GLP Investor Presentation : Citi 2011 Global Property CEO Conference
March 2011 Agenda
Company Overview
Our Immense Growth Opportunities
AcquisitionStrategic Investment of ACL in SCPSB
Strategic Investment in SCPSB
1 About Global Logistic Properties
Asia ’s largest industrial and logistics infrastructure provider Operating across 26 markets in Asia, with 104,409,000 sq ft portfolio
Best in class provider of logistics infrastructure for customers across all industries
GLP Park Tokyo GLP Park Suzhou Japan China
2 Corporate history and key milestones
2007 2009 2010 2003-2004 GLP formed to manage GIC Ming Mei appointed CEO of Named Global Best Realty acquisition of ProLogis’ ProLogis China and Asian Industrial/Warehouse Developer, ProLogis China's founding assets in China and the Emerging Markets Best Industrial/Warehouse team (Jeff Schwartz and Ming remaining interest in its Japan Established network in 18 major Developer in Asia and Best Mei) established presence in property funds logistics hubs in China and 6 Developer in China by Euromoney China major markets in Japan GLP founding partners: Jeffrey Schwartz / Ming Mei Over 64,600,000 sq ft GFA of Jeff Schwartz appointed as Named best developer in China completed portfolio across China CEO of ProLogis and Ming by Euromoney for the first time and Japan together accounting for Mei appointed to head over 50% market share in modern ProLogis China logistics facilities in China and Set up first China logistic park Japan in Suzhou, and entered 250+ established customers across Shanghai and Guangzhou Japan and China markets in China, as well as the Nagoya market in Japan Strategic alliance including co- branding initiatives with leading multinational companies such as Amazon, Hitachi Transport System, DHL, Deppon Logistics, etc. 2008 IPO of GLP in Singapore main board, which is the largest 2005 - 2006 Singapore IPO since 1993 GIC Realty formed 1994 - 1997 China Fund with GIC Realty and ProLogis ProLogis to invest in Security Capital Industrial launched Japan Logistics Fund China logistics facilities (SCI) launched IPO on 2 developed by third party the NYSE 2002 Expanded network by entering The 2008 Olympic 2011 SCI merged with The Beijing and Tianjin markets in Organization Committee Krauss/Schwartz Northern China and entered the In June 2002 GIC Realty formed selected GLP as the Company Osaka market in Japan 80:20 JV with ProLogis in Japan to exclusive distribution Acquired 19.9% of Shenzhen listed SCI changed name to build a portfolio of logistics facilities center provider for the Shenzhen Chiwan Petroleum ProLogis in Japan 2008 Olympic Games Supply Base Co. Ltd. (SCPSB) Jeff Schwartz appointed Masato Miki recruited to head Acquired of approximately 53% head of International ProLogis Japan effective interest in ACL in Jan Operations at ProLogis Entered the Tokyo market with the first facility for DHL in September 2002
3 A market leader with most experienced management team with the best platform Extensive network of modern logistics facilities in Asia
China
Presence in 19 major cities Sapporo Shenyang Recent Acquisitions ,2 74,270,000 sq ft of GFA¹ Beijing BLOGIS Tianjin Dalian 38,750,000 sq ft of Sendai ACL Qingdao Tokyo completed GFA¹ Hiroshima Nagoya Nanjing Osaka 71,042,000 sq ft of land Chengdu Wuxi reserve Suzhou Shanghai Fukuoka Japan Hangzhou Chongqing Jiaxing Presence in 7 major cities Ningbo Fast-growing logistics market Guangzhou Zhongshan 30,139,000 sq ft of Foshan supported by domestic Shenzhen completed GFA consumption growth Zhuhai Limited supply of modern Well -established logistics logistics facilities industry Scarcity of modern logistics facilities
We develop, own, manage and lease logistics facilities in the fast growing and well-established logistics markets in Asia
Notes: 1. 100% basis and as at December 31, 2010 and exclude GFA attributable to the BLOGIS and ACL acquisitions. 2. Excludes land reserve. 4 Proven track record of growth
GFA (mm sq ft) 1 China Japan
FY2005–10 China GFA CAGR: 109%
FY2005–10 Japan GFA CAGR: 43% 64.8
57.7
34.7 40.8 28.0
15.2 25.4
8.3 14.4 29.7 30.1 0.30 25.6 5.9 0.9 17.1 2.0 11.2 5.1
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010
1 Completed properties only on a 100% basis FY2004–FY2005 0.19 FY2006–FY2008 FY2009–FY2010
Set up our first China logistic Expanded network by entering Beijing and Stabilized logistics properties in China with Key park in Suzhou, and entered Tianjin market in Northern China average lease ratio of 90% milestones Shanghai and Guangzhou Established network in 18 major logistics hubs in Presence in regions accounting for 2/3 of markets China and 6 major markets in Japan (including China’s GDP Established presence in all Osaka, Sendai and Fukuoka) Over 30,139,000 sq ft completed portfolio in major logistics markets in Japan which consistently maintained 99% 5 Japan (Tokyo & Nagoya) occupancy even during the financial crisis Business and financial highlights – 9Mth FY2011
For the nine months ended December 31, 2010 Revenue 1 increased by 14% to US$349,000,000 EBIT excluding revaluation 1,2 increased by 46% to US$298,000,000 9,668,000 sq ft GFA of development starts Strong customer demand for GLP China facilities • Stabilized logistics facilities lease ratio of 92% • Average lease up rate of 1,112,000 sq ft per month Strong customer demand for GLP Japan facilities • Stabilized lease ratio of 99% • Weighted average lease expiry of 6.2 years Recent Developments • Jan 2011: Acquired approximately 53.14% of Airport City Developments Co., Ltd. (“ACL”), the sole developer in the Beijing Capital International Airport (“BCIA”) airside cargo handling and bonded logistics area • Dec 2010: Acquired 19.9% of Shenzhen Chiwan Petroleum Supply Base Co., Ltd. (“SCPSB”), parent of BLOGIS, the second largest modern logistic facilities provider in China
Notes: 1. Based on the combined income statement. 2. Revaluation refers to net fair value gain or loss of investment properties arising from jointly-controlled entities and subsidiaries. 6 Aerial Map of ACL
7 Quality portfolio of modern logistics facilities spread across China and Japan
Our portfolio
As at December 31, 2010 Total valuation Effective interest Total GFA (sq ft ) (US$) valuation (US$)
China portfolio Completed and stabilized 35,521,000 1,730,000,000 1,322,000,000 Completed and pre-stabilized 3,229,000 192,000,000 104,000,000 Properties under development or 15,069,000 456,000,000 396,000,000 being repositioned Land held for future development 20,451,000 248,000,000 192,000,000 Total China portfolio 1 74,270,000 2,626,000,000 2,014,000,000
Japan portfolio Completed and stabilized 30,139,000 6,326,000,000 6,326,000,000 Total GLP portfolio 104,409,000 8,952,000,000 8,340,000,000
Note:
1. Total China portfolio excludes land reserve of 71,042,000 sq ft as at December 31, 2010.
8 Excellent lease profile
Lease ratios (%) for Japan Lease ratios (%) for China*
100% 100% 100% 99% 99% 92% 86% 86%
85% 85% 2009 2010 Dec-10 2009 2010 Dec-10
Lease Ratio Lease Ratio
Largely stable rental rates Strong demand - average 1,112,000 sq ft of new and expansion leasing per month over 99% average lease ratio first three quarters
Weighted average lease expiry (“WALE”) of Domestic consumption and online retail 6.2 years continue to drive demand for modern logistics space
* Stabilized logistics portfolio in China 9 Agenda
Company Overview
Our Immense Growth Opportunities
AcquisitionStrategic Investment of ACL in SCPSB
Strategic Investment in SCPSB
10 China economy outlook and demand – Strong China economic growth and increasing demand
Strong Economic Growth • GDP grew by 10.3% in 2010 • Average expected growth of 9.1% in 2011 and 2012 1 Favorable economic drivers: • Robust growth in domestic consumption – Retail sales increased by 18.4% in 2010; average expected growth of 18.4% in 2011 and 2012 1 • Supportive government policies: – China’s 12th Five-year Plan (2011-2015) to increase reliance on domestic consumption growth • Industrial production increased by 15.4% in 2010; average expected growth of 13.4% in 2011 and 2012 1 • Foreign trade rebounded by 34.7% in 2010; average expected growth of 16.0% in 2011 and 2012 1 Fast Growing Inland Economies • Increasing inter-regional logistics activities and significant facility demand in inland area • Fast growing inland economies with five-year average GDP growth of 14.9% 2 – Accelerating industrial migration inland, driven by companies’ cost optimization objectives, government’s investment and policies – Production output in inland area grew by 21.6% 2 – Booming consumption in inland areas with retail sales growth of 18.8% 2 • Facilitated by intensive infrastructure investment
Notes: 1 Feb 2011 issue of Consensus Forecast 2 Five-year Average of 10 major 2nd-tier cities (2006-2010) 11 Consumption driven growth in China…
GLP leased area for completed logistics properties by demand type (China)
Machinery 2% Domestic Import/ Other demand related Pharmaceuticals/ export related 5% 80% medical instruments 20% 2% Fast-moving consumer Auto and parts goods 13% 23%
General logistics services Electronics/high-tech 14% 22%
Retail/fast food chain 19%
Significant growth potential driven by Strong and sustained growth in growth in China’s domestic consumption industrial output and economic activity
GLP is a direct beneficiary of the growth in GDP and domestic consumption in China
12 China logistics real estate market overview – Positive market outlook and higher threshold for obtaining logistics land
Positive market outlook and higher threshold for obtaining logistics land • Occupancy ratios above 90% in most major markets – Strength upward pressure on rental rates across country – Average rental rates in Shanghai increased by 5.71% in 2010; forecast to grow by 5%-7% in 2011 • Limited new completions in 2010 due to major players having curbed new starts during the crisis – New supply mainly contributed by private sector / regional players with land bank acquired before the crisis • Long-term logistics supply constraint and higher threshold for obtaining logistics land – Limited land quota and rapid land price appreciation in prime locations – More difficult to obtain land as the government raises requirements on tax contribution / investment thresholds – As a market leader, GLP is better positioned to acquire logistics land Market opportunities • Continuing urbanization – Accelerated demolition of obsolete supply due to re-zoning, reducing existing supply and creating land conversion opportunities – Rapid increase in rental rates in prime locations, which improves viability of multi-story facilities that meet the government’s desire to intensify land use • Opportunities for land banking – 12 th Five-year plan and logistics industry plan broken down into detailed local planning and policies which provide for larger scale developments – More logistics parks near airports and highway conjunctions planned, driven by investments in infrastructure Competition • GLP strengthened market leadership with new completions that outpaced major competitors • Recent credit crunch and pressure from government to develop idle land bring opportunities for M&A
13 1Colliers report Underpinned by supply constraints
Current supply of logistics facilities in United Limited supply of modern logistics facilities States is ~14 times that of China in China
Warehouse stock: GFA (sq ft) per capita 55.5 Interior Exterior
14x 4.1 Modern China United States Source:China Association of Warehouses and Storage; CB Richard Ellis estimates, CIA The World Factbook
Major modern logistics facility providers account for less than 1% of total market supply 1 Middle (mm sq ft) 5,920
62
Major modern logistics Total market supply of facility providers logistics facilities Low-end
Source: Transport intelligence and CB Richard Ellis 1 The major modern logistics facility providers delineated above refer to GLP, Blogis, Mapletree, AMB, Yupei, Airport City Development, ING Real estate, Goodman and Vailog 14 Market share and competition in China – GLP strengthened No. 1 position
GLP’s development start outpaced major competitors • Accelerated development with 9,668,000 sq ft of new starts in China for the 9 months ended (as of Dec 31, 2010)
GLP’s market leadership in the modern logistics facilities segment in China (by GFA)
(mm sq ft) 38.8 4.3
34.5
7.5 6.5 4.3 4.3 3.2 3.2 3.2 7.5 1.1 1.1 6.5 1.2 3.2 3.2 3.2 3.2 3.2 0.8 0.4 GLP Blogis Mapletree AMB Yupei ACL ING RE Goodman Vailog 15 Completed portfolio as of Mar 31, 2010 New completion in Apr-Dec 2010 Customer dynamics in China
Growing demand from customers in fast-growing consumption related industries • Domestic consumption-related industries constituted approximate 80% of leased area in 2010 • End-user industry composition comprises: Electronics (26%), Retail (24%), FMCG (19%), and Auto (7%) 3PLs continue to be active as companies view outsourcing as an effective means for cost and efficiency optimization • Contributed 58% of newly leased area in 2010 which increased from 51% in 2009 Domestic companies are upgrading their warehouses • Contributed 59% of newly leased area in 2010 which increased from 54% in 2009 In addition to customers’ expansion demand in coastal markets , there is an emerging trend in customers’ extending national network to more inland logistics hubs • Deppon’s demand in 14 provincial capitals (excluding Shanghai, Beijing and Guangzhou) projected to grow to 1,345,000 sq ft by 2012, more than double that of 2010 • Online retailers such as VANCL and 360Buy seeking GLP’s support to extend their national network to inland logistics hubs such as Xi’an, Wuhan, Zhengzhou and Jinan, etc. Warehouse consolidation has become a trend among big companies
16 Japan economy outlook – Continuous recovery in Japan economy
Japan’s economy is recovering • GDP grew by 3.9% in 2010 and is expected to grow by 1.5% and 2.0% in 2011 and 2012 respectively 1 Increasing trading volumes and improving industrial production contributing to economic recovery • Increasing trading volumes – Exports grew by 24.4% (y-o-y) in 2010, marking the first annual expansion in three years – Continuous growth projected due to an expansion of trading volume with Asian countries and recovery of the U.S economy • Improving macroeconomic indicators – Industrial Production Index as of January 2011 increased by 2.4% from the previous month, marking three consecutive increases, mainly due to the recovery in exports – Corporate earnings improved by 54% on a year-on-year basis in July-September 2010, driven primarily by the manufacturing industry Bank of Japan continuing its accommodative monetary policy • JPY 5 trillion fund to stimulate the market • JPY 50 billion allocated to the J-REIT market, boosting the J-REIT market JPY interest rate expected to remain low in near future (current JPY5Y LIBOR SWAP rate: 0.64%)
1Feb 2011 issue of Consensus Forecast
17 Japan real estate market overview – Positive market outlook based on the improvement of market fundamentals
Increasing liquidity in the Japanese real estate market • J-REIT market is recovering – J-REIT Index has recovered to 1,130 as of 2010 year end, registering growth of 25% in 2010 – Price/NAV approaching par on average – Issuance of J-REIT bond and PO during 1Q 2011 estimated to be around JPY150 billion, which is more than 50% of volumes seen in 2010 • Positive investor sentiment – Foreign investors are returning, given the positive outlook of market fundamentals • Lenders becoming asset-hungry and lending terms are getting favorable for borrowers Historical low level of land and construction cost , both around level of the 1980s Improving market fundamentals in the logistics real estate market • Demand and supply balancing due to limited supply • Vacancy rate continues to decrease in major markets such as Greater Tokyo area and Greater Osaka area from March 2010 to December 2010 • New leases in Greater Tokyo area and Greater Osaka area increased in 2010, the first improvement from previous year since 2007 • 3PL continues to be a major demand driver followed by the strong growth of e-commerce industry and the continuous consolidation demand from FMCG industry
18 Customer dynamics in Japan
3PL business continues to grow based on continuous cost reduction demand from manufactures/retailers • 3PL market has grown by 17.4% in 5 years • Sales from 3PL operation have been growing rapidly for logistics companies Strong demand from e -commerce industry , a fast growing sector • Internet/mail order service has grown by 94% in 4 years • Sales of e-commerce business have reached more than JPY 7 trillion and have outstripped the sales of department store in 2010 Stable demand from domestic consumption related industries (FMCG, apparel and pharmacy) Strong expansion demand from existing customers, especially in internet/mail order industry
Growth of Japanese 3PL Market Market Size of B to C E-commerce in Japan (Index) (JPY bn)
17.4% increase 93.8% growth 117.4 6,696 in 5 years in 4 years 6,089 5,344 111.8 111.1 110.6 4,391
3,456 104.4
100.0
2005 2006 2007 2008 2009 2010E 2005 2006 2007 2008 2009
Source: Logi-Biz (Logistics Business, Sep. 2010 issue) Source: Ministry of Economy, Trade and Industry “e-Commerce Market Survey” 19 GLP market share in Japan
Keeping leading position on market share (GFA basis) 27% share in modern logistics facility 42% larger than the second competitor and 47% larger in Greater Tokyo area and Greater Osaka area
GLP’s market leadership in the modern logistics facilities segment in Japan (by GFA)
Gross Floor Area (mm sq ft) Gross Floor Area (mm sq ft) – Greater Tokyo Area& Greater Osaka Area
GLP 30.1 GLP 25.0
AMB+PLD 21.5 AMB+PLD 17.4
LIM 13.0 42% Larger LIM 11.7 47% Larger
JLF 7.8 JLF 7.5
Nomura RE 7.0 Nomura RE 7.0
J-REP 6.9 J-REP 5.3
Daiwa House 6.1 Daiwa House 4.8
Mitsubishi Co. 3.7 Mitsubishi Co. 3.7
ORIX 3.3 ORIX 3.1
Mapletree 3.2 Mapletree 2.9
CRE 1.5 CRE 1.2
Mitsui Co. 1.4 Mitsui Co. 1.0
Others 9.5 Others 9.0
20 Source: GLP. Completed portfolio as at December 31, 2010. Structural changes in Japan favour GLP
Modern logistics facilities in Japan are scarce¹ Existing logistics facilities in Japan not built to modern standards
(mm sq ft) Existing logistics facilities Modern logistics facilities 5,167
99 Small-sized buildings Large-sized buildings
Modern logistics Total logistics Functionally obsolete Superior efficiency facilities facilities
Source: JLL 1 On a GFA basis
Scarcity of large, modern and Continued trend in efficient logistics facilities for lease outsourcing logistics
21 India
Robust GDP Growth 1 Strong Private Consumption Growth 1
(US$bn) (US$bn)
1,735 1,887 911 973 1,470 1,597 797 855 1,240 1,352 699 742
2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015 Source: EIU. Source: EIU. Warehouse Market Driven by Fundamental Demand 2 However, Sector is Unorganized and Fragmented
(US$bn)
Central Others Warehousing 28% Corp. 14% Unorganizd Organized 92% State 55 8% Food Corp. of Warehousing 39 India Corp. 28 33% 25% 20
2008 2009 2010 2011 1,800mm sq ft 140mm sq ft Source: Research on India – Warehousing Industry 2009. Source: Research on India – Warehousing Industry 2009. Robust growth underpinned by favorable macroeconomic factors, population growth, supportive government initiatives and growing private sector partnership
1 Based on US$ at 2005 prices. 2 Numbers refer to warehouse market size and reflect fiscal years with a March year end. 22 Agenda
Company Overview
Our Immense Growth Opportunities
Acquisition of ACL
Strategic Investment in SCPSB
23 Acquisition of ACL
On 4 January 2011, we signed an SPA to acquire an approximate 53% of Airport City Development Co., Ltd. (“ACL”), the sole developer in the Beijing Capital International Airport (“BCIA”) airside cargo handling and bonded logistics area
The acquisition includes a unique portfolio of assets located on the airside of the second runway in the BCIA: • 17 completed buildings with approximately 3,014,000 sq ft of Net Leasable Area (“NLA”) • 26 building pipeline to be developed with approximately 5,522,000 sq ft of NLA
Closing net consideration (holdback for the cash payment in respect of the proportionate share of the net proceeds derived from the ACL RE Disposal) for the transaction was RMB1,403,000,000, which was settled with 70% in shares and 30% in cash. The transaction is structured to mitigate any financial risk associated with step two above in that the relevant consideration will not be paid until GLP has received full payment for the assets being sold
24 Rationale for the Acquisition
Strong demand with consistent growth BCIA is the third largest airport in the world by passenger traffic and second largest in China by cargo turnover Air cargo is the fastest growing logistics segment in China and is most resilient to economic cycles Cargo throughput growth for the BCIA: – 2005–2009 CAGR: 17% – 2010E–2015E CAGR 1: 15% Unique location within the BCIA and Tianzhu Free Trade Zone Direct connection to the 2 nd runway of the BCIA–the busiest runway of one of the top 5 airports in the world High accessibility by road with direct access to Beijing downtown, Tianjin port, Shijiazhuang, Shenyang, Jinan, etc. via the expressways (e.g. Jing- Jin- Tang expressway) Solidify market leadership Sole developer in the BCIA airside cargo handling area and bonded logistics area Limited land supply in the Beijing Logistics Park which is less than a kilometre away (where GLP Park Beijing Airport is located) Only other participant with airside cargo terminal handler is Air China, which is mainly for self use Attractive acquisition price and structure Strong Leasing Velocity – ACL site started to put into formal operation from 20 th December 2010 Other land and properties to be disposed only to be paid for upon sale of relevant assets and receipt of net proceeds for the sale High stock proportion in payment consideration further aligns all parties interest
1 Source: CAAC, BCIA, Oliver Wyman forecast 25 Agenda
Company Overview
Our Immense Growth Opportunities
AcquisitionStrategic Investment of ACL in SCPSB
Strategic Investment in SCPSB
26 Strategic Investment in SCPSB
On 22 December, 2010, we entered into a binding agreement to acquire a strategic interest of 19.90% in Shenzhen Chiwan Petroleum Supply Base Co., Ltd. (“SCPSB”) , a company listed on Shenzhen Stock Exchange in 1995 OJSB holds 51 ,18 0,000 shares or 22.19% of total shares outstanding in SCPSB Total acquisition consideration of HK$539,000,000 (or approximately S$91,000,000)1 SCPSB, a Shenzhen-listed company, is a provider of logistics, and oil and gas services Listed on the Shenzhen B Stock Exchange • Market capitalization of HK$2,726,000,000 (S$452,000,000)2 as at January 14, 2011 • Major shareholder–China Nanshan Development Group (51.79%) • Free float of 26.02% 3 key businesses including BLOGIS, a modern logistics facility provider • Second largest major modern logistics facility provider in China, in terms of total GFA, behind GLP • 12 quality projects across 8 strategic hubs in China • Majority of GFA is located in tier one cities • 6 completed projects (6,674,000 sq ft), 2 projects under construction (1,722,000 sq ft) and 4 land bank sites (3,983,000 sq ft) Other businesses are offshore petroleum services (logistics service) and offshore engineering services (ocean service)
Notes: 1. Based on an exchange rate of S$1 = HK$5.8985 as at 21 December 2010. 2. Based on an exchange rate of S$1 = HK$6.03608 as at 14 January 2011. 27 Rationale for the Investment
Augment our market leadership position Leverage on BLOGIS’ high quality logistic facility portfolio in multiple strategic locations across China Majority of facilities located in key first tier cities or major logistics hubs in China The acquisition will enhance our market presence in these areas and the “network effect” of our portfolio Acquisition of facilities with specifications that complement GLP’s portfolio Leverage on BLOGIS’ existing platform to build economies of scale and explore synergy potential
Strategic partnership Expect to nominate 2 board members - a Deputy Chairman and a Director to a board of 11 Active involvement in all major strategic decisions relating to SCPSB Opportunity to collaborate with BLOGIS on future development projects
Further enhance working relationship with Chinese government Major shareholders of China Nanshan Development Group include China Merchants Group (37%), Shenzhen Investment Holding (28%) and Guangdong Petro-trade Development Corp. (23%)–all state- owned enterprises We believe a strong working relationship and deeper government ties will help accelerate our growth in China
28 Disclaimer
Important Notice
The information contained in this presentation (the "Information ") is provided by Global Logistic Properties Limited (the "Company ") to you solely for your reference and may not be retransmitted or distributed to any other person . The Information has not been independently verified and may not contain all material information concerning the Company or its subsidiaries. None of the Company or any of their members, directors, officers, employees or affiliates nor any other person accepts any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.
This presentation contains statements that constitute forward-looking statements which involve risks and uncertainties. These statements include descriptions regarding the intent, belief or current expectations of the Company with respect to the consolidated results of operations and financial condition, and future events and plans, of the Company. These statements can be recognized by the use of words such as "expects", "plans", "will", "estimates", "projects", or words of similar meaning . Such forward-looking statements do not guarantee future performance and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the management of the Company on future events. The Company does not undertake to revise forward-looking statements to reflect future events or circumstances. No assurance can be given that future events will occur, that projections will be achieved, or that the Company’s assumptions are correct.
29 Thank You
For more information, please contact: James Wu Senior Vice President, Investor Relations Tel: +86 21 6105 3989 Email: [email protected]
The initial public offering of the Company was sponsored by Citigroup Global Markets Singapore Pte. Ltd. and J.P. Morgan (S.E.A.) Limited (the “Joint Global Coordinators and Joint Issue Managers ”). 30