$CACHE LOGISTICS TRUST(K2LU.SI)$

ESR-Reit, ARA Logos propose S$1.4b merger

1. THE managers of ESR-Reit ESR-REIT: J91U 0% and ARA Logos Logistics Trust (ARA Logos) ARA LOGOS Log Tr: K2LU 0% have proposed a S$1.4 billion merger, where ESR-Reit will acquire all of ARA Logos' units in exchange for a combination of cash and new units.

2. The proposed merger, which will result in the merged entity being named ESR-Logos Reit, will be effected by way of a trust scheme of arrangement. ARA Logos unitholders will receive a scheme consideration of S$0.95 per ARA Logos unit - comprising S$0.095 in cash and 1.6765 new ESR-Reit units, to be issued at S$0.51 apiece.

3. For illustrative purposes, this means an ARA Logos unitholder will receive S$95 in cash and 1,676 units for every 1,000 ARA Logos units held by the books closure date, to be announced. This implies a gross exchange ratio of 1.863 times.