The Manager’s Review of FY 2025 Use of Gross Proceeds from Private Placement in May 2025 (as at 31 December 2025) Intended Use of Proceeds (S$ million) Announced Use of Proceeds1 Actual Use of Proceeds To partially finance the proposed acquisition of 100.0% of the interest in the property known as 9 Tai Seng Drive 275.5 276.32 To partially finance the proposed acquisition of 100.0% of the interest in the property known as 5 Science Park Drive 137.1 137.13 To be used for debt repayment purposes (including debt previously drawn down for investments, developments and/or asset enhancement initiatives). 81.6 81.6 To pay the estimated fees and expenses, including professional fees and expenses, incurred or to be incurred by CLAR in connection with the Private Placement 5.8 5.0 Total 500.0 500.0 1 As set out in the announcement of CLAR dated 29 May 2025 in relation to the close of the private placement and the announcement of CLAR dated 11 August 2025 in relation to, among others, the re-allocation and utilisation of proceeds of the private placement. 2 Please refer to the announcement of CLAR dated 11 August 2025 in relation to the completion of the acquisition of 9 Tai Seng Drive. 3 Please refer to the announcement of CLAR dated 6 August 2025 in relation to the completion of the acquisition of 5 Science Park Drive. Investments In 2025, CLAR remained disciplined and selective in deploying capital, prioritising DPU‑accretive acquisitions and the selective development of high‑quality properties in markets with sound fundamentals. This strategic approach positions CLAR for sustainable and long‑term growth. The Manager acquired six logistics, industrial, business space and data centre assets for a total of S$1.4 billion (excluding acquisition costs) during the year. Five of these properties are in Singapore which further strengthen CLAR’s market leadership and footprint in key industrial clusters across the city-state. They are 5 Science Park Drive, a premium business space property; 9 Tai Seng Drive, a Tier III colocation data centre; 2 Pioneer Sector 1, a modern ramp‑up logistics facility; Tuas Connection, a light industrial complex, and; 9 Kallang Sector, a high‑specifications industrial asset. The sixth property is DHL Indianapolis Logistics Center in the US. These well‑occupied properties deepen CLAR’s exposure to the technology, logistics and life sciences sectors while enhancing the quality, resilience and diversification of CLAR’s portfolio. CLAR also reached a significant strategic milestone by embarking on its first logistics greenfield developments in the UK for S$350.1 million in 2025. Four best-in-class, green‑certified logistics properties will be developed in the East Midlands at Manton Wood and Towcester, deepening CLAR’s footprint in one of the UK’s traditional logistics heartlands due to its centralised location and connectivity with the rest of the country. CLAR’s financial capacity and development capability also enable the REIT to enhance the long-term asset value of the existing portfolio through redevelopments and asset enhancement initiatives (AEIs). The redevelopment of 1 Science Park Drive was completed in March 2025 for S$300.2 million. CLAR has a 34% stake in the joint venture with CapitaLand Development. The site has been transformed into a premium business space and life sciences property (1, 1A and 1B Science Park Drive) featuring wet‑lab ready workspaces, retail and F&B amenities as well as seamless connectivity to the Kent Ridge MRT station. A healthy leasing level of approximately 81% was achieved as at 31 December 2025. This successful redevelopment deepens CLAR’s exposure to high‑value sectors such as biomedical sciences, technology and innovation, and aligns with its long‑term strategy of building a resilient portfolio catering to growth sectors. The valuation of 1, 1A and 1B Science CapitaLand Ascendas REIT 20
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