Notes to the financial statements Year ended 31 December 2024 29. CAPITAL AND FINANCIAL RISK MANAGEMENT (continued) Estimation of fair value (continued) Interest rates used in determining fair values The interest rates used to discount estimated cash flows, where applicable, are based on the forward yield curve as at 31 December 2024 plus an adequate constant credit spread, and are as follows: 2024 2023 % p.a. % p.a. Group Interest-bearing borrowings 4.23-4.96 4.75-5.07 Security deposits 4.23-4.58 4.75-4.99 Trust Loans to subsidiaries 4.49 4.76 Non-trade amounts due from subsidiaries 4.49 4.76 Non-trade amounts due to subsidiaries 4.28-4.49 4.76-4.91 Interest-bearing borrowings 4.23-4.96 4.75-5.07 Offsetting financial assets and financial liabilities The disclosures set out in the tables below include financial assets and financial liabilities that: • are offset in the Trust’s statements of financial position; or • are subject to an enforceable master netting arrangement, irrespective of whether they are offset in the statement of financial position. Financial instruments such as loans and receivables and financial liabilities are not disclosed in the tables below unless they are offset in the statements of financial position. The Trust’s derivative transactions that are not transacted on an exchange are entered into under International Swaps and Derivatives Association (“ISDA”) Master Agreements. In certain circumstances, for example when a termination event such as a default occurs, all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is due or payable in settlement of all transactions. Under the agreements signed, the Trust and its counterparties neither have a legal obligation nor intend to settle on a net basis or to realise the assets and settle the liabilities simultaneously. In addition, the right of set-off of recognised amounts is enforceable only following the occurrence of a termination event as set out in the agreements. Accordingly, the ISDA agreements do not meet the criteria for offsetting and the derivatives financial instruments presented below are not offset in the Statement of Financial Position. 160 CapitaLand China Trust
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