Ascendas REIT - Annual Report 2021

Chairman’s Message We will continue to strengthen our climate resilience, reduce our environmental footprint and do our part to contribute towards a low carbon future. Readmore about Ascendas Reit’s sustainability efforts on page 20 to 21 and in its Integrated Sustainability Report 2021. Governance and Board Renewal Ascendas Reit was placed third in the Singapore Governance and Transparency Index 2021 (REITs and Business Trust Category), a leap from its eighth position the year before. We were also one of the winners of the Corporate Excellence & Resilience Award at the Singapore Corporate Awards 2021 (in the category of companies with market capitalisation of S$1 billion or more). These credentials reflect our commitment towards good corporate governance and sustainability. To align with best practices, a Nominating and Remuneration Committee (NRC) was formed in October 2021 to assist the Board in matters relating to board appointment, remuneration of directors and senior management of the Manager, leadership development, succession planning and other related matters. These responsibilities were previously undertaken by the Board and the formation of the NRC will strengthen and streamline the processes relating to nomination and remuneration matters that are subject to board oversight. Additionally, our Audit and Risk Committee now comprises only independent directors. In September 2021, we welcomed Ms Maureen Ong to the Board as an independent director. Her extensive experience in the areas of accounting and finance adds further diversity and strength to the Board. Ms Chong Chiet Ping retired as our independent director in October 2021. I would like to thank Chiet Ping for her many valuable contributions over her six-year tenure. With these changes, the Board will consist of eight members, of which five are independent directors. Outlook During 2021, the COVID-19 pandemic continued to unfold with outbreaks of variants of concern that resulted in renewed restrictions globally. Notwithstanding this, many countries havegradually reopened their economies and are pivoting towards an endemic strategy along with the progressive roll out of vaccinations. We are cautiously optimistic that our investment markets will remain stable and continue to provide us with growth opportunities. A Word of Thanks On behalf of the Board, I would like to thank all our colleagues from the Manager and the Asset & Property Manager for their dedication and hard work in delivering these results. Equally important, we would like to thank you, our Unitholders, customers and business partners for your continued support in every stage of our growth. In 2022, we celebrate Ascendas Reit’s 20 th year of listing on the Singapore Exchange. We look forward to achieving even greater success with you and for you in the years to come. DR BEH SWAN GIN Chairman 17 March 2022 Ascendas Reit 12