Other Scheme Of Arrangement :: Trust Scheme Of Arrangement - Dealings Disclosure

IN RELATION TO THE PROPOSED MERGER OF ESR-REIT AND SABANA SHARI'AH COMPLIANT REAL

ESTATE INVESTMENT TRUST BY WAY OF A TRUST SCHEME OF ARRANGEMENT

DEALINGS DISCLOSURE

1. INTRODUCTION
   On 16 July 2020, the respective boards of directors of ESR Funds Management (S) Limited, as manager of ESR-REIT, and Sabana Real Estate Investment Management Pte. Ltd., as manager of Sabana Shari'ah Compliant Real Estate Investment Trust ("Sabana REIT", and the manager of Sabana REIT, the "Sabana Manager"), announced (the "Joint Announcement") the proposed merger (the "Merger") of ESR-REIT and Sabana REIT. The Merger will be effected through the acquisition by RBC Investor Services Trust Singapore Limited (in its capacity as trustee of ESR-REIT) of all the units of Sabana REIT (the "Sabana Units") held by the unitholders of Sabana REIT, in exchange for units in ESR-REIT (the "ESR-REITUnits"), by way of a trust scheme of arrangement in compliance with the Singapore Code on Take-overs and Mergers. Credit Suisse (Singapore) Limited ("CS Singapore") is one of the joint financial advisers to the Sabana Manager in relation to the Merger, the other joint financial adviser being The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch, and CS Singapore is part of Credit Suisse Group AG and its subsidiaries (the "CS Group").
   All capitalised terms used and not defined herein shall have the same meanings as ascribed to them in the Joint Announcement.
2. DEALINGS
   Pursuant to Rule 12.1 of the Code and the Practice Statement on the Exemption of Connected Fund Managers and Principal Traders under the Code issued by the Securities Industry Council on 1 February 2018 (the "Practice Statement"), CS Singapore wishes to announce the dealings in relevant securities by CS Singapore and its associates on 29 October 2020.
   The resultant holdings in ESR-REIT Units following the transactions on 29 October 2020 is 23,615,425, and the resultant total percentage is 0.6665%1.

Issued by

CREDIT SUISSE (SINGAPORE) LIMITED

30 October 2020

1 The percentage shareholding is computed based on the total issued equity capital of ESR-REIT being 3,543,157,293 ESR-REIT Units, as set out in the announcement dated 17 September 2020 by ESR Funds Management (S) Limited, as manager of ESR-REIT.

DEALINGS ON 29 October 2020

Party Involved	Type of	Nature of Investment Clients and	Date of Dealing	Total Number	Price Transacted and (in	(In relation to transactions
	Security	Nature of Dealing		of Securities /	relation to transactions	involving Exempt Principal
	(ESR-REIT			Reference	involving Exempt	Traders) Highest and Lowest
	Units,			Securities (as	Principal Traders) Total	Prices Paid and/or Received
	Sabana			applicable)	Amount Paid and/or
	Units,				Received
	Convertible
	Securities,
	Options,
	Warrants or
	Derivatives)
Credit Suisse	Derivatives	Sale of cash settled swap derivative	30 October	6,900	SGD 0.3464/	Highest: SGD 0.345 and
AG, Dublin	in respect	to non-discretionary client in order	2020		SGD 2,390.13	Lowest: SGD 0.355
Branch	of ESR-	for client to unwind their
	REIT Units	derivative position with trade date
		29 October 2020 and settlement
		date 2 November 2020 ("Trade A").
Credit Suisse	ESR-REIT	Purchase of securities from	30 October	6,900	SGD 0.3462 /	Highest: SGD 0.345 and
Securities	Units	previous hedge sale of cash settled	2020		SGD 2,388.78	Lowest: SGD 0.355
(Europe)		swap derivative referred to above
Limited		in Trade A.