Combination of Ascott Reit & Ascendas Hospitality Trust Briefing

Thank you everyone. Good morning Very excited to be here to announce the transformational deal the combination of escort residence trust and Ascender's hospitality read So let me take you through what this transaction is about and I know you're all very excited So am I I didn't sleep last night So let me start the presentation right now first. I'll give you an overview of the transaction I'll give you an overview of the transaction, the rationale of the proposed combination, then I'll hand the time over to Jay, the CEO of the Ascender Hospitality Trust, to also

give you an overview of the transaction from the AHT perspective. I'll wrap up on the administrative requirements on the combination in terms of approval and timeline and we'll both wrap up together on the recap of the transaction. So let me start right now. Overview of this transaction, this slide tells it all, is a proposed 1.9 billion deal to combine Askert REIT and Asender's hospitality trust. Askert REIT will acquire all the the Ascenders Trust units through a trust scheme. So through this combination, we are going to create the largest hospitality trust

in Asia pack with a total assets of 7.6 billion. This combination is also DPU-accretive to our unit holders and more importantly, it will strengthen our position to grow for our unit holders. These are very important slide. I know it's a bit busy, but it is the essence of the transaction, the scheme consideration. This transaction results in a combination of 1.2 billion consideration. The offer price is 1.0868 per AHT stapled units. be part set in 5% cash and 95% units of ARRT at $130. So it's important to

understand how we come up with a construct of this offer and issue price. The exchange ratio arising from this offer and issue price is 0.836 times which is derived from the NAV of both audited at an AHT. So in essence, this is a NEF to NEF transaction and represents a fair deal for both unit holders using an exchange ratio of 0.836 time which is based on NEF to NEF and apply Ascot-Ritz latest trading price of $130, which is the issue price, it gives us the offer price

of a sender's hospitality trust per unit of 1.0868. This consideration represents a fair deal for both unit holders. In terms of distribution, unit holders continue to receive distributions from the Ritz until the completion of this transaction. This is a combined entity structure. Escort-read will establish a business trust which will be stapled with the read and a sender's hospitality read and trust will then become a sub-trust of escort-read and business trust.

From the transaction, Eskeret RIT will now be a business trust as well, will be a stake put RIT. The investment mandate of the RIT has not changed. We have a global mandate, investments in service apartments, rental housing, hospitality, assets. So we are in the lodging space. Next, I will very quickly tell you the rationale and key benefits of this proposed combination. Three key highlights and benefits of this transaction. We will be the proxy hospitality trust in Asia pack and what that means anyone who wants invest in hospitality real estate