Ascendas REIT - Annual Report 2021

The Manager’s Review of FY2021 Use of Gross Proceeds from Private Placement in November 2020 and Preferential Offering in December 2020 (as at 31 December 2021) Intended Use of Proceeds Announced Use of Proceeds (S$ million) Actual Use of Proceeds (S$ million) Balance of Proceeds (S$ million) To partially fund the acquisition of two office properties, 500 Brannan Street and 510 Townsend Street located in San Francisco, USA, and the associated costs 390.0 390.0 – To partially fund the acquisition of a suburban office, 1-5 Thomas Holt Drive, located in Sydney, Australia, and the associated costs 180.0 180.0 – To partially fund the acquisition of a portfolio of data centres in Europe and the associated costs 612.5 612.5 To pay the fees and expenses, including professional fees and expenses, incurred or to be incurred by Ascendas Reit in connection with the Equity Fund Raising 14.0 14.0 – Total 1,196.5 1,196.5 – Use of Gross Proceeds from Private Placement in May 2021 (as at 31 December 2021) Intended Use of Proceeds Announced Use of Proceeds (1) (S$ million) Actual Use of Proceeds (S$ million) Balance of Proceeds (S$ million) To partially fund the acquisition of the balance 75.0% interest in Galaxis located in Singapore and the associated costs 240.1 240.1 – To be used for debt repayment purposes (including debt previously drawn down for investments, developments and/or asset enhancement initiatives) 173.4 (increased to 176.1 due to redeployment of proceeds) 176.1 – To pay the fees and expenses, including professional fees and expenses, incurred or to be incurred by Ascendas Reit in connection with the Private Placement 6.5 (decreased to 3.8 due to reduction of incurred fees) 3.8 – Total 420.0 420.0 – (1) The details of the intended use of the proceeds stated in the announcement dated 4 May 2021 (in relation to the launch of the private placement) were subsequently revised in the announcement dated 15 June 2021. Annual Report 2021 37