Notes to the Financial Statements Year ended 31 December 2024 Name of subsidiaries Principal place of business/Country of incorporation Effective equity interest held by the Stapled Group 2024 2023 % % Held through CapitaLand Ascott BT subsidiaries Ascendas Australia Hotel Trust (a) Australia 100 100 Ascendas Hospitality Australia Investment Fund No.1 (b) Australia 100 100 Ascendas Hospitality Australia Investment Fund No.2 (b) Australia 100 100 Ascendas Hospitality Operations Pty Ltd (a) Australia 100 100 Ascendas Hotel Investment Company Pty Limited (a) Australia 100 100 TUC T Bar Hotel (Dublin) Limited (a) Ireland 100 100 Ascendas Japan Namba Tokutei Mokuteki Kaisha (a) Japan 100 100 CapitaLand Korea Hospitality No.6 Qualified Private Real Estate Investment LLC (b) South Korea 99 99 CapitaLand Korea Hospitality Qualified Private Real Estate Investment Trust No.7 (b) South Korea 99 99 All significant subsidiaries are audited by Deloitte & Touche LLP Singapore (2023: KPMG LLP Singapore) except for the following: (a) Audited by other member firms of Deloitte Touche Tohmatsu Limited (2023: KPMG International). (b) Not required to be audited by laws of country of incorporation. (c) The subsidiary was acquired during the year ended 31 December 2024. 9 NON-CONTROLLING INTERESTS The following subsidiaries have material non-controlling interests (“NCI”) and operate investment properties. Name Principal place of business/Country of incorporation Ownership interests held by NCI 2024 2023 % % Held by CapitaLand Ascott REIT PT Ciputra Liang Court Indonesia 42.6 42.6 Columbia Student Venture LLC Group United States of America – 10.0 Hanoi Tower Center Company Limited Vietnam 24.0 24.0 Mekong-Hacota Joint Venture Company Limited Vietnam 42.2 41.3 Saigon Office and Serviced Apartment Company Limited Vietnam 33.0 33.0 Somerset Hoa Binh Joint Venture Company Limited Vietnam 10.0 10.0 The CapitaLand Ascott REIT Group’s interests in its subsidiaries in Vietnam are held under the terms of joint venture arrangements with unrelated third parties. Under the terms of these joint venture arrangements, the net profits of each of the subsidiaries in Vietnam, upon fulfilment of certain statutory financial obligations and the payment of other amounts due, are to be distributed to the shareholders of these subsidiaries in certain proportions during different periods in accordance with the terms of the relevant joint venture arrangements and/or the applicable investment license under which these subsidiaries operate. 8 SUBSIDIARIES (continued) 186 CapitaLand Ascott Trust
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