigs ~3[ol~iin;;sat date of ~t end

nppoinYment of ye~u~

I3eemed InterestI~ioldings T~o6dingsat date o1' at end

appoint►nend of yca~•

12l ,072,268

121,072,268

12 ] ,072,268

I Z I ,072,264

(1) Under the Employee Shire Plan of GLP ("`Employee SPiare Plan"), awards of ordinary shares in thecapital of GLP China ("GLP China Shires") are granted to eligible employes of the group comprisingGLP and its subsidiaries (the "Group"). l-Iolders of~such a~.vards may he entitled to rece;ve GLP ChinaShares subject to fulfilment of certain conditions and the rules of the F,mployee Share Flan. Pursuantto the employee Share Ylan, a trust (`Trust') was established to hold 1'L (,072,268 GLP China Sharesfor the t~enefit of certain eligible em~~loyces of the Group; including Mark 'tan Hai Nern and PaulWee Hsiao Chung. Accordingly, by virn~e of Section 7(2) of the Act, Mark Tan Hai Ncrn and Pa~~lWee IIsiao Chting are deemed to have an interest in 121,072,268 GLY China Shares which are heldpursuant to t1~e "Trust.

llirectot~s' C'ontraetual Benefits

Except as d;selosed in Note 3~ of the Notes to tl~e Financial Statements for- she vear ended3 1 March 2018, since fhe end of the last rnancial year_ no Director has rec~ivcd or becomeentitled to receive, a benc~tit by reason of~ a contrast made by tlii Ci~rnp~ny or its relatedcorpi~rations ~~~ith tl~e; Director, or with a arm of ~.~~hich he. i~ a member; or with a company inwhich ]~e has a substantial Iinancial interest.

GLI'i'dc. Ltd.

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Ors behalf o~~ tl?e ~3c~rd e~f ~}iz~ectors .-~-

Dif•ector~

_

1%irecfor

2a .Ji.ar:e 2(bl ~

~~ ~ ~ KPMG LlP T~le~~hio ~e ~ C.i 't3

1 G Raf fles Q~;ay tf22-00 x 5b ti ~»5'4

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1~leznber of the CompanyUI.P Pte. I.~ic1. (f<~i7~~crly ]mown as Global Lobistic Proper'ties Limited)

report on tl~e audit of the financial stateanerats

Opirtior~

W~, ha~~e az~dited Che accon~pa~~yirig financial statements of GLP Pte. I,td. (formerly k»o~un as

G1oba1 Logistic Properties i,imited) (the "Compazzy") aild its subsidiaries (ihe "Group"), ~~~l~ich

comprise the consolidated statcn~~ent of financial position of i.}ae Grc~u~> end the staten~ient offinancial position of the Company as at 31 Mai•ch 2013, the co~iisolidated income statei7~~cnt,

con.5oliilateci statement oP con~aprehensive income, cozasoJidated staterzient of changes in equityand consolidated statement of cash .t7ow5 of t:he Group foi' the year their ended, and notes tc~ i:lie

inauc.ia( stateanc-~zls, including a summary of significant accotanting policies zis set out on E~riges

1~S 1 1.o I~S105.

I~~ our opinion, tlae 1cco~npanying consolidated fi»ancial statei~leuts of the Group and the

statement of i'inancial ~~>ositioti of dle C~iripany are properly draw.t~ u~~ in accordance w~it11 tl~e

provisions of thc; Sinbapore Companies Act, Chapter 50 (the "~1cC') aiad Financial Reportiu

Standards ("FRS") to give a truc and fair view o.f the e~nsolidated {~iraaa~cial position of the Gruup

and of tl~e Cornpat7y ~.~s pit 31 March 2018 acid of the consolidated financial perfoz-mancc,

consolidated cl~~anges i❑ equity and consolidated cash flo~~,~s of~ the Group for the year ended onthat date.

I3asis,for~ opinicri7

~~~e conducted our audit in accordance with Singapore Standards on AudiCin~ (`SSAs'). Onr

res~oiisibilities udder those ~ta»~~ar~3s are iurtl~ei• described iii the ;luditors' respola,ribili~ie,s for

(112 n~lclit of Ih~~ fina~~cial slazen~ents' section of our report. We are incicpi;ndcnt of the Group in

accordance with the Accounting aid C_orporatc Regtileto~y Authority Code of Professio~aul

C<~r~darcl cmd litl~ic.r for Pa~hlrc ticcol~ratrir~ts a~ad Accnuntrizg L'~itities ('ACRA Code') togelh~rwith the ethical requirements that are relevant to ow• audit of the financial state.rnents .its Singapore,

tend we lave fulfilled our other ethical res~~onsil>ilities in accordance with these requirer7~et~ts and

the :1C;R~1 Code. ~Va believe t~laat the audit evidence eve have obtai~~e~il is sufficient and

appropriate ti, ~~rovide a basis for our opinion.

Kc°v c~7udi~ ~nultcra

I<ey audit matters arc: those matters that, i~a our E~rc~fessional.jud~merat, were of most signif ic~~nce

i n o~n~ audit of the. fi nancial statei~~ents of tl~e currenC period. These matters wexe addressed in daecontest of our audit ~>f tl~~e t"ulancial staten~enis as a tivl~ole, and in fori~~ing our opinion thereon.

a nti we ilo nod }~rovicl~ a sel,>~iratc opiiaion on these iri~jtters.

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t~t~n~zinaC vi~l~i rates.

~~r~~ r•Er.s~~~~aEF~cr:

'Je c~~,:z!uate~3 the qualil~icati~i~s anti ,:c~n.oct~ ricy ~~C tl~e ea(er~:<iI vailiez~s aPi~f Made iiiquia-i.es w~it1~

Tl~ie. ~a(ucrs ~o urideast<ind tllcir ~~alua ioil me~t1 ~t~s rind t[lc asstrnl~tit;~~5 a~ld basLs applied.

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to ;iSTtc fa~;llit~c; ;rl PR(_', japan; C~S.r~, I z~azii anci ;~ttrope. ~~%e asS~s~4c3 tl~e ~•ea~o~la~~lcnes~ of

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ir~dt~,t,v ~iai ~~ in+;? c,z,r,~icicr~jiic>n cor~~par«b~litti- find z,~r,~~ltet iacto~~,s. ~~Ihere t1~e r~ltes wea-c

ot~tsadc :~~.r ,..~., ~: a rau~r~, ~~~v~ undc;~to~!~ 4-ur~I.e.~ p~~.~ce~:l~~ras to uJiclerstzi~~n the e~f~ct of aod,~iior~t!

~etors r?nci, ~~~h~-~~ ~ ~1c~essary, P~eld i~ur-Fl.er di~ct~a~ivn ~tiitl~ i~te va~~~ei;5.

~3at~ .~~~r1ir~~; s=

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h~~vc r~cF~i~t :,xpe~~ier~ce i~~ the lt>c<~tion and ~a~e~ory e,r tf~e retipeciiv~ inv~;st~~enC ~3rt,pel`[y ~eit~

v~Jne~~f. "i~hc ~~,~luaiion ,i7eCh~~c~olo~;i<:s used by tEi~. vallzc.r~s ar•e ~oazsis~cnC v,ritl~_ genert~l'ly aece~>ted

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GX.P Pte. l.~d(fornrev~/y kitntivrt as (~'lopn! Logrslic Properties l,it~tf7ed)

quid it.s.subsirliarie,s~J ~ liac~e,~endeia! auditors' report

}'enr endeu` 3! ;Llat•ch 2018

Key crucfit mafters (co~at'd)

k2ecoverable. amocant of ;oodwill(Refer° to Nate 9 — Iralrn2gible assets)

.Risk:

Tt~e Group recognizes goodwill of YJ~S$449.0 n~iLlion on its statement oI~ ~uancial position inconnection w~tl~ the acquisitions o1~Cilobal I,o;istic Properties Holdings Limited ai d Airport CityDevelopment C'o., 1 td during the financial year ended 31 Marih 2011.

Goodwill is tested for ii~~pairment annually by esCimati~lg the recovez-af~Ie amount of eachidentifiable cash-gexae.rating unit ("CGU") which ~c~c~dwill f~as been allocated io. ~vtanagen7ent

applies floe value in use (discounted cash flow) n~ieiJ~~od t~> dt~t~rmin.~ t11e re;covei~ahf~ amount ofeach CGU.

The u~easur•e~nezi( of value in lase as tl~ae 1•ecovei•~ble amount of each. identifiable CGU foroper~rtio~u in China and Japan in~~z~>Ives sib niFic~~ltjudduaent aild estimation in detenninil~g thecash t7~.~~v tiprecasts; and. risk-free., ~liscoiint and tert~linal grow~i'1~ .rates.

C)ur response:

We evaluated manageinenC's determination of CGUs based on ouz~ knowledge of the businessacquisi~fioi~s hiving rise to the goodwill aild our understanding ok the currexat t?usizaess o~P tl~ieG~~oup.

We assessed n~au:.7~~ment's 1<ey as:;umptions underlyinb ~l~e cash flows by compaxin~ them ~n~itk~hisforic.ail ~~~rti~rniance, future l~u~;ine-ss plans and external data, taking into corisider~iti~ncornpai•ability and markeC factors. Phis iilchided enquiry with management to understa~~d theirbusiness plan, stz•ategies a~~ound revenue browtl~ and cost initiatives.

We indepe~zdently derrved applicable discount rates from available industry data a~ld comparedthese with those used by m~~nagement. Vde performed stress tests using plausible rai~be of keyassumptions and discount rates, and analysed the impact to the can-ying amount.

Orsr fr.nrlira~s:

The CYroup has a i•ea~o~lable basis to cieterinine the CGU Foi• goodwill allocation purposes

The assumptions and t~esulting cstir~~ations by management are in Tandem with future business~~lans aild external data, aild are within tl~e range of reasonable expectations. 1~he discotiint ratesused in floe casYi flow forecasts appzopriately re.(~lect the risks attributed to the respective CGU.

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r~pp~c~r~riafely ~Iissilic.d ~~tid. accou~z[ec~ for in ac<:os~ci~ln:;e «:z, t,~~e. t~,icv~~~r?i :~~cou~tt i<<~~ st:an,lz{r~is,~ii~cl f~~.it1•~fttlJ.y ,)rr ei~ts the r~t~ctne iii fire t;~<i~ts<titioi~.

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cJet:ermac~~rz1~ C1ia i<3ir ~~<<Ii~es <<Il<~e,~te~~ rr~ the u~ci~aPitit~~ Assets a~~~~in~e<i ~~i~d 13-ib;(iti~..> isst.ikt,uc~ to

?~tieratly ~~~:c.eE:~ted marlcei pr~~cticc ara<? ri~.arke? data.

'rl~ie C3rea.r~ `~~as ~a po~ic~- i~z clad: rc> ~~nsi:a~c ~1, ~t ~ae11 i~v~sti~x;~~t acq~7,re~:~ is ide:?r 3;e~,

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~ombar~atio~l ~,~~e;~c ~~Yitiain <i_n acce~.>tablc rai~~e.

GLP Pra. Lal.('%ormerly ~~no,a~r ns i:;lobnl Lnt~i.s~in Pro~,~erries L.inritedj

,f_ ~ ~ ulid its rr~bsrdi~rries

f ~ ~. ~ h~t1t~~,~eirde~rl a«chlcrs' ~ ~pa~l~. }'ecr endcri 31 :1dii~ ch 2018

Ofhcr information

Nlanage~~nez~t is responsil7le foi• the other into~~anatio~l contained in the annual i~e~~or~. Otherinf~nnation is deGi~ed as all. informafic~zt in the annual report otl~ier than tl~c financial statements

and our auditors' iepoi~t~ tl~ereor~.

~~Ie h2ve obtained all other inPortnation prior to the dale ~;f this auditors' report._

Our o}~inion on t1~e financial statemea~ts ~joes i~~>t cover the ether iz~lc~riz~ation and we do not

express ~niy form of~ assurance conclusic,n thereon.

lit connection with our audit of Cl~~e tiila~icill statements, oi.r re:~ponsibility i~s to i•e~id the ot~h~r

information and, in doing so, consider whether tt~e other infornlation is materially ir~consisient

with the (~u~ancial statemeaiP_s or our Icnowled;e obtained in the. audit or oil~ertivise appears to be

materially misstated. Ii; based on tl~c ~.+rork eve have performed, eve coi~cludc [haC tlie~•e is ailiateria( missCaternent of tf~iis ot~hcr ir~fomiati~~1, 1~~. are required tc~ report that fact. We have

not~.hing to report in this regard,

Kespo~zsihiliJres of n~cn~~Uge»te~~~t crud r~irec/vr.r for tha jinattc;rrl ,stalemr,~r~t,s

M~i~ageznent is responsible for the preparatio~i of fina~lci<il statements drat: give a true <znd Carr

view in accordance wit1~ the ~>rovisiotis of tl~e Act sand F1ZSs, ani~ for dcvisirir, acid iilaiGilainino a

system of i«ternal ~ceountuig controls stif~fieio~it to provide a reasonable assi'u~ance that assets arc

safeguarded against toss from unautl~~orised use o~• disposition; artd r~ransacti~ns are ~~ropc;ilyauthorised and that they are recorded as necessary to permit the ~~rep~r<~iion t~f true and fair

tinliici<31 statements and Co maintain accotultability c,f~assets_

In prepa~~ino the l~in<ii~ci~l statements, management is responsible fot- assessing tl~c Group`s abilityto contiuuc pis a going concern, di~ctosinb, as applicable, matters rc:l~rted to goinb concern and

using il~e ~oin~ concern basis of accounting unless n~~<uitibeanent either i~~ten~ls to liquidate the

Cu~oup oi'to cease <>per~Cioi;s, or his no ret3listic alCcrn~ilive but to do ~~~.

7~kie directors' responsibilities include overseeing the Ciro~.ip's fina~~cial ~~eportin;; process.

r4uclr~tar's respol~sibilrties for the audit <~f tyre ~i~~crricial strrtea~rer~t,s

C)ur objectives are fo obtai~l reasonable assurance about whether t}~,ie linancial staYc~r~cnts as a

~n~hole are fi~ee From material misstate3i~ent, whether d ie to fraud or error, and Co issue an auditor's

rr~port that ineiudcs our opinion. Reasonable assuranoe is a high le~~ef of ass~n~ance, but is not a

~~~arantec that yin ~~udit t:onducCed in aUcordance +~~ itl~ SSns ~~~ifl always detect a material

it~isstatement ~~~h~i~ it exists. 1~lisstatemenls can ~~rise from it~aud or error aild a~~c considered

material if~, iildividt.i~~ll}' or in the aggi~cg,atc, they c:oul~l reas~o~b)v lac expected to inlluei~ce the

~cot~oinic decisions v(~.~sers tal:e.n on ~l~c; basis ol'1.liese financial statements.

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i lia ~ fo~~~ r au~?i< <` c~ remai~~ ~;oi (~, ~~sp~ itsi~~;e t~~r our ~ t~dit opinic',rl.

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tha[ ~~~e ideu~ikv d~~rii~p~ oi,r audit

~'e ii~o pf~E~>>c~e [h~ ;iil~ct.,,s ~~~~ith .: t~,t~e~r:~n[ t[~at eve h~iv~ c<,~~npi ie<! ;4,ti3 ;vlcvz~rli ctL;cai

ff:'i7U, t,l77Li1~ -_ .~~dt'(1ia iKfc,~;ltli3GilCi~, £171f~ ~O CUIr}11119i11C8iC. ~1~'it~l f.11~~tTl 1i~ 1'~~3~IOC1>i?~~)~ t~,1Cl C)I.~1C.S'

illdli~:.i.i Cr21i '11 .- r i ':flC;V ~7 ~.~1~ '. ~1~ IC ~)C2.;~ U!l ~~lil~ L'?C]C(1C11C3C1'.CC.~ d!`Cj LV~'1CI~c ftt)~}~IC.~i~l~C,

~'c~itlft'ti . ~ iii .

GCP Pie. Lrrl.

(Jormerl~~ k»oir~i ns G,'ohnl I,a,~istic Pro~~erties l,intiledj~ mrrt ils subsidiaries

~ ~ /nciepe~~deni c~udi~ors' report

Year ended 3l it9ai~ch 20iE

,4uditor's resynr~sihilitie,s fa• the audit of the fr»aneiUl stateme~~is (cont'cl)

Fi~oiu Mlle maters con~>>l~tmicated ~vitl~ the directors, we determine those makers i1~at were of il~ost

si~nif~icancc in the audit of tl~ie financial statements oPthe eun~ent period and are therefore the key

audit mattei~~. We describe these u~ia.tt.ers in otu~ auditors' ~~epoi~t unless the l:~w or regulationspreclude public disclosl.u•e about t1~e inattcr or when, iil extremely rare cireumstazlces, ~~~e

detenniue that a m<ltter should riot be commtuiic~Ced in our rcpo~-t because the adverse

consequences oil doii7g so would i•easonal~ly be ex}~ect~d to out~a~ei~h the pub4ic u~ierest beile'~ts

o~Psuch cc~~nmunication.

ite~B:~rt on ot9~er ~e~;~~ ~~.~ac~ x~e~e~lat~~~-y requirt;st~eaats

Iu our opi~~ion, the accouiatir~c; <zi~d other records required by the .Act To he kept by the Company

and by t(iose subsidiaries incoipo~•ated in Singapore of which rve are the auditoa~s have becz~

prt~~erly i<ept in ~ccordailce with the provisions o.F the Act.

'l~he engagement partner ors the ~i~dit resulting in this independent auditors' report is "1 an Kar Yee,

Linda.

IL1D 19'.1 ~~<l,

PublicAcco~untrznt,s arzdGharle~-ed Acrountnnts

Singapore28 June 201.8

10

<='I ?' d'!e. Z.f~i

r~t7r1 rfs scr~)sid%cries''tt Cltt01'S ~ ~.pOYt

GL.P Pte. Ltrt.(form2r(y known a.s Global Logistic Properties I,imi[ed)

ared its subsidiariesFinancier! statements

Year ended 3l hla~•ch 201 ~

Statements of Financial Position

As at 31 1Vgarch 201£3

Group CompanyNote 2Q18 2017 2U18 2017

TJS$'000 tJS~'000 IJS~'000 US$'000Non-current assetsInvestment properties ~1 18,497,429 14,702,573 - -Subsidiaries 5 - - 8,599,608 7,366,751.Associates and joizil ventures 6 3,251,749 ?,482,103 -Deferred tax assets 7 l 1,879 17,334 - -Plant and equipment 8 19,232 49,546 4,225 6,103Intangible assets 9 474,303 447,33 - -Otherinvestmeiits lU 1,483,046 1,166,597 - -Other nun-current assets 11 509,956 231,78 -

Z4,247,594 19,091,251 8,603,333 7,372,854

Current assetsTrade and other receivables 12 1,376,188 6x9,399 2,131,390 7,758,315Cash and cash equivalents la 1,235,736 1,210,540 22,319 102,577Assets classified as held for sale I S 1,684,966 808,565

A,296,890 2,668,504

~

2,153,'709

~~

1,860,892'Total assets 28,544,184 21,759,755 10,757,542 9,233,746

Equity attrihutabic to ~~wnersof the Cornp~ny

Share capital 16 6,305,2b6 6,456,303 b,305,266 6,45£,303Reserves 17 4,214,654 2,255,073 181,360 177,702

IQ,519,920 8,711,376 6,486,626 G,G33,405Mon-controlling interests t 8 5,867,562 4,503,514 -Total equity 16,387,482 13,214,890 6 486,626 b,633,405

Non-current liabiliriesLoans and borrowings 19 4,384,447 4,294,708 1,127,140 1,879,534Financial derivative liabilities 20 3,901 24,194 17,580Referred tax liabilities 7 1,776,582 1,178,477 - -Other non-current liabilities 21 259,986 170,905 100 100

6,424,916 S 668,284 1,127,240 ] 897,274

Current liabilitiesLoans and borrowings 19 3,50 ,081 1,304,710 1,485,275 600,807Trade and other payabies 22 2,191,079 1,060,983 1,656,290 95,699Financial derivative liabilities 20 2,1 8 2,611 140Current tax payable 30,8]8 51,207 1,971 3,621Liabilities classified as

held for sale 15 -- 457,070

5,732,086 2,876,581 3143,676 703;127'I'otalliabilities 12,157,002 8,544,865 4,270,916 2,600,341Total equity and liabiliiies 28,549,484 2l 759,755 ) C 757,54 9 233;746

7'he accomparfyisig notes bon an inte~;raf part of these consolidated fi~iancial sTaternents.

E~ 51

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fan~t rt,r s~~e:5sidr~z~•fes. ,r,<ti~cicn'sta!err~en?.c

C'a~a~~tss~~~s~~ Ina~a~~~~s: ~~~~~~s~~~~~~lezi`n' ~~£I~'f~ 3~ I~cnt'e~~ 2$~~~

iZe.veciuc

~1~1CT i'IaCp3"C7E

~'r~o~~e~'iy_±•elatie~ expef~ses~ti1Ct' ~:;4~3i;T1SE;S

`~a~ Yt, OZ 1'~'St?~i.5 ~72Lt c1i r£tX exj:~l:ItS~) o1~2xti50ci~3Y~S ~lt]C§

jaxt~t vennire~s

~~' ~~~~~~~t~~ ~~~~ ~~r~~~ ~r~~~,a~~~Net tir~~~nce castsi~{~n-o~;e~-~ti~~~ ii~~~rne

~~n~r~~~~~~a~@ pe•~q~~~~~sC~;ang~5 in f~~i3 valise of~ €s1~.~estmen properties

~~~€s~~~ ~a~~'~bm~e ~~~8Y cX~7('I.tiC

~'~~~t ~'~e~~~ ~~a~~sa~~a~~ ~~~~~a~s€v~v

~i~~~~~~~~~~~~ €~~5~~~~t€~~a}~F•o~t 9=ror~ discontinued operations (,neY of pax}

C3~~~~ae.rs ri is}t~ Cn~xr~pai.1~;

i'~o~i-cor~tro~li~ig interests

~~e~a~~a~ ~€a~• ~~~ y~~~

~~~"Q~~ ~f~~ig~~Q

:i l ; i 7~~,933 f~"~1,58

(1~8,S3L) (15o',81i})

_ _~,~ ~~ _ ~1 i~S,~~~

4 0,138___ ___ _ 2 .;,120

t~52.,'~12 ?S~,E~;tS~i~ {51,367] ~223,60E)j27 27.05_ 15,151__

528,380 55f},Ei264 1;719,73 2 79G,973

2,t)~78> 7t~2 1, 41,895

;~ i .-t5ii -1.473(~ ___

I ;3 12,27618 767;8?~5_._.

~.C1~~,152

743,71 it2b2,(~5(~

l .E)55.3un

~~;~e aeco7~lp~uy~ing notes fo>>?~ an i~ntegrai ~~art ot~ihe.~e eor;s~lidated fii7ancial state~~ents_

f S2

GLP Pte. Llrl(Jormerl~~ known as Global Logistic Properties Lintitedj

mul its scsbsidiories1~irtancia! stateme~ila

Year ei~de~l31 March 2013

Consolidated Statemen# of Comprehensive incomeFear ended 31 1VLar•ch 2iD18

Profit for the year

Other comprehensive income

items that are or may he i•eclassiCed subsec~ues~tlyto pro9it or loss:

Exchange differences arising from consolidation offoz•eign operations a~~d Cranslation of foreigncurrency loans, net of effect of net investniei~t hedges

Effective pozlion of changes in fair value of cash flowlaedges~

Change in fair value of available-~br-sale financialinvestrnentsz

Share of other comprehensive i~~cotne of associates andjoint ventures

Other comprehensive income for tt~e yea'-

'I'oYal comprehensiva; inc€~rne for the yea►'

Total comprehensive income attributable to:Owners of the CompanyNon-controlling interests'Total comprehensive income for the year

Notes:

Ga~o to p2038 2017

US~'000 US$'040

2,080,152 1,056,368

1,183,941 (45$,903)

14,082 10,709

(29,447) 5(,269

7,373 b3,5981,175,949 (328,327)3,25b,101 728,041

1,994,487 680,9281,261,614 47,1133,256,101 728,041

~ Includes income tax effects of US$185,000 (2017: US~294,000), refer to Note 7.

Includes income tax effects of IIS$2,990,000 (2017: US$7,488,000), refer to Note 7.

Except for income tax effects relating to effective portion of changes in fair value of cash flow hedgesand change in fair value of available-for-sale financial investments, there are no income tax effectsrelating to other components of other comprehensive income.

1'F~e accorop~nying notes f~,rrn an integral part of these consolidated Rr3aneial staternents.

FS3

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F~~ ac~or~~~a~~,'in,~ nvt<;~ 'oz ~i asp ~~te~rral pare of tt;es~ t,r~~oii;I:cti~~'~ ~arAct<,i si~t:~zraents.

}

GLP I'te. LtrLformerly known as Global Logistic Properties LimiiedJ

and its subsidiaries

Financial statements

Year ended 31 A~larch 2018

Consolidated ~tatemenf of ~:hanges in Equity_ (confsnued)Year ended 31 March 2018

Group

~d~rans~cTions vrith ou~reers, recordedC~BI"CCt~}' iF1 LC(llHZY

Contributions by and distributions to owner

Capital contribution from, non-controllinginterests

Capital securities distribution paidAccrued capital securities distribution

Keclassi6caiion of capieal securities toliabilities

Shaze-based payment transactionsPurchase of treasury shares, net oT transacticcosts

Ta~c-e~;empL (one-tierj uividends paid of5 0.06 per share

Dividends paid to non-conuoiling interests

1 otal conttfbution by and distribution t~owners

Acquisition of interesU in subsidiarSes fromnon-controlling interests

Disposal of interest in subsidiaries co non-controlling uiterests

Acquisition of subsidiariesL>isposal oi~intere5t in discontinued opecatio

to non-controlling interests

"l~ofst transactiac~s evith owners - 093,944} - (186,4071 (76,932) (857,333) 184,074 (673,2 9)

Transfer fo reserves - - - {5,802) x,802 - -

At 31 vlarch 2017 6.456.303 - {3,173,37>} 3,904,200 (475,7.52) 8;711316 4,5(~3,S14 J3,2I4,890

The accompanying notes form an inte~al part of these consolidated financial statements.

ToYat

Currency Capital and attributableShare Capital translation Retained other to owners Non-controltinh Iota!capital securities reserve earnin s reserves of 4he company interests equity

US~'(}00 YJS~'OOfl US~'000 US~'D00 L75~'000 LS$'000 USb'000 US~'000

- - - - - -i,

96.615 96.b 15 ~

- (30,389) - - - (30,389) - (3G,389}

- 26,784 -- (26,?39) - - - ~-

i- (590, 94) - 50,286 - 040,108) - (540,108)

~ - - - - 16,b44 16,694I

- 16,694

- - -- - (85,520) (85,20) - (8 ,520) !:

- - - (209,904) - (209,94) - (209,904)

- - - - -- - (l3.828i ;13,828) ~I

- (~4+.59•~) - iibl7.4t1~r (68,$'ht (8-?E?.~27) ~s~,787 i6b,~~~Jt

- - - -- 6,716 6,716 (80,796) (74,080)

- - - - (la,s22~ ~14:s22) (~,ssg} ~~z,~sl)- - - -- - - 18,205 18,205

- - - - - 171,837 I?7,83?

FSS

;,=u~.y ~~ rr~~i

in ;.. ~;iz<~

~ea~ ~~~e€~ i~ ~~~~~~ "~Q~~~

. v ~tj~~i 1Lt?

~'~a2a! er>rnpr;hesssiv~ inc~sne for tEbY yeaa-

i'roi t ~cr th~~ .c.ar

€3&kFee coire ~~-v4ae€asive ~naanze

c, ._.,~l.r~_ ~ .t.,~~a'~ ~ T Ic -,

Lf` . ti ' ~ ~~.r.=on of c` ~, - , al~~~~ of zsh 11ow :~~c~g~~C ;t a i ~, value ~:; <. ~bt~ Ei,r-salF f~ne;~ci31

investment

Share. e%ottter cc~m~zehensive income of assor..iates anQ joi«t ~.ve~zhires

'~ntasi at~rer corr~pa-e`sa€sasi~e ir;sos~ae

~~ot~1 s~tsaa~a~e~aeeisive s€acobra2 ~~aa ~~?~ year

`~'of~P

~, lE x`~Zi4 C.'v' ~. d. ~}i~:i$~ 3➢F Ed ~~Z 3"F~i €1~'L~~°

~~are F~'an53a.$af;ra ~$s&.aitieci ~>tP'~er f~3 tz3vzaCrs ~~aa-~oerLrol3i~~v~ ~~~_~I

f:?a~tf~3~ SCSef"ti Y. ~T'di73t Elei i~S~3""~'E`,S p~ ~. ~fE ~. ~i.. tJ 7lE AOu3F }' €t7 ~~1"CS~S 2ti Lt4t~4'

~'~~'~~}t~ ~.~45~~~j ~~~} i~i~tR~f~~~~ N. FS~~{~F~~~ ~.I c9 q~~~~7 ~i~9~~[}~i~ ~1.5~~~}{.}~~

F_» :(Si (~_,I iS,J~Sj §,~t~ y~,•) (~17; _`,~} - i,~,F~ r~~,3_'?1:~ :3 :9 >c')~.

- 69~,67i - _ 6h7.E~~1 #53,32; I,{53,99I

~- -- - Ik-,~J82 14,082 - 1~d,081

- -. - {3 5,915] (14,415) 5.418 ~ >c

.. _~ ~ ._ ,

:~~1~ ~4~ I,31~.276 09,138) ~ ~?~4:~87 1:26~,5'G

~~?~, ~l(~.CtrTi1}?dS7Vi?i~; i!OYE;S t0t:11 ~3U 1r, ~~C _'7-:~.i. di ll"t i>1- t}l t,iu'" CC:T150~1~3ati'C~t iISl~11C€31 J~i.tt;iIS E:i1f5.

~' ei

GLP Pte. Lrdformerly /oxown as Global I ogistic Properties Limned)

and its suLsidiareesFinancia?statements

Year ended 31 March 2018

Consolidated Sfatement of Changes in Equity (continued)Year ended 31 March 2018

Group

~raasactions bviEh ow~aers, recorded ejirectly in equityContributions by and di;rributions to ownersCanczl lation of treascry sharesCapital contribution from non-con~3olling inierestsShambased payment transactionsFinal taY-e.~empt (orie-tier] dividends paid of S$O.U6 per shaminterim tax-exempt (one-Cier} dividends paid of L`S$0.003 pershare

Dividends paid to non-controlling interestsTotal conrr bution by and distribution to ownersAcquisition of interests in subsidiaries from non-cnn?rolling

lE7tCCCS1S

Disposal of interest in subsidiaries ro non-controlling interest:Disposal of subsidiariesAcquisition of subsidiariesDisposal of interest in discontinued operation to non-

controlling interestsDisposal of assets classified as held for saleJhare of resen.es of associates and joint venture

T'u2at transactions with owners~Fransferto reserves

:4t31 MarchZ0i3

"TotalCurrency Capital and attributable

Share translation Retained other to owners Non-controlling Totalcapital reserve earnings reserves of the Company interests equityZ?S~'000 IJS~'000 US~'000 YJS~'000 US~'000 L'S$'400 US~'000

(151,03%) - - 1 ~ 1,037 - - -- _ _ _ - 136,8b5 136,865- - - 38,760 38,~6U - 38,;60- - (206;316) - (206,816) - (206,816)

— — ~1>,00u~ — ~is,000> — ~i>,000~_ - - - - - (23,547) (23,547)

(351,Q3?7 - t2'1,8i6j 1F~3,797 (183,it~6i ]13,318 r69:7~~i

- - - (I,601) (1,6~]) (46,339) (47,940) I

-- - - (1,278) (1,278) 6,84 5,66 ';

~ - - - -- - (20,137) (20,137) ''

- - - - - 10,930 10,93U

- 294,20 294,250- - - - - (256,432) (256,432)

- _ - - _ (8} _ fK) _ - (3) i

(151,43?) - (27.1,816) (8fi,910 (185,943) 102,434 (83,509)

- -- (3,5i9i i_bl9 - - -h, 0~,26ti ;1~2,i)2aj a.99=.Cid'• (:i1ti,;b1) !1~,~.4,y24 .3F';i6'~ if~,~87;~tS_

The accompanying notes form an integral part of these consolidated financial statements.

FS?

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Yecu ena'ecz 3i A,7urcr, 2Jlh

~ ~aaa~~~ss~~g:~d~ ~~~~~~am~~z~ ~~~ ~'~~:a~~ ~z`~s~~~s

i'ro~it before ir~c€,i~~~ pax

F~i~e~.~~eci~~tiai: ~;. ~Iant a€:~ et~tiiir~~~i~~z~t

~t~~ortazatic>~~ oI itrta~~t?~(~ie ~~sset~ ~~r~d de~erreci117 r2t~Ea~i;TTli'"t1 t: ~.;OS1:S

~ 6rziirt}r'i e»s o~, ciis~osal otjoin~ ~ af~u:~ie ati~l ~.~'~sic~i<~rie

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_I~()S,t{~ze3i,1~ Jrl C~1Sr~0>3~ 0~ 25CGi.t tiP2i~ ~t~~~~i1:1(:;i

classotie%i ;r, I~e.1~1 t~c? <~1~.

i~`c.'~T~.ti~'i; hE)f7Cjl%,';zi Oti i1~.:C1E;.i5tlli2tl OI il.~SCCth~.;), JOISi1.

verifZt~-as azld subsi<iaa~~ies

Siiarc of resu~t.~ (nec ;>t tax ex,~ei~sr i of asso~i<Et~.s as~~j >iTli VGz1~t1i'G

~:°€,~~;ge5 ~n ~~~~.x ~~~al~be ol~sut~sriiiarie~' i;~vesrmenl~T'C~y~~~"~l~S

(~.G'CC~~,'_~P11ClOtli~tt's~,\i~CS~i~) Q~11T1~?~llitl;~~1'~1. ~(iSS QTl CI'~2(~G ~i11(l

i.0>> OTk i.~ilSpC?~fl~ C) itli"WSTfITF'21Y ~J3't~~;~-1'tl(~,S

r_,c~~?itti~-Settle~~i sh~.,re-bas d ~a~i~~E„it trar,~ ~c:tior;s

Net fin~f7~ce costs

Ganges irz ~~~c~lcit~g crp;tu?:

~~c~C~~ dll~ O[~ler ~'~C;GE~p8t7~~?S

Trade and otl~ez~ ~avab~es

C'asl~ £~ei~er~ted frc,r7~ a}?e.atio~,

Tax paid

~',~'i`°lB~€2 k~"l~iH4~i f$~P~'.~"e~ °€:$~'4 r4~,y r2.f~;~'~"v'&$~k'.:?

2~~ ~ ~~~~~ij~~~ ~~~ ~J~~~~4'~~

2,54f~, i 7 'l 1,3~~7,599

3,~£)~ 1~;66~)

3,922 3,:3 J~'

i;i i,4~~1; wg1

344 f ~ 3,0', ~3

1 ~,9R? (''32.1

ii ( 1 (;

S i,3 ~7 223,6t)C

s3~,1t;3 ~E)~.~n~)

j9i..i'65) 21.,19(1

Ie13,2''F_ _.309,14.;

{53,341} {~31,~~E})--_ .',~,~31357,45

i i,4~33 x.221_ _ __l ~ab,~#2~ 362-,68E

~t~he accorr.~~ar~yr~~.; n~te~s fo3~rn ar, i~z '.~r~al r~ ij t ot~~hi.~e cc~r~soLdated tin.3ncia.i ~ttitei7~enis.

I S8

GGP Pte. Ltd.(f" ormerly known a,s Giohal logistic Properties Limited)

arfd its suhsidiariesFinancial siatemenls

Year er:ded 31 :+~Inrch 2018

Consolidated Statement of Cash Flows (confinaieci}

Yeap• ended 31 lo'Iak•ch 2018

Cash flaws from investing activitiesAcquisition of joint ventures and subsidiaries, net of

costa acgiirred

Acc~uisitioia of investment properties

Proceeds from disposal of invesCment properties

Acquisition of other investments

Disposal of other investments

llevelopment expenditure on investment properties

Proceeds from disposal of assets classified as held forsale, net of deposits received

Coiln~iUution to associates and joint ventures

Return of capital from joint venhiresProceeds from disposal oPcontrollitag interest in

subsidiaries

Proceeds from disposal of joint venh~res and associates

Deposits placed for investment propertses andinvestments

Acquisition of ownership interests of assets classified asheld for sale

Purchase of plant and equipment

Proceeds from sale of plant and equipment

Interest ineotnc received

Disn~ibutions received from discontinued operation

Dividends received from associates and joini ventures

Withholdinb taa paid on dividend and interest incomefrom associates,joint ventures and subsidiaries

Withholding tax paid on disposal of lssets classified asheld for sale

T'ax paid on disposal of investment properties

Loans to associates and joint ventiiz~es

Loans to non-controlling interests

Loans to third parties

Loans repayment from associates and joint ventw~es

Loans repayment from non-controlling interests

Loans repayment from third parties

Net cash (used in}/from izivestin~ activities

Net cash used in investing activities of discontinuedoperation

Note 2018 2017

V U~~OOO USW9lP~lI

29(a) (331,954) (226,358)

(104,923) (681,182)

542,734 378,504(227,566) (115,815)

] 5 S,d00

(926,922) {992,878)

29{c) 75,529 L843,489

(363,855} (132,427)

87,48; 98,086

29(b) 8,307 —32;731 -

(135,052) (129,640)

(501,018) —{7,406} (10,156)

50,849 3,112y;315 20,802

7,829 30,80Q

69,A32 l 10,926

(33,600) (33,613)

(2,180)

(14,849)(43,11 S)

(6,742)

(498,755)

49,969

14,584

92,682

(2,19b,982)

(12,465)

(27,760)

(32,768}

(77,433}

2b,4I939,363

54,771

138,377

_ ____(896,b80)-____ _ ~743,325)-

(3,693,662) (b04,148)

T'he accompanying notes fbrn~ an integral part of these consolidated financial staterr~ents.

i~S9

Cs/_1' f'fC. O.,FrI.

(%~~rn.. ~ ~,•ovv _,s Grn, ~ r ! gist ,p~~>ri ~ ~ Ir;rilert,,'

grid its sat6si~f~`rtri~t~ti'

air zru •.< _;; :tJarcF: ? l' Y

~g~~~s~~~z~~~~c~ ;~Ya~~s~za~~Fa~ E~,' ~'G~~;~~ d~ ~tr~vv~ ;~s€at~~~ka~~~~a~}

t~.<)Cjllt>l~101i 0¢ f10Y;"L'Oi;[P'1:;~~ttic, 112tt'.d"GSTS (1 i.~?~:~.} (~ ,iO(1}

~.,QY21Y1~)t1110Fi ~i"07'Yl IlOtl-COiltf'Q~Iti3~? 11"J~~CCSTS 1 ~~,~t l ~~E~;('~ ~ ~

1'race~d~ ior~~ t~a:,}~a~<i! of interest il~ ~ifbsidi<:ri.r:s to

P]C;i1-i;011~i"t> ~1_P1~; ]fl~.C.l"eS~z ., ,._:.3.50 ....

i'rc~ceedsro~,~ iiis~o><~1, of iztteres9~ in di5cot~txtl~iecl

Opt.P"~iEtOta t0 n~~t2-iUtl[)'i)~lit]ti t~t~cl'eSYS ~;~~,J~~)„~„! ; i ;~.5~{

~~~ :- 1;4;t'~d~.~ ~1"f:?ITI ~1£3.",~t. ~;>£filti 4 Z~{~,l'~ , ~ ,~,~~ .t;E~is

~fEt);iy~IT1~Rt i)'t ~)f3.iti< x()811:; (~;t;~-~~,~)% ~) (. ~:.~)=i~~,h~`tij

F f't)i;c~~.C~.7 f~i'E)II1 i5 il2 0~. i?0?li~S, IIL Ot 1-1"3 i5l~;i:Ic. i i C;L;~fti ~7,~~,~~ ~~ ?(}.J,U.>>

fZctj;'_.3~1~.?~IOYI 0~ ~~OI;;iS ~;tt)~;,J`-~~~ ~5 ~=~,ht)~%}

Settic;tzier,t o~f~t~artci ~; ;le., r~~aEive ~iabititics (~3~} i3i?j

i~zter~st paid (?0(;,~ SOj { I ~0;-16'i)i)ivicie,~~ds g7<iacl to ~I~ar„hoit~e~s (22I;~ti6) (~!?g,<J{),i)i)S`.'{C1~ 71Cj~ O2:it j Iit P1t)Tl-CO[1I~.5'(~)Illt7~ lill~T~~fti 1, .:i,~--~ i I ;. ~-3,c5'~~i}

~~~3)flti~Sl'(:dl:'I~:1c,5(~lSl:?~II)f1~~~.1071 it~~`,~~.,'.~ ~>~.),~i~~~~

F~Ud'Cll<i>C C)F'tfc:',`~!Sl,'7'L' S~~Z2i:S. S1Cf ~)t ii'fl117t1CIfC?t..~ Jt) SS (fi.`,-,~~Oi

~_,i18IiS 17'(?[71 CIOi7-Ci)Y1T1"))]1 ~1,~ ii'li~~ST _~,~K s

tZG~~£lyiilElll5 il~. 3(X21.i1S ;3'UI[l i?0~l-i%ORC!'il~llil~ lill.t~I'.ti S,.

i ~}L,~3_}) (~i- 't ,~.'~ ~

~~-t~as~~ ~'~-ar~~a,~(a~~~~~ ia~} ~;~~6~a~~~~s~s~ata~as9~~ 2,91O,102 (9,$2~)i@'~~ E:e~3'~; ~~'f➢Yk'8 tRB~i&&BLT~"s g; aL~6b~3E3~3 1Dfl €~~S~i3~<6H~~iE?'~~

2,91E3,996 ~35,b37

~~~~ (.d€~~~~~s~~€.);i~~a-e~~~ ~~a ~t~4ka. ~azsc~ e~s~~ ~c~u~w~a3~~~~, (3fJ,24 ) 133 ~~;C ~;1~ ~~n<S c<<sh ectitivaler~t~ ~~t i~~~,inr,i;~`r > ti ear I,1 G 2'!~ i ?~a,~63~iti~ct <,i ~;xcrzan~~e rate ~h~~nE~v> u~~ cash ha1~~;iccs h~lci

i Il ~i)1'~lj~ll Cilri-4~I1C1c.S ~~';C?::1 _ _._(C~i 3O{J`

__...

t:~~w~ ~t~€~ c.~s~~~ ~~~iv~a~~~al~ ~~~ ~a~t~ €~~° ~e~~~~~~

5'?5 i,l?4,243

( ash rtgaci cr~~,i ec~~aivalents of su~sicis~asies rcci~~5si(ted

as <~s~ets held for gale (13, 3 ~}~~~:;siricted cast} deposits ~3,O~il 49,82

~.'.aP~~. k'~F%E~ 'L"~S~ ~C~@I➢W~~~~b@~.~ E~6 ~~5~ ;$:~&E'',5~4~"s1~ dad__<__ __

~~s~<~~~s~.i~~~ ~~am~~i~?~ 1=1 1 ,235,73b 1;210,50

s~ra,ii'~r:u, .° r~~~t-~ ~~la i, ~ttt,~.~c~€€i~vts'

Dt~r~i~7g t~i~~~a; ~i7ded ~i ~1ar~cl~ ~~I8:

- rlle ~~sroup cancelled ]02;552,C10G units ~~~f~trea~~!~j~ ~I~aics cai~~i~d at ~~~:;~ of~l_,5:~1 ~ ;fj~7,Ei~~);

- i.{lG 31l'iiY1CC~f~3tc. ~iC1Cj;tl~ COit~~371V P-C;~1iF~ lei"~~~1)1 ~Ji1Itf< ~Oi1PS i~[iil if'l~~J"~St ~aV_l~~~i; 01t hC~7iii~~ OI

t he ~trou~ ~imourti}z~; to L~S~~?98, l 60,CtOC! a_r~il I ~;`~.`~ 1 t},~04,ObU respecti~~ei~y; and

,he C~co!ip ~~cq«ii'r:~~ ~~on~-corit~cllii3~ ir;terests ar,~c~uiztin,~ tt> t .~~~~~ _.t~f>,QO!~ by ~~=y~~~. <,t~sh<~~~s

sw~ip (Not.e 29(1~)ii)).

T he accun?parrying notes form an inte~;tt! ;~ }~T of thcs~, o ~so~i~i ited n"nan~~~a1 sP~t~menfs

E Si0

GLPYte. Ltrl.(fw~merly known a,s Clobnl Logistic Properties Limited)

and its subsidiariesFinancial slatenrenis

Year endec131 March 2018

I~iotes to the ~nan~ial statements

'I'llese notes form an integral part of the financial statements.

"I~he financial statements were authoz7zed for issue by the Board of 17irectors on 28 June 2018.

~or►~icile and activities

GLP Pte. Ltd. (formerly known as Global Logistic Properties Limited) (the "Company") isincorporated in the Republic of Singapore and has its registered office at 50 Raffles Place, #~32-01, Suagapore Land 'I~o~ver, Singapore 448623.

The principal activities of the Company and its subsidiaries are those of investment holding,provision of distribution facilities and services, and provision of financial services.

On 30 November 2017, the shareholders of the Company approved tl~e privatization of theCon~~at~y ("GLP P~~ivatization") by way of a scheme of arrangement (the "Scheme"). The Schemewas completed on 22 7anuary 2018 and GLP Bidco Limited (formerly known as Nesta InvestmentLimited) and GLP Holdings .L.P. became the uninediate holding compazly and ultimate hoidi~lgcompany respectively. Both the immediate and ultimaie holding companies are incorporated inCayman Islands.

The consolidated fulaz~cial statements relate to the Company and its subsidiaries (together referredto as the "Group") anc~ the Group's interests in associates and joint ventures.

~►' ~ a ~ , r

2.1 Statement of compliat►~e

"The financial statements are prepared in accordance with tl~e Singapot•e Financial ReportingStandards ("~'RS") issued by the Singapore Accounting StandZrds Council.

2.2 Basis of cneasurernent

The financial statements have been prepared on the historical cost basis except for certain assetsand liabilities which are measured at fair value as described below.

2.3 Funetiar~al and presentation cur~•ency

The #financial statements are presented in United States dollars ("US dollars" or "US$"), which isthe Company's functional currency. All financial information presented in IIS dollars has beetrounded to the nearest thousand, unless otherwise stated.

IS] i

~~1,1~> uF~. p,lrl.

tli~rn r ~ ,,za; >r ns C,'Ic~1 r r~rrt:ct` ~';~opei~:~.s ~.inrtedj

(7?'P (~ d~.t` .1'bA ~I,Si E~t(17'7 L'S'

f~:~z,~i~cu:l .ucre~rrer„

"acr ;ercfr;:r ?' fsrch ~~ h'

Tl~e fins;nc i~~l s~~d€c,rr~e its of the lsi~o~~p arci ~oix~pa.~~v Ila~~e t~e~c~~ prehar<;t.l t>~~ rl ~ain~ ~;o,s~e,~ rz hasi;,ru.~t~;~-i~1~>iat~ciit~g tl~e ~Iefici: ire net curre3it assets of t~`~$!,43~,19f~,~t}() a~ld ~~`~:~98~~.96 ,it(iU as tti ~ 1~f3~ Cl1 ~~)1 ~ i >;)~.:;`.'lVcl~' (1"2 V3l`tsi (it f~lE; ~i)~IO~ti'itl(~ t,~',',f1i:S iillt~ CUY7~1:ic:2':FCIOt15;

1~l~ic in~metliate I~ol<iir,g ce~tYt~a~1~~ :zap p7~i>vid~,c an imttertakiug ~~ot to dern~it~d t~~e r~epaymei~t«f ~irrxorm4s dl3e. ~v~itlliF~ ~_!ae i7e~t tiY~elve. n~e~Yltl~is i~ et~~ble tl~e~ (~'osy~~~<~ny to ~f,~,et its ub(~~aYi~ns~.risinc~ for t~a~ ~iaxt t«~~€vc zno.tzt#~s i~o~n tlic b~ian<~e sheei date, as aild ~~~l~e~a i13cy tail dire;

~ ~SSiir3i1Ct'. Of l`8F'iOltS `OC1I1(~S Sll~)5;'..Cjtl';F1I f0 Vt,uf'-fwT.C~ ~OI il`',~,I ~;~E1:~. ~.ttSEl fltOt~c;C~S O

ap~~~xirnar~~v ~~,`~gl ,~~y~.00at);OG4~, (z-c.fe~~ :i o Note 36{i; to (~v) fur:3et~xis;,~2e~.cir~t of pr~cced~ froze k[~e. i'is~a~ syn~i~ca~ic~t~ of~ CrI.I' ~;ts~o~7e ~J~velo~~tn~ilt ~'ar~g~~er~z i =,snt.iparC«tl ~Yndication of CI~.P Li!rot:;~ Iz~cr~me z~artraers r ~otx~liz;g approxis?;ately LTS:~77~,Ot)C~,t)O0siz!}sec~i~ent to }ear-enc! (2ere. to'vc.Ce 3~(v) anc~ ~vrj for c~etr~ils~;~'P~e G~roi~~~ h~~is ~mt.a;ili~ec~ cre~~it r,~n~ loan ~~1~iliP:i~,s anioi~x~ztin~ 7:;~ LI~,~I,;?<),2b l,i.)~t), o''s~~h c1?(~ S~;?t~.010,OR{) are co7l~n~ii~e~ credit faci~itie~ (refs? to dote 3 ((c~ for d~~taii~}; at~c~

~ T'ilC ~'OCtiE)c3Ciy~ ~l<].ti LY1111:1~?:(c:Cl' Ci"t~C~fl 211 1C)~li`2 ~£1.CI~Y~IEti ~tJtlCSltill![?~; 1:} 1.~~~ I~~J,jj~1,{){}(; (_~-C;(~"~.

t~~ Nose 3 ] (e} fc~r details;.

~('I~eprey~ara~ior~ oi't?1e!€n<~z?ci~,i cta~t~,reilts in con~~o~-n~~ity~ ~r~itl~~ ~~~ZSs t~cq~aires za~i~~~~a~~~lt:ic>r~t toa~~a.;<e judgme-n~5, e~t;;ti~~t~s aij~l as,tirl~~~~=.otis that affect ~~he ar~~lic3~tic~~~ of i3ecot~t~l;izg E,ozic~iesau~i [h<~ rep:aiz:;d ar~ziol~air, ~~# assets, liabiliiir~, x~~~.corne an~~ ~;x~e~lses. r\cYual r~csi~l.ts xr~ay differTic,~~~ tik e estii~.atcs.

~:,SCi7?1~iC;'.ti <.T7tj t''kCli'i"ly'llt~~ i]>St]tli17t1Ci~1S tli"i; ?f;l~ SL~'~'C'.i~ 017 X117 O~l~OiFl(, F}~l~l~. ~t'V[SI(Jil fC~ 3i.00!IftTYil~,~?.

C,St~lt11i14~.a dTZ 1': C.OoS1tZ.f,:t iii ~fil'. i7CP10C~ lt1 .~1f11C:2 ~.~1C~~SY1II3dCw.S SY~. II.YIS~(.~ £tPIQ ICl<IYIY iiJCC.'lE' ~J~:1'IOQ'S

f?i~71'~CCC,i~.

lrlfc~r~~~ati:>~~ ~bt~~it critical ;uugtl~c-.~~t`s itx ~~~piyin~, ~ccot~~~tiisg ~olicf~s thaf ~t~.ve ttte ~nc~sF~;~%t~ificart e~~i'ect o€i the <~mt,tr~it~ re~o~;nileci in tine i~tancia~ staternei~ts is i~~clttdc<~ in thefoilc~~vinb ilott~~s:

\'t)1E'~ 7 ._ .~E:CO~;IliCl()tl ~)~~ jC;~t'tt'~CLu° ~;3X ~SS~ ~S

Note ~. i (i) end ,'~i~~e 2~) - l;econsiitiax~ of~acgtiisi~i«i~s as hersir~ess co~~ibinacioz~s oi~ assesacquisiTior;~.

Ini:~~ n7<~tiurr abotii assur~~~ptic~i~as ar~c~ estus~~~~;on t~nce~tairztie5 that have a significant risk cfre~sultiz3g isi a rnateri,~i a~3jtistn~ter~t v~ittlin fhe Text ~~inanesa1 }year are ~ncl~~ded il~ ~~te C~~llo~~.°inPt OiES:

dote =~ — S?eYci-rninatior. of f~;r ~,~a(i~e of~ i~iv~sCr~~-~d~~ prt~~~crties

~ot~ ~> ,'vl~:z~sl!remcnt ,;f're~;>verai~le arz~ol~nfs ~fzoodv, ill

i\'()it; 1 J ~'i3~l9~tI10li Of i~ti~lS dl;i~ 111h?~1liZS IIC~tj SOP' S£t1E' 3I?C~ <jiSCOptIt~12Gi1 C~pE.1"£iCiOt}S

(VOTC ~ — 1..?i'.i: E'P~(;Ililiilf iil 0{ C~!(C ~"ri~UC', 0~'ift?£111C7$~ 1SS~'CS 3i7CT i1~31~i~1Y7£'S

~' :~ ?

GLP Pte..Ctd.(formerly known as Global /,ogistic Properties Lirnited)

a~td its subsidiariesFinancraf. stalement~•

}'ear ended 31 March 2018

2 ~3asis of prepar~~tic~n (continued}

2.5 ~Jse of estimates and judgments (continued)

1!'Ieasn~•em,ep~t of fair valaes

A number of the Group's accounting policies and disclosures require the measurement of fair

values, for both financial and non-financial assets and liabilities.

The Group has an established co~itrol fi•amework with rEspect to the measurement of fair values.

This includes a valuation team that has overall responsibility for all significant fair valuemeasurements, including Level 3 fair valaes, end reports directly to the Chief Financial Uff7cer.

The valriation tea~al regtalarly reviews significant unobservable inputs and valuation adjustmeiats.lfthird party information, such as broker quotes oz• pricing services; is used to measure fair values,

then the valuation team assesses acid documents the evidence obtained from the third parties tosupport the conclusion that such valuations meet the requirements of FRS, ineludisig the level inthe fair value hierarchy in which such valuations should be classified.

When measuring the fair value of an asset or a liability, the Group uses market observable dataas far as possible. Fair values are categorized urto different levels in ~ fair vatue hierarchy basedon the. inputs used in the valuation techniques as follows:

Level 1 : quoted prices (unadjusted) iii active markets foz~ identical assets or liabilities.

T.eve] 2: inputs other- than quoted prices included in Level l that are observable for the assetor liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3: inputs for the asset or liability that are not based an observable market data(unobservable inputs).

If tt~e inputs used to measure tl~e fair value of an assee or a liability might be categorized indifferent levels of the fair value hierarchy; then the fair value measurement is categorized in itsentirety in the same level or the fair value hierare(iy xs tkie lowest level uiput that is significant tothe entire measurement (with Level 3 being the lowest).

The Group recognizes transfers between levels of the fair value hierarchy as of tFze end of thereporting period during which the change has occurred.

2.6 Disclosure Initiative (.~.mendme~ts to FRS 7}

From 1 April 2{)l7, as a result of the amendments to FRS 7, the Grol~p has provided additionaldisclos~~re in relation to the changes in liabilities arising from financial activities for the yearended ~ l March 2018. Comparative information is not required to be presented (see Note 19).

3 Significant a~:co~anting policies

I'11e acco~antin~; }policies .sut out bePow gave been applied consistently to all periods presented in

These financial staterx~cnts, and have bec~a applied consistently by group eta±itics.

FS13

<iL_~ ~yt ~~. I.f(f.

!n+~~r ,~ ¢nr,~cr . Gio i Logis z.Prop~sruecl.ulaue<IJ

arztf its' ~s~z~ah.s~s~irra~irs

l~ir~tcanciu? stcaic:ntenl~.

Ye~~ ~itdc>d .3i ;i~f;:trvit ~U!8

:~.~ ~s~~~~ a~~~ s~~~g$a~~c~~~ai~~~

"~i :>tr,5-t~- s.s cursJbifzatro~r.t

F ~i1 : '. ~~ ,. ~ r`.~.'t11~~lti.7LI(tll I. ::: :tGiC~l411It.'i~ lUA E~51C11 t~~,~uLr 6ii~1'i}CiiS Illi'f.~l~iC~ ifi £lC.t~~_~Y~$i1C~:% A-t~l(I'i x'~+~`

l ~ t E;.~zl~~ifa r,, ~>>t ~~~ f= li~~: ,s~~~~t:is;i{G~ ,t~ ~i~tE , ~-r'tZiclf is Ii~c ~i~~lt~ 0~7 ~vl.ic,it ~ rrkir~~! tsI!"}I'i'.f~-i1.-; ~ P<S tlll~ ~..ifttll~J_ ~ ~1t iJf(tU(? C(itli.i"«~S FfE3 c'1t1i[t' VV~1~;'ll ,~ i5 ti?.Oi~Siri~ itt.. OC ('1;1 I lE!.t`li:~ (t-,

variable x~etun~s fro~t~ its i~avolve.r~7et?t w~iY~17 t~~e ~;ntity a~l~ ras t!iv si~ilit~~ Yo h`if'uc[ t[lvte ~e!~s.ti~~istf~iroi~~~zh i1~s powez~ o~~~~r tE~e e;~i~ity.

I he. C.irouE~ ~r,e~~ urea goac~~,~~i'1 at tine a;:gi~isi~ion dote a.;:

t~,e f«i: v<:~,;e of~the ~i~;~sidez~atior~ trar~sfe~-~~ed; ~lt~s

t~~e z~eeo„a~ized an~ot€rai of azly ~Zon-euz~troliir~~ iz~te~~esis i,, tlze- ac~~uii•ee; }ails

~ if °he business c<~rnbination is achieved in sYa~;es, Yl~e {~iiY- v~aIlaa of the F~H - ~~c.~:isti~lh ec~ui[ ~

inte:ce~t its t1~e acc~i.ii=ee,

over tl~ii.: ~~et e~ ~n~~nizc~~ ;~rrinuir~ t~.~,e,tze.raliy i~ir v~flircj ~{~ t_hc idcn~tifiai~ie as,r~s a-cyi~~rctl ~rzdl €al~iliti .~: assi~~i7:~t~. ~1} , .~.~~>il~~E~il l ~I ~~~~t arise< <~ teste~~ anr~t~a[ly i`oz~ i~,zpairzne~:~.

~'~'~"5~1: 1,~1€; ~X.C(:". C tti T7 c.~,~2(.SVi'., £~ i?~sr'~alll ~?411~C~l lti~ ~231I1 7S fi:C~~~YllLeti 1I71121r~c`3i'rl[~1y l:i ~',:'O~iP ()t' LOSS.

~ {)c' G(7iF.,ll~f'f'fib(~Il fl'2ill,(a'.E"7-t~(E t~C1~S 110% tP]C;IUCjC ;7,111ttUt3t~ I't'~~tl.t~t~ ii? Z~1G S~i:4_.ti:.tIz~Yl~. U ~ ~7IC'~-ZXIS~SIij~

rrl<;,iii>~i~;1~7~~t>. `sue-l~ arnuunl, ar~~ ge~t~rally r~ec~,}~nir.~:~.i.l its ~~r~.~fi! ~,r (oss.

,~1~~y cor.ti~t~cr~t co~rsi~l~:r~~ition p~}~r361e is ~~c~E>~>~~ized ~t ~t~air v~ita~ <~t f11e ae ~t?ist~ir>n date .~n~3itEef~~detf ~z1 ti?e coT7side~r~~ticn trzns(=er~~cd. if tli~: ~:<~i:~iii~s~~~i7i cc~ri~;i~ier°ation~ is cl ~,sil~ied as ec~iiity>IT L~ Sli>l If~tLic`.tt;;.il:'CC~ ~il'1 ~ S~Ii~~TT1[;Jlf It; HCi;ULiill~C~ 1'Of 1~V1(ft3tl Q.<~tJtTl~'. ~)l.~ti_tl41SE, SIt'lti(~~Ctet11 C.~18Yl~CS

t~> tl,e I~;:~ir ~~ ~I!~r~ e>(~tite ~ c~t~tin~~~: }Y c.a ct:,i<fc;ra(ion are ~Uco~taize~~ in proftf c,r loss.

t c ~ is ~ !,ttc<f ra the acc~uz>i?i;~n, other tl~at~ those as~~~ i;atc~~.! ~~~it}r tl~c is<;ife of ~?c: b? c,~ equity

-=cw~n atdc~e. tli ~t the Croup incurs ire cor~x~~ction ~vitf~t t~ (pis i~~css cotnbinat.io?I are ~~~.~~~~risecf is

i rr ~~ i u~:'ei~}.

No~~-vo~ltrc~2lir~g interests thai are pre;~7~~ o~vners~aip interests ~n~l entitle tl~eir~ hcl~l~i~s to a

proporlioz~at~ share o~ t,1e aer.~~~i~-ee's r~eP <iss~ts in tl~e event e~C lic3uit.iatPo7~ are rneasUred ~:itt~ar a~

f ait• ~laJuc; c~s~ zt tl~i~. non-c.c~~i~irolli~i~; ii~terest_s° prf~~:>o~~ ,nil itc, 3ltari of the rec,i~~~~ized ;:~m«unis or tt~e

at_c~ui~~e.~°'rs i<1ei~tifiable ru ~ ~_,set~, aC the ac~ui~i~~~;=~ cs~a?~. (~l~+c~ ~ne~~sure~rr~ent I~~ts~.. T~,l_~~~i ~s e~ect~;c'

on a. traz~sactic~n-ley-t~r~in~actic~z; basis. A;r other ~~o[~-cor~ts~ollitl~ integ-ests aa~e m:~asi.red at

actl~tisitio7l-date fair valtr~, ~.in less i~~iothet~ n3~asiareP~nenf basis is re~~uired icy ~FI2Ss. Ia`~l~e E~usiriesscoEzlt~in<~tio~~ is ac.~zieved in stages, tl~e C ,~oi~p's previously held eq~~iry interest iii Che ~cquiree is~e-sneasure~i to f<~ir~ value at each acquisitio~~ ~3aie ar~d any c1?anges a~~e t:akei~ to the ~rofi.Y car lass.

t l~.in~r<~,~ i~~ t?i<~ ~ ~r~,u(~' ~ un~~rzsi_ in a ~.i(7 ~i,iiaf~y t1::-31 ~1c, n~~,t a~estfli in a I~~a,,, ~>i c.~,ni~ ul E~r~~ ~i~t ti~~rntcd

i<~r pis ir~tn~,acti~:ms 1n~ith ~'~~.+i~<~rs i7~~ ti~eir ~a~~<ic.~t} as ~.~u-errs z,~nd tlie~r4t<~r_~ r~~,, s~iliusti~le~2ty <Gi-c: Ci~<~<Ie

i tti ~;f ~C7C~l~v'I ~ ~ ~3 i1~.~ llii {f'flt,l C;1~ ~q~; ~ iS 1"Ct'(~, _Il l,'.iv i~ 1!7 ~?I~r")~il tit- ~O4.°. !~{~~1J; 11 11 t'71ti [t.? (1O13-;~~~t J. l'ti~~~it1 ~T,

11i~2t~S~S aP'ISII1~ fl'O~TI ~f'r1I15'r1C-1.IOClS t~lat a0 t)0~ lt7~~C~~S~~" i~lt: ~(rS`; 01 CUtllCf_31 ,rS'ai ~)tltit'E~ (l!7 8

pr~opor~iot~tate a~~~ount of tl~ie nei assets of tl~e st~bsidia€-ies.

FSI~I

GGP Pte. Ltd.(/ormerly lcnnx~n as Global Logistic Properties Limiledj

and its su6srdiariesFinancial statementa~

Year ended 3l March 2018

3 Sigs~i~carat a~<u~nting polieics (contmna~ed)

3.1 Basis of consolidation (ca~ntinaed)

(i) Bz~siness co~ribination,s (continued)

~3usiness cottrbi~raliorps and property ucyuisitions

Where a propef~ty is acquired, via corporate acquisitions or otherwise, management considers thesubstance of the assets and activities of the acquired entity in determining whether the acquisitionrepresents the acquisition of a business.

The Group accounts for an acquisition as b~~siness combination ~~vhere an integrated set ofactivities is acquired in addition to the property. More specifically, consideration is made of theextent to which significant processes are acquired (e.g. leasing, development and assettnanageznent, bookkeeping, etc.).

When acquisition of an asset ox a ~~oup of assets does not constitute a business combination, it istreated as property acquisition, l.n such cases, the individual identifiable assets acquired andliabilities assumed are recognized. The acquisition cost shall be allocated to the individualidentifiable assets arici liabilities on the basis of their relative fair values at the date of acquisition.Such a transaction does not give rise to goodwill.

(ir) S~.tbsidiarie,s

Subsidiaries are entities controlled by the Group. Mlle Group controls an entity when it is exposedto, or has rights to, variable returns fi-om its involvement with the entity and has the ability toaffect those returns through its power over the entity, The financial statements of subsldiaxies areincluded in the consolidated financial statements from the date that control commences until thedate that control ceases. The accounting policies of subsidiaries have been clanged whennecessary to ali~nl them with the policies adopted by the Group.

Losses applicable to the non-controlling interests in a subsidiary are allocated to tl}e non-controlling interests even if this results in the non-controlling interests having a deficit balance.

The Group's acquisitions of those subsidiaries which are special purpose vehicles established fortl~e sole purpose of bolding assets are primarily accounted For as acquisitions of assets.

(iii) Acquisition of entities under common control

For acquisition of entities under common control, the identifiable assets and ]iabilities wereaccounted for at their historical costs, in a manner similar to the "pooling-oC-interests" method ofaccounting. Any excess or deficiency between the amou~lts recorded as share capital issued plusany additional consideration in the form of cash or other assets and the amount recorded for theshare capital acquired is recognized directly in ec~ulty.

~'S~J

(%or~,~aer(y hn.;;an ~.~s C;rul : ;i, 'r~~crli~s l~i~rri:edi

a~ttt iu sub.Y'iifrtrs'1e.4

/';,~ir~ic;a ~lctterrienl.~

(ry l,os,s r~,~control

Up<,~n th_e loss o~~eai~tr~ol; tl;e Group derecogttrzes thy: asseis ar~d lia€~i(sties of+he si~hsic~ias~y, aY~'Y?~C;I ~n~~ t'~e ~t6.cr com}~onenT of ~gi.~ity r~iate~c~ tc~ 9:he subsidiary. /~szV s~~ry~Iet~ o;~ deilcit a~~isin~*on ~}7~; ic>ss ~~4~ coz~taol is recognized in x>t~ofit <~1~ loss. I~,`~ tl~e Cir~oi~p retains <~z?y ir~t~,e~st irz i_~~~prc~,~io~s slr~sidiary, tner~ sizc}~i i~ntErest. =:s ~7lcasu~-eci at f~ai.• value a~ ti1e. date that co~h-o~ is 1os~.S,i~~seque~~t(y, it is a~;cour;fed for ~s an cc~ui~~-accounted ;r~vestee ~~r as a~i av~ilab@e-1~o~~-sa(e.t 1f1fI11C;1~~ i~~~~f (iCj;~11Cj111~; OPl t:~l~ ~4VC~ OI ICIf~LiGI1C(', i'c'~~I111t'tj.

(5~) Irrvestnacizt.~~ irz ass~ncir~t^s and i!srnt ve~tzrr•es°

~.;,StJCI 3.1~c;C EiCC i~~OSc^~ z;1~t~tl'.18~ til th~111C~1 T~~I~ ail"(117 }~kiiS jl~ildlll~!?"i1. [711~3i1VF1CZ, EJlS~ ITdI(: COt?Ct'C)j ~SC~Oi:I~.

coz~tpoi, ~>vc~ ?!.c; financi~~i ~~pld o};e~atir:5 policies nf' these. enfiries. Si~nsficant i~a~itience r.psc-s~~med to exist w~her~ the Crrczi.p holFjs 20°i~ oY more ~rf'the ~.~ofinr; pow~e~~ u~'az~ot}7er enti~}~. a.i=pint ~.•~~nfare is a~~ ~~rs~a:ip :i7;c rat iii ~~~l~ich t1~~~ C~r~~~~p 1? ~s joint c~~nCro1, ~~~l~~i~:~~,y ZI~e C;r<~u~> i ~;:E.4 i-i~}~ts~o tl~ei t?. i .is5e-is iii the <~~f.~~irzc,ri~rnt, rat~:~~r~ tfiart ~,~zf~it~ ~ Lu eta assets ana( ~,(~h<<, iii~>tls f~~~~~ i[~. l i<;l~silifies.

~~ss~ci~ite~ and ;oini. ve~lt~~~~es az~c accoui,te<~ for ~isi;~g Cl~~e ec~uitV ~t~etl7oci (coilc~ uv~ly reierre~~ tc~pis eq~s~t~~-acco~~nte~3 ini~e,stee.s} end <~r~ eecogt~ized ixiiti~lly ai cost ;~},ic}a iriclt.~~~es ti~az~sactir~r~

_,c~fst~~. `,til~tic:gii_3~~t tc ~~~i~~a1 r~~r n,;i~ii.~urr, ~iic ca~,.;oii~3~ztcil li~.~,-tz~cial siaterncn[r; ~ncluc~e f~,2. £~~c,~,~7 s{~i;:rc~ c,I~ t'l~c~; ~~3r<,,it c7~' 1~7~;ti z~a~c[ i~tl?cs~ +~~c~~nl~r~~f~er~yive incorz~e. of egai~y-c~c~::~rl~r~ted inve5'~es, afec~t~

~ c~lj~astri2~nt tcs ~ilici9 1!;.~ acc~«ur7tint, 77~~1u i~ ~ tv;tfj hose ~~1'the Gr<n~p, troi~z t}~e <~a4e Chas ,i~,z:i~;ca~~€influence car joi~~t' c~~i[rcl G<~xx~n~ienees un~rl thy; date thaf. sig~~ificai~t ir~.t7~=~.nce or }oi~~i cc~ntro~ceases. Tl~e C~rotip's invesin~~erx2~ in <~ssociates ar~d joint veniures in~;lude goec~u~ill i~eiafifiec~ oil~zcquisbtiori, net of <}n~' t~ccu~~nulated isl~~ai~~nent: I~sses.

~di~es~ the CJre~l~f~'s spar of lenses axceecis its in[eres~ ~n an equity-~~ccou~~ted in~~stee, the carrr~or~~;~n~irn~r~i. of~trae i~lvesPmer~t, to~et(ier wit~t~ a~iv t~,~~_ter~n interests ghat form part. ~hercot. is reducedt~ a°:r~~;, aiad i[~~~; ~~ecogr~ition ~,( I~u~ l}ier losses is dig ~ ~ ~~ r ~c,~_~-d ~:,i c~~~t ~~ t~;aG e~:tes~t i~l~~at 21~e Gr~:~~iphas ~~r, t~F~alygr~~ it5~7 to ft~€ ~f ~l~e; ;ri .. ie~~~" ~ :~~ez-atios: ~~~~ (i ~ A~~<,dc~ ~,.i,~;'it~cnts on t~~cl~~«~f o~tl.e inveszt~e..

(~~i Iratzsr~t=tion.,~ elirrrinnteca` on ccuasolir.~'u~'ior,

i~~tra-g=~o~~ap b3€a~~ecs anc~ tr~ns~ctioi~ , ar~c~ any l~n~ealize~i iiioome or ea~~enses iz~i.sin~ t~s•on, intr<~-~;ioup tr,~z~saction, a.re eii~a~ift~ated i;7 prepa~~ir~g tl~e conaolic~aiecl i~inaalcia{ state~-~~ents. Uzaq-e~~izedgains rrisiiig from tra~lsact~ons ~viYh eq~~iry-~aceot4nied investees are elirl~irnatec~ a~ain~t rl~i:inves~Pneni ffa the extent of tl~e Grotz~~'s i~~t:ez~est in the ii~v~s~ee. Unrea.lire~ !i~sses are el~nzii~atedire t1~~ ;~n~e way as l~nre~lized gins, but i~~;lv to t1;~ e.xtent that +hire is no evidence «~f~ imp~~ir:nen~.

~till~ ~~i:'CO7.fP111335>~OY.SZlhSl~d~ZClY72S, l.~S'.tUGJ?(i'S' Ctt7Clf(Jl)7! VBY?I~17"C'S' ~Ji~ 128 t~0i11j7C7i2V

Invesi~~~ertss in st~bsidiai•ies; associates a~~c4 joint ve~~tures arc stated ir, il~~ Cornp~nY'z> ~taYers~~er~Cof Siiiancial ~~ositic~r~s at cast leis ~t;.clzmula~i~ci ixn}~air~neff~t (os~es.

FSICi

GLP Pte. I.1d.(formerly known us ~loh~l I,ngistic Properties Limited)

and its subsidiariesFinuncinl stnremenis

Yens• ended 31 March 2018

3 Signifcatat accogyratin~; policies ~c~ntinued)

3.2 Foreign currency

(ij Foreiga2 czu•rency trarzsactioras

Items included in the Canancial statements of each entity in the Group are measured using thecurrency that best reflects the economic substance of the underlying events and circumstances

relevant to that entity {the "functional currency").

Transactions in foreign currencies are tratlslated to the respective functional currencies of Group'sentities at tlae exchange rates at the date of tine transactions. Monetary assets and liabilitiesdenominated in foreign currencies at the reporting date are translated to the functional currency

at the exchange rate at that date, The foreign cu~•rez~cy gain or loss nn monetary items is thediffet•etice between amortized cost in the functional currency at the beginning of the year, adjustedfor effective interest and payments dtzrin~ the year, and die arnor•tized cost in foreign currency

translated at the exchazl~e rate at the end of the year.

Non-monetary assets and liabilities denominated in foreign currencies that are meastn~ed at fairvalue ire translated to the functional currency at the exchange rate at the date that the fair valuewas determined. Non-monetary items an a foreign currency that ai~e measured in terms of

historical costs are translated using the exchange rate at the date of the tran~actioii.

Foreign curre~icy differences arising from translation ai•e recognized in profit or loss, except for•the following differences which ai•e recognized in other comprehensive income arising from tl~e

retranslation of:

available-for-sale equity instruments (except on impairment in which case foreign currency

differences that have been reco~,mized in other comprehensive income are reclassif7ed to profit

or loss);

a ~na~acial liability designated as a hedge of tl~e net investment in a foreign operation to the

extetzt that the hedge is effective (see (iii) below); ~r

qualifying cash flow hedges to the extent such hedges are effective.

(ii) Foreign operations

"I'l~e assets and liabilities of foreign operations, excludi~~g goodwill anc3 fair value adjustments

arising from the acquisition, are translated to US dollars at exchange rates prevailing at the

reporting date. The income and expenses of foreign operations are translated to lJS dollars at

exchange rates at the dates of the transactions. Goodwill and fair value adjustments arising on the

acquisition of a foreign operation are treated as assets aild liabilities of the foreign operation and

translated at the exchange rates at tl~e reporting date.

fS17

G"L;`' ~'te. I ld.(~o,~~%r r ij~ ntaoi^ ~~ ~s Giol i~ r o~i,cr r'i'pper c. 1. i~:ired)

;z>Pd ifs• s~}~sldrr:riey~T-'uactrciu; s~rari~,res~t<

~ilj jO)'L1,~7i I7~)C'.i'C~f?OYIS ~C'Ot717)?.;J.PU`)

~ `Jt'~It ll ~tFi"1"Gt;_y~ (~1~~"ed'(',.t?"e3 riY~ t'~CG~IlIL~CI Ill i)G}181' COIII~"71'C;~teS131VE~ Ii2COS71C, 21 [lt~ T1C85S:P7€:~C~ 131 C}lam

YOT'~t~i1 CLIt~I~E'T1Cy ~Cat1S~3~tOt1 I"~9c2'V8 (<`t1'~.t2S~:~f.~:lg12 I~eSk~.l"V2~~~ 171 ~gUtj}'. ~C?~VP,V~T, If ~}l.B 0~"3L2'3r2011 IS

trot awholly-c~v,+sli;~i .subs;c~taiy; ~~ier~ t(~e rc'~~v:~rrf~ ~.~s~o~~ortao7a~,te share of tl~~e Ex~anslat~on c(u~~e:renceis ~~1loeatz.~~ io tine non-cc~ntrall~n~ iriteres~s. `~~hen a ~:~rei~~ ~perat~~i~ is ~~s~osed o~ sut.3~~ 'hit:;:,i~tioi; signtf~car~t ilifluence~ or' joint c.ont~~ol is Ios£, tl~e cli~ai~.la~i~ie azr,<~t~nt i~~ t~~e t ft~~l~tior~t ~~er~e reiate~ to that f-o~eizi~ o~er~~ero7: is r~:;c~<~ssii~ec~ to ~roirt er lc~sti a ~~.7r-i or t}ie ~<iin :jr iE>,5on d;s}~c,~a1. Gi%i~en thy; Csroup dz po.~e of c>nay ?art <;f ins is~. erase in a s~.ibsicl3 ~iy tl}ai irz~ ?ifdes af~~i~eign o~~err~tii>n l~hi~e~ r~;t~ain;Yi~ c«nr~ol, the g~le.v~~~~~ ~~ro}~oriioi; oA~ tl~e elt~~~t~la~ive 3ino~nt i

reattribute~# t« note-coF~tr~>lliag ~~szterests. 1%JI~i;~~ tl~e G~~ot~~ disp »es of o~~~y ~~art_ ~~(~ its ;tive~ttn~ntlti it€] 3SS0.:1;3(( ~1±' ~i)IIIC VCI;i'tiY'C;S I~~'eI EflCltiC~t';ti ~1 '`,-()Yf:FMYt 0~?~-"1'il~lC:~t1 lh'~117t; i'~~E11211P7'v ~1~?TTIZt~<331~

11~'~ll~T7~~C. iii" IOIPii: CO;i1P'C~p, ~11P rf:,~~V3i1~ ~?t"O~CDt'P~t~il E~~~ i11~ Ctd7T)1i~~.tiCi~, £1R7.Ot1t1C ]5 i'GCl~5Slf(~t`~ YC,) ~t'f.'~~1Y

Oi IOSg.

~Y1~~lCil t~l~ :;eC1:~CII1r:F1C 0'I ~1 1T1C~f1t%i.dPy~ tii~;'~1 TBCE'1il3~IC; 70111 Ol~ ~J~kY~~~~ 'fin ~ t(~le7~Il ~~~~7'~2~l011 iS

~~eits~es~ plar~r~~,e3 rxor li7<ely to occur in i§~e i'{>r~seeaf~le ~ii~tiat•v, te7reib~~ cneE~aY~~-~e ~ai;z~ ~zst~~ lc,ssc~~arisiti~ 1i-om si:~ch ~i rnonet~~iy ~t~~~~ are consicfe~ec~ 4o form pare: of'ta ,lct in~~est,~i~et~t to ~. For~~~~-~~

. _,~i~eratr~~u. These ~tre recogniz~c3 zn ot}~er cosT~prehen. eve incemc_ end arc ~3re.s~r~teu 3n i:l~eP, t'xilSlafi~P] Cscrvc i[? cL~Gil~,~,

/rz.il Ne~c1,~;~~ o;'rr Bret rn~~es'lYrlen~ rn forc:ahr,r «percrfio~i

t l~~~ C~rorip applies he:3g~ acco~niting to fa;•eigtz c3~r,eaac~ c~if~f<~zetices arisi~~~; bet~~eeri t1~cfi~~~~ctional cuz~7ericy of tl~e foYei~n o~~eratiog~i az~~' 1_~t; C:ompany's i'tat~etioi~al crrr~ncy tt ~S dollt~rs},,-e.gardless of wl~e~l~ie, the aae~t ir~vestrnes;t is held ~3i~-ectly ~7~ th~otagh ~.aii intez-tnediate parcrlt,

~~ore5~xi curreatcy r1i ~t~ferene~s arising ~n the t~~nslation of a fittan~;i~~; Iiabrlity t]esign~ted ~s af,e~ice er a t;cr ~nvestr~aesit ire a t»~f~igi~ o~ez~af~io,~ are recon i2,eti iz~ ot~~~er eompre.t~~nsne i;?caa~~ie~ c~ t is extz~~t t~~i~; k~cd~e; is effective, tin~l ;~r~~se~zted vJii~~ii~ eq~~sfv its the. fo:~eigr~ cur~-erlcy :ra~isla~ii~nI'CSC3"Vi; ~~ 0 2~?i'. C'-Xti'~Slt ~i)rl.0 it;G ~7~~C~~G 15 3iIP~.,r('Gf~1VE~. SLbC'1 (~11~C2'E;71i;e5 iiYC ?'~C<1~P.("Z.CC~ I[2 ~.)'i0i~.{: ilt'

I~,~ss. VUh~n t:he l~edg~~t~ n~~t irkves~;7terki ,s clis~7~~ed ~.~, tl~e ~~~I~~!~a~~t atl~otatlt in the Fi~reign currency~ ~~~r~siation ~cscF-ve is trat,sTerred to l;rc~fi~ or lo.,s ~s ~~s~rt c~'t ~}~~ gain or loss ors c:isposai.

t'oar-dE; ~v<<~1iv~~`artcrifciu' _z,s~,sets

File Croup ir~itiall~,° recc~~i~ires €pans and rece`s~~~iblcs a~~~s deposits ~i~ i:(~e date that they ~zre.~rir iJ~a[cd. All ;~tl~e~~ fira~~ncial assets ~re recog~ire~1 ~rirtial{y oz~ the Crude dale at tivhic~h t1~e Crri~upbee~,mes a p<.rry t~~ the cont~;a~t;~~~l provisions o#'Clue inst€~i~z~~e~it.

_I ~e Cfrou}7 dery ~;gr?ize~ a ;~i~~a~~cial Bisset v~~hen flee c~aritrac~t~ai ~~bhi.s to the c~s~~ tfc~~vs is~on~ tt~e

asset expi~~e, or if t5an~ e~~s i~Ize 1~ight5 try rec.ci~~~ t1?e co,~tract~tal c~s1~ f]o~~s ors tl~e fit~tn.<:iai assetm ~~ trn~~s~~cfioi, iii ~.~~f~sich ~ubsta ,ti~ill~,~ al l t.I1e risks ~i~~~~ re~~~ar~§s oE~ou~r~ersliip of the f~ir~ ~nc~al assetare 1r;~n~f~.,-red. ~1t?y intLv~esY i~7 tra~vsfen•ed ~inan aa! as5~ts that is c~eateti ai~ retained by tllc Group~s 1eccg,r~iz~~cl a~ <~ ti=_par:;te a~e~ or liability.

~'Si8

GLY Pte. l,rrl.(formerly Tmown n5 Global logistic Properties I,irnited)

[T71 (1 ffS SUt15'tC~fRi'IQ.S

financial statements

fear ended 31 Mcrch 201 ~

3 Sigc~i~~ca~et accounting policies (continued)

3.3 ~'ia~ancial insta•uments (continued)

(i) Norr-derivative ftncrncial asset5~ (continued)

FinaTicial assets aa~d liabilities are offset and the net amount presented in the statement of financialposition when, and only whcn, the Group cutxently has a legally enforceable right to offset theamounts and intends either to settle on a net basis or 1:o realize the asset and sertle the liabilitysi~nultaiaeously.

The Group classi#ies non-derivative financial assets into the following categories: available-fi~r-sale financial assaCs and 1<7ans ai7d receivables.

A vailable for-sale finar:cinl ~issets

Available-for-sale financial assets are noii-det•ivative financial assets that are designated asavailable for sale or• are not classified in any of the other categories of tinanci~l lssets. Availlb(e-for-sale financial assets are initially measured at fair value plus any d.u•ectly attributabletransaction costs, Subsequent to initial recognition, available-for-sale financial assets aremeasured at fair value and changes therein, other than imparnnent losses (see Note 3.?) andforeign exchange differences on available-for-sale monetary items (see Note 3.2(i)) arerecognized in other comprehensive income anc~ presented in the fair value reseive u7 equity.When an inveshnent is derecog~lized, the gain or loss lccumulated in equity is reclassified toprofit or loss.

Available-for-sale financial assets comprise equity securities and debt securities. Investment inequity seciu~ilies whose fair value catmot be reliably measured are measured at cost lessaccumulated impaiiznent loss.

Loa~zs and receivables

Loans and receivables are financial assets with fixed or detec•minable payments that are not quotedin an active market. Such assets are reco~,n~ized initially at fair vah~e plus any directly attributabletransaction costs. Subsequent to initial recognition, loans and receivables u•e measured at~amortized cost using the effective inte~•est method, less any impairment losses.

Loans and receivables comprise cash and cash equivalents and trade and other receivables, exceptprepayments and deferred manlgement costs.

Cash and cash equivalents comprise cash balances and bank deposits. For the purpose ofstal:ement of cash flows, pledged deposits are excluded whiPst bank overdrafts that are repayablenn demand and form an integral part of the Group's cash management are included as acomponent of cash and cash equivalents.

FS14

G~ P Ple. l:~~i_O~!~;; ~.~ 'oao~vrr o~ tilo ~f l~o~~ia'tir ,''~~,~pc~t s _;m;tnd~

UFtil (f.F .Sa2 ~iSliifa °'i His

1' i1"7 f1i7CIQ~ ,SIQIPI7?i?li(,5'

Year r,;,r(eu 3,' ,1<iarcl,. ?ri/,ti'

;; i .~Vr~r;-~Jerivcrtrve /i~arncrril iiczl~ilti~~s

Trie Gt~oitp i~liti<tlly rucog~2i~es debt sei;~frities issued <3rtu subordii~;~~ec9 liauiltties o~~ the c"sate f:I~;~t

the}' <~re ot~i~itlated. f~inesncsal liaf.~ilitre~ tf~r :;on?i;Igelli cor~;.icEed~a~ior~ ia<ly~ble itt ~~ br~~in~scc~rs~binatie€~i abc rec«g~~iled ~.t tEze au~uis.ii~iora date. Ail ofhex fixlatici~tl (iabilit~ies (in~.,~zdii~]Pabilities de~ienated at fa;r ~~~a1ue tl~roiF~l; prolit or ios~ j rrc. ~~e.co~;~i~ze~ i~7i~:ially oil t).~e trade data

at which Plle Gro~i~ t!ecozne~s a ~>a~~ry to tl~i~; cuE~tractuai provisi«rts ~~~~t3~e iflsh~u~nent.

!'i~~. Grou}% ~e1 cog~?izcs a t:~::~r~~izl ii;b~lzt~ ~~~hc;n ~.s cz~,~tz~~~ct~~al ~Llt~~att~~tis ti-~t'e <ii~cn~arge~ o,

ear5cell~.d oa expire.

~ina~.lcial lia(~iliti~s i<>r cotatinr~nt cor~~,ce~~it_~r~ r~~~✓a~lc in a business cor~:bix~at~ion are, z~~iitia_llyrneastated aff fasr vt~f~rc. .`iul>sequent el~~i,~es in ?die t~~ti~~ vah.3e of the contingent cans€dez:itii,Fi vF~c.rec~t~gz~izec; in px~aiit ~~' li?:5.

~~~ina~lcta( ~is~eis a~1t~ liabilitSes are c~I~i:se[ and lli~ reef a~~~oii~~~ pr•esem:~.d in ~1?e staEen~ent o{ {jr:a~lei~il~~o~itior~ ~e11en, and only ~uE~en, tl~~u Gr•oti~ 1~t.3s a (era(ri~ht tf~ of'r et thU an~iot~~25 and in@ea~ds eii~;~er~CD SC~:C~(', OIl c? 11~f ~?8S1S 03- 1:6 1'C~i~l"l.,L' 1:~IC ~1J>~C pit"1Ci Sc'.rllC ~.~1:', if£Si?i~if~}` tiiTiltllYcil7COtlSly'.

~ ;1C~ ~TI'Oti~ C~::SSS:~r£~5 frS FIO~7-Lj~CIVt21iVL j[I'l~lllC.tA~ ~i,3~"3741~1.E:~, Cu;7)~.lY'1S1Yt~ ~CiC~~i1S 8T1<1~ ~:OCCp4V131~,5 7IlE~

t~~ac~s artd E~t~ier~ payal~les, snits T.1~a oii.ez~ ti~~~a,7cia1 liabilities cat~e~f~iy. ~~ich 7irttg~eia.l (~~b7~i€ins arerec.o~riizec~ iriii:iall}' at fair valn~ ~>P~-~~ ~a~~;~ dil~~ctly a~trih~~tabic i:z~ansacti~n cc,~s. 5~~~~,eq~oei~t toII111t~i~ t'f Ci=;1}7ItOS2, il1~,SE ~}~1~it1~I~i~ ~tn~:)l~ii;~ti ~iit. ?t]cf3tiUC~i~ t~~ c'3XT1C)1"I12t~Ci C()Jl ilS171L? Yilc ~tfC'C1.Itic'.

i nterest ta~~e~hoc~.

(iit) Sltur~~~ caj~tc~r

(3p~'t,~rar~ sfzrar~acs

f}r~znary s11at•~~s ai'e classified a~ eq~!ifiy. 1r~cremeritial ec~sts ciirectlti~ ~ttribuiabl~d i~ the is~iie tit

E>rdi€~~rd s~~ares ire rec,<~f;~~ize~ as a ciec;uetion Profn ec~z~ity, t~ei ~~T ~riy tt3x ette.cEs.

C'~r~ra'ra! sc~c•~sa~etee.s~

Capital securities are classified as equity if they ~~re n~>f~-E~ec~eem:able, or redeern<,ble ~>nly at the

C:ompany'~ ~~~tior, a~1c~ ar~iy dividends are discretionary. Discret~onaz'y <~ivic~en~~s thereon a' rerecognized as cfistributiuns ~vi~.i~i~n egi.iii~a.

.~e~~ss~chrPse, r1r,s~S~.~r~~ ~~rc~ ~E~ess~~s~ ref ~fFrare c:r~~i1~1(1~~c~~as~;v .~~~c~~c s)

~~/hen share :;aK ita! r~co~~~ized <is etlt~it;; is iepurciias~:~1, the ainot~ne of she_ cui~sic~erafio~~ paid,

~~l~ich irrciucics <firectiv atta ibutable costs, neC cif any tar ~.(iects is r-ecegnized as ~~ dec9t.~ctio~~l ~trc~mc:<~1?IS.V. ~Z:.'i>L1Z'i;~l~4~C;Ci SCl 1,~)riCl; L~dSSII3~(j ci) lCcBSI?1"V S}7hCt;~ f#.2ZC~! t1I"t; ~JtE~~C:itC~(i )t; I~]l. 1'L.~CS~\'r ii)7'

~~-gin shaa-e ac~:oLint. ~'J11en b~ea~tas~v shares are s~~l~:~ or~ re~;~ued si~bsc~~ae~n~;}', t?~e aat~eunt rece-ived

IS 1'2f;CT}~Z317~~i.'1 £1~ ~;1 ll1i;I'Cf1Se 131 ~C~UIIY, a11~3 lflC, i'CtililZlil~, ~li(~,~t1S Ol C~GI(CIY Oil C}i(' I2~~3t1S<3Ctl0ii 2

j~rc entc~l iii ~~c>>;-cii~Tri~lrt<ible c~a~~ital ,•eserve.

FS2t;

GLP Pte. Lid(Jormer!y known n.r Global L~gislic Properties Limned)

anJ irs subsidiariesFinancial statements

Year ended 31 March 2018

3 Si~nifcant a~cout~ting polfsies (continued)

3.~ ~iflancia~ instrt~nzents (continued)

(iv) Der~ivatrve financial instrt~ment~~ arrd he<l~ing activities

1'he Group holds derivative financial instzli~Yients to hedge its foreign currency and interest rate

risk expost'~res. Embedded derivatives are separated from the host contract and accou~rted for

separately if tl~e economic characteristics and risks of the host contract and the embeddedderivative are not closely related, a separate instrument with the sarnc terns as the embeddedderivative. would meet the definition of a derivltive, acid the combined instrument is not measured

at fair value through profit or loss.

On initial desi~iation of the derivative as the hedging instrument, the Group formally documentsthe relationship between the hedging it~strument anc~ t}ie hedged item, including the riskmar}agement objectives and strategy in ui~dertal<ing the badge transaction and the Hedged risk,

together with t(~e methods that will be used to assess the effectiveness of'the hedging relationship.

The Group makes an assessment, both at the inception of the l~e.dge relatiopship as well as on anongoing basis, of whether the hedging instr~unents are expected to be "highly effective" inoffsetting the changes in the fair value or cash flows of the resr~ective hedged items attributableto tl~e hedged risk, and 4vhether the actual results of each hedge are within a range ~f 80°/n - 125%.For a cash flow hedge of a forecast transaction; the transaction should be highly probable to occur

and s11ou1d }resent an exposure to variations in cash flows #hat could ultimately affect reported

profit or loss.

Derivatives are recognized initially at fair value; attributable transaction costs are recognized inprofit or loss when incurred. Subsequent to initial recognition, derivatives are measured at fair

value, and changes therein are accounted for as described below.

Cash flow hedges

When a derivative is desibnated as the hedging instrument in a hedge of the variat~ility in cashflows ariributable to a particular risk associated ~~ith a recognized asset or liability or a highly

probable forecast transaction that could affect profit or loss, the effective portion of changes inthe fair value of the derivative is recognized in other comprehensive income and presented in thehedging reserve in equity. Any ineffective portion of changes in the fair value o1~ the derivative

is recognized irr~mediately in the profit or t«ss.

When the hedged item is anon-financial asset, the amount accumulated an equity is included inthe carrying arrmount of the asset when the asset is recognized. In other cases, t}ae amount

accumulated in eq~iity is reclassified to profit or loss in the same period that the hedged itemaffects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting,

expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is

disconti~lt~ed prospectively. If the fcireca t transaction is nn longer expected to occur, then thebalance iii equity is reclassified to profit or loss.

Separable enrl~edrled derivntives

Changes in the fair value of separated embedded derivatives are reco~~ized immediately in profit

or loss.

1521

GL~' fTte. I.td.(I~~rn r ~ ~r~t, ~ _~iu~ /,uf;is~ !i ;;~errrPs ?.i~~x~~~~G!i

~antr it.Y' .ra'a6.i'irtinr'ie.s,•u.,,,.ci~1~ :rate Ott G!t13

Y <iQY rY4(JCt~.j ~~ i~~'~lIYCtN l~'!d~

(?~~j D~~rivut ~~e fi~~cznciaf~ irartr~z~ments ~rr~l ?~ec~~rr:?,~ ~car~zeie.s~ ic«rtir~ue~~'i

~3~~re~ ~z~~z-~t•cxt~it~~x r~F~rivc~t`iv€y.s

t~,'i,en a ~~eriv~~iive ~in~in~.i<.' ms9rit~~neb~t i~ not ~~~:si~n~ztcd i~1 a ~~t;alif~yin~ l~cds~e. i~elatio«~,(;ig~, allchza~~des i~~ its fair value;. a~~c re~o~~ia~e<i is3~;me<4~~~t~:ly i:~ ~P~cflt ot~ loss.

~ ~iliBSCi~tic:fii t)Y'(~()E:Y~II;~ ;?Y'L; 1~J'n~)~i!L'.S ~lc~u ~;f:~lt,i i0 ~dE3i!~~ C'~13~~3~ ;[tCt)Il~i:: C;i 1~)1- C£1~.)[1f3~ fl i)~~F'C~1~11~101"1

or b~tf~. but nt~t i<~ ~ sale ir? t~~e ~~rc(in<~z~y c.aut~se ~~f~ b°us~~7~s5, used in t€~e j~r~oductiai~ «r su~~~~>ly o '~c:<>ds car services, o.' i~or iid~i~u,~zser~aii~~c ~;~~r~~~t»es. SnvesirnenP ~,rog~erties comer€se. c~E~r7~}~I~;tedii~v~.trn~nt ;>rope€ti.es, ixxvcsttnettl~ ~ro~~ertias tancie,r re~-ilevei~~prsyent, ~ro~,ertics uz~<~et~der~e,i~pzr~etit az~if land I~ielc] t~oE~ develo~~~nenr.

f'o.st incltd~ies Lxper.~3ittir~e. that ~ directly attributabtc ~:, the acquisit.iori ufthe ;r~ve.stir~e~~t ~~~•i.,}~cri}~'.~'I~e cost ~f selt~-cr~ri~tr~ucted i~2ve~tn~er~t~ ~f~~a~e.rty ~i1~ludcs the cosh of materials anc~ di~'ect. l~i~or~>anti ot?~cr cosh t3irectly a~~ribuYabJ~ to brirzgin~_ t4~e i;~~cstr;et.t 7~r~~per-cv to a ~.~~orkin~r conditioni~t)i- fl.ti IIILf;i'iCjc'ci~ tl~~: illCl C1~1~i3~1:r4'ti [?C)7'1'0\h'iflf`. CziSCS.

~~21YtCj 1'i C;C~ 10}" CS c'.-~~~~(>~~111ci1T f'l:T3P'~ .L'11ij ~~E158 !:it'~j)~1ypllCi'1P.i; iUS' f1CC~tll; tt7~ Y~f~,~11:5 t.0 llSe j~.l'tC~ 111 i.~?e

~~~op?e"~ ;Z.ez>ta~lic. o~ t~l7i~,a ("~'RC") ~~~itl~ p~.~~ipcls rar~;r;i~c ti-o~i~ <~f~ ~c~ ~0 ti ~~is. Suc1: ri~ht;~~P~3%?iGC"~ \h~1~:f1 C()(151tjCl"117C(? i l'~~ I~-COk;t'i`I.F~ij IP.l~,i i~1~'' ii.1 uCC3111~1~.1~1T1 t;.?~'i.

i'1 L~(21J1~~ ~~Gr' IYdI;E,St~Y78id~~';PYJrL-'Y't1E'S ~d11C~ ID7VN,S(iY1G'/76` ~J)`Of'h(7 LIU'S L(F?L~l~7`YP--C~G~V~~C:~7YY.~~121

Co~i~~~?vti;cf i~~~e 2z,~er7t nr::~~~e,rtie, ind invcstr~;e~zt ~?raperties under ,e-~levelc>pr~iesat azc tx5east~.i;tfc~ I23S~' V'~'~[ill' \A%IY.~? iltll' C~1t171aGS 1}If;1'C71) E'~C.O~IlILBCj li; ~.)1'G11( 0,1' BOSS. ~ l~t'ci~ t11C0iY1G i7i}d11 411i'f,SZf11f,Y1~:

1)Ct;t)i~T4l~ti 75 tli~.t;t)ti[I[Gu 3~?l~ Sil fl"1 C, FI"lhfll.UY~ C~CSi:C2beC~ ;Il ~Oi; .3. ~ ~`~.

(iri F'r~opertle.c uttdc~r ~evelvp~»~t~~~t ~irxZ `and h~~~lcl for cln~~elc~~~rner~~

Property than is cein~ co?~stJ~ucied or dev~?o~~ed fuP• fi~iuie~ u,e as irive~t~.rtef~~i ~~ropert} » ;,~ii~allyP'CC(?`_';Til?.,E:Ct ill. i,Q<Y, liIC~11C1ttiL [fd?1~i:9~~~1O11 CCiS[~ ilI7';~ SLl~)SG.I~L'f'1111}% <il ~~lit' t~tl~i.d~ ~t~lf~1 ~127~' l.~)r1C~~~?t;

the~•i;iz~ rec~~nizcd in ~~rotit or less.

'~~``he~n an investment ~~~rotaerty is ors,>osed ~f, the r~esuitis~~ gain or loss rec~gnizcd ir3 profit or I.o~sis tine differe~~~e ~etwcer~~ nef ~itsposa? ~xocceds and tl~e. car~iyi>>g ~tmoo~~t o1- Phe ~rop~.r-ty.

P(an~ ari~7 e.~~ui~~reni arr st<~ied it „t,st less accumt~late<1 cic}~rcei;~ti~~n algid im~~airrne~it lotises. Costiricl~ade4 exper?~iit~iara tJ~~~~i i5 ~iT!~ ~tiV attributal~'e to [he ~cqu;sitit~tl i7f t,ic asset.

FS2

GLr> f're. L7rt.(fa•merty kr~nu~n as G(obal Logrs/ic Properlie,r Limited)

Muir! irs .suba~i~tiariesFinancin! statements

Year ended 3! .Mach 2018

3 Sig~ii~icant accountiYig policies {cantinued)

3S Plant and equipment (continued}

Subsequent expenditure relating to plant rzr~d equipment that has already been recognized is addedto the carrying amount of the asset whe~~ it is probable that fixture ecozlomic be~lefits, in excess of~the origi~~ally assessed standard of performance of the existing asset, will flow to the Group. Allother subsequent expenditure is recognized as an expense in the period in which it is incta-red.

Depreciation is t•ecognizad in profit or Ioss, from the date the asset is ready for its intended use,on a straight-line basis over the estimated useful lives of furniture, fittings and equipment rangingfrom 2 to 20 years.

The assets' residual values, usefiil lives and depreciation methods are reviewed, and adjusted ifnecessary, at each reporting date.

"l~he gain or loss on disposal of an item of plant and equipment (calctilated as the differencebetween the net proceeds from disposal and tl~c car~yin~ amolmt of the item} is recognized inprofit or loss.

3.6 Inf~n~ible rise#s

(i) Gt~odwill

For business combinations on or after 7 Apri12010, the Group measures goodwill as at acquisitio~idate based on the fair value of the consideration transferred (including the fair value of anypreviously-held equity interest in tl~~e acquiree) and the recognized amount ~~f airy non-controllinginterests in the acquii•ee; Less the net recognized amount (generally fair value) of the identifiableassets acquired and liabilities assumed. When the amount is negative, a bargzin pw•chase gain isz~ecognized iia the profit or loss. Goodwill is subsequeaily measured at cost less accumulatedimpairment losses.

For acquisitions prior to 31 Match 2010, goodwill is measured at cost less accumulatedimpairment losses. Negafive goodwill is credited to profit or loss in the period of the acc~uisitiot~.

Acquisitions of non-contt-olling interests ate accounted 'for as transactions with owners in theircapacity as owners and therefore no goodv~~i11 is reco~~~ized.

Uoodwill arising on the acquisition of subsidiaries is presented in intangible assets. Goodwillarising on the acquisition of joint venti~res is presented #ogether with investments in joint ventures.

(ri) Other intangible assets

Other intangible assets that are acquired by ttie Uroup and f~ave t7nite useful lives are measuredai costs less accumulated amortization and accumulated impairment losses.

1 S23

or'L f' 1'£x. I ?d

~~~~~~r c t ~ I:ror ,z a !floc r~ r o ~_ ~ I'rv/per c~ l,i~nil~cl)

QPt [f tLti _Rf[(J.4'PLfd (11'1('5

I~rnc;~r::a1 ~:nt<~menr.r

'r-ar ~r~ded 31 '~4arc: ;?Oih~

~,~

iltj

,~ ~ ,~

'f1

~~ ~~~~~~~~ s~~.~F~~~~~~~~~~ ~~~~~~~~ ~~~~~~~~~~~~~

r37?IOF(';;C1td0r,

~~mortizatio:3 is calculated o~,er• tE;e c~sY i} the asscf, less ;is resid~ial ~,:(t;e:.

r1~71<~ri~,ra~iotb i, rccornszad in p~o~it or loss on a sT~~aib1~~Y-iitie basis o~~~t~~t~e est~iit~_~~ed u>eft;(liveso~ i;iCar~~;ibie a~5et~, othes~ ~flar, go~~d~ti~ill, f~oxn tl~e. date tl~a~ they a.e available tur ~~~e, since tl~is-rr~~~tst clear!_y ;c.i:lects the c~pecied ~~~~1~~:,x~rz of const~mpiio,~ of tide (ui~arc aconorr~ic benef3~sC)Il ',O(itl`. z~ lYl lfif- .'i ~i:;l. ~r~;~ LS~.IiT]ac; C~ UJL'.~:i~ ~1VCJ Ci~ ld:~~.f; C,t ~7 ~.. .1~~C'lS 16'' t3S if1~~04i'ti:

~T'rrttlemarl<s 2f:~ years'~';;e~-~~~p~;p~iftii~i~ o~-er Tl~e tez;;~ o{ selcva~st agreerr7e.sil..,li;(;7:iSl. I'l„~.i"ll:~ OVf'; Y:i7~ ice~S2] C)P Celt-', 1I~~31Sc ~)c',CtOC~

Y ~'~~ba~$~'$~~4'a@~

1~OYt-i:t`e.l It iflt%P Olt?Qi:C7at~ ;,,1,51'(5 f U7Cl1dij17 f~ 3'E;C.~il'Ct.))~f S~

i1 (llli~lltC 13~ ~SSC~:IIOt C~'T1eC2` <lA: -F~lli" Vf3~i1C% Y.~tY'011~~l r&'~~3`t 07' ~OSS~ Ii'.C~llt311i~di1 iZl4~C~Sl d?l ft)S ~3.;SOC;r4te

L1 T1C~ ~(.)it1l \' .11Ctti '., 1~ titi~C~Si~(~ ~l( C2C~1 i~t~(JO11SFl+~ t~~~~C, t2 C~C;I(:C12ili1C. 1-V]"tC;t:~1GY Ziir;i'E 1~ £i[2~' U~J~i;Gl:i~~G

~'.\~:t~~:.t:C~ ~}i2lC ii i> tIlS~iflil'C',i~. .'~ ~~'.Il£tI7.Clc~1 ii1SL'~ IS CU?'kSti{f;i"~{~ fC ~)~ t1Y1p).li i"C(3 t~~UC?ji;C`t.l\~t; (:-\'I<~~i1i;C

itltlfCi?Cl%S 1~1i31 ~I If'ti5 e:Vt~'tli ~;<~;i i~C;C11t'S'~:t'1 i3f~:E;T 1'y1~; S7Yl~ti1!1'~C()~?;S]ltf.(~71 t1L T~l'. ~~tiSC.T; df?t~ ?.~7 3i i~~1C:. I(iS

i'~VC;tlC i -3~ f:l I1Ck~.',fifC`,;~ Gl`(~CCt O[~ ~~~lE'. (;S~:!II1~3i~C(3 lli:ltI"f'~ C8S~1 1~~0~~'S Of i~}1r1 ~4~S~t l~i~'L Cf11? )G ~.S1.i1711tCi1

I'e~1~tU~Yj.

<)k~j~c.Yive evicieazce ~I~at t:,?~zz~ial assets (inchxc~in~ equity secl~;itiesj are i.7~pasrecf c~tii inci;ad~le,faulf or cze~int~u~~-~cy by ~~ debtor, resCr~ue~~ri~1g of an a~~~i~~ar~( ciE~e to t(~~e ~;r~oup on ter~7~s ihi~t t~l~et;rorip ~*;ot.(ci ,~~~t e~7;~sic~er t~tt~~,r~~rise, indications that a cfebCor or issuer ~,viPl ~t~icr'iar7}u~uptc~~.tC;Vc.~~C Gh<til.;~~ Jtl t~lE }}~;"vt]-12711. S~<ifil~ i.)f h(i~'Y'CtyV~iS Ot' IS~IdC.Y"S il"1 f~"l G: ~_'rP'Oti1?, CC;(>11011I1C i;t>)1Cilli0ilthat cois~(<?tc ~,xitl~ de(~tt.~it~ or t:~e d~sapp~at~~t~rce of ~ii~ acfive market tvs~ a s~cearit;~. t~ atiditior~,#oi ~~1 ire Usti7lent izi ~~t~ eq~as`ty sectx~'ity, a signi~catlt o~~ prolon~cd ~IF~clii~c i~~ ii~ f~~i~ vailae ~cio~.~~its cast is object;~~e; evidence o~ rrnp<airrrzea~i.

Locrrr.s Ur,rl t~Ftceivahle,s

~~'hc. (:Troup censic~ers e~videnE~e o,E impairment t~or Icans ana r~cerva~iles at both a s~~ectf;c assetaiiJ c~ilective le~~ei. :~11 inilividua(Iy si~;~lificanr ia~~anciai as~eis arc as~e~sed far specificiiiipaiF~menC ors ~~n .ir~~iividual ?oasis. AI] iiadividt~a~ly sign?ficant ~nai~eial. assets k~~tn~~ got to bespecifier+lly in~~p~sre~l are ti~ien collectively assessed fo€~ ~r~y i~~lpai3~zlie~~~ that has beefy itie.~;,~recl butnot yet bwei5 ide~zti~~d. Thy ,~ern~~iir~ing t;nancial ~~ssets ~f?at ~~te. slot itadivtclt~ally sinrli~~~~z~t arecr~ilec~ivefy assessed ioz- impairrt~erat b~ di~oi:E~iz~g together suc~~ iris~rtGrner7ts with sirr~i(ar risk::~1dY~1i; i.81'4~i.;CS.

Ir7 assc~sing collecfiv~ irn~ai.r~~cnt, tktie C~~,oup t.lses h~st~~ric~l trer~da' nt ;~rot~,ability oE~ def<itait,lMtYllt7G :_i [E;C:OVCi'1CS £iY1(j t~1C' c11Y1(1U27t 0.~ iOSti it1C1[k'7'~'Cl, l~iCj~l[Sl~~C~ ~C1P !T71Ild~,GiT1CFi[ S 1UC~~f;7Cfl~ 21ti YOwhether e~arrer~i et;t~no!nic at7d credit coFidifions are sue3i ih~t~ tl~le r~ctu.~l loses are likcl~,~ tea he;,,~a:cr or lesser than su~,~;ested i>y C~isto~•ica! treads.

i=S~ ~

Gl P Pte, Lrdf/ orrner(y k~ioivn ns Global Logistic Yroper(ies Limited)

and its s« bsidinriesFinancial ~tatemen~,r

}'ear ended 31 ,~L1cn~ch ?01 b

3 Si~r~ificamt aceounting policies (conta~aued)

3.7 Impaie•memt (contini7ec~)

(i) Non-derivative financial assets (including receivables) (con~tim~ecl)

Loans and rece.ivahle,s (continued)

An imp~iirment loss in respect of a financial asset measured at anaorli~ed cost is calculated as thedifference hetweeii its carryri~g amount a~ad the present value of thc estimated future casl~ flows;discounted at the asset's original effective interest rate. Losses are recognized in profit or lossand reflected in an allowance account against loans and receivables. When the Group considersthat. i}zere are no ~~ealistic prospects of a•ecovery of tine asset, the relevant amounts are written off.if the amount of impairment loss subsequently decreases aa~d the decrease can he relatedobjectively to an event occurring a#ter the irz~pairment was recognized; then the previouslyrecognized impairment loss is reversed khrough profit or loss.

A vailable fo~~-sate frnancial assets

T7npairment losses on available-for-sale financial assets are recognized by reclassifyi~i~ the lossesaccumulated in tl~e fair value reserve in equity to profit or loss. 1'he cumtiilative loss that isreclassified from equity to profit or loss is the diffe7~ence between the acquisition cosC, net of anyprincipal repayment and amortization, and the current fair value, less az~y impairment lossrecognized previously inprofit oz- loss. Changes in cumulative impairment provisions ath~ibut~~bleto application of tl~e ef~ectivc interest method are reflected as a component of iT~terest income. 1f,

in a subsequent period, the fair value of an impaired available-for-sale debt security increases and

the increase can be related objectively to an event occun•ing after the impairment loss was

recognized, then tfle impairment loss is reversed. The amoutlt of the reversal is recog7lized in

profit or loss. However, Nry subsequent recovery in the fair value of an impaired available-for-

sale equity security is recognized in other comprehensive income.

Associate andjoint venture

Any irn~>airment loss in respect of an associate or joint venhire is measured by comparing the

recoverable a.~noilnt of the investment with its carrying amount in accordance with Note 7.7(ii).

An impairment loss is recognized in profit or loss. An impai~-~nent loss is reversed if there has

been a favourable change in the estimate used to determine the recoverable amount.

(ii) Non-firtaricial assets

The carrying amounts of~the Group's non-t7nancial assets; other than investment properties at~d

deferred tax assets, are reviewed at each reporting date to determine whether there is any

indication of impairment, If any such indication exists, then the assets' recoverable amount are

estimated. For goodwill and intangible assets that have indefinite usefiil lives or that are i}ot yet

available for use, the recoverable amount is estimated each year at the same time. An impairment

loss is recognized if the carrying amount of an asset or its cash-generating; tiinit ("CGU") exceeds

its estimated recoverable amount.

1 S' S

~r.~~ j>~~. ~.r~r./~r~rcriykr~r,~i~ i~~o~r ~~Lrs~ ~ . ~~~eri~~L,.ina~~»d>

rzrt~a` iis` sr€!~s'frli~sric5'

I'e;n~ ~-.r~l<-r! 31 ;Sdc.. r?~t ?Oi'R

~ ~~n~~~~~~~~~ ~~~~~ ~~ ~~~~~~~°~~~ ~~~~~~~ ~~~~~

.~07 ~ .~~aa~is ~~A~~? (~~~~~~~~.~a~d~

~t 1, ,~;'~i77 ~~73?C,7?C1Ct1 i; 5'6'B f..i Ir~t)t?177'711 L't:ti

I~l?e~ reco ,-e; al~ie rrno~~r~t o~as~ asset ~~~~ C~C;~J is tt~e. gieaCe~~ of its value; iF~~ use ai4c; iTs kai; value !esscosh to yell. En s~~~.>7;~1g value in tfse; ih ~. etitirriaceci f~rhtrc c~sij 1le~vs ~~r~ dssccu~ktcc.~ t<> theirpreseni va~tie ~i;,itz~ ~~ p~e~~tax d~sccunT. rate ilzat s~ef~cTs ci~rr~t3t n~~rkeY ~ssessn~eni> of't.l~e ti~~ne~

V<]~11c: t.'! 3lliyfl.C.1~ gill£; lllu i I.r.~_4 :~J)r;C-Irti' (!) l~[t- !':5~~,'1.. ~'{7C (~}L'. ~Ili'(7t~tit,' i;'f' #1;1O£I71'!)1Gk~l. tUS{'.I7r ~. . ,i.~.

f ~Yt1.0 l'ri Clll~~l ~i~' fi .;1i'i.~ f`H~i VkC~i ~~~~ ,~ 4i1~E ~'i 3(i(;C'll 6~,L',(: ~Jl;.'t~ il;l6 (~i~~ ti t'l3 1~I{~~I C?d 1 711(.7 Cs~ .. ~ ~J...

U 1, 1'l Ci~~11i~ Cl1 S~.1 V~Tj~il\~'S 31'+'7PT ~'(ktlil[ittl ll~, U:,i,' 't ii:it 2l l`G ~ iI 'l:-~F~ {itt~t~~;P.II(~CT?~. fib (~3c ~: t9ti~] X77 ;7:~\~ > E)i

~ ti l~1t,3P ~f~+Si;l:4 X71` l 4 r~ ~)>. `iit~'.~t.;Cf (il 2ii1 0(1~ .!IlTI[~.- ',l,>~l-I c'itt t ~'.I.~lll;, it'~I, fi{)t~ 1.~1w~ ~"3U1 ( .itit.'.`~ (~f i;illlC~VJt~~

i 4t~inai~~~ttc~ni ic~lita~x. t'(.~t '~> (~:; i~~li~~Ii cr~fu~i~~„ii( ll is i~c,~~~i ;t1ic~,ca~(~ d ~i~~c= ri~~rctt~tl•.ii ,~t C(i~st tF~e 'tc.~<<ilat. Fz~hacl~ i;r~pair~~ant i~, te~te~3 3cilects tl~e. Lowest level aP. whioh g€~oc~rv~li is ~t~c>nit:u~cd f~>€~ i;~,t~f~nalrel>o~in~ plir~~ses, t ood~~il( acglii~~ed iii a l~~~ta~ess ,_;7r~ai7iE~aI-inn is allocated ~o ~n-~ri~ps ot'CCsi stha? t~ze e,~~~ectcd cc bet~eitt P~~, n ire ~~ynec'~;ies .~1 the ~~~rnti7it,:ifi~~~r.

,~..I1G t_rl"lTtl}.'S tiC~t 11{`i'8if: dSSCfiti i~l? t1nT ~cI1C~'<dI.0 Si;(>(lr8tt: C~iti~"1 iYlf~Olt'S illl:..~ J.I'i: U~IIPIt'(~ ~)V 77101'' Y}I~113

one'_:~:(~[ Co~~,~c~r~ty assets ar~~..~llocat<c3 tc7 ~Ei~Js c~t~ a r~~~~as~ahle a.3~d consist~ei~t Basis acid tcsTe~~f~,r i~npat~z~cnt ~.~s }>aF~C ~>fi-tie (.e~tinb ef~the C'GLJ ~~ ~ul~fcll [~~~ co~r~ot~at~~ ~ss~t. t~e?otzgs.

r~Yt 1I11~7.111'l;7GCti. ~Q`~,5 IS 7"CCi;7~P17.Z~U' tT ;IiC C~17')"~/~Ilf~'; 1l1lOU?l{ %~~ ,111 'lr t(l;i i)Y !C~> ~ ~Ct~.- [ ~;t,U4'd~~ 3i

e5t@iii211t(~ I'i',CtiYV'Uf'~2~!iC i11T)Qtll'lt. ~771C~c~31"SIIE:~tI~ a05ti~S ~?.1"i' 1CCi1~~:lifr`ti! !11 ~?i~O~I[ CYP ~i)w',•1. ~ftT}~Eil!'il~lt;;ft(

~ OS3Z'S Y'eCC~b(712,~1~ itl S85(J~Ci: QI ~.~Ij~S ~C',3 d~~(;C~lt.i~;ij ~ll~~~. CO t"l'tjllCi`,- t~7C C~iCI"~rlllil, 8t110111~1 D(' tUlV~

~oo<(~vill afloca.te~~~f to jlie i.tf~its, ancf (.hen to rec~u~~_ tine t ti~~viitr~ am~~u~ti~ ~~f it}c ~~ih.°r a.Y ~r=js iii tltcUlllt ~~p"OL?~ i71 t3IlEfS.} U;~ ? ~)1't~ i"<iT3 ~J~1S1S.

1'~n impait~nent loss in rt~es~ect cif ~o~~d~~il( is n~~~ ~•ever:sec?. Ise res~~ect~ ~~i~ oll~er > »(~~,, irti,~air~~i7E~n~.~ ~>ss~s rece~gr~iz.e,d is~ pr,ua ~ea~~i~~cti are «S,c.ssee~ ~~t each 1~i;~>t~:-tiz1~ t9a(e tur,235y nt<licaii~rts tl~iat ~I~~~~ OSS ~It25 plc Cl~i:'r3`tL'(~ OI" 71O ~1J114.it~i' C'~.7S1S. ;~fl U71~'~'ltf~)71c;.t11 ~1~ :3 E~7 fC~CCtit'C~ it Y~lGic ~l;.t;; ~)i.N.11 It i.~~1f311S~~:

177 i~2~ t,1111i1~l1.~'::' Ltal%L~ i(, L's 4;it'.I~RiIIli; T}.l(; l.~=OVi:'.3`~i~:?ICJ ;:}(l~li)ltl"!i, 1~i1 !Ttl~~.illlY)t911~ ~i_);,.. I.S Ccicx',Si;t~ QIl~1'

t(~ ~~18 i.,'k:It.'.fll. C~IdI E~1:.'.- 21SSCL~S C. .lt ;1114" f2lT~lltF?l~ :.~~~c'.j: i1t~P fy.(_~L'~.j 1(}8 C.;.litt•'lll!' '.17 i,ES?~ i~S.ti 'S+J i.7~i ~(~

nave i~~ _~~ d~:iti~~ i~ii~iecf, ner ,,t ~i~~~r~~4i~tior~ or• ar~~~oY-Tizarion; if ~~o im~+airrxter~t loss f~G~t bee~~

recogf~ired.

~S€)O<~~fi~l ~~7t11 li)('fi~lS ~~.7"~ 01 i~t~ C£ii~E ~PI'I~? Ft tli141t1t OI' hR Iil~~t'.tilt~lt31`IC ltl )6itlt V~1'~t11C~S 1S Ilt~l

rec~>~aii7ccf s~.~~~3r~E~;zl}%, any; ~he~ ~i~~rc~ is nut i:f~,~,~~;tl toe i~llpair~mci5t ~e~~arately. i~~steaci, tl~e er~tsi•eatz~o~~nt of the iri~vestznci~i~ ir; joiiat ventu~ ~ is tested for impairment as a single asset when there isobjec8ive evidence that. Che iz~ves~rner~t may be inspaired.

l~S~6

GCP Ple, Lid.(formerly k~eoia~n as G(obc~l Logistic Properties Lin:ilecO

artJ its subsr~lrariesF'inancinl stcrtemenls

)'em• ended 31 March Z01 t?

3 Signifac:ant accac~ntin~ polecies (continued)

3.$ ikon-current assets l~e[d for sale

Non-current assets, or disposal groups comprising assets and liabilities, that are highly probableto be recovered primarily through sale or distribution rather than through continuing use, areclassified as held for sale. lmmediately before classification as herd for• sale, the assets, orcomponents of a disposal ~-oup, are remeasnred in accordance with the Group's lccountingpolicies. Thereafter, the assets, or disposal group, are generally measured at tl~e lower of theircarrying amount anc3 fair value less costs to sell. Any impaiz-tnent loss on a disposal gro~ip is firstallocated to goodwill, and then tc.~ remaining assets and lialiilities on pro rata basis, except that noloss is allocated to inventories, financial assets; deferred tax assets, employee benefit assets,investment property, which continue to be measured in accordance with the Group's zccountingpolicies. Impairment losses on initial classificatiozl as held for sale and suUsequent gains or losseson a~emeastiirerraent are recognized in pr«fit c>r loss. Gains are not recognized in excess of anycumulative impairment loss.

]ntangible assets and plant and eyuipn~ent once classified as held for sale are not amortized ordepreciated. to addition, equity accouz~ti~~g of joint ventures and associates ceases once classifiedas held for sale.

3.9 Discontinued operations

A discontinued operation is a component of~ihe Group's business, the operations and cash flowsof which can be clearly distinguished from the rest of the Group and which:

represents a separate major line of business or geographical area of operations;is pant of a single co-ordinated plan to dispose of a separate major line of business orgeographical area oToperations; oris a subsidiary acquired exclusively with a view to resale.

Classification as a discontinued operation occurs upon disposal or when the operation meets thecriteria to be classified as held for sale, if earlier. When an operation is classified as a discontinuedoperation, the comparative statement of profit or Loss is re-presented as if the operation had beendiscontinued from the start of the comparative year.

3.J.0 lleferrec~ management costs

Costs that are directly attributable to securing a fund management agreement are deferred if theycan he identified separately and measured reliably and it is probable that they will berecovered. Deferred management costs represent the costs incurred to secure the right to benefitfrom the provision of fund management services, and are amortized as the Groi.~p recognizes therelated revenue over the tenure of tI~e fund.

}~S2?

Cr~.~ ~$ft. ~.Ptt`.

iir~r,~: y cn~n,,r ~s l~~a ~ +yy. ~. ~t,erti., L~i,niteJ%

{dPk71 fF~S St1 hS7 f~fQY(Q.§

~'tY7 ;!7Ci:li (Ci ii%7)1 r?))l,ti

l ci~, <')Irtrl.{ii t-1ii, ,"fl 2!il;ti

ii I)effinec~car~trbr.rtinnplrrrz.

.'~ defined coni~-ibticiotl plate ~is ~ post-ein~;loyinci?t i~enefi# pJasi unc3~,r Z~~hscla apt ea~iYi~~ pays tixec!corttribu£ir~rts ss~tt> a se~ara`~ cs~tst~y an~~ ~.~~ill [7avc no legal or ~o1~str uctil~e oF,ligatiort t~> ~~ i~ fus-t1~e,.ai7tou«~s. £~€aiigt~ti«its f<>7 co~lEribt~ti~z~s Cc7 detir~ed ct~r,t~~ibution p~~~sion pla~Es ~irc z~ecogniz.ed asem~~loyee 1~e~~;tit ex~,ense u~ 4nofit or !oss in fhe periods i~i~ir~;? ~vi~ici3 sen~ices are, re:ntic€-ecl €zv

4121j7~Qj+EIS.

Jib: Short-tt-rtr e~rn1r~ioye~: b~rYtc:Tit

5hos~l-is~~rr7 e7~i~Ioyc,e i~enefiC oo3s2ati<'~E~~ a~-e me.a,ui~~c~ ors a:; iin<liseou~rte~d basis Inc( rtre expens~.cipis il~c rel<~ted ser-v~cc ; ~~rr>vi~+ed.

:1 (iauili[y is t~~cogz7tzed io1~ t1~~e xn7ot~nt expected to lie ~7aid u~~~icr saoA E-fcrt~~~ c:~s 3 t~onus or• p.'-oi~~e-

~~1+3'il"I~L' (~~BTI~ il. S:'1G ~3COU~! ~141~ :x flit St; t1i: )~f7~7j lY' C011~t3'll~?iVl, Of)~7~:,2211Ji`1 i:U ~~i.}~ Cfl(ti £i7T10ibIiT iii 3

res«lr ~,+ >a~i ;ervic~ I~rc,~ ideci by the erup[oyc~. <~ricJ the ~>1,li~~iticn ca~~ be e5tiiti,~r~t{ relsaE~ly.

%rii r"n7J~f~~};ce Ic~a~ e ~r:~fitle~rrc>,z;

L',??7~?~O~fc~, i:.bll:il'~1,1T7ei~tS ~:0 ~.i"17~IU<i~ ~~Ii'!C t11~i; t ip~1'IIZC,C~ '.V~1'~7l ChE:y t]CGI-U!' Ci) C311I~IOyG~9. n

~7rovision i; t7~~~de for ~}1e estie~~rteci lia~:[iiv fey ~rinual [cave, a5 a r•esu!r ,-~r ;er ~ r~enc;ere,~I t~vemployees u~~ to the reporta~~:; date-.

r7v~ Shcar~e-hasec~' prr~~~ra~~at

'~oi~ e<~tii~y-settled sha~~~~ based ~~ay~~at~t Crai~sec%inns, t~~e fait' va3ue of~ tl~e, sei~vic~.s ret;eived zsi•cco~riiztiti as an cxpe.ns~; 1~~iti1 a cF~r~~es;?on~iiri~ ~ncreasc~ in cc~uity aver t.he~ vesting ae~ io~9 di~7-in~wl2icli the errt~l~yees L~cosn~ u~~coiadifi~n<~lJv~ entitled t~? t ie egi~i~Cy instr~.~~lent. ~I~I~e fhtr vaPuc oftine services received is determislcii by z~ferenc~ t~> ~}ie i~air value of t~~e equity iz~~si~~~~~i~erit gr~nieci

gat tP~e da~~: of tl~ze grant..~f~ each e~eportinc d~~.tr, the n~unaber~ o,f'e.gtai~~ irZstt~un~ents that are ex~~ecfe~f

t« be vested are estima~ecl. The if~~~~et t>n tine rW~ision csf~t>rigiaal es~irn~3tes is recoanize~l pis ara

ex~er~se ~~~Zd as <~ eorresporldiaig ac~jusYt,leY~~t to ec~l~ify over the e~e~~~ai~~ing vesting peri~cf> unlesstl~z i~evtsi~~i7 tip ori~ir~=~1 e~tin~iates is ~i«e to mar!<i.t cor2ditioi~s. No adjusT[nent i? r,ia~c if~tlle z~evision~3s• a~.Tu~l outcome di~f~ers f~t~n~~i t9~e arigir~~al estitnaie due to m~~rl<i~t eoa~ciitPons.

}"i)1' C3S1-~-Sefti~(~ 5~13fe-~il50Cl p$VSt1CPIT tT'~lfESaCt70t?S, 1}lC I:lI?' \;£t~t.li; ~f [fll~ ~?iJ0(~S t)?' Set'~l1G(,.ti 4~CB7V~Cj

i~ ~eeognized as at; exPi;nse wit;i a corre~;pon~3ir~g it~cz~ease to liabiltty. 7~(~e f~is~ vaElae o#~ the.

services received is .leteri~~if~ed try reference. to t,~e~ iair vaP~_ie of~the lial~ilrty. Until the liability Lti

settled, Che hair value of the liahili~~y is remeasured at t,ael~ r~;~orti?~~, dale and at t~~, d~tE ~~~'

,e??lernent, w;tl~ c;~~r~ change:; in fait'va?tae recorrlizec~ as an e;,pense toy the i~eriod.

The ps~oeteds reet;ived (~rom tfae ,:xer~cise of~ the equity instr~.~tr,ei3ts, net of anv diructiy atti~ibut~~le

transaction costs, are credited tc~ sl~afe va~ital w}~er, tl~e equity ii?sir~7n~~ents arc e~crci~ed.

~~S%4

GLP Pie. Ltd.(fornier/y known n,s Gl~bai I,ogi.~Yic Properties Lirnited)

and its s'uba'idi~irfes

Fina~tcial staten~enls

7'enr ended 31 Alarch 2018

3 Signi~ca~at accczu~t~ng policies (continued)

3.12 Pr~visimn

A provision is recognized if, as a result of a past event, the Group has a present legal orconstructive obligation that can be es4imated reliably, and iT is probable that an outflow ofeconomic benefits will be required to settle the oUligatioi~. Provisions are determined bydiscounting the expected future cash flows at the pre-tax rate that reflects current market

assessments of the time value of money and the risks specific to the liability. The umvinding ofthe discotmt is recognized as finance cost.

3.13 Leases

YVhen entities u~zthin the Groasp are le,csees of an npef•uting lease

Wl~ei-e ilie Group has the use of assets udder operating leases, payments made under the leasesare recognized in profit oi• loss on a straight-line basis over the tcrtri o1'ihe lease. Lease incentivesreceived are recognized in profit or loss as an i~ltesral part of the total lease payments made.Contingezat rentals are charged to profit or loss in the accounting period in which they are incurred.

When entrlies witlaira the Group are le,rsoYs of an o~eYating dea,se

Assets subject to o}~erating leases are included in investment piopea-ties {see :Mote 4}.

Wherr. entities within the Groa~p are lessors of a frnance lease

Leases whex•e the Group has transferred substantially all risks acid rewards incidenlai to ownel•shipof the leased assets to the lessees, are classified as finance leases.

The leased asset i~; dereco~irzed and the pi•ese»t value of the lease receivable (net of initial directcosts for negotiating and arranging the lease) is recognized on the statement of #financial position

and included in "trade and other receivables". T'Eie difference betv✓een tl~e gross receivable andthe present value of the (ease receivable i~ recognized as unearned finance i.ncorne.

Each lease payment received is applied against the gross investment in the finance ]easereeeivlble to reduce both the principal and the unear~tied finance incorne. T}~~e finance income isrecognized in profit or loss on a basis that reflects a constant periodic rate of return on the net

investment in the finance lease receivable.

Lnitial direct costs incurred by the Group in negotiating and arranging finance leases are added to

finance lease receivables and recognized as an expense in profit or loss over the lease term on the

same basis as the lease income.

~S2S~

~'I.~' IPe. L;il.

io~~=;-u li k,no~, r ~ !~I~ r l ~~~(s~ . ~'~'r~per ~'~s i,iir~it~dj

a~ftd 1Ps° stuh.rlr~i='t:'ies

t=rrc~rcaf s£cuctmt;nts

)~f:'(:r t, ~;('Y id ;~l,f,li'L: is u~i%;`S

~~(;Z)tF?~ €riC0122~ f'(;CCI'v'Fl~)1~ t?11CIE.~" 0~7~7~$~121~ If;u~C',S fS iP,CC>~:I,1Z~0~. 3i1 ~~S'tZftf ('•1' iOSS Oti 23. ~TY'i$1~"~1't-!)Cll.

basis over tiae term oi` t1~e rase, except t~l~ef~e ~n att.~i-;~~~iv~; l~~~is i~ P~~or~c f-epr•esei~t~~trt~e~ of t}~e~afterz~ o~(~benc~~ts to tie der~vecl rr~>as~ tine teased 1ss~~~i. Lease inc~n~~r ~ ~~~;~z~t~~.~i are rc,c;o~nt~~edas art i.~tagral par of t4ie iota! res~ta? in~ocz~e to be received. Coz~tin~c,~t genitals ai~e recc}~c~ized ~~.income iii ih.e ace~ti7.ltin~; ~eried in ~~}ucf~ tl~Uv ~P'e ~~rr,ecf.

;~~fol/tQr G i): i?YPL j e'2 l i200Y?2P

~!~ ii'.r1`,?'.;Iil'.'.1i9. AE;f3 it]COPT.t IS f'~.(::~O~;EIiA?(:C~ SII ~Y'O.~li 0?' ~.i~SS ~l~<Iil(~ ~.t}1cll S~'t"VICt'1 e31'C J"E..11ifi('..i'(:C~

Z);viderr~ incorrze

i)ivi<1cx~~~~ income is ~ c;o~niz~.~~ c~~, l~l1e d<~te t~I.aT t~~e G¢~o~i~3'~ right tr> ~ee~iv~. p~,~,~i,er,t isest<ablisL'cc~`,

1~7r~arr~,rctl se~~v=ce:s iyzcr;rt~c:°

1118.F1Gt~( SL;2'i~2~BS dlll;C)III~ IS l'E;CO~rl?IZeC~ IPA ~72'OL~i Oi IOSS llUOtl ~~'i8 CQSxIt~?~l',`LCC;fil 0'~ 'C~1f, i.Pntl dCC1071_

t.irants ii~at c-o~n~~e~is~~te file L;7'ottp fog• ex,~enses <~Iz-cady zl~claa~re, ~ or foi' p~ix~posu of ~i~~ii~~inifnaiiiatt; Cnaa~icit~l support with no futtare re.l~t::d ct>sts ~x~e reco~~::i~ized i~n profit or loss i~: thep~r~ioil in i~~3~ich'h~~., bccorne ~~~cei~~~.ihle.

Fiz~ar~ce inco~-rz~ comprises pnteres_t tzcoi~-~e ot: f~n~c3s iz~~~esfec9 (ir~l;I~~c~~in~; <iv GiiaL~Ie-f~>i~- ~azefinaP~cial ~~scts) and n~aizas on he.dgirrg i~~si~z-~rnei~ts tFtat a~~e f•eec =„x?ecl iP~ profit or- loss. Lrs.e~~~stincome is !-ecogni2ed as it accttites i~it ~rofiT og~ Ioss, usia~,g ?tae eftecti~~e €r~~i_~~~~st n~eti~od. 1-~inas~cecosPs c«zr~~.~~~ise ii~t~resi expense ~~i~ borro~~znp s, iar~~vin,~irr~ of t}~e ~icscr>~m[ o~~ pro~~isioi~s aY~dcontin~e;~~ coz~Esid~:~z~at:ion, arld losses o1~ hed ~in~ iz~st~~ur~~aex~ts ~~1~t~ are ~ecogroized ire orokit c3i• loss.

~~~i-p-nv,~i~lg costs -.i~at are not di?~eetl~v atYribiifiabl~ to the. ac;y~.ai~ition, et~nstrliciiara o~- p~-od~.ieriorx ofa qualifi~irzh asseE tyre rer,o~mized its ~3ro~i~ oc lass lrsi;~d Yl~e efFecti-ve. isltieX•est zxaetl~o~~.

Foi~ei~~ clai~~ency wins d1~~ losses are ~e.~€~rted ozi ~~ net b<~sis as c;ther firan4e incc~t~~e r,~r #lriaxicet;~iS(S (~C;~)i:I?Cj1IlL? Of7 ~~'~'1~:7~iti1' ~Ol"t1~~,31 CZ1CS'C'%1C}' 1))0~`G'tEl~'1115 iiiC Ill it I7C;I t?Filia ilt Pi<:t 1t)» ~OSl~ii)P,.

~'S.i(~

GLP Pte. Ltd.(~i~rmerly l~nown as Globu! Logislrc Properties LimiterO

arr<f its subsidiariesl~~i~zunc~ia! staten,enfs

Year ended 31 ~Ytarch 2018

3 ~igni~cat~# ~ecourating policies (continued

3.27 Tax

Tax expense corripri5es current Auld deferred tax. Current tax and deferred tax is recog~iized iiiprofit or loss except to the extent that it relates to a business combiziatio», or items recognizeddirectly in equrty or in other comprehensive i~zcoine.

Current tax is the expected tax payable or receivable oil tl~e taxable income ter loss for the year,using tax rates enac#e<i or substantively enacted at the reporting date, and any adjustment to taxpayable in respect of~previous years.

Defei~~ed taY is recognized in respect of temporary differences between the carrying amounts ofassets and liabilities for f:naiacial zeporting purposes and the amounts used for taxation puz-poses.

Deferred tax is not recognized for:

• temporary differences oi~ the initial recognition of assets or liabilities in a transaction that isnot a business combination and that affects neither accouiatin~ nor taxable prot7t or loss;

~ temporary differences z~elated to investments in subsidiaries and equity accounted investecsto t1~e extent that the Group is able to control tl~e timing of the reversal of the temporarydifference and it is ~~robable that they wi]1 not reverse in the foreseeable future; and

• taxable temporary differences arising on the initial recognition of goodwill.

Tl~e measurement of deferred taxes reflects the taY consequences tYiat would follow the mannerita which tine Group expects, at the end of the reporting period, to recover or settle the carryingamount of its assets and liabilities. Defen~ed tax is measured at the tax rates that are expected tobe applied to teznporary differences when they reverse, based on the laws that have keen enactedor substantively enacted by the reporting date.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset can-entt.ax liabilities and assets, and they relate to Caxes levied by the same tax authority nn the sametaxable entity, or on different tax entities, but they intend to settle current tax IiabiErties and assetsoi} a net basis or their tax assets and liabilities will be realized simultaneously.

A defen•ed tax asset i~ recognized for' unused tax losses, tai credits and deductible temporarydifferences, iv the extent that it is probable that future taxable profits will be available agailastwhich they can be utilised. Deferred tax assets are reviewed at each reporting date and are reducedto the extent that it is no longer probable that the related tax benefit will be realized.

In determining the amount of current and deferred tax, the Group takes into account the impactof uncertain tax positions and whether additional taxes and interest may be due. "i'he Groupbelieves that its accruals fur taY liabilities are adequate for all open tax years based on itsassessment of many factors, including interpretations of tax law and prior experience. "Phisassessment relics on estimates and assumptions and may involve a series of judgments aboutfuture e~~ents. Ne~v information may become available that causes the Group to change itsjudgment regarding the adequacy of existing; tax liabilities; stick changes to tax liabilities willimpact tax expel}se in the period that such a determination is made,

(till

.~~z~a~- ~z~rde~i

_~i

~e~

r~7t 0~.7C;I'dflil`~ 5C~?3llc;Ii~- P) ~1 L'OP]1~30P1i:1;~ 0~ Cf]t'. ti2'OU~.~ [}7~iC c'Tlf:;a.r,~.ti jil ~JF1~iI1CSS ~1C(IVIC~P,S ~?'<~iTl V✓}1701

it ~~~aj ear: rev~ailz~,s ~nci incur exZ,enses, inciL~dir~~ rwvet~ezes ~~.d e~}aesises that P•cia~~e to~s~a~~5a~tions ~~i~h an~~ ~~the C~3•o~a}z's oth:r comg~os~e;~ts. A14 c~pei~atu~~ s~gr~~erzts' ap~ratir~g restil~saze re~sewed ~e€?€alariy b~ tlic (ro~t}~'s chief ol>eratiri~; decisit>n makers (::C't?~?~") to r3~ahetj'rCiSCc~Clti ~t~)611Y 7'<;SOI71'C:;Sy lli hE' 1~~OCtli:E;(T~ fit) ~~7U SCrtI7CJl~" ?1R(~ P_t} riSS('SS ii:S pi3t'~C>l'ITl~3T1L'f' hT'lt~ COY

ivi_~ich c~iacrete fizZai~c;~al ilrfoi~lnatiox~a is au~ail<~~,1e.

~~~?IIlCIlt YCStT~~.; i`C-'Ylt!T{t,i~ (t; C};i. t_71'O:Ij? ti t_,{_).~~~~%~ tYli;~U~~~. 1(~ i11., Cji3;:~~Ci ' i1(:TXi~?11~:$~l~f, ~O <) S('.~f„i?ll~il[

f}S W~li aS tfIOS~ t~"l~st G'ZiR? ~B ~~~Ur;aT~C~ 07] 2 t'ti~1tiC~ri~~1~ ~OaSSS. ~~ll1~~6Cf3~8C~ F~BF'13S CO).11~TI5~ P1~~131~~~

Ecii'("t01'f1tC c15SCiS ~~i tP711§"i~~' t~i0 ~,Ori7~=):3;1y'S ~)LHCS~,t7ftP"tCP"S j; ~14.3L~ 03~t3C~ ~_4~~~IaS~S> ~I][~ i:~X 3SSEYS ~11a

~ l 1 ~_ri~If:7 f:S_

Sc~•men° caj7it~zi expei~c~iturc is the torai ~os~ sncurrGci d~itii~~ f?~~ l~Ua! o acquire r,laz~t as~d~gtaipiri~~r~t, <itzd ;~~t~~n~;hle as~efs c~iher t11ar3 ~:?o~itvill.

r~l. [~~+Jt'1~

:~f~di~iotls

;~ i:Ci?135t I.3C7P1 i) ~' i br}~I(118:F'1~~5

~1S~JC?~!}i C)I Stt~'SSCi[fi7~leS

F3ocz~owirlU; c.o~t ~~a~,ii~iireuC:I~~ i~;F:~s is f:~ir v~itteIteci~ssifica~ion tc~ assets c4assified ~s lzeli3 fc>s- sale~;i'fect o~~;t~over,aes?Ys ire excha;iz,~ rate

%~~ 31 '~~~arcll

-Yf~At&~YY'FSE~~~':

o~i~~~le~ed iz~vest~~ze~iT p~e~pertiesI~7vcsir,lc;,it ~Auu~i.~s ~~tide~ r~ <ieve~o~r~i~r~iProp~.rLi~s under c~evelor meritLaid l~~ele~ fo~~ developl~ie;it

~~-~,~~~~tk~~ L~~~~ ~~~~.~

~i~~+`~$~C$`k~ ~r~s~'~~~~~

(522,187} (3?4;'ib0}

29{&~? (2~7,I03) —2( 7,~~~ x,986

1,?19,73F ?S'~,9;'3(2.~1,83~) (33,65~;s

i 8,197,42ta 1 ,'702,>7~

1 ~;,91~,fi4_', i 1,651;11 l

1,487;367 1,253,3 5

_. _.1 ~3,4g7;~~?~} ! 4,702,57$

C S_}?

GLP Ptc. Lr~l.(formerly known as Globrl 1.ogiscic Properties Liirzited)

nrrd its subsidiariesFinuncrul statements

Year ended 31 ~ldarch 2018

~ Iaaves~ment pa-opertie~ (continued

During the year ended 31 March 2018, the Group reclassi#led certain investment properties ofUS~241;831,000 tv assets classified as held for sale following initiation of an active programmeto sett (Note 15).

lltiring the year ended 31 Marc3~ 2017, the Group sold certain investment properties ofUS$33,650,000 to GLP US Income partners TII, which are classified as assets classit7ed as heldfor sale (Note 15).

Investment propei~ies are held rY~ainly for use by external customex•s under• operating leases.Genet-ally, the leases contain an initial tlon-cancellable period of one to twenty years. Subsequentrenewals are negotiated with the lessees. There az~e no contingent rents arising from the lease ofinvestme~zt properties.

Investment properties with carrying value totaling approYimate~y US$10,920,404,000 as at31 March 2018 (2017: (JS~8,003,045,000) were mortgaged to banks and bondholders to securecredit facilities fur the Group (Note l9). lnterest capitalized as cocks of zr~lvestmeut pro~~ertiesanaou~ited to approximately US$7,898,000 (2017: US$6,986,000) dui•uig the yeaa•.

Measurement of fair value

(i) Fair value heera~•chy

The Group's investment property portfolio are vahied by independent exteinat valuers at thereporting date. I"he fair values are based on open nnarkct values, being the estimated amountfor which a property could k~e exchanged on the date of the valuation between a willing buyerand a willi~ig seller in an arm's len~,~th transaction wherein the paa-ties had each actedknowledgeably acid without compulsion. In determining the fair value as at the reportingdate, the independent external valuers leave adopted a combination of valuation methods,including income capitalization, discounted cash flows and z•esidual methods, which involvecertain estimates. The key assumptions used to determine the fazr value of investmentproperties include market-corroborated capitalization rate, discount rate and terminal yieldrate.

The income capitalization method capitalizes an income stream into a px~esezit value usingsingle-year capitalization rates, t}~e income stream used is adjusted to market rentalscurrently being achieved within comparable investment properties and recent leasii3gtransactions achieved within the investment property. The discounted cash flow methodrequires the valuer to assume a rental growth rate indicative of market and the selection of atarget internal rate of retur~~ consistea~t with current market requirements. The residualmethod values properties under development and land held for development by reference totheir development potential which involves deducting the estimated development costs tocomplete construction and developer's profit from the gross development value to arrive atthe residual value cif the property. The gross development value is the estimated value of theproperty assuming; satisfactory completion of the development as at the date of valuation."The esti~t~ated cost to complete is determined based on the construction cost per square metrein the pertinent area.

In relying on the valuation reports, management has exercised its judgment and is satisf7edthat the valuation methods and estimates are reflective of the current market conditions.

l;e`~3

,- 7 ~ ~'r,i; -,7'

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....,. ,;,x~nr

_ _ .~. 'z. _. ... ;.k,

"I}ie f<~iY ~~ait~e n~ea~u~~e.rne~~i r~~r irlve.stn~ent prz~pes~ti s of~ L1`~$1~;49 ;42~7,Ot}~1 X2()17:

l.!S~ I ~>7~;~,178,OOc~) has ~-zeet7 ca¢c.;;t3rize~i as a L,evei 3 t;~ia- value based on the in~~zts 7c, ~:i,e

v~~it~ats<ai1 tecl~sni~~ue a~e.~f (see dote 2.`~j a~?ci way irseas,.~recs bas~~l ova va~~~a~iorz ley

i €~ic~e~enr.~F~~it va ia~ s ti~rl~o hold recognised ~~ncl ~eleva7~r. ~,,x•otessio~,al c~~z~ii~c~~io~~s a.~~~ l~~ve~re~eant experr~crce i;i i:l~L ;o~aCi~lr~ at~zi. L:,`i;~r3ory of~tl~~ yes} ec;iv~ invws~zEient ;:~zo~~e.rty ~Sei~gt~<i1 i.~~~.

~~°~ ~a

3aiani;: ai ? :~Z~~ii

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~~~t~ 1i231,Z~C~

l.l!J~~O!:~~ t~F 2E~~/~Sk7ilti?lt. ~iI()I)f~:llil.~

-'lcaussiiio,~a cf sta~~s.cls~ries

l~is~,os~i ei s~?~sic?~as~ies

~te~ltrssi~~~i;atio~~ to assets ~lassi iec~ ~~s zc:lc3 for .saie

~~i~~~ a~~~~ ~~~~~~ f~~• ~~~~: yeR~a~

~'r,a?ages in r'~~ir v~~t~e cat ir~vcstane.P~t ~~rol7erkies

~~~i~s ~~~a€~ Is~~~~.~ ~~~~~~~~~~~ B~~ ~r~~A~~~

a~~~~~p~-~~~g~~~~~ ~o~~~~~fl~

~c~i~fecl <~i~~r~c~:~~r;~~~Es art c;tc~an4e antes

13a(a~1ce at ~ ? ~Iarc1~

~~~ ~~"

<1,7i~~,5 8 13,024, ~ ;~f3

(J=X1,831} (33,65Ct;a

,,%79,?3 ~ ~~,~.973

1;Y ~ ~,?~^ {622; l ~ I )__ __ ---

1=S3-~

GLP Pte. L1rL(formerly known as Globul Logislrc Properties Limi[ed)

and its subsfdlariesFinancial s(ateme»ts

Year ended 31 Mnrch 2018

C Investment properties (conti~aued)

IVleasnrement of fair valve (continued)

(ii) Reconciliation of T,evel 3 fair valaes {continued)

Valuation technique and significant unobservable inpz~ts

The following table shows the key unobservable inputs used in measuring the fair value ofinvestment properties.

Anter-relationship between keyunobservable inputs and fair

Vatuarion method Key unobservable inputs s~a3ue measurement

Income capitalization Capitalization rate: The estimated fair value variesPRC: 4.50% to 7.25% inversely against the(2017: 5.75% to 7.25%) capitalization rate..lapan: 4.40% to 6.40%(20l 7: 4.50% to 6.40%)

Discounted cash flow Discount rate: The estimated fair value variesPRC: 8.00% to 1 l .00% inversely agaznst the discount(2017: 9.OQ% to 11.00°/n) rate,Japan; 4.40% to 6.40%(2017: 5.00% to 6.90%)

Terminal yield rare: The estimated fair value variesPRC: 4.50% to 7.25% inversely against the terminal(2017: 5.75% to 7.25%) yreld rate.Japan: 4.65% to 6.65%(2017: 4.75% to 6.65%)

Residual Cupitatrzatiore rate: The estimated fair value and grossPRC: 4.50% to 7.25% development value vary(2017: 5.75% to 7.25%) inversely against the

capitalization rate.

Estimated clevedopment The estimated fair value variescosPs Po complete inversely against thecnnstnrction development costs to complete

construction.

Income capitalization method is applied to derive the total gross developrnent value under the

residua! approach.

FS3

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~`r>rm ~r7o:,i .it .;r<,trt~ '.r~c;rsti. > ;~ertr<.~~~,rn;i(eCii

232CU PS SLd bSI Cd~l f7f"Et'-S~

i' t J! C')'2!' i L7l .S'!C7! G?; 2 L'?11:i

~Prl''[?f1i<:'C< i .~i l(:lY-,:'I7 ~i.'~;L

~9

~Ii~quotec~ ec~€iiy si~aes, at i;o~t

C,~ss: ftll~~~r,~ance t~c~.~ ;~a~uirm~nt i.oss

i.,or~ns iri suh:~idi<iries (i7~~~.resi-ii~ee)

~~ik€Y~~9a933~,

_ . __b;892,086 ?,E~45,802

1,707:522 32~,t~~9

)_~urir~g tl~e ~~ear ~i~d~~~ ~ i :~1~rci: X131 ~f, a,A i~ai~;ai~-,x~eatt logs of ~?S`~'t~,8 i t},! (3tl (~t)1 ~:L~5`~`~i~ ,i~/~,i,i~4~(}~ ~.'t1S rL.Ct~~~11Z,~C~ ?Sl ~lt'O~lf Os' ~CSti I`!)T t~1C. llOT11~:~<'~t]~''S (~1VCSC)Y:f;n SY1 ~ct(ci17i

se~b: t~3i~z~iE~s whic~7 gave ts.~de.~~j~i.n~ in~e~-~sts in j~ikzt ~~ezl2t~res ifs ~~3r~zil, in viLw ot~t}~e <lep3•eci~liori~~i~ the F>s~a~il. a~ ~ea1 ~~~1~r~is ~~ie anv~st.rnet~ts are; cic.~aon~inaced i~~. Tire. s~~cov~ r~E~ie arnot~rlt fnr thy.s ele.~a~t~ ~oini r-er~t:u~•es `x,as ~:stitnatecl to E}c EJ~`fi7~1t~,Fil3b;(ltii) l?Q1?: t_1S`~~':4,~1~7,~(fQj based ~>fi.the ;~igizc,~ of~ il-, ~ ~fai~fe in use c~~ic~i~ati~rt rising cash ;lo~~as projection ~x~ !lie fair ~~altie. of [1~~: netd5~~:t:S <1S f1C ~:Il~ I'c:~'301~i1[?L; f~~11:E;. E~il;: ~fiit' V£~lUt: TT]c.i1SF.3ti'.IT7111~ 4t'2S ~S1.I.T1~32t<~ 1);a}~,i~ t)tl !1C.t 9S.SC~[S !25

C~I('~ 8Sti(..t ilciil' i>~' P7?(; S11i~S1(il<31"1~S COS71~"?2'15~ 171Lif112'~' i,IlV~fY:lc.t11 ~ll't)~~t'f€r:~ I]1i;flti?21"GL<I~ 7F:iiC S'~l'tIL

ai~e~ c~~t~Qorired as I~~~~el 3 oxl tile, G~i~~ value l3ierarc~~~,~.

~~he l~an~ fo su~,sidiaries at e ~,nsecttt~ed and the se~leF~7er~i of Tf1es~. aar~~~~.in.ts i~ neitr~er~ punned nozIike.Iv ~o o~.cur in t~~3e T~ze~e~able f~~ture. As t~~~~se ~rr~cut~~t:• are;, Fri sub~rar~cc, a part oz tf~e~.J?:7t~Pt1'~S S1Yt 1tIvL'St&T3'..IT ?;1 SL7~1SP~~Itl:it'S, ff12`' 8.~":; 5.3..',.i°a r2~ ~:()Si ~i'.,55 ,iC;C1.}137ti~5ii.CUC' II"1"~~?iit7'1~11f;T1~

1()S1E>.

jl~t~27~S li SI.gI~i7IC111C ~1BI,SI(~;f%i'j2S 2Tf''~ 5^~~t .)Lii t21 .~t)i:C ~:?.

11~~1.~~f~:5 t~ 11} !.`YSnLii~i. ~.'. ~ti

Ii1tC't't;5T1 !i1 ~iltti[ \rE;tl`181"~;S

(~hj)3r1~ COtill3:l~:(T14',r3t~ i73 1'C.1'iY'(.ln, r,'~ ipt ,}"PStS !Fl

associa~~s and joii~8 vel~~tures

('rcpc~rEioriate interest its at~ocia es' arzc< j~~€rah ~er~iiir~s'

i.0t11iY7f~I71~ 1'1~S

&T~~i% y C5$Y tY tJ :7 ~F 5'F~~9tG

ti %,2'2 31H:3:>7

~,~.y=~,'-l%~ 2.163;7463,x ;1.7:-~9 2,482.11} ~

522,_333 792,411

269.b0() 3f~0.342

1='S3 Ci

GLP P(e. Lirl.formerly knnwr as Global Logistic Properties Limited)

a~r~f ils ,subsrtlfar~esFinancial statements

Year ended 31 ~l9ar-ch 2018

6 Assocaates end joint ventures ~continued~

The Group has Nil (2017: one) associate atad three (2017: six) joint ventures that are material anda number of associates and joint ventures that are individually immaterial to the Group. All areequity accounted. The following are the material associates and joint ventures:

I'~~iryciY~alName of associate anc~ ioint T~rincipal ~1<sL_ce o!'

venturesi acYivi business 2018 2017

AssociateGLP US Income Partners TI Private equity fund United States 9.85% 9.85%

focused on logistics of Americaproperties

Joint venturesGLP Japan Income Partners I Private equity fund .Cagan 33.33% 33.33%

focused on logisticsproperties

GLP Japan Development Private equity fund Japan 50.00°/> 50.00%Venture I focused on logistics

properties

GLP Brazil Development Private equity fund Brazil 40.00% 40.00%Pat~tners I focused on logistics

properties

GLP Brazil Income Partners 1 P~~ivate equity fund Brazil 34.20% 34.20%focused on logisticsproperties

GLP ]3razil Income Partners II Private equity fund Brazil 39.98% 39.98%focused on logisticsproperties

GI,P lJS Income Partners I Private equity fund United States ] 0.35% 10.35°/ufocused on logistics of Americaproperties

Noies:

}Zelatcy t~ the corn.nlercial name c>f the joint ventures used ur~dex CiLP's fiend managerner~t platform.

FS37

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(10;7~»ri t~/ ~s7^iJ l;' _ C~. 'O~_ ~ I.O~i.Sit .~ . .<;Ute rt c S t~i);7 itG;IJ

rUtt1 ii.c yaal~slrf¢asde.s'

I~ it?c ~ciir7% st'ai2;i;eiiis

~ ~

~+~aa7si~~~s€~~~ ia~1'Fr~~~za~~t~s~~~ ~a~~ ..r;;;~~i~e:~t.~~ .;atr~ ~pt~~~ ~~~:eaftB~'e~~; d~tz~~ z~~~i~ ass.€~e€^a~~at~ ~+r ~~,~~ d~a~~~~Es

X135 51llri}S't£1?IZ~L~ 17.2)fiTlUl l~ 1tIfOtSTI<if:C>Il iS Slt;~~v'li 03e 3 i`lJO~~~c h~~~l~. ~C Y'c~~S'f9ti(911iS ~:Il€, 21311C,lit1LS

~l"k(J~11'il !il ~~1C :31SUi:ici.~2.S <.111(j )t)iYl?. L'2~7~11Y':S,~ ~iY1tITtCliii S",fx~t;I?ll'yl~S r7ke~i££7'c!(~ tit ~liyi;C}8~~~ltA ;t, b~'lill. ~'i2`."~

€dl)C~r~l" ~.7XOi1~ £t~:C;Ullt:Il;i~ ~1(1iti;ti;~.

ter~¢na Pee~iat

GL~',3xpan €nl~~' f3rttzil d.=f,t ~1`~ nssociafeS aeid

@Dewetnprtien4 2~evelogreue~nt Irscaa~e joirtC

t~'ez~tstr-e ~ ~'artnez~s ~ a>ae tner~s I venfats~es 1~ofat

208°~ ~'~r~,'00~ ~'~S'tl(SU [~4~'~'ii,)iP Y_thy;'(Y(i0 ai'Y'fR00

f~r.,sip's=.~~trresis 5i~.l10`%n 40.t)Q%, 7{}.35°'~

RcsuiiRr~.~nue~ y ~~~~::~6~,r~us ire fair value ~f mcs~u r~ r~~~n~c to U~y.ensc-

~r.ir~, ro3~ ttit. year1~ or,-convt it n ; int: rc;ts

i'roiit attribi- -i I. ~ r.~n~r ergG[hcr eon;pr~hrr;i~e in:r~r're

~1~ntal curnprchentiive i _n;e

-_ __ ___~1' ,'~ rl . i' n~-liu3r

i i come~ ~~, .~. ~~~ ntddn~utt rfc~n

II. ~ ': '~ll~ ' _ _. __.

~ ,ra ~~ ~~. ~I lisibilitns-._.. __'.vcn-cn~; ct~i as~uis

~ nrsen[ ;zseU

7 cr[is{ a~sefs

ivon-~urceni liah:li[icsur-ent li~abi!ities

Tat'al liabilities

(g3,13J) l~~ '9} ~a~~.3~{, (i3O~t.[23i i ~ . ~h,~5ft;#3;079 }9 ~33,~37 ?6f,0~J ~ t.n~,5i0

_._ ___j_ . ,~ ~.._~ _ _....__.~ _-_~-

""i) ~ ~,. ~. . ; i

_ ~~ ~ 8C ~ , 1 ~ ~ ~ i

i qf . ,

1,?SS ,. ~,ll~l b,;s3fr j

(n,Ci)`%) (1 ~'L (t5.' 7tir E i?~i. f ~) 1 f r~ :p(i~

=:,%S6,S18 892, 3? x,80?,Zl? JJ,:)b',47R ).'..5?d. a;<i

A 7j

~irj . _~ - ~ni ~t :. r_~i3•_. _...

:I~--

~ l iF, ;tr~1 .h , ~e j~r ~.~; ~~S c~ch v ,~i~atcrts I 1~1,»J i,GoO ~ '.7."~1~ UyO,b~t:1 7 ~~n~t,2~fst ur n, fi~izi.cia: lt:-i ili[i~ ~;:xclud n~, ~ra~iF and

pEher paylbles) ('.1,6i3j ~'16j t,q~~ ~, ~l 1 ~ " .h g1Inn tiu.:~rif c~~ian~-ial ~i~oiiiti~s f,~k ittdirg ia,e aril

1 , thcr ~;;it it 1 ~~; __ _._- ____ ~ i I ~:~=,7ii'ti f! i t ; i};1 ~~? t '^~ii 1 ; 1 " - i''. J

GLP Pte. Lid.

(formerly known as Globnl Lr~~isti;; Properties Limite~j

and its subsidiaries

Fniancral statenzenrs

Year ended 31 Nlar-ch 2018

6 r~ssoci~tes ~md jai~at ver~t~ea-es (ecaaa~inuecl)

~urr3en~rt_inS'c3rma~~vaz for associates and ioint ~~entures that are ~ateriai to tine ~rocin (cortai~ue~)

ImmaterialGLP Japan GLP .tapan GLP Erazil GLP Bra~rl GLY Brazii GT.,Y LIS f.L,P US associates snd

Income DeGelopment Development Income Income Income Income jointFarmers I Venture [ Partners I Parritcrs F Partners R Partners T Partners I7 ventures Totaf

ZOt? U53'000 US~'OOU GS~'0~0 CS~'000 LiSS'000 USS'OOQ L~5~'000 C1S5'0~0 t;SS'000

Group's interests 33.33 % 50.00% 40.OU % 34.20°/ 39.98 % 10.35 ~ 9.8~

Re~uluRevenue. 63,2CiG i7;6?3 34,2yG 68,521 64,035 677 ?86 359,390 621,648 1,966,7~J~Expenses (24,36%) X39,2361 (I?.,?38j (32,96~j (39,200 X428 <tG;i (306,5 81 (,579,73_) (1 463; 16)Chartgesintauvaioeofir~ve.:tment,7roperties 36,1?: 14;,`64 ~9.4(il ~9,Sfi5 (29u2~} 540,72= 198,393 72,9 1 1,12946UInCometasexpense i .'~41 111.6Sij _U,il51 i'~s.5i;!} t _~'; i:. _~30i (~i.35d1 '~'t,727) +a_O.C7p}

Profit%(; os~; ror the ~-ear 69,840 _l8~S4 r,~l,~~?$~ 71,44 ~,i-'.~j 51 :2? c f63,2~1 93,1 9 f ltil ?7S;\~on-controlling in[eresis - - - - - - - i i:0+~9'~ (] 1,.09')ProfiV(Loss)attributabietoowners 69,840 21~,_is9 Gi1,f;`%8 71, 40 0,145) 5id~~~' Ivi'71 82,0;'0 1;1?C_i,88~?O[Yrcr comprehensive income, ? v$8 ~S.G(ri) ! 33a _U2? - -- ('1J5?'; IC~.2`jTotal eomprehensivc income 74,407 '~'t~?7 1. 14,F98 132.874 43.876 514.217 163,271 81,013 1,335,733

~r'rp1tU •ss'~ aiic; r~~ iacic:er--T ~~r;i:~est~tncome 2 =;~87 2;3 "7 d,~d9n 5~~ 1 2.1 9 12:-~?`>' Ir ..-~,.),.;.,scc; ~tiii~~ ~~d amortization (2,~~621 (3,92~j - - - - - (5,432) ;,11,617] I'iili<<.~:-~X~~uSe (ii,4-i9i ^}l.~.j7_ .:{,? el( J jj5; ?.7'77 t19:~.i231 ~ Ii~S 51=1; ~28. 41i_ _.aa' =~)

Assets and liabiliiiesNon-current assets 1,I~b,504 2,131,930 753,946 919,228 823,084 8,1~6,~23 4,716,823 1,5»,097 20,613,14Current assets x;,321 3.1, gg 3j,~~)& 3~_3~3 .e,9 i1 ?qu,>59 121,?23 -~~6.~88 9$g,-. bTotal ~se[s t.194.$i~ 2.31o`.(;~19 ?39.~.i.~ 45ti.vob 8<i9,4~o R,365,J:+% 4.i3~li:~d(~ ~,28i.98~ 21,6i~1 •:31

lion-cun-entliabilicies (594,6341 (895,818) (156,263) (3~3,5~?) (23',,8~7j (4,?.24,551) (3,072,341) (~24,095j (10,114,4iiiC;irrentliabilities (23,0 41 i.[S,>dl} i2~.Y~') i2R.o~9l (~Q,033) (443,45&1 1228.7151 r~75,74Y1 {l.?iS.U~3'~

Total tiabilities (G19.30~1 I,tl~4ti~9i f_'lS.,d55) t1S2.i~t~j (~~~.~>6) i ,~'3.a~~; ~3-3i1f.Q&%1 il,€32.838? (II S^~.?431

~.S~~iS :.0 ~ie~i[[7t}Cy L1i: S'~iiC: `~.._. .' '

C~=~7 and cash equival~nYs 36,6i> >i,834 19,43n 24,39 9,375 183,747 106,?51 145,921 584.134'~_ usrent ;:nancial liabilities (excluding trada ana other

payablee) (3,4,t9y (165,404] {15.785) (il ~i53j (13,984) (362,463; (162 464) (75,526} (SI'?a;R}~rion•~Wrr~t financial Iiabi(ities (excluein~ trade and

othern„vahlesa j5F3.S22} ~s~6?~~i ,i'.~.o'?~} ~sc~.?~fn) ~,~3~-1':~i 1~.-"~~I.~iS1 ~ ~F2,?y?i ;;:i9l,~8? (9,?3S,1~J}!

FS39

(~t.~ ~ te. ~ try

/;i~rrrerlti icn<.%~vr~ os ~~Iobal i:ogis:ic Properiie.; L,imitecligrad dts sazbcfr~ia~rres

Finarcial sta;emen,s

Year e;edea 31 I✓larch ?C?If3

~c~~c~~~~€~a~t~c~~~ €r~° 8~~ ~~tas~~ ~~r~~~~ ~~a i~~~:~~ ~~~~ ~-~s~€.k~~~e~ec~ ia~ ~~a~ ~~a~~~a~i~~t~~ ~~:~~€~e~~ ~~'~~~~~~a~ ~a~s~~f~ea~€

~~~~

C;~ oup'S interest in nit assets of~ asseeiatus and join~~ti ventures ofbe2irtnin ; of the year

Croup's share of toCa3 coirsc~rc;hensive i~3coix~eDi°e~i~u ~~;s receivers Born asso~ iaies and joz~~t ~-encores (~11e Groin's

si;;_rc s

"+ 4.1:f?55+~8t-C'O~i.Q~~1,~{i.~L .'~';_tI0Ilf0~~Ccm l iv.r'. _ . -:~ z t`P~fS(irt)

1:~3')EI ~%:titOli Uf ~O~F7 i0) ~ ~ ~eYlClliO ~~ ~~l..l: _ I('i~:?. t ~0_j;~il~l~'

v~xEi~?'w

1~4c l i .~t=i~ ~ :;ti k 0~7~ apse t Ifeld for sale (\~~te Zf)(c~}

~ffec° of~ move~7l~tzts iii exc~~arxge rakes

Car1-ying ai~~<~uz~t of ii~te~esf ire a.ssociaTes and join'£ vcrihares at tEaezil~ O~ 1h~ S ~~3C

I~w~~~~.~-i~i~.s~~ ~ a~~3.Y~ ~~..~~ ~SF~~$.t~ ~z~9~~ ~.y~ i~~hCk~k`~°a~&.'~i ~~R4~

~~~~~~m~~€Eect~ ~~e~'~to~ ~~~~ ~Sk~:~~s5~~' ~€~~~€t

7.1~~ ➢~tS Ct fl~~J~9 iY C~'i~ tlJ l9~9FB~dP ~L7~9lt YY47 i'J ~~sV➢~~

~t3<~Dti.F 4~C "'9 LP~13'U ~~3 .4 S~~J~~~S

~5~,~~54 249;3 :3 ~?.4~J0 1 ,?~??;$%~ 2,4£32,103

I~3,360 3t?,3~17 £~3,2~1 1 23fl;5 i 5 487,5 ll

(33;3i~;J — (ZQ;~07) {I~,fi~l (Ei9,4;2j

(1 ,4253 2~.~J91 —~ 26~,7Q7 2"~6_.~73

-- ._ ~.1~ ~ -- ~,.~~ 1

._ -- (32,7 l j f ~2.;^31?3b,~E_~ t Ics;1l?~ j ~tD,9~9 %t >85

~' ~ 4 (,i

GLP Pte LTd(formerly known as Global l,ogishc Properties I.imitedj

and itr suhsidiariesFinancial statements

Year ended 31 ~vfarch 2018

6 AssocB~tes and joint ventures (cont~nu~d)

ReconcileaYion of the above affiounts to investrceent recognized in the consolidated statement of financial posetion (co~afinued}

2017

Group's interests

Gruup's interest in net assets of associaees and jointventures at beginning of the year

C;roup's share of total comprehensive incomeDividends received ,"nom associates and iouit ~-enNres(the Group's share)

Uroup's share of total (distribution to)!c:ontribution byowners (netj

Reclassification ofjoi~tit ventures to su~rsidiariesiNote 29fa)j

Acquisition of subsidi;~ries (Note 29{aj}

R~classifieacion from a>set held Por sate Note 29(c))'

Effect of ~riovemen[s in exch~~ge rates

Carrying amount of interest in associates and jointventures at t'he end of the dear

Notes:

Including transacrion cost capitalized of $3,31~,OOp.

immaterial

GLP Japan GLP 3apan GLP Brazil GLP Brazil GLP Brazil GT.P 1JS ALP US associates

Income DevelopmentDeveEopment Income Income Income Income and joint

Partners 1 Venture I Partners T Partners T Partners TT Partners T Parkners II ventures 'Fotai

US~'Od0 US5'000 US~'000 L75$'000 TIS$'OQ6 IJS$'000 US~'000 L1SS'000 TJS$'OOtI

33.33% 50.00% 40.fl0~/e 34.20% 39.98% 10.35% 9.85%

201,940 462,482 173,845 146,18 171,818 340,434 - 456;987 1,953,686

24,843 110;689 45,879 42,028 l?,541 53237 16,082 36;49 346,718

(9,654j (22,767} - - -- {I4;261) (4,186) (57,OG4) (107,872)

(23,426} 4,698 19.310 4,463 I~,181 - - 14,t1~ 34,341

- - - -- - -- l2b,338) (26,338]

- - - -- - - - 124,612 124,612

-- - - - - Id3,148 - 143,148

1,868 362 10,319 8, 21 11,948 - - (19,210) 13,848

1 95, 31 ~5~,*6~ 243;353 201,192 216.488 379,410 1»,044 529,621 2,482,10.1

FS41

~,f.

}

~~ic~v€.rr~ents is c~efenec~ tax asaets a~ad 1i~t~ilities duz~in.~ the near ire ~4 f~ollow~.;:

. ~~~€`C fB~ .~~.f~~~€~~t~ .~~0~.~~~~8.a

t~6t~e,~R~~~dBi~ ~~u~EA9c`~~ E3~ b&~Q➢~`~: ~~~~ t~ $3~~A~&` k~~ ~Sk"$)~~

~~ c~~ §~~S~4j➢~~~~~ 4~k~~~C~I~2"&~,§ iAH d',:~C~~?2R4~T~ t`(3~&~8P"Pa~tt'~PS#iii' Off" ~fi~~ .~.~:

~& ~~"iY'P~ f3~49 ~~~k~y~ ~1~~~~ .~~{~3~~ F"$~.4.'.s 9~'s~tS~C$"kri' ~1~f3'~&'. Z~~ ~~ ~$"4;~

~~'~d$~ 4.)J`'J3g 434Y Y1 ~'~.ry y4Y~~~ 8.1 ~~.69[Y YPYY RJ ~`HjfBV VF 4)~~9~b➢~ ✓~J+ » flBly~ ~l$~4 ~iY?.➢

~4~~.~

~~~5~'. $~~L'i8 ~`.c~~ ?.~~5 ~',~J

t'nutzlized tax ]c>sses 29,(1?3 63 3,{}~~3 — =r,2~` 3E;'i 19

Into rest rake swaps ~6 i — — i % { t ~3'~ i _ ~~3

Qtt~ers 13;'06 — - ~4t~ - ; ~+5} ~~.C~fiC)

ti'.74~ 6~ — 3.(~4~(ig~?)---- . 4,20

__--- 5~'q~~__

~~~~~ ~•~~ ~~x ~i~~~~i~~4

Iriuestz~~ent;~r-o~~ertie5 11,iE,'~,~1~j — ?1; 6~ (]<1;,3fJUj — ?4~5,~~~?j ;; 1., ~E ; i ,4j

,~vaf~abl~-tor-sale~naz~~:iAl t:~~csut~er~ts (2'~,~84j __ _ (2,j5I) (2;090) — ff32.`-)

ethers (P ;_5 52; — - (1,~J2ti;j _ + t!7~ < .

(1 2f7 ,~~3} ___.____ -- - ___.___ Z[,362 (1 X4;4?7) {2,990) (4~~,7R?j (1,81;175}

7~~tal (1_~fit.I4 i 68 7_I.,:?52 ~1_~11,'2fi~) (~,1~75? r4~J.58"lj (1,~6' 7C;~)

;.r<~, ~:

GLP Pie_ I td(forn7erly Irnown as Globa! Logistic Yropert?es' Limited]

un~d its subsidiaries'Finarrcial statements

Yem~ ended 3J Iviarch 2<J~8

'~ ' t. 1

Effect of Recognized l2ecogniaed ReclassificationAcquisition movements in ofher in profit fo assets and

rat of subsidiaries in exchange comprehensive or loss liabilities held At1 April (Note 29(a)) rates income (Note 2~) for sale 31 March

Group US$'000 tiS~'000 US~'000 US~'000 ~CTS$'~00 US$'000 US~'000

2017Deferred tax assesUnutilized tax losses 26;429 1,400 (1,419) — ?,663 — 29,Q73Investment properties 771 — 34 — (805) — —Interest rate swaps i36 — 19 {294} — — 461Others 14;100 — (I1} — 3,186 (64} 13,206

38,036 1,400 (1.377) (294) 5,04-4 (69) 42,740

Defea-rec~ tax ibabilitiesInvestment properties (994,025) (b,304) ~?,931 — (223,519) — (1,165,917)Available-for-salefinancial investnjents (18,025) -- 1,129 (7,488) — — (24,384)

Others (1&,4,2) — 620 — (1,884} 6,114 {13,582)

11,030,482) {6,304) 59,680 17,488) (225,403) 6,114 (1,203,883)

Dotal (992,446) (4,904} 58,303 (7,182) (220,359] 6,045 (1,161,143)

FS43

~'I~.fT t'te. T,IrI_

(fornterly ura~ti;~~t as Glubrrll,o,~istic F;'operiics Lir.~iter/)

ur:~X;Ps' srabsirlrrarierFiracn%~;~;; si~!e~a:erzLs

,~1C1~7"~G;1 i<LX ~t3t>;IIt1~,S d5)CI ~".^'~ zi1"L i)1ttiC'C WI]i;'.l t~?CI f; )~ £a IG~3i~}'" t~t~Uti;t;d't")~:; Yi.>'(11 ~ ~i'.1 OIL:

~t3~ic,i1~: ,a.~. c~SSGt~ c~d2,1Si> I". ,: ..,. .<..-_ ~f~[ l~flllf'.~ 2L1C1 SV}J.eY'1 i.~;.0 C~C~~P'S'eC~ f~.XCS I'CIdEC "EU C~lw SHi:7ti Cc^,X

:.iti~c~r~(~-. ~~he a~~loi~r~~~s c}eter,,~~..ned after a~pz~c,~,ri<ate ~~f~Fset~~ing are incl~~ed i~~ tl~~e statement er

~7lancsal posiiioai as tc~lic~ws:

~:~eferc-~cf ~ax.~sset

Zf3~~4 u~;~~'

I L S?9 1?,334

A; ~t rc~~~~?tirig ~3ate, c~~,fer~~-~d f_a~_ Izabf'~ties l~zave zxoY ~ee.i renu~ sized icz respect oJ.' fa~~,s t3~iatt3✓OiI~CI iii: ~li~"d>>~C :)tl li:C. llPi~ISC3iGl1~`;:`U ~ii7,1I1,? Li ~cii:~?li3 ~lft)Sl(jla.~.E'S CC C'S~i~~.`i,~. . ~,~1(.}() {?i)1.~.

1 ~ y~~, ~ ~.,('t00} as t1~e Group da not have, ~Ia~~~ t~3 c3~~iribu::c t.E~cse e.ar ~a~ ~.s to tl~e tor~;~ee<~b~e

i'~.iti ~r~;.

:'1 cicfer:::d ~~.~ 3s~et is r~cc~lvrecl to i11c c:~cien~ ghat it i~ 4.~roLat~Ie tltaf futiure- ~a~ i1,ie~. ~~rc>(2tti e,~illt>e a, a;'t it le a;rain:~r w1-~gc1, tenzpora7~~ diftcrec~ce, ~a~ ire t?ti~izec3. I3efe:rred ~7,~ as ct~ are :;,v:~rYre 32~ i',3C11. IG.E)i~I~tZilk~ L~3~t~ Fill(j rl?"L T-~CI110E i tO is{1~ GXtE;~'~ ~~21.: 1C ?j AO ~07`~~i:J." ~1'C;~33C1~~, 1:[1ftL ftic. i"~1i3[f:t~

2nk l")~'~fll;t_i~ t11.1i ~1~. S"c;~11iL~;Ci. ~~~1;:~ it"QUA 11i3S f2vfi ~~C.i~rl,!7C,(.1 C~I;:,ZIT~il I..2:{ 1SSG15 TI r~~,pC~C iJ~ 1ilc;

f0~~clt`viil??:

7 ).,ft'.t: :C! T3.X 855 {S ;TI IC~r)~i;L C?~ Yc1X ~OSSEj I7c'I~iG ?10I !JC;t;It I'B'C{)i~i11GI;Cl' ~`E.Cdl1JC ]t 7S IIO~ (>2'C7~<I~il ,

~1i it iii;~~e ~axai~le. ~~rori ~tiiil be available ~gaix~. t whicl: t`r~e G~•oup can ut:~izc 1~e l~c;netits. "I 3xloses ~c sttLject t~ agrcernerz[ by the taK au~hori~i~~ <jnc~ Coi,a,~!iazlGe ,utth tax re.~tslatzoi~s in 1~eCc:$~,?~^C:-~iVt', COU~1tTIGS t511~•~.ILit l.~lv ~tlE)S1C~1£L3'(~5 OjJC2-~lj-.C'.. ~..~I~.Y'`"CO~TIi'/~C~ ~a,Y.~OSSf;`,i °vVill. F;XjJll"c~ 1VTt~!11]:1

~z~°af~~A

~~ dsF? 4

t i. ,'~ kll~. i ,~'~; ~. V

i~.i~C~?~1 Ofl

L)is~~o~l

I~e::.las~a*ication

~ fTe:;i. O;~JitoV'~,~ieilt5 it; uXi;j1f121~;C I'at~S

%LT .5 ~ iVl iC~l ~i), i

~Y~T~4~S ~~f~ i9~~d~'~'

~::C~~.Id~3:~~&s~.~~~ d~tv"ve'~1~~s3'tR~.?l~: ~~U~itR

~1~~'~)€3U ~7~.~'€~~yE~ ~~I~~'~~~~

7 C~ aG~~~ ~~~i> t ~ ii _7 ,( 1 i O

5,856 t5:8~b}

~—_ _ _— --=

89,52b 8 .526

~:~ ,

GLP Ptr I,td(forn,et^ly !oioN~n ns Globa! Logistic Properties Limited)

aiYd its ,subsidiai•i.es.~irarcial st~,eman~s

1'em~ ended 31 hfarch i01&

3 Plant ~r~d equipxner~f (coY~tiiaued)~'urnifure, Softwarefiftings and underegnipmer►t deg~elopmeo~t Total

Group US~'000 US$'000 US$'000CostAt 1 April 2017 89,526 - 89,526acquisition of subsidiaries 660 - 660Additions 8,236 556 b,i92Disposals (42,028) - (42,028)Reclassiiicat.ious 325 (3Z5} --Effect of movements in exchange rates 3,214 - 3,214At 31 March 2018 59,933 231 b0,164.Accur~aulile~d ~ic~~rc:ci:~tionAt 1 April 2016 30,205 ~~- 30,205Depreciation charge for the year 10,669 -- 10,669Disposals (154} -- (154)Effect of movements in exchange gates _ (7~0) - {7 40)~t 31 March 201 "1 39,980 39,980Depreciation charge fog• the yeaz~ 8,898 - g,8ggDisposals (10,578) - (10,578)Effect of movements in exchange rates 2 632 - 2 632At 31 March 2018 40 932 - ~0 932

Cat~r•yir~ _ .~r~~c~urit~_.. ~ _.__~t 1 April 2016 ~R,059 4,812 52,&71At 31 ivlarcl~ 2017 49,546

~~~~~19,QU1 ~49 546

At 31 March 2018 23] 11,232CompanyCosfAt 1 April 2016 7,951 4,308 12,259Additions 1,312 778 2,090:Reclassifications 5,086._ _. ___ (5,086)At 31 March 2017 14,34.9 - - ---

14,349Additions 87 468 555Reclassifications 325 (325) -.At 31 March 201$ 14,76 1 143 l 4,904

.~4ecun~ul~teel t9cored:ia9i«t~f1t ]April 2016 4,864 - 4,864Depreciation charge fior the year 3,382 3,382At 3l March 2017 8 246 8,24fiDepreciation charge for the year 2,433 - 2,433fit 31 March 2018 10,679 10,679

~ 'SY'1"~lil~it211t7[It7fli

At ] .~priI2016 3.OR7 ~

4,308 7,395~ ~ ~~~At 3 ] Nlarcla ZO t 7 6,103 6 l 03

.~~ 31 M~u~cli2fllH 4,O 82 ~, 4~ 4 ~7

r, ni'ni l ,r,:r'.~. ~.Iri l:~ ~~~Sil< l'~ .~nUP7G{i

r' ~ ;;~ift7rcti u., _

'i°'~F7Y1- ~,Be;~'C15~

~rt:10 £~S~'tl~ ~'P'~?C~~rg~~Y'~ is(3T7i~4E3Ei£~Y§ 2'Y~;ii tS d 4J€B~

C;a€i~~~ ~.1`~`~'(}tp~~ L~S~'~1{}fy Ch~'f~E34i ~?S.~"~?~➢R~ FJ'~`ri'€3f~~1

Costref 1 r'~uri1 2{?Ib ~ .",:r~; ~i It ~ ; ,ti ! ?4? 3' 4;065l~Ct~llltilCl~~ll~ Ct~Sll~~!t~i:i2'IcS

~fleci of tnovct~tei,ts iri~XCil?i7 ~. i~F3(.t'.S iA(?. ~ )3j t ~. t. %) l ~.l } ~i7,1_5~j

;~i i 1 itilarc;h ~fl ~"1 ,^ ! ,"40 3~,?t?? 6,K3 i «'?? iG(~; , .1-":tic.i,C OC TIIOVciI',c)ii~:S it.

cXchati~:; 1'tifes ~7.ot}23 2,3=I~ z)1 3~,1()~~A t: i ~.~tarc}~?iJ18

__=:40.').8 ~10,Di?

_ __<~,53! 1 ,014

___=d9fi,~tiS

rS CCtt tTi l7 ~;k 1.'!~ ;i F"1V i}i'"E: t'1:34~Fi i~—^_._____.

,i 1 ;~pril ~01E~ 10,?1'd ~;,~3i l l2 i%;5~7~moz'tizaton 'or ii~~c y:a~ %,i} ~2 l~~S ?,1 ~?L:ffect of:novemei~ts in

-:~c1,,inr~~~ r aces ~ „' r 1.(?i (418',t. I i~tarch ?_C':'.t i ,, b,8?. a ?cd7 t 4,~~ 1 G

;'~~~ or-tizaz~or, for the year ~,0_~0 - 203 x,25L.f'fect of'rnovetttents itr

~t ~ 1 I~~(z~rc~t 20 i ES-

1 ~,2~5_

6,83) 48(~_

~~;552

~..'it l't;.~.i tl~~ :f illUli 3i{ti

Ai i l ;Vtr',ckt 2017 ~ -r,~ t _` ~ ~ ~t~`> _ i~7i J.?_~ti

_~t3i i~~arch2(i18 +~~~~ x ~=?,~;i ~ - Sig >7k,~n3

~3)Y~JCZFF'APtf_'78i f`t'.'dg~t?N' ~ CSf)!~~".deli

~ <7Y' ~:~7L ~'Ui~70St; Ot~ ~?Oi)C~t~%i~1 7tT117<lJi~R1C;I71 i~S~iYt~, I.Y]~ i~,,,~.,f'.c~]YC C21I"1"l%IS2s~7, r1lilOt;T31: ELI t~i)Cl(~WS~~

a1~OC<fYet{ EO e~iC,~l i,~t5~?-,.,,~t~llit,'. UI7JL (_ ~t t~iE_~ ) dS tti ~ ~ I~/~d7G~i ~~ O5~i c1I1C~ f~tC ~C~y' i25SL3t}j~->i(C}31:i

tlS~E~c 1Cl Eil~ Ca~CiliaC!(>ri tf IFCC?1'~~d'~2~?~~ <3.~llt?~~FIfS ill t'E_r;~ it'Cl Cif C~IS'v't)tl~ll. C<li:~ fltlC~ teT'Ti7'Ct]&1 :?.9'ti54~~:~i

ice. i~YB-~Ji~1 t~T ~ZP10 i3 P1~ ~751f2@k%?e t"h~~ ~~S"CBk3RdS ~5'tY~R~~~P @'2~~L

7J~4 2tp~7 T~€~ 2fi~7 ?U~~ 2€~I~

G[.,P Cl~i^a' '=X3.9?" 27_b.72H 3 J 8.` 3.E) 3.0tri,PJa~>an` i4?,467 I=1i,db; ~.0 5.i) I.0 1 .0r'iimc~,-t ~iCy I)eve,iopittei~t:group (`:,~'tCL t~ro!~p"j ", ~ ~ ! ~ ~ 8.L 8.? 3.0 3.0

Moral .:+.~, ~ 5i3 ~~ zyO

':'Vi)~:;5:

Itel~~te~ to t~~:; 1 ,~i~~~ of i;~~~s~ c faeiiici~~ anil I r ~visioc7 uS asset m~tnager,icnt ,~tvices i~t C}~~n~. andexch~de.~ ehe ACI_. Croup.

FZ f;1~1CC,S tl? ifi<. icBSii; ~? Qi ~~ U~lStiC f~;zCillliCS ,'1T1 ~1 C1rU`: iSiOtl 01 dSSC~t l'Il 1I7A F;~;n(:P7[ Crt'iCdS iil .).(13i1.

}' ~ ~ ~)

Gf.P 1'~e. /,td(/ormer?y Itnown as Global Lagievtc J'ropei~lies Limited)

~n~ri its subsidiariesFrnUncinl statements

}'ear• ended 31 A4arch 201'3

m

Intangible assets (continued)

bn~airment test for gaod~vill (enntlnued)

The recoverable amount of the CG[Js is determined based on value in use calculation. The valuein use calculation is a discounted cash flow model using cash flow projections based on the mostrecent budgets and forecasts approved by rnax~agcrnent covering Fve years. Cash flows beyondthese periods are extrapolated using the estimated terminal growth rates stated in the taUle above.The discount rate applied is the weighted average cost of capital from the relevant businesssegment.

The terminal growth rate used for each CGtJ does not exceed management's expectatiota of thelong-term averaDe grov,~th rate of the respective industry and country in which the CGU operates.

The Group believes that any r~aso~aably possible changes in tl~e above key assumptions appliedare aot likely to materially cause the recoverable amow~t to be lower than its carrying amount.

~lther inve~trnentsGroup

2018 2017US$'Ot)(D US$'UQiI

Available-far-sale financial investments:- Quoted equity securities, at fair value 1,106,739 1,044,886- Unquoted equity secua~ities, at cost 376,307 llS,71 1

1,4$3,046 1,160,597

Quoted equity securities mainly comprise

• 11.5% (2017: 13.6`%) interest in GL.1' J-RE~1"1', which is listed nn the Real :Estate InvestmentTrust Market of the Tokyo Stock Exchange;

• 15.5% (2017: I5.5°/n) interest in CMST Development Co., Ltd. (`'CMSTD"}, which is listedon the Shanghai Stock EYehange;

• 19.9% (2417: 199%) interest in Shenzhen Chiwan Petroleum Supply Base Co., Ltd.("SCPSB"), which is Irsted on the Shenzhen Stocl< Exchange; and

• 0.9% (2017: 09%} shareholdings in Shanghai Lingang Holdings Co., Ltcl., which is listedon the Shanghai Stock Exchange.

The quoted equity securities are stated at their fair values at the reporting date, determined byreference to their quoted closing bid price in an active market at the reporting date. The Group'sexposure to market risks and fair va3ue information related to other investments are disclosed inNotes 3l and 32.

During the year ended 31 March 2018, the Group also acquired unquoted equity securities in 17companies in China (2017: six companies in China and three companies ia~ Japan) at an aggregateconsideration of US$222,983,000 {2017: US~95,446,000).

r-s<a

',7l)Y;)I ~ ~ti t'rlh~)! 3. L;{C7 [) ( 1. ~.. ~J ti( .~.)L')'!t E'c ~,"1'1'IYC~~

anti ir3 stthsrrtlarres

?'<;%,r en!itt!t ~'i ;llt~rci <'01h'

~ ~~

~ ~

~~,~~9~Y~C3 @.1 i5 ~.13 9 iY ~~~~

F3~laP~ce, at J ~'~priI 1 ! 5.71 1 2 ,924

I)1s})~Sal~ (1.~) (J,OOf) i~:{`ft;GIS ()~ (Yi:1VE:17l~Cl~..S 1I1 U'XC',ilflii€?E': ,'"~3~c^.S .3~,(t7f) {:=`f,(>~~)

E.~~~~ y ~~C7 Y~ ~,.l .1~6 €I CY IP

~-racierc;;cic~«I,@es -11,8 ?.. '>3,81{)€)et,osits 20,=~5~~ 1 1.68f~

!~I]'lOi7i1~S t:~ldc fT'GTIl;

join@ ve,ittu'es 2::',7()0 1 Y,6'i>- asp i~lvustee er~tiYv 85,=~<~3 C~t).?~2I.,;~ar~y to ~>sociate a~~cijoi~~t r=e;?tuz~~~ 41,7 ~~ X5,40f,~~~~ns 10 thiz~d par~?e~ 1 ~1~.t)?g _.

f tf~ incc t ~~~ rece~~ahl~~s (Nc,te i ? j_ _' 1 1'~S

_ ___36,.467 ''

~ ~ "'l~n~ i~rr.~.nr d~~s>~s ~ f ~.~, l i -7C,,Q44

__36,~b?

~)Pii;i'fl;(~ Illflfl£3~E:I?7~?"I1 <:OS1S ~ ~,Gi~~7 ~ ZE E) I ti

(milers i,83 i 2"1:i

'~f)9,95b_-- _ __~

~~ i ,?SK

~1~irza~emcnt has assessed t(lat i~~~ a]Iov,~~nce fors irn~air!~ient losses is required i17 res~,ect of tl~~r€~ro~.z~~'. noz~~-e.urrea~t trace. e'~cezvables, 7~o€~e of ~,vliic~~ t~r~e past cfue.

I)e.~osits islclude an aj~~cttrit .;~~ t!,`~~ I f>;?7~,,?t?(; ;2tj~ iJ4`~t~ > i 5~~; ft)0) i~~ rc<<~ii<>x1 to t~~~.ti~C~t]1S7¢:1021 OI I]C'l'v' 1i3~Ji;~~71tC;-i1;:~.

}:C ~31'F}pllil~S ij.11~ 1ZOPT1 )0911t' VOIlit11"~S i111(~ 211 1llV~'. i~:.e Gl.ti~'~ c1Ye 81j~.I'l~llf`::C~ t0 I~18 i?"~tilS'1`8t' 0~ ~P.[1t9IlY

ccct~rii-~~ t{er,osrts to":I,~~sc e3~Ti1s'c~ .

I~hc loans t~ ass«ei~.~~e, ~i~d ;oii~~~ veri~ures are Iznsecured, la~ar fixed ir~?erest r~:lg~ri~ fr-c~r71 ~,39`l0tt~ it).00 0 !2~l?: 5.33°ro fi.v &.~~%) pc~~ annun; at ?~he i~e~»rrixlg dale an~~l arF; f~~il ly repa;~able by~2a~, X025 (2tili: UI~y 2 2.5}.

Loa~~ ~o a thv~c~ ~~ar~ty aiq~ouniing to US`a l 2,142,000 is secured by or~iilar}' shares of f}a~, third ~ar~y,f~er.~r fixed ii~tex~est at 1O.00°/r C1e~~ arant;n~ at the t~epor[ing da~~~ gnu are fu11y r~payah~e by Se~aze~~~L~cr~0 ~ 9. tZe,nair~;t.~ lcatls to thirst ~actie~ c, l' t1:~`~ I ~~, ~3~,00() primarily relate to loans exkar;deci inG077tli:CYiC~I1 Wit~"i 1CC~117j7t10P?~ Of;IHN' If1V0SL11"It;7JrS.

},.5 } }~

GLI' Pte, Ltd.(formerly lusown ns G!obn/ Logia~tic Properties LinTi~ed)

rrnd ris subeidrnrienl~rnancrnl statemei~Lr

Year e~~ded .31 Ivfarch ZOI B

~2 Trade and other receivablesGa~oup compa~iy

2018 2017 2018 2~~7US$'OOU U8~'000 iJS$'000 US~'00{1

Trade receivables 116,265 99,798 - -Impainnent losses (2,767} (288}Net trade receivables 113,498 99,51 U -

Amounts due from subsidiaries.noza-trade and interest-free ~- - 152,173 87,720

- nan-trade and interest-bearing -- - 1,971,104 1,668,599Amounts due from associatesand joint ventures:

- trade 89,420 83,000 -- - ;- non-trade and interest-free ]08,677 7,765 30U 283 ~Amounts duc from an investee

entity:

- trade 16,878 15, l79aeon-trade and interest-free 17,161 16,269 -

Arno~mts due from discontitauedoperation (trade) -- .954

Loans to non-controlling interests 7,213 14,212 -Loans to associate and joint~enttiires 18,587 21,716 -~ -

],oans to thn•d parties:- irx relation to acquisition of

clew irlvestme~its 226,8 9 70,786 - -others b9,237 ?,913 -

554,02? 232,744 ?.123,_577 1,75(1,602Finance ]ease receivables(Note l3) 220,598 53,471

Impairment losses--

(8, 31)__ -__

- ~212,567 53.474 - -

Deposits 232,747 112,21 ~ 198 220Other receivables 116,918

_--._57, 7 77

_.1,7 l 1 ~ 58 l

Impainnenilosses {12j __ (ll)_- _

---- -

116,906 57,166 1,711 358Loans and receivables 1,229,740 555,236 2,12 ,486 i,75~,180Other assets 27,213 5,836 -Prepayn~ents 119,235 88,327 5,904 1,135

1,376,188 fi49,399 2,131,390 1,758,315

'The non-trade arn~unks due from subsidiaries, associates, joint ventures 3nc1 an invcsfee entity areluasectn-ed and ~r-e repayable on den~~and. The effective interest rates ol~iion-trade interest-bcarin~amounts due from subsidiaries at the reporting date range from 3.95% to 5.61 % (2 17: 395°/o to5.0~%) per aiultii7l.

FS49

G'l,f ate. L.frl~jarr~e~;y kn<;rnr us lr!obai l,~sisrlc Pr-o~,~xr:cs Li~r~f!c~d%

ta~trf ifa• sub,sidimrit~st~++~inxeia( s?ate~nents

}'<aar eytiiec<31 iLlarrr;t 7(?;,g

~ ~

~`I~e I.o~~~~zs ~o n~~i-c,~t~;rollir~~ ir~~~eres~s are unsect~recf, mr~,est ~z~e:; ,~~!~ i ~ bE:ar~ (iAec ~r~f.erasi of2.(i0°:, peE~ annum) aY the r~J~~ortitz~; d<~~e ai2c~ ~~ e a~epay~~il~ o~~ ~~.t~~~an;. The ir~aris t~ assoct~tc ~ncl.~CD)11i '~'G~IIi?"~.S i3f"~~ LIIISi;CUI'Eid, ~0~2t' ft~~(~ ltil.('-Y~.J't c1f ik~i(:% t'f;j.~Ol'[€I.~ tj.t7.l:l'. I'~3:Fi~Stly~ ft'OXII ii.()(~~%[~ if)

I C~.O~°%c 12~~ 1?: X1.34"~o eG B.OU",/c) pes~ atu~u~~n anci are r~naya'~le uri9;~ir~ 11,e next 12 ~noc~ths.

~[~I~e loans ?:U tl~ir~1 pnr;ies it7 relation to acquisiii~~l ~ t~c~n~ irives#talents ire secured, p~c;~~~yableusi~l~ir~ the ;~e,x~ Z 2 ~n~t~~:lts, and bea~~ fixed interest rangir:~g Lx~>~71 4.f)t~% io 15.00 ~o (2~ i 7: 4.9f~° ot~~ lt).G'0~% der annum except fc>r LS`~2~,`732,4€1f} wt~icl~ is ia~tez~Ls~-free w~tii completion of £heacquisi~iot~ (2017: L1;~~;5~,7:SG,C)OC! ryas interest-ii~eu untie cc~~~~letia» ~f tI1~ acgtusitic~~~). "~`heczh~r ]o ~ir~s to third v~z~Eies zzre itnyectA~•e„~, repay~q~le, wit#li~ri tl~~ nexf I2 rl~t«s~i~?s and ~e~ir fixedi nterest ~t t#l.c i~epor~Y;.Y~~ date ray ~i~~~, fi~oF11 9.5(}~ ~~ t.« i2.Ut~% ("?{31'?: ?.~0%) per ar~z~iirri.

I)a~ao~i~ts inclt~di. ~at~ a~7~o~~xnt ta1~ ~i~„2.~St~,~ti?,f)(~t3 {:2(717: `',5$~8'~,(;9i,(~GC~I iza ret~tio~~j dc>ncc,uisitiz>ns of t~ew i~~t ~stnlet~ts. <3th r ecev<~trA~ cc~cn~rise Er~a~ue ~~cldec! tax rec;iv~i~IeS ~kn~iother rt ~ ~.,1 erai~ies {2~J 17: pt-ocie~us irarx~ sale o#~ a ~~; oj~erEy, vait~P added t~~x receivables ~~~~e1 ~~~h~r~ ,coy-e,ahle~}. l'r-ep~3yrnenfs „cl~i~§c ~~f~~~aid ~.utast uc€io~~ costs o~ ~~fiti~2.61 ?,~~if) (~tll?:l '4;~jt} <~s?~ ,0(1C„ azic, rre~~aid ~~iif~h~j c ~or~si<3er<ition for ott~et ~;se.t or t~S`~~G2,Y41~,(l0ii X20;?:

~fi~ ~i?c; S17:1Y771"1taT11 C%,`t'IJOStliE f(. Ci:,Cj t IiS;( ~,D7 ~U~lrl~ iit'll~ YGi;(.SV31)~~,S f1.I ls"1G t'i;~)01"r1S'tt; ~~.i~:G (~?~i

(;~~UCl~t"y%~ 1S:

.+~~~~~&'~~9~~

~~f9~' ~~£~~~$:~lY~

~~'d3,r6 ~'~C~~`b'~~3~~5

~J~~`~~5~ ~1~~9~€~~k

e ~

~~~tC,

'?tTlt~t~1-3011'.

t)5,. .

f,>th~rs

5; JAS —s~ s:a ~ -~7,:8~s

K,2G- _ __1,x:4{),5~0 ( t~ ~~ .;

~~~b~~ ~5~~~,

~fll~?il~?OY'L 2125,4$6

~a.~ ~d~~l ~iY~ ~~.

~4) S' E~ 43'S~ }? ~ a~ &~

~si''~Y~;s f't'.o:fi:~vel~3~e:~'

S4,=iO317,817

~b,2 ; 6X55 ,`3ti .z~~~Y

1,i57,18C3

S~()

(iLY Pte. Ltd.(fnrnterly k~zown as G(obal I,ogrslrc Properties Limited)

and its subsidinrresl~irtancial statements

Year erzcled 31 iLfiircl~ 2018

IZ Trade and other receivables (~ontir~ued)

(b) Tl~e ageing of loans and receivables at the reporting date is:

Allowance Allowancef'or doubtful for ctoubtk'ul

Gross ~•eceivables Gross ~•eceivables201.8 2018 2017 2017

vs~~ooa vsg~000 us~~oao us~~oaocrowNot past duc 1,150,251 (8,031) 472,543Past due t - 30 days 36,087 35,727 -Past due 31 - 90 days 38,353 - 26,336 (8)Morc ti~an 90 days 15,859 (2,779} 20,929 (291)

1,240,550 (14,810} 555, 35 (299)___ . ,C;on~p~a~~yNot past dt~e 2,125,486 -- 1,?57,180 -

The Group's historical experience in the collection of accounts receivables falls within therecorded allowances. Based on historical payment behaviors, and the security deposits,tankers' guaran[ees and other forms of collateral )iefd, the Grotzp believes that no additio~ialallowance for impairment losses is required in respect of its loans and receivables.

The majarity of the trade receivables are due from tenants that have good credit records withthe Group. The Group monitors az~d considers credit a•isk based on trade and other- receivables~n~ouped by reportable business segments, and uses management's judgement in assessingthe risk of default. The Group establishes an allowance for doubtful receivables thatrepresents its estimate of incurred losses in respect of trade and othea• receivables. The maincomponents of this allowance are a specific loss component that relates to individuallysignificant exposures, and a. collectivz loss component established for groups of similarassets iti respect of losses that lilve been incurred but not yet identified. The collective lossallowance is determined based on historical data of payment statistics for similar financialassets. 7'he allowance account in respect of trade receivables is used to record i~np~irmentlosses unless the Group is satisfied that no recovery of the amount owing is possible; at thatpoint the amounts are considered in-ecoverable and are written of'f against the finar3cial assetdirectly.

(c) "rile movemei}t in allowances for impairment losses in respect of loans and receivablesduring tl~e year is as follows:

Grs~up2018 2017

US$'000 US~'000

At 1 l-1pr;1(i2eversai}/Recognition of

impairment lossesAn~~ounts tivritten-t>fF

t~fect of movements inehchaiigc rates

At 3I ~Ytxrci~

299 601

1 1,556 (232)(1,628} (44)

C'orrapany2018 2017

CTS~'000 US~'000

5~3 i"~'10,810 299

I~S51

~,'?, ~' ~'re. 1 tcl.

,, il'r '~i70' GS l>ip . . ,`~i ~ ,?IP ~C<~i

. .. .. ~?. .i'

s~e~ t; t r~ .. . c'h .' ~l Vii"

~~~~~~ ~~~~~ ~9~~~~~~-~~~~~

~~~t~ Cizo~_ig~ ':~i~es vehicles a~i c~{ui~~me~?t to r~ozl-r~l<~~:~d ~~<,riie itAtder fira~~~lw;~: 1~a~e~. "ll~r~~.,C'.i;T;7C:Ci~. c'.\ ~it'l.'.;.~ Ili'T'~"C;t;31 ~.E}~i~ 'c'.Tlii ~~T~ ~ , ;211 C3 "t 7lC.': lli)i~-.'i~fli:;tl 3i~tf:S ~1F1C"~' ~~- p ~ a~ ~ OiJlIOTIS (.) CXj'~;.S1G

~}1L'S~ ~BSiS~S 31 f~l~ ~)tt~V~i131I1F' i17d1'l~~t i't3`~5.

~"~ EB ~~

i7x;~~:s rc~eivable5 ciuc:~~0~ ~cltCD3~ ~~1~kIl UPiU' Ver),i'

I~~tes ~ha~: o~~e year 1~ut v,~ittlir, (~iv~ ye~~z•s

;..,e3s: ~l.~i)ea:'11~t~ Iii}arlCt, ?itCOtite

~_tSS: ~tll(3Elti'IY3E',ii~ ~f)SS(;~ i?t1 ~151~Y11C'~ Ic=h~C; CtCe1Vi3F?~f~ti

~vC1 IitVc~(FTit.Y1f SSi ~IiltfiCc' ~~.~iS~.`:

Tl~e~ r~et isi.vesC~_17en~ zri f~~lailce leases is~ aa~~~l;~z~d as f<;.lo•tv~s:

~I~~°~,~(~~i ~1~~"Q~~~$3

7 ,933----

~$;S i 7X5,10"?

_ __ ~)C~,i32~~1

~247,~1~ ~i' .~~4

f ~ ~-~a €~

i~`oi l~z~er tE~az~ one, y~~ai~ (1~~te 12)I_at:er t}~r~rt c~r~~ yeas >>tit ~vilhirt five yeas~s (I4c~te 3 1;'~

C~~~~~ ~~,~ ~~~ ~q~~~~~~s~~~

2~~~ 217~J ~7.is 9 ~S 4f V~ @J ~~J~ F C9~~ YP

A'Fxe<i ~~:¢~osits "3;: 11 283,(i~~> IS,Ot?0 ~~~,132Caz~~ at b~nl< 1 ,; s£~,I64 ~??,(i~}'3 ?,3iz) ?,~&4>~ts;s~ri~te~l ca.~h tt~;~~osits ~3,~61 <~t~,b32 _.C;asdi aa~cl casr~ equiv~sles~ss in tP~e

staTeFneniof iir~,:srzci~flpositioi~ 1,23 ,;3{, t,~l(},54(3 ~'', ltd 1.()'7.5`7?

The eff~cti~ve interest r~t~s relat;ng t~ ~ixecl d~~3t>srts ~3ild ce~iazn cash ~t ba~~1< ba~<tnces a~ ¢i~~ereporting d~~te for ti;e Groin anti Comr~ar~y ranged irorz~3 0.~ 1 ° o to 2. 10% (2J17: CM.OI% to 2.52°iu}~~er a,~~ltiar~~ a~~cl I.?~% (2017 1 .05°lo to 1.b0~'o) per annum r•cs~ectit~ely. ,merest r<~t~es ?ei~r~ice ati nicrva~s o(~one to ttiNelt~~ n7onths.

Kest;~icte~' c:a>l; ~ieposils re,~re ent rank balances of certai~~ sub~iciiaries t~~eeigecl a~ scc~.rt?y i~>zfiitur~ ir;vwstments.

%E},044 3~,4t_ _ -----

@!'.:f:39iYCPF~ €.1~~ y 2~4.~iY

~= 5 5'~

GLP I'te. Ltrl.(formerly knoHoz us Global Logistic Prpperlier I,imitect)

(ll!(t 11.1' S!lhS/l11R7'7L'S

Firtancial.rla(en~er3tsYeur ended 31 March 2078

Assets and Piabilities classified as held fir sale and d~seoeatinucc~opeo~at►een

Croup

Assets classified as held for saleLiabilities classified as held for sale

2018 2017US~'000 US$'000

1,684,966 808,565— (457,070)

1,684.966 351.495

On 20 December 2417, the Group acyvired l00% equity interests in a portfolio of investmentproperties .tocated in L.urope to form GLP Europe Income Partners I ("GLP GIP i") and GLPEurope Developcnent P<it~tt~ers I ("GLl' l>llP l"), with a view to syndicate appro~mately 90%and85% egi~iry interest within 12 months from the date of acquisition. Subsequent to the acquisition,the Group syndicated 3~.7~% and 23.60% equity interests in C:rLP EIP I and GLP EDP Irespectively. Pursuant to the syndication of 34.75% equity interest in GLP EIY 7, the Group ceasedto control GLP L'IP I and fhe rea~~aiiling equity it3terests of 55.25°/v to be syndicated was classifiedas inveshnent in an associate within assets classified as held for sale.

At 31 March 2018, the assets classified as held fb1• sale comprise 5525% equity interest in GLPEIP I, the consolidated assets of (1J,P I~DP 1, and a portfolio of investment properties in Brazil(Note 4), ali of which the Cirot~p expects to syndicate v,~itl~in the next 12 mozltias. The assetsclassified as held for sale were stated at fair value ]ess costs to sell at the reporting date,determined based nn the estimated syndication consideratio~~. The results of G.LP F,DP I werereported as discontinued operation in the consolidated income statement, while the Group equityaccounts for only the results of the l0% equity interests in GLP E~~ I to be retained and classifiedas are associate.

Un 15 December 2016, tl~e Group acquired 100% equity interests in a portfolio of investmentproperties located in the United States to forrn GLP US Income Partners III, with a view tosyndicate approximately 90% equity interest within 12 months from date of acquisition.Accordingly, the assets and liaUilities of GLP US Income Partners Tii were classified as held forsale and resutts presented as discontinued operation as at 31 March 2017. Certain investmentproperties of~TJS$33,650,000 were additionally transferred to GLP L1S Income Partners ITI (Note4). Subsequent to 31 Mardi 201 i, the Group completed the syndication of 92% equity interest inGLP US Income Partners III to third party investors. This discontinued operation was stated atfair value less costs to sell of US$344,487,000 as at 31 March 2017, determined based on theestimated syndication consideration.

As at 31 March 2017, the assets classified as held fo2~ sale also include 45.00°% eyuity interest inNew Dulles Asset LLC which was subsequently disposed to third party investors during the year'ended 31 March 2018.

TZcsults froth the discontinued operations amounting to US$1;450,000 (2017: US$4,473,0(~0) arepresented in tl~ic ineorne statement as }profit from discontinued operations (net of tax}. There areno changes in fair value less costs Ca sell and no cumulative income or expenses included i~1 othercomprehensive iiaeome relating to the disct~ntinuec3 operations.

3 ,S`,>

C,i1.P ~'Y€t. C.YrI.(forrner~ly ,tirroivia :~s Gluhal L~~elstic i'r pperriea~ ! Gnz;tec(j

ritFrZ a`s~ .4u6sir~rtxr•iesFrncr~7cinl ssatements

fear en Seri 3,` ,i,`arch ~ r'7g

(zap ~~@:~s•~. ~ ~~s~~za~

~~. a>~ s~~F~~-~~Z€~~~ 2~3~.79 ~3 E1YY ~Y~~PD

~~Y l A~r~ir, i~nciudinh Crea,suiy sllare~ 4~,844;36(i 4,~4~,,3<,~iiLess: ['reasli~~~ shares hcl~f ~ (~15 7,3.57)~..ess: Treasury shapes ca~~lee]leet (1 2,552}

__1~~_?i ~/i~.CCl,, E~`iCiil(.~[12~;If'~t2>i2P"~~ S~l<33':;5 4,7~i ~Fl,q ~i ,f~hj t;p~{~

Tie ilulde-~~s c;i c~c§ilaa~y sl~ar-es (ex~l7ading t~~easiary~ siiai-es) ire ent tied to r~ ~~ei~; e~ divirie~~ctsas cieGlaYeu fr~~n tine to izn~e a~t~c~ aye entitled to o~7e vdY.e ~~er sE~are tit r:~ee2ir~~;s of~ thy;C'c~~npat~y. A!1 sh~Y~s {e~xelt~din~ treas~aiy siyaaesj zanl: ecZua?,1y with re~~~-d to ti~~ t:~otrtpa<~y'st esicltaai assef.~.

z~aa ~,~~~~?

,fit 1 April 1 7,357 ~Ci0,b~0Put~claase of treasury shares Ci~,2~ I're;ast~f~~ s'r~are traz~sf~~.t~reci pursc~ar~t to Y.lae CPi~I' S11ar~ ~'iaeis (54,8C~Sj (?;~'Z4}'I~reasliry shams :;~~~cellGd (? 02,5 2) —,~,t 31 Mar-cI1 1 ~ ~,3~7

i~ollo~4~iztg Yhe~ Cs;,$' Privatizatit~n, ail the Y~et~~iainir~g 102,552_;000 ,r~etryu~~% s1~aa~t~es werecancelled by 2I1e Ct;n~~~arly.

~t~ri€~~ tt2e ~n2~ncial year cn~ied ? 1 NYr~rc}P 21)12, tl~e C.ompan_y i~~~..iecl capital seci~riff~ie~ ~,uitha no~nif~~€ a~71oti7at oi~ S$75~,00(~,0{~0 (ec~tzival~z3€~ ~o [JS$~&~,4~0,{)d)0} fot- cas}i. '1ra~~sact'ioricysts incur~~ed ifl ~cnnection ~~~%itl~ t11e~ issuance of capital sectarities, which was rece~gr~izeci asa ~3edlictiot~ froi~~~ P ~uity, ~arr~oua~ted to FJS$7,76~1,00~}. ~l~~re capital secL~riYies wei-U z~err7etiaal,slaborciinated anti tl~e e~isiributiui~ of 5.50% ors the scwurities :ntzy be cie~erred at the s«(ediscretion oi' the t'oml~ar~}~. f~s such, Cie ca}~ital sec~ariii~s were classified ~s equityisistrt~,ne2~ts ai d recorded ire equity` i~~ thu staYemeP~t ~t' f7iaanci~l ~ositi~n.

14~4

G,r.r> Pre. I.,d(formerly known as C;CnrSnl Lngistrc Properties /.united)

(11t 11 f1S SllhS/ClIQYlL'.S

rt/}QriCiL71 S1GlL'))7E'17~,1'

Year ended 3/ March ZOIb

l6 Share capital, capital securities and capital management (continued}

(c) Capital secu~•ities (continued)

On 17 February 2017 (tl~e "Reclassification Date"), the Company announceci its intention toredeem the capital securities and made redemption iii whole on the first call date on 7 Apz•zl2017 (the "Redemption Date").

(d) Capital n~anagerne►~t

"T'lle Group's objectives when rnanagitig capital arc to baild a st~oilg capital base so as tosustaitl the future developments of its business and to maintain an optimal capital struct~~reto maximize shareholders' value. The Gz~oup defines "capita]" as including all componentsof equity.

"I~he Group's capital structure is regularly reviewed. Adjustments are made to the capitzlstructure in light of changes ira economic conditions, rehulatory~ requiremeil#s and busi~lessstrategies affecting the Group.

'the Group also monitors oapita( using a net debt to equity ratio, which is defined as netbon~owings divided by total equity (including non-cont2•olling interests).

Group2oia zor7

US~~OOV VS$'VOV

Cross borrowings (net of transaction costs) 7,892,528 5,599,418Less: Cash and cash equivalents (1,235,736) ___(1,210,540)Net debt 6,G56,?92 4,388,878Total equity ]6,387,482 13,214,890

Net debk to equity ratio 0.41 (7.33

The Uroup peeks to strike a balance between d1e higher returns that might be possible withhigher levels of boi•i•owings and the liquidity and security afforded by a sound capitalposition.

Except for the requirement on the maintenance of statutory reserve fund by subsidiariesincorporated in the PRC; there were no externally imposed capital requirements.

FS55

{>~,_' Nye. L1t1.

i~orni~r ~ ;rnri~,s , = ci.s (~ioh r . ~g;:~~r + ,per~tc.s Li»iiled)¢tt l~ 11.4' S'LBfJS[ZIP(FY18.S

f C.7!' i'1"i; C'.. ~i 1'fii l'C'Yl Vii). ~..

E?~~«ity corn~~etis2t[~~1 ~~~scive

1 ic'd~;inh re.set~~e

I~aii- vali~~~ aeer~~•e

IZeservG iC?t' ~~~.vr? Shares

C~Z~ita? anz~ orl~~r re~er<<e~;

C;~trrcnCy ti~i~Sial:ic~n re>er~~e

C:ap!tai 7eser~~~e corn?~~~ise~ P3~ait~ly~ c-a~~~ital cc~tiiri6uti~n5 i~ron~t s1~~tr~vL~~lders nais~,;lt~ss~s iii

t~,~nectio;l ~~rith ~h~~t~~i,5 r?~ oti~metsi~ip jz~tcrests i~a stabsi 3i~~~ies tlta'~ do ~?oi result try 1~>s~ ~f cof.trtal_, .

~~r~t( the GrouC; s shire ~~f the. ~~3iutor4~ res~rti`~, of its P~2C,-ia~corprrated ~«~~sicliarjes St~E»ul;a~~~~.5incorporated in tl2e Pt`~~' aee re,~t~ired by the F~~r~;~n Lt~tci~-prise I,a~~~ tc~ co7~tribut~ <~s,ei pntiii~irli« <iri~i.~-d-istribuT~~blc atatt~t`~~ry reserve. f'ui~d ~~l~iose~ utilization is sl~bje~ct t~~ apg>ro~~~~l ~a~~ t(~e releva?~t

PkC a~tt}~orifieti.

L~~iiit~,~ co~t~~per~~~.a'ior~ ~~~serve corn~~rise~i t~h~. Cunit~l~tti~~:: 4~~It~e of errzp;~>vee service., re~~t~~cd for

_h~ ;ss«e..~f~sf~are.s lindei C'.~ic <_on?f7,.ny's,'eAft~;~nt~zaee. Sh~rc.}'lar; aricl I~~~:i~i:;tec'. Share i'laf~~:. '~'1~e~~_.S.~lcl~"t~ I)g7).S ~iilb(; ~)~,ei7 ~1,3'tllft)~1tl;El' 31i 40Il11eC~E~?Yl i%JI'L'll 'l~f~ ~3i~~~ pf"[V £1,~.7Y<~t1JY1.

ue~ ~;:t1~ rc~ss:s~~e co.Fnl.~r uses tl_~e ~~~r:ctive porfi~on of t. e cubnulat~vc net :;l~ar~~e ti r~ rile ~«rr ~ algae ofcash flo4v hed~ir~g ir,struine»ts rclafecl [o I~e~iged h 3~~rictious il7at have ~~ut y~~~i ~~c~i~~rcd.

~'d1f V3)~iC I'i:SLC~i' Ct)[71~)J'tSZS L~i Ct.31Tti1~£11fVf; f;B[ ~~1v.Ii1;~ Iii flf; 131i" 'v~11ll:: Oz <.C<ti~1F1~ iJt"~-Sil~

L lFl~ilCl2,~ 772 Vc',S~:IT1~IlTS it 7~.ri 1.111, !?iS'3S~I?1Cp'` rtT~~ C~~.d~t'~CObffiII,t;G {)Y I1"?"i~~.lY~,t~.

iJt}1cY d'E~eF`YO Cnf[ii~tS9G'S ti]~, ~Jt'G-c~CC~lIiSiC30Il t'(:Sef'VeS O~T 1'ti209~ COf27iTlOII C4rilt"0~ ~77~ilT1CS t~13t ,-ve~"c~

B,Ci~UIY'GLi IIl GOT172t'.Ct1Q4l 4Vif;] t.~it' ~7P'Ot.l~ I'G(?Y't~aY}IT<~C:O?1 W IC. pJCUIl".~.C~ ll"J1I1i~(~ 1ft;1V r!'FOF t0 [~lc:

initial pu(~[ic ~,f~erir~g of i}~e Cor~~~~ar~~~.

Ftes~rvcfr~~r C}~e C~tnpally's o~vsi ~l~a.rEs com~~risecl t~1e ~t~~-cl~as~ consiel_erat;on for is~;ued s~7ares ot~tyre E_;~~iY?pany acquired and llelti iia as treasury shares. ~'l~is reserve was f~tlll~ revc:i ~~cl i~?airitit

sl~~<~i~~e ca{aitaE «~~o~~ c~incelJt~tion a tEie tz~a~su;y snares he[~.

Ci~rr~~aac~~ ta~ai>>iai.ios~ re~s~rv~ ct~mprises ~.11 roreigr~ e~.cl~auge dif~I~~ic~?ces Ir~ ia~g ('rom t}~etral~sl~tio~t <~f the tar~at~cial st<~tcme.~~ts of toreigr~ opera ions, as ~~~eil 3s i~r~>m the ir<~nslati~i;~ urtu;eigt~ clu~renc. I~~<~r~s aid bon~~5 ;~}~a? l;ad~e P.hc, Gr~>up's ;?et investments iri F~;reign cper~3tion .

~~'~~ 5ICl1CF p,:~~ g iPRY9~

f~4,2i5 t38 >~b9 r'() ~a~;~i} i2>()37}23,32<> ~~ ~)~?~)

i 5,q~g; {;1,197} (IO.~tSE)3~9>~6i 3"~"1~.4~ —

(23x,752) — ;23x,1521~ ~€)6,"3~1) (I"5.7S2t t~0>OE;a j _ ~?~t) ~ 2~~

!.3 ~d8 ~'Y 2~ $k e✓

fS~fi

GLP Ple. Lrd.(formerly known as Crlobal Logistic Properties I,imrred)

n~~d rr,s aubsidirrriesFi~auncia! stnternents

Yecrr ended 31 A~nrch 20B

18 Non-contro}lis~~ interests

The followizig subsidiaries have non-controlling iniei~ests ('`NCI") t}~at ai•e material t~ the Group:

!ftarnt ol`C.`on~p~_

Airport City llevelupment Co., Ltd.CLF Fund I. LPCLF Pond II, LPGLP China Holdings Limited (f.k,a. IowaChina Offsho~~e Holdi~igs (FIong Fong)Limited) ("China Holdca")

Principal Ownership ontcrestpAac~ of"business lit:ld by NCI

2018 2017%~

PRC 46.86 46.86PRC 44.12 44.12PKC 43.62 43.62P~KC 33.'79 33.79

The following table summarizes the financial inforniation of each of the Group's subsidiaries withmaterial NCI, based on Cl~eir respective (consolidated) financial statements pre}~ared inaccordance with FRS. See Note 35 foi• details of the significant subsidiaries uFtl~ze Group.

2013Results

RevenueProfit for the yearOther comprehensive income

Total eomprehensive income

Attributable tu:_ ~C}

- Owners of the Comptuiy

n~~F~ulnbl~ to NCI:Profit for the year

Other comprehensive income

"1'ota! cornurche_nsive income

Assets and liabilities

OtherChina individunlly

ACL, CLF CLT Holdco immaterialGroup I+und T, LP Fund IT, LP group subsidiaries Tofal

tiS$'OUO i7S$'000 US$'000 US$'000 US$'000 US$'O00

62,80 106,601 40l 896,558 171,42752,118 345,053 ~4,6J8 1,649,320 338,94770,939 162,987 22,156 1,04QR4A 34,480

123,057 508,040 76,R~4 2,C,90,1(>8 373,427

_.. - SU7,87A123,057 508,040 76,854 2,182,290 373,427

24,422

3=~,2~3

152,23771,910

23,SS9

9,66445],1622ftG?34

116,19b9:?,(18'1

767,8?6

~i'~3,738

~7 6(i:i 7"14,147 33,$23 737,316 :08,f3$:i 1,261.614

Non-currentassc~s 1,466,921 2,965,SU8 6~3,~7? 1y,011,72$ A,115,852Cur[ent asses 42,347 170,420 1:i 8.797 2,329,477 1,188,016~I'ota( assets 1,509,268 3 135,428 812.369 27,341,205 5,103,A68

Non-current liabilities (447,279) (831,b41) (47,841) (6,2(?1,OSl) (868,830)('un~ent liabilities (2(10,880 (298;382} (417,639] X2,91 I,HB~) (322,8($)

I'otal liabilities {698,165) (1,130,023] (46Q,8801 (9,112,939)----- - -(1.191.648)

NCI - - (2294,006) -Nct assets attributable to ownersof the Company 81 1,103 2,00>,905 347,489 9,934,260 x,112,220

--~lct i5sets attributable to N{.l 380,095 8R~,957 ISl.5R9 3,356,787

--1,094,134 5 8E7,562

I=Si

ra?8C~ i1.5' SL9h5=:~trSPfi'.S

;~~i,~}

r~E'€: C'F.:~+ ~;:~~~ ~~e~3~s~ i~~2~~teran6C;rr>sa~~ ~'ur~d ~, °s.I~ ~t~ri~ a~, S_~' Ge•~ra~~n v=,€~ssii~iaries 'S'~~;sl~:5.`;~'~~C9 ~J`.sg'G(}€7 ~. ;~~'~~~ ~i4~'OtD€~ ~I,'sb':'t43~s Cl~~'€?(l€;

ZQ~9

(;t1Sk1 i0i4'3 {~i~ORv(tiSi:il iFl

U IJ~C.?i!Ra E3Ci1Vtilc'.5 :. .5_ ~ `6( ~ , ~(.)~~)

aetiv;fies r `i,uf; 5 i298;9ti0C'<35h 15o'us (lined i;;)r9rOm

fitaaricing, act~vit:es: !'di~~idai~tlsto LC'i: ail.? {r~,E;~ii' ,,,.4,8~~` 3??,C>1<~

:~V Lf ii)C1'~ByC,'(i"~G~; L:lS21 ii"i_ __

Cil~}; ~3T;(1 C~1$~7 t~ll l': t~(.(ilti ~ 1' ?^'. ~. )']~✓,

7~5.~

N~oiU(I.,c ~sj for the ~~~ar ~ ti:~,0 i'S (1 1:2e`>7) 58f;,b83 3~,32b)tP7cr comprchens<<~ inoun~tc. ?')) (71.17'~ti (126} ("4E4.237; 12bT OfnI COtT~~)fC'~1et11:V~ (IIC0;7; t. `~~ 1, t~,?t> i~: 1 ,.~1,3i ~ ~f~s:ljl 7,'.`~

,1ik, ibui;.61c to:- NC( 5.x51- p~rmer, of ttie C:ompa:~y ~?;;5; ~,S?G (~ i,~'l3 i i U,60O _ ~,4~2

~.~u i_.,u~:i~L~ to i~C~_ _ _ _ _

P;ofit%([ossil'orth~ ri.r 17 ~~( 61~i -+)l~} ~i;~ ; 13? 50~~5 62>~»~U~l~er „onlprehens~i~ ii,cun~e ~

— t '` ( 3~i, i4;a} r ; ~

- -3,(1 `,761 i ~3 _f,'?.~) t - ! ~, ~ ~

TOt,'31 t I)I()~ 1C.~7 Cl1 ti114 1P ~.G t1~C' „~ ~ .t j~~ ( ~ ~) )~)}__

37. i l7__ --.

[ 1 2f) r' ~~~~ 1 ~ ~.. .~

~rn u,rrcni l." ~ i2S ~ I 2~ ~.5", ;, ')7.63 3 <} ~ ~~86l r :'Ci . _. ]:P 7 R.i~ it '. ~ , i . i ~:

Non-c~~lrent !;abiiilic,s ~1,4~2j ~627,5•~2; (9:i0j ("x,45:},9i{8i {3:i~4^,3R4)Curtin( l~ab;.~ticti ( .' ~0.~ ; {;Q&,813; ~' !)i,52) X1.3",5.5031 (3?~,i7fi)~'ntiT liabilii,cs to?.6,i~5) --t2''?,u~2j (>.83I, G9~; S"~,~~~,164i)

Nei assets ~tirih~ ti:;i ~~. ;o o~:~~~r,.oFil~e Company 68$ ~?~fi 1,~d2,8b~6 59,24.5

____~7.?39.7~~! 2,9UR.24~i.

_.

- —~ 1 r <3~;et~ a.t~ ,~~~,~ahk t> ~~~Ci ,;zr:~.~;C;

--~ , ,Sad-~ r ;~ -- _ -

~r

~,8$il ~~O Wti !!"OIYI ;'ti tl t"8i.1'I.5

,3~ta~,r;~~ zc,s%<1 ; ~,~t>_~ ;,-~2~t ,za.hb-,l_.I.S~7 .~i014`5 11J~:~ 1;': i(1.'Y (',Sllil!_

ac,iviiic ,';;,15d} i;:i~8,790;~ (]85,)29j ti,5Y0,96>1C';a h ;lows (us ~i in)itrorn

I;nancinr activities (dividendst ~~Cf: ;~'il) f2':j>i) ~Zti,i;'! 16=,5ii i.2i1,<tj4

~Ct t -~(:T~: ti '~(~l;~.l i'iiti Cj ;~' is 7S)1

_.-_ __ _ _

~rtd cash ec~ui~~3!e~~ts R2<1 (9'i,1~C~1 !' ~ 9291 (1f;4_X~d-1

~,`~~

GLI' Pte. I,~d.(Jorn~erl}~ kno~i~+i as C>lob«l I,rgisric Proyer•ties I.h~zilcd)

nn~l its subsidrnrlesI-inancia! slcuen~ents

I'car er~~~ed 31 March 20/ 4

loans ~at~d bo~•~•cavvie~gsGx•oup Com~an~~

2(}i~f 2017 2018 2087US~'4l)0 ~JS?;'000 US~'000 gJS`5'0~0

Non-curx~enf ]iabilitiesSecured h<inlc loans 1,969,156 1,666,888Secured t~onds 482,554 531,702 -Unsecured bank loads 29,241 711,164 711,078Unsecl~red hoixds 1,903,49b

_

1,384,954 ],127,140 ],ib8,4Sb},384,447 ,x,294,708 1,127,140 1,879,534

C"ui~rent liabilitiesSecured bank loans 343,599 123,904 -Sectired bozads 121,&8l 175,659 -C7nsecured bark loans 3;00 },5 t7 464,34Q 1,447,791 64,000~,insecurec3 bonds 6,354 6,854 -F3aall: overdrafts _31,230 - 31,230Capital sectu~ities -~ 536,807 - 536,807

3,SQ8,OFiI L304.%10 1.455.275 GOO ~i07

(~) Secured and u~isecurecl bank loans

~S~lle secured bank loaras are secured by mortgages ova the l~oz~-owing subsidi~iries' iitvest~nezltpro~~erties witl~~ a carrying amount of US$9,559,195,000 (2017: US;fi6,326,577,000) (Note4).

The effective. interest rates f2>r bank bo~~-owings for Che Group ai d Company {taking intoaccount the effects of iA~Cerest rate s~u..~ps) r~nKed from O.S6% to 6.86°/n (20l?; 0.14`% to5.93%) per ~tmusri and G.70% to 2.5'1% (2017: 1.01% to 1.70%) per anz~utt~.

Mal.izrity of bank loans:~,r~7up Cora~pany

201$ 2017 2(318 ZU17Y1S`6'000 US~'404 US~'040 iJS;~'000

Within ]year 3,348<lI6 ~S>?,244 1,~~147,191 64,OC~~~From 1 to 5 years I 1,`l~l X43 1,411,f~70 35 ,97`3after ~ ~e~Grs ~ l0f> ~{~4 966, 82 - 35~ir105After f year

___ _1,998,397

_2,37&,~52 - 711,078

5,34b,513 2,970,296 1,447,191 775 078

Analysis of k~arlk loans by ~eogra~Paic regions:

Group Company,ao~a zo~7 aa~s Za~~

US$'000 IIS$'000 ~JS~'Q04 ~JS~'000

E'RC' 3,1K3,~45 1,771,234 -- -.tap~n 47 ~,9?7 423,E?$4 _Singapore 1 ,44'1,1' 1 775.0"l~ 1 ,4~l7.191 77~.U7~

5,3~Gb,5t3 2;'>70,2y6 1,44 ,191 775,078

1-S'~9

4rtlr~ t?" 'u;iii Ef!(!>'Pc 3

h ~"tairC'ii~l stet rrz; r~gt?It

_, ~rtuer: 3~ ;;-:aF~ii%~ 2(iI~Y

(~~ ~~a:a~~~~d b€~~ds

~;e bonds are is~ue~ by certain, si~bsidzaries in 9apan and are. !'i~l1y secuf-ed by invest€~1e;ntpt~operties i~itli ca~s~yiilg an~out~ts of~ t?~`~ 1,3C .2t)9,E {~0 {2t~! "~ : L'S'D l ,5?b,468,001) j (?dote ~1)owY~e.c€ l>y these subsidia~i.es.

Thy, ef~(ecttve iratere~t raTcs as ~~t ~ 1 March 2(~; S 4or 5e.curec~ L~orii~s (Ca1:in~ trlio accoti~it t}ie~iiE'C~5 Ot ITICGE'~~f; f~~l~~ ~"/F1i)S~ 1~ftllbU'Ct ~I~O1T1 ~.~) ~`%o CO ~ . ~'~ t; ; di): %: f~. ~ ~ ~%c f(? ~ .! ~)°'o! ~?Gf

112€l1SP]1.

~;1an~r;ty c~~~~ecure~f bos~cls:

l,~lithin l ;'ear

croixi 1 to 5 year

_AfCer 1 }~at~r

{~~ I,r~~~c~~-~~ ~ao~€~~

~~3b~ 2€~'~7

I L}.UEiA ? ~~.tl.)~~___ __ __s$2,554 S? I,~J2

i _._ __ _

_ ._ ~182,5~~ 531.7()2

~:~a~~p~~~y~~~~ ~~~~

Tl~e i~ont3 iss~~<i by' the ~rot~p r~rd Cl~c ~'orz~p~~a~}~ ~~ear fixed i~~i:ez~cst rtes ~tal<ing i1.iP.o~ceou~~Y tI1e ef~I~cets o~ interest rage swaps) rangii~o from 2.70% to 3,~5'% (~.~~1?: 2."7t3'io t~~.ii~`~io~ ~ri`~ t3r1.C3uzY1.

iv~aC~~rif:y ci ~rnsec~~ted bonds.

~sCi~&9~~i ~a~~~~3~93~'

~~~~ ~~y~~ ~~~~ ~~~~

R.i;°8~ i~~9 °~Y ~~~~'~fl}~}~~ ~.1 ~..~iy~7'R~~~~ 8~i 5~~a3 €~t?

~~r'ithrti 1. y~;ar f;,~54 G.t~S=t

___ __

~'rr~m I ~0 5 ~~ears ~__ __

587,127 ~ts7,273 _ 5t1,775

~f~te,. 5 ye~r•s ~ __1,31 ~,2~i9 i l l ~.~;~ I 1 .'.27,140_. _i .I i 7,681 j

1~1~Ter 1 yeas• 1, 03 X96 l ~h ',f) 4 1 .127,1~(,~_ __ 1 1 ~R; 56

? .9i(1.:~5() ;,?n~s.'i:~=d `i .13~.i)4~r 1.16R.,_i~6

Sfii?

GI.P Pre. I,Pd.(for•rnerly hnotii~n as Gloria/ Logistic Properties Limited)

null its ,subsidiariesFirrmicial statements

}'ear ender131 lvlarch 2078

19 Loans anc~ boa-rowings (continued)

Recnncaliataon of rrpovefnenis of laabiliPies to cash.flows apising.frosrafrrrancing rrctrvaties

Deriva4iveliabilities

held to hedgeLiabilities borrowingsLoans from

non- FinancialLoins and controlling lnlcrest derivativeborrowings interests payable Ifabiiities Total

(Note 22) (Note 22) (Note 20)US~'ODU US~'ODO U"S$'Ui)0 US$'000 US$'000

~saiunceau,airucuti ~,-~rr:,nts s.i..rs~ ~Ei,.siy totsu> >,~vu,s;•~Changes from finvncing cash flows ',Proceeds from bank Ioans 4,240,1 7 - - 4,240,157Repayment of hank loans (1,04H,045) - - (1,048,045)Proceeds from issue of bonds, neL of

transaction costs C3R,713 - - b38,713Redemption of bonds (296;345] - - (296,345)Settlement of financial derivative liabilities - (835) (835)6~terest paid - (200,580) - (200,SS0) ',Capital securities distrinution (537,363) - - (537,363)Repayments of loans from non-controlling

interests {42,233) - - (,42,233}total chanaev from fin:snrinv each flnwc 2997.177 t427~11 (20~ SROI (R351 7 757 d/,Q

Changes arising from nb4aining or losingcontrol of subsidiaries or other business (56,49?) 50,086 - - (6,411)

"the effect of changes in foreign exchangerates 335,668 77E 1,265 330 338,039

C[~~nge m fair 5~aiue (fi L09~ (G:~bH)---- - -

Othcrchanges

--- --

Amt>rtizaiion of transaction costs of bondsand bank loans 14;982 14,952',

',Interest expense 1,923 204,542 - 206,465'Cff'ective portion of changes in fair ti~alue of

cash Ilow hedges - - (14,082) (14,082)Payment on hahalf by immediate holding

company (998,1b0) - (10,804) - (1,008,964)Other changes

Italence at 31 March 2018

(983,178) 1 423 195,661 (14 082) (799,676)

7,892;528 43,884 35,742 6,009 7,978,163

FS6i

1`s~~ ,~`' t`'Ee. f.Yr1.;t~ r ~;lo~ L i~;~ ~r.. >e~tf L.m~:'edJ

a~Fct ire sa~b.tiirliariesr ?YIC ri~.;;;ti ,S'I[iiC'77i;~7'i ra'

t~:~';i^ ~?~itat''cZ .j! i1.IC:Y::r: a~1;,4

~J' ~1 AN 1~ 1.il~~ ~Y ~~~6~~6tl "Y A'Y~~b 92~AYkMA ~%~~~

v'ii'i'!\~~SfC~ It~p•~a7~11 ~.XC~Icli'tj';

~f~3R 231'7 ~~~~~ ~~~~~r

~'il}'4~'~IPC~ ~OS'E.l?.~ ~X~.Sltli,`yc,

~ Oi3~ ~~15 ~ ~I ~ E}~~a_,~

J r .~,rv~(r ~c<~ ,Naps 3.`>~~ . I8 ~ ~ (i :c;:___ _ - --

3, 01 ,'1, I9~j. ~ ~,S ~~~'~;., ~d~.~ ~s~~~.. ~sta~s

co:~trt~~ct~ ~ f. - ~4U

2,10 ~ {z11 r~~

/~_t~~~~~ i,_RQS I~O > > ~,x,~_ _.

~~~r«-ark tn~~e:ihn e~c.I~an~;e c~€z~t'acts a~~c? r~~tere,t r~~fe s°~~apc ai-e. valued using valu<~Piotl tcchrit~~.~esw~ifh i~~~zrl<et observ~~b[e. iElpt~#~. TIZe t~~iost frequently ap>Iied vaivatictn tccl7~~iqucs inc[ud~tbr~~~rds ~rici:~g and swa~7 rno~~~;ls, using pra.sent~ ~~a1ue cale«lations. The models i~~co:p~rate~ a•,-ic~us inputs ir~cludin Pi'ie cre<~ii. ~~uai'tty of ~oi~ini~r{~a~t~ies. foreign exchrfn~e spot and f~oiwa~~d~ aFes, intere~+: ~a:~e5 ~.r3ci I«rward r~:tc curve,.

tg~~csa~p

i4C11P'i~l' ~C%~t?S~i:S t'i:.CE7V(:tj

I'aya~ies for• ~cc~z~iisit3oz~ ~,1.invcstl~~~~zl~ propei~ies

~i~ro~isioi€ fir ruinsgatet~ent cystsr'~<~vazace rea~tai rec~.ived()tt~er p~yal~Ies

5~,81H 12,2f;~3924 52<"s

~,:~4] 5,47(1673 ~ifi&__

25986__ _-.

i 70,905

~.€aa~~~~a~y

4J ~~5'~99.P Q3 4i ~.}~t.£~~~5

i(10 l~~

__ __1 0ti I ~U

~ tiG?

GLP I'te Lt~l.(formerly Icnoia~n ~.s Global logistic Propar~ies Limited)

~nul its srebsicliuriesFinc~rtcial s~al~trnenLr

Year endeJ 31 ;14arch 20/8

22 '~'raele and other payal~les

Trade payablesAccrued developmentexpenditure

Accrued operating expensesAdvance rental receivedSecurity deposits receivedAmotu~tts due to:- immediate holding company(non-trade}

- subsidiaries {non-trade)joint venhrres and associates(trPli~e)

- joint ventures anti associates(non-trade)

- non-controlling iziteres[s~1:7'iiCjO~

.Loans fa~om non-controlliil~interests:

- interest-free- interest-beari~~gInterest payableConsideration payable for

acquisition of associate andsubsidiaries

Consideration payable foracquisition of investmentpraE~erties

Deposits received and acc~~uedcxpenscs for disposal of

Grt>up Company2018 2017 2{?18 2017

~TS$'000 US~'OUO iL'S~'400 U~~'000

8,737 8,08? -- -

453,971 429,290 - -92,4~2 84,328 15,1"ZS 20,20249,503 31,688 - -89,323 104, l 6~ - --

988,376 988,376 -__ -- 631,(08 44,939

4,817 ~- - -

5,896 2,0~} 1 __ _

2,366 1,815 -

1,281 1,740 - --42,603 37,592 - -35,742 41,319 13,708 29,924

136,820 ]47;9~~5 - -

134,161 63.488 -

investment properties 61,221 55,712 - --Other payables 83,810 57,779 7,473 3;634

2,191,079 1060,983 1,656,290 98,699

T'he noi~-trade amounts due to immediate holding com~at~y, subsidiaries, joi~lt ve~~tuzes acidassociates are unsecured, interest-free and ate repayable on demand.

"1'he loans from no~~-controlling interests are unsecured and are repayable on demand. 7'hcinterest-bearing loans from noa-controlling interests bear fixed interests ragging fi~oiZ~ 4.00% to6.Q0`% (2017: 4.00°% to 18.00%) per annum.

Other payables relate ~rinei~ally to retention sums, adva~~ce payrne~~ts received and amoi.intspayable in connection tivith capital expenditure incurred,

Interest payable include Nil {2017: US$14,236,000) accrued distribution on the capital securities(Note 16(c)).

F- 563

f ~~/'tee. 1'.~rr.

(I r(~'. 1 .., .. - ~lJI .. f~}.,(,_.. P..

.~YYI{f'•; rj

~~m~ rr!ed.~! ti ~. ..'~l ,ti

~y ~a~~~~~~r ~°~~~~~~~~~~~~~~~~a~ ~~~~~~~'~~~

I'rior~t~> thc: GLi' Pri~«ti~~pic;aa, the C'ornpany I~~a~ I~i~~r~-based incentive ~;1<,ns, :~o~np~~ising ~.he ti FLf'I'erl~or~~iaricc Share. Pla~1 (:`C;I,f' I'SI'"j and iE~e CrI..F' R-~5t~screcl Share; Pd~~ri (:"Ci1:P f~'~P", ~o~e?Iier~~itli ~rL~P I'S~', ;a~rciu~~~Cer refs°n~.c1 ~o a~ the "CiLP Share ~';a~zs"), w~fierebti~ perE'o~~n~zrttzce sliar~{~.sI:ave~ bee❑ conditieri~Ily awarded P.~ the emp)oyee~ of` iPae Ciro~i~,. 7~i~e CiI,P .Share I'a~ns ~~ere.admiri~~t~erec`s by t1~~e C;~.>tn~aatly'~ t~~cn I-~t~rt~ai; F~;esoi.irce and t'olt?pezlsatiot~ Coti~~rnittce (itte~~HRC't,~>,j cotx~pr;sir~~ I?z'. SceL J~c,e (Iaat, I~r. T)ipak C~llaiid .?ain axld Ste~~e~l Z,iiti ~~<ok I-~oc~Ti~.

1,17e t~ais~ vait.~e of~ ~,I,F YSP ~;3~~,1 GI.Y ~~~P ~~~~~ measured «sing, i;~loalte Caro ~i¢~~zi#atio7~~.~1ca:~urer7~e;3t i~~i,trP< i~2t,ludeti il~c slate ps~Fce ~~ ~;za,~~ ~I~~te, ~~p~~c.tec, vel~tiilit~~ {ba}e~i on a~evaluat or, ~~~ ±he };i ~t<,ric vol<~tility of ti:e i'os~~pany' ~}.are ~n-ice}, r~~p~c.tec~ terrss ~ 1 TheEi ~z;trtr~nei~~s (L ~ ,c~ r~ I~,istc~•7c~~1 e.kperie.nce and ~e~~,ea~ni ~~pCio~; l~t~~der t~ellavror~}, c:,pe~~tea(i:VIC1~~iii~y. 4;1C~ ?~i?C t SS}<-'~~t~G~G 1i11'eC'~.S€ i'at~= ~l)25~C~ 02~ f~f~VBF€llY18I:'C ~JOilCi'S) .SC2'VSCC ~7]L~ Mkt tl-d"?1Hf'~CC',t

D~['j-OI"J"Y1fll~tCB Ct)11(yl~%OYIS n1T~iC1]~.C~ 1~) 1"~1C ~C£11"b$~1Cf.103)5 Vd~t't ]10I' ~.7~«Il S3ICC aCC(?lb:1t III C'?~~Ci'I711i-ifi1

f2~1F V£~~lt~~.

[n coii3~eeii4~it ~~~i[~~ ?hc Cr~,~' i~'rii~ati~~ti~~~t, t1~e t~eatino off: alt outsi:ai~ciirkg ~L~' S~2aYe I'1ai1~ wc~~e-ai;~cl~, i~vc; a;~ci tu! 1v r~lcsised on ~ €ani?ary ZO i ~..~ccoiclin~;?v, tl~e Cirou~~ rccogt~izeci >§1a€'e-6~~sedc;.x1}i;z~>es ir, r~1a!ion to t)lv ac~~lcrate~i ~-~~ t~~1~ c~t~~r[,1' 1 .an ,l ~ ~+`~?'~,?32,0()~ in ifs ;~t•of5i ~~r [~:~i~lll"I Ii ~„'C ~18 YP.tl i".

~a k~ ~ .~ ~.;~

I~~if~ t~elates t~~ co«~pe~,,~~9io~~~ costs ~t tPte CrI,P PAP t~~'f~Iec.1:ii1~ tl~e o~~c~ts accz~tiir~~ ~c~ ;;eE[ainernproYees of tf~e G~~t~i.ip. A~~~ar~3s under t(Ze. Cs(:€` P`~I'repres~;rtttl;e~~i~l7tof~ participa~~tti~ ~~Ecer~e~i~lly` p3tt! sh~ties fret of e(~<arge, upon the, ac(lievcmeP~~t cif ~~r~scr~ii~ed perfns~r7~ance conc?itionswiihin Tic i irne period pre~c;~~i~>e.c~ by [lie F~~~t:. :4vr~~~rds ~v~re s~eleased once Clue- pc;~form<ii~etcc~ndit;ori~ spe~cil.icd on thc, ctai:e on ~.~~i~ich i;,e award is tcs be ~rai3t~d have t~ee~~ aenie;re~~! or dt~ct~ acec.leratacf ~ siin~; l~y~ i~C;C i~7 connection w~itli the GI,P ~Pz~~•~tizatio€7. "I~(3eYe ~.~~hs na vestir~j>erioc~ i;eyonci tl~e petfot~~~~ancc ae} ieve~z~~~;xt ~e? iocls.

t)etails of the ~h~trc awar;ls i.is~clea tiae (ELI' P,` ~' are ~5 ~oliows:

~~~•o ~ ~a2~:1~ 2L~~ i

'1~~3~ 'U&J~~

At 1 np~~il 19,284 ] (1, 80<iranrect during file veal 1 j, l ~() ~ 1,301Ve ted lncl releasccl dui ii7~ t}~e ve~ir:- f~;gt;ijy e€tleci (31,.>42} (2,~c)71

gash ~c[ileu {2,32~j[,apced durir~ti the vear (?9fi)___ _ _ —

I3;alai7Ce ~,t 3 i \.`1~reh ~ 4.?84

FSG4

cl n r~~. ird.~fortner(p known as Global Logistic Properlier I.imiredj

arrd its srtbsidiariesFinartcin! statements

Year ended 31 Atm•ch 2018

23 Equity corripensation benefits (cor~tinued~

GLIpRSP (conPinued)

The tau' value of~ shares was determined using a Monte Carlo simulation at the measurement date

which projects future share price assuming a log normal distribution based on Geometric

Browniazl ivlotion "Theory. The fair valnc and assumptions are et out below:

GroupYear oi'Awae•d 2018 2017

Weighted average fair value at measurement date S$1.42 S$0.71 - S$0.91

Volatilit}~ based o~1 three-year liistarical shareprice from grant dale 15.71% 14.67% - 15,U3%

Weig}zted average share price at grant date S$2.42 S$1.79 - S$2.Ob

Risk-fi-ee interest rate equal to tl~c implied yieldon zez•o-coupon Singapore Government bondwith a term equalto the le~~o la of vestii~~ period 1.41 % l . ] S% - 1.39°/~

Expected dividend yield 2 26% 3.10% - 3.52%

GLP RSP

This relates to compensation costs of the GLP RSP reflecting the benefits accruing to ceriainei~iployees of the Group and llirectoi•s of the Company over the service period to which tlae

perfonnancc criteria relate. AtW~rc3s lender the GLP IZSP represent the i•iglit of a participaalt to

receive fiilly paid shares Tree of char6e. Awarefs granted under the GLP RSP were subject tovesting periods unless accelerated by the I-iRCC but, unlike awards granted under the

performance sl~arc; plan, were not subject to performance tai•gefs.

Details of the share ativards under the GLP RSP are as follows:

At 1 Apri!Granted during the yearVested and released duT•ing the year:- Equiry settled- Cash settledLapsed during tl~e year

Balance at 31 March

Group2dD18 2017~ o~►o ~ooa

16,775 9,5348, 3 07 12, 63 8

(23,463) {4,827)(471) -

(1, 148) (570)-- 16,775

FS6

C,~, ~' ~'se. Crr;.!''-fjorrrre,~ly krro~a~n ns ~.~„~ci{ I.r;~i,rti~ Prnper(ies l.r~iiite;lj

(dPPl.~ PIS' S'?L NSF lfft7Yt~S

Fir~ancia(slc:teme~~r.s

~~`7 ~~ I~ ~~' (cr~~zt€~zart^r~)

"~~I~e i~sir~ ~~«lue ox sl~~at~es ~n~z3s dei~rs~nii~~ed usiz~b a i~'[c~nte. C~~z~lc~ .~n~1t,l~~~ion aE the n~a~~surenletit ~~Cev~i~i~e}~ propeets 1i~~.ure share price asstan~ii7g a 30~ rzt~i•s~ia; ciisi~~i_~~t~ticn Cased can Geai~e~rtc

I3r~wP~;art~ ~~Jc~tio~~ Tl2eory. Clae f~~ir value ar~d asstalnpti~r~~s are set out below:

~F~•~~g~

L~'ei~hfed ~~veza~e fait vahae of z~~~~.asl~~~mcrit ~1ate S`a2.?? - ~~~.&fi S$?.(~? - ,~,~;i its

~ ol~iility based on tl~rce-year f,?sr~~r~ica slp:~re ,isi~e fro,7i

grant date 21.62°/n 26.2]°a> 24.51;% - ~Z9.f3E~°/n}iv`ei~f~ted a~~e:rage s~=<tr-e ,~i~ic.c at ~?lai~t ~I~~?e. S~a2.z?2 ;~`hl .~~? - :s,y~2.f~~`>

Risk-free, izltciest tat:2 zqu~~i Cis t11~ isti~>li„~~ y~i~:;d os~ ze€~o-

,~oup»i S;g3gapor~ CEov~E-ilmeP~t bo~icf ~~~it}1 ~~ ter€~d ~q~.E~alo v ~ ~ I .' 2%[o the: iezznth of ues2~~t~g ~~erit>c; i .OS /o - 1.411, ~.5~`/0 -

~X~~P,CTe~+ diVtdeilci yie_id 2?3 ~; - 2.2~°~0 3.~ I`/a - 3.4~°/n

The Us~ou~~ a•eca~x2ize~f tuta; ax}~ezi~es of di`.S~<i:~,~32E,f)Oi? (2O17: 1J~5~A6,694,i3(}0'i?~elate.d to e~ui~~

ai~~~ e~sl~i set~fec~ share-based }~~yri~cz~t frar:sactioras d~aririz,ti3~ sear.

2 ~~~ ~

~;'~~"~9Qf~ i'S~'~~~'•~

I~e~at:t~i ~~~Zc~ c~~7~~ed iz~co:ne 003,571 6'7(?,59~?

Fi~z~ci rn<iz~~3c~,~s~cnt fey l 81,893 °~'~2,488

~~1t~2C~~T1(~ 2YtC<1311~ 13'Ofl1 O(I1c~ if1L,, SCdTat',P1Y:ti ~~,?~S ~~i~4''C)''~

i"It1~321C1fl1.SeT~'ICt:S ~~iL. ~~ ~~,`~5~'

C~tfleYS G,~ ~ I S, ~.7~q '} __ p_. ..

~•~ a~ a~

~1~~'~~~9 IT~~°4~~➢

~~overrl~l,enY grant 'x,421 4,^20

Uiility incop~~e 3,70(} 2,I~3~

(Jtiiers ;~3 S I_ __9, 64

__?X33

~6C:

GLP PCe. Lld.(fa~nterly known as Global Logistic Pi~oper-ldes Limited)

mrd its subsidiariesFinancial statements

Year ended 3] d~arch 2018

27

let f~r~an~e c~st~Ge•oup

Note 2018 2017tIS n'~00 US~'0{)0

Interest income ou:

- fixed deposits and cash at bank 3,816 b,692

- loans to non-controlling interests 60 488

loans to associate and joint ventnres 6,001 11,729

- others 2,791 9,94

12,668 19,903

Amortization of transaction cost; of honcls and hankloans (3 ,982? (8,782)

Interest expea~ses on:- bonds (b4,448} (57,31.3)

bank loans (139,608) (76,749)- loans from non-controlling interests (1,923) (1,932)

capital secttrities~ (48b) (3 394}

Total bon'owrng costs (221,447) {143,170)

Less: Bon-owing costs capitalized in investmentproperties 4 7,898 6 986

Net borrowing costs (213,549} (141,] 84}

Foreign exchange gaiz~/(loss} 143,305 (92,809)Changes iu fair value of financial derivatives 6,209 (9 510)_

Net finance costs recognized in profit or loss (51 3_67)___ (223,600),

Note:

~ Relates to interest eYpensa for the period from l Apz~ii to Redemption Date (2017: Reclassification Dateto 31 March 2017).

Profit betare tax

The following items l~avc been inchided in arriving of profit before tax

G~•oup2018 2017

US~'000 US$'000

{a) Non-operating income

Gain/(Loss) on disposal of joint venture end ~

subsidiaries 10,566 (43)Loss on disposal o#~investme~~t properties (50} (116)

Gain/(T.oss) on disposal of plant and ec~uiprneni 17,441 (291)

(Loss)/Gain on disposal of assets and liabilitiesclassified as held for sale (944) 13,014

Negative boodwill on acquisition of associate, jointventures and sut~sidiaries — 3,592

Others ! 22 (65) j

_ _ 27,035 1 .151

l~Sb7

,.., ~ ~r ~ .. .. . .

~il~a" .

.~ A.y .~~~' ~."s ~~~t ~S ~.k ii 7'e` 4. i~=a '~ L~.. V'..r ~~~.~§~~~,e l'.-1~.y

C~v P'C3 iE ~B

;~~~~. ~3 ~gl ~'f

{~~3~ ~'~3~I C'2}5~~ P4~C~R$.f.~~c(~ C~~ 4`3@~11;Y ;

yss~~~~ .'~S ~~.il+j ~~ti~?.t'i~..~ Q,G':iC1l~ilflft; i:.OEilt ~>U.C1CiS7S CO

!ie~~~cci. contr~l,ution piaf'is;1 (? ~~7,6f~?) i;:~8,=i~+4)

~.,OT'.~3;~5'.li,iJL~ ~0 Cj -t~171(;Cj Gtr lit'I~iltii.i' rf«I3~ ~J, ~~~ } ~/-~~i9~),}

til,arc ba~cd ~~.x~c:~~s:;s:

~;ct~~;ty~ei;:leci (-'s~,,?rU) Ci(i,6s4j

(d~p ~.~~s`'?w3' '~ ~ NSF k.:t?.&€~~'.:

!t. ~~1 '.l tl i.! ~t ~~A t~.l!1 [LZZ t.~ l:C ~ li.?1i1.;21: ~!~; Ll ;'i ~)~ ~ t.i > U ~;~.%

~s,.o~+iZ~t;ni? ~>f ii~`arierhii, Rss~:~s a<<.l ~ief~~~r~tl

~.~Cil~;tl~3f;t;tll ~('.Tt'.OSLS ~} )'}~„) ;,.',_jf}~~)

!,~ ,a~}niSlo~;jlRe.~~~.r.al cti rn~4~:i,?7~cf~t ios~>~, 0~1

'trzc}n arcl i tY;e; z t.i~'z;.ul~;s (1:'.`i~s ~ } ~'

C?F>tra ir. r l ,~ e..~E~~ ~~~c~ i, 12,393) t, i i)>~ ; ` '~

/~.ti..'P tllnlld~~;~itl~~i1~ ~I~i'.;; (S,G')c~,; +~~ ~)()~ j

C c~st of ~ o icis c~~ci ~1_iei Fil~,nc~a` >..~ ,~:: ~ mac; ~s 3 rt~~, l4?j 11 t,.~i~~Sl

~)l~t'.Yf31:1S1~ t',?;~)~~P,~~U~ fia;.~ll7t? tl"Oill. I11Vti~1TlE3tll.

~l](:~iCl"1}~ti ti3~1~ rci~~~<<i1~1, I~titB~ il1~.~.'~'~'~.` ~'? ~ t tl`~'. j'~ Q 7 j}i)

~'0?cl~:

I:c,s u ~ ;si~c.s<31 :~A as~~ s h; 1d f.2~7 ;1~c r~i;r tlic: y~ ~~ ;:nde.j 31 \arc;l! 201 ~ cr~rtrpi!~c C.S`~ 1,> t;E,O{)i~ iraa~~('7~:rp i;iSpO~E3i Of''i S.~)Q ~~r, F9 t.~lllti 7Pi-c. i'cc' 1.. ,~,'k'~~i (.)il~~cj i1SSc[ ~..,),~ ~ .~l,S ~,{. ~s L~ ,t:~)l) ~OtiS i~17 ~v 77 i~3CctY1.071

of 9~'°io ..,~i.itti ar.Ccrest ,~i t_s(_I' t15' rnc.am~ ? a~tr~eA~ iTT and t~S`~l,a~o,0~~O ir,:.s an fi ~ ai ~~.~ri~r ~er~;t ii-o~~i

syndi~a,..~n c>7'9r}J S% art ~~,st~ ir. ,T,_P I ,S lncc,nc ,~a~-iT~~Ts 'i

Crain t~r~ iis; ,~:,al c>~ a.,sf_i,: ;eld for .>,,c i~> ~},e year ~~ndec~ ~; ivltir~.h :'.0i? co:npr;s~~ ;<i1~ i~

7~~5~~.!:){~,~)~t~ ~aT'1S7p~~ it^I;1 i;lC S?~t1 C)'sCd"t10 Ci i1 (" !~(' ]~"/n ~l ~i.~:BSt~ 7~1 :ir-,',D r. ~ ~r? ~ ... 11t 171 c:~S ~~ t, VUt:;

~~)~C~) ~lii C~ ~i;.ti. Y.tOn31 r~;J14 !i~ T t~~, Lt;_3~~~,U~~Ia FS~ 5 217 ~; I t>.ffl t~'l ~. X17131 ~114C8 i 1-- . ., ~ 1 : ..:: SVI?Q~t ~. li)7) pf

n4.6~0 '< <~. :er~,sr~ ~~ LEI I ~' ~.S in ~c~r~ae?art l:rs ~ (N n~ 2~(c)).

~'.-67Tij~~t. tit. i.YO~-ti. y'-7'F ~. -IiBC~ t;Xp~ i~.i - S, ~fa~„`~ C051S ~fld ~iSSei ITl ci ~~_1£,E'.iT'C~11 'i',fS.

~rLP Pte. Lid.(fornserly Ia7own as Global /,ngistic P~•nperliec Limited)

and its subsidiariesfinancial statenier2ts

Year erected 31 Mm~eh 2Q18

~~X E'.~peI1SCgroup

2018 2017IJS$'000 US$'000

C~a•rent tagCurrent yearWithholding tax o~i foreign-sourced income

Underprovision of pz•ior ye~-s' tax

Deferred taxOrigination and reversal of temporary differexices

Reconeiliatiorz of expected to actual tax

Pz'ofat before taxI_css: Sharc of results of associates and joint ve~itures

Profit before shu•e of results of associates and jointventtilres and tax expense

I~ax ex~~ense using Singapore t~ix rate of 17%Effect of eax rates in foreign jurisdzetionsNet income not sut~jected to taxNon-deductible expensesDefer-red tax assets not rzcognizedReco~nnition of pz~eviously unrecob sized tax: tossesWitkholding tax on forei~m-sourced incometlildeiprovision of prior years' ta~cOthers

58,799 51,86729,843 23,136

175 4Q2

88,822 75,345

480,587 220 359~.______569,409 295,704

2,648,111 1,347,599(axo,~3a~ ~2s3,12o}

2,16?,973 1,064,479

368, 55 180,961142,309 3b,833(74,552) (3,524)41,19fi 41,50565,791 16,775(8,496) (5i2)29,748 ?3,136

1'15 X1024,6$3 188

569.409 295..704

29 l~'e~tes fo the st~te~aae~at o$ Bash flows

The pl•imary reason for t}ie Croup's acquisitions of subsidiaries is to expand its pox-tfolio ofinvestment properties. At the time of acquisition, the Group considers whether each acquisition

represenks the acquisition of a business or the acquisition of ail asset. The Group accounts for anacquisition as a business combination where a.n integrated set of activities is acquired in additionto the property. Typically, the Group assesses the acquisition as a purchase of business when thestrategic management fi~nction and the associated pzocesses were purchased along 1~~ith theunderlying properties.

(a) Acquisition of subsidiaries

1'he p~rirnary reason for the Group's acquisitions of subsidiaries zs to expand its portfc~,lio ofinvestment properties iii dii~erent geo~-aphical locations.

F'S69

(3Z.A' PFe. ~ td.

~(O7'rrr2 iy ti.ilr,~,;; )? a.S (.i?i: i)[!I l.O~; LS [;~c ~'rOf`eY!i A,S i i~7nit~Ct1

unrl i;s scabsit~icartes

Frnavicr~tl ,rra+er~renrs

Year ended ;l A~farch Zf1l'~'

(f} T}ze list ~~i »iEicidi iri~s acquired dixi iu~ i~~e y~~~r enc{ed ? 1 ~I~:rcf~ ~Ol ~ is ~~ toflo~n~s

~!,!~ 9X ~ ~~%

1~~YYaG' Q5~ 5~E~19~t~k4&S'§~~ ~~sA~~ £3 S:£~4&➢d~L~ ~~Q~1~~F"~f8

~ii ~z

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~;Vc`;E' ~:xc~itl ~Ol~k~~!?NI8 ~I~Yi;SIiT18(1CS ~~IYt17T~~C~ .~UII~ ZU1~ l~~

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I ,IFT22?~C7

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~~IaE1ia?ark lnt~;;~riaiio~la~IlslvestnlenT.~,inlited July"i~~'? SE'I{U115~7~iSl ~d11~3L~1G£1!~ ~.'e~G3VIR~ i'~'~'. ~.)~/L'Itl~ C,)., ~_.`(t~. .~!!iV Z()~ / J(?

ivle.ngxi f~as~c.~3Er (Kiai~sl~~an1 too., .Ltd. J~ul~, >{)I7 100~i}ItiP1;~~lti2 l}tili)i'i}i Ptli;~<Ji1~~.,0., ~ iC~ S~~~E',TS2J(;i 2()~~ ~~)~i

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?~}?rlAYed

.'V~2s;X1 1,~~Ui:3ui~ jll~,,;r9if;fi ~~ ~~~k"1lsl~S ~~~~~.iltti)iC~`i~ :.(;., I~E;C;~~'Sl~?cr _).(i i ~f':

Z,ti~.

\V"~~xi st:olian i.,ocistc 1 <3ciiitie> C;t~., ~td. I)~cvit~F.yer 2r}? ? b0Sha~7dong ~hes~~~«a Logistics ~:o., 1,td_ Ja~~u~ry 20 3 SE

Shet7ya«~ I3ar:~song Logistics Co., L,td. 1at~uai,v 20I8 100~I~ilii ~c~2~IXIII~ ~0~1~~7CS ~-0., ~,t~, ~'~~fii~t'~' ~Z~) ~ ~ Std

Nice tJp ~;t~rporatio~. ~,i~nited [~tarc~i 2 15 56Lade Lagi ti~5 {Wuhan) Cis., I:tc~. i`~3arc:Ct 201 f~ 56E~eijii~g .1ir~yi~o .iia~he?i ~I~echnola~y Ct~., Ltd. 1Vtarcl7 201 ~ 1 ~0C~h~n~chun Iluaru!7 T ~gistics Co.; Ltci. I~~Iarch 2~~18 g0

:~ {}

GL,P Pte. Lt~L(frn~merly known. as Globa?Logistic Prvper~ies Lin~rte~l)

n~ulils subsidiariesFi~aancinl stalemenrs

tear ended 31 March 2018

Notes to the statement o$' cash flows {corfltinued)

(a) Acquisition of'subsidiaries (eoBatiatued}

Effec#s of acquisitioa~s

The cash flow and the net assets of subsidiaries acquired during tUe year ended31 March 2018 are provided below:

Recognirc~dvalues v❑acq eoisetivnITSS~'000

Im~estme~it properties 422,622Deferred tax assets 68Plant and equipment 66QTrade and other receivables 2,598Cash and cash equivalents 41,485"Frade and other payables {76,124)Loans and barrowinbs (17,287)Current tax payable (338)Non-controlling interests 00,930)Net assets acquired 362,754Negative goodwill on acquisition of subsidiaries

Tota] purchase co~isidcratiorl (362,754)Purchase consideration payable 77,983Purchase consideration satisfied in cas11 (28 ,771}Cash of subsidiaries acquired 41,185Purchase consideration satisfied in cash in relation to subsidiaries

acgtiii•ed in prior year (88,668)

Cash outflow oi~ acquisition of subsadiaries (331,954)

Tlie total related acquisition costs for the above-mentioned subsidiaries amounted toUS$362,754,000. Prom the dates of acquisitions to 31 1~larch 2018, tl~e above-me~~tioned acquisitions contributed net profit after tax of ~US$24,235,000 to the (troop'srestilts for the year, before accounting for financing costs attributable to theacquisitions. If the acquisitions had occurred on 1 April 20I7, management estimatesthat consolidated revenue would have been US$J,194,04$;OOQ and consulidaTed profitafter tax for the year would Have been L7S$2,()89,844,000.

l~S%,

~on> 1 ~v~-~n (>?n7 ~ ( .~;ir!'~~ r ~ rUer ~ tl~tit~~a,''

raa¢rl its sadl~.ssi1<ar~i'e.4

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~~ l~'~A~~°S ~9s ~`~x~a'. ;~~a~z~ ~ "a~ €$~ b°s~:~~"9 ~a~~~'d:~ ~ii~~~i~~iY'a` ~

(ii) ~~'I~e Iist oI ~ubsi<ii~~i~ies acc~uii~ec~ ~~nr~z ~ 'tn~, year. ended ~ 1 I~'Iarc}a ~t`rI7 i~ <as ~i~<;l.iou~s:

~,

~:'~.131S~2iii+~. ~,~() ', ~~~j-`~,Vl)1'~C ~il(~ti~1.I~I ~.}('.~'F.'~O[7TIlC:k;t .~ltllt. ~.t~ i~7 k~

~.; i Xil7 tC;C~

~t~x~,~Ila~i~ ~o ~`~et~vor!<;~~eit.stry ~ev~toprrlent. Ju~~~ 2(}16 951.,irniteG

C ni-Y.op f;~~;<~$-ion ~.ogistics fl'~~'uxi ~ `'o.; S:,tci. 6w~e 2C) ; (~ X35Ur:i-ta~ ~~.vi~~tiot? L.or?istic.s (XiarY~~ng) ~;o.: ~lc~. .dune 2t~ 1 ~ ~)5

~L':]STl~' ~i~f3tPS1'1£ii7 ~ ~~SIP~'~'OJ1L~ ~~~1IlOt)~; IY1V~$~Il]~Y7~ ~llil~ ~~

l~~Ilf1,y8ST1~Plt ~_,117111eC~ ~~<t7"I.~.X1tt'Sf1S~.7

f~~;ijin~ ~i'i!u5]Z<~tl ili;n~;rot}? tit~et~ry~~is I??~-estrncr:i June 20i6 R9ii~~~na~,~rn~,n~ Limrtcd ~'arCr~ef-sh,}i

~>a<~~€e}'a;.,~ .l ecizr,olo~,y' {i3e~Jfn~} {_'o., I.tu. ju~~' ?ii; b it~(k

~I~z~si7E~izg i~'~~.3 N~i~Nori< Indt~si:~~ l)c~~eivp~r~e*~r Se~_~terr~f~cr 2i?~ 6 9Litn ii:ecl

~~1ii~sl;ant~ ('~ ~ ~~~i:~~;t int;r;~c;i o1 l,l~in~s I'eci;,~oso~~} Se~7te~r~her 201 ~~ ~~7L~cveio~tnetlt Co., I~te1,

Civan~zhota Pui~~t V~arel~vti~i~lg Service t;o., ~,t.d. .iaeraa~-y 2O1? ~C)

1~~€jian 1~eletc~ng C`ol~ t:;}~a~9, Lo~isCics Cc~., L'cd. 3ar~l~~~ry 2017 ICU5~2c~Tl~ii~T2 .~ifl'Xt ~.P~V~St!T1E:13t (~O , ~.,f.E~. T'P.~JPUfIi'~ Zl)1~ ~~~

~ ,.1121~~~he1] t,~lf~ `~tiS~f.~~y i..,i111111~~~211<?`.;:;iYtE:lll ~1Q., ~~lCl. !4'~£il'C~l .~~)]~ 1(}(1

.0 ~711fI1 ~€.C)t70 ~5}~~S~II72t1I s~~1Y173'~~C~ i'~Iic2CC:}l 2~~7 LQ~

~~4~11i1c1Y2 l7dt?C~Ic'ln X7T1C'il ~ 1,7~ISf1CS LO., ~~tl. ~(7t'G~? 2.~i % ~{~(}

I~~ali~u~ ~~~ittaa ?`~efz,~%t~~~ "I~echsiolc~~y C;o., I,td. 1`~Ia~•ekl 2(}; 7 1 C)C.liar~gs« ~~;~a~htfa I_,o~ist~ics C:o., L,td. l~~aicE~ 2{)17 70

~i~ztlen Zi~ongiz2a Sl~p~~1y C'i~air: ivlana~;einent C~'o.; N~arch 20[7 E30~~td..

CiZ,~'-VIC; i'iB7~ji~, I_,oKi~tic,s 1'roper-n,~ I)ed~c;lt>pn~en~ 1~ilarcii 201"i i00L~initec~

t,iazijirl €'t,litz~ Warel~ousirlb Sur~~ice C~., I,td. ~v3arcl3 20i 7 100

GLP-~~1C' ~7Jt~han Logistics Fso~er~y I~evel~~znent ~'te. l~'Ia~~c;-~ 2Q17 10QLtci.

~,~/~zhan I~ufin~ tiJareho~as~rig Ser~~i~;c Co., Ltd. Ntarch 2C)1 1 1 i?(?

C;L,I-I Chora~c~ing I.,ogistics i'a't~p~ray ~,ita~iitec~ I~IarcS1 2Ol? 100C~l~or,hgiz~g I~uging vY'a~ ellc~li i~~g Sex~rice (_ i>., I..td. NSarcl~ X017 i ~1~1

~'oshi;x~i I,e~s~isti~ Spec;a~ Purpc3se {::om~aE~y ~~arc€~ 2()1 % 100

;:~-,

GLP Pte. Cad.(formerly k~eowr~ as Global Logistic Properlres Limited)

acrd its snt~srrfiariesl~ rnm~cial s(alemei:ta~

I'eur endec131 A~lurci~ 7.018

2 () Dotes t~ the statement of cash flows (cr~ntinued)

(a) Acgxisition ot'sabsidiaries (contittned)

effects of lcyuisitions

Tl~e cash flow and the net assets of subsidiaries acyuired during the year ended31 March 2617 ace provided belotiv:

Recogni2,edvalues ouacquisztioe~~lS`6' 000

Investment ~~roperties 256,102.Intangible assets 217Associates 124,612Deferred tax assets 1,404Other assets 21 fiTrade and other receivables 4,698Cash grid cash equivalents 8,395Trade and other payables (53,455)Curxez~t tax payable {352)I?efen~ed tax liabilities (6,304}Non-controlling interests (18,205)_._ __.Net assets acquired 317,324Negative goodwill on acytfisition oi~subsidiaiies (3,503)1'~tal purchase consideration (3.13,821)PuT•cliase considci•atio~~ payable 39,411P~~id by carrying amount of previously held equity interese 26,338Purchase consideration satisfied in cash {198,072)Cash of subsidiaries acquired 8,395Purchase consideration satisfied in cash in rc4ation to subsidiaries

aequit-ed in prior year (36,681)_ ___—_Cash o~rt#7ow on acquisition o#'subsidiaries (226,358)

The total related acquisition costs for the above-mentioned subsidiaries amounted tot~S$313,821,000. From the dues of acquisitions to 31 March 2017, the above-mea~tioned acquisitions cantrit>uted net Loss of LIS$2,Sb8,000 to the Crrou}>'s results forthe year, l~efbre accounting for financing costs attributable to the acquisitions. If tl~eacquisitions had occurred on 1 April 2016, mazaagement estimaEes that consolidatedrevenue would have been L'S$885,857,000 and consolidated profit fog• fhe year wouldHave heen US$1,047,317,000.

}573

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I~?;~~as: ~a~~ga~~su¢b~<?~-~~

I~art~~l~ol, "riati~i~~r 1:ix.in "Logistics C3 ,s Imre,5inleY~i

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T 7~ ~~

f)e#t~r~cc!t~3:~ Eiat,ilities ~2 .>C>'?)

(3therGaon-cttrre~i~ lial>iiidies f I, ;~)j

V Ori-00~11.I~:)I~fz?r. li~il~.TE;31s f- _.. 7~

1~et ase.is ;i.5pos~.d 139,~~~_

C.it~i;i ott cPisj>osal ~f'sUi~sidz3ric: 1(i,56b

~Yai~i 6}~ ct~rryir~~ ar~oiit~tC ~#~?~z-e.viously ~zeld equiiy in«;rtst 2,3 ;~} _.~.~iSi?OSrll C('il~lCit'C~]Y1C?~! 7. 'i.~;~%{7

I~l:iOCiSfl~ Qi)I1SSU8f<9(10[1 1"~`.GGIV'cP~fJ~G" (,~ ~ %_'~ l ~

Disposal coz7.si~ieraeiora satisl~7ed in sf~ares u~~ i~ sub~i~Jiar}+ Lt:l~ bar i~on-

contrc~l~ itg; irati:,-ests (30,2.(~6i

(.,i1~17 07 Sll~>>Itjl~lY'lf',~ f~,:;~?i>SE;i~ (~.5~3()~}

(~;i~}~ c~fJ t.~~ rig t?is~o5al o€ st!l~cidiai:~s 8.3(77

~~ron~ 7 ~~pxi~ ?t)! 7 to the <;ates a~~1~ ciis~x~sal, t.he. ~b~~~~e-noe;~i.i~~ne~i ~uhsidi~3r,cs

contr~t?t~ted Llti'~~;iti9>991 attd IIS~S."11~,Q(1(? to thy; Group _ ~'c~,~ettue tit~d nit pro:~Y

afrte.r fnx foi tyre year e~E~eci ~ 1 ~~tai~c.h =>i? i K ~ es~;ec~~~~~zly.

(i~) ~~f~e..e w~~s Fro c3i,~~osa! ~~P sub>~~liaries cia~r[i~~~' `~~:; ~~car ende~~i 3 i 'vlarch 'Qi l.

t S 74

G!_P Pte. I.Ir1.(fi~rmerly krzow~a as Global Logistic Properties Limire~)

rind its subsidiariesFinnncial statements

Year ended 31 ;1lurclr 2 .18

29 Notes to the staker~ient of cash flows {cc~nta~ued)

{c) Disposal of assets grad liabilities classified as held f'€~i• sale

Details of the disposal of assets and liabilities classified as held for sale during tl~eyear ended 31 March 2018 are as follows:

During the year e~lded 31 March 2018, the Group completed the syndication of 92'%equity interest in GLP US Iz~eome Partners III and the disposal of 45.00°/a equityinterest in New Dulles l~sset: I~LC to Yhird party uivestors.

~ff'eets of disposals

Investment p~~opei~tiesTrade and other receivablesCash and cash equivalentsOther assetsTrade and other payabtesLoans and borrowingsOther nnn-current liabilitiesNon-controlling intex•estsNet assets disposedEquity interest retained as investment in associate and joint ventureGain on disposal of assets a~ld liabilities classified as Held for saleCash of subsidiaries disposedCash tnflow on disposals of assets and liabilities classified as }fieldfor' sale

Recognizedvalues ondisposalLS~'000

806;059I Z.J6L

1 5,4564,174

(13;882)(~~46,228}(509)

(256,432)-------- --

121,000(30,477)

462

____ (15;456)

7S,S29

Details of tl~e dis}~osal of assets and liabilities classified as held for sale during theyear ended 31 March 2017 are as follows:

As at 31 March 2016, assets classified as held for sale primarily comprised 100%equityinterest in GLP US Income Parniers IT acquired on 4 November 2015 which the Groupintended to syndicate within 12 monfihs from date of acquisition. The syndicztion of90.15% equity interest was cotnp]eted o~~ 7 September 201b for an aggregateconsideration of US$1,785,000,000 and the Groap recognized gain on disposal ofassets classified as held foz~ sale of US$8,730,Q00. The remaining 9.85% eRuity interestretained was reclassi.fiecf as investment in associate.

During the year- ended 31 March 2017, the Group received final proceeds ofUS$58,489,000 in relation to the sale of the 44.65% eytiity interest in GLP US IncomePartners I, and recognized additional gain on disposal of assets classified as held forsale of US$4,344,000.

FS75

GC.~' Pze. I.9~f_(fi:, ~r;c ~'!V lirro'~a-;: a l.~?c1;ni ~:n„is'hi; ,°roc.erhes 1,i,>til2rx;

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~ ~~

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:~~~~~aaa~~~~~~;~~~~s i~~~~~aw~~€B~s~~

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C?ti~er nor,-cizrrenf 1i~~biliti~~ (1:9,x(}6}

_I~~i;~[ :3SS~,TS t~1S~70SEL~ t~t3~;~~~-~---

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Ciez!asifiec~ tc~ l~~~tns ~e, a~~ociate (~.Q,i'{}?}

1;77~~; 175

{iaix~ o~; dig ~~>~~~1 aa'as5ets az~d }iac~i~ities cla srfiecl as ;aelt~ ft>s~ ~t3.1c 13,''30f~;xcess co~~sideration o~~et• r3et asset:, dispasw~~ ~1ct yet recc~Zzntzec3 its

~L~.I iI, L ..U~~~

t;<~ ~z irli~7i~~~ ~~,~ ~ir;po~ GIs a4~a~set aa~c~ %%shit%€ie.s of ~;~ }= ~5 Incom:;f'a~-i.~~ers ~I classifies as lX:°[d toz~ sa;e 3,7&>,Ot~{~

i~ ote:

I'he crce» i> c~>n~ic~eza~io~~ over n~~ assets dispc>~ed have nat ~ee~i z-~co~;rtiz.~~4 asgz~irs on d;spost~l as the ~di>posal ~onsic~er~tio~~ 1~1s not been f i~~al;ze~ as o! 3 1 1~~arcrl

2{)1 ;.

-rL.P Z?:S lnc:ame Paf•tner,s I

Cash s~f]ow ox7 final re~cei~,t of disposal consideration 5~,4~9

f~ispcsal coi~si!ii~ratior~ ~-ecetva~iJe recoe~~ized in ~~ri{~g~ year {54,145)---

Crain an dis~~osal of assets anct liaoili~ie.s claseit~ed gas held fF,r :,ale 4,3 4

~F€,~~~~ ~.~~;h i~~i~a~~~~ ~~ d~s~a~~~~ oaf ;xi~~~~s ~~d ~~~~~Pi~a~~ s~a~~a~~~~ <~s

~~~9~1 ~'€a~• sa~~: 1 ~', 3_~~9

FS"?Ei

GI:P P(e. I.td.(fonnerl}~ known as Global I.ngislic Properlie.r Lin~ifed)

rntr! its subsirTtnriesF'inancin! staremertts

Year ended 31 Mm•ch 2(118

30 Operating segments

I~he Group kias five reportable geographical segments, representing its operatio»s in the PRC,.~apan, LIS, Brazil and Europz, which are managed separately due to tl~e different geographicallocations. The Group zlso has t~vo reportable business segments, representing its real estatebusiness end iinanci~l services business. The Group's CODM review i~iternal maiiageznent

reports on these segments on a quarterly basis, at a minimum, for strategic decisions making,performance assessment and resources allocation purposes.

i'erlormance of each reportable segment is measured based on se~anent revenue and segmenteaY•nings before net interest expense, tax expense, and excluding changes in fair value ofinvestment properties iicld by subsidiaries, associates and jorxit ventures (net of tax) ("EBI"fcYcluclii~g revaluation"). EBIT excluding revaluation is used to measure performance asma~~agement believes that such information is the most relevant in evaluating the results of tliescsegznea~ts relative to other elatities that operate within the logistics industry. Segment assets andliabilities are presented net of inter-segt~ient balances.

Segment results include items directly attributat~le to a segment as ~~ell as those that can beallocated on a reasonable basis. There are no transactions between reportaUle segmezits,

Segment assets and liabilities include iterr~s directly at~~ributable Co a segment as well as these thatcan be allocated an a reasonable basis.

F~??

~i -,, ..

1_c~iornaa~i.cri re~< <iirt~s t,ze F~rou~?'s te~c~r?ai~[e: J=_o~~ ~Xj~~ic{~1 si~zta~;t~ts !s ~>r-eset~tcc~ it; the rabies ~~~~Eo~~.

,~. L@161~k'nR32~g~23E$ <"~-s"~€3~~ $"~'~3 C3 %"3~~3~`~ fq&'.i3~~b: ~~3~k$~.t"~~ ~a£~~4 ~8'➢.4`a~

P~<< Jag~n ~i~ ~raril ~:uro;oe C3C9acrs sc~falZCrs`€£ ZtDi? 207 €s liil'% v!',IN 'l1,' 2t31%S 29~'" ?UlYS vt37' till€ 2c~~i !UJ~3 '0~,

+ r~~u~. ~i'q'f9(i~l BiS~:'~PiEQ ~c~;~~n cr<c,EtOEy h;b:"~??!f~ t ~;4'i3ti(i t'ti~;'(ifit) L'sa`@0!! L`s~'~4}(3 4'";~n`~i(lfl €"tik'{}0(3 $)S:H'Ot~O Ii~~+'fS(t4) i;S"e'ft(it3E:orir,nuing oper;ttignsRevcnaee aryl otperz.t~:~rt.-ternal revenue ! ,'~: S,5 ;iis Cr` :; 1 "~ ,:5 i '.~:~ 1 - - -

cna,r~z.;; i,~ iair v:,lu: armv:sunr~rt pr,~pe:iies~:eld,~ subsidiaries ,1; ~' T I~S~ :tb ~ -- - > - - - - i"!

tihaez ur clia;;res in fairvalue t>f ir~,~est~r:cnt ,pFUj)cit7~5 ;11 5 <?t~CA;tj ..Reid by 2ssociatcs andioint ~t p[ure; °Ci.Bu i 23 4i _ d~)? 9,ily.~ ;t~ ~ _ _ _ _

~ 'i 1ri~a31G~ 171G0T1 ~ ~.,C ".i<I J~,l ~~ ~ ~; 1.31,1~.ij , r _ _ 1 ,11.i t( 1.~

Proi;U(Lo±si frnmco~l~nuin~ o},c~d:iUns ~ , , t,-,i~.h~=l - ... .. - :4 a

f'ii7 i ir0;17 di5ci~s itINJCCIuperat;c;n - - - - a s~3 - - ~~ - - '

Prafit~,..,sj afi,.r tai - _ „(i 12 =43 103,1t~h x,459 ~U_;36 8,= _ ("I22 ~~4

F.Bi ~fjac: ~ r .Solo z ,~.`3 4 '99 l~i,b84 t(.?,. i.~ _ ~1.5i~~ ir;.;l'l; - b~~, ..

EBi"1 c _ -Icdingrz,~alu<.tinn 4i,'_,°~8 3~6.`?3 Icy+,2E~> i4; 5C0 1'_;k7 ~-;.~~- '4,'t~ :~~, .. ('a~^' _ :i~" (34, r ~,l _Y~~

Pro{ii ati ibutabie ie:- U~.vr~ers of ;he t~ompan,,("YF.1'.~5]'; J9i.R62 379_68 3!4,!>2i 39.136 L_;3,:5i ='~ _ ~c q.07'~~ - ',. r,.11 '_~ i1E:~~ ,(_~

_ _~b~,?8~ %61 Jai. _ _ 1.l ' ~, - _ -

P:a!''v(! cxsiudintrc~.aluaCion ,u:. ., .. _

,.,.~ ! 9ti ~-'~ 15~_tb9 . '~'.~7 ~:..., : _ ..

!;-t~64 ~ ~ - ,~'.i -

f``,,~E}

GLP Pte, Zrd(J"orrnerly loznwn ar Global Logistic Properties Lirni!ed)

and its subs'idiarlesFinancial stctements

Year ended 3] March ZU18

30 Opet-~atin~ ~egrra~nt~ ~c~~ti~au~d)

Infornzatioz$ about repoe-t~bte geographieai segments(cctntic~ued)

PRC Japan US Brazil Europe Others Total2018 ZO7? 2018 2017 2018 2017 2018 2U17 2018 2017 2018 2677 2(718 2017

€;r~oup CISS'000 CiS~'000 US.b'000 USS'OOU USS'OQO Lfg$'Op~ liS~'000 tiS~'000 liSS'~00 US5'1N10 C.i6$'OOf~ LTS~'000 TJSS'40U USS'000

.9ssets mid liaDitit%ec

Investrnen~properties ~6,tiu~;~FS 12,106,~8I 1,848,524 Z,IS~J,04o 43,837 46,732 ~- 9C!,219 — — — — iS~97,429 14,702,57¢

:tsociates ;aid joint.~~eam;rs ;i::.S55 495,<93 I,CC0,~22 78:,708 (i~;,~liF 536,068 729,835 ~fi~,~~"t4 1~J2,820 - — — ~?~;,~~~ 2,4L~~,iO3

iU*hcrsegrnc;~tussca s,ti27.68~ 238fi.~51 X13,652 ;.G56,Ci9ti ~2,~5? 9b5,47~ 2543 5 7`~44i i.50Q1>I 1¢5901 176.927 0995,~Ob 4,5?5,074

iiepc..,~~,~~segmertassets Z?.3?i.b2i 'i_2&i,p25 ~702.h'?R 3.976,8~Q 511.91¢ 1. 45:215 93418; 77;?C~ 7.602.971 — IC!3901 1%6,927 28,5 4. hi '. ,'~9,?~7

~.(inll>'J.G JJTO`,Vt('bti l-~,7• i'~J~ I.l ~S7 iJ'LI ; 7( 4i'. :~ ., 3', J~}4~ _ _ _ _ _ ,~~..,<i~ (%,~a ~'~:.1 : !l, l~) .. .C? i~, : t)J,Aih~

O::^e; se5m~~en[,ia!;il:i:eS 1 3iu :iil i f -'.147.'y91 (~O;.i 3q1 (2C°-Q1 ) f l3 'b~) (4bY ~`~Sl (164 7>2J (+3.?Oil (i, njg'~ t,il'. 1461 ifi~.2 iC ?b .~ tG) ('.y4 „tea",'?

Repor_abi; s:;t^ne:ulisoilities x70'.+5.7%1~ (4 35.3371 (i_2? 59'1 ;'.3~Q74Si (13.sr21 l4u9,768) (164,7521 (_34p); !6.Ft9~, f3.645661i ('~.76~b20) (12.157,002) 13.544.865)

Other irrjo~malion

Depreciacon ariaxmcrtizati~n (4,7:11) ;a~72) !3,[51} (G,12y} (L~6j {14U) f67T) (723) (1) — ~4,1G4; (4,513) 112,820) 0347',}

interescinconic 6,S$"? 6,831 K _ 4,211 9,5 2 1,123 X31 — — 433 3,028 12,664 i~.403

f~: Cl~s snare ofE13C7 DA escluct;i;grevaluation' 201 699 162,D22 — 6,996 3,637 — — 7,~4i — — — 216,230 165,709

t:api~i~xpcodih;re~ ~I1.i64 1.092,143 12327 4969(1t~ 6.ZOa 80,681 2l"2.817 84,09 546 555 2.039 1.203,513 1665.812

Nnt25:

EBITDA refers to EBIT excluding depreciation and amortization.

Capital expenditure includes acyuisftiun, borrowing costs and development expenditure of im-estrnent properties znd acquisition of plaza and equipment

I~'579

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rrr~r~ tP.s i~.uh5i~finricsF~i r7art~i(7r S!cl t~mBr~ts

r ~ ~.. . ndetl ? i ;LF~tPt7;i ?~?/8

~~a:€~~~~~ts-~~s'~s~k ~~~c~~.~~ ~~c~s€s~•~Ra~~~~ ~~t~~a~a~~~ ~~~~s~s.~~e~ (~€>~~~~~s~z~s~~}

i~e~~e~tate ~;r~<as~~~r=slsz~~~ice~ ~'E,~_~l~fi~3f~ Z~i~7 2G~~ۤ 2t}I" 2CIY 2~~?

~ns~f;,s~} (J~~`E~(~€~ ~.«~9 t1($b~ ~~~i`~'(§,~~~ ~)~`~'tJ~~~ '~Js3'~(6~ ~';~~'()6afi

~:a~r~t~~~gFis~~ e~~~era~:atEs

~'evetaz~~' rttar9 c::kvett,~eSExt~~~,~1 t~evenue

~::.t tina~u~ ~o~;t

I ax exf?ense

I'rttfiti(I,oti~) frori~ i;{,sitint~irigo~erhdon

profit lron~ ~isc<srlti«i.edop~~ aP:inn

r,~ot;ti(I ~,~j <:;'t:r t ax

l;{:)0?,Si ? 85t,"3G I i2;3;3

(~S,Bti ) (.27 Sri?} ~,5(':1;~

v'7f3fS.9tit~'r (7.3J,"0/~i t~"t.~!s?_.._

22,55% ~,~i~3,>33 8?); h"i

);D83,~07 1 ,O:i2,-1?` {<t,50>i i Rr); ~,tii78,?i?'r I,i)ji ;894

'~t31,`i:~? ~ ~~ '8 ('1,`sti5j +cgn'1 wJ r ;; ,., ~ 1 ,4}:~G,°~6~3

i ;l(3 {.,*iY)Lii? ~1tiS \DC-~Stl,"c 1`C` ti18 i.O~~Oi~;it FZ 1PS~i7 ~.POt„ IY~ llSt 0~~ )1J;''.11Cldi i~ItilJLttic'll{-S:

~ CYeCJ3.t YtSk

~ #igt~ic~iCy :i~;k

w n~<irltei ris';

~11~ 'IC?iL €~t~~i',f](.b it;~0i iY~l<3T1031 ~:.~~OUtl}lc ~~tl'4U~ > CX(7(?SU,t, i.0 ti3C:~!. Cll tii~ ~itJOti . C1~~CS. f~?l. ~52'OUF?~S

~?b.)eC~~2\-c:,i, ~~~1[it,ru.ti ?tl(~ ~T JC(;S~i::~ ":Gt' Il"~C1S121"lilf~.;<1)1C~ 1"?7<ltl<3~i1;}a i'I~h: ~1t~tit t~iC ~.7t'CtFl~l'~ tY13T1£t~G11i~-I?l`

O~C~.~.~t'~8.~. ~'i~t'~'~1 - 7' C~Uil.tl~t~3tlVt,~ !~]S4>I~SUIC.S ?7]`~ tY1C~t1U~EC~ 1~11JUL~1'10~_,j~ t'tIPS~:llldilE,~k( >fr~~.f;4i1~51fS.

~'he ~Jroti~ a.~o~ts :h~ ~ isk rnanage~~2eratpolicies and gutcielinc~ of Clue t~lt~ima2e I2olc~i€~ er~ti~ty,

G~,P ~-1o~dings, €~.P., wE1ic]1 h<.s a sysre,n~ of controls iP~ z~(ace to c,eate an acceptable bafar:ce

beCwee~~ the costs o~('; asks t~ccttirir3~ anc~ Elie cost cif rilana~irls~ tf~c f i:;ks. Ris?< tn~ ~age~netZt

~iO~1Ct~S c~Il~ ~IIE<iP.11i1(:S <itt' i-~Vluiv~ij ;"Ek.lt~attV 10 Ct°f~eCi C~l<1i1:7CJ 337 I?7~1"~t~t COriGi.t}()rI5 %itli}

t1~~. Cir'cu(7's activities.

r~80

GLP Pre. Ltd.(formerly known ar Gtobal Lugislic Properlies l,imitett)

rn:d its subsidinriesFinancial .rtatemn, nrs

Yenr ended3/ lvfnrch 2018

31 ~'iaa~ncial risk m~nage~reent (contpA~ued)

(b) Credit rislz

Credit risk is the risk of finazicial loss resulting from the failure of a customer or counterpartyto meet its contractaa] obligations. Financial transactions arc restricted to counterparties thatmeet appropriate credit cz-iteria that are approved by the Group and are being reviewed on aregular basis. In respect ofirade receivables, the Group has guidelines govei~~ing the }processof granting credit and outstanding balances are monitored an an ongoing basis.Concentration of credit risk relating to trade receivables is limited due to the Grou~~'s manyvat-ied customers. These customers are ei~~aged izl a wide spectrum of activities and operatein a variety of markets.

Expo~~re t~ credit a•isk

The carrying amount of fi~lancial assets represents the maximum credit exposure. Theanaximum exposure to credit risk at the reporting date wzs:

Gt~nap Company2018 2017 2018 2017

US~'000 iJS$'000 US~'000 ~1Sa~'OOf)

Loans and receivables(non-curs-erit and current) 1,711,226 ?71,810 2,125,486 ],77,180Cash and cash equivalents __1,235,73b 1,210,540

—__ 22,319 1,02,577

-- ---`' ~~1C~,~)t~ ~ I ~$7._s'~t) _ '' 1 17,t~05 1 859 757

"I'he maximum expo~ui•e to credit risk for financial assets at tl~e reporting date by geographicregion is as follows:

Group Copnpany201 2017 2018 2U17

US~'000 LJS~'1300 I?S$'000 ~JSx'000

PRC 2,502,772 ],272,802 -7apan 219,565 389,872 — -Singapore 80,215 157,038 2,147;805 1,859,757US 86,bb5 149,220 -Europe 47,89 _ ~~Others 9,846 13,418 —

2,946,962 1982,35t~ 2147, 05 1859,757_ , .

(c) ]Liquidity ris4c

Liquidity risk is the risk that the Group will not be able to meet its financial obligations asthey fall due. 'The Group actively manages its debt maturity profile, operating cash flowsand the availability of funding so as to ensure that al! refinancing, repayment and fundingneeds are met. The Group maintains a level of cash and cash equivalents deemed adequateby management to meet the Group's working capital requirement. In addition, the Groupstrives to rriaintain avaiJabie banking facilities at a reasonable level to its overall debtposition.

~~583

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.. r;.,. e~2c.

~~

(€~ ~1~~~~~c~a~~*j s~a.~~s (~d~~~~~~~~?~~f

A~ fay- ~~s p~ssii~lc, t~hc. (rci~~7 will t~aise r~,e~l~u~~1 and (oral-icn~~ funciin~ f~rok~; hotly capiE~al

markets as~cb fi~~a~lcial ii~s~eti~~irt~s and prucien4~.y ~alalxce its p~rt4~olio ~~~gth sos~r'~e short-terrat~ur3d€nor so a~ co acl~.iet~e ~7ve~a11 i:as~ eff'ectivenes~.

~s at 31 ~~arci~ 2013, the CP,o~zp l7as clz~utilixe<i credit az.el lo~~~ facsl~tias anlountirg to1_'S~,1,32q;~~il;OQ€) 12017: t_`5$2, i5?,~~03,£?~1E~,~, of wd~ic~ US`~36,()2!:),t)0(~ (21)1'1:

E1S~G3~,2~C,00~?j ~a~c co~x;rnitteii c~~edit 1~acifitic~s.

;~ti fiZ. _~ 7 ~'~~il'C~l l~~ t~i, ~:~]E'. ~.~Otlltii;tS}' ~7~1:i tl.11lit1:72t1' i.:t'C:.<~;C £.i1C~ j0$Il trli,i~ ~flE;~ fi11li}~ii?LJ,1}, CO

1~[ze aoii9ti~~s~zg ~z~a t~«; cot~~?~~c.~;>al ma~a~~its_es of Etna:€ici<~I Ii~h~,i~ies, i~iclz~+?ir~~~ isii~e~~as~~

pa t3re,nt, <~t~ci ex~It«iis~~ t~~e iit~~_~c.t o~a:ett~n~ ~~~reett~cn.s:

_a____,____~___._ ~~~g~~s faa~~b -------------~., f93'8'y[87.~ ~,Os4 ~.~'.~i;Lf1:9~ 3'~+(i~~}Y~~k ~~?'fT EB@ :4.£4.:. ~'

f➢~'f1 tb~R F1E C~~~$ ~~041'3 ~ y~8 ~' ~ EFl `3 j~a:f3 YS ~ }~Ef&&'S

~3 Yt.1 t3 y1 ~.J i~'~~~~{i iT~,~"~~Qs ~.)~~F Q?(~~{ ~1 ~`~~i~~{?~ ~)~~w~'~;{)(~

~~}~c~

iVo¢a-cue€~a€ativef~naa~d4~~ gi~vil~ts€~s

}3at~k loans 5,~,'ti; •;3 i,8ll,jcJl 3;~~:;>_;?~4 1 ,54?,€~`3 ?~i1,i i4~3«f:~i.~ ,,1=!,;~ ~,os~,~o, ~~u,nce: i >~~~~;~5~ ~,~a~r,,cs~I~an~c ~;ver~ raft j 1,23(:1 3x,230 3(,23()Trade ~;rtt~ ot;ser

t)£?VBb~c~' _>._3`)i~Zl ,3~)~,i~%v 7 Ir~L~4~) 2?).h~'t=? _1:7,c~~)~--

I~er~wa~?~'e ~P~ar~ei~kli~bsl6~ie~

}~orGa~ frd 1t>rei~~;,C'XC77&',1~?f.'. i:.Oi~Tfi1CCS

I,gl"6ss-scltled~: 1=E0- CJ~~tS70V,' ?,~~0 7,C4C7- Inflo~x~ t6,90(~i (6>S00}

Interest. x~a~e s~uar~s(net-seitiec?} S.H6« 5.72'; 2,521 4,206 -

_2;3~J5,6391 Q29?.~5~ 1.7,3fl5,82? ;.K"?p,i)3-7 3.13 .154

~ ~:~°

F:xc;.~cs'i.s <~dv~~nce ren_a~ recaire;~.

P~S8_>.

~iLP Pte. Ltd.(fa~merty known ns Global Logistic Properties Limited)

nn~l its subsidinriesFinancialsfatements

Year ended 31 March 201:4

m Faa~at~ci~a~ risk nna~~gernent (cont6n~aed)

(c) I~iyuidaty risk (cow~6inued)

---------------- Cash t7ows ----------------Ca►•yying Conkractual Within From Af'tez•amount cash glows 1 year 1 ko 5 years 5 years

Group US~'000 US~'000 US~'000 US$'000 IiS$'000

2017Non-derivative

~naucia! liabilitiesBanl<loans 2,970,296 3,357;809 679,912 1,647,546 1,030,3 1Bonds 2,092,315 2,519,496 230,718 998,795 1,289,983Capital securities 536,807 537,292 537,292 -'i'rade and other

payables' 1,194,730 1,195,983 1,030,549 126,204 39,2306,794,148 7,610,5$0 2,478;471 2;772,565 2,359,564

Derivative financialliabilities

Forward foreignexchange contracts(gross-settled). 7,013

- Outflow 59,478 1,643 57,835 -- Inflow (52,434) (2,012) (50,4.22)

Interest rate swaps(net-settled) 19,792 20,515 x,834 14,275 406

6,x2.953 7,638,139 2,483,936 2,794,233 2,359,9?0

Company

2018Nosi-der9vative

financial liabilitiesBank loans 1,447,191 1,451,951 1,451,951 -Bonds 1,133,994 1,476,245 49,590 170,353 1;256;302Barilc overdraft 31,230 31,230 3 f,230 -Trade and other

payables 1,656,390 1,656,390 1,656;290 1004,268,805 4,615,816 3,189,061 170,453 1,256,302

Derivative financialliabilities

Forward foreignexchange contracts(gross-settled): 140

- Outflow 7,040 7,040 --- Inflow (b,900) (6,900) -

.1756;3024,2G8,94~ 4,615,956 "3,189,201 170,45;

Note

' l~xclti~des advance renCal received.

I SH3

F>'I.1' I'frr. t rrf.(f ~zn ~ ~~ a,a~, r 'r C;(i, > 1 z cj _~~t tr ~,~e'r ~ ~ t~_.r~ilecr')

rr~rd ias subsirlir,r-icr.r

l~irrar;eiu( ~~tainmer:is

6~'c,n~p~slby

2195"r~tioaE-~a~riv;ttSv~

~inz~~c~ial ib~~l~~g'si~ffe~F3ank lean,;1~ondst,apital t-~ciiri,iec1 1:IC~F'. i1llC~ OC~I "u'1'

L3es~ivzsYive fpsga~~~c~P~Iliairiitiies

ro~~,vard fore.iunBXC~18Y1 +~:: C011i BC.iS

(gross-.,eCtled):Q~.~tfloti~~

- ir~f~lcaw[merest gate s~~~ap:;('i~et-scl:ticd)

---------.—P.._ ~:~stx ~itz~ti~s ------------__~:a~-°~y;iF~ ~~nrat:~~a~isg~i 1~%i~h~sr ~rQrrs P~4~fc~-<?[Td (S ti PSC 1t ~3ti~7 ~~Ul9~ ~ ~'~3B' Y C[3 fi y£~B'~S j y~i3 ~':g

4yt ~w.~'il(3t~ ~?5:3~'()t~(} ~i~'~'k1€)f7 ~1~ '@l{}f? ~ i:s.~~"f~1!(i

%?~,0"3 ~S'l:',3i"~ ii,"'3.1 38!1,~Ib 3fiC),~6^_l ; lbo,=~~~i 1 .~~;,?{}fi 1';,<ll~ ?21,399 '.,?8'1 '.t~i3

~,. 'u i .}(1 5;00. 149_.__

%5 ! . ~_

t~ti?,' i 5 5~O~3_l~

,,(; i

i9 <F?8 i.hd 57.335(S"I_;43%!i (2,Q12j (`0,4~2:i

i i; s6? 10,235 ;?.650 ~ i 82 kOb_, i1 ; ~ ~''1 i~~, l 7j3,9?~ ~,it,_RIG 1,650,%~l

I~'111~ic~. 1-ISlC Iti t~1C I'lSIC ~;lti1 i.E"l~1P1~,e'-~ Ill t11~11'~ih;f ElY'1Ct',S, ~llC}7 3ti 1~~?3'CIyYl CXC}7t1Pl~e f'citc 911Ii'.1"(;Si:

i'E3T:;~ flIlC1 CC~llSt~' {)i"ICt;S, VJi~~ 21.ffc~~ [~IG tll'011~i'ti t:l(;()flli.. ~i:}t. pl?~cC~.7V('~ OC Pt18.}'i~t'~i 1'Iti~~

iTl~llll~:ri'117EIl[ IS IO Y!1'1S](~~;t ~t[TCI C~illi'O~ t11flI'~iC: 73~jC CX~)l'?tii72c35 '~Vlf~l:ti ~t;C.C~~Ci~~>~~ ~'ci]i111=Cti:CS,

~~ltife o}~ti~r~iziiir i:he rota?-i~.

~:'~t~~.s~a at€ ~ ~~~s~c

The G,~~u}~ o~~er~tes maii.]v in the PF~C~, .Ia~~~:~, t ~5, I3~azi; ;ztid ~i~ro~~c. Other ihi3n treee~speeYive ti~Y~ctio~ial cl~ri~enc;~ c?fCl;e ~i~oup's st2l~sidiar ie,. tt~~ f'~~re;i~n currency w~tich tilcCrri~~IP has ~x~~osifrc try of th~~ tepo,tin~,~ slat: is t1~i~ l 5 I?ollar.

11~e C~r~u~ r~~ ~it~tains a ;aatiirxl hedge, ~v~5eaevut~ po~sii~1G, 6y ~orro~ving in the ctu•~-ency cfdie country in whic}1 the invesCt,leilt is 3ocateu. I~~orei~~1 e ,uhari~e exposurc;s ie~ trar~s~ction~.lc~za~rencies otlla~ cl~ari the (1ai~etion~il c!in-er~cies of t}~e operating enYitics are 1<.ept to <~~1~~cc.eptable le~rel.

The Crroup also ai~~or~itor~ anv surplus cazh }telli in cucren~~ies vt[~r;r iharl tile; fiiF~ctior~aiCLS~J~LIIi.:Y 0' 1};~ !'eS~7G'CLIVF, <;i)i]lj)8i11~S ililt~ ll~',.S SCC]~1~iV1~'y' <3I3~~~'SIJ T.() Il"1~£i~llt"`.; liiC: ~i)I'E7L',I1

exchange r isl: cxp~~s~~re.. ~,~~I;zre i~e~~essar~, t}ie Grol~~p will use. forei~~; excl~a~~ge contracts io~~~~~}_,~ ancl~ inir~in.ize net foreic~~ xehan„~ ris~< exposures. In rclat~i~n to il~ c~,~~erseas1;1~'(',SI(T?t;YtYti it? .~OI~~~1~';1 ~ll~J51(~l<I3 1C~S ~V~itl~~ ~l~t <llti~1:~ .LfC C?~jJO~I:%C3 iU C123"C~71CV f;~1t15;£2Cli)i7 7"ISrC

az~d ~t~hic,h arc l7c]d ~~,r lun :-icrti~ inve.r~rent F~~~r}poses, the differences 31 i:ir••g frot~l siiehtrai~si.atiori <ire c<iptiii~ed uz~d~r t}ie f<,~rei~e~ i;ur~rertcy ir<snslatior7 reserve. These frai~~iafioi?clii~erc:r~ces arc revic~~e~l ~~nd ;.:onitor2i9 ott a re}ritl:~r ba~i~.

1~58~1

GLP Pre Lrd(ormerly ioiawn as Global Logistic Properties Limited)

and its subsidiariesFinancial statements

Year ended 31 ~tilarch 2018

31 Fi~ar~cial risk u~anagernent (c~~tinued}

(c~} il~Iarket risk (contiQued)

Currency risk (continued)

The Group's and Company's exposures to forei~~ currencies (financial assets and liabilities not denominated in the respective entities' functionalcurrencies) as at 31 March 2018 and 31 March 2017 are as follows:

C>a-o u p

?018

'Financial assetsCash and cash equivalents

Trade and other receivablesAvailable-for-sale financial investments

Fioanciai liabilities

Bank loans

Bonds

Bank overdraftTrade and other payables

United States Japanese Singapore glong I{ong Chinese European great T3ritishDollar Yen Dai[ar Dollar Reomis~bi Dollar Ponnd

~C;S~'{~00 YJS~'000 tJS~'000 US~'000 US~'000 IUS~'040 US~'t100

X54,318 651 663 2,534 lI 4,991 31,466- 26,54'; 670 - 68;693 2,031 8,070- - -- 145.046 - - -

254;3IS ~ 27,198 1,333 147,~8~ 68,704 ~ 12,022 39,536

{8&2,580) (948) ~- (445,125) - (1,351,195) --

- (141,410 - - (6;854) - -

- - - - - - (31,230)

f1,9(~2,4171 (626,458) (27) - (il~) (420) -

(2,784,997) (769.321) (27) (445,125} (6,969) (1,3 1,615) (31,230}

Net financial (liabilities}!assets (2,530,679) (742,123) 1;306 (297,545) 61;735 (1,339,593) 8,306Add: Forward forei~ exchange contracts - - - - 6;854 - 31;39?Add: Loans designated for net investment hedge - 141.415 1,347,190 -Cnrrency exposure of net financial (liabilities)/assets (2; 30,6791 (600.708) 1306 (297.~A5} 68.89 7,597 39,493

FS8~

rtrrzrl r7✓.~~i:.~ ~_ Jba(~ .-itt_ -

~ :..... '~~_ i~::

. ..~~vr: r: ~t

3~ ~~ ~~~~~~ ~4~~ ~~~~~ ~~a~ ~~~~~~a~~~~

{s~} i~~~s~~e~ a-~~kc ~~:~~~"s~su~~~}

Cr ~-r~ iii

~'~"~aaled ~S~t~~t~.~ ~~apa~~~s~ ~~€a~~~o~~~ $~~gp~ ~ioaa~ ~~a~~e~~~o~~ar ~~rz ~a~~?~r ~~~~za- ~~~a~siezbs

EJ~~'00~ ~~I~S~'~04~ ~7~.§~'t~Q~~ ~J~~`f9g~} ~i~s~~'f9(~F~

~ez~-cp~)e~dz ~.~~fb~~~Y

~~ ~~'~Sd3~~

2{}fl?fi~ina~ircial assetsCash and cash e~~'~ivalentsTracje and ether receivable;A vailable-for-saic fiszanc.ial investme~its

_, .-- - _ tai;_ ,,,

-- -- - —

3ar,~ i~_ -:s (`71 1 . . J; ~;~1 ;.~,,i1 _ _

l~r&~~<. ,~tc~ ~)Thi. T`3-Ya1;1cS 7_ ' r _, ~ ~~

'~1 (~S ~i~ ~55~.~~~~1 — '_ ~ _.

;~e~ ~~~atacia) {~a~Eri~s~ies}~ss€2~ ~ ~ ~r _f4dd: korwaru forei~ exchantre ccrnriac[s _ - - - X4,7",'~ - -

o.~c~d_ Loans desi~n~ted fo.~ net invesT.i~~rnt ~e,d e - ~~~~"= ~' - _ _ __. "- __.__~~.___~ _____.__{.~13~@"~'~CtCN ~Y~JCS@.3~~ Q~Ei R2fl ~Ti~&}.CIr~~ ~~~~33~ei~B4.:A~/7i55~~4 t;,~2Q ~~~'-3 '~.n~ ~1 (_)~2,1~~i~ ~~f~ U~`3 iiQ S(1~ -~

~i ~.h3 FJ

trLPPtc. Lt~l.formerly Jcnown as~ Cilobiz! Logistic Properties Limited}

gnu! its subsidrnrresh~inancrcrl a~tate~nents

fear ended 31 tvJarch 201 S

31 Financial task rt~6~nabert~ent (ce~ntinued)

(d) Maa~6cet ~~isk (conti'~uecl)

Currency risk (continued)

GreatJapanese Singapore Chinese European BritishYen Dollar Renminbi Ilollar Pound

Company US~'000 US~'000 US$'000 iJS~'000 TIS~'000

ao18Financial assetsCash and cash equivalents 5 >43 1 ] I -Trade and other receivables 25,224 656 68,693 7~l -

25,229_. 1,199 F>8.7~4 75

Financia I liabilitiesBank loans - (1,347,190)Bonds (k41,415) - (6,854) -Bank overdraft -- - (31,230)Trade and other payabies (626,8111 - (104)

-(420)

(768 226)_ (b ~t~g~-.~

(1 347,610) {31,230)

Net Financial(liabilities)/assets (742,997) 1,199 61,76 (1,347,535) (31,230}

Add: Forward foreignexchange contracts 6,854 -- 31,192

Currency exposure c>~' netfinancial(liabilities)/assets (742,n97) 1,199 68,b00 (1,347,535) {38)

2017Financial assetsCash and cash equivalents 1,508 64 12 -Trade and other receivables 1;691 69 X9,975 -

3,199 133 59,987 ~--

Financial LiabilitiesBank loans (71 ],078) - -Bonds (133,635) - (50,775) - -Capital securities (536,807) -- - -Trade and other payables {39,5281 (14,380) (784) - __ _.___

~ssQ,2a ~) ass 1 ~ s~) (s i,ss9) __ -

Net financial(liabilities)/assets (881,042) (551,054) 8,428

Add: Forward foreignexchange contracts 50,77

currency exposure of netfinancial(liabilities)/assets (881.042) (551,054) 59,203 - -

F'S87

iF.',~= ~'~e. ? t,i., .

1 ~ :.l ~r!ir8Ci1

f.`;a r l};'s 1'f; ,J_4'I f~fllPtt'S'

~.A. ~{~ .0 ~~'~~.-~~$ vtl~~n~e a~n~i~~~a~i~'~~~~ ~~~'~~u~i ~a.x nn ~S%~-iS~

(€~~~ J~~a~r~~~~ r~va (~~~Zt~~~Fa~dj

C'a~~ ~~e~~~~~ ~~~~9~ ~~.~a~a~~rsaav:c~)

,Serasieivitj~ rn?alVsis

~~ ~ ~~%o SLY'e17bCi1C'illtl~ Of ~gI'~l~tl Ctlt'?'C.D.E~/ its?~t1I2SL `t.h€; YGS~E:CtlVt. tk.7I1CI10l1i1~ Citt~l'8t1i;12S U'~I~IC~

sitt>~idiai•ies at Yl~e re.porti~lg ~~te ~~~au~d f~ave inci~ased(d~cre~sedj E~roTat betc~re [ax by theatsioi~nt~ slt<>wn below. "The C~to~a~~'s ott€staf~ttis~~ t~rvraYd i~orei~?n exet~a~ige co~sTr<lcis have.I~~-ai7 it~ef!.~ded i3: P1iis c,~Ict.tl~~t`ic~~;. 'I~4~ie a~7a1~~s~s ~ssutptes ti7a~ <ill other v~:~ia(~les, in ~~rrticisJ~u~l ilil',e`i;ti~ t'tl~f'.~. T~c.fT's~ll4? G0I?~P:£1:11:.

~~'(3~9~3 ~,d1H"ai~'i~Pk"y,

9_~S;%:55043 tT k.~~.9~@Y F.~P3 ~/~:7 c if i}41 l'.~~~~12 5 '~. ~~Y'i3

J al,anese ~'~ri E>C),U%1 ;,~08 ;'1,300 88,10.15(El`?,~3~~07't; I)0~~2fC 1_ I3 i } JS,~ ~. ,' t~ .~~)} 5.5, ~ t)

F ~o~~gKongDollar ?q;%57 {~3,91(J} (5C hir~e~el?cnt~iini~i (6,8~t)} (E,i}tilj s~6;8(~f)3 t,`>`~2Cti~:>uro~ea~~ Dollar (7~it)j ~3~1,?54t~YFeat 13ri.ti~i~ 1'ctrn~i r~.95~} - 4 _

A . (i`/, Lug ~kenir~~ of~ t~~ei~~t~ curs~eticy ~gai~~st the €•espec.t,ve fizrwtion<~l ciirr~rzcies o#~ tl~esubsidiaries a~ the t~e~,<~r~ti?~~ date ~otalci (aav~ ti1~ equal L,ui o~~po~ite e~Et~cc[ ott the aboveCill"1'C7'~CIB~ ~t7 ~}"]c; dT21CJL111iS S~10GVfl 1b(~V~, 0Ii ~:}ke ~?G~IS l~ti~~t a~~ 017.21" tiai'l~1ttS~tS P'C'.ET'l~~„ti7 COI'➢.S~<lIlf.

~F~~~'-~"~'S~ ~~sk ~~8'_ 9'8~~~

~ ;1~ (if0!la~ ti Jf7t.:1' ,r ~r1tE: CI li ~1'1SC'4 ~rIY1:%11'1~1' t~f'Oi77 f}1C 1119 &c;~t-~~1iClltl~. ~ill:il]ui~ti r S~t'1.ti s}1l(~

7.I1(~el'CS~-~Z3TtIl~YtJb1~111C73~ ~fC:~',11111E:S. ..

~ ~~8 ~Jfittl~ [Y1Htli:~,f,'S iT5 tY19~GYGS~ Ct1C(' BXT~70Stkl-~' ~?y ?3ld1llfi3?51111g ~l IT7'ii~ ~1' ~iX(;Cj ~1TlC{ V~2C12.1:~e. 7"df~4borz-~~~~r,~s. ~~er t necessary, the ~~~o~i~ hecf~cs a c~~;r~~osz of its i~lterest r~i~e exr~osE~~~e u-itE~in

the s~a~;Y~~ t0 ra~edi~irry te1~n; by using inf'erest rate i~eriv~tives.

~~t ~ 1 ~~[~~lrch 201 ~3, the C3roup and Conl~~any I1~as i~~teres~ a•ate swaps with an ~ig~negatenotional cor~tract~ :~mourrt o#~ I.IS.~444,002,t)00 (201?; US~i;33 ~,~~2,OOCs) and Nil (2~)i?:~. ~5~i~ i U. ~~i~i,~Ql)} i~ ~;hl~ SiU~~' i1i:Clt;i~S, r~.~GGf- (.dtC1T)~? ld~lCO ~1.000l1Sl't itlC ~f~~Gi;~S E?~ tf1E lii~i;l~uS~

rate swans, tie (Yrou~ ar~d C`om~~any pays fixed interest: rates r~nain~ from C).~~2% to 1.33°%(2(}1"7: 0.42°% tc, ;.6(T~'/n) {per annt~t~~ end Nil% (2U17: 0.83%, to x.094%) ~~er ~innum andreceives a vari~t',le rate equal tt~ tl~ie ~w~ap C~1'fe~~~2aYe on tEie notiar~al arno~ir7Ys. "I~l~e ~~~*~reg~~te#air •,~allie of ititcrest rain swaps fielc§ by tl~3e Group ~n~1 C«sr~~any pis at 31 ~~larch 201 h is anet liability ofUS$5,86~},OGO (2U1~' [15~19,~92,000)an~?~`il (20l?. t~Sb10 ~67,OOQ) whichare desi~iiaCcd a~ ca~1i lc;l=,~ ~~edgcs.

I}urine the years ertde~ 3 1 i~Iarcl~ ~~~18 and 20 t 7, tl!ere vas no ir~e9~fectiver~~~s of ~a~~t f~i>~~viied~c ;cco~niz~cl ;.i ~iroit or io~~.

FS&8

cLP pre zrd.(formerly knoin~i as Ulnbal l agistic Properties Limi[ed)

acrd its subsidiariesFinancial statements

}'ear ended 31 Rturch 2018

Financial risk a~an~gein~nt (continued)

(d) Market q-isk (conti,~ued)

Interest rate risk (continued}

At the reporting date,, the interest rats profile of interest-bearing financi~ii liabilities (aftertaking into account the effects of the interest rate swaps) are as follows:

GroupP►•incipai/

Cayyying notionaHamount amount

YJS$'000 US~'OQO

CompanyPrincipaU

Carrying notion~tamount an~auntUS$'000 6JS~'000

zoosFixed rate itastretra~entsLoans and bon•owings 3,570,995 3,585,345 2,151,086 2,166,111

Variable e•ate instrumentsLoans aid borrowings 4,364,136 4,334,257 4F,1.329 430,099

2037fixed rate instrumentsLoans and borrowizigs 3,363,343 3,389.479 2,480.341 2,502,874

Variable rate instrumentsLoans and borrowings 2,267.667 2,269,296

Fair value serl,sitinity anaCysts for fzxecl rate znstrunzents

The Group does not account for a«y fixed rate financial assets and liabilities alt fair valuethrough the profit or loss. `Therefore a cliai~ge in interest rates at t11e reporting date wouldnot affect profit or loss.

Cash flow sensitivity analysis for variable rate instrzrnaents

A change of ] 00 basis points an interest rates at the reporting date would haveincreased/(decreased) profit before tax by the amounts shown below. This analysis assumesthat all other variables, in particular foreign currency rates, remain constant.

Group100 lip I00 byIncrease DecreaseUS~;'000 US$'000

2018Loans and borrowings

26D 17Loins and b<az-ruwings

(:ampanylU0 by 100 byIncrease decreaseUS$'000 US$'{~00

(43,343) x}3,343 (4,301) 4;301

(22,6y3) 22,693 - -

1=S89

~v'.~ f' I'lc. r.Ir~

r %~~t~m ~ ~7- 'cnoxr cis (.;lo( -° ~ ;~(sr '=~vpi'~r~ir_s I,i~~:i~<=cli

ara ra` i da~ ,i :e hsr~:"itar res

,k~it~:~racia! 91~1rmet:ta~

tar erdett i; A~1Jr„it 'D1:4

~p~~e~ ~a~~~•k~e~ ~~~•~a~e ~~~~~a

Lq~iit.y 5~~~;ce; ;~t;;i< ~ri~e~ 1'z~ouz quoted auai~<sble-1~,~~-sale eyniry sc~izi~rtics ~ne~~sure<3 <~S fair

value he1~S [~Y thc: Group. Nlar;a~en~~nt <~f tl~e. GY~~aut~ fa~io~~ifors the e~li~i.ty sectariti<;s in its

irt~~est~neatt ~r i~r-ff;~;io based crrl market istd€cep. 1~1at~r-iisl in~estme?~'ts t~~itl?in i.1~e par folio ~r~;

~l~an<~~~eif i~rl are i~lijividr~al h<asis and a16 f~uv az~d sell ~fecisiorjs ai~e ~~~~rovec~ by the Crz~~~ts~a's

l rtvi;s?z~lealt Coinrl~it€ee.

-~i1 !t1C:1~~3~Cr;,(j~Ci d5~,) t?; 5'io ii~~ t}1C ::~~'Jt~l)' j1I i~~L ~); a+:31~-t}>~i.~ C?i'-a~t~c: ('.C~t7i{.j' ytC;F?P.11~~ ~;:;~t~

i>\ lll~ i. 7'i)ll~lhj CII~' ?"~~~iiTt:ir4kj Cj£?1i; ~'JO~.I~C~ 11~3~'t 711Ci(;~3Si`i:~i(Q~~~i"t~1S~;:j,) (~3.1' 1'h111<'. ii.SE;T"\-:. ~5~.'

r_+S`~.'`i ? tn,lliur. (2() ? i 5~i~?.2 rnillio;~j. ;his 3n~l~ is «~ i.u;~e~ t;~at ~z:l v~l:c ~ v.it i<t~~lc. , iii

C)~tt4.7Ct~~ii~ i)rui~?r': C;UI-1"::ilC); i-~31cS, 7~.1211i!1 c<~iiS&<ii't.

~~) ~~~~:~Eg~a~~~~ ~~~a~a~as~se~~ ia~~s~~~; ~~~~~ ~x~<ae~~a~a~ ~~:~~~~~~i~

"I'l;c c3i~cic 5~ yes set c>ui iii t'~e tables i~eio~`- i~~cl~acle fira~~ne~~.il assets ae~ci c~r;a~1Ur<s~ iia(~ilitic;

tk~ai:

'c17'Z, C)1~`SG~ 711 t~lc ~Ii't)il1)~S fl?1Ci ~,UCp~?i31y~'S tiltllt~111G!1L Of tlilBtlC;78~ ~)~1~31:tOrl; i?S'

li'C Sti1~~L',i;T. I~ 1T; t'I]1•:?tC:Cilt~it~ Il`,t?S1Ci' ii~f(~.i?7~,~ 2.tT81)~;~I71E%tl"c, 1€"t:S~7dC'~dV~ ~~ `.'~%7]~Z~~~: i~lCc;

are of+;et ifi I~ ~ ~r<it~~~~en± o~ financial ~~o>rtioal.

I~iY~ar~ciai inst~~umca~t_s such as tt~ad~ ~~ec~:4~a1>fes anci trade ~~ayi~t~le~ are: t~o~ ~i~ciasid 531. l.~,

i~~t~ies bei~~~~~ ~ai~Icss ~lie~- are offset i;~ tl~e sia~~z~:cglt ~t ~nae~cial pt~~iti.~n.

I'he C~rou;~`s ucr~vat~~~e t1az-~sacti~3~i~ [)~~at are n~>t ~z~y~saetec, on an exc l~~.ng~ are c~~tes-ed ~rlEc~i

ur};je~ Iri+._ern i;i~f~~~i Swaps an,d C~eaivati~es A~~}ciatii>n (IST);1) 1~tast~rNetti~~g,1~;,~r>em~r,ts.r

I~~ ;en~ral, u~~ciea` s~i.:-I~; <agree;rei~zs, ;_~c; ~rn«un~s cuv~~ n}- ~~c1~ cci.~i~te~~part~r t <<,t ~u. ~fu~ ~~n ri

sin~l4 c~a~,- i,t respect of ail tt~at~ actie;~is oi:t:st~~ncfing in the. s~z;ne cuirencl~ t~iz:Icr tl~c ags eer~~ntt~r~~ ~rf r•ega2ed ir?C~ 3 single ~»t at?ioa~€lt ~eit~~.; r ay _bl~ t~,✓ <~~tze pa~'Cy t~3 t4~e t:>#her. ~In certain

circug~7sfar~ces, for exrbtnpie ~.vhcn a credPt e~~ent such ~s ~ defat.~(t ~~ccurs, ~I1 outsi«nding

transactions lzn~ler ;he a~rce~~ne,~t are ,.erminitecl, the ~et~i~ir~~atiox~ value is -~ ,cisse~i a~~ci cnly

a single nee a~z~iour,t is zjlae or paya(~Ie iri .se~ler4let~t af~ali tY•ans~ctiot~s.

"t~f~e above IS~~ ag,ree»l~i~ts ~Sc~ not meet the cr•it~e,~i~ nor of5sertirig ~r7 tlie- sta~ernc~~e of

lirianc€~I ~.~o~iiicn. 7~I~is is ~ee.al~se they cre~lte a right of'set-off of ~~ect~~;~lizec( amo~.ints Y?~at

i~ e~rForce<~~~1~ only teilowir~~ ~t~ cveni of def<i~alt, in~olve~~cy or bankruptcy of Elie C;rot~}~ or

the cc,~unter~arti~~. In .~cldition, t~l?~: Group ai~~i3 its co~anter~atii~s do not interui to settle on a

ztci ~~~s;~ or to reali~.e ~}Ie as~e;is ~~nd 5et~le the (taE>ilitii;s siit~uIta.~eo~~sly.

I=S4l)

r1.P Pce. Led.~f~r~nerly knotivn as~ Global I ogisiic Pr•ope~ties limited)

and its sarbsrdinriesFinancial statements

Yecn• evaded 31 March 2018

31 Financial risk ma~aagement (continued}

(c) Offsetting financial assets and financial liabilities (continued)

Financial r~.ssets and financial liabilities subject to offsetting and enforceable masterne[ti~ag arrangements

Group

2018

Financial liabilitiesForward foreign

exchange contractsInterest rate swaps

2017

Financial IiabilitSesForward foreign

exchange contracts

Interest raEe swaps

Company

2018

Finaociai liabilitiesForward foreign

exchange contractsInterest rate swaps

2017

Financial fiabilifies

Forward foreign

Grossamounts of Netrecognized amounts of

financial financialG►•oss assets/ assets/ Related

amounts of (iiabilitics) (liabilities) amounts notrecognized offset in the presented in offset in the

financial statement the statement statementassets/ of financial of financial of financial Net

(liabilities) positio❑ position position amoun4CIS$'00(! US$'fi00 US$'000 iJS$'000 US~'000

(I~iO) - (l40) - (]40)(5,869) ~ (5,869) - (5,869)_ _._ x,049}

_.__ ___._.._ (6, 09) ---- - ----- (6,009}-

(7,013) -- (7,013) -- (7,013)

i I9,792) - (19,"792) - (19,792)

t~6,sos~ — ~z6,sos) ____ — r?h.sos~

(140j - (140) - (140)

-----._ _ _..._. _.... _._ ..___._.T_ _._.~1140) (l~0) - (140)

exchange contracts (7,013) (7,013) (7,013}

lnierest rate swaps i 10,567) (10,567} - {10,567}_ __-- -~»,sao~ ~a~,sao) ~i~,ss~)

l'he gross amounts or financial assets and financial liabilities and their net amounts aspresented in the statement o1~ financial position that are disclosed in the above tables az•emeasured in the statement of financial position at fair value.

i~S~3!

1'e','. I. .,.

32 '~~~ ~~~1~~~ ~~~ ~ ~~~~~~~ ~~~~~~ ~~ ~~~ ~~~~~~~

(~a) ~ss:at~~d~E~;~ ~~9~~~i~t°a~4~~~ ~a~x~ ~~i~ ~~~~e~

3 hc, carrviag ;~mou~~its and ta~~ ~~a[iies of fzzl~ricaai assets end li~biiiries, in.c.d~ding their Iei-eJs in tl~e fair v~:~t~e hier~~chy~, are ~s foli<~~~~~. It does nut1nc[~ade fair vaEue snfl~~z-rr~ation for ~inar~cia~ a~scts anti financial liabilities z~~t s~ieasw-ed a~ zau ~~altae z~ ~~he carryir~ a~11~l~nt is ~ rea.sona~le ap~rux~~~ationof fair value.

<~~urn-iti~~ zatounC ~'~i. e~a.l~e

Fais ro~atuc- - ~t?e; ~I ,~;~? __

l~rdrimr B_oaifs said .wv:sil;;~le ~~e;srzeial caE-ryin~,_V:'3 ef' Fief XCil [iE ~: Fl ~9 Cl"L'Q'eV3~7t ~S -EQY-Sa~C IjS ~iS6t1 £S 2&Fl (I UI{[ i. ~' ~. r• Y'l'~ ~ ~..2i'CI ~ ~ ..

EiS~'O(iO E7Ss'OO~ ~'S~'EifSQJ LiS~'l3OO ~/~,~QOO ';) ~ 'h>'IPi1O IQ

<;rc~up

2.0l~

. ,:. i lnbf.:~~;o~-sal:: 21r~a;r-.~€ai

'il I t ~i1 tJ ::1 __ _. .;. _ ~ !$;. ~ ^_'. c) ~i

Jtixr n~ri ~u:r tl ~ct:~ ?. i _. __

a ~~~ec ~~; 'r. i~~~~s .S - _ --:: - - _ -;~-:i i- ._.

tiec. ~.~ i i _ ~. . .

mte 'S ~: .5 - - - - -

Ot1~ .~~.i t, ~ 'iabiiiti;s - -— - - t2" 3;~6i ('M ,-

l~~ade snd o[hci pcyabies' ~~ _ _ _

-, _ _

i =.

~

S ul._ ~ _.L, ... „lz ' 'n~; ~t~ct

..ir. _:~ _4 Ct ~ .. . .. _, ~.. _

I i• , n ~ t ~~

GLP Pre. Lrd(formerly Down us Globaf Logistic Properties Limited]

and its subsidiaries

Financial statements

Year ended 31 ~~farrh?018

(a)

Fair ~ala~e cif ~na~ciat assets and l~abiliti~s (ca~tinued}

~ccoun~ing classificataons and fair values (continued)

(,'arrying amount

Rairvalue- Other Tofalhedging Loans and Available fnamcial carrying

iloYc instruments receivables -forvsale iiaLilities amountUS$'000 USS'000 USS'000 iiS.~S'000 L'S$'OOtI

Group

2017

Available-for-s~lc. financialmvesRnenu IU - - i,1E0,597 - 1,I60,~9?

Glhervov-current assets' 11 - 215,5?4 _ _ Zr~,j7qTrade anu ot}icr receivables' 12 - i~~,2i6 - - 555,236Cash and cash equiv;~en~s 14 - ?,210,540 - - 1,21(1,140

I,9S2,35~ 1,16~.~97 - x.142,947

S~c~red bank loans 14 - - - (I,?90,7921 (1,790,7921Secutedbonds 19 - - - (~(ii,361) f70?,~FiiUnsecured bank loans I9 - - - (!,;79,504) (t;t?9,~d4iunsecured bonds 19 - - - (t,384,9~4) (1;384,9 4)C3pit~l securities t4 - - - (53e,807) ~~35,R~~7jPo;ward for'ei~~ exchange contracts 20 (i3OUj - - - (?,013]Inierest rate swaps 20 (19,792) - - - l=g,"r92)Gthernon-cursentliabilities' vl - - (16i,43~) (U~S,R?i)Trade and ocher payable.;~` 22 - ~~- - (1,029,290 (1,07.9295}

(26,8051 - - (6,794.148) f6,87_Qyi31

\ores:` Exdudcs prepayments and deferzed maria~ eneent cosh` Excludes other assets ar~d prepa}an~nts.' Excludes advance rental received.

Fair value

Level 1 Level 2 Levei 3 TotaiLIS~'000 i?S5'000 i?SS'ORO iISS'OOd

1,044,886 - Ii5,711 Lt6U,597- - 228,637 228,637

(L"190,%921 - (1,?c+0,792]- (?07,361; - (?G7;361)- {1,179,SG4? - (1,179,504)

- (1,374.154) -. (=,i74,2S~)- (S~b;SO?} - (536,$07]

- (19,7921 - (79,792)

1= 593

(~} _`mss i1 €'d3 i.~aF#I~i~ ~~~aSS~~€~'ea~R69 ~s~ d'<. ~€d.~ ~ed7 ~" Tt'.`~~~.11 £:~ ~G£3 ~C ~a~S d.A'v'f.~'~1

:a; r. in~~: ;=;~::t:,i

_~~.f .ti' i~v~~' 1_i~33~S +.~«f 7~t: __~' ~

._ — i1 E't f~ Siii t [s:i1 -... i'Tt il'~y,

s~OCf in :. ;5!PS z"~f ePl'3~1~25 :u.~/1~t C1CS

jC'~:D'U4;U.. '..131

~ ~'>'fJ~6 $I~~'~1f4{! d ~~ OO€)C:oe~pq~any

y(i1R

"i~ade:;r~dothcrre;:.~i,~abks' }~ ?.i2.5;436 - L,;2ti;4R~(~ast~ an6 ~asn ec}ui~al~ns I~a _ ..~;~r ,79

_ - -.. ~d'.~d~:~

~ rrsccured bails loans 19 - - (I,4-47,141] ;i.44%,L i~~i.Jrisecuredborids 1~ - il,l x,994-) i1,133,~441Sar~~koverdr~fr 19 - -- (;i,Z~~j {~i X30;Forn~a:~ foreivr e~cchang ~ntracs 2p ~ ra~~ _ _ ; ~4n~~(~Fhee non-currerif liabiliCten' 2. 1 - - (lr-=;1 rade and other payables __ - -

?£l17

Trade: and oihc 'ccivzb3es' i3 - t_ '~".3~C~ - 8,ir.4n anG rah zyuiva;cnts 1'~ - -

~ti7 _._._. :: . ~ 7:~-

Unsecured bar mans ?u _ _

C!n:ecurcci fiords ?q

Capital :::am4ies iy _?~bn arti fbreift ~~ h~na,~ ~ont7acts ~~ -lnYerest rate wraps ~, i r e -

l raic ~:a ;,U~cr paynr,ics ___ - -

Nets(5xcit.des prepatintenU.

~.

r~ir ~~~lu,^

~.evcl I ~L:er~ck 2 £..eves 3 3 0:~3{t;:vrr3(S(f €J`~S'{~Of) C.'~i~'L~&}(i ~f ~'I7Elf4

,, ; t, ~.

t `~~~°i

C~LP Pre. Lrd.(jornserly knomn as (~,lobal I.opisiic PropeKies LimitndJ

Qil /111.5 S(f6.S!!lt!!i'IPS

Financial sralernenJs

Year ended 31 March 2018

32

~~)

~7~

(i i)

(tic)

Fair• vale of financial assets and liabilities (continued)

Level 3 fair val~re measurements

Reconciliation nf.Level 3 fair value

"The reconciliation frown tl~e beginning bakai~ce to the ending balance for Level 3 fair valuemeasurements foz' investment properties and available-for-sale financial instruments are presentedin Note 4 and Note 10 respectively.

Yaluatior7 techriiyues and si~zifrcant unobservable tnp~r~tr

The following tables show the valuation techniques used in measuring Lcvel 2 and Level 3 fairvalues, as well as the significant unobservable inputs used.

Fi►rancial isrstruments measr~red ut~air value

Type Valuation tech~~ac~ue

Available-for-sale financial Net asset value: The fair value of the «~~derlying assets andinvestrnciits liabilities of the entity to which the financial instrument relates.

The assets held by the relevant entities comprise mainly investmentproperties whose fair values were determined by independentexternal valuers. The fair values of the properties were based onmarket values determined using the discounted cash f3ow, directcomparison ai d residual approaches.

Finarac3al derivative Markel comparison technique: The fair va]ues aa~e based on brokerinstruments: quotes. Similar conh•acts are traded in an active market and the

Interest rate swaps quotes reflect the actual transactions in similar instruments.- Forward foreign

exchange contacts

Financial instruments not rrreasured at fiiir value

Type Valuation technique Inputs used in determining fair value

Loans to associate and Discounted cash flows Government yield curve at the reportingjoint ventures, security date plus an adequate credit spread.deposits and loans andborrowings

Transfer between bevel 1 and 2

I7tir~ing the years ended 31 March 20i 8 and 2017, there were no tra~lsfers between Level 1 and 2of the _fair vallic }iierarchv,

FS95

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~~~~$ :~a~~"~

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%'3~ 69~

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(r%€ f~~~~~az'a~r~ X~r~s~ ~e~~f~a~ z~ec~ivr~h€c~

i~iitt~re tt~;;nimuA,i lease: rersta( rec~.i~r~~le. roi~ tl;c ~s-afip oxi iron-cancellable ~peratiP~c~2~dSP,S t~t-0713 it2Vf'.y7f11c;SlT. f~f"0}J~7~?:3C,S fl1'~ ~i.S Ii))?Oli/S:

~.e ~'~ E$y`)

C ,~~tse r~eniaiEs t~ce.ivai~le.:

~.rill~ii~ 1 y~~a3~

- ,'~f1er 1 yt~t~~ but ~vvitllir~ S y~<zrs

- lifter ~ ~ ~~:~rs

r>eveSoptnc~~i evp~~ndit~tre ~oA~tr;ic~~d hint. not~~rc>i~ic~ed i'or

d~,fl~~c~ ~~~~~

~i~~'~~OJ ~J~~~~~~

78 ;552 ~ii~,2€)"1 ,3~b,(14? l,inl;?E~4~],0~~7 _ _ 515,122

~~•o ~~ ~~2~J'~~ 2~~~7

522,75 I uC)2,252

I S9G

GLP Pte. Ltd.(formerly known as Global l,ogislic Properties Limited)

nnrl its subsidit~ricsFingncinl statements

Year ended 3/ Afc~rch Z01~

34 .~~ignifacaret related party transaction

Rem2rneratiorr of key management ~er~sortnel

Tn accordance witfl FRS 24 Related Party• Disclosures, key management personnel of tl~e Group

are those persons having the autharity and respoaisibility for planning, directing and controlling

the activities of the Group, directly or indirectly. For purposes of FRS 2~ Related Pa~~ry

Disclosures, the executive directors are considered key management personnel of the Group.

The key naanagcme~it personnel compensation included as pant of staff costs for those Ivey

management personnel employed by the Group are as follows:

Groug2018 20A7

U5$'000 iJS~'000Wages and salaries {excluding contributiozis to definedcontribution pla~is) 7,806 18,58}

Contributions to defined contribution plans 26 106Share-based expenses, equity settled _____ .1,964 8,720

9,79b 27,420

Tn additioc~ to the related pv~ty information disclosed elsewhere in the financial statements, there

were the following sib ificant related party transactions which were carried out in the nvnnal

course of business on teens a~}reed between the parties during the financial year:

Associates zed joint ventures

Assek and investment management fee income from associatesand joint venture funds

Uevelopmcnt and other management fee iizconie fromassociates and joint venture funds

Asset and investment ma~~agement fee income from other

associates and joint ventures

Development. and other management fee i~lcome from other

associates and joint ventures

SttbsicDiaries of a substanti~i shareholder

Operating lease expenses paid/payable

Group

2018 20X7

US~'000 IJ~$'000

1ll,920 99,473

35,085 35,913

3,023 2,927

1,057 1,550

(6,430} {5,120)

A company in w3~ich a ~ircctor of the Cornparey have

substantial financial interests

Reimbursement of office expes~scs and allocation of expenses (108) (1 11)

I~S97

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~~av~g~~~~s k'~~. ~;~s~. ar~ca itsjoint ven~ttzre'

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~~~~ ~~) I've. ~,t€~. and its I~i~°estmeni }~o(ci~ngjoint ~~ez~tlire~

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~~~pan i()() I0(}

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Sin~~p~r~ 1CoJ ~ 1{}~

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Si~7ga~~c~Y~e i00 li}0

FS~B

GIPP~e, Lld.(fonnerf~; known c.~~ Globul Logistic Properties Limited)

trnd it,s subsidinriest nrancin; s7ntemertls

l'eur ended ~1 R9rv~ch ZOIB

3~ Signi~camt subsidiaries (contia~iied)

Coventry of4neorporatiaeaand dace of Effective iz~teresY

Na~rae o#'company I'~•inci~aai activities business 1►eld I.~v t9ie Gi-aut32018 2017°/n `%~

23LFI (2) Pte. Ltd. and its Investment holding Singapore 100 100joint venture

Bi~H (3) Pte. I.td. anc3 its Invesrinez~t I~oldix~g Singapore 100 100joint venture'

SLdF (4) Pte. Ltd. liivcst~nent holding Singapore lOQ 100

ALP Investment Holdieags' Investment holding Cayman l.slands 100 l00

New (zLP Holdings, Li,C anti Investme~lt holding US ] 00 100its joint venture'

New VO'estern Holdings, LLC Investment holding LS 100 10~and its associate'

New Harvest k3olc3ings, (,LE.' Investment holding US 100 100and its subsidiaries

CLH Limited and its Investment holding Cayman Islands 100 ]00signiticazrt subsidiaries

GJLP China ]Holdings Investment holding Hong Kong 6621 66.21Limited (f.k.a. Iowa ChinaOffshore Holdings (FIongKong) Limited) alid itssignificant subsidiaries:

Beijing Lihao Science & Property investment PRC 5826 56.28Technology Co., Ltd.

Suzhou Industrial Park Property investment PRC 4635 46.35Genway i'actory BuildingIndustrial DevelopmentCo., Ltd.

GLP Suzhou Development Property investment PRC 52.97 52.97Co., Ltd.

Airport City Development Property investment I'RC 35.18 35.18Co., Ltd.

GLP Investment (Shanghai) Praperty management PRC 66.21 66.21Co., Ltd.

GLP I-Park Xi'A~~ Science Property investment PR:; 30.94 3090& Technology IndustrialDevelopment Co., Ltd.

FS 19

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~.(~T1'~,(:i .Tt1L~.I~11%l~..i~Il:]~ HkC fPUQ7C~?7S J~ 5[~',l1SilC;ltl~i. {"11C}CTl-itlC-07pt;7'1i~tt~ StJEltili~lftilBS ~_S31fC:iti Jl;?E,'I'~V1Si'

(Tl~C~ I :;:? ~l.(~ t~ .

i~ ni f i~.,ir~i as: ~~~.,,.; ::~r:<i Joini ~-enfi.: es Ott [„e. i~~,~ ~,M arc. 1 »<1ose~i in Note Ci Co i3ie iinanc' 1 s[aten;en',~.~Tacor}~t~r ~~te:3 dur zng ii,~ ~ar ended 3 l \,tar:;ll 2Q i 7.f~Ol i'~EC_I"c. ~' ~C~ ~4 z~liii ~: ~ - s, ;. Lit;){ Cf~ti. lli'y' Of lilCill~;il(3~!0l1.

lnc:irpara[c~l ,lix~;n;; il:e year e,~Aclec' ;?. :i ~-tar~.i1 ~~il o.;i.~~ciited I~.~, I;;Ic~i;tc i.~LE3 (.ilk.

~~ .~~~~v~ ~~c~~ c~~~~~~~~

ll.ibSC'UUf;tl1 i0 ti ~ `jdi~:~~~ iti~ ~, 1 lc. i0~104ViCiE', CVCt11.S CCGUi-iCCI:

(ii C?r, 9 r~7zi-i] 2018_ th.: t r~~t~j~ i~su~cfi IAMB<!'~il(~o» (equii~<<l~nt ~o ~~~,~roxirn~~te~ly 1,S~i~":; (.~0O,OU01

~ i~ tZ~.1i; ~irucn~~i~atec 1~r, ,c. ,~3~.~ i~~3012 I'a~l~ ,-1 LL~,~. , n T~~,c ~~t~enz,l ~_n S~<3c ~_~c'.~~,u;~~z. 1'1~3c

?. ~F3C)kt 1 and~~ l3r~r~r; is d«c~ ~r~ 9 ,^~i>n, 20? ~ a,~id t cars it~cd in[ea~cst r~tc o9~ ~.~1~`;4, per anr~un~l, ~uzYh

a couUorj r4.5~.t ai d optic;? to recic;~ia~~ on 9 April ~(?2,1 :end ~ ripril 2t)2~i.

(;fj rin 13 ,lprii 7~:)! 8, u,e C~r<~~.a~ ~~sz,c~ i2 ~1}i i .2 biJiio~~ (equivalent [~r <i~>~3T~~>.~,~:i7;ately

' ~Sti~l9', ~?OO,i?Otl) ,~1~~Z.~ZE3 det~t>>~~iir~<5~cti t3onc3 tae "1'~~r2d<i Bond") ors the Nafici~al ~1ti.,o~-i ;Ei~:,n

t>; t~in:inc_~ii ~~_a~~kctlrt~~itutio~~al Itatiesto~~s f"~.~F~N1~I") TI~~.F'ai~~1a ~3c~n~J i.~ clue ~~r2 13 ,~ pail :.(1'i 1

and i?ears iixccl i,~tcrest Eat:: of~?.15°io per an,nur2~.

l ~~i)0

GGP Pte. Lrd.(f' ormerly ktrotivn rrs Global ~.ngislic Properties Lin~iledj

and its subsidiariesf~inancinl s(atemenls

}'ec~r enuec! 3! A4arch 2018

36 Subsequent events (contin~~ed)

(iii) On 2 May 2018, the Group issued RMB i.5 billion {equivalent. to approximately IJS~236,0O0;000)of OBOR Panda Bond nn the Slietizlieri Stock Excl~aiige. The OBOR Panda Bond is due on 2May 2427 and bears fixed interest rate of 5.09% per acintun, with a coupon reset and an option toredeem on 2 May 2021 and 2 May 2024.

(iv) On 3 May 2018, the Group issued EUR365 million (equivalent to approximatelyUS$435,000,000) of Senior Notes (the "~uro Bond") under• the US$2 billion F,uro 1~lcdium TernlNote Programme. The Ettro Bond is due on ~i May 2023 and bears fixed interest rate of 3.00%per annum.

(v) On 16 April 20l 8, the Group received p~~occeds of GBP400 mil3ion (equivalent to approximately1JS$56b,000,OQ0) in relation to the final syndication of 61°/n eq~iity interest of G1,P EuropeDevelopment Partners I. The remaining l5% equity interest held by the Group was reclassifiedasrnvestment in associate.

(vi) C}n 18 May 2018, the Group received proceeds of FUR 172 mil]ion (equivalent to approximatelyUS$213,000,000) in relation to the partial syndication of 22% ecauity interest of GLP EuropeIncome Partners 1.

37 Convergence with International Financial Re~ortang Standards (IFRS)and adoption of ner~v standards

In December 2017, tl~e Accounting Standards Cou~lcil (ASC) issued the Singapore FinancialReporting Standards (International) (SFRS(I)). SFRS(I) comprises standards and interpretztionsthat are equivalent to IFRS as issued by the International Accounting Standards Board (IASB) at31 llecember 2017 that a~•e applicable for annual period beginning on 1 January 201 K. Singapore-incorporated companies that !lave issued, or are in the process of issuing, equity or debtinstruments far trading in a public market in Singapore, will apply SFRS(l) with effect fromannual periods beginning on or after l January ?018.

The Grolrp's financial statements for the financial year ending 31 December 2018 will be pz•eparedin accordance with SFKS(I). As a result, this will be the last set of financial statements pre}~aredunder the current FRS.

In adopting the new framework, the Group will be required to apply il~~e specific transitionrequire~nenls in SFRS{I) 1 First-time Adoption of Singapore TinanciaJ Reporting Standards(Inrei-national).

tS101

Gd.d' f'te l~rtl.

r'i ~~rrt~~ ;!f r:rluui ~,~ Cr1of .t ~~ f,~. ~! c rr ,IreY.r ~~ ~, >-.7 err~j

(Flil.~ il.S 5'Pf ~S'!(f7(RF'7 N.S'

."7?7:'x'R r'i p/ j; ~l1E:')i P.Y71S

~,,

to a~i~iitior, is t}~e ~id~~f~tian of t:l~e nes~~ frai~~cv~,~ork, iYie t=,rof~~~ ~~~ili ~ilso coneui~r-er~~tly apX~1y ti~i~totlow~t~g SF~I~~(I)s, ~n(etpreC~~Ci<~t~is of S1~l:S(I)s and ret~tiirer7~ei:ts of S~~ky(1)s wl~icl~i arc.~nand~itorily et~ect va frond thc, sar~~e ~ia£e.

Sf tZ~{(} 1 ~ IZe~enii~ fioili C:ont,a~:ts with C:usYuit~er~ ~vl~ic~a ir~~(~idet; the cl~zri'i~ati~>r1:s trs1~~'RS 1.5 IZeve~~i~e ~tio~~~i t'oairac:tti wish C~~stc~rald~~s issued }~y ilze I~S~' i~~ :'~7r~i1 ?(ii6;

5t~'RS~(I) 9 Fi1~a~~c~a! Irlstr~~~~~ei~i~ ~~,~hicti irell~c~as the an~endr,l~;rits io II'I2S 4 Inst.~,~~}ce{'onira~; ,1,~p1~ in~~ ;i~R~ 9 Finai3cial It~sirl~rr~ea~t~ ~~~it1~ IT~I~S 1 ?~~~~~raiicc ( ~~rtf<.ctis ued by the. fASL3 r~ 5~~~~ie.~l~l;e~ 2J1ti:.

;e.~~tair~;,~rser~ts i~. S1~1t~(f 2 abate-basct~ 1'ay~tAet~t <i~~is~rig t ot~z the. ixrAet;~rr~citts rr IF~iZS ?.C'7as.s~t~c<ftion and Vlet~strrenie~~?: oA~ Sllnt•e-ba~e~~ ~'r~yr~~e7~t ~~"razis~actions i~sue~~ by tf~c

ec~uireir~~.n2s ig~ St;RS{~) 1-~~(3 l~ivestm~ait ~ri~perh~ ~rrs~i~° from tl~ie ar7~endme»t~ to I,~.<t{~ .. } -,~r;sfers c,f'invc~tit~er;t 'rope~ty is~ued by the. Il'~SI~ ?~1 L)e~e~t~1>es ?f716:

i e~~~.iizc~z~~+~liis ;zs S}~IZS(I) 1 a~~isii~bg 3~zorn 9P~e ~f31~nt1~nc,rits to LE~~Z`il' i — €)elction ~~(~ sl~~~r~t-~U~~i~~ ctict.ap(ioz1~ for t~ir~st-tirrle,ido~~tea-~ isst.te~i by ir3c I~Si` iii ~ecez~~~~e~~ 301b_

re~~uircn~.ettts i~1 ~~°RS(I j i-?8 lnvestn~ents in :15.soci~tes and .Joirrt ~V'eJ~ta ~es ~LYisin~~ fs~oi~~the «n.enc3mi~nEs t~o [:~S 2& — t~iE,<~asuring an associate oz-j~ir~t vet~eure at t~air~ value iss~~edby tf~e I1~S13 ire ~~ecei~~bw,r 2O1€>; aE~d

~I'RS{il €.~'I' 22 f,vr~igr3 C'i~rr i .y "Cransacti:~n5 <ind 1c~~.rarzce Co€~5ideraiie~~}

~l~i,c (~r~~>t~~~ does ~~oi: e'xpect (he ipr,Pic~±ion of [he at~oti~e siar~dar<~s ~xnci in~c~pre:atioiiti ~[o h~,~:e a1i~Y11f1C~IP7t 1211}7dC;C <?„ L~l TIIi~:l11(:1i31 Stt1YClTiCit~S.

~~XA}YF,f;P~d3 j.' Of Cy~ZEfd~°Yt~ta~<dt`XV~+ 7F'fY~➢r7C8

.., _T~l~a.e C~r«tzp 1s <<i~~c~~iily iin~,i~z7ng t#i~ T~~i~s~C~on ad}l~sti~~e,7ts. T~1~ ~c~11o~~~zt~g rec~n~i~;af?onsr~roviiie Eiri esi;rll ite c,'the expected ic~ipaci~ ot~ ~r.~[ial a~~plic:atii~q~ of SI~FZS{I) 1 >ri t'_ae ~;ro~t~,'>and tt~~: (.`om~~a~~y's 1ir~ar~ci~a1 posi:ic~n as aP. 3 i 1~I~irch 2 18 r~ncJ 1 April 2018 az~<i t~i~ ~,ro~~~~'sfro+~t or 1e~ss ~~z~~ other ~ott~i~~rehensive iztcorF~c for iht. ye<~~~ erZdeE~ 31 i~1~t~c11 ~;U I ~.

C;~~~~e~~~d~t~ci ~~;~t~€~as~rBt o~ ~a~a~as~<a:~ ~a€~s~~s`€~~a

~ ~a~ r~ roc. ~ransl~.iiioi re~~n.eR e.tair~cd c~ii ~~int

-------------- 31 4-~ s~ rc§~ 2e~ 1 ~ ------ -------~~i&3'ICE1C ~~+if~(~)

f~s~~~~ne~vaad-~c ~~~5(I) ~ fs~<4r~re~~6rlc

(~, ,Ci2t) ;,1i3,3'7J i0i,i$9~~,99'_4~ji (i_17:s,375j '.~1~'S65

S 1 i)?

GL1' Pte. Ltd.(Jorrnerly knoiviz n,s Global Logistic Properliee• Limited)

nerd its subsidrarie,sFlnancia! stalemenls

Y"eur• endecl3! Mnrc~~ 21:4

37 ~'orevea-genc~ with International Financaal ~2eporti~~g Staz~da~•c~s (MFRS)and adoption cif new standards (eopatinued)

~SF~2,S(Y) 1

When the Group adopts SFRS(I) in financial year ending 31 March 2019, fhe Group will applySFRS(I) ]with 1 April 2017 as the date of transition for the Group and the Company. SFRS(1) 1generally requires that the Group applies SFRS(I) on a reh~ospeetive basis, as if such accountingpolicy had always been applied. If there are changes to accounting policies arising from new oramended standards effective in 2018, restatement of comparatives may be required becauseSFRS{I) 1 requires both the opening balance skieet and comparative information to be preparedusing the most current accounti~~g policies. SFRS(I) 1 provides mandatory exceptions andoptional exemptions from a~etraspective application, but these at•e often different from thosespccitic transition pz~ovisions in individual FRSs applied to the FRS financial statements. Exceptas described below, t}~e Group does not expect the application of the mandatory exceptions andthe optional exemptions in SPRS(I) l to have any signif►cant impact nn the financial statements.

Foreign currency irarzsialion reserve (FCTR)

The Grou}~ considers that restating FCTR to comply with c~~rrent IAS 21 The Effects of Changesin T'oreign F.,xchan~e Rute,s may not be practicable as certain acquisitions and disf~osals weretransacted at dates that preceded the statutory record keeping periods.

"Ihe Group plans to elect the optiona{ exemption in SFRS([) 1 to reset its cumulative FCTR forall foreign operations to nil at the date of transition, and reclassify t}~e cumulative FCTR ofUS~1,173,375,000 as at 1 April 2017 determined in accordance with FRS at that date to retainedearnings.

After the date of transition, any fain or loss on disposal of any foreign o~~eratlons will excludetranslatioia differences that arose before the date of transition.

"l~he Group expects the cumulative FCTR to increase by [S$1,l'73,375,000 and retained earnzngsto decrease by tl~e same amount as at 31 March 2018.

SFRS(I) 15

SFRS(I) 15 establishes a comprehensive framework for determining whether, how much andwhe~1 revenue is recognized. It also intf•oduces slew cost guidance which requires certain costs ofobtai~ii~~g and fulfillitlg contracts to be z~ecognized as separate assets when specified criteria aremet.

'The Group plans tt~ adopt SFRS(I) 15 in its financial statements for the year ending 31 March2019, nsi~ag the retl•ospective approach.

As a result, the Group will apply all of tl~e requirements of SFRS(I) I S retrospectively, except asdescribed below, aild tl7e comparative period presented in the financial statements for the yearending 3l Marcl~ 2019 will be restated.

FS103

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S~'~~~s(~~ f~

~~'~.J{,7j t) ;t1~C()<~t:Ci'S II~G' l~t~~!Jlit'tlll~`!]~S ~~OC ~~23.~S1tli;£3l.li)tl 2111Cj t11c;d~t.l'€'CIT7C~I]( Gf~ jIY]~IPIC1d2

iE~str~l~t~letlts, a r~e~.~ e;~~e,ctec~ credit. loss z~~~>~~Jel for caf~:til~~in~, ;r?Ip~~irr>>ent ~~t ~tinanciaE ~Ssets, <tndn~~~ gex~cs~al (edge accountii~~? regliirc~rtents.

Overall, t:l~e Group does no( expect a si~Eiiticaz~t cl~r-lrz~;e an tl~e lrieasiireiT~c~7t basis ai•i; inh IYo1xi~icio~atirzg size ~~a~v c.lassiCcation a~1cl ~ncasiare~nent rtlodel u~lc9cr~ 51~IZS(.Ij 9. Poi tl~e (~z~~l~.p'~investr~~Urit in c<juii:~- sc:c.iritit„ ~:)as~ifi~i3 a~ "a~,ailal~le. i`c>~ ~1c" fis~anci~~l <s5ex~ (:` 1~ 5„j, t~k~iY'011~ t'.,l'.~l~Ct,S' ~0 ~C~Ctii~'71r11i:; Clt~i.fllil `~~ ~ '~~i~iili~:' 1ll~~S"tII;C;IitS t31: f~'cl7i~ Vflltft 1}li()ll`?,}t OI~iGa

uozx.p~~i:llezasi~~e iP~co~r~. ['tte. f~~ir ~~:;1~ie ~~l~tar~ge.~ ~~f't~hc- f-c~a~~airlin~ rA1~~5 cc~t.iiCy ir~v~str~~~.7~1:s tivili b~recu};~1i~ev ir, pro#it oz I<7ss as they anise. (~oarls arici i~ecesti ~ble;s et~r•reez~ly accot~~lted far at~mortiseci c-ctst will ~i nt.ixlue to be acec>ixrlted f~~a~ using ainort.ised cost ti~ode( under ~~~5(I} ~'.~'is~at~cial a>seP.s will 'o~~~ ~lassifiied accc7t~tiing t~> their ec~i~traetta<~( call ~~lo~~,~ characteristics aria Che~~bi~~ia~e~,s ,nt>ciei uF1dc1~ ~vhic}~~ t}~ey <~r~ nei~3. "I"tai im{gain?~eilt ~~tp:iire~~r;ezlis ii1 SFFZS(i} 9 wi!1 bel~ ~~ed ~:~n avz ex~, ~ct.~d e~-e~]it lo.s~ model to ~epiace t?ie FIZS 39 i€~cur;ecl loss mode.l..

1'l:,e Gror~p ~x~~e<~.ts thai all its exist?n~ l~edpv,~ tP~at <~rc design~ttecP in ei'ze:;ti~-e i.~ed~tiisi~relation~cii,~~ ~vi1~ cc>r:tinue, t~, ~3u~~lif; f-cir he~~;e accou~Itint~ ur,~ler S4~IZS(~j ). "I'l~e nel-v ~; ener7lledge aec:t~~unt~n teq«ire;~s~ezits .s G1<cly to present naoz~e opportunities for she Croup t~ acl~j~tlte<~~~e accounLin~;.

,I Ile C~~eu~~ eYp~c:?s to appi~ the sirnr,lified ap~roacii and accord li,~:c;tii~~e ex.~;ecte.cf 1o~se.; oY~ alltratje ~•eceiva6les. l~l~e t~rt?u~~~ ~~oes not ~~Ypect fhe ittlpair;lze,~T cal~u;~ited using; the n~;~,~ exuec.[ecfcredit lo~~~ raa~~~d~~~l to have a cient~3c~int~ im~~~~ct cu the ~na7icsal ~taiea~tenes.

"I'1~~. Grc~~,p plans i.o ac~~,~pt t17~ 3~~~~ s~andarc~ on the ~~c~li.irc.d etfec~ive ~atc w~itlzot~t resf~~tinh ~~x~i~~s~~.eY~io«s' i:rt<~x~7nation riri~l s~~co~ ices ~~~iy c1iI~I~~~~crice t,c-tweed the }sreviot,s ca~'ryin~ ~rnotrz,t ~~rzci il7e.~rrr,~~~1~. a~n~~~~~~ a~. the ne.~irtlitiin~ ~~t'tlir, ant~:ual reportia~,~> {~~:rio<i ai tl~~e d~ate~ of initial ap~~l?c,~£ionin tine ~~penir~~; ~~etaiE~ed earnings.

I'h~ tprou~~ 3~a~ ~~e5~tormec; a ~.~reii37~~in~ry a~scssme.t~t ~f atic~~~~fu~~ ti ~'~~w(~) 9 base.cf on cu~-ren~lyava la€~,~ inform~Yiun ~tz~<i the Grou~~ does not erect the adogti~n o~l' .`i~T~`~(I) 9 to }~~ave env

si ;ni1'icanl~ i~~2~~act on t1~e fir;anc~i~ stat_cri~znts. ~ h~ti a~sessmes~t~ r7~ay be subject to c(l ~tlg~ ~ ~~?risin~?from ongoing anal}psis, lant~i the Gt~oi~~ adopts SFRS{Ij ~~ toa• t[1e year er~~3ing 31 iV~arcl~ ~OI~~.

~~~~~~Eia~a~Ie ~c 3agas~¢bs~~eE st~tera~ex~~s $~~a ~~te yep¢• sae<laat~ 3~ i'~T~~a-i}a 2fd2(~ ~tg~€S tgi~~.~e.~s.~'k~~•

i~he follow;€~g n~~v S}~'~S(I}, arnend~neni.s t~t> a~~d inter~pi~,tatios7s «i S~RS(Ij ace ezf~ective f<~ranneal peri~x~s begins?~?g aft.er ~ i~~~ri E 2018:

5;~~ f~~~7) IN ~~ 2 3 Ihrc~~rr~rntry o~~~er Inc~vn~re lax Trt~cttr~zcrttsL-nrtg-terrt~ Ii tar~e.si,~ r1~~,4.s~~~r'iales cn~tc~'Juin,~ ~"enlr~Ye,s° (!~irtendrneni.~ to SF'IZS(1} i-28;~

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FSIE~~

CLP Pte. Lrrl.(formerly luaown ns Global Logistic Properties• Linzitedj

and its subsidinriesFinancial statements

l'e2r~ er:ded 3l Mnrcft 201 ~

37 Convergence vdith Internsitional Financial Departing Standards (IFRS)end adoption of new standards (continued)

The Group is stil] in the process of assessing the impact of the new SFRS(I)s, amendments to and

interpretations of SFRS(I)s on the financial statements. The Group's preliminary assessment of

SFRS(I) 16, which is expected to have a more significant impact on the Group, is as describedbelow.

S]FRS(d) lh

SFRS(I) 16 replaces existing lease accounting guidance. SFRS(I) 16 is effective for annual

periods beginning on or ~~fter l April 2019, with early adoption peiniitted if SFRS(I) 15 is alsoapplied. SFRS(I) 16 eliminates the lessee's classification of leases as either operating teases or

finance leases and introduces a single lessee accou~~ting model. Applying tl~e new moclei, a lessee

is required to recognise right-of-use (ROU) assets and lease liabilities for all leases with a term

of more than 12 months, unless the underlying asset is of low value.

The Group plans to adopt the standard when it becomes effective in financial year 2019. "I'he

Group has performed a preliminary assessment of the new standard on its existing operating lease

arrangements as a lessee. The Group has several non-clncellable operating lease agreements inwhich the. Group is a lessee and the tindiscounted lease cotrunitments as at 31 Maz•ch 2018 amountto US$26,438,000. The Group expects these operating leases to be recognized as ~tOU assetswith corresponding lease liabilities undcrthe new standard.

The Ciroup plans to adopt the new standard on tl~e required effective date by applying SFRS(l)

lb retrospectively using the modified retrospective approach as an adjustment to the opening

balance of retained earnings.

The Group is currently in the process of analysing tlae transitional approaches and practicalexpedients to be elected on h~ansition to SFRS(I) 16 and assessing the possiUle impact of adoption.

1 S 105