Ascendas REIT - Annual Report 2021

The Manager’s Review of FY2021 (1) The valuation dated 1 December 2020 was commissioned by the Manager and Perpetual Corporate Trust Limited (in its capacity as trustee of Ascendas REIT Australia) and was carried out by Jones Lang LaSalle Advisory Services Pty Limited using the capitalisation and discounted cash flow methods. (2) The valuations dated October 2020/February 2021, were commissioned by the Manager and HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of Ascendas Reit), and were carried out by Newmark Knight Frank Valuation & Advisory, LLC, using the sales comparison and income capitalisation methods. (3) The Purchase Consideration comprises a) the estimated consideration for the 75% equity stake in Ascendas Fusion 5 Pte. Ltd (AF5PL) of S$372.8 million (subject to post-completion adjustments), which is based on 75% of the adjusted net asset value of AF5PL, the holding entity for Galaxis, taking into account the agreed value of the Property (on a 100.0% basis) of S$720.0 million, and b) the 75% share of the existing bank loans of AF5PL of S$161.6 million which the vendor would otherwise would have to contribute to AF5PL for the repayment of such existing bank loans. (4) The independent valuers Jones Lang LaSalle Property Consultants Pte Ltd (valuation of S$734.1 million) and Savills Valuation and Professional Services (S) Pte Ltd (valuation of S$736.0 million) were commissioned by HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of Ascendas Reit) and the Manager respectively. Both valuers’ valuations, dated 30 April 2021, were carried out using the discounted cash flow approach and the income capitalisation method. (5) The valuations dated 24 September 2021 were commissioned by the Manager and HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of Ascendas Reit) and was carried out by CBRE Valuation & Advisory Services using the sales comparison and discounted cash flow methods. Investments in FY2021 Property City / Country Price (S$ million) Valuation as at Acquisition (S$ million) Occupancy as at Acquisition (%) Completion Date Completed Acquisitions 1,930.8 1-5 Thomas Holt Drive Sydney, Australia 284.0 284.0 (1) 100% 13 Jan 2021 11 Data Centres Across 5 cities, UK and Europe 904.6 905.0 (2) 97.9% 17 Mar 2021 Galaxis (75% interest) Singapore 534.4 (3) 734.1 (4) 736.0 (4) 98.6% 30 Jun 2021 11 Logistics Properties Kansas City, USA 207.8 208.2 (5) 92.6% 5 Nov 2021 Completed Development 184.6 Grab Headquarters Singapore 184.6 – 100% 30 Jul 2021 Total 2,115.4 Completed Asset Enhancement Initiatives in FY2021 Property City / Country Cost (S$ million) Completion Date Asset Enhancement Initiatives 21 Changi South Avenue 2 Singapore 4.7 Apr 2021 100 & 108 Wickham Street Brisbane, Australia 11.1 Apr 2021 Hansapoint Singapore 7.5 Dec 2021 Total 23.3 On-going Developments, Redevelopments and Asset Enhancement Initiatives Property City / Country Estimated Cost (S$ million) Estimated Completion Date Acquisitions Under Development 251.2 500 Green Road Brisbane, Australia 69.1 11 Feb 2022 7 Kiora Crescent Sydney, Australia 21.1 24 Feb 2022 MQX4 Sydney Australia 161.0 4Q 2022 Redevelopments 422.7 UBIX (formerly 25 and 27 Ubi Road 4) Singapore 38.2 7 Jan 2022 iQuest@IBP Singapore 84.3 4Q 2024 1 Science Park Drive (34% stake) Singapore 300.2 2Q 2025 Asset Enhancement Initiatives 11.3 Changi Logistics Centre Singapore 11.3 2Q 2022 Total 685.2 Annual Report 2021 39