In the following section we discuss our historical financial results for the years ended December 31, 2016, 2017 and 2018. You should read the following discussion and analysis together with our audited consolidated financial statements as of and for the years ended December 31, 2016, 2017 and 2018 and the accompanying notes included in the Accountants’ Report set out in Appendix I to this Prospectus. Our consolidated financial statements have been prepared in accordance with IFRS.

This discussion and analysis contains forward-looking statements that reflect our current views with respect to future events and our financial performance and involves risks and uncertainties. These statements are based on our assumptions and analysis in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual outcomes and developments will meet our expectations and predictions depends on a number of risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of any number of factors. In evaluating our business, you should carefully consider the information provided in this Prospectus, including the sections headed “Risk Factors” and “Business” in this Prospectus.

# OVERVIEW

We are the largest APAC focused logistics real estate platform by GFA and by value of the Portfolio Assets and have the largest development pipeline in aggregate across the major APAC markets as measured by GFA from April 1, 2019 to December 31, 2020, according to the JLL Report. We develop and manage modern logistics facilities that cater to e-commerce companies, 3PL providers, bricks-and-mortar retailers, manufacturers, cold-chain logistics providers and others in APAC as logistics infrastructure continues to evolve for the modern economy. We focus solely on APAC, which comprised over 3.6 billion people (around 50% of the global population) and over US\$28.5 trillion of GDP (over 33% of the global GDP) in 2018, according to the JLL Report. We currently operate in the PRC, Japan, South Korea, Singapore, Australia and India markets that represent close to 90% of GDP in APAC in 2018, according to the JLL Report.

We hold a portfolio of logistics properties on our balance sheet and manage a broad range of funds and investment vehicles that invest in logistics properties at various stages of the property life cycle across APAC. As of December 31, 2018, we managed 18 private third-party pooled investment vehicles, with over US\$5.1 billion in total equity commitments, and one REIT listed on the SGX-ST with an appraised carrying value of approximately US\$2.2 billion. As of December 31, 2018, our AUM was approximately US\$16.0 billion (of which US\$1.9 billion was on our balance sheet) and comprised approximately 6.6 million sq.m of GFA of completed properties, approximately 3.7 million sq.m of GFA of properties under construction and approximately 1.8 million sq.m of GFA to be built on land held for future development, adding up to over 12 million sq.m of GFA in total.

We develop logistics real estate primarily in Tier 1 and 1.5 cities in APAC, targeting strategic locations near key logistics hubs, major seaports, airports, transportation hubs and industrial zones in the PRC, Japan, South Korea, Singapore, Australia and India, which are the markets we believe will drive future growth across APAC. The majority of the tenants in the Portfolio Assets service domestic consumption in APAC. According to the JLL Report, APAC’s substantial middle class population coupled with rapid economic growth and rising income levels are expected to support rising

consumption levels in the region. Private consumption in China, Japan, South Korea, Singapore, Australia, and India is forecasted to grow at a CAGR of 8.1% between 2019 and 2023, approximately two times the anticipated 4.0% growth in the US during the same period. As of December 31, 2018, e-commerce and 3PL tenants made up approximately 49.6% of the tenant base of the Portfolio Assets by leased area. In 2016, 2017 and 2018, rental revenues from e-commerce and 3PL tenants in our balance sheet properties amounted to 82.6%, 76.7% and 63.5% of our total rental revenues, respectively. The decrease in the proportion of rental revenues from e-commerce and 3PL tenants in 2017 was due to the disposal of several properties to China Invesco Core Fund from our balance sheet, the majority of which we had leased to e-commerce tenants, and in 2018 was due to rental income from an existing manufacturing tenant in the RW Higashi-Ogijima DC property, which we plan to redevelop into a modern logistics facility.

With our APAC-focused business model, we grew significantly during the Track Record Period through organic growth and strategic M&A, increasing our AUM from US\$7.4 billion as of December 31, 2016, to US\$12.0 billion as of December 31, 2017, and further to approximately US\$16.0 billion as of December 31, 2018. We have also attracted investments from three out of the top six real estate capital providers globally based on IP&E Real Assets’ top 100 ranking of the world’s largest real estate investors in 2018. We were ranked \#29 in the world in PERE’s “Fab 50”, the flagship ranking of the private real estate world’s top managers (by total annual fundraising amount) in 2018. Our revenue grew by 58.5% from US\$96.7 million in 2016 to US\$153.3 million in 2017, and further grew by 65.8% to US\$254.1 million in 2018, while our net profit grew by 91.6% from US\$105.0 million in 2016 to US\$201.2 million in 2017, and further grew by 5.9% to US\$213.1 million in 2018. Our total consolidated balance sheet assets grew, which include our investment properties, investments inj oint ventures, and financial assets at fair value, by 45.3% from US\$2,097.4 million as of December 31, 2016 to US\$3,047.4 million as of December 31, 2017, and further grew by 45.1% to US\$4,422.6 million as of December 31, 2018.

# FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our results of operations have been, and we expect them to continue to be, primarily affected by the following factors:

Š supply and demand for modern logistics facilities in APAC;

Š our ability to source, design, construct, lease and manage the Portfolio Assets;

Š our ability to manage our integrated business model and grow multiple sources of income;

Š our ability to continue attracting and maintaining our relationships with capital partners and growing our AUM;

Š rental prices, occupancy rates, leasing cycles and fair value change of the Portfolio Assets;

Š our expansion through organic growth and strategic acquisitions; and

Š our access to capital and cost of financing.

# Supply and Demand for Modern Logistics Facilities in APAC

Our business growth and results of operations have benefited from the growth of the consumer economy in APAC. The rise of the new economy in the region has led to increasing demand for modern logistics facilities from e-commerce companies, 3PL providers, bricks-and-mortar retailers, manufacturers, cold-chain logistics providers and others that require larger and more sophisticated