Chairman's Message

Our Australian portfolio remained stable with positive gross rent reversion of 25.9% for the year. Committed occupancies for our Australian portfolio remained healthy at 90.6%, higher than the nationwide CBD office occupancy of 85.0%. 177 Pacific Highway, Sydney and Olderfleet, 477 Collins Street, Melbourne had committed occupancy of 100% while 21 Harris Street, Sydney, and Southgate Complex, Melbourne had committed occupancies of 97.8% and 86.8% respectively. At 55 Currie Street in Adelaide, the committed occupancy improved 4.6 percentage points to 66.0%.

In the United Kingdom, Nova Properties achieved 100% committed occupancy while the committed occupancy at The Minster Building stood at 85.4%.

On the retail front, Suntec City Mall recorded another year of outstanding performance in FY 2025. The mall achieved a strong full-year rent reversion of 16.2% while committed occupancy improved to 99.5%. Through continuous efforts to curate a diverse tenant mix and enhanced retail offerings, Suntec City remains a popular mall with shoppers' footfall registering at approximately 44 million for 2025.

Suntec Convention continued its growth momentum with income recording an increase of 11.9% driven by higher number of large and mid-scale events.

WELL DIVERSIFIED PORTFOLIO WITH SINGAPORE AS STRONG CORE

As at end 2025, Suntec REIT's assets under management ("AUM") remained stable at $12.1 billion.

Suntec REIT continues to be Singapore centric with 78.2% of its AUM in Singapore, with the remaining 12.0% and 9.8% in Australia and the United Kingdom respectively.

BALANCE SHEET

Suntec REIT remains focused on proactive capital management. In 2025, loans amounting to $730.0 million were refinanced with interest margins at approximately 25 basis points lower. The average financing cost for FY 2025 reduced by 35 basis points to 3.71% per annum with approximately 65.0% of the interest fixed or hedged. As at 31 December 2025, the aggregate leverage ratio was 41.5% with adequate headroom of $1.0 billion to the limit of 50.0%.

SUSTAINABILITY COMMITMENT

Sustainability remains a fundamental aspect of our operations. Since embarking on the REIT's sustainability reporting journey in FY 2017, Suntec REIT had consistently achieved and maintained strong accreditation and accolades.

We are pleased to report that Suntec REIT attained the highest GRESB 5 Star rating for the sixth consecutive year. Suntec REIT also maintained 'A' for its level of ESG public disclosure. GRESB is one of the leading ESG benchmarks for real estate and infrastructure investments globally.

In line with our net carbon zero roadmap and commitment towards sustainable growth, Olderfleet, 477 Collins Street, Melbourne, achieved carbon neutral status in 2025. New medium-term targets were established as we continue to make progress on our net carbon zero objectives.

We have also increased the proportion of green or sustainability-linked loans from approximately 70% to 82% as at end December 2025. More information will be found in our Sustainability Report, which will be available in electronic form on SGXNet and our website by end-May 2026.

OUTLOOK

The office market is expected to remain resilient underpinned by limited new supply and tight vacancies. Our Singapore office portfolio occupancy is expected to remain high and positive rent reversion is expected to be near 5%. The portfolio performance remains stable on the back of past quarters of positive rent reversion and healthy occupancies.

Revenue performance from Suntec City Mall is expected to improve, underpinned by positive rent reversion which is expected to be close to 10% with committed occupancy remaining high. Suntec City Mall is well poised for growth, supported by higher occupancy, rent and marcoms revenue.

The Singapore MICE market is expected to continue its growth momentum, boosted by the support from the Singapore Tourism Board. The performance of Suntec Convention is expected to be stronger with the composition of event types likely to remain largely unchanged.

Our Australian portfolio is expected to remain stable supported by strong occupancies at 177 Pacific Highway, 21 Harris Street and Olderfleet, 477 Collins Street, with vacancies at Southgate Complex and 55 Currie Street likely to persist in view of market's softness.

In the United Kingdom, the operating performance for Nova Properties is expected to be stable while The Minster Building remains impacted by vacancies.

While the current heightened geopolitical tensions have led to greater uncertainty, Suntec REIT's sound fundamentals, unwavering focus to create value, underpinned by our diversified portfolio of high-quality assets and resilient income streams will continue to help us navigate these challenges. We are confident these enduring strengths will position Suntec REIT well for our next phase of growth.

NEW OWNER OF REIT MANAGER

On behalf of the Board and Manager, I would like to welcome Tang Organization Pte. Ltd. ("Tang Organization") who has stepped in as the new owner of the REIT Manager, following the completion of the acquisition of the 100% stake in the REIT Manager by Acrophyte Asset Management Pte. Ltd. ("Acrophyte AM"), a subsidiary of Tang Organization.

Tang Organization, an entity controlled by Mr. Gordon Tang and Mrs. Celine Tang, is a leading Singapore- based real estate group that has evolved into a diversified multinational conglomerate with integrated capabilities across the real estate value chain. The Tang Family' are the largest unitholder group of Suntec REIT and their interests are fully aligned with the interests of unitholders.

We look forward to working together with Tang Organization to drive and grow sustainable long term value for all unitholders.

IN APPRECIATION

On behalf of the Board and the Manager, I would like to thank Ms. Chew Gek Khim, Mr. Chan Pee Teck Peter, Mrs. Yu-Foo Yee Shoon, Mr. Shen Jinchu, Mr. Matthew James Lawson and Mr. David Alasdair William Matheson who have retired as Directors. With their strategic counsel and insightful guidance, Ms. Chew and Mr. Matheson had led the Board with distinction. The invaluable contributions by Mr. Chan, Mrs. Yu-Foo, Mr. Shen and Mr. Lawson were instrumental in the continued success of Suntec REIT.

We are pleased to welcome Mr. Abdul Jabbar Bin Karam Din and Mr. Anthony Charles Philip Couse who have joined the Board as Independent Non-Executive Directors of the Manager. Their extensive experience in the areas of legal, regulatory and governance as well as real estate and sustainability will help the Board in further driving value for unitholders.

Last but not least, I would like to extend my sincere appreciation to our unitholders, tenants, business partners and stakeholders for their continued trust and steadfast support.

LOCK WAI HAN
Interim Chairman and Non-Executive Director
24 March 2026