Replace - Annual General Meeting :: Voluntary

(Constituted in the Republic of Singapore pursuant to a trust deed dated 31 March 2006 (as amended))

RESULTS OF ANNUAL GENERAL MEETING ("AGM") HELD ON 22 APRIL 2021

ESR Funds Management (S) Limited, as manager of ESR-REIT (the "Manager"), wishes to announce that, pursuant to Rule 704(16) of the Listing Manual of the Singapore Exchange Securities Trading Limited, all the resolutions as set out in the Notice of AGM dated 7 April 2021, put to vote by poll, were duly passed by the unitholders of ESR-REIT (the "Unitholders") at the AGM held on 22 April 2021.

DrewCorp Services Pte. Ltd. was appointed as the scrutineer for the AGM.

The results of the poll on each of the resolutions put to vote at the AGM are set out below:

For

Against

Total number

As a

As a

of units

percentage

percentage

Resolution number and

represented

of total no.

of total no.

by votes for

of votes for

of votes for

details

No. of units

No. of units

and against

and against

and against

the relevant

the

the

resolution

resolution

resolution

(%)

(%)

ORDINARY BUSINESS

Ordinary Resolution 1

To receive and adopt the

Trustee's

Report,

the

Statement

by

the

Manager and the Audited

1,915,372,443

1,913,404,319

99.90

1,968,124

0.10

Financial

Statements

of

ESR-REIT

for

the

financial year ended

31

December 2020

Ordinary Resolution 2

To re-appoint Ernst &

Young LLP as Auditor of

ESR-REIT to hold office

until the conclusion of the

1,916,711,638

1,881,257,906

98.15

35,453,732

1.85

next Annual

General

Meeting and to authorise

the Manager to fix their

remuneration

SPECIAL BUSINESS

Ordinary Resolution 3

To authorise the Manager

to issue

Units

and

to

1,916,701,424

1,876,257,213

97.89

40,444,211

2.11

make or grant convertible

instruments

1

Ordinary Resolution 4
To authorise the Manager
to	repurchase	or
otherwise acquire	Units	1,916,344,994	1,914,351,666	99.90	1,993,328	0.10
for and on behalf of ESR-
REIT pursuant to the Unit
Buy-Back Mandate

No party was required to abstain from voting on any of the resolutions put to vote at the AGM.

The Manager will post the minutes of the AGM proceedings on SGXNet in due course.

The Board and Management of the Manager would like to thank Unitholders for their overwhelming support for the four resolutions put forth at the AGM.

BY ORDER OF THE BOARD

ESR Funds Management (S) Limited

As Manager of ESR-REIT

(Company Registration No. 200512804G, Capital Markets Services Licence No.100132)

Adrian Chui

Chief Executive Officer and Executive Director

22 April 2021

For further enquiries, please contact:
ESR Funds Management (S) Limited
Gloria Low	Lyn Ong
Corporate Communications Manager	Investor Relations Manager
Tel: [phone]	Tel: [phone]
Email:[e-mail]	Email:[e-mail]

2

About ESR-REIT

ESR-REIT has been listed on the Singapore Exchange Securities Trading Limited since 25 July 2006.

ESR-REIT invests in quality income-producing industrial properties and as at 31 December 2020 holds interest in a diversified portfolio of 57 properties located across Singapore, with a total gross floor area of approximately 15.1 million square feet and an aggregate property value of S$3.1 billion1 . The properties are in the following business sectors: Business Park, High-Specs Industrial, Logistics/Warehouse and General Industrial, and are located close to major transportation hubs and key industrial zones island-wide.

The Manager's objective is to provide Unitholders with a stable income stream through the successful implementation of the following strategies:

• Acquisition of value-enhancing properties;
• Proactive asset management;
• Divestment of non-core properties; and
• Prudent capital and risk management.

ESR Funds Management (S) Limited, the Manager of ESR-REIT, is owned by namely, ESR Cayman Limited ("ESR") (67.3%), Shanghai Summit Pte. Ltd. (25.0%), and Mitsui & Co., Ltd (7.7%).

For further information on ESR-REIT, please visit www.esr-reit.com.sg.

About the Sponsor, ESR

ESR is the largest APAC focused logistics real estate platform by gross floor area (GFA) and by value of the assets owned directly and by the funds and investment vehicles it manages. Co-founded by its senior management team and Warburg Pincus, ESR and the funds and investment vehicles it manages are backed by some of the world's preeminent investors including APG, SK Holdings, JD.com, CPP Investments, Oxford Properties and PGGM. The ESR platform spans across the People's Republic of China, Japan, South Korea, Singapore, Australia and India. As of 31 December 2020, the fair value of the properties directly held by ESR and the assets under management with respect to the funds and investment vehicles managed by ESR recorded approximately US$30 billion, and GFA of properties completed and under development as well as GFA to be built on land held for future development comprised over 20 million sqm in total. Listed on the Main Board of The Stock Exchange of Hong Kong Limited in November 2019, ESR is a constituent of the Hang Seng Composite Index and MSCI Hong Kong Index.

For more information on ESR, please visit www.esr.com.

1 Includes 100% of the valuation of 7000 Ang Mo Kio Avenue 5 and 48 Pandan Road, in which ESR-REIT holds 80% interest in 7000 Ang Mo Kio Avenue 5 and 49% interest in 48 Pandan Road, but excludes the effects arising from the adoption of Financial Reporting Standard (FRS) 116 Leases which became effective on 1 January 2019.

3

Important Notice

The value of units in ESR-REIT ("Units") and the income derived from them may fall as well as rise. Units are not investments or deposits in, or liabilities or obligations, of ESR Funds Management (S) Limited ("Manager"), RBC Investor Services Trust Singapore Limited (in its capacity as trustee of ESR- REIT) ("Trustee"), or any of their respective related corporations and affiliates (individually and collectively "Affiliates"). An investment in Units is subject to equity investment risk, including the possible delays in repayment and loss of income or the principal amount invested. Neither ESR-REIT, the Manager, the Trustee nor any of the Affiliates guarantees the repayment of any principal amount invested, the performance of ESR-REIT, any particular rate of return from investing in ESR-REIT, or any taxation consequences of an investment in ESR-REIT. Any indication of ESR-REIT performance returns is historical and cannot be relied on as an indicator of future performance.

Investors have no right to request that the Manager redeem or purchase their Units while the Units are listed. It is intended that investors may only deal in their Units through trading on Singapore Exchange Securities Trading Limited (the "SGX-ST"). Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. This announcement may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of occupancy or property rental income, changes in operating expenses, governmental and public policy changes and the continued availability of financing in amounts and on terms necessary to support ESR-REIT's future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's current view of future events.

This announcement is for information purposes only and does not have regard to your specific investment objectives, financial situation or your particular needs. Any information contained in this announcement is not to be construed as investment or financial advice and does not constitute an offer or an invitation to invest in ESR-REIT or any investment or product of or to subscribe to any services offered by the Manager, the Trustee or any of the Affiliates.

4