Report of the Manager of CapitaLand Ascott Real Estate Investment Trust In the opinion of the directors of CapitaLand Ascott Trust Management Limited, the Manager of CapitaLand Ascott Real Estate Investment Trust (“CapitaLand Ascott REIT”), the accompanying consolidated financial statements of CapitaLand Ascott REIT and its subsidiaries (the “CapitaLand Ascott REIT Group”), and CapitaLand Ascott Trust (“CLAS”) (the “Stapled Group”, comprising the CapitaLand Ascott REIT Group and CapitaLand Ascott Business Trust and its subsidiaries) set out on pages 113 to 274, comprising the Statements of Financial Position, Statements of Total Return, Statements of Movements in Stapled Securityholders’ Funds, Portfolio Statements and Statements of Cash Flows of the CapitaLand Ascott REIT Group and the Stapled Group, and the Distribution Statement of the Stapled Group, and notes to the financial statements, are drawn up so as to present fairly, in all material respects, the financial positions and portfolio holdings of the CapitaLand Ascott REIT Group and the Stapled Group as at 31 December 2024 and the financial performance, movements in stapled securityholders’ funds and cash flows of the CapitaLand Ascott REIT Group and the Stapled Group, and the distributable income of the Stapled Group for the year then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Investment Funds” issued by the Institute of Singapore Chartered Accountants and the provisions of CapitaLand Ascott REIT’s trust deed between DBS Trustee Limited (the “REIT Trustee”) and the REIT Manager dated 19 January 2006 (as amended) and the stapling deed of CapitaLand Ascott Trust between the REIT Trustee, the REIT Manager and CapitaLand Ascott Business Trust Management Pte. Ltd. (Trustee-Manager of CapitaLand Ascott Business Trust) dated 9 September 2019 (as amended). At the date of this statement, there are reasonable grounds to believe that the CapitaLand Ascott REIT Group and the Stapled Group will be able to meet their respective financial obligations as and when they materialise. For and on behalf of the REIT Manager, CapitaLand Ascott Trust Management Limited Teo Joo Ling, Serena Director Singapore 7 March 2025 101 Annual Report 2024
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