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16ADVANCING AHEADNote:1Like-for-like refers to year-on-year comparisons, excluding divestments.Underpinning the growth of ESR%u2019s data centre platform is the continuous push for faster data speeds and in turn data consumption alongside rapid technology adoption and reliance on AI solutions across APAC %u2014 and there are no signs of slowing down.Another growth engine for the Group is our infrastructure platform. As with our data centre strategy, we are leveraging the natural adjacencies across our New Economy real estate business, APAC-wide footprint, site acquisition prowess, and inherent capabilities to provide immediate access to a proprietary pipeline of infrastructure assets.Spotlighting this advantage is our investment in Leader Energy Group Berhad through China-ASEAN Investment Cooperation Fund II (%u201cCAF II%u201d), which is sub-advised by ESR. Through this partnership, we are advancing sustainable energy solutions in Southeast Asia while creating significant value for our stakeholders. We expect active developments on this front in 2025, catalysed by a new infrastructure fund that ESR is launching.MAKING A POSITIVE IMPACTThe space and investment solutions we offer enable a sustainable and resilient supply chain. From sustainable designs to renewable energy generation, logistics fleet electrification, and job creation, we have a unique ability to empower greener flows of products and data through our logistics real estate, data centres, and infrastructure platforms.Guided by our Environmental, Social and Governance (%u201cESG%u201d) Roadmap, we made steadfast progress across the three key pillars under the Group%u2019s ESG Framework: Human Centric, Property Portfolio, and Corporate Performance.On the environmental front, approximately 154 MW of rooftop solar power capacity as well as approximately 800 Electric Vehicle charging stations were installed across the Group%u2019s portfolio to-date, representing a likefor-like1 increase of 38% and 32%, respectively, from FY2023. Additionally, we obtained sustainable building certifications and ratings for approximately 42% of our portfolio of completed, directly managed assets, comparable on a like-for-like basis with the prior year.REINFORCING STRONG FUNDAMENTALS IN LOGISTICS REAL ESTATELogistics real estate has always been a core and distinctive advantage for ESR. Our established APAC-wide platform and in-market expertise provide investors and customers with the confidence in ESR%u2019s integrated development and fund management solutions.We continue to generate attractive returns for investors with projected development margins of 34% and work-inprogress development yield on cost of 6.8%, demonstrating our development portfolio%u2019s strength. We maintained a well-distributed lease expiry profile for stable income visibility and minimised leasing risk.We strengthened our relationships with customers, delivering 8 million sqm of space leased, a y-o-y increase of50%.Overallportfoliooccupancywasat87%,withnonMainland China markets remaining robust at 95%. Our strong market positioning and premium asset quality led to improved weighted average rental reversions of 12.6% portfolio-wide, with non-Mainland China markets achieving 21.2%.We closed 2024 with a robust development pipeline of approximately20.7millionsqm,whichiskeytosupportingAUM growth. Additionally, we have one of APAC%u2019s largest development workbooks of about US$11.4 billion, a diversified portfolio comprising Japan and South Korea (29%), Australia and New Zealand (22%), India and Southeast Asia (13%), Hong Kong (13%), Mainland China (7%),anddatacentreswhichincreasedto16%ofthetotal.CAPTURING OPPORTUNITIES IN DIGITALISATION AND DECARBONISATIONWe are confident that our track record in logistics real estate has given us a head start in the strategic pivot we made towards data centres and infrastructure in 2024. Our access to land and utilities gives us the ability to deliver projects to investors and customers on time, on spec, and on budget.Our step-up in momentum is evident in the commencementof375megawatts(%u201cMW%u201d) of data centre projects under construction in 2024, achieving our previously announced target. A milestone to watch is our first hyperscale asset, OS1, within the US$2 billion, 130 MW ESR Cosmosquare Data Centre campus in Japan, which was completed in August 2024 and will be ready for service in June 2025.