142 UNITED HAMPSHIRE US REIT Corporate Governance EXTERNAL AUDITORS Cognisant that the External Auditors should be free from any business or other relationships with UHREIT that could materially interfere with its ability to act with integrity and objectivity, the ARC undertook a review of the independence of the External Auditors and considered UHREIT’s relationships with them during FY2025. In determining the independence of the External Auditors, the ARC reviewed all aspects of UHREIT’s relationships with it including the processes, policies and safeguards adopted by UHREIT and the External Auditors relating to auditor independence. The ARC has conducted a review of all non-audit services provided by Deloitte in FY2025, and the corresponding fees. The aggregate amount of fees paid and payable to Deloitte for FY2025 was US$833,000, of which the audit fees amounted to US$534,000 and the non-audit fees amounted to US$299,000 mainly for general tax compliance works. The ARC having regard to the nature and performance of the work by Deloitte, is satisfied with the independence of Deloitte as External Auditors. In reviewing the nomination of Deloitte for appointment for financial year ended 31 December 2025, the ARC had taken into consideration the Audit Quality Indicators Framework introduced by the Accounting and Corporate Regulatory Authority. The ARC also considered the adequacy and experience of the professional staff and audit engagement partner assigned, Deloitte’s experience in the REIT sector and the size and complexity of the audit. The ARC is satisfied with the independence and work of the external auditors and has recommended to the Board the re-appointment of Deloitte as the external auditors of UHREIT at the forthcoming annual general meeting. Deloitte had also provided confirmation of their independence to the ARC. The Manager confirms that UHREIT complies with the requirements of Rules 712 and 715 read with Rule 716 of the Listing Manual in respect of the suitability of the auditing firm for UHREIT. INTERNAL AUDITORS The role of the Internal Auditors is to assist the ARC in ensuring that the Manager maintains a sound system of internal controls by regularly monitoring key controls and procedures and assessing their effectiveness, conducting investigations as directed by the ARC, and performing regular in-depth audits of high risks areas. The ARC approves the appointment, removal, evaluation and compensation of the Internal Audit function. The Manager has in place an internal audit function which has been outsourced to KPMG Services Pte. Ltd. (“KPMG” or “Internal Auditor”) which reports directly to the ARC. The ARC is of the view that the internal audit function is independent, effective and adequately resourced. The ARC is satisfied that the internal audit function in the overall context of UHREIT’s risk management system is adequate and effective. KPMG is a reputable accounting and auditing firm staffed by qualified professionals with the relevant qualifications and experience. The audit methodology adopted is guided by the firm’s global internal auditing standards methodology and is aligned with Global Internal Audit Standards (“GIAS”) set by the Institute of Internal Auditors. For FY2025, the internal audit work carried out by KPMG was in conformance with IIA standards. The internal auditors plan their internal audit schedules in consultation with, but independently of, Management and their plan is submitted to the ARC for approval at the beginning of each year. The internal auditors report directly to the ARC and have unfettered access to the Manager’s documents, records, properties and employees, including access to the ARC, and have appropriate standing within the Manager.
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