Transaction is part of CLAS’ active portfolio reconstitution strategy to drive sustainable returns to Stapled Securityholders

Singapore, 2 February 2024 – CapitaLand Ascott Trust (CLAS) is divesting Citadines MountSophia Singapore to an unrelated third party for S$148 million. The 154-unit property will bedivested at 19.4% above book value1. Net proceeds of the divestment are expected to beapproximately S$138.6 million. The exit yield2 is about 3.2% and CLAS will recognise a netgain of approximately S$14.6 million. The divestment is expected to be completed in 1Q 2024.

Ms Serena Teo, Chief Executive Officer of CapitaLand Ascott Trust Management Limited andCapitaLand Ascott Business Trust Management Pte. Ltd. (the Managers of CLAS), said: “Weare divesting Citadines Mount Sophia Singapore at close to S$1 million per key, which is asignificant premium to book value. Including Citadines Mount Sophia Singapore, CLAS hasannounced divestments of S$408.1 million of assets at a premium to book value in the lasteight months. The divestment of 10 mature assets3 will unlock S$38.9 million in gains, at anaverage exit yield of about 3.8%4. We aim to use the capital to reduce debt, fund our assetenhancement initiatives (AEI) or redeploy it into higher-yielding investments to increase thereturns of our portfolio. The divestments can offer CLAS greater financial flexibility, potentiallylowering our gearing by close to 2 percentage points5.

“The divestment is part of our active portfolio reconstitution strategy. CLAS completed theacquisition of four assets6 in the last three months at a higher entry yield and we look to expandour portfolio opportunistically with more yield-accretive assets. Over the past three years,distribution income gained from our investments has more than replaced the distributionincome from the properties that were divested. CLAS also has eight properties7 undergoing

or will undergo AEI. Through our active portfolio reconstitution efforts and AEI plans, wecontinue to strengthen our portfolio to deliver long-term value to our Stapled Securityholders,”added Ms Teo.

CLAS has also completed the divestment of Courtyard by Marriott Sydney-North Ryde on 31January 2024. It is one of two mature hotels in CLAS’ divestment pipeline in Australia8.Divestment of the other property, Novotel Sydney Parramatta is expected to be completed in3Q 2024.

CLAS’ portfolio in Singapore

Singapore remains a key market for CLAS. Post-divestment, CLAS will have four lodgingproperties in Singapore. CLAS has three operational properties – Ascott Orchard Singapore,lyf one-north Singapore and The Robertson House by The Crest Collection. Currently underdevelopment, the 192-unit Somerset serviced residence at the popular riverfront lifestyle andentertainment Clarke Quay precinct remains on track for completion in 2H 2025.

About CapitaLand Ascott Trust (www.capitalandascotttrust.com)

CapitaLand Ascott Trust (CLAS) is the largest lodging trust in Asia Pacific with an asset valueof S$8.7 billion as at 31 December 2023. CLAS’ objective is to invest primarily in incomeproducing real estate and real estate-related assets which are used or predominantly used asserviced residences, rental housing properties, student accommodation and other hospitalityassets in any country in the world. CLAS was listed on the Singapore Exchange SecuritiesTrading Limited (SGX-ST) since March 2006, and is a constituent of the FTSE EPRA NareitGlobal Real Estate Index Series (Global Developed Index).

CLAS’ international portfolio comprises 106 properties with more than 19,000 units in 45 citiesacross 16 countries in Asia Pacific, Europe and the United States of America as at 31December 2023.

CLAS’ properties are mostly operated under the Ascott, Somerset, Quest and Citadinesbrands. 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, NewYork, Paris, Perth, Seoul, Singapore, Sydney and Tokyo.

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 ofCapitaLand Ascott REIT) and CapitaLand Ascott Business Trust Management Pte. Ltd. (astrustee-manager of CapitaLand Ascott BT). The manager and trustee-manager are whollyowned subsidiaries of Singapore-listed CapitaLand Investment Limited, a leading global realestate investment manager with a strong Asia foothold.

About CapitaLand Investment Limited (www.capitalandinvest.com)

Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leadingglobal real estate investment manager (REIM) with a strong Asia foothold. As at 30 September2023, CLI had S$133 billion of real estate assets under management, and S$90 billion of realestate funds under management (FUM) held via six listed real estate investment trusts andbusiness trusts, and more than 30 private vehicles across Asia Pacific, Europe and USA. Its

8 CapitaLand Ascott Trust divests two hotels in Australia for AUD109.0 million.diversified real estate asset classes cover retail, office, lodging, business parks, industrial,logistics and data centres.

CLI aims to scale its FUM and fee-related earnings through fund management, lodgingmanagement and its full stack of operating capabilities, and maintain effective capitalmanagement. As the investment management arm of CapitaLand Group, CLI has access tothe development capabilities of and pipeline investment opportunities from CapitaLand’sdevelopment arm.

As a responsible company, CLI places sustainability at the core of what it does and hascommitted to achieve Net Zero carbon emissions for scope 1 and 2 by 2050. CLI contributesto the environmental and social well-being of the communities where it operates, as it deliverslong-term economic value to its stakeholders.

Important Notice

This release may contain forward-looking statements. Actual future performance, outcomesand results may differ materially from those expressed in forward-looking statements as aresult of a number of risks, uncertainties and assumptions. Representative examples of thesefactors include (without limitation) general industry and economic conditions, interest ratetrends, cost of capital and capital availability, availability of real estate properties, competitionfrom other developments or companies, shifts in customer demands, shifts in expected levelsof occupancy rate, property rental income, charge out collections, changes in operatingexpenses (including employee wages, benefits and training, property operating expenses),governmental and public policy changes and the continued availability of financing in theamounts and the terms necessary to support future business.

You are cautioned not to place undue reliance on these forward-looking statements, which arebased on the current view of management regarding future events. No representation orwarranty express or implied is made as to, and no reliance should be placed on, the fairness,accuracy, completeness or correctness of the information or opinions contained in this release.Neither CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business TrustManagement Pte. Ltd. (“Managers”) nor any of their affiliates, advisers or representatives shallhave any liability whatsoever (in negligence or otherwise) for any loss howsoever arising,whether directly or indirectly, from any use of, reliance on or distribution of this release or itscontents or otherwise arising in connection with this release.

The past performance of CapitaLand Ascott Trust ("CLAS") is not indicative of futureperformance. The listing of the Stapled Securities in CLAS (“Stapled Securities”) on theSingapore Exchange Securities Trading Limited (“SGX-ST”) does not guarantee a liquidmarket for the Stapled Securities. The value of the Stapled Securities and the income derivedfrom them may fall as well as rise. Stapled Securities are not obligations of, deposits in, orguaranteed by, the Managers or any of their affiliates. An investment in the Stapled Securitiesis 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 StapledSecurities while the Stapled Securities are listed on the SGX-ST. It is intended that holdersof Stapled Securities may only deal in their Stapled Securities through trading on the SGX-ST.

This release is for information only and does not constitute an invitation or offer to acquire,purchase or subscribe for the Stapled Securities.

1 Based on the independent valuation as at 31 December 2023.
2 Exit yield is computed based on FY 2023 Earnings Before Interest, Taxes, Depreciation and Amortisation(EBITDA).
3 The 10 properties comprise four properties in regional France, two properties in Australia, three properties inJapan and one property in Singapore.
4 The exit yield of the France and Australia properties is computed based on FY 2022 EBITDA. The exit yield ofthe Japan portfolio is not meaningful and has not been included in the average exit yield computation as theproperties were largely closed in 2022. If included, the average exit yield will be about 2.8%.
5 Assumes total proceeds from CLAS’ divestments in Australia, Japan and Singapore are deployed towardsreducing CLAS’ debt and divestments will be completed in 2024.
6 The four properties are The Cavendish London, Temple Bar Hotel in Dublin, Ascott Kuningan Jakarta andTeriha Ocean Stage.
7 The eight properties are The Robertson House by The Crest Collection, Citadines Holborn-Covent GardenLondon, Citadines Les Halles Paris, Citadines Kurfürstendamm Berlin, La Clef Tour Eiffel Paris, Temple BarHotel, The Cavendish London and Novotel Sydney Central.