STATEMENT OF POLICIES AND PRACTICES IN RELATION TO THE MANAGEMENT AND GOVERNANCE OF CAPITALAND ASCOTT BUSINESS TRUST Ms Teo Joo Ling, Serena, Mr Goh Soon Keat Kevin and Ms Beh Siew Kim are considered non-independent directors. Ms Teo Joo Ling, Serena is the CEO of the REIT Manager and the Trustee-Manager (Managers). Mr Goh Soon Keat Kevin and Ms Beh Siew Kim are employees of CLI Group. None of the Trustee-Manager Directors would, by definition under the BTR, be independent from a substantial shareholder of the Trustee-Manager. The Trustee-Manager is a related corporation of the REIT Manager as both the Trustee-Manager and the REIT Manager are directly held by CLI Group and as CapitaLand Ascott BT and CapitaLand Ascott REIT are stapled, the directors of the Managers are identical to avoid any differences or deadlock in the operation of the Stapled Group. As a result, all six independent directors of the Trustee-Manager, namely Mr Tan Beng Hai, Bob, Mr Sim Juat Quee Michael Gabriel, Mr Chia Kim Huat, Ms Deborah Lee Siew Yin, Mr Max Loh Khum Whai and Mr Lui Chong Chee, will prima facie be deemed to be connected to a substantial shareholder of the Trustee-Manager and hence not be independent pursuant to Regulations 12(1)(a) and 12(1) (b) of the BTR. The MAS has granted an exemption to the Trustee-Manager from compliance with Regulations 12(1)(a) and 12(1) (b) of the BTR to the extent that non-compliance with these regulations is due to any Trustee-Manager Director being considered to be not independent from management and business relationships with the Trustee-Manager or from every substantial shareholder of the Trustee-Manager solely by virtue of such Trustee-Manager Director also being a director of the REIT Manager. For the avoidance of doubt, a Trustee-Manager Director shall not be considered independent from a substantial shareholder of the Trustee-Manager if he is also a director of a subsidiary or an associated company of the substantial shareholder of the Trustee-Manager (where the subsidiary or associated company is not the Trustee-Manager or the REIT Manager). 142 CAPITALAND ASCOTT TRUST
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