ESR LOGOS REIT : Delivers 1H2023 DPU Of 1.378 Cents; No Further Refinancing Needs In 2023 With Post-Divestments Gearing At 33.6%

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

NEWS RELEASE

ESR-LOGOS REIT Delivers 1H2023 DPU of 1.378 Cents;

No Further Refinancing Needs in 2023 with

Post-Divestments Gearing at 33.6%1

• 1H2023 DPU at 1.378 cents, dip of 5.6% y-o-y mainly due to enlarged unit base from the recent equity fund raising exercise
• Strong positive portfolio rental reversion at 11.6% driven by New Economy assets in Logistics and High-Specs sectors
• Resilient operational performance with high occupancy of 92.9% underpinned by stable demand and limited supply of quality spaces
• Announced AEIs and redevelopments are on track
• Proposed divestments of seven non-core assets aggregating S$337.0 million; proceeds to repay debt in the interim
• All FY2023 expiring debt has been refinanced - no refinancing risk for remaining of FY2023
• Gearing at 39.4% (reducing to 33.6%1 upon repayment of debt with divestment proceeds), with 74.8% of borrowings on fixed interest rates
• Divestment proceeds provide significant debt headroom and financial strength to capitalise on investment recycling opportunities amidst asset repricing
• Continued focus on 4R strategy: (i) portfolio Rejuvenation; (ii) capital Recycling; (iii) Recapitalising balance sheet; and (iv) Reinforcing sponsor support

Summary of Financial Results:

1 On a FY2022 pro forma basis, including (i) the Equity Fund Raising and the divestment of 49 Pandan Road, assuming the net proceeds from the Equity Fund Raising and the divestment of 49 Pandan Road, together with the net proceeds from the divestments announced on 23 June 2023, were fully used to repay existing debt and (ii) the redemption of perpetual securities completed on 1 February 2023

1. Higher gross revenue and NPI mainly attributed to full half-year contributions from ALOG Trust after the merger in April 2022 and the acquisition of ESR Sakura Distribution Centre in October 2022
2. Higher amount available for distribution was mainly due to (i) higher NPI as explained above; and (ii) distribution of capital gains amounting to S$17.5 million from the sale of investment properties in prior years, partially offset by higher borrowing costs due to higher base rates and increase in borrowings to partially fund the merger with ALOG Trust and the acquisition of ESR Sakura Distribution Centre
3. Higher applicable number of Units was mainly due to (i) the equity fund raising comprising a private placement of 454.5 million new Units and a preferential offering of 460.8 million new Units which were completed on 27 February 2023 and 28 April 2023, respectively; and (ii) the issuance of new Units as part of the scheme consideration paid for the merger

Singapore, 26 July 2023 - ESR-LOGOS Funds Management (S) Limited, as manager of ESR-LOGOS REIT (the "Manager"), is pleased to announce ESR-LOGOS REIT (or "E-LOG") distribution per Unit ("DPU") for the period from 1 January 2023 to 30 June 2023 ("1H2023") was 1.3782 Singapore cents.

Commenting on E-LOG's 1H2023 performance, Mr. Adrian Chui, Chief Executive Officer and Executive Director of the Manager said, "We are pleased to announce a stable result for 1H2023 which continues to reflect the resilience of E-LOG's portfolio in navigating the dynamic landscape of the real estate industry.

In 1H2023, E-LOG has executed its 4R strategy with a S$300.0 million equity fund raising to recapitalise its balance sheet in February 2023 and announced the proposed divestment of seven non-core assets in June 2023. These two milestones are expected to reduce E-LOG's pro forma FY2022 gearing to 33.6%1, alleviating the potential downside impact of continued rising interest rates on refinancing costs, the potential increase in capitalisation and discount rates which may negatively affect property valuations resulting in increased gearing. The reduced gearing provides significant debt headroom and financial strength to capitalise on investment recycling opportunities amidst asset repricing, further rejuvenating E-LOG's portfolio towards modern, in-demand New Economy assets.

E-LOG's portfolio delivered a 11.6% positive rental reversion in 1H2023 and increased occupancy to 92.9%, driven largely by the continued resilience and favourable demand/ supply dynamics in the logistics sector. We remain committed to identifying and pursuing redevelopments, AEIs and strategic acquisitions that complement our existing portfolio, creating value for our Unitholders and driving sustainable growth for the REIT."

Financial Performance

In 1H2023, E-LOG reported Gross Revenue of S$196.8 million, an increase of 33.3% from S$147.7 million in 1H2022, which was mainly attributed to the full half-year contributions from ALOG Trust following the completion of the merger in April 2022 and the acquisition of ESR Sakura Distribution Centre in October 2022. Consequently, NPI recorded a 37.0% increase to S$140.8 million in 1H2023, as compared to S$102.8 million in 1H2022.

2 Inclusive of an advanced distribution of 0.448 Singapore cents per Unit for the period from 1 January 2023 to 26 February 2023 paid on 14 April 2023, pursuant to the private placement which was completed on 27 February 2023

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Reduced Distributions Due to Enlarged Units Base

The amount available for distribution to Unitholders stood at S$101.5 million in 1H2023, representing an increase of 37.9% from S$73.6 million in 1H2022. 1H2023 DPU was 1.378 Singapore cents, a 5.6% dip from the 1H2022 DPU of 1.460 Singapore cents.

The decrease in DPU was mainly attributable to a 46.1% increase in 1H2023 applicable number of units to 7,363.9 million units, from 5,041.5 million units in 1H2022, mainly due to (i) the equity fund raising and (ii) issuance of new units as part of the scheme consideration paid for the merger with ALOG Trust in 2022. The new units from the equity fund raising accounted for 13.6% of E-LOG's total outstanding units3.

Of the 1.378 Singapore cents DPU for 1H2023, an advanced distribution of 0.448 Singapore cents for the period 1 January 2023 to 26 February 2023 had been paid on 14 April 2023, pursuant to the private placement which was completed on 27 February 2023. The record date for the remaining distribution of 0.930 Singapore cents will be on 3 August 2023, with the expected payment date on 27 September 2023.

Portfolio Performance: Strong Demand Led by New Economy Sectors

As at 30 June 2023, E-LOG's portfolio occupancy remained high at 92.9%, supported by strong demand for quality spaces in the New Economy sectors. In 1H2023, a total of 303,639 sqm of space was leased to tenants, comprising 241,424 sqm of lease renewals (79.5% of total leases) and 62,215 sqm of new leases (20.5% of total leases). Given the continued changes in economic structural trends, E-LOG continues to be a beneficiary, delivering positive portfolio rental reversions in 1H2023 of 11.6%, an improvement from 11.4% in 1H2022. The strong rental reversions were broad based across all four sub-sectors and driven primarily by the New Economy sectors of Logistics (10.9% positive rental reversion) and High-Specs (35.6% positive rental reversion).

E-LOG's weighted average lease expiry as at 30 June 2023 was 3.1 years, compared to 3.0 years as at 30 June 2022. As part of the Manager's efforts to reduce tenant concentration risk, rental income contributed by the top 15 tenants in 1H2023 accounted for just 35.0% of the total portfolio, with no single tenant contributing more than 5.4% of rental income.

Leading New Economy and Future-Ready Portfolio

As at 30 June 2023, E-LOG has a portfolio of 81 quality properties (excluding 48 Pandan Road held through a joint venture) diversified across key gateway markets: Singapore (60), Australia (20) and Japan (1), with a total gross floor area ("GFA") of approximately 2.3 million sqm. New Economy assets of Logistics and High-Specs accounted for 63.2% of total portfolio. The Manager aims to address the

3 As at 31 December 2022

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increasing industry needs for reliable Logistics, High-Specs and cold storage spaces by enhancing the quality of E-LOG's portfolio, which will be carried out via the Manager's 4R strategy, which includes (i) portfolio Rejuvenation; (ii) capital Recycling; (iii) Recapitalising balance sheet; and (iv) Reinforcing sponsor support.

Asset Enhancement Initiatives ("AEI") and Redevelopment

In 1H2023, the Manager continued to make significant progress in its AEIs and Redevelopments as part of its portfolio rejuvenation strategy to transform its portfolio towards modern, in-demand and scalable assets.

The AEI at 16 Tai Seng Street, which will add 2,793 sqm of new GFA at an estimated yield on cost of approximately 6.0%, is progressing well and is approximately 20% completed. With the AEI, the Manager has managed to secure the lease renewal of an incumbent tenant in the pharmaceutical industry in 2Q2023, achieving a positive rental reversion of c.40%. The AEI is expected to be completed in 2Q2024.

Similarly, the AEI at 7002 Ang Mo Kio Ave 5, which is approximately 92% completed and expected to be completed in 3Q2023, has also enabled advanced lease negotiations with three high-specifications tenant prospects in the semiconductor, lifestyle, and industrial manufacturing sectors.

The redevelopment of 21B Senoko Loop has recently completed Phase 1A of the redevelopment works and is approximately 71% completed as at 30 June 2023. Expected to complete by 1Q2024, the asset will be Green Mark Gold certified and is expected to generate a yield on cost of approximately 6.6%. NTS Components Singapore Pte Ltd will fully lease the property for 15 years upon completion.

In 1H2023, E-LOG entered into a non-binding Heads of Agreement with the prospective master tenant at 2 Fishery Port Road to redevelop the facility. The Manager intends to redevelop the existing dated cold storage facility into a modern ramp-uphigh-specification cold storage facility fitted with an Automated Storage Retrieval System (ASRS) for frozen food products and expects the AEI to generate a yield on cost of approximately 7.0%. With plans for the redevelopment to be Green Mark Platinum certified, tender for construction works has commenced with construction expected to begin in 4Q2023 for a period of approximately 29 months. The Manager will provide announcements accordingly upon any developments or signing of definitive agreements.

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