CapitaLand Ascott Trust 148 Notes to the Financial Statements For the financial year ended 31 December 2025 These notes form an integral part of the financial statements. The financial statements were authorised for issue by the REIT Manager, the BT Trustee-Manager and the REIT Trustee on 5 March 2026. 1 General CapitaLand Ascott Trust is a stapled group comprising CapitaLand Ascott Real Estate Investment Trust (“CapitaLand Ascott REIT”) and its subsidiaries (the “CapitaLand Ascott REIT Group”) and CapitaLand Ascott Business Trust (“CapitaLand Ascott BT”) and its subsidiaries (the “CapitaLand Ascott BT Group”) (collectively, the “Stapled Group”). CapitaLand Ascott REIT is a Singapore-domiciled unit trust constituted pursuant to the CapitaLand Ascott REIT trust deed dated 19 January 2006 (as amended) (the “CapitaLand Ascott REIT Trust Deed”) between CapitaLand Ascott Trust Management Limited (the “REIT Manager”) and DBS Trustee Limited (the “REIT Trustee”). The CapitaLand Ascott REIT Trust Deed is governed by the laws of the Republic of Singapore. The REIT Trustee is under a duty to take into custody and hold the assets of CapitaLand Ascott REIT held by it or through its subsidiaries in trust for the holders of units in CapitaLand Ascott REIT. CapitaLand Ascott BT is a business trust constituted by a trust deed dated 9 September 2019 (as amended) (the “CapitaLand Ascott BT Trust Deed”) and is managed by CapitaLand Ascott Business Trust Management Pte. Ltd. (the “BT Trustee-Manager”). A stapling deed dated 9 September 2019 and First Supplemental Stapling Deed dated 27 September 2022 was entered into between the REIT Manager, the REIT Trustee and the BT Trustee-Manager (the “Stapling Deed”). On 31 December 2019, the units in each of CapitaLand Ascott REIT and CapitaLand Ascott BT were stapled together and cannot be traded separately. Each stapled security in CapitaLand Ascott Trust (the “Stapled Security”) comprises a unit in CapitaLand Ascott REIT (the “CapitaLand Ascott REIT Unit”) and a unit in CapitaLand Ascott BT (the “CapitaLand Ascott BT Unit”). The principal activities of the significant subsidiaries of the Stapled Group are those relating to investment in real estate and real estate related assets which are income-producing, and which are used or predominantly used, as serviced residences, hotels, rental housing properties, student accommodation properties and other hospitality assets in any country in the world. The consolidated financial statements of the CapitaLand Ascott REIT Group relate to CapitaLand Ascott REIT, its subsidiaries and its interests in its associate. The consolidated financial statements of the CapitaLand Ascott BT Group relate to CapitaLand Ascott BT and its subsidiaries. The consolidated financial statements of the Stapled Group relate to the CapitaLand Ascott REIT Group and the CapitaLand Ascott BT Group. 1.1 Service agreements Several service agreements are in place in relation to the management of CapitaLand Ascott REIT and CapitaLand Ascott BT and their property operations. The fee structures of these services are as follows: (i) REIT Trustee’s fees Pursuant to Clause 16.2 of the CapitaLand Ascott REIT Trust Deed, the REIT Trustee’s fee shall not exceed 0.1% per annum of the value of the assets of the CapitaLand Ascott REIT Group (the “CapitaLand Ascott REIT Deposited Property”), subject to a minimum of $10,000 per month, excluding out-of-pocket expenses and goods and services tax which is borne by CapitaLand Ascott REIT. The REIT Trustee is also entitled to reimbursement of expenses incurred in the performance of its duties under the CapitaLand Ascott REIT Trust Deed. The REIT Trustee’s fees are payable monthly in arrears.
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