22 CapitaLand Ascott Trust Portfolio Overview Largest Lodging Trust in Asia Pacific CLAS’ portfolio comprises 103 properties1 with more than 18,000 units in 45 cities across 16 countries. These include serviced residences, hotels/business hotels, rental housing and student accommodation properties, serving a wide spectrum of guests with varying accommodation needs. CLAS' properties are mainly located in key gateway cities across Australia, Belgium, China, France, Germany, Indonesia, Ireland, Japan, Malaysia, The Philippines, South Korea, Singapore, Spain, United Kingdom, USA and Vietnam. Apart from being popular destinations for international travellers, many of these countries also have large domestic markets. CLAS’ properties are well located near central business districts, manufacturing hubs or tourist landmarks, and enjoy convenient access to transportation nodes and amenities. Total Assets by Geography Total Assets S$8.9 billion Asia Pacific 56% Europe 26% USA 18% Asia Pacific 56% Europe 26% Singapore 19% United Kingdom 11% Japan 18% France 8% Australia 10% Germany 3% China 2% Ireland 2% Vietnam 2% Belgium 1% Indonesia 2% Spain 1% South Korea 2% The Philippines 1% USA 18% Malaysia <1% USA 18% CLAS’ scale and geographic diversification enable it to be resilient, as it is not subjected to concentration risk. Its portfolio is anchored in Asia Pacific, where it has built up its capabilities and track record, and where there remain significant opportunities for growth. As at 31 December 2025, approximately 56% of CLAS’ total assets are in Asia Pacific, 26% in Europe and 18% in the USA. Diversified Portfolio with Balanced Mix of Growth and Stable Income Streams In addition to being diversified across geographies and asset classes, CLAS has a balanced mix of stable and growth income sources which enables us to deliver sustainable returns to our Stapled Securityholders. Stable Income For FY 2025, approximately 65% of CLAS’ gross profit was from stable income sources, comprising master leases, management contracts with minimum guaranteed income (MCMGI) and living sector properties (rental housing and student accommodation). Master Leases Under a master lease, CLAS receives rental income from the master lessee who in turn engages an operator to manage the operations of the property. A master lease may come with a fixed rent component, which provides downside protection and stable income to CLAS. Expenses of properties under master leases are typically paid for by the master lessee. As at 31 December 2025, 28 of CLAS' operating properties – 12 in France, five in Germany, five in Australia, three in Japan, two in South Korea and one in Singapore are on master leases. • 15² of the master leases (in Australia, France, Germany and Japan) are on fixed rent terms, which may be subject to annual indexation, market review or rental revisions pegged to indices representing construction cost, inflation or commercial rental prices. • 12 of the master leases (in France, Germany, Japan and South Korea) have fixed and variable rent components. • The master lease in Singapore, which relates to lyf Funan Singapore, has variable rent terms, and CLAS receives a percentage of the gross operating profit of the property. In 2025, a master lease in Japan was renewed on fixed and variable rent terms for 11 years, and a master lease in Australia was renewed on fixed rent terms with annual rental increments for five years. The renewed master leases account for less than 2% of CLAS’ FY 2025 gross revenue. There were no income support payments for CLAS in FY 2025. 1 As at 31 December 2025, including Somerset Liang Court Property Singapore which is under development. 2 Includes Eslead College Gate Kindaimae, a student accommodation in Japan under master lease.
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