Overview About Us 1 Chairman and CEO Message 2 CLAS at 20 4 2025 Highlights 6 Boards of Directors 12 Trust Structure and Organisation Structure 14 Management Team 15 Performance Financial Review 16 Portfolio Overview 22 Operations Review 26 Investor Relations 50 Portfolio Listing 52 Governance Risk Management 58 Corporate Governance 64 Statement of Policies and Practices 92 Financial Statements Financial Statements and Notes 98 Other Information Additional Information 289 Statistics of Stapled Securityholdings 291 Contents Grounded in resilience and governance, our values keep us steadfast through business cycles while propelling us to seize opportunities with clarity and confidence. We are advancing through innovation, partnerships, and sustainable growth. With strategic focus and effective execution, we continue to seed new opportunities and strengthen growth engines to deliver enduring value for our stakeholders. Seeding Growth, Creating Enduring Value Reporting Suite Scan the QR code or visit www.capitalandascotttrust.com to view the online reports Sustainability Report 2025 (to be published in May 2026)
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