ABOUT US VISION To be a leading Real Estate Investment Trust with a portfolio of quality industrial assets. MISSION To deliver stable returns, and long-term capital growth to our Unitholders. To develop a resilient and balanced portfolio through strategic investment of quality assets, proactive asset management of our properties, and prudent capital and risk management. To operate with credibility for the benefit of our Unitholders, tenants, employees, partners and other stakeholders within the communities in which we do business. ABOUT ESR-REIT ESR-REIT is a leading New Economy and future-ready Asia-Pacific S-REIT. Listed on the Singapore Exchange Securities Trading Limited since 25 July 2006, ESR-REIT invests in quality income-producing industrial properties in key gateway markets. As at 31 December 2024, ESR-REIT holds interests in a diversified portfolio of logistics properties, high-specifications industrial properties, business parks and general industrial properties with total assets of approximately S$6.0 billion. Its portfolio comprises 72 properties (excluding 48 Pandan Road held through a joint venture) located across the developed markets of Singapore (52 assets), Australia (18 assets) and Japan (2 assets), with a total gross floor area of approximately 2.5 million sqm, as well as investments in three property funds in Australia. ESR-REIT is also a constituent of the FTSE EPRA Nareit Global Real Estate Index. ESR-REIT is managed by ESR-REIT Management (S) Limited (the “Manager”) and sponsored by ESR Group Limited (“ESR”). The Manager is owned by ESR (99.0%) and Shanghai Summit Pte. Ltd. (1.0%), respectively. For further information on ESR-REIT, please visit www.esr-reit.com.sg.
The figures in this report may be subject to rounding differences. CONTENTS 8 Trust Structure 9 Organisation Structure 10 About Our Sponsor 12 Message to Unitholders 18 Year in Brief 20 FY2024 Key Highlights 22 Five-Year Financial Highlights 24 Unit Price Performance 26 Board of Directors 32 Management Team 36 Value Creation 38 Key Trends Underpinning Our Strategy 40 Investor Engagement 45 Operations Review 53 Financial Review 57 Capital Management 60 Property Portfolio Maps and Details 86 Risk Management 92 Corporate Governance 121 Sustainability Report 191 Financials 199 Financial Statements 308 Additional Information 311 Statistics of Unitholders 314 Notice of AGM Proxy Form Request Form Corporate Directory
21B Senoko Loop, Singapore A LEADING NEW ECONOMY AND FUTURE-READY ASIA-PACIFIC S-REIT
70.2% SIGNIFICANT NEW ECONOMY EXPOSURE OF (by rental income) NUMBER OF PROPERTIES 72 ACROSS SINGAPORE, AUSTRALIA AND JAPAN TOTAL ASSETS S$ 6.0 billion As at 31 December 2024 Amid global challenges and macroeconomic uncertainties, ESR-REIT remains steadfast in executing its strategic initiatives to solidify its position as a leading Asia-Pacific S-REIT, focused on the New Economy and future-ready sectors. Commitment to our 4R Strategy — (i) portfolio Rejuvenation; (ii) capital Recycling; (iii) Recapitalising balance sheet; and (iv) Reinforcing sponsor support, has strengthened our financial foundation and strategically positioned us to navigate these challenges with resilience and confidence.
ENHANCED AND OPTIMISED PORTFOLIO Aligned with our capital Recycling strategy, we successfully acquired two “On-Strategy” assets in Japan and Singapore, significantly enhancing the quality of ESR-REIT’s portfolio. Additionally, we advanced our portfolio Rejuvenation strategy to build a resilient and well-balanced portfolio and divested two non-core assets in FY2024 at a premium above valuation, using the proceeds to strengthen our balance sheet. This strategically positions ESR-REIT favourably to reinvest in high-potential New Economy assets. ESR Yatomi Kisosaki Distribution Centre, Japan
COMPLETED 2TRANSFORMATIONAL DPU ACCRETIVE ACQUISITIONS OF ESR YATOMI KISOSAKI DISTRIBUTION CENTRE, JAPAN AND 51% OF 20 TUAS SOUTH AVENUE 14, SINGAPORE HEALTHY OCCUPANCY RATE 92.3% POSITIVE RENTAL REVERSION +10.3% COMPLETED 2DIVESTMENTS OF NON-CORE ASSETS AT PREMIUM OVER VALUATION AS PART OF PORTFOLIO REJUVENATION STRATEGY
67–93 National Boulevard, Australia SOLIDIFYING FINANCIAL AND CAPITAL FOOTHOLD At ESR-REIT, we remain steadfast in our commitment to deliver sustainable value to our Unitholders and investors through strong operational and financial performance, as well as disciplined capital management. By executing strategic initiatives and maintaining a forwardlooking approach, we are well-positioned to navigate the evolving global landscape with confidence, ensuring stable returns and long-term growth for our stakeholders.
DPU WELL SUPPORTED BY WEIGHTED AVERAGE FIXED DEBT EXPIRY DEBT HEADROOM AVAILABLE FIXED INTEREST RATE EXPOSURE 2.119 CENTS 11 2.8 YEARS S$ 790.2 MILLION 74.8% LENDING BANKS NET PROPERTY INCOME S$ 261.7 MILLION GROSS REVENUE S$ 370.5 MILLION
8 STRATEGICALLY ADVANCING TRUST STRUCTURE ESR Group 99.0% 100.0% 100.0% 100.0% 51.0% 80.0% 49.0% 100.0% c.73.72% c.5.32%1 c.20.96%1 Property management and other fees Management and other fees Trustee fees Acts on behalf of Sub-Trusts Trustee fees Property management services Management services Acts on behalf of ESR-REIT Unitholders 1.0% ESR-REIT Manager ESR-REIT VIVA Trust (Sub-Trust) ALOG Trust (Sub-Trust) Tuas South Avenue Pte. Ltd. Assets 7000 AMK LLP PTC Logistics Hub LLP 100.0% ESR-REIT TMK2 ESR-REIT Property Manager Trustees Mr. Tong Jinquan Other Investors ESR-REIT TMK1 1 Includes direct interests and/or deemed interests through holding entities in ESR-REIT. Figures as at 18 March 2025.
ESR-REIT Annual Report 2024 9 ESR-REIT MANAGEMENT (S) LIMITED MANAGEMENT TEAM CHIEF EXECUTIVE OFFICER AND EXECUTIVE DIRECTOR Mr. Adrian Chui BOARD SUSTAINABILITY COMMITTEE (“BSC”) Mr. George Agethen (Chairperson) Dr. Julie Lo Lai Wan Mr. Chan Mun Wei INVESTMENT COMMITTEE (“IC”) Mr. Loi Pok Yen (Chairperson) Mr. Ronald Lim Dr. Julie Lo Lai Wan Mr. Shen Jinchu, Jeffrey Mr. Stuart Gibson COMPANY SECRETARY Ms. Maureen Low NOMINATING AND REMUNERATION COMMITTEE (“NRC”) BOARD OF DIRECTORS Mr. Ronald Lim (Chairperson) Ms. Stefanie Yuen Thio Mr. Shen Jinchu, Jeffrey Mr. Stuart Gibson Ms. Stefanie Yuen Thio Independent Non-Executive Chairperson Mr. Ronald Lim Independent Non-Executive Director Mr. Nagaraj Sivaram Independent Non-Executive Director Dr. Julie Lo Lai Wan Independent Non-Executive Director Mr. Loi Pok Yen Independent Non-Executive Director Mr. George Agethen Non-Executive Director Mr. Stuart Gibson Non-Executive Director Mr. Shen Jinchu, Jeffrey Non-Executive Director Mr. Adrian Chui Chief Executive Officer and Executive Director AUDIT, RISK MANAGEMENT AND COMPLIANCE COMMITTEE (“ARCC”) Mr. Nagaraj Sivaram (Chairperson) Ms. Stefanie Yuen Thio Mr. Loi Pok Yen ESR-REIT MANAGEMENT (S) LIMITED ORGANISATION STRUCTURE
10 STRATEGICALLY ADVANCING ABOUT OUR SPONSOR Asset-light and Scalable Business Model APAC’s Real Asset Manager Powered by the New Economy Full Suite of Investment Solutions Extensive APAC Footprint with Global Reach ESR is ranked as the largest real asset manager in APAC in the 2024 ANREV Fund Manager Survey1, in addition to being one of the top 10 global real estate investment managers. ESR is a leader in New Economy real assets, offering customers modern solutions for logistics, data centres, and infrastructure and renewables. ESR’s fully-integrated fund management and development platform and business model generates recurring fees throughout the real asset value chain comprising asset management fees, development fees, acquisition and divestment fees, as well as promote fees. ESR’s unique platform extends across key APAC markets, supported by strong local teams, a premium brand and robust stakeholder relationships in each of its operating markets. New Economy Alternatives REITs Extensive APAC footprint with global reach Full Suite of Investment Solutions APAC's Leading Real Asset Manager Powered by the New Economy ESR manages a broad range of funds and investment vehicles that invest in a diverse portfolio of premium real assets in various stages of the property life cycle, providing a single interface with multiple investment opportunities for its capital partners. ESR's New Economy development platform has a comprehensive suite of technical capabilities and services covering every stage of the development cycle including land sourcing, design, construction and leasing. ESR's investments comprise co-investments into its funds and REITs under management, investments in listed/privately held real estate investment vehicles, as well as investment properties (completed and under development). NEW ECONOMY DEVELOPMENT FUND MANAGEMENT INVESTMENT ESR Group Limited (“ESR”) is Asia-Pacific’s leading New Economy real asset manager and one of the largest listed real estate investment managers globally. ESR’s fully integrated fund management and development platform extends across Australia and New Zealand, Japan, South Korea, Greater China, Southeast Asia, and India, including a presence in Europe. ESR provides investors with a diverse range of real asset investment and development solutions across private and public investment vehicles. ESR’s focus on New Economy real assets offers customers modern solutions for logistics, data centres, and infrastructure and renewables. ESR’s purpose, Space and Investment Solutions for a Sustainable Future, drives it to manage sustainably and impactfully for the communities where ESR operates and the spaces it develops to thrive for generations to come. ESR Group Limited is listed on The Stock Exchange of Hong Kong (HKSE: 1821.HK). Visit www.esr.com for more information. 1 Fund Manager Survey 2024 published by ANREV, INREV and National Council of Real Estate Investment Fiduciaries (NCREIF).
ESR-REIT Annual Report 2024 11 ESR Sakura Distribution Centre, Japan ESR-REIT enjoys a distinct competitive advantage through its affiliation with ESR Group as a Sponsor. This partnership grants us access to their extensive pipeline of New Economy assets and provides crucial financial support for fundraising activities.
12 STRATEGICALLY ADVANCING ESR-REIT has been Rejuvenating its portfolio of assets through the divestment of non-core assets as well as undertaking redevelopment and asset enhancement initiatives (“AEIs”), with the objective to improve portfolio and earnings quality. While divestments, ongoing AEIs and early decommissioning of 2 Fishery Port Road in preparation for redevelopment resulted in income loss, the divestment of S$534.6 million of non-core assets in FY2023 and FY2024 mitigated the impact of declining valuations due to higher capitalisation rates, and the strategic use of the proceeds from the divestments to repay debt shielded ESR-REIT from the perils of high debt financing costs. From left to right: MR. ADRIAN CHUI Chief Executive Officer and Executive Director MS. STEFANIE YUEN THIO Independent Non-Executive Chairperson Dear Unitholders, FY2024 was a year of economic uncertainty. Persistent inflation plagued the first half of the year, raising concerns of higher-for-longer interest rates. However, with inflation rates in the U.S. dipping below 3.0% for the first time in three years in June 2024, this paved the way for the U.S. Federal Reserve to implement three interest rate cuts between September 2024 and December 2024. Despite that, the year ended with greater uncertainty and volatility in the global economy with the return of the Trump administration in the U.S., as the possibility of trade tariffs, regulatory easing and tax cuts brought about renewed concerns of high inflation. In spite of these uncertainties, we remained committed to executing our 4R Strategy — Recapitalising balance sheet, portfolio Rejuvenation, capital Recycling, and Reinforcing Sponsor support. MESSAGE TO UNITHOLDERS
ESR-REIT Annual Report 2024 13 However, this was partially offset by new income streams from the acquisitions of ESR Yatomi Kisosaki Distribution Centre (completed on 15 November 2024) and a 51% interest in 20 Tuas South Avenue 14 (completed on 29 November 2024), alongside contributions from completed AEIs at 7002 Ang Mo Kio Avenue 5 (3Q2023) and the completed redevelopment of 21B Senoko Loop (1Q2024). Given that the newly acquired assets contributed only approximately one month of rental income in FY2024, we expect to see the uptrend in revenue and NPI from FY2025. The amount available for distribution to Unitholders stood at S$164.1 million in FY2024, representing a 14.9% decline from S$192.7 million in FY2023, primarily due to the lower NPI as well as lower distribution of capital gains. Consequently, FY2024 distribution per unit (“DPU”) was 2.119 Singapore cents, a 17.4% decrease from 2.564 Singapore cents in FY2023. Apart from the factors mentioned above, the DPU decline also reflects a 3.0% increase in the applicable number of Units to 7,742.5 million, following the equity fundraising in 1H2023 and the preferential offering in 4Q2024. Resilient Portfolio Performance As at 31 December 2024, ESR-REIT’s portfolio consisted of 72 quality and diversified assets (excluding 48 Pandan Road held through a joint venture) across key gateway markets, comprising 52 assets in Singapore, 18 assets in Australia, and 2 assets in Japan, with a total gross floor area (“GFA”) of 2.5 million square metres (“sqm”), as well as investments in three property funds in Australia. We maintained a high portfolio occupancy rate of 92.3% as at 31 December 2024, demonstrating the resilience and continued relevance of our assets in meeting current market demand. In FY2024, ESR-REIT secured a total of 310,834 sqm in leasing transactions, comprising 233,214 sqm of renewals and 77,620 sqm of new leases. The portfolio’s weighted average lease expiry (“WALE”) increased to 4.2 years, up from 3.4 years in the previous year, further strengthening income visibility and stability. For FY2024, ESR-REIT’s portfolio recorded positive rental reversion of 10.3%, which reflects the strength of our leasing team and the attractiveness of our assets. Notably, the New Economy segments, Logistics (+14.4%) and HighSpecifications Industrial (+12.0%), were key drivers of rental growth, underscoring the portfolio’s diversified strength and our team’s expertise in capturing market opportunities. In the last quarter of 2024, we capitalised on the opportunity to Recycle our capital by acquiring two highquality New Economy properties, ESR Yatomi Kisosaki Distribution Centre in Japan and a 51% interest in 20 Tuas South Avenue 14 in Singapore. These acquisitions not only strengthened our portfolio but also Reinforced Sponsor support as we continue to benefit from a steady pipeline of high-quality properties that are managed by ESR Group. Our ability to navigate persistent inflation, continued high interest rate and macroeconomic uncertainties while continuing the execution of our 4R Strategy is a testament to the proactive measures we undertook early on to Recapitalise ESR-REIT’s balance sheet as well as our agility to seize strategic growth opportunities, solidifying ESR-REIT’s position as a leading New Economy and future-ready Asia-Pacific S-REIT. The successful recycling of our capital into ESR Yatomi Kisosaki Distribution Centre and a 51% interest in 20 Tuas South Avenue 14, as well as the completion of the redevelopment of 21B Senoko Loop, are strategic growth initiatives that are expected to contribute meaningfully to ESR-REIT’s earnings as we enter FY2025. In addition, the improved portfolio and earnings quality positions us to navigate an increasingly complex business landscape under the Trump administration, where geopolitical uncertainties and evolving macroeconomic policies are expected to intensify. FY2024 Financial Performance Our financial performance for FY2024 reflects the shortterm impact of the initiatives undertaken over the past two financial years to position ESR-REIT for a sustained, long-term earnings growth and enhance resilience against uncertainties in the future. In FY2024, Gross Revenue stood at S$370.5 million, a 4.1% decrease from S$386.4 million in the previous year, while Net Property Income (“NPI”) declined by 4.2% to S$261.7 million, compared to S$273.2 million in FY2023. The decline in gross revenue and NPI were primarily due to the loss of income from the divestment of non-core assets aggregating S$440.6 million which were completed across FY2023, as well as the divestment of 182-198 Maidstone Street in Australia (2Q2024) and 81 Tuas Bay Drive in Singapore (4Q2024). Additionally, the decommissioning of 2 Fishery Port Road in preparation for redevelopment further impacted income.
14 STRATEGICALLY ADVANCING Portfolio Rejuvenation through Divestments, Redevelopments and AEIs Our portfolio Rejuvenation strategy remains a key component of ESR-REIT’s long-term growth, centred on: (i) the divestment of non-core assets; (ii) the redevelopment of older, lower-specification assets into modern, futureready properties; and (iii) the execution of AEIs to repurpose and upgrade dated assets to meet the evolving needs of the New Economy. Divestment of Non-Core Assets In FY2024, ESR-REIT continued to progress its portfolio Rejuvenation strategy by successfully divesting two noncore assets in Singapore and Australia, at a premium over their respective valuations. These assets were characterised by factors such as: (i) short remaining land leases; (ii) smaller asset sizes; (iii) limited potential for AEI or redevelopment; and/or (iv) outdated property specifications. The properties divested in FY2024 are: • 182-198 Maidstone Street, Altona, Victoria, Australia • 81 Tuas Bay Drive, Singapore Furthering this strategy, ESR-REIT also announced the divestment of 79 Tuas South Street 5, Singapore and 1 Third Lok Yang Road and 4 Fourth Lok Yang Road, Singapore in 1Q2025, at a 1.5% and 3.5% premium above its valuation respectively. With these divestments, the REIT currently has only approximately 13% of its assets with less than 15 years remaining on their land leases. Moving forward, we are targeting the divestment of approximately S$200 million of non-core assets in FY2025 as part of our continued portfolio Rejuvenation efforts. Asset Enhancement Initiatives and Redevelopments In FY2024, we successfully achieved Temporary Occupation Permit (“TOP”) for the Build-to-Suit redevelopment project at 21B Senoko Loop, developed specifically for NTS Singapore Pte Ltd (“NTS Singapore”). This transformation elevated the property from a dated General Industrial facility to a Green Mark Gold certified, High-Specifications Industrial property and is currently leased to NTS Singapore on a triple-net basis for 15 years with builtin annual rental escalations. The redevelopment was completed on time and within budget, delivering a yield on cost of approximately 6.0%. In addition, significant progress was made on the ongoing AEI at 16 Tai Seng Street, which is approximately 80% completed as at 31 December 2024. This AEI is set to add 2,793 sqm of new GFA, with an estimated yield on cost of around 6.0%. The AEI is expected to be completed in 1H2025, contributing value by modernising the property to meet the dynamic needs of the market. Recycling Capital into Two Transformational Acquisitions of High-Quality New Economy Assets Entering FY2024 with a stronger balance sheet and lower gearing puts ESR-REIT in a position of strength to explore growth opportunities and intensify its focus on capital Recycling. As a result, ESR-REIT completed the acquisition of two quality New Economy assets in FY2024, ESR Yatomi Kisosaki Distribution Centre in Japan and a 51% interest in 20 Tuas South Avenue 14 in Singapore, further strengthening its presence in the New Economy sector. ESR Yatomi Kisosaki Distribution Centre, Japan Located in Nagoya, Japan, ESR Yatomi Kisosaki Distribution Centre is a modern, four-storey, doubleramp logistics facility spanning 79,096 sqm, with a WALE of 2.3 years as at 31 December 2024. The freehold property, completed on 28 April 2022, holds a CASBEE A Sustainability Rating, one of the highest functional standards for grading green buildings in Japan. The facility is occupied by tenants from the logistics and warehousing, food and beverage, and general and precision engineering sectors. The acquisition was completed in November 2024 and has since begun contributing to ESR-REIT’s income stream. 20 Tuas South Avenue 14, Singapore Situated in close proximity to the Tuas Mega Port, 20 Tuas South Avenue 14 comprises a high-specifications manufacturing facility and ramp-up logistics warehouse which is Green Mark Platinum certified with modern specifications. The property sits on a total land area of 252,733 sqm, has a WALE of 10.7 years as at 31 December 2024, and a remaining land lease tenure of approximately 44 years. Its cutting-edge design and sustainable features position it as a high-quality, future-ready asset. The acquisition was completed in November 2024 and has since begun contributing to ESR-REIT’s income stream. These two “on-strategy” acquisitions are expected to be +3.0% DPU accretive on a pro forma basis and were secured at a 2.3% discount to their respective average valuations. Sourced from the pipeline of assets managed by ESR-REIT’s Sponsor, ESR Group, these acquisitions Reinforce the Sponsor’s commitment to grow ESRREIT into its flagship New Economy REIT. By judiciously Recycling capital from divestments and equity fundraising completed in 4Q2024 into the two strategically aligned, income-generating assets, ESR-REIT has significantly enhanced its portfolio quality, improved earnings visibility, and extended its underlying land lease tenure, marking a key milestone in our 4R Strategy.
ESR-REIT Annual Report 2024 15 In FY2024, ESR-REIT further strengthened its financial position by securing its inaugural sustainability-linked and green loans. This included a S$200 million sustainabilitylinked unsecured revolving credit facility in March 2024 and a S$225 million sustainability-linked unsecured term loan in October 2024, as well as a S$341.5 million term loan1 which had a green loan component in November 2024 as part of the acquisition of 51% interest in 20 Tuas South Avenue 14. These financings are aligned with the REIT’s commitment to integrate environmental, social, and governance (“ESG”) considerations into its capital management strategy. These milestones underscore ESRREIT’s ongoing dedication to sustainability and responsible financial stewardship. ESG ESR-REIT recognises the importance of integrating ESG principles to create long-term value for our Unitholders while contributing positively to the environment and communities we operate in. We have continued to enhance our commitment to sustainability under the guidance and supervision of the Board Sustainability Committee (“BSC”) which was set up in FY2024. The BSC is chaired by Mr. George Agethen, a Non-Executive Director of the Board of Directors (“Board”), and includes Ms. Julie Lo Lai Wan, an independent Non-Executive Director of the Board, as well as Mr. Chan Mun Wei, an external sustainability consultant who is an independent third-party member neither from the Board nor affiliated with ESR Group, to provide a diversity of views within the BSC thus enabling fresh insights as well as advise on industry-best ESG practices. FY2024 marked the implementation of the Decarbonisation Roadmap for the Singapore portfolio, which provides actionable plans and focused targets. We have also embarked on the development of Decarbonisation Roadmaps for our overseas portfolios in Australia and Japan. Prudent Capital Management Approach Lowers Cost-ofDebt with No Refinancing Risks In FY2024, alongside our ongoing efforts to Rejuvenate our portfolio and pursue strategic acquisitions, we also placed a strong emphasis on capital management as a key pillar of our focus and strategy. Given the prevailing interest rate environment, we proactively navigated the challenges and opportunities presented by fluctuations in borrowing costs. By closely monitoring market conditions, we were able to time the refinancing of our debt effectively, taking advantage of the early signs of declining interest rates. All FY2025 expiring debt has been refinanced, removing any refinancing risk for ESR-REIT in the coming year. While the impact of these initiatives may not be immediately reflected in our financial results, we anticipate that they will lead to significant cost savings in the near future, as we reduce our cost of debt. These prudent decisions lay the foundation for continued financial stability, enabling ESR-REIT to maintain a flexible and resilient capital structure moving forward. As at 31 December 2024, ESR-REIT’s all-in cost of debt stands at 3.84%, down from 4.03% as at 30 June 2024. This reduction in interest costs is expected to continue, driven by several factors, including: (a) the refinancing of FY2025 expiring debt at margins that are approximately 15 basis points lower, (b) early refinancing of FY2026 expiring debt with no prepayment penalties at potentially lower margins, (c) refinancing of hedges at more favourable rates, and (d) the potential redemption or exchange of the remaining S$75.3 million of outstanding 6.632% coupon perpetual securities. ESR-REIT reported gearing of 42.8% as at 31 December 2024, with a MAS Interest Coverage Ratio (ICR) of 2.5x. To manage interest rate risk, 74.8% of ESR-REIT’s interest rate exposure is fixed and the debt maturity profile remains well spread, with a weighted average debt expiry of 2.8 years as at 31 December 2024, up from 2.1 years as at 30 June 2024. ESR-REIT’s liquidity position continues to remain robust, with S$790.2 million in debt headroom and access to S$235.8 million in undrawn, committed revolving credit facilities, supported by a network of 11 lending banks. 1 The S$341.5 million term loan was obtained by Tuas South Avenue Pte. Ltd., of which ESR-REIT has a 51% ownership interest.
16 STRATEGICALLY ADVANCING Since the implementation of the 4R Strategy in FY2022, the portfolio’s weighted average land lease tenure has increased from 37.4 years in FY2022 to 43.8 years in FY2024, while the proportion of freehold and long-tenure (>30 years) assets has risen substantially from 54.2% in FY2022 to 71.6% in FY2024. The percentage of New Economy assets has also grown from 62.8% in FY2022 to 70.2% in FY2024, reinforcing the portfolio’s relevance in a dynamic industrial landscape. These enhancements position ESR-REIT well to navigate market complexities and maintain resilient performance as portfolio Rejuvenation efforts begin to yield tangible benefits. Prudent capital management in FY2024 has also strengthened the REIT’s financial position. All 2025 expiring debt has been refinanced at lower margins, and early refinancing of 2026 expiring debt without prepayment penalties is being explored. These proactive measures will enable ESR-REIT to benefit from reduced financing costs and are expected to contribute to improved financial performance in FY2025. Looking ahead, geopolitical and macroeconomic volatility remain key considerations. The global economy and REIT sector continue to face headwinds from prolonged geopolitical tensions, shifting political dynamics, and tariffs that could impact global trade. Inflation, which showed signs of moderation in the second half of FY2024, remains a critical factor influencing interest rates and operating costs. ESR-REIT will closely monitor these developments and aim to remain agile in adapting to emerging trends. While approximately 90% of utility expenses are structured on a pass-through basis, mitigating exposure to rising energy costs, inflationary pressures on maintenance and labour costs present ongoing challenges. The REIT remains committed to proactive cost management to preserve margins and sustain operational efficiency. With the continued execution of the 4R Strategy to improve asset and earnings quality, ESR-REIT is positioned to navigate market uncertainties, capitalise on growth opportunities, and deliver sustainable long-term value to stakeholders in FY2025 and beyond. On the Environmental front, ESR-REIT made significant strides in reducing the environmental impact of our portfolio. Notable achievements include an increase in solar capacity for the Singapore portfolio by approximately 12% from 13.8 MWp in FY2023 to 15.5 MWp in FY2024, and green building certification coverage from 10 to 18 properties. We have also implemented a Green Procurement Policy, Green Leases and Green Fitout Guide to engage suppliers and tenants to adopt sustainable practices in their daily operations. On the Social front, we partnered local organisations to contribute to various community development projects. To promote healthy practices for our employees, we enhanced the variety of our wellness programs and workshops. In FY2024, we recorded 568 hours of staff volunteerism and 36.5 hours of training per employee, outperforming our target of 500 hours and 16 hours respectively. On the Governance front, we remained focused on maintaining a robust corporate governance framework to ensure transparency and accountability. To strengthen sustainability considerations in our governance frameworks, we have established and/or updated relevant policies, including the Sustainability Policy, Sustainability Information and Data Governance Policy, and Renewable Energy Certificates Management Policy in FY2024. We continue to seek innovative solutions and collaborate with stakeholders to ensure our portfolio complies with the relevant regulatory requirements, adapting to the evolving sustainability landscape. More details on the REIT’s ESG journey can be found in our Sustainability Report on page 121 to 190. Outlook As we enter FY2025, vigilance remains key in navigating the evolving business landscape. While DPU declined in FY2024 primarily due to the loss of income from the divestment of non-core assets and redevelopment works, it is expected to trough, as earnings quality is expected to improve in FY2025, boosted by the full year contribution from the acquisitions of ESR Yatomi Kisosaki Distribution Centre and 51% interest in 20 Tuas South Avenue 14, which only contributed approximately one month of income in FY2024.
ESR-REIT Annual Report 2024 17 A Word of Appreciation In FY2024, we announced the stepping down of Mr. Trent Iliffe as Non-Executive Director, effective 29 July 2024. On behalf of the Board, we extend our appreciation to Mr. Iliffe for his strategic insights and domain expertise. His guidance has played a pivotal role in driving the REIT’s growth and strengthening its market position. We would also like to express our sincere gratitude to our valued Unitholders, Sponsor, tenants, and partners for their trust and steadfast support. Your confidence in us continues to be the foundation of our success. Additionally, we extend our deepest appreciation to our dedicated employees, whose resilience, commitment, and tenacity have been instrumental in executing our strategic initiatives and delivering long-term value to our Unitholders. Sincerely yours, STEFANIE YUEN THIO Independent Non-Executive Chairperson ADRIAN CHUI Chief Executive Officer and Executive Director
18 STRATEGICALLY ADVANCING April • Announced divestment of 182-198 Maidstone Street in Australia at 7.4% premium to valuation • Announced interim business update for financial quarter ended 31 March 2024 • Co-organised with SIAS a Pre-AGM Unitholder dialogue as part of ESR-REIT’s regular retail investor engagement initiative • 15th Annual General Meeting held on 30 April 2024 with all resolutions approved by Unitholders • Completed divestment of 182-198 Maidstone Street in Australia • Awarded Best Real Estate Award at SBR National Business Awards 2024 by Singapore Business Review as recognition to ESR-REIT’s successful execution of its 4R Strategy • Participated as a panellist at the SGX-APREA Global REIT Roundtable conference • Participated in a beach clean-up at East Coast Park together with residents of Kembangan-Chai Chee as part of ESR-REIT’s CSR initiatives May • Participated in the annual REITs Symposium 2024 jointly organised by ShareInvestor, InvestingNote and REITAS • Participated in Corporate Insight session organised by Phillip Securities to engage with trading representatives • Participated as a panellist at the “Sustainable Smart Property Strategies for a Higher for Longer Interest Rate Environment” seminar organised by REITAS and Knight Frank Singapore • Awarded Best Real Estate Manager award at the AsianInvestor Asset Management Award 2024 as recognition to ESR-REIT’s execution of its 4R Strategy • Participated in Citi’s 2024 Macro & Pan-Asia Regional Conference • Participated in the DBS-REITAS Private Banking Luncheon June • Co-hosted a delegation from the Taiwan Securities and Futures Institute together with REITAS as part of its cross-border engagement and collaboration initiative • Participated in the HSBC 8th Annual Asia Credit Conference held in Hong Kong January • Announced build-to-suit redevelopment at 21B Senoko Loop for NTS Singapore attained TOP status • Announced signing of new 20-year master lease with PharmaGend Global Medical Services Pte. Ltd. at 3 Tuas South Avenue 4 February • Announced results for the financial year ended 31 December 2023: Distribution per Unit (“DPU”) dipped 14.7% y-o-y to 2.564 cents mainly due to new units issued for equity fund raising in FY2023 and divestments of non-core assets • Announced signing of subscription agreement with ESR Japan Income Fund, SCSp, in relation to the investment of US$70.0 million in ESR Japan Income Fund in conjunction with FY2023 financial results • Participated in SIAS Corporate Connect Webinar • Participated in Singapore REITs Day investor conference in Bangkok, Thailand, organised by REITAS, SGX Group and Maybank • Participated in a non-deal roadshow in Hong Kong, organised by HSBC March • Entered into a S$200 million sustainability-linked unsecured revolving credit facility, being ESR-REIT’s inaugural sustainability-linked loan • Participated in Citi’s 2024 Global Property CEO Conference in Florida, USA • Participated in a non-deal roadshow in Tokyo, Japan, organised by Mizuho YEAR IN BRIEF
ESR-REIT Annual Report 2024 19 October • Held Extraordinary General Meeting on 9 October 2024 and received more than 99% approval from Unitholders in relation to the proposed acquisitions of ESR Yatomi Kisosaki Distribution Centre and 51% interest in 20 Tuas South Avenue 14 • Launched preferential offering on the basis of 4 preferential offering units for every 100 existing units to raise gross proceeds of up to approximately S$94.0 million as part of the financing for the acquisitions of ESR Yatomi Kisosaki Distribution Centre, and 51% interest in 20 Tuas South Avenue 14 • Entered into S$225 million unsecured sustainabilitylinked term loan facility and JPY15.5 billion unsecured term loan facility • Entered into JPY22.8 billion onshore secured term loan facility • Announced interim business update for financial quarter ended 30 September 2024 • Completed divestment of 81 Tuas Bay Drive • Participated as keynote presenter at the 2024 International Asset Management Forum II held in Taipei City, organised by the Securities Investment Trust & Consulting Association of the R.O.C. • Participated in Singapore REITs Day investor conference in Kuala Lumpur, Malaysia, organised by REITAS, SGX Group and Maybank • Hosted a property site visit for South Korean investors, organised by SGX Group November • Completed acquisition of ESR Yatomi Kisosaki Distribution Centre • Completed acquisition of 51% interest in 20 Tuas South Avenue 14 • Entered into S$341.5 million term loan1 with a green loan component • Participated as panellist at the 19th Asia Bond Markets Summit — ASEAN Edition, organised by The Asset December • Announced rebranding and change of name to ESRREIT • Participated in the UBS Global Real Estate CEO/CFO Conference July • Announced results for the financial period from 1 January 2024 to 30 June 2024: DPU dipped 18.6% y-o-y to 1.122 cents mainly due to enlarged unit base from equity fund raising exercise in FY2023 and divestment of non-core assets • Announced proposed acquisitions of two transformative assets from ESR Group — ESR Yatomi Kisosaki Distribution Centre and 51% interest in 20 Tuas South Avenue 14 for total capital outlay of S$772.6 million August • Issued S$174.75 million 6.00% subordinated perpetual securities, comprising S$74.75 million of new securities issued as part of the exchange consideration for the Series 006 perpetual securities and S$100.0 million of additional new securities • Announced divestment of 81 Tuas Bay Drive at 16.7% premium to valuation • Participated as presenter and panellist at the REITs Investment Forum 2024 organised by The Edge Singapore • Participated in a non-deal roadshow in Kuala Lumpur, Malaysia, organised by RHB • Participated in a non-deal roadshow in Hong Kong, organised by HSBC • Participated in a non-deal roadshow in Bangkok, Thailand, organised by Maybank September • Announced that Sustainable Fitch affirms ESR-REIT’s inaugural sustainability-linked loan targets with “Good” rating • Announced grand opening of NTS Singapore’s new regional hub at ESR-REIT’s newly redeveloped 21B Senoko Loop • Participated in the Bank of America 2024 Global Real Estate Conference in New York, USA • Participated in a non-deal roadshow in London, United Kingdom, organised by HSBC 1 The S$341.5 million term loan was obtained by Tuas South Avenue Pte. Ltd., of which ESR-REIT has a 51% ownership interest.
20 STRATEGICALLY ADVANCING Completed Build-to-Suit Redevelopment 21B Senoko Loop 15-year lease secured with NTS Singapore with built-in annual rental escalations Ongoing Asset Enhancement Initiative: 16 Tai Seng Street Divestment of Two Non-core Assets at Premium to Valuation 182–198 Maidstone Street, Victoria, Australia 81 Tuas Bay Drive, Singapore Identified c.S$200 million of non-core assets to be divested in FY2025 Gross Revenue S$370.5 million Net Property Income S$261.7 million Distribution per Unit 2.119 cents for FY2024 Positive Rental Reversion +10.3% High Rental Collection c.98.2% of total receivables Occupancy 92.3% consistently above market average Assets under Management S$5.3 billion1 as at 31 December 2024 Completed transformational DPU accretive acquisitions of two “On-Strategy” assets to improve portfolio and earnings quality: ESR Yatomi Kisosaki Distribution Centre, Japan 51% interest in 20 Tuas South Avenue 14, Singapore Total acquisition capital outlay S$772.6 million Acquisitions acquired at attractive NPI yields and at a 2.3% discount each to their respective average valuations Acquisitions demonstrated ESR-REIT’s access to Sponsor’s pipeline and Sponsor’s strong support to grow ESR-REIT FY2024 KEY HIGHLIGHTS RESILIENT PORTFOLIO PERFORMANCE AMIDST VOLATILE MACROECONOMIC CONDITIONS REJUVENATION TO ENHANCE PORTFOLIO QUALITY RECYCLING CAPITAL TO UNLOCK VALUE 1 Consists of the total value of investment properties (excluding right-of-use of leasehold land), investments in joint venture and property funds.
ESR-REIT Annual Report 2024 21 New Board Sustainability Committee to provide strategic oversight on ESG policies and implementation Environmental • Implementation of the Decarbonisation Roadmap for the Singapore portfolio with actionable plans and focused targets • Embarked on the development of Decarbonisation Roadmaps for overseas portfolios in Australia and Japan Newly Certified Green Buildings: Upgraded • ESR BizPark @ Changi (Hotel) — Upgraded to BCA Green Mark Platinum from Gold • 30 Marsiling Industrial Estate Road 8 — Upgraded to BCA Green Mark Platinum from Certified BCA Green Mark “Platinum” Building • 20A Tuas South Avenue 14 BCA Green Mark “Positive Energy” Building • 120 Pioneer Road • 13 Jalan Terusan • 5 & 7 Gul Street 1 • 160A Gul Circle BCA Green Mark “Super Low Energy” Building • 128 Joo Seng Road • 8 Tuas South Lane Solar Harvesting Programme: • Target set to reach a total solar power capacity of 30 MWp for the Singapore portfolio by FY2030 • Solar power capacity for the Singapore portfolio reached 15.5 MWp in FY2024 with the commissioning of the new solar photovoltaic panels installation at 51 Alps Avenue Green Building Certifications Total of 18 properties with green building certification (increased from 10 in FY2023): • Singapore (Green Mark and LEED) — 15 properties • Australia (Green Star) — 1 property • Japan (CASBEE) — 2 properties Social • Achieved 568 hours of staff volunteerism hours in FY2024 • Participated in Beach Cleanup Initiative at East Coast Park, together with Kembangan-Chai Chee Community Centre and PAssionWave • Participated in SG Her Empowerment (SHE) Annual FundRaising Party • Provided enrichment lessons for underprivileged youths from Kembangan-Chai Chee, in conjunction with our tenants at ESR Bizpark @ Chai Chee, Artlette Art Studio and The Music Works • Continued the Lunch Time Rescue Vegetable Distribution initiative twice a month on a rotational basis • Achieved 84.2% employee satisfaction rate with 93.9% response rate in the annual employee satisfaction survey • Enhanced Tenant Engagement via a Responder Plus Programme held in conjunction with SCDF to raise awareness on First-Aid and Emergency Preparedness Governance • Achieved GRESB score of 2 Star (73 points), an improvement from FY2023 (66 points) • Updated Sustainability Policy, and established new Sustainability Information and Data Governance Policy, and Renewable Energy Certificates Management Policy • Zero material incidents of noncompliance with socio-economic or environmental laws Gearing 42.8% High fixed rate hedge of 74.8% Cost of debt 3.84% per annum S$235.8 million of committed undrawn revolving credit facility available for refinancing Well supported by 11 lending banks Debt headroom of S$790.2 million2 FY2025 expiring loans refinanced ahead of time at lower margins Entered into inaugural Sustainability-Linked and Green Loans in FY2024 RECAPITALISED BALANCE SHEET FOR FUTURE GROWTH CATALYSTS CONTINUED ESG COMMITMENTS 2 Assuming gearing limit of 50%. From 28 November 2024, the Monetary Authority of Singapore issued revisions to the Code on Collective Investment Schemes to rationalise leverage requirements for the REIT sector which imposes a minimum interest coverage ratio (ICR) of 1.5 times with a single aggregate leverage limit of 50% will be applied to all REITs.
22 STRATEGICALLY ADVANCING 229.9 241.3 343.2 386.4 370.5 FY2021 FY2020 FY2022 FY2023 FY2024 Gross Revenue (S$ million) 261.7 164.2 173.3 244.2 273.2 FY2021 FY2020 FY2022 FY2023 FY2024 Net Property Income (S$ million) 192.7 164.1 99.1 114.4 177.1 FY2021 FY2020 FY2022 FY2023 FY2024 Amount Available for Distribution to Unitholders (S$ million) 2.564 2.119 2.800 2.987 3.000 FY2021 FY2020 FY2022 FY2023 FY2024 DPU (cents) 6,007.4 3,187.4 3,329.8 5,654.2 5,106.3 FY2021 FY2020 FY2022 FY2023 FY2024 Total Assets (S$ million) 40.5 39.6 36.4 32.0 27.5 FY2021 FY2020 FY2022 FY2023 FY2024 Net Asset Value per Unit (cents) FIVE-YEAR FINANCIAL HIGHLIGHTS
ESR-REIT Annual Report 2024 23 FY2020 FY2021 FY2022 FY2023 FY2024 For the Financial Year Gross Revenue (S$ million) 229.9 241.3 343.2 386.4 370.5 Net Property Income (S$ million) 164.2 173.3 244.2 273.2 261.7 Total Assets (S$ million) 3,187.4 3,329.8 5,654.2 5,106.3 6,007.4 Amount Available for Distribution to Unitholders (S$ million) 99.1 114.4 177.1 192.7 164.1 DPU (cents) 2.800 2.987 3.000 2.564 2.119 Net Asset Value per Unit (cents) 40.5 39.6 36.4 32.0 27.5 Financial Position Total Assets (S$ million) 3,187.4 3,329.8 5,654.2 5,106.3 6,007.4 Total Net Borrowings (S$ million) 1,178.6 1,190.9 2,076.1 1,555.9 2,254.0 Unitholders’ Funds (S$ million) 1,447.0 1,598.0 2,444.7 2,463.2 2,213.9 Key Financial Ratios Debt to Total Assets (%) 41.5 40.0 41.8 35.7 42.8 Weighted Average All-in Cost of Debt (p.a.) (%) 3.5 3.3 3.7 3.9 3.8 Interest Coverage Ratio (times)1 2.6 3.0 2.8 2.5 2.5 Capital Management Total Loan Facilities Available (S$ million) 1,305.0 1,462.4 2,413.4 1,847.1 2,505.5 Gross Borrowings (S$ million) 1,186.0 1,199.5 2,093.0 1,566.2 2,269.7 Perpetual Securities Issued (S$ million) 150.0 150.0 400.0 300.0 400.0 Units in Issue (million) 3,576.4 4,030.3 6,719.2 7,689.2 8,049.2 Market Capitalisation (S$ million)2 1,412.7 1,934.5 2,486.1 2,460.5 2,052.5 Trading Statistics for the Financial Year Opening Price (S$) 0.535 0.405 0.480 0.370 0.320 Highest Price (S$) 0.560 0.510 0.485 0.385 0.325 Lowest Price (S$) 0.240 0.375 0.320 0.250 0.250 Closing Price (S$) 0.395 0.480 0.370 0.320 0.255 Volume Weighted Average Price (S$) 0.372 0.446 0.397 0.318 0.286 Total Volume Traded (million Units) 3,588.4 2,461.1 2,543.8 2,696.1 2,916.5 Average Trading Volume per Day (million Units) 14.4 9.8 10.2 10.9 11.6 Total Return (%)3 -19.81 30.00 -16.85 -6.49 -13.69 1 Computed by dividing the trailing 12 months earnings before interest, tax, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), by the trailing 12 months interest expense. Interest expense includes amortisation of debt-related transaction costs and distributions on perpetual securities, but excludes finance costs on lease liabilities under FRS 116. 2 Computed based on closing price and Units in issue at the end of the financial year. 3 Performance is calculated on the change in unit price over the year, based on the closing price of the last day of the preceding year and the closing price of the current year, including the assumption that distributions paid were reinvested at the closing price on the ex-distribution date.
24 STRATEGICALLY ADVANCING Distribution per Unit (“DPU”) for FY2024 was 2.119 cents, translating to a distribution yield of approximately 8.3% based on the closing unit price of S$0.255 as at 31 December 2024. 8.3% 5.8% 2.9% FY2024 Distribution Yield FTSE ST REIT 12M Yield Singapore Govt 10Y Bond Attractive Yield (%) (As at 31 December 2024) TRADING PERFORMANCE IN FY2024 In FY2024, global economies continued to grapple with heightened macroeconomic uncertainties and market volatilities, driven by persistent inflation, geopolitical tensions, and concerns over a “higher-for-longer” interest rate environment. These factors had a direct impact on the Singapore REIT industry, influencing capital costs, asset valuations, and investor sentiment. According to the Ministry of Trade and Industry, the Singapore economy expanded by 4.4% in 2024 and is forecasted to grow at 1.03.0% in 20251. ESR-REIT’s closing unit price was S$0.255 as at 31 December 2024, with one year volume weighted average price of S$0.286 as at 31 December 2024. ESR-REIT’s market capitalisation was approximately S$2.1 billion as at 31 December 2024, as compared to S$2.4 billion as at 31 December 2023. Additionally, average daily traded volume for FY2024 increased slightly to 11.6 million Units from 10.9 million Units in FY2023. UNIT PRICE PERFORMANCE 1 Ministry of Trade and Industry Singapore. 14 February 2025, MTI Maintains 2025 GDP Growth Forecast at ‘1.0 to 3.0 Per Cent’ https://www.mti.gov.sg/ Newsroom/Press-Releases/2025/02/MTI-Maintains-2025-GDP-Growth-at-1-to-3-Per-Cent 140% 0% 20% 40% 60% 80% 100% 120% ESR-REIT STI FTSE Real Estate FTSE ST REIT Comparative Trading Performance FY2024 Jan 2024 Feb 2024 Mar 2024 Apr 2024 May 2024 Jun 2024 Jul 2024 Aug 2024 Sep 2024 Oct 2024 Nov 2024 Dec 2024 Trading Data Across Five Years 2024 2023 2022 2021 2020 Opening Price on First Trading Day of Year (S$) 0.320 0.370 0.480 0.405 0.535 Closing Price on Last Trading Day of Year (S$) 0.255 0.320 0.370 0.480 0.395 Highest (S$) 0.325 0.385 0.485 0.510 0.560 Lowest (S$) 0.250 0.250 0.320 0.375 0.240 Volume Weighted Average Price (S$) 0.286 0.318 0.397 0.446 0.372 Total Trading Volume (million Units) 2,916.5 2,696.1 2,543.8 2,461.1 3,588.4 Average Daily Trading Volume (million Units) 11.6 10.9 10.2 9.8 14.4
ESR-REIT Annual Report 2024 25 • Morningstar Global Markets REIT NR GBP • Morningstar Global Markets REIT GR GBP • Bloomberg Developed Markets ex North America Small Cap Price Return Index • Bloomberg Developed Markets ex US Small Cap Price Return Index • Vanguard FTSE Pacific ETF INAV • Solactive ISS ESG Screened Paris Aligned Developed Markets Small Cap Index NTR • Bloomberg World ex US Small Cap Price Total Return Index USD • Bloomberg APAC Developed Markets Large, Mid & Small Cap Price Return Index • Bloomberg Developed Markets Small Cap Price Return Index • Bloomberg Asia ex Japan Large, Mid & Small Cap Price Return Index • Solactive GBS Developed Markets Small Cap CAD Index NTR • Bloomberg World Small Cap Price Return Index • Bloomberg World All-Cap Equal Weight PR Index • Bloomberg Asia Large, Mid & Small Cap Price Return Index Constituent of Key Indices (weightage in descending order) • iEdge S-REIT Index • iEdge S-REIT Index (Total Return) • iEdge S-REIT Index (Net Total Return) • iEdge S-REIT Leaders SGD Index (Price Return) • Solactive Logistics REIT Index GTR • Solactive Logistics REIT Index PR • Bloomberg REIT & Real Estate APAC ex Japan Large, Mid & Small Cap Price Ret Idx • Bloomberg Singapore Large, Mid & Small Cap Price Return Index • WisdomTree Global ex-US Real Estate Index • Solactive ISS ESG Asia ex Japan Small Cap Index NTR • EPRA NAREIT Asia Total Return Index USD • FTSE ASEAN All-Share Index • Bloomberg REIT & Real Estate DM Large, Mid & Small Cap Price Return Index • FTSE EPRA Nareit Global REITs TR Index • FTSE EPRA Nareit Developed 100% Hedged to USD Total Return Index • Invesco FTSE RAFI DevMrkts ex-U.S. S-M ETF INAV Index Volume (million Units) 0 10 20 30 40 50 60 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 Trading Volume Closing Unit Price Closing Unit Price (S$) Jan 2024 Feb 2024 Mar 2024 Apr 2024 May 2024 Jun 2024 Jul 2024 Aug 2024 Sep 2024 Oct 2024 Nov 2024 Dec 2024 Monthly Trading Performance in FY2024 0 20 40 60 80 100 120 140 160 180 200 0 0.1 0.2 0.3 0.4 0.5 0.6 Jan 2020 Jul 2020 Jan 2021 Jul 2021 Jan 2022 Jul 2022 Jan 2023 Jul 2023 Jan 2024 Jul 2024 Dec 2024 Volume (million Units) 5-Year Trading Performance Trading Volume Closing Unit Price Closing Unit Price (S$)
26 STRATEGICALLY ADVANCING BOARD OF DIRECTORS MS. STEFANIE YUEN THIO MR. RONALD LIM MR. NAGARAJ SIVARAM Independent Non-Executive Chairperson Independent Non-Executive Director Independent Non-Executive Director MR. STUART GIBSON MR. SHEN JINCHU, JEFFREY MR. ADRIAN CHUI Non-Executive Director Non-Executive Director Chief Executive Officer and Executive Director DR. JULIE LO LAI WAN MR. LOI POK YEN MR. GEORGE AGETHEN Independent Non-Executive Director Independent Non-Executive Director Non-Executive Director
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