ESR AR 2019 EN

Operations Review At a Glance THE LEADING PROVIDER OF MODERN LOGISTICS FACILITIES IN ASIA PACIFIC We are the largest Asia Pacific 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 Asia Pacific markets as measured by GFA 1 . We use in-house capabilities to source, design, construct, lease and manage modern logistics facilities primarily in Tier 1 and Tier 1.5 cities in China, Japan, South Korea, Singapore, Australia and India. POSITIONED TO TAKE ADVANTAGE OF THE GROWING CONSUMER POWER OF THE ASIA PACIFIC REGION Our business focuses solely on the Asia Pacific region, which comprises over 3.6 billion people and over US$28.6 trillion of GDP in 2018 2 . The continuing uptrend of online consumption is a key driver to our business and as online distribution channels continue to grow, and so does the need for modern logistics space. HIGH QUALITY AND GEOGRAPHICALLY DIVERSIFIED PORTFOLIO ESR has over 17.2 million sqm GFA in operation and under development 3 , and a further c. 6.0 million sqm GFA of development pipeline with MOUs 4 signed across our portfolio with a high quality tenant base. In China, we are the #1 e-commerce landlord 5 , #1 in development pipeline 6 and overall #2 player 7 , In South Korea, we remain the largest owner of logistics properties with the largest development pipeline in the Seoul Metropolitan Area 8 . We have a significant presence and the largest development pipeline in Greater Tokyo and Greater Osaka 8 . In Singapore, we have been a sector consolidator, executing REIT acquisitions and mergers and are now the largest industrial REIT outside of Temasek linked entities. In Australia, following the privatisation of Propertylink Group, we have further integrated it into our leading industrial property development Assets under management US$ 22.1 billion 10 GFA in operation and under development 3 17.2 million sqm GFA of development pipeline with MOUs 4 6.0 million sqm Notes: 1 Based on GFA from 1 July 2019 to 31 December 2019. 2 Source: Oxford Economics, August 2019. 3 Consisting of approximately 9.2 million sqm of GFA of completed properties, approximately 4.7 million sqm of GFA of properties under construction and approximately 3.3 million sqm of GFA to be built on land held for future development as at 31 December 2019. 4 MOUs as at 31 January 2020. 5 In terms of proportion of total area occupied in China in comparison to only as at September 2017 when GLP was privatised. 6 In Greater Shanghai, Greater Beijing and Great Guangzhou from 2020 to 2021. 7 As of 4Q 2019, Greater Shanghai, Greater Beijing and Great Guangzhou as measured by GFA. 8 From 2019 to 2020 as measured by GFA. 9 Based on stabilised assets on balance sheet. 10 As at 31 December 2019. FY2019 ‹ KEY HIGHLIGHTS › Total AUM rose 38.7% to US$22.1 billion Strong leasing momentum with 2 million sqm leased across portfolio High portfolio occupancy of 93% 9 Healthy rental reversion of 5% on renewed leases 9 Tianjin Fanbin Logistics Centre, Tianjin, China 40 Focused