CDL: Announcement on Change in Interest in CDL Hospitality Trusts

CITY DEVELOPMENTS LIMITED (Co. Reg. No. 196300316Z)

ANNOUNCEMENT ON CHANGE IN INTEREST IN CDL HOSPITALITY TRUSTS

The Board of Directors of City Developments Limited (the "Company") wishes to announce that on 30 January 2020, an aggregate of 891,780 stapled securities ("Stapled Securities") of CDL Hospitality Trusts ("CDLHT"), each Stapled Security comprising one unit in CDL Hospitality Real Estate Investment Trust ("H-REIT") and one unit in CDL Hospitality Business Trust ("HBT"), were issued to M&C REIT Management Limited ("M&C REIT"), as manager of H-REIT, and M&C Business Trust Management Limited ("MBTM"), as trustee-manager of HBT, as follows:

1. 821,715 Stapled Securities were issued to M&C REIT at an issue price of $1.616 per Stapled Security, as payment of 80% of its base management fee for the period from 1 October 2019 to 31 December 2019 in relation to H-REIT; and
2. 70,065 Stapled Securities were issued to MBTM at an issue price of $1.616 per Stapled Security, as payment of 80% of its base management fee for the period from 1 October 2019 to 31 December 2019 in relation to HBT.

MBTM is a wholly-owned subsidiary of M&C REIT, and both MBTM and M&C REIT are indirect wholly-owned subsidiaries of Millennium & Copthorne Hotels Limited, which is in turn a wholly- owned subsidiary of the Company.

Following the issuance of the Stapled Securities to M&C REIT and MBTM, the Company's deemed interest in the Stapled Securities of CDLHT, held through its subsidiary companies, namely, M&C REIT, MBTM, Hospitality Holdings Pte Ltd and Republic Hotels & Resorts Limited, by virtue of the provisions of Section 7 of the Companies Act, Chapter 50, has increased from 458,048,907 Stapled Securities to 458,940,687 Stapled Securities, representing 37.820% of the current issued Stapled Securities in CDLHT.

None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the above matters.

By Order of the Board

Enid Ling Peek Fong

Company Secretary

Date: 11 February 2020