Ascott Residence Trust A Leading Global Serviced Residence REIT

Transcription

1 Asctt Residence Trust A Leading Glbal Serviced Residence REIT SGX J.P. Mrgan Real Estate Crprate Day, Sydney 23 Nvember SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

2 Imprtant Ntice The value f units in Asctt Residence Trust ( Asctt REIT ) (the Units ) and the incme derived frm them may fall as well as rise. The Units are nt bligatins f, depsits in, r guaranteed by Asctt Residence Trust Management Limited, the Manager f Asctt REIT (the Manager ) r any f its affiliates. An investment in the Units is subject t investment risks, including the pssible lss f the principal amunt invested. The past perfrmance f Asctt REIT is nt necessarily indicative f its future perfrmance. This presentatin may cntain frward-lking statements that invlve risks and uncertainties. Actual future perfrmance, utcmes and results may differ materially frm thse expressed in frward-lking statements as a result f a number f risks, uncertainties and assumptins. Representative examples f these factrs include (withut limitatin) general industry and ecnmic cnditins, interest rate trends, cst f capital and capital availability, cmpetitin frm similar develpments, shifts in expected levels f prperty rental incme, changes in perating expenses, including emplyee wages, benefits and training, prperty expenses and gvernmental and public plicy changes and the cntinued availability f financing in the amunts and the terms necessary t supprt future business. Prspective investrs and Unithlders are cautined nt t place undue reliance n these frward-lking statements, which are based n the current view f the Manager n future events. Unithlders f Asctt REIT (the Unithlders ) have n right t request the Manager t redeem their units in Asctt REIT while the units in Asctt REIT are listed. It is intended that Unithlders may nly deal in their Units thrugh trading n Singapre Exchange Securities Trading Limited (the SGX-ST ). Listing f the Units n the SGX-ST des nt guarantee a liquid market fr the Units. 2 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

3 Cntent Overview Of Asctt REIT Key Highlights Fr YTD September 2017 Prtfli Highlights Asctt REIT s Strategies Strng Spnsr The Asctt Limited Cnclusin Appendix 3 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

4 Overview f Asctt REIT 4 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017* Smerset Liang Curt Singapre

5 Asctt REIT A Leading Glbal Serviced Residence REIT Diversified and defensive prtfli f quality assets lcated in majr gateway cities S$2.6b Market Capitalisatin S$5.5b Ttal Assets 11,860 Apartment Units 75 Prperties 38 Cities in 14 Cuntries United Kingdm 4 prperties China 9 prperties Belgium The United States f America 3 prperties Spain 1 prperty France 17 prperties 2 prperties Germany 5 prperties Japan 15 prperties The Philippines 2 prperties Vietnam 5 prperties Singapre 4 prperties Malaysia Australia 1 prperties 5 prperties Indnesia 2 prperties Nte: 5 Figures abve as at 30 Octber Market SGX capitalizatin J.P. Mrgan is extracted Real Estate frm Blmberg Crprate as at Day, 10 Nvember Sydney * , Nvember based n 2017* Asctt REIT unit clsing price f S$1.205.

6 Ttal Assets (S$ billin) Asctt REIT Is The Mst Gegraphically Diversified REIT And The Largest Hspitality S-REIT By Asset Size And Market Capitalisatin Market Capitalizatin - S$2.6 billin 2 Ttal Assets - S$5.5 billin Gegraphical Reach - 14 cuntries Far East Hspitality Trust Frasers Hspitality Trust CDL Hspitality Trusts Asctt REIT 1.0 OUE Hspitality Trust Ascendas Hspitality Trust N. f cuntries Ntes: Figures abve as at 10 Nvember 2017, based n latest cmpany filings. 1. Size f bubbles f ther hspitality S-REITs dentes market capitalizatin extracted frm Blmberg as at 10 Nvember Market capitalisatin f Asctt REIT SGX is based J.P. n Mrgan unit clsing Real price Estate f S$1.205 Crprate n 10 Day, Nvember Sydney *23 Nvember 2017*

7 Asctt REIT Awards And Acclades The Asia Pacific Best f the Breeds REITs Awards Best Hspitality REIT Platinum Ranked 6 ut f the 42 Trusts in the Singapre Gvernance and Transparency Index REIT and Business Trust Categry Ntes: 1. The Asia Pacific Best f the Breeds REITs Awards 2017 is a cveted award t recgnize cmpanies and managers with the highest standards and perfrmance in the Asia Pacific REITs sectr at the Annual REITs Asia Pacific 2017 rganized by The Pinnacle Grup Internatinal. 2. The Singapre Gvernance and Transparency Index (SGTI) is a jint initiative f CPA Australia, NUS Business Schl s Centre fr Gvernance, Institutins and Organisatins (CGIO), and Singapre Institute f Directrs, supprted by The Business Times. It is aimed at assessing cmpanies n their crprate gvernance disclsure and practices, as well as the timeliness, accessibility and transparency f their financial results annuncement. 7 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

8 Asctt REIT Awards And Acclades 42 f ur prperties are prud recipients f Wrld Travel Awards, Business Traveller APAC Awards and TripAdvisr s tp acclades Citadines Sainte- Catherine Brussels Citadines Michel Hamburg Smerset Grand Hani La Clef Tur Eiffel, Paris Citadines Shinjuku Tky 5 f ur prperties wn Wrld Travel Awards TM Leading Serviced Apartments fr the respective cuntries Asctt Raffles Place Asctt Raffles Place Singapre wn Business Traveller Asia- Pacific Awards Best Serviced Residence 5 f ur prperties awarded Travellers Chice Award f ur prperties awarded Certificate f Excellence Award Ntes: 1. The Wrld Travel Awards was set up t recgnize and celebrate excellence in all key sectrs f the travel, turism and hspitality industries. It is nw recgnized glbally tday as the hallmark f industry excellence. 2. The Business Traveller Asia Pacific Awards is awarded ut t tp perfrmers in the industry wh have demnstrated excellence in their respective fields, and is given ut annually t businesses in the travel and turism industry. 3. The TripAdvisr Travellers' Chice winners are based n millins f valuable reviews and pinins frm travellers arund the wrld. 8 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017* 4. The TripAdvisr Certificate f Excellence hnurs hspitality businesses that deliver cnsistently great service.

9 Stable And Sustainable Returns With steady financial perfrmance, Asctt REIT cntinuusly delivers stable and sustainable returns t Unithlders Revenue (S$m) Grss Prfit (S$m) % % % 205 8% FY 2014 FY 2015 FY 2016 YTD Sep 2017 FY 2014 FY 2015 FY 2016 YTD Sep 2017 Unithlders Distributin (S$m) Distributin Per Unit (S cents) % 10% % % FY 2014 FY 2015 FY 2016 YTD Sep 2017 FY 2014 FY 2015 FY 2016 YTD Sep 2017 Nte: 1. On 11 April 2017, 481,688,010 units were issued t raise grss prceeds f S$442.7m t partially fund the acquisitins f Citadines Michel Hamburg, Citadines City Centre Frankfurt, and Asctt Orchard Singapre. Distributin Per Unit will be 5.92 S cents adjusted fr rights issue, equity placement (94,787,000 new units were issued n 23 March 2016 t fund the acquisitin f Sheratn Tribeca New Yrk Htel and the YTD Sep 2017 DPU was adjusted t exclude its cntributin fr 1Q 2017) and ne-ff realised exchange gains arising frm repayment f freign currency bank lans f 9 S$11.9m. SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

10 Key Features Of Asctt REIT Investment Mandate Invests primarily in real estate and real estate-related assets which are incme-prducing and which are used, r predminantly used, as serviced residences, rental husing prperties and ther hspitality assets in any cuntry in the wrld Leverage Lw gearing f 31.9% as at 30 September Histrically, Asctt REIT s aggregate leverage has been at c.34%-41% 2 Distributin Payut Rati Since its listing, Asctt REIT has distributed 100% f Unithlders distributin Distributin is n a semi-annual basis Spnsr-aligned Interest CapitaLand Limited, thrugh The Asctt Limited ( Asctt ), is a substantial Unithlder f Asctt REIT (c.44% interest in Asctt REIT) Ntes: 1. Gearing wuld be ~36% upn the acquisitin f Asctt Orchard Singapre which was cmpleted n 10 Octber 2017, and the divestments f Citadines Biyun Shanghai and Citadines Gaxin Xi an, which is n track t cmplete in 4Q Based n Asctt REIT s gearing fr financial years SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

11 What Are Serviced Residences? Hme away frm hme Fully furnished apartments catered fr bth shrt and extended stays Kitchen facilities with separate living and dining area Asctt Orchard Singapre Smerset Grand Hani Citadines Tisn d Or Brussels 11 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

12 Cmpetitive Strengths Of Asctt REIT s Prperties Strategic Lcatins Cnveniently lcated within prximity t lcal prime business districts in their respective micr-markets Enjy high levels f cnnectivity via public transprtatin Strng Brand Recgnitin Operatinal synergies with the Asctt Grup Internatinally recgnised brands A desired chice f accmmdatin fr crprate executives and travellers seeking accmmdatin fr extended stays Asctt REIT can leverage n Asctt s cmpetitive advantages in the market thrugh Asctt s ability t develp, invest, perate and manage serviced residences and rental husing prperties acrss the wrld Flexible Business Mdel Enhances demand and value with the ability t cater t bth shrt and extended stays Strng Guest Base And Gegraphical Diversificatin Guest base cmprises expatriate families, business travellers, crprate clients and gvernment bdies which prvides relative stability t revenue Prperties lcated in 14 different cuntries which reduces dependence f Asctt REIT s revenue n any particular market 12 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

13 Key Highlights Fr YTD September 2017 Asctt Limited Presentatin July SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017* Asctt Raffles Place Singapre

14 Key Highlights Fr YTD September 2017 Imprved Operatinal Perfrmance Ntwithstanding slw-paced glbal ecnmic recvery, prtfli REVPAU increased 2% Y--Y, in particular, psting duble-digit increase in RevPAU in Belgium, Philippines and Vietnam Revenue (S$m) 4% Y--Y Grss Prfit (S$m) 1% Y--Y Revenue Per Available Unit (S$) 2% Y--Y YTD Sep 2016 YTD Sep 2017 YTD Sep 2016 YTD Sep 2017 YTD Sep 2016 YTD Sep SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

15 Key Highlights Fr YTD September 2017 Grwth Thrugh Value Enhancing Acquisitins Germany: Citadines City Centre Frankfurt and Citadines Michel Hamburg Cmpleted acquisitin n 2 May 2017 DPU accretive with stable recurring incme Singapre: Asctt Orchard Singapre Cmpleted acquisitin n 10 Octber 2017 Grss prfit uplift by >5% 1 Citadines Michel Hamburg The United States f America: DubleTree by Hiltn Htel New Yrk Times Square Suth Cmpleted and started cntributing n 16 August 2017 ~2.4% t the 3Q 2017 grss prfit Recgnised a net revaluatin gain f S$0.5m in 3Q 2017 Citadines City Centre Frankfurt Ttal Asset Value Acquired: S$655.4 millin Asctt Orchard Singapre DubleTree by Hiltn Htel New Yrk Times Square Suth Nte: 1. Cmputed using nly the fixed lease rental cmpnent f S$13,162,500 pa less wner s csts (eg: prperty tax and prperty insurance) and the 15 3Q 2017 grss prfit f S$58.8m, excluding SGX the J.P. variable Mrgan lease Real rental Estate cmpnent Crprate f 85% Day, f Sydney the net perating *23 Nvember incme. 2017*

16 Key Highlights Fr YTD September 2017 Strategic Prtfli Recnstitutin Divested a prtfli f 18 rental husing prperties in Tky, Japan n 26 April % abve valuatin Net divestment gain f S$20.1m 1 Divestment f 2 serviced residences in China, Citadines Biyun Shanghai and Citadines Gaxin Xi an 69% abve valuatin Recgnised a net revaluatin gain f S$51.6m 2 Divestment n track t cmplete in 4Q 2017 Asyl Curt Nakan Sakaue Tky Zesty Akebnbashi Ttal Divestment Value: S$351.6 millin Citadines Biyun Shanghai Citadines Gaxin Xi an Ntes: 1. Cnsists f S$17.2m recgnised in 2Q 2017 and S$2.9m recgnised in 3Q In Q3 2017, ART recgnised a net surplus n revaluatin (net f tax) f S$51.6 millin pursuant t the annuncement n 3 July 2017 fr the 16 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017* divestment f these tw prperties.

17 Key Highlights Fr YTD September 2017 Strengthen Value And Quality Thrugh Asset Enhancement Initiatives Cmpleted the refurbishments at Smerset Millennium Makati, Smerset H Chi Minh City and Citadines Barbican Lndn have led t ADR uplift f: 14% Y--Y Smerset Millennium Makati 23% Y--Y Smerset H Chi Minh City 10% Y--Y Citadines Barbican Lndn Citadines Barbican Lndn Additinal rental revenue with the newly created area that is leased t Surced Market, a fd & beverage retailer Citadines Munt Sphia Singapre Rejuvenated the lbby and breakfast lunge Citadines Barbican Lndn New F&B Retailer Citadines Munt Sphia Singapre Lbby 17 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

18 Key Highlights Fr YTD September 2017 Disciplined and Prudent Capital Management Successful Fund Raising In April 2017, successfully cmpleted a rights issue t raise grss prceeds f S$442.7m Oversubscribed at 1.8 times Gearing remained lw at 31.9% 1 as at 30 September 2017 Effective brrwing rate sustained at 2.4% per annum Apprximately 87% f ttal brrwings is at fixed interest rates t hedge against the rising interest rate envirnment After taking int accunt the freign exchange hedges, impact f freign exchange fluctuatin n grss prfit is largely mitigated at -0.3% ~41% f the ttal assets denminated in freign currencies has been hedged Fitch Ratings assigns a first-time lng-term Issuer Default Rating f 'BBB' with stable utlk, reaffirming the strng business risk prfile that is underpinned by the resilience f its glbally diversified prtfli acrss ecnmic cycles Nte: 1. Gearing wuld be ~36% upn the acquisitin f Asctt Orchard Singapre which was cmpleted n 10 Octber 2017, and the divestments f 18 Citadines Biyun Shanghai and Citadines SGX Gaxin J.P. Mrgan Xi an, which Real is Estate n track Crprate t cmplete Day, in 4Q Sydney *23 Nvember 2017*

19 Prtfli Highlights Asctt Orchard Singapre 19 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

20 Prtfli Underpinned By Grwth And Stable Incme Stable Incme Grwth Incme Prperties under Master Lease Prperties under Management Cntracts with Minimum Incme Guarantee Prperties n Management Cntracts Descriptin Master Lessees pay fixed rental per annum 2 t Asctt REIT Prperties n management cntracts that enjy minimum guaranteed incme N fixed r guaranteed rental but Asctt / third party peratr manages Asctt REIT s prperties fr a fee Percentage f Grss 29% 3 13% 58% Prfit 1 Ntes: 1. Based n YTD September 2017 grss prfit. 2. The rental payments under the master leases are generally fixed fr a perid f time. Hwever, the master leases prvide fr annual rental revisins and/r pegged t indices representing cnstructin csts, inflatin r cmmercial rental prices accrding t market practice. Accrdingly, the rental revisins may be adjusted upwards r dwnwards depending n the abve factrs Excluding Asctt Orchard Singapre, which SGX was J.P. acquired Mrgan n Real 10 Estate Octber Crprate Day, Sydney *23 Nvember 2017*

21 Prtfli diversified acrss gegraphy and ecnmic cycles Breakdwn f ttal assets by gegraphy As at 30 September 2017 Asia Pacific 59.6% Eurpe 27.9% China 16.1% Japan 13.5% Singapre 11.8% Viet nam 5.9% Aust ralia 5.9% Philippines 3.2% Indnesia 2.2% Malaysia 1.0% Asctt REIT s Ttal Assets S$5.1b France 10.7% UK 9.6% Germany 4.9% Spain 1.5% Belgium 1.2% The Americas 12.5% USA 12.5% 21 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

22 42% f YTD September 2017 grss prfit was cntributed by stable incme 34 ut f 74 prperties enjy incme visibility derived frm master leases and minimum guaranteed incme cntracts with remaining weighted average tenure f apprximately 3.6 years YTD Sep 2017 grss prfit cntributin 58% Grup Grss Prfit S$165.1m Master Leases France, 15% Germany, 5% Australia, 3% Singapre, 3% Japan, 2% United Kingdm, 10% Spain, 2% Belgium, 2% 42% Stable Incme Management Cntracts with Minimum Guaranteed Incme Management Cntracts Prperties under master leases and management cntracts with minimum guaranteed incme United Kingdm 4 Prperties 2 Germany 5 Prperties 1 France 17 Prperties 1 Spain 1 Prperty 2 Belgium 2 Prperties 2 Singapre 1 Prperty 1 Australia 3 Prperties 1 Japan 1 Prperty 1 Ntes: 1. Prperties under master leases. 5 master leases that are due in 2017 are currently underging negtiatin and will be renewed in 4Q Prperties under management cntracts SGX with J.P. minimum Mrgan guaranteed Real Estate incme. Crprate Day, Sydney *23 Nvember 2017*

23 Master Leases (YTD Sep 2017 vs YTD Sep 2016) La Clef Luvre Paris Citadines Les Halles Paris Citadines Crisette Cannes Citadines Arnulfpark Munich Asctt Quest Sydney Raffles Place Olympic Park Singapre Revenue ( mil) Grss Prfit ( mil) Australia (AUD) 3 Prperties YTD Sep 2017 YTD Sep Δ% YTD Sep 2017 YTD Sep 2016 Δ% France (EUR) 17 Prperties Germany (EUR) 5 Prperties Japan (JPY) 1 Prperty Singapre (SGD) 1 Prperty (3) (4) Ttal (SGD) 27 Prperties

24 Management Cntracts with Minimum Guaranteed Incme (YTD Sep 2017 vs YTD Sep 2016) Revenue ( mil) Citadines Tisn d Or Brussels Grss Prfit ( mil) Citadines Ramblas Barcelna RevPAU Citadines Trafalgar Square Lndn YTD Sep 2017 YTD Sep 2016 Δ% YTD Sep 2017 YTD Sep 2016 Δ% YTD Sep 2017 YTD Sep 2016 Δ% Belgium (EUR) 2 Prperties Spain (EUR) 1 Prperty United Kingdm (GBP) 4 Prperties (1) Ttal (SGD) 7 Prperties

25 58% f YTD September 2017 grss prfit was cntributed by grwth incme 40 ut f 74 prperties enjy upside grwth ptential derived frm management cntracts YTD Sep 2017 grss prfit cntributin Prperties under management cntracts Japan, 13% USA, 8% China, 10% Vietnam, 11% Grup Grss Prfit S$58.8m 29% Malaysia, 1% Australia, 5% Indnesia, 3% Singapre, 4% Philippines, 3% Master Leases 15% Management Cntracts with Minimum Guaranteed Incme Management Cntracts USA 3 Prperties Malaysia 1 Prperty China 9 Prperties Vietnam 5 Prperties Indnesia 2 Prperties Japan 14 Prperties The Philippines 2 Prperties Singapre 2 Prperties Australia 2 Prperties 25 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

26 Management Cntracts (YTD Sep 2017 vs YTD Sep 2016) Australia (AUD) Revenue ( mil) Grss Prfit ( mil) RevPAU YTD Sep 2017 YTD Sep Δ% YTD Sep 2017 YTD Sep 2016 Δ% YTD Sep 2017 YTD Sep 2016 Δ% (1) (4) (1) China (RMB) Indnesia (USD) Japan (JPY) 1 Malaysia (MYR) Philippines (PHP) Singapre (SGD) , , (1) (3) (16) (3) (11) 1, ,979.6 (15) 11,522 12,234 (6) (12) (16) (12) ,277 3, (9) (14) (9) United States f America (USD) (7) (8) Vietnam (VND) ,663 1, Ttal (SGD) (1) Ntes: 1. RevPAU fr Japan refers t serviced residences and excludes rental husing 2. Revenue and grss prfit figures fr VND are stated in billins. RevPAU figures are stated in thusands

27 Cntinue T Fcus On Extended Stay Segments Breakdwn Of Apartment Rental Incme 1 By Length Of Stay YTD September % 15% Average length f stay was abut 3 mnths 2, which prvides incme stability 9% 14% 56% 1 week r less Less than 1 mnth 1 t 6 mnths 6 t 12 mnths Mre t han 12 mnt hs Ntes: 1. Infrmatin fr prperties n master leases are nt included. 2. Excluding the 18 rental husing prperties in Japan that were divested n 26 April SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

28 Asctt REIT s Strategies Asctt Guangzhu 28 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

29 Asctt REIT s Strategies 29 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

30 1. Grwth By Acquisitin Asctt REIT Has Mre Than Quadrupled Its Ttal Assets Since Its Listing In 2006 Ttal Assets (S$ billin) YTD Oct Nte: 1. Including Asctt Orchard Singapre, which was acquired n 10 Octber SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

31 1. Grwth By Acquisitin Asctt REIT s Strng Acquisitin Track Recrd Since Listing 2006 (S$217.5m) Smerset Olympic Twer Tianjin S$76.8m 40% stake in Rppngi Residences 1 S$20.7m Asctt Makati S$87.5m Smerset Grdn Heights Melburne S$13.9m 26.8% stake in Smerset Chancellr Curt H Chi Minh City S$18.6m 2008 (S$65.5m) Citadines St Gerges Terrace Perth 2 S$36.1m 70% stake in Smerset West Lake Hani S$29.4m 2011 (S$98.1m) 60% stake in Citadines Shinjuku Tky S$98.1m 2013 (S$287.4m) Smerset Heping Shenyang S$86.2m Citadines Biyun Shanghai S$63.2m Citadines Xinghai Suzhu S$23.2m 11 rental husing prperties in Japan S$114.8m 2015 (S$609.1m) Citadines n Burke Melburne S$167.6m 40% stake in Citadines Shinjuku Tky S$84.3m 40% stake in Citadines Karasuma-Gj Kyt S$39.9m 4 rental husing prperties in Osaka S$81.0m Element New Yrk Times Square West S$220.7m 2017 (S$655.4m) Citadines Michel Hamburg S$46.4m Citadines City Centre Frankfurt S$55.6m DubleTree by Hiltn Htel New Yrk Times Square Suth S$148.4m Asctt Orchard Singapre S$405.0m 2007 (S$304.1m) Smerset Azabu East Tky S$79.8m 60% stake in Rppngi Residences 1 S$36.4m 40.2% stake in Smerset Chancellr Curt H Chi Minh City S$27.9m 18 rental husing prperties in Tky S$160.0m 2010 (S$1.2b) 2 Asian prperties in Singapre and Vietnam, and 26 Eurpean prperties in France, UK, Germany, Belgium and Spain S$1.2b 2012 (S$414.7m) 60% stake in Citadines Karasuma-Gj Kyt S$48.2m Asctt Raffles Place Singapre S$220.0m Asctt Guangzhu S$85.7m Madisn Hamburg S$60.8m 2014 (S$559.1m) Smerset Grand Central Dalian S$118.6m Infini Garden S$78.4m Smerset Ampang Kuala Lumpur S$67.4m Citadines Zhuanku Wuhan S$51.4m Citadines Gaxin Xi an S$55.1m Citadines Central Shinjuku Tky 3 S$95.2m Quest Sydney Olympic Park, Quest Masct, and Quest Campbelltwn S$93.0m 2016 (S$218.0m) Sheratn Tribeca New Yrk Htel S$218.0m Ntes: Figures abve are based n agreed prperty value 1. Frmerly knwn as Smerset Rppngi Tky 2. Frmerly knwn as Smerset St Gerges Terrace Perth Frmerly knwn as Best Western Shinjuku SGX Astina J.P. Htel Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017* Ttal Asset Value Acquired Since Listing S$4.6 billin (as at 31 Octber 2017)

32 2. Active Asset Management Enhance Value And Drive Organic Grwth Thrugh Asset Enhancement Initiatives ( AEI ) Smerset Millennium Makati - Renvatin f lbby and 113 apartment units Pre-refurbishment Pst-refurbishment Citadines Barbican Lndn Pst-refurbishment Surced Market - Refurbished 129 apartment units and cmmn areas - Brught in Surced Market, a F&B retailer specialising in artisanal prduce 32 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

33 2. Active Asset Management Citadines Munt Sphia Singapre Rejuvenated Lbby And Breakfast Lunge Lbby: Pre-renvatin Breakfast Lunge: Pre-renvatin Lbby: Pst-renvatin Breakfast Lunge: Pst-renvatin 33 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

34 2. Active Asset Management Onging Asset Enhancement Initiatives 1 Sheratn Tribeca New Yrk Htel The United States f America Smerset Grand Hani Vietnam Descriptin Descriptin Phase I: Renvatin f public areas Phase II: Renvatin f guestrms and tilets Perid f renvatin July 2017 Mar 2018 Renvatin f tilets and FFE replacement Perid f renvatin July 2017 Dec 2017 Asctt Makati (Phase 2) The Philippines Descriptin Phase II: Renvatin f 183 apartment units and mechanical & electrical system Perid f renvatin Phase II: Nv 2017 May 2018 Smerset Grand Citra Jakata Indnesia Descriptin Perid f renvatin Q Q Renvatin f 84 apartment units and mechanical & electrical system Nte: Excluding prperties under Master SGX Lease agreement J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

35 2. Prtfli Capital Recycling Prperties With A Ttal Divestment Value Of S$1.3 billin Have Been Recycled And Re-deplyed Int Higher Yielding Assets Since (S$335.7m) Asctt Beijing S$301.8m Cuntry Wds Jakarta S$33.9m Asctt Beijing Cuntry Wds Jakarta The prceeds frm the 2012 divestments were deplyed t fund the yield accretive acquisitins f Asctt Raffles Place Singapre Asctt Guangzhu 2014 (S$140.0m) Frtune Garden Apartments 1 Frtune Garden Apartments (S$60.3m) 6 Rental Husing Prperties in Japan S$53.1m Salced Residence S$7.2m Salced Residences Asctt REIT Divested 18 Rental Husing Prperties in Japan Citadines Biyun Shanghai Citadines Gaxin Xi an The prceeds frm the 2010 divestments were used t partly fund the yield accretive acquisitins f Citadines Munt Sphia Prperty Singapre, Smerset Ha Binh Hani 26 Eurpean prperties in France, UK, Germany, Belgium and Spain 2012 (S$374.6m) Smerset Grdn Heights Melburne S$15.6m Smerset Grand Cairnhill Singapre S$359.0m Smerset Grdn Heights Melburne Smerset Grand Cairnhill Singapre Asctt REIT has cmpleted the strata sale f 81 apartment units as at July Asctt REIT Divested Six Rental Husing Prperties In Japan Salced Residences in Philippines 2017 (S$351.6m) 18 Rental Husing Prperties in Japan S$153.6m Citadines Biyun Shanghai & Citadines Gaxin Xi an S$198.0m Citadines Biyun Shanghai Citadines Gaxin Xi an Aggregate net divestment gain f S$300.4m during the perid FY 2010 YTD 2017 Nte: Figures abve are based n agreed sale price Frmerly knwn as Smerset Grand Frtune SGX J.P. Garden Mrgan Prperty Real Beijing Estate Crprate Day, Sydney *23 Nvember 2017*

36 3. Capital and Risk Management Healthy Balance Sheet and Credit Metrics As at 30 September 2017 Ntes: 1. Gearing wuld be ~36% upn the acquisitin f Asctt Orchard Singapre which was cmpleted n 10 Octber 2017, and the divestments f Citadines Biyun Shanghai and Citadines Gaxin Xi an, which is n track t cmplete in 4Q Credit rating by Fitch Ratings. 3. Credit rating by Mdy s. 36 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017* As at 30 June 2017 Gearing 31.9% % Interest Cver 4.6X 4.4X Effective Brrwing Rate 2.4% 2.4% Ttal Debts n Fixed Rates 87% 85% Weighted Avg Debt t Maturity (Years) NAV/Unit S$1.24 S$1.23 Adjusted NAV/Unit (excluding the distributable incme t Unithlders) Asctt REIT s Issuer Rating S$1.22 BBB 2 (utlk stable) Baa3 3 S$1.19 Baa33

37 Cntinues t diversify funding surces and spread ut debt maturity ver the lng-term Refinancing requirement cmpleted fr 2017 Debt Maturity Prfile As at 30 September 2017 By Debt Type As at 30 September 2017 S$ m % % 17% % % % 4% <1% <1% Bank lans 4.21% p.a. fixed rate S$200m MTN % p.a. fixed rate JPY5b MTN 1.17% p.a. fixed rate JPY7.3b MTN 4.30% p.a. fixed rate S$100m MTN 2.75% p.a. fixed rate EUR80m MTN 1.65% p.a. fixed rate JPY7b MTN 4.00% p.a. fixed rate S$120m MTN 2 51% Ttal Debt S$1,614m Bank Lans 49% Medium Term Ntes ( MTN ) Ntes: 1. S$ prceeds frm the ntes have been swapped int Eurs at a fixed interest rate f 1.82% p.a. ver the same tenure S$ prceeds frm the ntes have been SGX swapped J.P. Mrgan int Eurs Real at a Estate fixed interest Crprate rate f Day, 2.15% Sydney p.a. ver *23 the Nvember same tenure 2017*

38 Freign Currency Risk Management Asctt REIT adpts a natural hedging strategy t the extent pssible Debt By Currency (%) As at 30 September 2017 Balance Sheet Hedging (%) As at 30 September 2017 JPY 36% EUR 28% JPY EUR USD Ttal Debt S$1,614m RMB VND PHP 11 RMB 4% SGD 6% USD 26% GBP AUD MYR ~41% f the ttal assets denminated in freign currency has been hedged. 38 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

39 3. Freign Currency Risk Management Overall exchange rate fluctuatins have been largely mitigated with impact t grss prfit at -0.3% Currency Grss Prfit YTD Sep 2017 (%) Exchange Rate Mvement Frm 31 Dec 2016 t 30 Sep 2017 (%) EUR JPY VND USD GBP RMB AUD SGD 8 - PHP MYR Ttal ~70% f the distributin incme derived in EUR, GBP and JPY has been hedged. On a prtfli basis, ~34% f estimated FY 2017 freign currency distributin incme has been hedged. 39 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

40 Strng Spnsr The Asctt Limited 40 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017* Asctt Heng Shan Shanghai, China

41 Strng Spnsr The Asctt Limited A whlly-wned subsidiary f CapitaLand Limited One f the leading internatinal serviced residence wnerperatrs with extensive presence >30 year track recrd, pineered Pan-Asia s first internatinal-class serviced residence prperty in 1984 Spnsr c.44% CapitaLand wnership in Asctt REIT Award-winning brands with wrldwide recgnitin Nte: 1. Excludes the number f prperties under the Synergy crprate husing prtfli. 41 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

42 Expanding Glbal Netwrk Thrugh Strategic Acquisitins In July 2017, Asctt Acquired An Additinal 60% Stake In Quest Apartment Htels and 80% Stake In Synergy Glbal Husing In U.S. Asctt has bught an additinal 60% stake in Quest Apartment Htels ( Quest ) fr A$180 millin (S$191 millin) Increase Asctt s stake in Quest frm 20% t 80%, prpelling Asctt t becme the leading serviced residence prvider in Australasia and prvide anther engine f grwth utside f its existing market thrugh Quest s highly scalable business frmat franchise platfrm Asctt has acquired an 80% stake in Synergy Glbal Husing ( Synergy ) Synergy is the leading crprate husing prvider in the U.S. with clse t 2,000 units lcated predminantly in the U.S. West Cast The acquisitin will expand Asctt s ftprint in the U.S. by leveraging Synergy s platfrm fr significant crss selling pprtunities and synergies thrugh cmplementary gegraphical reach, target segments and strengths The Acquisitins Will Further Slidify Asctt s Leadership Psitin In The Serviced Residence Industry In The Wrld 42 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

43 Asctt s Brands Asctt Orchard Singapre Asctt Exclusive city living hmes with discreet services fr business travellers in key gateway cities. Citadines Saint-Germain-des-Prés Paris, France Citadines Ideal hme in the city with flexible services fr individuals n the g. Smerset Wusheng Wuhan, China Smerset Stylish apartments ffering the cmfrts and familiarity f hme fr executives. 43 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

44 Asctt s Brands Quest West Perth, Australia Quest Spacius serviced apartment style htel rms perfect fr shrt and lng stays, lcated acrss Australia, New Zealand and Fiji. La Clef Tur Eiffel Paris, France The Crest Cllectin Luxurius city living with discreet services fr business travellers. lyf Funan, Singapre 1 lyf A new way f living and cllabrating as a cmmunity, cnnecting guests with fellw travellers and change-makers. Nte: 1. Artist s impressin. 44 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

45 Cnclusin Asctt Jakarta 45 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

46 Cnclusin 1 2 Strng Spnsr The Asctt Limited Strng Track Recrd f Delivering Stable and Sustainable Returns 3 Grwth Thrugh Value Enhancing Acquisitins 4 5 Practive Asset Management Disciplined and Prudent Capital Management Ging frward, Asctt REIT will cntinue t fcus n creating stable incme and returns t Unithlders thrugh its diversified prtfli and extended-stay business mdel, tgether with the master leases and management cntracts with minimum guaranteed incme. 46 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

47 Appendix Asctt Makati 47 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

48 Overview f Asctt REIT Trust Structure Unithlders Hlding f Units Distributins Manager Asctt Residence Trust Management Limited Management Services Management Fees Acts n behalf f Unithlders Trustee s Fees Trustee DBS Trustee Limited fr Unithlders Net Prfit Dividends Ownership f Assets Ownership f Shares Singapre Prperties Asctt Raffles Place Singapre & Asctt Orchard Singapre Master Lease Master Lease Incme Master Lessees Master Lease Master Lease Incme Prperty Hlding Cmpanies / Prperty Cmpanies Citadines Munt Sphia Prperty Singapre & Smerset Liang Curt Prperty Singapre Serviced Residence Management Fees Serviced Residence Management Services Serviced Residence Management Cmpanies Serviced Residence Management Fees Serviced Residence Management Services 48 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

49 United States f America DubleTree by Hiltn Htel New Yrk Times Square Suth Element New Yrk Times Square West Sheratn Tribeca New Yrk Htel Spain Citadines Ramblas Barcelna France Diversified Gegraphical Ftprint Acrss 38 Cities in 14 Cuntries United Kingdm Citadines Barbican Lndn Citadines Hlbrn-Cvent Garden Lndn Citadines Suth Kensingtn Lndn Citadines Trafalgar Square Lndn China Citadines Antigne Mntpellier Citadines Austerlitz Paris Citadines Castellane Marseille Citadines City Centre Grenble Citadines City Centre Lille Citadines Crisette Cannes Philippines Citadines Didt Mntparnasse Paris Asctt Makati Citadines Prestige Les Halles Paris Smerset Millenium Citadines Mntmartre Paris Makati Citadines Mntparnasse Paris Citadines Place d Italie Paris Citadines Prad Chant Marseille Belgium Malaysia Citadines Presqu île Lyn Citadines Sainte-Catherine Brussels Smerset Ampang Citadines République Paris Citadines Tisn d Or Brussels Kuala Lumpur La Clef Luvre Paris Citadines Tur Eiffel Paris Citadines Trcadér Paris Germany Indnesia Asctt Jakarta Citadines Michel Hamburg Smerset Grand Citadines Kurfürstendamm Berlin Citra Jakarta Citadines Arnulfpark Munich Madisn Hamburg Citadines City Centre Frankfurt 49 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017* Smerset Heping Shenyang Citadines Zhuanku Wuhan Smerset Grand Central Dalian Asctt Guangzhu Smerset Xuhui Shanghai Smerset Olympic Twer Prperty Tianjin Citadines Xinghai Suzhu Citadines Gaxin Xi an Citadines Biyun Shanghai Japan Citadines Central Shinjuku Tky Citadines Karasuma-Gj Kyt Citadines Shinjuku Tky Smerset Azabu East Tky Infini Garden Actus Hakata V-Twer Rppngi Residence Tky Big Palace Kita 14j Gravis Curt Kakmachi Gravis Curt Kkutaji Gravis Curt Nishiharaekimae S-Residence Hmmachi Marks S-Residence Tanimachi 9 chme S-Residence Midribashi Seri S-Residence Fukushima Luxe Vietnam Smerset Ha Binh Hani Smerset Grand Hani Smerset H Chi Minh City Smerset Chancellr Curt H Chi Minh City Smerset West Lake Hani Singapre Asctt Orchard Singapre Asctt Raffles Place Singapre Smerset Liang Curt Singapre Citadines Munt Sphia Singapre Australia Citadines On Burke Melburne Citadines St Gerges Terrace Perth Quest Campbelltwn Quest Masct Quest Sydney Olympic Park

50 Financial Highlights fr 3Q Q 2017 vs 3Q 2016 Financial Perfrmance Revenue (S$m) 2% Y--Y Grss Prfit (S$m) 3% Y--Y 58.8 Revenue Per Available Unit (S$) 1% Y--Y Q Q 2017 Unithlders Distributin (S$m) 6% Y--Y Q Q 2017 Distributin Per Unit (S cents) % Y--Y Q Q 2017 Adjusted Distributin Per Unit (S cents) 1% Y--Y Q Q 2017 Mainly due t ne-ff realised freign exchange gain f S$3.3m in 3Q 2016 arising frm the repayment f freign currency bank lans 3Q Q 2017 Mainly due t ne-ff realised exchange gain in 3Q 2016 and Rights Issue 1 cmpleted in April Q Q 2017 DPU adjusted fr ne-ff realised exchange gain in 3Q 2016 and Rights Issue 1 Nte: 1. On 11 April 2017, 481,688,010 units were issued t raise grss prceeds f S$442.7m t partially fund the acquisitins f tw serviced residence in Germany, Citadines Michel Hamburg and Citadines City Centre Frankfurt and Asctt Orchard Singapre. 50 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

51 Master Leases (3Q 2017 vs 3Q 2016) La Clef Luvre Paris Citadines Les Halles Paris Citadines Crisette Cannes Citadines Arnulfpark Munich Asctt Raffles Place Singapre Quest Sydney Olympic Park Revenue and grss prfit fr Germany increased by 60% and 50% respectively due t the acquisitin f Citadines Michel Hamburg and Citadines City Centre Frankfurt n 2 May 2017 Australia (AUD) 3 Prperties Revenue ( mil) 3Q Q Grss Prfit ( mil) Δ% 3Q Q 2016 Δ% France (EUR) 17 Prperties Germany (EUR) 5 Prperties Japan (JPY) 1 Prperty Singapre (SGD) 1 Prperty Ttal (SGD) 27 Prperties SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

52 Management Cntracts with Minimum Guaranteed Incme (3Q 2017 vs 3Q 2016) Revenue ( mil) Grss Prfit ( mil) Citadines Tisn d Or Brussels Citadines Ramblas Barcelna RevPAU Citadines Trafalgar Square Lndn Belgium (EUR) 2 Prperties 3Q Q Δ% 3Q Q 2016 Δ% 3Q Q 2016 Δ% Spain (EUR) 1 Prperty United Kingdm (GBP) 4 Prperties (3) Ttal (SGD) 7 Prperties SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

53 Cuntry Perfrmance fr Prperties Under Management Cntracts with Minimum Guaranteed Incme Belgium Cntributes 2% t the Prtfli s Grss Prfit Rebund t pre-terrrist attack level Citadines Sainte- Catherine Brussels Citadines Tisn d Or Brussels EUR % 75% 43% Key Market Perfrmance Highlights Revenue and grss prfit increase due t weaker demand in 3Q 2016 pst-terrrist attacks in March 2016 Market recvery frm spate f terrrist attacks in 2016, as demand cntinues t pick up strngly in Real GDP grwth frecast f 1.6% fr 2017 and Internatinal turist arrivals expected t grw by 6.1% Y--Y t a ttal f 7.4 millin arrivals in Revenue ('mil) Grss Prfit ('mil) RevPAU 0 3Q Q 2017 Ntes: 1. Surces: Internatinal Mnetary Fund (Octber 2017); Wrld Travel & Turism Cuncil, Ecnmic Impact (2017); STR, Glbal Htel Review 53 (August 2017) SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

54 Cuntry Perfrmance fr Prperties Under Management Cntracts with Minimum Guaranteed Incme Spain Cntributes 2% t the Prtfli s Grss Prfit Grwth pprtunities in key gateway cities Citadines Ramblas Barcelna EUR % 29% 8% Key Market Perfrmance Highlights Revenue and grss prfit increased due t higher leisure demand and retail incme Real GDP grwth frecast f 3.1% fr 2017, mderating t 2.5% in Supply is expected t taper as the Barcelna gvernment s ban n new htels takes full effect in 2019, thus easing ut cmpetitin Revenue ('mil) Grss Prfit ('mil) RevPAU 0 3Q Q 2017 Ntes: 1. Surces: Internatinal Mnetary Fund (Octber 2017); PwC, Eurpean Htels Frecast fr 2017 and 2018 (2017); The Telegraph (January 2017) 54 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

55 Cuntry Perfrmance fr Prperties Under Management Cntracts with Minimum Guaranteed Incme United Kingdm Cntributes 11% t the Prtfli s Grss Prfit Healthy grwth despite security threats Citadines Trafalgar Square Lndn Citadines Hlbrn-Cvent Garden Lndn Citadines Barbican Lndn Citadines Suth Kensingtn Lndn GBP % -3% 5% Key Market Perfrmance Highlights Revenue grwth due t higher leisure demand partly driven by the weak pund Grss prfit decreased due t higher prperty tax and marketing expenses Real GDP grwth frecast f 1.7% in 2017, mderating t 1.5% in Visitr arrivals fr January t July 2017 grew 8% Y--Y, setting a new recrd f mre than 4 millin visits in a single mnth Revenue ('mil) Grss Prfit ('mil) RevPAU 3Q Q Cntinued and sustained grwth f supply in Lndn with 7,500 new htel rms in 1H 2017, and an expected 7,000 new htel rms in 2018 may cause the ccupancy rates t be under pressure 1 Ntes: 1. Surces: Internatinal Mnetary Fund (Octber 2017); Visit Britain, 2017 inbund turism perfrmance (July 2017); The Telegraph (August ); PwC, UK Htels Frecast 2018 (September SGX J.P. Mrgan 2017) Real Estate Crprate Day, Sydney *23 Nvember 2017*

56 Management Cntracts (3Q 2017 vs 3Q 2016) Revenue ( mil) Grss Prfit ( mil) RevPAU 3Q Q 2016 Δ% 3Q Q 2016 Δ% 3Q Q 2016 Δ% Australia (AUD) (1) China (RMB) Indnesia (USD) Japan (JPY) ,169.2 (6) (14) (7) (17) (22) 11,145 12,018 (7) Malaysia (MYR) Philippines (PHP) (4) (4) ,927 3, Singapre (SGD) (11) (13) (10) United States f America (USD) (7) Vietnam (VND) ,612 1,498 8 Ttal (SGD) (1) (2) (1) Ntes: 1. RevPAU fr Japan refers t serviced residences and excludes rental husing 56 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017* 2. Revenue and grss prfit figures fr VND are stated in billins. RevPAU figures are stated in thusands

57 Cuntry Perfrmance fr Prperties Under Management Cntracts Australia Cntributes 5% t the Prtfli s Grss Prfit Perfrmance remains stable Citadines n Burke Melburne Citadines St Gerges Terrace Perth Key Market Perfrmance Highlights AUD Steady perfrmance f the Australian prperties Real GDP grwth frecast f 2.2% in 2017, increasing t % in % Revenue ('mil) Grss Prfit ('mil) RevPAU 100 Visitr arrivals fr YTD July 2017 increased by 8.1% Y--Y Market utlk fr Melburne is psitive with bth ccupancy and rates remaining high and stable in 2H In Perth, slight decline in RevPAU, partly due t curtailment 0 f resurce investment activity and increases in rm supply 1 3Q Q 2017 Nte: 1. Surce: Internatinal Mnetary Fund (Octber 2017); Turism Australia (July 2017); The Htel Cnversatin (March 2017); Savills, APAC Htel 57 Sentiment Survey 2H 2017 (2017) SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

58 Cuntry Perfrmance fr Prperties Under Management Cntracts China Cntributes 10% t the Prtfli s Grss Prfit Perfrmance in tier 1 and 1.5 cities remains resilient Smerset Xu Hui Shanghai Asctt Guangzhu Citadines Xinghai Suzhu Smerset Olympic Twer Prperty Tianjin Smerset Grand Central Dalian Citadines Zhuanku Wuhan Smerset Heping Shenyang 3% 1 19% 1 5% 1 Key Market Perfrmance Highlights RMB Revenue grwth due t higher revenue frm the refurbished apartments at Smerset Xu Hui Shanghai, partially ffset by weaker demand mainly frm a prperty in a reginal city Citadines Biyun Shanghai will cease t perate frm December 2017 Grss prfit increased due t higher revenue and reversal f expenses that are n lnger required Real GDP grwth frecast f 6.7% fr 2017 and 6.4% fr Revenue ('mil) Grss Prfit ('mil) RevPAU 3Q Q 2017 (Same stre 1 ) Including Citadines Gaxin Xi an 0 Nn-financial utilised FDI frm January t June 2017 increased 6.6% Y--Y 2 58 Nte: 1. Excluding Citadines Gaxin Xi an which ceased peratins in September Divestments f Citadines Gaxin Xi an and Citadines Biyun Shanghai were annunced n 3 July 2017 and n track t cmplete in 4Q Surces: Internatinal Mnetary Fund: Wrld Ecnmic Outlk (Octber 2017); EU-China FDI Mnitr (September 2017)

59 Cuntry Perfrmance fr Prperties Under Management Cntracts Indnesia Cntributes 3% t the Prtfli s Grss Prfit Perfrmance affected by weaker crprate demand Smerset Grand Citra Jakarta Asctt Jakarta USD % -14% -7% Revenue ('mil) Grss Prfit ('mil) RevPAU Key Market Perfrmance Highlights Revenue and grss prfit decreased due t weaker crprate demand Despite the decline in revenue, the prperties perfrmance exceeded the htel industry in general Serviced residences market in Jakarta has seen decline in ccupancies and ADR due t reduced high yield demand and lesser lng stay guests Real GDP grwth frecast f 5.2% in 2017 and Q Q 2017 Nte: Surce: Internatinal Mnetary Fund SGX (Octber J.P. 2017) Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

60 Cuntry Perfrmance fr Prperties Under Management Cntracts Japan Cntributes 11% t the Prtfli s Grss Prfit Perfrmance affected by keen cmpetitin Citadines Central Shinjuku Tky Citadines Shinjuku Tky Citadines Karasuma-Gj Kyt Smerset Azabu East Tky 10 rental husing prperties in Japan -5% 1-7% 1-7% Key Market Perfrmance Highlights JPY 1, , , , ,018 11, Excluding the divested prperties, revenue decreased due t lwer ADR achieved arising frm keen cmpetitin and new supply Real GDP grwth frecast f 1.5% fr 2017, decreasing t 0.7% in Ttal freign direct investment inflw frm January t June 2017 decreased 64% Y--Y 3 Heightened supply 65,000 ver the next 3 years in the 8 majr cities, increase f 26% frm Revenue ('mil) Grss Prfit ('mil) RevPAU 2 0 Other cmpetitin als cme frm Airbnb wh reprted 3.7 millin users last year, equal t 15% f inbund turists 60 3Q Q 2017 (Same stre 1 ) Including divested prperties Strng inbund turism, but 60% f visitrs are repeaters and many f them spread ut t reginal cities instead f the main cities which we perate in 3 Ntes: 1. Excluding the 18 rental husing prperties in Tky, which were divested n 26 April RevPAU relates t serviced residences and excludes rental husing prperties 3. Surce: Internatinal Mnetary Fund (Octber 2017); Japan External Trade Organisatin (June 2017); CBRE; Savills Asia

61 Cuntry Perfrmance fr Prperties Under Management Cntracts Malaysia Cntributes 1% t the Prtfli s Grss Prfit Sfter perfrmance due t weaker demand Smerset Ampang Kuala Lumpur MYR -4% -4% 6% Key Market Perfrmance Highlights Revenue decreased due t weaker market demand Grss prfit increased mainly due t lwer staff csts, partially ffset by lwer revenue Real GDP grwth frecast f 5.4% in 2017, declining t 4.8% fr ,537 new htel rms in the pipeline fr 2017 t 2021, with mst f them pening in Kuala Lumpur Revenue ('mil) Grss Prfit ('mil) RevPAU 50 0 Crprate demand will likely t be in a wait-and-see mde until after the next Malaysia General Electins, currently expected t take place arund March Q Q 2017 Ntes: Surces: Internatinal Mnetary Fund SGX (Octber J.P. Mrgan 2017); HVS Real (May Estate 2017) Crprate Day, Sydney *23 Nvember 2017*

62 Cuntry Perfrmance fr Prperties Under Management Cntracts Philippines Cntributes 3% t the Prtfli s Grss Prfit Rbust grwth expected t cntinue Smerset Millennium Makati Asctt Makati PHP % 42% 17% ,927 3, Revenue ('mil) Grss Prfit ('mil) RevPAU Key Market Perfrmance Highlights Revenue increased due t Asctt Makati and Smerset Millennium Makati underging renvatin in 3Q 2016 Grss prfit increased due t higher revenue, partially ffset by higher depreciatin expense (arising frm the renvatin f the prperties) Real GDP grwth frecast f 6.6% in 2017 and 6.7% in htel prjects and 10,713 rms in the pipeline fr 2017, signaling a rbust grwth in the hspitality sectr 1 Visitr arrivals frm January t June 2017 increased by 12.7% Y--Y 1 3Q Q 2017 Ntes: 1. Surces: Internatinal Mnetary Fund (Octber 2017); The Philippines Star Glbal, Business (July 2017); Manila Bulletin (August, 2017) 62 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*

63 Cuntry Perfrmance fr Prperties Under Management Cntracts Singapre Cntributes 4% t the Prtfli s Grss Prfit Subdued crprate demand amidst new supply in 2017 Smerset Liang Curt Prperty Singapre Citadines Munt Sphia Prperty Singapre SGD % -13% -10% Revenue ('mil) Grss Prfit ('mil) RevPAU Key Market Perfrmance Highlights Revenue decreased due t weaker crprate demand and affected by a lng stay prject grup with lwer ADR Grss prfit decreased due t lwer revenue, partially ffset by lwer depreciatin expense Fcus n seeking diversificatin in crprate segments t achieve better perfrmance Real GDP grwth frecast f 2.5% fr 2017, increasing t 2.6% fr MAS has als vwed t invest SGD225m by the end f 2020 t put Singapre ahead as a Fintech hub in Asia. The MICE sectr is set t benefit frm the STB s active supprt fr business events 1 3Q Q 2017 New supply is expected t taper significantly in 2018 and utlk remains psitive in the lng-term 1 Ntes: Surces: Internatinal Mnetary Fund SGX (Octber J.P. Mrgan 2017); JLL, Real Singapre Estate (September Crprate 2017) Day, Sydney *23 Nvember 2017*

64 Cuntry Perfrmance fr Prperties Under Management Cntracts United States Cntributes 10% t the Prtfli s Grss Prfit Mderate grwth expected fr 2017 DubleTree by Hiltn Htel New Yrk Times Square Suth Sheratn Tribeca New Yrk Htel Element New Yrk Times Square West USD % Revenue ('mil) 1 Grss Prfit ('mil) 1 RevPAU1 3Q Q % -14% 4.9 Excluding straight-line recgnitin f perating lease expense -7% Key Market Perfrmance Highlights Revenue and grss prfit increased due t the cmpletin f DubleTree by Hiltn Htel New Yrk Times Square Suth acquisitin n 16 August 2017 Excluding straight-line recgnitin f perating lease expense, the decline in grss prfit is mainly due t higher prperty tax expense and lwer revenue Decrease in RevPau due t lwer RevPau f DubleTree by Hiltn Htel New Yrk Times Square Suth Real GDP grwth frecast f 2.2% in 2017 and 2.3% in ADR in Manhattan maybe affected by new supply and keen cmpetitin, nevertheless, ccupancy is expected t remain steady with stable demand 2 64 Ntes: 1. On a same stre basis and excluding straight line recgnitin f perating lease expense, revenue and grss prfit wuld decrease by USD1.5m and USD1.8m respectively due t keen cmpetitin and new supply. RevPau wuld decrease by 8% as cmpared t 3Q Surce: Internatinal Mnetary Fund (Octber 2017); New Yrk City Department f City Planning, NYC Htel Market Analysis (2017)

65 Cuntry Perfrmance fr Prperties Under Management Cntracts Vietnam Cntributes 9% t the Prtfli s Grss Prfit Grwth mmentum remains rbust Smerset Grand Hani Smerset Ha Binh Hani Smerset West Lake Hani Smerset H Chi Minh City Smerset Chancellr Curt H Chi Minh City VND % 5% 8% , , Revenue ('bil) Grss Prfit ('bil) RevPAU ('000) 3Q Q Key Market Perfrmance Highlights Revenue and grss prfit increased due t strnger perfrmance pst renvatin f Smerset H Chi Minh City and higher crprate demand With the sftened visa regulatins and enhanced air cnnectivity, turist arrivals surged by 21.1% Y--Y in July and 35.1% in August, with the largest recrded number f 1.23 millin in August GDP grwth frecast f 6.3% in 2017 and Cntinued and sustained ecnmic grwth as Vietnam becmes ne f the tp FDI destinatin in emerging markets 1 Nte: 1. Surce: Internatinal Mnetary Fund (Octber 2017); Trading Ecnmics (2017); PwC, Ding Business in Vietnam (July, 2017) 65 SGX J.P. Mrgan Real Estate Crprate Day, Sydney *23 Nvember 2017*