ESR AR 2019 EN

MESSAGE FROM CEOs Strategy ESR’s strategy of building an integrated Asia Pacific platform proved its effectiveness in delivering value for capital partners and customers. With our deep expertise and experience in this dynamic region, we remain confident that the ESR platform has the capability to weather the headwinds facing many asset classes and to make the most of the growth opportunities in Asia Pacific. We are strong believers in the growth of Asia Pacific in the 21st century. While the markets are favourable for continued growth, success will also depend on ESR’s ability to identify the right strategy, vision and people. We believe we have all three. As we prepare for the growth ahead, we emphasise ESR’s commitment to providing the best-in-class Space and Solutions for the Future. We are not simply providing logistics facilities, but integrated solutions to maximise our customers’ logistics efficiency and support their business expansion while delivering strong, sustainable returns for our capital partners over the long term. ESR expects a growing number of businesses will require modern facilities that embrace technology and sustainability to improve supply chain efficiency and performance. We have found rising interest among both tenants and investors who aim to expand their business or logistics portfolio in Asia Pacific. ESR will continue to explore opportunities to move into new growth markets and expand hand in hand with our customers and capital partners to further scale our platform. In this fast-evolving environment, ESR requires a vision that looks beyond space to build a sustainable business. As the largest Asia Pacific focused logistics real estate platform, ESR will never lose sight of the importance of ESG. We define ESG as an integral part of our operations that forms the forefront of ESR’s strategic priorities. It guides us in evaluating opportunities and advancing industry standards in our operations and delivering to our customers. It keeps ESR as a responsible and forward- looking company, ensuring us to ever improve our ability to generate long-term shareholder value, and improve the wellbeing for all in the communities that we operate in. The story of 2020 will, no doubt, be challenging, affected by recent events, in particular the COVID-19. Markets around the world will see growth soften at least in the near term. While Asia Pacific will not be isolated from the impact of the events, we will be vigilant and prudent in our operations while looking for new opportunities to sustain the growth of our business. We at ESR are confident that logistics real estate will continue to enjoy robust demand from both investors and customers, and the underlying strengths of Asia Pacific markets will remain a key driver for the long-term development of the sector. Appreciation As we look back on 2019, we are undeniably pleased with ESR’s achievements and our ability to meet challenges to outperform the market. We are especially proud of the professional and experienced team we have brought together at ESR. The deep base of knowledge and insights our management team has developed in our Asia Pacific markets deliver very tangible value to our capital partners and customers. The teams in each of our markets have integrated successfully and now operate seamlessly to build our unique logistics real estate platform that is unrivalled in Asia Pacific. The management teams together with our dedicated and hardworking employees have made ESR a world-class company as well as an industry leader. Once again, we are grateful to our capital partners and customers who have shown so much faith in ESR. To our Board of Directors, we express our sincere thanks for your sage advice and guidance. We look forward to working with all of you on our journey to make ESR a leader in logistics real estate and beyond while spurring the modernisation of logistics infrastructure across the Asia Pacific region. Jinchu Shen and Stuart Gibson Co-founders & Co-CEOs 21 March 2020 21 ESR Annual Report 2019