About the Managers

CDL Hospitality Trusts is a stapled group comprising CDL Hospitality Real Estate Investment Trust ("H-REIT"), a real estate investment trust, and CDL Hospitality Business Trust ("HBT"), a business trust.

H-REIT was established with the principal investment strategy of investing in a diversified portfolio of income-producing real estate, which is primarily used for hospitality and/or hospitality-related purposes.

H-REIT is managed by M&C REIT Management Limited (the "H-REIT Manager"), an indirect wholly owned subsidiary of Millennium & Copthorne Hotels plc. The H-REIT Manager is responsible for the overall management and administration of the assets of H-REIT and for originating new acquisitions. It works closely with the master lessees of the hotels and/or the hotel managers to implement H-REIT's asset enhancement plans, while working closely with and leveraging the strengths of both Millennium & Copthorne Hotels plc as well as its parent, City Developments Ltd, one of the largest companies in Singapore.

HBT exists primarily as a "master lessee of last resort" in the event H-REIT is unable to appoint a master lessee for any of the hotels in its portfolio at the expiry of the relevant master lease agreement or for a newly acquired hotel. HBT may also undertake certain hospitality and hospitality-related development projects, acquisitions and investments which may not be suitable for H-REIT.

M&C Business Trust Management Limited, as trustee-manager of HBT (the "HBT Trustee-Manager") first activated HBT at the end of 2013.

M&C REIT Management Limited and M&C Business Trust Management are led by an experienced Board of Directors who have both a breadth and depth of experience in fund, asset, hospitality and real estate management in Singapore and globally.

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