140 CapitaLand Ascendas REIT Notes to the Financial Statements 31 December 2025 1.8 Fees under the asset and lease management agreements (for the United States of America (the “US”) properties) The Group appointed CapitaLand International USA LLC (“US Asset Manager”) as the asset manager to provide certain asset management, lease management and project management services in respect of the properties located in the US, including the properties, held (whether directly or indirectly) by CLAR from time to time. (i) Asset management fees The Group will pay the US Asset Manager an asset management fee of up to 0.3% per annum of the US Adjusted Deposited Property for which the asset management services are provided (excluding rightof-use assets). The payment of asset management fee will reduce the base management fees payable to the Manager described under 1.2 (i) such that there is no double counting of the payment of the asset management fees and the payment of base management fees to the Manager. (ii) Lease management fees The Group will pay the US Asset Manager a lease management fee of 1.0% per annum of the adjusted gross revenue of each property in the US. (iii) Project management fees The Group will pay the US Asset Manager the following fees for development, re-development, routine refurbishment, retrofitting and renovation works where submission to the relevant authorities for the approval of such works is required. • a fee of 3.00% of the construction costs, where the construction costs are US$1.4 million or less; • a fee of 2.15% of the construction costs, where the construction costs exceed US$1.4 million but do not exceed US$8.4 million; • a fee of 1.45% of the construction costs, where the construction costs exceed US$8.4 million but do not exceed US$28.0 million; • a fee of 1.40% of the construction costs, where the construction costs exceed US$28.0 million but do not exceed US$49.0 million; • a fee of 1.35% of the construction costs, where the construction costs exceed US$49.0 million but do not exceed US$70.0 million; and • a fee to be mutually agreed by the parties but not exceeding 1.35% of the construction costs, where the construction costs exceed US$70.0 million. 2. Basis of Preparation 2.1 Statement of compliance The financial statements have been prepared in accordance with the recommendations of The Statement of Recommended Accounting Practice 7 “Reporting Framework for Investment Funds” issued by the Institute of Singapore Chartered Accountants, and the applicable requirements of the Code on Collective Investment Schemes (the “CIS Code”) issued by the Monetary Authority of Singapore (“MAS”) and the provisions of the Trust Deed. RAP 7 requires the accounting policies to generally comply with the recognition and measurement principles of Singapore Financial Reporting Standards (“FRS”). 1. General (continued)
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