ESRAnnual General Meeting Presentation

3 June 2020

Disclaimer

1

The presentation may contain projections and forward-looking statements that reflect the Company’s current views with respectto future events and financial performance and are subject to certain risks, uncertainties and assumptions. In some cases,these forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believe”,“continue”, “could”, “estimate”, “forecast”, “plan”, “prepare”, “project”, “anticipate”, “expect”, “intend”, “may”, “will” or “should” or,in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives,goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. By theirnature, forward-looking statements involve known and unknown risk and uncertainty because they relate to future events andcircumstances. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties, andactual results may differ materially from those in the forward-looking statements as a result of various factors and assumptions,many of which are beyond the Company’s control. Prospective investors are cautioned not to rely on such forward-lookingstatements. Neither the Company nor any of its affiliates, advisors, representatives or underwriters has any obligation to, nor doany of them undertake to, revise or update the forward-looking statements contained in this presentation to reflect future eventsor circumstances, except where they would be required to do so under applicable law.

This presentation material includes measures of financial performance which are not a measure of financial performance underInternational Financial Reporting Standards (“IFRS”), such as Adjusted EBITDA and Adjusted Net Profit. These measures arepresented because the Company believes they are useful measures to determine the Company's financial condition andhistorical ability to provide investment returns. Adjusted EBITDA and Adjusted Net Profit and any other measures of financialperformance in this presentation material should not be considered as an alternative to cash flows from operating activities, ameasure of liquidity or an alternative to net profit or indicators of the Company's operating performance on any other measureof performance derived in accordance with IFRS. Because Adjusted EBITDA and Adjusted Net Profit are not IFRS measures,Adjusted EBITDA and Adjusted Net Profit may not be comparable to similarly titled measures presented by other companies.

2

Contents

• Key Operational Highlights & Updates On COVID-19 Situation

• Industry Update

• Business Overview

• FY2019 Financial Highlights

• ESG Strategy, Achievements & Awards

• Outlook

3

Key Operational Highlights & Updates On COVID-19 Situation

Minor disruptions across our markets

▪ Estimated 2-3 months’ delays on selected projects; majority of projects are operating per plan

1

2

3

Continue to focus on well-being/safety of our stakeholders

▪ Steps to ensure safe operations continue to be in place

AUM growth remains strong

▪ Raised approximately US$2 billion of capital from 3 new funds across China, Australia and South Korea in the first 4 months of 2020

▪ Demonstrates strong support from capital partners

5 Liquidity remains strong and balance sheet is well-capitalised

▪ Cash of US$884 million as of 31 December 2019

▪ Closed two significant Group-level loans YTD: (i) US$250 million 3-year syndicated unsecured senior loan (Libor +3%) and (ii) S$225 million 5-year Singapore bond (5.1% rate)

4 Maintained high occupancy of 93%1 across entire portfolio despite challenging market conditions brought on by Covid-19

▪ Strong demand from e-commerce players and tenants from food and consumer staples

Note:(1) Based on assets on balance sheet and stabilised assets

4

Successful IPO On SEHK

“The IPO is

really just the

beginning of a

long and

exciting

journey ahead.

The ESR team

is ready for this

new challenge

and remains

focused on

delivering long-

term value for

our

shareholders.”

US$1.8b IPO3rd largest fundraising on SEHK in 2019

US$600mof new capital raised

Cornerstoned by

OMERS and anchored by leading global investors

5

▪ Mar 2019 –Completed the acquisition of 100% of Australia-based PLG with AUM of US$1.2b (which also held stake in CNI REIT)

Notes:(1) Current equity commitment of US$699m; total commitment including upsize option is US$1.8 billion(2) Including overallotment option

▪ Mar 2019 –Acquired Sachiura, a prime parcel of land in Southern Yokohama for US$392m

▪ May 2019 –Owned Sabana REIT Manager (100% as at Jan 2020)

▪ Jun 2019 -Established RJLF III with equity commitment of up to US$1.8b1 with Singapore sovereign wealth fund and a leading European pension fund as anchor LPs

▪ Jan 2019 – A large Japanese conglomerate leased 200k sqm of space at Baraki DC

FY2018 AUM

US$16.0b

FY2019 AUM

US$22.1b

▪ Jan 2019 – Closed NCI Core Fund (RMB); disposed 7 BS properties which contributed to a US$16.5m gain

1st Nov 2019 -U$600m of new capital raised with a US$1.8b 2 IPO issue on Hong Kong Stock Exchange

▪ Nov 2019 – Increased stake in AIMS APAC REIT from 5% to 10%

▪ Nov 2019 – Purchased a prime 21-ha site in New South Wales, to be developed into ESR Horsley Logistics Park

▪ Nov 2019 – Established new US$240m mandate with China Merchants Capital Investment Co. Ltd (EALT) for Australia assets

▪ Dec 2019 – Established new US$94m mandate for core-plus business park and industrial assets (EOP IV) in Australia

▪ Jan 2020 – Signed new 72,392 sqm lease with Amazon in Japan

▪ Jan 2020 – US$500m JV with GIC for development in China

▪ Feb 2020 – Plans to build 76.84-acre logistics park in Sohna, New Delhi

▪ Feb 2020 – To invest JPY27b to develop ESR Yatomi KisasakiDistribution Centre

▪ Feb 2020 – Issued S$225m 5.1% five-year notes

▪ Mar 2020 – Drawdown of US$250 mil 3-year unsecured term loan at Libor +3%

▪ Mar 2020 – Launched A$1b ESR Australia Logistics Partnership (EALP)

▪ Apr 2020 – US$1b development JV with APG and CPPIB in South Korea

Strategic Achievements In 2019 And YTD 2020Strong track record in growing AUM

▪ Jun 2019 –Disposed 18.1% stake in CIP REIT for US$100m which was acquired initially for US$92m (~9% gain)

6

FY2019 Highlights – Exceptional Performance & Robust Balance Sheet

US$549m

Total

EBITDA

US$245m

Total

PATMI

US$227m

Core

PATMI

US$22.1b

Total

AUM

26.6%

NetDebt/

Total Assets

US$884m

Cash

42.9% 20.8% 53.6%

38.7% 52.2%6.8pp

Kunshan Friend Park I, China

7

Section 1 Industry Update

APAC Logistics – Largest Secular Growth Opportunity In Asia

Continued Rise of E-commerce Across Asia

Paradigm Shift in Capital Flows For Region and

Sector

Superior Risk / Reward Proposition of Logistics

to Drive Cap Rate Compression and Capital

Value Growth

ESR has and will continue to uniquely leverage on the key secular trends to further solidify its market leading position in Asia

8

APAC Logistics Market Growth Well-Supported By Increasing E-commerce Across The Region

The PRC1

28.2%

40.4%

2019 2024E

Japan3India4

South Korea2

Australia65 Singapore

Source: Euromonitor

28.2%38.2%

2019 2024E

4.7%

8.5%

2019 2024E

9.1%11.6%

2019 2024E

9.2%

14.5%

2019 2024E

10.8%

14.0%

2019 2024E

Increasing e-commerce penetration will continue to support long-term demand for modern logistics facilities

9

E-commerce penetration across Asia

Increasing Online Retail Sales Penetration Driving Demand for Logistics Properties Amid COVID-19

21.2%

30.3%

Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20

Source: China National Bureau of Statistics

E-commerce penetration increased by c.9 percentage

points since 2019

China’s accelerating e-commerce penetration unfazed by the pandemic, underscoring the robust demand for logistics facilities

10

China online retail sales as % of total retail sales

(%)

25 May 2020

26 May 2020

Total cross-border investment transaction breakdown by region

Capital flows are already starting to pivot towards APAC, but APAC still remains under-penetrated

Superior growth prospects coupled with strong demographic and urbanisation trends are fuellingdemand for APAC

Expected change in capital flows into different markets over the next five years

Global Funds Are Under Allocated to APAC With Over 75% Investors Indicating Plans To Boost Allocation To The Region

13%18% 19%

60% 51%57%

27%31%

24%

2017 2018 2019

APAC EMEA Americas

6.9

6.2

6.1

5.8

0 1 2 3 4 5 6 7 8 9

APAC

Europe

Americas

Middle East / Africa

Large decline

Stay the same

Large increase

Sources:Real Capital Analytics, PwC

11

Logistics-focused funds gaining vs. retail-focused funds

Capital Allocation Increasingly Skewed Towards Funds Focused On Logistics Due To E-commerce

Investors will continue to cycle out of retail and into logistics, given the transformative impact of e-commerce

0

20

40

60

80

100

2014 2015 2016 2017 2018

Logistics Hospitality Multi-family / Residential Office Retail

Source: PERE, Real Capital Analytics

(%)

Note:(1) Based on c. US$ 1Tn estimated investment volume for 2019

(US$ billion)

8.0 8.9

2.0

>12.0

2014 20142018 2018

Retail Logistics

0

10

20

30

Retail Industrial

Q3 2008

Q3 2010

Q3 2012

Q3 2014

Q3 2016

Q3 2018

Q3 2019

Logistics 2019 deal activity expected to exceed US$160 billion, representing c.16% of global investment activity

c.25% of investment volume

12

As investors have shifted focus in favour of logistics, investments in logistics sector have surpassed retailAllocation to logistics real estate on the rise

Global fundraising by sector specific strategies % of global investment

Fundraising – logistics vs. retail

Logistics

13

Risk/Reward for Logistics Will Continue To Transform Capital Values

365 350 333 310 300255 225

180 175100

51

Sin

gap

ore

Osaka

Tokyo

Gu

an

gzh

ou

Seo

ul

Melb

ourn

e

Syd

ney

Beiji

ng

Sha

ng

ha

i

Lo

nd

on

US

avera

ge

(Basis points)

0.2%

2.1%

1.3%

US China North Asia (ex-China)

APAC offers more attractive valuation premium spreads compared to more mature markets in the US and UK

Cap rate tightening and differential shrinking will drive higher logistics asset values, generating outsized returns for the asset class

Source: Real Capital Analytics, NCREIF, JLL, 4Q 2019Notes:(1) U.S. primary office markets (Seattle, San Francisco, Los Angeles, Boston, New York, Chicago, Washington D.C., Silicon Valley-San Jose); U.S. primary industrial markets (Atlanta, Chicago,

Dallas, Inland Empire, Los Angeles, Northern NJ, Oakland-East Bay, Philadelphia and Eastern PA). China: simple average of Beijing, Shanghai & Guangzhou; North Asia: simple average of Tokyo, Osaka & Seoul

(2) As of 2019. Debt costs are based on investment grade borrowers, core stabilized assets fixed pricing on typical market maturities. In the calculation of the market yield, the transaction costs of purchasing or leasing of space are not included. The market yield therefore reflects the returns to investment before transaction costs, assuming full occupancy and that the current income being paid is the market effective rent

~190bps

~110bps

Potential for meaningful cap rate compression in the APAC logistics real estate sector

Key logistics hubs in APAC offer more attractive premia

Spreads between logistics & office cap rates1

Logistics gross rental yields over costs of debt2

Chibakita Distribution Center, Japan

14

Section 2 Business Overview

15

#1 Asia Focused Logistics Real Estate PlatformWith Top Positions In Its Respective MarketsWell-diversified portfolio provides resilience and mitigates risks

US$22.1bAssets under management1

17.2m sqmGFA in operation and under development2

6.0m sqmGFA in development pipeline with MOUs3

Information as at 31 December 2019.

Notes:(1) As at 31 December 2019(2) 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(3) MOUs as at 31 January 2020

CHINA

US$4.8 billionAUM

6.9m sqmGFA

SOUTH KOREA

US$4.6 billionAUM

2.9m sqmGFA

JAPAN

US$7.7 billionAUM

3.0m sqmGFA

INDIA

US$0.5 billionAUM

1.4m sqmGFA

SINGAPORE

US$3.0 billionAUM

1.8m sqmGFA

AUSTRALIA

US$1.5 billionAUM

1.2m sqmGFA

16

Investment SegmentStrong leasing demand from e-commerce, 3PL and cold chain logistics

A

Notes:(1) As at 31 December 2019(2) By leased are and based on assets on balance sheet and portfolio assets held in the funds and investment vehicles (3) Based on stabilised assets on balance sheet

234

256

FY2018 FY2019

(US$ million)

Investment Segmental Result

JD.com Coupang Amazon

Cai Niao Askul Corporation

Portfolio Top 10 Tenants – E-commerce related

4.2 yearsPortfolio WALE2

93%High Occupancy3

60%Tenant base by leased area comprise e-commerce and 3PL companies

5%Rental reversion on renewed leases3

(1Q 2020: 4.2 years)

(1Q 2020: 93%)

(1Q 2020: 61%)

2.0m sqmLeased across Portfolio in FY2019

(1Q 2020: 4%)

(1Q2020: Already signed 300,000 sqm

new leases)

17Note:(1) Excludes ESR-GIC JV formed in December 2019, but announced in January 2020

Fund AUM

Total equity commitment

Uncalled capital to be deployed

Fund Management SegmentAccelerating growth of fund management business

B

US$6.5b

US$1.8b

110

132

FY2018 FY2019

(US$ million)

Fund Management Segmental Result

US$19.2b1

18

Development SegmentContinue to be asset-light on balance sheet and leverage on third party capital to fund

development starts

C

New development starts in FY2019

Development completions in FY2019

Landbank(GFA)

Development pipeline (land, under development and MOUs)

US$1.9b

3.3m sqm

US$2.0b

14.1m sqm

115

245

FY2018 FY2019

(US$ million)

Development Segmental Result

Mainly contributedby (i) disposal

gains coming from the recycling of seven balance sheet assets to NCI Core Fund, (ii) increase in share of profits from JVs and

associates, as well as (iii) fair value

gains on investment

properties under construction

(1Q 2020: US$0.7b)

(Mar 2020: 3.4m sqm)

Goyang Logistic Park, Korea

19

Section 3 FY2019 Financial Highlights

20

FY2019 Financial Highlights

US$549m US$245m US$227m

ESR achieved exceptional performance for FY2019

▪ Delivered strong earnings across key business segments with well-diversified contributions from ESR’s six markets

▪ Total EBITDA of US$549 million, 42.9% y-o-y

▪ Total PATMI of US$245 million, 20.8% y-o-y

▪ Core PATMI of US$227 million, 53.6% y-o-y

Total

EBITDATotal

PATMICore

PATMI

21

Active Capital Recycling Strategy

Total gross divestment value

Divested on balance sheet assets into funds and investment vehicles

US$490.7m

19 properties

FY2019

Successfully leveraging our fund management platform to recycle balance sheet

assets which releases capital and crystallizes strong returns

848 Boundary Road, Richlands, Queensland, Australia13 Boundary Road, Northmead, New South Wales, Australia

22

Well-Capitalised Balance Sheet As at 31 December 2019

Net Debt/Equity

51.9%26.6%

Net Debt/Total AssetsCash -21.5pp+6.8pp

US$884m

+52.2%

▪ Weighted average debt maturity of 3 years with only 9% of borrowings due for refinancing in FY2020, majority maturing in 2022

▪ Access to wider funding options at competitive rates

▪ The Group proactively builds up sufficient cash reserves and refinancing existing borrowings to meet its short-term obligations, ongoing development expenditures and opportunistic investments

Post-IPO Financing Activities

Issued S$225 million five-year notes at 5.1%, reducing borrowing costs and extending bond tenure

February 2020

US$250 million three-year unsecured senior term loan at Libor +3% March 2020

Redemption of US$100 million perpetual securities as part of strategy to redeem higher cost debt that was raised pre-IPO June 2020

ESR has reduced its cost of corporate borrowing by over 150bps since IPO

RW NankoNaka DC, Japan

23

Section 4 ESG Strategy, Achievements &

Awards

24

ESG Strategy & Achievements In 2019

DiversityImplemented Board diversity policy and workplace diversity

Customer Engagement6 day care centres in our Japan properties

Corporate Social Responsibility▪ ESR Smart Program in India

equips local schools with computer centres and scholarships for high-performing graduates from local secondary schools

▪ >60hours of community service (South Korea office)

▪ Qin Charity Fund provides educational and extracurricular courses for underprivileged children living in rural China

Solar Power• Robust pipeline of rooftop solar

power initiatives providing a total of 50MW of clean energy installed capacity

• ESR Australia installed energy-efficient lighting in 12 properties, representing 23% of portfolio by GFA

Climate Risk AssessmentESR Australia is developing a climate risk assessment framework (mid-2020)

Sustainable Building Certifications▪ 50 properties obtained certifications

in 2019 in accordance with globally recognised standards including LEED and CASBEE

▪ WELL Gold Certification for BucheonLogistics Park (South Korea)

Corporate GovernanceESR Australia development and implementation of a new Modern Slavery Policy to eradicate all forms of modern slavery throughout our value chain

Disclosure & Reporting7 unlisted portfolios in Australia, China, Japan and South Korea were submitted for GRESB, which revealed opportunities for better alignment across the Group

Risk ManagementImplemented group wide risk management system and ESG screening for supply chain and customers

People & Partners Property Portfolio Corporate Performance

Creating a positive and supportive environment is our social responsibility to the communities in which we operate, and to our employees, ourtenants and our suppliers

Develop and manage modern, state-of-the-art logistics facilities for the new economy and help create the backbone for the 21st centurycommerce across Asia Pacific

Effective corporate governance is critical to our success, providing the foundation for sustained growth over the long term

People & Partners

Corporate Performance

Property Portfolio

25

Awards & Accolades In 2019

Business & Performance Excellence

Sustainability

Product Excellence

PERE 100 (2019)Ranked 21st among the world’s leading private equity real estate firms

• BEST100 – KLÜBB Lounge East & West and BARNKLÜBB of Ichikawa Distribution Centre, Japan

• Selected Works – KLÜBB Lounge and BARNKLÜBB of Kuki Distribution Centre, Japan

• Goyang Logistics Park, South Korea

• Suzhou BaojinyanLogistics Centre Phase I, China

• Bucheon Logistics Park, South Korea

• Noda Distribution Centre, Japan

• Ichikawa Distribution Centre, Japan

• Nagoyaoda Distribution Centre, Japan

74-84 Main Road, Clayton, Victoria,

Australia

26

Section 5 Outlook

27

ESR’s Strategy And Outlook

Market Trends Impact

Global supply chain adjusting to new environment

More investments into logistics real estate assets

COVID-19 situation will be here to stay for a while

1 Adjustments made to consumption patterns, increasing shift to e-commerce for purchasing of necessities, food orders, etc

Flight to quality by capital partners and investors

Gradual shift to a greater localization of inventory;new areas of growth such as cold chain logistics

2

3

Macro Environment

E-commerce is expected to be a long-term beneficiary from COVID-19

Growth Opportunities Competitive Advantage & Focus

Consumption behaviour and patterns are adjusting to the structural changes brought by COVID-19 and the shift towards e-commerce becomes increasingly more permanent

Strong support remains from best-in-class institutional investors who are shifting to logistics real estate assets

▪ YTD 2020, ESR has set up three major funds representing approximately US$4 billion AUM across China, Australia and South Korea

Steady execution of development pipeline as ESR actively recycles its balance sheet assets

Continue to deepen presence in Asia Pacific region

Well-positioned to participate in M&A and partnership opportunities that arise across the Asia Pacific region

1

2

11

2

3

ESR Chakan 1 Industrial & Logistics

Park, India

28

Thank You

For enquiries, please contact Ms. Chang Rui Hua,

MD Group Capital Markets & Investor Relations

DID: +852 55067719

Email: rh.chang@esr.com

www.esr.com