Independent Auditor’s Report TO THE STAPLED SECURITYHOLDERS OF CAPITALAND ASCOTT TRUST (Constituted under the Stapling Deed in the Republic of Singapore) REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Opinion We have audited: (i) the consolidated financial statements of CapitaLand Ascott Real Estate Investment Trust (“CapitaLand Ascott REIT”) and its subsidiaries (the “CapitaLand Ascott REIT Group”), which comprise the Statement of Financial Position and Portfolio Statement as at 31 December 2024, the Statement of Total Return, Statement of Movements in Stapled Securityholders’ Funds and Statement of Cash Flows of the CapitaLand Ascott REIT Group for the year then ended, and notes to the financial statements, including material accounting policy information; (ii) the consolidated financial statements of CapitaLand Ascott Business Trust (“CapitaLand Ascott BT”) and its subsidiaries (the “CapitaLand Ascott BT Group”), which comprise the Statement of Financial Position as at 31 December 2024, the Statement of Total Return and Statement of Comprehensive Income, Statement of Movements in Stapled Securityholders’ Funds and Statement of Cash Flows of the CapitaLand Ascott BT Group for the year then ended, and notes to the financial statements, including material accounting policy information; and (iii) the consolidated financial statements of CapitaLand Ascott Trust, which comprise the Statement of Financial Position and Portfolio Statement as at 31 December 2024, the Statement of Total Return, Distribution Statement, Statement of Movements in Stapled Securityholders’ Funds and Statement of Cash Flows of CapitaLand Ascott Trust for the year then ended, and notes to the financial statements, including material accounting policy information; as set out on pages 113 to 274. CapitaLand Ascott Trust, which comprises the CapitaLand Ascott REIT Group and the CapitaLand Ascott BT Group, is hereinafter referred to as the “Stapled Group”. In our opinion: (a) the accompanying consolidated financial statements of the CapitaLand Ascott REIT Group and the Stapled Group 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, 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 (“RAP”) 7 Reporting Framework for Investment Funds issued by the Institute of Singapore Chartered Accountants (“ISCA”); (b) the accompanying consolidated financial statements of the CapitaLand Ascott BT Group are properly drawn up in accordance with the provisions of the Business Trusts Act 2004 (the “BTA”), and Singapore Financial Reporting Standards (International) (“SFRS(I)s”) so as to give a true and fair view of the financial position of the CapitaLand Ascott BT Group as at 31 December 2024 and the financial performance, movements in stapled securityholders’ funds and cash flows of the CapitaLand Ascott BT Group for the year ended on that date. Basis for opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the Stapled Group in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 108 CapitaLand Ascott Trust
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