ESR REIT : Proposed Withdrawal Of Extraordinary Resolutions At The EGM

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

PROPOSED WITHDRAWAL OF EXTRAORDINARY RESOLUTIONS AT THE EGM

ESR Funds Management (S) Limited, in its capacity as manager of ESR-REIT (the "Manager"), refers to the Notice of Extraordinary General Meeting ("EGM") and the Circular both dated 2 February 2018 in relation to the EGM scheduled on 27 February 2018 for the purposes of seeking Unitholders' approval for each of the following resolutions:

• (a) the proposed Unit Issue Supplement to the Trust Deed ("Resolution 1");

• (b) the proposed Electronic Communications Supplement to the Trust Deed ("Resolution 2"); and

• (c) the transfer of a controlling interest to ESR Cayman Limited pursuant to Rule 803 of the Listing Manual ("Resolution 3").

Words and expressions used in this announcement bear the same meanings as set out in the Circular.

The Manager has received feedback that the tabling of the three resolutions above at the same general meeting may cause confusion to Unitholders as Resolution 1 and Resolution 2 on the one hand and

Resolution 3 on the other hand relate to distinct matters. Taking into account the feedback, the Manager has determined that it may be more appropriate for Resolution 1 and Resolution 2 to be tabled for Unitholders' approval at a later date. Further details will be released in due course.

In view of the above, the Manager intends to advise the Chairman of the EGM that Resolution 1 and 2 be withdrawn at the EGM. For the avoidance of doubt, the EGM will proceed as scheduled on 27 February 2018 at 10.00 a.m. at Stephen Riady Auditorium @ NTUC, Level 7, NTUC Centre, One Marina Boulevard, Singapore 018989. Unitholders' approval will still be sought for Resolution 3 at the EGM.

BY ORDER OF THE BOARD

ESR Funds Management (S) Limited

As Manager of ESR-REIT

(Company Registration No. 200512804G, Capital Markets Services Licence No.100132-5)

Adrian Chui

Chief Executive Officer and Executive Director

23 February 2018

For further enquiries, please contact:

ESR Funds Management (S) Limited

Cheryl Lim

Marketing Communications Manager

Tel: +65 6827 9332cheryl.lim@esr-reit.com.sg

About ESR-REIT

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

ESR-REIT invests in quality income-producing industrial properties and as at 31 December 2017 has a diversified portfolio of 48 properties located across Singapore, with a total gross floor area of approximately 9.9 million sq ft and a property value of S$1.68 billion1. The properties are in the following business sectors: Logistics/ Warehouse, Hi-Specs Industrial, Light Industrial, General Industrial and Business Parks, 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 and secure income stream through the successful implementation of the following strategies:

•  Acquisition of value-enhancing properties;

•  Pro-active 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 two stakeholders, namely, ESR Cayman Limited ("ESR") (indirectly c.80 percent) and Mitsui & Co., Ltd ("Mitsui") (20 percent):

•  Headquartered in Hong Kong, ESR is one of the leading "pure-play" pan-Asia logistics real estate platforms, focusing on developing and managing institutional-quality logistics facilities that cater to third-party logistics ("3PLs") providers, e-commerce companies, bricks-and-mortar retailers, cold-chain logistics providers and industrial companies. Co-founded by Warburg Pincus and backed by some of the world's preeminent investors including APG, CPPIB, Goldman Sachs, Morgan Stanley AIP, PGGM, Ping An, SK Holdings, State Street Global Advisors and Stepstone, ESR's platform represents one of the largest in the Asia-Pacific region managing approximately 10.2 million square metres of projects owned and under development across China, Japan, Singapore, South Korea and India, with capital and funds management offices in Hong Kong and Singapore. Its current assets under management stands at over US$10 billion.

•  Mitsui is one of the largest corporate conglomerates in Japan and listed on the Tokyo Stock Exchange. It is one of the largest publicly traded companies in the world. Mitsui also developed the Japan Logistics Fund Inc., a publicly listed REIT in Japan dedicated to investing in distribution facilities.

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

1 In line with accounting policy, includes 100% of 7000 Ang Mo Kio Ave 5 property.

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 material 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 (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in amounts and on terms necessary to support future ESR-REIT 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 material is for informational purposes only and does not have regard to your specific investment objectives, financial situation or your particular needs. Any information contained in this material 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.