CapitaLand Ascott Trust - Annual Report 2023

ANNUAL REPORT 2023

At CapitaLand Ascott Trust, we remain focused on creating long-term sustainable value for our stakeholders. We bring diverse ideas and leverage our global real estate investment management expertise across our multifaceted portfolio of serviced residences, hotels, rental housing and student accommodation properties – supported by a strong team on the ground. The convergence and interconnection of distinct shapes on the cover page captures this essence. It also showcases our dynamic ONE CapitaLand Ecosystem, as we forge ahead together with a shared purpose of making a positive impact. Leadership 12 Our Boards of Directors 18 The Managers CONTENTS WHERE IDEAS TAKE SHAPE Portfolio & Performance 20 Our Global Presence 22 Reconstituting Our Portfolio 26 Portfolio Overview 30 Operations Review 62 Financial Review 69 Portfolio Listing 76 Investor Relations Sustainability & Governance 79 Sustainability Management 87 Risk Management 93 Corporate Governance 136 Statement Of Policies and Practices Financial Statements and Other Information 143 Financial Statements 344 Additional Information Overview 2 About CapitaLand Ascott Trust 4 FY 2023 Key Highlights 6 Trust Structure & Organisation Stucture 7 5-Year Financial Summary 8 Q&A in Conversation with Chairman & CEO

OUR MISSION To deliver stable and sustainable returns to Stapled Securityholders OUR VISION To be the premier hospitality trust with quality assets in key global cities CapitaLand Ascott Trust (CLAS) is the largest lodging trust in Asia Pacific with an asset value of S$8.7 billion as at 31 December 2023. Having listed on the Singapore Exchange Securities Trading Limited (SGX-ST) since March 2006, CLAS’ 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. CLAS is a constituent of the FTSE EPRA Nareit Global Real Estate Index Series (Global Developed Index). CLAS’ international portfolio comprises 106 properties with over 19,000 units in 45 cities across 16 countries in Asia Pacific, Europe and the United States of America as at 31 December 2023. CLAS’ properties are mostly operated under the Ascott, Somerset, Quest and Citadines 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. CLAS continued to receive recognition in 2023 for its commitment to upholding high standards of corporate governance, investor engagement and sustainability. CLAS retained its top spot in the REITs and Business Trusts category of the Singapore Governance and Transparency Index 2023 for the third year running. CLAS was also named “Global Sector Leader (Listed – Hotel)” in the 2023 GRESB Real Estate Assessment for the third consecutive year, in recognition of its outstanding leadership in sustainability. CLAS is a constituent of the iEdge-UOB APAC Yield Focus Green REIT Index and the iEdge-OCBC Singapore Low Carbon Select 50 Capped Index. CLAS is a stapled group comprising CapitaLand Ascott Real Estate Investment Trust (CapitaLand Ascott REIT) and CapitaLand Ascott Business Trust (CapitaLand Ascott BT). CLAS is managed by CapitaLand Ascott Trust Management Limited (as manager of CapitaLand Ascott REIT) and CapitaLand Ascott Business Trust Management Pte. Ltd. (as trustee-manager of CapitaLand Ascott BT). The manager and trustee-manager are wholly-owned subsidiaries of Singapore-listed CapitaLand Investment Limited, a leading global real estate investment manager with a strong Asia foothold. ABOUT CAPITALAND ASCOTT TRUST 2 CAPITALAND ASCOTT TRUST

S$8.7B Total Assets 106 Properties >19,000 Units 16 Countries 45 Cities Leadership Overview Portfolio & Performance Sustainability & Governance Financial Statements and Other Information ANNUAL REPORT 2023 3

FY 2023 KEY HIGHLIGHTS 16% YoY increase to 6.57 cents Distribution per Stapled Security 23% YoY increase to S$148 Revenue per Available Unit Accretive acquisition of S$530.8M in lodging properties Divesting S$260.1M in mature properties Completed development of Standard at Columbia, with strong occupancy of >90% upon opening Embarked on 5 asset enhancement initiatives, with 3 more commencing in 2024 CONTINUED GROWTH IN DISTRIBUTIONS ACTIVE PORTFOLIO RECONSTITUTION AND ASSET ENHANCEMENT 4 CAPITALAND ASCOTT TRUST

1 Limited assurance over a selection of key ESG indicators and indicators from the GRI standards, as well as CLAS’ progress against the sustainability performance targets of its sustainability-linked bonds PRUDENT CAPITAL MANAGEMENT, HEALTHY FINANCIAL POSITION LEADERSHIP IN SUSTAINABILITY Received strong support from investors and capital partners >S$400M of debt refinanced, including the issuance of S$220M in medium-term notes Successfully raised S$303.1M in equity despite challenging market conditions Credit rating upgraded to BBB (Stable Outlook) 2% increase in portfolio valuation 81% Debt effectively on fixed rates 37.9% Healthy gearing 4.0 times Robust interest cover 2.4% p.a. Low average cost of debt Global Sector Leader (Listed – Hotel) 2023 GRESB Real Estate Assessment Inclusion into iEdge-UOB APAC Yield Focus Green REIT Index Ranked 1ST 2023 Singapore Governance and Transparency Index (REITs and Business Trusts) Published first externally assured1 sustainability report in accordance with ISAE 3000 Standard at Columbia, South Carolina, USA Leadership Overview Portfolio & Performance Sustainability & Governance Financial Statements and Other Information ANNUAL REPORT 2023 5

TRUST STRUCTURE ORGANISATION STRUCTURE Asset Management Investment Investor Relations Sustainability Finance • Audit and Risk Committee1 • Executive Committee • Nominating and Remuneration Committee Chief Executive Officer Management services TRUSTEE DBS Trustee Limited TRUSTEEMANAGER CapitaLand Ascott Business Trust Management Pte. Ltd. Net profit / dividends Trustee fees Trustee fees and management fees Management fees Acts on behalf of holders of the CapitaLand Ascott REIT units Acts on behalf of holders of the CapitaLand Ascott BT units and provides management services Ownership of assets / shares Distributions Holdings of Stapled Securities Stapling deed CapitaLand Ascott Trust (CLAS) is a stapled group comprising CapitaLand Ascott Real Estate Investment Trust (CapitaLand Ascott REIT), a real estate investment trust, and CapitaLand Ascott Business Trust (CapitaLand Ascott BT), a business trust, with the following structure: MANAGER CapitaLand Ascott Trust Management Limited 1 The Audit Committee was renamed the Audit and Risk Committee with effect from 1 January 2024. 6 CAPITALAND ASCOTT TRUST

Overview Our Business Our Frameworks Our Financials Other Information 5-YEAR FINANCIAL SUMMARY For the Financial Year 2023 2022 2021 2020 2019 Gross Revenue (S$ million) 744.5 621.2 394.4 369.9 514.9 Gross Profit (S$ million) 338.2 282.8 173.3 149.6 252.6 Total Distribution (S$ million) 237.0 189.8 137.3 94.2 165.6 Distribution per Stapled Security (DPS) (cents) 6.57 5.67 4.32 3.03 7.61 Distribution Yield1 (%) 6.64 5.40 4.19 2.81 5.72 Balance Sheet as at 31 December 2023 2022 2021 2020 2019 Total Assets (S$ million) 8,730.8 8,023.7 7,733.2 7,163.8 7,422.8 Stapled Securityholders' Funds (S$ million) 4,356.4 3,965.4 3,890.9 3,567.3 3,860.6 Total Borrowings (S$ million) 3,048.4 2,874.6 2,728.9 2,462.5 2,349.0 Financial Ratios as at 31 December 2023 2022 2021 2020 2019 Net Asset Value (NAV) per Stapled Security (S$) 1.16 1.15 1.19 1.15 1.25 Aggregate Leverage (%) 37.9 38.0 37.1 36.3 33.6 Interest Cover Ratio2 (times) 4.0 4.4 3.7 2.73 5.83 Adjusted Interest Cover Ratio4 (times) 3.4 3.6 2.8 2.0 3.9 Management Expense Ratio5 (%) 1.2 1.1 1.0 1.0 0.8 Financial Derivatives as a Percentage of NAV6 (%) 1.9 2.2 0.7 0.7 0.3 Other information as at 31 December 2023 2022 2021 2020 2019 Market Capitalisation1 (S$ million) 3,725.7 3,617.9 3,374.8 3,356.7 4,100.5 Number of Stapled Securities in Issue (million) 3,763.3 3,445.6 3,276.5 3,108.0 3,083.1 1 Based on the closing price on the last trading day of each respective year. 2023: S$0.99, 2022: S$1.05, 2021: S$1.03, 2020: S$1.08 and 2019: S$1.33. 2 Refers to EBITDA (earnings before interest expense, income tax expense, depreciation and amortisation) before change in fair value of financial derivatives, change in fair value of investment properties, investment properties under development and assets held for sale, revaluation surplus/(deficit) on land and buildings, and foreign exchange differences over interest expense. 3 Restated to exclude the interest expense on lease liabilities following the release of the circular dated 28 December 2021 from Monetary Authority of Singapore to exclude the interest expense on lease liabilities in the computation. 4 Refers to EBITDA before change in fair value of financial derivatives, change in fair value of investment properties, investment properties under development and assets held for sale, revaluation surplus/(deficit) on land and buildings, and foreign exchange differences over interest expense and distributions on hybrid securities as defined in the Code on Collective Investment Schemes. Perpetual securities are the only hybrid securities that CLAS holds. 5 Refers to expenses (excluding direct expenses, foreign exchange differences, net interest expense, change in fair value of financial derivatives, change in fair value of investment properties, investment properties under development and assets held for sale, revaluation surplus/(deficit) on land and buildings, investment properties written off and income tax expense) over net asset value. 6 Financial derivatives refer to the cross currency interest rate swaps, currency forwards and interest rate swaps which CLAS has entered into. ANNUAL REPORT 2023 7 Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information

As a responsible steward, we are committed to delivering sustainable returns and creating value for our Stapled Securityholders in a disciplined manner. CLAS delivered a strong performance in FY 2023, increasing Distribution per Stapled Security by 16%. Over the past three years, we have divested properties at a premium to book value and the proceeds have been successfully reinvested into higher-yielding assets, improving the returns and resilience of CLAS’ portfolio. MS TEO JOO LING, SERENA Chief Executive Officer MR TAN BENG HAI, BOB Chairman Q&A IN CONVERSATION WITH CHAIRMAN & CEO 8 CAPITALAND ASCOTT TRUST

How did CapitaLand Ascott Trust perform in the financial year 2023 (FY 2023)? What were the tailwinds and headwinds? Chairman: CLAS delivered a strong performance in FY 2023, increasing Distribution per Stapled Security (DPS) by 16% year-on-year (YoY) to 6.57 Singapore cents. This is the third consecutive year we have increased DPS since FY 2020 despite the pandemic. Excluding one-off items1, our adjusted DPS was 14% higher YoY. The rise was due to our strong operating performance and acquisitions of quality assets that have contributed to our income. Our balanced portfolio of stable and growth income streams enables CLAS to capture growth opportunities while remaining resilient amidst uncertainties. Our serviced residences and hotels continued to benefit from the recovery of the hospitality sector as global flight capacities increased and demand for travel picked up. The increase in tourism as well as business activities and meetings, incentives, conventions and exhibitions (MICE), particularly in gateway cities, were key demand drivers for our properties. In the fourth quarter of 2023 (4Q 2023), CLAS’ portfolio Revenue per Available Unit (RevPAU) was at 103% of pre-pandemic levels. The average occupancy of our portfolio was 77%, and average daily rates were more than 10% above pre-pandemic levels. CLAS’ key markets, Australia, Japan, Singapore, United Kingdom and the United States of America continued to exceed pre-pandemic same-store levels. Japan posted the strongest YoY growth in RevPAU, fuelled by the reopening of its international borders in late-2022. The RevPAU of our properties in Vietnam and China continued to improve through FY 2023 to over 85% of pre-pandemic levels in 4Q 2023. The return of outbound travel from China was slower than expected, however, as flight capacities and sentiment towards international travel had not fully recovered. As we rode the tailwinds of the hospitality sector, CLAS’ diversified and well-balanced portfolio offered resilience amidst macroeconomic and geopolitical uncertainties and inflationary pressures. Q Q A A The 11 longer-stay properties (rental housing and student accommodation properties) we acquired in FY 2022 contributed to our stable income streams in FY 2023. Our serviced residences and longer-stay properties, which predominantly serve longstay guests, have leaner operating structures and lower manning requirements. In addition, we work with our operators on cost containment measures to manage our operating expenses. Our prudent capital management has also enabled CLAS to mitigate the impact of higher interest rates and foreign currency movements. With the stronger operating performance and contributions from new properties, CLAS’ growth in revenue was more than sufficient to mitigate the rise in operating and financing costs in FY 2023. The improvement in our operating performance and outlook also resulted in an increase of about 2% in CLAS’ portfolio valuation, notwithstanding higher capitalisation and discount rates across most markets. How does portfolio reconstitution enable CLAS to create greater value for Stapled Securityholders? Chairman: Through our active portfolio reconstitution strategy, we constantly monitor the growth potential of our properties and seek opportunities to enhance the quality of our portfolio to deliver sustainable returns to Stapled Securityholders. CLAS divests properties which have reached the optimal stage of their life cycle and recycles the proceeds into value-adding opportunities through accretive acquisitions, asset enhancement initiatives (AEIs) or new development projects. Over the past three years, we have divested properties at a premium to book value, unlocking gains for Stapled Securityholders, and the proceeds from the divestments have been successfully reinvested into higheryielding assets, improving the returns and resilience of CLAS’ portfolio. From July 2023 to February 2024, we entered into agreements to divest 10 properties for S$408.1 million, at an average exit yield of 3.8%2. The exit yield compares favourably to the EBITDA yield of 6.2%3 of the acquisitions we entered into in FY 2023. 1 Comprising realised exchange gain in FY 2022 and FY 2023. 2 Exit yield of the France and Australia properties is computed based on FY 2022 Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA), and the exit yield of the Singapore property is computed based on FY 2023 EBITDA. The exit yield for the Japan portfolio is not meaningful as the properties were largely closed in 2022. 3 The EBITDA yield of 6.2% is on a FY 2022 pro forma basis and based on agreed property value of the properties excluding the milestone payment and before AEIs, if any. Including the milestone payment, the EBITDA yield is 5.1%. ANNUAL REPORT 2023 9 Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information

Q A Q&A IN CONVERSATION WITH CHAIRMAN & CEO We are guided by our medium-term asset allocation target, which is to have 25-30% of our total portfolio value in longer-stay properties, and the remaining 70-75% in hospitality assets, for a balanced mix of stable and growth income streams. CEO: In FY 2023, we divested four mature serviced residences in regional France for a total of EUR44.4 million (S$64.7 million) at 63% above book value. The proceeds from the divestment have been used for our AEIs in Europe, and to partially finance the acquisition in Dublin. Apart from the properties in France, we also announced the divestment of three properties in Osaka, Japan, for a total of JPY10.7 billion (S$99.8 million) at 15% above book value and two mature hotels in the outskirts of Sydney, Australia, for a total of AUD109.0 million (S$95.6 million) at 5% above book value. In February 2024, we announced the divestment of Citadines Mount Sophia Property Singapore, a serviced residence in Singapore, for S$148.0 million, close to S$1.0 million a key, and 19% above the property’s book value. The divestments in Japan, Australia and Singapore, which have, or are expected to be completed in 2024, offer us the flexibility to redeploy the proceeds into more optimal uses such as investing into higher-yielding assets and funding our AEIs. The divestments also enable us to strengthen our balance sheet and potentially lower gearing by close to 2 percentage points. On acquisitions, the three properties in London, Dublin and Jakarta were acquired at a combined agreed property value of S$530.8 million. The EBITDA yield of 6.2% translates into DPS accretion of 1.8%. The properties are well-located and primed to capture travel demand. The Cavendish London is situated in the exclusive Mayfair high-end shopping district of central London, and presents an excellent value-add opportunity for CLAS. The property will be renovated and rebranded under The Crest Collection brand, a luxury collection brand managed by Ascott, and AEI costs will be co-shared with the operator. Following the renovation and stabilisation of the property, the EBITDA yield of The Cavendish London is expected to increase to 6.5%, and its valuation is expected to be GBP316.0 million in 20274. This is an increase of GBP97.0 million from the valuation of GBP219.0 million as at 31 December 2023. The Temple Bar Hotel is in the Temple Bar district of Dublin, which is a high-traffic area near iconic attractions. Ascott Kuningan Jakarta is in the capital city’s central business district, close to embassies and commercial offices. What can investors look forward to in FY 2024? Chairman: We remain cautiously optimistic about the outlook for CLAS and will continue to be proactive in our portfolio management. The global economy is expected to grow 3.1% in 2024, maintaining the same pace of growth as in 20235. The resilience of the world’s major economies in conjunction with a fall in inflation has decreased the likelihood of a hard landing5. International visitor arrivals, which were at 88% of pre-pandemic levels in 2023, are projected to make a full recovery in 20246. China’s international air travel market is also expected to extend its recovery, with weekly flights projected to resume to 80% of pre-pandemic levels by the end of the year7. The anticipated increase in flight capacities and visitor arrivals bode well for CLAS. RevPAU growth, which may moderate after the strong rebound in FY 2023, is expected to be primarily driven by increased occupancies as average daily rates stabilise. To mitigate rising operating and financing costs, we remain disciplined in our cost and capital management. CEO: In FY 2023, we renewed the master leases for seven of our properties in France. Under the new rent structure, the fixed rent provides resilience while the variable rent enables us to capture the demand from increased travel. Five of the seven properties are in Paris, and are expected to enjoy an uplift from the Paris 2024 Summer Olympics. The total rent for the seven French master leases in FY 2024 is projected to be approximately 28% higher under the renewed master leases8. 4 Based on the valuation by HVS London. 5 Source: International Monetary Fund (2024) 6 Source: World Tourism Organization (2024) 7 Source: Civil Aviation Administration of China (2024) 8 Based on HVS’ lease benchmarking report. 10 CAPITALAND ASCOTT TRUST

Q A To drive further organic growth, we have announced AEI plans for eight of our properties. The properties are in prime locations of key gateway cities such as London, Singapore, Sydney and Paris. The rebranding and refurbishment of Riverside Hotel Robertson Quay to The Robertson House by The Crest Collection, a luxury hotel, has been completed in 1Q 2024. The remaining AEI projects are expected to be completed between 2024 and 2026. We are grateful for the strong support of our investors and capital partners despite the challenging market environment. This has enabled us to strengthen our financial position and push forth with our value creation initiatives. In 2024, we will continue to focus on executing our pipeline of AEIs, while evaluating opportunities for portfolio reconstitution to enhance the quality and yield of our portfolio. We will continue to exercise prudence in our capital management. CLAS has an investment grade credit rating of BBB with a stable outlook by Fitch Ratings. As at 31 December 2023, our average cost of debt was 2.4% per annum and it is expected to increase in FY 2024 as some of our debt is refinanced. However, the increase will be mitigated, with about 81% of CLAS’ debt effectively on fixed rates. Our gearing and interest cover are healthy at 37.9% and 4.0 times respectively. Our exposure to foreign exchange movements is mitigated by our geographically diversified portfolio and hedging strategies. How does CLAS pursue growth responsibly? CEO: CLAS remains committed to meeting our sustainability goals. Sustainability is at the heart of what we do and it is factored into the different stages of the real estate cycle, such as when we acquire, develop or refurbish properties. We also work with like-minded operators who manage our properties in a sustainable manner. CLAS is also able to leverage our sustainability achievements to explore sustainable financing options, enabling us to further mitigate our cost of borrowing. As at 31 December 2023, about 49% of CLAS’ gross floor area is green certified and CLAS has over S$550 million in sustainable financing. As testament to our commitment towards sustainability, CLAS has been recognised by GRESB as the “Global Sector Leader (Listed – Hotel)” for the third year in a row and included as a constituent of the iEdgeUOB APAC Yield Focus Green REIT Index in 2023. We will continue to build a sustainable portfolio, in alignment with CapitaLand Investment’s 2030 Sustainability Master Plan. Chairman: As a responsible steward, we are committed to delivering sustainable returns and creating value for our Stapled Securityholders in a disciplined manner. We have achieved steady growth in our DPS over the past three years and built a stronger and more resilient portfolio. CLAS is the largest lodging trust in Asia Pacific with a diversified portfolio across more than 45 cities and 16 countries. CLAS’ portfolio today marries growth with stability – hospitality assets which are well-positioned to capture growth opportunities in an upturn, balanced by longerstay properties which provide stable income streams and are counter cyclical. In addition, CLAS is in a robust financial position and continues to receive strong support from our Sponsor. In 2023, CLAS was ranked first in the Singapore Governance and Transparency Index for the REITs and Business Trusts category for the third consecutive year. As part of the Boards' renewal, I would like to welcome Mr Lui Chong Chee and Mr Max Loh who have joined the Boards in February 2024 and November 2023 respectively. I would also like to express our appreciation to Mr Melvyn Ong, who stepped down from the Boards in January 2024, for his invaluable contributions. I will be retiring from the Boards with effect from 22 April 2024 and would like to thank our Stapled Securityholders, guests and business partners for their support over the past nine years. It has been a privilege working alongside an outstanding management team and very committed and supportive directors in bringing CLAS to what it is today. Going forward, I have every confidence that under Chong Chee, the new chairman of the Boards, CLAS will continue to do well for our Stapled Securityholders and achieve even greater heights. ANNUAL REPORT 2023 11 Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information

OUR BOARDS OF DIRECTORS Tan Beng Hai, Bob Chairman Non-Executive Independent Director Teo Joo Ling, Serena Chief Executive Officer Executive Non-Independent Director Beh Siew Kim Non-Executive Non-Independent Director Chia Kim Huat Non-Executive Independent Director Sim Juat Quee Michael Gabriel Non-Executive Independent Director Deborah Lee Siew Yin Non-Executive Independent Director Goh Soon Keat Kevin Non-Executive Non-Independent Director Lui Chong Chee Non-Executive Independent Director Max Loh Khum Whai Non-Executive Independent Director 12 CAPITALAND ASCOTT TRUST

TAN BENG HAI, BOB, 72 Chairman Non-Executive Independent Director TEO JOO LING, SERENA, 50 Chief Executive Officer Executive Non-Independent Director Board committee served on • Nominating and Remuneration Committee (Chairman) Present directorships in other listed companies • Singapore Post Limited • SBS Transit Ltd Present principal commitments (other than directorships in other listed companies) • CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd. (Chairman) • Jurong Engineering Limited (Chairman) • Sentosa Development Corporation (Chairman) Past directorships in other listed companies held over the preceding three years • Sembcorp Marine Ltd Background and working experience • Managing Director, Novar International Pte Ltd (2000 to 2005) • Managing Director, Caradon Asia-Pacific Pte Ltd (1990 to 2000) • General Manager, MK Electric (Singapore) Pte Limited (1980 to 1990) • Overseas Operations Accountant, MK Electric Ltd (England) (1977 to 1980) • Articled Clerk, Bowker Orford & Co (England) (1972 to 1977) Awards • NTUC May Day Award – Distinguished Service Star Award 2022 (highest award) • NTUC May Day Distinguished Service Award in 2018 • The Meritorious Service Medal (Pingat Jasa Gemilang) – National Day Award in 2017 • NTUC May Day Meritorious Service Award in 2013 • Public Service Star Award (Bintang Bakti Masyarakat - BBM) – National Day Award in 2010 • NTUC May Day Friend of Labour Award in 2000 Board committee served on • Executive Committee (Member) Present principal commitments • CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd. (Chief Executive Officer and Executive Non-Independent Director) Background and working experience • CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd. • Chief Executive Officer (2022 to present) • Deputy Chief Executive Officer (2021 to 2022) • Ascendas Funds Management (S) Limited • Head, Portfolio Management (2019 to 2021) • Head, Singapore Portfolio & Asset Management (2018 to 2019) • Ascendas Services Pte Ltd • Head, Operations and Services (2015 to 2018) • Ascendas Land (S) Pte Ltd • Head, Group Strategy Management (2013 to 2015) • Vice President, Group Strategy Management (2008 to 2011) • Ascendas India Development Fund Management Pte Ltd • Vice President, Fund Management (2011 to 2013) • EDB Investments Pte Ltd • Senior Investment Manager (2008) • EDB • Programme Director (2007) • Head, Semiconductors (1998 to 2006) • Chartered Semiconductors Manufacturing • Reliability Engineer (1996 to 1997) • Fellow, Institute of Chartered Accountants in England and Wales, UK Date of first appointment as a Director 24 April 2015 Date of appointment as Chairman 1 September 2016 Length of service as a Director (as at 31 December 2023) 8 years 8 months • Master in Business Administration, INSEAD • Bachelor of Electrical and Electronic Engineering (Honours), National University of Singapore Date of first appointment as a Director 1 July 2022 Length of service as a Director (as at 31 December 2023) 1 year 6 months ANNUAL REPORT 2023 13 Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information

OUR BOARDS OF DIRECTORS SIM JUAT QUEE MICHAEL GABRIEL, 68 Non-Executive Independent Director CHIA KIM HUAT, 57 Non-Executive Independent Director Board committee served on • Audit and Risk Committee (Chairman) Present principal commitments • Accounting Standard for Statutory Boards (Member, Advisory Committee) • Catholic Welfare Services (Member, Board of Governors) • Jurong Town Corporation (Board Member) • Platanetree Capital Pte. Ltd. (Executive Director) • Roman Catholic Archdiocese of Singapore (Chairman, Archdiocesan Audit Committee) Background and working experience • Advisory and Assurance Partner, Ernst & Young (1995 to 2015) Board committee served on • Audit and Risk Committee (Member) Present directorships in other listed companies • SATS Ltd Present principal commitments (other than directorships in other listed companies) • Partner, Rajah & Tann Singapore LLP Other major appointments • Business China's Go East Committee (Co-Chairman) • Business China’s FutureChina’s Committee (Co-Chairman) • Chinese Development Assistance Council (Director) • Dunman High School (Treasurer, School Advisory Committee) • Singapore Centre for Chinese Language (Director) • Singapore Chinese Chamber of Commerce (Director and Company Secretary, Financial Board) • Singapore Chinese Chamber of Commerce Foundation (Director and Company Secretary) • Singapore Chinese Chamber of Commerce & Industry (Chairman, Commerce & Industry) • Sun Yat Sen Nanyang Memorial Hall Co Ltd (Company Secretary) Background and working experience • Partner (Regional Head, Corporate & Transactional Practice), Rajah & Tann Singapore LLP (present) Awards • Eminent Practitioner in Capital Markets by Chambers Global • Foreign Expert in China in Capital Markets by Chambers Asia Pacific • Elite Practitioner in Capital Markets, Corporate and M&A – Asialaw • Leading Individual in Capital Markets: Equity and Debt – The Legal 500 • Highly Regarded in Capital Markets – IFLR1000 • Ranked in Best Lawyers for Capital Markets, Corporate and Mergers & Acquisitions • Global Leader in M&A, Capital Markets – Debt & Equity, Corporate Governance, Hospitality – Who’s Who Legal • National Leader in Southeast Asia – M&A, Capital Markets, Corporate Governance – Who’s Who Legal • Fellow, Association of Chartered Certified Accountants, UK • Fellow, Institute of Singapore Chartered Accountants • Fellow, Certified Public Accountant, Australia • Master of Business Administration, University of South Australia, Australia • Certified Fraud Examiner, Association of Certified Fraud Examiners Date of first appointment as a Director 1 September 2016 Length of service as a Director (as at 31 December 2023) 7 years 4 months • Bachelor of Law (Honours), National University of Singapore • Advocate & Solicitor, Supreme Court of Singapore Date of first appointment as a Director 15 April 2020 Length of service as a Director (as at 31 December 2023) 3 years 8 months 14 CAPITALAND ASCOTT TRUST

DEBORAH LEE SIEW YIN, 66 Non-Executive Independent Director MAX LOH KHUM WHAI, 62 Non-Executive Independent Director Board committees served on • Audit and Risk Committee (Member) • Nominating and Remuneration Committee (Member) Present directorships in other listed companies • Metro Holdings Limited Present principal commitments (other than directorships in other listed companies) • Singapore University of Technology and Design (Member, Board of Trustees) • Singapore University of Technology and Design (Chairperson, Finance Committee) Background and working experience • Director, WTL Capital Pte Ltd (1994 to present) • Executive Vice-President, Corporate Development of Singapore Press Holdings Ltd (2007 to 2015) • Consultant, specialising in corporate development work and mergers and acquisitions (2002 to 2006) • Senior Vice-President, Business Development, Wuthelam Group (1991 to 2001) • Business Development Manager, HewlettPackard Singapore (Pte) Ltd (1979 to 1991) • Auditor, Price Waterhouse (1979) Board committee served on • Audit and Risk Committee (Member) Major appointments • Competition & Consumer Commission of Singapore (Chairman) • SPH Media Holdings Limited (Director) Background and working experience • Managing Partner (Asean & Singapore), Ernst & Young LLP, Singapore (2011 to 2022) Awards • Public Service Medal, 2022 • Bachelor of Accountancy (Honours), National University of Singapore • Degree of Master of Science (Applied Finance), National University of Singapore • Chartered Financial Analyst® and Member, CFA Institute Date of first appointment as a Director 17 June 2020 Length of service as a Director (as at 31 December 2023) 3 years 6 months • Bachelor of Accountancy (Honours), National University of Singapore • Fellow Chartered Accountant, Institute of Singapore Chartered Accountants (ISCA) • Fellow Certified Public Accountant, CPA Australia • Fellow Member, Singapore Institute of Directors Date of first appointment as a Director 23 November 2023 Length of service as a Director (as at 31 December 2023) 1 month ANNUAL REPORT 2023 15 Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information

OUR BOARDS OF DIRECTORS LUI CHONG CHEE, 63 Non-Executive Independent Director GOH SOON KEAT KEVIN, 48 Non-Executive Non-Independent Director Past directorships in other listed companies held over the preceding three years • CapitaLand Malaysia REIT Management Sdn. Bhd. (manager of CapitaLand Malaysia Trust) Background and working experience • Managing Director and Chief Executive Officer, Far East Orchard Limited, Singapore (2014 to 2019) • Group Chief Financial Officer, Raffles Medical Group Limited, Singapore (2011 to 2014) • Chief Executive Officer, CapitaLand Financial Limited (2008 to 2010) • Chief Executive Officer, CapitaLand Residential Limited (2005 to 2008) • Group Chief Financial Officer, CapitaLand Limited (2001 to 2005) • Managing Director & Senior Vice President, Capital Markets Group, Citicorp Investment Bank (Singapore) Limited (1998 to 2001) Awards • Best Chief Executive Officer (mid-cap), Singapore Corporate Awards (2019) • Asia Best Chief Financial Officer, Institutional Investor Magazine (2005) • Asia Best Chief Financial Officer, Institutional Investor Magazine (2004) Board committees served on • Executive Committee (Chairman) • Nominating and Remuneration Committee (Member) Present directorships in other listed companies • CapitaLand India Trust Management Pte. Ltd. (Trustee-Manager of CapitaLand India Trust) • Jollibee Foods Corporation Present principal commitments (other than directorships in other listed companies) • Chief Executive Officer, Lodging, CapitaLand Investment Limited • Chief Executive Officer, The Ascott Limited Background and working experience • The Ascott Limited • Chief Operating Officer (2016 to 2017) • Ascott Property Management (Shanghai) Co., Ltd • Managing Director, North Asia & Ascott China Fund (2015 to 2016) • Managing Director, North Asia (2013 to 2015) • Regional General Manager, East & South China (2012 to 2013) • Ascott International Management (2001) Pte Ltd • Head, Corporate Services (2009 to 2012) • Assistant Vice President, Business Analysis (China) (2007 to 2009) • Accenture Pte Ltd • Manager (2006 to 2007) • Consultant (2003 to 2006) • Analyst (2001 to 2003) • Bachelor of Science in Business Administration, New York University, United States • Master of Business Administration, New York University, United States • Advanced Management Program, Harvard Business School Date of first appointment as a Director* 1 February 2024 • Bachelor of Mechanical Engineering (Honours), National University of Singapore • Chartered Financial Analyst® and Member, CFA Institute Date of first appointment as a Director 15 April 2020 Length of service as a Director (as at 31 December 2023) 3 years 8 months *Mr Lui Chong Chee was first appointed as a Director of Ascott Residence Trust Management Limited from June 2008 to May 2010. 16 CAPITALAND ASCOTT TRUST

BEH SIEW KIM, 53 Non-Executive Non-Independent Director Board committee served on • Executive Committee (Member) Present principal commitments • Chief Financial and Sustainability Officer and Managing Director, Japan and Korea, Lodging, CapitaLand Investment Limited • Director, Audit & Risk Committee and HR & Remuneration Committee, Focus On the Family Singapore Limited Background and working experience • Chief Executive Officer and Executive NonIndependent Director, CapitaLand Ascott Trust Management Limited (2017 to 2022) and CapitaLand Ascott Business Trust Management Pte. Ltd. (2019 to 2022) • Deputy Chief Executive Officer, CapitaLand Ascott Trust Management Limited (2017) • Head, Corporate Planning & Compliance / Financial Controller, CapitaLand China (2008 to 2017) • Vice President, Finance, CapitaLand Residential Limited (2007 to 2008) • Vice President, Group Finance, SembCorp Industries Limited (2003 to 2007) • Assurance Manager, Ernst & Young (2002 to 2003) • Assurance Manager, Arthur Andersen (1999 to 2002) • Bachelor of Business (Accounting), University of Tasmania, Australia • Member, Institute of Singapore Chartered Accountants Date of first appointment as a Director From 1 July 2022 (Non-Executive Non-Independent Director) From 1 May 2017 to 30 June 2022 (Chief Executive Officer and Executive NonIndependent Director) Length of service as a Director (as at 31 December 2023) 6 years 8 months ANNUAL REPORT 2023 17 Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information

Ms Teo was appointed as an Executive Director on the Boards of the Managers on 1 July 2022 and serves as a member of the Executive Committee. As Chief Executive Officer, she is responsible for leading the overall strategic planning and implementation of the business, investment and operational strategies for CLAS. Ms Teo works with the Boards of Directors and the management team to establish CLAS' business strategies and plans, and to ensure the execution of such strategies. She has oversight of the investment, asset management, finance, investor relations and sustainability functions, and ensures that they are managed effectively. Ms Teo has over 25 years of work experience spanning both private and public sectors. Prior to joining the Managers, she was with the Ascendas Group for over 12 years. Ms Teo was the Head, Portfolio Management for the manager of CapitaLand Ascendas Real Estate Investment Trust (formerly known as Ascendas Real Estate Investment Trust) and was responsible for formulating and executing business strategies to maximise the income and asset value of the REIT’s properties. Her role also involved overseeing the property managers in the delivery of marketing and leasing, property management, lease management, customer care services and asset enhancement initiatives. Previously, Ms Teo also held various positions including Head of Operations & Services, Head of Group Strategy Management, and Vice President of Fund Management within the Ascendas Group. Prior to the Ascendas Group, Ms Teo was in the Singapore Economic Development Board and EDB Investments where she spent more than 10 years in the development of the semiconductors and other electronics industries in Singapore, as well as direct equity investments in communications, software and logistics companies. She started her career as an engineer in Chartered Semiconductors. Ms Teo holds a Master in Business Administration from INSEAD and a Bachelor in Electrical and Electronic Engineering (Honours) from the National University of Singapore. Ms Kang heads the finance team of the Managers and oversees all matters relating to financial management and reporting, accounting, risk management, treasury and capital management. The finance team works with the investment and asset management team to review, evaluate and execute acquisitions, divestments and annual business plans, with the focus on optimising portfolio value and ensuring implementation in accordance with CLAS’ investment strategies. Ms Kang has over 30 years of experience in the finance profession. Prior to joining the Managers, Ms Kang had been with The Ascott Limited (Ascott) for over 13 years and held various leadership positions including Vice President, Finance and Vice President, Business Development and Planning. While at Ascott, she was responsible for all aspects of Ascott’s financial management and accounting, including preparation of the group consolidated accounts and quarterly reporting of financial results to the SGX-ST, coordinating with external auditors, and ensuring compliance with statutory reporting requirements and financial reporting standards. Ms Kang was also involved in merger and acquisition activities at Ascott, as well as the formulation and implementation of its financial policies and practices, budgeting and internal controls. She was also a key pioneer member of the team responsible for the listing of CLAS in 2006. Ms Kang holds a Bachelor of Accountancy degree from the National University of Singapore. She is also a Chartered Accountant of the Institute of Singapore Chartered Accountants. THE MANAGERS TEO JOO LING, SERENA Chief Executive Officer Executive Non-Independent Director KANG SIEW FONG Chief Financial Officer 18 CAPITALAND ASCOTT TRUST

Mr Chan heads the investment and asset management functions of the Managers, and oversees CLAS’ investments, divestments, portfolio management and asset enhancements. He has about two decades of relevant experience, and has assumed various leadership positions in investment, asset management and capital markets. Mr Chan has been instrumental in CLAS’ strategic pivot towards longer-stay accommodation which includes rental housing and student accommodation. In January 2021, he led the expansion of CLAS’ investment mandate to include student accommodation properties and subsequently executed a string of acquisitions, building a diversified and quality portfolio of nine student accommodation properties to date. Prior to joining the Managers, Mr Chan held various leadership positions within the CapitaLand Group. He was Vice President, Business Development for CapitaLand Retail, successfully launching its commercial management business for APAC ex China. He was also with CapitaLand’s Retail Division for eight years, during which he headed the investment functions of both CapitaLand Mall Trust and CapitaLand Malaysia Mall Trust. In those roles, he was the investment and asset manager responsible for various large-scale asset enhancement initiatives including the redeveloped Funan mixed-use development, Queensbay Mall repositioning, and the relaunch of SingPost Centre. Mr Chan holds a Master of Business and a Bachelor of Accountancy from the Nanyang Technological University, Singapore. He is also a Chartered Financial Analyst® and Member of the CFA Institute. Ms Wong heads the investor relations and sustainability functions of the Managers. She is responsible for providing strategic counsel to senior management and facilitating timely and effective communication with the investment community. In addition, she drives the sustainability efforts for CLAS, and is instrumental in elevating CLAS’ commitment towards ESG and achieving its sustainability ambitions. Ms Wong brings with her over 10 years of relevant experience. Prior to joining the Managers, Ms Wong assumed positions in the manager of Far East Hospitality Trust, where she was instrumental in the investor relations, asset management and compliance of the trust, and Financial PR Pte. Ltd., where she provided investor relations counsel to Singaporelisted companies in the real estate, construction and technology sectors. Ms Wong also held positions in wealth management and financial advisory. Ms Wong obtained her Bachelor of Business Management from the Singapore Management University, with majors in Finance (Wealth Management) and Marketing. Ms Wong also obtained the International Certificate in Investor Relations from the Investor Relations Society of UK and Advanced Certificate in Sustainability & Sustainable Businesses from the Singapore Management University. CHAN KIN LEONG GERRY Managing Director, REIT Investments WONG XIAO FEN, DENISE Head, Investor Relations and Sustainability ANNUAL REPORT 2023 19 Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information

United States of America 11 properties >> Page 59 CLAS marries stability and growth, with its diversified geographic presence, range of lodging types and mix of income sources. OUR GLOBAL PRESENCE 20 CAPITALAND ASCOTT TRUST

Reconstituting Our Portfolio >> Page 22 Portfolio Overview >> Page 26 SPAIN 1 property >> Page 58 Asia Pacific >> Page 30 Europe >> Page 49 UNITED KINGDOM 5 properties >> Page 53 IRELAND 1 property >> Page 57 GERMANY 5 properties >> Page 56 FRANCE 12 properties >> Page 50 BELGIUM 2 properties >> Page 55 JAPAN 32 properties >> Page 36 CHINA 5 properties >> Page 34 AUSTRALIA 14 properties >> Page 31 SINGAPORE 5 properties >> Page 40 VIETNAM 5 properties >> Page 43 THE PHILIPPINES 2 properties >> Page 48 SOUTH KOREA 2 properties >> Page 47 INDONESIA 3 properties >> Page 45 MALAYSIA 1 property >> Page 46 ANNUAL REPORT 2023 21 Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information

RECONSTITUTING OUR PORTFOLIO As part of CLAS’ active portfolio reconstitution strategy, we proactively pursue investment, divestment and asset enhancement opportunities to enhance the quality of our portfolio and sustainability of returns to Stapled Securityholders. Accretive acquisitions and asset enhancement initiatives (AEIs) create value for CLAS and improve the returns to Stapled Securityholders. CLAS invests in properties with prime locations and strong demand drivers. CLAS also undertakes AEIs to enhance the yield and profitability of its assets. Divesting properties which have reached the optimal stage of their life cycle enables a more efficient use of capital, as the proceeds may be redeployed towards more optimal uses. This includes investing in higheryielding assets, funding AEIs that can generate stronger yields or paying down higher interest rate debt. DIVESTMENT In FY 2023, CLAS entered into agreements to divest nine properties for a total price of S$260.1 million at an average exit yield of 4.3%1. Four mature properties in regional France were divested for a total of EUR44.4 million (S$64.7 million), at 63% above book value and an exit yield of about 4%. The divestment was completed in September 2023. The other five properties comprise three hotels located in Osaka, Japan, and two hotels outside the city centre of Sydney, Australia. The three hotels in Japan were divested for a total price of JPY10.7 billion (S$99.8 million), a 15% premium over book value. The divestment was completed on 14 March 2024. The total sale price of the two hotels 1 The exit yield of the France and Australia properties is computed based on FY 2022 Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA). The exit yield for the Japan portfolio is not meaningful as the properties were largely closed in 2022. 2 Based on FY 2023 EBITDA. Divested S$260.1M in assets at average exit yield of 4.3% in FY 2023, recycling capital into more optimal uses in Australia was AUD109.0 million (S$95.6 million), 5% above the properties’ total book value, which represents an exit yield of about 4.4%. The divestment of one of the hotels, Courtyard by Marriott SydneyNorth Ryde, was completed on 31 January 2024 and the other, Novotel Sydney Parramatta, is expected to complete in 3Q 2024. In February 2024, CLAS announced the divestment of Citadines Mount Sophia Property Singapore for S$148.0 million, close to S$1.0 million a key. The sale price was 19% above the property’s book value, which represents an exit yield of about 3.2%2. The divestment was completed on 1 March 2024. Including Citadines Mount Sophia Property Singapore, the average exit yield of the 10 divestments was 3.8%. Divestment Investment Asset Enhancement Ascott Kuningan Jakarta, Indonesia Citadines Holborn-Covent Garden London, United Kingdom (artist's impression) 22 CAPITALAND ASCOTT TRUST

renovated and rebranded under The Crest Collection, a luxury brand managed by The Ascott Limited, which is expected to enhance its EBITDA yield to approximately 6.5% on a post-renovation stabilised basis4. The valuation of the property is expected to be GBP316.0 million post-renovation and stabilisation in 20275, an increase of GBP97.0 million compared to its valuation of GBP219.0 million as at 31 December 2023. The renovation will be carried out in phases from 4Q 2024 to 4Q 2025 and CLAS will distribute past divestment gains to mitigate the impact from the renovation when the property is temporarily closed during some months. DIVESTMENTS ENTERED INTO IN FY 2023 No. Property Location Sale price Net proceeds Premium over book value Exit yield1 Divestment date / target completion date 1 Citadines City Centre Lille Lille, France EUR44.4M (S$64.7M) EUR34.1M (S$49.7M) 63% 4% Sep 2023 2 Citadines Croisette Cannes Cannes, France 3 Citadines Castellane Marseille Marseille, France 4 Citadines Prado Chanot Marseille Marseille, France 5 Hotel WBF Honmachi Osaka, Japan JPY10.7B (S$99.8M) JPY3.9B (S$36.4M) 15% Not meaningful Mar 2024 6 Hotel WBF Kitasemba East Osaka, Japan 7 Hotel WBF Kitasemba West Osaka, Japan 8 Courtyard by Marriott Sydney-North Ryde Sydney, Australia AUD109.0M (S$95.6M) AUD98.0M (S$85.9M) 5% 4.4% Jan 2024 9 Novotel Sydney Parramatta Sydney, Australia 3Q 2024 INVESTMENT Acquisitions In November 2023, CLAS acquired three properties in London, Dublin and Jakarta. The properties were acquired at a combined agreed property value of S$530.8 million. The EBITDA yield of the acquisition was 6.2%3 and the accretion to DPS was 1.8%. The acquisition was funded by a mix of equity, debt and part of the proceeds from the divestment of the four France properties. All three properties are in prime locations within key capital cities and are well-positioned to capture travel demand. The Cavendish London, which comprises 230 units, is well-located in the exclusive Mayfair high-end shopping district of central London and the 136-unit Temple Bar Hotel is in the Temple Bar district, both of which are high-traffic areas near iconic attractions. The 185-unit Ascott Kuningan Jakarta is in the capital city’s central business district (CBD), close to embassies and commercial offices. The Cavendish London presents an excellent value-add opportunity for CLAS. The property will be Invested in S$530.8M of lodging assets in FY 2023, delivering EBITDA yield of 6.2% 3 The EBITDA yield of 6.2% is on a FY 2022 pro forma basis and based on agreed property value of the properties excluding the milestone payment and before AEIs, if any. Including the milestone payment, the EBITDA yield is 5.1%. 4 Based on stabilised EBITDA before furniture, fixtures and equipment reserves in year 2027/28 over The Cavendish London’s agreed property value, estimated capitalised costs, and estimated proportion of project cost attributable to CLAS. Such EBITDA figures are from the HVS London valuation. The property's EBITDA yield was 4.1% on a FY 2022 pro forma basis. 5 Based on the valuation by HVS London. ANNUAL REPORT 2023 23 Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information

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