CapitaLand Ascott Trust -1942024- Business Updates 24 April 2024
This presentation may contein forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking state result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (vithout limitation) general industry and economic conditions, i trends, cost of capital and capital availability, availability of real estets procerties, competition from other cevelopments or comparies, shifts in customer demands, shift of occupancy rate, property rental income, charge out collections, charges in operating expenses (including employes wages, benefits and training, property operating expense 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 urdue reliance on these forward-looking statements, which are based on the current view of management regarding future events. No representati 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 presentation. Neither CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pre, Ltd, ("Managers") nor any of their affiliates, adviser representatives shall have any litability whatsoever (in negilisence or othervise) for any loss howsoever arising, whether directly or indirectly, from any use of, reliance 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 atspled securities in CLAS ("Stapled Securities") on the Exclange Securities Trading Limited ("SOX-ST") does not quarentee a liquid marketfor the Stapled Securities. The value of the Stapled Securities and the income derived from fall as well as rise. Stapled Securities are not obligations of, deposits in, or guaranteed by, the Managers or any of their sfillates. An investment in the Stapled Securiti 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 Securi 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, 04 Portfolio Updates 05 Capital & Risk Management 06 Looking Ahead Key Market Updates Chaomes Gentral Shafuka lokyo dela Ascott Orchard Singapore
Cap/taLand ). Ascott Trust So s o
Constituent of FTSE EPRA Nareit Global Developed Index 5$8.5b Total Assets Units 102¹ Properties 45 Cities in 16 countries 5$3.6b Market Capitalisation Notes: Above as at/for period ended 31 Mar 2024 unless otherwise stated 1. Including Somerset Liang Court Singapore which is currently under development
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Global in Presence, Anchored in Asia Pacific
Geographical Allocation
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 Target Asset Allocation 25-30% in longer-stay accommodation Resilient and counter-cyclical assets 70-75% in serviced residences and hotels Beneficiaries of travel recovery 17% Longer-stay accommodation 6% Rental housing 11% Student accommodation
1Q 2024 Business Updates
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Sustained demand for lodging and portfolio reconstitution efforts drove stronger performance
Higher gross profit in 1Q 2024
. 1Q 2024 gross profit rose 15% year-on-year (y-o-y) due to stronger operating performance and contributions from new properties On a same-store basis, excluding acquisitions and divestments between 1Q 2023 and 1Q 2024, gross profit was 7% higher y-o-y due to stronger operating performance In 1Q 2024, 1 property was acquired and 5 properties were divested • Teriha Ocean Stage, a rental housing property in Fukuoka, Japan, was acquired in Jan 2024 • Courtyard by Marriott Sydney-North Ryde in Australia was divested in Jan 2024 •   Hotel WBF Kitasemba East, Hotel WBF Kitasemba West and Hotel WBF Honmachi in Osaka, Japan were divested in Mar 2024 • Citadines Mount Sophia Singapore was divested in Mar 2024 Balanced mix of stable and growth income sources . Stable and growth income sources contributed 64% and 36% of gross profit in 1Q 2024 respectively Higher proportion of stable income in 1Q 2024 was mainly due to 1Q being a seasonally softer quarter for transient travel
Master Leases Notes: Above count as at 31 March 2024, excludes Somerset Liang Court Singapore which is currently under development Includes Eslead College Gate Kindaimae which is a student accommodation property under master lease Management contracts with minimum guaranteed income (MCMGI)
1Q 2024 Business Updates
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Notes. Revenue per available unit (RevPAU) relates to properties under management contracts and management contracts with minimum guaranteed income (MCMGI), excludes master 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 Refers to the y-o-y rent growth for the academic year 2023-2024 excluding Standard at Columbia, which began receiving students in Aug 2023 Refers to contributions from 2 properties acquired in 2Q 2023 and Teriha Ocean Stage which was acquired in 1Q 2024 Excluding Teriha Ocean Stage, which is a newly-completed property and still in its ramp-up period
1Q 2024 Business Updates
9 ( S Keff U odates La Clef Louvre Paris Cap/taLand Ascott Trust
All key markets posted RevPAU growth
Well-staggered master lease expiry •   Master leases expiring in FY 2024 comprise 7% of CLAS’ master lease gross rental income; all 3 master leases are in France Notes: RevPAU relates to properties under management contracts and MCMGI, excludes master leases, rental housing and student accommodation 1. 1Q 2019 same-store pro forma RevPAU includes the A-HTRUST portfolio and excludes properties that were acquired or divested from 2019 to 2024 2. Excluding Courtyard by Marriott Sydney-North Ryde which was divested in January 2024 3. Not applicable as CLAS' Singapore properties as at 31 Mar 2024 were under different contract types or not completed as at/for the period ended 31 Mar 2019 Excluding The Cavendish London which was acquired in Nov 2023 4. 5. Excluding the units under renovation at Citadines Holborn-Covent Garden London, the 1Q 2024 RevPAU of the UK portfolio would be 112% of 1Q 2019 RevPAU 6. Percentage of gross rental income for master leases expiring at respective years over the total gross rental income for all master leases
1Q 2024 Business Updates
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11% of total assets: 5 serviced residences (SRs) under master leases; 2 SRs and 6 hotels¹ under management contracts
Management Contracts – SRs & Hotels
•  1Q 2024 RevPAU rose 8% y-o-y to AUD 168 due to better performance at the hotels and SRs •  On a same-store basis 3.4 , 1Q 2024 RevPAU increased 10% y-o-y to AUD 170 and exceeded 1Q 2019 pro forma RevPAU⁵ by 12% Strong short-stay demand largely from the domestic leisure segment on the back of several high-profile events, including concerts by Taylor Swift and Pink, 2024 Australian Open Juniors Championships and F1 Grand Prix 2024 (historically held in 2Q) •   Healthy outlook for 2Q 2024, with demand mainly from corporate and MICE segments; several events, such as National Rugby League tournaments and Vivid Sydney 2024, are expected to provide an uplift As at 31 Mar 2024; excludes CMSNR which was divested in Jan 2024 Pertains to the hotels and serviced residences under management contracts only 1Q 2023 RevPAU was AUD 155, both including and excluding CMSNR Excluding contribution from CMSNR which was divested in Jan 2024 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 • Completed the divestment of Courtyard by Marriott Sydney-North Ryde (CMSNR) in Jan 2024; divestment of Novotel Sydney Parramatta expected to be completed in 3Q 2024 •   Novotel Sydney Central is now operated by The Ascott Limited and known as Sydney Central Hotel; the property will be rebranded under the Citadines brand post-AEI
Master Leases – SRs
•   1Q 2024 revenue from master leases was 7% higher y-o-y, mainly due to rent increases •   Properties continue to collect fixed rent (with annual indexation), providing stable income to the portfolio
1Q 2024 Business Updates
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Higher revenue following master lease renewals; events to drive demand in 2Q 2024
8% of total assets:
12 SRs under master leases
•  1Q 2024 revenue increased 2% y-o-y mainly due to higher rent received from the master leases that were recently renewed and higher recovery of costs, partially offset by the divestment of 4 properties in Sep 2023; on a same-store basis¹, 1Q 2024 revenue increased 12% y-o-y • ADR continued to surpass 1Q 2019 pre-Covid levels; average occupancy was lower due to the ongoing refurbishment of Citadines Les Halles Paris and La Clef Tour Eiffel Paris •   Demand mainly from short-stay segments and group bookings in 1Q 2024 •  Performance in 2Q 2024 expected to be supported by corporate and cultural group segments, with the Taylor Swift concerts in May and Jun and several fashion events in Jun providing an uplift •   Renovation of Citadines Les Halles Paris and La Clef Tour Eiffel Paris expected to complete in 2Q 2024, ahead of the Olympic Games 2024 in Paris • Properties have secured group bookings for the Olympic Games and expect demand to increase further as the event approaches 1. Excluding contribution from the 4 properties (Citadines City Centre Lille, Citadines Croisette Cannes, Citadines Castellane Marsellie and Citadines Prado Chanot Marselle) w
1Q 2024 Business Updates
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16% of total assets: 2 hotels and 1 student accommodation under master lease; 3 SRs and 24 rental housing¹ under management contracts
Management Contracts – SRs

Master Leases – Hotels & Student Accommodation
• Received variable rent in addition to fixed rent at the hotels due to strong operating performance • Received fixed rent at the student accommodation property in Osaka Notes: As at 31 Mar 2024; includes Teriha Ocean Stage which was acquired in Jan 2024 1. 2. Excluding Somerset Azabu East Tokyo which was divested in Dec 2020 Excluding Teriha Ocean Stage, which is a newly-completed property and still in its ramp-up period. 3.
Management Contracts – Rental Housing
•  Contribution from 3 additional properties in 1Q 2024 compared to 1Q 2023, comprising two properties acquired in 2Q 2023 and
•  Divestment of Hotel WBF Kitasemba East, Hotel WBF Kitasemba West and Hotel WBF Honmachi was completed in Mar 2024 14 Concerts and events lift performance in 1Q 2024 16% of total assets: 1 SR and 1 hotel¹ under management contract with minimum guaranteed income (MCMGI); 1 SR under management contract²; 1 SR under development
MCMGI and Management Contracts – SRs and hotels
•   1Q 2024 RevPAU for properties under management contracts and MCMGI was 6% higher y-o-y at S$182 primarily due to higher ADR •  The increase in RevPAU was mainly due to uplift from concerts and events and stronger performance at The Robertson House by The Crest Collection (TRH) post-renovation (renovation commenced in 1Q 2023 and completed in 1Q 2024) • RevPAU growth in 1Q 2024 was partially offset by Citadines Mount Sophia Singapore (CMSS), which ceased operations in Feb 2024 in preparation for the divestment in Mar 2024; excluding CMSS, 1Q 2024 RevPAU increased 10% y-o-y to S$189 •  Higher volume of bookings from China travellers was observed during the Chinese New Year holidays, which coincided with the introduction of the bilateral visa-free travel arrangement between China and Singapore •   Market demand for corporate and relocation stays is expected to be subdued in 2Q 2024, partially mitigated by events Notes: As per the terms of the hotel management agreement, TRH was converted from "management contract" to "MCMGI" from Jan 2024 As at 31 Mar 2024; excludes CMSS which was divested in Mar 2024 2. RevPAU in 1Q 2023 was S$172, both including and excluding CMSS 3. Excluding CMSS which was divested in Mar 2024 4.
Healthy demand from short stay segments and contribution from The Cavendish London
11％ of total assets:
4 SRs and 1 hotel under management contracts with minimum guaranteed income (MCMCI) •  1Q 2024 RevPAU rose 11% y-o-y to GBP 124 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, RevPAU dipped slightly by 1% y-o-y to GBP 111, 93% of pre-Covid 1Q 2019 RevPAU, as occupancy was impacted by the refurbishment at Citadines Holborn-Covent Garden London • Excluding the units under renovation, the 1Q 2024 RevPAU¹ of the UK portfolio would be 112% of 1Q 2019 RevPAU •   Demand was largely from the short-stay segments, with public holidays in 1Q 2024 driving leisure demand •   Performance in 2Q 2024 is expected to be supported by a base of corporate and group bookings and transient demand arising from several events, such as the Taylor Swift concert, RHS Chelsea Flower Show and Wimbledon 2024 • All properties are under MCMGI; variable income will allow CLAS to enjoy the upside from increased lodging demand while the guaranteed income continues to offer downside protection 1. Excluding contribution from TCL which was acquired in Nov 2023
1Q 2024 Business Updates
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Demand for hotels healthy; pre-leasing for student accommodation favourable 20% of total assets: 3 hotels and 8 student accommodation under management contracts
Management Contracts – Hotels

Minimal direct supply of new hotels in New York City in 2024 is expected to support ADR growth
Management Contracts – Student Accommodation
•   Average occupancy of the properties was c.92% in 1Q 2024 • Rent growth for the academic year (AY) 2023-2024 was c.5.5% y-o-y²; excluding Wildwood Lubbock
RevPAU (USD)¹ Notes: Pertains to the 3 hotels and excludes the student accommodation properties 2. Excluding Standard at Columbia which began receiving students in Aug 2023
1Q 2024 Business Updates
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ortfolio Updates Cap/taLand Ascott Inust Paloma Raleigh
Opportunistic divestments to unlock value . Divesting properties which have reached the optimal stage of their life cycle Redeploying proceeds into more optimal uses, including investing in higher-yielding properties, funding asset enhancement initiatives (AEIs) and paying down higher interest rate debt Investing in quality properties at higher yields • Investing in properties in prime locations of key capital cities and which are supported by strong demand drivers Selectively undertaking development projects with higher yields •   Accretive investments create value for CLAS and improve returns to Stapled Securityholders Asset enhancement to drive returns • AEls to enhance the properties' performance and valuations •   Pipeline of AEls from 2024 to 2026 provides CLAS with the next wave of uplift beyond the travel recovery
1Q 2024 Business Updates

Divesting S$408.1 mil in assets at average exit yield of 3.8%¹; recycling capital into more optimal uses
Note: 1. The ext yeld of the France and Australa properties is computed based on FY 2022 EBITDA. The ext yeld of the Singapore property is computed based on FY 2023 EBITDA. The ext 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%
1Q 2024 Business Updates
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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 Singapore¹
• 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 2026 Note: 1. Expected opening date and property details for Somerset Liang Court Singapore are subject to change
1Q 2024 Business Updates
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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 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 c
1Q 2024 Business Updates

In alignment with CapitaLand Investment's 2030 Sustainability Master Plan (SMP)
Note: 1.    Linited assurance on the CLAS Sussianability Report 2022, setected Global Reporting Inflathe Sustanability Reporting Standards disclosures and SLBs' key performance in Assurance Engagement 3000 Assurance Engagements other than Audits or Reviews of Historical Financial Information (ISAE 3000)
1Q 2024 Business Updates
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Capital & Risk Management Somerset Millennium Makati Cap/taLand 7Ascott Trust
Strong financial capacity and healthy liquidity position The ratio of net debt to net assets for CapitaLand Ascott REIT Group and CapitaLand Ascott Business Trust Group is 65.5% and 20.0% respectively; the ratio for CLAS is 58.1% nt 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 trailing 12 months from Apr 2023 to Mar 2024 alances as at 31 Mar 2024; includes committed credit facilities amounting to approximately S$351 mil
1Q 2024 Business Updates

Well-staggered debt maturity profile and diversified funding sources 66% : 34% Bank loans : Medium Term Notes Total debt on fixed rates 3.9 years Weighted average debt to maturity S$’ mil Managing liquidity risks through diversified funding sources 48% 1,430
Key Updates
•  Gearing healthy at 37.7% and expected to remain under 40% • Proceeds from recent divestments offer CLAS greater financial flexibility •   As at Apr 2024, some of the proceeds have been utilised to pare down higher interest rate debt, delivering immediate accretion Average cost of debt increased to 3.0% mainly due to higher proportion of GBP and EUR debt arising from the new acquisitions •  In Mar 2024, CLAS issued S$120 mil in medium term notes to refinance some of the debt maturing in FY 2024
1Q 2024 Business Updates
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Ascotti Jakarta
Travel seasonality returns; portfolio reconstitution and AEIs offer further capacity for growth
Notes: Source: International Monetary Fund, Jan 2024 1. Source: United Nations World Tourism Organization, Jan 2024
1Q 2024 Business Updates
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