#1CapitaLand Ascott Trust CapitaLand Ascott Trust 1H 2023 Financial Results 27 July 2023#2Important Notice This presentation may contain forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other developments or companies, shifts in customer demands, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training, property operating expenses), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management regarding future events. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Neither CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd. ("Managers") nor any of their affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use of, reliance on or distribution of this presentation or its contents or otherwise arising in connection with this presentation. The past performance of CapitaLand Ascott Trust ("CLAS") is not indicative of future performance. The listing of the stapled securities in CLAS ("Stapled Securities") on the Singapore Exchange Securities Trading Limited ("SGX-ST") does not guarantee a liquid market for the Stapled Securities. The value of the Stapled Securities and the income derived from them may fall as well as rise. Stapled Securities are not obligations of, deposits in, or guaranteed by, the Managers or any of their affiliates. An investment in the Stapled Securities is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the Managers redeem or purchase their Stapled Securities while the Stapled Securities are listed on the SGX-ST. It is intended that holders of Stapled Securities may only deal in their Stapled Securities through trading on the SGX-ST. This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Stapled Securities. CapitaLand Ascott Trust 1H 2023 Financial Results#3Citadines Central Shinjuku Tokyo Table of Content 01 Overview of CLAS 02 CapitaLand Ascott Trust 04 Portfolio Updates 05 1H 2023 Financial Highlights Capital & Risk Management 03 Key Market Updates 06 Looking Ahead#4Ascott Orchard Singapore Overview of CapitaLand Ascott Trust CapitaLand Ascott Trust#5Largest Lodging Trust in Asia Pacific Constituent of FTSE EPRA Nareit Global Developed Index S$8.1b Total Assets as at 30 Jun 2023 >19,0001 Units The United Kingdom 4 properties The United States of America 11 properties1 Spain 1 property 1071 Properties 47 Cities in 15 countries S$3.7b Market Capitalisation France 16 properties China 5 properties Belgium 2 properties Germany 5 properties Vietnam 5 properties Malaysia 1 property South Korea 2 properties Japan 32 properties The Philippines 2 properties Singapore 5 properties1 Australia 14 properties Indonesia 2 properties Notes: Above as at/for period ended 30 Jun 2023 unless otherwise stated 1. Including Somerset Liang Court Singapore which is currently under development, Standard at Columbia which received its temporary certificate of occupancy on 30 Jun 2023, and two rental housing properties in Japan which were acquired in 2Q 2023 CapitaLand Ascott Trust 1H 2023 Financial Results 5#6Diversified Portfolio With Balanced Mix of Income Streams Proxy to recovery of hospitality sector while remaining resilient against downside risks Global presence across 15 countries, anchored in Asia Pacific 59% Asia Pacific Total Assets S$8.1 bil Diversified lodging asset classes 57 18 23 9 20% Europe Serviced Residences Hotels/ Business Hotels Rental Housing Student Accommodation 21% Mix of stable and growth income sources¹ Stable Income 30 Management Contracts for Rental Housing & Student Accommodation Growth Income 35 Management Contracts for Hotels & Serviced Residences The Americas 32 8 Master Leases MCM GI² Notes: Above are as at 30 Jun 2023 unless otherwise stated 1. 2. Excludes Somerset Liang Court Singapore which is currently under development and Standard at Columbia which received its temporary certificate of occupancy on 30 Jun 2023 Management contracts with minimum guaranteed income CapitaLand Ascott Trust 1H 2023 Financial Results 6#7Commitment to Sustainability & Corporate Governance Aligned with CapitaLand Investment's 2030 Sustainability Master Plan (SMP) Constituent of New iEdge-UOB APAC Yield Focus Green REIT Index iEdge-OCBC Singapore Low Carbon Select 50 Capped Index Global Sector Leader (Listed Hotel) Only hospitality trust in APAC with 5-star rating GRESB 2021 & 2022 CLAS Sustainability Report 2022 Accolades & Awards Ranked 1 st Singapore Governance and Transparency Index 2021 & 2022 REITs and Business Trusts CLAS' first externally assured report in accordance with ISAE 30001 Key environmental targets in alignment with SMP Reduce by 2030 (using 2019 as a base year) ■Carbon emissions intensity by 72% - Best Investor Relations - Gold Singapore Corporate Awards 2022 REITs and Business Trusts Best Annual Report Best ESG Materiality Reporting IR Magazine Awards - SEA 2022 Mid-cap category 11.2% in 20222 38% as at May 2023, up from 37% as at Dec 2022 Sustainable Finance Sustainability-linked Finance Framework published in 2022, with second party opinion by Moody's ESG ■ c.S$460 mil in sustainable financing to date, including: ■ First hospitality trust in Singapore to secure a green loan in Jan 2021 ■ First hospitality trust globally to issue a sustainability-linked bond (SLB) in Apr 2022 ■ Partnered International Finance Corporation to launch its first SLB in the hospitality sector in Nov 2022 Commitment from the Top ■ CLAS Sustainability Committee set up in 2022 ▪ ESG targets and performance linked to remuneration of staff and management CLAS' performance 6.5% in 20222 ■ Energy consumption intensity by 15% ■Water consumption intensity by 15% 11.6% in 2022² Green certification ▪50% of gross floor area by 2025 ■100% of gross floor area by 2030 Notes: 1. 2. Limited assurance on the CLAS Sustainability Report 2022, selected Global Reporting Initiative Sustainability Reporting Standards disclosures and SLBs' key performance indicators, performed in accordance with International Standard on Assurance Engagement 3000 Assurance Engagements other than Audits or Reviews of Historical Financial Information (ISAE 3000) Excludes new properties which are in operation for less than 12 months, properties undergoing asset enhancement programmes and third-party operated properties CapitaLand Ascott Trust 1H 2023 Financial Results 7#8BEEF COCE FEEL FEEL LEEL RELE 3332 3332 1H 2023 Financial Highlights 每週 Capital and Ascott Trust Lyf lyf one-north Singapore#9Sustained Distribution Growth on Robust Lodging Demand Adjusted Distribution per Stapled Security (DPS) 1 rose 37% y-o-y in 1H 2023 Revenue 30% 1H 2023 Gross Profit Total Distribution ▲ 31% ▲26% y-o-y to S$346.9 mil y-o-y to S$154.4 mil y-o-y to S$96.3 mil DPS Adjusted DPS1 ▲ 19% y-o-y to 2.78 cents ▲ 37% y-o-y to 2.44 cents Gross profit grew 31% y-o-y in 1H 2023 1H 2023 revenue and gross profit increased 30% and 31% y-o-y respectively on stronger performance and contribution from new properties • Excluding the contribution from new properties, gross profit was 25% higher y-o-y Total Distribution and DPS rose 26% and 19% y-o-y respectively mainly due to higher gross profit • Adjusted DPS1 was 37% higher y-o-y Note: 1. Excluding one-off items relating to realised exchange gain arising from repayment of foreign currency bank loans and settlement of cross currency interest rate swaps CapitaLand Ascott Trust Details of Distribution 2.778 cents For the period 1 Jan to 30 Jun 2023 Last Day of Trading on "cum" basis 2 Aug 2023 Ex-Date 3 Aug 2023 Record Date 4 Aug 2023 Distribution Payment 29 Aug 2023 1H 2023 Financial Results 9#101H 2023 Portfolio RevPAU Rose 44% Y-o-Y Higher growth income contribution as improving flight frequencies drove recovery Growth Income: Contributed 42% of 1H 2023 gross profit (1H 2022: 32%) In 2Q 2023, portfolio RevPAU grew 20% y-o-y to 98% of pre-Covid 2Q 2019 pro forma RevPAU¹ Portfolio RevPAU • Strong operating performance was primarily due to average daily rates (ADR) which surpassed pre-Covid levels 160 140 • • Amongst CLAS' key markets, Australia, Japan, Singapore, UK and USA performed above pre-Covid same-store² pro forma RevPAU1 levels in 2Q 2023 China and Vietnam performance strengthened, with same-store² 2Q 2023 RevPAU at 78% and 83% of 2Q 2019 levels respectively 120 100 80 60 +20% y-o-y S$149 98% of pre-Covid levels • In 1Q 2023, RevPAU for China and Vietnam was 68% and 81% of same-store² 1Q 2019 levels respectively 20 40 22 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 1. Notes: Revenue per available unit of properties under management contracts and management contracts with minimum guaranteed income (MCMGI), excludes master leases, rental housing and student accommodation The combination with Ascendas Hospitality Trust (A-HTRUST) was completed on 31 Dec 2019 and the 2019 pro forma figures include the performance of the A-HTRUST portfolio Same-store RevPAU excludes properties that were divested from 2019 to 2022 2. CapitaLand Ascott Trust 1H 2023 Financial Results 10#11Resilience from Stable Income Sources Minimum rents and guaranteed income provide downside protection while variable components offer upside in a recovery E --- Stable Income¹: Contributed 58% of 1H 2023 gross profit (1H 2022: 68%) Master leases • Master lease gross profit grew 9% y-o-y in 1H 2023 mainly due to higher variable rent and contribution from new properties • • Master leases due in 2023 are in France and Australia, and • Longer-stay properties (rental housing and student accommodation) Longer-stay properties contributed c.17% of 1H 2023 gross profit Occupancy of the properties remained stable at >95% negotiations are underway Lease expiry for master leases² (as at 30 Jun 2023) . 57% 17% 11% 12% 3% 2023 2024 2025 2026 2027 & beyond Stable income sources include master leases, MCMGI, rental housing and student accommodation • Student accommodation 98% leased for the academic year (AY) 2022-2023; pre-leasing for next AY is healthy, with expected rent growth of c.6% y-o-y Turnkey acquisition of 2 Japan rental housing properties (Eslead Residence Osaka Fukushima East³ and Granfore Hakata Waterfront4) completed in 2Q 2023; one more turnkey acquisition in Fukuoka expected to complete in 2024 Management contracts with minimum guaranteed income (MCMGI) Europe properties continued to demonstrate strong performance, with 1H 2023 RevPAU above pre-Covid levels • From Dec 2022, the master lease for Ascott Orchard Singapore (AOS) was converted to MCMGI, offering CLAS greater upside potential; in 1H 2023, AOS continued to perform well with RevPAU surpassing pre-Covid levels Percentage of gross rental income for master leases expiring at respective years over the total gross rental income for all master leases Formerly known as Sagisu 5chome Notes: 1. 2. 3. 4. Formerly known as Hakata Property CapitaLand Ascott Trust 1H 2023 Financial Results 11#121H 2023 - Financial Performance by Contract Types Stronger performance across all contract types Revenue (S$'mil) Gross Profit (GP) (S$'mil) RevPAU1 (S$) 1H 2023 1H 2022 % Change 1H 2023 1H 2022 % Change 1H 2023 1H 2022 % Change 9% 39.5 36.1 9% n.a. n.a. n.a. Master Leases 43.6 39.9 Management Contracts with Minimum Guaranteed 56.9 38.9 46% 24.8 20.2 23% 230 142 62% Income (MCMGI)² Management Contracts 246.4 188.6 31% 90.1 61.9 46% 123 89 38% Total 346.9 267.4 30% 154.4 118.2 31% 138 96 44% • Master Leases (26% of total GP): Revenue and gross profit increased mainly due to new acquisitions. • • MCMGI (16% of total GP): Revenue and gross profit increased mainly due to the recovery from Covid-19. Higher revenue was partially offset by higher staff costs, property tax expense (due to absence of property tax waiver) and operation and maintenance expenses. Management Contracts (58% of total GP): Revenue and gross profit were higher due to new acquisitions and stronger performance across key markets. Higher revenue was partially offset by higher staff costs, operation & maintenance expenses, marketing expense, property tax expense. • Revenue and gross profit growth was partially offset by the depreciation of various currencies against S$. Notes: 1. 2. Revenue per available unit of properties under management contracts and MCMGI, excludes master leases, rental housing and student accommodation The master lease for Ascott Orchard Singapore was converted to MCMGI from Dec 2022. For comparison purposes, the revenue and gross profit amounts for 1H 2022 were reclassified from master lease to MCMGI CapitaLand Ascott Trust 1H 2023 Financial Results 12#13Diversified Portfolio with Mix of Growth and Stable Income Streams Growth income sources contributed 42% of CLAS' gross profit in 1H 2023 Contract types with a fixed / minimum rent component Master leases Australia France Management contracts of serviced residences and hotels Australia China 25.5% 3.2% 9.8% Germany 4.7% Japan1 5.8% South Korea 2.0% 58% Stable MCMGI 16.1% Income Belgium 1.8% Singapore 5.3% Spain 1.5% United Kingdom 7.5% Management contracts of longer-stay assets Rental housing Japan Student accommodation United States 6.6% 10.0% 11.7% 1.7% 16.6% Indonesia 1.3% Japan 3.7% 1H 2023 Gross Profit S$154.4 mil 41.8% 42% Growth Malaysia 0.3% Philippines 2.4% Income Singapore 4.7% United States 10.4% 41.6% Vietnam 5.6% Notes: Figures above are as at/for the half year ended 30 Jun 2023; markets in bold are CLAS' 8 key markets Includes Eslead College Gate Kindaimae, a student accommodation in Japan under master lease 1. CapitaLand Ascott Trust 1H 2023 Financial Results 13#14Key Market Updates La Clef Louvre Paris CapitaLand Ascott Trust#151H 2023 Performance of CLAS' Key Markets Revenue (LC 'mil) Gross Profit (LC 'mil) RevPAU (LC) 1H 2023 1H 2022 % Change 1H 2023 1H 2022 % Change 1H 2023 1H 2022 % Change Master Leases Australia AUD 5.9 5.4 9% 5.5 5.1 8% n.a. n.a. n.a. France EUR 11.6 8.7 33% 10.6 8.0 33% n.a. n.a. n.a. Japan JPY 1,014.7 1,011.0 890.0 877.6 1% n.a. n.a. n.a. Management Contracts with Minimum Guaranteed Income (MCMGI) Singapore¹ S$ 15.9 9.3 71% 8.2 8.0 2% 366 n.m. United Kingdom GBP 16.8 12.3 37% 7.0 5.6 25% 147 107 37% Management Contracts Australia AUD 84.7 60.5 40% 20.0 12.2 64% 145 98 48% China RMB 60.1 48.1 25% 13.6 5.7 139% 278 219 27% Japan² JPY 2,792.1 1,486.0 88% 1,594.3 735.5 117% 13,573 3,508 287% Singapore S$ 17.3 10.6 63% 7.2 3.5 106% 116 71 63% USA3 USD 56.6 45.9 23% 23.6 18.6 27% 190 142 34% Vietnam4 VND 308.8 200.9 54% 152.7 104.0 47% 1,300 857 52% Notes: 1. 2. The master lease for Ascott Orchard Singapore was converted to MCMGI from Dec 2022. For comparison purposes, the revenue and gross profit amounts for 1H 2022 were reclassified from master lease to MCMGI RevPAU for Japan relates to serviced residences and excludes rental housing 3. RevPAU for USA relates to hotels and excludes student accommodation 4. Revenue and gross profit figures for Vietnam are stated in billions. RevPAU figures are stated in thousands CapitaLand Ascott Trust 1H 2023 Financial Results 15#162Q 2023 RevPAU Performance of CLAS' Key Markets Majority of key markets performing at same-store pro forma 2Q 2019 RevPAU levels or above 2Q 2023 2Q 2022 % Change % of 2Q 2019 same- store pro forma RevPAU1 Management Contracts with Minimum Guaranteed Income (MCMGI) Singapore² S$ 370 n.m. n.m. United Kingdom GBP 183 144 27% 127% Management Contracts Australia China Japan Singapore³ USA Vietnam4 AUD 136 125 9% 105% RMB 298 218 37% 78% JPY 14,966 4,308 247% 109% S$ 182 139 31% 127% USD 241 207 16% 100% VND 1,3565 1,000 36% 83% Notes: RevPAU relates to properties under management contracts and MCMGI, excludes master leases, rental housing and student accommodation 2Q 2019 same-store pro forma RevPAU includes the A-HTRUST portfolio and excludes properties that were divested from 2019 to 2022 Only pertains to Citadines Mount Sophia Singapore, excludes Riverside Hotel Robertson Quay which was reclassified from master lease to management contract in 2H 2021, and lyf one-north Singapore which commenced operations in phases from Nov 2021 1. 2. The master lease for Ascott Orchard Singapore was converted to MCMGI from Dec 2022 3. 4. RevPAU for Vietnam is stated in thousands 5. Excluding Somerset Central TD Hai Phong City which was acquired in Nov 2022 CapitaLand Ascott Trust 1H 2023 Financial Results 16#17Australia Robust performance driven by demand from all segments; events facilitate a further boost 12% of total assets, 15% of 1H 2023 gross profit: 5 serviced residences (SRS) under master leases; 7 hotels and 2 SRS under management contracts RevPAU (AUD)1 +9% 136 125 2Q 2022 2Q 2023 Management Contracts - SRs & Hotels • • • 1H 2023 revenue and gross profit was 40% and 64% higher y-o-y respectively, due to stronger performance from both serviced residences and hotels 2Q 2023 RevPAU was 9% higher y-o-y at AUD 136, exceeding 2Q 2019 pro forma RevPAU² by 5% mainly due to higher ADR Domestic travellers continued to drive the performance at CLAS' properties, with a healthy level of short-stay demand from both corporate and leisure segments; international bookings continued to return, particularly to the SRs Uplift was facilitated by sporting, entertainment and cultural events such as the F1 Grand Prix in Melbourne, and the Royal Easter Show and Vivid festival in Sydney Outlook for 3Q 2023 anticipated to be strong with demand coming from both corporate and leisure sources; large-scale events such as the FIFA Women's World Cup and AFL Grand Final are expected to provide a boost Master Leases - SRs 1H 2023 revenue and gross profit from master leases were 9% and 8% higher y-o-y respectively, mainly due to contribution from Quest Cannon Hill acquired in Nov 2022 and annual rent increase Properties continue to collect fixed rent (with annual indexation) providing stable income to the portfolio Stronger corporate demand was reflected at the properties in 2Q 2023, and operating performance is expected to remain positive in 3Q 2023 Notes: 1. 2. Pertains to the hotels and serviced residences under management contracts only The combination with A-HTRUST was completed on 31 Dec 2019 and the 2019 pro forma RevPAU includes the performance of the A-HTRUST properties CapitaLand Ascott Trust 1H 2023 Financial Results 17#18China Performance anchored by long stays; outlook expected to improve as flight frequencies increase RevPAU (RMB) +37% 298 218 2Q 2022 2Q 2023 • • 4% of total assets, 2% of 1H 2023 gross profit: 5 SRs under management contracts 1H 2023 revenue and gross profit increased 25% and 139% y-o-y respectively, mainly due to higher occupancies following the easing of Covid-19 restrictions in early 2023 2Q 2023 RevPAU increased 37% y-o-y to RMB 298, which is 78% of 2Q 2019 same-store RevPAU1 • Long stays and project groups continued to be primary sources of demand at CLAS' properties, providing resilience; the average length of stay of CLAS' properties was c.6 months in 2Q 2023 • Demand for corporate and leisure short stays rose in 2Q 2023, largely driven by the domestic segment, boosted by several exhibitions and events, as well as public holidays such as the long Labour Day weekend • • Forward bookings for 3Q 2023 reflect increased transient demand as the summer season approaches; pick-up in corporate demand boosted by several events and conferences in 3Q 2023 International demand is expected to improve further in the coming months, as the frequency of flights to and from China continues to recover progressively Note: 1. Excluding Somerset Xu Hui Shanghai which was divested in May 2021 and Ascott Guangzhou which was divested in Dec 2020 CapitaLand Ascott Trust 1H 2023 Financial Results 18#19◆ France ་་ Rental income boosted by strong underlying performance and contribution from La Clef Tour Eiffel Paris; outlook remains positive 8.7 Revenue (EUR 'mil) Includes LCTE which was acquired in Nov 2022 +14%1 11.6 9.91 1H 2022 1H 2023 8% of total assets, 10% of 1H 2023 gross profit: 16 SRS under master leases 1H 2023 revenue increased 33% y-o-y mainly due to contribution from La Clef Tour Eiffel Paris (LCTE) which was acquired in Nov 2022 and higher variable rent at the other properties; on a same-store basis, 1H 2023 revenue increased 14% y-o-y Strong recovery was primarily led by the Paris properties ⚫ Collectively, the France properties' operating performance surpassed 2Q 2019 pre-Covid levels, mainly driven by higher ADR; average occupancy was close to pre-Covid levels Demand came from a mix of leisure, corporate and group bookings, with additional uplift from the Paris Air Show in Jun 2023 • • Outlook for 3Q 2023 remains positive, entering the summer season which typically sees strong leisure demand Citadines Les Halles Paris is currently undergoing refurbishment and LCTE will undergo renovation from 3Q 2023 。 The renovation capex for both properties are largely borne by the master lessees; the properties will remain operational and continue to receive rent during the refurbishment Note: 1. Excludes LCTE which was acquired in Nov 2022 CapitaLand Ascott Trust 1H 2023 Financial Results 19#20• Japan Strong international demand continues to drive recovery; spring season provides additional uplift 18% of total assets, 16% of 1H 2023 gross profit: 3 hotels and 1 student accommodation under master lease; 3 SRs, 2 hotels and 23 rental housing under management contracts 4,308 RevPAU (JPY)1 +247% 14,966 2Q 2022 2Q 2023 Management Contracts - SRS 1H 2023 revenue was 248% higher y-o-y as properties reflected stronger performance on the back of pent-up demand following Japan's full reopening to independent travellers in Oct 2022 2Q 2023 RevPAU was 247% higher y-o-y at JPY 14,966, exceeding 2Q 2019 same-store RevPAU² by 9%; the Tokyo properties registered ADR that surpassed 2Q 2019 levels Performance in 2Q 2023 was driven primarily by international leisure travellers; additional uplift came from the cherry blossom season from late-Mar to Apr 2023 • Management Contracts – Rental Housing 1H 2023 revenue and gross profit was 32% and 33% higher y-o-y respectively, due to the completion of acquisition of 9 properties from Nov 2022 to May 20233; on a same-store basis, revenue remained stable • The two new properties acquired in 2Q 2023 are well-leased, and the rental housing portfolio continues to offer stable income with an average occupancy of >95% • One more turnkey acquisition in Fukuoka is expected to complete in 2024 Master Leases - Hotels & Student Accommodation • Outlook for 3Q 2023 is positive with sustained leisure demand from both international and domestic sources • Received fixed rent from the hotels and student accommodation property Notes: 1. 2. 3. Pertains to the serviced residences under management contracts only; excludes rental housing properties and Hotel WBF Kitasemba East and Hotel WBF Kitasemba West which are temporarily closed Excluding Somerset Azabu East Tokyo which was divested in Dec 2020 This includes the turnkey acquisitions of Eslead Residence Osaka Fukushima East (formerly known as Sagisu 5chome) in Apr 2023 and Granfore Hakata Waterfront (formerly known as Hakata Property) in May 2023 CapitaLand Ascott Trust 1H 2023 Financial Results 20#21Singapore Sustained strong performance underpinned by demand across all segments 97 18% of total assets, 10% of 1H 2023 gross profit: 2 SRs and 1 hotel under management contracts; 1 SR under management contract with minimum guaranteed income (MCMGI); 1 SR under development RevPAU (SGD)1 +14% 111 2Q 2022 2Q 2023 Management Contracts - SRs & Hotel 1H 2023 revenue and gross profit grew 63% and 106% y-o-y respectively, due to stronger performance 2Q 2023 RevPAU was 14% higher y-o-y at S$111; on a same-store basis, 2Q 2023 RevPAU for Citadines Mount Sophia Singapore (CMSS) was 27% higher than 2Q 2019 same-store RevPAU², due to strong occupancy and ADR Corporate demand remained strong, and the properties' performance was boosted by several MICE events as well as increasing leisure demand Outlook for 3Q 2023 remains positive going into the corporate relocation season, with further uplift expected from conferences and city-wide events such as the Singapore Grand Prix in Sep 2023 • • RHRQ has been undergoing renovation since Mar 2023 and will be rebranded to The Robertson House, under The Ascott Limited's The Crest Collection brand MCMGI-SR 1H 2023 revenue and gross profit for Ascott Orchard Singapore (AOS) were 71% and 2% higher y-o-y³ respectively due to stronger performance In 2Q 2023, AOS' RevPAU was 133% of pre-Covid levels AOS is seeing increasing demand from the leisure, short stay and international segments including Chinese guests; corporate and relocation demand continues to be the mainstay Notes: 1. 2. 3. Pertains to the hotels and serviced residences under management contracts only; excludes AOS which was under a master lease arrangement previously, and converted to MCMGI from Dec 2022 onwards Excluding Somerset Liang Court Singapore which was divested in Jul 2020 The master lease for AOS was converted to MCMGI from Dec 2022. For comparison purposes, the revenue and gross profit amounts for 1H 2022 were reclassified from master lease to MCMGI CapitaLand Ascott Trust 1H 2023 Financial Results 21#22米 United Kingdom Recovery momentum remains strong; outlook continues to be positive on strong international demand during the summer season RevPAU (GBP) +27% 7% of total assets, 8% of 1H 2023 gross profit: 4 SRS under management contracts with minimum guaranteed income (MCMGI) 183 144 2Q 2022 2Q 2023 . 1H 2023 revenue and gross profit was 37% and 25% higher y-o-y on the back of stronger performance of the properties with the recovery of the economy and reopening of borders 2Q 2023 RevPAU was 27% higher y-o-y at GBP 183, 27% higher than pre-Covid levels in 2Q 2019 The strong performance was largely driven by higher ADR; city-wide events such as the King's Coronation and the RHS Chelsea Flower Show provided additional uplift in 2Q 2023 • • Outlook for 3Q 2023 is positive, with demand mainly from the international leisure travellers due to the summer season Citadines Holborn-Covent Garden London will undergo refurbishment from 3Q 2023; property will remain operational during the refurbishment All properties are under MCMGI; variable income will allow CLAS to enjoy the upside of the strong recovery while the guaranteed income continues to offer downside protection CapitaLand Ascott Trust 1H 2023 Financial Results 22#23United States Hotels reflect sustained strong performance, with student accommodation contributing stable income RevPAU (USD) +16% 241 207 2Q 2022 2Q 2023 21% of total assets, 20% of 1H 2023 gross profit: 3 hotels and 8 student accommodation under management contracts Management Contracts - Hotels . 1H 2023 revenue and gross profit was 35% and 60% higher y-o-y respectively • • 2Q 2023 RevPAU increased 16% y-o-y to • . USD 241, in line with 2Q 2019 RevPAU levels Bookings from international guests continued to increase as citywide activity returned to pre- Covid levels; continued pick-up in demand from both leisure and corporate segments Outlook for 3Q 2023 remains positive with a boost coming from large-scale events in New York City such as the 78th session of the UN General Assembly (UNGA) Management Contracts Student Accommodation . • . - 1H 2023 revenue and gross profit was 8% and 5% higher y-o-y respectively, due to the full half-year income contribution from Paloma Kent acquired in Feb 2022; on a same-store basis, revenue rose by 5% y-o-y due to higher rent achieved Properties reflected an average occupancy of 98% for academic year (AY) 2022-2023; rent growth was c.6% y-o-y Pre-leasing for AY 2023-2024 is healthy, with expected rent growth of c.6% y-o-y Standard at Columbia obtained its temporary certificate of occupancy on 30 Jun 2023, ready to receive students for AY 2023-2024 in Aug 2023; pre-leased occupancy is 87% as of Jun 2023 Note: 1. Pertains to the 3 hotels and excludes the student accommodation properties CapitaLand Ascott Trust 1H 2023 Financial Results 23#24✰ Vietnam Steady recovery as demand progressively returns 1,000 2Q 2022 RevPAU (VND’000) +36%1 Includes SCTD which was acquired in Nov 2022 1,3561 1,313 3% of total assets, 6% of 1H 2023 gross profit: 5 SRs under management contracts 1H 2023 revenue and gross profit increased 54% and 47% y-o-y respectively, mainly due to the recovery following the reopening of borders and the contribution from Somerset Central TD Hai Phong City (SCTD) which was acquired in Nov 2022 On a same-store basis¹, revenue and gross profit increased 40% and 37% y-o-y respectively 2Q 2023 RevPAU increased 31% y-o-y to VND 1,313,000; on a same-store basis¹, 2Q 2023 RevPAU increased 36% y-o-y to VND 1,356,000, which is 83% of 2Q 2019 same-store RevPAU² 2Q 2023 • Corporate long stays and project groups remained the primary source of business in 2Q 2023, and the average length of stay of CLAS' properties was c.5 months • • Demand for short stays from international corporate and leisure travellers rose in 2Q 2023 as flight frequencies to Vietnam increased Demand for accommodation is expected to improve in 3Q 2023 as Vietnam announced the extension of e-visas from 30 to 90 days and unilateral visa exemption period from 15 to 45 days, starting from mid-August 2023; CLAS' properties have received more enquiries for mid and long stays Retail and commercial spaces in CLAS' Vietnam properties continue to be well-leased, offering diversification and a resilient income stream Notes: 1. Excluding SCTD which was acquired in Nov 2022 2. Excluding Somerset West Lake Hanoi which was divested in Oct 2019 CapitaLand Ascott Trust 1H 2023 Financial Results 24#25Portfolio Updates JA AABA CapitaLand Ascott Trust Paloma Raleigh (formerly known as Latitude on Hillsborough)#26CapitaLand Ascott Trust's Positioning Committed to delivering sustainable returns to Stapled Securityholders Geographical Allocation Target Asset Allocation 25-30% in longer-stay accommodation Global in Presence, Anchored in Asia Pacific • CapitaLand Ascott Trust • Predominantly in Asia Pacific Remainder in Europe/USA Largest lodging trust in Asia Pacific Diversified across 15 countries, Asia Pacific remains core Presence in large domestic markets and key gateway cities Stable Income Base from Longer-stay Lodging Capturing Growth as Travel Restarts Resilient and counter-cyclical assets 70-75% in serviced residences and hotels Beneficiaries of travel recovery Backed by strong sponsor, The Ascott Limited, one of the leading international lodging owner-operators 1H 2023 Financial Results 26#27Investment & Portfolio Reconstitution Strategy With its healthy financial position, CLAS has the flexibility to reconstitute and enhance its portfolio to drive sustainable returns ODD ODD 000 8 Opportunistic divestments to unlock value Investing in quality hospitality and longer-stay properties at higher yields Development projects and asset rejuvenation to enhance returns • Stable income base: Target to increase asset allocation in longer-stay accommodation to 25-30% in the medium term ➤ Including the acquisitions announced year-to-date, c.19% of CLAS' portfolio value¹ is currently in longer-stay accommodation · Capturing growth: Pursuing suitable acquisition, asset enhancement and development opportunities Note: 1. Portfolio value is based on property valuations as at 31 Dec 2022, value of acquisitions announced or completed up to 30 Jun 2023 CapitaLand Ascott Trust 1H 2023 Financial Results 27#28New Divesting 4 Mature Properties in France In line with ongoing portfolio reconstitution efforts; potential to recycle proceeds into higher-yielding investments Citadines Citadines Citadines City Centre Lille Citadines Croisette Cannes • Entered into conditional sale and purchase agreements to divest 4 properties in regional France for EUR 44.4 mil (S$63.4 mil¹) to an unrelated third party • • Citadines Steadines Citadines . Citadines Castellane Marseille Citadines Prado Chanot Marseille Notes: 1. Based on exchange rate of EUR 1 = S$1.4281 2. Exit yield is computed based on FY 2022 Earnings Before Interest, Taxes, Depreciation and Amortisation CapitaLand Ascott Trust In line with CLAS' ongoing portfolio reconstitution efforts The properties are Citadines City Centre Lille, Citadines Croisette Cannes, Citadines Castellane Marseille, and Citadines Prado Chanot Marseille Divesting at premium of 63% above properties' book value and exit yield² of about 4% Unlocking net gain of EUR 0.2 mil (c.S$0.3 mil¹) Completion expected in 4Q 2023 1H 2023 Financial Results 28#29Asset Enhancement Initiatives for FY 2023 Uplifting the value and profitability of CLAS' properties New • • . Riverside Hotel Robertson Quay Mar 2023 to 1Q 2024 To be rebranded as The Robertson House by The Crest Collection Refurbishment of guest rooms, lobby, restaurant, gym, function rooms and executive lounge, and other M&E works Citadines Holborn-Covent Garden London 3Q 2023 to 1Q 2024 Refurbishment of guest rooms, public areas, gym and meeting rooms, and other M&E works Citadines Les Halles Paris • 2Q 2023 to 2Q 2024 • • Refurbishment of guest rooms, lobby, breakfast area, mezzanine and other M&E works Citadines Kurfürstendamm Berlin 3Q 2023 to 1Q 2024 Refurbishment of guest rooms, public areas and other M&E works • La Clef Tour Eiffel Paris 3Q 2023 to 2Q 2024 Refurbishment of guest rooms and public areas Note: Images are artist's impressions and timelines of the asset enhancement initiatives are subject to change CapitaLand Ascott Trust 1H 2023 Financial Results 29#30Rejuvenating the Portfolio with New Developments New product offerings to cater to the new normal Completed Student accommodation development in South Carolina, USA - Standard at Columbia WELLS FARGO • • 678-bed freehold student accommodation in South Carolina, USA Started as a joint development with Sponsor, The Ascott Limited, and a third-party partner; CLAS acquired Sponsor's 45% stake in 4Q 2022 and currently owns a 90% stake in the property Temporary certificate of Occupancy has been obtained on 30 Jun 2023 Ready to receive students for AY 2023-2024 beginning in Aug 2023; pre-leased occupancy is 87% as of Jun 2023 Redevelopment of Somerset Liang Court Singapore Artist's impression . • • Site progress 192-unit Somerset serviced residence with hotel licence in the popular riverfront lifestyle and entertainment Clarke Quay precinct Development update: • • Site works commenced in mid-Jul 2021 • Foundation piling works completed in 4Q 2022 Substructure works are ongoing and targeted to complete in 2024 Development expected to complete in 2H 2025 CapitaLand Ascott Trust Note: Expected opening date and property details are subject to change 1H 2023 Financial Results 30#31Capital & Risk Management Somerset Millennium Makati CapitaLand Ascott Trust#32Capital Management Strong financial capacity and healthy liquidity position ($ Strong capital Robust financing flexibility management S$1.151 NAV per Stapled Security 53% Total assets in foreign currency hedged 0.5% (loss) Impact of foreign exchange after hedges on gross profit for 1H 2023 38.6% Gearing (c. S$1.8 bil debt headroom²) 2.3%4 per annum Low effective borrowing cost BBB (Stable Outlook) Fitch Ratings Interest cover 3 4.3X 61% of property value unencumbered (upgraded from BBB- in May 2023) St $ Fortifying liquidity reserves c.S$1.11 bil Total available funds c.S$414 mil Cash on-hand + c.S$700 mil Available credit facilities5 Notes: Above as at/for period ended 30 Jun 2023 1. 2. 3. 1234 The adjusted NAV per Stapled Security excluding distribution is S$1.12 Refers to the amount of additional debt before reaching aggregate leverage of 50%; based on an aggregate leverage limit of 45%, the debt headroom is c.S$0.9 bil Computed based on trailing 12 months from Jul 2022 to Jun 2023 4. Effective borrowing cost, including capitalised interest, is 2.4% per annum 5. Balances as at 30 Jun 2023; includes committed credit facilities amounting to approximately S$267 mil CapitaLand Ascott Trust 1H 2023 Financial Results 32#33Capital Management Well-staggered debt maturity profile and diversified funding sources 69% : 31% c.80% 3.6 years Bank loans: Medium Term Notes Total debt on fixed rates Weighted average debt to maturity S$' mil Managing liquidity risks through diversified funding sources 42% 1,235 19% 569 13% 372 10% 311 16% 478 2023 2024 2025 Note: Above as at 30 Jun 2023 CapitaLand Ascott Trust Bank loans 2026 2027 and after Medium Term Notes Key Highlights Effective borrowing cost stable quarter-on-quarter; increase in revenue was more than sufficient to mitigate the increase in interest cost • Entered into more interest rate swaps to mitigate rising interest rates; total debt on fixed rates increased from 75% to 80% Interest cover remained healthy at 4.3X Low impact of foreign exchange on gross profit (after hedges) at -0.5% Fitch Ratings upgraded credit rating to BBB (Stable Outlook) in May 2023 1H 2023 Financial Results 33#34• Managing Macroeconomic and Operational Challenges Impact from headwinds cushioned by mitigation strategies CLAS has built a strong stable income base and invested in counter-cyclical lodging types which have proven their resilience through Covid-19 Strong pent-up demand driven by reopening of more borders for international travel • CLAS has a high proportion of debt effectively on fixed rates, which are locked in for a weighted average of 3.6 years Relatively low amount of debt (13%, about S$370 mil) due for refinancing in 2023 • • • CLAS has a geographically diversified portfolio with 12 foreign currencies, and the strengthening of some currencies balances out the weakening of others CLAS adopts a natural hedge wherever possible by borrowing in the currency of the underlying assets Hedging reduces the impact of foreign exchange on CLAS' gross profit ነበ Electricity costs have increased but remain <10% of CLAS' opex and mitigated by higher ADR Some properties have fixed-rate contracts, while properties under master leases receive stable rent and are not directly impacted Long-stay guests have utility caps; rental housing and student accommodation tenants pay for consumption • Go-green initiatives to reduce consumption • CLAS' predominantly long- stay properties have lower manning requirements and leaner cost structures than the typical full-service hospitality property Guests are offered the choice to opt out of daily housekeeping, and technology-enabled features such as self check-in kiosks have been introduced, to reduce labour requirement Recession Concerns Rising Interest Rates Volatility in Foreign Exchange Rising Electricity Costs CapitaLand Ascott Trust Labour Shortages 1H 2023 Financial Results 34#35Looking Ahead CapitaLand Ascott Trust 83 LA CLEF TOUR EIFFEL 83 avenue ber 83 LA CLEF La Clef Tour Eiffel Paris#36Poised for Continued Growth Notwithstanding macroeconomic uncertainties, the demand for accommodation remains robust • Increase in flight capacities to provide tailwind for further growth International flight capacities have not fully recovered to 2019 levels • International travel is expected to pick up pace as flight capacities increase • Outlook positive in CLAS' markets Demand for accommodation continues to be robust, supported by the return of tourism, business and industrial activities, events and performances CLAS' properties are mainly located in key gateway cities or manufacturing hubs which are underpinned by strong demand drivers ⚫ CLAS' revenue growth has outpaced the increase in operating costs • Exercising prudence, delivering sustainable returns Despite the macroeconomic . uncertainties, CLAS' performance is expected to remain resilient Geographic diversification, range of lodging asset classes and different contract types, which give rise to a balanced mix of stable and growth income CLAS sees investment, asset enhancement and portfolio reconstitution opportunities across lodging asset classes, and will continue to exercise financial discipline in its growth plans • CapitaLand Ascott Trust 1H 2023 Financial Results 36#37Thank You Citadines Connect Sydney Airport CapitaLand Ascott Trust