Slides
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3Q 2026 Business Updates 27 October 2026
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CapitaLand Ascott Trust 2 Important Notice This presentation (“Presentation”) is prepared by CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd. (“Managers”) and is strictly confidential to the person to whom it is provided. This Presentation is for general informational purposes only and is provided on the basis that it should not be relied upon for any purpose other than the purposes of discussion. The transactions and information described in this Presentation are for illustration only and do not create any legally binding obligations and remain subject to negotiation and execution of final documentation (if any) on terms satisfactory to the Manager and the recipient(s) of this Presentation. This presentation is for informational purposes only and does not constitute an advertisement or an offer to sell any securities, funds, or investment products or services ("Products"). Any investment decision should be based on a thorough review of the offering materials and due diligence by the prospective investor. The information herein is not intended to be an offer, sale or invitation for subscription or purchase of any Products or a solicitation to use the Managers’ and its affiliates’ services, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment on the part of any person proceeding with any transactions. This Presentation may contain forward-looking statements. By their nature, forward-looking statements are subject to numerous assumptions, risks, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements because they relate to events and depend on circumstances that may or may not occur in the future. 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. Forward-looking statements are not guarantees of future performance. The forward-looking statements are based on the current view of management as of the date of such statements, regarding future events. None of the Managers and its affiliates assume any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events or otherwise. The contents of the Presentation contain information from published and non-published sources and third-party information from sources believed to be reliable. The accuracy of such information has not been independently verified by the Managers and its affiliates. Unless otherwise stated, data is sourced from the Managers and the information is based on matters as they exist as of the date of its preparation and is subject to change. No representation or warranty expressed 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 the Managers nor any of its 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, reliance 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 (the “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 its 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. Copyright of the Presentation solely and exclusively belongs to the Managers. The Presentation must not be reproduced, shared, copied, used, disclosed or otherwise made available to any other person, directly or indirectly, in whole or in part, without the prior express written consent of the Managers. The receipt of this Presentation by its recipients implies their full acceptance of the above statements.
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CapitaLand Ascott Trust Table of Contents 1 2 3 4 5 6 3Q 2026 Business Updates Key Market Updates Portfolio Updates Capital & Risk Management Looking Ahead Appendix
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CapitaLand Ascott Trust 4 Largest Lodging Trust in Asia Pacific Proxy to the travel and living sectors Notes: Above as at/for period ended 30 Sep 2026 1. Including Somerset Clarke Quay Singapore which is currently under development 4 S$8.7b Total Assets 1061 Properties 45 Cities in 16 countries >18,0001 Units S$3.2b Market Capitalisation 35 properties The United States of America The United Kingdom China Japan Vietnam Malaysia Singapore Indonesia 11 properties 5 properties Belgium 2 properties Germany 5 properties Spain 1 property France 12 properties 4 properties The Philippines 2 properties 5 properties1 Australia 12 properties 3 properties 1 property 5 properties South Korea 2 properties Ireland 1 property Diversified lodging asset classes 501 17 29 9 1 Serviced Residences Hotels / Business Hotels Rental Housing Student Accommodation Coliving 3Q 2025 Business Updates CLAS’ key markets 3Q 2026 Business Updates
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CapitaLand Ascott Trust 5 Portfolio Value as at 30 Sep 2026 Living sector 70-75% in serviced residences and hotels 25-30% in rental housing, student accommodation and coliving Hospitality assets Target Asset Allocation Total Assets as at 30 Sep 2026 26% Europe 55% Asia Pacific 19% USA 34% Hotels 46% Serviced Residences 20% Living Sector 11% Student Accommodation 7% Rental Housing CapitaLand Ascott Trust’s Positioning Diversified and well-balanced portfolio to deliver sustainable returns Global in presence, anchored in Asia Pacific • Largest lodging trust in Asia Pacific • Diversified across 16 countries, Asia Pacific remains core • Presence in large domestic markets and key gateway cities Geographical Allocation Predominantly in Asia Pacific Remainder in Europe/USA 2% Coliving 3Q 2026 Business Updates
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CapitaLand Ascott Trust 6 Sustainability ratings & accolades Sustainability Highlights Recognised as Global Listed Sector Leader – Hotel in GRESB and ranked #1 in SGTI, both for the 6th consecutive year Note: 1. Limited assurance on the CLAS Sustainability Report, selected Global Reporting Initiative Sustainability Reporting Standards disclosures and sustainability linked bonds’ 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) 6 • Global Sustainability Yearbook S&P Global Sustainability Yearbook 2025 and 2026 • Global Listed Sector Leader – Hotel for 6th consecutive year • 5-star Rating GRESB 2026 • Ranked #1 for the 6th consecutive year Singapore Governance and Transparency Index (SGTI) (REITs and Business Trusts) in 2026 • Upgraded to ‘AA’ in Mar 2026 MSCI ESG Ratings • ‘Negligible’ ESG risk rating Sustainalytics • 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 • c.S$650 mil in sustainable financing to dateSustainable finance • CLAS’ sustainability report is externally assured in accordance with ISAE 30001 Sustainability reporting • c.70% of CLAS’ gross floor area green certified as at May 2026 o Met 50% target in 2025 • Continue to work towards 2030 reduction targets o Carbon emissions intensity by 72% o Energy consumption intensity by 15% o 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 Performance & reporting 3Q 2026 Business Updates
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1. 3Q 2026 Business Updates
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CapitaLand Ascott Trust 8 • 3Q 2026 gross profit was impacted by transitional impact from portfolio reconstitution: • Income contribution from new acquisitions in 2H 2025 and 2026 • Offset by closure of The Cavendish London (TCL) for renovations and income disruption from ongoing AEIs and divestments • Excluding TCL, 3Q 2026 gross profit remained relatively stable • Operating portfolio performance was stronger by 4% y-o-y on a same-store basis, excluding acquisitions, divestments and TCL Positioning the Portfolio for Sustainable Distributions and Long-term Growth 3Q 2026 Business Updates Stronger same-store operating performance in 3Q 2026 Note: Acquisitions include: 6 rental housing properties in Japan (in Aug 2025 and Feb 2026) and Coliwoo Midtown (in Sep 2026); Divestments include: Citadines Central Shinjuku Tokyo (in Oct 2025) and The Robertson House by The Crest Collection (in Jul 2026) CLAS remains committed to delivering stable DPS as it actively reconstitutes its portfolio and enhances portfolio quality through AEIs and development pipeline, supported by sustained operating performance and distribution of retained non-periodic and/or divestment gains as appropriate Increase Decrease Total 3Q 2025 Gross Profit Net effect of acquisitions and divestments, and short- term impact of AEIs (other than TCL) Closure of TCL Depreciation of foreign currencies Stronger same-store operating performance 3Q 2026 Gross Profit Gross Profit – 3Q 2025 vs 3Q 2026 Top up for TCL
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2. Key Market Updates
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CapitaLand Ascott Trust 10 3Q 2026 Business Updates Notes: RevPAU relates to properties under management contracts and MCMGI, excludes master leases, rental housing and student accommodation 1. Same-store RevPAU / Revenue excludes acquisitions, divestments and/or AEI 3Q 2026 Portfolio RevPAU of S$164 with occupancy of 84% 3Q 2026 RevPAU Y-o-Y % Change in RevPAU Actual Same-store1 Australia AUD 165 (1%) N.A. Japana JPY 11,205 (1%) 11% Singaporeb S$ 197 0% (4%) United Kingdom (UK)c GBP 188 (4%) (1%) USA USD 289 12% N.A. a. Japan: Actual RevPAU was affected by the divestment of Citadines Central Shinjuku Tokyo b. Singapore: Actual RevPAU was affected by the divestment of The Robertson House by The Crest Collection; same-store RevPAU was affected by repositioning of lyf one-north Singapore as a long-stay property c. UK: Actual RevPAU was affected by the closure of The Cavendish London (TCL) for renovations 3Q 2026 Revenue Y-o-Y % Change in Revenue Actual Same-store1 Franced (all master leases) EUR 5.9 mil 2% (2%) Japan Rental Housinge JPY 874.1 mil 14% 1% USA Student Accommodation USD 13.2 mil 2% N.A. d. France: Actual revenue was affected by the AEIs of Citadines Place d’Italie Paris and Citadines République Paris e. Japan Rental Housing: Actual revenue was higher due to the acquisition of six properties in Aug 2025 and Feb 2026 Key Market Performance Summary 3Q 2026 Portfolio RevPAU up 4% excluding TCL, acquisitions and divestments
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CapitaLand Ascott Trust 11 166 165 3Q 2025 3Q 2026 RevPAU (AUD)1 -1% Management Contracts and MCMGI – SRs & Hotels • 3Q 2026 RevPAU for properties under management contracts and MCMGI was marginally lower by 1% y-o-y at AUD 165 despite the high base in 3Q 2025 from the British & Irish Lions rugby tour (28 Jun – 2 Aug 2025), which takes place once every 12 years in Australia • Total revenue was higher y-o-y, as an increase in F&B revenue from conferences and events mitigated the lower room revenue • The outlook for 4Q 2026 remains cautious against a strong prior-year base boosted by the Ashes cricket matches, which takes place once every 4 years in Australia; various concerts and sporting events are expected to provide support to demand Master Leases – SRs • 3Q 2026 revenue from master leases was 3% higher y-o-y due to rent increase • Negotiations for the master lease expiring in 4Q 2026 are in final stages 11% of total assets, 11% of 3Q 2026 gross profit: 2 SRs and 4 hotels under management contracts; 1 hotel under MCMGI; 5 SRs under master leases Australia Resilient performance despite stronger events calendar in 3Q 2025; master leases provide stability Note: 1. Pertains to the hotels and SRs under management contracts and MCMGI only 3Q 2026 Business Updates
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CapitaLand Ascott Trust 12 5.8 5.9 3Q 2025 3Q 2026 Revenue (EUR’mil) +2% • 3Q 2026 revenue increased 2% y-o-y mainly due to higher revenue from Citadines République Paris (République) after completion of its AEI (from 2Q 2025 to 4Q 2025), partially offset by lower rent from Citadines Place d’Italie Paris (Italie), which has been undergoing AEI since Jan 2026 o Excluding Italie and République, revenue from the other 10 properties was marginally lower by EUR 0.1 mil y-o-y • Arising from the recent unrest in France, forward bookings have slowed but remain positive y-o-y; the performance of CLAS’ properties, which are all under master leases, is expected to remain relatively resilient in 4Q 2026 8% of total assets, 9% of 3Q 2026 gross profit: 12 SRs under master lease France Healthy operating performance in 3Q 2026; revenue increased 2% y-o-y 3Q 2026 Business Updates
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CapitaLand Ascott Trust 13 10,0752 11,205 3Q 2025 3Q 2026 RevPAU (JPY)1 +11%2 17% of total assets, 13% of 3Q 2026 gross profit: 1 SR, 2 hotels and 29 rental housing under management contracts; 2 hotels and 1 student accommodation under master lease Management Contracts – SR & Hotels • 3Q 2026 RevPAU was marginally lower by 1% y-o-y at JPY 11,205 due to the divestment of Citadines Central Shinjuku Tokyo (CCST) in Oct 2025; on a same-store basis2, RevPAU was 11% higher due to stronger performance across the properties in Tokyo and Kanazawa • Outlook for 4Q 2026 remains positive Master Leases – Hotels & Student Accommodation • 3Q 2026 revenue was 16% lower y-o-y, primarily due to lower contribution from Sotetsu Grand Fresa Osaka-Namba amid its ongoing AEI and the absence of demand from the Expo 2025 Osaka. This was partially mitigated by higher variable rent from Sotetsu Grand Fresa Tokyo-Bay Ariake which continued to deliver strong operating performance 11,281 Japan 3Q 2026 Business Updates Growth mainly driven by properties under management contracts Notes: 1. Pertains to the hotels and SRs under management contracts only; excludes rental housing portfolio 2. Excludes CCST which was divested in Oct 2025 3. Excluding the six rental housing properties which were acquired in Aug 2025 and Feb 2026 Management Contracts – Rental Housing • 3Q 2026 revenue was 14% higher y-o-y mainly due to the acquisition of 6 rental housing properties in Aug 2025 and Feb 2026; on a same-store basis3, revenue was 1% higher due to positive rental reversion of about 5% • Rental housing portfolio continues to offer stable income with an average occupancy of >95%
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CapitaLand Ascott Trust 14 197 197 3Q 2025 3Q 2026 RevPAU (SGD)2 -4%3 Management Contracts and MCMGI – Hotel and SRs • 3Q 2026 RevPAU was stable y-o-y at S$197 • Excluding The Robertson House by The Crest Collection (TRH) which was divested on 30 Jul 2026, RevPAU was lower by 4% y-o-y • To capitalise on growing long-stay demand, lyf one-north Singapore (LONS) has been repositioned as a long-stay property. While ADR and revenue were lower as a result, operating margin and gross profit from the property increased y-o-y due to a leaner cost structure Master Leases – Hotel and Coliving • 3Q 2026 revenue from lyf Funan Singapore was marginally lower by S$0.1 mil y-o-y due to lower variable lease income • On 30 Sep 2026, CLAS acquired Coliwoo Midtown which is on a fixed rent structure with annual escalation4 • Long stays continue to underpin the performance of CLAS' properties, while events in 4Q 2026, such as the Formula 1 Grand Prix and BTS concerts, are expected to boost performance at lyf Funan Singapore • Somerset Clarke Quay Singapore (SCQ) is on schedule for completion in 2026; SCQ is expected to provide an additional income stream to CLAS in 2027, mitigating the absence of income from TRH 18% of total assets, 9% of 3Q 2026 gross profit: 1 SR under management contract; 1 SR under MCMGI; 1 hotel and 1 coliving under master lease; 1 SR under development1 Singapore 3Q 2026 Business Updates Stable income from master leases, coliving and long stays offer resilience Notes: 1. Property count is as at 30 Sep 2026, excluding TRH which was divested on 30 Jul 2026 and including Coliwoo Midtown which was acquired on 30 Sep 2026 2. Pertains to the hotel and SRs under management contracts and MCMGI only 3. Excludes TRH which was divested on 30 Jul 2026 4. From the second anniversary of the commencement date 2103 2023
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CapitaLand Ascott Trust 15 1891 3Q 2025 3Q 2026 RevPAU (GBP) -1%1 • On a same-store basis1, RevPAU remained broadly stable, decreasing marginally by 1% y-o-y to GBP 188 • Performance at the properties was underpinned by corporate groups and transient demand • Operating performance in 4Q 2026 is expected to remain healthy, driven by the festive season and events such as the Hyde Park Winter Wonderland • Renovation works at The Cavendish London (TCL) commenced in Jan 2026, and is expected to be completed in 2027; the property is closed during the AEI and CLAS will distribute retained non-periodic and/or past divestment gains to mitigate the impact 12% of total assets, 9% of 3Q 2026 gross profit: 4 SRs and 1 hotel under MCMGI United Kingdom 3Q 2026 Business Updates The Cavendish London closed for AEI; same-store RevPAU remains healthy 195 1881 Note: 1. Excluding TCL which has been closed for renovation since Jan 2026
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CapitaLand Ascott Trust 16 258 289 3Q 2025 3Q 2026 RevPAU (USD)1 +12% Management Contracts – Student Accommodation • 3Q 2026 revenue was 2% higher y-o-y, driven by stronger performance in academic year (AY) 2026-2027 which commenced in Aug 2026 • Occupancy across the student accommodation portfolio increased significantly from c.88% in AY 2025-2026 to c.98% in AY 2026-2027 • Based on in-place leases, revenue for AY 2026- 2027 is projected to be c.7% higher than AY 2025-2026 • CLAS’ properties are well located and primarily serve domestic students from reputable universities with strong enrolment demand 19% of total assets, 26% of 3Q 2026 gross profit: 3 hotels and 8 student accommodation under management contracts Management Contracts – Hotels • 3Q 2026 RevPAU grew 12% y-o-y to USD 289, driven primarily by higher demand during the FIFA World Cup, US Open and Fashion Week, and stronger performance of Sheraton Tribeca New York Hotel (Sheraton) post-AEI • The early completion of Sheraton AEI enabled the property to capitalise on the strong demand during the FIFA World Cup; ADR of Sheraton was 16% higher in 3Q 2026 against pre-AEI 3Q 2025 • Strong momentum is expected to be sustained in 4Q 2026, driven by events, conventions and year-end holiday demand United States 3Q 2026 Business Updates Strong performance across hotels and student accommodation assets Note: 1. Pertains to the 3 hotels and excludes the student accommodation properties
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3. Portfolio Updates
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CapitaLand Ascott Trust 18 • AEIs provide CLAS with further capacity for growth Divestments to unlock value Accretive Investments in quality properties • 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 AEIs and paying down debts with higher interest rates • Accretive investments in prime locations within key gateway cities supported by strong demand drivers for travel and/or living • Selectively undertaking development projects with attractive stabilised yields Asset Enhancement to uplift performance and valuations Proactive Investment & Portfolio Reconstitution Building a stronger portfolio, enhancing the quality and performance of CLAS’ properties 18 3Q 2026 Business Updates
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CapitaLand Ascott Trust 19 Completed over S$1.1 bil in divestments at up to 100% premium to book Divestments and Acquisitions from 2024 to YTD 2026 Divesting at premium to book, redeploying proceeds into accretive uses 19 Divestments Acquisitions Completed accretive acquisitions of over c.S$700 mil in quality assets at higher yields 2024 • Hotel WBF Kitasemba East • Hotel WBF Kitasemba West • Hotel WBF Honmachi • Infini Garden • Citadines Karasuma-Gojo Kyoto • Citadines Mount Sophia Singapore • Courtyard by Marriott Sydney- North Ryde • Novotel Sydney Parramatta 2025 • Somerset Olympic Tower Tianjin • Citadines Central Shinjuku Tokyo 2024 • Teriha Ocean Stage • lyf Funan Singapore • Remaining 10% stake in Standard at Columbia 2025 • ibis Styles Tokyo Ginza • Chisun Budget Kanazawa Ekimae • Pre de Cort Nishikyogoku • Pregio Esaka South • Splendide Namba West 2026 • Lime Residence Hiratsuka West • Lime Residence Hiratsuka East • Live Casa Hiratsuka 2026 • The Robertson House by The Crest Collection1 3Q 2026 Business Updates Notes: 1. Divestment of The Robertson House by The Crest Collection was completed on 30 Jul 2026 2. Acquisition of Coliwoo Midtown was completed on 30 Sep 2026 • Coliwoo Midtown2
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CapitaLand Ascott Trust 20 Divestment of The Robertson House by The Crest Collection in Jul 2026 Flexibility to redeploy proceeds into other uses Notes: 1. Book value is as at 31 December 2025. 2. Comprising S$0.3 million which is recognised in the statement of total return and S$36.7 million which is directly recognised in the revenue reserve as realisation of the asset revaluation reserve. 20 2.3% Exit yield based on FY 2025 EBITDA S$360 mil Divestment consideration 4.0% Premium to book value1 • Opportunistic divestment at attractive pricing o Divestment consideration of S$360.0 mil represents a c.4.0% premium to book value1 and exit yield of 2.3% based on FY 2025 EBITDA o Attractive price per key of c.S$1.1 mil compares favourably against recent hospitality transaction comparables • Strengthens CLAS’ financial flexibility and unlocks gains for Stapled Securityholders o Net proceeds of S$341.7 mil and net gain of c.S$37.0 mil2 o CLAS can redeploy the proceeds into other uses, such as reinvesting in higher-yielding properties, funding AEIs, repaying higher-interest debt, and/or for general corporate purposes 3Q 2026 Business Updates The Robertson House by The Crest Collection
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CapitaLand Ascott Trust 21 Acquisition of Coliwoo Midtown in Singapore in Sep 2026 3Q 2026 Business Updates Recycling capital into higher-yielding asset, expanding living sector portfolio and enhancing stable income Notes: 1. Computed based on pro forma FY 2025 DPS (adjusted for the divestment of TRH and the acquisition of Coliwoo Midtown) divided by pro forma FY 2025 DPS (adjusted for the divestment of TRH only). 2. Refers to earnings before interest, taxes, depreciation, amortisation (EBITDA) on agreed property value. 3. Subject to authorities’ approval. 4. With the option to renew the lease for another 10 years upon mutual agreement. 5. From the second anniversary of the commencement date. 6. As at 30 Sep 2026. 4.1% Entry EBITDA yield on FY 2025 pro forma basis S$134.0 mil Acquisition price +2.4% DPS accretion1 • Accretive acquisition recycling divestment proceeds • Funded by proceeds from the divestment of The Robertson House by The Crest Collection (TRH) • EBITDA yield of 4.1%2 on a FY 2025 pro forma basis is 180 bps higher than the exit EBITDA yield of TRH of 2.3% • Newly renovated asset with strong long-term demand • Located in the Bugis-Bras Basah precinct, one of Singapore's business, education and lifestyle hubs • Reopened in Mar 2026 following a major refurbishment, the 212-room property caters to a diverse resident base of corporate professionals, expatriates, international students and locals • Average occupancy rate of above 90% in Sep 2026; upon stabilisation, the average length of stay is expected to be 6 to 9 months • Opportunity to top up the remaining leasehold of 51 years to a fresh 99-year leasehold3 • Stable and defensive income with downside protection • 10-year triple-net master lease4, offering fixed rent and annual escalation5 • Including Coliwoo Midtown, living sector properties account for c.20% of CLAS’ total portfolio value6 • Singapore remains a key market for CLAS post transactions o CLAS has five lodging properties in Singapore, four of which are operational; Somerset Clarke Quay Singapore, is currently under redevelopment and on track for completion in 2026 Coliwoo Midtown 141 Middle Road, Singapore
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CapitaLand Ascott Trust 22 Asset Enhancement & Development Initiatives 3Q 2026 Business Updates Uplifting the value and profitability of properties in prime locations of key gateway cities Notes: Timelines are subject to change Images for The Cavendish London and Sydney Central Hotel are artist’s impressions 22 • Somerset Liang Court Singapore is being redeveloped into Somerset Clarke Quay Singapore, a 192-unit serviced residence with a hotel licence, located in the popular riverfront lifestyle and entertainment precinct • Development work is expected to be completed in 2026, with the planned opening by early 2027 Asset Enhancement Initiatives Development • Total capital expenditure for the four ongoing/completed AEIs + remaining capital expenditure for the Somerset Clarke Quay Singapore redevelopment is c.S$260 mil, of which CLAS’ investment is c.S$170 mil; the remaining will be funded by the master lessee or operator of the properties • Given the uncertain global outlook, CLAS will monitor the macroeconomic situation, lodging demand and renovation costs, and may adjust the AEI schedules The Cavendish London 1Q 2026 to 2027 (Ongoing) Sydney Central Hotel Under review Sotetsu Grand Fresa Osaka-Namba 4Q 2025 to 4Q 2026 (Ongoing) Citadines Place d’Italie Paris 1Q 2026 to 1Q 2027 (Ongoing) Sheraton Tribeca New York Hotel 1Q 2026 to 2Q 2026 (Completed) Redevelopment of former Somerset Liang Court Singapore
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4. Capital & Risk Management
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CapitaLand Ascott Trust 24 Strong financial and liquidity position 37.1% Gearing1 (c.S$2.2 bil debt headroom2) 68% of property value unencumbered Interest cover 3.0X 4 Low effective borrowing cost per annum 2.9% S$1.14 NAV per Stapled Security 47% Total assets in foreign currency hedged 0.9% (loss) Impact of foreign exchange after hedges on gross profit for 9M 2026 c.S$1.81 bil Total available funds comprising c.S$477 mil in cash on-hand and c.S$1.33 bil in available credit facilities3 Capital Management 3Q 2026 Business Updates CLAS’ discipline and prudence positions it well to weather global uncertainties Notes: Above as at/for period ended 30 Sep 2026 1. In accordance with the UK AIFM rules and regulations, the ratio of net debt to net assets for CapitaLand Ascott REIT Group and CapitaLand Ascott Business Trust Group is 64.2% and 19.7% respectively; the ratio for CLAS is 57.5% 2. Refers to the amount of additional debt before reaching aggregate leverage of 50% 3. Includes committed credit facilities amounting to c.S$641 mil 4. In accordance with the Monetary Authority of Singapore’s Code on Collective Investment Schemes 5. Assuming 100 bp increase in the weighted average interest rate of all borrowings and perpetual securities 6. Based on floating rate borrowings as at 30 Sep 2026 and fixed rate borrowings due in 2026 7. Based on additional interest expense per annum and number of stapled securities in issue as at 30 Sep 2026 24 (Stable Outlook) BBB Fitch Ratings Sensitivity analysis on interest cover • 10% decrease in EBITDA 2.7X • 100 bp increase in interest rate 2.3X5 Sensitivity analysis on DPS • 100 bp increase in interest rate6 Decrease of 0.17 cents7
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CapitaLand Ascott Trust 25 2026 2027 2028 2029 2030 and after 7% 227 39% 1,171 25% 770 17% 50712% 377 Capital Management 3Q 2026 Business Updates Note: Above as at 30 Sep 202625 Bank loans : Medium Term Notes 78% : 22% 3.3 years Weighted average debt to maturity c.80% Total debt on fixed rates Bank loans Medium Term Notes (MTN) Key Updates • Gearing decreased q-o-q from 37.7% to 37.1% as at 30 Sep 2026, after repayment of debt in 3Q 2026 using divestment proceeds • Effective borrowing cost expected to remain stable for rest of 2026, and increase slightly in 2027 mainly due to higher interest rates for loans denominated in JPY • Total debt on fixed rates at c.80% as at 30 Sep 2026; CLAS typically maintains 70%-80% of its debt on fixed interest rates to mitigate exposure to interest rate volatility Well-staggered debt maturity profile and diversified funding sources Debt maturity profile (S$’mil) Debt breakdown by currency JPY 41% USD 19% EUR 19% SGD 12% GBP 8% KRW 1%
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5. Looking Ahead
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CapitaLand Ascott Trust 27 Roadmap to a Stronger Portfolio 3Q 2026 Business Updates Disciplined portfolio reconstitution and a pipeline of projects to enhance the portfolio and grow distributions Note: Timelines are subject to change27 2026 2027 2028 Acquisitions & Divestments Portfolio Enhancement AEIs & Developments Potential Impact on Distributions • Proceeds from CCST and TRH divestments have been used to fund Coliwoo Midtown acquisition and pay down debt • Continued portfolio reconstitution through asset recycling and accretive acquisitions • Sotetsu Grand Fresa Osaka-Namba • The Cavendish London (TCL) • Sheraton Tribeca New York Hotel • Citadines Place d’Italie Paris • Completion of Somerset Clarke Quay Singapore (SCQ) redevelopment • Contribution from SCQ • Completion of TCL AEI • New AEI projects • Stabilised performance of SCQ • Opening of TCL post-AEI • New AEI projects • Retained non-periodic and/or past divestment gains will be distributed to mitigate the impact of the AEI of TCL • Higher contribution from completed projects and acquisitions • Retained non-periodic and/or past divestment gains will be distributed to mitigate the impact of the AEI of TCL • Higher contribution from completed / stabilised projects and acquisitions
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Thank You For enquiries, please contact: Ms Valencia Wong, Manager, Listed Funds - Investor Relations Email: ask-us@capitalandascotttrust.com CapitaLand Ascott Trust Management Limited CapitaLand Ascott Business Trust Management Pte. Ltd. Tel: (65) 6713 2888 | Fax: (65) 6713 2999 capitalandascotttrust.com
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6. Appendix
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CapitaLand Ascott Trust 30 Diversified Portfolio with Mix of Stable and Growth Income Streams 3Q 2026 Business Updates Notes: Above as at 30 Sep 2026. Excludes Somerset Clarke Quay Singapore which is currently under development 1. Includes Eslead College Gate Kindaimae, a student accommodation in Japan under master lease, and Coliwoo Midtown, a coliving property in Singapore under master lease, which was acquired on 30 Sep 2026 2. Excludes The Robertson House by The Crest Collection, a hotel under MCMGI, which was divested on 30 Jul 2026 3Q 2026 Gross Profit Living Sector (37 rental housing and student accommodation) 15% 29 Master Leases1 and 11 MCMGI2 47% Management Contracts of Hospitality Properties (28 serviced residences and hotels) 38% 38% Growth Income 62% Stable Income
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CapitaLand Ascott Trust 31 3% 7% 4% 8% 1% 77% 2026 2027 2028 2029 2030 2031 and beyond Lease expiry for master leases1 (as at 30 Sep 2026) • In 2026, there is one master lease in Australia expiring in 4Q; negotiations are in final stages • In 2027, there are three master leases in France expiring in 3Q Well-staggered Master Lease Expiry 3Q 2026 Business Updates Note: 1. Percentage of gross rental income for master leases expiring at respective years over the total gross rental income for all master leases
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CapitaLand Ascott Trust 32 Resilience Amid Macroeconomic Uncertainties 3Q 2026 Business Updates 32Investor Presentation • CLAS’ properties have the flexibility to adjust room rates in line with market conditions • CLAS’ predominantly long-stay portfolio has a leaner cost structure compared to full-service hospitality properties • Limited exposure to utility price volatility • Master leases: operating costs are largely borne by the lessees • Living sector: utility costs are borne by the tenants • Management contracts / MCMGI: where possible, CLAS has secured fixed rates with energy brokers or negotiated utility contracts • 60% - 70% of CLAS’ gross profit is derived from stable income sources • Living sector is counter-cyclical and resilient across market cycles • Master leases and MCMGI offer downside protection • Average length of stay of CLAS’ portfolio was c.2 months in FY 2025 • Diversification across portfolio and guest mix • Geographical diversification with exposure to both living and lodging assets reduces reliance on any single market or demand driver Diversification and stable income sources Disciplined cost management and leaner operating structure • Impact of rate hikes is mitigated by CLAS’ high proportion of debt effectively on fixed rates, for a weighted average of c.3.3 years; CLAS typically maintains 70%-80% of its debt on fixed interest rates to mitigate exposure to interest rate volatility • Average cost of debt is low at 2.9% p.a. and interest cover is healthy at 3.0 times • The strengthening of some currencies balances out the weakening of others • CLAS adopts a natural hedge by borrowing in the currency of the underlying assets and hedging instruments are used where appropriate Robust capital management CLAS is well-positioned to navigate macroeconomic uncertainty, supported by its diversified portfolio, stable income base and strong balance sheet Higher interest rate and foreign currency volatility Potential moderation in travel demand Higher costs in an inflationary environment
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CapitaLand Ascott Trust 33 How Our Key Markets are Positioned 3Q 2026 Business Updates Limited impact from Middle East conflict; electricity cost accounted for c.3% of CLAS’ total revenue in 9M 2026 33 % of 9M 2026 Gross Profit Contract Type / Asset Class Demand Source / Guest Profile Electricity Source and Contract Australia 11% • 5 ML • 7 MC/MCMGI • Majority domestic • Utility costs are borne by lessees • 100% fixed until end 2026 for the hotels; secured favourable renewable energy rates for 2027-2029 France 9% • 12 ML • Various • Utility costs are borne by lessees Japan 16% • 3 ML • Various • Utility costs are borne by lessees • 3 MC • Various • 100% variable (market norm) • Partial renewable energy • 29 Rental Housing • Domestic; leases are typically 2 years long • Utility costs are borne by tenants Singapore 10% • 2 ML • 2 MC/MCMGI • International; average length of stay >1 month • Utility costs are borne by lessee • 100% fixed until end 2026; secured favourable rates for 2027-2029 UK 8% • 5 MCMGI, including one property that is closed for AEI • Various • 60-70% fixed until 2028 USA 24% • 3 MC • Various • Predominantly fixed electricity rates locked in at lower rates through Aug 2027 • 8 Student Accommodation • Domestic; leases are 1 year long • Utility costs are passed through to tenants Note: Above as at 30 Sep 2026. ML – Master Lease; MC – Management Contract; MCMGI – Management Contract with Minimum Guaranteed Income
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CapitaLand Ascott Trust 34 3Q 2026 Business Updates Celebrating Two Decades of Strength and Stewardship 34 Resilience from diversification Balancing stable income with growth potential CLAS Today Strategic Priorities Ahead Proactive investment and portfolio management Strengthening portfolio quality and long-term income growth Largest lodging Trust in Asia Pacific Proxy to the travel and living sectors • Accretive acquisitions, strategic divestments and targeted asset enhancements • Progressing towards CLAS’ medium-term portfolio allocation of 25%-30% in the living sector, and 70-75% in hospitality assets • Strengthening presence in key markets • Recycling capital from divestments Disciplined capital management Delivering stable distributions • Healthy financial position supports disciplined capital management as CLAS executes its growth strategies • CLAS is committed to distributing stable distributions through enhancing distribution income from its operating performance and distributing non- periodic and/or divestment gains when appropriate
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CapitaLand Ascott Trust 35 Glossary of Terms AEI = Asset enhancement initiative AY = Academic year bp= Basis points DI = Distribution income DPS = Distribution per Stapled Security EBITDA = Earnings before interest, tax, depreciation and amortisation F&B = Food and beverage MCMGI = Management contract with minimum guaranteed income RevPAU = Revenue per available unit SR = Serviced residence q-o-q = Quarter-on-quarter y-o-y = Year-on-year 1H 2026 = Six months ended 30 Jun 2026 1Q 2026 = Three months ended 31 Mar 2026 2Q 2026 = Three months ended 30 Jun 2026 3Q 2026 = Three months ended 30 Sep 2026 4Q 2026 = Three months ended 31 Dec 2026 9M 2026 = Nine months ended 30 Sep 2026 9M 2025 = Nine months ended 30 Sep 2025 FY 2026 = Financial year ended 31 Dec 2026 FY 2025 = Financial year ended 31 Dec 2025 3Q 2026 Business Updates