#1Investor Presentation August 2023 ESR-LOGOS REIT R DBS#2Overview of ESR-LOGOS REIT ESR-LOGOS REIT#3Future-Ready APAC Industrial S-REIT Portfolio of Quality Diversified Assets across Key Gateway Markets Portfolio 81 Properties (1) Investments 3 Property Funds Japan Singapore 60 Australia 20 $ Total Assets AUM (2) L S$5.5 billion S$4.9 billion High-Specs Industrial Business Park ESR-LOGOS REIT DHL Logistics Total Gross Floor Area 2.3 million sqm Portfolio Occupancy 92.9% Weighted Average Lease Expiry 3.1 years Proportion of New Economy Assets 63.2% ESR Gardes General Industrial ESG Targets GRESB submission Note: (1) As at 2Q2023, includes 3 Pioneer Sector 3, 4 & 6 Clementi Loop, 6 Chin Bee Avenue, 21 Changi North Way, 30 Toh Guan Road, 22 Chin Bee Drive, Singapore and 51 Musgrave Road, Australia which were announced to be divested on 23 June 2023. (2) Refers to the total value of investment properties (excluding right of use of leasehold land), investments in joint venture and property funds. 3#4Singapore Portfolio (76.1% of AUM) Well Located Assets within Key Industrial Zones Portfolio of 60 assets across 4 asset classes located close to major transportation hubs and within key industrial zones across Singapore 30 Marsiling Industrial Estate Road 8 Woodlands/ SEMBAWANG Kranji/Yishun WHARVES STRAITS OF JOHOR 7 High-Specs Industrial 18 Logistics 32 General Industrial 3 Business Parks Jurong/Tuas International Business Park 120 Pioneer Road SECOND LINK ALOG GUL LOGISCENTEE 15 Gul Logiscentre Legend: Major Industrial Cluster Business Park High-Specs Industrial Logistics General Industrial Major Highways MRT Lines ESR-LOGOS REIT Tuas Mega Port JURONG ISLAND Ang Mo Kio / Serangoon North Alexandra/ Bukit Merah JURONG PASIR PANJANG TERMINAL PORT SENTOSA KEPPEL TERMINAL 25 Pioneer Crescent 46A Tanjong Penjuru Tai Seng Ubi Changi Business Park DHL Supply Chain Advanced Regional Centre CHANGI INTERNATIONAL AIRPORT ESR BizPark @ Changi 4#5Australia Portfolio (13.5% of AUM) Exposure to Attractive Logistics Sector via Directly Held Properties 20 Logistics (1) consisting of: 16 Freehold Assets 4 Leasehold Assets I I I I Port of Brisbane, Queensland 10 Queensland New 1 South Wales 9 Victoria 1-5 Bishop Drive, QLD 8 Curlew Street, QLD I 53 Peregrine Drive, QLD 21 Curlew Street, QLD 151-155 Woodlands Drive, VIC 182-198 Maidstone Street, VIC 16-24 William Angliss, VIC 76-90 Link Drive, VIC 41-51 Mills Road, VIC Note: (1) Includes 51 Musgrave Road, Australia which was divested on 26 July 2023. 5 ESR-LOGOS REIT#6Japan Property (3.4% of AUM) Maiden Entry into Japan via Acquisition of ESR Sakura DC ESR-LOGOS REIT 1 Logistics ESR Sakura DC ESR Sakura DC 1 Greater Tokyo Saitama Tokyo Kawasaki Chiba Yokohama Key expressways serving Greater Tokyo 6#7Fund Investments (7.0% of AUM) Exposure to Attractive Logistics Sector via Direct Portfolio and Three Funds ESR-LOGOS REIT holds investments in three property funds aggregating A$377.6m 1 New LAIVS Trust 2 Oxford Property Fund Is DON Is COOD OXFORD COLD STORAGE Don KRC 11-D 3 ESR Australia Logistics Partnership DYNAPAC Equity Interest 49.5% (A$180.9 million) Number of Properties Property Type Land Tenure (1) Land Area Gross Lettable Area Net Asset Value (as at 30 Jun 2023) WALE 4 Distribution Centres 3 Freehold Assets 1 Leasehold Asset 431,310 sqm 155,957 sqm A$365.4 million 4.4 years 40.0% (A$111.7 million) 1 Cold Storage 1 Freehold Asset 229,000 sqm 123,353 sqm A$279.3 million 17.6 years 10.0% (A$85.0 million) 37 consisting of: 35 income-producing properties 2 development sites Logistics Properties 31 Freehold Assets 4 Leasehold Assets 1,315,525 sqm 593,071 sqm A$850.5 million 5.0 years 7 ESR-LOGOS REIT Note: (1) Excluding land and ongoing developments.#8Creation of a Future Ready New Economy APAC REIT Well-positioned to capture strong secular growth trends with its sizable and diversified portfolio 2006 Listing of Cambridge Industrial Trust ("CIT") on the SGX-ST CAMBRIDGE 2017 e-Shang Redwood acquires c.80% indirect stake in Manager from NAB and Oxley (remaining 20% in Manager held by Mitsui), and c.12% of REIT units, becoming REIT's second largest unitholder Cambridge Industrial Trust changes its name to "ESR-REIT" Divested 23 Woodlands Terrace, 87 Defu Lane 10 and 55 Ubi Avenue 3 Acquired 8 Tuas South Lane and 80% stake in 7000 Ang Mo Kio Ave 5 Issued $150.0m 4.6% Fixed Rate Perpetual Securities " 2018 Merger with Viva Industrial Trust Acquired 15 Greenwich Drive Divested 9 Bukit Batok Street 22 Launched S$141.9m Preferential Offering 2019 Acquired 48 Pandan Road Divested 31 Kian Teck way Launched S$100m Private Placement and S$50m Preferential Offering S$3.2B S$3.1B 2021 S$5.7B 2022 S$3.3B S$5.5B (1) Acquired ESR Sakura Distribution Centre in Japan Divested 28 Senoko Drive, 45 Changi South Avenue 2, 3 Sanitarium Drive and 2 Jalan Kilang Barat Merger with ARA LOGOS Logistics Trust became effective Issued $150.0m 5.5% Fixed Rate Perpetual Securities 2023 Divested 49 Pandan Road Announced divestments of 3 Pioneer Sector 3, 4 & 6 Clementi Loop, 6 Chin Bee Avenue, 21 Changi North Way, 30 Toh Guan Road, 22 Chin Bee Drive and 51 Musgrave Road, aggregating S$337.0m Launched S$300.0m Equity Fund Raising exercise Total Assets S$524.8M S$1.7B Demonstrated executive capabilities by achieving five-year 32.0% CAGR and growing the portfolio from S$1.4 billion in 2016 to S$5.7 billion (1) today via DPU accretive acquisitions ESR-LOGOS REIT Note: (1) As at 30 June 2023 Entered into S$320m unsecured loan facility for refinancing Acquired 46A Tanjong Penjuru Acquired a 10.0% interest in ESR Australia Logistics Partnership (EALP) - first overseas acquisition Divested 3C Toh Guan Road East and 11 Serangoon North Ave 5 Launched S$100m Equity Private Placement S$50m Equity Preferential Offering launched on 27 Jul Issued S$125m of 2.60% fixed rate notes due 2026 S$835m and A$365m Committed Unsecured Facilities for the merger with ARA LOGOS Logistics Trust Disciplined approach to funding with more than S$449.6 million in capital and S$3.0 billion financing raised over the last five years; broadening lending relationships from 2 to 13 banks г | Rebalanced portfolio from! i dated assets to 63.3% New i ESR-LOGOS REIT is a FTSE Economy assets (1) to capture ¦ NAREIT Index growth opportunities I stock 8#9Strong Liquidity and Research Coverage Trading liquidity has remained strong at: 10.2 million average Units traded daily for FY2022; and 10.6 million average Units traded daily YTD2023 Trading Performance Unit ESR Group Price becomes (S$) sponsor 0.6 0.5 Merger with COVID-19 Inflation, interest rate hikes and geopolitical concerns Launch of S$300m EFR Viva Industrial Trust Traded (mil) Entry into FTSE Nareit FTSE Russell 200.0 Merger with ARA LOGOS Volume Indices Inclusion (1) EPRA EUROPEAN PUBLIC REAL ESTATE ASSOCIATION Logistics Trust 150.0 0.4 0.3 0.2 10 0.1 0 Jan 2017 Mar 2017 May 2017 Jul 2017 Sep 2017 Nov 2017 Jan 2018 Mar 2018 May 2018 Jul 2018 Sep 2018 Nov 2018 Jan 2019 Mar 2019 May 2019 Jul 2019 Well-Covered by Research Brokers CGSCIMB citi CLSA Sep 2019 Nov 2019 Jan 2020 Mar 2020 May 2020 Volume Daiwa Capital Markets Jul 2020 Sep 2020 Nov 2020 Jan 2021 Mar 2021 May 2021 Jul 2021 Closing Price “Outperform” “Underperform" XDBS Sep 2021 Nov 2021 Jan 2022 Mar 2022 May 2022 Jul 2022 Sep 2022 Nov 2022 Maybank "Buy" Jan 2023 Mar 2023 May 2023 Jul 2023 100.0 50.0 0.0 MORNINGSTAR "Stable" Nareit. S&P Global MSCI OCBC Investment Research "Add" TP (2): S$0.39 "Buy" TP (2): S$0.37 TP (2): S$0.36 TP (2): S$0.31 "Buy" TP (2) S$0.38 TP (2): S$0.38 TP(2): S$0.38 "Buy" TP (2): S$0.38 Vanguard RHB "Buy" TP (2): S$0.40 S SCCM "Buy" TP (2): S$0.55 ESR-LOGOS REIT Notes: (1) Based on information obtained from ESR-LOGOS REIT's Annual Report 2022. (2) "TP" denotes target price. 9#10Trust Structure 100.0% 99.0% 1.0% ESR Group Mr. Tong Jinquan Other Investors ESR-LOGOS REIT Property Manager c.16.65%(1) Property ■ Property management services I management and other fees ESR-LOGOS REIT Acts on behalf of ESR-LOGOS REIT ESR-LOGOS REIT Manager c.5.57% (1) Management services I I Management and other fees ESR-LOGOS REIT Unitholders 100.0% 100.0% 80.0% Trustee fees Acts on behalf of Sub-Trusts Trustees VIVA Trust (Sub-Trust) ALOG Trust (Sub-Trust) 7000 AMK LLP Trustee fees Assets c.77.78% 49.0% 100.0% PTC Logistics Hub LLP ESR- LOGOS REIT TMK1 Note: (1) Includes direct interest and/or deemed interests through holding entities in ESR-LOGOS REIT. Figures as at 15 August 2023. 10#11ESR-LOGOS REIT's Strategy & Key Investment Highlights Rejuvenate E-LOG's Asset Portfolio 1 Pivoting Towards New Economy and Future-Ready Assets, Riding on Structural Economic Growth Trends 2 Recycle Capital Divestments of Non-Core Assets Unlock Value and Allows E-LOG to Recycle its Capital towards New Economy Assets 3 Recapitalise for Growth Strengthen E-LOG's Financial Strength to Capitalise on Organic Growth and Investment Opportunities 4 Reinforce Sponsor's Commitment Visible and Executable Asset Pipeline from Sponsor ESR-LOGOS REIT ED 11#121 Sustainable Demand and Continued Tight Supply Driving Positive Rent Reversion with Room for Occupancy Growth Stabilised Occupancy (1) Consistently Above Industry Average 92.1% 92.9% 1Q2023 2Q2023 89.7% 90.6% 88.8% 1Q2023 JTC Average(2) 1Q2023 2Q2023 E-LOG Portfolio Singapore Portfolio Portfolio Recorded +11.6% Positive Rental Reversions in 1H2023 11.6% 11.4% 1H2022 1H2023 ESR-LOGOS REIT 98.6% 99.3% 99.2% 2Q2023 National Average (3) 100% 100% 1Q2023 2Q2023 1Q2023 2Q2023 Australia Portfolio Japan Portfolio Portfolio Rental Reversions for 1H2023 (by asset type) +35.6% +16.1% +10.9% +5.1% High-Specs Logistics Industrial General Business Park Industrial (by geography) +12.7% +11.3% +1.0% Singapore Australia Japan ...with Logistics Segment Continuing to Demonstrate Sustainable Rental Upside Notes: (1) Based on financial occupancy (2) Source: Based on JTC 1Q2023 Industrial Property Market Statistics (3) Source: Australian Industrial & Logistics Snapshot Q2 2023 by Colliers 12#131 Given Positive Sector Demand and Supply Dynamics, Logistics Segment Is Expected to Continue Driving Positive Rent Reversions E-LOG Asset Class Breakdown (by Rental Income) 63.2% of portfolio in New Economy sectors, with majority being multi-tenanted leases Passing Rents (1) vs Market Rents (2) (in S$psfpm) All of portfolio passing rents are below market, signalling potential positive reversions for upcoming expiries 12.0% 17.9% 100% of High-Specs are MTBS c.63.2% (1H2022: 62.7%) New Economy 18.9% $2.50 51.2% c.71.4% of Logistics are MTBS New Economy $2.76 $3.73 $1.37 $1.87(3) $1.38 $1.37 $1.75 $1.28 $3.04 $2.90 -$3.70 High-Specs Industrial Logistics General Industrial Business Park High-Specs Industrial Logistics General Industrial Business Park ESR-LOGOS REIT Range for Market Rents Passing Rents $0.86-$1.00 $0.60(4) $0.80 $1.30 AU Logistics JP Logistics Notes: (1) Calculated based on Effective Gross Rent as at 30 June 2023 (2) Source: CBRE Research Singapore Q2 2023 & Management estimates (3) Lower range is referenced to rents for upper floor warehouses while the upper range is referenced to rents for ground floor warehouses (4) For MTBs in Queensland and Victoria only 13#141 Proactive Lease Management Well-Staggered Lease Expiry Profile, with Strong Rental Collections Leasing Metrics Lease Expiry Profile Portfolio has a WALE of 3.1 years for 1H2023 241,424 sqm Renewals [A] (79.5% of Total Leases Secured) 62,215 sqm New Leases [B] (20.5% of Total Leases Secured) Total Leases Secured in 1H2023 [A+B] WALE 303,639 sqm 15.1% 3.1 years (1H2022: 3.0 years) 13.6% Expected TOP of 7002 AMK 20.6% in 3Q2023 Expected TOP of 21B Senoko Loop in 1Q2024 and 16 Tai Seng Street in 2Q2024 21.3% 18.8% 14.4% 16.5% 15.8% 15.0% 9.8% 7.5% 8.2% Rental Collection Approximately 98.5% of total receivables 6.8% 4.8% 4.8% 3.8% 1.5% 2023 1.6% 2024 2025 2026 2027 2028+ ■Single-Tenanted Buildings ■Multi-Tenanted Buildings New Economy assets of Logistics & High-Specs segment continue to drive demand for total leases secured ESR-LOGOS REIT Notes: Metrics are calculated based on Effective Gross Rents unless otherwise stated. 14#15In progress Heads of Agreement Signed 1 Portfolio Rejuvenation Through Ongoing Redevelopments and Asset Enhancement Initiatives Ongoing redevelopments and AEls present immediate organic growth opportunities Delivered 6.0% - 8.0% yield on cost from completed developments and AEls since 2021 Redevelop older-specs assets into modern and future-ready properties Repurpose and rejuvenate dated assets to suit the demands of the New Economy Development of unutilized plot ratio Sector High- Specs Industrial High- Specs Industrial General Industrial Logistics Property Address Completion Date % Completed (1) Estimated Cost Illustrative Yield on Cost 7002 Ang Mo Kio Avenue 5 3Q2023 c.92% c.S$53.3m (2) c. 7.1% 16 Tai Seng Street 21B Senoko Loop ESR-LOGOS RELE 2 Fishery Port Road ■ Redevelopment of ramp-up modern cold storage facility ■ Non-binding Heads of Agreement signed with a master tenant for 20+5 years with built-in rental escalations per annum 2Q2024 c.20% c.S$32.0m (3) c. 6.0% 1Q2024 c.71% c.S$38.5m c. 6.6% 29 months construction period . Tender for construction works called Expected start of c.S$240.0m c.7.0% construction in 4Q2023 " Progress Updates Advanced lease negotiations with 3 high- specifications prospects (semicon, lifestyle, and industrial manufacturing), with rental rates in line with market Planned Green Mark Gold Certification AEI has enabled the lease renewal of an incumbent tenant in the pharmaceutical industry in 2Q2023, achieving positive rent reversion of circa 40% Planned for Green Mark Gold Certification ■ Redevelopment of a Built-to-suit High-Spec facility on a 15-year master lease to NTS Components Singapore Pte Ltd ("NTS"), with fixed annual rent escalation Planned for Green Mark Gold Certification Proposed redevelopment of a modern high- specification ramp-up cold storage facility, fitted out with an Automated Storage and Retrieval System ("ASRS") for frozen food products. Planned for Green Mark Platinum Certification ESR-LOGOS REIT Notes: (1) As at 30 June 2023. (2) The revised total cost is expected to be S$53.3 million, which includes previously announced expected cost of approximately S$35.7 million and additional cost of approximately S$17.6 million. (3) The revised total cost is expected to be S$32.0 million, which is higher than the S$25.9 million as previously announced due to increased construction costs. 15#162 ■ Significant Milestone of S$337.0m Non-Core Portfolio Divestment Reducing Gearing While Awaiting Investment Opportunities Amidst Asset Repricing Announced divestments of seven non-core assets aggregating S$337.0 million (1) on 23 June 2023 ☐ Achieved significant milestone in Capital Recycling and Portfolio Rejuvenation Strategy, with gearing reducing to 33.6% (2) Asset 3 Pioneer Sector 3 4 & 6 Clementi Loop 6 Chin Bee Avenue 21 Changi North Way 30 Toh Guan Road 22 Chin Bee Drive 51 Musgrave Road, Australia Total Sale Price (S$m) 95.0 37.6 93.0 30.1 57.8 13.8 9.7 (A$10.8m) 337.0 Premium / (Discount) to Valuation Remaining Land Lease (years) Expected Completion 3Q2023 CBRE appointed to manage price discovery process. Weighted Average Lease Expiry (in years) 3.2% 3.3% E-LOG as at 31 March 2023 Post the Other Divestments and Portfolio Divestment (3) (5.1%) Portfolio Sale 6.2% 2.4% (4.5%) 25.7 12.4 Freehold Weighted Average 27.2 (average) 4Q2023 4Q2023 3Q2023 3Q2023 3Q2023 3Q2023 37.9 Weighted Average Land Lease Remaining STB Proportion of E-LOG's Portfolio (in years) Contribution of Top 15 Tenants 23.3% 35.1% 37.1 E-LOG as at 31 March 2023 Post the Other Divestments and Portfolio Divestment (3) 21.7% 34.8% E-LOG as at 31 March 2023 Post the Other Divestments and Portfolio Divestment E-LOG as at 31 March 2023 (3) Post the Other Divestments and Portfolio Divestment Notes: (1) Refer to announcements dated 23 June 2023 titled "Proposed Divestment of a Portfolio of 5 Assets with an Aggregate Sale Consideration of S$313.5 million" and "Divestment Of 22 Chin Bee Drive In ESR-LOGOS Singapore And 51 Musgrave Road In Australia At 6.2% And 2.4% Premium To Valuation Respectively". (2) On a FY2022 pro forma basis, including (i) the Equity Fund Raising and the divestment of 49 Pandan Road, REIT 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. (3) Other Divestments comprises of 22 Chin Bee Drive, Singapore and 51 Musgrave Road, Australia. Portfolio Divestment comprises of 3 Pioneer Sector 3, 4 & 6 Clementi Loop, 6 Chin Bee Avenue, 21 Changi North Way and 30 Toh Guan Road (3) 16#172 Significant Milestone of S$337.0m Non-Core Portfolio Divestment Reducing Gearing While Awaiting Investment Opportunities Amidst Asset Repricing ■ Divestments are in-line with our 4R strategy ■ Properties divested are Non-Core assets ■ Evaluation criteria are in place to analyse divestments ■ Double whammy: (1) Rate of value decline increases for short land leases (2) expected rise in cap and discount rates impacting asset valuations ■ Price discovery process by • CBRE (1) ■ Gearing reduced to 33.6% (2) Coupled with unencumbered portfolio will provide significant debt headroom to: ✓ Optimise capital structure Recycle capital towards rejuvenating portfolio to higher quality New Economy assets Key Considerations of Proposed Portfolio Divestment Non-Core Assets Characteristics: 1) have short underlying land lease, 2) are small in size, 3) have limited AEI/ redevelopment potential or 4) have dated property specs 1) Properties with short land leases will experience accelerated rate of decline in value Portfolio of 5 SG assets have average remaining land lease of c.25 years Had the Manager attempted to divest assets individually, the time taken to source for and negotiate with individual buyers (restricted by JTC constraints) may be protracted; as such the aggregate selling price may not be higher than the Portfolio Sale Consideration 2) Rising interest rates are putting pressure on asset valuation Since start 2023, interest rates have risen by >100 bps, and is expected to increase capitalisation rates and discount rates, negative impacting property valuations It is difficult to predict when interest rates will stabilise or decrease, creating a potential double whammy on property valuations while land lease decay continues amidst higher interest rates Price Discovery Process Conducted by CBRE 01 CBRE was appointed in Dec 2022 by the Manager to manage the divestment process for the 5 Singapore assets to obtain the best possible price 02 JTC requirements for industrial properties results in smaller pool of potential buyers as compared to other sectors such as office, retail, etc. 03 04 CBRE identified more than 35 potential buyers; subsequently 8 investors expressed interest in the portfolio Final evaluation considered: (i) Sale Price, (ii) Financing Certainty, (iii) Track Record, (iv) Deal Certainty considering JTC ownership requirements Since 2021, E-LOG has divested c.S$611.4 million of non-core assets at both discount and premium to valuation depending on property type, building specifications and buyer profile achieving an average of 1.6% (3) premium to valuation and within regulatory thresholds Notes: ESR-LOGOS (1) For 5 out of the 7 properties divested. Please refer to announcement dated 14 July 2023 for more details. (2) On a FY2022 pro forma basis, including (i) the Equity Fund Raising and the divestment of 49 Pandan Road, REIT 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. (3) Weighted by valuation. 17#182 Other Non-Core Asset Divestments on Track for Completion Divestments Executed At Weighted Average Premium of 13.5% to End-Users ALOGOS COMPLETED Saletar Aerospace Training Complex 49 Pandan Road, Singapore Logistics 70 Seletar Aerospace View, Singapore General Industrial 4,992 sqm S$6.8 million(2) S$7.1 million 4.8% 19 years (4) 22 November 2012 Asset Type Gross Floor Area Valuation Sale Consideration Divestment Premium 30,575 sqm S$37.8 million(1) S$43.5 million 15.1% 17.0 years (3) Remaining Term of Lease Acquisition Date Expected Completion Date ESR-LOGOS REIT 3 July 2012 Completed on 21 February 2023 3Q2023 Notes: (1) Based on independent valuation of S$37.8 million conducted by Savills Valuation and Professional Services (S) Pte Ltd as at 30 June 2022. (2) Based on independent valuation of S$6.8 million conducted by Knight Frank Pte Ltd as at 1 December 2022 (3) As at 30 September 2022 (4) As at 30 September 2022 18#193 Prudent Capital Management with Significant Debt Headroom Prepares E-LOG for Future Growth Catalysts E-LOG's pro forma aggregate leverage will reduce to 33.6% (1), providing significant debt headroom post completion of the announced divestments (2) Pro Forma Aggregate Leverage (as at 31 Dec 2022) 41.8% As at 31 Dec 2022 45.0% Debt Headroom 33.6% (1) Post EFR and Announced Divestments Potential Future Growth Catalysts Significant debt headroom available to pursue organic growth opportunities by undertaking redevelopments and AEls ☑ Allows E-LOG to secure quality assets from Sponsor's asset pipeline and/or third-party acquisitions ☑ Timely environment as asset valuations begin to correct, providing further investment opportunities ESR-LOGOS REIT Notes: (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. (2) Refer to announcements dated 23 June 2023 titled "Proposed Divestment of a Portfolio of 5 Assets with an Aggregate Sale Consideration of S$313.5 million" and "Divestment Of 22 Chin Bee Drive In Singapore And 51 Musgrave Road In Australia At 6.2% And 2.4% Premium To Valuation Respectively". 19#203 Prudent Capital Management Debt to Total Assets (1) (Gearing) at 39.4% as at 30 June 2023 ➤ Pro forma gearing reduced to c.33.6% (2) upon completion of announced divestments (3) Weighted average all-in cost of debt maintained consistently at 3.96% p.a. All debt expiring in FY2023 has been refinanced – No refinancing risk ✓ 74.8% of interest rates fixed for 1.7 years Natural hedge on forex exposure, with forex distributions hedged Debt Breakdown - By Type Total Debt of S$1,927.0 million 6.5% 13.2% 5.9% Unsecured RCF Unsecured Term Loans Secured Term Loans Unsecured Notes 74.4% Total Gross Debt (S$ million) Debt to Total Assets (%) (1) Weighted Average All-in Cost of Debt (%) p.a. Weighted Average Debt Expiry ("WADE") (years) MAS Adjusted ICR (times) Fixed Interest Rate Exposure (%) Proportion of Unencumbered Investment Properties (%) Debt Headroom (S$ million) (4) ESR-LOGOS REIT Debt Breakdown - By Currency Total Debt Consists Mainly of SGD Denominated Debt As at 30 Jun 2023 As at 31 Dec 2022 1,927.0 2,093.0 39.4 41.8 3.96 3.66 2.6 2.9 19.2% 2.5 2.8 74.8 72.0 97.0 96.0 513.7 305.0 9.4% 71.4% SGD Denominated AUD Denominated JPY Denominated Notes: (1) Includes ESR-LOGOS REIT's 49.0% share of the borrowings and total assets of PTC Logistics Hub LLP, but excludes the effects arising from the adoption of FRS 116 Leases. (2) On a FY2022 pro forma basis, adjusted for (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. (3) Refer to announcements dated 23 June 2023 titled "Proposed Divestment of a Portfolio of 5 Assets with an Aggregate Sale Consideration of S$313.5 million" and "Divestment Of 22 Chin Bee Drive In Singapore And 51 Musgrave Road In Australia At 6.2% And 2.4% Premium To Valuation Respectively". (4) Assuming gearing limit of 45% even though E-LOG's regulatory gearing threshold remains at 50%. 20 20#213 Proactive Debt Management with a Well-Staggered Debt Maturity Profile ✓ All debt expiring in FY2023 has been refinanced - No refinancing risk E-LOG has S$239.3m of committed undrawn revolving credit facilities ("RCF") available for working capital requirements ✓ E-LOG remains well-supported by 10 lending banks Debt Maturity Profile as at 30 June 2023 900 800 S$m 700 600 Post Receipt of Announced Divestment Proceeds: " Significant amount of debt expiring in FY2024 will be repaid ■ Gearing reduced to 33.6% (1) 115 500 125 400 255 300 No Refinancing Risk for FY2023 200 571 427 250 100 185 0 2023 2024 2025 2026 2027 Unsecured Term Loans Unsecured RCF ■Unsecured Notes ■Secured Term Loans 0 26.2 9.6 34.6 29.6 % of Debt Expiring ESR-LOGOS REIT Notes: (1) On a FY2022 pro forma basis, adjusted for (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. 21 24#224 E-LOG is Backed by a Strong and Committed Sponsor, ESR Group Since becoming E-LOG's Sponsor in 2017, ESR Group has backstopped 100% of all preferential offerings by E-LOG... Sep 2019 S$50m Preferential Offering fully backstopped Latest Preferential Offering Mar 2023 S$150m Preferential Offering fully backstopped 2018 2019 2021 2023 Feb 2018 S$142m Preferential Offering fully backstopped Jul 2021 S$50m Preferential Offering fully backstopped E-LOG is sponsored by ESR Group Limited, APAC's number one real asset manager and the third largest listed real estate investment manager globally (1) with c.US$150bn in gross assets under management Backstop of preferential offering showcases the Sponsor's continual effort in supporting the REIT and reinforcing their commitment to the REIT's growth trajectory over the long haul ESR Group's substantial stake of c.15.8% in the REIT provides for alignment of interest E-LOG continues to enjoy access to ESR Group's New Economy pipeline, and leverages its capabilities and network to expand into countries where ESR Group has an established presence Key Acquisition Criteria: High Quality New Economy Assets Scalable Markets and in Developed Countries Illustrative Potential Sponsor Asset Pipeline: : Leverage ESR Group's real estate platform and local expertise ...which in total would be approximately S$392m ESR-LOGOS REIT • GFA: 252,700 sqm . GFA: 120,000 sqm • >90% Occupancy • 100% Occupancy (Ph1) • Multi-tenanted • >30yrs Land Tenure Multi-tenanted >30yrs Land Tenure • GFA: 45,600 sqm • 100% Occupancy Multi-tenanted >27yrs Land Tenure • Greater Tokyo & Osaka • 4 Stabilised Assets • 100% Occupancy Freehold Land Tenure • Source: ESR-LOGOS REIT company announcements on SGXNET. (1) Real estate AUM only; peer data as of 31 December 2020 based on IRE Global Investment Managers 2021 report; and the Sponsor's Interim Report 2022 data as of 30 June 2022. 22#23Market Outlook Key Summary 1 and Takeaways 2 Continued rises in interest rate coupled with tepid growth is expected to impact economic growth in 2H2023 Expected increase in capitalisation & discount rates and the strength of the SGD are expected to negatively impact asset valuations 3 Key risks in 2H2023 will be the continued rising interest rates' impact on gearing, NAV and DPU 4 Mitigating factors are E-LOG's (a) expected low gearing (b) minimal loan refinancing requirements till 2025 (c) well-spread out debt expiry profile (d) high fixed interest rates and (e) continued favorable demand/supply dynamics of Logistics segment in Singapore and Australia Outlook remains cautious against backdrop of high interest rates... Macro Environment ☐ IMF forecasts for global growth to decelerate from 3.4% in 2022 to 2.8% in 2023(1). The high interest rate environment and continued supply chain disruptions continue to weigh down on the recovery of the global macro economies and real estate transactions. Continual interest rate hikes are expected despite easing inflation as inflation coupled with underlying price pressures are proving sticky with labor markets tight in many economies. Tepid demand growth from China reopening has impacted global demand. Depth and pace of economic structural trends like increased inventory onshore, leading to higher warehouse demand, are expected to continue as tailwinds for E-LOG for the rest of 2023 E.g., Ensuring food security and MNCs move towards improving supply chain resilience by expanding logistics capabilities as part of "Just-In-Case" manufacturing process is expected to drive demand for E-LOG's logistics properties ESR-LOGOS REIT Note: (1) based on World Economic Outlook released by International Monetary Fund on 11 October 2022 23 23#24Market Outlook Singapore Australia Japan ESR-LOGOS REIT Forecasted growth for Singapore's economy is expected to slow to 0.5% - 2.5% y-o-y in 2023, down from 3.6% y-o-y in 2022. New Economy sectors such as Logistics and High-Spec Industrial sectors should continue to outperform despite the moderation in demand, with forecasted rent growth of 3.1% and 7.5% respectively in 2023 amidst tight pre-committed supply conditions and resilient long-term demand expected from the e-commerce, life science and technology sectors(1). In the short-term, given global manufacturing weakness and below expectations growth from China's reopening, High-Specs segment is likely to face slower space demand as the tenants in advance manufacturing sectors are the majority space users. Overall, we expect positive rental reversions and occupancy growth in E-LOG's portfolio to be more cautious in 2H2023 albeit still in the positive territory. Logistics segment is still expected to perform. The Australian economy is expected to moderate with GDP growth forecasted to ease from 3.6% to 1.5% in FY2023 and FY2024(2). Interest rates is expected to continue to trend higher as the Reserve Bank of Australia (RBA) attempts to bring inflation under control with a 4-percentage point increase to a cash rate of 4.10% since May 2022(3). The total new supply for 2023 is expected reach a record high of 3.1 million sqm, with the increase in supply in 1Q2023 mainly led by Brisbane and Sydney. It is however still unlikely to be sufficient to restore equilibrium between supply and demand in the near term as supply is unable to catch up with the overwhelming demand. The continued rental strength is expected to mitigate the expected increases in cap rates, discount rates and strength of the SGD which are key risks to asset valuation Despite the slowdown in the global economy, the Japan economy is recovering with the support from economic activity normalization, increase in wages, and accommodative fiscal and monetary policies(4). GDP is expected to expand with a pick up in domestic spending and capital investments, but the CPI rate of increase is expected to decelerate from 2022 toward the middle of 2023 due to waning effects of increase in import prices being passed on to consumers and an improving output gap. Forecasted rents are expected to be flattish moving into 2023 and 2024 for most of Greater Tokyo, apart from Tokyo Bay Area due to lack of supply and its location being closest to Tokyo City. Notes: (1) based on Singapore Market Outlook 2023 by Cushman & Wakefield (2) based on Statement on Monetary Policy November 2022 by Reserve Bank of Australia (3) based on Knight Frank Outlook Report 2023 Navigating The Path To Performance (4) based on Daiwa Institute of Research, Japan's Economy: Monthly Outlook (May 2023) 24#254R Strategy Reinforce Sponsor Commitment S$150m Fully Backstopped Preferential Offering launched in March 2023 Visible and Executable Asset Pipeline from Sponsor :: • • GFA: 252,700 sqm • >90% Occupancy • Multi-tenanted . Greater Tokyo & Osaka • 4 Stabilised Assets • 100% Occupancy • >40yrs Land Tenure • Freehold Land Tenure 晶 Growth Recapitalise For Growth Gearing reduced to 33.6% (1) Increased debt headroom allows for growth opportunities Recycle Capital Proposed non-core divestments of S$337.0m (short remaining land lease) Rejuvenate Asset Portfolio 3 AEls with yield on cost of 6.0% - 7.1% ✓ c.S$240.0m redevelopment of cold storage facility ESR-LOGOS REIT Note: (1) On a FY2022 pro forma basis, adjusted for (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. 25 25#26Conclusion 1 TAT 2 Strong Positive Portfolio Rental Reversions and Resilient Operational Performance Portfolio rental reversion at +11.6% in 1H2023, led by New Economy sectors comprising c.63.2% of portfolio Resilient operational performance with high occupancy of 92.9% as at 30 June 2023 underpinned by stable demand and limited supply of quality spaces Well-staggered lease expiry profile, with strong rental collections at 98.5% of total receivables Prudent Capital Management 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 All FY2023 expiring debt has been refinanced – no refinancing risk for remaining of FY2023 Weighted average all-in cost of debt maintained consistently at 3.96% p.a. 3 4 ESR-LOGOS REIT Portfolio Rejuvenation and Capital Recycling Announced AEls and redevelopments are on track Proposed divestments of seven non-core assets aggregating S$337.0 million; proceeds to repay debt in the interim Divestment proceeds provide significant debt headroom and financial strength to capitalize on investment recycling opportunities amidst asset repricing Market Outlook Remains Cautious Against Backdrop of High Interest Rates Continued rises in interest rate coupled with tepid growth is expected to impact economic growth in 2H2023 Expected increase in capitalisation & discount rates and the strength of the SGD are expected to negatively impact asset valuations Key risks in 2H2023 will be the continued rising interest rates' impact on gearing, NAV and DPU Mitigating factors: Post repayment of loans from divestment proceeds (a) Low gearing ratio (b) high fixed interest rates (c) <10% of loans up for refinancing each year till 2025 (d) well-spread out debt expiry profile and (e) the continued favorable demand/supply dynamics of the Logistics segment in Singapore and Australia Note: (1) On a FY2022 pro forma basis, adjusted for (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. 26 26#27Appendix ESR-LOGOS REIT#281H2023 Key Highlights Financial Updates Gross Revenue S$196.8m +33.3% y-o-y Net Property Income ("NPI") S$140.8m +37.0% y-o-y NAV per Unit 33.7 cents (31 Dec 2022: 36.4 cents) Distribution per Unit 1.378 cents (1H2022: 1.460 cents) Portfolio Updates Positive Rental Reversion +11.6% (1H2022: +11.4%) High Occupancy Rate 92.9% (1Q2023: 92.1%) Significant New Economy Exposure 63.2% (1H2022: 62.7%) Divestments • Pandan Logistics Hub completed Announced divestment of 7 non-core assets for S$337.0m (1) • Capital Management Gearing 39.4% as at 30 June 2023 c.33.6% (2) upon completion of announced divestments (1) Interest Rate Exposure Hedged 74.8% on fixed rates (31 Dec 22: 72.0%) Cost of Debt 3.96% per annum (31 Dec 22: 3.66%) All Debt Expiring in FY2023 Refinanced No refinancing risk The EFR and non-core assets divestment have recapitalised and strengthened our balance sheet with lower gearing and alleviated the concerns of gearing pressures Enables E-LOG to mitigate the continued high interest rate environment, and its impact on DPU, Valuation, Gearing and NAV Additionally, E-LOG stands ready with a strong financial position and significant debt headroom amidst an expected asset repricing environment, to capture investment opportunities which may arise for E-LOG to augment our portfolio rejuvenation strategy towards modern, in-demand New Economy assets ESR-LOGOS 51 Musgrave Road In Australia At 6.2% And 2.4% Premium To Valuation Respectively". (2) On a FY2022 pro forma basis, including (i) the Equity Fund Raising and the divestment of 49 Pandan Road, assuming the net proceeds REIT Notes: (1) Refer to announcements dated 23 June 2023 titled "Proposed Divestment of a Portfolio of 5 Assets with an Aggregate Sale Consideration of S$313.5 million" and "Divestment Of 22 Chin Bee Drive In Singapore And 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. 28#29Diversified Tenant Network Well Diversified Tenant Base With No Concentration Risk to A Single Tenant Top 15 Tenants (1) Top 15 tenants remains stable, accounting for 35.0% (1H2022: 33.7%) of Effective Gross Rents for June 2023 Breakdown of Trade Sectors By EGR Portfolio of 436 diverse tenants as at 30 June 2023 decreased against 448 tenants in 31 December 2022 1.5% 1.3% 0.9% ACFS Port Logistics Pty Ltd (2) ams-OSRAM Asia Pacific Pte. Ltd. DHL Supply Chain Singapore Pte Ltd United Engineers Developments Pte Ltd 5.4% 2.0% ■ Logistics & Warehousing 0.7% 4.6% 4.5% 2.0% 2.1% 2.7% (Master lessee for hotel component at ESR BizPark @Changi) 1.8% 2.6% Sharikat Logistics Pte Ltd Meiban Investment Pte Ltd Ceva Logistics Singapore Pte Ltd Schenker Singapore (Pte) Ltd Venture Corporation Limited 2.2% 2.1% 2.7% ■ Manufacturing ■Info-Comm & Technology ■ Electronics ■ General & Precision Engineering Lifestyle ■ Hotel 2.0% 2.9% 1.8% 4.4% 1.8% ■ Retail ■ Data Centre 52.3% Data Centre Operator (3) 1.7% 5.9% ST Engineering Synthesis Pte. Ltd. 1.6% TEYS Australia Pty Ltd 1.5% 7.0% McPhee Distribution Services Pty Limited 1.2% 10.1% 1-Net Singapore Pte Ltd Singapore Transport Supply Service.. 1.1% 1.1% ■ Food & Beverage ■Research & Development ■ Others ■ Healthcare ■Construction ■Childcare & Education ■ Self-Storage No single tenant contributes more than 5.4% (1H2022: 4.8%) of EGR for June 2023 ESR-LOGOS REIT Quality tenant base catering to the changing market arising from structural trends and changing consumption patterns such as advanced and complex manufacturing and engineering processes & systems, digitalisation, e-commerce etc. Notes: Metrics are calculated based on Effective Gross Rents unless otherwise stated. (1) Excludes contribution from Fund Properties. EGR based on month of June 2023. (2) ACFS Port Logistics had acquired IPS Logistics' Port of Brisbane operations in July 2021. (3) Tenant not named due to confidentiality obligations. 29 29#30Resilient and Diversified Portfolio Access to Overseas and Freehold Assets Enhances Resilience Against Short Land Lease and NAV Decay Portfolio Breakdown by Geography Portfolio exposure to overseas geographies such as Australia and Japan provides exposure to freehold assets 2.0% Portfolio Breakdown by Lease Type As such, c.52.8% of portfolio are freehold or longer land lease remaining c. 52.8% of portfolio are freehold or 7.6% 12.8% Singapore Australia Japan 85.2% Breakdown of Land Lease Expiry (in years) Overseas exposure has helped to lengthen portfolio land lease expiry 37.2 Portfolio Weighted Land Lease Expiry (comprising of) 25.3 Singapore have more than 30 years of land lease remaining 45.2% 92.4% 47.2% Freehold Leasehold Consisting of: Above 30 years 99.0 (1) 71.8 (1) Australia Japan Below 30 years Notes: Metrics are calculated based on Effective Gross Rents unless otherwise stated. (1) Assumes that freehold land has an equivalent land lease tenure of 99 years ESR-LOGOS REIT 30 50#31Real Estate Portfolio Statistics Number of Properties(1) GFA (million sqm) NLA (million sqm) As at 30 June 2023 81 As at 31 Dec 2022 82 2.3 2.3 2.2 2.2 Weighted Average Lease Expiry ("WALE") (years) 3.1 3.2 Weighted Average Land Lease Expiry (years) (2) 37.0 37.4 Occupancy (%) 92.9 92.7 Number of Tenants Security Deposit (months) Notes: (1) Excludes 48 Pandan Road (2) Weighted by valuation ESR-LOGOS REIT 436 448 5.5 4.4 31#32Summary of Financial Results 1H2023 vs 1H2022 Gross Revenue Net Property Income ("NPI") 1H2023 1H2022 +/(-) (S$ million) (S$ million) (%) 196.8 147.7 33.3 140.8 102.8 37.0 Amount available for distribution to Unitholders 101.5 73.6 37.9 Applicable number of units for calculation of DPU (million) 7,363.9 5,041.5 46.1 Distribution per Unit ("DPU") (cents) 1.378 1.460 (5.6) ESR-LOGOS REIT Higher gross revenue 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 Higher 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 Mainly attributable to: Higher NPI as explained above; and Distribution of capital gains amounting to S$17.5 million from the sale of investment properties in prior years. The above is partially offset by higher borrowing costs due to higher base rates and borrowing costs for the debt drawn to partially fund the merger with ALOG Trust and the acquisition of ESR Sakura Distribution Centre in October 2022 Higher applicable number of Units was mainly due to (i) the equity fund raising comprising a private placement of 454.5 million new Units and a preferential offering of 460.8 million new Units which were completed on 27 February 2023 and 28 April 2023, respectively; and (ii) the issuance of new Units as part of the scheme consideration paid for the Merger. Lower DPU was mainly due to the enlarged unit base from the equity fund raising comprising a private placement of 454.5 million new Units and a preferential offering of 460.8 million new Units which were completed on 27 February 2023 and 28 April 2023, respectively. 32 32#33Financial Position Investment Properties (1) Investment Properties Held for Divestment (1),(2) As at 30 Jun 2023 (S$ million) As at 31 Dec 2022 (S$ million) 4,704.0 5,103.4 The decrease is mainly due to the reclassification of 22 Chin Bee Drive, 51 Musgrave Road and the portfolio of 5 assets (3) announced to be divested on 23 June 2023 to Investment Properties Held for Divestment. 361.4 56.6 Investments at Fair Value through Profit and Loss 341.0 342.7 Other Assets 133.3 151.5 The amount as at 30 June 2023 relates to 70 Seletar Aerospace View, 22 Chin Bee Drive, 51 Musgrave Road and the portfolio of 5 assets (3) announced to be divested on 23 June 2023. The amount as at 31 December 2022 relates to 70 Seletar Aerospace View and 49 Pandan Road, of which 49 Pandan Road has since been divested in 1Q2023. This relates to the investments in three property funds in Australia, comprising 49.5%, 40.0% and 10.0% stakes in New LAIVS Trust, Oxford Property Fund and ESR Australia Logistics Partnership, respectively. Total Assets 5,539.7 5,654.2 Total Borrowings (net of debt transaction costs) 1,913.6 2,076.1 The decrease is mainly attributable to the repayment of existing debt using the net proceeds from the private placement and the preferential offering completed on 27 February 2023 and 28 April 2023, respectively. Lease Liabilities for Leasehold Land (FRS 116) 543.6 543.9 " This relates to lease liabilities on leasehold land. Non-controlling Interest 66.6 63.3 The amount represents the 20.0% interest in 7000 AMK LLP that is not owned by the Group. Other Liabilities Total Liabilities 129.1 121.8 2,652.9 2,805.1 Notes: Includes the right-of-use of leasehold land. (2) Based on the contracted selling price, less cost to sell. (3) Please refer to the announcements dated 23 June 2023 titled "Proposed Divestment of a Portfolio of 5 Assets with an Aggregate Sale Consideration of S$313.5 million". ESR-LOGOS (1) REIT 33 33#34Financial Position (continued) Net Assets Attributable to: - Perpetual Securities Holders Non-controlling Interest - Perpetual Securities - Unitholders No. of Units (million) NAV Per Unit (cents) ESR-LOGOS REIT As at 30 Jun 2023 (S$ million) As at 31 Dec 2022 (S$ million) 302.1 302.1 102.3 " 2,584.6 2,444.7 7,672.8 6,719.2 33.7 36.4 This relates to the S$100.0 million perpetual securities issued by ALOG Trust in February 2018, which has since been fully redeemed on 1 February 2023. The increase is mainly due to the S$299.7 million gross proceeds from the private placement and the preferential offering completed on 27 February 2023 and 28 April 2023, respectively. This is partially offset by the fair valuation loss on investment properties-and the advanced distribution (2) paid to Unitholders in April 2023 The increase is mainly due to 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. The new units from the equity fund raising accounted for 13.6% of total outstanding units (1) Decrease is mainly due to the fair valuation loss on investment properties and the payout of the advanced distribution (2) in April 2023. Notes: (1) Total outstanding units as at 31 Dec 2022 (2) Pursuant to the private placement announcement dated 16 February 2023 and completed on 27 February 2023, an Advanced Distribution of 0.448 cents per Unit for the period from 1 January 2023 to 26 February 2023 was paid on 14 April 2023. 34#35Singapore Industrial Market Outlook Overall occupancy rate for industrial property market fell to 88.8% as new completions remaining strong in 1Q2023, and new supply continues to exceed new demand 1 2 3 4 5 Price and rental index of industrial space in 1Q2023 have continued to rise amidst inflationary pressures. Price and rental increased by 1.5% and 2.8% respectively as compared to the previous quarter, and 6.9% and 8.8% respectively compared to the preceding year(1). Singapore's economic growth is expected to slow to about 0.5% to 2.5% y- o-y in 2023, from 3.6% y-o-y in 2022. Despite the weaker economic outlook, industrial rental growth is expected to hold up this year, led by a resilient demand from 3PL players. The industrial factory sector is expected to see moderated growth of up to 1.0% in 2023 resulting from manufacturing slow down, lackluster export performance and higher supply(2). Due to rising macroeconomic headwinds, occupiers continues to be cautious towards expansion needs. In the Business Park sector, selected tech and R&D industries have also given up over 75% shadow space. Coupled with the expected completion of Elementum in 2023, the rents in Business Parks are expected to be muted for rest of 2023(3). Demand for the Warehouse sector is expected to remain resilient, driven by strong competition for storage space in modern ramp-up developments(2) and no new completions for the rest of the year. New economy sectors such as the Logistics and High-Spec Industrial sectors should continue to outperform despite the moderation in demand, with rents rising by 3.1% and 7.5% respectively q-o-q as well as forecasted rent growth to be in high single digit positive range for FY2023. Net Supply of Industrial Space (1) Net Supply ('000 sqm) 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 2018 2019 2020 2021 2022 2023F 2024F 2025F 2026F ■Single-user Factory ■Multiple-user Factory ■Warehouse ■Business Park Industrial Sector Factory Warehouse High-Specs Industrial Business Park 1Q2023 Market Rents (S$/psf/pm) 2Q2023 Market Rents (S$/psf/pm) 1.37-1.75 1.35 1.72 1.34-1.82 2.76(4)-3.73 3.70-6.10(5) 1.37-1.87 2.76(4)-3.73 3.70-6.10(5) Source: JTC, CBRE 35 ESR-LOGOS REIT Notes: (1) Based on JTC 1Q2023 Industrial Property Market Statistics. (2) Based on Singapore Market Outlook 2023 by Cushman & Wakefield. (3) Based on Singapore Figures Q2 2023 by CBRE (4) Based on Management estimates. (5) Rents for Business Park at city fringe.#36Australia Industrial Market Outlook While the supply for 2023F is forecasted to be at a record high of approx. 3.1 million sqm, the overwhelming demand for logistics space is expected to continue to outstrip the supply capacity 1 The Australian economy is expected to moderate with GDP growth forecasted to ease from 3.7% to 1.25% in FY2023 and FY2024(1). Australian Industrial & Logistics Supply (sqm) 4,000,000 3,000,000 2 Higher interest rates coupled with higher inflation and tighter monetary policy settings are expected to dampen the growth in Australian economy. 2,000,000 1,000,000 3 0 THE 2013 2014 2015 2016 2017 2018 2019 2020 Source: Colliers Research Industrial Submarket 10-Year Average 2Q2023 Secondary Grade Market Rents (A$sqm/p.a) 2Q2023 Prime Grade Market Rents (A$sqm/p.a) 204-244 4 5 The strength of the Australian industrial and logistics sector has continued into Q2 2023 with over 930,000sqm leased, albeit the take up in 1H2023 has fallen by approx. 37.0% comparing the same period in 2022(2). Take up is expected to continue to slow down for rest of 2023 as consumers reign in their budget and spending on discretionary retail items in view of recessionary fears. 2023 is a record year for development completions, totaling 3.1 million sqm of floorspace, with approx. 690,000 sqm of space delivered nationally (3). It is however still unlikely to be sufficient to restore equilibrium between supply and demand in the near term as pre- commitment-rate of the supply for the year is high in 80% range. Rental uplift is expected to continue in 2023 in high single digit growth. Incentives remain low up to 7.5% range. Sydney Melbourne Brisbane Adelaide Perth National Average ESR-LOGOS REIT 2021 2022 2023 FY2024E Forecasted Rental Growth 178 - 200 5.0% 107-117 125-138 4.0% 116 133 133-157 6.0% 84-96 115-141 4.0% 95-110 110-133 6.0% 132-149 132-149 4.0% -6.0% Notes: (1) Based on Economic Outlook by Reserve Bank of Australia dated May 2023 (2) Based on Colliers 2Q2023, Australian Industrial & Logistics Snapshot. (3) Based on CBRE Australian Industrial and Logistics Figures 1Q23 (3) Based on Colliers 4Q2022, Australian Industrial & Logistics Snapshot. 36#37Japan Logistics Market Outlook Significant new supply for 2023 and 2024 is major factor behind rising vacancy rate, loosening supply-demand balance. 1 2 3 4 5 Due to the booming logistics and supply chain demand during COVID- 19, a large supply of new logistics facilities became available in the Greater Tokyo market in 2022 and completion will continue in 2023. Demand on the other hand is outpaced by the influx and absorption of the new supply. Vacancy rates remains as a continuing concern(1). New Large Multi-Tenant (LMT) logistics facility supply for Greater Tokyo rose by an unprecedented 324,000 tsubo in 1Q2023, above the record 260,000 Tsubo. The increased supply has led to a 2.5% vacancy rate in Greater Tokyo, the first time surpassing 2% since 1Q2019. Although robust demand for logistics facilities is displayed by logistics operators and e-commerce businesses, the new supply still outstrips net absorption and exert impact on vacancy rate of existing properties. Tenants now enjoy an abundance of options in the new market and yet are cautious with expansion in the midst of economic uncertainty. Logistics operators are facing higher operating costs due to labour shortages and high energy prices. This has resulted in landlords having challenges in increasing rents since tenants are operating on thin margins. Forecasted rents are expected to be flattish moving into 2023 and 2024 for most of Greater Tokyo, apart from Tokyo Bay Area due to lack of supply and its location being closest to Tokyo City. 450,000 tsubo 400,000 350,000 300,000 250,000 Supply/ Demand Balance and Vacancy Rate for Greater Tokyo (2) 10% ▶Forecast 9% 8% 7% 6% New Supply Vacancy Rate (Overall). 5% 4% Net Absorption Vacancy Rate (More than one year old) 3% 2% 1% 0% 200,000 150,000 100,000 50,000 0 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Effective Rent Index for Greater Tokyo, by Area (2) Vacancy Rate Effective Rent Index (JPY/tsubo/month) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q-o-Q Overall 4.7% 4.4% 5.2% 5.6% 8.2% 4,520 4,520 4,550 4,540 4,540 ±0.0% Greater Tokyo More than one year old 0.9% 1.3% 1.7% 1.1% 2.5% Overall 13.2% 13.0% 10.7% 5.3% 4.7% 7,530 7,540 7,560 7,580 7,600 +0.3% Tokyo Bay Area More than one year old 0.2% 0.0% 0.0% 0.0% 5.7% Overall 0.9% 1.9% 4.3% 1.3% 0.5% 5,190 5,190 5,170 5,170 5,190 +0.4% Greater Tokyo Gaikando Area More than one year old 0.0% 0.4% 1.4% 1.0% 0.0% Overall 5.4% 4.8% 5.8% 6.1% 10.1% 4,510 4,510 4,520 4,530 4,530 ±0.0% Route 16 Area More than one year old 0.7% 1.5% 1.9% 0.8% 2.7% Overall 4.3% 4.0% 3.9% 7.7% 10.7% 3.620 3,620 3,620 3,620 3,620 ±0.0% Ken-O-do Area More than one year old 1.7% 1.5% 1.7% 1.7% 3.4% Notes: (1) Savills Japan Logistics Japan March 2023 (2) Based on CBRE Japan Logistics MarketView Q1 2023 ESR-LOGOS REIT 37#38ESG Highlights The Board is committed to further integrate ESG practices into our strategies and business decisions to deliver stable long-term returns to our Unitholders E-LOG conducted a systematic review to validate our ESG material topics and as a result introduced new material topics and targets and removed outdated material topics to reflect our ambitions going forward as an enlarged REIT. More information can be found in our FY2022 Sustainability Report Environmental Decarbonisation Roadmap to be implemented in FY2023 with clear steps, targets, and timeline to ensuring a climate resilient portfolio Solar Harvesting Programme • Approx 1.96 MWp of additional solar capacity will be commissioned at 21 Changi North Way and 51 Alps Ave At least 5 more assets to be commissioned with solar panels by FY2025 Including 21 Changi North Way and 51 Alps Avenue, ELOG will have 12 buildings installed with solar panels with the combined capacity of approx. 18.32 MWp E-LOG Green Building Certifications Green Mark Gold/ Gold Plus E-LOG is on track to achieving its target to achieve 50% increase in solar power generation by 2025 (from base year 2019) Green Mark LEED Gold 6 4 Properties Properties 1 Properties WEB 28 Properties Social New target to achieve at least 500 hours of staff volunteerism per year Company wide fortnightly initiative - Lunch Time Rescue Vegetable Distribution Governance Disclosed qualitative risks and alignment to TCFD's four core elements of governance, strategy, risk management, and metrics and targets Refreshed Board of Directors and implemented enhanced board diversity policy ESR-LOGOS REIT 38#39Glossary E-LOG: ESR-LOGOS REIT ALOG: ALOG Trust ESR Group or the Sponsor: ESR Group Limited Definitions: AUM: refers to the total value of investment properties (excluding right of use of leasehold land), investments in joint venture and property funds ◉ Effective Gross Rents: effective rents take into account rent-free periods and rental escalation as the total rent payable for the lease period would be less than what is reported for passing rents ■ Gross Rents: contracted rent ■ ■ New Economy: refers to logistics and high-specs industrial sectors Portfolio Occupancy: excludes properties under development Passing Rents: rent payable as stipulated in the lease agreement. These rates are usually quoted on gross basis Rental Reversion: a metric captured by some REITs to show whether new leases signed have higher or lower rental rates than before. Based on average gross rent Weighted Average Lease Expiry: a metric used to measure the tenancy risk of a particular property. It is typically measured across all tenants' remaining lease in years and is weighted with either the tenants' occupied area or the tenants' income against the total combined area or income of the other tenants Abbreviations: AEI: asset enhancement initiatives APAC Asia Pacific AUM: assets under management Bn or b: billion CAGR: compounded annual growth rate DPU: Distribution per Unit GDP: gross domestic product ESG: economic, social, governance EGR: Effective Gross Rate GFA: gross floor area GRI: gross rental income GRESB: global real estate sustainability benchmarks JTC: JTC Corporation m: million NAV: net asset value NLA: net lettable area psfpm: per square foot per month psf: per square foot REIT: real estate investment trust sqm: square metre TOP: temporary occupation permit WALE: weighted average lease expiry y-o-y: year on year ESR-LOGOS REIT 39#40Important Notice This material shall be read in conjunction with ESR-LOGOS REIT's results announcements for the half year ended 30 June 2023. Important Notice The value of units in ESR-LOGOS REIT ("Units") and the income derived from them may fall as well as rise. Units are not investments or deposits in, or liabilities or obligations, of ESR- LOGOS Funds Management (S) Limited ("Manager"), Perpetual (Asia) Limited (in its capacity as trustee of ESR-LOGOS REIT) ("Trustee"), or any of their respective related corporations and affiliates (individually and collectively "Affiliates"). An investment in Units is subject to equity investment risk, including the possible delays in repayment and loss of income or the principal amount invested. Neither ESR-LOGOS REIT, the Manager, the Trustee nor any of the Affiliates guarantees the repayment of any principal amount invested, the performance of ESR-LOGOS REIT, any particular rate of return from investing in ESR-LOGOS REIT, or any taxation consequences of an investment in ESR-LOGOS REIT. Any indication of ESR-LOGOS REIT performance returns is historical and cannot be relied on as an indicator of future performance. Investors have no right to request that the Manager redeem or purchase their Units while the Units are listed. It is intended that investors may only deal in their Units through trading on Singapore Exchange Securities Trading Limited (the "SGX-ST"). Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of occupancy or property rental income, changes in operating expenses, governmental and public policy changes and the continued availability of financing in amounts and on terms necessary to support ESR-LOGOS REIT's future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's current view of future events. This presentation is for informational purposes only and does not have regard to your specific investment objectives, financial situation or your particular needs. Any information contained in this material is not to be construed as investment or financial advice and does not constitute an offer or an invitation to invest in ESR-LOGOS REIT or any investment or product of or to subscribe to any services offered by the Manager, the Trustee or any of the Affiliates. ESR-LOGOS REIT 40 40#41ESR For enquiries, please contact: Lyn Ong Senior Manager, Capital Markets and Investor Relations Tel: +65 6222 3339 Email: [email protected] Sua Xiu Kai Assistant Manager, Corporate Communications Tel: +65 6222 3339 Email: [email protected] _ | || ESR-LOGOS REIT