ESR REIT : Change In Composition Of Board Of Directors And Its Committees

(Constituted in the Republic of Singapore pursuant to a trust deed dated 31 March 2006 (as amended))

CHANGE IN COMPOSITION OF BOARD OF DIRECTORS AND ITS COMMITTEES

The Board of Directors of ESR Funds Management (S) Limited ("ESR-FM"), the Manager of ESR-REIT, would like to announce the following changes in composition of the Board of Directors and its Committees with effect from 8 January 2019:

• (i) The appointment of Dr Leong Horn Kee as Independent Non-Executive Director and Member of the ARCC1;

• (ii) The appointment of Mr Ronald Lim as Independent Non-Executive Director and Member of the ARCC1 and NRC2; and

• (iii) The appointment of Mr Tong Jinquan and Mr Wilson Ang Poh Seong as Non-Executive Directors.

• (iv) The resignation of Mr Jeffrey Shen Jinchu as Non-Executive Director;

Following the above changes, the Board will have a total of ten directors, of whom five are independent Non-Executive directors. The members of the Board are as follows:

Name of Directors	Board	ARCC1	NRC2	EXCO3
Mr Ooi Eng Peng	Independent Chairman	Member	Member	Chairman
Mr Bruce Kendle Berry	Independent, Non-Executive Director	Chairman	-	-
Mr Erle William Spratt	Independent, Non-Executive Director	Member	Chairman	-
Dr Leong Horn Kee	Independent, Non-Executive Director	Member	-	-
Mr Ronald Lim	Independent, Non-Executive Director	Member	Member	-
Mr Jeffrey David Perlman	Non-Executive Director	-	Member	Member
Mr Philip John Pearce	Non-Executive Director	-	-	Member
Mr Tong Jinquan	Non-Executive Director	-	-	-
Mr Wilson Ang Poh Seong	Non-Executive Director	-	-	-
Mr Adrian Chui Wai Yin	CEO and Executive Director	-	-	Member

• 1 Audit, Risk Management and Compliance Committee

• 2 Nominating and Remuneration Committee

• 3 Executive Committee

The Board would like to express its gratitude to Mr Jeffrey Shen Jinchu for his contribution during his tenure of office and would also like to express its welcome to Dr Leong Horn Kee, Mr Ronald Lim, Mr Tong Jinquan and Mr Wilson Ang Poh Seong in respect of their new positions.

BY ORDER OF THE BOARD

ESR Funds Management (S) Limited

As Manager of ESR-REIT

(Company Registration No. 200512804G, Capital Markets Services Licence No.100132-5)

Adrian Chui

Chief Executive Officer and Executive Director

8 January 2019

For further enquiries, please contact:

Cheryl Lim	Lyn Ong
Marketing Communications Manager	Investor Relations Manager
Tel: [phone]	Tel: [phone]
[e-mail]	[e-mail]

About ESR-REIT

ESR-REIT has been listed on the Singapore Exchange Securities Trading Limited since 25 July 2006.

ESR-REIT invests in quality income-producing industrial properties and as at 22 October 2018 has a diversified portfolio of 56 properties located across Singapore, with a total gross floor area of approximately 13.6 million sq ft and a property value of S$2.94 billion4. The properties are in the following business sectors: General Industrial, Light Industrial, Logistics/Warehouse, Hi-Specs Industrial, and Business Park, and are located close to major transportation hubs and key industrial zones island-wide.

The Manager's objective is to provide Unitholders with a stable and secure income stream through the successful implementation of the following strategies:

• • Acquisition of value-enhancing properties;

• • Pro-active asset management;

• • Divestment of non-core properties; and

• • Prudent capital and risk management.

ESR Funds Management (S) Limited, the Manager of ESR-REIT, is owned by namely, ESR Cayman Limited ("ESR") (67.3%), Shanghai Summit Pte. Ltd. (25.0%), and Mitsui & Co., Ltd (7.7%).

For further information on ESR-REIT, please visitwww.esr-reit.com.sg.

About the Sponsor ESR

ESR is a leading pure-play pan-Asia logistics real estate developer, owner, and operator focused on the key metropolitan areas most closely tied with consumption and global trade. Co-founded by senior management and Warburg Pincus, ESR is backed by some of the world's preeminent investors including APG, CITIC CLSA, CPPIB, Goldman Sachs, JD.com, PGGM, Ping An and SK Holdings. The ESR platform represents one of the largest in the Asia-Pacific region, spanning across Mainland China, Japan, Singapore, South Korea, Australia and India. The company also runs capital and fund management offices in Hong Kong and Singapore. As at 30 June 2018, the company's assets under management reached approximately US$13 billion, and the gross floor area of projects owned and under development stood at over 10 million square metres.

4 Includes valuation of 7000 Ang Mo Kio Avenue 5 on a 100% basis, of which ESR-REIT has 80% economic interest.

Important Notice

The value of units in ESR-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 Funds Management (S) Limited ("Manager"), RBC Investor Services Trust Singapore Limited (in its capacity as trustee of ESR-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-REIT, the Manager, the Trustee nor any of the Affiliates guarantees the repayment of any principal amount invested, the performance of ESR-REIT, any particular rate of return from investing in ESR-REIT, or any taxation consequences of an investment in ESR-REIT. Any indication of ESR-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 material 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 (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in amounts and on terms necessary to support future ESR-REIT 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 material 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-REIT or any investment or product of or to subscribe to any services offered by the Manager, the Trustee or any of the Affiliates.