ESR AR 2019 EN

Corporate Structure Founders / Senior Management Warburg Pincus SK Holdings Co., Ltd. Jingdong Logistics Group Corporation APG-Stichting Public Shareholders Other Shareholders 22.6% 18.7% 11.1% 7.7% 7.0% 28.1% 4.8% ESR Funds Management (S) Limited (Singapore) 67.3% 3 ESR Property Management (S) Pte. Ltd. (Singapore) 100% Propertylink Trust (Australia) 96.5% 8,11 Propertylink Australian Industrial Partnership (Australia) 96.5% 8,10 CIP (Australia) 96.5% 2 ESR Asset Management (Holdings) Limited (Australia) 96.5% 8 ESR Ltd (Japan) 100% Kendall Square Logistics Properties, Inc. (Korea) 100% Shanghai Yurun Meat Food Co., Ltd. (China) 74% 9 GuangzhouMingyue WarehousingCo.,Ltd. (China) 65% 5 RW Higashi Ogishima TMK (Japan) 70% 6 ESRSachiura 3 TMK (Japan) 100% ESRSachiura 4 TMK (Japan) 100% ESR Pte. Ltd (Singapore) 95.5% 1 e-Shang Infinity Cayman Limited (Cayman Islands) 100% ESR Singapore Pte. Ltd (Singapore) 100% Summit (BVI) Limited (BVI) 100% Sunwood Singapore Holding Pte. Ltd. (Singapore) 95.09% 4 Shanghai e-Shang Warehousing Services Co., Ltd. (China) 100% Dongguan Huishang E-commerce Services Co., Ltd. (China) 100% Redwood Asian Investments Ltd (Cayman Islands) 100% Dongguan Hongshang Warehousing Services Co., Ltd. (China) 100% Langfang Weidu International Logistics Co., Ltd. (China) 100% Jiangsu Friend Warehousing Co., Ltd. (China) 100% Shenyang Yibei Warehousing Service Co., Ltd. (China) 100% Tianjin Fanxin Warehousing Service Co., Ltd. (China) 90% 7 Tianjin Fanbin Warehousing Service Co., Ltd. (China) 100% ESR HK Management Limited (Cayman Islands) 100% Lekun Warehousing (Wuxi) Co., Ltd. (China) 100% Kendall Square Asset Management, Inc. (Korea) 100% Direct ownership Indirect ownership 32 Focused