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14ADVANCING AHEADMAXIMISING VALUE OF ESR%u2019S DEVELOPMENT AND FUND MANAGEMENT PLATFORM ESR remains focused on executing and expanding on our industry leading development workbook of about US$11.4 billion. With one of APAC%u2019s largest workbooks, ESR offers access to a strategically diversified asset portfolio across major Tier 1 markets and in the most sought-after submarkets. Over 50% of the Group%u2019s projects are in Australia and New Zealand, Japan, and South Korea, reflecting a strategic focus on high-growth regions. This robust pipeline not only provides embedded AUM growth but also drives sustainable fee income as ESR continues to pursue our development strategy.Despite a historically tough fundraising environment for the sector, ESR achieved robust New Economy capital raising at US$4.2 billion, reflecting a year-on-year increase of 53%. In line with ESR%u2019s strategic focus on our core business, the capital raised was focused on industrial logistics and data centre projects. Additionally, the Group raised US$2.3 billion from new investors, accounting for 42% of the total US$5.4 billion capital raised in FY2024.DOUBLING DOWN ON CORE GROWTH BUSINESSES AHEAD OF MARKET RECOVERYIn December 2024, ESR received a privatisation proposal from a consortium of investors who have committed to support ESR%u2019s long-term sustainable growth and performance by providing access to capital for the Group%u2019s ongoing transformation strategy. The Group remains focused on delivering against our strategic goals and business priorities, and in doing so, we aim to realise our commitment to ensure our capital partners, customers, and employees will benefit from the success of our business, well into the future.Looking ahead, we are confident that with our more streamlined business, focused on our core strengths, and the momentum behind the One ESR integrated platform, the Group is well-positioned for sustainable growth and to continue unlocking value for all our stakeholders. Brett KrauseChairmanESR Cherry Lane, Victoria, Australia