Investor Presentaiton

• Japan Strong recovery in 4Q 2022, with positive outlook following reopening to independent travellers 18% of total assets, 11% of 2H 2022 gross profit: 3 hotels and 1 student accommodation under master lease; 3 SRs, 2 hotels and 21 rental housing under management contracts 2,956 RevPAU (JPY)1 +211% 9,192 4Q 2021 4Q 2022 • • Management Contracts SRs • 2H 2022 revenue and gross profit were 50% and 130% higher y-o-y respectively, due to stronger performance as all remaining restrictions on arrivals were eased, permitting visa-free entry to independent travellers from 11 Oct 2022 4Q 2022 RevPAU for SRs was 211% higher y-o-y and 98% higher q-o-q at JPY 9,192, which is 73% of 4Q 2019 same-store RevPAU², an improvement from the previous quarter (3Q 2022: 39%) Performance was driven by strong pent-up international leisure demand, which is expected to carry through to 1Q 2023; cherry blossom season is expected to provide additional uplift from late-Mar to Apr Rental Housing • Average occupancy of >95%, offering stable income • 7 acquisitions were completed in 4Q 2022 and another • 2 turnkey properties expected to complete by 2Q 2023 New turnkey acquisition in Fukuoka for JPY 8.0 bil (S$82.6 mil³) • • • Estimated NOI yield of c.4.0%; estimated DPS accretion of c.1.1% on a 2025 stabilised basis5 To be funded 83% by JPY-denominated debt and remainder by existing onshore deposits No development risk and majority of payment to be made upon deal completion in 2024 Master Leases - Hotels & Student Accommodation Received fixed and variable rent at the hotels; and fixed rent from student accommodation • 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 which was divested in Dec 2020 Based on exchange rate of JPY1 = S$0.01034; the acquisition price of JPY8.0 bil (S$82.6 mil) arrived at on a willing-buyer and willing-seller basis, is based on the agreed value of the property and the independent valuation dated 1 Aug 2022 by Asset Valuation Partners of JPY8.3 bil (equivalent to approximately S$85.8 mil); the acquisition price excludes consumption tax Expected stabilised net operating income yield Notes: 1. 2. 3. 4. 5. Assuming the acquisition was completed on 1 Jan 2021 CapitaLand Ascott Trust Investor Presentation 40

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