INDEPENDENT AUDITORS’ REPORT Unitholders of CapitaLand Integrated Commercial Trust (Constituted in the Republic of Singapore pursuant to a Trust Deed dated 29 October 2001 (as amended)) Our response: We assessed the qualifications and objectivity of the external valuers. We also held discussions with the valuers to understand the valuation methods used and the assumptions applied. We considered the valuation methodologies used by the valuers, comparing these to those applied by other valuers for similar property types. We also compared the projected cash flows used in the valuations to historical data, supporting leases and relevant information. We evaluated the reasonableness of capitalisation rates, discount rates and terminal yield rates used in the valuations by comparing these against industry data used for similar properties, taking into consideration comparability and market factors. Where the rates were outside the expected range, we undertook further procedures to understand the effect of any additional factors. Our findings: The external valuers are members of recognised professional bodies for valuers. The valuationmethodologies used at the reporting date are in line with generally accepted market practices and the key assumptions applied are within the range of comparable market data. Other information CapitaLand Integrated Commercial Trust Management Limited, the Manager of the Trust (“the Manager”) is responsible for the other information contained in the annual report. Other information is defined as all information in the annual report other than the financial statements and our auditors’ report thereon. We have obtained all other information prior to the date of this auditors’ report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Manager for the financial statements The Manager is responsible for the preparation and fair presentation of these financial statements in accordance with the recommendations of RAP 7 issued by the Institute of Singapore Chartered Accountants, and for such internal control as the Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Manager is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intends to terminate the Group or to cease operations of the Group, or has no realistic alternative but to do so. The Manager’s responsibilities include overseeing the Group’s financial reporting process. ANNUAL REPORT 2023 173 Other Information Overview Leadership Performance Framework
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