Disclaimer of Opinion We were engaged to audit the financial statements of EC World Real Estate Investment Trust (“ECW”) and its subsidiaries (“the Group”), as set out from page 73 to page 125, which comprise the statements of financial position of the Group and of ECW and the investment properties portfolio statement of the Group as at 31 December 2024, and statements of movements in unitholders’ funds of the Group and of ECW, and the consolidated statement of total return, consolidated distribution statement and consolidated statement of cash flows of the Group for the financial year then ended, and notes to the financial statements, including material accounting policy information. We do not express an opinion on the financial statements of ECW and the Group. Because of the significance of the matters described in the Basis for Disclaimer of Opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. Basis for Disclaimer of Opinion The financial statements of the Group and ECW for the financial year ended 31 December 2023 (“FY2023”) were audited by another auditor who expressed a disclaimer of opinion on those financial statements on 12 July 2024 in relation to the matters listed below, which remains unresolved during the course of our audit of the financial statements for the financial year ended 31 December 2024. (i) Going concern; (ii) Valuation of investment properties; (iii) Impairment allowance for trade and other receivables; (iv) Contingent liabilities relating to unauthorised mortgages; (v) Unauthorised use of Relevant Seals and Stamps; and (vi) Impairment allowance for investments in subsidiaries. Opening balances Due to abovementioned matters remained unsolved during the financial year ended 31 December 2024 and insufficient supporting documentation and records provided during the financial year as explained below, we are unable to obtain sufficient appropriate audit evidence to determine whether the Group’s and ECW’s opening balances as at 1 January 2024 were fairly stated. Since the opening balances as at 1 January 2024 affect the determination of the total of movements in unitholders’ funds of the Group and ECW, total return, distribution and cash flows of the Group for the financial year ended 31 December 2024, as well as how the balances presented in the Group’s and ECW’s statements of financial position as at 31 December 2024 were derived, we were unable to determine whether any adjustments might have been found necessary in respect of the Group’s and ECW’s financial statements for the financial year ended 31 December 2024. EC WORLD REIT 70 INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF EC WORLD REAL ESTATE INVESTMENT TRUST (CONSTITUTED UNDER A TRUST DEED IN THE REPUBLIC OF SINGAPORE)
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