87 Annual Report 2025 Additional Information Executive Committee The Boards have also established an EC, which oversees the day-to-day activities of the Managers and CLAS. The EC is guided by its terms of reference, in particular, the EC: (a) approves specific budgets for capital expenditure on development projects, acquisitions and enhancements/upgrading of properties within its approved financial limits; (b) reviews management reports and operating budgets; and (c) awards contracts for development projects. The members of the EC also meet informally during the year. Dealings with Interested Persons Review Procedures for Interested Person Transactions The Managers have internal control procedures to ensure that all Interested Person Transactions are in compliance with Chapter 9 of the Listing Manual and the Property Funds Appendix. The Managers would have to demonstrate to the ARC that such transactions are undertaken at arm’s length, on normal commercial terms and are not prejudicial to the interests of CLAS and its minority Stapled Securityholders. This may include obtaining (where practicable) third party quotations or valuations from independent valuers (in accordance with the Listing Manual and Property Funds Appendix). The procedures include the following: Interested Person Transactions1 Approving Authority, Procedures and Disclosure Below S$100,000 per transaction • Management S$100,000 and above per transaction which: (a) (for the purpose of the Listing Manual) singly, or when aggregated with other transactions2 entered into by CapitaLand Ascott REIT or CapitaLand Ascott BT with the same Interested Person in the same financial year is less than 3.0% of CLAS’ net tangible assets; or (b) (for the purpose of the Property Funds Appendix) singly, or when aggregated with other transactions entered into by CapitaLand Ascott REIT with the same Interested Person in the same financial year is less than 3.0% of CapitaLand Ascott REIT’s net asset value. • Management • Audit and Risk Committee Transaction2 which: (a) (for the purpose of the Listing Manual) if entered into by CapitaLand Ascott REIT or CapitaLand Ascott BT, is equal to or exceeds 3.0% of CLAS’ net tangible assets; (b) (for the purpose of the Property Funds Appendix) if entered into by CapitaLand Ascott REIT, is equal to or exceeds 3.0% of CapitaLand Ascott REIT’s net asset value; (c) (for the purpose of the Listing Manual) if entered into by CapitaLand Ascott REIT or CapitaLand Ascott BT, when aggregated with other transactions2 with the same Interested Person in the same financial year is equal to or exceeds 3.0% of CLAS’ net tangible assets; or (d) (for the purpose of the Property Funds Appendix) if entered into by CapitaLand Ascott REIT, when aggregated with other transactions with the same Interested Person in the same financial year is equal to or exceeds 3.0% of CapitaLand Ascott REIT’s net asset value. • Management • Audit and Risk Committee • Immediate announcement
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