CDL Hospitality Trusts - Sustainability Report 2023

SUSTAINABILITY REPORT

SUSTAINABILITY & GOVERNANCE 90 SUSTAINABILITY REPORT CONTENTS 91 Board Statement 92 About this Report 93 Our Sustainability Approach 98 Task Force on Climate-related Financial Disclosures (TCFD) Report 103 Responsible Investment and Sustainable Value 104 Good Governance and Ethical Business 107 Climate Resilience and Environmental Stewardship 115 Enabling Inclusiveness, Safety, Growth and Diversity of Our People 119 Engaging Local Communities and Advocate for Positive Impact 121 GRI Content Index SUSTAINABILITY REPORT

OVERVIEW AND FINANCIAL REVIEW MARKET REVIEW LEADERSHIP STRUCTURE PROPERTY PORTFOLIO SUSTAINABILITY & GOVERNANCE FINANCIAL STATEMENTS AND OTHER INFORMATION 91 CDL HOSPITALITY TRUSTS Annual Report 2023 BOARD STATEMENT Dear Stakeholders, The Boards of Directors (the “Boards”) are pleased to issue CDL Hospitality Trusts’ (“CDLHT”) Sustainability Report (“Report”) for the financial year ended 31 December 2023 (“FY 2023”). This Report outlines CDLHT’s vision and strategic imperatives regarding sustainability and related aspects such as climate change, resource conservation and human capital. It further details the progress made towards and performance against the targets set to achieve our sustainability ambitions. As one of Asia’s leading hospitality trusts with approximately S$3.3 billion in assets under management as at 31 December 2023, we believe sustainability is vital to ensuring the longevity and success of our business and the planet. In this report, we highlight our sustainability goals, strategies, and progress across the key Environmental, Social, and Governance (“ESG”) topics for FY 2023. Despite the continuously evolving and challenging landscape, CDLHT remains focused on its responsibility towards sustainability and will continue to evaluate its performance to ensure progress toward our long term goals. With this report, we present our efforts and commitments in our sustainability journey to our valued stakeholders. CDLHT is cognisant of maintaining a balance between accomplishing commercial objectives whilst ensuring a positive impact and responsible contribution to the environment and society. Through the integration of sustainability into our business strategies and our core values, the Boards oversee all sustainability-related imperatives, whilst ensuring compliance with the regulation and guidelines from Singapore Exchange (“SGX”). CDLHT is vigilant towards compliance with all country-specific regulations and standards, whilst maintaining strong corporate governance, integrity, and responsible business conduct across all areas of the organisation. CDLHT remains committed to improving our environmental andsocial impacts through focused initiatives, whilstmanaging overall business recovery. Building on our strong business activity in FY 2022, energy efficiency levels at our properties continue to improve through the implementation of various initiatives. CDLHT exercises environmental stewardship by spearheading an inventory of best practices to reduce natural resource consumption. We set and review reduction targets and continuously explore opportunities to reduce usage and improve efficiency, as we detail in this report. Our goal is to consistently propel our sustainability efforts forward, and this has been supported by active measures to improve our data collection and reporting. As part of our progressive approach to sustainability reporting, we have commenced reporting on two new material topics in our FY 2023 report. These are: Safe and Liveable Buildings, and Fair Labour and Human Rights. Our business centres around people, and we are committed to establishing a secure environment for all stakeholders. Prioritising their health, safety, and overall well-being is fundamental to our approach. Additionally, we believe in positively impacting society through collaboration with stakeholders within each of our locations. Accordingly, our properties continue to partner with local charitable and social organisations to demonstrate responsible citizenship and positive community engagement. Moving forward, we will continue our efforts to find more effective ways to improve our environmental, economic, and social footprint and contribute towards a more sustainable future. Board of Directors REIT Manager Board Trustee-Manager Board

SUSTAINABILITY & GOVERNANCE 92 ABOUT THIS REPORT CDLHT presents its seventh Sustainability Report for FY 2023. The Report is intended to be read in tandem with the CDLHT Annual Report and makes references to sections within it. CDLHT commenced its internal review process in FY 2023 with the assistance of internal auditor Deloitte. CDLHT has been listed on the Singapore Exchange Securities Trading Limited since 2006 and comprises CDL Hospitality Real Estate Investment Trust (“H-REIT”) and CDL Hospitality Business Trust (“HBT”). H-REIT’s principal investment strategy is to invest in a diversified portfolio of income-producing real estate, which is primarily used for hospitality, hospitalityrelated and other accommodation and/or lodging purposes globally. HBT’s principal investment strategy is to invest in a diversified portfolio of real estate or development projects, which is or will be primarily used for hospitality, hospitalityrelated and other accommodation and/or lodging purposes globally andmay also include the operation andmanagement of the real estate assets held by H-REIT and HBT. M&C REIT Management Limited is the manager of H-REIT (the “H-REIT Manager”), and M&C Business Trust Management Limited, is the trustee-manager of HBT (the “HBT Trustee-Manager”, and collectively the “Managers”). For more information on CDLHT’s business, please refer to page 2 of the Annual Report. Reporting Period And Scope CDLHT’s portfolio comprises 19 operational properties that span numerous geographies. The FY 2023 (1) scope comprises 18 of these properties from which we showcase our sustainability strategies and performance. Portfolio Properties Location Orchard Hotel Singapore Grand Copthorne Waterfront Hotel M Hotel Copthorne King’s Hotel Studio M Hotel W Singapore – Sentosa Cove Claymore Connect Grand Millennium Auckland New Zealand Mercure Perth Australia Ibis Perth Raffles Maldives Meradhoo Maldives Angsana Velavaru Hotel MyStays Asakusabashi Japan Hotel MyStays Kamata The Lowry Hotel United Kingdom Hilton Cambridge City Centre Pullman Hotel Munich Germany Hotel Cerretani Firenze - MGallery Italy Reporting Standards And Guidelines This Report is compliant with the SGX Listing Rules 711A and 711B and has been prepared with reference to the Global Reporting Initiative (“GRI”) Sustainability Reporting Standards. CDLHT applies the GRI Standards to its Sustainability Report as the internationally recognised disclosures are most relevant to its business and provide holistic and effective guidance on the management strategy, performance tracking and targetsetting processes pertaining to CDLHT’s material ESG topics. The GRI Content Index is available on page 121 of the Report. As part of our efforts to scale up the quality of our sustainability disclosures, we intend to begin reporting in accordance with the GRI Standards from FY 2024. CDLHT has prepared this report in line with the Task Force on Climate-related Financial Disclosures (“TCFD”) recommendations and has done so since FY 2022. CDLHT’s TCFD Report also serves as disclosure against the Guidelines on Environmental Risk Management for Asset Managers issued by the Monetary Authority of Singapore (“MAS”). Below is a table outlining a high-level summary of CDLHT’s short-, medium- and long-term sustainability targets. Time Horizon Description of Target Short term: Year 2026 5% - 7% reduction in energy and 2% - 7% reduction in water consumption, with FY 2019 as the comparative baseline. Medium term: Year 2035 Reduce portfolio’s CO2 emissions by 20% or more by 2035 with FY 2025 as the comparative baseline. Long Term: Year 2050 Decarbonisation aligned with Science Based Targets initiative (“SBTi”) to achieve Net Zero by 2050 Accessibility And Feedback We have made this Sustainability Report available online on our corporate website at www.cdlht.com. In line with our environmental objective to conserve resources and minimise impact on the environment, CDLHT will only print a limited number of this report. As we aim to continuously progress in our sustainability journey, we welcome any feedback and comments regarding our Sustainability Report. Please contact Mr. Paul Kitamura, Head of Asset Management at PaulKitamura@cdlht.com. (1) Hotel Brooklyn in the United Kingdom was excluded from the scope for FY 2023 for our GHG emissions, resource usage, and employee headcounts as the occupational lease is a full repairing and insuring one where the lessor has limited access to data. In particular, the occupational lessee and hotel manager are two separate third parties. SUSTAINABILITY REPORT

OVERVIEW AND FINANCIAL REVIEW MARKET REVIEW LEADERSHIP STRUCTURE PROPERTY PORTFOLIO SUSTAINABILITY & GOVERNANCE FINANCIAL STATEMENTS AND OTHER INFORMATION 93 CDL HOSPITALITY TRUSTS Annual Report 2023 VISION MISSION SUSTAINABILITY FRAMEWORK Establishing CDLHT as premier hospitality and lodging platform with sustainable, innovative, and quality accommodation spaces, generating long-term value for our stakeholders To enable sustainable profitability by acting as responsible stewards of our environmental and social landscapes VALUE Responsible investment and sustainable value ENVIRONMENT Climate resilience and environmental stewardship PEOPLE Inclusiveness, safety, growth and diversity COMMUNITIES Engage local communities and advocate for positive impact GOVERNANCE Good governance and ethical business OUR SUSTAINABILITY APPROACH In alignment with our sustainability vision and mission, CDLHT’s Sustainability Framework consists of five fundamental pillars. These pillars encapsulate the priorities of our stakeholders, influence our sustainability policies and initiatives, and enable us to generate significant impact across our material ESG (Environmental, Social, and Governance) factors. Delivering Value And Best Practices As part of our commitment to be a responsible investor and generate long-term value for our stakeholders, CDLHT champions ESG best practices throughout the portfolio through a diverse set of initiatives. By engaging in active asset management and building various ESG initiatives within the portfolio, we establish a practice inventory that consolidates and shares these positive actions for implementation across the entire group. Our environmental stewardship efforts span across building operations and include energy conservation, renewable energy sourcing, water conservation and waste reduction. These initiatives are being rolled out across all the properties to meet and exceed ESG benchmarks for our portfolio and align with industry best practices. The five pillars are represented via 19 material ESG factors, which each consist of a set of actions and initiatives, and where relevant, annual performance and targets. We regularly validate these material ESG factors through our sustainability governance structure and stakeholder engagement processes in order to ensure that CDLHT continuously maintains a robust, overall sustainability architecture for achieving our goals. The subsequent sections in this Report explain each of these items in depth. Action Across Properties Portfolio hotels’ efforts on energy include energy conservation measures such as reducing the operating hours of lighting, heavy machinery, pool pumps. It has been possible to reduce air conditioning use in some cases by installing air curtains, films and shades to help keep buildings cool, as well as using better sealing for windows. Some properties have also upgraded their equipment tobecomemore energy efficient. For example, at Grand Copthorne Waterfront Hotel, the installation of more energy efficient electronically commutated fans and guestroom control units with occupancy sensors, improved equipment energy efficiency by at least 40%. Water conservation methods have included installation of water-saving shower heads and eco toilet flushing, along with monitoring of water use with smart meters. Some properties also engage in rainwater harvesting for use in gardening. To reduce waste, we have implemented various measures, including using filtered water instead of disposable water bottles, removing single-use plastics, recycling food waste, and an option for guests to skip daily housekeeping. Finally, our properties are improving their social performance by offering regular training on workplace health and safety topics, as well as skills upgrading via e-learning platforms for staff.

SUSTAINABILITY & GOVERNANCE 94 Our Key Results And Targets We are proud of our progress made on many of our material ESG factors. We have set a range of environmental targets relating to energy water and waste, as well as social targets relating to safety, corporate social responsibility, and training for our staff. ESG Factors Targets for FY 2023 Key results in FY 2023 Targets for FY 2024 Emissions • Aim to be Net Zero by 2050 • Disclosed 4 categories of Scope 3 emissions Disclose 4 more categories of Scope 3 emissions Energy • CDLHT aims to achieve an aggregate 5% - 7% reduction in energy consumption across our portfolio by 2026, with FY 2019 as the baseline. The baseline is 0.22 MWh/m2 (2) • Total energy consumption in FY 2023 is 5% higher than FY 2019 baseline. • The energy intensity is 12.5% lower than FY 2019 baseline Maintain progress Water • CDLHT aims to achieve an aggregate 2% - 7% reduction in water consumption across our portfolio by 2026, with FY 2019 as the baseline. The baseline is 2.5 m3/m2 (2) • Total water consumption in FY 2023 is 4.5% lower than FY 2019 baseline • The water intensity is 20.4% lower than FY 2019 baseline Maintain progress Waste • We target to remove or partly remove single-use plastic bathroom amenities from operations for 50% of our hotel portfolio by FY 2023 • More than 50% of our properties have replaced single-use bathroom products with reusable pumps We target to remove or partly remove single-use plastic bathroom amenities from operations for 85% of our hotel portfolio by FY 2024 Safety Management • We aim to have zero incidents of fatality or permanent disability and strive to minimise any work-related injuries • Zero incidents of fatality or permanent disability in FY 2023 Maintain target Average Training Hours • We target to achieve a minimum of 20 hours of training per employee across our portfolio in FY 2023 • We achieved an average of 32.84 hours of training hours per employee across our portfolios globally Maintain target Corporate Social Responsibility • The target for the portfolio is to conduct at least 15 community/social events or projects in FY 2023 • Our properties participated in over 70 corporate and social responsibility activities Maintain target (2) Intensity comparison uses building GFA as the denominator to account for portfolio changes and is consistent with industry standard. SUSTAINABILITY REPORT

OVERVIEW AND FINANCIAL REVIEW MARKET REVIEW LEADERSHIP STRUCTURE PROPERTY PORTFOLIO SUSTAINABILITY & GOVERNANCE FINANCIAL STATEMENTS AND OTHER INFORMATION 95 CDL HOSPITALITY TRUSTS Annual Report 2023 OPERATIONS/FUNCTIONS SUSTAINABILITY WORKING COMMITTEE (SWC) CEO AUDIT & RISK COMMITTEES BOARDS INTERNAL AUDIT SUSTAINABILITY OFFICER Sustainability Governance CDLHT ensures sustained progress towards our sustainability goals and ambitions through our governance structure, which ensures the Boards have due oversight of all our sustainability initiatives and strategic imperatives. At CDLHT, the Boards are responsible for overseeing all relevant sustainability considerations to ensure CDLHT’s business goals and strategies are progressing in accordance with the objectives set. The Boards also manage and monitor the material ESG factors and their performance, including those pertaining to climate-related issues such as emission reductions and climate action and resilience. The Audit & Risk Committees (“ARCs”) oversee our sustainability processes and strategies, and in particular looks after risk management policies and identification of such risks, including those pertaining to climate risk. Management reports to the ARCs and Boards on CDLHT’s sustainability efforts and performance progressively during the quarterly meetings and at the end of each financial year end. CDLHT’s Sustainability Working Committee (“SWC”) comprises key personnel from various business functions and is led by the CEO of the Managers, Mr. Vincent Yeo Wee Eng. The SWC, overseen by the ARCs, manage and monitor CDLHT’s overall sustainability performance and leads the development of strategies that incorporate material ESG factors into daily operations. A dedicated Sustainability Officer, holds the full-time responsibility of tracking the sustainability-related metrics and green initiatives and reports frequently to the SWC. Recognising the fast-growing importance of sustainability to our business operations, Board Sustainability Committees (“BSCs”) of the Managers will be formed in FY 2024 to further enhance sustainability governance and better dedicate management capacity toward sustainabilityrelated issues at CDLHT. The BSCs will take over the role of the ARCs within the sustainability governance structure, working with the SWC and reporting to the Boards. To strengthen its sustainability and climate-related governance capabilities, CDLHT’s Directors and senior management attended ESG workshops during FY 2023 to expand their knowledge and awareness of environmental issues impacting the portfolio. The monitoring of our sustainability performance continues to be supported by our portfolio-wide data capture and analysis software which is continuously being enhanced to enable CDLHT to collect data from each of its properties across an expanded array of metrics so as to better monitor and track individual property and portfolio performance to enhance sustainability performance.

SUSTAINABILITY & GOVERNANCE 96 Our Material ESG Factors CDLHT’s Material ESG Factors under our Core ESG Pillars were determined in consultation with our external ESG consultants, internal stakeholders, and approved by our Boards. CDLHT considers these material topics to be directly relevant to the continuity of our business. We have reviewed our identified material topics for FY 2023 and renewed our commitments to the existing list of topics under our five core ESG pillars. In FY 2023, we have also expanded our reporting to include two new factors that we consider material in ensuring the sustainability of our operations, being the topics of Safe and Liveable Buildings, and Fair Labour and Human Rights. Our sustainability framework aligns our ESG pillars, material ESG factors, and our commitments to the United Nations Sustainable Development Goals (“SDGs”). The following table details how each pillar and its material ESG factors demonstrates our respective efforts in making contributions towards the SDGs. Core ESG Pillar Our Material ESG Factors SDGs Overarching Ambitions Responsible Investment and Sustainable Value • Economic Performance • Responsible Investment • Implement responsible investment practices • Create economic value for stakeholders and ensuring continual business growth Good Governance and Ethical Business • Board Diversity • Whistleblowing Policy • Anti-bribery and Code of Conduct • Compliance with Social and Environmental Regulations • Data Privacy and Protection • Ethical and Transparent Business • Safe and Liveable Buildings* • Ensure fair, responsible, compliant, and transparent business conduct • Educate and raise awareness on issues of modern slavery and human trafficking • Facilitate supply chain stewardship with vendors, partners, managers, and tenants Climate Resilience and Environmental Stewardship • Climate Action and Resilience • Emissions Reduction • Energy Efficiency • Water Stewardship • Waste Reduction • Understand and manage our climate opportunities and risks • Manage and minimise our carbon footprint and reduce our impact on the environment • Advocate, enable and enhance resource efficiencies in our portfolio Enabling Inclusiveness, Safety, Growth and Diversity of Our People • Diversity, Inclusion and Equal Opportunity • Employment and Employee Engagement • Fair Labour and Human Rights* • Health and Safety • Training and Development • Advocate, enable and enhance fair labour practices and employee wellbeing • Promote safe and healthy workplaces for our people and customers • Engage with our people and support their growth and development Engaging Local Communities and Advocate for Positive Impact • Local Community Impact • Advocate strategic partnerships to enhance sustainability • Promote positive community engagement * Refers to new material topics reported in this FY 2023 sustainability report. SUSTAINABILITY REPORT

OVERVIEW AND FINANCIAL REVIEW MARKET REVIEW LEADERSHIP STRUCTURE PROPERTY PORTFOLIO SUSTAINABILITY & GOVERNANCE FINANCIAL STATEMENTS AND OTHER INFORMATION 97 CDL HOSPITALITY TRUSTS Annual Report 2023 Stakeholder Engagement CDLHT maintains proactive, regular communication and engagement with our various stakeholder groups. We address their key areas of concern, and keep them abreast of our initiatives and progress through proactive regular communication and engagement. In FY 2023, we continued our dialogue with our internal stakeholders through various channels throughout the year. Feedback from internal stakeholders is gathered through quarterly board meetings, as well as dialogue with the operating and management teams of hotels across our portfolio. We maintain continuous engagement with external stakeholders, and target periodic engagement with our hotel suppliers and business partners though symposiums & tradeshows, periodic meetings, and vendor assessments. The table below summarises our engagement efforts in FY 2023. Stakeholder Group Engagement Approach Key Topics Board of Directors • Board meetings (including ad-hoc briefings with external ESG consultants) • Email communication • Economic performance • ESG performance & trends • Sustainability-linked financing opportunities • Risk management • Responsible Investment Government and Regulators • Ad-hoc briefings and consultations • Participation in surveys and focus groups • Risk management • Social and environmental related legislation Hotel Employees Led by hotel operators: • Training and transition assistance programmes • Annual employment survey • Performance and career development reviews • Career development opportunities • Training and development • Workplace safety and well-being, including pandemic readiness Hotel Guests • Customer satisfaction surveys • Social media • Feedback via General Manager • Customer health and safety • Environmental responsibility Master Lessees and Hotel Managers • Regular management meetings and communication • Bilateral communication, one-on-one meetings, and site visits • Workplace safety and well-being • Customer health and safety • Eco-efficiency of buildings • Sustainable operating standards & practices Investors, Analysts and Media • Release of financial results and announcements, press releases and other disclosures through SGXNet and CDLHT’s website • Meetings and calls with analysts and media • Investor meetings, conferences and roadshows • Annual General Meetings • Annual reports and sustainability reports • Media releases and interviews • Responses to investors’ sustainability surveys • Business strategy and outlook • Corporate governance • Progress on ESG initiatives • Distribution and earnings • Market and operational performance • Regulatory compliance Hotel Suppliers and Business Partners Led by hotel operators: • Assessment of suppliers and vendors • Meetings with business partners • Economic performance • Environmental factors • Due diligence process during selection

SUSTAINABILITY & GOVERNANCE 98 TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES (TCFD) REPORT CDLHT presents its FY 2023 TCFD recommendationsaligned report in the following section. The disclosures here are also made in accordance with MAS’ Guidelines on Environmental Risk Management for Asset Managers, which have been in effect since June 2022 and aim to enhance the policies and actions of asset owners, as well as the disclosures surrounding them. MAS is currently in a public consultation process for Guidelines on Transition Planning (Asset Managers), which we expect will be finalised in FY 2024 and be applicable for CDLHT in the following 12 months thereafter. We express support for MAS’ initiative and expect to apply the guidelines to improve the direction and clarity of our climate resilience, mitigation and adaptation measures. We seek to continuously improve the management of climate-related issues and the quality of our TCFD-aligned disclosures in future Reports. Governance The Boards maintain overall responsibility for overseeing the integration of sustainability into CDLHT’s business goals and strategies, and approve the environment-related (including climate) policies and frameworks. The Boards monitor CDLHT’s material ESG factors and respective performance, which includes climate-related risks and opportunities pertaining to CDLHT’s emissions reductions and climate action. The Boards are updated on all relevant ESG issues and their progress on a quarterly basis. Within the Boards, the ARCs oversee CDLHT’s sustainability processes and related strategies, ensuring they are in line with CDLHT’s overall strategy and risk management. Management has developed and implemented an environmental risk management framework and policy, as well as tools and metrics to monitor exposures to environmental risk. Management reports to the ARCs and the Boards on CDLHT’s sustainability efforts and performance progressively throughout the year at the quarterly meetings and at the end of each financial year end. With regard to specific material environmental or climate issues, management updates the Boards at least once a quarter. CDLHT’s SWC which comprises key personnel from various business functions, is led by the CEO and overseen by the ARCs. At the operational level, the SWC manages and monitors CDLHT’s overall sustainability performance and formulates the development of strategies, including those at the individual function level that incorporate material ESG factors into daily operations. Further details of our climate and overall sustainability governance structure and processes may be found in the Sustainability Governance subsection under Our Sustainability Approach. Strategy CDLHT identifies its material ESG topics, including those that pertain to our climate-related risks and opportunities, through a materiality assessment conducted on an annual basis. Our material topics identified two climate-related issues which we have included under the topics of Climate Action and Resilience and Emissions Reduction within our Climate Resilience and Environmental Stewardship pillar. We intend to further strengthen this identification process as we undertake a more stringent and robust annual material topic assessment and review, including for those on climate-related topics, in accordance with the GRI Standards from FY 2024 onwards. The Managers conducted a scenario analysis exercise in FY 2022 to determine the climate-related risks and opportunities that would be material to our operations. The risks were explored across the eight geographical markets in our portfolio using the following parameters: Scenario Parameters Assets and country coverage 100% coverage (18 properties in eight countries) Baseline year 2019 Scenarios explored 1.5°C warming (NGFS NetZero & RCP 2.6) > 3°C warming (NGFS Current Policies & RCP 8.5) Timeframes explored 2030 and 2050 SUSTAINABILITY REPORT

OVERVIEW AND FINANCIAL REVIEW MARKET REVIEW LEADERSHIP STRUCTURE PROPERTY PORTFOLIO SUSTAINABILITY & GOVERNANCE FINANCIAL STATEMENTS AND OTHER INFORMATION 99 CDL HOSPITALITY TRUSTS Annual Report 2023 Our analysis revealed a number of climate-related risks that may be financially material to our operations, which we table below. Each of the identified risks includes our considered mitigation and adaptation measures. Risk Type Geography Potential Impacts Risk Level 1.5°C Warming Risk Level > 3°C Warming Mitigation Measures Extreme and more frequent heatwaves Singapore, Maldives, New Zealand, United Kingdom, Australia Increase in cooling demand which may lead to higher utilities costs • Increase measures to prevent health risks of the staff and guests in the hotels due to heat stress Flooding Australia, Singapore, New Zealand, Japan, United Kingdom, Germany, Italy Loss of asset value and operational costs due to business disruptions • Performing specific site level climate risk assessments, especially for new investments • Considering mitigation and adaptation measures • Reviewing insurance coverage Wind storms Singapore, Japan, United Kingdom Loss of asset value and operational costs due to business disruptions • Performing specific site level climate risk assessments, especially for new investments • Considering mitigation and adaptation measures • Reviewing insurance coverage Rising sea levels Maldives, United Kingdom Loss of asset value (asset may become uninsurable) • Performing specific site level climate risk assessments, especially for new investments • Considering mitigation and adaptation measures for higher risk assets Carbon pricing All Increase in operational costs associated with carbon pricing • Developing a decarbonisation roadmap Technology adoption and market shifts All Potential regulatory obligations to adopt certain technologies – – • Assessing green/smart building technologies that can value add and improve building operation High Moderated Low

SUSTAINABILITY & GOVERNANCE 100 For FY 2023, we reassessed our climate scenario analysis results from FY 2022 and determined that they remain relevant for our climate-related strategy and risk management. We continuously assess the need for an updated climate scenario analysis and we will perform another analysis in the future as circumstances require it. CDLHT is incorporating the prioritised climate-related risks and opportunities into our general decision-making process and investment strategy. Currently, we are exploring this via two differentiated approaches for the shorter term (by 2030), and in the longer term (by 2050). As we adjust our operations in the transition to a lowcarbon economy, immediate impacts on our investment strategies include an avoidance of locations with significant physical risk, or the implementation of building mitigation and adaptation measures at specific sites. We also consider low carbon and renewable energy features in the buildings when assessing potential acquisitions. Through sustainable financing, the setting and meeting of intermediate sustainability goals and targets has allowed us to access credit facilities and reap interest savings for the business. Notably, approximately S$304.0 million in sustainability-linked term loans and bank facilities were secured in FY 2023. CDLHT will continue to pursue sustainability-linked financing to align with its steadfast commitment towards the environment and sustainable business practices. In addition to the climate-related risks and opportunities detailed above, we continue to make progress developing our overarching strategy for achieving Net Zero emissions by 2050 to ensure we stay resilient to climate physical and transition risks posed to our assets. To measure our near-term performance and transition risk exposure, CDLHT benchmarked its recent FY 2022’s GHG performance against the relevant decarbonisation/ energy reduction pathways according to the Carbon Risk Real Estate Monitor (CRREM). The results showed that both CDLHT’s existing portfolio GHG intensity and portfolio energy intensity remained well on track against the relevant benchmark. This year, CDLHT established its baseline for Scope 3 Greenhouse Gas (“GHG”) emissions, through disclosure of four material Scope 3 categories, for which we provide further details in the Emissions Reduction ESG topic below. As we aim to complete our collection of a full Scope 3 emissions inventory in FY 2024 and improve the overall data collection processes for all three GHG emissions types, we will solidify our decarbonisation strategy through analysis of emissions data and develop an emissions reduction trajectory following a sciencebased approach. We continue to update on our progress with each sustainability report. Risk Management Risk management constitutes a key component of CDLHT’s ESG policy and takes into consideration the Guidelines on Environmental Risk Management for Asset Managers set by MAS. CDLHT’s ESG risk management process includes: • A risk identification checklist that guides the scoping of an ESG risk universe, shortlisting the most relevant ESG factors for CDLHT’s operations. • Procedural systems to monitor, assess and manage the ongoing risks of environmental impacts on individual investments and at a portfolio-level. Risk and return profiles of the investment portfolio are expected to be updated for material occurrences such as natural disasters or significant regulatory changes. • Alignment with the overall Enterprise Risk Management system, which subjects risks to three lines of defence mechanisms, prioritises and assesses them according to likelihood, degree of impact, and urgency vis-à-vis other risks maintained through a risk matrix, and then assigns controls to each risk. • Maintenance of ESG risks in a risk register and develop appropriate treatments for each material risk, including avoiding, mitigating or transferring such risks. In FY 2023, theManagers held a climate risk workshop with senior management where the significant climate-related risks applicable to CDLHT’s portfolio were presented and discussed. These risks were further considered in the climate scenario analysis performed in FY 2022 and their findings were subsequently communicated to the Boards, where high-risk areas were further deliberated. Metrics And Targets The Managers track sustainability-related performance and seek to improve sustainability and climate-related metrics and targets via tracking and disclosure. In addition, the Managers maintain an internal corporate scorecard that includes ESG related targets. The corporate scorecard performance is a material component of the Managers’ executives’ remuneration, aligning financial incentives partially to sustainability related initiatives. SUSTAINABILITY REPORT

OVERVIEW AND FINANCIAL REVIEW MARKET REVIEW LEADERSHIP STRUCTURE PROPERTY PORTFOLIO SUSTAINABILITY & GOVERNANCE FINANCIAL STATEMENTS AND OTHER INFORMATION 101 CDL HOSPITALITY TRUSTS Annual Report 2023 Greenhouse Gas (GHG) Emissions (FY 2023) We account for our consolidated GHG emissions data according to the operational control approach methodology under the Greenhouse Gas Protocol Standard as it is best aligned with our ability to exercise influence over emissions-related activities within our control. CDLHT began tracking its Scope 1 and 2 GHG emissions fromFY 2022 which is the year that will serve as our emissions baseline for future comparison purposes. In particular, we view Scope 1 and 2 GHG emissions as important metrics for understanding CDLHT’s level of exposure to climate risk in terms of how they demonstrate a reliance on non-green sources of energy and products as the world undergoes a green transition. They also represent the emissions borne out of energy use, for which evidence has to be presented for our sustainability-linked loans. Our Scope 1 emissions are based on the usage of Diesel, Liquefied Petroleum Gas (LPG), and Natural Gas, and the majority of Scope 1 emissions come from fuel usage. Our Scope 2 emissions come from the use of purchased electricity. From FY 2023, CDLHT began disclosure of Scope 3 emissions in response to the growing demands and requirements from regulations, the market, and investors’ requests for transparency regarding value chain emissions. We view Scope 3 emissions as important to understanding CDLHT’s exposure to climate risk as it represents our level of interaction with downstream assets, suppliers, vendors, and other parties. We will explore setting Scope 3 targets after we have fully developed all material categories of our Scope 3 emissions inventory. Our Scope 3 emissions for FY 2023 cover the four categories of Fuel- and Energy-Related Activities not included in Scope 1 or Scope 2 (Category 3), Waste Generated in Operations (Category 5), Business Travel (Category 6), and Downstream Leased Assets (Category 13) under the GHG Protocol Standard’s Technical Guidance for Calculating Scope 3 Emissions, and have been accounted for under the same Standard. We intend to disclose on CDLHT’s other material Scope 3 categories in FY 2024 to fully understand our total carbon inventory. The breakdown of our Scope 1, 2, and 3 emissions are presented under the Emissions Reduction material topic of our Sustainability Report and summarised in the following table: Scope 1 emissions (tCO2e) 405 Scope 2 emissions (tCO2e) 721 Scope 3 emissions (tCO2e) 52,163 Total (tCO2e) 53,289 Further information on our emissions breakdown may be found below under our material ESG topic of “Emissions Reduction”. CDLHT is in the process of strengthening analysis on our emissions to better inform our stakeholders of our decarbonisation strategy, such as identifying the emission hotspots to best tackle the most carbon-intensive categories within our Scope 1, 2 and 3 emissions and meet our Net Zero target by year 2050. In FY 2024, CDLHT will explore setting targets according to the SBTi to ensure that our GHG emissions reduction goals and pathway are aligned with the Paris Agreement goals, demonstrating our commitment toward greening our business. Through target-setting under the SBTi, CDLHT will also explore deriving its short-, medium-, and longterm decarbonisation targets and use them to delineate our decarbonisation strategy.

SUSTAINABILITY & GOVERNANCE 102 FY 2022 FY 2023 Total Electricity Consumption (MWh) 60,000 40,000 20,000 0 71,463 66,198 80,000 Electrical Consumption Intensity (MWh/m2) FY 2022 FY 2023 0.20 0.15 0.10 0.05 0 0.19 0.18 Total Fuel Consumption (MWh) FY 2022 FY 2023 42,847 28,016 60,000 40,000 20,000 0 80,000 Waste (5) (metric tonnes) FY 2023 Total waste: 4,011 Recycling: 323 Landfill: 1,598 Others: 2,090 8.1% 39.8% 52.1% The individual targets set out for each category of resource usage are detailed in their respective sections within our ESG material topics below. As CDLHT continues to make progress on tracking and reporting its full GHG emissions footprint, we will also align the attainable and ambitious short-, medium- and long-term resource usage targets with those for decarbonisation, including being SBTi aligned in future years, with the view to achieve Net Zero by 2050. FY 2022 FY 2023 Total Water Consumption (m3) 600,000 400,000 200,000 0 732,756 696,060 800,000 FY 2022 FY 2023 Total Water Intensity (m3/m2) 2.0 1.5 1.0 0.5 0 1.99 1.90 Water Consumption (4) (3) Further information can be found under our material topic on Energy Efficiency. (4) Further information can be found under our material topic on Water Stewardship. (5) Further information can be found under our material topic on Waste. SUSTAINABILITY REPORT Resource Usage (FY 2023) We also summarise our ESG metrics on other resource usage data, including the forms of energy consumption, water consumption and waste generated, which are used to track, assess, and monitor climate-related risks and opportunities, as follows: Energy Consumption (3)

OVERVIEW AND FINANCIAL REVIEW MARKET REVIEW LEADERSHIP STRUCTURE PROPERTY PORTFOLIO SUSTAINABILITY & GOVERNANCE FINANCIAL STATEMENTS AND OTHER INFORMATION 103 CDL HOSPITALITY TRUSTS Annual Report 2023 Asset Management Acquisition Capital Recycling Capital and Risk Management 1 2 3 4 Acquisition Growth Strategy • Pursue quality assets with growth potential • Pursue asset class diversification within the lodging space and promote income stability • Adopt a medium to long term perspective to ride through market cycles • Partner with or tap on potential pipeline from M&C/CDL Asset Management Strategy • Work closely with master lessees, hotel/property managers and/or operators to implement active revenue and cost management • Implement asset enhancement initiatives to optimise asset potential • Operate and invest in alignment with relevant ESG standards Capital Recycling Strategy • Evaluate divestment opportunities periodically to recycle capital for better returns, rebalance portfolio and/or unlock underlying asset values • Continually improve quality of portfolio Capital and Risk Management Strategy • Maintain a healthy balance sheet • Enhance financial flexibility by maintaining diversified sources of funding • Manage exposure arising from interest rates and foreign exchange through appropriate hedging strategies 1 2 3 4 RESPONSIBLE INVESTMENT AND SUSTAINABLE VALUE At CDLHT, we drive the shift towards responsible investing by ensuring transparent, sustainable, and ethical investments. As our hotels operate across numerous geographies, we track, as far as possible, our environmental and social impacts, risks and opportunities across our business value chain and operations. We create sustainable value by incorporating our ESG material topics within our economic performance, investments decisions, and business efforts, and strategically adopting a holistic business approach that contributes to the betterment of the communities in which we have a presence. We aim to deploy our capital to positively impact society and the environment towards a sustainable future. Economic Performance As one of the leading hospitality trusts, ensuring economic growth is paramount to the sustainability of our business. Our primary economic objectives are to maximise the rate of return of Stapled Security Holders whilst ensuring regular distributions. The financial summary of FY 2023’s operations, revenues and costs are highlighted on pages 168 to 170, in our annual report. Our management aims to achieve these economic objectives through the following means:

SUSTAINABILITY & GOVERNANCE 104 Responsible Investment In recent years, many businesses have begun including broader corporate objectives, including notions of profit-with-purpose. This is also evident from the rapidly increasing value of global assets under management that fall under ESG investing, or asset managers that have committed themselves to sustainable or net-zero portfolio investments. As we progress towards a more sustainable world, CDLHT has built ESG considerations into investment decisions as part of its responsible investment approach. Our Approach As part of our investment due diligence process, we assess the sustainability performance and risks of potential acquisitions by conducting ESG due diligence. This due diligence process allows us to identify potential ESG risks and opportunities for improving energy efficiency of the asset. To the extent possible, the risks assessed would include climate and environmental risks (such as energy efficiency, renewable energies, water utilisation, waste and pollution etc.), social risks (such as accessibility, health and wellbeing of stakeholders etc.) and governance risks (such as sustainability labelling, ESG strategy, etc.) of the asset. As part of the ESG due diligence process, we conduct carbon due diligence to identify the asset’s carbon footprint, energy consumption and GHG emissions. The responsible investment approach also extends to management of ESG-related practices in our existing managed assets. In the respective material topics, we detail how we build sustainable infrastructure into our hotels, such as installation of solar panels, EV charging stations, eco-digesters to reduce food waste, and watersaving showerheads. On an ongoing basis, CDLHT actively pursues capital expenditure investment opportunities that further enhances our buildings’ sustainability performance, especially in improving operational and energy efficiency. Our Performance In FY 2023, we completed the phase 1 installation of solar panels at Raffles Maldives Meradhoo and Angsana Velavaru, which generated 413 MWh in the same year, avoiding 144,000 litres of diesel or equivalent to 327 tonnes of CO2. Studio M Hotel had seen through asset enhancement works with its air conditioning system upgraded, improving efficiency by 25%. As we progress, both Maldives resorts will have their total solar system capacity further increased by 650 kWp in FY 2024. We are also exploring solar energy supplementation for our other portfolio properties, either via capital expenditure or partnership agreement. Further information can be found under our material topic on Energy Efficiency, Water Stewardship and Waste. GOOD GOVERNANCE AND ETHICAL BUSINESS Ensuring fair, responsible, compliant, and transparent business conduct stands as a cornerstone in cultivating trust and fostering loyalty amongst all stakeholders. CDLHT steadfastly upholds its dedication to corporate governance, ethical business practices and compliance to all pertinent, applicable regulations, thereby fortifying the foundation of CDLHT’s enduring sustainability while safeguarding the diverse interests of our valued stakeholders, as well as reinforcing our position as a trusted partner and steward of value creation. Throughout FY 2023, the Managers have complied with the principles of corporate governance laid down by the MAS Code of Corporate Governance 2018 (Code), and also complied, substantially, with the provisions underlying the principles of the Code. In addition, the REIT Manager is a member of the Financial Industry Disputes Resolution Centre Ltd (FIDReC) and a member of REIT Association of Singapore (REITAS). Ethical and Transparent Business Zero cases of corruption, bribery and misconduct in FY 2023 Social and Environmental Compliance Zero cases of non-compliance with social, environmental laws in FY 2023 Data Privacy and Protection Zero data privacy and protection breaches in FY 2023 SUSTAINABILITY REPORT

OVERVIEW AND FINANCIAL REVIEW MARKET REVIEW LEADERSHIP STRUCTURE PROPERTY PORTFOLIO SUSTAINABILITY & GOVERNANCE FINANCIAL STATEMENTS AND OTHER INFORMATION 105 CDL HOSPITALITY TRUSTS Annual Report 2023 Board Diversity Our Approach In accordance with CDLHT’s commitment to sustainable development, the Boards of the Managers recognise that a diverse Board of Directors is important. A diverse board will enhance the decision-making process of the Boards through a range of perspectives derived from the various skills, business experience, industry discipline, gender, age, ethnicity and culture, geographical background and nationalities, tenure of service and other distinguishing qualities of the Directors. Additionally, the selection of Directors will be based on merit against objective criteria that complements and expands the collective skills and experience of the Board as a whole. Careful consideration will be given to maintain the overall balance and effectiveness of diverse Boards. The Nominating and Remuneration Committees of the Managers will periodically review the Board Diversity Policy, to assess the relevance and effectiveness of the diverse Boards. Through the findings, adjustments will be recommended to ensure the continued effectiveness of diverse Boards. Our Performance TheManagers strive tomaintain a board size of six members and have consistently maintained independence with at least two out of three or more members being independent over a 4-year period. The Directors should have the relevant expertise and experience that would complement those already on the Boards and for succession planning by FY 2025. Presently, four out of the six of the Boards’ members are independent, and one out of the six is below 50 years old. The Managers target to improve age diversity over a 4-year period by appointing younger directors aged 50 or below by FY 2025 to further complement the Board’s diversity. CDLHT currently has one female Board member in the Boards and will strive to increase its female representation to at least 25% by FY 2025. Ethical And Transparent Business At CDLHT, we are committed to upholding the highest level of integrity and ethical standards across all our business functions and operations. We commit to this through our robust corporate governance, responsible business practices, accountability, and transparent management systems that key towards preventing incidents of misconduct, corruption, and non-compliance throughout our organisational processes. By upholding these principles, we not only earn the trust of our stakeholders, but also within the wider community. This stands as the foundation of our success, ensuring that all our actions are guided by the principles of being ethical and transparent. Our Approach To uphold good corporate governance, we prioritise mandatory compliance training tailored to the specific business functions for all our employees. This ensures that every member of our team is equipped with the knowledge and skills necessary to navigate their roles with integrity and adherence to our principles. Additionally, our hotel employees are required to practise and uphold the highest level of integrity across all our operations. We have adopted numerous policies to promote a robust risk management culture. This encompasses a range of considerations, including addressing various issues that targets ethical business practices, such as Anti-Bribery Policy, Anti-Corruption Compliance Guide, Business Hospitality and Gifts Policy and Whistleblowing Policy. We also have established policies on Corporate Communications, Global Data Protection and Related Party Transactions to further enhance our dedication to ethical business practices and accountability. Across the portfolio, the implementation of these policies is managed through the following processes: • Regularly screening the policies to ensure alignment with evolving laws and regulations, and implementing any updates. • Reporting of any suspected violations to the established line manager. • Maintainingoversight andmonitoringof non-compliance issues. • Documenting incidents through incident reports that will be filed with the Security department. Our Performance In FY 2023, we had zero cases of misconduct and noncompliance across the portfolio. Additionally, we did not observe any anti-competitive behaviours or violations of anti-trust or monopoly legislation. As a result, CDLHT did not incur any related fines or sanctions.

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