Investor Presentaiton

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 c.4.0 years Relatively low amount of debt (14%, about S$400 mil) due for refinancing in 2023 Recession Concerns Rising Interest Rates • • • 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 Volatility in Foreign Exchange የበ 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 UK government to provide support until 2024 Long-stay guests have utility caps; rental housing and student accommodation tenants pay for consumption • Go-green initiatives to reduce consumption Rising Electricity Costs • 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 Labour Shortages CapitaLand Ascott Trust Investor Presentation 32

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