#1CapitaLand Ascott Trust CapitaLand Ascott Trust 2024 Citi's Global Property CEO Conference March 2024#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 Investor Presentation#3Citadines Central Shinjuku Tokyo CapitaLand Ascott Trust Table of Content 01 Year in Review 02 2H/FY 2023 Financial Highlights 03 Key Market Updates 04 Portfolio Updates 05 Portfolio Valuation 06 Capital & Risk Management 07 Looking Ahead 08 Additional Information#4Year in Review Ascott Orchard Singapore CapitaLand Ascott Trust#5Largest Lodging Trust in Asia Pacific Constituent of FTSE EPRA Nareit Global Developed Index S$8.7b Total Assets The United Kingdom 5 properties >19,000¹ Units 1061 Properties 45 Cities in 16 countries S$3.7b Market Capitalisation China 5 properties Belgium Ireland The United States of America 11 properties 1 property Spain 1 property 2 properties France 12 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 Notes: Above as at/for period ended 31 Dec 2023 1. Including Somerset Liang Court Singapore which is currently under development CapitaLand Ascott Trust Indonesia 3 properties Investor Presentation 5#6Diversified Portfolio with Mix of Stable and Growth Income Streams Global presence anchored in Asia Pacific, with properties across lodging asset classes Asia Pacific 55.8% Australia 11.7% Europe Belgium 24.6% 0.9% France 7.6% China 2.9% Indonesia 1.7% Germany 3.0% Japan 16.1% Malaysia 0.4% Total Assets S$8.7 bil Ireland 1.4% Spain 0.9% Philippines 1.7% United Kingdom 10.8% Singapore 16.9% South Korea 2.0% Vietnam 2.4% The Americas USA 19.6% 19.6% Note: Above as at 31 Dec 2023. Markets in bold are CLAS' 8 key markets. CapitaLand Ascott Trust Lodging Asset Classes 54 20 23 9 Serviced Residences Hotels/ Business Hotels Rental Housing Student Accommodation Investor Presentation 6#7Performance and Portfolio Highlights Building a stronger portfolio, creating value for Stapled Securityholders Continued improvement in distributions Distribution per Stapled Security (DPS) (cents) 000 000 000 Active portfolio reconstitution and asset management Invested in S$530.8 mil of lodging assets in FY 2023, delivering EBITDA yield of 6.2% $ Robust financial and liquidity position Healthy financial position offers resilience against macro uncertainties +16% 6.57 cents 5.67 4.32 3.03 The Cavendish London Temple Bar Hotel Ascott Kuningan Jakarta FY 2020 FY 2021 FY 2022 FY 2023 ✓ DPS increased 16% y-o-y in FY 2023 • • Excluding one-off items¹, adjusted DPS increased 14% y-o-y Revenue per Available Unit (RevPAU) rose 23% y-o-y in FY 2023 to pre-Covid levels Divesting S$408.1 mil of mature assets² at premium to book and average exit yield of 3.8%³ Completed development of Standard at Columbia Pipeline of 8 asset enhancement initiatives to uplift properties and create additional tailwind beyond the travel recovery • Healthy gearing of 37.9% . Low average cost of debt of 2.4% p.a. • 81% of total debt on fixed rates Robust interest cover of 4.0X c.2% increase in portfolio valuation as strong operating performance and outlook outweigh cap rate expansion Note: 1. 2. 3. Excluding one-off items comprising realised exchange gain in FY 2022 and FY 2023 Refers to the divestments of 10 properties which were entered into in FY 2023 and 1Q 2024 The exit yield of the France and Australia properties is computed based on FY 2022 Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA). The exit yield of the Singapore property is computed based on FY 2023 EBITDA. The exit yield of the Japan portfolio is not meaningful and has not been included in the average exit yield computation as the properties were largely closed in 2022. If included, the average exit yield will be about 2.8% CapitaLand Ascott Trust Investor Presentation 7#8Sustainability Highlights In alignment with CapitaLand Investment's 2030 Sustainability Master Plan (SMP) Sustainability ratings & indices Global Listed Sector Leader - Hotel GRESB for the 3rd consecutive year ~90th percentile amongst REITS S&P Corporate Sustainability Assessment Upgraded from 'BB' to 'BBB' MSCI 'Negligible Risk' ESG risk rating Sustainalytics Ranked #1 Singapore Governance and Transparency Index (REITs and Business Trusts) for the 3rd consecutive year Constituent of iEdge-UOB APAC Yield Focus Green REIT Index; and iEdge-OCBC Singapore Low Carbon Select 50 Capped Index Selected environmental and social targets in alignment with SMP • Sustainable finance • • . Performance & reporting 49% of CLAS' gross floor area green certified as at Dec 2023, up from 37% in 2022 。 On track to meet 50% target in 2025, and 100% target in 2030 Continue to work towards 2030 reduction targets ○ Carbon emissions intensity by 72% ○ Energy consumption intensity by 15% ○ Water consumption intensity by 15% (using 2019 as a base year) Fostering a positive and proactive safety culture with zero fatality, permanent disability or major injury >S$500 mil in sustainable financing to date O In 2023, CLAS entered into a sustainability-linked cross currency interest rate swap of JPY11.0 bil Sustainability reporting • Published CLAS' first externally assured report in accordance with ISAE 30001 Note: 1. 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) CapitaLand Ascott Trust Investor Presentation 8#9Capital and Ascott Trust BEEF COCE FEEL FEEL LEEL RELE 3332 3332 9. O. 2H/FY 2023 Financial Highlights Lyf lyf one-north Singapore#10Financial Highlights Total Distribution rose 25% y-o-y in FY 2023, lifting DPS to 6.57 cents 2H 2023 Revenue 12% y-o-y to S$397.6 mil Gross Profit Total Distribution DPS Adjusted DPS1 ▲ 12% y-o-y 24% y-o-y to S$183.9 mil to S$140.8 mil 14% y-o-y to 3.80 cents Stable y-o-y at 3.00 cents Revenue 20% y-o-y Gross Profit -20% y-o-y to S$744.5 mil to S$338.2 mil Notes: 1. Excluding one-off items comprising realised exchange gain in 2H 2022 and 2H 2023 2. Excluding one-off items comprising realised exchange gain in FY 2022 and FY 2023 CapitaLand Ascott Trust FY 2023 Total Distribution ▲25% y-o-y to S$237.0 mil DPS ▲16% y-o-y to 6.57 cents Adjusted DPS2 ▲ 14% y-o-y to 5.44 cents Investor Presentation 10#11Total Distribution Rose 24% Y-o-Y in 2H 2023 Growth was mainly due to stronger performance and contributions from new properties 2H 2023 gross profit rose to 106% of 2H 2019 pro forma levels¹ 101 • Revenue and gross profit rose 12% in 2H 2023 due to stronger operating performance of the existing portfolio and contributions from new properties On a same-store basis, gross profit was 5% higher y-o-y Increase in revenue mitigated higher operating and financing costs 2H 2023 total distribution rose 24% y-o-y 2H 2023 Distribution per Stapled Security 3.80 cents* 14% y-o-y FY 2023 Distribution per Stapled Security 6.57 cents 16% y-o-y Note: *The distribution amount for 2H 2023 includes the advanced distribution of 0.701 cents for the period 1 Jul 2023 to 13 Aug 2023, which was paid on 11 Oct 2023 Details of Distribution 3.095 cents For the period 14 Aug to 31 Dec 2023 • DPS increased 14% y-o-y in 2H 2023; excluding one-off items², adjusted DPS was stable Last Day of Trading on "cum" basis 2 Feb 2024 • On a full-year basis, DPS increased 16% y-o-y to 6.57 cents; excluding one-off items³, adjusted DPS was 14% higher Ex-Date 5 Feb 2024 Record Date 6 Feb 2024 Distribution Payment 29 Feb 2024 Notes: 1. 2. 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 Comprising realised exchange gain in 2H 2022 and 2H 2023 3. Comprising realised exchange gain in FY 2022 and FY 2023 CapitaLand Ascott Trust Investor Presentation 11#12Portfolio RevPAU Increased 10% Y-o-Y in 2H 2023 4Q 2023 RevPAU reached 103% of pre-Covid levels, boosted by growth in room rates • Growth income sources contributed 46% of 2H 2023 gross profit (2H 2022: 48%) Portfolio RevPAU in 2H 2023 rose 10% to S$157, reaching 103% of pre-Covid 2H 2019 pro forma RevPAU1 4Q 2023 RevPAU increased 4% y-o-y and q-o-q to S$161, 103% of pre-Covid 4Q 2019 pro forma levels Portfolio RevPAU 180 160 140 • Increase mainly due to higher average daily rates (ADR) 120 . Average portfolio occupancy was stable q-o-q at 77% in 4Q 2023, c.92% of pre-Covid levels 100 80 • RevPAU of key markets Australia, Japan, Singapore, UK and USA continued to exceed pre-Covid same-store² 4Q 2019 pro forma¹ levels 60 40 • RevPAU of China and Vietnam continued to improve q-o-q 20 20 S$161 103% of pre-Covid levels +4% y-o-y 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 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 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 1. 2. CapitaLand Ascott Trust Investor Presentation 12#13Resilience from Stable Income Sources Delivering income resilience through market cycles, with upside potential in a strong market Stable Income¹: Contributed 54% of 2H 2023 gross profit (2H 2022: 52%) Master leases Master lease gross profit rose 21% y-o-y in 2H 2023 due to higher variable rent and contributions from 2 new acquisitions which were completed in Nov 2022, partially offset by the divestment of 4 France properties in Sep 2023 All master leases due in 2023 were renewed . The 7 French master leases are projected to receive c.28% higher rent in FY 2024 under the renewed rent structure Lease expiry for master leases² (as at 31 Dec 2023) 77% 8% 11% 4% 0% • Master leases expiring in FY 2024 comprise 8% of CLAS' master lease gross rental income; all 3 master leases are in France 2024 2025 2026 2027 2028 & beyond • Gross profit for student accommodation increased y-o-y mainly due to the opening of Standard at Columbia in Aug 2023 and rent growth • Longer- stay properties • . 9 acquisitions between Nov 2022 to May 2023; occupancy of the rental housing portfolio remained stable at >95% Turnkey acquisition of Teriha Ocean Stage, a rental housing property in Fukuoka, Japan, was completed in Jan 2024 Gross profit for rental housing increased y-o-y due to the completion of MCMGI MCMGI gross profit increased 7% y-o-y in 2H 2023 due to stronger performance of the properties and acquisition of The Cavendish London and Temple Bar Hotel in Nov 2023 • On a same-store basis, RevPAU for the MCMGI properties increased 16% y-o-y in 2H 2023; RevPAU was at >110% of pre-Covid levels Notes: 1. 2. Stable income sources include master leases, MCMGI, rental housing and student accommodation Percentage of gross rental income for master leases expiring at respective years over the total gross rental income for all master leases CapitaLand Ascott Trust Investor Presentation 13#14Diversified Portfolio with Mix of Stable and Growth Income Streams Stable income assets offer resilience while growth income assets enable CLAS to capture the upside Contract types with a fixed / minimum rent component Master leases Australia France 23.2% 2.6% 7.9% Germany 4.1% Japan¹ 6.0% 15.6% South Korea 2.6% 54% 2H 2023 MCMGI 15.6% Stable Belgium 1.6% Income Gross Profit S$183.9 mil Singapore 3.9% 38.8% Spain 1.4% United Kingdom 8.4% Ireland 0.3% Management contracts of serviced residences and hotels Australia China 12.0% 1.6% Indonesia 1.5% Japan 3.3% 45.6% 46% Growth Malaysia 0.2% Philippines 2.1% Income Singapore 3.5% United States 16.3% Vietnam 5.1% Management contracts of longer-stay assets Rental housing Japan Student accommodation United States 28 10 67 5.6% Master Leases MCMGI Management Contracts Note: Excludes Somerset Liang Court Singapore 10.0% which is currently under development Note: Figures above are as at/for the half year ended 31 Dec 2023; markets in bold are CLAS' 8 key markets Includes Eslead College Gate Kindaimae, a student accommodation in Japan under master lease 1. CapitaLand Ascott Trust Investor Presentation 14#154Q 2023 RevPAU Performance of CLAS' Key Markets Majority of key markets continue to exceed pre-Covid levels, supported by sustained lodging demand Actual Same-store 4Q 2023 4Q 2022 % Change 4Q 2023 % of 4Q 2019 pro forma RevPAU1 Australia AUD 164 166 1% 164 113% China RMB 306 287 7% 306 86% Japan JPY 17,500 9,192 90% 17,500 139% Singapore S$ 155 158 2% 1792 105% United Kingdom GBP 167 167 1623 118% USA USD 282 252 12% 282 115% Vietnam4 VND 1,431 1,325 8% 1,5065 88% 1. 2. 3. Notes: RevPAU relates to properties under management contracts and MCMGI, excludes master leases, rental housing and student accommodation 4Q 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 (currently known as The Robertson House by The Crest Collection) which was reclassified from master lease to management contract in 2021, lyf one-north Singapore which commenced operations in 2021 and Ascott Orchard Singapore which was converted to MCMGI from Dec 2022 Excluding The Cavendish London which was acquired in Nov 2023 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 Investor Presentation 15#16Portfolio Updates JA AABA CapitaLand Ascott Trust Paloma Raleigh#17CapitaLand 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 16 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 Investor Presentation 17#18Investment & 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 assets (rental housing and student accommodation) to 25-30% in the medium term ➤ As at 31 Dec 2023, c.17% 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 2023 CapitaLand Ascott Trust Investor Presentation 18#19Divesting Properties at Premium to Book Value Divesting S$408.1 mil in assets at average exit yield of 3.8% 1; recycling capital into more optimal uses Announced in 2023 4 properties in regional France 2 properties in outskirts of Sydney, Australia O Announced in Feb 2024 3 properties outside prime districts of Osaka, Japan 1 property in Singapore Citadines City Centre Lille Citadines Croisette Cannes Citadines Castellane Marseille Citadines Prado Chanot Marseille • Courtyard by Marriott Sydney North-Ryde • Novotel Sydney Parramatta Hotel WBF Honmachi Hotel WBF Kitasemba East • Hotel WBF Kitasemba West Citadines Mount Sophia Singapore Divestment price EUR 44.4 mil (S$64.7 mil) AUD 109.0 mil (S$95.6 mil) JPY 10.7 bil (S$99.8 mil) S$148.0 mil Premium over book value 63% 5% Exit yield 1 Net gain Completion / Target completion 19% c.4% c.4.4% c.3.2% EUR 1.2 mil (c.S$1.8 mil) AUD 14.2 mil (c.S$12.4 mil) JPY1.1 bil (c.S$10.1 mil) S$14.6 mil Sep 2023 Jan 2024 and 3Q 2024 1Q 2024 1Q 2024 15% n.m. Note: 1. The exit yield of the France and Australia properties is computed based on FY 2022 EBITDA. The exit yield of the Singapore property is computed based on FY 2023 EBITDA. The exit yield of the Japan portfolio is not meaningful and has not been included in the average exit yield computation as the properties were largely closed in 2022. If included, the average exit yield will be about 2.8% CapitaLand Ascott Trust Investor Presentation 19#20Accretive Acquisitions in Prime Locations Acquiring S$530.8 mil in properties in the key capital cities of London, Dublin and Jakarta The Cavendish London Temple Bar Hotel Ascott Kuningan Jakarta Artist's impression of the entrance of The Cavendish London EPR ARCHITECTS DPS accretive NAV accretive DPS accretion 1.8%¹ EBITDA yield 6.2%2 on a FY 2022 pro forma basis Further accretion expected post-AEI of The Cavendish London c.6.5% 3 Expected post-renovation stabilised yield CLAS will distribute past divestment gains to mitigate the impact from the renovation Expected increase in property value of The Cavendish London GBP 101.0 mil (S$174.9 mil) from valuation as of 30 Jun 2023 Co-sharing of renovation costs with operator GBP 27.5 mil (S$47.6 mil) Estimated proportion of project cost attributable to CLAS Acquisition completed in Nov 2023 Notes: 1. 2. 3. The effects of the renovations of The Cavendish London and Temple Bar Hotel and the costs of financing the Milestone Payments are not taken into account in determining the pro forma financial effects, as the Milestone Payments will be made only when 70% of the renovations of The Cavendish London and Temple Bar Hotel are completed. Excluding the Milestone Payments which are to be made only when 70% of the renovations of The Cavendish London and Temple Bar Hotel are completed. Including the Milestone Payments, the EBITDA yield is 5.1% on a FY 2022 pro forma basis. Based on stabilised EBITDA before FF&E reserves in year 2027/28 over The Cavendish London's agreed property value (GBP 215.0 mil (c.S$372.3 mil), estimated capitalised costs (GBP 3.8 mil (c.S$6.6 mil)), and estimated proportion of project cost attributable to CLAS (GBP 27.5 mil (c.S$47.6 mil)). Such EBITDA figures are from the HVS valuation on a stabilised basis. The property's EBITDA yield is 4.1% on a FY 2022 pro forma basis. CapitaLand Ascott Trust Investor Presentation 20#21Enhancing the Portfolio with New Assets Selectively undertaking turnkey acquisitions and development projects Teriha Ocean Stage Completed turnkey acquisition of 258-unit rental housing property in Fukuoka, Japan in Jan 2024 Located in Island City, an established family-centric residential area that is within proximity to both Tenjin (commercial and entertainment district) and Hakata (CBD) stations Acquisition price of JPY 8.0 bil (S$82.6 mil) Estimated net operating income (NOI) yield of c.4.0% on a stabilised basis . Somerset Liang Court Singapore 1 192-unit Somerset serviced residence with hotel licence in the popular riverfront lifestyle and entertainment Clarke Quay precinct • Substructure works are ongoing and targeted to complete in 2024 Development expected to complete in 2H 2025 Note: 1. Expected opening date and property details for Somerset Liang Court Singapore are subject to change CapitaLand Ascott Trust Artist's impression Site progress Investor Presentation 21#22Asset Enhancement Initiative - The Robertson House Rebranding and refurbishment of Riverside Hotel Robertson Quay into a luxury hotel Hotel lobby ENTREF Entrepôt, all-day dining restaurant Suite bedroom Panoramic Riverview Room CapitaLand Ascott Trust • • • • Formerly the Riverside Hotel Robertson Quay, the hotel was rebranded as The Robertson House by The Crest Collection, a luxury brand managed by The Ascott Limited in Oct 2023 The property is undergoing a phased renovation, which started in Mar 2023 and is expected to complete in 1Q 2024 Scope of works include the refurbishment of guest rooms, lobby, restaurant, gym, function rooms and executive lounge, and other M&E works The uplift in performance post-renovation is expected to enhance the property's profitability and valuation The Robertson House by The Crest Collection takes its name from its prime location in Robertson Quay. Situated along the historical Singapore River, the refurbished 336-room hotel was conceptualised by Ascott's in-house design team and exudes stately and old-world colonial charm that harks back to the days of Singapore as a bustling entrepôt trade hub. From design inspirations to curated dining options including an all-day dining restaurant and speakeasy bar, The Robertson House offers guests an experience that is both bespoke and nostalgic. A club lounge designed as the 1823 Reading Room allows guests to gather over meaningful conversations, while exclusive partnerships with local purveyors ensure a hint of the locale across every touchpoint of each stay. Investor Presentation 22#23Other Asset Enhancement Initiatives Uplifting the value and profitability of properties in prime locations of key gateway cities Pipeline of asset enhancement projects to unlock organic growth potential and drive higher returns Capital expenditure to be partially funded by master lessee / operator CLAS' contribution expected to be funded by proceeds from the EFR in Aug 2023, divestment proceeds, debt facilities and/or cash generated from properties c.10.6% Yield on AEl cost E Citadines Holborn-Covent Garden London 3Q 2023 to 3Q 2024 Citadines Les Halles Paris 2Q 2023 to 2Q 2024 Citadines Kurfürstendamm Berlin 4Q 2023 to 2Q 2024 La Clef Tour Eiffel Paris 3Q 2023 to 2Q 2024 Temple Bar Hotel 1Q 2024 to 4Q 2024 c.6.5% Expected post-renovation stabilised yield The Cavendish London 4Q 2024 to 4Q 2025 EPR ARCHITECTS c.11.3% Yield on AEl cost Sydney Central Hotel 4Q 2024 to 1Q 2026 Note: Images are artist's impressions (except for Temple Bar Hotel which is an image of an existing room) and timelines of the asset enhancement initiatives are subject to change CapitaLand Ascott Trust Investor Presentation 23#24Portfolio Valuation La Clef Louvre Paris CapitaLand Ascott Trust#25Portfolio Valuation Notwithstanding higher capitalisation and discount rates, CLAS recorded a gross fair value gain of c.S$156 mil¹ due to stronger operating performance Country Currency Value of Properties² as at 31 Dec 2023 (local currency) Net Book Value as at 31 Dec 20233 (local currency) Variance (%) Australia AUD 1,031.8 994.5 3.7% Belgium EUR 50.0 37.7 32.6% China RMB 1,206.0 1,347.5 -10.5% • France EUR 387.6 384.0 0.9% c.2% surplus over net book value as at 31 Dec 2023 Germany EUR 174.1 158.5 9.8% Indonesia IDR 1,659,572.1 1,638,441.9 1.3% • Ireland EUR 78.0 76.2 2.4% Japan JPY 137,757.7 134,108.8 2.7% Malaysia MYR 121.5 133.7 -9.1% Philippines PHP 4,444.3 4,587.7 -3.1% • Singapore SGD 1,322.9 1,250.9 5.8% South Korea KRW 156,200.0 153,069.0 2.0% Despite higher capitalisation and discount rates across markets (except for Japan), the stronger operating performance and improving outlook of the portfolio led to the higher portfolio valuation Markets with valuation gains include Australia, Europe, Japan, Singapore and UK Spain EUR 48.7 37.7 29.2% United Kingdom GBP 527.9 501.6 5.2% USA USD 1,013.4 1,034.7 -2.1% Vietnam VND 3,372,480.7 3,822,394.2 -11.8% 1. Notes: Values are stated in millions, with the exception of Vietnam, which is stated in billions The fair value gain (net of tax and minority interest) is c.S$128 million 2. 3. Value of properties includes investment properties, investment properties under development, assets held for sale and land and buildings (included under property, plant and equipment) Includes the capital expenditure in FY 2023 CapitaLand Ascott Trust Investor Presentation 25#26Capital & Risk Management Somerset Millennium Makati CapitaLand Ascott Trust#27Capital Management Strong financial capacity and healthy liquidity position ($ Strong capital Robust financing flexibility $Fortifying liquidity management S$1.16 NAV per Stapled Security 52% Total assets in foreign currency hedged 1.1% (loss) Impact of foreign exchange after hedges on gross profit for FY 2023 37.9% Gearing1 (c.S$2.0 bil debt headroom²) 2.4% per annum Interest cover 4.0X3 67% Low effective borrowing cost of property value unencumbered BBB (Stable Outlook) Fitch Ratings reserves c.S$1.32 bil Total available funds c.S$430 mil Cash on-hand + c.S$890 mil Available credit facilities4 Notes: Above as at/for period ended 31 Dec 2023 1. 2. 3. 4. The ratio of net debt to net assets for CapitaLand Ascott REIT Group and CapitaLand Ascott Business Trust Group is 67.7% and 21.1% respectively; the ratio for CLAS is 59.9% 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$1.1 bil The adjusted interest cover ratio, including distributions on perpetual securities, is 3.4X Balances as at 31 Dec 2023; includes committed credit facilities amounting to approximately S$461 mil CapitaLand Ascott Trust Investor Presentation 27#28Capital Management Well-staggered debt maturity profile and diversified funding sources 67% : 33% c.81% 3.7 years Bank loans Medium Term Notes : Total debt on fixed rates Weighted average debt to maturity S$' mil Managing liquidity risks through diversified funding sources 43% 1,297 18% 563 10% 302 15% 468 14% 430 2024 2025 2026 Note: Above as at 31 Dec 2023 CapitaLand Ascott Trust Bank loans 2027 2028 and after Medium Term Notes (MTN) Key Highlights • Gearing healthy at 37.9% and expected to remain under 40% Low effective borrowing cost of 2.4%, stable q-o-q ⚫ c.81% of total debt effectively on fixed rates • Interest cover remained healthy at 4.0X Investor Presentation 28#29Looking Ahead CapitaLand Ascott Trust Ascott Jakarta#30Diversified Portfolio to Deliver Returns Underpinned by healthy financial position; AEls and developments to add to growth Macroeconomic and Industry Outlook Slower economic growth in 20241 and geopolitical tensions Interest rates likely at or near the peak² International travel projected to fully recover to pre-pandemic levels in 20243 • • Amidst the macroeconomic and geopolitical uncertainties, CLAS is cautiously optimistic about the demand for lodging Diversified portfolio: Marrying stability with growth CLAS' diversification and portfolio of growth and stable income assets provide resilience amidst macroeconomic uncertainties and global geopolitical tensions • CLAS' properties are mainly located in key gateway cities or manufacturing hubs which are supported by corporate and leisure demand drivers Revenue growth has outpaced the increase in operating and financing costs Value creation: Portfolio reconstitution and enhancement • CLAS continues to pursue portfolio reconstitution opportunities to enhance the quality and returns of the portfolio • Proceeds from divestments may be redeployed towards more optimal uses, including but not limited to investing in higher-yielding assets, funding AEls or paring down debt AEls and development projects provide capacity for growth . Prudent capital management: Healthy financial position Healthy financial position with a low effective borrowing cost and high proportion of debt on fixed rates Low gearing provides financial flexibility and debt headroom of c.S$2.0 bil4 CLAS will continue to exercise financial discipline Source: International Monetary Fund, Oct 2023 Notes: 1. 2. Source: CNBC, Jan 2024 3. Source: United Nations World Tourism Organization, Jan 2024 4. Refers to the amount of additional debt before reaching aggregate leverage of 50% CapitaLand Ascott Trust Investor Presentation 30#31Thank You Citadines Connect Sydney Airport CapitaLand Ascott Trust#32Additional Information CapitaLand Ascott Trust 83 LA CLEF 83 LA CLEF TOUR EIFFEL 83 avenue ber La Clef Tour Eiffel Paris#33Australia Outlook positive on the back of concerts and large-scale events 166 12% of total assets, 15% of 2H 2023 gross profit: 5 serviced residences (SRS) under master leases; 7 hotels and 2 SRS under management contracts RevPAU (AUD)1 -1% 164 4Q 2022 4Q 2023 Management Contracts - SRs & Hotels • 2H 2023 revenue increased 4% y-o-y due to healthy performance from both serviced residences and hotels; gross profit was • • 6% lower y-o-y mainly due to higher staff costs 4Q 2023 RevPAU fell marginally by 1% y-o-y to AUD 164 due to the higher base in 4Q 2022; nonetheless, 4Q 2023 RevPAU exceeded 4Q 2019 pro forma RevPAU² by 13% Strong short-stay demand from both corporate and leisure groups across CLAS' properties, with several entertainment and cultural events such as SXSW in Sydney and concerts across Australia providing an uplift Outlook for 1Q 2024 anticipated to be healthy, with demand coming from both corporate and leisure sources; concerts and large-scale events, such as Australian Open 2024 and F1 Grand Prix in Sydney and Melbourne, are expected to provide a boost Master Leases - SRs . • 2H 2023 revenue and gross profit from master leases were 4% and 2% higher y-o-y respectively, mainly due to the full period contribution from Quest Cannon Hill acquired in Nov 2022 Properties continue to collect fixed rent (with annual indexation), providing stable income to the portfolio Notes: 1. Pertains to the hotels and serviced residences under management contracts only 2. 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 Investor Presentation 33#34China Improved performance from reopening, anchored by long stays RevPAU (RMB) +7% 306 287 • • 3% of total assets, 2% of 2H 2023 gross profit: 5 SRS under management contracts 2H 2023 revenue and gross profit increased 5% and fell 14% y-o-y respectively mainly due to higher ADR following the easing of Covid-19 restrictions in early 2023, offset by higher property tax 4Q 2023 RevPAU increased 7% y-o-y to RMB 306, which is 86% of 4Q 2019 same-store RevPAU1 • Occupancy was resilient at above 75% in 4Q 2023, with corporate long stays and project groups providing a strong base; the average length of stay of CLAS' properties was c.7 months in 4Q 2023 4Q 2022 4Q 2023 • The Mid-Autumn Festival and National Day holiday periods saw increased demand from domestic leisure travellers • • Demand in 1Q 2024 is expected to be mainly driven by corporates and project groups, with some transient bookings during the Chinese New Year holiday and event periods Bookings at CLAS' properties remain largely from the domestic segment; international demand is expected to improve as the frequency of flights to and from China continues to recover progressively Note: 1. Excluding Ascott Guangzhou which was divested in Dec 2020 and Somerset Xu Hui Shanghai which was divested in May 2021 CapitaLand Ascott Trust Investor Presentation 34#35France Full 2H contribution from La Clef Tour Eiffel Paris boosted performance; outlook remains healthy 10.0 Revenue (EUR'mil) Includes LCTE which was acquired in Nov 2022 11.2 Includes 4 properties that were divested in Sep 2023 +1%1 8.41 8.51 8% of total assets, 8% of 2H 2023 gross profit: 12 SRS under master leases • 2H 2023 revenue and gross profit increased 12% and 9% y-o-y respectively mainly due to contribution from La Clef Tour Eiffel Paris (LCTE), which was acquired in Nov 2022, and higher recovery of costs, partially offset by the divestment of 4 properties in Sep 2023; on a same-store basis¹, 2H 2023 revenue increased 1% y-o-y • ADR for the quarter surpassed 4Q 2019 pre-Covid levels, while average occupancy was lower due to the ongoing refurbishment of Citadines Les Halles Paris and LCTE • • Outlook for 1Q 2024 remains encouraging, supported by corporate and group segments The 7 French master leases which were renewed in Oct 2023 are projected to receive c.28% higher rent in FY 2024 under the renewed rent structure Note: 1. 2H 2022 2H 2023 Strong demand from short-stay segments and group bookings in 4Q 2023 Excluding contribution from LCTE which was acquired in Nov 2022 and contribution from the four properties (Citadines City Centre Lille, Citadines Croisette Cannes, Citadines Castellane Marseille and Citadines Prado Chanot Marseille) which were divested in Sep 2023 CapitaLand Ascott Trust Investor Presentation 35#36• Japan Strong international leisure demand, boosted further by autumn and year-end holiday travel Notes: 1. 2. 16% of total assets, 15% of 2H 2023 gross profit: 3 hotels and 1 student accommodation under master lease; 3 SRs, 2 hotels and 23 rental housing under management contracts 9,192 RevPAU (JPY)1 +90% 17,500 4Q 2022 4Q 2023 • • Management Contracts - SRS 2H 2023 revenue and gross profit were 121% and 336% higher y-o-y respectively, as properties continued to perform strongly on the back of Japan's full reopening to independent travellers in Oct 2022 4Q 2023 RevPAU was 90% higher y-o-y at JPY 17,500, exceeding 4Q 2019 same-store RevPAU² by 39%; the Tokyo properties led the strong performance with ADR at >50% above pre-Covid levels International leisure guests continued to be the primary source of demand in 4Q 2023; autumn and year-end holiday travel brought about further uplift • Outlook for 1Q 2024 remains positive with sustained leisure demand from both international and domestic sources; cherry blossom season in Mar-Apr is expected to provide an added boost Management Contracts - Rental Housing . 2H 2023 revenue and gross profit were 38% and 41% higher y-o-y respectively, due to the completion of acquisition of 9 properties from Nov 2022 to May 2023; on a same-store basis, revenue increased by 1% In 4Q 2023, the rental housing portfolio continued to offer stable income with an average occupancy of >95% Turnkey acquisition of Teriha Ocean Stage, a rental housing property in Fukuoka, was completed in Jan 2024 Master Leases - Hotels & Student Accommodation Received variable rent in addition to fixed rent at the hotels Received fixed rent at the student accommodation property in Osaka Pertains to the serviced residences under management contracts only; excludes rental housing properties and Hotel WBF Kitasemba East and Hotel WBF Kitasemba West which were closed and will be divested in 1Q 2024 Excluding Somerset Azabu East Tokyo which was divested in Dec 2020 CapitaLand Ascott Trust Investor Presentation 36#37Singapore Uplift from events mitigates impact of softening market demand 17% of total assets, 7% of 2H 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) 1671 +12%1 158 4Q 2022 Includes TRH which was under renovation from 1Q 2023 1871 155 4Q 2023 Management Contracts - SRs & Hotel • 2H 2023 revenue was 2% higher y-o-y as demand from several MICE and city-wide events in 3Q 2023 mitigated the impact of softer market demand in 4Q 2023 and lower room revenue from The Robertson House by The Crest Collection (TRH) which is under phased renovation • • Excluding TRH, 2H 2023 revenue and gross profit for the SRs were 22% and 21% higher y-o-y MCMGI - SR 2H 2023 revenue for Ascott Orchard Singapore was 30% higher y-o-y² due to the change of contract type • 4Q 2023 RevPAU for properties under management contracts and MCMGI was 2% lower y-o-y at S$155, mainly attributed to TRH's renovation; excluding TRH, 4Q 2023 RevPAU was 12% higher y-o-y at S$187 4Q 2023 RevPAU for Citadines Mount Sophia Singapore was 5% higher than 4Q 2019 same-store RevPAU³ Market demand is expected to be subdued in 1Q 2024, partially mitigated by some uplift from large-scale concerts Notes: 1. Excluding TRH which is under phased renovation 2. 3. The master lease for Ascott Orchard Singapore was converted to MCMGI from Dec 2022. For comparison purposes, the revenue amount for Jul to Nov 2022 was reclassified from master lease to MCMGI Excluding Somerset Liang Court Singapore which was divested in Jul 2020 CapitaLand Ascott Trust Investor Presentation 37#38米 United Kingdom Stable performance supported by demand from all segments and contribution from The Cavendish London 167 RevPAU (GBP) Includes TCL which was acquired in 167 Nov 2023 -3%1 11% of total assets, 8% of 2H 2023 gross profit: 5 SRs under management contracts with minimum guaranteed income (MCMGI) 1621 4Q 2022 4Q 2023 . 2H 2023 revenue and gross profit were 13% and 21% higher y-o-y respectively due to contribution from The Cavendish London (TCL), which was acquired in Nov 2023, and higher ADR achieved at the other properties; on a same-store basis¹, 2H 2023 revenue increased 5% For 4Q 2023, RevPAU was stable y-o-y and on a same-store basis¹, dipped slightly by 3% y-o-y to GBP 162 due to the refurbishment at Citadines Holborn-Covent Garden London; nonetheless, 4Q 2023 same-store RevPAU was 18% higher against pre-Covid levels in 4Q 2019 Demand was largely driven by the corporate and leisure short-stay segments, with several small city events providing additional uplift • • Market demand in 1Q 2024 is expected to remain positive; corporate and group segments provide a stable base at CLAS' properties, mitigating some impact from the ongoing refurbishment at Citadines Holborn-Covent Garden London 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 Note: 1. Excluding contribution from TCL which was acquired in Nov 2023 CapitaLand Ascott Trust Investor Presentation 38#39United States Robust performance by hotels, with student accommodation providing stable income 252 RevPAU (USD) +12% 282 4Q 2022 4Q 2023 20% of total assets, 26% of 2H 2023 gross profit: 3 hotels and 8 student accommodation under management contracts Management Contracts - Hotels 2H 2023 revenue and gross profit were 11% and 21% higher y-o-y respectively on the back of stronger demand at the properties 4Q 2023 RevPAU increased 12% y-o-y to USD 282, exceeding 4Q 2019 RevPAU levels by 15% • Robust performance in 4Q 2023 with continued return of demand to pre-Covid levels from the corporate segment Leisure demand has made a full return to pre-Covid levels and properties reflected a higher proportion of leisure travellers in 4Q 2023, in line with the year-end holiday season in New York City Outlook for 1Q 2024 is positive with citywide large- scale events such as the National Retail Federation show in Jan being the key drivers of demand Management Contracts - Student Accommodation • 2H 2023 revenue and gross profit were 26% and 20% higher y-o-y respectively, mainly due to new contribution from Standard at Columbia, which began receiving students for the academic year (AY) 2023-2024 in Aug 2023 and higher rental rates achieved on a portfolio level; on a same-store basis², revenue and gross profit were 7% and 2% higher y-o-y respectively Average occupancy of the properties was c.93% in 4Q 2023 • Rent growth for the AY is c.5.5% y-o-y²; excluding Wildwood Lubbock which is undergoing light AEI to refresh the property, rent growth is c.6.5% y-o-y² • For the next AY 2024-2025 commencing from Aug 2024, pre-leasing on a portfolio level continues to be favourable, pacing ahead of last AY Notes: 1. 2. Pertains to the 3 hotels and excludes the student accommodation properties Excluding Standard at Columbia which began receiving students in Aug 2023 CapitaLand Ascott Trust Investor Presentation 39#40✰ Vietnam Steady recovery as demand continues to return; outlook remains positive RevPAU (VND’000) 1,5061 1,3401 +12%1 1,325 4Q 2022 Includes SCTD which was acquired in Nov 2022 • • 1,431 4Q 2023 2% of total assets, 5% of 2H 2023 gross profit: 5 SRS under management contracts 2H 2023 revenue and gross profit were 24% and 22% higher y-o-y respectively, due to stronger demand at the properties, and 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 16% and 17% y-o-y respectively 4Q 2023 RevPAU increased 8% y-o-y to VND 1,431,000; on a same-store basis¹, 4Q 2023 RevPAU increased 12% y-o-y to VND 1,506,000, which is 88% of 4Q 2019 same-store RevPAU² Corporate long stays and project groups remained the primary source of business in 4Q 2023, and the average length of stay of CLAS' properties was c.5 months Demand for short stays from international corporate and leisure travellers continued to increase in tandem with the frequency of flights to and from Vietnam; the year-end holiday season in particular saw an increased level of short-stay leisure bookings by small groups and families While the return of Chinese travellers to Vietnam is slower than expected, demand for mid and long stay bookings by international corporate guests remains healthy in 1Q 2024; the corporate relocation season in Feb-Mar is also expected to be a key driver of demand 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 Investor Presentation 40#41Divestments Divesting S$408.1 mil in assets at average exit yield of 3.8% 1; recycling capital into more optimal uses No. Property Location Sale price Premium over book value Exit yield¹ Divestment date / target completion date Entered into in FY 2023 1 Citadines City Centre Lille Lille, France 2 Citadines Croisette Cannes 3 Citadines Castellane Marseille Cannes, France Marseille, France EUR44.4 mil (S$64.7 mil) 63% 4% Sep 2023 4 Citadines Prado Chanot Marseille Marseille, France 5 Courtyard by Marriott Sydney-North Ryde Sydney, Australia Jan 2024 6 Novotel Sydney Parramatta Sydney, Australia AUD109.0 mil (S$95.6 mil) 5% 4.4% 3Q 2024 7 Hotel WBF Honmachi Osaka, Japan 8 Hotel WBF Kitasemba East Osaka, Japan JPY10.7 bil (S$99.8 mil) c.15% n.m. 1Q 2024 9 Hotel WBF Kitasemba West Osaka, Japan Entered into in Jan 2024 10 Citadines Mount Sophia Singapore Singapore S$148.0 mil 19% 3.2% 1Q 2024 Note: 1. The exit yield of the France and Australia properties is computed based on FY 2022 Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA). The exit yield of the Singapore property is computed based on FY 2023 EBITDA. The exit yield of the Japan portfolio is not meaningful and has not been included in the average exit yield computation as the properties were largely closed in 2022. If included, the average exit yield will be about 2.8% CapitaLand Ascott Trust Investor Presentation 41#42Property Lodging Туре Acquisitions Invested in S$530.81 mil of lodging assets in FY 2023, delivering EBITDA yield of 6.2%2 No. Location No. of units Purchase price EBITDA / Net Operating Income yield Acquisition date Entered into in FY 2022 and completed in FY 2023 Rental 1 Eslead Residence Osaka Fukushima East Osaka, Japan 108 housing JPY 1.9 bil (S$22.2 mil) Apr 2023 4.0%3 Rental 2 Granfore Hakata Waterfront Fukuoka, Japan 247 housing JPY 4.0 bil (S$47.9 mil) May 2023 Entered into and completed in FY 2023 3 The Cavendish London Temple Bar Hotel Ascott Kuningan Jakarta Entered into in FY 2022 and completed in Jan 2024 6 Teriha Ocean Stage Hotel London, UK 230 Hotel Dublin, Ireland 136 S$357.8 mil 6.2%2 Nov 2023 Serviced residence Jakarta, Indonesia 185 Rental housing Fukuoka, Japan 258 JPY 8.0 bil (S$82.6 mil) 4.0%4 Jan 2024 Notes: 1. 2. 3. Based on the total agreed property value of The Cavendish London, Temple Bar Hotel and Ascott Kuningan Jakarta Excluding the Milestone Payments which are to be made only when 70% of the renovations of The Cavendish London and Temple Bar Hotel are completed. Including the Milestone Payments, the EBITDA yield is 5.1% on a FY 2022 pro forma basis Refers to the expected stabilised net operating income yield aggregated for the 5 Japan turnkey acquisition properties announced in Mar 2022, 3 of which were completed in FY 2022 4. Refers to the expected stabilised net operating income yield CapitaLand Ascott Trust Investor Presentation 42