Singapore, 29 August 2025 – GLP Pte Ltd (“GLP” and with its subsidiaries, the “Group”) confirms the voluntary withdrawal of credit rating coverage by Fitch Ratings ("Fitch"). At the withdrawal date, GLP was rated BB / Stable, as published in Fitch's 29 August 2025 press release.

This decision reflects a structural mismatch between Fitch’s REIT-based credit assessment methodology and GLP’s evolved business model. Fitch’s framework does not recognize the recurring earnings GLP generates through development gains and strategic capital recycling, which is a significant and consistent part of earnings. Consequently, the Group believes the rating provides an incomplete view of GLP’s financial strength and long-term growth potential.

GLP continues to operate from a position of financial strength: 

• Balance sheet: Consolidated net leverage remains low at 26%¹ as at end-2024

• Liquidity: The Group maintains a robust funding position supported by cash on hand, undrawn facilities and identified monetization proceeds sufficient to cover near-term maturities. 

• Capital access: GLP’s continues to attract high quality institutional capital to fund its growth, exemplified by the recently announced strategic investments from Abu Dhabi Investment Authority and Zhejiang government-backed investors respectively. 

Looking forward, as part of our broader financial strategy, GLP will consider ratings at the business unit level where the rating methodologies are better aligned. GLP remains committed to clear, timely and comprehensive disclosure through regular financial reporting, investor briefings, stakeholder updates and asset tours.

GLP China continues to hold an onshore AAA rating, the highest possible rating in China, from Shanghai Brilliance Credit Rating & Investors.

GLP's sectors remain underpinned by long-term secular growth from robust e-commerce expansion, the global shift towards decarbonization and energy transition, and accelerating demand for data storage driven by cloud adoption and artificial intelligence. Anchored by these trends, GLP will continue to deliver resilient earnings and long-term value creation for our investors, lenders and partners. 

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About GLP

GLP is a leading global investor, thematic business builder and investment manager, focused on creating scaled platforms within its core sectors of logistics, digital infrastructure and renewable energy. The Group, through its asset management arm GLP Capital Partners, manages approximately US$80 billion of assets under management and has a proven track record of incubating and scaling platforms across markets and strategies through development, strategic M&A and partnerships. To learn more about GLP, visitwww.glp.com/global.

This press release is not an offer of securities for sale or a solicitation of an offer to purchase securities. The information in this press release may not contain, and you may not rely on this press release as providing, all material information concerning the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of GLP or its subsidiaries. This release may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements include statements regarding the intent, belief and current expectations of GLP or its officers with respect to various matters. When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," “intends,””foresees,” “estimates,” “projects,” and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Similarly, statements that describe objectives, plans or goals also are forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes, and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events and speak only as of the date of this press release. GLP does not undertake to revise forward-looking statements to reflect future events or circumstances. No assurance can be given that future events will occur, that projections will be achieved, or that GLP’s assumptions are correct.

¹FY2024 Consolidated Net Leverage ratio, adjusted for the Ares transaction