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24ADVANCING AHEADOperations ReviewBUSINESS REVIEWESR manages a well-diversified fund management platformacrossAPACwithUS$71.4billioninFee-relatedAUM1,2, as at 31 December 2024. A best in-class APAC fund manager and New Economy leader, it is ranked the largest real asset manager in the Asia Pacific3 and recognised as one of the top 10 global real estate investment managers.As the Group continues to operate in a volatile and uncertain environment in pursuit of its strategic business priorities, its real estate interests have been negatively impacted by persistent headwinds that have built up in the past years, in the form of elevated geopolitical tensions and ensuing economic risks, constrained interest rate cuts and a protracted recovery for Mainland China. Tepid development starts and core transaction activity, delayed exits and lower promotes from funds, negative fair value movement in assets (including non-cash losses arising from non-core and near-term divestments) and a belowhistorical average pace of capital recycling have had a bearing on the Group%u2019s profitability for FY2024.Amid the macro headwinds, management continued to execute and deliver on the strategic and business priorities of the Group. ESR raised US$5.4 billion in capital including recapitalisations in Australia, South Korea, Japan, Mainland China and Singapore, notwithstanding the tough fundraising environment. Approximately US$1.1 billion of asset syndications were also completed since January 2024 to date including those which were syndicated to long term ESR-managed vehicles, such as the ESR C-REIT which was listed on the Shanghai Stock Exchange on 24 January 2025.As of 31 December 2024, the total value for the investment properties held on ESR%u2019s balance sheet was US$2.3 billion. This accounted for approximately 1.6% of the total AUM across the portfolio as of 31 December 2024. Refer to %u201cProperty Portfolio%u201d on pages 28 to 29 for more information on ESR%u2019s Balance Sheet investment properties.US$3.1billionNew EconomyTraditional Economy87%13%Investments in Joint Venture Associates (%u201cJVA%u201d) by SectorAs of 31 December 202426%23%22%12%17%US$2.7billionMainland ChinaAustraliaIndia and SEAHong KongJapan and South KoreaInvestments in JVA (New Economy) by RegionAs of 31 December 2024US$2.3billionCompletedUnder Construction72%28%Investments PropertiesAs of 31 December 2024Notes:1Based on FX rates as at 31 December 2024.2%u0009 Fee-relatedAUMexcludesAUMfromAssociatesandlevereduncalledcapital.ReportedfigureofUS$71.4billionissubsequenttothecompletionofthe sale of ARA Private Funds, ARA US Hospitality Trust Manager and interest in ARA US Hospitality Trust.32024 ANREV Fund Manager Survey.ESR Ichikawa Distribution Centre, Ichikawa City, Japan