Annual Report 2025 77 Relevant Relationships and Circumstances Considerations (1) Directorships in Related Corporations and/or Associated Corporations of Temasek • Mr Daniel Cuthbert Ee Hock Kuat (Mr Ee) is the independent non-executive chairman of Keppel Infrastructure Fund Management Pte. Ltd. (KIFM), trustee-manager of Keppel Infrastructure Trust (KIT). Pursuant to such appointment, he also serves as a non-executive director of two joint-venture investee companies of KIT, namely Neptune1 Infrastructure Holdings Pte. Ltd. and One Eco Co., Ltd. (collectively, KIT SPVs). • KIFM and KIT SPVs are associated corporations of Temasek. • Mr Ee is also a member of the investment committee of Keppel Asia Infra Fund (GP) Pte. Ltd. and Keppel Infra Fund GP Pte. Ltd. (collectively, KAI), which are also associated corporations of Temasek. (a) Mr Ee and Mr Kunnasagaran are not involved in the day-to-day conduct of the businesses of such corporations. (b) Mr Ee, Mr Kunnasagaran and Ms Choo have confirmed that they are not under any obligation, whether formal or informal, to act in accordance with the directions of Temasek in the corporate affairs of the Manager and CLAR; and they are also not a representative of Temasek on the board of the Manager. • Mr Chinniah Kunnasagaran (Mr Kunnasagaran) is a non-executive director of Astrea VI Pte. Ltd. and an advisor of Azalea Investment Management Pte. Ltd. (collectively, Temasek-Sub). Mr Kunnasagaran is also a non-executive director of Sembcorp Industries Ltd. (Sembcorp). • Temasek-Sub are subsidiaries of Temasek and Sembcorp is an associated corporation of Temasek. • Ms Choo Oi Yee (Ms Choo) is the CEO and a director of Climate Impact X Pte. Ltd. (Climate Impact) and Verified Impact Exchange Holdings Pte. Ltd (Verified Impact), which are associated corporations of Temasek. (2) Other Relevant Relationships and Circumstances • Dr Beh Swan Gin (Dr Beh) is Permanent Secretary (PS) of the Ministry of Trade and Industry (MTI). JTC Corporation (JTC) is the government agency that manages industrial and business park land. It is a statutory board under the MTI. • Economic Development Board (EDB) and Enterprise Singapore (Enterprise SG) are statutory boards under MTI responsible for attracting foreign investments and developing local enterprises, respectively. (a) As PS of MTI, Dr Beh has confirmed that he has no executive role in the operations or decisionmaking at JTC on projects, leases, investments etc. (b) While CLAR's business could indirectly benefit from the work of both agencies, as PS of MTI, Dr Beh has confirmed that he has no executive role in the operations or decision-making at EDB or Enterprise SG on projects, investments or companies that they support. The Board has considered the conduct of each of Mr Ee, Mr Kunnasagaran and Ms Choo and is of the view that the relationships above did not interfere with the exercise of his/her independent judgement in the discharge of his/her duties and responsibilities as a Director. Dr Beh and Ms Ong Lee Keang Maureen (Ms Ong) do not have any relationships and are not faced with any of the circumstances identified in the Code, SFR and Listing Manual, or other relationships which may affect his/her independent judgement. The Board is of the view that these Directors have exercised independent judgement in the discharge of their duties and responsibilities. The Board therefore determined that
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