Straits Trading Business Segments Overview

CAPITAL RECYCLING RECYCLING TRACK RECORD 3 Realisation of STC's investment in ARA Transaction Overview • Straits Trading to roll-over its effective 19.0% (1) interest in ARA for total consideration of S$1,140.4million, comprising cash and securities of ESR Consideration Securities . The transaction was duly approved at ESR's EGM. Closing is expected by 4Q 2021 or 1Q 2022 The proposed transaction is NAV and EPS accretive Assume the proposed merger had been effected at end of June 2021, the Group's pro- forma NAV will increase by S$710.2 million or S$1.75/share to S$5.78 Cash Total Consideration + S$134.8 million(2) 214.7 million ESR shares worth $$1,005.7 million (with ESR share price at HK$27.00 per share(3)) Pro-forma NAV per Share (S$) Pro-forma EPS (S$ cents) Pro-forma Net Gearing (%) (Jun 2021) 60.0% 250.0 7.00 5.78 53.5% 199.2 50.0% 200.0 (20.8%) Assume the proposed merger had been effected at the beginning of 2021, the Group's pro-forma PATNCI will increase by S$687.9 million or S$1.69 / share to S$1.99 6.00 5.00 43.3% 4.03 Assume the proposed 4.00 merger had been pro-forma net gearing ratio will improve from 53.5% to 32.7% effected at the beginning of 2021, the Group's 3.00 2.00 1.00 1. This being the product of SE1's shareholding in ARAH (22.06%), ARAH's effective economic interest in 2. 3. ARAC (96.21%) and ARAC's shareholding in ARAB (89.38%) = 18.97% Based on an exchange rate of USD1.00:SGD1.349 Based on an exchange rate of SGD1.00:HKD5.764 STRAITS TRADING ESTABLISHED 1887 A MEMBER OF THE TECITY GROUP Highlight 1 Diversification 150.0 100.0 561.1% 1 50.0 30.1 Before Proposed After Proposed Merger Merger 40.0% 30.0% 20.0% 10.0% 0.0 Before Proposed Merger After Proposed Merger Highlight 2 Growth Highlight 3 Value Creation 32.7% 0.0% Before Proposed Merger After Proposed Merger Highlight 4 Financials 25 © Copyright 2021. The Straits Trading Company Limited. All rights reserved.

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