ESR AR 2019 EN

Our Distinctive Business Model Our fully integrated business model is designed to deliver long term value for all our stakeholders, using a capital efficient strategy to source and recycle capital, enabling recurring fees generation throughout the value chain. DEVELOPMENT CYCLE 12 - 24 months CAPITAL RECYCLING Greenfield/Brownfield Development Vehicles • Development funds • Balance sheet Exit/Transfer to Acquisition Vehicles • Core/Core plus funds • Public REITs Land Sourcing Design Construction Leasing Stabilisation Ongoing Asset Management • Comprehensive market research • Deep local knowledge • State-of-the-art design • Modern specifications • Build-to-suit capability • Strict cost & quality control • Standardised tendering process • Go-to provider for e-commerce & 3PL companies • Active pre- leasing • Strong tenant network • Professional management • Dedicated team 35 ESR Annual Report 2019 OUR DISTINCTIVE BUSINESS MODEL