Asctt Residence Trust A Leading Glbal Serviced Residence REIT SGX-CS Singapre Crprate Day 13 June 2018 1 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
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 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Cntent Overview Of Asctt REIT Asctt REIT Value Creatin Key Highlights Fr 1Q 2018 Prtfli Perfrmance Cnclusin Appendix 3 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Overview f Asctt REIT 4 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018* Citadines n Burke Melburne
A Leading Glbal Serviced Residence REIT Diversified And Defensive Prtfli Of Quality Assets Lcated In Majr Gateway Cities 11,430units 37 cities 14 cuntries Mst gegraphically diversified REIT listed n the SGX-ST Market Capitalisatin S$2.4b 1 Ttal Assets S$5.2b Ttal Sharehlder Return Since IPO ~200% 2 Ntes: Figures abve as at 31 March 2018, unless therwise indicated 1. Surce: Blmberg as at 31 May 2018. 2. Cnsists all distributins and capital appreciatin f Asctt Reit s unit price frm IPO t 31 May 2018. 5 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Diversified Gegraphical Ftprint Acrss 37 Cities in 14 Cuntries 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 United Kingdm Citadines Barbican Lndn Citadines Hlbrn-Cvent Garden Lndn Citadines Suth Kensingtn Lndn Citadines Trafalgar Square Lndn Citadines Austerlitz Paris Citadines Didt Mntparnasse Paris Citadines Les Halles Paris Citadines Maine Mntparnasse Paris Citadines Mntmartre Paris Citadines Place d Italie Paris Citadines République Paris Citadines Tur Eiffel Paris Citadines Trcadér Paris La Clef Luvre Paris Citadines Crisette Cannes Citadines City Centre Grenble Belgium Citadines City Centre Lille Citadines Sainte-Catherine Brussels Citadines Presqu île Lyn Citadines Tisn d Or Brussels Citadines Castellane Marseille Citadines Prad Chant Marseille Citadines Antigne Mntpellier Germany Citadines Arnulfpark Munich Citadines City Centre Frankfurt Citadines Kurfürstendamm Berlin Citadines Michel Hamburg Madisn Hamburg China 6 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018* Asctt Guangzhu Citadines Xinghai Suzhu Citadines Zhuanku Wuhan Smerset Grand Central Dalian Smerset Heping Shenyang Smerset Olympic Twer Prperty Tianjin Smerset Xuhui Shanghai Philippines Asctt Makati Smerset Millenium Makati Malaysia Smerset Ampang Kuala Lumpur Indnesia Asctt Jakarta Smerset Grand Citra Jakarta Japan Citadines Central Shinjuku Tky Citadines Shinjuku Tky Smerset Azabu East Tky Citadines Karasuma-Gj Kyt Actus Hakata V-Twer Big Palace Kita 14j Gravis Curt Kakmachi Gravis Curt Kkutaji Gravis Curt Nishiharaekimae Infini Garden Rppngi Residences Tky S-Residence Hmmachi Marks S-Residence Tanimachi 9 chme S-Residence Midribashi Seri S-Residence Fukushima Luxe Vietnam Smerset Grand Hani Smerset Ha Binh Hani Smerset West Lake Hani Smerset Chancellr Curt H Chi Minh City Smerset H Chi Minh City Singapre Asctt Orchard Asctt Raffles Place Citadines Munt Sphia Smerset Liang Curt Australia Citadines On Burke Melburne Citadines St Gerges Terrace Perth Quest Campbelltwn Quest Masct Quest Sydney Olympic Park
Stable Perfrmance Driven by A Balanced and Diversified Prtfli Breakdwn f ttal assets by gegraphy As at 31 March 2018 Asia Pacific 60.1% Eurpe 28.0% Singapre 18.6% France 10.5% Japan 13.3% China 10.7% Viet nam 5.7% Aust ralia 5.6% Philippines 3.0% Indnesia 2.1% Malaysia 1.1% Asctt REIT s Ttal Assets S$5.2b UK 9.7% Germany 5.2% Spain 1.4% Belgium 1.2% The Americas 11.9% USA 11.9% 7 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Balanced Prtfli Underpinned By Stable And Grwth Incme Stable Incme Grwth Incme Prperties under Master Lease Prperties under Management Cntracts with Minimum Incme Guarantee Prperties n Management Cntracts Descriptin Master Lessees pay fixed rental per annum 1 t Asctt REIT Prperties n management cntracts that enjy minimum guaranteed incme N fixed r guaranteed rental but Asctt / third party peratr manages Asctt REIT s prperties fr a fee Percentage f Grss 39% 11% 50% Prfit 2 50% Ntes: 1. The rental payments under the master leases are generally fixed fr a perid f time. Hwever, the master leases prvide fr annual rental revisins and/r pegged t indices representing cnstructin csts, inflatin r cmmercial rental prices accrding t market practice. Accrdingly, the rental revisins may be adjusted upwards r dwnwards depending n the abve factrs. 8 2. Based n 1Q 2018 grss prfit. Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Ttal Assets (S$ billin) Asctt REIT Is The Mst Gegraphically Diversified REIT And The Largest Hspitality S-REIT By Asset Size And Market Capitalisatin 1 7.0 6.0 Market Capitalisatin - S$2.4 billin 2 Ttal Assets - S$5.2 billin Gegraphical Reach - 14 cuntries 5.0 4.0 3.0 Far East Hspitality Trust Frasers Hspitality Trust CDL Hspitality Trusts Asctt REIT 2.0 1.0 0.0 OUE Hspitality Trust Ascendas Hspitality Trust 0 2 4 6 8 10 12 14 16 N. f cuntries Ntes: Figures abve as at 31 May 2018, based n latest cmpany filings. 1. Size f bubbles f ther hspitality S-REITs dentes market capitalisatin extracted frm Blmberg as at 31 May 2018. 9 2. Market capitalisatin f Asctt REIT is based Presentatin n unit clsing Fr price SGX-CS f S$1.10 Singapre n 31 May Crprate 2018. Day *13 June 2018*
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 10 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
What Are Serviced Residences? Lease Structure & Terms Revenue Htels Shrt-term accmmdatin Revenue frm rms and ther surces e.g. F&B, ancillary, etc. Serviced Residences Variable lease terms Revenue predminantly frm rms Cst Structure Seasnality Higher staff-t-rm rati Full range f hspitality services Predminantly seasnal nature f turism industry Lwer staff-t-rm rati Limited services prvided Predminantly driven by lngterm macrecnmic factrs such as GDP grwth and FDI inflws 11 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Awards and Acclades Clinched Highly Cveted Acclades Asia Pacific Best f the Breeds REITs Awards 2017 Best Hspitality REIT - Platinum Business Traveller Asia-Pacific Awards 2017 Best Serviced Residence in Asia Pacific Asctt Raffles Place Singapre Singapre Gvernance and Transparency Index 2017 Ranked 6 ut f the 42 Trusts Wrld Travel Awards 2017 Leading Serviced Apartments in respective cuntries Citadines Michel Hamburg Citadines Sainte-Catherine Brussels Citadines Shinjuku Tky Smerset Grand Hani Travel Weekly Asia Readers Chice Awards 2017 Best Serviced Residence Prperty Asctt Orchard Singapre TripAdvisr Awards Travellers Chice Award 2017 Asctt Raffles Place Singapre La Clef Luvre Paris Citadines Karasuma-Gj Kyt Smerset Grand Hani Smerset H Chi Minh City Certificate f Excellence Award 2017 37 prperties 1 Nte: 12 1. Fr the full list f the awards, please refer t Presentatin https://www.the-asctt.cm/en/ascttlimited/awards.html. Fr SGX-CS Singapre Crprate Day *13 June 2018*
Asctt REIT Value Creatin Citadines City Centre Frankfurt 13 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Asctt REIT s Value Creatin 14 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
1. Grwth By Acquisitin Asctt REIT s Ttal Assets Has Increased Fivefld Since Its Listing In 2006 Ttal Assets (S$ billin) 2.8 3.0 3.0 3.6 4.1 4.7 4.8 5.5 5.2 1 1.7 1.7 1.7 1.1 Nte: 1. The decrease in ttal assets is due t the divestment f Citadines Biyun Shanghai and Citadines Gaxin Xi an n 5 January 2018. 15 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Grwth By Acquisitin Rbust Grwth In Grss Prfit And Unithlders Distributin Delivered Since IPO in 2006 Grss prfit (S$ millin) Unithlders Distributin (S$ millin) 226.9 152.2 42.6 48.7 24.6 29.2 2006 2017 1Q 2018 2006 2017 1Q 2018 16 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
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$56.7m) Citadines St Gerges Terrace Perth 2 S$36.1m 70% stake in Smerset West Lake Hani S$20.6m 2011 (S$58.9m) 60% stake in Citadines Shinjuku Tky S$58.9m 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$519.0m) Citadines n Burke Melburne S$167.6m 40% stake in Citadines Shinjuku Tky S$33.7m 40% stake in Citadines Karasuma-Gj Kyt S$16.0m 4 rental husing prperties in Osaka S$81.0m Element New Yrk Times Square West S$220.7m 2017 (S$648.3m) 93% stake in Citadines Michel Hamburg S$43.2m 93% stake in Citadines City Centre Frankfurt S$51.7m 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 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 3. Frmerly knwn as Best Western Shinjuku Astina Htel 2012 (S$395.4m) 60% stake in Citadines Karasuma-Gj Kyt S$28.9m 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 Ttal Asset Value Acquired Since Listing S$4.5 billin (as at 31 March 2018) 17 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Active Asset Management Thrugh Capital Recycling Prperties With A Ttal Divestment Value Of S$1.3 billin Have Been Recycled And Re-deplyed Int Higher Yielding Assets Since 2010 2010 (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 1 2015 (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 2017. 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$304.4m during the perid FY 2010 FY 2017 Nte: Figures abve are based n agreed sale price. 18 1. Frmerly knwn as Smerset Grand Frtune Presentatin Garden Prperty Fr SGX-CS Beijing Singapre Crprate Day *13 June 2018*
Augmenting Value Thrugh Asset Enhancement Initiatives Rbust ADR Uplift At Refurbished Prperties Cmpleted In 2017 Smerset H Chi Minh City 23% Smerset Millennium Makati 14% Citadines Barbican Lndn 10% Y--Y Y--Y Y--Y Pre-refurbishment Pre-refurbishment Pre-refurbishment Pst-refurbishment Pst-refurbishment Pst-refurbishment 19 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Augmenting Value Thrugh Asset Enhancement Initiatives Citadines Barbican Lndn Additinal rental revenue frm Surced Market, a F&B retailer Lbby: Pre-refurbishment Breakfast Lunge: Prerefurbishment Surced Market Surced Market Lbby: Pst-refurbishment Breakfast Lunge: Pstrefurbishment Citadines Munt Sphia Singapre Rejuvenated Lbby and Breakfast Lunge 20 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Active Asset Management Onging AEIs 1 Sheratn Tribeca New Yrk Htel The United States f America Descriptin Phase I: Renvatin f public areas Phase II: Renvatin f guestrms and tilets Perid f renvatin Target t cmplete in 2Q 2018 Asctt Makati (Phase II) The Philippines Descriptin Renvatin f 183 apartment units Perid f renvatin Target t cmplete in 2Q 2018 Smerset Grand Hani Vietnam Descriptin Perid f renvatin Renvatin f apartment units, tilets and public area Cmpleted phase I in Dec 2017, phase II t cmmence in 2Q 2018 Smerset Grand Citra Jakata (Phase 1) Indnesia Descriptin Renvatin f 44 apartment units Perid f renvatin 1Q 2018 1Q 2019 Nte: 21 Status as at 31 March 2018. Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018* 1. Excluding prperties under Master Lease agreement
Capital And Risk Management Disciplined And Prudent Apprach Twards Capital And Risk Management Gearing remained lw at 36.1% Effective brrwing rate maintained at 2.3% per annum 4.0 years Weighted average debt t maturity BBB (utlk stable) Lng-term rating by Fitch Interest cver 4.0X ~86% Ttal debts n fixed rates t hedge against rising interest rates NAV Per Unit S$1.22 Adjusted NAV Per Unit 1 S$1.21 Ntes: Figures abve as at 31 March 2018, unless therwise indicated. 1. Excluding the distributable incme t Unithlders. 22 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Cntinues t diversify funding surces and spread ut debt maturity ver the lng-term Well-spread debt maturity; have cmmenced discussins t refinance the remaining 10% f lan facilities due in 2018 Debt Maturity Prfile As at 31 March 2018 S$ m By Debt Type As at 31 March 2018 24% 26% 486 10% 183 15% 275 448 200 86 90 16% 295 120 58% Ttal Debt S$1,865m 22 61 100 6% 104 188 196 3% 130 69 45 <1% 5 42% 2018 2019 2020 2021 2022 2023 2024 2025 and after Bank lans 2.01% p.a. fixed rate JPY5b MTN 4.30% p.a. fixed rate S$100m MTN 1.65% p.a. fixed rate JPY7b MTN 4.21% p.a. fixed rate S$200m MTN 1 1.17% p.a. fixed rate JPY7.3b MTN 2.75% p.a. fixed rate EUR80m MTN 4.00% p.a. fixed rate S$120m MTN 2 Bank Lans Medium Term Ntes ( MTN ) Ntes: 1. S$ prceeds frm the ntes have been swapped int Eurs at a fixed interest rate f 1.82% p.a. ver the same tenure 2. S$ prceeds frm the ntes have been swapped int Eurs at a fixed interest rate f 2.15% p.a. ver the same tenure 23 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Freign Currency Risk Management Asctt REIT adpts a natural hedging strategy t the extent pssible; ~46% f the ttal assets denminated in freign currency has been hedged Debt By Currency (%) As at 31 March 2018 Balance Sheet Hedging (%) As at 31 March 2018 EUR 29% JPY EUR 63 89 JPY 33% Ttal Debt S$1,865m USD GBP RMB 26 34 49 VND 15 RMB 3% SGD 5% GBP 8% USD 22% PHP AUD MYR 2 1 10 24 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
3. Freign Currency Risk Management Overall exchange rate fluctuatins have been largely mitigated with impact t grss prfit at 0.4% Currency Grss Prfit 1Q 2018 (%) Exchange Rate Mvement Frm 31 Dec 2017 t 31 Mar 2018 (%) EUR 26.9 1.4 JPY 13.8 (0.1) SGD 13.3 - VND 11.9 (3.3) AUD 10.3 2.1 RMB 9.9 1.5 GBP 7.7 1.8 PHP 2.9 (3.2) USD 2.5 (1.6) MYR 0.8 2.1 Ttal 100.0 0.4 ~44% f the distributable incme derived in EUR, GBP, JPY and USD had been hedged. We will cntinue t mnitr the freign exchange mvement and hedge ur expsure. 25 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Key Highlights f 1Q 2018 26 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018* Asctt Orchard Singapre
Key Highlights f 1Q 2018 Grss Prfit and Unithlders Distributin grew 3% and 16% y--y respectively Revenue (S$m) 1% Y--Y 111.3 112.8 47.4 Grss Prfit (S$m) 3% Y--Y 48.7 Revenue Per Available Unit (S$) 1% 128 Y--Y 129 1Q 2017 1Q 2018 1Q 2017 1Q 2018 1Q 2017 1Q 2018 Unithlders Distributin (S$m) 16% Y--Y 29.2 25.1 Distributin Per Unit (S cents) 11% Y--Y 1.51 1.35 Adjusted Distributin Per Unit (S cents) 9% Y--Y 1.17 1 1.282 1Q 2017 1Q 2018 1Q 2017 1Q 2018 1Q 2017 1Q 2018 DPU adjusted fr Rights Issue and ne-ff items Ntes: 1. DPU has been restated fr the Rights Issue, thrugh which 481,688,010 units were issued n 11 April 2017. 27 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018* 2. Excluding the ne-ff realised exchange gain f S$1.6m.
Key Highlights f 1Q 2018 Stable Operating Perfrmance Master Leases and MCMGI 1 : Revenue and grss prfit grew 24% and 25% respectively mainly due t the assets acquired in FY 2017 and strnger perfrmance in Belgium and UK Belgium and UK cntinued t register rbust RevPAU grwth f 20% and 7% respectively y--y Management Cntracts: Lwer revenue and grss prfit mainly due t divestment and freign exchange impact Onging renvatins at Asctt Makati and Sheratn Tribeca affected 1Q 2018 perfrmance Stable and resilient return underpinned by 50% grwth incme and 50% stable incme Diversified prtfli f quality assets with 60% f ttal assets in Asia Pacific, 28% in Eurpe and 12% in The United States Average length f stay maintained at ~3 mnths; Weighted average tenure remained stable at ~5.2 years Adjusted DPU 2 increased 9% y--y Ntes: 1. MCMGI: Management cntracts with minimum guaranteed incme 28 2. Adjusted fr rights issue and ne-ff items. Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Key Highlights f 1Q 2018 Prudent Capital & Risk Management Gearing maintained at a healthy level f 36.1% as at 31 March 2018 Lwered effective brrwing rate t 2.3% per annum, due t refinancing at lwer interest rates Remaining ~10% f ttal brrwings t be refinanced in 2018, have cmmenced discussins t refinance the lan facilities due in 2018 ~86% f ttal brrwings at fixed interest rates t hedge against rising interest rate ~46% f the ttal assets denminated in freign currencies has been hedged Impact f freign exchange fluctuatin n grss prfit was psitive at 0.4% 29 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Prtfli Perfrmance Asctt Guangzhu 30 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Prtfli underpinned by grwth and stable incme Grss prfit cntributin by cntract type 1Q 2018 50% Grwth Incme 50% Grup Grss Prfit S$48.7m 39% 11% 50% Stable Incme Master Leases Management Cntracts with Minimum Guaranteed Incme Management Cntracts 31 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
50% f Grss Prfit in 1Q 2018 cntributed by stable incme 35 ut f 73 prperties enjy incme visibility derived frm master leases and minimum guaranteed incme cntracts with weighted average tenure extended t ~5.2 years Grss prfit cntributin by cntract type in 1Q 2018 Prperties under master leases and management cntracts with minimum guaranteed incme 50% 1Q 2018 Grss Prfit S$48.7m France, 17% Singapre, 9% Germany, 7% United Kingdm 4 Prperties 2 Germany 5 Prperties 1 France 17 Prperties 1 Spain 1 Prperty 2 Belgium 2 Prperties 2 Japan 1 Prperty 1 Australia, 4% Belgium, 1% Spain, 2% 50% Stable Incme Master Leases Management Cntracts with Minimum Guaranteed Incme Management Cntracts Japan, 2% United Kingdm, 8% Singapre 2 Prperties 1 Australia 3 Prperties 1 Ntes: 1. Prperties under master leases. 32 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018* 2. Prperties under management cntracts with minimum guaranteed incme.
Master Leases (1Q 2018 vs 1Q 2017) Australia (AUD) 1 3 Prperties La Clef Luvre Paris Revenue ( mil) Citadines Les Halles Paris Citadines Crisette Cannes Citadines Arnulfpark Munich Asctt Raffles Place Singapre Revenue and grss prfit grew 33% and 32% y--y respectively mainly due t inrganic grwth France (EUR) 2 17 Prperties Germany (EUR) 3 5 Prperties Japan (JPY) 1 Prperty Singapre (SGD) 4 2 Prperties Grss Prfit ( mil) 1Q 2018 1Q 2017 % Change 1Q 2018 1Q 2017 % Change 1.9 1.8 6 1.7 1.7-5.5 5.8 (5) 5.0 5.3 (6) 2.4 1.3 85 2.2 1.2 83 133.3 133.3-106.5 105.1 1 5.3 1.9 179 4.5 1.8 150 Quest Sydney Olympic Park Ttal (SGD) 28 Prperties 21.6 16.3 33 19.3 14.6 32 Ntes: 1. Cmpared t last year, revenue increased due t annual rent increment. 2. Bth revenue and grss prfit decreased due t reversal f ver recvery f prir year s csts and lwer rent upn renewal f master leases fr fur prperties frm 1 January 2018. 3. Against last year, bth revenue and grss prfit increased due t the acquisitin f Citadines Michel Hamburg and Citadines City Centre Frankfurt. 33 4. As cmpared t last year, revenue and grss Presentatin prfit increased Fr SGX-CS due t the Singapre acquisitin Crprate f Asctt Day Orchard *13 and June better 2018* perfrmance frm Asctt Raffles Place.
Management Cntracts with Minimum Guaranteed Incme (1Q 2018 vs 1Q 2017) Citadines Tisn d Or Brussels Citadines Ramblas Barcelna Citadines Trafalgar Square Lndn Revenue and RevPAU grew 14% y--y and Grss Prfit increased 4% y--y due t turnarund f Belgium perfrmance and rganic grwth Revenue ( mil) Grss Prfit ( mil) RevPAU 1Q 2018 1Q 2017 % Change 1Q 2018 1Q 2017 % Change 1Q 2018 1Q 2017 % Change Belgium (EUR) 2 Prperties 2.0 1.7 18 0.3 0.5 (40) 60 50 20 Spain (EUR) 1 Prperty 1.1 1.1-0.5 0.5-78 78 - United Kingdm (GBP) 4 Prperties 6.0 5.5 9 2.0 2.0-102 95 7 Ttal (SGD) 7 Prperties 15.9 13.9 14 5.2 5.0 4 151 133 14 34 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
50% f Grss Prfit in 1Q 2018 cntributed by grwth incme 38 ut f 73 prperties enjy upside grwth ptential derived frm management cntracts Grss prfit cntributin by cntract type in 1Q 2018 Vietnam, 12% 50% Grwth Incme Prperties under management cntracts Japan, 11% China, 10% 1Q 2018 Grss Prfit S$48.7m 39% USA 3 Prperties China 7 Prperties Japan 14 Prperties Australia, 6% Singapre, 4% Philippines, 3% Indnesia, 3% 11% Malaysia, 1% Malaysia 1 Prperty Vietnam 5 Prperties Indnesia 2 Prperties The Philippines 2 Prperties Singapre 2 Prperties Australia 2 Prperties Master Leases Management Cntracts with Minimum Guaranteed Incme 35 Management Cntracts Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Management Cntracts (1Q 2018 vs 1Q 2017) On a same stre basis, excluding freign exchange fluctuatins, revenue and grss prfit wuld have decline 2% and 5% y--y respectively Revenue ( mil) Grss Prfit ( mil) RevPAU 1Q 2018 1Q 2017 % Change 1Q 2018 1Q 2017 % Change 1Q 2018 1Q 2017 % Change Australia (AUD) 7.0 7.0-3.1 3.0 3 153 155 (1) China (RMB) 63.1 71.5 (12) 23.4 22.4 4 449 387 16 Indnesia (USD) 3.0 2.9 3 1.0 1.0-79 76 4 Japan (JPY) 1 911.5 1,106.5 (18) 449.2 604.8 (26) 10,396 11,130 (7) Malaysia (MYR) 3.8 4.1 (7) 1.2 1.2-207 220 (6) Philippines (PHP) 199.5 225.1 (11) 54.3 70.9 (23) 4,049 4,626 (13) Singapre (SGD) 5.2 5.7 (9) 2.0 2.2 (9) 165 178 (7) United States (USD) 13.8 11.5 20 (0.1) 0.1 N.M. 147 161 (9) Vietnam (VND) 2 173.2 178.1 (3) 99.0 101.3 (2) 1,614 1,669 (3) Ttal (SGD) 75.3 81.1 (7) 24.2 27.8 (13) 125 127 (2) Ntes: 1. RevPAU fr Japan refers t serviced residences and excludes rental husing 36 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018* 2. Revenue and grss prfit figures fr VND are stated in billins. RevPAU figures are stated in thusands
Average length f stay remains high, prviding incme stability Breakdwn Of Apartment Rental Incme By Length Of Stay 1Q 2018 6% 17% Average length f stay was ~3 mnths 1, 2, which prvides incme stability 9% 12% 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. Based n rental incme. Excluding prperties n master leases. 2. Excluding Citadines Biyun Shanghai and Citadines Gaxin Xi an which were divested n 5 January 2018. 37 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Cnclusin Asctt Makati 38 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Asctt REIT Investment Prpsitin 1 Largest hspitality REIT in Singapre - Ttal asset f S$5.2b - Market capitalisatin f S$2.4b 2 Well-balanced prtfli with 50% 1 f grss prfit cntributed by grwth incme and 50% 1 by stable incme 3 Stable & resilient returns thrugh a prtfli f quality & gegraphically diversified assets in strategic lcatins - 73 prperties acrss 37 cities and 14 cuntries 4 Flexible Business Mdel - Enhances demand and value with the ability t cater t bth shrt and extended stays 5 Strng spnsr supprt - Extensive glbal ftprint - Prven track recrd f serviced residence management - A suite f well established brands Nte: 39 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018* 1. Based n 1Q 2018 grss prfit.
Cnclusin Fcused and cmmitted n delivering stable and resilient returns t Unithlders thrugh the depsitry f diversified and quality assets, tgether with the extended-stay business mdel and its master leases and management cntracts with minimum guaranteed incme 1 Grwth Thrugh Yield Accretive Acquisitins Remains n the lkut fr suitable pprtunities fr accretive pprtunities in key gateway cities 2 Practive Asset Management Clsely mnitr and evaluate the assets t identify pprtunities t unlck values f the prperties that have reached their ptimal stage Cntinues t enhance value f prperties thrugh AEI fr certain prperties in Vietnam, Philippines and United Kingdm which uplifted the ADR 3 Disciplined and Prudent Capital Management Maintained effective brrwing rate at a healthy level with ~86% f the Grup s brrwings n fixed interest rates Ensure n majr refinancing required in any specific perid and stay vigilant t changes in macr and credit envirnment that may impact Asctt REIT s financing plans 40 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Smerset H Chi Minh City 41 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018* Appendix
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 Nte: 1. Exclude the number f prperties under the Synergy crprate husing prtfli 42 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018* Award-winning brands with wrldwide recgnitin
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 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Asctt s Brands Artist s impressin 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 lyf A new way f living and cllabrating as a cmmunity, cnnecting guests with fellw travellers and change-makers. 44 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
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 45 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*
Thank Yu 46 Presentatin Fr SGX-CS Singapre Crprate Day *13 June 2018*