Annual Report 2025 197 Included in the CapitaLand Ascott REIT Group’s, the CapitaLand Ascott BT Group’s and the Stapled Group’s financial liabilities is an amount of $11,024,000 (2024: $12,038,000), $672,000 (2024: $605,000) and $11,696,000 (2024: $12,643,000) respectively, relating to unamortised transaction costs. Secured bank loans The CapitaLand Ascott REIT Group’s secured bank loans are secured on certain investment properties (Note 4), pledge of shares of certain subsidiaries, pledge over certain bank deposits (Note 15), assignment of rental proceeds from the properties, assignment of insurance policies on the properties and corporate guarantee from CapitaLand Ascott REIT. The CapitaLand Ascott BT Group’s secured bank loan is secured on an investment property (Note 4) and a hotel (Note 5). Medium term notes On 9 September 2009, a subsidiary of the CapitaLand Ascott REIT Group, Ascott REIT MTN Pte. Ltd., launched a $1.0 billion Multi-currency Medium Term Note Programme (“MTN Programme”). On 9 July 2020, the MTN Programme was amended to add the REIT Trustee and the BT Trustee-Manager as issuers and perpetual securities was added as a security which may be issued by the REIT Trustee and the BT Trustee-Manager (“Amended MTN Programme”). The Amended MTN Programme limit was increased to $2.0 billion. Under this Amended MTN Programme, the Ascott REIT MTN Pte. Ltd., the REIT Trustee and BT Trustee-Manager may, subject to compliance with all relevant laws, regulations and directives, from time to time issue fixed or floating interest rate notes and perpetual securities with aggregate principal amounts of $2.0 billion. On 30 November 2011, a subsidiary of the CapitaLand Ascott REIT Group, Ascott REIT MTN (Euro) Pte. Ltd., established a US$2.0 billion Euro-Medium Term Note Programme (“EMTN Programme”). Under this EMTN Programme, Ascott REIT MTN (Euro) Pte. Ltd. may, subject to any applicable legal or regulatory restrictions, from time to time issue fixed or floating interest rate notes in series or tranches in Euro, Sterling Pound, US Dollar, Singapore Dollar, Chinese Renminbi or any other currency agreed between Ascott REIT MTN (Euro) Pte. Ltd. and the relevant dealer of the programme. Sustainability-linked loans On 6 August 2024, the CapitaLand Ascott REIT Group secured a $165.0 million sustainability-linked multicurrency revolving credit facility. Under the conditions of the credit facility, there is a sustainability performance target of the Stapled Group achieving a reduction in Absolute 1 and 2 Greenhouse Gas Emissions from the 2019 baseline of 19.9% to 33.0% for each sustainability performance period. The margin of the credit facility can be reduced slightly if the sustainability performance target is met. On 30 December 2024, the CapitaLand Ascott REIT Group drew down a $120.0 million sustainability-linked loan facility. Under the conditions of the loan facility, there is a sustainability performance target of the Stapled Group achieving a Global Real Estate Sustainability Benchmark (GRESB) rating of 4-star for each financial year ending 31 December. The margin of the loan facility can be reduced if the sustainability performance target is met. On 23 June 2025, the CapitaLand Ascott BT Group drew down a $50.0 million sustainability-linked loan facility. Under the conditions of the loan facility, there is a sustainability performance target of the Stapled Group achieving a GRESB rating of 4-star for each financial year ending 31 December. If the sustainability performance target is met, the margin of the loan facility will be reduced, save for the first 12 months of the facility. 16 Financial Liabilities (continued)
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