In the opinion of the directors of ESR-REIT Management (S) Limited, the accompanying financial statements of ESR-REIT (the “Trust”) and its subsidiaries (the “Group”) set out on pages 125 to 223 comprising the Statements of Financial Position, Consolidated Statement of Total Return, Consolidated Distribution Statement, Statements of Movements in Unitholders’ Funds, Investment Properties Portfolio Statements, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including material accounting policy information, are drawn up so as to present fairly, in all material respects, the financial position and portfolio holdings of the Group and of the Trust as at 31 December 2025, and the financial performance, distributable income, movements in Unitholders’ funds and cash flows of the Group and movements in Unitholders’ funds of the Trust for the year then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Investment Funds” issued by the Institute of Singapore Chartered Accountants and the provisions of the Trust Deed. At the date of this statement, there are reasonable grounds to believe that the Group and the Trust will be able to meet their financial obligations as and when they materialise. For and on behalf of the Manager, ESR-REIT Management (S) Limited Ms. Stefanie Yuen Thio Chairperson Singapore 19 March 2026 Statement by the Manager 119 ESR-REIT ANNUAL REPORT 2025
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