CapitaLand Ascott Trust 210 Notes to the Financial Statements For the financial year ended 31 December 2025 Each CapitaLand Ascott BT Unit was stapled to one CapitaLand Ascott REIT Unit to form one Stapled Security in accordance with the Stapling Deed entered into between the REIT Manager, the REIT Trustee and the BT Trustee-Manager and cannot be traded separately. Each Stapled Security represents an undivided interest in the Stapled Group. A holder of the Stapled Security has no equitable or proprietary interest in the underlying assets of the Stapled Group and is not entitled to the transfer to it of any asset (or any part thereof) or of any real estate, any interest in any asset and real estate-related assets (or any part thereof) of the Stapled Group. The holders of the Stapled Securities are entitled to receive distributions as and when declared by the Stapled Group. A Stapled Securityholder’s liability is limited to the amount paid or payable for any Stapled Securities in the Stapled Group. Each CapitaLand Ascott REIT Unit and CapitaLand Ascott BT Unit carry the same voting rights. (b) Perpetual securities On 30 June 2015, CapitaLand Ascott REIT issued $250.0 million of fixed rate perpetual securities with an initial distribution rate of 4.68% per annum with the first distribution rate reset falling on 30 June 2020 and subsequent resets occurring every five years thereafter. As announced on 29 May 2020, the $250.0 million perpetual securities would not be redeemed. The distribution rate applicable to the perpetual securities was reset to 3.07% per annum on 30 June 2020. On 7 August 2024, CapitaLand Ascott REIT issued $150.0 million of fixed rate perpetual securities with an initial distribution rate of 4.60% per annum with the first distribution rate reset falling on 7 February 2030 and subsequent resets occurring every five years thereafter. The proceeds were used to redeem the $150.0 million perpetual securities with its first call date on 4 September 2024. On 28 May 2025, CapitaLand Ascott REIT issued $260.0 million of fixed rate perpetual securities with an initial distribution rate of 4.20% per annum with the first distribution rate reset falling on 28 March 2031 and subsequent resets occurring every five years thereafter. The proceeds were used to redeem the $250.0 million perpetual securities on 30 June 2025 and repay the existing borrowings of the CapitaLand Ascott REIT Group. The perpetual securities have no fixed redemption date and redemption is at the option of CapitaLand Ascott REIT in accordance with the terms of issue of the securities. The distribution will be payable semi‑annually at the discretion of CapitaLand Ascott REIT and will be non-cumulative. In terms of distribution payments or in the event of winding-up of CapitaLand Ascott REIT: • These perpetual securities rank pari passu with the holders of preferred Units (if any) and rank ahead of the Stapled Securityholders of CLAS, but junior to the claims of all other present and future creditors of CapitaLand Ascott REIT. • CapitaLand Ascott REIT shall not declare or pay any distributions to the Stapled Securityholders, or make redemptions, unless CapitaLand Ascott REIT declares or pays any distributions to the holders of the perpetual securities. These perpetual securities are classified as equity instruments and recorded within the Statements of Movements in Stapled Securityholders’ Funds. The $407,247,000 (2024: $396,175,000) presented on the Statements of Financial Position represents the $410,000,000 (2024: $400,000,000) perpetual securities net of issue costs and include total return attributable to perpetual securities holders from issue date. 21 Stapled Securities in Issue and Perpetual Securities (continued) (a) Stapled Securities in issue (continued)
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