Ascott Residence Trust Management Limited(Manager of Ascott Real Estate Investment Trust) (Regn No.: 200516209Z)
Ascott Business Trust Management Pte. Ltd.
(Trustee-Manager of Ascott Business Trust) (Regn No.: 201925299R)
168 Robinson Road #30-01 Capital Tower Singapore 068912
t (65) 6713 2888
www.ascottresidencetrust.com

NEWS RELEASEASCOTT RESIDENCE TRUST IS FIRST HOSPITALITY TRUST GLOBALLY TO
ISSUE SUSTAINABILITY-LINKED BOND OF S$200 MILLIONFirst sustainability-linked bond by a Singapore-listed real estate trust receives strong demand with2.2 times oversubscriptionSingapore, 20 April 2022 – Ascott Residence Trust (ART) has issued its first sustainability-linked
bond of S$200 million under its newly established Sustainability-Linked Finance Framework1.
ART is the first hospitality trust globally to issue a sustainability-linked bond. ART is also the first
listed real estate trust in Singapore to issue a sustainability-linked bond.
ART’s sustainability-linked bond is issued pursuant to its S$2 billion Multicurrency Debt Issuance
Programme and proceeds from the bond issuance will be used to refinance ART’s existing
borrowings. With a fixed coupon rate of 3.63% per annum, paid semi-annually in arrears, the fiveyear sustainability-linked bond will mature in April 2027.
ART has achieved a ‘greenium’ 2 through the issuance of the sustainability-linked bond andcommitted to a sustainability performance target (SPT) of greening 50% of its total portfolio by
the end of 20253. The properties must achieve a regional, national or internationally recognised
green building standard or certification by a recognised third-party by the SPT observation date4.
The deal was met with strong demand from institutional investors and was about 2.2 times
oversubscribed. The bond issue was eventually upsized from S$150 million to S$200 million, andthe final orderbook closed at S$335 million with orders from across 47 accounts. In terms ofinvestor distribution, 79% of the bond was allocated to institutional accounts and 21% to privatebanking accounts.
ART has concurrently entered into a cross-currency interest rate swap transaction to swap theSingapore dollar-denominated coupon payments of the bond into Japanese Yen at a fixed interest
rate of 1.043% per annum.
Ms Beh Siew Kim, Chief Executive Officer of Ascott Residence Trust Management Limited andAscott Business Trust Management Pte. Ltd. (the Managers of ART) said: “Sustainability is core
to everything we do at ART. Aligning our financing needs with our sustainability efforts to build
a greener portfolio demonstrates ART’s focus on responsible growth. Our global sustainability
strategy centres on improving energy efficiency through technology or engineering solutions, asFor more information on ART’s Sustainability-Linked Finance Framework, please visit here
Greenium or green premium refers to the cheaper cost of funding by issuing debt that have positive environmental
impact as compared to traditional bonds
3
By the total gross floor area
4
SPT Observation date: (1) in the event that an Exception Event, as defined under the bond pricing supplement, has
not occurred, 31 December 2025 and, (2) in the event that an Exception Event has occurred, 31 December 2026,
being the date on which the SPT is to be satisfied
12

Ascott Residence Trust Management Limited(Manager of Ascott Real Estate Investment Trust) (Regn No.: 200516209Z)
Ascott Business Trust Management Pte. Ltd.
(Trustee-Manager of Ascott Business Trust) (Regn No.: 201925299R)
168 Robinson Road #30-01 Capital Tower Singapore 068912
t (65) 6713 2888
www.ascottresidencetrust.com

well as increasing the use of renewable energy. Our efforts are also guided by a Sustainability
Committee comprising members from ART’s senior management team as well as operations andtechnical department experts. As of 31 December 2021, 33% of ART’s portfolio is green-certified
and we target to green the rest of our portfolio by 2030. We continue to work with our operatorsand lessees to green our properties globally, and contribute to the environmental and social wellbeing of the communities we operate in.”ART’s Sustainability-Linked Finance Framework facilitates the future issuance of sustainabilitylinked bonds and loans tied to its environmental, social and governance (ESG) objectives including
selected United Nations’ Sustainable Development Goals. ART has engaged Moody’s ESG
Solutions to provide a Second-Party Opinion (SPO)5 on ART’s Sustainability-Linked Finance
Framework. According to Moody’s ESG Solutions, “ART’s key performance indicators areclearly defined, measurable and demonstrate a robust level of ambition compared to peers in thehospitality sector. Its Sustainability-Linked Finance Framework has clearly disclosed its strategies
to achieve its SPTs and are credible.”
Fitch Ratings had assigned a ‘BBB-’ long-term issuer default rating, with stable outlook to ART.
The rating reflects the growing diversification of ART’s property portfolio towards longer-stayassets, such as student accommodation and rental housing, in the medium term. This improves its
business-risk profile and boosts income stability as global travel demand gradually resumes. ARTremains resilient due to good portfolio diversification across asset classes and geographies. ART’s
sustainability-linked bond is also rated ‘BBB-’ by Fitch. DBS Bank Ltd. is the sole sustainablefinance advisor, lead manager and bookrunner for the transaction.
ART’s sustainability achievements and commitment
ART is aligned with and actively contributes to the targets set out under CapitaLand’s 2030
Sustainability Master Plan. The strategic blueprint outlines the Group’s efforts towards building aresilient and resource-efficient real estate portfolio, enabling thriving and future-adaptive
communities, and accelerating sustainability innovation and collaboration. These include working
towards achieving the reduction targets for carbon emissions, energy and water consumption andwaste generation, as well as an increased use of renewable energy.
ART’s leadership in sustainability has been recognised by international benchmarks. In October
2021, ART was named ‘Global Sector Leader - Hotel’ in the Global Real Estate Sustainability
Benchmark (GRESB) and ranked first in the Singapore Governance and Transparency Indexwithin the REITs and Business Trusts category.
In January 2021, ART was the first hospitality trust in Singapore to secure a green loan. Proceedsfrom the loan were used to finance lyf one-north Singapore, ART’s maiden development project.
The newly opened coliving property is fitted with green, energy-efficient and smart building
features and is certified with Green Mark GoldPLUS by the Building and Construction Authority ofSingapore.
5The SPO was originally provided by Vigeo Eiris (V.E.), which is now part of Moody’s ESG Solutions

Ascott Residence Trust Management Limited(Manager of Ascott Real Estate Investment Trust) (Regn No.: 200516209Z)
Ascott Business Trust Management Pte. Ltd.
(Trustee-Manager of Ascott Business Trust) (Regn No.: 201925299R)
168 Robinson Road #30-01 Capital Tower Singapore 068912
t (65) 6713 2888
www.ascottresidencetrust.com

About Ascott Residence Trust
Ascott Residence Trust (ART) is the largest hospitality trust in Asia Pacific with an asset value of
S$7.7 billion as at 31 December 2021. Having listed on the Singapore Exchange Securities Trading
Limited (SGX-ST) since March 2006, ART’s objective is to invest primarily in income-producing
real estate and real estate-related assets which are used or predominantly used as serviced
residences, rental housing properties, student accommodation and other hospitality assets in any
country in the world. ART is a constituent of the FTSE EPRA Nareit Global Real Estate IndexSeries (Global Developed Index).
ART's international portfolio comprises 93 properties with over 17,000 units in 43 cities across 15
countries in Asia Pacific, Europe and the USA as at 31 December 2021.
ART's properties are mostly operated under the Ascott The Residence, Somerset, Quest andCitadines brands. They are mainly located in key gateway cities such as Barcelona, Berlin,Brussels, Hanoi, Ho Chi Minh City, Jakarta, Kuala Lumpur, London, Manila, Melbourne, Munich,New York, Paris, Perth, Seoul, Singapore, Sydney and Tokyo.
ART is a stapled group comprising Ascott Real Estate Investment Trust (Ascott Reit) and AscottBusiness Trust (Ascott BT). ART is managed by Ascott Residence Trust Management Limited (asmanager of Ascott Reit) and Ascott Business Trust Management Pte. Ltd. (as trustee-manager ofAscott BT), both of which are wholly owned subsidiaries of Singapore-listed CapitaLand
Investment Limited, a leading global real estate investment manager with a strong Asia foothold.
Visit www.ascottresidencetrust.com for more information.

About CapitaLand Investment Limited
Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global
real estate investment manager (REIM) with a strong Asia foothold. As at 31 December 2021, CLI
had about S$122.9 billion of real estate assets under management, and about S$86.2 billion of realestate funds under management (FUM) held via six listed real estate investment trusts and businesstrusts, and 29 private funds across the Asia-Pacific, Europe and USA. Its diversified real estate
asset classes cover integrated developments, retail, office, lodging, business parks, industrial,logistics and data centres.
CLI aims to scale its FUM and fee-related earnings through its full stack of investment
management and operating capabilities. As the listed investment management business arm of theCapitaLand Group, CLI has access to the development capabilities of and pipeline investment
opportunities from CapitaLand’s development arm. Being a part of the well-established
CapitaLand ecosystem differentiates CLI from other REIMs.
As part of the CapitaLand Group, CLI places sustainability at the core of what it does. As a

Ascott Residence Trust Management Limited(Manager of Ascott Real Estate Investment Trust) (Regn No.: 200516209Z)
Ascott Business Trust Management Pte. Ltd.
(Trustee-Manager of Ascott Business Trust) (Regn No.: 201925299R)
168 Robinson Road #30-01 Capital Tower Singapore 068912
t (65) 6713 2888
www.ascottresidencetrust.com

responsible real estate company, CLI contributes to the environmental and social well-being of thecommunities where it operates, as it delivers long-term economic value to its stakeholders.
Visit www.capitalandinvest.com for more information.

Important NoticeThis release may contain forward-looking statements. Actual future performance, outcomes andresults may differ materially from those expressed in forward-looking statements as a result of anumber of risks, uncertainties and assumptions. Representative examples of these factors include(without limitation) general industry and economic conditions, interest rate trends, cost of capitaland 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 andthe continued availability of financing in the amounts and the terms necessary to support futurebusiness.
You are cautioned not to place undue reliance on these forward-looking statements, which arebased 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 release. Neither Ascott
Residence Trust Management Limited and 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 orindirectly, from any use of, reliance on or distribution of this release or its contents or otherwisearising in connection with this release.
The past performance of Ascott Residence Trust (“ART”) is not indicative of future performance.
The listing of the stapled securities in ART (“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 wellas 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 listedon 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 release is for information only and does not constitute an invitation or offer to acquire,purchase or subscribe for the Stapled Securities.

Ascott Residence Trust Management Limited(Manager of Ascott Real Estate Investment Trust) (Regn No.: 200516209Z)
Ascott Business Trust Management Pte. Ltd.
(Trustee-Manager of Ascott Business Trust) (Regn No.: 201925299R)
168 Robinson Road #30-01 Capital Tower Singapore 068912
t (65) 6713 2888
www.ascottresidencetrust.com

Issued by:
Ascott Residence Trust Management Limited
Ascott Business Trust Management Pte. Ltd.
168 Robinson Road, #30-01 Capital Tower, Singapore 068912
Tel: (65) 6713 2888 Fax: (65) 6713 2121
Website: http://www.ascottresidencetrust.com
For more information, please contact:
Analyst Contact
Denise Wong
HeadInvestor Relations & Sustainability
Tel: (65) 6713 2151
Email: denise.wong@the-ascott.com

Media Contact
Joan TanVice PresidentGroup Communications
Tel: (65) 6713 2864 / HP: (65) 9743 9503
Email: joan.tanzm@capitaland.com