Remarks
Due to allotment and issue of units on completion of the Merger via the Scheme of Arrangement and acquisition fees paid in ESR-REIT units to ESR-REIT Manager. Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 293127502 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 9.30000000 (Deemed Interest)

Warburg Pincus X, L.P. is the general partner of Warburg Pincus Private Equity X, L.P., together with its affiliated partnership ("WPX") and is deemed to have interests in the [293,127,502] Infinity Units. As Warburg Pincus LLC is the manager having control of WPX , it is also deemed to have interests in the [293,127,502] Infinity Units. The relationships as at the date of this notification are as follows: 1. ESR Investment Management Pte. Ltd. ("ESR-IM") owns 80% of ESR Funds Management (S) Limited ("ESR-FM"), the manager of ESR-REIT. 2. e-Shang Infinity Cayman Limited owns 100% of InfinitySub Pte. Ltd. ("InfinitySub") which owns 100% of ESR-IM. 3. e-Shang Infinity Cayman Limited, a company established in the Cayman Islands, is a wholly-owned subsidiary of e-Shang Jupiter Cayman Limited ("ES Jupiter"), a company established in the Cayman Islands. 4. ES Jupiter, a company established in the Cayman Islands, is a 100% owned subsidiary of ESR Cayman Limited ("ESR"), a company established in the Cayman Islands. 5. WP OCIM One LLC ("WP OCIM"), a Delaware limited liability company, holds a primary stake of approximately 38.35% of the issued share capital of ESR. 6. WP X Investment VI Ltd. ("WP X IVI"), a company established in the Cayman Islands, is the sole member of WP OCIM. 7.Warburg Pincus Private Equity X, L.P. has a controlling interest of 96.9% in WP X Investment VI Ltd ("WP X IVI"). 8. Warburg Pincus X, L.P. ("WPXGP"), a Delaware limited partnership, is the general partner having control of Warburg Pincus Private Equity X, L.P., together with its affiliated partnership, WPX. 9. Warburg Pincus LLC ("WP LLC"), a New York limited liability company, is the manager of WPX. 10. Warburg Pincus X GP L.P. ("WP X GP LP"), a Delaware limited partnership, is the general partner of WPXGP. 11. WPP GP LLC ("WPP GP"), a Delaware limited liability company, is the general partner of WP X GP LP. 12. Warburg Pincus Partners, L.P. ("WP Partners"), a Delaware limited partnership, is the managing member of WPP GP. 13. Warburg Pincus Partners GP LLC ("WP Partners GP"), a Delaware limited liability company, is the general partner of WP Partners. 14. Warburg Pincus & Co. ("WP"), a New York general partnership, is the managing member of WP Partners GP. 15. Charles R. Kaye and Joseph P. Landy are each Managing General Partners of WP and Managing Members and Co-Chief Executive Officers of WP LLC and may be deemed to control the Warburg Pincus entities. Charles R. Kaye and Joseph P. Landy disclaim beneficial ownership of all shares held by the Warburg Pincus entities. The percentage unitholdings before transaction as disclosed is calculated based on the total number of units in ESR-REIT as at 16 October 2018, being 1,583,701,947 as publicly disclosed by the manager of ESR-REIT, prior to the issue of [1,585,021,648] units due to the Merger. The percentage unitholdings after transaction as disclosed is calculated based on the total number of units in ESR-REIT, being [3,168,723,595] as publicly disclosed by the manager of ESR-REIT due to the Merger.

Remarks
Acquisition of Securities pursuant to rights issue Amount of consideration paid or received by Substantial Shareholder/Unitholder (excluding brokerage and stamp duties): S$24,765,058.80 Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 210711874 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 13.30000000 (Deemed Interest)

Warburg Pincus X, L.P. is the general partner of Warburg Pincus Private Equity X, L.P., together with its affiliated partnership ("WPX") and is deemed to have interests in the 210,711,874 Infinity Units. As Warburg Pincus LLC is the manager having control of WPX , it is also deemed to have interests in the 210,711,874 Infinity Units. The relationships as at the date of this notification are as follows: 1. e-Shang Infinity Cayman Limited, a company established in the Cayman Islands, is a wholly-owned subsidiary of e-Shang Jupiter Cayman Limited ("ES Jupiter"), a company established in the Cayman Islands. 2. ES Jupiter, a company established in the Cayman Islands, is a 95.2% owned subsidiary of ESR Cayman Limited ("ESR"), a company established in the Cayman Islands. 3. WP OCIM One LLC ("WP OCIM"), a Delaware limited liability company, holds a primary stake of approximately 40.6% of the issued share capital of ESR. 4. WP X Investment VI Ltd. ("WP X IVI"), a company established in the Cayman Islands, is the sole member of WP OCIM. 5. Warburg Pincus Private Equity X, L.P., a Delaware limited partnership, owns approximately 96.9% of WP X IVI. 6. Warburg Pincus X, L.P. ("WPXGP"), a Delaware limited partnership, is the general partner of Warburg Pincus Private Equity X, L.P., together with its affiliated partnership ("WPX"). 7. Warburg Pincus LLC ("WP LLC"), a New York limited liability company, is the manager of WPX. 8. Warburg Pincus X GP L.P. ("WP X GP LP"), a Delaware limited partnership, is the general partner of WPXGP. 9. WPP GP LLC ("WPP GP"), a Delaware limited liability company, is the general partner of WP X GP LP. 10. Warburg Pincus Partners, L.P. ("WP Partners"), a Delaware limited partnership, is the managing member of WPP GP. 11. Warburg Pincus Partners GP LLC ("WP Partners GP"), a Delaware limited liability company, is the general partner of WP Partners. 12. Warburg Pincus & Co. ("WP"), a New York general partnership, is the managing member of WP Partners GP. 13. Charles R. Kaye and Joseph P. Landy are each Managing General Partners of WP and Managing Members and Co-Chief Executive Officers of WP LLC and may be deemed to control the Warburg Pincus entities. Charles R. Kaye and Joseph P. Landy disclaim beneficial ownership of all shares held by the Warburg Pincus entities. The percentage unitholdings before transaction as disclosed is calculated based on the total number of units in ESR-REIT as at 28 March 2018, being 1,320,852,333 as publicly disclosed by the manager of ESR-REIT, prior to the issue of 262,849,614 units under the preferential offer. The percentage unitholdings after transaction as disclosed is calculated based on the total number of units in ESR-REIT, being 1,583,701,947 as publicly disclosed by the manager of ESR-REIT, after the issue of 262,849,614 units under the preferential offer.