STRENGTH IN DIVERSITY

Annual Report FY2013/14

S T R E N G T H

I N D I V E R S I T Y

  

Contents

01 Corporate Profile

A Multifaceted Team

04 Financial Highlights 06 Our Geographical Reach 07 Trust Structure 08 Our Strategy 09 Milestones 10 Chairman’s Message 12 CEO’s Message 14 Board of Directors 18 The Managers

A World of Opportunities

22 Portfolio Summary 26 Our Hotels 52 Financial Review 55 Operations Review 60 Market Review

The Foundations for Growth

78 Investor Relations

81 Sustainability

- Corporate Social Responsibility - Corporate Governance

96 Directorships 98 Glossary of Terms 100 Corporate Information

Ascendas Hospitality Trust (“A-HTRUST”) is one of the first hospitality trusts to focus primarily on the pan-Asian region. Listed on the Main Board of the Singapore Exchange Securities Trading Ltd (“SGX-ST”)

on 27 July 2012, A-HTRUST is a stapled group comprising Ascendas Hospitality Real Estate Investment Trust (“A-HREIT”) and Ascendas Hospitality Business Trust (“A-HBT”). A-HTRUST’s portfolio of

assets is valued at approximately $1,297.2 million as at 31 March 2014.

A-HTRUST was established with the principal strategy of investing, directly or indirectly, in a diversified portfolio of income-producing real estate used predominantly for hospitality purposes in Asia, Australia

and New Zealand, as well as real estate related assets in connection with the foregoing.

As at 31 March 2014, A-HTRUST has a portfolio of 11 quality hotels with over 3,800 rooms diversified by geography, hotel classes and hotel operators across key cities in Australia, China, Japan and Singapore. The hotels are in prime locations close to central business districts, transportation hubs, convention and

exhibition hubs as well as iconic tourist landmarks. The hotels are anchored by renowned brand names such as Pullman, Mercure, Novotel, Ibis, Courtyard by Marriott, Sunroute, Oakwood and Park Hotel.

In April 2014, A-HTRUST completed the acquisition of its second Japanese hotel – Osaka Namba Washington Hotel Plaza, which is strategically located in the heart of Osaka’s prime Minami district.

This acquisition further diversifies A-HTRUST’s portfolio and improves cash flow stability. With this new asset, A-HTRUST’s portfolio valuation has grown to $1,409.6 million.

A-HTRUST is sponsored by Ascendas Land International Pte Ltd, a wholly-owned subsidiary of Ascendas Pte Ltd, one of Asia’s leading providers of business space solutions with a presence in 25 cities across 10 countries. It is managed by Ascendas Hospitality Fund Management Pte. Ltd., the manager of A-HREIT,

and Ascendas Hospitality Trust Management Pte. Ltd., the trustee-manager of A-HBT.

A Multifaceted Team

Drawing on decades of in-depth experience from various industry

sectors, our Board and Management work closely to grow A-HTRUST

Financial Highlights

FY2012/13 is for the financial period from 13 March 2012 (date of constitution) to 31 March 2013. A-HTRUST was dormant from 13 March 2012 to 26 July 2012.

NET PROPERTY INCOME

($ million)

82.9

48.2

GROSS REVENUE

($ million)

FY2013/14 FY2013/14 FY2012/13 FY2012/13

210.6

137.8

52.9

%

72.1

%

FY2013/14 FY2012/13

TOTAL ASSETS

($ million)

1,361.2

1,116.5

21.9

%

1 Does not take into account the waiver of sponsor distribution of $3.5 million FY2013/14 FY2013/14 FY2012/13 FY2012/131

VALUATION

($ million)

31 MAR 2014 31 MAR 2013

1,297.2

1,045.0

24.1

%

DISTRIBUTABLE INCOME

($ million)

54.6

34.7

57.4

%

DISTRIBUTION

PER STAPLED SECURITY

(cents)

5.52

_4.31

Our Geographical Reach

Singapore

Park Hotel Clarke Quay JAPAN

CHINA

SINGAPORE

AUSTRALIA

Tokyo

Hotel Sunroute Ariake and Oakwood Apartments Ariake Tokyo

Osaka

Osaka Namba Washington Hotel Plaza*

Beijing

Novotel Beijing Sanyuan Ibis Beijing Sanyuan

Cairns

Pullman Cairns International†

Brisbane

Pullman and Mercure Brisbane King George Square

Sydney

Pullman Sydney Hyde Park Novotel Sydney Central Novotel Sydney Parramatta Courtyard by Marriott North Ryde

Melbourne

Pullman and Mercure Melbourne Albert Park

*

Includes Osaka Namba Washington Hotel Plaza which was acquired on 15 April 2014.

^ With the exception of Osaka Namba Washington Hotel Plaza, whose valuation was at 25 March 2014, the valuation of A-HTRUST’s properties were as at 31 March 2014.

† A-HTRUST owns 50% of Pullman Cairns International.

$1,410 million

*^

Portfolio Valuation

4,512

*

Rooms

12

*

Hotels

4

Asia-Pacific

Countries

8

*

Cities

Trust Structure

Stapled Securityholders

Hotel Sunroute Ariake and Oakwood Apartments Ariake Tokyo Pullman Sydney Hyde Park Osaka Namba Washington Hotel Plaza Novotel Sydney Central Novotel Sydney Parramatta Park Hotel Clarke Quay Courtyard by Marriott North Ryde

Pullman and Mercure Melbourne

Albert Park

Pullman and Mercure Brisbane King George Square

Pullman Cairns International† Novotel Beijing Sanyuan Ibis Beijing Sanyuan

The Trust Company (Asia) Ltd.

(Trustee of A-HREIT)

Ascendas Hospitality Trust

Management Pte. Ltd.

(Trustee-Manager of A-HBT)

A-HREIT

A-HBT

Ascendas Hospitality Fund

Management Pte. Ltd.

(Manager of A-HREIT)

Stapling Deed

Our Strategy

A-HTRUST aims to be a differentiated hospitality trust with a diversified portfolio of assets located across Australia, China, Japan and Singapore. The Managers are guided by the following four strategies for growth and development:

Acquisition Growth

Pursue investment opportunities that enhance the returns to

Stapled Securityholders and improve future income and capital growth prospects.

Active Asset Management

Implement proactive measures to improve operational performance and maximise the cash flow and value of the portfolio.

Capital and Risk Management

Employ a balanced mix of debt and equity to finance acquisitions and execute prudent interest rate and currency hedging strategies to optimise

risk-adjusted returns to Stapled Securityholders.

Disciplined Development

Selectively undertake hospitality and hospitality-related development projects which have the potential to enhance portfolio value.

Milestones

Completed an equity fund-raising which raised $200.0 million to partially fund the acquisition of Park Hotel Clarke Quay

Completed the acquisition of Park Hotel Clarke Quay, A-HTRUST’s first property in Singapore,

for $300.0 million Announced the acquisition of the freehold Osaka

Namba Washington Hotel Plaza, A-HTRUST’s second property in Japan, for JPY8.9 billion

Launched a private placement to raise $50.0 million to partially fund the acquisition of Osaka Namba Washington Hotel Plaza

Completed the rebranding and refurbishment programme in six hotels managed by Accor in Australia

Rebranded serviced apartments from “B:Conte Ariake” to “Oakwood Apartments Ariake Tokyo”

June 2013

December 2013

March 2014

Chairman’s Message

Dear Stapled Securityholders,

On behalf of the Board of Directors,

I am pleased to present A-HTRUST’s

second Annual Report for the

financial year ended 31 March 2014

(“FY2013/14”). It was an eventful

period for A-HTRUST as we moved

into the second year of operations

since our listing on the SGX-ST on

27 July 2012.

We performed better compared with

the previous year. Gross revenue

recorded a 52.9% increase in FY2013/14

to $210.6 million while net property

income rose 72.1% to $82.9 million.

The growth was due to the improved performance of the Australia portfolio, a full year contribution from Ibis Beijing Sanyuan, and new income from our first asset in Singapore – the Park Hotel Clarke Quay. In tandem with the improved operating results and a bigger and more balanced portfolio, distributable income increased to $54.6 million and distribution per stapled security (“DPS”) amounted to 5.52 cents for FY2013/14. DPS improved by 28.1%, although it missed the IPO (Initial Public Offering) forecast. Our portfolio achieved an average occupancy of 80% in FY2013/14 compared with 78% in the previous year.

A volatile 2013

We faced a challenging year to meet the IPO forecast because of volatility in business conditions as well as continued uncertainties in the global economy. Fears of the tapering in US quantitative easing roiled global financial markets, both on the interest rate and currency fronts. Our hotel accommodation business was also affected by the slowing of the Chinese economy and its consequent impact on the demand for mining resources in Australia.

A stronger portfolio

Over the year, we continued with our efforts to strengthen our portfolio and ensure a well-balanced geographic spread in regional gateway cities. The acquisition of Park Hotel Clarke Quay has raised A-HTRUST’s portfolio valuation from $1,045.0 million as at 31 March 2013 to $1,297.2 million as at 31 March 2014. On 15 April 2014, we completed the acquisition of Osaka Namba Washington Hotel Plaza for JPY8.9 billion ($110.8 million). This marks our second investment in the Japanese hospitality market, and further diversifies our portfolio and improves

cash flow stability. With this new asset, A-HTRUST’s portfolio valuation has grown to $1,409.6 million.

Six of our hotels in Australia successfully completed an AUD30.0 million rebranding and refurbishment programme in August 2013, on time and within budget. This resulted in an improvement in revenue per available room (“RevPAR”) from our Australian portfolio.

In Japan, we forged a new partnership with Oakwood, an international serviced apartment operator to extend a higher class of brand offering for our serviced apartments. This partnership adds to the diversified types of hotel management contracts under A-HTRUST. We now have a good mix of brands for different customer segments – from the upscale Pullman for cosmopolitan travellers to the midscale Park Hotel, Novotel and Mercure for business and leisure travellers; Ibis and Washington for economy travellers; and Oakwood serviced apartments for longer-staying guests.

One of our key objectives is to develop a portfolio of assets that will provide sustainable yields for our Stapled Securityholders.

Stable outlook

In the coming year, we will maintain our focus on organic growth to improve RevPAR. This includes asset enhancements and other measures to capture traffic in the higher-yielding customer segments. We expect our Australia accommodation business – with its balanced mix of upscale and midscale hotels – to remain stable. The largely fixed rental structures of our hotels in Singapore and Japan will continue to provide a stable stream of rental income.

Elsewhere, we will continue to widen our portfolio of quality assets by seeking investment opportunities in Asia in gateway cities such as Hong Kong, Seoul, Singapore, Shanghai and Tokyo. Investing in these promising markets will result in a better balance of income from various markets.

Acknowledgements

A warm welcome to Mr Manohar Khiatani, the President and Group CEO of Ascendas Pte Ltd, who joined the Board on 10 June 2013. Mr Khiatani brings to the Board vast experience in industry development and industrial infrastructure. I would like to thank Ms Chong Siak Ching for her support and contributions to A-HTRUST, especially during its formative years.

My thanks to the Board of Directors for their valuable advice and wise counsel in bringing A-HTRUST through a challenging but rewarding year.

My appreciation goes to the staff of A-HTRUST and Ascendas for their dedication, commitment and professionalism in building up the strength and reputation of A-HTRUST. On behalf of the Board and Management, I thank our Stapled Securityholders for your strong and loyal support. We would like to reiterate our continued commitment to building an investment portfolio that aims to deliver regular and sustainable returns for the long term. Yours sincerely,

Lim Neo Chian Chairman

CEO’s Message

Dear Stapled Securityholders,

The last year has been a demanding

one for A-HTRUST. Foreign exchange

turbulence particularly in the

Australian and Japanese markets

affected income streams and eroded

our distributable income in Singapore

dollar terms for FY2013/14.

Australia proved to be challenging

at the start of the year, largely due

to the weakness of the mining

sector and uncertainties of the

impending Australian elections. Our

income stream was also affected by

operational disruptions due to asset

enhancements in our six hotels.

Following the completion of the refurbishment works in end August, we have seen a 4.6% improvement in RevPAR for the Australia hotels to AUD136 for FY2013/14 compared with the previous FY. Average occupancies remained high at 81.0%. The average daily rate (“ADR”) also rose 3.7% to AUD168. Looking ahead, we hope to improve profitability through a rebalancing of the guest mix to higher-yielding market segments. Our hotels are expected to benefit from the improved corporate sentiment and large-scale events such as the Rotary Convention in June and the G20 Summit in November.

Optimism in Asia

Bright spots for growth in the rest of Asia include Japan, which has turned positive due to the beneficial effects of Abenomics – the depreciation of the Japanese yen and easing of short-term visas for Southeast Asian countries – which have resulted in higher inbound tourist traffic. Japan’s winning bid to host the 2020 Olympics should also boost business and consumer sentiment. This is positive for our hotel and serviced apartments in Ariake, Tokyo. We expect to elevate the quality of these apartments with our new partner Oakwood, which has a strong presence in Japan, to serve the needs of a higher yielding clientele.

Our latest acquisition of Osaka Namba Washington Hotel Plaza in April 2014 is expected to be DPS accretive. This second hotel will allow us to further tap into the growth of a resurgent Japan. Its prime location and excellent transport connectivity has strong appeal to both business and leisure travellers.

In Singapore, the acquisition of Park Hotel Clarke Quay, which won the ‘Singapore’s Leading City Hotel’ award at the 20th Annual World Travel Awards, helped to stabilise our portfolio mix of

assets and reduce our foreign exchange exposure. Singapore assets now comprise 24.0% of A-HTRUST’s portfolio by valuation, making Singapore our second largest market after Australia. Prospects in Singapore look strong with buoyant corporate demand for MICE activities and a strong pipeline of tourist attractions and events. These include CommunicAsia 2014 in June, the F1 Grand Prix in September and the Women’s Tennis Association Championships in October.

The Chinese government’s austerity drive and intensified competition from a higher supply of rooms affected our Beijing hotels’ revenue growth. Average occupancies managed to rise 4.3% to 80.3%. However, the ADR decreased by 4.8% to RMB401. RevPAR increased slightly by 0.6% to RMB322. We expect occupancy rates in our Beijing hotels to remain stable as the midscale and economy hotel segments are expected to outperform the upscale and luxury segments. Corporate demand for hotel rooms is likely to remain strong with major events coming up such as the Asia Pacific Economic Cooperation (APEC) Forum and PT/Expo Comm China.

Prudent capital management

We will continue to optimise our capital structure to ensure a healthy and strong balance sheet. In December 2013, we successfully refinanced the borrowings for our Australian and Japanese assets ahead of maturity. In March 2014, we also secured a new $60.0 million three-year revolving credit facility. As a result, the weighted average debt maturity of A-HTRUST was extended from 2.2 years as at 31 March 2013 to 3.6 years as at 31 March 2014. More than 80% of our borrowings are in local currencies, which has enabled us to better match our assets to liabilities. We will continue with our prudent approach to hedge our income up to 15 months forward

to ensure stable payouts to our Stapled Securityholders.

In the year ahead, we expect global financial markets to remain volatile. To buffer A-HTRUST from a further weakening of the AUD, we have been unwinding the AUD/SGD cross-currency swaps progressively since the third quarter of FY2013/14. This process is expected to incur costs until its completion by June 2015. However, this exercise will strengthen A-HTRUST’s balance sheet against currency movements.

Active asset management

We will continue to work proactively with our partners in hotel operations to identify new areas of organic growth as well as space optimisation. We will pursue cost saving measures such as outsourcing to maximise operational efficiencies.

The coming year looks promising if the US continues to grow and interest rates remain low. However, this may be moderated by challenges in our key markets. We have positioned A-HTRUST well to proactively capture opportunities to achieve a better performance in the coming year. While there may be some near term challenges, we remain optimistic about the long term prospects of our hospitality assets.

I thank our Stapled Securityholders for your strong support and confidence in our management.

My very best wishes,

Tan Juay Hiang Chief Executive Officer

Board of Directors

Mr Lim Neo Chian

Chairman and Independent Director

Mr Lim Neo Chian is the Chairman and an Independent Director of the Board of the Managers.

Mr Lim is also the Deputy Chairman of Gardens by the Bay and a Director of Singapore Cruise Centre, Economic Development Innovations Singapore Pte. Ltd. and InnoSpring Development Pte. Ltd.

For 10 years, Mr Lim served as a Council Member of the Singapore Red Cross Society, stepping down as its Vice Chairman in 2011.

Mr Lim holds a Bachelor of Engineering degree from Sheffield University, United Kingdom. He has a Certificate in Computer Science from Nanyang University, Singapore and a Diploma in Business Administration from the National University of Singapore. He also completed the Programme Mr Lim was previously Deputy Chairman

and CEO of Singapore Tourism Board, Chairman of Jurong Town Corporation, CEO of Jurong Town Corporation, CEO of China-Singapore Suzhou Industrial Park Development Co Ltd, Chairman of Bangalore IT Park Board’s EXCO, Deputy Chairman of Singapore Economic Development Board, Deputy Chairman and CEO of ST Engineering, CEO of Singbridge International, Chairman of SCP Consultants Pte. Ltd. and Chief of Army, Singapore Armed Forces.

for Management Development and Advanced Management Program at Harvard Business School, United States of America, in 1988 and 2002, respectively.

Mr Lim was conferred the Public Administration Medal (Gold) (Military) in 1993 and an Honorary Doctorate in Engineering by Sheffield University, United Kingdom in 1996. He was also awarded a Public Administration Medal (Gold) in 2003 for his handling of the tourism sector during the SARS period.

Mr Khiatani Manohar Ramesh

Non-Executive Director

Mr Khiatani Manohar Ramesh is the President and Group CEO of Ascendas Pte Ltd, a leading provider of business space solutions in Asia with assets under management exceeding USD10 billion. From its base in Singapore, Ascendas has developed a strong regional footprint, serving a global clientele of over 2,400 customers across Asia. Mr Khiatani was previously the CEO of JTC Corporation (“JTC”), the Singapore Government’s lead agency to plan, promote and develop industrial infrastructure and facilities. At JTC, Mr Khiatani played a key role in developing specialised and integrated infrastructure solutions for various industrial sectors.

Prior to joining JTC, Mr Khiatani was the Deputy Managing Director at the Singapore Economic Development Board (“EDB”). Mr Khiatani joined the EDB in 1986 where he played an instrumental role in the development and transformation of important sectors in Singapore’s economy such as electronics, transport engineering, precision engineering , logistic s,

infocomms and media, and clean technology. He was also in charge of EDB’s operations in the Americas and Europe.

Between 1994 and 1999, Mr Khiatani was the Managing Director of Preussag SEA, a diversified German conglomerate, where he was responsible for developing the group’s business in South-East Asia. In 1999, Mr Khiatani returned to EDB. Mr Khiatani holds a Masters Degree (Naval Architecture) from the University of Hamburg, Germany. He also attended the Advanced Management Program at the Harvard Business School in 2006. Mr Khiatani is a Board Member of Ascendas Pte Ltd, Ascendas Funds Management (S) Limited, Ascendas Property Fund Trustee Pte Ltd, Ascendas Hospitality Fund Management Pte. Ltd., Ascendas Hospitality Trust Management Pte. Ltd. and SIA Engineering Company Ltd.

Dr Ho Kim Wai

Independent Director

Dr Ho Kim Wai is an Independent Director of the Board of the Managers. Dr Ho is currently an Associate Professor of Banking and Finance at Nanyang Business School, Nanyang Technological University (“NTU”), Singapore. At Nanyang Business School, he had served as the Associate Dean (Research), the founding Director of the Master of Science (Financial Engineering) programme, the Director of the Nanyang Master of Business Administration (“MBA”) (Banking and Finance) programme and a member of the Nanyang MBA Advisory Committee. Prior to joining NTU in October 1989,

Dr Ho was the Financial Controller and Company Secretary of Metal Box Singapore Ltd., now known as Crown Asia Pacific Holdings Pte Ltd. Before that, he had several years of audit experience in international accounting firms in London and Singapore.

Dr Ho holds a Bachelor of Science (Honours) degree in Mechanical Engineering from Imperial College London, United Kingdom, and a Master of Finance from the RMIT University, Australia. He also holds a Doctorate in Philosophy in Finance from NTU. He is a Fellow of both the Institute of Singapore Chartered Accountants and the Institute of Chartered Accountants in England and Wales. Dr Ho was conferred the Public Service Medal Award (PBM) in 2005.

STANDING FROM LEFT

Mr Tan Chong Huat

Independent Director

Mr Tan Chong Huat is an Independent Director of the Board of the Managers. Mr Tan is the Managing Partner and one of the founding members of RHTLaw Taylor Wessing. He is the Head of the Firm’s Banking and Finance Practice, and Capital Markets Practice. He also serves as a member of the International Management Board of Taylor Wessing. Mr Tan has extensive experience in corporate, banking and project finance law in Singapore and the region, and acted in numerous significant corporate transactions. He has been named as a leading practitioner in many reputable professional publications, with a recent recognition by IFLR1000 as a “Leading Lawyer” and by Legal 500 Asia Pacific as a “Leading Individual” for Corporate and Mergers & Acquisitions.

Board of Directors

Despite his active practice and management duties, Mr Tan continues to serve as an adjunct associate professor of the Law faculty, National University of Singapore (“NUS”) and the Nanyang Business School, NTU, and lectures on a regular basis. He was Associate Professor at the Law Faculty, NUS (AY 2007–2013), Business School, NUS (AY 2008/2009) and Nanyang Business School, NTU (AY 2008– 2012). Besides authoring two leading literature on PRC Investment laws, he has co-authored a title on Corporate Governance of Listed Companies in Singapore and is a co-editor for a new title on Corporate Governance: The Good, The Bad, and The Ugly.

A Fellow with the Singapore Institute of Directors, Mr Tan sits on the board of SIIC Environment Holdings Ltd. and is a Non-Executive Chairman of Ramba Energy Ltd.

The Financial Planning Association of Singapore has also recently conferred on Mr Tan an honorary membership. Mr Tan is also active in public service and charity work. He is currently a board member of World Wide Fund for Nature (“WWF“) Singapore, a council member of the Football Association of Singapore and the Singapore Road Safety Council. He also sits as a Lay Person on the Institute of Singapore Chartered Accountants’ Investigation and Disciplinary Panel. He was until recently a council member of the Corporate Governance Council set up by the Monetary Authority of Singapore. He has also established a NUS Grant in favour of the Law Faculty under the name of his deceased father.

Mr Chia Nam Toon

Non-Executive Director

Mr Chia Nam Toon is a Non-Executive Director of the Board of the Managers. Mr Chia is currently the Chief Financial Officer and Assistant CEO (Corporate Services) of the Ascendas Group.

Prior to joining the Ascendas Group in May 2006, Mr Chia was the Finance Director and Acting Chief Operating Officer of PEC Tech Group, an engineering and forestry services business division of a large regional conglomerate from April 2004 to March 2006. Mr Chia has extensive Asia-Pacific experience having spent 12 years with ICI Plc, a major specialty chemical company in various senior roles in finance, corporate planning, and general management based in Kuala Lumpur, London and Singapore. He had also spent four years with F&N Coca-Cola in Malaysia.

Mr Chia holds a Diploma in Commerce (Financial Accounting) from Tunku Abdul Rahman College, Malaysia. He is also a Fellow Member of the Association of the Chartered Certified Accountants UK (FCCA) and the Institute of Certified Public Accountants of Singapore.

Mr Benson Puah Tuan Soon

Independent Director

Mr Benson Puah Tuan Soon is an Independent Director of the Board of the Managers.

Mr Puah is the CEO of The Esplanade Co Ltd, where he is responsible for its overall development, management, programming and artistic direction. Mr Puah also serves on various boards,

companies and committees. In 2008, he was the first Asian to be elected as Chair of the New York-based International Society for the Performing Arts (“ISPA”), a position he held for two years before retiring as immediate Past Chair for another year. In 2010, he was conferred the Chevalier in the Ordes des Arts et des Lettres by the French government for his contributions to the arts in Singapore.

Mr Puah was concurrently the CEO of the National Arts Council (“NAC”), a statutory board under the Ministry of Information, Communications and the Arts now known as Ministry of Culture, Community & Youth, from August 2009 to July 2013. At NAC, he played a significant role in facilitating the development of the arts in Singapore. He was also the Chairman of the Association of Asia Pacific Performing Arts Centres (“AAPPAC”) from January 2003 to October 2013.

Prior to joining The Esplanade Co Ltd. in July 1998, Mr Puah was CEO of Temasia Health Pte. Ltd., a government-linked company investing and developing business in health care services, from August 1997 to June 1998. He was also the Chief Executive of Sentosa Development Corporation, a government statutory board which was responsible for the development, management and promotion of Sentosa and 11 off-shore islands, from March 1995 to July 1997. Mr Puah has over 20 years of experience in pioneering hospitality projects from his international career in the hospitality industry with leading luxury hotel companies.

Mr Puah holds a Bachelor of Science (Honours) degree in Hotel, Catering and Tourism Administration from the University of Surrey, United Kingdom.

Mr Michael Issenberg

Non-Executive Director

Mr Michael Issenberg is a Non-Executive Director of the Board of the Managers. Mr Issenberg is currently the Chairman and CEO of Accor Asia Pacific (AAPC Singapore Pte. Ltd.), where he is responsible for overseeing the company’s overall development and management activities in the Asia-Pacific region. He is also a member of Accor’s Executive Committee and was previously the Chief Operating Officer of Accor Asia Pacific. Prior to joining Accor in August 1994, Mr Issenberg was CEO of Mirvac Hotels. Prior to that, he worked for Westin Hotels & Resorts, Laventhol & Horwath, Horwath & Horwath Services Pty Limited and Merlin Properties in San Francisco and Sydney.

Mr Issenberg is also a director of the Reef Casino Trust listed on the Australian Stock Exchange.

Mr Issenberg holds a degree in hotel administration from Cornell University, USA, and is a Lifetime Member of the Cornell Hotel Society. He is also a Lifetime Member of the Tourism and Transport Forum in Australia.

Mr Tan Juay Hiang

Chief Executive Officer

Mr Tan Juay Hiang is an Executive Director of the Board and CEO of the Managers.

Prior to joining the Managers, Mr Tan was the Senior Vice President of Real Estate Funds for Ascendas Pte Ltd, where he was responsible for structuring and launching new real

estate private funds, raising capital for private funds, initiating new real estate investment trusts and undertaking internal audits on the various private funds within the Ascendas Group. From October 2007 to April 2010, Mr Tan was the Fund Manager for the Ascendas ASEAN Business Space Fund (the ASEAN Fund), where he was responsible for structuring the Fund and raising USD400 million from institutional investors. During this period, he oversaw the acquisition of assets in Malaysia, Vietnam and the Philippines, the aggregate development value of which amounted to approximately USD500 million. He also managed the portfolio of the ASEAN Fund and was responsible for investor relations.

Before he joined Ascendas, Mr Tan worked in various companies including Liang Court, Agilent Technologies and Hewlett Packard.

Mr Tan holds a Bachelor of Engineering (Honours) degree from the National University of Singapore. He topped the class for his MBA from NTU in 1996 and was awarded a Gold Medal from the National Science & Technology Board, now known as the Agency for Science, Technology and Research (“A*STAR”).

Dr Choo Kian Koon, Steven

Independent Director

Dr Choo Kian Koon, Steven is an Independent Director of the Board of the Managers.

He is Chairman of Vestasia Group, a real estate advisory firm, and an Adjunct Associate Professor at the Department of Real Estate of the National University of Singapore. He is also an Independent Non-Executive Director with NTUC Choice Homes Co-operative Limited and Pan Hong Property Group Limited. Dr Choo has been an Independent Consultant with Surbana Technologies Pte. Ltd. since 2007 and an Independent Trainer with the Wealth Management Institute since 2005 on real estate and REITs.

Dr Choo was previously the CEO of the Real Estate Developers’ Association of Singapore (“REDAS”) from August 2009 to December 2011. From January 2002 to March 2006, he was with CapitaLand Limited, where he held the positions of Senior Vice-President (Research & Direct Investments) and Senior Vice-President (Research & Corporate Development). He was also Senior Vice-President (Malaysia Investment) of CapitaLand Residential Limited.

Dr Choo holds a Bachelor of Science degree in Estate Management from the University of Singapore and a Master of Philosophy in Environmental Planning from the University of Nottingham, United Kingdom. He also holds a Doctorate in Urban Planning from the University of Washington, United States of America. Dr Choo is a fellow of the Singapore Institute of Surveyors and Valuers and an affiliate member of the Singapore Institute of Planners.

The Managers

Mr Tan Juay Hiang

Chief Executive Officer

Please refer to page 17 for Mr Tan’s work experience.

Ms Lim San San, Susanna

Chief Financial Officer

Ms Lim San San has more than 20 years of experience in audit, accounting and finance-related work. Prior to joining the Managers, she was Assistant Vice President of the Finance department of Ascendas Pte Ltd.

From August 2007 to October 2011, Ms Lim was with Singapore Press Holdings Ltd, where she was Assistant Vice-President in the Finance department responsible for financial and management reporting as well as accounting operations for one of its business groups. Prior to that, Ms Lim spent 9 years at Singapore

Telecommunications Ltd, first with its Strategic Investments unit where she was involved in mergers and acquisitions as well as joint venture management, before moving on to a business controllership role for the consumer mobile business.

Ms Lim holds a Bachelor of Accountancy degree from NUS and an MBA from NTU. She is a Chartered Accountant with the Institute of Singapore Chartered Accountants.

Ms Pang Hui Siang

Head, Investments

Ms Pang Hui Siang has over 10 years of experience in the real estate industry. Prior to joining the Managers, she was Vice President of the Real Estate Funds department of Ascendas Pte Ltd, responsible for the acquisition and management of hospitality real estate assets in the Asia-Pacific region.

From September 2002 to July 2010, Ms Pang was with Mapletree Investments Pte Ltd, where she successfully completed real estate acquisitions worth over $2 billion in Singapore, Malaysia, Japan and Vietnam, and explored potential deals in Australia, China, Hong Kong, India and Thailand. Ms Pang previously worked at DBS Bank, where she managed the banking facilities of a portfolio of some 30 companies in the real estate and construction sectors, and at the Urban Redevelopment Authority, where she executed property acquisitions.

Ms Pang holds a Bachelor of Science (Honours) in Estate Management from NUS, and an MBA from Indiana University (Bloomington), United States. Standing from left: Fumiyo Takei, Ng Kok Keong, Katherine Yap, Cyndi Chong, Chua Sock Wah, Sharon Ho, Pang Shyue Haur, Dina Goh, Eunice Aw

Sitting from left: Pang Hui Siang, Susanna Lim San San, Cass Yong, Tan Juay Hiang, Mary Judith de Souza. SINGAPORE AND

From Left: Bernard Teo, Donne Salcombe, Nicholas Tsia, Gabrielle Kong, Giorgio Leung, Lucia Grambalova. AUSTRALIA TEAM

Mr Bernard Teo

Head, Asset Management

Mr Bernard Teo has more than 20 years of experience in the hospitality industry. Prior to joining the Managers, he was Head of the Hospitality division for a private developer opening hotels in Malaysia, China and Australia.

From January 2008 to June 2012, Mr Teo was with Frasers Hospitality Pte Ltd, where he successfully opened two hotels in Beijing and Perth. Prior to Frasers, Mr Teo spent several years in hotel groups – Shangri-La Hotels and Resorts, Hilton International and Gloria Hotels and Resorts (COFCO) – where he was involved in hotel refurbishments, relaunches and new hotel openings.

Ms Mary Judith de Souza

Joint Company Secretary

Ms Mary Judith de Souza currently heads Ascendas Group’s Legal and

Corporate Secretarial Department. She joined Ascendas in 2005 and has more than 20 years of practice as a corporate and commercial lawyer. Her experience was acquired during her appointment as legal counsel with a government-linked technology group and thereafter, while in practice in a local law firm based in Singapore with several branches in the region.

Ms de Souza has worked with both local and foreign companies and has a broad-based understanding of the concerns and needs of investors in Southeast Asia. As a result of her regional exposure while in legal practice, she has been able to acquire first hand knowledge of the commercial, business, cultural and operational issues encountered in doing business outside Singapore.

She holds an LL.B. (Hons) degree from NUS and a Masters degree in Counselling Psychology from Monash University. She is an advocate and solicitor of the Supreme Court of Singapore.

Mr Edwin Kung

Joint Company Secretary

Mr Edwin Kung is concurrently the Deputy Head of Ascendas Group’s Legal and Corporate Secretarial Department. He joined Ascendas in 2005 and has more than 19 years of legal work experience, working with both local and foreign companies in real estate transactions and mergers and acquisitions in the region.

Mr Kung holds an LL.B. (Hons) degree from NUS, MSc (Information Studies) degree from NTU and an Advance Tax Programme Certificate from the Tax Academy of Singapore. He is also an advocate and solicitor of the Supreme Court of Singapore.

A World of Opportunities

By diversifying our assets across key gateway cities in the Pan-Asian

region and different customer segments, we are able to tap into

multiple avenues of growth, creating new value and solid returns

despite changing economic tides in and around the region.

The award-winning Park Hotel Clarke Quay, our first Singapore

No. of Rooms Title Date of Acquisition Valuation ($ million)(1) Purchase Price ($ million)(2) _Vendor

Australia

Pullman Sydney Hyde Park 241 Freehold 27 Jul 2012 117.6

396.2 Ascendas Hospitality Australia Investment Fund No.1, Ascendas Hospitality Australia Investment

Fund No.2, and AHDF Pte. Ltd. Novotel Sydney Central 255 Freehold 27 Jul 2012 110.0

Novotel Sydney Parramatta 194 Freehold 27 Jul 2012 54.7 Courtyard by Marriott

North Ryde 196 Freehold 27 Jul 2012 52.4

Pullman and Mercure

Melbourne Albert Park 378 Freehold 27 Jul 2012 132.7 Pullman and Mercure

Brisbane King George Square

438 Freehold 27 Jul 2012 167.6 Pullman Cairns

International (3) 321 Freehold 27 Jul 2012 75.7

China

Novotel Beijing Sanyuan 306

Land use term due to expire in

Aug 2044

27 Jul 2012 50.0 41.6 AAPC Hong Kong Limited

Ibis Beijing Sanyuan 397

Land use term due to expire in

Aug 2044

19 Dec 2012 58.2 43.2 Ibis China Investment Limited

Japan

Hotel Sunroute Ariake and Oakwood Apartments Ariake Tokyo

912 Freehold 27 Jul 2012 204.1 248.8 Ariake Property Tokutei Mokuteki Kaisha Osaka Namba Washington

Hotel Plaza (4) 698 Freehold 15 Apr 2014 112.4 110.8 Ainodake Godo Kaisha

Singapore

Park Hotel Clarke Quay 336

Leasehold for a term of 99 years

due to expire in Nov 2105

28 Jun 2013 312.0 300.0 Parksing Property Pte. Limited

1 All the properties were valued as at 31 March 2014, save for Osaka Namba Washington Hotel Plaza which was valued as at 25 March 2014. The property valuations as at 31 March 2014 included the revaluation of land use rights of the China properties. The $ equivalent of the valuation figures are arrived at based on the exchange rate as at 31 March 2014 of AUD0.86 : $1.00, JPY81.8 : $1.00 and RMB4.90 : $1.00.

2 Total purchase price for 100% equity in Ascendas Australia Hotel Fund (“AAHF”) is $396.2 million. AAHF comprises Pullman Sydney Hyde Park, Novotel Sydney Central, Novotel Sydney Parramatta, Courtyard by Marriott North Ryde, Pullman and Mercure Melbourne Albert Park, Pullman and Mercure Brisbane King George Square and Pullman Cairns International. 3 A-HTRUST owns 50% of Pullman Cairns International.

4 Osaka Namba Washington Hotel Plaza was acquired on 15 April 2014.

Key Property Details

Valuation by Geography and Property

P ORTFOL IO SUMM A RY

AS AT 31 MARCH 2014

POST-ACQUISITION OF OSAKA NAMBA WASHINGTON HOTEL PLAZA

Osaka Namba

Washington Hotel Plaza

8%

Park Hotel Clarke Quay

22%

Singapore 22%

Singapore 24%

Japan 22%

Japan 16%

48%

Australia

51%

Australia

Novotel Beijing Sanyuan

4%

4%

Courtyard by Marriott North Ryde

9%

Pullman and Mercure Melbourne Albert Park

12%

Pullman and Mercure Brisbane King George Square

3%

Pullman Cairns International

8%

Pullman Sydney Hyde Park

8%

Novotel Sydney Central

4%

Novotel Sydney Parramatta

Ibis Beijing Sanyuan

4%

Hotel Sunroute Ariake and

Oakwood Apartments Ariake

14%

Tokyo

3%

Pullman Cairns International

13%

Pullman and Mercure Brisbane King George Square

10%

Pullman and Mercure Melbourne Albert Park

4%

Courtyard by Marriott North Ryde

4%

Novotel Sydney Parramatta

9%

Pullman Sydney Hyde Park

8%

Novotel Sydney Central

China 8%

China 9%

$ 1,297.2 million

$ 1,409.6 million

Novotel Beijing Sanyuan

4%

Ibis Beijing Sanyuan

5%

Hotel Sunroute Ariake and

Oakwood Apartments Ariake

16%

Tokyo

Hotel Market Segment by Rooms

P ORTFOL IO SUMM A RY

Extended Stay

3%

Extended Stay

3%

17%

Upscale

21%

Upscale

38%

Midscale

45%

Midscale Economy

42%

Economy

31%

Notes:

1 Upscale segment comprises the Pullman brand.

2 Midscale segment comprises the Novotel, Mercure and Courtyard by Marriott brands. 3 Economy segment comprises the Ibis, Sunroute and Washington brands.

4 Extended Stay segment comprises the Oakwood brand.

AS AT 31 MARCH 2014

POST-ACQUISITION OF OSAKA NAMBA WASHINGTON HOTEL PLAZA

4,512 rooms

3,814 rooms

Management Contracts

Australia (All gross revenue figures in AUD million) Gross Revenue

1 _RevPAR2

FY2013/14 FY2012/13 FY2013/14 FY2012/13

Pullman Sydney Hyde Park 20.3 18.1 167 145

Novotel Sydney Central 21.4 12.4 141 135

Novotel Sydney Parramatta 13.1 9.0 124 123

Courtyard by Marriott North Ryde 12.6 8.3 141 135

Pullman and Mercure Melbourne Albert Park 33.5 22.6 112 109

Pullman and Mercure Brisbane King George Square 32.3 21.1 140 138

China (All gross revenue figures in RMB million)

Novotel Beijing Sanyuan 56.8 37.5 400 396

Ibis Beijing Sanyuan 40.0 10.2 261 262

Master Leases

Japan (All figures in JPY million) Gross Revenue

1

FY2013/14 FY2012/13

Hotel Sunroute Ariake and Oakwood Apartments Ariake Tokyo 1,189.2 799.0

Singapore (All figures in SGD million)

Park Hotel Clarke Quay 12.1 –3

1 Gross Revenue comparison is based on full-year FY2013/14 vs period after IPO in FY2012/13 (i.e. period starting 27 July 2012 to 31 March 2013 for all properties except Ibis Beijing Sanyuan, whose acquisition was completed on 19 December 2012).

2 RevPAR comparison is based on full-year FY2013/14 vs full-year FY2012/13 figures. 3 Park Hotel Clarke Quay was acquired on 28 June 2013.

Pullman Sydney Hyde Park

36 College Street, Sydney, New South Wales, Australia

Pullman Sydney Hyde Park is an upscale business and leisure hotel located directly opposite Hyde Park and centrally within the business, cultural, theatre, sports and retail hubs of Sydney. It is just 12 km away from the airport and is close to the Museum Station. Tourist attractions such as Darling Harbour, Circular Quay, Sydney Tower, Haymarket, Paddy’s Market and the entertainment precincts of Oxford Street and George Street are close by.

The 23-storey hotel offers 241 well-appointed guest rooms and facilities such as a bistro-style restaurant, a bar, a cafe, a rooftop gymnasium, a swimming pool and jacuzzi, a spa and a sauna. Business facilities include 588 sqm of meeting and event spaces on two levels, an executive lounge and seven levels of basement parking facility with 160 parking lots.

NUMBER OF ROOMS

241

F&B FACILITIES

1 Restaurant, 1 Bar, 1 Cafe

and 1 Executive Lounge

MEETING FACILITIES

9 Meeting Rooms

CAR PARKING

160

LAND AREA

1,631 m

2 LAND TITLE

Freehold

OWNERSHIP

100%

VALUATION

AUD101.0 Million

($117.6 Million)

OUR HOTEL S

AU S T R A L I A 1 2 3 4 1 Deluxe Room 2 Lobby 3 Business Centre

4 Roof Top Swimming Pool LOC ATION

Novotel Sydney Central

169-179 Thomas Street, Sydney, New South Wales, Australia

Novotel Sydney Central is a midscale business hotel located on Thomas Street, Haymarket, at the southern end of the Sydney CBD. It is next to Chinatown, the University of Technology Sydney, and close to Central Station and Darling Harbour. It is also within walking distance to Haymarket and Paddy’s Market.

The 18-storey hotel offers 255 guest rooms and facilities such as a restaurant, a bar, a heated swimming pool, a spa, a 24-hour gymnasium, a business centre and 1,135 sqm of spacious meeting and event spaces. It has 600 parking lots spread over eight levels.

NUMBER OF ROOMS

255

F&B FACILITIES

1 Restaurant and 1 bar

MEETING FACILITIES

14 Meeting Rooms

CAR PARKING

600

LAND AREA

4,272 m

2 LAND TITLE

Freehold

OWNERSHIP

100%

VALUATION

AUD94.5 Million

($110.0 Million)

OUR HOTEL S

AU S T R A L I A 1 2 2 1 Lobby 2 TwinRoom

3 Field House Bar LOC ATION

Novotel Sydney Parramatta

350 Church Street, Parramatta, New South Wales, Australia

Novotel Sydney Parramatta is a midscale business hotel located on the northern end of the Parramatta CBD, which is approximately 23 km away from the Sydney CBD. It is close to visitor attractions such as the Parramatta Stadium, Rosehill Garden Racecourse and Parramatta Ferry Wharf. The Parramatta Station and Westfield Parramatta are within walking distance. The hotel also offers convenient access to Parramatta’s main restaurant and entertainment precincts along Church Street. The 12-storey hotel is one of the leading hotels and event venues in Western Sydney. It offers 194 guest rooms and facilities such as a restaurant, a bar, a generous 915 sqm of meeting space, a business centre, an outdoor heated swimming pool, a spa, a sauna and a gymnasium. Its three-level basement parking facility provides 198 parking lots.

NUMBER OF ROOMS

194

F&B FACILITIES

1 Restaurant and 1 Bar

MEETING FACILITIES

9 Meeting Rooms and

2 Boardrooms

CAR PARKING

198

LAND AREA

2,674 m

2 LAND TITLE

Freehold

OWNERSHIP

100%

VALUATION

AUD47.0 Million

($54.7 Million)

OUR HOTEL S

AU S T R A L I A 1 2 1 Atrium 2 Deluxe Room LOC ATION

Novotel

Sydney

Parramatta

P A R R A M A T T A R I V E R PRINCE ALFRED PARK ROSEHILL GARDENS RACECOURSE UNIVERSITY OF WESTERN SYDNEY PARRAMATTA PARRAMATTA FERRY WHARF WESTFIELD PARRAMATTA PARRAMATTA STADIUM CHURCH ST HASSALL ST MARSDEN ST O’CONNELL ST

GREAT WESTERN HWY

GEORGE ST ARGYLE ST MACQUARIE ST JAMES RUSE DR GRAND AVE



26 km to Sydney Airport PARRAMATTA STATION VICTORIA RD MACARTHUR ST HARRIS ST PARKES ST

Courtyard by Marriott North Ryde

NUMBER OF ROOMS

196

F&B FACILITIES

1 Restaurant and 1 Bar

MEETING FACILITIES

7 Meeting Rooms

CAR PARKING

94

LAND AREA

6,227 m

2 LAND TITLE

Freehold

OWNERSHIP

100%

VALUATION

AUD45.0 Million

($52.4 Million)

Courtyard by Marriott North Ryde is a midscale business hotel centrally located in Macquarie Business Park in the heart of the North Ryde business district. It is approximately 15 km northwest of the Sydney CBD and approximately 28 km from Sydney Airport. The Macquarie Park station and several commercial buildings which house multinational corporations and global corporate headquarters of companies such as Johnson & Johnson, Brother and Toshiba, are close by, providing the hotel with a steady stream of business travellers.

The 9-storey hotel offers 196 guest rooms and facilities such as a restaurant, a bar, a fitness centre, a business centre, 223 sqm of meeting space and a parking facility with 94 parking lots.

7-11 Talavera Road, North Ryde, New South Wales, Australia

AU S T R A L I A

1

2

1 Deluxe Room

2 Orchards Restaurant & Bar LOC ATION

Pullman and Mercure Melbourne Albert Park

65 Queens Road, Melbourne, Victoria, Australia

Pullman and Mercure Melbourne Albert Park is a unique dual-branded, upscale and midscale full service hotel catering to business and leisure travellers. The hotel overlooks Albert Park, the venue for the annual Australian Formula One Grand Prix, and is close to the Melbourne CBD. It is also near the entertainment and dining precinct of St Kilda Road and the Royal Botanic Gardens.

With 28 event spaces under one roof, Pullman and Mercure Melbourne Albert Park is one of the largest and most comprehensive hotel event venues in Melbourne. The hotel offers a wide range of flexible space configurations to accommodate major MICE and other corporate events. Its large convention centre of 2,305 sqm, strategic location and comprehensive service offerings are strong attractions for business events in the city.

The hotel offers a total of 378 guest rooms – 169 Pullman rooms and 209 Mercure rooms. Facilities include a restaurant, a bar, a cafe, an executive lounge, an indoor heated swimming pool, a spa, a sauna, a gymnasium and a business centre. The hotel also has two levels of basement parking offering a generous 510 parking lots.

NUMBER OF ROOMS

169

(Pullman)

209

(Mercure) F&B FACILITIES

1 Restaurant, 1 Cafe,

1 Bar and 1 Executive Lounge

MEETING FACILITIES

28 Meeting Rooms

CAR PARKING

510

LAND AREA

10,300 m

2 LAND TITLE

Freehold

OWNERSHIP

100%

VALUATION

AUD114.0 Million

($132.7 Million)

OUR HOTEL S

AU S T R A L I A

1

3 2

1 Lobby

2 Pullman King Executive Room

3 Executive Club Lounge LOC ATION

Pullman and Mercure Brisbane

King George Square

NUMBER OF ROOMS

210

(Pullman)

228

(Mercure) F&B FACILITIES

1 Restaurant, 1 Cafe,

1 Bar and 1 Executive Lounge

MEETING FACILITIES

11 Meeting Rooms

CAR PARKING

105

LAND AREA

3,722 m

2 LAND TITLE

Freehold

OWNERSHIP

100%

VALUATION

AUD144.0 Million

($167.6 Million)

Pullman and Mercure Brisbane King George Square is an attractive dual-branded, upscale and midscale hotel prominently located in the Brisbane CBD, and opposite Brisbane City Hall Museum. The hotel is close to the corporate and financial districts, and visitor attractions such as Eagle Street Pier and Roma Street railway station. It is within walking distance to the Brisbane Convention & Exhibition Centre, Suncorp Stadium, the Queen Street Mall retail precinct and Brisbane Transit Centre. The Brisbane International Airport is easily accessible and is approximately 19 km away. The hotel enjoys the advantages of having a central location, large accommodation inventory of various room configurations, as well as large meeting and conference spaces of 2,990 sqm.

The hotel offers a total of 438 rooms – 210 Pullman rooms and 228 Mercure rooms. Facilities include a restaurant, cafe, bar and an executive lounge. Recreational facilities such as a gym, sauna and outdoor heated swimming pool which enjoy scenic views of the city, are available on the rooftop of the Mercure Tower. It also has a three-level basement parking facility with 105 parking lots.

2 Roma Street and 106 Ann Street, Brisbane, Queensland, Australia

AU S T R A L I A

1

4

2

3

1 Pullman Deluxe Twin Room

2 Mercure Twin Room

3 Executive Lounge

4 Lobby LOC ATION

Pullman Cairns International

17 Abbott Street, Cairns, Queensland, Australia

Pullman Cairns International is an upscale hotel well located in the commercial centre of Cairns and is within walking distance to the Convention Centre, Reef Casino, Reef Fleet Terminal and Cairns Cruise Liner Terminal, as well as various shopping streets and services. It is 8 km away from the Cairns International and Domestic Airports. Due to its strategic location and partly to the scarcity of luxury hotels in Cairns, it continues to draw strong demand from leisure and business travellers.

The 17-storey hotel offers 321 guest rooms and a host of facilities such as a restaurant, a lobby bar and a recreational hub with two swimming pools, two spas, a Vie Spa, a sundeck, a gymnasium and two saunas. Corporate travellers have access to a business centre and 1,618 sqm of spacious conference space. The hotel also has an underground parking facility with 184 parking lots.

NUMBER OF ROOMS

321

F&B FACILITIES

1 Restaurant and 1 bar

MEETING FACILITIES

11 Meeting Rooms

CAR PARKING

184

LAND AREA

8,139 m

2 LAND TITLE

Freehold

OWNERSHIP

50%

VALUATION

AUD65.0 Million

($75.7 Million)

OUR HOTEL S

AU S T R A L I A

1

3 2

1 Lobby

2 Lounge

3 Twin Harbour View Room LOC ATION

Novotel Beijing Sanyuan

NUMBER OF ROOMS

306

F&B FACILITIES

1 Restaurant, 1 Bar and

1 Executive Lounge

MEETING FACILITIES

5 Meeting Rooms

LAND AREA

3,072.9 m

2 LAND TITLE

Leasehold expiring in

Aug 2044

OWNERSHIP

100%

VALUATION

RMB245.0 Million

($50.0 Million)

Novotel Beijing Sanyuan is a midscale business and leisure hotel located at Chaoyang District in Beijing, adjoining Sanyuan Bridge of the East Third Ring Road and the Airport Expressway. It is strategically located within the Lufthansa Commercial Area and is close to three exhibition centres and major embassies. In addition, the Beijing International Capital Airport is only approximately 20 km away from the hotel. Besides having convenient access to roadways, the hotel is located just in front of the Sanyuanqiao station which serves the Airport Express Train and Metro Line 10. The 17-storey hotel offers 306 guest rooms and houses a signature restaurant called The Square and a lobby bar. Other facilities include an exclusive premier lounge, a fitness centre and an indoor heated swimming pool. It also has four meeting rooms and a function room with total meeting space of 340 sqm.

Tower 18, A5, Shuguang Xili, Chaoyang District, Beijing, China

C H I N A 1 2 3 1 Swimming Pool 2 Premier Lounge 3 Suite LOC ATION TIAN’ANMEN SQUARE FORBIDDEN CITY ANDING RD RAFFLES CITY DRUM TOWER BELL TOWER LAMA TEMPLE MAJOR EMBASSIES ZHONGSHAN PARK BEIHAI PARK SILK MARKET PHOENIX WAY SHOPPING CENTRE SANYUANQIAO STATION (AIRPORT EXPRESS & METRO LINE 10)

OLYMPIC PARK

Novotel Beijing

Sanyuan

20 km to Beijing Airport CHINA INTERNATIONAL EXHIBITION CENTRE GREAT HALL OF THE PEOPLE AIRPORT EXPY SHUGUANG WEST RD NORTH 3RD RING RD NORTH 4TH RING RD NORTH 2ND RING RD

WEST CHANG’AN AVE

LIUFANG NORTH ST

DONGZHIMEN OUTER ST

EAST 3RD RING RD EAST 4TH RING RD

EAST 2ND RING RD

Ibis Beijing Sanyuan

NUMBER OF ROOMS

397

F&B FACILITIES

1 Restaurant and 1 Bar

LAND AREA

2,044.1 m

2 LAND TITLE

Leasehold expiring

in Aug 2044

OWNERSHIP

100%

VALUATION

RMB285.0 Million

($58.2 Million)

Ibis Beijing Sanyuan is an economy business hotel located next to Novotel Beijing Sanyuan. It enjoys high demand as it offers business and leisure travellers a central location with convenient access to a variety of attractions as well as amenities at affordable rates.

The 14-storey hotel has 397 guest rooms and facilities such as a restaurant and a bar, a 24-hour television room and a business centre.

Tower 17, A5, Shuguang Xili, Chaoyang District, Beijing, China

C H I N A 1 2 3 1 Twin Room 2 Lobby Bar 3 Restaurant LOC ATION TIAN’ANMEN SQUARE FORBIDDEN CITY ANDING RD RAFFLES CITY DRUM TOWER BELL TOWER LAMA TEMPLE MAJOR EMBASSIES ZHONGSHAN PARK BEIHAI PARK SILK MARKET PHOENIX WAY SHOPPING CENTRE SANYUANQIAO STATION (AIRPORT EXPRESS & METRO LINE 10)

OLYMPIC PARK

Ibis Beijing

Sanyuan

20 km to Beijing Airport CHINA INTERNATIONAL EXHIBITION CENTRE GREAT HALL OF THE PEOPLE AIRPORT EXPY SHUGUANG WEST RD NORTH 3RD RING RD NORTH 4TH RING RD NORTH 2ND RING RD

WEST CHANG’AN AVE

LIUFANG NORTH ST

DONGZHIMEN OUTER ST

EAST 3RD RING RD EAST 4TH RING RD

EAST 2ND RING RD

Hotel Sunroute Ariake and

Oakwood Apartments Ariake Tokyo

3-6-6 Ariake Koto-ku Tokyo, Japan

NUMBER OF ROOMS

790

(Hotel Sunroute Ariake)

122

(Oakwood Apartments Ariake Tokyo) F&B FACILITIES

2 Restaurants and 3

Banquet Halls

MEETING FACILITIES

2 Meeting Rooms

CAR PARKING

113

LAND AREA

6,188 m

2 LAND TITLE

Freehold

OWNERSHIP

100%

VALUATION

JPY16,700.0 Million

($204.1 Million)

Hotel Sunroute Ariake and Oakwood Apartments Ariake Tokyo share the same premises in a well-located 20-storey dual-branded building. Hotel Sunroute Ariake is an economy hotel with 790 guest rooms while Oakwood Apartments Ariake Tokyo is an extended-stay hotel with 122 rooms catering to long-staying guests.

The complex is located in the Ariake district within the Tokyo Waterfront Secondary City Centre which includes the Odaiba and Aomi districts. It enjoys easy access to both Haneda and Narita Airports, and is within walking distance to major train stations. Nearby attractions include Tokyo Big Sight, Ariake Colosseum, Tokyo Tatsumi International Swimming Centre, Fuji TV and retail hubs such as Odaiba and Ginza. Hotel Sunroute Ariake is a ‘Tokyo Disney Resort Good Neighbour Hotel’ and offers free shuttle bus services to and from the Disney resort.

Facilities include two restaurants, a business centre, meeting and conference spaces totalling 418 sqm and a multi-level underground parking space with 113 parking lots.

J A PA N

1

3

2

1 Oakwood Apartments Lobby

2 Oakwood Apartments Suite

3 Hotel Sunroute Ariake Lobby LOC ATION

Osaka Namba Washington Hotel Plaza

1-1-13, Nipponbashi, Chuo-ku, Osaka, Japan

Osaka Namba Washington Hotel Plaza is an economy business hotel with two basement levels. It offers 698 guest rooms and two restaurants (one Chinese and one Japanese) with 580 seats in total and 68 basement parking lots.

The 14-storey hotel enjoys an excellent location in the Namba area in the heart of Minami, one of Osaka’s most prominent dining, entertainment and shopping districts. It is a one-minute walk from Dotonbori, which is well known for its food street and its attractive neon lights and mechanised signs.

The hotel benefits from excellent connectivity to different transportation options, being a two-minute walk from the Nipponbashi Station on the Osaka Municipal Subway Line and a 10-minute walk from Namba Station, Osaka’s main south-central railway terminus with a direct connection via the Rapid Express Train to Kansai International Airport. The Japan Railway, Kintetsu and Nankai railway lines are also easily accessible. NUMBER OF ROOMS

698

F&B FACILITIES

2 Restaurants

CAR PARKING

68

LAND AREA

2,496.1 m

2 LAND TITLE

Freehold

OWNERSHIP

100%

VALUATION

JPY9,200.0 Million

($112.4 Million)

OUR HOTEL S

SHINSAIBASHI SHOPPING ARCADE AMERIKAMURA

Osaka Namba

Washington Hotel

Plaza

DONTONBORI SENNICHIMAE DORI DONTONBORI FOOD STREET DONTONBORI RIVER GLICO MAN NAMBA STATION UKIYOE MUSEUM HOZENJI YOKOCHO NIPPONBASHI STATION NAMBA WALK NAGAHORI DORI SAKAI-SUJI EXPRESSWAY MIDO-SUJI YOTSUHASHI-SUJI SHIN KABUKIZA NATIONAL BUNRAKU THEATER TAKASHIMAYA NANKAI NAMBA STATION

J A PA N 1 3 2 1 Double Room 2 Lobby 3 Zauo Restaurant LOC ATION

Park Hotel Clarke Quay

1 Unity Street, Singapore

The award-winning Park Hotel Clarke Quay is located in the vibrant Clarke Quay precinct alongside the Singapore River. Voted as ‘Singapore’s Leading City Hotel’ at the 20th Annual World Travel Awards, it enjoys a prime site within the Central Business District near entertainment and shopping areas such as Robertson Quay, Orchard Road, Marina Bay, the Civic District and Chinatown. The hotel has excellent transport connectivity, within walking distance to the Clarke Quay MRT Station and the future Fort Canning MRT Station.

Opened in 2009, Park Hotel Clarke Quay has 330 guest rooms and six suites, all fitted with state-of-the-art amenities, elevated ceilings and full-length windows offering superb views of the city skyline and the Singapore River. The hotel has two F&B outlets and three meeting venues with approximately 167 sqm of dedicated meeting and banquet spaces. It offers full recreational facilities including an outdoor swimming pool and jacuzzi, a fitness centre and spa pavilions. Business travellers have access to a well-equipped business centre. A ground floor parking facility is also conveniently available for guests.

NUMBER OF ROOMS

336

F&B FACILITIES

1 Restaurant and 1 bar

MEETING FACILITIES

3 Meeting Rooms

LAND AREA

3,948.7 m

2

LAND TITLE

99-year Leasehold expiring

in Nov 2105

OWNERSHIP

100%

VALUATION

$312.0 Million

OUR HOTEL S

S I N G A P O R E

1 Deluxe Room

2 Crystal Club Room

3 Executive Club Lounge

4 Van Kleef Function Room LOC ATION

1 2

3 4

RIVER VALLEY ROAD

MOHAMED SULTAN ROAD

SINGAPORE RIVER HAVELOCK ROAD UNITY STREET CLEMENCEAU AVENUE MERCHANT ROAD LIANG COURT FORT CANNING PARK

CLARKE QUAY

BOAT QUAY CLARKE QUAY MRT FORT CANNING MRT (U/C)

RIVERSIDE POINT ROBERTSON WALK

Park Hotel Clarke Quay

UE SQUARE UE SHOPPING MALL

Hotel Directory

AUSTRALIA

Pullman Sydney Hyde Park

36 College Street

Sydney, New South Wales, 2010 Australia

Phone: +61 (0)2 9361 8400 Fax: +61 (0)2 9361 8599 E-mail: [email protected]

Novotel Sydney Central

169-179 Thomas Street

Sydney, New South Wales, 2000 Australia

Phone: +61 (0)2 9281 6888 Fax: +61 (0)2 9281 6688 Email: [email protected]

Novotel Sydney Parramatta

350 Church Street

Parramatta, New South Wales, 2150 Australia

Phone: +61 (0)2 9630 4999 Fax: +61 (0)2 9630 0757 Email: [email protected]

Courtyard by Marriott North Ryde

7-11 Talavera Road

North Ryde, New South Wales, 2113 Australia

Phone: +61 (0)2 9491 9500 Fax: +61 (0)2 9491 9555

Email: [email protected]

Pullman & Mercure Melbourne

Albert Park

65 Queens Road, Albert Park Melbourne, Victoria, 3004 Australia

Phone: +61 (0)3 9529 4300 Fax: +61 (0)3 9521 3111 Email: [email protected]

Pullman & Mercure Brisbane

King George Square

2 Roma Street and 106 Ann Street Brisbane, Queensland, 4000 Australia

Phone: +61 (0)7 3229 9111 Fax: +61 (0)7 3229 9618 Email: [email protected]

Pullman Cairns International

17 Abbott St Cairns, Queensland, 4870 Australia Phone: +61 (0)7 4031 1300 Fax: +61 (0)7 4051 2851 Email: [email protected] JAPAN

Hotel Sunroute Ariake

3-6-6 Ariake Koutou-Ku Tokyo 135-0063, Japan

Phone: +81 3 5530 3610 Fax: +81 3 5530 3611

Email: [email protected]

Oakwood Apartments Ariake

Toyko

3-6-6 Ariake, Koto-ku, Tokyo 135-0063, Japan Phone: +81 3 3527 5821 Fax: +81 3 3527 5824 Email: [email protected]

Osaka Namba Washington

Hotel Plaza

1-1-13 Nipponbashi, Chuo-ku, Osaka, 542-0073, Japan Phone: +81 6 6212 2555 Fax: +81 6 6214 3333 Email: [email protected] CHINA

Novotel Beijing Sanyuan

Tower 18 A5 Shuguang Xili Chaoyang District 100028 Beijing, China Phone: +86 10 5829 6666 Fax: +86 10 5866 7000 Email: [email protected]

Ibis Beijing Sanyuan

Tower 17 A5 Shuguang Xili Chaoyang District 100028 Beijing, China Phone: +86 10 5829 6999 Fax: +86 10 5866 8800 Email: [email protected] SINGAPORE

Park Hotel Clarke Quay

1 Unity Street, Singapore 237983

Phone: +65 6593 8888 Fax: +65 6593 8899

Email: [email protected]

AU S T R A L I A

Financial Review

1 April 2013 to 31 March 2014 13 March 2012 (date of constitution) to 31 March 2013 Variance $ million $ million % Revenue 210.6 137.8 52.9

Net property income 82.9 48.2 72.1

Distributable income 54.6 34.7 57.4

A-HTRUST’s revenue for the financial year ended 31 March 2014 (“FY2013/14”) comprised $160.5 million from Australia (76.2%), $19.8 million from China (9.4%), $18.2 million from Japan (8.7%) and $12.1 million from Singapore (5.7%).

Revenue for FY2013/14 was an increase of $72.8 million or 52.9% over the previous financial period ended 31 March 2013 (“FY2012/13”). The increase was largely due to the additional revenue of $12.1 million from Park Hotel Clarke Quay acquired in June 2013 and the full 12-month contribution from the initial portfolio acquired for the initial public offering on 27 July 2012. FY2012/13 reflected the financial results of operations post-listing from 27 July 2012 to 31 March 2013 (247-day). The increase was partially negated by unfavourable currency movements due to the depreciation of the JPY and AUD against the SGD during FY2013/14. The JPY and AUD have depreciated against the SGD by 15.1% and 8.4%, respectively, as compared to FY2012/13.

In line with the increase in revenue, net property income for FY2013/14 grew by $34.7 million or 72.1% over FY2012/13 to $82.9 million. This comprised $53.1 million from Australia (64.1%), $6.9 million from China (8.4%), $10.8 million from Japan (13.0%) and $12.0 million from Singapore (14.5%).

The income available for distribution for FY2013/14 was $54.6 million, an increase of $19.9 million over FY2012/13. The distribution per Stapled Security in FY2013/14 was 5.52 cents versus 4.31 cents in FY2012/13.

The Group revalued its portfolio of properties as at 31 March 2014 and recorded a change in fair valuation of $29.5 million, or $25.2 million (net of tax).