Hello ladies and gentlemen. Thank you for standing by for GDS Holdings Limited’s Fourth Quarter and Full Year 2016 Earnings Conference Call. At this time, all participants are in listen-only mode. After management’s prepared remarks, there will be a question-and-answer session. Today’s conference call is being recorded. I will now turn the call over to your host, Ms. Laura Chen, Head of Investor Relations for the Company. Please go ahead, Laura.

Hello everyone and welcome to the fourth quarter and full year 2016 earnings conference call of GDS Holdings Limited. The Company’s results were issued via newswire services earlier today and are posted online. A summary presentation, which we will refer to during this conference call, can be viewed and downloaded from our IR website at investors.gds-services.com. Leading today’s call is Mr. William Huang, GDS’s Founder,Chairman and Chief Executive Officer, who will provide an overview of the business. Mr. Dan Newman, GDS’s Chief Financial Officer, will then review the financial and operating results and provide our outlook for 2017. Before we continue, please note that today’s discussion will contain forward-looking statements made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.As such, the Company’s results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in the Company’s prospectus as filed with the U.S. Securities and Exchange Commission. The Company does not assume any obligation to update any forward-looking statements except as required under applicable law. Please also note that GDS’s earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. GDS’s press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures. I will now turn the call over to GDS’s Founder, Chairman and Chief Executive Officer,William Huang. Please go ahead.

Hello everyone. This is William. Thank you for joiningtoday’scall. 2016 was a year of great achievement for GDS. As you can see on Slide 3, we grew Service Revenue by over 50% and Adjusted EBITDA by over 60%. We invested significantly to expand our capacity and our sales growth was phenomenal. We signed up customers for 25,000 square meters of new contracts, worth over $120 million in annual recurring revenue. Based on leading market research, our incremental market share grew to over 30%. We delivered nearly 15,000 square meters of Area, Utilized to customers. We added over 23,000 square meters of new capacity into service and ended the year with a very high level of commitment rate. Turning to Slide 4, our huge contract backlog has become even bigger. This gives us high visibility to future growth. At the end of 2016, we had over 23,000 square meters committed, but not yet utilized, worth over $110 million in annual recurring revenue. We are continuing to execute against our plan, delivering our backlog to customers and driving impressive revenue and operating growth quarter after quarter. On Slide 5, before I discuss our results and strategy, I would like to share our views on the market. As we have stated previously, we believe China represents the biggest data center opportunity in the world. And we believe that GDS is the best positioned in the market. It’s well documented that the digital economy in China is booming and Cloud adoption is leading the way. Compared to the USA, cloud adoption is still in its infancy, but growing fast. China’s internet giants are squarely focusing more and more on Cloud. At the same time, the Global Cloud giants are focusing more and more on the China market. All over the world, Cloud Service Providers…

Thank you, William. In this section, I will focus on 4 main areas: (1) Revenue and Operating Leverage, (2)CapEx, (3) Funding, and then (4) the 2017 Business Outlook. Starting with the 4Q16 P&L analysis on Slide10. We view Service Revenue, Net Operating Income and Adjusted EBITDA as the key financial indicators of our performance. After stripping out Equipment Profit, Stock-Based Compensation, and FX Gains, all three measures show year-on-year growth of over 50% and quarter-on-quarter growth of over 10%. Let’s go in to detail on revenue. We have two revenue segments, comprising Co-location and Managed Services (which we refer to as “Service Revenue”) and Equipment Sales. Service Revenue is recurring in nature and this is what we consider our core business. Equipment Sales arise on a demand-basis, when customers require us to do some procurement as part of the fulfillment of the service contract. This is non-core. It may help to strip out Equipment Sales less Cost in order to see more clearly the underlying performance of the Service business. The amounts for Equipment Profit in each period are shown in the note below the table. In 4Q16, our Service Revenue grew by 55% year-on-year and by 12.3% quarter-on quarter. Next, Underlying Adjusted Net Operating Income. This measure highlights our performance at the data center level, before taking account of depreciation, equipment profit, stock- based compensation and corporate costs. In 4Q16, our Underlying Adjusted NOI grew by 58% year-on-year and by 10.2%quarter-on- quarter. SG&A, after deducting Stock-Based Compensation, was RMB 68.6 million in 4Q16, an increase of 32% year-on-year and 9.7% quarter-on-quarter. This increase mainly relates to expanded sales activities and increased corporate costs as we prepared for life as a publicly listed company. “Other Income” mainly comprises Foreign Currency Exchange Gains. The gain in 4Q 16 arises from depreciation…

As there are no further questions, I’d like to now turn the call back over to the Company for closing remarks.

Thank you once again for joining us today. If you have further questions, please feel free to contact GDS’ investor relations through the contact information on our website or The Piacente Group Investor Relations.

This concludes this conference call. You may now disconnect your line. Thank you. 1